CTI Logistics Limited
ABN 69 008 778 925
Appendix 40
Half-year Report
Half-year ended 31 December 2015
For annonncement to the market
Extracts from this revort for announcement to the market $A'OOO
Revenue | Up | 21.2% | to | $79,023 |
Profit from ordinary activities after tax attributable to | ||||
members | Up | 372% | to | $19,970 |
Net profit for the period attributable to members | Up | 372% | to | $19,970 |
Dividends | Amount per | security | Franked amount per security | |
Final dividend | Year ended 30 June 2015 Previous corresponding period | 4.0 cents 4.0 cents | 4.0 cents 4.0 cents | |
Interim dividend | Current period Previous corresponding period | 4.0 cents 4.0 cents | 4.0 cents 4.0 cents | |
+Record date for determining entitlements to the dividend | I | 01 April 2016 I |
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CTI Logistics Limited
Supplementary Appendix 4D information 31 December 2015
Current period | Previous corresponding period | |
Net tangible asset backing per ordinary security | 79 cents | 86 cents |
NTA backi02
Details of dividends declared or paid during or subsequent to the period ended 31 December 2015 are as follows:
Payment date | Amount per security | Total dividend | Franked amount per security | |
Final dividend -year ended 30 June 2015 (fully franked at 30%) | 20 November 2015 | 4.0 cents | $2,633,228 | 4.0 cents |
Interim dividend - Current period (fullv franked at 30%) | 15 Aoril 2016 | 4.0 cents | $2,719,560 | 4.0 cents |
The interim dividend has not been recognised as a liability at the half-year end.
A Dividend Re-investment Plan and Bonus Share Plan are currently in operation. As a result of the recent transition by ASX to a T+2 settlement cycle, the Rules of the CTI Logistics Limited Dividend Re-investment Plan and Bonus Share Plan have been varied to amend the last date for the receipt of DRP/BSP election notices from two to three Business Days after the Record Date. This change will maintain the present alignment of the DRP/BSP pricing period with the last date for receipt of DRP/BSP election notices. The DRP/BSP participation status of shareholders will not
be affected by the above amendment. The change is effectively immediately and will therefore apply in relation to the interim dividend payable to shareholders on 15 April 2016.
There were no acquisitions or disposals of controlled entities during the current period.
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Lodged with the ASX under Listing Rule 4.2A
This half-year financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2015 and any public announcements made by CTI Logistics Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
CTI LOGISTICS LIMITED
Half-year report
31 December 2015
Your directors present their report on the group consisting of CTI Logistics Limited and the entities it controlled during the half-year ended 31 December 2015 and the review report thereon.
Directors
Directors of the Company were in office during the whole of the half-year and up to the date of this report are:
David Robert Watson (Chairman) Peter James Leonhard!
David Anderson Mellor Bruce Edmond Saxild Matthew David Watson
Principal activities of the group
The principal activities of the group during the half-year were the provision of logistics and transport services, rental of property, specialised flooring logistics and provision of security services.
Dividends
Dividends paid or declared by the Company to members since the end of the previous financial year were:
Cents oer share | Total amount | Franked | Date of oavment | |||
Declared and paid durina the half-vear | ||||||
Final 2015 - ordinary | 4.0 | $2,633,228 | Franked | 20 November 2015 | ||
Declared after end of half-vear | ||||||
Interim 2016 - ordinarv | 4.0 | $2,719,560 | Franked | 15 Aoril 2016 |
After the half-year end the directors have declared a fully franked interim dividend of 4 cents per ordinary share. The dividend has not been provided and there are no income tax consequences.
The financial effect of this post half-year dividend has not been brought to account in the financial statements for the half-year ended 31 December 2015 and will be recognised in subsequent financial reports.
Review of operations and results
Profit before tax for the period was $23,954,662, including the profit on sale of the long held Bibra Lake warehousing and distribution property of $18,923, 177. The profit before tax excluding the profit on sale of the property was $5,031,485, down 16.2% on the previous corresponding period. Revenue from operations was up 21.2%, to $79,023,416.
The underlying results for the period were impacted by a combination of
* the severe downturn in business activity in the Western Australian economy.
weaker than expected throughput in demand from our warehousing client base in late November and December.
significant unexpected costs associated with the implementation of a new distribution model and warehousing management system for our largest client in December that has carried through into the current period.
building and other costs associated with the partial completion of 13,500 square metres of additional warehouse at Hazelmere.
the continued decline in volumes across the courier and general freight markets, along with price and margin pressure.
On the plus side
the positive contribution from the mid-2015 acquisition of GMK Logistics.
initial expansion into the South Australian market with existing customers.
CTI Logistics Limited and Controlled Entities Page2
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