Mcpherson's Limited · ASX:MCP
Mcpherson's — H1 FY2009 Earnings Presentation
12 slides from Mcpherson's's earnings presentation, Feb 25, 2009
Slide 1: Results for 6 months to 31 December 2008
McPherson’s Limited For personal use only Results for 6 months to 31 December 2008 David Allman Managing Director
Slide 2: P&L
P&L A$ Million For personal use only Dec 07 Dec 08 Sales 171.6) 186.8) EBITDA 29.2) 26.8) Depreciation / Amortisation (2.8) (2.8) 26.4) 24.0) EBIT Interest (4.8) (5.2) NPBT 21.6) 18.8) Tax (6.0) (5.3) NPAT 15.6) 13.5) Cash flow affected by Pre-tax Cash Flow 19.0) (1.2) increased dollar value of EPS
Slide 3: Balance sheet
Balance sheet A$ Million For personal use only Dec 07 Dec 08 Fixed Assets (including Intangibles) 210.7) 215.8) Working capital increased Net Working Capital 81.4) 110.2) due to Oneida acquisition Other (40.3) (48.7) and increased inventory value 251.8) 277.3) Shareholders’ Funds 151.3) 154.5) Geari
Slide 4: EBIT breakdown
EBIT breakdown A$ Million For personal use only Dec 07 Dec 08 Consumer Products – Australia 22.9) 20.5) – International 3.5) 3.5) 26.4) 24.0) Printing 1.9) 1.7) Corporate, etc (1.9) (1.7) Group EBIT 26.4) 24.0) Note: December 2007 excludes JV Costs of $500k pre-tax McPherson’s results for 6 months t
Slide 5: For personal use only
For personal use only McPherson’s results for 6 months to 31 December 2008. 5
Slide 6: For personal use only
For personal use only McPherson’s results for 6 months to 31 December 2008. 7
Slide 7: Consumer Products division
Consumer Products division A$ Million For personal use only Dec 07 Dec 08 11% increase (4% excluding Oneida and Mita) Sales 136.2) 151.6) EBITDA 27.6) 25.2) Margins affected by AUD decline Depreciation / Amortisation (1.2) (1.2) EBIT 26.4) 24.0) EBITDA / Sales % 20.3) 16.6) EBIT / Sales % 19.4) 15.8
Slide 8: Consumer Products division: Commentary
Consumer Products division Commentary For personal use only • Revenue growth in all major brands • New product development programmes working well • China-based sourcing operating well McPherson’s results for 6 months to 31 December 2008. 8
Slide 9: Consumer Products strategy
Consumer Products strategy For personal use only • Focus on product profitability • Reconfigure product ranges • Increase prices • Reduce product costs • Reduce overheads • Emphasis on new product development • Expand brands into new categories (e.g. success of Swisspers personal wipes & Wiltshire b
Slide 10: Printing division
Printing division A$ Million For personal use only Dec 07 Dec 08 Sales 35.5) 35.3) EBITDA (before equipment leases) 4.5) 4.1) Equipment lease expenses (1.1) (0.9) Depreciation / Amortisation (1.5) (1.5) EBIT 1.9) 1.7) EBIDA (before equipment leases) / Sales % 12.7) 11.6) EBIT / Sales % 5.4) 4.8) McP
Slide 11: Printing division: Commentary
Printing division Commentary For personal use only • Highly competitive market • Limited growth potential • Ongoing cost reductions through restructuring, efficiency gains and technology investment McPherson’s results for 6 months to 31 December 2008. 11
Slide 12: Company financial objectives
Company financial objectives For personal use only • Reduce debt • Restore profitability to acceptable levels • Reinstate dividend payments McPherson’s results for 6 months to 31 December 2008. 12