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PCT - Precinct announces improved result and positive outloo

Postby Share Investor » 19 Feb 2013 11:40

9:56am, 19 Feb 2013 | HALFYR
Precinct announces improved result and positive outlook

Performance for six months to 31 December 2012

Financial Performance
- Net profit after tax: $23.6 million (2011: $20.4 million), after non-cash deferred tax and interest rate swap movements

- Net operating income : $26.2 million (2011: $26.6 million) or 2.63 cents per share (2011: 2.67 cents per share)

- 1.6% increase in shareholders first-half dividend
Portfolio

- Portfolio occupancy increased to 95% (2011: 92%)

- Forty leasing transactions covering 18,000 square metres of net lettable area

- Office space leasing secured at a 2% premium to June valuations

- An overall weighted average lease term of 5.5 years (2011: 6.2 years)

- Auckland Downtown Shopping Centre acquisition

- Completion of ANZ Centre lobby

AUCKLAND: Precinct Properties New Zealand (NZX: PCT) today reported its financial results for the six months to 31 December 2012, with a net profit after-tax of $23.6 million up on $20.4 million for the same period last year.

Net operating income was $26.2 million. This was 1.5% lower than the comparative periods $26.6 million mainly due to lower occupancy, foregone income at ANZ Centre and an increase in tax expense. However, net operating income was up 6.1% on the immediately prior six month period to 30 June 2012, reflecting continued leasing momentum and the impact of the recent earnings accretive acquisitions.

With earnings now improving, Precinct will increase shareholders first-half dividend for the first time since 2008, with a cash dividend of 2.56 cents per share (cps) up 1.6% from the previous period. The increased dividend reflects the expectation of continued positive earnings momentum in the second half of the financial year, augmenting a strong first half result.

It has been an active period. We are happy with the good progress weve made on several fronts, Scott Pritchard, Precincts CEO, said. Our new corporate identity has been greeted positively. We purchased a strategic asset strengthening our Auckland waterfront portfolio and completed the ANZ Centre lobby, a key phase of redevelopment at the site. Our relationship with the ANZ continues to build with its commitment to 4,000 square metres of office space with us in Wellington.

Downtown Shopping Centre in Auckland is operating ahead of expectations and the transition from Westfield has run smoothly. We have worked to make the Centre more appealing from street level and continue to look at ways to develop its brand.

He said the key operational focus over the next year will be on leasing space in the State Insurance Tower and the AXA Centre, in Wellington. Planned departures from the latter building affects about 2% of the total space in the portfolio. The business will also be focused on advancing longer term opportunities within the portfolio at Downtown Shopping Centre, Auckland and Bowen Campus, Wellington.

During the period Precincts total occupancy increased to 95% with around 18,000 square metres leased. It was encouraging to see firmer market conditions reflecting leasing being secured at a 2% premium over June valuations, Mr Pritchard said.

Financial Results

Precincts rental revenue for the six months was up 6.8% to $68.9 million compared with $64.5 million in the previous interim period. The additional revenue was principally due to rental income from the Bowen Campus and Downtown Shopping Centre acquisitions and leasing success at Zurich House (now 100% leased), offset by lower occupancy in the portfolio. Allowing for capital transactions and the ANZ Centre redevelopment, revenue was 1% higher than the previous interim period.

Property expenses for the period were $21.3 million, 10.9% higher than the previous period. The increase reflected the enlarged portfolio, as well as higher insurance costs and council rates.

Interest expense increased $1.7 million to $12.1 million reflecting investment in the ANZ Centre redevelopment and acquisitions, offset by the benefit of lower interest rates. Administrative expenses were 9.8% higher, due to higher management fees as a result of an increase in portfolio values and a higher performance fee being earned in the period.

Tax was $3.8 million compared with $3.4 million in the previous period due to a lower level of deductible leasing costs.

The fair value gain in interest rate swaps of $1.7 million compared with a $7.9 million loss for the same period last year. The reversal reflected an unwinding of interest rate swap positions and more stable interest rates.

An internal review of the 30 June 2012 valuations was undertaken. It indicated no material value movement in the period. The 31 December 2012 investment property book values were consistent with Precincts policy of carrying investment property at fair value.

Precincts net tangible assets (value) per share at balance date was 87.8 cents per share, down marginally from 88.0 cents per share at 30 June 2012. This reflected an increase in the provision for deferred tax on depreciation recovered.

Capital Management

Following the Downtown Shopping Centre acquisition and investment in the ANZ Centre redevelopment, Precincts gearing increased to 33.5% (30 June 2012: 27%).

The Downtown acquisition was funded through bank debt, with Precinct securing a new $107 million tranche expiring in September 2017 and a new $53 million tranche expiring in July 2015. The $535 million facility now has a weighted average term to expiry of 3.5 years (30 June 2012: 3.2 years).

Of Precincts drawn debt 68% (30 June 2012: 63%) was effectively fixed through the use of interest rate swaps. This results in a weighted average interest rate at 31 December 2012 including all fees of 6.2% (30 June 2012: 6.8%) and a weighted average term of 2.5 years (30 June 2012: 2.8 years)

Portfolio Performance

Following some challenging periods in previous years, particularly in Auckland, Precinct continued to increase occupancy which rose to 95%. This is reflected in a number of buildings being 100% leased including ANZ Centre and Zurich House in Auckland and Vodafone on the Quay, 171 Featherston Street and 125 The Terrace in Wellington. Auckland occupancy, which had reached a low in 2009 of under 80%, now sits at 95%.

During the period 40 leasing transactions were secured at a 2% premium to market rents adopted within the June valuations. In Auckland, office space was let at a 3% premium to June valuations while Wellingtons were at a 1% premium. Across the 18,000 square meters secured, the weighted average lease term was 6.2 years.

The key leasing achievement for the period was securing ANZ for around 4,000 square metres at Wellingtons 171 Featherston Street. Other major leasing highlights in the period included:

Two leasing transactions at AXA Centre, including one with the New Zealand Fire Service,
Seven leasing transactions at SAP Tower, and
Five leasing transactions at 125 The Terrace, including a lease with Telecom

At 31 December 2012 Precincts weighted average lease term was 5.5 years compared with 5.9 years at 30 June 2012.

The investment market in Auckland and Wellington continued to improve with a number of large transactions over the period. The Wellington CBD office market was particularly active with over $400 million in sales to local and offshore investors.

The outlook for prime CBD office space also continues to firm. In Auckland a significant reduction in prime vacancy coupled with no new supply in the near term means most research houses are forecasting an increase in prime market rents of between 4 and 4.5% over 2013. This is consistent with leasing activity in Precincts portfolio over the six month period.

Wellington leasing activity remains more subdued. Nonetheless we expect this part of the portfolio to perform well, with a scarcity of prime grade vacancies and a large number of expiries due later in 2013 and 2014.

Precinct continues to undertake seismic-related work. As previously outlined, it expects to spend between $15 million and $25 million over the next five to eight years.

In particular, seismic works at the former Central Police Station will start shortly. They are expected to cost around $3 million. Demand for structurally sound character office accommodation at this property is expected to be good. Completion is expected in December 2013.

Earnings and dividend outlook

Guidance for the 2013 financial year remains unchanged with full-year operating earnings after tax expected to be around 5.8 cents per share (before performance fees), reflecting continued positive earnings momentum in the second half of the financial year. This will be driven by the staged completion of the ANZ Centre in Auckland and the impact of the Downtown Shopping Centre acquisition.

Increasing occupancy continues to provide Precinct with the greatest opportunity to increase earnings. In the medium term the company sees good potential for market rental growth, particularly in Auckland.

Precinct shareholders will receive a second-quarter dividend of 1.28 cents per share plus imputation credits of 0.1197 cents per share. Offshore investors will receive an additional supplementary dividend of 0.054335 cents per share to offset non-resident withholding tax. The record date is 28 February 2013. Payment will be made on 14 March 2013.

-ends-

For further information, contact:
Scott Pritchard
Chief Executive Officer
Office: +64 9 927 1640
Mobile: +64 21 431 581
Email: [email protected]

George Crawford
Chief Financial Officer
Office: +64 9 927 1641
Mobile: +64 21 384 014
Email: [email protected]

About Precinct (PCT)
Precinct is New Zealands only specialist listed investor in prime and A-grade commercial office property. Listed on the New Zealand Exchange, PCT currently owns 16 New Zealand buildings Aucklands PricewaterhouseCoopers Tower, ANZ Centre, SAP House, AMP Centre, Zurich House and Downtown Shopping Centre; and Wellingtons State Insurance Tower, Vodafone on the Quay, 171 Featherston Street, 125 The Terrace, No. 1 and 3 The Terrace, Pastoral House, Mayfair House, 80 The Terrace, Deloitte House and Bowen Campus.

Net operating income reconciliation 31.12.2012___ 31.12.2011
$M___$M
Net profit after taxation 23.6___ 20.4
Unrealised net (gain) / loss in value of investment properties -___ -
Realised loss / (gain) on sale of investment properties -___ 0.3
Unrealised interest rate swap (gain)/loss (1.7)___ 7.9
Deferred tax expense/(benefit) 4.3___ (2.0)
Net operating income 26.2___ 26.6
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HBY - Hellaby Holdings Limited - Interim Announcement 2013

Postby Share Investor » 19 Feb 2013 14:21

HELLABY HOLDINGS LIMITED - NZX / Media Release: 19 February 2013

Hellaby on track for future growth despite weaker first half

Efficiencies from operational and capital restructuring in recent years have enabled Hellaby Holdings Limited to deliver a steady trading performance in sluggish economic conditions, however increased corporate costs as the company gears up for future expansion have impacted its first half result.

Chairman John Maasland said the companys shift from turnaround to acquisition mode has driven a significant level of investment in key areas to support the companys growth programme.

We now have a solid pipeline of acquisition opportunities, and are delighted to have recently announced our first acquisition in this programme. However there is always a time lag between the costs of acquisition against the returns received, but we fully expect these costs to generate long term value for shareholders.

Despite a weaker overall result for the first half, the board is confident that Hellaby is in excellent shape to continue reshaping its investment portfolio and pursuing its growth objectives.

Hellabys Managing Director John Williamson said that the groups four divisions faced challenging market conditions due to high levels of price-driven competition, during the six month period to 31 December 2012.

Group sales held steady at $243.7 million for the half year period, 1.0% higher than last years $241.2 million. Most of the growth was driven by solid performances in the Equipment and Automotive divisions, but offset by weaker performances from Packaging and Footwear.

Three of the groups four divisions achieved operating profits equal to or better than the same period last year, with only Footwear performing below last years level. With the first halfs earnings traditionally contributing a lower proportion of the full years result we are confident that second half performance will improve.

To keep this in perspective, our subsidiaries are still collectively achieving a return on funds employed (ROFE) of 24.8%, well ahead of our group target of 20%, and at an outstanding level by any measure for these types of businesses.

Mr Williamson said that corporate costs, due to increased acquisition due diligence and investment in the companys future-proofing leadership programme, had impacted group trading EBITDA (trading surplus before interest, tax, depreciation, amortisation and other non-trading transactions) which at $13.7 million, was 13.3% lower than $15.8 million for the same period last year.

Group trading EBIT (trading surplus before interest, tax and other non-trading transactions) was $10.6 million compared to $12.2 million last year.

Group NPAT (net profit after tax) was $6.2 million, compared to $7.8 million for the same six month period last year. Mr Williamson said that lower interest and tax costs were largely offset by a $1.3 million non-trading expense during the period for the parent companys long-term executive incentive scheme, which concluded on 30 November 2012. The performance criteria of this three year incentive scheme was total shareholder return, being the increase in share price plus dividends, adjusted for any new equity issued. A total shareholder return of $159 million, a 209% increase, was achieved in the three year period to 30 November 2012, and the full payment represented around 1.85% of that value generated.

While a lower half-year result is not ideal, we should note that these corporate costs have been incurred either as a reflection of increased value already delivered to shareholders, or to pursue quality growth in future shareholder value said Mr Williamson.

An interim dividend of 5 cents per share has been declared, which is the same amount as the prior year. The record date is 12 April 2013, with payment to be made on 19 April 2013.

