FY17 Preliminary Annual Report (4E) Sun,20 Aug 2017 23:31:30 GMT

2017

2016

Revenue from ordinary activities

Down 22% to

24,841,220

31,805,151

Profit/ (Loss) from after tax attributable to members

Up 8% to

(1,396,723)

(1,525,009)

Total comprehensive income for the year attributable to owners

Up 20% to

(1,979,610)

(2,465,788)

Commentary on the results for the period

Total revenue of $24.8m was down 22% against the last corresponding period. Revenue was significantly impacted by the weaker GBP currency relative to the prior corresponding period, substantially reducing the translated contribution from the UK business which constitutes approximately 88% of total revenue to the Group. In constant currency terms, total revenue would have been down 9% with adjusted EBITDA before non-recurring items* up 44%. The reduction in revenue in the Parking Management division resulting from the loss of the Asda contract in FY2016 and the loss of Matalan in Q3 FY2017 were offset by new higher margin business resulting in a 21% increase in adjusted EBITDA before non-recurring items* for that division. Continued cost control discipline also contributed to the strong performance at the EBITDA level. External revenue in the Technology division was up 10% year on year from

$3.4m (FY16) to $3.7m (FY17). New customers included Cardiff City Council, Coles Supermarkets and Wilson Parking New Zealand. EBITDA margin in the Technology division was impacted by product mix and the increased spend on development which is expected to benefit future periods.

Net statutory loss after tax attributable to members was $1.4m, an improvement of 8% over the previous corresponding period. This result included accounting for a number of material non-recurring items which are detailed in Note 2. Underlying earnings in the UK Parking Management division improved on a constant currency basis by 47% year on year however was impacted by the weaker GBP. The results reflect the ongoing investment in the rollout of the ANPR technology solution in the UK which continues to demonstrate a strong return on investment.

Further commentary on the results is included in the Market Announcement and Investor Presentation.

* The Board assesses the underlying performance of the Group based on a measure of adjusted EBITDA which takes into account costs incurred in the current period but not expected to occur in the future.

Note

Consolidated

2017

$

2016

$

Revenue from operations

9(c)

24,841,220

31,805,151

Raw materials and consumables used

(2,332,703)

(1,447,806)

Employee benefits expense

(9,993,765)

(14,203,993)

Depreciation and amortisation expense

(2,351,077)

(2,659,817)

Rental and operating lease costs

(2,803,875)

(3,506,702)

Share-based payments expense

(411,426)

(296,135)

Finance and interest expense

(87,143)

(90,480)

Other expenses

(7,928,221)

(11,810,025)

Loss before income tax

(1,066,990)

(2,209,807)

Income tax expense/(benefit)

(329,733)

684,798

Loss for the year from continuing operations

(1,396,723)

(1,525,009)

Other comprehensive income:

Items that may be reclassified subsequently to

profit or loss

Exchange differences on translation of foreign operations

(582,887)

(940,779)

Other comprehensive (loss)/ income for the year, net of tax

(582,887)

(940,779)

Total comprehensive loss for the year

(1,979,610)

(2,465,788)

Total comprehensive loss for the year attributable to owners of Smart Parking Limited

(1,979,610)

(2,465,788)

Earnings per share from continuing operations attributable to the ordinary equity holders of the company.

- basic earnings/ (loss) per share (cents per

share)

(0.42)

(0.51)

- diluted earnings/ (loss) per share (cents per

share)

(0.42)

(0.51)

Note

Consolidated

2017

$

2016

$

ASSETS

Current Assets

Cash and cash equivalents

10

14,225,598

4,140,820

Trade and other receivables

11

5,667,652

5,266,382

Inventories

1,491,628

1,641,847

Income tax receivable

911

1,107

Total Current Assets

21,385,789

11,050,156

Non-current Assets

Receivables

11

365,235

-

Property, plant and equipment

12

3,516,853

4,173,075

Intangible assets

13

2,366,974

3,169,905

Deferred tax assets

1,156,424

1,585,848

Total Non-current Assets

7,405,486

8,928,828

TOTAL ASSETS

28,791,275

19,978,984

LIABILITIES

Current Liabilities

Trade and other payables

14

4,809,541

5,830,073

Interest bearing liabilities

177,147

7,208

Deferred revenue

699,207

633,018

Provisions

689,603

719,189

Total Current Liabilities

6,375,498

7,189,488

Non-current Liabilities

Interest bearing liabilities

79,948

-

TOTAL LIABILITIES

6,455,446

7,189,488

NET ASSETS

22,335,829

12,789,496

EQUITY

Contributed equity

15

68,865,719

57,751,202

Accumulated losses

3

(49,545,129)

(48,148,406)

Reserves

3,015,239

3,186,700

TOTAL EQUITY

22,335,829

12,789,496