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NZ Stock Exchange Profit Announcements: July - Nov 2012

Discuss stocks listed on New Zealand's NZSX Stockmarket - Listed by Stockmarket symbol.

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NZ Stock Exchange Profit Announcements: July - Nov 2012

Postby Share Investor » 20 Jul 2012 10:06

The following are profit results for NZX listed companies as reported to the NZX for the first half reporting season (July - Nov ) for NZX listed companies in 2012.

This reporting season kicks off late July and Share Investor Forum will be posting full profit announcements here, with additional attachments where appropriate.

They will be added to Share Investor Forum as and when they come in.
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OGC - OceanaGold Corp: 2nd Quarter 2012

Postby Share Investor » 27 Jul 2012 14:13

OGC Announces Second Quarter 2012 Results


OGC - Announces Second Quarter 2012 Results.pdf
OGC - Q2 2012 Financial Statements.pdf
OGC - Q2 2012 Management Discussion Analysis.pdf
OGC - 2012 2nd Quarter Results Conference Call Presentation.pdf


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ABA - Abano Healthcare for year ended May 31 2012

Postby Share Investor » 30 Jul 2012 13:06

9:45am, 30 Jul 2012 | FLLYR

Abano Healthcare Group has today released its audited financial results for the year ended 31 May 2012, reporting record revenues of $206.4 million, up 18% from the previous year (FY11:$174.8 million).

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) were up 30% to $25.7 million (FY11: $19.8 million NOTE 1).

During the 2012 financial year, a number of strategic investment decisions were made which will yield significant benefits for the long term profitability of Abano. These included an accelerated dental acquisition programme in New Zealand and Australia, funded by an increase in debt facilities, as well as investment into dental IT platforms. There was also the start up of the PET CT radiology centre in Auckland, which was commissioned in late FY11, and the development of the new Millennium radiology clinic which will open in late 2012 on Auckland’s North Shore.

While these investments all provide strong growth platforms for the company and will generate long term profitable cashflows, the associated costs had an immediate and negative impact on the Profit and Loss account in the 2012 financial year. As a result, while Net Profit After Tax (NPAT) at $1.6 million was in line with forecast, it was down on the previous year’s NPAT of $11.5 million which also included the one off $12.3m gain on sale of National Hearing Care.

Underlying earnings (NOTE 2)produced an EBITDA of $27.3 million (FY11: $20.6 million NOTE 1), and an operating profit of $3.0 million (FY11: $3.1 million).

Managing director of Abano, Alan Clarke, said: “Abano grew strongly over last year, producing a solid result that was in line with our market guidance. Revenues were at their highest level ever and, as expected, we have seen strong cash flow growth at EBITDA.

“We are now well down the track to rebuilding our bottom line earnings towards the levels achieved prior to the sale of our New Zealand audiology business in FY10. In line with this, we expect to see continued improvement at the bottom line.”

Alan continued: “During the 2012 year and into the first quarter of FY13, we made a number of decisions which will ensure that our company continues to advance and perform successfully into the future. This included the divestment of our brain injury rehabilitation business, which settled just after year end, in June 2012, and the subsequent acquisition of the outstanding 30% shareholding in Dental Partners.

“This portfolio rationalisation has seen the release of funds from a business that was highly dependent on public funding in a limited scale market, and increased investment into a fast growing, private income business which is in a very large, scalable market.

“Dental is, and will remain, our primary revenue and income generator, and our accelerated acquisition programmes continue in both Australia and New Zealand. Pleasingly, good organic growth is also being seen in New Zealand and will be increasingly important as we enter our second year of national television advertising and online marketing for Lumino the Dentists.

“Radiology in New Zealand is expected to deliver increasing returns, as demand for our PET CT cancer service builds. There will be additional, new growth from the Millennium radiology clinic which is expected to commence in October this year. Audiology is making progress, with growth in Australia and steady development in Asia. We are on track to see this business breakeven, as expected, in two to three years time.

“We expect another solid and stable year of performance from our orthotics business and Aotea Pathology, both of which will continue to work within their DHB contracts to provide the best possible, quality service for their clients and the communities they serve.

“Over 45 % of Abano’s revenue is now generated from outside of New Zealand. While New Zealand will remain our biggest geographical base in FY13, domestic growth opportunities are eclipsed by the sheer size of the Australian and Asian healthcare markets. This means our offshore growth will be faster than domestic growth, and by 2015, it is estimated that over 70% of Group income will be derived overseas.”

The Abano Board has confirmed an annual dividend of 21 cents per share for the fourth year in a row, demonstrating the Board’s confidence in the underlying growth of NPAT. Therefore a fully imputed final dividend of 13.7 cents per share will be paid on 24th August 2012.

Summary of Key Dates:
• 10 August 2012 Record date for dividend
• 17 August 2012 Confirmation of issue price for shares under the DRP (Shares will be issued at a 2.5% discount on the closing price)
• 24 August 2012 Payment date of dividend/Issue of shares under the DRP

ENDS

1.EBITDA excludes profit/losses generated by Bay International, in which Abano holds a 50% shareholding. Due to this, the results for the Bay Group are now equity accounted and therefore no longer included in the consolidated EBITDA. FY11 EBITDA has been restated to provide a like for like comparison.

2.Further information on underlying earnings, which is a non-GAAP financial measure and is not prepared in accordance with NZ IFRS, is available on the Abano website at http://www.abano.co.nz/underlyingearnings. A reconciliation of reported results to underlying results is provided at http://www.abano.co.nz/latestfinancials.


ABA-Abano NZX Financial Statements.pdf
ABA - Abano NZX Additional Disclosure.pdf
ABA - Abano FY12 Financial Results Presentation.pdf



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MCK - 2012 H1 Results

Postby Share Investor » 04 Aug 2012 09:38

5:00pm, 2 Aug 2012 | GENERAL

DIVERSIFICATION PAYING OFF FOR MILLENNIUM & COPTHORNE
NEW ZEALAND

New Zealand hotel owner / operator, Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK), today announced its (unaudited) results for the six months to 30 June 2012.

--Average hotel occupancy across the Group 63.3% (2011: 64.5%)
--Group revenue and other income $57.53 million (2011: $54.02 million)
--Profit before income tax and non-controlling interests $25.67 million (2011: $7.90 million).
--Profit after tax and non-controlling interests $19.63 million (2011: $4.27 million).

MCK’s Managing Director Mr. B K Chiu said that the Company’s results were boosted by improved profits from its majority-owned land development subsidiary CDL Investments and from its investment in China held by First Sponsor Capital Limited.

“The results of our diversification are clearly shown and CDL Investments has reported improved sales from Hamilton and Canterbury and First Sponsor has recognized its profit from its Chengdu Cityspring development”, he said.

MCK’s share of First Sponsor’s profit amounted to NZ $11.88 million. MCK is a 34.21% shareholder in First Sponsor.

Speaking about MCK’s Hotel Operations, Mr. Chiu noted that visitor numbers into New Zealand continued to be flat and while activity from China and South Asia was offsetting some of the losses from more traditional markets, a decrease in visitor numbers from Australia was also being felt.

On the company’s Christchurch operations, Mr. Chiu noted that MCK had reached confidential settlements on the business interruption claims for two of its Christchurch hotels and that repair work had also started on Millennium Hotel Christchurch.

“The good news is that these settlements were beneficial to us and they allow us to move on. We have also renewed our insurances for 2012/13”.

Mr. Chiu noted that repairs to Millennium Hotel Christchurch, a leased property, will take about two years on current estimates and MCK was not taking any reservations until 2014. The company was yet to receive a final engineering recommendation for Copthorne Hotel Christchurch Central, a hotel which is owned by MCK.

Despite these challenges, Mr. Chiu said that the Company remained positive about the rest of the year.

“We are aiming to reflect the increased profitability from our land development business units in particular in our 2012 results to our shareholders”, he said.

ENDS

Issued by Millennium & Copthorne Hotels New Zealand Ltd

Any inquiries please contact:
B K Chiu, Managing Director
Millennium & Copthorne Hotels New Zealand Ltd
(09) 913 8058

MCK - 2012 H1 NZX Appendix 1 & Unaudited Financial Statements.pdf
MCK - 2012 H1 Chairman's Review.pdf



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PFI - NZX results to June 30 2012

Postby Share Investor » 06 Aug 2012 13:33

8:30am, 6 Aug 2012 | HALFYR

PFI MAKES PROGRESS REPOSITIONING PORTFOLIO; MAINTAINS DIVIDEND

Highlights

- Secured 11 new or varied leases, accounting for more than 14% of PFI’s contract rent;
- Only one lease expiry remaining in 2012;
- Weighted average lease term increased to 4.50 years from 4.17 years in December 2011;
- Net profit after tax rises 6.0% to $7.046 million from $6.649 million;
- Second quarter dividend held at 1.55 cents per share taking dividends for the half year to 3.1 cents per share;
- Balance sheet strong; gearing at 30.1%.

