ABN 65 007 066 033
Lodged with the ASX under Listing Rule 4.2A
Results for announcement to the market 2
Directors' Report 3
Auditor's independence declaration 5
Consolidated income statement 6
Consolidated statement of comprehensive income 7
Consolidated balance sheet 8
Consolidated statement of changes in equity 9
Consolidated statement of cash flows 10
Notes to the accounts 11 - 15
Directors' declaration 16
Independent Auditor's review report to members 17 -18
Globe International LimitedABN 65 007 066 033
Half-year 2015 $'000 | Half-year 2014 $'000 | Movement $'000 | Movement % | |
Net sales | 78,834 | 65,985 | 12,849 | 19.5% |
Revenue from ordinary activities | 79,130 | 66,211 | 12,919 | 19.5% |
Earnings before interest, tax, depreciation and amortisation (EBITDA) | 4,241 | 2,750 | 1,492 | 54.2% |
Net profit after tax attributable to members (NPAT) | 2,904 | 1,582 | 1,322 | 83.6% |
Half-year 2015 $'000 | Half-year 2014 $'000 | Movement $'000 | Movement % | |
Net profit after tax attributable to members (NPAT) | 3,821 | 2,175 | 1,646 | 75.7% |
Dividends / Distributions | Amount per security | Franked amount per security |
Interim dividend | 3 cents | 3 cents |
18 March 2016
Record date for determining entitlements to the dividend
NTA Backing | Current Period | Previous Period 30 June 2015 |
Net tangible asset backing per ordinary security | 0.79 | 0.75 |
Explanation of Result
Please refer attached media release for a review and explanation of the financial results.
Your directors present their report on the consolidated entity of Globe International Limited ("the Company") and its controlled entities (collectively "the Group") as at the end of, or during, the half-year ended 31 December 2015.
DIRECTORS
The following persons were directors of the Company during the whole of the half-year and up to the date of this report: Paul Isherwood AO
Peter Hill
Stephen Hill
REVIEW OF OPERATIONS
The Group reported continued revenue growth and an improvement in profitability for the six months ended 31 December 2015, as set out below:
Revenue of $ 79.1 million grew 19% over the prior corresponding period (10% in constant currency).
Earnings before interest, tax, depreciation and amortization (EBITDA) of $4.2 million grew 54% over the same time last year.
Net Profit After Tax (NPAT) of $ 2.9 million for the half year was $ 1.3 million ahead of the prior corresponding period.
Financial Performance
The Group's reported net sales for the half year were $78.8 million, an increase of 19%, which drove the underlying profitability improvement. This revenue and profitability improvement was a consequence of recent investments and diversification into new markets and brands.
The stand out from a regional perspective was Australia with revenue growth of 36%, with all branded divisions in Australia contributing. In Europe, sales though flat in reported currency, declined 4% in local currency as a result of hardgoods sales falling in the region as compared to a high point this time last year. In North America, while sales grew 16% in reported currency terms, in local currency, sales declined 6% after a softening of retail in the USA in the second quarter of the financial year.
Branded highlights included Globe apparel which continued to grow in all regions, work-wear brand FXD and Australia's 4Front division.
The significant growth in revenue translated to reported earnings before interest, tax, depreciation and amortisation (EBITDA) of $4.2 million for the half year, as compared to $2.8 million at the same time last year.
Financial Position
At 31 December 2015, the Group had available net cash of $7.3 million, which is $3.0 million lower than the $10.3 million net cash reserves at 30 June 2015. The utilisation of cash during the half year is principally a result of increased investment in working capital to facilitate continuing sales growth and to fund the $1.7 million 2015 final dividend paid October 2015. The underlying ageing profile of major working capital accounts such as accounts receivable and inventory remains satisfactory.
MATTERS SUBSEQUENT TO THE END OF THE HALF YEAR
There are no matters to report subsequent to the end of the half year.
DIVIDENDS
The Directors have determined that a fully franked interim dividend of 3 cents per share will be paid to shareholders on 14 April 2016.
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 5 and forms part of the Directors' Report for the half-year ended 31 December 2015.
ROUNDING OF AMOUNTS
The Company 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.
This report is made in accordance with a resolution of directors pursuant to section 306(3) of the Corporations Act 2001
...........................................................
Paul Isherwood AO Chairman
Melbourne
23 February 2016
Globe International Limited issued this content on 23 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 February 2016 07:56:14 UTC
Original Document: http://globecorporate.com/wp-content/themes/globe-corporate/files/announcements/APPENDIX 4D DEC 15 - FINAL 23 FEB 2016.pdf