Freedom Foods Group Limited

ABN 41 002 814 235

Half Yearly Report Appendix 4D - 31 December 2016

  1. 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

  2. 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"

  3. Net tangible assets

    Reporting

    period

    Previous period

    Cents

    Cents

    Net tangible assets per ordinary security

    143.12

    127.24

  4. Control gained over entities

    Not applicable.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

Directors

The 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)

Rounding of amounts

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 declaration

A 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.

Public permalinkhttp://www.publicnow.com/view/E5C33C873BF9A4B41ED02A3706F106996282664A