NZX listed industrial property landlord Property For Industry (PFI) has today reported steady progress in the repositioning of its portfolio by its new manager PFIM as it disclosed earnings for the six months to 30 June 2012.

Over the six month period, PFI had secured or varied 11 leases covering 14% of its contract rent and extended the weighted average lease term of the portfolio to 4.5 years from 4.17 years in December 2011. The company’s single development in Lower Hutt is also proceeding as planned.

Profit after tax for the half year rose 6.0% to $7.046 million from $6.649 million in 2011 as gains in the fair-value of financial instruments offset an increase in deferred taxation and a 5.8% fall in gross rental income to $14.716 million from $15.621 million in 2011.

Distributable profit , which adjusts for these fair value changes, deferred taxation and other items, fell 4.9% to $7.637 million from $8.033 million. PFI’s balance sheet nevertheless remains strong with gearing at 30.1%.

PFI Chairman Peter Masfen said: “PFI has made steady progress on its strategic objective to strengthen the lease profile of the portfolio and is well placed to leverage the company’s strong balance sheet into earnings-accretive industrial property investment opportunities.

The PFI Board has resolved to maintain the second quarter dividend at 1.55 cents per share, unchanged from the previous year, bringing total dividends so far this year to 3.1 cents per share.”
PFI General Manager Nick Cobham said: “The fall in gross rental income reflects sales of properties in the prior period and lower average occupancy. However, as the board’s decision to maintain the dividend shows, we are confident PFI’s financial strength combined with our strong position in the industrial property market leaves us well placed to continue to deliver for shareholders.”

Financial performance

Financial performance $000 $000
for the six months ended 30 June 2012 30 June 2011
Gross rental income 14,716 15,621
Interest income 3 13
Total operating revenue 14,719 15,634
Interest expense and bank fees (4,025) (4,122)
Management fees (936) (933)
Non-recoverable property costs (758) (461)
Other expenses (454) (458)
Total operating expenses (6,173) (5,974)
Total operating earnings 8,546 9,660
Losses on disposals of investment properties - (167)
Unrealised fair value change in derivative financial instruments 802 (1,228)
Profit before taxation 9,348 8,265
Current taxation (1,659) (1,627)
Deferred taxation (643) 11
Profit after taxation 7,046 6,649

Distributable profit $000 $000
for the six months ended 30 June 2012 30 June 2011
Profit after taxation 7,046 6,649
Adjusted for:
Losses on disposals of investment properties - 167
Unrealised fair value change in derivative financial instruments (802) 1,228
Deferred taxation 643 (11)
Other 750 -
Distributable profit 7,637 8,033
Distributable profit per share 3.48 3.69

Distributable profit for the six months fell to 3.48 cents per share from 3.69 cents per share.

Operating revenues for the six months were $0.915 million or 5.9% lower than the previous corresponding period, at $14.719 million, primarily due to the company’s property sales and lower portfolio occupancy.

Operating expenses were largely in line with the previous corresponding period, aside from PFI’s non-recoverable property costs, which were $0.297 million higher than the previous corresponding period due to the profit impact of the adjustment of various prepayments and other assets.

No performance fee was payable to the manager in respect of the current and previous corresponding six month period.

The effective current tax rate rose modestly to 19% from 17%, due, amongst other things, to prior period tax adjustments.

Balance sheet & capital management

PFI’s net tangible assets of 108 cents per share remained unchanged from December 2011, up one cent per share from the previous corresponding period. PFI’s $359 million portfolio was not independently valued during the six months ending 30 June 2012. The next independent valuation will be carried out as at 31 December 2012.

Gearing and interest cover at 30.1% and 3.2 times respectively remained comfortably within covenant levels of 45% and 2.0 times.

Utilisation of PFI’s $150 million syndicated facility with ANZ and ASB, which has nearly three and a half years to expiry, increased slightly to $105 million during the six months ending 30 June 2012.

The company’s current interest rate hedging was largely unchanged, with an extension to one interest rate swap resulting in a decrease in the average hedged interest rate to 6.42% from 6.64%. The average duration of the $73 million of current interest rate hedging was 2.76 years. There were no changes to the company’s forward starting interest rate hedging.

The weighted average interest rate as at 30 June 2012 on drawn borrowings was 7.62%, in line with the rate as at 30 June 2011 of 7.63% and down from the rate as at 31 December 2011 of 7.85%, principally due to slightly increased utilisation of the facility.

Portfolio performance

Portfolio snapshot
As at 30 June 2012 31 December 2011 30 June 2011
Number of properties 49 49 51
Number of tenants 90 89 96
Contract rent $30.2 million $30.2 million $30.6 million
Occupancy 96.1% 95.6% 97.4%
Weighted average lease term 4.50 years 4.17 years 4.08 years

PFI secured 11 new or varied leases during the first half of 2012, with 43,770 sqm of space leased for an average term of over nine and a half years. This leasing accounts for more than 14% of PFI’s contract rent, and only one lease expiry remains in the current year.

Leasing progress since the annual meeting includes the retention of PFI’s fourth largest tenant, Electrolux, at 3-5 Niall Burgess Drive in Mount Wellington, on a 10 year term.

Occupancy increased to 96.1% from 95.6% whilst the weighted average lease term increased to 4.50 years from 4.17 years over the six month period.

Rent reviews of 13%5 of PFI’s leases resulted in an average annual uplift of almost 5%, predominantly as a result of fixed or index linked review mechanisms, which are a feature of nearly half of PFI’s leases.

Development work continues on a new 800 sqm warehouse for Multispares NZ Limited at PFI’s Seaview Business Park in Lower Hutt, with practical completion on track for early 2013.

Dividends

The second quarter cash dividend of 1.5500 cents per share, with imputation credits of 0.4336 cents per share, will have a record date of 20 August 2012 and a payment date of 29 August 2012.

The second quarter cash dividend is unchanged from the previous corresponding period and results in cash dividends for the six months to 30 June 2012 totalling 3.1000 cents per share, also unchanged from the previous corresponding period.

The pay-out ratio, being the ratio of cash dividends paid to distributable profit, rose to 89% from 84% in the previous corresponding period.

In accordance with the terms and conditions of PFI’s dividend reinvestment scheme, the board has decided to suspend the scheme for the August dividend. Going forward, the board will decide whether to operate or suspend the company’s dividend reinvestment scheme on a quarter-by-quarter basis.

The company’s average total shareholder return since listing stands at 8.62%.

Outlook

Mr Cobham commented that industrial property continued to show signs of stability, with Auckland industrial vacancy at 4.1%, down from 4.2% in December 2011 , and that rents remained stable. The investment market continued to exhibit improvement, as low interest rates and greater availability of debt appears to be attracting more buyers into the market, leading to firming yields.

“Our strategic priorities for the year remain the same: continuing to manage the vacancy and upcoming lease expiries in the portfolio and looking to recycle capital and deploy debt capacity into accretive core industrial opportunities,” said Mr Cobham.

“PFI is confident its coverage of the industrial property market, its ability to reconfigure existing stock and to source opportunities not available to smaller less-well capitalised players put the company in a strong position to make the most of the current market conditions.”

Guidance

PFI expects dividends for the year to 31 December 2012 to fall within a range of 6.5 to 6.9 cents per share, in line with the guidance given at the company’s annual meeting in May. At this level PFI would expect third and fourth quarter dividends to be lower than the dividends in the previous corresponding period. The company’s distribution policy remains unchanged.

The company’s earnings and dividends will continue to be impacted by the leasing of PFI’s vacant properties and expiring leases and a change to the company’s deductible capital expenditure profile.

Finally, as is market practice for the listed property sector, PFI has resolved to cease quarterly financial statement reporting. The company will continue to pay dividends and update shareholders on the company’s property portfolio on a quarterly basis, but financial statements will only be issued on a six-monthly basis. The next financial statements will be issued in February 2013.

Contact

For further information please contact:
Nick Cobham
General Manager
DDI: +64 9 303 9656
Mob: +64 21 464 583
Email: [email protected]

About PFI

PFI is New Zealand’s only listed company specialising in industrial property. PFI’s portfolio of 49 industrial properties in Auckland, Wellington and Christchurch, is leased to 90 tenants.

