Ferguson Enterprises Inc. · NYSE:FERG
Ferguson Enterprises — Wolseley — 11 months to 30 June 2009 Earnings Presentation
11 slides from Ferguson Enterprises's earnings presentation, Jul 27, 2009
Slide 1: Wolseley plc Pre-close trading statement for the eleven months ended 30 June 2009
Wolseley plc Pre-close trading statement for the eleven months ended 30 June 2009 27 July 2009 This presentation contains certain forward-looking statements. By their nature, such statements involve uncertainty; as a consequence, actual results and developments may differ from those expressed in or
Slide 2: Ian Meakins, Group Chief Executive
Ian Meakins Group Chief Executive The name the world builds on
Slide 3: Steve Webster, Group Chief Financial Officer
Steve Webster Group Chief Financial Officer The name the world builds on
Slide 4: Overview
Overview • Tough trading environment in line with May IMS expectations • On going focus on cash generation, debt reduction and improved performance • FY2009 cost savings of £200m, incremental benefit in FY2010 of £192m • Successful completion of Stock Chapter 11 reorganisation • Outcome of strategic
Slide 5: Trading performance
Trading performance Eleven months to 30 June 2009 • Group • Revenue of £13,250m, down 16% in constant currency • Trading profit of £368m, down 56% in constant currency • Profit before tax, exceptional items and the amortisation and impairment of acquired intangibles of £233m, down 72% in constant cu
Slide 6: Exceptional costs and benefits from restructuring actions
Exceptional costs and benefits from restructuring actions, 1 August 2008 to 30 June 2009 Cost Headcount Benefit Benefit £m reduction £m 2009 £m pa UK and Ireland 126 3,254 72 141 France 2 557 6 12 Nordic 21 1,337 18 43 Central and Eastern Europe 35 498 8 20 Europe 184 5,646 104 216 US plumbing and h
Slide 7: Cash flow maximisation to reduce debt
Cash flow maximisation to reduce debt Good progress made • On track to deliver 10% year on year constant currency improvement in working capital cash to cash days • Capital expenditure remains on track for £160m • Net debt at 30 June of £1,426m representing gearing of 42.9%. Further reduction of deb
Slide 8: Stock Building Supply
Stock Building Supply Deconsolidated from 5 May 2009 • Successful completion of Stock financial restructuring announced on 1 July • $100m DIP facility provided by Wolseley which was undrawn in the period has been cancelled • No remaining financing commitment for Wolseley • Loss before exceptional it
Slide 9: Central and Eastern Europe
Central and Eastern Europe Review now completed • Significant potential to create long term value by focussing on a core of constituent businesses • Focus where Group has scale, leading market positions and can deliver an appropriate financial return • Disposal of Belgium, Slovakian and Czech Republ
Slide 10: Outlook
Outlook • Expect market conditions to continue to deteriorate and trading likely to remain challenging until at least end of the calendar year • New residential construction markets are showing signs of stabilisation but unlikely to recover quickly • RMI markets continuing to decline albeit at a slo
Slide 11: Q&A
Q&A The name the world builds on
Wolseley — 11 months to 30 June 2009 Earnings Presentation on 6ix