Jb Hi-fi Limited · ASX:JBH
Jb Hi-fi — H1 2005 Earnings Presentation
11 slides from Jb Hi-fi's earnings presentation, Feb 16, 2005
Slide 1: Half Year Results Presentation – December 2004
JB Hi-Fi Limited Half Year Results Presentation – December 2004 16 February 2005
Slide 2: Agenda
AGENDA 1. Performance 2. Trading Update 3. Financial Detail 4. New Stores 5. Investment Scorecard Richard Uechtritz Richard Murray CEO CFO
Slide 3: Performance: Strong performance for 6 months to 31 December 2004
1. PERFORMANCE Strong performance for 6 months to 31 December 2004 Growth against pervious corresponding period: • Sales $376.2m 60.3% Û • Comparable store sales growth (PCP 8.4%) 10.3% +1.9% Û • EBIT $25.4m 75.5% Û • NPAT $15.4m 65.4% Û Interim fully franked dividend of 3.6 cents per share declared
Slide 4: Trading Update: Trading Overview
2. TRADING UPDATE Trading Overview • Strong growth in most categories: Slim-line TV, DVD Software, Digital Cameras, Music & Portable Audio. • Comparative store growth of 10.3% for 1st half expected to slow in 2nd half. • Opex as % of sales down 0.9% to 15.6% (PCP 16.5%). • Opened 7 new JB Hi-Fi stor
Slide 5: Financial Detail: Profit and Loss Statement
3. FINANCIAL DETAIL Profit and Loss Statement $m HY04 HY03 Growth Sales 376.2 234.6 60.3% Comparative Store Sales + 10.3% Gross Profit 86.6 54.7 58.3% Gross Margin 23.0% 23.3% (0.3%) EBITDA 27.9 15.9 75.8% Depreciation & Amortisation 2.5 1.4 EBIT 25.4 14.5 75.5% EBIT Margin 6.8% 6.2% 0.6% Net Profit
Slide 6: Cashflow Statement
3. FINANCIAL DETAIL. . . Cashflow Statement $m HY04 HY03 Movement EBITDA 27.9 15.9 12.0 Change in Working Capital (1.5) 8.6 (10.1) Net Borrowing Costs (2.2) (1.2) (1.0) Income Tax Paid (5.4) (3.0) (2.4) Net Cashflow from Operations 18.8 20.3 (1.5) Purchases of F,F&E (8.3) (5.0) (3.3) Payments for In
Slide 7: Working Capital
3. FINANCIAL DETAIL. . . Working Capital $m HY04 HY03 Movement in working capital (Increase)/Decrease in Inventory (50.0) (27.3) Current receivables (9.3) (5.8) Other current assets 1.5 (0.2) Increase/(Decrease) in Current trade creditors 56.5 41.3 Other current liabilities (0.2) 0.6 Net Working Cap
Slide 8: Balance Sheet
3. FINANCIAL DETAIL. . . Balance Sheet $m HY04 HY03 Movement Cash 32.1 28.4 3.7 Receivables 23.9 13.8 10.1 Inventories 130.9 76.4 54.5 Total Current Assets 188.6 119.7 68.9 Fixed Assets 30.6 18.5 12.1 Brandname & Goodwill 66.4 46.0 20.4 Other 1.7 1.8 -0.1 Total Non-Current Assets 99.1 66.3 32.8 TOTA
Slide 9: Balance Sheet
3. FINANCIAL DETAIL. . . Balance Sheet JB Hi-Fi’s balance sheet remains strong after the acquisition of Clive Anthonys, and the group is well positioned for growth as evidenced by the following key ratios: $m HY04 HY03 Stock Turnover 5.75 5.80 Creditors Days 65.6 70.6 Fixed Charge Ratio 3.20 2.70 In
Slide 10: New Stores: Stores Opened and Outlook
4. NEW STORES Stores Opened and Outlook 7 JB stores opened in first half: • Canberra City*, Sydney City*, Westfield Belconnen (ACT), Norton Street Leichhardt (Sydney) • Werribee Plaza (Melbourne) and Narre Warren (Melbourne) • Modbury (SA) Scheduled to take possession of the following in 2nd half, w
Slide 11: Investment Scorecard
5. INVESTMENT SCORECARD Strong growth, profitability & sustainable competitive advantage 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 opportuni