Is TLL not a sort of franchise, where owner-drivers come under their umbrella company? If so the company would not actually have much NTA itself.
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Is TLL not a sort of franchise, where owner-drivers come under their umbrella company? If so the company would not actually have much NTA itself.
2018 annual report states the CEO at the time was looking to increase the number of owner-drivers in the fleet (that's all I got sorry):
https://www.til.kiwi/assets/uploads/...ual-report.pdf
The careers button on their website redirects to trademe where there are a number of owner driver positions available, plus a few others. The trucks that aren't owned by the drivers are probably leased, which I guess leaves property and other plant as the main tangibles. Counting down to Thursday's result.
Well, of course they say follow the money...it seems to me the money (small change really) can smell something sweet coming on Thursday...
https://www.nzx.com/announcements/358742
Results are out..
The key bits:
•EBITDA (pre-NZ IFRS16) of $26.5m, in line with guidance of $25m to $27m.
•Net Profit After Tax (NPAT) of $2.0m. Pre-NZ IFRS16 adjustments, NPAT was $6.0m, up 50% on pcp.
•Margins in line with or above prior year for all divisions, excluding Freight which underwent review and reset in FY20.
•Adverse market conditions in 1H20 and COVID-19 in 2H20 had a material impact on all TIL’s businesses.
•Year on year earnings growth for three divisions - Warehousing & Logistics, International and Specialist. Improving performance from Freight in 2H, after a disappointing 1H. Bulk Liquids materially impacted by reduced fuel demand during lockdown (pcp included a number of one-off revenue benefits).
•No final dividend has been declared.
•Focus on cost reductions and right sizing the business for economic slowdown.
•Expecting recessionary downturn in FY21, with flow on effects for TIL’s businesses. The company confirms its view that EBITDA for FY21 is expected to be at least that of the FY20 result of $57.4m post NZ IFRS16 adjustments.
One wonders where they would be without the $10.7m in wage subsidies...
You'd expect a bit more than $2m ($6m pre IFRS16) profit on sales of $333.8m, but sounds like they are headed in the right direction and, given the conditions, at least they didn't make a loss. Personally I'm happy they aren't paying a divvy at this point.