Download - AHG Limited

Directors’ Report
(continued)
Consolidated Revenue and Results
Key Financial Data
For the year ending 30 June 2012
Statutory Result Impairment Stamp duty
and other fees
associated with
acquisitionrelated
activities
Operating Result
(excluding
impairment,
stamp duty and
other fees)
$'000
Total Revenue 3,920,139 - - 3,920,139
EBITDA 138,329 (9,711) (5,467) 153,506
EBITDA margin % 3.5% 3.9%
Depreciation & amortisation (26,466) - - (26,466)
EBIT 111,862 (9,711) (5,467) 127,039
Interest (Net) (30,715) - - (30,715)
Profit before tax 81,147 (9,711) (5,467) 96,324
Tax expense (27,595) - 1,640 (29,235)
Profit after tax 53,552 (9,711) (3,827) 67,089
Non controlling interest (2,940) - - (2,940)
Net profit after tax attributable to
shareholders 50,612 (9,711) (3,827) 64,149
Basic EPS (cents per share) 19.42 24.61
Significant Changes in State of Affairs
Significant changes in the state of affairs of the Group during the financial year were as follows:
1. Acquisitions of Covs, Harris Refrigerated, Daimler Trucks and Jeff Wignall Group. This impacted the
financial performance and position of the Group at 30 June 2012 compared to 30 June 2011;
2. Profit for the full year includes the following item that is disclosed separately because of its nature, size
or incidence:
2012
$’000
Consolidated
2011
$’000
Expenses
Impairment of intangibles (a) 9,711 19,854
9,711 19,854
(a) Impairment of Intangibles
In accordance with the requirements of AASB 136 Impairment of Assets, the Group continues to undertake
an ongoing process of assessing for impairment, its assets, on cash generating unit basis.
The accounts to 30 June 2012 include an impairment charge of $9.711 million (2011: $19.854 million)
applicable to the carrying value of intangible assets related to the Group’s automotive divisions in
Queensland. Refer to comments in Review of Operations above.
Matters Subsequent to the End of the Year
(a) On 1 July 2012 API exercised its option to purchase five of AHG’s automotive dealership sites located in
Perth and Sydney;
(b) On 30 July 2012 AHG acquired certain business assets and liabilities of Toll Refrigerated, a temperature
sensitive freight logistics company, for consideration of $6.5 million;
(c) On 1 August 2012 AHG acquired certain business assets and liabilities of Coffey Ford, an automotive
retail operation in Dandenong, Melbourne, for consideration of $2.0 million;
(d) On 5 July 2012 AHG announced it was divesting the business assets and liabilities of its passenger car
retail operations on the Gold Coast for consideration of $4.5 million (including goodwill). Settlement of
this divestment occurred in August 2012;
(e) On 23 August 2012 AHG announced it was acquiring certain business assets and liabilities of Brisbane
and Newcastle Mercedes-Benz truck operations for approximately $8.0 million. Settlement is
scheduled to occur in October 2012.
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Automotive Holdings Group