Hellaby made significant progress in its acquisition programme in December when it reached conditional agreement to acquire an 85% shareholding in the industrial services group Contract Resources Holdings Limited (Contract Resources). This agreement is scheduled to settle effective 31 March 2013.

Because Contract Resources is a major acquisition and because it negatively impacts Hellabys profit performance for the final quarter of this financial year, Hellaby is providing a FY2013 profit guidance said Mr Williamson.

On the basis that the Contract Resources acquisition proceeds, for the three months to 30 June 2013, the combination of our 85% share of Contract Resources profits, less one-off transaction and funding costs, is expected to negatively impact on Hellabys NPAT for the year to 30 June 2013 by around $0.8 million.

Mr Williamson said that based on a stronger second half operating performance expected from existing subsidiaries, and the Contract Resources acquisition impact, Hellaby is currently forecasting a 30 June 2013 full-year NPAT of around $18.5 million.

Contract Resources is currently forecast to achieve greater than $20 million EBITDA for the year ended 30 June 2014. As a debt-funded acquisition, Contract Resources is expected to positively impact Hellabys earnings per share for that financial year.

Mr Williamson said overall Hellaby is in very good shape.

We remain well above our return on funds employed target, our balance sheet is strong and our net asset backing has further improved. Our subsidiaries are lean and agile, with management constantly reviewing and adjusting for market conditions. All investment is carefully considered. We expect the impending acquisition of Contract Resources to mark the commencement of Hellabys growth phase through acquisition.

ends

For further information, please contact:

John Williamson
Chief Executive Officer
Hellaby Holdings Limited
Phone: 09 307 6844
Mobile: 021 271 4960

Richard Jolly
Chief Financial Officer
Hellaby Holdings Limited
Phone: 09 307 6844
Mobile: 0274 976 710

About Hellaby Holdings: http://www.hellabyholdings.co.nz

Hellaby Holdings (Hellaby) is an NZX-listed investment holding company, which owns a diversified portfolio of New Zealand and Australian industrial, distribution and retail businesses.

Our vision is to be a leading Australasian investor, based on the value we add to our portfolio, the returns we deliver to our shareholders and the calibre of our people. Hellaby will generate attractive long-term shareholder value through a combination of performance improvement and organic growth in the businesses we own, and through smart acquisitions and divestments. We describe this strategy simply as Buy, Build, Harvest. We seek to generate total shareholder returns superior to the NZX50 Gross Index.

We have a variable investment horizon, and our portfolio will evolve over time. We actively manage our investments through a lean corporate office, and decentralise leadership and performance accountabilities to our companies.


HBY - Hellaby Interim Accounts 31 December 2012.pdf
HBY - Hellaby Interim Accounts 31 December 2012.pdf



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EBO - DIRECTORS REPORT 6 MONTHS TO 31/12/12

Postby Share Investor » 19 Feb 2013 19:58

4:05pm, 19 Feb 2013 | HALFYR
MEDIA RELEASE

19 February 2013

DIRECTORS REPORT 6 MONTHS TO 31/12/12

STRONG EARNINGS GROWTH CONTINUES AND INTERIM DIVIDEND INCREASED

KEY POINTS

Earnings before interest, taxation, depreciation and amortisation (EBITDA) of $27.2m, 35.8% increase from $20.05m in the prior corresponding period.

Net profit after tax (NPAT) of $14.96m, 29.2% increase from $11.57m.

Interim dividend of 17.5 cents per share, up 30% on the last interim dividend.

Earnings per share at 29 cents, up 31.8% on 22 cents.

TRADING

Healthcare
Earnings of the Healthcare segment were consistent, with EBITDA of $19.6m. Focus for the first half year has been on seeking new business opportunities, new product lines and investment for future growth.

In a market sector influenced by government policy and regulatory changes in New Zealand and Australia, EBOS is continually looking to see how best to add value for customers to maximise the use of their health budget dollars.

Animal Care
Animal care segment performed strongly with EBITDA of $9.4m in line with expectations. The focus has been on growth opportunities, new products, and adding value to key customer channels. Investment in Australia offers good growth prospects compared with the higher market share of Masterpet in New Zealand.

DIVIDEND

Directors have declared a fully imputed interim dividend of 17.5 cents per share, an increase of 4.0 cents per share over the last interim dividend.

The dividend will be payable on 3 April 2013 to shareholders on the register at close of business 8 March 2013.

The Dividend Reinvestment Plan will be operative for this dividend payment, with a 2.5% discount to market.

OUTLOOK

EBOS is constantly evaluating new opportunities that can be value accretive to its shareholders. Masterpet is the most recent example of a large acquisition adding value. Prior to this the PRNZ acquisition achieved a similarly positive result. EBOS will continue its acquisitive strategy when the strategic fit is right, and there is real benefit for shareholders.

EBOS directors anticipate a strong full year result.


MARK WALLER RICK CHRISTIE
Managing Director/CEO Chairman of Directors
Phone: 03-338-0999
Mobile: 021 368746


EBO - EBOS DIRECTORS REPORT 6 MONTHS TO 31.12.12.pdf


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FBU - Financial Results 6 months to 31 December 2012 Revised

Postby Share Investor » 20 Feb 2013 14:00

9:56am, 20 Feb 2013 | HALFYR
REVISED ANNOUNCEMENT SHOULD READ OPERATING EARNINGS (NOT NET EARNINGS AS STATED) PAGE 12 UNDER OUTLOOK

Name of Listed Issuer: Fletcher Building Limited

For Half Year Ended: 31 December 2012

The amounts as presented have been prepared in accordance with NZ IAS 34 Interim Financial Reporting and give a true and fair view of the matters to which the report relates and are based on unaudited accounts.

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 31 DECEMBER 2012

Unaudited

Current Half Year NZ$M; Up/Down %; Previous Corresponding Half Year NZ$M

Total operating revenue: $4,380m; down 3%; $4,494m.

OPERATING SURPLUS BEFORE SIGNIFICANT ITEMS AND TAX: $187m; down 8%; $204m.

Significant items for separate disclosure: $nil; n/a; $(21)m.

OPERATING SURPLUS BEFORE TAX: $187m; up 2%; $183m.

Less tax on operating profit: $36m; up 3%; $35m.

OPERATING SURPLUS AFTER TAX BUT BEFORE MINORITY INTERESTS: $151m; up 2%; $148m.

Less minority interests: $5m; up 25%; $4m.

OPERATING SURPLUS AFTER TAX ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER: $146m; up 1%; $144m.

Extraordinary items after tax attributable to Members of the Listed Issuer: 0: n/a: 0.

OPERATING SURPLUS AND EXTRAORDINARY ITEMS AFTER TAX ATTRIBUTABLE TO MEMBERS OF THE LISTED ISSUER: $146m; up 1%; $144m.

Earnings per share: 21.3 cps; -: 21.2 cps

Interim Dividend: 17 cps

Record date: 28 March 2013

Date Payable: 16 April 2013

Tax credits on latest dividend: nil NZ imputation credits, fully franked for Australian shareholders.

Auckland, 20 February 2013 Fletcher Building today announced its unaudited interim results for the six months ended 31 December 2012. The group recorded net earnings after tax of $146 million, compared with $144 million in the prior corresponding period.

Operating earnings (earnings before interest and tax) were $262 million, 2 per cent higher than the $256 million achieved in the first half of the 2012 financial year. Cashflow from operations was up strongly at $204 million compared with $129 million in the prior period.

The interim dividend will be 17.0 cents per share. In line with the companys approach to allocating tax credits, the dividend will be fully franked for Australian tax purposes but will not be imputed for New Zealand tax purposes.

Total revenue for the group decreased 3 per cent to $4,380 million, in part due to the sale of several businesses in the past year.

Chief Executive Officer, Mark Adamson, said the result was driven by improved trading conditions in New Zealand, offset by weak construction markets in Australia and the costs of further restructuring.

The pace of new residential construction in New Zealand has improved substantially over the past six months in both Canterbury and Auckland, and this has positively impacted those businesses exposed to this sector. In addition, we have seen strong momentum in rebuilding activity in Canterbury. These factors drove a 31 per cent increase in our New Zealand operating earnings, Mr Adamson said.

By contrast, in Australia, weak market conditions have continued in the residential and commercial construction sectors. Most of our Australian businesses experienced volume declines and as a result Australian operating earnings declined by 12 per cent, Mr Adamson said.

In other regions, results were mixed with revenues ahead in South East Asia, flat in North America, and down in China and Europe.

During the period, further restructuring was undertaken in a number of businesses including Laminex and Stramit in Australia. The consolidation of Formicas operations in Spain was completed with the closure of the Bilbao plant, with additional costs incurred of $3 million beyond those provided for previously.

Mr Adamson said good progress had been made in establishing the business transformation programme which was outlined at the annual shareholders meeting in November. The programme involves a systemic review of the existing business model and will encompass a fundamental redesign of how products and services are delivered. The programme includes work streams around shared services, procurement, distribution, logistics, operational excellence and digital strategy.

While it is early days, we have made an excellent start in commencing a number of these work streams. Our goal is to further improve our competitiveness. While we expect some gains from these initiatives to accrue in the next financial year, this is a multi-year transformation programme and we expect that the scale of the benefits will continue to evolve and will take longer to flow through the business, Mr Adamson said.

Results overview

Revenue
$4,380 million, down from $4,494 million


Net earnings
$146 million, up from $144 million


Operating earnings
$262 million, up from $256 million


Cashflow from operations
$204 million, up from $129 million


Basic earnings per share
21.3 cents per share, up from 21.2 cents


Interest cover
3.5 times, down from 3.8 times


Final dividend
17.0 cents per share with full Australian franking tax credits.


The dividend reinvestment plan will be operative for the half year dividend payment

For further information please contact:


Philip King
General Manager Investor Relations
Phone: + 64 9 525 9043
Mobile: + 64 27 444 0203


ENDS

Attachments

FBU - Half Year Results Presentation.pdf
FBU - Half Year Results Presentation.pdf



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TME - Trade Me half year results 2013

Postby Share Investor » 20 Feb 2013 14:21

8:30am, 20 Feb 2013 | HALFYR
Please find attached the financial information required by Listing Rule 10.4 together with a copy of Trade Mes analyst presentation and Trade Mes financial statements for the six month period ended 31 December 2012.

Attached:

1. Appendix 1 (and Appendix 4D as required by ASX) detailing the preliminary announcement for the six month period ended 31 December 2012;
2. Media release;
3. Interim report for the six month period ended 31 December 2012;
4. Analyst presentation;
5. Appendix 7 (as required by NZX Listing Rule 7.12.2) detailing the dividend
of 7.5 cents (NZD) per ordinary and restricted share to be paid on 26 March 2013 to those shareholders on the companys share register as at 5pm on 15 March 2013.

Linda Cox
Company Secretary

TME - Trade Me hits forecast and grows revenue 18% year on year.pdf
TME - ANNOUCEMENT RE 2013 PROFIT.pdf



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MLN - Marlin Global posts flat half year result

Postby Share Investor » 20 Feb 2013 17:49

5:00pm, 20 Feb 2013 | HALFYR
Results for announcement to the market

Reporting Period 6 months ended 31 December 2012
Previous Reporting Period 6 months ended 31 December 2011

The interim financial statements attached to this report have been reviewed by PricewaterhouseCoopers and are not subject to a qualification. A copy of the accountants report applicable to the interim financial statements is attached to this announcement.

Current period NZ$000, Up/(Down) %, Previous corresponding Period NZ$000
Total net income/(loss) from ordinary activities 1,525, N/A (16,611)
Profit/(loss) from ordinary activities after tax attributable to security holder. 172, N/A (18,123)
Net profit/(loss) attributable to security holders. 172, N/A (18,123)

Dividend
Marlin Global will pay a partially imputed quarterly dividend of 1.64cps as part of its long-term distribution policy.

Ex-Dividend Date 13 March 2013
Record Date 15 March 2013
Dividend Payment Date 29 March 2013

NAV per share 31 December 2012: $0.83

For immediate release:

20 February 2013

Marlin Global posts flat half year result

Net profit after tax $172k
Adjusted NAV* per share flat for the period
Total shareholder return* 0.9%
3.47 cents per share in dividends paid during the period

NZX-listed investment company Marlin Global Limited (NZX: MLN) today announced a profit after tax for the six months to 31 December 2012 of $172,000.