PFI - Interim Results and Briefing.pdf
PFI - NZX Financial Statements.pdf



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TLS - Telstra 2012 Results

Postby Share Investor » 10 Aug 2012 15:55

10:39am, 9 Aug 2012 | FLLYR

Please see attached for Telstra Corporation's Full year Results

TLS - CEO CFO Analyst briefing presentation - TLS.pdf
TLS - Telstra FYR - analyst briefing.pdf
TLS - Telstra Corp 2012 Results.pdf



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STU - Steel & Tube Holdings Ltd 2012 Annual Results

Postby Share Investor » 10 Aug 2012 16:03

8:30am, 10 Aug 2012 | FLLYR

Reporting period: 30 June 2012
Previous reporting period: 30 June 2011

Revenue from ordinary activities: $405M; up 5%

Profit after tax attributable to shareholders: $13.1M; down 23%

Net tangible assets per share: $1.49; no change

Final dividend declared: 6.5 cps fully imputed
Record date: 14 September 2012
Payment date: 28 September 2012
Imputation credit: 2.79 cps
Supplementary dividend: 1.15 cps

Overview

The key industry sectors important to Steel & Tube have shown little improvement, and although there has been a pick-up in Christchurch, national steel demand has seen only a marginal increase year-on-year. This has resulted in a very competitive environment with significant pressure on margins.

Our One Company approach has seen significant change in the company during the year. The customer-centric and employee-focused programme involves a comprehensive transformation of our operations and processes that will provide greater efficiencies, better practices and end-to-end solutions for our customers. This continues to be an exciting journey for the company and we have made good progress in a number of key areas.

Financial results

In a subdued but slowly improving market, sales for the year have increased by 5% to $405 million, an increase of
$19.6 million.

Group profit after tax for the full year to 30 June 2012 was $13.1 million compared with $17.0 million the previous year. This reduction is due to the margin pressure, reflecting the low growth and particularly for those products aligned to the construction sector.

The second half of the year marginally improved on the previously announced results for the six months to 31 December 2011. Revenue was consistent in both halves, $202.9 and $202.5 million respectively. Net profit after tax increased slightly in the second half to $6.7 million, giving a total of $13.1 million.

Operating cash flow at $18.8 million is an increase of $4.9 million (35%) when compared with the previous year.

A final dividend of 6.5 cents per share was declared.

Trading environment

The three key industry sectors (construction, manufacturing and rural) have seen minimal growth over the year, although monthly and regional variations are becoming increasingly apparent, notably the following.

In Auckland, the first half of the year had low-activity levels. This was mainly during September and October with some recovery evident in November. The Auckland economy now appears to have entered into another period of subdued activity.

Wellington has progressively deteriorated throughout the
12-month period with little sign of improvement.

New Plymouth is seeing increased activity in the oil and gas sector and, as anticipated, there are early signs the rebuild is underway in Christchurch.

The construction sector is slowly improving with residential consents by value improving 12.1% to June 2012 but notably from 40-year lows in 2011. However, the more critical market for Steel & Tube is the non-residential market. This sector has seen a marginal improvement of only 0.2% to June 2012 and again from a very low base.

Excluding meat and dairy, manufacturing remained flat up to the March 2012 quarter. Increases in manufacturing of metal products were offset by decreases in machinery and equipment manufacturing.

Rural commodity prices continued to soften through the period but these were offset by improved volumes. Farmer confidence was relatively high providing solid activity either side of the half year. Weakening prices and concern around Europe and China have influenced sentiment and led to reduced activity by the year end.

The consequence of the on-going subdued economic environment means that total steel demand for New Zealand remains suppressed. While there has been a marginal increase for the year, the estimated consumption of approximately 665,000 tonnes is still significantly down on the peak of 970,000 tonnes in 2005. Therefore, competition remains intense and continues to inhibit margins throughout the industry.

Global steel pricing volatility, accentuated by the New Zealand dollar variations, has proved challenging both in terms of sourcing product and working with customers to provide certainty for their projects.

Stronger in Everyway

Company performance

The company is approaching its second anniversary on its reinvigoration journey under the One Company umbrella. Much has been achieved during that time including the introduction of a new operating model, a new and inspiring brand that is represented by a distinctive new logo and tagline Stronger in Everyway, the commencement of new supply-chain processes, as well as extensive training and development to support these initiatives and upskill our people.

Pleasingly, as the initiatives under One Company continue to gain traction, overall sales increased by $19.6 million (5%) due to increased pricing and volume. Market shares remained steady with some products showing marginal improvement. However margins were impacted as customers and contractors leveraged their positions through the supply chain and competition chased what activity there was.

Our Processing business, comprising roofing products, reinforcing, wire and mesh products, is primarily aligned to construction and despite the marginal improvement in this sector, margins have been under intense pressure.

The company change plans have seen expenses reduce since 2009 by $12.5 million. In the current year the company is investing in people capability, product capacity, particularly in Christchurch, and the establishment of much improved supply-chain processes. This investment, along with increased price pressure from insurance premiums has seen expenses increase by $2.3 million.

Pleasingly, the company balance sheet and cash management remain strong. Our focus on supply chain has seen inventory reduce by $6.0 million, and this trend is expected to continue as the full impact of the supply-chain initiatives gain momentum in the next year. Higher sales revenue has resulted in higher receivables increasing by $6.0 million. Customer credit remains a concern in this trading environment and we are pleased with our overall management of credit.

Christchurch

Our attention in Christchurch is both supporting our people as well as being prepared to maximise opportunities with the projected rebuild. Additional staff have been recruited to all levels and plant and equipment have been reviewed to ensure we will have the capability to maximise the opportunity at the various stages of the rebuild.

Early in the year we introduced a new and complete range of earthquake seismic-ductile meshes for residential and commercial markets. This was consistent with the Department of Building and Housing’s new codes issued for use of reinforcing meshes in house slabs.

Maximising the One Company platform we introduced the Steel &Tube Residential Offer, initially for Christchurch, to encompass all of the products within our comprehensive range, including the new seismic meshes that go into residential buildings.

One Company

Our people, our values

United, open, trusted, integrity and accountable

With input from approximately 100 staff, refreshed core values were developed supportive of the One Company approach. These values were shared with all staff across the company during the second half. We also conducted an employee survey early in the year. As would be expected there are areas for improvement, which are being addressed but overall it is pleasing to see One Company principles being embraced by our employees for the full benefit of our customers.

Our customers

We are encouraged by our customer’s feedback to One Company and now have several examples where the One Company approach has resulted in the supply of all steel requirements for new facilities. A recent example has been for a specialist structural fabricator on the outskirts of Christchurch, as they themselves prepare for the rebuild.

The company continues to explore ways to improve the suite of products, services and technical specialist support available to all our customers.

We look forward to continuing the One Company journey with our customers and demonstrating our continued commitment to excellent performance and service.

Our commitment to health and safety

Steel & Tube remains committed to the health and safety of all of our employees, as well as contractors and others who visit our facilities. We have increased resources within the health and safety function to provide greater support for the front-line operations.

This year, the company improved on all lead-indicators, which are measures of activities undertaken that support our Health and Safety programme. However, we slipped back on the number of lost-time and medical incidents with a total of 15 incidents, of which all but one were of minor nature.

Our goal remains on addressing those high-risk activities that have the potential for significant injury consequences to our people, as well as driving behavioural changes across our organisation towards appropriate and safe practices at all times.

Outlook

It remains difficult to formulate a clear perspective on the economic outlook. External factors to New Zealand are likely to continue to overshadow local issues and drive sentiment.

On a positive note there are signs the rebuild in Christchurch is underway, albeit slowly. It is being led by the residential sector, infrastructure and preparatory activities of companies in readiness for the rebuild. Similarly, residential activity in Auckland is picking up, while oil and gas activities continue in the Taranaki region.

However, demand and activity levels outside of these sectors are expected to remain subdued in the short to medium term. The lack of non-residential activity is of concern and is likely to continue to challenge margins through the supply chain in that sector.

Rural sentiment has cooled recently with further deterioration in commodity prices and a stubbornly high New Zealand dollar. While investment in dairy conversions is strengthening, investment in existing farming platforms is expected to slow.

The global supply and demand balance for steel is expected to see global steel prices become more volatile as we extend into a period of uncertainty due to the debt crisis in Europe and a slowing Chinese economy. This impact coupled with a variable New Zealand dollar will lead to domestic steel pricing volatility.

