For personal use only
Results announcement | ||
Results for announcement to the market | ||
Name of issuer | Turners Automotive Group Limited | |
Report period | 12 months to 31 March 2022 | |
Previous reporting period | 12 months to 31 March 2021 | |
Currency | NZD | |
Amount (000s) | Percentage change | |
Revenue from continuing operations | $342,029 | 15% |
Total revenue | $344,516 | 14% |
Net profit from continuing operations | $31,281 | 16% |
Total net profit | $36,359 | 32% |
Final dividend | ||
Amount per quoted equity security | $0.07000000 | |
Imputed amount per quoted security | $0.02722222 | |
Record date | 19/07/2022 | |
Dividend payment date | 28/07/2022 | |
Current period | Prior comparable period | |
Net tangible assets per quoted security | $1.18 | $0.92 |
A brief explanation of any of the figures | ||
above necessary to enable the figures to | Please refer to accompanying Company Announcement | |
be understood | ||
Authority for this announcement | ||
Name of person authorised to make this | ||
announcement | Barbara Badish | |
Contact person for this announcement | Todd Hunter | |
Contact phone number | 021 722 818 | |
Contact email address | Todd.Hunter@turners.co.nz | |
Date of release through MAP | 24/05/2022 |
This announcement is based on audited results.
For personal use only
TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2022
Revenue
Other income
Cost of goods sold
Interest expense
Impairment provision expense
Subcontracted services expense
Employee benefits
Commission
Advertising expense
Depreciation and amortisation expense
Systems maintenance
Claims
Other expenses
Profit before taxation
Taxation expense
Profit from continuing operations
Other comprehensive income for the period (which may subsequently be reclassified to profit/loss), net of tax
Cash flow hedges
Revaluation of financial assets at fair value through OCI
Foreign currency translation differences
Total comprehensive income for the period
Earnings per share (cents per share)
Basic earnings per share
Diluted earnings per share
2022 | 2021 |
$'000 | $'000 |
342,029 | 296,512 |
2,487 | 7,015 |
(153,173) | (121,748) |
(10,932) | (11,266) |
(3,024) | (3,986) |
(10,940) | (9,176) |
(56,030) | (52,023) |
(12,925) | (12,721) |
(4,140) | (2,349) |
(10,702) | (11,418) |
(3,399) | (2,365) |
(21,024) | (21,843) |
(15,107) | (17,257) |
43,120 | 37,375 |
(11,839) | (10,511) |
31,281 | 26,864 |
5,429 | 1,023 |
(345) | (430) |
(6) | 33 |
36,359 | 27,490 |
36.39 | 31.40 |
36.45 | 31.54 |
TURNERS AUTOMOTIVE GROUP LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 March 2022
For personal use only
Revaluation of | |||||||
financial | |||||||
Share | assets at | ||||||
Share | Options | Translation | fair value | Cash flow | Retained | ||
Capital | Reserve | Reserve | through OCI | reserve | Earnings | Total | |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
Balance at 31 March 2020 | 204,327 | - | (59) | (310) | (975) | 20,072 | 223,055 |
Transactions with shareholders in their capacity as owners | |||||||
Capital buy back | (30) | - | - | - | - | - | (30) |
Employee share based payments | - | 255 | - | - | - | - | 255 |
Dividend paid | - | - | - | - | - | (17,200) | (17,200) |
(30) | 255 | - | - | - | (17,200) | (16,975) | |
Comprehensive income | |||||||
Profit | - | - | - | - | 26,864 | 26,864 | |
Other comprehensive income | - | - | 33 | (430) | 1,023 | - | 626 |
Total comprehensive income for the period, net of tax | - | - | 33 | (430) | 1,023 | 26,864 | 27,490 |
Balance at 31 March 2021 | 204,297 | 255 | (26) | (740) | 48 | 29,736 | 233,570 |
Transactions with shareholders in their capacity as owners | |||||||
Employee share based payments | 1,185 | 217 | - | - | - | - | 1,402 |
Dividend paid/payable | - | - | - | - | - | (18,934) | (18,934) |
1,185 | 217 | - | - | - | (18,934) | (17,532) | |
Comprehensive income | |||||||
Profit | - | - | - | - | 31,281 | 31,281 | |
Other comprehensive income | - | - | (6) | (345) | 5,429 | - | 5,078 |
Total comprehensive income for the period, net of tax | - | - | (6) | (345) | 5,429 | 31,281 | 36,359 |
Balance at 31 March 2022 | 205,482 | 472 | (32) | (1,085) | 5,477 | 42,083 | 252,397 |
TURNERS AUTOMOTIVE GROUP LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2022
For personal use only
2022 | 2021 | ||
Note | $'000 | $'000 | |
Assets | |||
Cash and cash equivalents | 1 | 13,373 | 11,867 |
Financial assets at fair value through profit or loss | |||
