Reprint 1 January 1999
APPENDIX I (Rule 10.4)
PRELIMINARY FULL YEAR REPORT ANNOUNCEMENT
MICHAEL HILL INTERNATIONAL LIMITED
For Full Year Ended 30 June 1999
(referred to in this report as the "current full year")
Preliminary full year report on consolidated results (including the results for the previous corresponding full year in accordance with Listing Rule 10.4.2.
This report has been prepared in a manner which complies with generally accepted accounting practice and gives a true and fair view of the matters to which the report relates [see Note (X) attached] and is based on audited accounts. If the report is based on audited accounts, any qualification made by the auditor is to be attached.
The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.
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PLEASE REFER TO ATTACHED NOTES WHEN COMPLETING THIS FORM |
CONSOLIDATED OPERATING STATEMENT
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1. |
OPERATING REVENUE |
Current Full Year NZ’000 |
Up % |
Previous Corresponding Full Year $NZ’000
|
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(a) |
Sales revenue |
156,940 |
11.1% |
141,254 |
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(b) |
Other revenue |
187 |
235 |
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(c) |
Total operating revenue |
157,127 |
141,489 |
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2(a) |
OPERATING SURPLUS (DEFICIT) BEFORE TAX |
13,549 |
11,059 |
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(b) |
Unusual items for separate disclosure |
- |
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(c) |
OPERATING *SURPLUS (DEFICIT) BEFORE TAX |
13,549 |
22.5% |
11,059 |
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(d) |
Less tax on operating profit |
(4,775) |
(3,867) |
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(e) |
Operating *surplus (deficit) after tax but before minority interests |
8,774 |
7,192 |
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(f) |
Less minority interests |
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(g) |
Equity earnings [detail in item 19 below] |
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(h) |
OPERATING *SURPLUS (DEFICIT) AFTER TAX ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER |
8,774 |
22.0% |
7,192 |
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3(a) |
Extraordinary Items after tax [detail in 6(a) below] |
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(b) |
Less Minority Interests |
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(c) |
Extraordinary items after tax attributable to Members of the Listed Issuer |
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4(a) |
TOTAL OPERATING *SURPLUS (DEFICIT) AND EXTRAORDINARY ITEMS AFTER TAX [2(e) + 2(g) + 3(a) ABOVE] |
8,774 |
7,192 |
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(b) |
Operating *Surplus (Deficit) and Extraordinary items after Tax attributalbe to Minority Interests [Items 2(f) + 3(b) above] |
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(c) |
OPERATING SURPLUS (DEFICIT) AND EXTRAORDINARY ITEMS AFTER TAX ATTRIBUTABLE TO MEMBERS OF THE LISTED ISSUER [2(h) + 3(c) above] |
8,774 |
22.0% |
7,192 |
*Delete as required Page one
Revised April 1995
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5. |
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUES/EXPENSES FORFULL YEAR |
CONSOLIDATED |
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# |
Items marked in this way need be shown only where their inclusion as revenue or exclusion from expenses has had a material effect on reported *surplus (deficit) |
Current Full Year $NZ’000 |
Previous Corresponding Full Year $NZ’000 |
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(a) |
Interest revenue included in Item 2(a) above |
86 |
123 |
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(b) |
# Interest revenue included in 5(a) above but not yet received |
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(c) |
Interest expense included in Item 2(a)above (include all forms of interest, lease finance charges, etc.) |
1,530 |
1,617 |
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(d) |
# Interest costs excluded from 5(c) above and capitalised in asset values |
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(e) |
# Outlays (other than those arising from the acquisition of an existing business) capitalised in intangibles |
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(f) |
Depreciation including all forms of amortisation and writing down of property/investment |
2,903 |
2,783 |
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(g) |
Write-off of intangibles |
169 |
175 |
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(h) |
Unrealised changes in value of investments |
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6.(a) UNUSUAL AND EXTRAORDINARY ITEMS OF THE GROUP
Items of revenue or expense which are of such size and incidence or such nature that their disclosure is necessary to explain the performance of the entity. - as required by FRS9
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GROUP - CURRENT FULL YEAR |
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DETAILS AND COMMENTS |
Before tax $NZ'000 |
Related income tax $NZ'000 |
After Tax $NZ'000 |
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Unusual Items
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Total Unusual items |
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Extraordinary Items
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Total extraordinary items |
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6.(b) COMMENTS BY DIRECTORS If no report in any section, state NIL. If insufficient space below, provide details in the form of notes to be attached to this report.
