Jb Hi-fi Limited · ASX:JBH
Jb Hi-fi — H1 FY2005 Earnings Presentation
11 slides from Jb Hi-fi's earnings presentation, Feb 16, 2005
Slide 1: Half Year Results Presentation — December 2004
all = 5 -HL-FI JB Hi-Fi Limited Half Year Results Presentation — December 2004 16 February 2005
Slide 2: Agenda
we AGENDA 1. Performance 2. Trading Update 3. Financial Detail 4. New Stores 5. Investment Scorecard Richard Uechtritz Richard Murray CEO CFO
Slide 3: Performance
JB -HEFI 1. PERFORMANCE Strong performance for 6 months to 31 December 2004 Growth against pervious corresponding period: * Sales $376.2m 60.3% + * Comparable store sales growth (PCP 8.4%) 10.3% +1.9%° + EBIT $25.4m 75.5% « * NPAT $15.4m 65.4% « Interim fully franked dividend of 3.6 cents per share
Slide 4: Trading Update
wJB : 2. TRADING UPDATE Trading Overview * Strong growth in most categories: Slim-line TV, DVD Software, Digital Cameras, Music & Portable Audio. * Comparative store growth of 10.3% for 1st half expected to slow in 2nd half. * Opex as % of sales down 0.9% to 15.6% (PCP 16.5%). * Opened 7 new JB Hi-F
Slide 5: Financial Detail: Profit and Loss Statement
we 3. FINANCIAL DETAIL Profit and Loss Statement Sm HY04 HY03 Growth Sales 376.2 234.6 60.3% Comparative Store Sales + 10.3% Gross Profit 86.6 54.7 58.3% Gross Margin 23.0% 23.3% (0.3%) EBITDA 27.9 15.9 75.8% Depreciation & Amortisation 2.5 1.4 EBIT 25.4 14.5 75.5% EBIT Margin 6.8% 6.2% 0.6% Net Pro
Slide 6: Cashflow Statement
we Cashflow Statement Sm HY04 HY03 Movement EBITDA 27.9 15.9 12.0 Change in Working Capital (1.5) 8.6 (10.1) Net Borrowing Costs (2.2) (1.2) (1.0) Income Tax Paid (5.4) (3.0) (2.4) Net Cashflow from Operations 18.8 20.3 (1.5) Purchases of F,F&E (8.3) (5.0) (3.3) Payments for Intangibles & Invest. (2
Slide 7: Working Capital
JB Working Capital $m HY04 HYO3 Movement in working capital (Increase)/Decrease in Inventory (50.0) (27.3) Current receivables (9.3) (5.8) Other current assets 1.5 (0.2) Increase/ (Decrease) in Current trade creditors 56.5 41.3 Other current tiabilities (0.2) 0.6 Net Working Capital (1.5) 8.6 Contin
Slide 8: Balance Sheet
wJB : Balance Sheet Sm HY04 HY03 Movement Cash 32.1 28.4 3.7 Receivables 23.9 13.8 10.1 Inventories 130.9 76.4 54.5 Total Current Assets 188.6 119.7 68.9 Fixed Assets 30.6 18.5 12.1 Brandname & Goodwill 66.4 46.0 20.4 Other 1.7 1.8 -0.1 Total Non-Current Assets 99.1 66.3 32.8 TOTAL ASSETS 287.8 186.
Slide 9: Balance Sheet key ratios
we Balance Sheet JB Hi-Fi’s balance sheet remains strong after the acquisition of Clive Anthonys, and the group is well positioned for growth as evidenced by the following key ratios: $m HY04 HY03 Stock Turnover 5.75 5.80 Creditors Days 65.6 70.6 Fixed Charge Ratio 3.20 2.70 Interest Cover (times) 1
Slide 10: New Stores: Stores Opened and Outlook
wJB : 4. NEW STORES Stores Opened and Outlook 7 JB stores opened in first half: * Canberra City", Sydney City”, Westfield Belconnen (ACT), Norton Street Leichhardt (Sydney) * Werribee Plaza (Melbourne) and Narre Warren (Melbourne) + Modbury (SA) Scheduled to take possession of the following in 2"4 h
Slide 11: Investment Scorecard
JB -HEFI 5. INVESTMENT SCORECARD Strong growth, profitability & sustainable competitive advantage Growth factors: + Continued focused exposure to high growth home entertainment product market + Recently opened stores continue to mature strongly + JB new store roll-out continues, with plenty of site