In 2016, the Clemenger Group celebrated its 70th anniversary.
We started as an advertising agency and in the 1990's began expanding into other marketing communications specialisations. As the Group grew, our agencies had greater opportunities to collaborate - sharing talent and ideas across disciplines.
As this happened more and more, we experimented with different models of collaboration for different clients. And what this taught us is that the model isn’t the most important thing. The truth is, what works for one client doesn’t necessarily work for another. What does matter, however, is having the right talent and the right chemistry. And if you have that, then you can create the model that’s best.
This philosophy is what we call ‘connected brilliance’. Finding the right talent and crafting customised solutions for integrated offerings.
As you read this Annual Report you will see examples of world class work and capabilities from our companies in Australia and New Zealand. Work that has a bit of magic about it. Work that transcends platforms and leverages technology. Work that comes from collaboration. Work that works.
In 2016 we achieved an overall revenue increase of +5% to $432 million.
Our profit after tax was up +6% to $43million and our EBITDA went from $68.3 million to $71.4 million.
These were very strong results in a flat economic environment and low growth media market in Australia and New Zealand.
As a result of this performance, the Board approved a dividend of 12.25 cents per share. And in line with the share price formula, the Clemenger Group Share price as of 1st June 2017 will be $3.16. A growth of +23 cents per share on 2016.
For all our shareholders including over 350 local Australian and New Zealand shareholders, this is a very good result.
May I thank everyone in all our companies for helping us make 2016 a successful year, from a financial point-of-view.
In this Report you can read commentary on the performance of all of our companies. We have much to be proud about. However, it would be remiss of me not to highlight the incredible achievements of three of our businesses in 2016 – Colenso BBDO, Clemenger BBDO Melbourne and CHE Proximity.
Followed their highly successful 2015 with an even more impressive year, creatively, in 2016. The Directory Big Won Rankings, which are calculated based on points awarded for the top tier global awards shows, listed Colenso as the #1 agency in the world (with 5 other BBDO agencies included in the top 10). And whilst Colenso’s Brewtroleum campaign for DB Breweries was a standout, their total of 62 global awards recognised 25 ideas across 14 different clients - testimony to not only the quality, but the breadth and depth of their work. The agency won Campaign Brief Agency of the Year for New Zealand for a record eighth time and a host of other local, regional and global agency of the year accolades. They were also ranked the 7th agency in the world by the Effies, which is the global standard for effectiveness.
Clemenger BBDO Melbourne
Has set the standard in Australia for creative excellence in the last decade and in 2016 they set that bar even higher. It was just reward for the agency that their work, across several campaigns, was globally recognised, commented on and awarded. But like their sister agency Colenso, in a sign of the way the agency has been evolving, their creative work was expressed across an impressive range of platforms and mediums. The agency had more winners at the 2016 Mashies Awards (which showcases outstanding digital work) than any other agency in the world. They won Campaign Brief Agency of the Year in Australia for a record ninth time and the AdNews Award for Australia’s best agency. In May 2017 they were the world’s most awarded agency at the London D&AD awards, winning 13 Pencils across three campaigns - TAC 'Meet Graham', Snicker's 'Hungerithm' and Bonds 'The Boys'.
The agency started 2016 with 143 staff and ended the year with 248 staff. While a small part of this growth was a result of absorbing Ursa Clemenger into the business, the majority was organic growth with about 90 new jobs created. CHEP has created a highly differentiated and compelling advertising agency model which uses data as their foundation to create timely and meaningful conversations with their clients' consumers. They are a powerful force.
I would like to acknowledge the remarkable Peter Clemenger AM AO who in April last year celebrated his 70th year with the Group. Peter was with the company on its first day in March 1946 and was our Executive Chairman until 1998. He continues with us today as a non-executive director of the Clemenger Group.
So much of what we are as a company is because of the course that was set and steered by Peter. He and his brother John were instrumental in forming a partnership with BBDO and he was an architect of our visionary share scheme, which has been so important in creating stable management and a genuine share of ownership for so many Clemenger people over the years.
When we asked Peter what he thought we should do to celebrate our 70th year he said “let’s wait until we turn 75”. Which is so typical of Peter, always looking to the future.
Another person who has had an enormous impact on the success of our company over a long period of time is Hylton Mackley, who quietly announced his retirement from an executive role with the Clemenger Group at the end of last year. Happily, he will continue to serve as a member of the Clemenger Group board in a non-executive capacity.