For the six months, the adjusted net asset value (NAV)* per share was flat, trailing the MSCI Global Small Cap Gross Index which rose 6.9%. Total shareholder return* for the period was 0.9%.

In accordance with Marlins dividend policy (2% of average NAV per quarter), the company paid 3.47 cents per share in dividends over the six months. The next payment under the policy will be for 1.64 cents per share, payable on 29 March 2013.

Managing Director of Fisher Funds, Carmel Fisher said: Since taking over the portfolio management responsibilities the new team, Roger Garrett, Senior Portfolio Manager and Manuel Greenland, Senior Investment Analyst, have been reviewing the thesis supporting each investment as part of monitoring and rebalancing the portfolio.

Ms Fisher added: The team has been busy meeting the management of our portfolio companies to gain a better view on their business models and strategies as they allocate capital within the Marlin portfolio.

As a result, Marlins portfolio has seen some changes over the six month period, with the sale of three companies (Conceptus, Torishima Pump and Raffles Education) and the addition of four others (Genomma Lab, United Internet, Volkswagen and IMI).

Ms Fisher said: We remain relatively optimistic about the outlook for global equities this year. The climb may be bumpy and we would look to take advantage of market opportunities as they arise.

The Board saw some changes during the six month period. At the end of August 2012, James Miller retired from the Board and Alistair Ryan was appointed Chairman on 1 September 2012. In mid September Mark Todd retired from the Board to pursue alternative career opportunities. The process of recruiting another director is underway to bring the Board back to four directors. The Board expect to be in a position to announce a new director shortly.

For further information please contact:
Alistair Ryan
Chairman
Marlin Global Limited
Tel: 021 649 102

Carmel Fisher
Managing Director
Fisher Funds Management Limited
Tel: (09) 484 0342

*Adjusted NAV and total shareholder return assume all dividends are reinvested but exclude imputation credits.

About Marlin Global
Marlin Global is a listed investment company that invests in growing companies based outside of New Zealand and Australia. The Marlin portfolio is managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Marlin is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single, tax-efficient investment vehicle. Marlin listed on the NZX Main Board on 1 November 2007 and may invest in companies that are listed on any approved stock exchange (excluding New Zealand or Australia) or unlisted international companies not incorporated in New Zealand or Australia. /ends
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BRM - Barramundi posts strong half year result

Postby Share Investor » 20 Feb 2013 17:51

5:02pm, 20 Feb 2013 | HALFYR
Results for announcement to the market

Reporting Period 6 months to 31 December 2012
Previous Reporting Period 6 months to 31 December 2011

The interim financial statements attached to this report have been reviewed by PricewaterhouseCoopers and are not subject to a qualification. A copy of the accountants report applicable to the interim financial statements is attached to this announcement.

Current period NZ$000, Up/(Down) %, Previous corresponding Period NZ$000
Total net income/(loss) from ordinary activities 15,283, N/A (4,998)
Profit/(loss) from ordinary activities after tax attributable to security holder 13,664, N/A (6,121)
Net profit/(loss) attributable to security holders 13,664, N/A (6,121)

Dividend
Barramundi will pay a partially imputed quarterly dividend of 1.62cps as part of its long-term distribution policy.

Ex-Dividend Date 13 March 2013
Record Date 15 March 2013
Dividend Payment Date 29 March 2013

NAV per share 31 December 2012: $0.81

For immediate release:

20 February 2013

Barramundi posts strong half year result

Net profit after tax $13.7m
Adjusted NAV* up 15.9% over the six month period
Total shareholder return* 15.1%
3.01 cents per share in dividends paid during the period

NZX-listed investment company Barramundi Limited (NZX: BRM) today announced a profit after tax for the six months to 31 December 2012 of $13.7 million.

For the six months, the adjusted net asset value (NAV)* per share increased by 15.9%, ahead of the S&P/ASX Small Ords Industrial Gross Index which rose 11.7% over the same period. Total shareholder return* for the period was 15.1%.

During the first half of the 2012 calendar year Barramundi produced strong returns for the portfolio. It is encouraging to see this continue into the second half of the calendar year as well as the first few months of 2013 said Barramundi Chairman Alistair Ryan.

In accordance with Barramundis dividend policy (2% of average NAV per quarter), the company paid 3.01 cents per share in dividends over the six months. The next payment under the policy will be for 1.62 cents per share, payable on 29 March 2013.

A low ball offer from a third party was received by Barramundi shareholders in November 2012. It is pleasing to note that no shareholders accepted the offer prior to the offer closing date of 17 December 2012.

Fisher Funds Managing Director Carmel Fisher said: During the period, the value of maintaining investment discipline was evident with strong returns achieved by the Barramundi portfolio.

Ms Fisher said: Overall we remain upbeat about the outlook for the Australian share market although caution that it is unlikely that the strong returns of the 2012 calendar year will be repeated.

The Board saw some changes during the six month period. At the end of August 2012, James Miller retired from the Board and Alistair Ryan was appointed Chairman on 1 September 2012. In mid September Mark Todd retired from the Board to pursue alternative career opportunities. The process of recruiting another director is underway to bring the Board back to four directors. The Board expect to be in a position to announce a new director shortly.

For further information please contact:

Alistair Ryan Chairman
Barramundi Limited
Tel: 021 649 102

Carmel Fisher
Managing Director
Fisher Funds Management Limited
Tel: (09) 484 0342

*Adjusted NAV and total shareholder return assume all dividends are reinvested but exclude imputation credits.

About Barramundi

Barramundi is a listed investment company that invests in growing Australian companies. The Barramundi portfolio is managed by Fisher Funds, a specialist fund manager with a track record of successfully investing in growth company shares. The aim of Barramundi is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single, tax-efficient investment vehicle. Barramundi listed on the NZX Main Board on 26 October 2006 and may invest in companies listed on the Australian Securities Exchange (with a primary focus on those outside the top 20 at the time of investment) or unlisted companies. /ends
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TEN - REVIEW OF THE SIX MONTHS ENDED 31 DECEMBER 2012

Postby Share Investor » 20 Feb 2013 17:54

5:18pm, 20 Feb 2013 | HALFYR
There are forward-looking statements included in this document. As forward-looking statements are predictive in nature, they are subject to a number of risks and uncertainties relating to Tenon, its operations, the markets in which it competes and other factors (some of which are beyond the control of Tenon). As a result of the foregoing, actual results and conditions may differ materially from those expressed or implied by such statements. In particular Tenon's operations and results are significantly influenced by the level of activity in the various sectors of the economies in which it competes. Fluctuations in industrial output, commercial and residential construction activity, changes in availability of capital, declining housing turnover and pricing, declining levels of repairs, remodelling and additions to existing homes in North America, relative exchange rates, interest rates in each market, and profitability of customers, can have a substantial impact on Tenon's results of operations and financial condition. Other risks include competitor product development and demand and pricing and customer concentration risk.

All references in this document to $ or "dollars" are references to United States dollars unless otherwise stated.
______________________

Interim Report December 2012

This document is an interim report covering the first six months of operation for Tenons 2013 fiscal year (i.e. for the six months ended 31 December 2012). It addresses in summary form the operational and financial highlights for the period.

Macro-conditions

The US housing market Tenons largest market exposure - is now in the early stages of a full recovery. This is an extremely positive development for Tenon, although it is really only in very recent months that this improvement has occurred in any meaningful way. To date, this recovery has been centred on new house construction, but the forward looking data now indicates that the rebound should also spread into a higher level of renovation and remodelling activity later in this calendar year. Given Tenon is exposed to both segments of the market (but more particularly to the latter segment), we should see the benefit of this broader market recovery reflected in our earnings as the calendar year advances.

These next charts give an idea of the extent of the recovery that has occurred in the new home construction segment. Although still well off its previous peak of 2.3 million homes, you can see that new housing starts have almost doubled now - up from a cyclical and historical low of only 478,000 homes per annum to 954,000 per annum (December 2012).

[ chart ]

Importantly, this new housing recovery has been quite sudden relative to the depth and length of the down-turn. This next chart shows this clearly, with December 2012 housing starts being up 37% on the same month a year prior, and up 27% on the number recorded just six months earlier.

[ chart ]

This noticeable lift in new housing starts indicates that this segment of the market has now turned for the positive. Other supportive (January 2013) indicators include

- New home sales - up 9% in year-over-year;
- New home prices - up 14% year-over-year; and
- New home inventory - which at 4.9 months of supply, is now well below its peak level of over 12 months of supply.

This segment is also being supported by record low mortgage rates in the US. 30-year (tax deductible) mortgage rates are now at 3.4%, which compares with over 4% a year ago so it is certainly an affordable time to buy a home.

Indicators are now also turning positive in the renovation and remodelling segment of the market. The two key drivers of this segment are existing home sales (as home buyers tend to renovate nine months or so after purchasing their home) and existing home prices (as home-owners need to be confident that they will recover the value of their remodelling investment, and in some cases increased home equity provides the finance for the remodelling activity). Both of these drivers now appear to be moving in the right direction.

The chart below shows the Case-Shiller index which tracks the path of existing single-family homes sales prices. You can see that this seasonally-adjusted index has moved up every month for each reported month in calendar 2012, and prices are up 6% on the recent low recorded a year ago.

[ chart ]

This next chart shows the months-of-supply of existing home inventory a measure which factors in both the rate of home sales and the inventory pool available for sale. You can see that this measure has noticeably and positively trended down, from 6.5 months in June 2012 to only 4.4 months in December, where historically 6-months supply has been considered to represent a balanced market.

[ chart ]

On top of all this, pending home sales in December were up 6.9% year-on-year, and the inventory of existing homes available for sale is now at its lowest point for 12 years. So most reported data is now very favourable to an ongoing cyclical recovery.

Because of the natural lag that exists between these drivers and the resulting remodelling and renovation activity that usually follows in the future, we havent yet seen demand pick up in this segment in our product categories, beyond the small localised regional lift in activity that resulted from Hurricane Sandy. It should do so however, and in this respect this chart from Harvards recent Housing Study shows the strong uplift that is expected to occur in this segment later in calendar 2013, once this timing lag has cleared.

[ chart ]

When all of the charts above are considered, along with their supporting market data, you can see that the big picture environment for Tenon is now changing, and that the US housing cycle is at last turning in our favour. Although there are some notable hurdles to a full US housing market recovery unemployment, access to mortgage credit, home foreclosures, and resolution of the US fiscal cliff, being the main concerns and moving forward the month-to-month data is likely to be a little bumpy, it appears clear now that we are heading out of the deep cycle-trough that has plagued the industry for too many years now.

Six Months Activity and Financial Results

As noted above, it has only been in the relatively recent months that the US housing market recovery has taken hold, and to date it has really only been in one (i.e. new home construction) of the two segments comprising the total market. Accordingly, the six-month financial period under review largely reflects a pre-recovery US market for Tenon and its direct competitors. It is important to understand that for that reason it is the forward earnings profile that is now providing positive momentum for listed stocks in our sector, rather than the historic results we discuss in this Report. Having said that, our earnings result for the six months to 31 December 2012 was in line with market expectations for this pre-recovery period. In summary

At $174 million, consolidated Revenue was up 7.4% on the $162 million recorded for the corresponding six-month period last year. This top line growth came from increased sales in our pro-dealer activities - up more than 20% on the previous period - as this market segment began to recover, and also from the impact of new product introductions launched last year, such as the Creative Stair Parts program which saw stair sales increase by 35%. The price of our highest grade of lumber, moulding and better (M&B), also lifted 5% in the period, reflecting a tightening supply chain and rising demand.

Sales volumes also benefited from both geographic and product diversification. For example, our Taupo manufacturing operation increased its high-value lumber sales into both China and Europe, rebalanced its product portfolio across lumber, clear board and solid lineal mouldings products to optimise customer sales and margin opportunities, and expanded its activities into Australia.

- The thinness of the industry supply chain in a now recovering US housing market saw manufacturers (including our own Taupo operation) place customers (i.e. distributors into the US, such as Empire) on product supply allocation restrictions during the period. Accordingly, our Cost of Sales increased in the period, as our third-party suppliers pushed through product price increases in this very tight supply environment, and also as our absolute volume of purchases increased to match market demand.

