Mainfreight Annual Report 2022

90 91
Notes to the FINANCIAL STATEMENTS
Notes to the FINANCIAL STATEMENTS
9 EARNINGS PER SHARE
Basic earnings per share is calculated as net profit attributable to members of the Parent, adjusted to exclude any costs of servicing
equity (other than dividends), divided by the weighted average number of ordinary shares.
Diluted earnings per share is calculated as net profit attributable to members of the parent, adjusted for:
• Costs of servicing equity (other than dividends);
• The after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as
expenses; and
• Other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential
ordinary shares;
divided by the weighted average number of ordinary shares and dilutive potential ordinary shares.
There was no dilution of earnings per share in 2022 (nil 2021).
The following reflects the income used in the basic and diluted earnings per share computations:
Net profit from continuing operations attributable to ordinary equity holders of the Parent.
11 CURRENT ASSETS – TRADE DEBTORS
Trade debtors are non-interest bearing and are generally on 7–30 day terms. They are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method, less an allowance for impairment. Trade debtors includes amounts
for services performed but unbilled at balance date.
Collectability of trade debtors is reviewed on an ongoing basis. Debts that are known to be uncollectible are written off when identified.
The Group applies a simplified approach in calculating expected credit losses. Therefore, the Group does not track changes in credit
risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. This is based on historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Trade debtors are
written off as bad debts when all avenues of collection have been exhausted. Due to the short-term nature of these debtors, their
carrying value is assumed to approximate fair value.
Trade Debtors 810,333 493,862
Allowance for Impairment Loss (4,765) (4,616)
2022
$000
2021
$000
2022
$000
2021
$000
Movements in the allowance for impairment were as follows:
805,568 489,246
FOR BASIC AND DILUTED EARNINGS PER SHARE
Net Profit Attributable to Ordinary Equity Holders of the Parent 355,397 188,110
Balance at 1 April 4,616 4,798
Charge for the Year 4,333 2,527
Amounts Written Off (4,184) (2,709)
WEIGHTED AVERAGE NUMBER OF SHARES Thousands Thousands
BALANCE AT 31 MARCH 4,765 4,616
Weighted Number of Ordinary Shares for Basic Earnings Per Share 100,699 100,699
Cents
Cents
Basic and Diluted Earnings Per Share: Total Operations 352.93 186.81
At 31 March, the ageing analysis of trade receivables is as follows:
$000 Total
0-30
Days
31-60
Days
61-90
Days
PDNI*
61-90
Days
CI#
+91
Days
PDNI*
+91
Days
CI#
10 CURRENT ASSETS – CASH AND CASH EQUIVALENTS
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity
of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes
in value.
Cash at bank earns interest at floating rates based on daily bank deposit rates. The carrying amounts of cash and cash equivalents
represent fair value.
Reconciliation to Cash Flow Statement
For the purposes of the Cash Flow Statement, cash and cash equivalents comprise the following at 31 March:
2022 810,333 670,982 109,050 17,673 786 7,863 3,979
2021 493,862 381,061 91,325 13,199 605 3,661 4,011
* Past due not impaired (PDNI)
# Considered Impaired (CI)
Credit risk management policy is disclosed in note 3.
The maximum exposure to credit risk is the fair value of receivables. Collateral is not held as security, nor is it the Group’s policy to
transfer or factor receivables.
2022
$000
2021
$000
12 CURRENT ASSETS – OTHER RECEIVABLES
Cash at Bank and in Hand 202,258 139,555
Bank Overdrafts - -
AS PER CASH FLOW STATEMENT 202,258 139,555
Sundry Prepayments and Other Receivables 48,563 89,531
CARRYING AMOUNT OF OTHER RECEIVABLES 48,563 89,531
2022
$000
2021
$000