For personal use only

Transcription

1 1. Company Details Name of entity: Spring FG Limited ABN: Reporting period: For the year ended 30 June 2017 Previous period: For the year ended 30 June Results of announcement to the market Revenue from ordinary activities up 7% to 12,346 Profit after tax from ordinary activities attributable to the owners of Spring FG Limited down 37% to 1,001 Dividends A fully franked final dividend for FY2016 of 1.0 cent per share, and Interim FY2017 dividend of 0.5 cents per share were declared and paid during the period. The Directors consider it prudent to determine the Interim Dividend FY2017 as final. The Company retains its policy to pay fully-franked dividends at least annually, subject to available profit and cashflow, which the Directors anticipate will be appropriate for FY2018. Commentary The accompanying market release provides a commentary on the results. This report should be read in conjunction with any public announcements made in the period by Spring FG Limited in accordance with ASX Listing Rules. Note Regarding Early Adoption of AASB 15 As previously noted the Company elected to early-adopt Australian Accounting Standard AASB 15 Revenue from Contracts with Customers, with effect from 1 July All figures relative to FY2016 presented previously have reflected that early-adoption. All comparative figures for the FY2016 prior corresponding period (PCP) - to 30 June were restated and reflected as if AASB 15 had been applied in that year. However, the Company has identified an error in the FY2015 restatements with respect to the retrospective application of AASB 15. Accordingly, it has restated opening balances for FY2016 comparative figures to correct that error. The restatement impacts the FY2016 opening balances for trade debtors, retained earnings and income tax liability but has no impact on revenue or profit, or cashflow for either FY2016 or the current period. All FY2016 figures herein and in the accompanying market release reflect the restatement of those opening balances. The Company s FY2017 Consolidated Financial Statements (which it expects to lodge with the ASX by Friday 30 September 2017) will include further appropriately detailed discussion on error with respect to the retrospective application of AASB 15 to FY2015.

2 Contents 1. Company Details Results of announcement to the market Consolidated Statement of Profit & Loss and Other Comprehensive Income Consolidation Statement of Financial Position Consolidated Statement of Cash Flows Consolidated Statement of Retained Earning and Changes in Equity Dividends Dividend Reinvestment Plan Net Tangible Assets Control over entities... Error! Bookmark not defined. 12. Segment Reporting... Error! Bookmark not defined. 13. Accounting policies Audit status... 9

3 3. Consolidated Statement of Profit & Loss and Other Comprehensive Income Year ended 30 June Revenue & other income 12,346 11,572 Direct costs to generate revenue (1,183) (833) Employment expenses (5,616) (4,779) Advertising & marketing expenses (891) (478) Professional & consulting fees (265) (278) Rental expenses (1,265) (1,099) Other operating expenses (1,205) (1,327) Total expenses (10,425) (8,793) EBITDA 1,920 2,777 Depreciation & amortisation (303) (373) Loss on disposal of fixed assets 0 (103) Interest expense (including acquisition interest) (155) (17) Profit before income tax 1,463 2,286 Income tax expense (457) (681) Profit after income tax expense for the year 1,007 1,605

4 4. Consolidation Statement of Financial Position Restated As at 30 June CURRENT ASSETS Cash & cash equivalents 2,598 1,378 Trade & other receivables 6,672 3,290 Other assets TOTAL CURRENT ASSETS 9,727 4,957 NON-CURRENT ASSETS Trade & other receivables 2,117 3,840 Plant & equipment Deferred tax assets Goodwill & intangible assets 8,783 8,117 TOTAL NON-CURRENT ASSETS 12,126 13,050 TOTAL ASSETS 21,853 18,007 CURRENT LIABILITIES Trade & other payables 1,538 1,717 Current tax liabilities Employee benefits Unearned income TOTAL CURRENT LIABILITIES 2,282 2,487 NON-CURRENT LIABILITIES Deferred tax liabilities Other liabilities 2,327 (0) TOTAL NON - LIABILITIES 2, TOTAL LIABILITIES 5,109 2,943 NET ASSETS 16,743 15,064 EQUITY Issued capital 17,966 15,403 Retained earnings (1,223) (340) TOTAL EQUITY 16,743 15,064

