Premier Investments Limited · ASX:PMV
Premier Investments — H1 2010 Earnings Presentation
29 slides from Premier Investments's earnings presentation, Mar 22, 2010
Slide 1: Premier Investments Limited 2010 Interim Results
For personal use only Premier Investments Limited 2010 Interim Results 22 March 2010
Slide 2: Agenda
For personal use only Agenda 1 Highlights 2 Financial results 3 Just Group performance 4 Dividend and capital management 5 Outlook 6 Additional financial and operational information 1
Slide 3: Agenda
For personal use only Agenda 1 Highlights 2 Financial results 3 Just Group performance 4 Dividend and capital management 5 Outlook 6 Additional financial and operational information 2
Slide 4: Highlights
For personal use only 1 Highlights Solid profit result – Reported 1H2010 NPAT $42.4m – Just Group profit before tax up $6.2m or 12.3% to $56.3m – Premier’s interest earned decreased by $11m due to the utilisation of cash through Just Group acquisition during 1H2009 Shareholders rewarded – Interim fu
Slide 5: Agenda
For personal use only Agenda 1 Highlights 2 Financial results 3 Just Group performance 4 Dividend and capital management 5 Outlook 6 Additional financial and operational information 4
Slide 6: Financial Results
For personal use only 2 Financial Results Comparison of 1H2010 to 1H2009 problematic at the Premier level: – Premier’s 1H2010 comprises 27 weeks. 1H2009 comprised 29 weeks and 5 days – Just Group’s 1H2010 comprised 27 weeks. 1H2009 comprised 26 weeks – Premier earned substantial interest in 1H2009 o
Slide 7: Premier—Consolidated Income Statement
For personal use only 2 Premier—Consolidated Income Statement 26 Jul 09 1 Jul 08 $m’s to 30 Jan 10 to 24 Jan 09 Premier Revenues (ex Just Group) 6.9 18.0 Premier Expenses (ex Just Group) (1.9) (1.6) Just Group EBIT 60.2 55.9 Finance Costs (4.0) (5.8) Profit before income tax 61.2 66.5 Income tax exp
Slide 8: Premier—Summarised Consolidated Balance Sheet
2 Premier—Summarised Consolidated Balance Sheet Premier has maintained For personal use only $m’s 30 Jan 10 25 Jul 09 24 Jan 09 Assets strong cash position Cash and cash equivalents 325.2 328.7 337.0 Just Group’s core debt Inventories 67.6 69.5 69.3 reduced Plant and equipment 77.5 73.3 75.9 Invento
Slide 9: Premier—Consolidated Cash Flow Statement
For personal use only 2 Premier—Consolidated Cash Flow Statement 26 Jul 09 1 Jul 08 $m’s to 30 Jan 10 to 24 Jan 09 Net cash flows from (used in) operating activities 60.2 29.3 Net capital expenditure (16.8) (20.0) Net cash flow - available-for-sale financial assets - (4.1) Acquisition - (433.5) Net
Slide 10: Agenda
For personal use only Agenda 1 Highlights 2 Financial results 3 Just Group performance 4 Dividend and capital management 5 Outlook 6 Additional financial and operational information 9
Slide 11: Just Group Half Year Results 1H10
Just Group 1H10 Results For personal use only Just Group Limited Half Year Results 1H10 22 March 2010 10
Slide 12: Overview of Results
Just Group 1H10 Results For personal use only Overview of Results Profit before tax of $56.3m – 12.3% up on last year 1H10 is a 27 week half compared to 26 weeks last year, additional week contributed $2.2m PBT Total sales up 9.3% and LFL sales up 1.1% – excluding Portmans, LFL sales were up 4
Slide 13: Summary Result
Just Group 1H10 Results For personal use only Just Group – Summary Result 1H10 1H09 Var Sales 472,693 432,683 +9.3% LFL sales* 1.10% -4.30% Gross Profit** 280,791 256,093 Gross margin (%)** 59.4% 59.2% 22bps Salaries (100,165) (86,149) +16.3% 21.2% 19.9% 128bps Rent (82,057) (77,107) +6.4% 17.4% 17.