Notwithstanding, the company’s internal initiatives are progressing well. These initiatives continue to help reposition Steel & Tube to maximise returns from a mixed external environment.

The company remains in very good shape with strong cash flows and a strong balance sheet and is well positioned for the future.

For further information please contact Dave Taylor, Chief Executive Officer, Steel & Tube Holdings Limited, on (04) 570-5001 or [email protected].

Ends

STU - Financial Reveiw.pdf
STU - Annual Review.pdf


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TUR - Results to 30 June 2012

Postby Share Investor » 10 Aug 2012 16:08

11:44am, 10 Aug 2012 | HALFYR

Turners and Growers Limited
Results for announcement to the market
(Unaudited)
Reporting Period 6 months to June 2012
Previous Reporting Period 6 months to June 2011

Amount (000s) Percentage change
Revenue from Ordinary Activities $337,399 1.9%
Profit after tax from ordinary activities after tax attributable to security holder $5,551 -6.1%
Net profit attributable to security holders $5,551 -6.1%

Final Dividend Amount per security Imputed amount per security
N/A N/A N/A

Record Date N/A
Dividend Payment Date N/A
There has been no dividend declared or paid in the six months to June 2012.

Comments Refer to the attached documents

Profit after tax for the Turners & Growers Group for the six months ended 30 June 2012 was $7.1m, a 2.2% increase on the result for the corresponding period last year.
EBIT (Earnings before interest and tax) was $12.6m, 1.7% down on the same period last year.

DOMESTIC
The Domestic division has been trading satisfactorily in difficult times. Retail demand in New Zealand has been flat and the traditional firming of prices heading into winter has encountered consumer resistance.
The average price per unit over the period was 7% down on last year which translated into a similar drop in turnover.
The newly formed division Turners Logistics, a merger of the Fruit Case Company and Turners Transport, faced a competitive market environment in the first six months of 2012 and consequently revenue was below expectations. The arrival of the newly introduced folding crates will enable the division to improve performance over the remainder of the year.

EXPORTS
The 2012 New Zealand apple season was one of the latest on record following an unusually cool and wet summer. This impacted fruit size which has been significantly smaller than average and resulted in lower volumes being packed. It was pleasing to see volumes of Jazz™ and ENVY™ reach pre-season forecasts while most other varieties fell well short. Quality and pack-outs have been high. All major markets have performed well this year, delivering a significant lift in prices. The introduction of a new management system for foreign exchange exposure has enabled the Group to benefit from the improved market prices despite the NZD’s relentless upward trajectory, particularly against the EURO. As a result apple growers’ returns are forecasted to be a significant improvement on 2011.
ENZA’s overseas programmes continue to expand. The 2011 Northern Hemisphere crops were very well received in the markets and achieved higher returns for growers than the previous year.
The Delica Group is also performing strongly. Apples from both New Zealand and North America are up in volume and have experienced an increase in sales prices in main markets. New Zealand volumes, in particular to Asian markets, are 34% ahead of 2011. Jazz™ continues to grow in volume to Asia, especially in Thailand and Hong Kong. Shipment of a significant commercial volume of apples to Japan has been positively received by the market and there have been increased volume sent to the Chinese market. Exports of table grapes and cherries to Asian destinations have markedly increased on 2011 volumes. The newly formed import division of Delica in Australia, mainly involved in trading apricots, blueberries and kiwifruit, is also exceeding forecasts.

PROCESSING
ENZAFoods continues to grow its value-added retail and food service products portfolio in Australasian and Asian markets. Contract manufacturing work has grown significantly, including grape juice concentration and packaging retail fruit products. Expansion has also occurred in the range of products being processed, helping to maintain growth across all areas of the business. The full year result is expected to be a solid improvement on 2011.

GROWING OPERATIONS
Status Produce is tracking close to budget for the first six months of the year. Status is focused on further improving operational excellence, targeting increased crop quality and yield as well as better management of disease and pests. The Australian export market and New Zealand domestic returns have been lower than anticipated. Status has managed to offset the lower price with additional volume grown across all three sites and increased volume of contract packed product through the packhouse.
The pipfruit orchards in Hawkes Bay performed to expectations. Due to the wet and cool summer conditions fruit size was down on previous seasons which resulted in lower than forecasted harvest volumes. This was offset by the exceptional fruit quality which lead to higher than normal pack-outs. Conversely, in the Nelson region, the wet and cool growing conditions have resulted in the crop being 15% below pre-season forecast.
Smaller citrus fruit size has presented production challenges for Kerifresh this season that has resulted in a lower result for the first half. Kerifresh has continued its mandarin export drive and increased its export crop percentage to its highest level in over ten years. This season Kerifresh produced its first substantial ENZAGold kiwifruit crop. A good level of marketing co-operation with Zespri has occurred, and the variety has been particularly well received in Australia, China and USA. The focus remains on maximising the crop yield and quality and development continues with ENZA kiwifruit varieties and blueberries.

OTHER
Fruitmark, Turners & Growers’ Australian based trader of processed produce, faced deteriorating market conditions in Australia in the first half year and these conditions are not expected to improve in the short term. Despite declining sales, Fruitmark managed to increase its market share and has further expanded its European trading arm in Belgium.
Major investments in 2012 to date have been the increase in controlled atmosphere storage capability of the Nelson facility, the enlargement of the fruit ingredient production line of ENZAFoods, a fumigation facility and waxing machine in Whakatu, completion of the ENZA administration building in Hastings, and the SAP kiwifruit upgrade at Kerifresh.


OUTLOOK
Due to the Group’s strengthened relationships with the Asian markets and robust volumes in all the major produce varieties, the Turners & Growers Group is heading towards an improved full year operational result over last year, accompanied by higher apple grower returns, providing a strong base for the future.

TUR - 2012 Report.pdf


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FRE - Full Year Results to 30 June 2012

Postby Share Investor » 13 Aug 2012 11:07

9:49am, 13 Aug 2012 | FLLYR

SUMMARY OF PRELIMINARY FULL YEAR ANNOUNCEMENT

Name of Listed Issuer: Freightways Limited

Reporting Period: 12 months to 30 June 2012

The abridged financial statements attached to this report have been audited and are not subject to a qualification. A copy of the audit report applicable to the full financial statements is attached to this announcement.

CONSOLIDATED INCOME STATEMENT

Current Full Year NZ$'000: Up(Down)%: Previous Corresponding Full Year NZ$'000

OPERATING REVENUE:
382,455; 8%; 352,520

PROFIT BEFORE INCOME TAX
49,305; 24%; 39,851

INCOME TAX
12,300; 24%; 9,952

NET PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS
37,005; 24%; 29,899

Earnings per share
24.1; 19.5

Final Dividend (fully imputed)
9.50; 7.25
Record Date: 14 September 2012
Payment Date: 1 October 2012
Appendix 7 is attached.

Detailed information: The preliminary Full Year Announcement and presentation are attached and can also be located in the Investor Relations section of Freightways' website (http://www.freightways.co.nz).

FULL YEAR REVIEW
From the Chairman and Managing Director

The Directors are pleased to present the financial result of Freightways Limited (Freightways) for the year ended 30 June 2102, that is above the prior year in all respects and a record result for the company.

Highlights include the consistently strong financial performance of the company throughout the year and the successful execution of growth strategies across both operating divisions. In addition, the integration of recent acquisitions in New Zealand and Australia have added to the depth of Freightways’ presence in the Australasian information management industry and the renegotiation of Freightways’ finance facilities has provided the benefit of reduced funding costs.

Operating performance

Consolidated operating revenue of $382 million for the full year was 8% higher than the prior comparative period (pcp).

EBITDA (excluding non-recurring items) of $72 million for the full year and EBITA (excluding non-recurring items) of $62 million for the full year were both 9% higher than the pcp.

Consolidated NPAT (excluding non-recurring items) of $36 million for the full year was 17% higher than the pcp.

Cash flows generated from operations were again strong at $70 million.

Earnings per share (EPS) for the full year (excluding non-recurring items) was 23.4 cents per share, an improvement of 15% over the pcp.

A one-off $1.5 million EBITA benefit ($1 million after tax) relating to proceeds from Christchurch earthquake insurance claims made in the prior year has been treated as non-recurring and has not been included in the above revenue and earnings numbers. Similarly, a one-off $1.3 million EBITA charge ($0.9 million net of tax) relating to Christchurch earthquake costs subject to insurance claims was treated as non-recurring in the prior year and is also excluded from the above pcp revenue and earnings numbers. Non-recurring items are included in the full year financial statements.

