Annual Report 2013 - Mainfreight

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on any given day Whatever we do, wherever we do it, our thoughts and actions are guided by the promise of building a 100 year company. Dean James, Operations Manager, Mainfreight Sydney 56 Mainfreight | Annual Report 2013
Directors' Report Distribution to Shareholders Dividends - Paid & Proposed {NZ$000} Average annual shareholder return on investment Per Ordinary Share (Normal) 27.0c 26.0c Times Covered by Net Profit 2.47 3.12 30% 25% 20% 15% Since listing in 1996 (%) Last 5 years (%) 10% See Mainfreight's historic share performance 2013 2012 2013 2012 5% 0% 2013 2012 The Directors are pleased to present this eighteenth published Annual Report of Mainfreight Limited. FINANCIAL RESULT Consolidated sales for the year were $1,885.7 million, up on the previous year by $72.10 million (4.0%). The net profit decreased from $80.45 million to $65.91 million. Excluding abnormal items the net profit increased 3.4%. Comparisons to the 2012 result are set out in the five year review; page __ of the financial statements. FINANCIAL POSITION The Group has improved its financial position with shareholders’ equity of $389.23 million, funding 41.3% of total assets. Earnings cover interest on debt by 12.22 times. Net cash flow from operations was $83.18 million up from $77.14 million last year. Land was valued at 31 March 2013 and the valuation increased by $4.92 million from 31 March 2012 after tax. DIVIDEND A dividend of 14.0 cents per share was paid in July 2012, fully imputed. A supplementary dividend of 2.47 cents per share was paid to non-resident shareholders with this dividend. A further dividend of 12.0 cents per share was paid in December 2012, fully imputed. A supplementary dividend of 2.11 cents per share was paid to non-resident shareholders with this dividend. A fully imputed dividend of 15.0 cents per share, payable on 19 July 2013 is proposed, together with a supplementary dividend of 2.65 cents per share for non-resident shareholders. Books close for this dividend on 12 July 2013. STATUTORY INFORMATION Additional information is set out on pages 115 to 118 including Directors’ Interests as required by the Companies Act 1993. DIRECTORS Mr Bruce Plested and Mr Richard Prebble retire by rotation, and are available for re-election. Mr Simon Cotter was appointed to the Board on 1 January 2013 and will stand for election at the Annual Meeting of Shareholders on 31 July 2013. AUDIT The Company’s Auditors, Ernst & Young, will continue in office in accordance with the Companies Act 1993. The Company has a formally constituted Audit Committee. REPORTING AND COMMUNICATIONS Mainfreight continues to support high levels of public company disclosure. The Company moved away from quarterly reporting during the year, and now provides half yearly reporting on its results, with ongoing disclosure as required. The Company is effective in communicating the Group’s affairs and results to shareholders, the Stock Exchange, regulatory bodies and the media. The first half year result to 30 September 2013 is scheduled for release on 12 November 2013. OUTLOOK The Directors are satisfied with the direction and development of the Group. The next twelve months will continue the developments that Mainfreight has underway with the subsequent benefits to our shareholders and stakeholders. For and on behalf of the Board 27 June 2013 Bruce Plested Executive Chairman Carl Howard-Smith Director Directors' Report 57
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Annual Report 2013
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The Mainfreight business has become
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Facts & Figures Our operations are
Page 7 and 8: Wherever we are in the world, all o
Page 9: on any given day We're tackling our
Page 12 and 13: Group Managing Director's report As
Page 14 and 15: Continued investment in facilities
Page 16 and 17: once again working to provide Austr
Page 18 and 19: We continue to work hard to further
Page 20 and 21: We have increased our trans-border
Page 22 and 23: Margin levels have been impacted as
Page 24 and 25: Laurie McMahon, Mainfreight Christc
Page 26 and 27: Environment Mainfreight has always
Page 28 and 29: Our people We have no widgets or ga
Page 30 and 31: 28 Mainfreight | Annual Report 2013
Page 32 and 33: NZ CaroTrans Auckland Eyah Al-atafi
Page 34 and 35: Tracy Hapi, Eddie Hiku, Christine K
Page 36 and 37: Cici Liu, Andy Lling, Liarena Lu, R
Page 38 and 39: Anita Seegers, Michael Siebenheller
Page 40 and 41: on any given day Behind the scenes
Page 42 and 43: Marcel ter Heerdt, Driver in Domest
Page 44 and 45: on any given day Mainfreight has he
Page 46 and 47: Executive Team Carl George National
Page 48 and 49: Executive Team continued Carl Howar
Page 50 and 51: Targets & Achievements Recent Curre
Page 52 and 53: Capital Expenditure This year’s f
Page 54 and 55: Corporate Governance THE ROLE OF TH
Page 56 and 57: on any given day Wherever we are in
Page 60 and 61: Board of directors Emmet Hobbs Inde
Page 62 and 63: 60 As we drive ourselves hard in th
Page 64 and 65: Operating Statistics How we measure
Page 73 and 74: Notes to the Financial Statements F
Page 75: 2 Summary of Significant Accounting
Page 79 and 80: 2 Summary of Significant Accounting
Page 85: 3 Financial Risk Management Objecti
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Glossary Air & Ocean C&F EBIT EBITA
Page 124:
Recruitment gets underway for our n
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