- Insurance | 1 | 70,199 | 67,465 |
- Other | - | 2,931 | |
Trade receivables | 7,581 | 7,155 | |
Inventories | 31,980 | 30,189 | |
Finance receivables | 422,870 | 330,165 | |
Derivative financial instruments | 5,414 | 40 | |
Other receivables, deferred expenses and contract assets | 9,340 | 8,116 | |
Reverse annuity mortgages | 3,242 | 4,152 | |
Investment property | 5,950 | 5,950 | |
Financial assets at fair value through OCI | 225 | 570 | |
Property, plant and equipment | 67,569 | 60,258 | |
Right-of-use assets | 23,497 | 23,559 | |
Intangible assets | 164,453 | 166,034 | |
Total assets | 825,693 | 718,451 | |
Liabilities | |||
Other payables | 50,103 | 38,243 | |
Contract liabilities | 1,848 | 2,313 | |
Deferred tax | 13,191 | 11,297 | |
Tax payable | 4,016 | 3,453 | |
Borrowings | 412,761 | 339,611 | |
Lease liabilities | 28,209 | 28,747 | |
Life investment contract liabilities | 8,153 | 8,116 | |
Insurance contract liabilities | 55,015 | 53,101 | |
Total liabilities | 573,296 | 484,881 | |
Shareholders' equity | |||
Share capital | 205,482 | 204,297 | |
Other reserves | 4,832 | (463) | |
Retained earnings | 42,083 | 29,736 | |
Total shareholders' equity | 252,397 | 233,570 | |
Total shareholders' equity and liabilities | 825,693 | 718,451 | |
Total assets per share ($) | 9.59 | 8.40 | |
Net tangible assets ($) | 1.18 | 0.92 |
Note 1
The Group's insurance business is required to comply with the solvency standards for licensed insurers issued by the Reserve Bank of New Zealand. The solvency standards specify the level of assets the insurance business is required to hold in order to meet solvency requirements, consequently all cash and cash equivalents and term deposits, disclosed in financial assets at fair value through the profit or loss, held in the insurance business may not be available for use by the wider Group. DPL Insurance's cash and cash equivalents at 31 March 2022 were $1.5m (2021:$0.7m) and term deposits at 31 March 2022 were $61.9m (2021: $59.2m).
Investments in unitised funds, disclosed in financial assets at fair value through the profit or loss, underwrite the Life investment policies and are not available for use by the wider Group. Investments in unitised funds at 31 March 2022 were $8.3m (2021: $8.3m).
Cash and cash equivalents at 31 March 2022 of $3.4m (2021: $3.6m) belongs to the Turners Marque Warehouse Trust 1 and is not all available to the Group.
For personal use only
TURNERS AUTOMOTIVE GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 March 2022
Cash flows from operating activities
Interest received
Receipts from customers
Receipt of government subsidies
Interest paid - borrowings
Interest paid - lease liabilities
Payment to suppliers and employees
Income tax paid
Net cash inflow/(outflow) from operating activities before changes in operating assets and liabilities
Net increase in finance receivables
Net decrease in reverse annuity mortgages
Net increase of financial assets at fair value through profit or loss Net contribution/(withdrawal) from life investment contracts
Changes in operating assets and liabilities arising from cash flow movements
Net cash inflow/(outflow) from operating activities
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and intangibles Purchase of property, plant, equipment and intangibles
Sale of investments
Net cash inflow/(outflow) from investing activities
Cash flows from financing activities
Net bank loan advances/(repayments)
Principal elements of lease payments
Bond repayments
Proceeds from the issue of shares
Dividend paid
Net cash inflow/(outflow) from financing activities
Net movement in cash and cash equivalents
Add opening cash and cash equivalents
Closing cash and cash equivalents
2022 | 2021 |
$'000 | $'000 |
44,429 | 41,598 |
297,032 | 256,676 |
1,580 | 5,247 |
(6,676) | (9,193) |
(1,774) | (1,461) |
(274,022) | (222,063) |
(9,326) | (8,166) |
51,243 | 62,638 |
(93,992) | (48,654) |
1,164 | 1,134 |
(2,482) | (4,090) |
126 | (150) |
(95,184) | (51,760) |
(43,941) | 10,878 |
636 | 563 |
(16,121) | (8,641) |
3,420 | 234 |
(12,065) | (7,844) |
100,660 | (392) |
(5,563) | (6,346) |
(25,000) | - |
1,185 | - |
(13,770) | (17,200) |
57,512 | (23,938) |
1,506 | (20,904) |
11,867 | 32,771 |
13,373 | 11,867 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Turners Automotive Group Limited published this content on 23 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2022 21:47:04 UTC.