While our gross profit margin did compress slightly in the period by just over 1% (normalised for non-recurring costs), to a large degree this was a direct result of the path of the NZ dollar - particularly the NZD:USD cross rate, which strengthened from 79 cents at 30 June 2012, to 82 cents at balance date, and which as at the timing of writing had increased even further to almost 85 cents.

Unfortunately, this factor is likely to remain with us for the balance of the year, and we will need to continue to deal with it. Internally, we think of this adverse currency movement as representing a 5% gross profit margin decline in the profitability of our NZ manufacturing activities, which we must make up with further cost-out initiatives across the Group - particularly given that the gains from the $5 million Taupo profit improvement programme put in place only last year have effectively now been stolen by the strengthening NZD currency to date. During the period under review, examples of such further cost-out initiatives that were put in place include the

- Completion of the consolidation of Ornamentals manufacturing activities onto one US site in North Carolina (NC). The order files and manufacturing lines have now been transferred, the operation has been integrated into Tenons North American shared services operation, and all surplus Canadian property has now been sold releasing $3 million to debt repayment. The results for the six months just completed include all costs relating to manufacturing start-up of the product lines now being produced at the single NC site. Manufacturing efficiencies will be evident in the second six months results;

- Relocation of Southwests Dallas operation to a larger, special purpose warehousing facility. Although the floor space has been expanded to match increased demand forecasts, efficiency gains will allow Southwest to achieve an effective decrease in per square foot warehouse space and a lower overall dollar cost; and

- Implementation of IT enhancements across the Group, such as to our electronic order confirmation, delivery, and invoicing, which will not only assist in working capital management but also in lowering back-room administration costs.

- Operating Profit before Financing Costs was a loss of $1 million, compared with a loss of $5 million (including $2 million of business re-engineering costs) in the corresponding period last year. However, the earnings figure that equity analysts tend to focus on for company comparative purposes is EBITDA (please refer to note 7 to the Financial Statements), because that number removes distortions caused by differences in asset age and depreciation policies, and by different debt:equity funding structures. EBITDA increased from a $2 million loss last year to a profit of $1 million for the current six-month period.

- Net debt (i.e. interest bearing debt net of cash) increased from $39 million at 30 June 2012 to $44 million at balance date. This increase is a direct result of the increased inventory we need to carry as the market enters its recovery phase and the need to ensure we have no stock-outs with our large delivery-sensitive customers as sales grow in our core product lines (please also refer to LOOKING AHEAD section below).

Governance

Our ASM was held in Wellington (NZ) on December 13th, 2012. Over 80% of the Companys issued shares were voted at the meeting, and all resolutions were passed - each with a majority in excess of 99%. These excellent voting statistics are a reflection not only of the companys consolidated share register, but also of the confidence that our shareholders have in Tenons future.

Our ASM presentations (which are freely available on our website at www.tenonglobal.com) outlined the future potential for the Company in a recovering US housing market environment. As previously noted, US housing data continues to improve as each month passes, indicating that the US market is now clearly in a recovery-mode. All of this news has been positive for our share price performance, which, at the time of writing, had increased by approximately 50% over the two months since our ASM. While this is good news, we still believe our traded share price is well below fair value as at this point in the cycle, and this view is supported by an equity analyst report released by the Edison Group which valued Tenon in a range of NZ$1.79 - $2.05 per share (inclusive of tax losses). We will be addressing this issue further as the year continues.

Looking Ahead

At our ASM, we outlined what the earnings potential might look like for Tenon under future mid-cycle conditions conditions where we see EBITDA of $35 million being achievable (assuming a mid-cycle NZ:USD cross rate of 70 cents, and assuming historic margin levels). Shareholders will understand that this expanded potential is a result of the significant organic growth that we have put in place through the down-cycle (for a discussion of the growth that has now been embedded in the Company please refer to our 2012 Annual Report, which is also available on our website). To date the gains from these growth initiatives have been masked by the extent of the downturn that has taken place, however they should become obvious as the pace of recovery gains momentum and the market progresses towards a mid-cycle path.

In relation to the more immediate term, like most participants in our sector, we will not be giving specific earnings guidance. Put simply, there continue to be too many uncontrollable factors that could affect the projected outcome for us the frustratingly strong and strengthening NZD:USD cross rate, and resolution to the US fiscal cliff issue being the two immediate factors that could chart a significantly different course than we currently anticipate. Those factors aside, our expectation is that the Companys North American financial performance in the second six months of the year will comfortably surpass that recorded for the six months just completed. The final NZ performance however, will largely be determined by the path of the NZD:USD cross rate, which is currently some 8 cents above our budgeted level.

Our growth activities will continue as planned. For example (and as we have previously reported), we will continue with our new product introductions, with the goal of expanding the breadth of our product range into both the retail and pro-builder channels that we have created over the past five years. Examples of this are FindIt, a new internally developed proprietary pull-out kitchen cabinet product which we have been asked by Lowes to distribute into over 900 stores commencing in the first quarter of the current calendar year, Empires range of Plank Paneling products introduced into 600 Lowes stores, and Southwests new doors program which will focus on the Texas pro-builder market. We will also be targeting expansion potential in the US pro-builder channel, by way of acquisitions, as opportunities present themselves.

[ product photos ]

We have previously indicated the importance that we see China will play in Tenons future. Pleasingly, the NZ Government, through both ministerial involvement and the activities of New Zealand Trade and Enterprise (NZTE), has been very supportive of our China goals and we are very grateful for their on-going assistance. We have also outlined to shareholders our strategic template for China, with the immediate plan being to continue to increase the sale of product out of Taupo directed into the China market, and to take a position in the wholesale market there a pre-requisite to building an in-market position of size. We plan to be in a position to report positively to shareholders on both of these initiatives in the next six months.

[ photo - Ravi Nagasamy (NZTE), Louise Upton (MP Taupo), Tony Johnston (Tenon COO), and Tim Groser (Minister of Trade and Climate Change Issues, Associate Minister of Foreign Affairs) discussing Tenons activities at the Companys large clearwood processing operation at Taupo ]

At the same time as we have been growing our business through the down-cycle we have also been actively reducing our debt from a peak of $90 million to $44 million recorded at balance date. We do not now see that level materially declining in the short term, as the market recovery that is now underway will naturally generate a need for increased working capital as our sales lift and as we expand our product categories further. Clearly, we do not wish to artificially constrain Tenons growth in a recovering market, and we also do want to be in a position to pursue acquisitions that will further strengthen our business activities. Accordingly, we are now actively reviewing our existing funding, to ensure it provides the Company with sufficient flexibility moving forward.

Finally, we would like to thank all of our stakeholders for their continued support. As always, it is very much appreciated.


Luke Moriarty (Chairman) Tony Johnston (Chief Operating Officer)

20 February, 2013

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SKL - Skellerup HY13 Financial Result

Postby Share Investor » 21 Feb 2013 08:44

8:39am, 21 Feb 2013 | HALFYR
Skellerup maintains dividend as strong cash flow offsets slower earnings

Key Points for the six months ended 31 December 2012

Operating cash flow was strong at $14.6 million, up $5.4 million on the prior corresponding period (pcp). Net debt reduced by $4.7 million to $4.5 million on the pcp.
Interim dividend maintained at three cents per share.
Net profit after tax (NPAT) of $9.5 million, down from $11.5 million in the pcp.
Agri Division earnings were relatively stable. Industrial Division earnings were down with reduced demand for pumps and technical rubber products as customers delayed both technical testing and purchasing decisions.
The slow start to the year has lead management to reduce its full year NPAT forecast to $20 million from $22 million - $24 million.
Skellerup made a slower than expected start to the 2013 financial year as the turbulent environment in key markets led to an overall drop in sales.

Chief Executive Officer David Mair said: Our earnings performance for the six months to 31 December was a timely reminder of the challenges of operating in overseas markets and how the decision-making process of our customers influences earnings. Whilst the Agri Division benefits from more predictable demand patterns of a key consumables market where replacement decisions cant be put off for too long; the same cant be said for the Industrial Division where product demand tends to be a lot more discretionary.

A good example of this was our record full-year earnings performance last year when we experienced a late flurry of orders in the second half of that financial year. This was in part fuelled by strong activity in the North American oil and natural gas exploration market driving demand for pumps through until March 2012. From that date, demand reduced as activity in the exploration sector slowed and replacement decisions were put on hold. We saw a similar trend with our industrial rubber products where demand has, for the meantime, slowed down in our key markets of Australia, Europe and the USA.

Of course, there will always be challenges, but the real benefits and opportunities of dealing in global markets are clear. Competition forces us to get it right by focusing on the needs and demands of our customers and ensuring that our production capability and product mix matches those needs. Our strategy of ensuring that our existing operations are meeting their potential and continuing to invest in developing new sales channels and opportunities remains intact. Though we will always be captive to changing market forces, the impact of these changes can be mitigated by being close to our customers. This enables us to quickly align production to actual demand. We have continued to make improvements with inventory management and reduced delivery lead times.

Financial Summary

Half year ended Half year ended Percentage
$000 (Unaudited) 31 December 2012 31 December 2011 Change

Revenue 94,992 102,971 (8%)

Earnings before interest and taxation 13,814 17,673 (22%)

Net profit after taxation 9,489 11,517 (18%)

Earnings cents per share 4.92 5.97 (18%)

Dividend cents per share 3.00 3.00 0%

Net debt 4,538 9,211 51%

Cash from operations 14,627 9,185 59%


Industrial

This past six months has been the most difficult trading period since the six months ended 31 December 2009 when the full impact of the Global Financial Crisis was felt. Indications are that there will be some improvement in trading conditions in the second half.

Although sales of industrial vacuum pumps have reduced, the underlying drivers for gas exploration are positive. With the recent increase in the natural gas price to above US$3/MMBtu (Henry Hub), indications are for a lift in demand in the second half as the northern hemisphere moves out of winter. Skellerup used this relatively slow period to successfully move its manufacturing/ warehouse operation within Lincoln, Nebraska to take advantage of the expected upturn in business.

Sales of technical rubber products were adversely affected by lower demand from the European gas market and lower construction activity in Australia. To counter this we have expanded our product range in Europe and established a sales and distribution facility in North Carolina to service the USA market and early indications are that this project is going to benefit from the upturn in the USA economy.

The economic contraction in the Australian, USA and European markets has also impacted on our Deks business which designs and sells roofing and plumbing products. Deks has successfully overcome this weakness in these traditional markets by smart innovation in its product range and successfully growing in the developing markets of Latin America and Asia.

Sales of the Flexiflo ore chute lining system were ahead of expectations during the first half; however demand has since slowed due to a collapse in iron ore prices. We are progressing our plans to expand the market for this unique product into other geographical markets for iron ore and also establishing a test site for brown coal.

We have successfully relocated Skellerups closed cell foam manufacturing facility to Vietnam during the past six months. Inevitably we have incurred one-off costs that will not be repeated in the second half. The reduced cost of manufacturing and improved quality now being achieved should secure new opportunities for growth.

Agri

The Agri Division performance was relatively stable but was impacted by two key factors. Firstly drought conditions in the USA limited supplies of corn stock feed which drove the price to record levels, putting pressure on dairy farm expenditure. This in turn impacted demand for liner and tubing consumable products. Secondly, Fonterra forecast a lower pay-out which resulted in subdued spending on dairy consumable products in the NZ market as farmers deferred replacing their dairy liners and tubing. Ultimately farmers need to replace these consumables to ensure they maintain their milk quality to optimise their returns. In addition with Fonterra recently having announced an increase in the forecast milk pay-out we have seen recent stronger demand for dairy liners and expect this to continue for the second half.

Sales of Ambic branded product range, which is used to maintain hygiene throughout the dairy milking process, have been solid as the dairy industry pushes for higher standards of milk quality to meet more stringent compliance standards. Similarly, Stevens Filterite business also recorded improvements with increased demand for filter products in the dairy milking process.

Skellerups footwear range including the new Red Band work boot was well received in the market during the first half. Indications are that some traction for our footwear range is now beginning to be achieved in the American market as well as UK and Europe.

