Premier Investments Limited · ASX:PMV
Premier Investments — FY2011 Earnings Presentation
21 slides from Premier Investments's earnings presentation, Sep 19, 2011
Slide 1: Premier Investments Limited 2011 Final results
For personal use only Premier Investments Limited 2011 Final results 19 September 2011
Slide 2: Agenda
For personal use only Agenda Financial results Premier Retail Division (The Just Group) performance Premier Retail Division trading outlook Dividend and capital management Additional financial and operational information 1
Slide 3: Financial results
For personal use only 1 Financial results • Group profit – Underlying profit before tax (before one off costs) of $73.3 million, in line with recent profit guidance – Underlying profit after tax of $51.5 million – Reported profit after tax of $40.5 million • Comparison between FY2011 and FY2010 – FY
Slide 4: Financial results
For personal use only 1 Financial results • Premier investment income up 29% pcp – Higher interest income on cash reserves – Strong dividend income from investment in Breville Group • Premier cash flows – Cash flows from operation of $71.0 million – Capex of $22.8 million – Final earn out payment fo
Slide 5: Premier Consolidated Income Statement
For personal use only 1 Premier—Consolidated Income Statement 52 weeks 53 weeks to 30 July 2011 to 31 July 2010 $m’s Premier revenues (ex The Just Group) 21.6 16.7 Premier expenses (ex The Just Group) (3.9) (3.7) Premier Retail (The Just Group) underlying EBIT 65.3 84.2* Finance costs (9.7) (7.9) Un
Slide 6: Premier Summarised Consolidated Balance Sheet
For personal use only 1 Premier—Summarised Consolidated Balance Sheet $m’s 30 July 2011 31 July 2010 Assets Cash and cash equivalents 307.8 316.6 Inventories 73.4 71.7 Plant and equipment 84.8 91.2 Other assets 37.0 36.3 Available-for-sale financial assets 104.5 72.8 Intangible assets 854.5 854.2 To
Slide 7: Just Group Full Year Results FY11
For personal use only Just Group Full Year Results FY11 19 September 2011 6
Slide 8: Overview of results—The Just Group
For personal use only 2 Overview of results—The Just Group • Total sales $866m (-0.5% on FY10; +1.1% on a comparable weeks basis*) • LFL sales down 2.8% (Aust -2.0%; NZ -4.2% in NZD) • Gross margin increased by 53bps • CODB up 280bps • Strategic Review Announced July 2011 • FY11 EBIT of $65.3m** bef
Slide 9: Just Group—summary result
2 Just Group—summary result $000’s FY11 FY10 Var Sales 866,045 870,385 -0.5% • Total sales down 0.5% but up For personal use only LFL sales* -2.8% -3.75% — 1.1% on a comparable weeks basis Gross profit** 521,102 519,073 — Gross margin (%)** 60.2% 59.6% 53bps • LFL sales down 2.8% Salaries (204,630)
Slide 10: Geographic summary
For personal use only 2 Geographic summary Australia New Zealand • Total sales up 1.7%* • Total sales up 0.5% (in NZD)* • LFL sales down 2.0% • LFL sales down 2.4% (in NZD) • Consumer spending remains • 9 stores closed since the soft in discretionary categories February earthquake; 5 stores such as
Slide 11: Stores: Just Jeans and Jacqui E
For personal use only 2 Stores Just Jeans • Total sales down 1.2%* • Solid result in a tough market • Brand is well positioned under focused leadership to perform well in a competitive market • 251 stores at end of year Note: * LY sales adjusted to same 52 weeks Jacqui E • Total sales down 2.7%* • C
Slide 12: Stores: Jay Jays and Dotti
For personal use only 2 Stores Jay Jays • Total sales down 8.5%* • New leadership team appointed and focused on brand turnaround • 15 stores closed during the year • 238 stores at end of year Note: * LY sales adjusted to same 52 weeks Dotti • Total sales up 5.2%* • LFL Sales Negative, 9 stores opene
Slide 13: Stores: Portmans and Peter Alexander
2 Stores Portmans For personal use only • Total sales up 3.6%* • Portmans to be profitable in FY12 • Portmans stores continued to outperform competitors and take share in key locations despite the weak consumer environment • 19 stores closed during the year • 111 stores at end of year Note: * LY sal
Slide 14: Stores: Smiggle
For personal use only 2 Stores Smiggle • Aus/NZ total sales up 20.3%* • 13 stores opened during the year • 100 stores at end of year in Australia & New Zealand • Opportunity to open up to 50 more stores in Australia and New Zealand over the next 3 years • Very successful opening in Singapore, with 2
Slide 15: Strategic review—update
2 Strategic review—update Focus Area Status Comments For personal use only Rejuvenate and reinvigorate the New leadership teams in place and focused; market 1 core apparel brands conditions remain difficult but teams focused on customer and product Initiate an organisation-wide Significant cost ef
Slide 16: Premier Retail (The Just Group) trading outlook
For personal use only 3 Premier Retail (The Just Group) trading outlook • The Macro economic environment and consumer confidence has continued to deteriorate in August • Management is focussed on – Reinvigoration of our products and brands – Improving gross margin through better sourcing – Accelerat
Slide 17: Dividends and capital management
For personal use only 4 Dividends and capital management • The Premier Board has declared a final fully franked dividend of 18cps – Total full year fully franked dividend of 36cps • This represents a payout above earnings • Premier Board made the dividend decision after reviewing – The underlying ea
Slide 18: Just Group Additional Information
For personal use only Just Group Additional Information 19 September 2011 17
Slide 19: The Just Group—key operation metrics
For personal use only 5 The Just Group—key operation metrics $000’s FY11 FY10 Change Stores (end) 966 979 — Net store openings -13 — — Sales 866,045 870,385 -0.5% LFL sales growth -2.8% -3.7% — Gross profit margin 60.2% 59.6% +53bps EBITDA 86,988 103,971 -16.3% EBIT (excl one–off costs) 65,255 84,19
Slide 20: The Just Group—sales and stores
For personal use only 5 The Just Group—sales and stores Stores** Sales Growth Adj growth* (TY) (A$’000’s) (%) (%) Just Jeans 251 211,398 3.1 -1.2 Jay Jays 238 215,942 11.2 -8.5 Portmans 111 111,550 -1.9 +3.6 Jacqui E 108 81,105 4.4 -2.7 Dotti 116 104,556 -3.6 +5.2 Peter Alexander 39 73,063 -17.1 +21
Slide 21: The Just Group—store movements
For personal use only 5 The Just Group—store movements As at July 2011 Stores Open Close Stores Change in Beginning FY11 FY11 End stores Just Jeans 259 0 -8 251 -3.1% Jay Jays 249 4 -15 238 -4.4% Portmans 128 2 -19 111 -13.3% Jacqui E 106 2 0 108 +1.9% Dotti 110 8 -2 116 +5.5% Peter Alexander 33 7 -