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Nufarm Grows FY15 Underlying Profits by 35% to $117.1 Million

Nufarm Grows FY15 Underlying Profits by 35% to $117.1 Million
Sep 23, 2015 By Ben Visser

Nufarm Limited (ASX:NUF) reported it’s full year FY15 results. The company experienced significant growth in profits as well as promising developments in operational results.

The company reported statutory net profit after tax (NPAT) of $43.2 million, up 14.5 per cent on the previous year. Not taking into account the $73.8 million one-off costs associated with restructuring initiatives and asset rationalisation, the underlying NPAT came in at $117.1 million, up 35 per cent on the previous year.

Group revenues increased by 4 per cent to $2.74 billion, while underling earnings before interest and tax (EBIT increased by 18 per cent to $236.9 million.

Earnings per share came in at 11.7 cents per share, up 21 per cent. Excluding material items, earnings per share came in at 39.6 cents, up 41 per cent on the previous year.

The company stated that despite challenging market conditions in a number of regions, the group generated a higher gross profit margin of 28.0%, which was a material improvement on the prior year of 26.7 per cent, and reflected a strong focus on higher margin products; on cost savings and restructuring initiatives; and on disciplined selling policies.

The company’s net working capital to sales was 41.9 per cent, a significant reduction to the prior 12 month period of 47.4 per cent and shows progress towards the company’s target of 40 per cent by the end of FY16.

Average net debt was $865 million, down on FY14 average debt of $913 million. Net debt at balance date on a constant currency basis fell by 18 per cent to $20 million.

The directors declared a final dividend of 6 per cent, unranked, bringing the full year dividend to 10 cents per share, up 25 per cent on the previous year. The final dividend is to be paid on 13 November, with an ex-dividend date of 14 October. The final dividend is 100 per cent foreign income and therefor is unfranked.

The Dividend Reinvestment Plan will be made available to all shareholders for the final dividend, with the issue price calculated on the volume weighted average of the company’s ordinary shares on the ASX over a period of 10 consecutive trading days after the record date and concluding prior to the date of the allotment of the ordinary shares under the plan. The last election date for shareholders who are not yet participants in the DRP is 19 October 2015.

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Ben Visser Author: Ben Visser Sep 23, 2015

Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.

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