Dividend

The Directors have declared an interim dividend of three cents per share, fully imputed, which will be paid on Thursday 28 March 2013 to shareholders on the register at 5pm on 15 March 2013. The Dividend Reinvestment Plan will not be operative for this dividend payment.

Outlook

Chairman Sir Selwyn Cushing said: The 2013 financial year is shaping up to be a tougher year for the company than the previous one. Reflecting that, we have wound back our earnings expectations for the full year with NPAT now expected to be $20 million. Our customers have been impacted by unpredictable weather patterns and a slowdown in activity, but as we have seen in the past, orders can quickly turn and we must be ready for this. Skellerup is a good company with diligent and committed management. I am confident in its ability to outperform the market in the foreseeable future. The signs of recovery are starting to show.

For further information please contact:
David Mair
Chief Executive Officer
021 708 021

Graham Leaming
Chief Financial Officer
021 271 9206

For media queries please contact:
Geoff Senescall
Senescall Akers Limited
021 481 234
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VCT - Half Year Preliminary Results for period ended 31 Dec

Postby Share Investor » 21 Feb 2013 08:46

8:37am, 21 Feb 2013 | HALFYR
Vector performs despite soft economy

HIGHLIGHTS:
- Revenue rises 5.0% to reach $669.4 million; energy demand subdued.
- Net profit rises 10.8% to $118.0 million as costs contained and growth in technology operation continues.
- EBITDA rises 3.9% to $336.3 million.
- Interim dividend rises 0.25 cents to 7.25 cents per share.

New Zealands leading integrated energy infrastructure company, Vector Limited today announced an improved result for the six months to 31 December, despite the soft economy, as we benefited from growth across most of our businesses, continuation of legacy pricing on our Kapuni gas entitlements and a tight control on costs.

The Board has resolved to pay a fully-imputed interim dividend of 7.25 cents per share for the year, up from last years 7.0 cents per share interim dividend.

Vector chairman Michael Stiassny said: Vector and New Zealand is facing a new economic norm. Economic growth is soft; our customers want to reduce the amount they spend on energy and the amount they consume. Meanwhile, the environment for value-enhancing acquisitions is challenging.

As a provider of critical national infrastructure, Vectors progress is tightly linked to these economic trends. Warmer weather across the Auckland region also reduced demand.

However, this result demonstrates how we have continued to grow, in spite of the new economic environment. It also shows our success at optimising the groups portfolio of businesses, lowering our risk profile in response to the new environment and containing costs.

Our balance sheet remains strong with gearing as measured by net debt to net debt plus equity at 51.0%. We continue to seek regulatory certainty, a fairer regulatory regime and our gas wholesale book is well balanced.

Despite the challenges, our planned acquisition of the Contact Gas metering business shows we are prudently investing for growth in a way that will not only support the Auckland and national economies, but also deliver returns to our shareholders.

Vector, overwhelmingly owned by New Zealanders in a successful example of the mixed-ownership model, has again delivered, he said.

FINANCIAL AND OPERATIONAL RESULTS:

Six months ended 31 December 2012
$M 2011
$M Change
(%)
Revenue 669.4 637.6 +5.0
EBITDA 336.3 323.6 +3.9
EBIT 250.1 237.5 +5.3
Net profit 118.0 106.5 +10.8
Operating cash flow 267.7 242.4 +10.4
Dividend per share 7.25 7.00 +3.6
Capital expenditure
Growth 75.8 58.8 +28.9
Replacement 53.0 52.8 +0.4

Revenue for the six months to 31 December 2012 increased 5.0% from $637.6 million to $669.4 million. The rise was due in part to regulated price increases on our energy networks, and an increase in Transpower transmission charges, which are passed through to customers. These increases masked the soft trading environment.

Due to the warmer temperatures, the soft economy and reduced customer demand electricity volume fell 0.9% from 4,359 GWh to 4,321 GWh. Gas transmission volume fell 9.5% from 65.0 PJ to 58.8 PJ, due to reduced gas-fired generation activity while gas distribution volumes were static.

Nevertheless, group EBITDA rose 3.9% from $323.6 million to $336.3 million, due to continued cost containment across the energy infrastructure networks and ongoing growth in our technology business. Net profit rose 10.8% from $106.5 million to $118.0 million. During the period Vector also benefited from the continuation of supply of Kapuni gas at legacy prices following success in an arbitration to determine our entitlements. This is now subject to an appeal, but we are confident of our position.

Vector Group Chief Executive Simon Mackenzie said: Our focus remains on seeking growth opportunities, continuing to control costs, optimising our businesses for the new economic realities and continuing to provide quality service to our customers. We also continue to seek better regulatory outcomes for our energy networks.

We are meeting these objectives. EBITDA of our electricity and gas transportation networks increased by 2.2% and 8.7% respectively and on measures such as the cost of delivering power to our customers and the average operating cost per customer, Vectors electricity networks remain among the best in the country.

Vectors unregulated operations continue to perform well. Our technology segment made a strong contribution to earnings, increasing its EBITDA by 6.1% to $36.7 million. Our installed base of smart meters continues to grow rising 38.5% to 438,419 meters from 316,531.

Vectors shareholders have again benefited from the groups portfolio of operations, delivering on our core energy infrastructure networks, developing innovative technology solutions and pursuing smart growth opportunities in our unregulated operations.

Investment for growth:
Vector is investing to support this growth, having spent $128.8 million across our portfolio of businesses during the six month period. Of this investment, $77.4 million was spent on our energy networks and most of the remainder on our unregulated operations including investments in our smart meter operations as well as new technologies such as solar power to give our customers new choices, he said.

Mr Mackenzie said: Solar panels, combined with highly-efficient batteries and smart control technology will allow our customers to manage demand and the cost of energy in the home. They represent the application of an exciting new technology for Vector. In the period we completed the first residential installation of a technology solution, which over the long term will lead to greater use of renewable resources, but also help us optimise our network investment.

Vector continues to seek value-enhancing acquisitions. We have been working with local and central government as well as private sector organisations to explore opportunities to manage and invest in critical national infrastructure and adjacent services by leveraging Vectors expertise and our strong balance sheet.

We await the Commerce Commission decision on our proposed acquisition of Contact Energys gas metering business as announced in October.

Regulation
We are looking forward to the outcome of the Merits Review of the regulatory regime, brought by Vector along with six other parties representing the interests of New Zealands largest infrastructure providers.

Deliberations are drawing to a close and we expect a court judgement to be delivered in the second quarter of this calendar year.

Meanwhile, from April this year, Vector will reduce its electricity lines charges in line with the Commerce Commissions determination released last November forecasting an average 10% reduction.

A price determination for our gas transmission and distribution assets is due to be released later this month. In light of the pending Merits Review judgement, it is too soon to say whether the Commerce Commissions draft decision to reduce prices on our gas transmission and gas distribution networks by 25% and 16% respectively will stand.

We note that these reductions are based on different assumptions in respect of operating and capital expenditure requirements over the next five years than those that the business relies upon, said Mr Mackenzie.

OUTLOOK
Vector has made a good start to the 2013 financial year as we have managed the business well.

The second-half however will present some headwinds. The regulators mandated price reductions on our electricity networks from 1 April will weigh on second-half revenues, even if we receive a positive outcome from the Merits Review of the regulatory regime. And notwithstanding the signs of a recovery in the Auckland building and construction sector, the economy remains soft and customer energy demand remains subdued.

Meanwhile our entitlements to Kapuni Gas at the legacy prices will continue to reduce over the period and some gas already purchased during the period at legacy prices is subject to appeal.

Nevertheless, we are pleased with growth in our technology business. The gas wholesale operation continues to perform well and we continue to manage costs tightly. We also continue to grow through investment in our core network business as the economy grows, albeit slowly. In summary we are reaffirming our earlier guidance that we expect EBITDA for the full year to 30 June 2013 to be in line with the result we achieved in the year to 30 June 2012.

SEGMENTAL PERFORMANCE

Six months ended 31 December 2012
$M 2011
$M Change (%)
Electricity
Revenue 334.8 308.5 +8.5
EBITDA 202.0 197.6 +2.2
Gas Transportation
Revenue 114.4 110.4 +3.6
EBITDA 88.7 81.6 +8.7
Gas Wholesale
Revenue 195.6 195.4 +0.1
EBITDA 34.0 36.4 -6.6
Technology
Revenue 52.8 48.1 +9.8
EBITDA 36.7 34.6 +6.1
Shared Services
Revenue 0.4 0.5 -20.0
EBITDA (25.1) (26.6) +5.6

Electricity
Electricity revenue increased 8.5% to $334.8 million from $308.5 million and EBITDA increased 2.2% from $197.6 million to $202.0 million. An increase in Transpower prices in the 2013 regulatory year lifted expenses by $19 million. These charges were passed through to customers.

The volume of electricity transported across the network fell 0.9% from 4,359 GWh to 4,321 GWh, reflecting subdued customer demand, the unusually warm weather in the second quarter of this financial year and the unusually cool weather in the first quarter of the prior year. Revenue also benefited from price increases.

Although household consumption is largely weather dependent, we have observed a reduction in average consumption per household over the last few years.

Vectors research shows the majority of customers are trying to reduce their usage, reflecting their desire to reduce their electricity bills and take advantage of more energy-efficient and environmentally-friendly solutions. It is for this reason we have been innovating and investing in technologies such as solar power.

Vector is actively participating in the Electricity Authoritys consultation to revise Transpowers transmission pricing methodology. We are challenging the proposed methodology, as it is likely to result in higher prices for Auckland consumers.

This review is the third review by the Authority, and its predecessor the Electricity Commission, in recent years. These reviews have focused on shifting costs, such as those for the HVDC link from South Island generators to North Island consumers.

Commercial and industrial customers have also continued to slow their production and actively look to cut costs.

There was a step up in residential subdivisions. This growth supports other anecdotal evidence of a pickup in the building and construction sectors in Auckland.

Electricity customer numbers grew 0.6% from 534,305 to 537,268. Net customer additions grew 20.1% from 1,698 to 2,040. Over the last few years disconnections have been unusually high as inactive meters were disconnected. This had the effect of depressing reported net connection growth, but the market is now returning to equilibrium.

Apart from higher Transpower charges, direct and indirect costs were relatively stable as cost reductions offset higher professional fees related to regulatory appeals.

SAIDI increased 4.2% from 69.4 to 72.3 minutes, but we consider the increase was due entirely to the natural random variance from year to year.

Gas Transportation
Gas Transportation revenue rose from $110.4 million to $114.4 million.

EBITDA rose from $81.6 million to $88.7 million as the business continued to demonstrate tight cost control.

Gas distribution volumes were unchanged on the prior year at 11.7 PJ. Gas transmission volumes fell from 65.0 PJ to 58.8 PJ primarily due to a slow-down in gas-fired electricity production. These lower volumes had only a marginal impact on revenue as the customers concerned were largely on fixed prices.

Distribution customers rose 1.5% from 153,576 to 155,863 and net customer additions rose 13.7% from 1,068 to 1,214. This was due to lower disconnections as a major gas retailer completed its programme of decommissioning unused gas ICPs.

Gas Wholesale
Despite lower volumes from the Kapuni field, Gas Wholesale revenue rose slightly from $195.4 million to $195.6 million. EBITDA fell from $36.4 million to $34.0 million. The continuation of supply of Kapuni gas at legacy prices underpinned Gas Wholesale earnings.

Sales, excluding recoveries associated with the emission trading scheme (ETS), were lifted by growth in the LPG business and particularly the bottle swap operation as well as a 20.0% increase in tolling volumes to 73,369 tonnes through Liquigas.

Liquigas growth was largely due to growth in the South Island, reflecting the recovery in Christchurch following the earthquakes and an increase in exports.

Natural gas sales fell 2.8% from 14.3 PJ to 13.9 PJ. Meanwhile, gas liquid sales were down 6.8% from 41,850 tonnes to 39,000 tonnes. The gas wholesale book, however, remains well balanced.

The Gas Wholesale business continues to develop attractive opportunities. Our gas bottle swap operations posted six months of particularly strong growth, reinforcing the strategic benefit of the Kwik Swap acquisition in 2011.

