1H16 Appendix 4D and Half Year Report
Sydney, Aug 25, 2016 AEST (ABN Newswire) - The directors for present their report on the consolidated entity consisting of Myob Group Ltd (
ASX:MYO) ("Parent") and the entities it controlled at the end of, or during, the half-year ended 30 June 2016. Throughout the report, the consolidated entity is referred to as "the Group".
DIRECTORS
The following persons were directors of the Group during the half-year and up to the date of this report:
Justin Milne - Independent Non-Executive Director, Chairman
Tim Reed - Executive Director, Chief Executive Officer
Andrew Stevens - Independent Non-Executive Director
Anne Ward - Independent Non-Executive Director
Craig Boyce - Non-Executive Director
Paul Edgerley - Non-Executive Director
PRINCIPAL ACTIVITIES
During the half-year, the principle activities of the Group consisted of:
- development and publishing of software; and
- provision of services for small and medium enterprises, including accountants in public practice.
There were no significant changes in the nature of activities of the Group during the half-year.
DIVIDENDS
There was a final ordinary dividend payment of $29.2million (5.0 cents per fully paid Ordinary share) paid on 5 April 2016 out of the undistributed profit reserve.
REVIEW OF OPERATIONS
For the half-year ended 30 June 2016 the Group reported statutory operating revenue from continuing operations of $178.3 million (2015 half-year period: $160.7 million). The Group's statutory profit from continuing operations before income tax, finance expenses, depreciation and amortisation was $79.0 million (2015 halfyear period: $47.4 million) and its statutory net profit after tax was $26.0 million (2015 half-year period net loss: ($65.0 million)).
In the ASX listing prospectus, the Group reported financial results and forecasts on a pro forma basis. Pro forma adjustments reflect the impact of the operating and capital structure in place following completion of the IPO as if it was in place as at 1 January 2015. In addition, certain other adjustments are made to pro forma figures to eliminate non-recurring items such as significant expenses relating to the ASX listing and costs incurred around changes to MYOB's capital and funding structure as well as to reflect standalone public company costs.
For the half-year ended 30 June 2016 the Group reported pro forma operating revenue from continuing operations of $178.3 million (2015 half-year period: $160.7 million). The Group's pro forma profit from continuing operations before income tax, finance expenses, depreciation and amortisation was $82.0 million (2015 half-year period: $71.7 million) and its pro forma net profit after tax was $26.2 million (2015 half-year period: $19.8 million).
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
There was no other significant change in the state of affairs of the Group during the half-year ended 30 June 2016.
MATTERS SUBSEQUENT TO THE END OF THE PERIOD
On 25 August 2016, the directors declared an unfranked interim dividend of 5.50 cents per fully paid Ordinary share to be paid on 20 October 2016 to shareholders registered at the record date on 5 October 2016.
On 1 August 2016, MYOB Finance NZ Limited, a subsidiary of the Group signed an agreement to purchase Hei Matau Holdings 2000 Limited, the ultimate shareholder of the Greentree group of companies for a total consideration of NZ$28.5m to be funded from the Group's existing cash reserves.
There are no other significant events noted after the balance sheet date.
AUDITOR'S INDEPENDENCE DECLARATION
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 3.
ROUNDING OF AMOUNTS
The Group is of a kind referred to in Class Order 98/100, issued by the Australian Securities and Investments Commission, relating to the 'rounding off' of amounts in the directors' report. Amounts in the directors' report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, to the nearest dollar.
TAX CONSOLIDATION
The Group and its 100% owned Australian subsidiaries are a tax consolidated group.
AUDITOR
PricewaterhouseCoopers continues in office in accordance with section 327 of the Corporations Act 2001.
This report is made in accordance with a resolution of directors.
To view the full report, please visit:
http://abnnewswire.net/lnk/PLLK8JQK
About Myob Group Ltd
MYOB Group Ltd (ASX:MYO) is a leading provider of online business management solutions. It makes business life easier for approximately 1.2 million businesses and accountants across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. It provides ongoing support through client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly through its Connected Practice Strategy and through the development of the MYOB Platform. For more information, follow @MYOB on Twitter or visit https://investors.myob.com.au/Investors
| ||
|
