Landcorp Farming Ltd
Landcorp was created out of the Department of Lands and Survey in 1987. Landcorp's core business is pastoral farming including dairy, sheep, beef and deer. Landcorp operates 122 farming units totalling 376,156 hectares and it has three subsidiary companies: Landcorp Holdings Limited, which holds Landcorp property protected from sale under an agreement with the Crown; Landcorp Estates Limited which develops and sells premium land that is deemed to have a higher value in non-agricultural use; and Landcorp Pastoral Limited, which is Landcorp's investment vehicle in the Focus Genetics Limited Partnership.
Disclosures
| 1 Feb 2012 | Half year results for announcement to the market |
|---|---|
| 29 Aug 2011 | Full year results for announcement to the market |
| 28 Jul 2011 | Landcorp Farming Profit and Dividend update |
| 28 Feb 2011 | Half year results for announcement to the market |
| 27 Aug 2010 | Annual results announcement |
| 27 Jul 2010 | Landcorp Farms Decline in Value |
| 26 Feb 2010 | Half year results for announcement to the market |
Key Documents
| 22 Dec 2011 | 2011 Valuation Reports |
|---|---|
| 22 Dec 2011 | Annual Report 2010/11: lf-ar-11.pdf (2297 KB) |
| 22 Dec 2011 | Statement of Corporate Intent 2011: lf-sci-11.pdf (12959 KB) |
| 20 Nov 2010 | Annual Report 2009/10: lf-ar-09-10.pdf (7103 KB) |
| 20 Nov 2010 | Half Yearly Report 2009: lf-hy-09.pdf (2665 KB) |
| 20 Nov 2010 | Statement of Corporate Intent 2010 (Landcorp Farming Ltd website) |
KPI
Key Financial Performance Indicators - Landcorp
For the Year Ended 30 June 2011 |
SCI 2011/12 target |
2010/11 Actual |
SCI 2010/11 target |
|---|---|---|---|
| Net operating profit ($m) | 16.0 | 42.2 | 3.0 |
| Total shareholder return after tax (%) | 6.4 | 9.4 | 5.8 |
| Dividend yield (%) [1] | 1.0 | 2.0 | 0.8 |
| Dividend payout (%) [1] | 90.7 | 69.8 | 189.5 |
| Return on equity (%) [2] | 6.4 | 9.4 | 5.8 |
| Return on equity adjusted for IFRS fair value movements and asset revaluations (%) [3] | 6.6 | 22.2 | 6.5 |
| Return on capital employed (%) [4] | 10.3 | 26.6 | 10.6 |
| Operating margin (%) | 24.6 | 29.8 | 28.5 |
| Economic value added (%) | 1.7 | 3.4 | 0.8 |
| Dividends - Group ($m) | 15.0 | 27.5 | 10.0 |
| Gearing ratio (%) | 11.6 | 9.6 | 11.7 |
| Interest cover (times) [5] | 3.85 | 7.25 | 3.48 |
| Solvency (times) | 1.94 | 1.24 | 2.21 |
| Net capital expenditure ($m) | 22.0 | 39.8 | 9.0 |
- Dividends are for years ended 30 June, with dividend payments made in October.
- Total comprehensive income / Average equity.
- Net operating profit plus profit from land sales / Average equity less revaluation reserves.
- Earnings before interest and tax plus profit from land sales / Average equity less revaluation reserves.
- Includes profit on land sales.
Financials
Ratio |
2002/03 |
2003/04 |
2004/05 |
2005/06 |
2006/07 |
2007/08 |
2008/09 |
2009/10 |
2010/11 |
|---|---|---|---|---|---|---|---|---|---|
| Total Shareholder Return (TSR) (%) | N/A | 18.0 | 6.9 | 24.6 | 34.3 | 10.9 | 5.7 | (12.4) | 10.3 |
| Dividend Yield (%) | N/A | 5.5 | 0.3 | 0.6 | 0.3 | 0.9 | 0.9 | 0.7 | 1.3 |
| Dividend Payout (%) | 219.7 | 0 | 20.1 | 0 | 18.4 | 59.4 | 0 | 160.7 | 45.0 |
| Adjusted ROE (%) | N/A | 6.1 | 5.1 | 17.1 | 10.7 | 21.0 | 8.3 | 3.9 | 26.3 |
| ROCE (%) | N/A | 6.0 | 5.6 | 11.2 | 8.6 | 12.3 | 5.6 | 7.5 | 15.9 |
| Operating Margin (%) | 27.9 | 20.7 | 24.1 | 29.1 | 22.7 | 29.1 | 13.3 | 20.8 | 33.2 |
| Generator Efficiency | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Gearing (%) | 14.3 | 19.9 | 18.3 | 16.0 | 14.8 | 11.4 | 12.2 | 11.4 | 10.4 |
| Interest Cover (%) | N/A | N/A | N/A | 2.84 | 2.07 | 3.67 | 1.71 | 3.33 | 7.54 |
| Solvency | 2.12 | 0.76 | 0.84 | 2.71 | 0.58 | 4.05 | 3.76 | 4.23 | 4.99 |
| Revenue Growth (5 yr) (%) | 13.7 | ||||||||
| Dividend Growth (5 yr) (%) | 56.5 | ||||||||
Financial Performance measures for SOEs: fpm-soes.pdf (40 KB)