See Chairman’s statement
*Delete as required Page two
Reprint 1 January 1999
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7. EARNINGS PER SHARE |
CONSOLIDATED |
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Calculation of basic and fully diluted, EPS in accordance with IAS33: Earnings Per Share |
Current full year Cents |
Previous corresponding full year Cents |
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| (a) Basic EPS |
a) |
22.8 |
a) |
18.7 |
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| (b) Diluted EPS (if materially diferent from (a) |
b) |
22.8 |
b) |
18.7 |
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8.(a) MATERIAL ACQUISITIONS OF SUBSIDIARIES [see Note (VII) attached]:
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(i) |
Name of subsidiary or group of subsidiaries. |
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(ii) |
Contribution to consolidated operating *surplus (deficit) and extraordinary items after tax from operation of subsidiary. |
Nil |
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(iii) |
Date from which such contribution has been calculated |
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(iv) |
Operating *surplus (deficit) and extraordinary items after tax of the subsidiary for the previous corresponding full year |
Nil |
(b) MATERIAL DISPOSALS OF SUBSIDIARIES [see Note (VII) attached]:
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(i) |
Name of subsidiary or group of subsidiaries. |
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(ii) |
Contribution to consolidated operating *surplus (deficit) and extraordinary items after tax from operation of subsidiary. |
Nil |
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(iii) |
Date to which such contribution has been calculated |
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(iv) |
Contribution to consolidated operating *surplus (deficit) and extraordinary items after tax for the previous corresponding full year |
Nil |
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(v) |
Contribution to consolidated operating *surplus (deficit) and extraordinary items from sale of subsidiary. |
Nil |
9. REPORTS FOR INDUSTRY AND GEOGRAPHICAL SEGMENTS
Information on the industry and geographical segments of the Listed Issuer is to be reported for the *half year/full year in accordance with the provisions of SSAP:23: Financial Reporting for Segments. Because of the differing nature and extent of segments among Listed Issuers, no complete proforma is provided, and the segment information should be completed separately and attached to this report. However, the following shows a suitable list of items for presentation and indicates which amounts should agree with items included elsewhere in the *half year/full year report:
SEGMENTS
- Operating revenue:
Sales to customers outside the group
Intersegment sales
Unallocated revenue
- Total revenue [consolidated total equal to Item 1(c) above]
- Segment result
- Unallocated expenses attached
- Operating profit after tax (before equity accounting) [Equal to Item 2(c) above]
- Segment assets
- Unallocated assets
- Total assets [Equal to Item 10(n) below]
*Delete as required Page three
STATEMENT OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY
[Note (VIII) attached has particular relevance for the preparation of this statement]
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CONSOLIDATED |
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At end of current Full Year $NZ’000 |
As Shown in last Annual Report |
If half yearly as shown in last Half Yearly Report $NZ’000 |
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10. |
CURRENT ASSETS |
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(a) |
Cash |
- |
1,327 |
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(b) |
Receivables |
7,585 |
5,987 |
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(c) |
Investments |
- |
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(d) |
Inventories |
51,497 |
41,820 |
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(e) |
Other |
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(f) |
TOTAL CURRENT ASSETS |
59,082 |
49,134 |
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NON CURRENT ASSETS |
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(g) |
Receivables |
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(h) |
Investments |
810 |
820 |
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(i) |
Inventories |
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(j) |
Property, plant and equipment |
13,773 |
12,349 |
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(k) |
Intangibles |
572 |
643 |
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(l) |
Expenditure carried forward |
184 |
249 |
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(m) |
TOTAL NON-CURRENT ASSETS |
15,339 |
14,061 |
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(n) |
TOTAL ASSETS |
74,421 |
63,195 |
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11. |
CURRENT LIABILITIES |
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(a) |
Accounts payable + provisions |
12,642 |
11,085 |
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(b) |
Borrowings |
185 |
181 |
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(c) |
Tax payable |
1,905 |
1,310 |
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(d) |
Bank Overdraft |
789 |
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(e) |
TOTAL CURRENT LIABILITIES |
15,521 |
12,576 |
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NON-CURRENT LIABILITIES |
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(f) |
Accounts payable |
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(g) |
Borrowings |
21,049 |
17,169 |
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(h) |
Deferred Tax |
800 |
1,133 |
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(i) |
