Mainfreight Annual Report 2022

68
GOVERNANCE AND LEADERSHIP Directors’ Report
69
The Directors are pleased to present this twenty-sixth
published Annual Report of Mainfreight Limited.
Financial Result
Total revenue for the year was $5,218 million, up on the
previous year by $1,674 million, or 47.2%.
PBT for the year was $489 million, up 86.5%
Net profit for the year increased 88.9% to $355 million.
Comparisons to the 2021 result are set out in the fiveyear
review; page 112 of the financial statements.
Financial Position
The Group has improved its financial position, with
shareholders’ equity of $1,429 million funding 47.2% of
total assets. Earnings cover interest on debt 24.64 times
compared to 13.09 times in the prior year. Net cash flows
from operations were $504 million, up from $376 million
last year.
Dividend
A dividend of 45.0 cents per share was paid in July 2021,
fully imputed. A supplementary dividend of 7.94 cents
per share was paid to non-resident shareholders with this
dividend. A further dividend of 55.0 cents per share was
paid in December 2021, fully imputed. A supplementary
dividend of 9.71 cents per share was paid to nonresident
shareholders with this dividend. A fully imputed
dividend of 87.0 cents per share, payable on 22 July 2022
is proposed, together with a supplementary dividend
of 15.35 cents per share for non-resident shareholders.
Books close for this dividend on 15 July 2022.
Statutory Information
Additional information is set out on pages 109 to
111 including Directors’ Interests as required by the
Companies Act 1993.
Directors
Don Braid, Simon Cotter and Kate Parsons retire by
rotation, and are available for re-election.
Directors’ Remuneration
Directors’ fees were not increased during the financial
year, and remain at $120,000 per annum for each
Director, and $240,000 per annum for the Chairman of
the Board. The Chairman has for some time elected not
to take his fee entitlement.
Audit
The Company’s Auditors, EY, 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 provides half-yearly
reporting on results, with ongoing disclosure as required.
The Company is effective in communicating the Group’s
affairs and results to shareholders, NZX, regulatory bodies
and the media. The first half-year result to 30 September
2022 is scheduled for release on 10 November 2022.
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
28 June 2022
BRUCE PLESTED, CHAIRMAN
SIMON COTTER, DIRECTOR
RESPONSIBILITY
Taking
for getting it done. Our local teams know our local
customers best and operate proactively, decisively and fast.
TORI GRAHAM, ALBURY, AUSTRALIA WITH OUR CUSTOMER, SAM MIRANDA