Dividend

The Directors have declared a final dividend of 9.5 cents per share, fully imputed at a tax rate of 30%. This represents a pay out of approximately $14.6 million compared with $11.2 million for the pcp final dividend of 7.25 cents per share. The final dividend will be paid on 1 October 2012. The record date for determination of entitlements to the final dividend is 14 September 2012.

The Dividend Reinvestment Plan (DRP) will not be offered in relation to this final dividend. As a capital management tool, the application of the DRP will be reviewed for each future dividend.

REVIEW OF OPERATIONS

The industry and geographical diversification strategy embarked upon by Freightways in previous years has broadened its revenue and earnings base and created a wide range of growth opportunities that are being successfully developed by the Freightways team. Within this full year result the contribution to both revenue and earnings from the Express Package & Business Mail division and the Information Management division was approximately 75% and 25%, respectively. Over half of the Information Management division’s revenue and earnings contribution was generated in Australia.

Express Package & Business Mail

The Express Package & Business Mail division operates a multi-brand strategy in the domestic market through New Zealand Couriers, Post Haste, Castle Parcels, NOW Couriers, SUB60, Security Express, Kiwi Express and DX Mail. Subsequent to year-end DataPrint was acquired and will operate as a separate brand alongside DX Mail.

Operating revenue of $292 million for the full year was 5% higher than the pcp.

EBITDA of $53 million for the full year was 7% higher than the pcp and EBITA of $48 million for the full year was 8% higher than the pcp.

A particularly strong first quarter underpinned a very good first half year. As expected, revenue in the second half was comparatively not as strong as in the first half, yet revenue growth nevertheless remained positive and consistent throughout the period. Increased volumes from many existing customers, quality market share gains and price increases underpinned the revenue growth in this division. Revenue from fuel surcharges used to offset the impact of higher fuel prices is also included in this result. Revenue growth in this division came from all locations in New Zealand and from most industry sectors. Online shopping continued to generate our fastest growing source of volume. Costs continued to be prudently managed, albeit the impact of stepped increases in property insurance and road user charges relating to the linehaul of inter-city volumes will continue to be felt throughout the next financial year.

Activity levels in most of our businesses located in Christchurch have returned to pre-earthquake levels, with the exception being DX Mail that continues to be affected by relatively low tourism-related mail volume. The overall cost of doing business in Christchurch has however lifted due to the increased difficulty in moving around Christchurch to effect pick-ups and deliveries and also in regards to labour and related costs.

During the year, our Hawkes Bay businesses relocated to new larger premises and work was all but completed on the redevelopment of the Post Haste and Castle Parcels depots at our main Auckland site. This redevelopment enables the accommodation of NOW Couriers that has operated from a separate Auckland location.

Our latest acquisition, DataPrint, is a full service mailhouse that provides its customers with both a physical and an electronic service for their transactional mail. DataPrint will work alongside DX Mail. Customers of both these businesses and the wider Freightways group will be offered a broader suite of services as a result of this acquisition, including the ability to send electronic invoices to their respective customers who can then also pay these invoices online.

Overall, Freightways’ Express Package & Business Mail division has been able to once again demonstrate its resilience and its growth attributes to deliver a very good full year result.

Information Management

The Information Management division is established in New Zealand through the brands of Online Security Services, Archive Security, Document Destruction Services and Data Security Services and in Australia through the brands of DataBank, Archive Security, Filesaver and Shred-X.

Operating revenue of $92 million for the full year was 21% above the pcp.

EBITDA of $21 million for the full year and EBITA of $16 million for the full year were both 18% above the pcp.

During the year, Freightways acquired Iron Mountain’s New Zealand operations and the business and assets of Filesaver Pty Limited in Sydney. The Iron Mountain New Zealand business has been fully integrated into Freightways’ existing New Zealand information management business. The Filesaver business is operating from within Freightways’ existing information management business in Australia as a stand-alone brand. Restructuring and relocation costs relating to these acquisitions were expensed primarily within the first half of this full year result. The expected financial contribution from these acquisitions, including the value of synergies achieved under Freightways’ ownership, is tracking to expectation and evident in this division’s strong second half year result.

The very strong growth experienced in this division has assisted in offsetting the increased costs associated with leasing significant additional capacity in both Australia and New Zealand and related premise relocations. Part of this growth has come from winning nationwide customers in Australia that would not have been achieved without this investment. The storage and management of archived documents continues to be our fastest growing revenue stream in this division. In our document destruction operations the reduced demand for recycled paper in the global market has not yet recovered and accordingly the price we receive for the sale of this product declined further in the second half of the year. A number of contingencies to mitigate the impact of these reduced prices were implemented, however the contribution from this particular revenue source was significantly lower than the pcp.

New service lines have been added to Freightways’ suite of information management services, adding breadth to our revenue and earnings growth profile. Strategic growth opportunities continue to be explored and executed where they make commercial sense.

Overall, the performance of the Information Management division and its demonstrated ability to sustain high levels of growth has been outstanding.

Internal service providers

Fieldair Holdings provides airfreight linehaul services, Parceline Express provides road linehaul services and Freightways Information Services provides IT development and support to the Express Package & Business Mail division. All three internal service providers have continued to deliver outstanding service, underpinning the service offered by our front line businesses.

Corporate

Corporate overhead costs continue to be well contained.

Newly-negotiated finance facilities came into effect on 1 September 2011. These include facilities of NZD110 million and AUD70 million, spread equally between 3-year, 4-year and 5-year maturity dates. This multi-currency facility, with an evenly spread maturity profile, demonstrates the support of Freightways’ banking syndicate and provides funding certainty for the company and important diversity of duration. The reduced cost of these facilities is clearly evidenced in the decreased interest charge to the company for the full year.

Bank borrowings have increased above the pcp to fund the acquisitions completed during 2012.

Capital expenditure of $15 million was invested during 2012 to maintain Freightways airfreight and IT infrastructure and to support the group’s growth strategies.

OUTLOOK

We are mindful of the current issues relating to the global economy that may have a further adverse impact on the economies of New Zealand and Australia. Inevitably these global issues will influence our business performance. Against this uncertain background we do nevertheless expect to see continued overall gradual improvement in the markets that our businesses are positioned in, as has been experienced in recent times. Drivers of business success, other than the performance of the economy, have and will continue to contribute to future performance. These drivers include our ability to execute our growth initiatives, actively managing costs, striving to further improve service quality and innovating, not only in regard to our suite of services, but also in regard to our internal processes to assist productivity.

Growth trends evident in this latest full year result within the Express Package & Business Mail division are positive. If this growth amongst our existing customer base is sustained it will contribute to further year-on-year performance improvement. Our Express Package and Business Mail teams have consistently demonstrated their ability to compete successfully in an openly-competitive environment and we expect them to continue to do so. Our Express Package brands are among the most recognised in New Zealand, our people have a depth of experience second to none and our service culture will continue to set us apart from our competitors.

As has occurred in 2012, we expect the Information Management division to deliver sound overall year-on-year earnings growth, despite stepped costs related to investment in new capacity and the impact of lower prices for the paper we sell from our document destruction operations. Within this division we expect continued good earnings growth from our document and data storage and related services businesses. Conversely, our document destruction businesses on both sides of the Tasman will continue to be impacted by the aforementioned lower global paper prices, meaning a relatively flat year ahead is forecast for this particular segment.

Capital expenditure for 2013 is expected to be $14 million to support the growth and development of both of Freightways’ divisions. Overall, cash flows are expected to remain strong throughout the 2013 financial year.

In recent years, Freightways has strengthened its earnings profile by diversifying its activities both geographically and deeper into the information management market. Freightways will continue to seek out and develop growth opportunities to support this strategy and will also explore other opportunities that complement its core capabilities.

Subject to business factors beyond its control, Freightways is well positioned to reap the benefits of further improvement in the markets in which it operates.

CONCLUSION

Freightways has delivered a strong full year result that is above the prior year in all respects and a record for the company. This result again demonstrates the resilience of the Group, the positive features of the industries it operates in and the high quality of its subsidiary businesses and their teams of people. Accordingly, the Directors have been able to declare a fully imputed 9.5 cents per share final dividend.

The Directors acknowledge the outstanding work and ongoing dedication of the Freightways team of people throughout New Zealand and Australia.


