Slide 1: FY15 Results
For personal use only FY15 RESULTS 27 AUGUST 2015 PETER CAUGHEY, CEO & MANAGING DIRECTOR 1
Slide 2: FY15 Overview
FY15 Overview For personal use only • Refreshed governance structure – Executive Chair retired and role split into Non-Executive Chair and CEO – New Non-Executive Chairman, CEO and Non-Executive Directors appointed • Comprehensive strategic review undertaken and restructure underway – Initiatives to
Slide 3: Group – financial summary
Group – financial summary For personal use only ($m) FY14 FY15 % change Revenue from sale of goods (excl discontinued operations) 206.2 190.7 -7.5% Gross profit from continuing operations 40.6% 38.0% -2.6% EBIT (before restructuring and other related costs) -0.0 -6.4 NM Profit/(loss) after tax 1.0 -
Slide 4: Restructure update
Restructure update For personal use only Since Restructure Announcement (9 February): Expectations for FY16: $7 million costs per annum removed Additional $4 million p.a. savings by end FY16 How this was achieved: What is now underway: • More than 100 positions removed • Reconfiguration, relocat
Slide 5: Coventry's products
Coventry’s products For personal use only Konnect Artia The largest specialty fastener distributor in Niche supplier of hardware to the kitchen & Australia and New Zealand cabinet maker industry C (72.5% owned) Supplier of spare parts, workshop and on-site Market leader in specialised gaskets for th
Slide 6: Specialty fasteners
Specialty fasteners For personal use only ($m) FY14 FY15 % change Revenue 112.7 101.0 -10.3% EBIT (before restructure related costs) -0.1 -7.5 NM • Konnect revenue and margins impacted by challenging market conditions – Rapid change in AUD – Declining mining sector spend – Weakening infrastructure m
Slide 7: Cabinet hardware
Cabinet hardware For personal use only ($m) FY14 FY15 % change Revenue1 15.1 15.7 +3.9% EBIT (before restructure related costs)2 -1.2 0.1 NM • Artia is now a profitable business for the first time since 2008 • Significant improvement in the business driven by: – Exit from unprofitable “furniture” ca
Slide 8: Hydraulic design and repair
Hydraulic design and repair For personal use only ($m) FY14 FY15 % change Revenue 62.9 60.4 -4.0% EBIT (before restructure related costs) 3.1 2.1 -32.3% • Business continues to be profitable, despite challenging mining sector contraction – Increased focus on repairs & maintenance and non-capital off
Slide 9: After market auto gaskets (72.5% owned)
After market auto gaskets (72.5% owned) For personal use only ($m) FY14 FY15 % change Revenue 12.9 13.4 +4.0% EBIT 2.2 2.1 -4.5% • Owned 72.5% by Coventry – 3 minority shareholders hold 27.5% • It is managed as a stand-alone investment, with a separate Board – 3 of 4 Directors are nominated by Coven
Slide 10: Corporate
Corporate For personal use only ($m) FY14 FY15 % change Revenue 2.4 2.5 4.2% EBIT (before restructure related costs) -3.2 -3.1 3.1% • Revenue is sourced from rental paid by third parties at Redcliffe, Perth – Sub-tenant leases expire in 2017 – Coventry head lease expires 2027 – Initiatives underway
Slide 11: Cash flow
Cash flow For personal use only ($m) Jun-14 Jun-15 Comment Operating losses $6m, inventory growth Net cash from operating activities 5.0 -17.7 $4m and $8m restructure cash costs Net cash from investing activities 0.6 36.3 $39m proceeds from term deposits Net cash used in financing activities -8.5 -1
Slide 12: Balance sheet
Balance sheet For personal use only ($m) Jun-14 Jun-15 • Balance sheet reflects restructure initiatives: Cash & cash equivalents 8.8 8.7 – $2.9m write-off of obsolete inventory Term deposits 39.2 - Inventories 55.3 59.3 – $4.7m write-down of Oracle deployment cost Other current assets 33.5 31.8 – $4
Slide 13: Outlook
Outlook For personal use only • Trading conditions across all businesses are expected to be similar to 2H15 • Restructured operations will deliver a more efficient distribution model that reduces the cost-of-doing-business • Restructure program to be completed by the end of 2016 • Revenue growth ini
Slide 14: 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 30 June 2015. Any info