Colonial Motor : Half year report

HALF YEAR REPORT

For Six Months Ended 31 December 2016

HALF YEAR REPORT For the Six Months Ended 31 December 2016

57 Courtenay Place

Wellington 20 February 2017

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For and on behalf of the Board J P Gibbons CHAIRMAN

and Subsidiary Companies

Consolidated Statement of PROFIT ORLOSSFor the six months ended 31 December 2016

Consolidated Statement of PROFIT ORLOSSFor the six months ended 31 December 2016

Notes 6 Moonntthhss ttoo

31 Dec 2016

$$''000000

Unaudited

6 Months to

31 Dec 2015

$$''000000

UUnnaauuddiitteedd

12 Monntthhss to

30 Jun 2016

$$''000000

Audited

Revenue Sale of - products	403,912	406,089	801,081
- services	33,549	32,695	64,449
Other income - interest	150	141	180
- other	582	64	1,527
Total revenue	443388,,119933	438,989	867,237
Less expenses
Cost of products sold	368,442	370,063	727,605
Remuneration of staff	36,054	34,433	70,082
Depreciation & amortisation	1,915	2,091	4,182
Property occupation costs	3,407	3,499	7,074
Marketing, promotion & training costs	33,,336611	3,646	6,292
Other operating costs	8,017	9,096	19,003
Interest cost	1,753	2,317	4,260
Total expenses	422,949	425,145	838,498
Trading profit before tax	15,244	13,844	28,739
Less income tax expense: Current	44,,662244	3,849	8,358
Deferred	(162)	16	68
Total tax	10	4,462	3,865	8,426
Less: non-controlling interest	512	550	1,106
Trading profit after tax	10,270	9,429	19,207
Fair value revaluation of property	-	-	662
Deferred tax on property depreciation	68	71	141
Realised gain on sale of property	9	1,072	1,072
Fair value revaluation of investments Impairment of intangible assets	- (315)	- -	397 -
Profit after tax	10,032	10,572	21,479
Profit for the period attributable to: Shareholders	10,032	10,572	21,479
Non-controlling interest	512	550	1,106
PROFIT FOR THE PERIOD	10,544	11,122	22,585

STATISTICS PER SHARE

STATISTICS PER SHARE

Basic & diluted earnings per share

- Profit attributable to Shareholders	30.7 cents	32.3 cents	65.7 cents
- Trading profit after tax	31.4 cents	28.8 cents	58.7 cents

Dividend per share 13.0 cents13..00 cceents

4400..00 cceents

Dividends for the ppeerriioodd (($$''000000)) 4,2504,250 13,078

Net tangible assets per share (pre dividend) $5.03$4.61 $4.96

The statement of accounting policies and the accompanying notes form part of the financial statements

and Subsidiary Companies

Consolidated statement ofCOMPREHENSIVEINCOME

For the six months ended 31 December 2016

6 Months to

31 Dec 2016

$'000

Unaudited

6 Months to

31 Dec 2015

$'000

Unaudited

12 Months to

30 Jun 2016

$'000

Audited

Profit after tax for the period 10,54411,122 22,585 Other comprehensive income

Items that will not be reclassified subsequently to profit or loss: Property revaluation reserve

Fair value movement -- 7,318

Deferred tax movement 370(135) (1,457) Items that may be classified subsequently to profit or loss:

Foreign exchange reserve

Movement in effective cashflow hedge		239	(2,578)	(4,274)
Deferred tax movement		(67)	722	1,196
Other comprehensive income for the period		542	(1,991)	2,783
Total comprehensive income		11,086	9,131	25,368
Attributable to:	Shareholders	10,548	8,860	24,724
Non-controlling interests	538	271	644
11,086	9,131	25,368

Consolidated statement ofCHANGES INEQUITY

For the six months ended 31 December 2016

6 Months to

31 Dec 2016

$'000

Unaudited

6 Months to

31 Dec 2015

$'000

Unaudited

12 Months to

30 Jun 2016

$'000

Audited

Total equity at beginning of period 165,805152,576 152,576

Profit for the period 10,54411,122 22,585

Other comprehensive income 542(1,991) 2,783

Total comprehensive income 11,0869,131 25,368

Dividends paid to shareholders (8,827)(6,539) (10,789)

Dividend paid to non-controlling interest (450)(600) (1,350)

Total equity at end of period 167,614154,568 165,805

Consolidated statement ofCASHFLOWS

For the six months ended 31 December 2016

6 Months to

31 Dec 2016

$'000

Unaudited

6 Months to

31 Dec 2015

$'000

Unaudited

12 Months to

30 Jun 2016

$'000

Audited

Operating activities - inflows	439,349	437,099	871,128
- outflows	(426,917)	(430,572)	(832,886)
Net cash flow from operating activities	12,432	6,527	38,242
Investing activities - inflows	3,514	14,527	16,143
- outflows	(7,859)	(3,448)	(7,426)
Net cash flow from investing activities	(4,345)	11,079	8,717
Financing activities - inflows	10,400	-	-
- outflows	(24,412)	(18,788)	(37,338)
Net cash flow from financing activities	(14,012)	(18,788)	(37,338)
Net increase/(decrease) in cash held	(5,925)	(1,182)	9,621
Cash balance/(overdraft) at beginning of period	15,402	5,781	5,781
Cash balance/(overdraft) at end of period	9,477	4,599	15,402

The statement of accounting policies and the accompanying notes form part of the financial statements