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 assetsNet 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
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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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