Hylton was one of four founding fathers of Colenso and his time with Clemenger began when we purchased a minority share of Colenso in 1973. In 1987 Hylton became Finance Director of the Clemenger Group and he held that role for nearly 30 years. It is no coincidence that these were such strong years for the Group.
There have been many moments when Hylton’s inspiration or intervention have had a significant impact on the financial fortunes of the Company. His ability to spot opportunities has led to diversification and growth and his ability to sense problems has seen us course correct when we’ve needed to.
His stewardship of our share scheme has helped hundreds of employees prosper and his guidance in managing the sale of half of our staff’s shares in 2011 to Omnicom/BBDO was one of the most important moments in our company’s 70 year history.
We are all deeply indebted to Hylton for the way in which he has guided our company, resulting in us being in such a strong financial position today.
Clemenger Group Board appointments
In 2016 we welcomed six new people to our Clemenger Group Board - Nicola Hepenstall (Managing Partner, Hall & Partners Open Mind Research), Brigid Alkema (Executive Creative Director, Clemenger BBDO Wellington), James Neale (Chief Executive Officer, Traffik Group), Chris Howatson (Chief Executive Officer, CHE Proximity), Nick Garrett (Chief Executive Officer, Clemenger BBDO Melbourne) and Mike Higgins (Chief Financial Officer, Clemenger Group New Zealand).
Each of these is ‘best-of-class’ in their chosen fields. And they all embody the Clemenger values we believe in so strongly. They will help ensure Clemenger continues to lead the industry in all our disciplines.
There were a number of other leadership appointments across our Group in 2016. These included Emily Perrett (Managing Director, Clemenger BBDO Sydney), Rob Hudson (Managing Director, Clemenger BBDO Brisbane), Michael Titshall (Managing Director, CHE Proximity Melbourne), David Halter (Managing Director, CHE Proximity Sydney), Jason Marocchi (Managing Director, GRA Everingham), Paul Manning (Managing Director, 99).
Attracting and keeping an unfair share of the best people has never been more important. And it’s never been more challenging.
To that end it is pleasing to see the additional emphasis and investment being placed on HR and people development by several of our businesses in 2016. We now have seven people across the Group working in ‘people roles’, with plans to add more in 2017.
There was (and continues to be) a lot of focus on gender equity in our industry and while we still have a long way to go in this area, in 2016 we took some very positive actions - including doubling our maternity leave payments and making our eligibility criteria more generous, conducting unconscious bias training and setting a goal to have 40% female management (CEO or one level down) by 2020.
We also became foundation members of a new organisation called the ‘Agency Circle’, which pledges to publicly report on gender and diversity measurements on an ongoing basis. The establishment of the ‘Agency Circle’ has been driven in large part by Emily Perrett, Managing Director of Clemenger BBDO Sydney.
In November 2016 we conducted a Diversity Audit of our people to establish a deeper and more statistically valid benchmark of the profile in our organisation versus the population at large. This provided us with racial and religious background information. We are committed to capturing this data on an ongoing basis to help inform future recruitment practices and company policies.
The Clemenger Group Graduate Program across Australia and New Zealand is considered the best in the industry. In 2016, 20 graduates took part in the program and we have employed 17 of them.
Clemenger University was once again held in October at Melbourne Business School. It was a week-long live-in course which gave some of our best and brightest an invaluable learning, development and networking opportunity. Attending in 2016 were Adam Kennedy (Clemenger BBDO Melbourne), Gayle While (Clemenger BBDO Melbourne), Ben Clare (Clemenger BBDO Sydney), Tamsyn Alley (Porter Novelli Sydney), Bree Daniel (CHE Proximity), Joe Heath (CHE Proximity), Drew Berridge (Traffik), Nick Xerakias (GRA Cosway), Lachlan Drummond (Redhanded), Richard Frost (Quantum), Rachel Morgan (Colenso BBDO), Emily Beautrais (Clemenger BBDO Wellington), Paul Manning (99), Mike Godfrey (Raydar), Jacqui Copas (Touchcast) and Louise Wright (Porter Novelli).
Clemenger Group Recruitment now has seven recruitment staff residing inside our businesses and providing a sophisticated service to help us respond to recruitment needs in a timely and cost effective manner. We will continue to place an emphasis on this area and grow our expertise to give our businesses a competitive advantage in the fight for the best talent.