FRE - Report on financial results.pdf
FRE - Report on full year 2012.pdf
FRE - Report on 2012.pdf


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OIC - 6 mth to June 2012

Postby Share Investor » 14 Aug 2012 09:41

4:31pm, 13 Aug 2012 | HALFYR

Opus reports steady half year results

Opus International Consultants Limited (Opus) has reported a steady result for the first six months of 2012.
In the half-year ended 30 June 2012, Opus achieved earnings before interest and tax (EBIT) of $14.4 million, an increase of 7% over the same period last year. The net profit after tax was $10.8 million, down 5% on 2011 which had benefitted from a $1.4 million tax credit. Our revenue was $203.5 million which is an increase of 3.5% over the same period last year.

“This is a good result for Opus, given continuing weakness and uncertainty in the global economy,” said Opus Chairman, Kerry McDonald. “Our overall performance continues to support a healthy net cash position and our base of long term contracts has helped to underpin our performance and spread risk in these challenging times. The strong focus on continuous improvement in all aspects of the business has also been important.”

“In New Zealand, we performed well. The market has strengthened in some areas and the Christchurch earthquake rebuild is gaining momentum,” said Dr Prentice, Chief Executive and Managing Director. “The Canadian business has also shown good progress on the back of a solid performance from Opus DaytonKnight. Market conditions were generally difficult in the UK. In Australia, where markets and performance were down on expectations, our result was impacted by a significant doubtful debt of AUD $0.6 million.”

In spite of the challenging economic conditions there were also some real positives.

The global demand for better ‘whole of life’ asset management is growing and Opus has positioned for this. In the UK, we have successfully targeted opportunities in the rail sector, and expect growth in this area. In addition, Opus, with its joint venture partner Arup, recently secured a major new Client Support Term Contract for road network management services for Hertfordshire County Council,” said Dr Prentice. “This is a seven-year contract with the option of a five-year extension. It will increase the Opus team in the UK by over 130 people in the coming months.”

“We are still focussed on opportunities for growth, including targeting opportunities in the Middle East, North Africa and Asia, in partnership with Opus International (M) Bhd. The partnership offers a strong combination of engineering, architecture and project/construction management skills and capability throughout the region – and we are having some early successes, which is very promising,” said Dr Prentice.
“There are undoubtedly still challenges ahead,” said Mr McDonald, “but the resilient half year performance and recent successes underlines the company’s capability to respond to challenging market conditions.”

On the basis of the good operating performance and net cash position, Opus announced an interim dividend of 4.0 cents per share, which is fully imputed.



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GFF - 2012 Full Year Results Announcement

Postby Share Investor » 14 Aug 2012 17:20

11:51am, 14 Aug 2012 | FLLYR

I attach the Company’s Results Announcement in relation to the financial year ended 30 June 2012.

A Presentation to Analysts in connection with the 2012 financial results will follow later in the morning.

The attached document will be posted to Goodman Fielder’s website once released to the market.

Jonathon West
Company Secretary

Attachments

GFF - 2012 Full Year Results Announcement.pdf
GFF - 2012 Full Year Results - Analyst Presentation.pdf
GFF - 2012 Appendix 4E and 2012 Financial Report.pdf



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CEN - Contact Energy Limited 2012 Full Year Results

Postby Share Investor » 14 Aug 2012 17:33

8:30am, 14 Aug 2012 | FLLYR

CONTACT ENERGY 2012 FULL YEAR RESULTS

Name of Listed Issuer: Contact Energy Limited
For the year ended: 30 June 2012

This report has been prepared in a manner which complies with generally accepted accounting practice and gives a true and fair view of the matters to which the report relates and is based on audited accounts.

CONSOLIDATED INCOME STATEMENT

Current Full Year NZ$m; Up/Down %; Previous Corresponding Full Year NZ$m

EBITDAF (Earnings before net interest expense, income tax, depreciation, amortisation, change in fair value of financial instruments and other significant items) $508.7m; up 15.2%; $441.4m

UNDERLYING EARNINGS AFTER TAX (excludes significant items that do not reflect the ongoing performance of the Group – non-statutory measure) $176.4m; up 16.9%; $150.9m
UNDERLYING EARNINGS PER SHARE: 24.95 CPS; up 4.0%; 24.00 CPS

PROFIT FOR THE FULL YEAR: $190.4m; up 26.7%; $150.3m
EARNINGS PER SHARE: 26.94 CPS; up 12.8%; 23.89 CPS

FINAL DISTRIBUTION* 12.0 CPS
*In the form of a non-taxable bonus share issue pursuant to the Profit Distribution Plan.

Record date: 28/08/2012
Non-taxable Bonus Share Allotment Date and Dividend Payment Date: 21/09/2012

MEDIA RELEASE

14 August 2012

Investment in portfolio flexibility returns improved profit

2012 financial year in review
It has been a successful year for Contact Energy, with the promised benefits from the company’s portfolio flexibility coming to fruition and a competitive focus on retaining and gaining customers resulting in flat customer numbers in what has been a year of considerable customer churn, Chief Executive, Dennis Barnes said today. Contact Energy reported an improved financial result, with both EBITDAF and profit higher than for the same period last year.

Contact reported profit for the year to 30 June 2012 of $190 million, $40 million (27 per cent) higher than the prior corresponding period. Earnings Before Net Interest Expense, Income Tax, Depreciation, Amortisation, Change in Fair Value of Financial Instruments and Other Significant Items (EBITDAF) were $509 million, up 15 per cent from $441 million in the 2011 financial year. Underlying earnings after tax (profit for the period adjusted for significant items that do not reflect the ongoing performance of the Group) were $176 million, up $25 million (17 per cent).

“Our results show substantial improvement in our underlying business performance as we have utilised our flexible fuel and generation portfolio and responded decisively to increased activity in the retail sector,” Mr Barnes said.

Distribution to shareholders
The Contact Energy Board of Directors resolved that the final distribution to shareholders would be the equivalent of 12 cents per share, resulting in a total distribution for the year of 23 cents per share. The distribution represents a payout ratio of 93% per cent of Contact’s underlying earnings per share. Contact will utilise the Profit Distribution Plan for the last time.

Contact’s Chairman, Grant King, said “as Contact nears the end of its current investment programme it is pleasing to see an improvement in earnings that should see Contact revert to a cash distribution in 2013”

Generation portfolio flexing its strength
The benefits of Contact’s diverse generation portfolio were realised in the financial year 2012 (FY12) as record low hydro generation was replaced by increased output from Contact’s thermal power stations.

“I reported last year that the Ahuroa gas storage facility and the Stratford peaker plant had been brought into service and were showing positive early signs of contributing to the company’s flexibility and that we expected gains to be made from this investment. We also stated when the interim result was released that we expected an improved second half result. I am pleased to announce that we have delivered on both.

“The second half of FY12 was characterised by low hydrology and our thermal assets, including the Stratford peaker plant, were drawn on as lower hydro generation was replaced with thermal generation. After providing largely risk management capacity in 1H12 (the first half of the 2012 financial year) the Stratford peaker plant was used in both a merchant and risk capacity in 2H12 (the second half of the 2012 financial year) with full year generation of 356 GWh.

“Ahuroa gas storage was also utilised with injections in 1H12 reflecting an oversupplied gas market and extractions in 2H12 to provide additional volume during periods when the market needed all our thermal units. We are delighted with this result in what has been the first full year of operation for these new assets,” Mr Barnes said.

In 1H12 Contact met its gas take-or-pay commitments for calendar year 2012 with no excess take-or-pay costs, contributing to a $24 million improvement over the 2011 financial year. Additional savings in gas and carbon unit costs also contributed to the improved result.

“The ongoing contribution of these assets and Contact’s diverse portfolio is evident in the FY12 financial results and we will achieve further gains from this mix in the future,” Mr Barnes said.

While wholesale prices were higher overall than the previous year, the impact of hydro generation falling by 25 per cent meant the increased prices were largely offset by the higher costs associated with thermal generation.

Contact has further enhanced the diversity of its generation assets during the year as the generation portfolio added the diesel-fired Whirinaki power station.

Retail finishes year in strong position
In retail, Mr Barnes reported that Contact had achieved a good result. A continuation of the strategy to align load with the location of our generation was reinforced by the dry conditions of 2H12. With around 71% of load now located in the North Island, Contact was much better placed to deal with transmission constraints than during the last dry period.

Overall, despite the market continuing to experience high levels of customer churn, Contact’s sales volumes were inline with the prior year with continuing growth in commercial and industrial sales.

Competition in the mass market sector continued to be strong in FY13, resulting in customer churn and prices that did not fully pass through the increase in network costs therefore reducing margins. However, Contact succeeded in this environment to maintain customer numbers and sales volumes at almost the same levels as FY12.

