CASH CONVERTERS INTERNATIONAL LIMITED For personal use only
Cash Converters International Limited
ABN 39 069 141 546
Appendix 4D and Half-year Report
for the period ended 31 December 2021
For personal use only
Cash Converters International Limited | |
ABN 39 069 141 546 | |
Half-year Report for the period ended 31 December 2021 | |
Table of Contents | |
Auditor's independence declaration .................................................................................................................... | 12 |
Half-year Financial statements ............................................................................................................................. | 13 |
Half-year ended 31 December 2021 | Cash Converters International Limited | 1 |
For personal use only
Appendix 4D
Cash Converters International Limited | ABN 39 069 141 546 | ||||
Appendix 4D | |||||
Preliminary Financial Report | |||||
for the half-year ended 31 December 2021 | |||||
(previous corresponding period half-year ended 31 December 2020) | |||||
Appendix 4D - Results for announcement to the market | |||||
Restated | |||||
31-Dec | 31-Dec | Change | |||
2021 | 2020 | ||||
$'000 | $'000 | $'000 | % | ||
Revenue from ordinary activities | 115,193 | 93,887 | 21,306 | 23% | |
Operating Profit from ordinary activities after tax and | 7,656 | 7,620 | 36 | ||
before significant items | |||||
Significant items 1 | (7,654) | - | (7,654) | ||
Profit from ordinary activities after tax attributable to | -100% | ||||
2 | 7,620 | (7,618) | |||
members | |||||
Net profit for the period attributable to members | 2 | 7,620 | (7,618) | -100% | |
Basic profit earnings per fully paid ordinary share | 0.00 | 1.24 | cents per share | ||
Net tangible asset backing per ordinary share 2 | 29.59 | 30.07 | cents per share |
1 The operating profit for 1H22 is presented excluding the non-cash impairment expense of $10.934 million ($7.654 million after tax effect) on the carrying value excluding goodwill of the assets of individual corporate stores where forecast cash flows have been negatively impacted due to factors directly associated with the impact of COVID-19 closures in the first half and uncertainty in the trading conditions beyond reporting date. The operating result is presented to aid the comparability and usefulness of the financial information reflecting the underlying performance of the business. This information should be considered in addition to, but not instead of or superior to, the Group's financial statements prepared in accordance with IFRS. The operating results presented may be determined or calculated differently by other companies, limiting the usefulness of those measures for external comparative purposes.
2 The calculation of net tangible assets per ordinary share includes right-of-use assets and lease liabilities.
This report should be read in conjunction with any announcements made in the period by the Company in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX Listing Rules.
Additional Appendix 4D disclosure requirements can be found in the directors' report and the 31 December 2021 half-year financial statements and accompanying notes.
Dividends per ordinary share / distributions
Amount per | Franked amount | Record date | Paid / | |
security (cents) | per security | payable date | ||
2021 final dividend | 1.00 | 100% | 24-Sep-21 | 14-Oct-21 |
2022 interim dividend | 1.00 | 100% | 25-Mar-22 | 14-Apr-22 |
Half-year ended 31 December 2021 | Cash Converters International Limited | 2 |
For personal use only
Appendix 4D
Dividends
The directors of the Company have declared an interim final dividend of 1.00 cent per share with the release of the half-year results and reporting date of 24 February 2022. The dividend will be 100% franked and will be paid on 14 April 2022 to those shareholders on the register at the close of business on 25 March 2022.
The Company's Dividend Reinvestment Plan (DRP) remains suspended.
There is no provision for a final dividend in respect of the half-year ended 31 December 2021. Provisions for dividends to be paid by the Company are recognised in the Consolidated Statement of Financial Position as a liability and a reduction in retained earnings once the dividend has been declared.
Financial statements
Released with this Appendix 4D report are the following statements:
- Consolidated statement of profit or loss and other comprehensive income together with the notes to the Statement
- Consolidated statement of financial position together with the notes to the Statement
- Consolidated statement of changes in equity together with the notes to the Statement
- Consolidated statement of cash flows together with the notes to the Statement
This report is based on consolidated financial statements which have been reviewed.
Details of entities over which control has been gained or lost
During the period the Group acquired trade and other assets of three franchise stores.
Details of associates and joint venture entities
The Group holds a 25% equity interest in Cash Converters Master Franchise for New Zealand which generates income from corporate stores, franchise contracts, financial services and software. The Group's share of the profit of $0.374 million is reflected in the financial result for the period (December 2020: $1.097 million).
Half-year ended 31 December 2021 | Cash Converters International Limited | 3 |
For personal use only
Directors' report
Directors' report
The directors of Cash Converters International Limited submit the following report of the Company for the half- year ended 31 December 2021. To comply with the provisions of the Corporations Act 2001, the directors report as follows:
Directors | ||||
Mr Jason Kulas | Non-Executive Chairman | |||
Mr Peter Cumins | Executive Deputy Chairman | |||
Mr Sam Budiselik | Managing Director | |||
Ms Julie Elliott | Non-Executive Director | |||
Mr Lachlan Given | Non-Executive Director | |||
Mr Robert Hines | Non-Executive Director | |||
Mr Henry Shiner | Non-Executive Director (appointed 1 July 2021) | |||
Dividends | ||||
Amount per | Franked amount | Record date | Paid / | |
security (cents) | per security | payable date | ||
2022 interim dividend | 1.00 | 100% | 25-Mar-22 | 14-Apr-22 |
The directors of the Company have declared a final dividend of 1.00 cent per share with the release of the half- year results and reporting date of 24 February 2022. The dividend will be 100% franked and will be paid on 14 April 2022 to those shareholders on the register at the close of business on 25 March 2022.
The Company's Dividend Reinvestment Plan (DRP) had been suspended at the last final dividend and will not apply to this dividend.
There is no provision for a final dividend in respect of the half-year ended 31 December 2021. Provisions for dividends to be paid by the Company are recognised in the Consolidated Statement of Financial Position as a liability and a reduction in retained earnings once the dividend has been declared.
Principal activities
The principal activity of Cash Converters International Limited and its subsidiaries (the "Group") is operating owned and franchised second-hand goods and financial services stores, and providing unsecured personal loans, operating under the Cash Converters name. Provision of secured vehicle finance operates under the Green Light Auto brand.
International jurisdiction country master franchise licences are also sold to licensees to allow the development of the Cash Converters brand but without the need for support from Cash Converters International Limited.
Review of operations
Cash Converters International Limited ("Cash Converters" or "the Company") and entities controlled by the Company and its subsidiaries ("the Group") is diverse, generating earnings from franchising, consumer retail store operations, personal finance and vehicle finance and is supported by a corporate head office in Perth, Western Australia. The Group operates in Australia and the United Kingdom and has an equity interest of 25% in Cash Converters New Zealand. There is a franchise presence in a further 12 countries around the world.
Half-year ended 31 December 2021 | Cash Converters International Limited | 4 |
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Cash Converters International Ltd. published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 22:27:37 UTC.
