Reporting Timetable and Trading Update
Outlined below is indicative timing for the announcement of financial results by Freightways Limited (Freightways) and a trading update for the four months ended 31 October 2003.
Annual Reporting Timetable
Key dates for shareholders in relation to reporting of Freightways’ financial results are:
- February – Announcement of results for the half-year ended 31 December
- August – Announcement of results for the full year ended 30 June
- November – Annual General Meeting (incorporating trading update for the four months ended 31 October)
In addition, and in compliance with continuous disclosure requirements, announcements will be made regarding any material events as they occur.
Trading update – Results for the four months ended 31 October 2003
As Freightways’ first Annual General Meeting as a listed public company is scheduled for November 2004, an update on unaudited trading performance for the four months ended 31 October 2003 is provided below. Performance for the prior comparable period has been presented below on a pro-forma basis to reflect consolidated results had the parent entity existed at that time. This pro-forma adjustment to increase costs by $115,000 ensures a like for like comparison against the current year’s performance (refer following table).
For the first four months of the current financial year, Freightways’ trading has been consistently strong. Volumes in the major express package businesses are ahead of last year, while the smaller business mail and information management businesses also continue to contribute improving year on year performance. Increased volumes have arisen from higher activity by existing customers and increased market share. There has also been some small pricing and margin improvement compared to the previous year.
As a result of this positive activity for the four months ended 31 0ctober 2003 Freightways’ revenue totalled $67.1 million, an increase of 6%, and Earnings Before Interest, Tax and Amortisation (EBITA) amounted to $11.7 million, 21% ahead of last year. Net profit after tax, before distributions to minority interests (preference share dividends), was $4.6 million.
Results for the four (4) months ended 31 October (unaudited):
| FOUR MONTHS ENDED | 31 OCTOBER 2003 | 31 OCTOBER 2002 | % VARIANCE |
|---|---|---|---|
| $’000 | $’000 | ||
| Revenue | 67,105 | 63,414 | 6% |
| EBITA | 11,736 | 9,707* | 21% |
| Net Profit After Tax | 4,579 | n/a | n/a |
* This amount has been prepared on a pro-forma basis by expensing an additional $115,000 for higher depreciation and compliance costs representative of the current structure of Freightways.
Outlook
At this stage of our annual business cycle Freightways is pleased to report that the company’s results to 31 October 2003 are well on track to deliver the forecast to 30 June 2004 which was contained in the prospectus dated 28 August 2003.
For further information please contact:
DEAN BRACEWELL
Managing Director
Freightways Limited
Ph: (09) 571 9672
Fax: (09) 571 9671
