Gwa Group Limited · ASX:GWA
Gwa — FY2015 Earnings Presentation
22 slides from Gwa's earnings presentation, Aug 18, 2015
Slide 1: ASX cover letter: Annual Results Presentation
GWA Group Limited ‘ABN 15 055 964 280 t 6173109 6000 f 617 3852 2201 yaww.gwagroup.com.au S Level 2, HO (South Tower) 520 Wickham Street Fortitude Valley QLD 4006 GPO Box 1411 18 August 2015 Brisbane QLD 4001 ASX On-Line Manager Company Announcements Australian Securities Exchange Dear Sir Annual Re
Slide 2: Results Presentation
Results Presentation 18 August 2015 gwagroup.com.au
Slide 3: Disclaimer
Disclaimer Given the significance of restructuring expenses and significant items, this presentation contains non-IFRS financial measures to assist users to assess the underlying financial performance of the Group. The non-IFRS financial measures in this presentation were not the subject of a review
Slide 4: Agenda
Agenda Overview Group results Segment results Outlook Appendix Overview Peter Crowley Managing Director Group financial results Patrick Gibson Chief Financial Officer Segment results Patrick Gibson Summary and outlook Peter Crowley gwagroup.com.au 3
Slide 5: Agenda
Agenda Overview Group results Segment results Outlook Appendix Overview Peter Crowley Managing Director Group financial results Patrick Gibson Chief Financial Officer Segment results Patrick Gibson Summary and outlook Peter Crowley gwagroup.com.au 4
Slide 6: Delivering the Strategy
Delivering the Strategy Overview Group results Segment results Outlook Appendix Objective Update on Progress Strong momentum in Bathrooms & Kitchens business continues Successful divestments of Dux Hot Water, Brivis Climate Systems and 1 Focus the portfolio on core businesses Gliderol Garage Doors b
Slide 7: Overview of Continuing Operations
Overview of Continuing Operations Overview Group results Segment results Outlook Appendix Normalised from Continuing Operations* Revenue Gearing Ratio 6.7% 2.4pp $426.2m 23.7% Operating EBITDA 6.5% Cashflow $81.8m 62.1% $81.7m EBIT EPS 12.9% 19.3% $72.8m 14.8 cents NPAT ROFE 19.3% 2.3pp $45.2m 14.5%
Slide 8: Reconciliation to guidance including Gliderol
Reconciliation to guidance including Gliderol Overview Group results Segment results Outlook Appendix Adjusted Continuing FY15 Operations including Gliderol A$m FY15 Gliderol FY15 Normalised EBIT 72.8 (4.7) 68.1 * Guidance provided on the 29 June 2015 including Gliderol but excluding the Dux and Bri
Slide 9: Overview of Financial Results
Overview of Financial Results Overview Group results Segment results Outlook Appendix FY14 FY15 A$m Continuing Discont'd Group Continuing Discont'd Group Operations Operations Total Operations Operations Total Normalised EBITDA 76.8 13.1 89.9 81.8 5.1 86.9 EBIT 64.5 7.8 72.3 72.8 1.5 74.3 NPAT 37.8
Slide 10: Agenda
Agenda Overview Group results Segment results Outlook Appendix Overview Peter Crowley Managing Director Group financial results Patrick Gibson Chief Financial Officer Segment results Patrick Gibson Summary and outlook Peter Crowley gwagroup.com.au 9
Slide 11: Continuing Operations Overview
Continuing Operations Overview Overview Group results Segment results Outlook Appendix Continuing Operations A$m FY14 FY15 % Change Normalised net profit from Continuing Operations up Revenue 399.4 426.2 6.7% 19% on prior year EBIT 64.5 72.8 12.9% Normalised EBIT increase driven by improved Interest
Slide 12: Normalised EBIT – Continuing Operations A$M
