Freedom Foods Group Limited |
ABN 41 002 814 235 |
Half Yearly Report Appendix 4D - 31 December 2016 |
-
Company details
Name of entity:
Freedom Foods Group Limited
ABN:
41 002 814 235
Reporting period:
For the half year ended 31 December 2016
Previous period:
For the half year ended 31 December 2015
-
Results for announcement to the market
$'000
Revenues from ordinary activities
up
128.9%
to
123,852
Profit from ordinary activities after tax attributable to the owners of Freedom Foods Group Limited
down
81.0%
to
4,450
Profit for the half year attributable to the owners of Freedom Foods Group Limited
down
81.0%
to
4,450
* Profit for the prior period ended 31 December 2015 includes a gain from the disposal of the investment in The a2 Milk Company (a2MC) of $25 million.
Dividends
Amount per
security
Franked amount per
security
Cents
Cents
Interim dividend for the half year ended 31 December 2016 for ordinary shares payable on 30 April 2017
2.00
2.00
Interim dividend for the half year ended 31 December 2016 for convertible redeemable preference
shares payable on 30 April 2017
1.35
1.35
Final dividend for the year ended 30 June 2016 for ordinary shares paid on 30 November 2016
2.25
2.25
Final dividend for the year ended 30 June 2016 for convertible redeemable preference shares paid on
30 November 2016
1.35
1.35
Comments
For further details, refer to the "Results for announcement to the market"
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Net tangible assets
Reporting
period
Previous period
Cents
Cents
Net tangible assets per ordinary security
143.12
127.24
-
Control gained over entities
Not applicable.
-
Dividend reinvestment plans
The following dividend or distribution plans are in operation:
The Dividend Reinvestment Plan 'DRP' is current and remains unchanged from prior years. All Shareholders when initially registered, receive a copy of the DRP and details concerning participation in the DRP. The DRP provides shareholders with the opportunity to receive ordinary shares, in lieu of cash dividends, at a discount (set by the directors) from the market price at the time of issue. The last date for lodgement of election notices to the share registry for the interim dividend to be paid on 28 April 2017 is Monday 4 April 2017.
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Details of associates and joint venture entities
Reporting entity's percentage
holding
Contribution to profit/(loss)
(where material)
Reporting
period
Previous period
Reporting
period
Previous period
Name of associate / joint venture
%
%
$'000
$'000
Pactum Dairy Group Limited (PDG)*
-
1.00%
N/A
(28)
Australian Fresh Milk Holdings Pty Limited (AFMH)
10.00%
10.00%
260
220
Group's aggregate share of associates and joint venture entities' profit/(loss) (where material)
Profit/(loss) from ordinary activities before income tax
260
192
Income tax on operating activities
-
(82)
* As at 31 December 2015, FNP equity accounted 1% of the loss in line with the ownership structure at that time. The Group converted its investment of convertible notes in January 2016 obtaining a 50% interest in PDG. Under the guidance of AASB 10 Consolidated Financial Statements, a conclusion was reached that control was deemed to be gained on 1 January 2016 by the Group over PDG. Subsequently, PDG formed part of that consolidated Group. Also refer to Note 9 Business Combinations and Note 10 for Events after the reporting period.
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Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements were subject to a review by the auditors and the review report is attached as part of the Half Yearly Report Appendix 4D.
- Signed
Signed | Date: 28 February 2017 |
Rory J F Macleod | |
Managing Director and Chief Executive Officer | |
Sydney |
31 December 2016
The directors present their report, together with the financial statements, on the Consolidated Entity (referred to hereafter as the 'Group') consisting of Freedom Foods Group Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half year ended 31 December 2016.
DirectorsThe following persons were directors of Freedom Foods Group Limited during the whole of the financial half year and up to the date of this report, unless otherwise stated:
Perry R. Gunner - Chairman (Independent Non-Executive) |
Rory J.F. Macleod - Managing Director and Chief Executive Officer (Executive) |
Anthony M. Perich - Deputy Chairman and Director (Non-Executive) |
Ronald Perich - Director (Non-Executive) |
Trevor J. Allen - Director (Independent Non-Executive) |
Michael R. Perich - Alternate Director for Anthony M. Perich and Ronald Perich (Non-Executive) |
The Group is of a kind referred to in Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191, dated 24 March 2016 and in accordance with that Corporations Instrument amounts in the Directors' Report are rounded off to the nearest thousand dollars, unless otherwise indicated.
Auditor's independence declarationA copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 23. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.
On behalf of the directors
Rory J F Macleod |
Managing Director and Chief Executive Officer |
28 February 2017 |
Sydney |
Freedom Foods Group Ltd. published this content on 28 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 February 2017 08:20:14 UTC.
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