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    PFP   AU000000PFP8

PROPEL FUNERAL PARTNERS LIMITED

(PFP)
  Report
Delayed Australian Stock Exchange  -  07:23:20 2023-01-30 pm EST
4.290 AUD    0.00%
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Propel Funeral Partners : Appendix 4D and 1H FY22 Interim Financial Report

02/22/2022 | 05:27pm EST

only Propel Funeral Partners Limited

useABN 41 616 909 310

Appendix 4D - Half-year Report

For the Half-year ended 31 December 2021

personalLodged with Australian Securities Exchange under Listing Rule 4.2A Results for announcement to the market

ForThis Appendix 4D is to be read in conjunction with the Interim Financial Report of Propel Funeral Partners Limited for the period ended 31 December 2021 and any public announcements made during the interim period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX Listing Rules.

Propel Funeral Partners Limited

Appendix 4D

Half-year report

1. Company details

Name of entity:

Propel Funeral Partners Limited

ABN:

41 616 909 310

Reporting period:

For the half-year ended 31 December 2021

Previous period:

For the half-year ended 31 December 2020

2. Results for announcement to the market

only

$'000

Revenues from ordinary activities

up

15.2%

to

67,970

Op

rating net profit after tax ('Operating NPAT') (refer below)

down

0.7%

to

8,320

Lo

from ordinary activities after tax attributable to the shareholders of

Propel Funeral Partners Limited ('Company')

down

212.8%

to

(9,197)

Loss for the half-year attributable to the shareholders of the Company

down

212.8%

to

(9,197)

use

Dividends

Franked

Amount per

amount per

security

security

cents

%

Fi

al dividend - 2021 financial year

5.75

100%

Fi

al dividend - 2020 financial year

6.00

100%

personal

o transaction costs;

C mments

The statutory loss for the Company (and its subsidiaries) ('Group') after providing for income tax, for the six months ended 31 December 2021, amounted to $9,197,000 (31 December 2020: profit of $8,156,000).

The financial results for the six months ended 31 December 2021, were impacted by:

one-off costs associated with the internalisation of the key senior management functions of the Company, including:

o a termination fee of $15,000,000 (settled 50% in cash and 50% in Propel shares) which was paid to Propel

Investments Pty Limited ('Manager');

o a share based payment revaluation expense of $5,407,000 relating to a modification of the voluntary escrow

arrangements in connection with 14.7 million escrowed shares;

o a non cash fair value adjustment expense relating to the termination shares of $969,000; and

extended COVID-19 related lock downs in parts of Australia and New Zealand; and

part period contributions from four acquisitions completed during the reporting period and full period contributions from

For

three acquisitions completed during the prior corresponding period.

Operating NPAT is a financial measure which is not prescribed by the Australian Accounting Standards ('AASBs') and represents the profit under AASBs adjusted for certain non-operating items, such as acquisition and transaction costs. The directors consider Operating NPAT to be one of the core earnings measures of the Group.

ii

59.92
91.61
Previous
period
cents
Reporting
period
cents
99,946,016
117,895,750
Consolidated
31 Dec 2021 31 Dec 2020
59,888
108,004
186,625
(3,496)
10,094
(133,335)
249,250
(8,449)
8,964
(141,761)
Consolidated
31 Dec 2021 31 Dec 2020
$000$000

Propel Funeral Partners Limited

Appendix 4D

Half-year report

The following table summarises key reconciling items between statutory profit after tax attributable to the shareholders of the Company and Operating NPAT:

Consolidated

31 Dec 2021

31 Dec 2020

$'000

$'000

Net (loss)/profit after income tax

(9,197)

8,156

Add: Termination fee

15,000

-

Add: Share based payment revaluation expense

5,407

-

Add: Fair value adjustment on termination shares

969

-

Add: Acquisition and transaction costs

1,120

155

only

281

119

Add: Other non-operating expenses

(Less)/add: Net (gain)/loss on disposal of assets

(59)

45

L

ss: Net foreign exchange gain

(25)

(37)

L

ss: Tax effect of certain Operating NPAT adjustments

(5,176)

(58)

Operating NPAT

8,320

8,380

use

Refer to the Interim Financial Report and the Investor Presentation released to the market concurrently with this Appendix 4D Half- year Report for detailed explanation and commentary on the results.

personal3. Net tangible assets Net assets

Less: Deferred tax assets

Add: Deferred tax liabilities

Le : Goodwill

Net tangible assets

Number of ordinary shares on issue

ForNet tangible assets per ordinary security

iii

Propel Funeral Partners Limited Appendix 4D

Half-year report

4. Dividends

onlyHalf-year ended 31 December 2021 Fi al dividend - 2021 financial year

Half-year ended 31 December 2020 Final dividend - 2020 financial year

Franked

Amount per

amount per

security

security

Total

Payment date

cents

%

$'000

5.75

100%

5,880

5 October 2021

6.00

100%

5,924

1 October 2020

Dividend not recognised at period end

use

6.00

100%

7,074 7 April 2022

Int rim dividend - 2022 financial year

5.

Dividend reinvestment plans

Not applicable.

personal

6.

Acquisition or disposals of controlled entities, businesses or assets

Refer to note 19 of the financial statements for further details.

7.

Details of any associates and joint venture entities required to be disclosed

Not applicable.

8.

Audit qualification or review

D

tails of audit/review dispute or qualification (if any):

The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Financial Re ort.

For9. Attachments

Details of attachments (if any):

The Interim Financial Report of the Company for the Half-year ended 31 December 2021 is attached.

iv

Propel Funeral Partners Limited Appendix 4D

Half-year report

10. Signed

only___________________________

Brian Scullin Chairman

23 February 2022

For usepersonal

Mata

___________________________

Albin Kurti

Managing Director

v

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Propel Funeral Partners Ltd. published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 22:22:41 UTC.


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Financials
Sales 2023 168 M 119 M 119 M
Net income 2023 20,0 M 14,1 M 14,1 M
Net Debt 2023 56,3 M 39,8 M 39,8 M
P/E ratio 2023 27,3x
Yield 2023 3,11%
Capitalization 506 M 358 M 358 M
EV / Sales 2023 3,35x
EV / Sales 2024 3,17x
Nbr of Employees -
Free-Float 72,5%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 4,29 AUD
Average target price 5,46 AUD
Spread / Average Target 27,2%
EPS Revisions
Managers and Directors
Albin Kurti Chief Executive Officer, MD & Executive Director
LilLi Gladstone Chief Financial Officer
Brian Edwin Scullin Independent Non-Executive Chairman
Naomi Jane Edwards Independent Non-Executive Director
Jennifer Lang Non-Executive Independent Director
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