Slide 14: Geographic Summary
Just Group 1H10 Results For personal use only Geographic Summary Australia New Zealand • Total sales up 8.4% • Total sales up 20.6% • LFL sales up 0.3% (+4.5% excl Portmans) • LFL sales up 8.3% (+10.4% excl Portmans) • 39 stores opened during the half, with 15 closed – • 9 stores opened during the h
Slide 15: Jeans
Just Group 1H10 Results For personal use only Just Jeans Excellent result for the half LFL sales up 8.6% Strong response to denim and fashion New leadership now in place Higher comps in 2H09, but momentum strong 262 stores at period end LFL Sales 10.0% 8.6% 4.5% 5.0% 0.0% -5.0% -10.0% -9
Slide 16: Jay Jays
Just Group 1H10 Results For personal use only Jay Jays Solid result for the half despite very tough December LFL sales up 3.1% Value and fashion offer remains strong Continuing to source larger stores 246 stores at period end LFL Sales 10.0% 4.7% 5.0% 3.1% 0.7% 0.0% -5.0% -10.0% 1H09 1H10
Slide 17: Jacqui E
Just Group 1H10 Results For personal use only Jacqui E Tough result in a competitive womenswear market LFL sales down 6.9% Expecting better results moving forward with new team focused on target customer 108 stores at period end LFL Sales 5.0% 0.0% -1.7% -5.0% -4.2% -6.9% -10.0% 1H09 1H10 2H
Slide 18: Portmans
Just Group 1H10 Results For personal use only Portmans Very disappointing result LFL sales down 18.5% Primary focus for management and Just Board to turn around 131 stores at period end LFL Sales 5.0% 0.0% -5.0% -10.0% -10.6% -15.0% -13.4% -20.0% -18.5% 1H09 1H10 2H09 2H10 Note: LFL sales ba
Slide 19: Dotti
Just Group 1H10 Results For personal use only Dotti Another strong result despite increased competition and high growth in prior year LFL sales up 7.8% 17 stores opened during the half 101 stores open at period end LFL Sales 20.0% 17.8% 17.4% 15.0% 10.0% 7.8% 5.0% 0.0% 1H09 1H10 2H09 2H10 No
Slide 20: Peter Alexander
Just Group 1H10 Results For personal use only Peter Alexander Very pleasing result LFL sales up 17.6% on soft prior year Expanded presence in NZ with 4 stores opening in key locations and 6 now trading 32 stores open at period end LFL Sales 20.0% 17.6% 15.0% 10.0% 5.0% 0.4% 0.0% -5.0% -10.0%
Slide 21: Smiggle
Just Group 1H10 Results For personal use only Smiggle Excellent result despite increased competition and challenges of managing a rapidly growing business LFL sales up 8.9% 19 new stores opened during the half 80 stores open at period end Airport franchise stores commenced operations in De
Slide 22: Agenda
For personal use only Agenda 1 Highlights 2 Financial results 3 Just Group performance 4 Dividend and capital management 5 Outlook 6 Additional financial and operational information 21
Slide 23: Dividends and capital management
4 Dividends and capital management For personal use only Premier’s Board continues to focus on rewarding shareholders Premier’s Board has declared an interim fully franked dividend of 38cps comprising – Fully franked 18cps ordinary dividend – Fully franked 20cps special dividend The Board has mainta
Slide 24: Agenda
For personal use only Agenda 1 Highlights 2 Financial results 3 Just Group performance 4 Dividend and capital management 5 Outlook 6 Additional financial and operational information 23
Slide 25: Outlook
For personal use only 5 Outlook Board and Management’s focus remains on consistent outperformance across all Just brands – Growth prospects remain across all brands – Portmans to be a key focus – strong belief in Portmans’ ability to regain its position in the market over the medium term Like other
Slide 26: Agenda
For personal use only Agenda 1 Highlights 2 Financial results 3 Just Group performance 4 Dividend and capital management 5 Outlook 6 Additional financial and operational information 25
Slide 27: Key Financial Metrics
Just Group 1H10 Results For personal use only Just Group – Key Financial Metrics 1st Half H1 2010 H1 2009 CHANGE Stores (end)* 958 32 Sales $’000’s 472,693 432,683 +9.3% LFL sales growth % 1.1% -4.3% Gross Profit margin % 59.4% 59.2% +22bps EBITDA $’000’s 73,274 67,717 +8.2% EBITA $’000’s 60,310 55,
Slide 28: Sales
Just Group 1H10 Results For personal use only Sales 1st Half Stores Sales Growth LFL Sales AUD % % Just Jeans 262 117,455 +9.7% +8.6% Jay Jays 246 138,340 +4.8% +3.2% Portmans 131 54,333 -16.3% -18.5% Jacqui E 108 46,447 -3.9% -6.9% Dotti 101 50,579 +35.6% +7.8% Peter Alexander 32 31,903 +24.7% +17.
Slide 29: Store movements – 1H2010
Just Group 1H10 Results For personal use only Store movements – 1H2010 Stores Openings Closures Stores Change Change Beg 1H10 1H10 End in stores in Space % % Just Jeans 264 2 4 262 -0.8% -0.1% Jay Jays 248 3 5 246 -0.8% +0.3% Portmans 133 2 4 131 -1.5% +0.9% Jacqui E 108 2 2 108 0.0% +0.5% Dotti 84