ACUMENTIS GROUP LIMITED — Annual Report 2012

Aug 21, 2012

LandMark White Limited

A.C.N. 102 320 329

Results for announcement to the market

ASX Preliminary Final Report Appendix 4E

30 June 2012

Lodged with the ASX under Listing Rule 4.3A

ASX Announcement – LandMark White Limited – Full year Results

Financial Results for 2011 - 12

LandMark White Limited (ASX:LMW) announces its unaudited financial results for the full year to 30 June 2012. Profit Before Tax from continuing operations was $837k. Profit After Tax was $496k ($531k from continuing operations) This represented 1.8 cents per share (1.9 cents from continuing operations). This reflected a small increase of 7.4% on last year’s Net Profit After Tax, and reflected an Earning Per Share of 1.7 cents.

Revenue

Revenue from continuing operations of $20,702k was $1,517k lower than the previous year of $22,219k. Revenues from Residential property valuations continued to increase whilst Commercial property valuation revenues declined due to more difficult market conditions.

Outlook

LandMark White believes its 2012-13 results will show improvement on 2011-12. Nevertheless the property market continues to be challenging and there is considerable upward pressure on professional indemnity insurance premiums in the valuation industry.

Dividends

The Board has declared a final fully franked dividend of 2 cents per share payable on 9 October 2012. This brings the total dividend for the year to 3 cents per share, which is a level equal to last year. LandMark White has continued to maintain a consistent level of fully franked dividends since listing in 2003.

Cash at Bank

Throughout the year LandMark White continued to be debt free and had cash funds of $1.9m at 30 June 2012..

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LandMark White Limited and Controlled Entities ACN 102 320 329

Summary Results for the year to 30 June 2012

The following is a summary of the financial results for the year ended 30 June 2012 (previous corresponding period 30 June 2011).

Results for announcement to the market

	Year ended 30 June 2012 $000s	Year ended 30 June 2011 $000s	Increase/ (Decrease) $000s	% Change
Revenue from Continuing Operations	20,702	22,219	(1,517)	Down 6.8%
Profit before tax from continuing operations	837	903	(66)	Down 7.3%
Income tax expense	306	287	19	Up 6.6%
Net Profit after tax from continuing operations	531	616	(85)	Down 13.8%
Net (loss) from discontinued operations	(35)	(154)	119
Net Profit attributable to members	496	462	34	Up 7.4%

Comparison of Half-Year Profits	Comparison of Half-Year Profits	Current Period $000s	Current Period $000s	Previous Period $000s
Consolidated Profit after tax attributable to members reported for the 1stHalfyearlyreport		184		73
Consolidated Profit after tax attributable to members reported for the 2ndHalfyear		312		389
Dividends	Amount per security		Franked amount per security
Interim dividend	1.0 cents		1.0 cents
Final dividend	2.0 cents		2.0 cents
3.0 cents		3.0 cents

Dividend payment date

Record date for determining entitlement to final dividend

Ex dividend date

9 October 2012

25 September 2012 19 September 2012

Annual Report and Annual General Meeting

LandMark White expects to mail its Annual Report and Notice of Annual General Meeting to shareholders during the week commencing 15 October 2012.

1. LandMark White expects to hold its 2012 Annual General Meeting in Sydney on 20 November 2012.

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

PRELIMINARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2012

Notes Revenue from continuing operations Expenses from continuing operations Employment expenses Valuation reports presentation expenses Marketing expenses Administration expenses Occupancy expenses Depreciation and amortisation expenses Other expenses from ordinary activities Results from operating activities Finance income Finance expense Profit before tax Income tax expense 4 Profit from continuing operations after Income Tax Expense (Loss) from discontinued operations after Income Tax Expense Total comprehensive income for the year Profit attributable to: Owners of the parent Non-controlling interest Total comprehensive income attributable to: Owners of the parent Non-controlling interest Basic earnings per share (cents per share) from continuing operations 2 Basic earnings per share (cents per share) 2 Diluted earnings per share (cents per share) from continuing operations 2 Diluted earnings per share (cents per share) 2	30 June 2012 $000s 30 June 2011 $000s 20,702 22,219
	14,338 15,539 1,186 1,207 374 370 1,970 1,686 1,310 1,338 199 303 557 952
	768 824 81 110 12 31 837 903 306 287
	531 616
	(35) (154)
	496 462
	496 462 - -
	496 462 496 462 - -
	462
	1.9 2.2 1.8 1.7
	1.9 2.2 1.8 1.7

