Jb Hi-fi Limited · ASX:JBH
Jb Hi-fi — FY2004 Earnings Presentation
11 slides from Jb Hi-fi's earnings presentation, Jun 30, 2004
Slide 1: JB Hi-Fi Limited Full Year Result Presentation
WB AFL JB Hi-Fi Limited Full Year Result Presentation 30 June 2004
Slide 2: Agenda
Agenda > FY 2004 * Financial Summary * Profit and Loss Summary + Cashflow Summary - Working Capital - Capital Expenditure * Balance Sheet Summary > New Stores > Clive Anthony acquisition > Investment Scorecard JB Chief Executive Officer Richard Uechtritz Chief Financial Officer Richard Murray J
Slide 3: Financial Summary
Financial Summary >» Strong twelve months performance to 30 June, 2004 * Growth against previous corresponding period : Sales $452m Comparable store sales growth Gross Margin (up 95 basis points) 23.4% NPAT $13.8m* 27.1% 8.0% 4.3% 60.7% > Final fully franked dividend of 3.6 cents per share declared,
Slide 4: Profit and Loss Summary
Profit and Loss Summary Sales Comparative Store Sales Gross Profit Gross Margin EBITDA Depreciation & Amortisation EBIT EBIT Margin Net Profit After Tax Other Headline Statistics: Earnings per Share (cents) * Stores at period end OPEX (excl depn & amort) as % of sales FY04 FY03 30-Jun-04 30-Jun-03 G
Slide 5: Cashflow Summary
Cashflow Summary FY04 FY03 30-Jun-04 30-Jun-03 $m $m EBITDA 26.0 18.1 Change in Working Capital (2.8) 13.0 Borrowing Costs (3.0) (3.3) Income Tax Paid (5.3) {4.1) [Net Cashflow from Operating Activities 14.8 23.6] Purchases of Fixtures, Fittings & Equipment (10.3) (6.3) Payments for Intangible Asset
Slide 6: Working Capital
Working Capital 12 months 12 months 30-Jun-04 30-Jun-03 $m $m. Movement in Working Capital: (Increase) / Decrease in assets Inventory (21.3) (6.2) Receivables (3.9) {0.7) Other Current Assets (1.4) (1.0) increase / (Decrease) in liabilities Trade Creditors 18.2 18.8 Other Current Liabilities 5.6 24
Slide 7: Capex
Capex ral B > Capex was higher than forecast as previously advised + One extra store opened compared to forecast + DVD security product installed + Head office IT and other equipment purchases + Larger store sizes > New store capex in FY05 is expected to be ~$ 1.0m per store, which is funded via fin
Slide 8: Balance Sheet
Balance Sheet Cash Receivables Inventories Other Total Current Assets Fixed Assets Intangibles Other Total Non-Current Assets TOTAL ASSETS Payables Interest Bearing Liabilities Provisions Total Current Liabilities Interest Bearing Liabilities Provisions Total Non-Current Liabilities TOTAL LIABILITIE
Slide 9: New Stores
New Stores >» JB Hi-Fi Stores opened FY04 1, Cannington Perth 2. Osborne Park Perth 3. Kawana Waters Qld Sunshine Coast 4, Marion Adelaide 5. Erina NSW Central Coast 6. Bondi Junction Sydney Oct 03 Oct 03 Nov 03 Dec 03 Feb 04 Apr 04 >» JB Hi-Fi Stores New stores outlook — 1* half FYO5 1, Canberra CB
Slide 10: Acquisition of Clive Anthonys
Acquisition of Clive Anthonys >» Acquisition (70%) of Clive Anthonys retail chain . . . A great business, attractive investment and first class management Management team will retain 30% of business, JB gains separate exposure to whitegoods, cooking and computer retail segments § existing stores in
Slide 11: Investment Scorecard
Investment Scorecard ral B > 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 opportunities + New vehicle (Clive Anthonys) to pursue difference mark