HALF-YEAR RESULTS PRESENTATION
31 DECEMBER 2020
HOLDINGS LIMITED | ACN 003 237 545
HALF-YEAR RESULTS PRESENTATION 31 DECEMBER 2020
HOLDINGS LIMITED | ACN 003 237 545
Table of Contents
Key Financial Highlights 3-4
Group Results for 1H21 5
An Integrated Retail, Franchise, Property & Digital Strategy 6
Key Statistics: Balance Sheet 8
Review of the Balance Sheet 9
Review of the Statement Cash Flows 10
System Sales Revenue 11
Australian Franchisee Aggregated Sales Revenue 12
Franchising Operations Segment 13
Offshore Achievements for 1H21 14
Overseas Company-Operated Retail Segment 15-16
Property Segment 17
Freehold Property Portfolio 18
Leasehold Property Portfolio 19
Outlook 20
Questions 21
Hornsby, NSW Franchised Complex
KEY FINANCIAL HIGHLIGHTS
3
HARVEY NORMAN HOLDINGS LIMITED
REPORTED PBT
$643.91m
UP BY
FROM $301.15m IN 1H20
113.8%
PBT | Excluding AASB 16 net impact and net property revaluations |
$610.22m UP BY 113.5% FROM $285.87m IN 1H20 |
REPORTED PROFIT AFTER TAX & NCI
$462.03m
UP BY
FROM $213.59m IN 1H20
EBITDA
$779.84m
UP BY
FROM $443.13m IN 1H20
EBIT
$668.95m
UP BY
FROM $332.39m IN 1H20
116.3%
PROFIT AFTER TAX & NCI | Excluding AASB 16 net impact and net property revaluations |
$438.17m UP BY 115.8% FROM $203.04m IN 1H20 |
76.0%
EBITDA | Excluding AASB 16 net impact and net property revaluations |
$659.31m UP BY 93.0% FROM $341.54m IN 1H20 |
101.3%
EBIT | Excluding AASB 16 net impact and net property revaluations |
$614.83m UP BY 107.5% FROM $296.37m IN 1H20 |
INTERIM DIVIDENDS
NET ASSETS $3.74 billion
13.9% FROM $3.28bn IN DEC 19
BASIC EARNINGS PER SHARE
37.08c
FROM 17.70c IN 1H20
PER SHARE
(FULLY FRANKED)
20.0c
$2.34 billion
COMPANY-OPERATED SALES REVENUE . . . . . . . . . . . . . . . . . . . . . . . . . . $1.47bn
UP BY
27%
REVENUE RECEIVED FROM FRANCHISEES . . . . . . . . . . . . . . . . . . . . . $742.07m
FROM $1.84 billion IN 1H20
REVENUES AND OTHER INCOME ITEMS . . . . . . . . . . . . . . . . . . . . . . . $123.70m
HNHL CONSOLIDATED REVENUES
539
FRANCHISEES IN AUSTRALIA
194
FRANCHISED COMPLEXES
IN AUSTRALIA
107
OFFSHORE COMPANY
OPERATED STORES
$5.23 billion
UP BY 24.8%
FROM $4.19 billion IN 1H20
Comprised of aggregated Franchisee sales in Australia plus company-operated sales in New Zealand, Slovenia, Croatia,
Ireland, Northern Ireland, Singapore and Malaysia:
AGGREGATED HEADLINE FRANCHISEE SALESREVENUE* ........................ $3.76bn COMPANY-OPERATED SALES REVENUE . . . . . $1.47bn
* Sales made by franchisees in Australia do not form part of the financial results of the consolidated entity.
TOTAL SYSTEM SALES REVENUE
KEY FINANCIAL HIGHLIGHTS (continued)
4
RECORD FINANCIAL ACHIEVEMENT
Reported profit before tax (PBT) of $643.91m, up by $342.76m or +113.8% from 1H20.
Franchising operations segment revenue of $689.27m up by $245.46m or +55.3% from 1H20.
1H21 offshore company-operated retail revenue of $1.39bn, up by $242.72m or +21.1%.
PBT (excluding net property revaluations & AASB 16) of $610.22m, up by $324.36m or +113.5% from 1H20.
Franchising operations segment result of $383.96m up by $260.10m or +210.0%.
1H21 offshore company-operated retail result of $138.15m, up by $56.46m or +69.1%.
Aggregated headline franchisee sales revenue totalled $3.76bn, up by +27.3% in 1H21 vs 1H20.
Franchising operations margin of 10.22% for 1H21, up by 603 bps from a margin of 4.19% for 1H20.
SOLID BALANCE SHEET
Robust balance sheet with total assets of $6.26bn, including tangible freehold property assets of $3.10bn.
Net assets of $3.74bn up by +13.9% from Dec-19.
Net debt to equity: NIL in Dec-20 vs. 16.57% in Dec-19.
Positive net cash position of $21.75m (cash net of interest-bearing loans and borrowings) at the end of 1H21 vs. a net debt position of $553.23m at the end of 1H20.
Net cash flows from operating activities of $391.95m for 1H21, up $93.18m or +31.2%, from $298.77m for 1H20.
Earnings per share of 37.08 cents, up by +109.5% from 17.70 cents for 1H20.
PROPERTY
194 franchised complexes in Australia and 107 company-operated stores overseas.
$3.10bn property portfolio, consisting of freehold investment properties, owner-occupied land and buildings in New Zealand, Singapore, Slovenia, Ireland and Australia, joint venture assets and assets held for resale.
$1.16bn right-of-use assets, consisting of leases of owner-occupied properties of $528.26m, and leases of properties sub-leased to external parties of $631.35m.
12 new company-operated stores opened during 1H21 as planned.
1 new premium-format Harvey Norman® franchised complex opened at Hornsby, NSW (Oct-20).
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Harvey Norman Holdings Ltd. published this content on 26 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2021 02:40:02 UTC.