Although our 70th year celebrations in 2016 were very low key, we did take the opportunity to run a few trade advertisements - one of which had the headline: "The first stage of our 700 year plan has been successfully completed". Which was our way of saying that, as proud as we are of our history, it is the future we’re focused on.
As our clients increasingly look for marketing communications solutions under one roof, our challenge is to continue to create, maintain and build unrivalled capabilities across all marketing communications disciplines. And then to work together coherently to give our clients the benefit of our wider offer. To give them the best talent, no matter where it resides. To give them connected brilliance.
Team Spark formed in February 2016 to bring together the marketing communications disciplines of brand, direct, digital, retail, activation and media for one of New Zealand’s largest companies and one of our Group’s largest clients.
Clemenger BBDO Melbourne won the Myer business in late 2014 and created a service model based on a dedicated team in-house at Myer, supported with strategy, creative and production from the agency’s St Kilda Road office. Subsequently, eg+ began providing production overflow support to Myer’s Digital Services team, helping deliver digital banners, EDM’s and landing pages. GRA Cosway was engaged by Myer to assist with Corporate PR. And most recently, CHE Proximity has joined forces with Clemenger BBDO Melbourne, forming Logical Magic, a new entity that handles Myer’s Digital and Direct campaigns.
Foodstuffs operates two of the three leading supermarket brands in New Zealand - New World and PAK’nSAVE. Clemenger Group agencies justONE, Colenso BBDO, 99 and Touchcast all service New World. And justONE and Touchcast both work on PAK’nSAVE. Historically the agencies had functioned independently but in 2016 a formal structure was created to encourage the agencies to be more collaborative, which has led to richer and more productive outcomes with greater creative alignment.
Yumbah Aquaculture is a new Australian aquaculture business producing abalone in Tasmania, Victoria and South Australia; sold into domestic, Asian, European and North American markets. Yumbah has big ambitions for vertical integration and expansion into other shellfish production and beyond. In late 2016, Porter Novelli Melbourne was appointed to support its transition from many small companies to one larger entity. Since then, Yumbah Aquaculture has gone from idea to actual with a CGL team comprising:
2016 saw Brandworld continue to evolve its offer from what was once a purely television centric business to a business which now produces video storytelling across many screens. The company made some creative leadership changes which helped it create and make smarter, better and measurably successful work. Results were above budget and forecast.Read more >
2016 was a year of growth. The agency started 2016 with 108 staff in Melbourne and finished the year with 263 staff across Melbourne and Sydney. They created several new offers including a data-driven media unit which grew billings to $36 million in its first year. Ask their leadership about their growth and they’ll tell you they’re just getting started.Read more >
The 1Mazda team at CHE Proximity had three challenges in 2016: to grow their digital capabilities and become the main digital agency of record for Mazda Australia, to recruit the very best team to develop, design and build a new mazda.com.au platform, and improve their creative product. All were achieved and Mazda achieved a record 118,000 sales.Read more >
Clemenger BBDO Brisbane dominated the domestic market in 2016 and they won both the AdNews and B&T Queensland State Agency of the Year awards under the leadership of new Managing Director, Rob Hudson. They settled in their new new flagship account, RACQ, as well as winning TransLink and Boating, Camping Fishing (BCF).Read more >
The agency had a stellar year, creatively, with internationally recognised campaigns including TAC’s ‘Graham’, Snickers’ ‘Hungerithm’ and Bonds’ ‘The Boys.’ They performed well in new business and in between winning awards and pitching, they also continued to ambitiously and aggressively evolve from a great agency to a modern communications partner.Read more >
Emily Perrett moved into the Managing Director role and Paul Nagy vacated the Executive Creative Director role and was replaced by Ben Coulson, former COO of Y&R Australia and New Zealand. The agency produced some outstanding work including Masterfoods Make Dinnertime Matter, which has been viewed 108 million times globally. They also had a strong year of new business wins.Read more >
In 2016, Clemenger BBDO Wellington was ranked number three in New Zealand by Campaign Brief and had another strong awards return including winning a Cyber Gold Lion and two golds at London’s IPA Awards for their work on NZTA. It has grown the complexity of its creative work, and is servicing a broader range of clients with improved client engagement. In 2017 Touchcast merged with Clemenger BBDO to enhance the agency's digital capabilities.Read more >
A phenomenal year. Winning a slew of awards including being rated the world’s most creative agency by The Directory Big Won. Their campaign for DB Export Brewtroleum became one of the world’s most awarded campaigns, ever. A strong year of organic growth and new business wins resulted in revenue growth for the fifth consecutive year.Read more >