Costs, excluding costs associated with the emissions trading scheme, fell at the Kapuni Gas Treatment Plant (KGTP) and at our natural gas operation in line with lower production volumes. However, these gains were partially offset by increased expenditure at Liquigas aligned with increased tolling volumes and expenditure to support the growth of the bottle swap operation. ETS recoveries and costs were $2 million lower than the prior year, due to lower emission unit prices.

Technology
Revenue rose from $48.1 million to $52.8 million due to a rise in revenue from both the metering and telecommunications businesses. Metering revenue reflected the increase in the number of smart meters replacing legacy meters, as well as additional recoveries from retailers for field services work.

The installed base of smart meters continues to grow, rising 38.5% to 438,419 meters from 316,531 at the same time last year. Vector is now two thirds of the way through our contracted installation of 670,000 smart meters and we deployed at a rate of 11,504 meters per month during the period. We expect to maintain a rate of 10,000 to 12,000 a month depending on installation conditions for the next 12 months.

The technology segments EBITDA rose from $34.6 million to $36.7 million.

Cash flow and capital expenditure
Vector continues to invest in its network to maintain our high levels of service and performance. Supported by our strong operating cash flow, up 10.4% to $267.7 million, we invested $128.8 million across our portfolio of businesses. This investment represented a 15.4% increase on the prior year.

Of this sum $77.4 million was invested in our core electricity and gas networks to support growth and maintain the high level of service to which our customers are accustomed. The major growth projects are the continued development of the grid exit point at Hobson Street and investment to support increasing residential subdivision activity.

A further $43.7 million was invested in our technology segment to support its rapid growth, particularly in the metering business.

Capital Structure
Our balance sheet remains strong. Net debt fell from $2,373.8 million at 30 June 2012 to $2,286.4 million. Gearing as measured by net debt to net debt plus equity, fell to 51.0%, an improvement to the 52.5% recorded at 30 June 2012. Net finance costs are covered by EBIT 3.0 times compared with 2.7 times for the year ended 30 June 2012.

-Ends-

Contact:

Media: Sandy Hodge, External Communications Manager
Tel: +64 9 978 7638 Mob: +64 21 579 522

Investors: Daniel Kieser Group Manager Corporate Development Tel: +64 978 7780 Mob: +64 21 775 028

About Vector: (www.vector.co.nz)
Vector is New Zealands leading multi-network infrastructure company which delivers energy and communication services to more than one million homes and businesses across the country. The company owns and manages a unique portfolio which consists of electricity distribution, gas transmission and distribution, electricity and gas metering installations and data management services, natural gas and LPG and fibre optic networks. Vector is listed on the New Zealand Stock Exchange with ticker symbol VCT. Our majority shareholder, with voting rights of 75.4%, is the Auckland Energy Consumer Trust (AECT).

APPENDIX:
Non-GAAP profit reporting measures
Vectors standard profit measure prepared under New Zealand GAAP is net profit. Vector has used non-GAAP profit measures when discussing financial performance in this document. The directors and management believe that these measures provide useful information as they are used internally to evaluate performance of business units, to establish operational goals and to allocate resources. For a more comprehensive discussion on the use of non-GAAP profit measures, please refer to the policy Reporting non-GAAP profit measures available on our website (vector.co.nz)

Non-GAAP profit measures are not prepared in accordance with NZ IFRS (New Zealand International Financial Reporting Standards) and are not uniformly defined, therefore the non-GAAP profit measures reported in this document may not be comparable with those that other companies report and should not be viewed in isolation or considered as a substitute for measures reported by Vector in accordance with NZ IFRS.
Vectors definition of non-GAAP profit measures used in this document:

EBITDA: Earnings before net finance costs, tax expense, depreciation, amortisation, share of net profit or loss from associates and impairments.
EBIT: Earnings before net finance costs, tax expense, share of net profit or loss from associates and impairments.
GAAP to non-GAAP reconciliation:

2012
$M 2011
$M
Net profit for the period (GAAP) 118.0 106.5
Add back: income tax expense1 47.5 42.9
Add back: impairment of investment in associate1 2.3 3.9
(Deduct)/add back: share of net (profit)/loss from associates1 (0.7) 0.1
Add back: net finance costs1 83.0 84.1
EBIT 250.1 237.5
Add back: depreciation and amortisation1 86.2 86.1
EBITDA 336.3 323.6

1 Extracted from reviewed financial statements.
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AIA - announces financial results for half-year to 31.12.12

Postby Share Investor » 21 Feb 2013 08:51

8:46am, 21 Feb 2013 | HALFYR
Reported profit and underlying profit both up
Ambitious growth strategy still driving success
Interim dividend increased
Modest uplift in full-year guidance

Auckland Airport is pleased to record a solid interim result for the six-month period up to 31 December 2012. This continues a run of three consecutive years of profit increase, driven by an ambitious growth strategy and improved operating leverage.

Reported profit after tax for the six-months was up 11.3% to $76.910 million, while underlying profit after tax was up 7.5% to $76.090 million. Total revenue was up 3.6% to $223.552 million, while expenses, excluding depreciation and interest costs, were $57.191 million, up 4.9%.

Shareholders have also benefited from an increase in dividend policy to 100% of net profit after tax, and a more even balance between the interim and final dividends, better reflecting the financial performance of the business.

However, our performance matters to more than just shareholders. Auckland Airport provides and builds connections between New Zealanders and their families, friends, business partners and customers. We play a core role in providing New Zealand exporters and importers with access to markets. Indeed, most New Zealand businesses are dependent to some extent on the air-links provided through our airport infrastructure and through our market development investment. New Zealands future economic performance will also be dependent on Auckland Airports infrastructure maintaining pace with growth, and its market development work helping to open up more access to business opportunities.

While the effect of the lapping of a one-off increase in visitors driven by the 2011 Rugby World Cup tournament has had some effect, this was not especially significant in overall terms. It accentuated the decline this year in visitors from some key markets, particularly United Kingdom and Europe, but total demand for travel, both nationally and internationally, has continued to prove resilient to global upheavals and domestic fluctuations.

The result includes elements that make direct comparison to the prior half-year reporting period to December 2011 difficult, particularly aeronautical revenue reflects the restructuring of aeronautical charging introduced in July 2012 following consultation with substantial airline customers. This includes a reduction in international charges, increase in domestic charges, discontinuance of a terminal service charge, removal of some domestic lease charges and introduction of a domestic and transit passenger charge.
The half-year also saw a continued and ambitious air-service and market development focus on expanding New Zealand tourism and trade opportunities, particularly with the significant, and diverse, Chinese market.

As we have flagged in recent reports, the passenger experience at the domestic terminal is deteriorating and needs to be addressed to accommodate growth in travel demand. Some shorter-term remediation is now underway while the decisions on the best longer-term solution for New Zealands primary domestic travel hub near completion. Whatever the final decision in relation to this essential national transport infrastructure, it will require significant capital expenditure and sufficient confidence in an appropriate return on the investment.

We look forward to the second half of the 2013 financial year with growing confidence. Our business strategy remains on track. Future opportunities to capture the next phase of growth and expand our already significant contribution to New Zealands economy are, allowing for appropriate returns on our infrastructure investment and continued execution, eminently achievable.

At the beginning of the 2013 financial year, we outlined expectations that the net profit after tax (excluding any fair value changes and other one-off items) would be between $143 and $150 million.

Performance for the first six months has been slightly ahead of expectations, particularly domestic passenger volume growth. While challenges to aviation demand remain, we now have a modestly higher expectation for the FY2013 period. We are therefore lifting our guidance for the full year to between $145 and $153 million, subject to any material adverse events, significant one-off expenses, non-cash fair value changes to property, and volatility in global market conditions or other unforeseeable circumstances.

Ends

For further information, please contact:
Adrian Littlewood
Chief Executive
+64 9 255 9176

Richard Llewellyn
Corporate relations manager
+64 9 255 9089
+64 27 477 6120

Refer pdf attachments: Financial Report / Results at a Glance / Company Report / NZX Appendix 1 / PowerPoint presentation

Attachments

AIA - Auckland Airport announces financial results for half-year ending 31 December 2012.pdf


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NPX - FY13 HALF YEAR RESULTS RELEASE

Postby Share Investor » 21 Feb 2013 09:03

8:30am, 21 Feb 2013 | HALFYR
NZX/ASX release 21 February 2013

FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2012

Nuplex Industries CEO, Emery Severin said While difficult market conditions continued throughout the period, reported earnings were steady, cash flows were strong, and the interim dividend was maintained in line with the previous interim dividend. This was a direct result of the benefits delivered via our operational improvement program, our geographic diversity and the earnings contribution from the two recent acquisitions.

KEY POINTS:
NPAT attributable to shareholders after significant items down 52% to $11.5 million. Significant items after tax included
o $5.8 million write down of obsolete equipment as a result of the restructure of the Australian and New Zealand operations
o $5.5 million write down of Nuplexs investment in Fibrelogic
NPAT attributable to shareholders before significant items down 10% to $24.5 million
Earnings per share (EPS) was 5.8 cents per share, down 53%
EBITDA of $57.6 million in line with prior comparable period EBITDA of $57.3 million reflecting
o $11 million EBITDA contribution from acquisitions
o $2.8 million of costs relating to restructure of Australian and New Zealand operations
o $3.2 million of upfront costs of the procurement initiative
o $2.1 million negative impact due to the higher New Zealand dollar
Operating cash flow up 123% to $47.5 million
Interim dividend of 10 cents per share in line with the previous interim dividend
o Partially imputed with 1.4 cents attached for New Zealand shareholders
2013 financial year EBITDA guidance now expected to be between $135 and $140 million
o Viverso on track to deliver EBITDA of 12 million
o Nuplex Masterbatch on track to deliver EBITDA of A$5 million
o NuLEAP on track to deliver at least $13 million in benefits
o Procurement initiative to deliver benefits of $5.3 million in the second half

NZ$ millions Change
1H 2013 1H 2012 Actual FX Constant FX
Sales revenue 828.7 746.4 11.0% 14.8%
EBITDA reported 57.6 57.3 0.5% 4.2%
before restructure & procurement costs 63.6 57.3 11.0% 14.8%
NPAT attributable to shareholders reported 11.5 24.1 (52.3)% (50.3)%
underlying 24.5 27.1 (9.6)% (7.1)%
Earnings per share (cents) reported 5.8 12.3 (52.8)% (50.7)%
underlying 12.4 13.8 (10.1)% (7.9)%
Dividend per share (cents) 10 10 - -
ROFE 9.8% 12.1% - -

Emery Severin said that again, it had been a challenging six months given the extremely weak market conditions in Australia and, demand in Europe had been more volatile than expected.

EBITDA was stable over the period. The contribution from acquisitions, which were in line with management expectations, were largely offset by costs associated with the restructure of the Australian and New Zealand operations, the upfont costs of the NuLEAP II procurement initiative and the negative impact of the stronger New Zealand dollar. Whilst these restructuring and procurement initiatives impact this financial result, I am confident they will strengthen Nuplexs operations and start to deliver benefits as soon as the second half of this financial year.

Volumes from our existing operations were up slightly as growth in Asia and the Americas offset the impact of lower volumes in Australia and New Zealand and steady volumes in Europe again this result highlights the benefit of our geographic diversity.

On a like for like currency basis, EBITDA excluding the contribution from acquisitions was down by 14% when compared with the prior corresponding period. This was predominantly due to the performance from the Australian Coating Resins business, which was impacted by the very weak demand. Also, in Europe, sales were lower than expected as a result of an earlier than usual end of year slowdown. Pleasingly, this slowdown appears to have been confined to November and December. Across the group, on average, raw material costs were flat over the period.

Additionally, EBITDA from existing operations was also impacted by an increase in fixed costs associated with additional provisioning for a European staff entitlement fund, additional research and development investment and higher than normal legal costs.

Positively, these impacts were largely offset by improved margins in all regions due to NuLEAP sales and procurement initiatives, volume growth in Asia and the Americas, and tightly controlled manufacturing costs.

Reported net profit was impacted by non-cash, significant items relating to the write down of plant and equipment as part of the Australia and New Zealand operational restructure, as well as the $5.5 million write down of Nuplexs investment in Fibrelogic, said Mr Severin.

