City Care Market Update

City Care has made significant progress in the past year and is well positioned for the future. To reflect the expanding scope of City Care’s business, a new vision was launched this year:

To build great communities – our people making it work.

FINANCIAL RESULT 2013/14

$12.9 million NPAT

$18.7 million EBIT

$351 million revenue

27.5% after tax return on average equity

$30.9 million operating cash flow

$5.667 million dividends paid to CCHL

City Care performed strongly in 2013/14, returning a net profit after tax of $12.9 million. This is $2.1 million above the budgeted profit of $10.8 million, and is a significant increase on last year’s profit after tax of $2.8 million. Revenue for the year was $351 million. The after tax return on average equity, at 27.5%, exceeded City Care’s Statement of Intent (SoI) target of 21%.

City Care achieved an operating cash flow of $30.9 million, and successfully reduced interest bearing debt to $18.7 million, improving the equity ratio at 30 June to 45.8%, up from 36.6% in the prior year and ahead of the SoI target of 44%. Based on this positive result, City Care paid dividends of $5.667 million to its shareholder, Christchurch City Holdings Limited during the financial year. This is ahead of its SoI target of $2.1 million.

Full update: City_Care_Market_Update.pdf