Creative Activation had a record year of new business, winning several new clients including Vodafone, News Corp and Woolworths. Peter Tait was promoted to General Manager and Natalie Hughes to Operations Director, with both also joining the Senior Leadership Team. They also celebrated the 25th year of Executive Chairman, Bruno Maurel.Read more >
While the bulk of what eg+ does is in conventional print-style work, in 2016 it continued to grow its digital offer and capabilities. This helped them win additional projects from key client NAB and they also picked up some new client assignments, including Australia Post. Remarkably, in 2016, eg+ produced a record 12,188 individual jobs.Read more >
GRACosway continued to provide public affairs and communications advice to many high profile companies across the agriculture, retail, chemical, financial services, mining, pharmaceuticals and professional services sectors. In the West, longstanding employee Jason Marocchi became Managing Director, as Paul Everingham stepped aside.Read more >
One of Australia’s leading research-based consultancies, HPOM had a busy year looking after more than 70 clients, many from state and federal government. They also worked on a number of projects in the social marketing space including domestic violence, anxiety and depression, cycling safety and cancer.Read more >
After disentangling itself from its partnership with sister agency 99, justONE relocated and reformed itself as an independent business. After a slow start to the year, it came home strongly with significant new business wins and a stellar showing at the NZ DM awards where client Foodstuffs won Direct Marketing Organisation of the Year.Read more >
Amid a slightly unstable environment brought on by the end of Australia’s ‘mining boom’, WA-based Marketforce spent 2016 focused on winning new business, cutting costs and building their digital offer. They won several new clients including Lotterywest, the WA Electoral Commission and the Metropolitan Redevelopment Authority.Read more >
With almost half the agency’s revenue in and around Government, 2016 proved challenging with Australia’s six month election campaign stalling projects. That said, the agency went hunting elsewhere and they secured $2m in new business wins and produced a wide range of interesting work.Read more >
In 2016 PN Sydney’s focus was on broadening its offer to have capabilities in integrated communications strategy, creative consumer PR, corporate communications, media relations, influencer relations, social and digital media and event management. This focus saw them have year-on-year revenue growth of 25%.Read more >
The agency made a conscious decision to push themselves and their clients creatively and they focused their internal training and development around this aim. As a result, they have produced some great work receiving some pleasing award wins. The agency also recorded its third consecutive year of solid, sustainable and profitable growth.Read more >
Quantum had a good year. They set themselves the objective of doing richer strategic work, founded in research and aligned with their deep understanding of cultural trends - which is largely informed by their ongoing AustraliaScan studies. Their clients liked the change. The agency won business. And revenue and profit increased.Read more >
Australia’s leading rural and regional communications specialist, Redhanded, spent 2016 broadening its focus beyond the farm gate to the more expansive proposition of ‘farm, food, health and lifestyle.’ The agency had several new business wins and to add to a busy year it moved from Richmond, settling into new premises at St Kilda Road.Read more >
Traffik’s major focus in 2016 was to establish its ‘shopper offer.’ As a result, they secured a bag of new clients including powerhouse brands Colgate, Campbell Arnott’s, Frucor and Diageo Australia. They were named B&T’s Experiential Agency of the Year and won Experiential Campaign of the Year at the AC&E awards for eBay virtual reality department store.Read more >
TKT (The Kitchen Table) Sydney was established in April 2015 and in 2016, under the leadership of Cate Stuart-Robertson, it cemented itself as a dynamic creative consultancy. Its output included high profile work for V, Arnott’s Shapes and Campbell’s Simply Soup. They also added Frucor as a client and took over global responsibilities for the Tim Tam portfolio.Read more >
2016 was a watershed year for Raydar, establishing itself as New Zealand’s leading Shopper Marketing agency. The business had its most successful year ever with +25% revenue growth and a 21% increase in profit.Read more >
Paul Manning took over as Managing Director in January and is leading the agency toward a bold, new vision to become a world-class customer experience agency with retail at its heart. Several new service capabilities have been established within digital and eCRM and the agency had a good year in new business ensuring it finished on target.Read more >
The Concise Financial Report and Auditors' Report contained within this document represent a Concise Report. The full financial report of Clemenger Group Limited for the year ended 31 December 2016 and the Auditors' Report thereon will be sent, free of charge, to members upon request. Members wishing to receive the full financial report and Auditors' Report may arrange for a copy by contacting Adrian Ciabotti on 03 9869 4206.
