SMART PARKING LIMITED Appendix 4D
Half-year Report
31 December 2021
For personal use only
Smart Parking Limited
ABN 45 119 327 169
Results for announcement to the market
Dec | Dec | ||||
2021 | 2020 | ||||
Financial Results | % change | $ | $ | ||
Revenue from ordinary activities | |||||
Up 70% | 17,290,705 | 10,183,780 | |||
Profit after tax attributable to members | Down 52% | 2,154,199 | 4,502,374 | ||
Net Profit for the period attributable to members | Down 50% | 2,235,112 | 4,494,921 | ||
Dividends | |||||
It is not proposed that Smart Parking Limited pay a | |||||
dividend. | |||||
Net Tangible Asset Backing | Dec 2021 | Dec 2020 |
Net tangible asset backing per ordinary security | ||
4.52 cents | 4.65 cents | |
Other explanatory notes
The strong results from the underlying business reflect the ongoing recovery from the COVID-19 pandemic along with the continued organic and acquisition growth of the business.
The prior period profit was affected by some very significant non-recurring,non-operating items, in particular the net $6.5m VAT favourable adjustment related to settlement of a dispute with HMRC.
Adjusted EBITDA reflects the strong underlying business results by excluding the effects of non-recurring and non-operating items, and was $5.1m, increasing by 264% or $3.7m on H1 FY21.
In the Parking Management division, adjusted EBITDA for H1 FY22 was $5.8m, up a strong 109% on H1 FY21.
Parking Management revenue of $15.5m was up 79% (H1 FY21: $8.7m) largely due to the recovery from the impact of COVID-19 and increased sites under management. Despite government lockdowns, the Company won and installed 108 new ANPR sites globally, and gained 68 sites through the acquisition of Enterprise Parking Solutions Limited increasing sites under management by a net 118 sites to 737. The number of UK Parking Breach Notices issued increased by 74% compared to the prior corresponding period.
For personal use only
External revenue in the Technology division was up 18% from $1.5m (H1 FY21) to $1.8m (H1 FY22). SPZ at the date of reporting has $4.8m of new orders to deliver which includes an order from Gatwick Airport (United Kingdom) for $1.3m. The timing of installation and revenue recognition for the Gatwick Airport contract remains uncertain due to the ongoing impact of the COVID-19 global pandemic, and is not included in current or previous results.
The company generated strong cash returns over the six months to 31 December 2021, with cash balances (excluding customer cash) increasing by $0.6m, despite lingering lockdowns and ongoing COVID impacts in some jurisdictions, ongoing significant capital investment of $1.8m in organic site expansion, plus the net outflow of $1.4m for the EPS acquisition.
Further commentary on the results is included in the Investor Presentation.
The information required by listing rule 4.2A is contained in both this Appendix 4D and the attached Interim Financial Statements. These Interim Financial Statements should be read in conjunction with the most recent Annual Financial Report of the Group.
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Smart Parking Limited
and its Controlled Entities
onlyABN 45 119 327 169
Interim Financial Report
for the half-year ended use31 December 2021
personalFor
For personal use only
Smart Parking Limited and its Controlled Entities
ABN 45 119 327 169
Interim Financial Report
For the half-year ended 31 December 2021
Smart Parking Limited
Interim financial statements - 31 December 2021
Contents
For personal use only
Directors' Report ............................................................................................................................................... | 1 |
Auditor's Independence Declaration................................................................................................................. | 7 |
Independent Auditor's Review Report.............................................................................................................. | 8 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................................... | 10 |
Consolidated Statement of Financial Position ................................................................................................ | 11 |
Consolidated Statement of Changes in Equity ................................................................................................ | 12 |
Consolidated Statement of Cash Flows........................................................................................................... | 13 |
Notes to the Financial Statements .................................................................................................................. | 14 |
Directors' Declaration...................................................................................................................................... | 24 |
These interim financial statements do not include all the notes of the type normally included in the annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual financial statements for the year ended 30 June 2021 and any public announcements made by Smart Parking Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
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Smart Parking Limited published this content on 20 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 February 2022 21:40:01 UTC.
