Mainfreight Annual Report 2022

112
Notes to the FINANCIAL STATEMENTS
113
Five Year Review
THE TABLE BELOW PROVIDES A SUMMARY OF KEY PERFORMANCE AND FINANCIAL STATISTICS.
Notes
GAAP
2022
$000
GAAP
2021
$000
GAAP
2020
$000
Non-GAAP
2020
$000
TOTAL REVENUE 5,218,259 3,543,838 3,094,736 3,094,736 2,953,414 2,616,189
NET PROFIT FOR THE YEAR (NPAT) 1 355,397 188,110 159,201 167,330 137,624 107,678
Net Profit Before Abnormal Items
for the Year 2 355,397 188,110 147,975 156,104 141,084 112,004
Profit Before Abnormal Items and
Taxation 3 489,381 262,407 206,253 217,486 197,074 160,270
EBITDA (adjusted) 4 710,696 466,507 398,671 281,006 257,049 215,114
EBITA 5 510,083 284,109 228,942 223,154 203,942 167,326
Abnormal Items After Taxation 6 - - (11,226) (11,226) 3,460 4,326
Net Interest Cost 20,702 21,702 22,689 5,668 6,868 7,056
PRO-FORMA CASH FLOW 7 556,010 370,508 317,704 213,956 194,191 159,792
2019
$000
2018
$000
Net Tangible Assets 8 1,154,162 832,842 666,615 677,816 562,119 426,657
Net Debt 9 1,068 102,211 157,378 157,378 130,477 196,852
TOTAL ASSETS 3,027,951 2,486,906 2,304,594 1,686,554 1,502,889 1,376,703
TOTAL LIABILITIES 1,598,682 1,371,860 1,338,255 711,804 664,574 667,145
EBIT Margin (Before Abnormals) (%) 9.8 8.0 7.4 7.2 6.9 6.4
Equity Ratio (%) 10 38.1 33.5 28.9 40.2 37.4 31.0
Assets to Liabilities Ratio (%) 189.4 181.3 172.2 236.9 226.1 206.4
Return on NTA (%) 11 30.8 22.6 23.9 24.7 24.5 25.2
Net Interest Cover (x) 12 24.64 13.09 10.09 39.37 29.69 23.71
Dividends covered by Net Profit after
abnormals (x) 2.49 2.49 2.68 2.82 2.44 2.38
Dividends covered by Net Profit before
abnormals (x) 2.49 2.49 2.49 2.63 2.50 2.47
Earnings Per Share (cps) 13 352.93 186.81 158.10 166.17 136.67 106.93
ADJUSTED EARNINGS PER SHARE (cps) 13,14 352.93 186.81 146.95 155.02 140.11 111.23
Pro-forma Cash Flow Per Share (cps) 13 552.15 367.94 315.50 212.47 192.84 158.68
NTA Per Share (cps) 13 1146.16 827.06 661.99 673.11 558.22 423.70
Notes:
1. Net Profit (NPAT) is net profit after tax, abnormal Items and minorities but before dividends.
2. Net Profit Before Abnormal Items for the year is NPAT excluding abnormal items after tax.
3. Profit Before Abnormal Items and Taxation - see note 5 for reconciliation.
4. EBITDA (adjusted) is defined as earnings before net interest expense, tax, depreciation, amortisation, abnormal Items and royalties
(segments only; not Group) - see note 5 for reconciliation.
5. EBITA is defined as earnings before net interest expense, tax, abnormal Items and royalties (segments only; not Group) - see note 5 for
reconciliation
6. Abnormal items for the years ended 31 March 2022 and 31 March 2021 - see note 25.
7. Pro-forma Cash Flow is defined as NPAT before amortisation, depreciation, and abnormal items after tax, share based payments and
abnormal items after tax.
8. Net Tangible Assets does not include Software or Deferred Tax Assets.
9. Net Debt is long-term plus short-term debt less cash balances.
10. Equity Ratio is Net Tangible Assets as a percentage of Total Assets.
11. Return on NTA is NPAT as a percentage of Net Tangible Assets.
12. Net Interest Cover is Profit before abnormal items, interest and tax divided by net interest cost.
13. Per Share calculations are based on the average issued capital in each year - 100,698,548 shares in 2022.
14. Adjusted Earnings per Share figures are based on Net Profit with tax affected abnormal items added back.
15. Two versions of 2020 figures provided due to introduction NZ IFRS 16 Leases from 1 April 2019.
LUCY CORBIN AND KYM BRETT, AUCKLAND, NEW ZEALAND