Financial Result Overview
Nuplex reported NPAT attributable to shareholders after significant items of $11.5 million. This included $13.1 million of significant items which relate mainly to the write downs associated with the restructure of the Australian and New Zealand operations. This compares with NPAT of $24.1 million in the prior corresponding period, which included significant items of $3 million.

NPAT attributable to shareholders before significant items was $24.5 million for the six months ended 31 December 2012. Down 9.6% when compared with the prior corresponding period result of $27.1 million, this includes the impact of the after tax costs associated with the restructure of Australian and New Zealand and the procurement initiative.

Nuplex reported EBITDA of $57.6 million for the period. This was broadly in line with $57.3 million, reported in the previous half. Had the New Zealand dollar remained unchanged over the period, EBITDA would have been $59.7 million, up 4%.

EBITDA for the period benefited from the $11 million EBITDA contribution from the two acquisitions completed in the prior financial year, Viverso ($8 million) and Nuplex Masterbatch ($3 million).


This growth was offset by $2.8 million in costs associated with the restructure of the Australian and New Zealand operations. Total restructure costs, excluding asset write downs, are expected to be $9.6 million. The operational restructure is expected to deliver cost savings of $0.5 million in the second half of the 2013 financial year and $3.7 million of savings in the 2014 financial year. Once completed, the restructure is expected to deliver annualized cost savings of $5.6 million, which will be fully realised from the 2015 financial year.

Additionally there were $3.2 million in upfront costs relating to the global procurement initiative undertaken as part of Nuplexs operational improvement program NuLEAP II. This initiative is expected to deliver $5.3 million in cost savings in the second half of the 2013 financial year and $12 million in the 2014 financial year.

EBITDA, including acquisitions and before the costs associated with the restructure of the Australian and New Zealand operations and the global procurement initiative was $63.6 million, up 11% (up 14.8% in constant currency) compared with the prior period.

As at 31 December 2012, net debt of $209 million was largely unchanged from $220 million as at 30 June 2012. Gearing was 27.4% and remains within the Boards target gearing range of between 20 to 35%.

CEO Commentary
Commenting on the result, Mr Severin said, Our strategic initiatives to strengthen Nuplex and improve returns continue to gain momentum. Our efforts to embed safe behavior into every action, every day are gaining traction. During the half there were no Lost Time Injuries to employees. There were two Lost Time Injuries to contractors during the period.

NuLEAP is on track to deliver the targeted $30 million in net benefits by the end of the 2013 financial year. NuLEAP II planning is underway and we are implementing the previously announced procurement initiative under which we are building a globally co-ordinated procurement function and improving supply chain efficiencies. We also continued to successfully implement our global ERP system rollout.

Strong cost control and cash management resulted in manufacturing costs excluding acquisitions being held constant half on half and an improvement in our working capital to sales ratio, which declined to 14.8% from 16.5% as at 30 June 2012.

As previously announced, we are restructuring our Australian and New Zealand operations to create a more efficient and responsive manufacturing network to meet projected demand in the region. The restructure will reduce costs and improve returns on funds employed. Through the closure of our sites in Onehunga in New Zealand, Canning Vale and Wangaratta in Australia we will be reducing our existing capacity. At the same time, we are investing to increase customer responsiveness and production efficiency at our sites in Penrose in New Zealand and Botany and Wacol in Australia.

Pleasingly, the two strategic acquisitions completed in the 2012 financial year have been smoothly integrated and are both delivering in line with managements expectations. Viverso has been EPS accretive in its first 12 months of ownership and remains on track to deliver EBITDA of at least 12 million in the 2013 financial year. Nuplex Masterbatchs restructure is complete and it is on track to deliver EBITDA of A$5 million in the current financial year, and in line with our original business case.


We continue to increase our presence in those geographies where the markets for our products are developing and growing. In China, our site in Changshu recently received its approvals. Still expected to cost US$35 million, commissioning is now expected to occur at the end of the 2014 financial year, six months later than previously expected. In Indonesia, we have committed to invest US$5.4 million to expand capacity at our existing site in Surabaya. Construction is expected to take 18 months and the new reactor will introduce new technology capabilities which allow Nuplex Indonesia to enter into new, high growth markets such as Automotive OEM and Vehicle Refinish in Indonesia.

In Russia, discussions with our partner continue and the joint venture is expected to commence trading operations in the fourth quarter of this financial year, said Mr Severin.

Dividend
Nuplexs interim dividend will be 10.0 cents per share, in line with the interim dividend paid in 2012. It will be partially imputed for New Zealand shareholders with 1.4 cents attached. There are no franking credits available for Australian shareholders. The dividend will be paid on 2 April 2013, to all shareholders on the register on 15 March 2013.

With no requirement to raise equity, the Dividend Reinvestment Plan will not be active.

Outlook
Mr Severin concluded Keeping our focus on what we can control remains key to navigating the ongoing challenging business environment.

We are continuing to execute our strategy focused on improving returns on funds employed by pursuing operational excellence and building market leading positions. We continue to focus on margin management, tight cost control and pursuing operational improvement to maximize earnings and cash generation irrespective of the business cycle.

Nuplex now expects 2013 financial year EBITDA to be within the range of $135 to $140 million.

Previously this range was $135 to $150 million. The narrowing of the guidance range reflects the ongoing strength of the New Zealand dollar, the continued impact of the soft trading conditions in Australia in the first half and the earlier than usual end of year slowdown in Europe.

The 2013 EBITDA guidance assumes similar conditions in all of Nuplexs markets for the remainder of the year. It is based on the average exchange rates experienced over the first half of the 2013 financial year.

Additionally and as previously announced, the 2013 financial year EBITDA guidance includes the benefit of a full year of earnings from Viverso of at least 12 million and Nuplex Masterbatch of A$5 million and the delivery of $13 million in incremental NuLEAP benefits. It will also benefit from $5.3 million in procurement benefits and accounts for $6.8 million in costs associated with the restructure of Australia and New Zealand.

For further information, please contact:
Josie Ashton, Investor Relations +612 8036 0906 [email protected]

(ALSO ACCOMPANYING THIS RELEASE:
* NZX PRO-FORMA RESULTS ANNOUNCEMENT
* FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DEC 12
* MANAGEMENT DISCUSSION & ANALYSIS
* RESULTS PRESENTATION)

NPX - H1 FY13 RESULTS PRESENTATION.pdf
NPX - NZX PRO FORMA & FINANCIAL STATEMENTS.pdf
NPX - FY13 H1 MANAGEMENT DISCUSSION & ANALYSIS.pdf


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AMP 04/13 - PROFIT 2013

Postby Share Investor » 21 Feb 2013 13:48

10:11am, 21 Feb 2013 | FLLYR
21 February 2013
Manager
ASX Market Announcements
Australian Securities Exchange
Level 4, 20 Bridge Street
Sydney NSW 2000

Manager
Market Information Services Section
New Zealand Stock Exchange
Level 2, NZX Centre, 11 Cable Street
Wellington New Zealand

Announcement No: 04/2013

AMP Limited (ASX/NZX: AMP)

(also for release to AMP Group Finance Services Limited (ASX: AQNHA & NZX: AQN010))

Full Year Financial Results

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Part 1: Appendix 4E

Part 2: AMP delivers A$704 million net profit
for FY12

Part 3: Investor Presentation

Part 4: Investor Report

AMP - full year financial results - appendix 4e - part 1 of 4.pdf
AMP - full year financial results - media release - part 2 of 4.pdf
AMP - full year financial results - investor presentation - part 3 of 4.pdf
AMP - full year financial results - Investor Report - Part 4 of 4.pdf



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POT - Port of Tauranga Delivers Another Record Half Year Res

Postby Share Investor » 21 Feb 2013 13:51

10:16am, 21 Feb 2013 | HALFYR
Highlights
Underlying profit increased by 13.4% to $39.193 million for the six months to December 2012.
Excellent results from Group subsidiary and associate companies.
Export volumes increase by 16.6%, with strong growth in forestry and dairy products.
Container volumes increased 25.5% to 431,840 TEUs.
Tauranga Container Terminal expansion nears completion, with a sixth container gantry crane to be commissioned in March 2013.
High Court dismissing appeals against our dredging resource consent application

Port of Tauranga today announced another record half year profit as it grew container traffic and bulk freight volumes, consolidating its position as the pre-eminent national freight gateway.

Net Profit After Tax increased to $74.2 million from $34.6 million. This included a net gain of $35.0 million on the sale of our 50% share in C3 Limited in November 2012.

The Board considers that using underlying profit gives readers a better comparison of normal operations and therefore has excluded the net gain from C3 in determining underlying profit. A reconciliation between reported and underlying profit is attached.

Underlying half year profit (which excludes the gain on sale of C3 Limited) rose by 13.4% to $39.2 million - up from $34.6 million, for the six months ended December 2012.

Revenue increased to $118.6 million from $105.7 million for the six months - an increase of 12.2% on the previous corresponding period.

Port of Tauranga Chairman, John Parker, said: Port of Taurangas staff and service providers have continued to deliver the reliability and productivity levels for which the Company is well recognised.

The Board has declared an increased interim dividend of 20 cents per share fully imputed - up 66% from the 12 cents per share for the 2012 interim dividend. The Board has decided to modify the dividend policy to increase the proportion of dividends paid as interim to approximately 45% of the annual dividend. The record date for entitlement to the interim dividend is 8 March 2013 and it will be paid on 22 March 2013.

Port of Taurangas capital position remains strong. Gearing is conservative, with liabilities to total assets at 26.6%, from 29.9% at the same time last year.

Trade volumes increased 10% to 9.4 million tonnes from 8.5 million tonnes over the same period last year. Total exports increased 16.0% to 6.4 million tonnes from 5.5 million tonnes in the previous period. Dairy volumes represented the largest increase - up 87% to 935,000 tonnes. Meat exports increased 31% to 184,000 tonnes. Log volumes rose 13.8% to 2.649 million tonnes. Import volumes remained steady at just under three million tonnes.

These volumes were underpinned by a significant increase in the number of services calling at the port. In the last year, we secured seven new shipping services.

Port of Tauranga Chief Executive, Mark Cairns, said: The results for the six months show the Port of Tauranga continuing to consolidate and strengthen its position as the pre-eminent national freight gateway and we expect container growth to continue as we further expand capacity.

Containers handled increased by 25.5% to 431,840 TEUs (twenty foot equivalent units) at the end of the current period, from 344,081 TEUs in the six months to 31 December 2011.

MetroPort, our inland port in the heart of Aucklands industrial belt, played a pivotal role in driving this growth. Traffic through its gates increased by 25.6% to 101,440 TEUs, from 80,746 TEUs in the same period last year.

Port of Taurangas container volumes have continued to grow at a greater rate than other New Zealand ports. Trans-shipped cargo volumes (cargo shipped across Port of Tauranga wharves before being shipped on to another port) grew by 48% to 93,008 TEUs, underscoring our position as New Zealands hub port.

Investment
In order to retain the Ports competitive position, we are focused on further improving systems to manage growth including pursuing our extensive port capacity expansion programme.

Capital works spending totalled $33.5 million in the last half of 2012. The Company is midway through a $170 million, three-year programme, which includes major expansion of the Tauranga Container Terminal.

The Terminals berthage capacity is being increased by 28% with a 170-metre wharf extension which will be completed by late March 2013. A sixth container gantry crane is to be commissioned in March 2013.

The Port hopes to begin dredging of the shipping channel later this year to cater to growing traffic at the port and the impending arrival of larger ships. These ships will be an enabler of growth not only for the Port of Tauranga, but also the broader national economy. New Zealands economy desperately needs the $338 million of benefits that the New Zealand Shippers Council estimates will flow from bigger ships operating on the South East Asia trade routes.

Meanwhile, in September, Port of Tauranga and Ports of Auckland launched a joint cargo management system, PortConnect, which creates a single interface for customers dealing with the ports independent IT systems. PortConnect gives shipping companies, importers, exporters, transporters and regulatory authorities an easy-to-use system for improving the timeliness and accuracy of cargo information.