5 5. Consolidated Statement of Cash Flows Year ended 30 June CASH FLOW FROM OPERATING ACTIVITIES 2017 Restated 2016 Receipts from customers 8,288 11,095 Payment to supplies and employees (7,909) (9,002) Net interest (paid) / received (148) 85 Income taxes paid (179) (838) Net cash provided by operating activities 52 1,340 CASH FLOW FROM INVESTING ACTIVITIES Acquisition of property, plant, equipment & intangibles (970) (1,015) Proceeds property, plant, equipment & intangibles 1,361 0 Payments received - related parties 103 (158) Net cash (used) / provided by investing activities 495 (1,173) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from share issue 2, Capital raising costs (89) (75) Dividends paid (1,463) (1,196) Net cash (used) / provided by financing activities 673 (415) Net increase / (decrease) in cash and cash equivalents held 1,220 (248) Cash and cash equivalents at the beginning of the year 1,378 1,626 Cash and cash equivalents at the end of the year 2,598 1,378

6 6. Consolidated Statement of Retained Earning and Changes in Equity Ordinary Shares Retained Earnings Option Reserve Total Equity Balance at 1 July ,377 (340) 27 15,064 Profit attributed to members of parent entity - 1,007-1,007 Dividends paid - (1,889) - (1,889) Shares issued during the year 2, ,651 Transaction costs (89) - - (89) Balance at 30 June ,939 (1,223) 27 16, Dividends A fully franked final dividend for FY2016 of 1.0 cent per share, and Interim FY2017 dividend of 0.5 cents per share were declared and paid during the period. The Directors consider it prudent to determine the Interim Dividend FY2017 as final. The Company retains its policy to pay fully-franked dividends at least annually, subject to available profit and cashflow, which the Directors anticipate will be appropriate for FY2018. Earnings per share Reporting period Previous period (cents) (cents) Basic Earnings per share * Diluted earnings per share * Reporting period Previous period Weighted average number of ordinary shares outstanding during the period used in the calculation of basic EPS (number) (number) 126,603, ,286, Dividend Reinvestment Plan The Company operates a Dividend Reinvestment Plan (DRP). The DRP was fully applicable to both the FY2016 final and FY2017 interim dividends paid during the period.

7 9. Net Tangible Assets Reporting period ($) Previous period ($) Net tangible assets per ordinary share $0.06 $ Change in control over entities Name of entity MyTax247 Pty Ltd Date Control gained by formation on 8 August Control over entities Name of entities 2017 % owned 2016 % owned Spring Wealth Pty Ltd Spring FG Realty Pty Ltd Spring FG Finance Pty Ltd Spring FG Accounting Pty Ltd Spring FG Services Pty Ltd Spring FG Digital Pty Ltd Spring FG Branch Network Pty Ltd MySuper247 Pty Ltd MyTax247 Pty Ltd (formed on 8 August 2016) 100 -

8 12. Segment Reporting Year ended 30 June 2017 Financial planning, investment advice & product sales Accounting & Tax Services Unallocated Total Segment revenue $9,415 $1,191 $318 $10,924 EDITDA $846 $100 $974 $1,920 Depreciation & amortisation ($280) ($20) ($3) ($303) Interest expense ($2) $0 ($152) ($155) Profit before income tax $564 $80 $818 $1,462 Year ended 30 June 2016 Financial planning, investment advice & product sales Accounting & Tax Services Unallocated Total Segment revenue 9,889 1, ,572 EDITDA 2, (562) 2,777 Depreciation & amortisation (282) (12) (78) (372) Loss on disposal of fixed assets 0 0 (103) (103) Interest expense (7) 0 (10) (17) Profit before income tax 2, (753) 2, Accounting policies The general purpose financial statements for the reporting period ended 30 June 2017 have been prepared in accordance with Australian Standards and the Corporations Act 2001, as appropriate for all profit-oriented entities.

9 14. Audit status The financial report is in the process of being audited. The Company expects to lodge its audited financial statements by 30 September Keith R Cullen Managing Director 31 August 2017