Other |
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(j) |
TOTAL NON-CURRENT LIABILITIES |
21,849 |
18,302 |
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(k) |
TOTAL LIABILITIES |
37,370 |
30,878 |
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(l) |
NET ASSETS |
37,051 |
32,317 |
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12. |
SHAREHOLDERS’ EQUITY |
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(a) |
Share Capital |
7,712 |
7,712 |
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(b) |
Reserves (I) Revaluation reserve |
256 |
266 |
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(ii) |
Other reserves |
3,488 |
3,075 |
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(c) |
Retained profits (accumulated losses) |
25,595 |
21,264 |
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(d) |
Convertible Notes |
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TOTAL CAPITAL FUNDS |
37,051 |
32,317 |
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(e) |
Outside equity interests in subsidiaries |
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(f) |
TOTAL SHAREHOLDERS’ EQUITY |
37,051 |
32,317 |
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*Delete as required Page four
STATEMENT OF CASH FLOWS FOR FULL YEAR
(See Note (IX) attached
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Current Full Year $NZ’000 |
Previous Corresponding Full Year $NZ’000
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13. |
CASHFLOWS RELATING TO OPERATING ACTIVITIES |
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(a) |
Receipts from customers |
155,613 |
140,890 |
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(b) |
Interest received |
93 |
123 |
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(c) |
Rent received |
94 |
111 |
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(d) |
Payment to suppliers and employees |
(146,794) |
(127,151) |
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(e) |
Interest paid |
(1,545) |
(1,586) |
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(f) |
Income taxes paid |
(4,567) |
(3,786) |
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(g) |
GST |
(113) |
(99) |
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(h) |
NET OPERATING CASH FLOWS |
2,781 |
8,502 |
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14. |
CASHFLOWS RELATED TO INVESTING ACTIVITIES |
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(a) |
Cash proceeds from sale of property, plant and equipment |
222 |
238 |
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(b) |
Cash proceeds from sale of equity investments |
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(c) |
Loans repaid by other entities |
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(d) |
Cash paid for purchases of property, plant and equipment |
(4,502) |
(2,652) |
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(e) |
Interest paid - capitalised |
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(f) |
Cash paid for purchases of equity investments |
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(g) |
Loans to other entities |
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(h) |
Payment of Key Money |
(30) |
(82) |
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(i) |
NET INVESTING CASH FLOWS |
(4,310) |
(2,496) |
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15. |
CASHFLOWS RELATING TO FINANCING ACTIVITIES |
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(a) |
Cash Proceeds from issues of shares, option, etc |
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(b) |
Borrowings |
3,455 |
0 |
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(c) |
Repayment of borrowings |
- |
(1,750) |
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(d) |
Dividends paid |
(4,059) |
(3,091) |
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(e) |
Convertible Note Interest Paid |
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(f) |
NET FINANCING CASH FLOWS |
(604) |
(2,841) |
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16. |
NET INCREASE (DECREASE) IN CASH HELD |
(2,133) |
1,165 |
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(a) |
Cash at beginning of full year |
1,327 |
150 |
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(b) |
Exchange rate adjustments to item 16(a) above |
17 |
12 |
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(c) |
CASH AT END OF FULL YEAR |
(789) |
1,327 |
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17. NON-CASH FINANCING AND INVESTING ACTIVITIES
Provide details of financing and investing transactions which have had a material effect on group assets and liabilities but did not involve cash flows.
*Delete as required Page five
Reprint 1 January 1999
18. RECONCILIATION OF CASH
For the purposes of the above statement of cash flows, cash includes
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Cash at the end of the full year as shown in the statement of cash flows is reconciled to the related items in the accounts as follows: |
Current Full Year $NZ'000 |
Previous Corresponding Full Year $NZ'000 |
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Cash on hand and at bank |
88 |
76 |
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Deposits at call |
1,611 |
2,187 |
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Bank Overdraft |
(2,488) |
(936) |
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Other (provide details) |
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TOTAL = CASH AT END OF FULL YEAR [Item 16(c) above] |
(789) |
1,327 |
19. EQUITY ACCOUNTED ASSOCIATED COMPANIES AND OTHER MATERIAL INTERESTS
Information attributable to the reporting group's share of investments in associated companies and other material interests is to be disclosed by way of separate note below (refer SSAP:8 Accounting for Business Combinations).