Contact continued its success with commercial and industrial customers, with total volumes increasing by 4 per cent to 4,092 GWh and margins increasing.

The Enterprise Transformation programme is now focussed on upgrading Contact’s aging customer billing and service systems.

Te Mihi development continues toward completion
Progress on building Contact’s Te Mihi power station continues. The 166 MW project is due for completion in 2013 and combined with several other projects focussed on the care and sustainability of the Wairakei steamfield represents a significant investment in the Wairakei geothermal resource.

The completion of Te Mihi next year will bring to an end the current investment programme, of around 500MW of low-cost, flexible, thermal and geothermal generation capacity and New Zealand’s first gas storage facility.

“In the current low demand growth environment we will not be committing to further generation developments in the near term. Contact maintains a range of high quality options with the world class resource at Tauhara ready for execution as market signals dictate. In the meantime, our focus will be on minimising the costs required to retain the full range of options we have developed,” Mr Barnes said.

People
Mr Barnes reported a modest improvement in the company’s safety performance, reducing its total recordable injury frequency rate by 2 per cent over the year.

“The improvements in the safety performance of our operations business unit shows that with a concerted effort from the whole team and the support of our core health and safety systems we can achieve our aspiration of zero harm,” said Mr Barnes.

Looking forward
Contact’s focus will continue through the 2013 financial year to be on delivery. Mr Barnes said that the company’s priorities over the coming year are completing Te Mihi, progressing the Enterprise Transformation programme and continuing to focus on customers.

“An important decision in the next 18 months relates to the amount of gas we will contract and the resulting operating regime of our combined-cycle gas-fired power stations. The current high level of upstream exploration and development activity gives me confidence that Contact will markedly improve its contracted position.

Completing the current asset and systems investment programme, leveraging existing investments to reduce costs and continuing to improve our fuel purchase costs will position Contact to grow earnings in coming years.

ENDS

Media enquiries: Janet Carson 021 242 5723

Investor enquiries: Fraser Gardiner 021 228 3688


CEN - Management Discussion and Analysis.pdf
CEN - Investor Presentation.pdf
CEN - Financial Statements for the year ended 30 June 2012.pdf


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SKC - ANNUAL RESULT (FOR THE YEAR ENDED 30 JUNE 2012)

Postby Share Investor » 15 Aug 2012 10:13

8:56am, 15 Aug 2012 | FLLYR

SKYCITY Entertainment Group Limited 2012 Full Year Result
Summary of full year to 30/6/12
Normalised: Net Profit After Tax: $141.4m (+$10.5m) +8.0%, 24.5cps
Reported: Net Profit After Tax: $138.5m (+$15.5m) +12.6%, 24.0cps
Name of Listed Issuer: SKYCITY Entertainment Group Limited

CONSOLIDATED OPERATING STATEMENT
Current Full Year NZ$: Up/Down %: Previous Corresponding Period NZ$

TOTAL REVENUE (excl GST) (NORMALISED)
$867.2m: up 8.2%; $801.8m
NET PROFIT AFTER TAX (NORMALISED)
$141.4m; up 8.0%; $130.9m
EARNINGS PER SHARE (NORMALISED)
24.5cps; up from 22.7cps

TOTAL REVENUE (excl GST) (REPORTED)
$858.9m: up 6.0%; $810.4m
NET PROFIT AFTER TAX (REPORTED)
$138.5m; up 12.6%; $123.0m
EARNINGS PER SHARE (REPORTED)
24.0cps; up from 21.4cps

FINAL DISTRIBUTION
8.0cps
Record date: 28 September 2012, Payment date 5 October 2012
Dividend Reinvestment Plan will not apply

FULL YEAR RESULT ANNOUNCEMENT
Refer company presentation - attached


SKC - Investor Presentation.pdf



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ANO - ANZO reports annual profit of $45.1 million

Postby Share Investor » 15 Aug 2012 17:12

9:48am, 15 Aug 2012 | FLLYR

ANZO reports annual profit of $45.1 million and continued leasing progress

AMP NZ Office Limited (ANZO) performance summary for the twelve months to 30 June 2012

Profit performance

• Net profit after tax of $45.1 million (2011: $10.4 million)
• Net operating income of $51.3 million (2011: $61.1 million) or 5.14 cents per share (2011: 6.13 cents per share) , consistent with guidance
• Property portfolio revaluation gain of $5.5 million

Portfolio performance

• Portfolio occupancy and weighted average lease term of 94% and 5.9 years, respectively
• 16% of the portfolio leased including:
- 20,000 square metres (sqm) of vacant space
- 26,000sqm re-leased, to a total of 46,000sqm in the period
• Property and facilities management brought in-house
• Successful reinvestment of the Wellington Chews Lane proceeds into Bowen Campus with potential for further value-enhancing opportunities

Capital management

• New $125 million bank debt facility expiring July 2017

Corporate initiatives

• Decision taken to change name and corporate identity to better reflect the company’s core values

AMP NZ Office Limited (ANZO) (NZX:ANO) reported its financial results for the 12 months to 30 June 2012 today, showing a net profit after tax of $45.1 million compared with $10.4 million for the previous year.

Scott Pritchard, ANZO CEO, said that while 2012 income had been expected to be a cyclical low for ANZO, he was very pleased that the company had built a strong foundation for future income growth. The highlight for the year was the continued high level of successful leasing, he said.

“We have known for some time that the 2012 results would be impacted by the combination of vacancy from Westpac and BNZ leaving the portfolio, the impact of selling Chews Lane and the interruption to income from the ANZ Centre redevelopment. At the beginning of the year total occupancy fell to 89%. To have built that back to 94% is a terrific result for our team. It is also a testament to ANZO’s refreshed approach to clients combined with a portfolio of quality assets.”

“This leasing progress, our acquisition of Bowen Campus in Wellington and a positive outlook for the prime CBD office market puts the company in a strong position. We look forward to building on this in the coming year.”

Mr Pritchard said ANZO had leased a total of 110,000sqm over the last two years, an increase of 50% over the previous corresponding period.

Key factors driving this growth were the improved market conditions in Auckland, where vacancies in premium space continue to fall, and a continued flight to quality in Wellington where ANZO is strongly positioned as the owner of premium office space.

Mr Pritchard said that, it had been a highly successful year.
“Many of the gains followed changes in the company’s structure and culture over recent years. Since launching as a property investment product 15 years ago we have evolved into a client focused property investment enterprise. We have decided therefore to adopt a new name and corporate identity to better reflect the company we have become. Further details will be announced shortly,” he said.

Result overview

The main driver of the increase in net profit after tax to $45.1 million (2011: $10.4 million) was a turnaround in the valuation movement for ANZO’s property portfolio from a loss of $36.3 million last year to a gain of $5.5 million this year. Excluding Bowen Campus and Chews Lane, the portfolio weighted average (by income) capitalisation rate has compressed from 7.90% a year earlier to 7.78% and market rentals have increased slightly, both contributing to an increase in the current market value to 30 June 2012 of $59 million or 4.8%.

ANZO’s rental income was $127.3 million or 7.1% lower than the previous year (2010: $137 million). This was almost entirely due to the sale of the Wellington Chews Lane property, the departure of Westpac and BNZ from the portfolio and the redevelopment of Auckland’s ANZ Centre. Allowing for these events, like-for-like income was 3.4% higher than in the previous year due to higher occupancy within Zurich House.

Interest expense was 6.7% lower, reflecting lower debt levels following the sale of Chews Lane and lower borrowing costs.

ANZO recorded a 19.3% total return for the year to 30 June 2012. This exceeded the benchmark New Zealand listed property sector return (excluding ANZO) of 11.6%. This outperformance has led to three performance fees being paid compared with two in the previous year. This has contributed to the increase in management fees and administrative expenses.

Tax was $7.2 million (2011: $8.5 million) reflecting lower pre-tax profit.

The fair value loss in interest rate swaps of $5.1 million reflected the significant reduction in market interest rates since 30 June 2011.

Collectively the revaluation, Bowen Campus acquisition in Wellington and redevelopment of ANZ Centre in Auckland, offset by the sale of the remaining Chews Lane property, have increased the total value of ANZO’s portfolio to $1.32 billion (2011: $1.25 billion). This has been funded through an increase in bank borrowings to $346.5 million (2011: $282.5 million).

ANZO’s net tangible assets (value) per share at balance date was 88 cents per share, compared with 87.9 cents per share as last reported at 31 December 2011.

