Annual Report 2013 - Mainfreight

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