The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

PRELIMINARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2012

Current Assets Cash and cash equivalents Term deposits Trade and other receivables Inventories Other assets Assets classified as held for sale Total Current Assets Deferred tax assets Term deposits Plant & equipment Intangible assets Total Non Current Assets Total Assets Current Liabilities Trade and other payables Current tax liabilities Employee benefits Provisions Liabilities directly associated with assets held for sale Total Current Liabilities Non Current Liabilities Deferred tax liabilities Employee benefits Provisions Total Non Current Liabilities Total Liabilities Net Assets Equity Contributed equity Reserves Retained Earnings Total Equity	30 June 2012 $000s 30 June 2011 $000s 1,914 2,547 126 - 2,685 2,747 118 249 207 305 - 51
	5,050 5,899
	724 729 280 401 415 606 4,949 4,918
	6,368 6,654
	11,418 12,553
	2,018 2,868 133 86 1,436 1,437 180 - - 30
	3,767 4,421
	35 75 278 364 569 592
	882 1,031
	4,649 5,452
	6,769 7,101
	6,008 6,008 - 40 761 1,053
	6,769 7,101

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

PRELIMINARY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2012

Cash Flows from Operating Activities Receipts from customers Payments to suppliers and employees Interest received Interest paid Income tax (paid) / refunded Net cashflows provided by Operating Activities Cash Flows from Investing Activities Purchase of plant & equipment Purchase of intangible assets Net cashflows used in Investing Activities Cash Flows from Financing Activities Proceeds from borrowings Repayment of borrowings Dividends paid Net cashflows (used by) Financing activities Net (decrease) / increase in cash held Cash at beginning of financial period Cash at end of financial period	30 June 2012 $000s 30 June 2011 $000s 22,981 (22,479) 81 (12) (279) 24,439 (23,069) 110 (31) (463)
	292 986
	(40) (31) (109) -
	(71) (109)
	- (77) (828) 801 (724) (836)
	(905) (759)
	(684) 2,598 118 2,480
	1,914 2,598

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

PRELIMINARY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2012 STATEMENT OF CHANGES IN EQUITY

Consolidated Balance at 1 July 2010 Total comprehensive income attributable to members of the parent entity Dividends to shareholders Balance at 30 June 2011 Total comprehensive income attributable to members of the parent entity Transfers Dividends to shareholders Balance at 30 June 2012	Share Capital $000’s Share Option Reserve $000’s Retained Earnings $000’s Total $000’s 6,008 40 1,427 7,475 - - 462 462 - - (836) (836)	Non- controlling Interest $000’s Total Equity $000’s - 7,475 - 462 - (836)
	6,008 40 1,053 7,101	- 7,101
	- - 496 496 - (40) 40 - - - (828) (828)	- 496 - - - (828)
	6,008 - 761 6,769	- 6,769

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

NOTES TO THE PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2012

1. DIVIDENDS

Final dividend resolved to be paid	2.0 cents per share fully franked	2.0 cents per share fully franked
Date the dividend is payable		9 October 2012
Record date	25	September 2012
Ex dividend date	19	September 2012
	Current Year	Prior Year
Interim dividend	1.0 cents	1.0 cents
Final dividend	2.0 cents	2.0 cents
	-------------------	----------------
	3.0 cents	3.0 cents
EARNINGS PER SHARE
		30 June	30 June
		2012	2011
		¢	¢
Basic earnings per share		1.8	1.7
Diluted earnings per share		1.8	1.7
Weighted average number of shares used in the
- calculation of basic EPS		27,588,781	27,588,781
- calculation of diluted EPS		27,588,781	27,588,781

2. EARNINGS PER SHARE

The amount used in the numerator in calculating basic and diluted EPS is the total comprehensive income attributable to owners of the parent reported in the Consolidated Statement of Comprehensive Income.

3. NET TANGIBLE ASSET BACKING

	30 June	30 June
Net Tangible Asset Backing Per Share	2012	2011
Net Tangible Asset Backing Per Share	$0.066	$0.079

4. INCOME TAX

Income tax expense for the year consists of the following;

Tax on profit of $787k at 30% Effect of non deductible expenses Prior Year adjustments Net income tax expense	30 June 2012 $000s $000s $000s Total Continuing Discontinued 236 251 (15) 29 29 - 26 26 -
	291 306 (15)

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

NOTES TO THE PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2012

30 June 2012 30 June 2011 $000s $000s

	30 June 2012 30 June 2011 $000s $000s
5. CONTRIBUTED EQUITY Issued and paid-up capital 27,588,781 (June 2011 : 27,588,781) ordinary shares, fully paid Movements during the period:	6,008 6,008
	Nil Nil

6. CONTROL OVER ENTITIES

On the 4 August 2011 as previously reported LandMark White disposed of its loss making funds management subsidiary LMW Managed Investments Limited. The results of the discontinued funds management business are included in the loss from discontinued operations line in the Consolidated Statement of Comprehensive Income.

LandMark White Limited has a 50% interest in non-trading entity LMW Hegney Pty Ltd, which licenses LandMark White Residential Pty Ltd and Hegney Property Group to trade as LMW Hegney.

7. SUBSEQUENT EVENTS

There have been no events subsequent to reporting date which affect the results contained in this financial report or the continuing operations of the Group.

8. COMPLIANCE STATEMENT

This report is based on financial statements to which the following applies:

The financial statements have been audited.		The financial statements have been subject to review.
The financial statements are in the process of being audited or subject		The financial statements have not yet been audited or reviewed.
to review.

The Company has a formally constituted Audit Committee.

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