Capital management

The reinvestment of the proceeds of the Chews Lane sale into Bowen Campus was one of the highlights of the year. The acquisition provides an opportunity to invest in a strategic asset with an acceptable level of risk.

The Bowen Campus acquisition was funded through ANZO’s existing bank debt facilities. These were amended through a new $125 million tranche expiring in July 2017 and a reduction in the July 2013 expiry of $50 million.

The amended $475 million facility has a weighted average term to expiry of 3.2 years (2011: 3.3 years).

ANZO’s gearing increased to 27% at 30 June 2012, reflecting the ANZ Centre redevelopment and the Bowen Campus acquisition. This compares with 24% at 30 June 2011 and is well within our banking covenant of 50%.

Of ANZO’s drawn bank debt 63% was hedged through the use of interest rate swaps for an average term of 4.3 years. The additional debt drawn to acquire Bowen Campus has resulted in a significant reduction in ANZO’s weighted average debt cost to 6.8%

Corporate initiative

Today ANZO is announcing its intention to adopt a new company name and corporate identity, effective from 28 September 2012.

This decision has not been made lightly. The highly respected AMP brand has supported ANZO to grow since its inception in 1997. However independent studies conducted shortly after corporatisation highlighted identity confusion in both property and investment markets.

ANZO has now grown into a business in its own right. A new name and corporate identity will better reflect this and the position the company now enjoys in the market and with its clients.

AMP Capital remains committed to the success of ANZO. It retains a 50% interest in AMP Haumi Management Limited, the Manager of ANZO.

Seismic review

As a result of Christchurch’s earthquakes in 2010 and 2011, clients have understandably become more focused on the structural integrity of buildings.

ANZO’s primary structural engineering adviser, Holmes Consulting Group (HCG), has continued its staged comprehensive review of ANZO’s portfolio to identify potential vulnerabilities should a large earthquake occur.

ANZO’s instructions to HCG have been to advise ANZO on a “best practice” basis. This considerably exceeds a simple level of compliance. The initial assessment across the portfolio is complete. More detailed studies involving computer-simulated 3D modelling on some buildings have also been completed. Advice to date continues to confirm that the ANZO portfolio, excluding the Central Police Station is compliant and well placed overall, relative to building code requirements in Auckland and Wellington.

Ongoing seismic improvement works will be funded through the use of ANZO’s policy of retaining 10% of operating income to fund long-term maintenance capital expenditure. The total cost of this programme is expected to be in the range of $15-$25 million over the next 5-8 years.

In June ANZO confirmed its intention to undertake seismic strengthening work at the former Central Police Station in Wellington, at a cost of $3 million.

Commercial terms have been agreed with the majority of clients within the building, enabling them to relocate to space in ANZO’s portfolio. These works are expected to commence in early 2013.

Portfolio performance

Continued leasing success in the year saw occupancy restored to 94%. Thirty-three new leases covering 20,000 square metres of vacant space helped rebuild occupancy following the departure of key clients Westpac and BNZ from the portfolio, which had resulted in a fall in total occupancy to around 89%.

Sixty-five leasing transactions of 46,000 square metres were secured in the period. This accounted for around 16% (by Net Leasable Area) of the portfolio. Leasing transactions in the period were secured on a weighted average lease term of 6.6 years. This increases ANZO’s weighted average lease term to 5.9 years from 5.8 years at 30 June 2011.

The Auckland leasing market has continued to strengthen, as evidenced by both Zurich House (post balance date) and ANZ Centre now being 100% leased. Significant progress has also been made on leasing the former Westpac vacancy at PwC Tower and at SAP Tower.

Vacancy in Auckland premium grade office space has fallen significantly over the 12 months to 30 June 2012. According to Colliers International Research at 30 June 2012 premium grade office vacancy was 7.7% compared to 13.5% at 30 June 2011. This tightening in supply has led to most research houses now forecasting a good level of market rental growth.

ANZO’s focus on strengthening key client relationships has continued. This has been evidenced by two key cross-city leasing successes, AON New Zealand and Regus. These two existing Auckland clients have committed to nine years and ten years respectively within State Insurance Tower and 171 Featherston Street, respectively.

Wellington occupiers continue to target prime and A grade quality buildings as evidenced by new clients Baldwin Holdings Limited and AON New Zealand. There remains the potential for new supply with premium vacancy remaining low at 3.0% and demand increasing from occupiers seeking strong buildings.
ANZ National Bank (ANZ) has committed to a further three floors or 3,900 sqm within the ANZ Centre in Auckland. ANZ will now occupy 21,500 square metres compared with their original commitment of 17,700 square metres.

Redevelopment works are progressing well at ANZ Centre in Auckland. The project is on budget and on track to reach practical completion in mid 2013. Phase one has been achieved (post-balance date). Over 6,700 square metres, or seven floors, have been delivered to the ANZ.

Earnings and distributions

ANZO shareholders will receive a fourth-quarter dividend of 1.26 cents per share plus imputation credits of 0.1495 cents per share, consistent with the previous dividend. Overseas investors will receive an additional supplementary dividend of 0.067842 cents per share to offset non-resident withholding tax. The record date is 30 August 2012. Payment will be made on 13 September 2012.

The Board of ANZO expects full year earnings for the 2013 financial year of approximately 5.7 cps (before performance fees) or 5.5 cps (assuming 50% of the maximum performance fee is payable). ANZO expects to pay a dividend at a similar level to the 2012 financial year, consistent with the plan to move to a 90% payout level by the 2014 financial year.

-ends-

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

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

About ANZO
ANZO is New Zealand’s only specialist listed investor in prime and A-grade commercial office property. Listed on the New Zealand Exchange, ANZO currently owns 15 New Zealand office buildings – Auckland’s PricewaterhouseCoopers Tower, ANZ Centre, SAP House, AMP Centre and Zurich House; and Wellington’s State Insurance Tower, Vodafone on the Quay, 171 Featherston Street, 125 The Terrace, No. 1 and 3 The Terrace, Pastoral House, Mayfair House, AXA Centre, Bowen Campus and Deloitte House.

Net operating income is an alternative performance measure which adjusts net profit after tax for a number of non-cash items as detailed in the reconciliation below. This alternative performance measure is provided to assist investors in assessing ANZO’s performance for the year.



Attachments


ANO - Annual Results Presentation.pdf


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DIL - Preliminary Half Year Announcement 2012

Postby Share Investor » 15 Aug 2012 17:45

8:30am, 15 Aug 2012 | HALFYR

Diligent Board Member Services Inc. (“Diligent”) is pleased to announce its preliminary half year results for the 6 months ended 30 June 2012. These results are presented in compliance with US GAAP and are reported in US dollars.

DIL – Preliminary 2012 Half Year Results

SUMMARY OF PRELIMINARY HALF YEAR ANNOUNCEMENT

Name of Listed Issuer: Diligent Board Member Services, Inc

Reporting Period: 6 months to 30th June 2012

CONSOLIDATED INCOME STATEMENT


(Format – Current half year $US: up (down) % : Previous corresponding half year $US)


REVENUE FROM ORDINARY ACTIVITIES

18,332,784 : 176% : 6,641,294


PROFIT FROM ORDINARY ACTIVITIES BEFORE INCOME TAX

4,142,691 : 392% : 841,298


PROFIT FROM ORDINARY ACTIVITIES AFTER INCOME TAX

3,357,813 : 308% : 822,308


DIVIDEND

Nil : n/a : Nil

PRELIMINARY HALF YEAR REVIEW

Diligent’s 2012 First Half net New Sales and Revenues continued at a record pace during the first two quarters. New Sales for the First Half of 2012 were $US 13.5 million, compared to $US 4.8 million New Sales in the First Half of 2011, an increase of 180%. Revenues for the First Half of 2012 grew to $US 18.3 million, versus $US 6.6 million for the First Half of 2011, a 176% gain.

Diligent ended the First Half of 2012 with Cumulative Sales of $US 39.2 million as compared to $US 14.9 million in the First Half of 2011, which represents a 164% increase. Also of note, Cumulative Client Agreements increased to 1,447 by the end of the First Half of 2012, which is an improvement of 122% from the 653 Client Agreements at the end of the First Half of 2011. At the end of the First Half 2012, Diligent served over 2,049 boards and more than 39,000 users worldwide.

Steven P. Ruse
Chief Financial Officer

Diligent Board Member Services, Inc.

Main: 212-741-8181 Ext. 332
Direct: 973-939-9432
Fax: 212-629-8785
Web: http://www.boardbooks.com


DIL - half year report.pdf


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