Associates
In November, Port of Tauranga sold its share in its stevedoring subsidiary, C3 Limited, to Asciano. The Companys subsequent $34 million purchase of forestry marshalling company Quality Marshalling (Mount Maunganui) Limited took effect from 1 February 2013 and will be reflected in the full year accounts.

Quality Marshalling, like Port of Taurangas other subsidiaries and associates, provides wrap-around services that consolidate and develop the Ports customer supply relationships. It is New Zealands second largest log marshalling and scaling company, with operations at Mount Maunganui, Northport, Murupara, Rotorua, Kaingaroa, Napier and Auckland.

Earnings from subsidiaries and associates rose 13.1% to $7.553 million, with strong performances from Tapper Transport and Northport.

Outlook
Port of Tauranga has entered its twenty-first year as a listed company well positioned for the second half of the financial year.

Log exports are expected to continue to increase in volume, due to strong demand from the Chinese markets.

We also expect to increase container volumes as the port consolidates its position as the pre-eminent national freight gateway. Meanwhile, the growing diversity of our freight ensures Port of Tauranga is well placed to weather any short-term fluctuations in individual cargo volumes.

We remain comfortable with our previous market guidance of after-tax earnings for the 12 months to 30 June 2013 in the region of $75 million to $79 million.

For further details, contact:

Mark Cairns
Chief Executive
Telephone: 07 572 8829
Mobile: 021 978 887

John Parker
Chairman
Mobile: 0274 421 854

http://www.port-tauranga.co.nz/Media-Room

Underlying Profit After Tax (Non Statutory Disclosure)

Six Months
Ended
31 December
2012 Six Months
Ended
31 December 2011
NZ$000 NZ$000

Reported profit after tax1 74,209 34,571
Gain on sale of associate2 (38,335) 0
Termination of interest rate swaps3 4,610 0
Tax impact of termination of interest rate swaps (1,291) 0
Underlying profit after tax 39,193 34,571

1 Reported profit in accordance with New Zealand Generally Accepted Accounting Practice.
2 Gain on sale of C3 on 28 November 2012.
3 The termination of interest rate swaps resulting from being over hedged as a result of the receipt of $70 million from the sale of C3 Limited.

About Port of Tauranga

Port of Tauranga is New Zealands largest port. It operates wharves at Sulphur Point and Mount Maunganui in Tauranga, as well as MetroPort, a rail-linked inland port in South Auckland.

The Port of Tauranga Group includes:
Tapper Transport Limited New Zealands largest wharf cartage company and operator of a container freight station adjacent to MetroPort Auckland.

Quality Marshalling (Mount Maunganui) Limited New Zealands second largest log marshalling and scaling company, with operations at Mount Maunganui, Northport, Murupara, Rotorua, Kaingaroa, Napier and Auckland.

Northport Limited a joint venture with Northland Port Corporation, operating a deepwater commercial port at Marsden Point.

MetroPack Limited a container packing and unpacking facility based in Auckland.

MetroBox Auckland Limited a container cleaning, repair and storage facility at MetroPort, operated in a joint venture with KiwiRail.

Cubic Transport Services Limited (37.5% ownership), specialists in moving freight within New Zealand.

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APN - Preliminary Final Report

Postby Share Investor » 21 Feb 2013 13:57

11:30am, 21 Feb 2013 | FLLYR
MARKET ANNOUNCEMENT

Decline in publishing offset by solid performances in radio and outdoor
Net debt reduced by $180m
Net Profit After Tax before exceptional items of $54m in line with guidance
Weak markets offset publishing improvements. Cost initiatives delivered $25m of savings in 2012 with another $25m reduction expected in 2013
Australian Radio Network outperforms with market share up 7%
Adshel EBITDA up 29% with strong gains in market share
GrabOne doubles revenue, increases EBITDA by 7 times and leads market with 75% share
Non-cash impairment drives post exceptional loss of $456m

SYDNEY, 21 February 2013 APN News & Media [ASX, NZX: APN] today released its results for the twelve months ending 31 December 2012. Revenue was down 13% to $929m and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) was down 25% to $156m. Net Profit After Tax (NPAT) before exceptional items was $54m in line with guidance.
The revenue decline comes from deconsolidation of APN Outdoor following the formation of the joint venture with Quadrant Private Equity. Revenue from continuing operations was up 2% to $857m and EBITDA from continuing operations was down 14%. As advised in the Companys trading update in December 2012, NPAT was diluted by $8m by the joint venture.
APN today announced a non-cash impairment charge of $151m, associated with APNs publishing assets in Australia and New Zealand. This impairment is in addition to the $485m announced in August 2012. Taking these factors into account, the Company reported a Net Loss After Tax of $456m.
APN FINANCIAL RESULT 2012
AUD million 2012 2011
Revenue 928.6 1,072.4
EBITDA* 156.0 208.9
EBIT* 122.5 171.4
Net profit after tax pre-exceptionals 54.4 78.2
Exceptional items (including impairment) (510.2) (123.3)
Statutory net loss after tax (455.8) (45.1)
*Before exceptional items based on segment reporting
The Company reduced its debt by $180m during 2012. This was achieved through asset sales, the formation of the APN Outdoor joint venture and a focus on cash management. Reducing APNs debt levels is an ongoing objective.
APN will reduce debt by a further $40-$50m in 2013. This will be delivered by organic earnings including the cost reduction program in publishing, as well as small asset and property sales.
The Board has decided not to pay a final dividend for 2012.
APN Chairman, Peter Cosgrove said: The structural changes to media together with the weak advertising markets have impacted the results. Work has been done to reposition the business and we are seeing encouraging improvements. We have also been disciplined in reducing costs while investing in growth where appropriate.
Australian Radio Network, Adshel and GrabOne all delivered good performances in 2012, with strong increases in revenue, earnings and market share. These results have been achieved in a difficult environment.
Our publishing divisions are pushing through extensive change agendas which have been well received by our audiences and are gaining traction with advertisers. Cost reduction programs delivered $25m in savings in 2012 with another $25m reduction expected this year.
APN SEGMENT RESULT 2012
AUD million (YoY growth %) Revenue EBITDA
2012 Local currency As reported 2012 Local currency As reported
Australian Regional Media 248.8 (10%) (10%) 38.7 (30%) (30%)
New Zealand Media 287.4 (7%) (5%) 47.8 (24%) (23%)
Australian Radio Network 140.0 5% 5% 50.8 7% 7%
The Radio Network (NZ) 86.7 (2%) (0%) 15.1 (12%) (11%)
Outdoor group 110.5 (58%) (58%) 19.6 (57%) (57%)
Digital group 55.3 367% 374% (0.8) 82% 82%
Corporate - - - (15.2) (7%) (7%)
Total 928.6 (14%) (13%) 156.0 (26%) (25%)
* Outdoor group consists of a 48% interest in APN Outdoor and 50% interest in Adshel and Hong Kong Outdoor.
** 2012 result has been impacted by the formation of the APN Outdoor Joint Venture and the brandsExclusive acquisition. Further detail is provided in APNs 2012 results presentation available on www.apn.com.au.

Publishing
Australian Regional Media (ARM) advertising revenue was substantially impacted by the slowdown in the mining sector in Queensland and the decline of federal and state government advertising. ARM reduced its cost base and delivered a range of product initiatives, however the overall result was down.
During the year, ARM overhauled its management structure, transformed the approach of its editorial and sales teams and relaunched its network of 30 news websites. The digital first sites in Coffs Harbour and Tweed Heads delivered an EBITDA improvement of $2m on a lower revenue base.
ARM had a solid start to 2013 with revenue run rates stabilising. However, Cyclone Oswald and the floods in January have caused significant disruption across much of the region. The immediate impact on ARMs operations has been less significant than the floods of 2011. However, the full financial impact is still being assessed.
New Zealand Media (NZM) was also affected by the weak markets. Advertising revenue declined 8% mainly in display and employment advertising. NZM continued to deliver substantial cost savings during the year.
NZM has successfully delivered its rejuvenation program. The relaunch of the weekday New Zealand Herald as compact, as well as the relaunch of regional titles, have been positively received by readers and advertisers as has the new multimedia sales approach. Further product rejuvenation will take place in 2013, which started with the relaunch of the Herald on Sunday earlier this month.
In relation to 2013, NZM has a major cost reduction program underway and is progressing with the sale of its publishing businesses in Christchurch, Oamaru and Wellington.
Radio
Australian Radio Network (ARN) had a very successful year increasing market share by 7%. While the Australian radio market was down 1%, ARN revenue was up 5% to $140m and EBITDA up 7% to $51m. As at January 2013, ARN has exceeded market revenue growth for 19 consecutive months.
In 2012, ARN achieved the highest ratings for its target audience, aged 25-54, in five years.
In 2013 to date, ARN has maintained its strong revenue growth. Mix has just launched a new breakfast show in Sydney and new drive shows in Sydney and Melbourne. ARN and The Radio Network (TRN) will launch leading digital platform iHeartRadio in Q2.
In New Zealand the radio market was flat. TRNs revenue was $87m, down 2% and EBITDA was $15m, down 12%. The results reflect, in part, closing the Easy Mix network, investment in digital content and capabilities as well as marketing. Newstalk ZB remains #1 station nationally and Coast moved to #1 music station nationally.
New CEO Jane Hastings started in September and is driving a program of change to rebuild TRN. A restructure of the management team and sales team is already complete. 2013 has had a strong start to the year with revenue and bookings more than 10% ahead of this time last year. Content, sales strategy and iHeartRadio are all high priorities for the year ahead.
Outdoor
In Australia, the outdoor market was up 2% while the New Zealand market was down 19% accentuated by strong Rugby World Cup comparisons for billboards in particular.
Adshel delivered an outstanding performance with revenue of $143m, up 17% and EBITDA of $35m, up 29%. It also made strong gains in market share. Adshels success was driven by a number of strategic contract wins in 2011 as well as improved sales strategy and market proposition. Adshel delivered a number of innovative interactive campaigns for clients including Qantas, Expedia and Emirates. Revenue and bookings for 2013 to date are ahead of last year and Adshel relaunched its brand in February 2013.
APN Outdoor was established as a joint venture with the sale of 50% to Quadrant Private Equity in May. Full year revenue was $208m, down 3% and EBITDA was $30m, down 19%. During 2012, APN Outdoor strengthened its senior team and created a new digital team. It continued its digital rollout, establishing Brisbanes first premium large format digital billboard and receiving approval for another two. APN Outdoor renewed several exclusive transit advertising contracts and secured advertising rights to Virgin Australias Brisbane terminal, APN Outdoors fifth airport contract. In January 2013, APN Outdoors revenue was up year on year, but the market remains short.
Revenue for Hong Kong Outdoor was A$39m, up 17% and EBITDA was A$4m, down 16%. Hong Kong Outdoors billboard business performed well. In transit, investment to deliver new offerings introducing wifi and multimedia on buses increased revenue but decreased EBITDA.
Digital
APN strengthened its digital ventures portfolio in 2012, increasing equity in GrabOne from 75% to 100% and acquiring 82% of brandsExclusive in June.
GrabOne achieved exceptional results with revenue of $14.8m, up 93% and EBITDA of $4.4m, up 7 times. GrabOne continues to lead the market with approximately 75% market share. Membership is now more than 1m, a 40% increase on last year. GrabOne continues to trade strongly in 2013 and is expected to continue its EBITDA trajectory this year.
brandsExclusive has been investing for growth. Since acquisition, brandsExclusive has increased its membership by 500,000 to 2.4m and launched in New Zealand. Full year revenue was $57.0m, up 13% and EBITDA was a $4.2m loss which includes $3.0m investment in growth initiatives. There has been a focus on increasing the conversion of membership to sales and stronger revenue growth is expected in 2013 as a result.
CC Media produced solid results with revenue of $5.2m, up 7% and EBITDA of $1.5m, up 52%.
Outlook
Trading has been positive in the early part of 2013. Revenue declines have moderated in publishing, and the identified cost reduction programme is being implemented. The impact of the recent Queensland floods is still being assessed but is expected to be lower than in 2011. Revenue in all other divisions is ahead of prior year.

-- ENDS

Investor Inquiries: Jeff Howard, APN CFO, 02 9333 4915
Media Inquiries: Peter Brookes, Citadel, 02 9290 3033
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