Annual Report 2013 - Mainfreight

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Interests Register The following entries were made in the interests register during the year. Name of Director or other Person having Interest Details of Interest Date Interest Disclosed Bruce Plested Transfer 12,000 shares to associated persons for nil consideration (gifts) on 21 December 2012 18 December 2012 Simon Cotter Appointed director 1 January 2013 3 January 2013 Simon Cotter Disclosed beneficially held 40,000 shares at time of appointment 3 January 2013 Bruce Plested Purchased 12,000 shares on market for $10.90 per share on 22 March 2013 2 April 2013 118 Mainfreight | Annual Report 2013
Five Year Review The table below provides a summary of key performance and financial statistics. Note 2013 $000 2012 $000 2011 $000 2010 $000 2009 $000 Net Sales 1,885,672 1,813,568 1,341,500 1,132,158 1,265,578 EBITDA 1 137,454 138,190 91,584 75,849 81,256 EBITA 2 107,021 106,117 75,787 59,548 66,987 Abnormal Items After Taxation 3 2,068 (14,701) 21,526 1,887 4,520 Net Interest Cost 8,757 11,569 4,877 4,789 5,013 Net Profit Before Abnormal Items for the Year 67,979 65,749 47,241 38,252 40,002 Net Profit After Abnormal Items for the Year (NPAT) 4 65,911 80,450 25,715 36,365 35,482 Pro-forma Cash Flow 5 98,412 98,228 63,946 55,570 55,330 Net Tangible Assets 6 167,560 115,486 183,564 168,058 138,189 Net Debt 7 237,247 248,686 47,553 82,892 115,279 Total Assets 942,960 917,646 593,660 565,377 547,710 Total Liabilities 553,728 568,030 284,771 267,934 261,152 EBIT Margin (Before Abnormals) (%) 5.7 5.9 5.6 5.3 5.3 Equity Ratio (%) 8 17.8 12.6 30.9 29.7 25.2 Assets to Liabilities Ratio (%) 170.3 161.5 208.5 211.0 209.7 Return on NTA (%) 9 39.3 69.7 14.0 21.6 25.7 Net Interest Cover (x) 10 12.22 9.17 15.54 12.43 13.36 Dividends times covered by Net Profit (x) 2.47 3.12 1.31 2.00 1.95 Earnings Per Share (cps) 11 66.56 81.36 26.11 36.93 36.38 Adjusted Earnings Per Share (cps) 11,12 68.65 66.49 47.98 38.85 41.02 Pro-forma Cash Flow Per Share (cps) 11 99.38 99.34 64.94 56.43 56.74 NTA Per Share (cps) 11 169.21 116.79 186.42 170.67 141.70 Notes: 1. EBITDA is defined as earnings before net interest expense, tax, depreciation, amortisation, abnormal items, royalties, share based payment expense, minority interests and associates. 2. EBITA is defined as earnings before net interest expense, tax, abnormal items, royalties, share based payment expense, minority interests and associates. 3. Abnormal items items for the years ended 31 March 2013 and 31 March 2012 please refer note 30. 4. Net Profit (NPAT) is net profit after tax, abnormal items and minorities but before dividends. 5. Pro-forma Cash Flow is defined as NPAT before amortisation of goodwill, depreciation, minorities and associates excluding share based payments and abnormal items after tax. 6. Net Tangible Assets includes Software. 7. Net Debt is long-term plus short-term debt less cash balances. 8. Equity Ratio is Net Tangible Assets as a percentage of Total Assets. 9. Return on NTA is NPAT as a percentage of Net Tangible Assets. 10. Net Interest Cover is Profit before abnormal items, interest and tax divided by net interest cost. 11. Per Share calculations are based on the average issued capital in each year – 99,023,548 shares in 2013. 12. Adjusted Earnings per Share figures are based on Net Profit with tax affected abnormal items added back. Five Year Review 119
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Mainfreight Annual Report 2013 Recr
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The Mainfreight business has become
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Facts & Figures Our operations are
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Wherever we are in the world, all o
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on any given day We're tackling our
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Group Managing Director's report As
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Continued investment in facilities
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once again working to provide Austr
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We continue to work hard to further
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We have increased our trans-border
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Margin levels have been impacted as
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Laurie McMahon, Mainfreight Christc
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Environment Mainfreight has always
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Our people We have no widgets or ga
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28 Mainfreight | Annual Report 2013
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Kelvin Teasdale, Lee Tuhura, Chris
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Wim Bosman Genk Steven Bleys, Rosol
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on any given day Behind the scenes
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Marcel ter Heerdt, Driver in Domest
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on any given day Mainfreight has he
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Executive Team Carl George National
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Executive Team continued Carl Howar
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Targets & Achievements Recent Curre
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Capital Expenditure This year’s f
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Corporate Governance THE ROLE OF TH
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on any given day Wherever we are in
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on any given day Whatever we do, wh
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Board of directors Emmet Hobbs Inde
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60 As we drive ourselves hard in th
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Operating Statistics How we measure
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Financial Contents 65 Income Statem
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Balance Sheet as at 31 March 2013 N
Page 66 and 67: Statement of Changes in Equity for
Page 68 and 69: Cash Flow Statement for the Year En
Page 70 and 71: 2 Summary of Significant Accounting
Page 82 and 83: 3 Financial Risk Management Objecti
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Page 86 and 87: 5 Segmental Reporting The Group ope
Page 88 and 89: 6 Expenses and Other Income The Pro
Page 90 and 91: 7 Income Tax (continued) Recognised
Page 92 and 93: 9 Earnings Per Share The following
Page 94 and 95: 13 Investment in Subsidiary Compani
Page 96 and 97: 14 Non-current Assets - Property, P
Page 98 and 99: 15 Non-current Assets - Intangible
Page 100 and 101: 15 Non-current Assets - Intangible
Page 102 and 103: 20 Leases At balance date the Group
Page 104 and 105: 21 Contributed Equity (continued) C
Page 106 and 107: 23 Related Parties (continued) Tran
Page 108 and 109: 25 Share-based Payment Plans (conti
Page 110 and 111: 30 Abnormal Items During the year t
Page 112 and 113: of Directors’ financial Responsib
Page 114 and 115: Donations and Auditors’ Fees Dona
Page 118: Glossary Air & Ocean C&F EBIT EBITA
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Annual Report 2013 - Mainfreight

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