Annual Report 2013 - Mainfreight

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