AS AT 30 JUNE 2011
16
Your Directors present their report on the consolidated
entity (referred to hereafter as the Group) consisting of
FlexiGroup Limited and the entities it controlled at the
end of, or during, the year ended 30 June 2011.
Directors
The following persons were Directors of FlexiGroup Limited
during the year and up to the date of this report:
Margaret Jackson
John DeLano
Andrew Abercrombie
Rajeev Dhawan
R John Skippen
Company Secretary
David Stevens
Principal activities
The principal activities during the year continued to be the
provision of:
• lease and rental fnancing services for ofce, technology
and related equipment
• interest-free loans
• mobile broadband products and plans
No signifcant change in the nature of these activities
occurred during the year.
Dividends
Dividends paid to members during the fnancial year were
as follows:
Final ordinary dividend of 4.5 cents (2010: 3 cents) per fully
paid share was paid on 15 October 2010. The total amount
paid was $12,396,267.
Interim ordinary dividend for the year ended 30 June 2011
of 5 cents (2010: 3 cents) per fully paid share paid on
15 April 2011. Total amount paid was $13,783,125.
The Directors declare a fnal ordinary dividend of
5.5 cents (2010: 4.5 cents) per fully paid ordinary share
on 5 August 2011. This dividend has a record date of
14 September 2011 and is expected to be paid on
13 October 2011.
Review of operations
The Group’s net proft after tax for the year ended
30 June 2011 was $51.8m (2010: $58.9m), a decrease of
$7.1m over the prior year. This decrease is the result of
the recognition of a one-of tax credit in the 2010 year as
detailed in the prior year statutory accounts. Excluding this
one-of tax credit net proft after tax increased in 2011 by
$11.3m (28%) over the prior year.
This increase in proft continues to result from the Group’s
focus on growth of the leasing, interest-free, vendor fnance
and Blink businesses.
The Group is to continue to grow these areas in the future
as it aims to takes advantage of the parts of the market
currently under serviced.
FlexiGroup continues to be well placed to take advantage of
such opportunities with $247.2m of unused funding facilities
as at 30 June 2011 (refer to note 22).
Signifcant changes in state of afairs
There were no signifcant changes in the Company’s state
of afairs in the year.
Matters subsequent to end of the fnancial year
There were no matters subsequent to the end of the
fnancial year.
Likely developments and expected results
of operation
Information on likely developments in the operations of the
consolidated entity and the expected results of operations
have not been included in this report because the Directors
believe it would be likely to result in unreasonable prejudice
to the consolidated entity.
Environmental regulation
The Group’s operations are not regulated by any signifcant
environmental regulation under a law of the Commonwealth
or of a State or Territory.
Directors’ Report