Avjennings : Half Year Results to 31 December 2015 - Appendix 4D

Microsoft Word - App4D_Dec15_V1

AVJennings Limited ABN: 44 004 327 771

31 December 2015 Half-Year Report

Appendix 4D

This Financial Report does not include all the notes of the type normally included in an Annual Financial Report. Accordingly, it is recommended that this Report be read in conjunction with the Annual Report for the year ended 30 June 2015 and any public announcements made by AVJennings Limited during the half-year ended 31 December 2015 in accordance with the continuous disclosure requirements of the Listing Rules of the Australian Securities Exchange.

AVJennings Limited ABN 44 004 327 771 - Page 1

31 December 2015 Half-Year Report

Contents

Page

Results for Announcement to the Market. 3

Directors' Report. 4

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Consolidated Statement of Changes in Equity 11

Consolidated Statement of Cash Flows 12

Notes to the Consolidated Financial Statements 13

1. Corporate information 13

2. Basis of preparation and accounting policies 13

3. Revenues and expenses 14

4. Income tax 15

5. Dividends 16

6. Contributed equity 17

7. Cash and cash equivalents 18

8 Operating segments………………………………………………………………… 18

1. Net tangible asset backing 21

2. Interest in joint operations 21

3. Investments accounted for using the equity method 22

4. Interest-bearing loans and borrowings……………………………………………… 22 13 Contingencies 23

14 Significant events after the balance sheet date 23

Directors' Declaration……………………………………………………………………… 24 Independent Auditor's Review Report…………………………………………………… 25

Results for Announcement to the Market Appendix 4D for the half-year ended 31 December 2015

6 months 6 months 31 December 31 December 2015 2014 Increase $'000 $'000 $'000 % Revenues 187,184 118,521 68,663 57.9% Profit after tax 16,520 11,869 4,651 39.2% Net profit attributable to members 16,520 11,869 4,651 39.2%
Dividends	Cents per security	Franked amount per security at 30% tax
Current periodInterim dividendTotal dividend Previous periodInterim dividendTotal dividend	1.5	1.5
	1.5	1.5
	1.0	1.0
	1.0	1.0
Record date for determining entitlements to dividend:		1 April 2016
Payment date:		15 April 2016
The Company's Dividend Re-Investment Plan remains suspended. Explanation of results The Review of Operations in the attached Directors' Report provides an explanation of the results.

Directors' Report

For the half-year ended 31 December 2015

Your Directors present their Report on the Company and its controlled entities for the half-year ended 31 December 2015.

DIRECTORS

The names of the Company's Directors in office during the year and until the date of this Report are as below. Directors were in office for the entire period unless otherwise stated.

S Cheong (Chairman)

RJ Rowley (Deputy Chairman) PK Summers

E Sam B Chin

BG Hayman TP Lai

D Tsang

OPERATING AND FINANCIAL REVIEW

Financial Results

The Company recorded profit before tax of $23.9 million for the half year ended 31 December 2015, up 42.2% on the previous corresponding half (31 December 2014: $16.8 million profit before tax) and profit after tax of $16.5 million (31 December 2014: $11.9 million).

The pre-tax result includes a $3.7 million decrease in impairment provision attributable to the significantly improved outlook for two estates (in Queensland and New South Wales) that is comparable with impairment released in first half of fiscal 2015.

Strong revenues and cash inflows from the collection of receivables during the half and significant confidence in the outlook for fiscal 2016 have enabled the Directors to declare that a fully franked interim dividend of 1.5 cents per share be paid in April 2016 (1.0 cent per share was paid in April 2015) and the Directors reaffirm that it is appropriate for the Company to target for the full year a dividend payout range of 40-50.0% of profit after tax.

Contract signings of 999 lots was up on 1H15 (872 lots), while settlements were well up, rising 5.2% to 694 lots (31 December 2014: 660 lots), driving half year revenue up 57.9% to $187.2 million

(31 December 2014: $118.5 million).