Slide 1: 1H16 Results
For personal use only 1H16 RESULTS 26 FEBRUARY 2016 PETER CAUGHEY, CEO & MANAGING DIRECTOR 1
Slide 2: 1H16 Overview
1H16 Overview For personal use only • Restructure continuing – Distribution Centre rationalisation program completed – Organisational structure refreshed and streamlined – CGL support services now Melbourne based – Changes to pricing, purchasing, freight and warehouse management are ongoing – More o
Slide 3: Group – financial summary
Group – financial summary For personal use only ($m) 1H15 1H16 % change Revenue from Sale of Goods 99.6 92.1 -7.5% EBITDA (2.4) 0.3 +112.5% Net Loss Before Income Tax (4.1) (1.1) +73.2% Net Loss After Tax (3.3) (0.8) +75.8% Net Cash 15.4 5.2 -66.2% Interim Dividend per Share (cents) 4.25 0 N/A Net T
Slide 4: Restructure update
Restructure update For personal use only Expectations for FY16 (at FY15 results): Achievements for 1H16: • Additional $4m savings p.a. by end FY16 3 new Konnect branch openings • New warehouse management system to be Outbound call centre established implemented by June 2016 Completion of 3 yea
Slide 5: Coventry's products
Coventry’s products For personal use only Konnect Artia The largest specialty fastener distributor in Niche supplier of hardware to the kitchen & Australia and New Zealand cabinet maker industry Cooper Fluid Systems Gaskets (72.5% owned) Supplier of spare parts, workshop and on-site Market leader in
Slide 6: Trade Distribution (Konnect/Artia)
Trade Distribution (Konnect/Artia) For personal use only ($m) 1H15 1H16 % change Revenue 61.8 57.8 -6.5% Contribution (1.7) 0.1 105.9% • Konnect and Artia are now fully integrated • Trade Distribution now making a positive contribution • Division remains the focus of restructure initiatives – Organi
Slide 7: Cooper Fluid Systems
Cooper Fluid Systems For personal use only ($m) 1H15 1H16 % change Revenue 31.4 27.7 -11.8% Contribution 1.8 1.7 -5.6% • Business continues to be profitable, defying mining services trends • Continue to focus on growing niche service capability • Negative sales offset by strict cost control 7
Slide 8: Gaskets (Investment, 72.5% owned)
Gaskets (Investment, 72.5% owned) For personal use only ($m) 1H15 1H16 % change Revenue 7.3 7.5 2.7% EBIT 1.2 1.3 8.3% • Solid EBIT performance • Repco secured as a new customer – Supply commenced in January 2016 – Now supply top 5 automotive distributors in Australia • AA Gaskets have agreed to sel
Slide 9: Corporate
Corporate For personal use only ($m) 1H15 1H16 % change Revenue 1.2 1.3 8.3% Net Corporate Expenses -4.8 -4.3 10.4% • Revenue is sourced from rental paid by third parties at Redcliffe, Perth – Sub-tenant leases expire in 2017, however, head lease expires in 2027 – Initiatives underway to source new
Slide 10: Balance sheet
Balance sheet For personal use only ($m) Jun-15 Dec-15 Cash & cash equivalents 8.7 5.2 • Balance sheet reset at June 2015 following Term deposits - - significant restructure initiatives Trade and other receivables 31.7 31.1 Inventories 59.3 59.1 • Workable net cash position retained Other current as
Slide 11: Subsequent Events
Subsequent Events For personal use only • Board is very sad to announce the passing of Gaskets GM, Kerry Lee • Kerry made a significant contribution to Coventry during his 25 years with the Group • More recently, he secured Repco as a new customer and negotiated the Gaskets property sale agreement •
Slide 12: Outlook
Outlook For personal use only • Restructure program expected to be completed by the end of 2016 • Restructured operations will deliver a more efficient distribution model that improves the Group’s service, sales, and cost-of-doing-business • Revenue initiatives are the primary focus – New product, c
Slide 13: Disclaimer
Disclaimer For personal use only Presentation is a summary only This presentation is information in a summary form only and does not purport to be complete. It should be read in conjunction with Coventry Group Limited’s (the Company’s) final financial report for the year ended 31 December 2015. Any