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City Care Market Update

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

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