Ferguson Enterprises Inc. · NYSE:FERG
Ferguson Enterprises — Wolseley — 9M FY2009 Earnings Presentation
12 slides from Ferguson Enterprises's earnings presentation, May 28, 2009
Slide 1: Wolseley plc Interim Management Statement for the nine months ended 30 April 2009
Wolseley plc Interim Management Statement for the nine months ended 30 April 2009 28 May 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 i
Slide 2: Overview
Overview Strongly positioned for challenging markets and to capitalise on market recovery • As expected Group’s markets continue to weaken • North America residential and non-residential markets remain challenging and commercial and industrial markets have weakened further • European markets decline
Slide 3: Trading performance - nine months to 30 April 2009
Trading performance - nine months to 30 April 2009 Further market deterioration • Group • Revenue of £12,100m, down 15% in constant currency • Trading profit of £189m, down 65% in constant currency • Profit before tax, exceptional items and the amortisation and impairment of acquired intangibles of
Slide 4: Exceptional costs and benefits from restructuring actions
Exceptional costs and benefits from restructuring actions, 1 August 2008 to 30 April 2009 Further cost reduction to right-size the business Cost Headcount Benefit Benefit £m reduction £m 2009 £m pa UK and Ireland 84 2,819 71 133 France * 557 6 12 Nordic 21 1,287 15 42 Central and Eastern Europe 33 4
Slide 5: Cash flow maximisation to reduce debt
Cash flow maximisation to reduce debt Strong cash flow performance • On track for 10% reduction in constant currency working capital cash to cash days at 31 July 2009 • Capex further curtailed and likely to be around £160m for year to 31 July 2009 • Net debt at 30 April 2009 of £1,534m (30 April 200
Slide 6: Discontinued activities
Discontinued activities Stock Building Supply deconsolidated from 5 May 2009 • Stock’s local currency revenue fell by 30%, trading loss for the nine months (excluding £20m of losses relating to the construction loans activities) was £108m • Stock announced, on 8 May 2009, the approval of all of its
Slide 7: Outlook
Outlook Trading likely to remain challenging until early 2010 • Expect market conditions to continue to deteriorate in short term and trading conditions likely to remain challenging until at least early 2010 • Commercial and industrial market in the US is expected to soften further over the remainde
Slide 8: Q&A
Q&A The name the world builds on
Slide 9: Appendices
Appendices The name the world builds on
Slide 10: Restatement of 31 July 2008 EPS
Restatement of 31 July 2008 EPS Published FY08 weighted average number of shares 655 Multiplied by adjustment factor for share placing 1.15 Multiplied by adjustment factor for rights issue 2.4 Multiplied by adjustment factor for share consolidation 0.1 Restated FY08 weighted average number of shares
Slide 11: Illustrative example of calculation of denominator for 31 July 2009 EPS
Illustrative example of calculation of denominator for 31 July 2009 EPS Adjusted Adjusted Cumulative cumulative cumulative number of Adjustment Adjustment number of % of multiplied by shares in Adjustment for share for rights shares in year in % of year Issued issue for placing consolidation issue i
Slide 12: Continuing operations vs. discontinuing operations split
Continuing operations vs. discontinuing operations split Total Group Less discontinued Continuing £m operations operations £m £m Revenue 12,100 (1,138) 10,962 Operating expenses (11,911) 1,246 (10,665) Trading profit 189 108 297 Exceptional items (336) 147 (189) Amortisation and impairment of (850)