The Concise Report contained within this document has been derived from the full consolidated financial report of Clemenger Group Limited for the year ended 31 December 2016 and cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as the full financial report.
|31 Dec 2016||31 Dec 2015|
|Cash and cash equivalents||132,998||108,860|
|Trade and other recieveables||75,184||79,052|
|Other current assets||19,828||13,457|
|Total current assets||228,010||201,369|
|Non Current Assets|
|Deferred tax assets||8,435||8,321|
|Investments in associates||50,156||44,070|
|Other non-current assets||5||12|
|Property, plant and equipment||12,245||12,728|
|Intangible assets and goodwill||69,571||74,048|
|Total non-current assets||178,967||170,808|
|Trade and other payables||86,437||83,997|
|Income tax payable||2,440||939|
|Other current liabilities||10,897||10,337|
|Total current liabilities||110,816||105,777|
|Deferred tax liability||2,679||3,297|
|Interest bearing loans and borrowings||38,546||32,346|
|Total non-current liabilities||46,131||40,358|
The Net Assets of the Group have increased $24.0 million due to the excess of profits over dividends during 2016.
| Year Ended|
31 Dec 2016
| Year Ended|
31 Dec 2015
|Commission and fees||334,362||314,753|
|Cost of Sales||(59,688)||(56,304)|
|Depreciation expense and impairment of goodwill||(10,988)||(12,149)|
|Travel & entertainment||(8,117)||(8,060)|
|Share of profit of associate||11,031||9,059|
|Profit before income tax||60,172||58,107|
|Income tax expense||(15,994)||(16,363)|
|Net profit for the period||44,178||41,744|
|Net profit attributable to:|
|Members of the group||43,030||40,504|
|Non controlling interests||1,148||1,240|
For the year ended 31 December 2016, the Group recorded a Profit after Tax of $44.2 million, with $43.0 million attributable to the members of the Group. Trading conditions experienced in the year were broadly consistent with the prior period.
|Net profit for the period||44,178||41,744|
|Other comprehensive income|
|Items that may be reclassified subsequently to profit and loss:|
|Foreign currency translation movement (net of tax)||1,340||(690)|
|Total comprehensive income for the period||45,518||41,054|
|Total comprehensive income for the period is attributable to:|
|Members of the group||44,370||39,814|
The foreign currency translation reserve movement of $1.3m was due to the New Zealand dollar appreciating 2% against the Australian dollar during 2016.
|Share capital||Retained earnings||Acquisition premium reserve||Foreign currency translation reserve||Owners of the parent||Minority interest||Total|
|At 1 January 2016||23,210||211,274||(18,363)||6,233||222,354||3,688||226,042|
|Profit for the year||43,030||43,030||1,148||44,178|
|Other comprehensive income||1,340||1,340||1,340|
|Transactions with owners in their capacity as owners:|
|Acquisition of non-controlling interest||(123)||(123)||(21)||(144)|
|Non-controlling interest arising on a business combination|
|At 31 December 2016||23,210||234,122||(18,486)||7,573||246,419||3,611||250,030|
|At 1 January 2015||23,210||260,714||(17,582)||6,923||273,265||2,639||275,904|
|Profit for the year||40,504||40,504||1,240||41,744|
|Other comprehensive income||(690)||(690)||(690)|
|Transactions with owners in their capacity as owners:|
|Acquisition of non-controlling interest||(781)||(781)||(459)||(1,240)|
|Non-controlling interest arising on a business combination||1,001||1,001|
|At 31 December 2015||23,210||211,274||(18,363)||6,233||222,354||3,688||226,042|
The composition of retained earnings during the year was impacted by profits for the year, offset by dividends paid to shareholders. The foreign currency translation reserve movement of $1.3m was due to the New Zealand dollar appreciating 2% against the Australian dollar during 2016.
