Jb Hi-fi Limited · ASX:JBH
Jb Hi-fi — FY2004 Earnings Presentation
11 slides from Jb Hi-fi's earnings presentation, Jun 30, 2004
Slide 1: JB Hi-Fi Limited Full Year Result Presentation
JB Hi-Fi Limited Full Year Result Presentation 30 June 2004
Slide 2: Agenda
Agenda Ø FY 2004 • Financial Summary • Profit and Loss Summary • Cashflow Summary - Working Capital - Capital Expenditure • Balance Sheet Summary Ø New Stores Ø Clive Anthony acquisition Ø Investment Scorecard Chief Executive Officer Chief Financial Officer Richard Uechtritz Richard Murray -1-
Slide 3: Financial Summary
Financial Summary Ø Strong twelve months performance to 30 June, 2004 • Growth against previous corresponding period : - Sales $452m 27.1% é - Comparable store sales growth 8.0% - Gross Margin (up 95 basis points) 23.4% 4.3% é - NPAT $13.8m* 60.7% é Ø Final fully franked dividend of 3.6 cents per sh
Slide 4: Profit and Loss Summary
Profit and Loss Summary FY04 FY03 30-Jun-04 30-Jun-03 Growth $m $m Sales 452.4 355.8 27.1% Comparative Store Sales 8.0% Gross Profit 105.9 79.9 32.5% Gross Margin 23.4% 22.5% + 0.95% EBITDA 26.0 18.1 44.2% Depreciation & Amortisation 3.2 1.3 EBIT 22.9 16.7 36.6% EBIT Margin 5.1% 4.7% + 0.4% Net Prof
Slide 5: Cashflow Summary
Cashflow Summary FY04 FY03 30-Jun-04 30-Jun-03 $m $m EBITDA 26.0 18.1 Change in Working Capital (2.8) 13.0 Borrowing Costs (3.0) (3.3) Income Tax Paid (5.3) (4.1) Net Cashflow from Operating Activities 14.8 23.6 Purchases of Fixtures, Fittings & Equipment (10.3) (6.3) Payments for Intangible Assets
Slide 6: Working Capital
Working Capital 12 months 12 months 30-Jun-04 30-Jun-03 $m $m Movement in Working Capital: (Increase) / Decrease in assets Inventory (21.3) (6.2) Receivables (3.9) (0.7) Other Current Assets (1.4) (1.0) Increase / (Decrease) in liabilities Trade Creditors 18.2 18.8 Other Current Liabilities 5.6 2.1
Slide 7: Capex
Capex Ø Capex was higher than forecast as previously advised • One extra store opened compared to forecast • DVD security product installed • Head office IT and other equipment purchases • Larger store sizes Ø New store capex in FY05 is expected to be ~$ 1.0m per store, which is funded via finance l
Slide 8: Balance Sheet
Balance Sheet 30-Jun-04 30-Jun-03 $m $m 30-Jun-04 30-Jun-03 % % Cash 16.4 13.0 Gearing:- Receivables 13.2 7.7 Net D / (Net D + E) 36% 39% Inventories 70.3 49.1 Other 1.1 0.7 Return on Investment:- (1) Total Current Assets 101.1 70.4 NPAT / Ave Net Assets 32% 25% (1) EBIT / Ave (Net Debt + Net Assets
Slide 9: New Stores
New Stores JB Hi-Fi Stores* Ø JB Hi-Fi Stores opened FY04 1. Cannington Perth Oct 03 2. Osborne Park Perth Oct 03 3. Kawana Waters Qld Sunshine Coast Nov 03 7 Brisbane, Gold 4. Marion Adelaide Dec 03 & Sunshine Coast 5. Erina NSW Central Coast Feb 04 6. Bondi Junction Sydney Apr 04 2 Adelaide 1 Newc
Slide 10: Acquisition of Clive Anthonys
Acquisition of Clive Anthonys Ø Acquisition (70%) of Clive Anthonys retail chain • A great business, attractive investment and first class management • Management team will retain 30% of business, • JB gains separate exposure to whitegoods, cooking and computer retail segments • 5 existing stores in
Slide 11: Investment Scorecard
Investment Scorecard Ø Growth factors • Continued focused exposure to high growth home entertainment product market • Recently opened stores continue to mature strongly • JB new store roll-out continues, with plenty of site opportunities • New vehicle (Clive Anthonys) to pursue difference markets an