apr-11.pdf (2.07 MB) - Crown Ownership Monitoring Unit

Quotable Value LimitedCHAIR » Phil LoughBOARD » Derek Walker,Roger Bridge, Bryan Hemi,Ian Holland, Raewyn Lovett,Gary TravellerCHIEF EXECUTIVE » Bill OsborneActivitiesQV is New Zealand’s largestvaluation and property informationcompany. QV operates from 22offices throughout New Zealandand has subsidiary companies inthree Australian states.The company operates multiplebrands in the New Zealand andAustralian markets.Processing, storing and interpretingdata and the dissemination ofinformation are included in the corebusiness.Financial performance measures2007 2008 2009 2010 2011ReturnsTotal shareholder return 3.3% 30.0% 1.7% 19.6% (3.9%)Dividend yield 3.3% 2.2% 16.1% 4.0% 0.0%Dividend payout 42.3% 57.4% 145.3% 67.1% 0.0%Adjusted ROE 18.8% 119.7% 6.8% 2.7% (10.0%)EfficiencyROCE 28.9% 108.7% 6.9% 3.5% 0.1%Operating margin 15.2% 7.4% 6.9% 2.6% 1.4%Generator efficiency N/A N/A N/A N/A N/ALeverageNet gearing 5.2% 0.0% 0.0% 0.0% 0.0%Interest cover 27.93 13.14 511.20 49.71 41.38Current ratio 1.58 1.23 1.80 1.52 1.58OtherFive-year averageDividend growth (100.0%)Revenue growth 2.3%Income statement$m 2007 2008 2009 2010 2011Revenue 42 41 37 46 46EBITDAF 6 3 3 1 1NPAT 2 18 1 1 (2)Balance sheet$m 2007 2008 2009 2010 2011Total assets 18 31 31 33 28Total liabilities 9 10 9 11 8Commercial value* 27 34 30 34 33Cash flow statement$m 2007 2008 2009 2010 2011Operating activities (net) 4 2 4 2 0Purchase of fixed assets 3 3 1 1 0Dividends paid 1 1 5 1 -Net cash flow 1 3 0 (2) (1)Note:* Commercial valuation from the SCIpage | 94