| Year Ended|
31 Dec 2016
| Year Ended|
31 Dec 2015
|Commission and fees|
|Receipts from clients (including GST)||632,143||638,393|
|Payments to suppliers (including GST)||(572,520)||(585,468)|
|Income tax paid||(15,225)||(21,845)|
|Net cash flows from operating activities||47,815||36,011|
|Cash flows from investing activities|
|Purchase of property, plant & equipment||(5,673)||(5,343)|
|Purchase of other intangibles||(271)||(187)|
|Proceeds from repaid employee shareholder loans||7,244||16,474|
|Loans to employee investing shareholders||(15,005)||(7,254)|
|Purchase of business/subsidiary, net of cash acquired||-||500|
|Additional investment in controlled entities||(144)||(1,240)|
|Proceeds/(divestment) from sale of controlled entities/businesses||-||542|
|Dividends from associates||4,716||4,141|
|Net cash flows from investing activities||(9,133)||7,633|
|Cash flows from financing activities|
|Dividend paid to non-controlling interests||(1,204)||(733)|
|Proceeds from / (repayment) of borrowings||6,200||(8,685)|
|Net cash flows used in financing activities||(15,186)||(99,362)|
|Net increase/(decrease) in cash and cash equivalents||23,496||(55,718)|
|Cash and cash equivalents at beginning of period||108,860||164,888|
|Net foreign exchange differences||642||(310)|
|Cash and cash equivalents at end of period||132,998||108,860|
Net cash flows from operating activities increased during the year as a result of the decrease in income tax paid from 2015 due to the prior year move to monthly tax payments. The balance of cash and cash equivalents increased from the previous year, due to a non-recurring 40c per share Special Dividend in 2015, in addition to the annual dividend.
1. Revenue and expenditure items
| Year Ended|
31 Dec 2016
| Year Ended|
31 Dec 2015
|Commission and fees||334,362||314,753|
|Total statutory revenue||339,339||321,627|
|Further to revenue outlined above, the group's share of revenue from associates accounted under the equity method||93,095||85,229|
|Total Clemenger group revenue||432,434||406,856|
2. Dividends proposed on ordinary shares
|A fully franked dividend of $0.1225 cents (31 December 2015 - $0.115 cents) per share was declared at the board meeting held on 2 February 2017, and will be recommended at the AGM on 19 May 2017. It has not been provided for in the 31 December 2016 financial statements.||21,499||20,182|
|Clemenger Group Limited franking account balance||60,913||57,286|
Franking credits of $1m will arise from the 12th instalment of tax payable for the Clemenger tax consolidated group.
3. Registered office
Clemenger Group Limited
474 St Kilda Road
Melbourne, Victoria 3004
4. Changes in the state of affairs
As at 31 December 2016 the group was owned 26.33% (31 December 2015: 26.33%) by directors and staff in the consolidated group and 73.67% (31 December 2015: 73.67%) by Portview Holdings Australia Pty Ltd (31 December 2015: Portview Holdings Australia Pty Ltd).
During the year ended 31 December 2016, the group’s economic interest changed as follows:
5. Subsequent events
There have been no significant events since 31 December 2016 until the date of this report.
6. Basis of preparation of the concise financial report
The concise financial report has been prepared in accordance with the requirements of the Corporations Act 2001 and Accounting Standard AASB 1039 "Concise Financial Reports". The presentation currency is Australian dollars.
The amounts contained in this report and in the financial report have been rounded to the nearest $1,000 (where rounding is applicable and where noted) under the option available to the company under ASIC CO 98/100. The company is an entity to which the Class Order applies.
The financial report of Clemenger Group Limited for the year ended 31 December 2016 was authorised for issue in accordance with a resolution of the Directors on 24 March 2017.
The Directors declare that:
On behalf of the Board
Robert Stanley Morgan
Jonathan Brett Isaacs
24 March 2017
Formula as described by the company’s constitution
Net assets after translating 31 December 2016 New Zealand assets and liabilities at the year-end rate of exchange for the applicable financial year.
Less: Dividend to be proposed.
Add: 8 times average net profit after tax attributable to parent company shareholders for the last three years.
Divided by: the number of shares on issue at 31 December 2016
|Share Price Calculation|
|Subtotal (excludes minorities)||246,419|
|Less: Annual Dividend||21,499|
|Dividend per share (cents)||12.25 cents|
|Adjusted Net Assets||224,920|
|FY December 2016 Profit after tax||43,030|
|FY December 2015 Profit after tax||40,503|
|FY December 2014 Profit after tax||40,122|
|Average PAT x 8||329,747|
|Capitalisation (Average PAT + Net Assets)||554,667|
|Numbered Issued Shares||175,500,000|