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EQUITY EARNINGS |
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(i) GROUP SHARE OF RESULTS OF ASSOCIATED COMPANIES |
Current *half year/full year $NZ'000 |
Previous corresponding *half year/full year $NZ'000 |
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(a) OPERATING *surplus (deficit) BEFORE TAX |
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(b) Less tax |
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(c) OPERATING *surplus (deficit) AFTER TAX |
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(d) (i) Extraordinary items (gross) |
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(ii) Less tax |
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(iii) Extraordinary items (net) |
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(e) OPERATING *surplus (deficit) AND EXTRAORDINARY ITEMS AFTER TAX |
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(f) Less dividends paid to group |
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(g) NET *ADDITION TO (REDUCTION IN) EQUITY CARRYING VALUE OF INVESTMENTS FROM CURRENT PROFITS (ITEM 2(e) ABOVE) |
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*Delete as required Page six
(ii) MATERIAL INTERESTS IN CORPORATIONS NOT BEING SUBSIDIARIES:
(a) The Group has a material (from group's viewpoint) interest in the following corporations:
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Name |
Percentage of ordinary shares held at end of *half year/full year |
Combinations of operating *surplus (deficit) and extraordinary items after tax |
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Equity accounted associated companies |
Current *half year/ full year |
Previous Corresponding *half year/ full year |
Current *half year/full year $NZ'000 |
Previous Corresponding *half year/full year $NZ'000 |
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Equity Accounted |
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Other material interests |
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Not Equity Accounted |
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(b) INVESTMENTS IN ASSOCIATED COMPANIES |
Current *half year/full year $NZ'000 |
Previous Corresponding *half year/full year $NZ'000 |
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Carrying value of investments in associated companies (CV)
Share of associated companies' retained profits and reserves not included in CV:
Retained profits Reserves
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Equity carrying value of investments |
*Delete as required Page seven
20. ISSUED AND QUOTED SECURITIES AT END OF CURRENT FULL YEAR
| Number | Number | Par Value | Paid-Up Value | |
| Category of Securities | Issued | Quoted | Cents | Cents |
| PREFERENCE SHARES: | NIL | |||
| # (Description) | ||||
| Issued during current *half year/full year | NIL | |||
| ORDINARY SHARES: | 38,558,600 | 38,558,600 | .20 cents | .20 cents |
| Issued during current full year | NIL | |||
| CONVERTIBLE NOTES | NIL | |||
| # (Description) | ||||
| Issued during current *half year/full year | ||||
| OPTIONS | Exercise Price | Expiry Date | ||
| Issued during current *half year/full year | NIL | |||
| DEBENTURES - Totals only: | $ NIL | $ | ||
| UNSECURED NOTES - Totals only: | $ NIL | $ | ||
| OTHER SECURITIES | $ NIL | $ | ||
| # Description includes rate of dividend or interest and any redemption or conversion rights together with the prices and dates thereof. | ||||
21. DIVIDEND: If a decision regarding a dividend has been made, file a completed copy of Appendix 7 with this form.
22. ANNUAL MEETING
(a) To be held at Ellerslie Racecourse
(b) Date Friday 19th NOVEMBER 1999 Time 2.00PM
If this full year report was approved by resolution of the Board of Directors, please indicate date of meeting: 19/8/99
_________________________________________________ 19/8/99
(signed by) Authorised Officer of Listed Issuer (date)
*Delete as required Page eight
Revised April 1995
9. SEGMENT RESULTS FOR THE TWELVE MONTHS ENDED 30 June 1999
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MHJ New Zealand |
MHJ Australia |
Consolidation |
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1999 $000,s |
1998 $000,s |
% +- |
1999 $000,s |
1998 $000,s |
% +- |
1999 $000,s |
1998 $000,s |
% +- |
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Operating Revenue |
56,600 |
50,845 |
+11.3% |
100,340 |
90,409 |
11.0% |
156,940 |
141,254 |
11.1% |
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Total Revenue |
56,600 |
50,845 |
+11.3% |
100,340 |
90,409 |
156,940 |
141,254 |
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Segment Results |
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Operating |
7,002 |
6,117 |
+14.5% |
8,663 |
7,158 |
+21.0% |
15,665 |
13,275 |
+18.0% |
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As % of Revenue |
12.4% |
12.0% |
8.6% |
7.9% |
10.0% |
9.4% |
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Unallocated Expenses |
(6,891) |
(6,083) |
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Group Operating Profit |
8,774 |
7,192 |
+22.0% |
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Segment Assets |
27,671 |
23,559 |
46,120 |
38,913 |
73,791 |
62,472 |
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Unallocated Assets |
630 |
723 |
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TOTAL ASSETS |
74,421 |
63,195 |
+17.8% |
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The Company Operated in two geographical segments - New Zealand and Australia. Inter segment pricing is at arms length or market value.
Unallocated expenses comprise interest, taxation and unallocated corporate expenses.