Normalised EBIT – Continuing Operations Overview Group results Segment results Outlook Appendix 90 15.1 6.7 Improved volume and mix 85 primarily in Bathrooms & 7.1 Kitchens – improvement 80 across most product 75 72.8 categories 7.1 70 Price increases A$M 65 64.5 implemented to mitigate lower A$ 60
Slide 13: Improved cash flow from operations
Improved cash flow from operations Overview Group results Segment results Outlook Appendix Cash flow from Operations A$M FY14 FY15 Strong improvement in EBITDA 76.8 81.8 Operating cashflow – Continuing Operations up Net movement in Working Capital (27.8) (1.8) 62% Other 1.4 1.8 Working Capital movem
Slide 14: Strengthened Financial Position
Strengthened Financial Position Overview Group results Segment results Outlook Appendix Net debt reduced by 37% A$m Times 30 June 31 Dec 30 June Metric 2014 2014 2015 190 14 170 12 Net Debt 149.4 103.5 94.8 150 10 Leverage Ratio 130 8 Net Debt / EBITDA 1.7 1.2 1.1 110 6 Interest Cover 90 4 EBITDA /
Slide 15: Significant Items
Significant Items Overview Group results Segment results Outlook Appendix Significant Items A$m FY14 FY15 Continuing Operations Factory Closures 0.0 (39.3) Restruc turing Costs (3.4) (13.3) Other (6.0) 1.1 Significant Items from Cont. Ops (9.4) (51.5) Pre Tax Discontinued Operations Non cash impairm
Slide 16: Agenda
Agenda Overview Group results Segment results Outlook Appendix Overview Peter Crowley Managing Director Group financial results Patrick Gibson Chief Financial Officer Segment results Patrick Gibson Summary and outlook Peter Crowley gwagroup.com.au 15
Slide 17: Bathrooms & Kitchens
Bathrooms & Kitchens Overview Group results Segment results Outlook Appendix Continuing Operations A$m FY14 FY15 % Change Revenue and EBIT growth during significant year of Revenue 306.6 330.0 7.6% restructuring activity EBITDA 79.9 87.7 9.8% Volume growth across EBIT 73.0 83.3 14.1% most product ca
Slide 18: Door & Access Systems
Door & Access Systems Overview Group results Segment results Outlook Appendix Continuing Operations A$m FY14 FY15 % Change Revenue up 4% Revenue 92.8 96.2 3.7% EBIT impacted by flat volume/mix in EBITDA 9.7 8.6 -11.3% Gainsborough and higher EBIT 8.4 7.2 -14.3% FX charges for product purchases due t
Slide 19: Agenda
Agenda Overview Group Results Segment results Outlook Appendix Overview Peter Crowley Managing Director Group financial results Patrick Gibson Chief Financial Officer Segment results Patrick Gibson Summary and outlook Peter Crowley gwagroup.com.au 18
Slide 20: Moving Annual Numbers
Increased dwelling commencements Overview Group Results Segment results Outlook Appendix Australia - New Dwelling Activity 12 Month Moving Annual 240,000 220,000 Strong increase in Moving Annual Numbers commencements expected to flow through to 200,000 completions in FY16 180,000 160,000 140,000 120
Slide 21: Outlook
Outlook Overview Group Results Segment results Outlook Appendix Outlook Commentary Improved market Increase in new dwelling commencements in FY15 expected to flow 1 activity through to increased new dwelling completions in FY16 Non residential activity expected to recover through FY16 Business has b
Slide 22: Appendix – Proforma 5 year summary
Appendix – Proforma 5 year summary Overview Group results Segment results Outlook Appendix A$m FY11 FY12 FY13 FY14 FY15 Revenue Bathrooms & Kitchens 332.4 297.8 286.3 306.6 330.0 Door & Access Systems 85.1 78.9 89.8 92.8 96.2 Total Cont'd Ops 417.5 376.7 376.1 399.4 426.2 Discontinued Ops ** 224.1 2