ar11-lr-final
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Overvie w<br />
$ MILLIONS<br />
200<br />
150<br />
100<br />
50<br />
0<br />
Operating earnings and investment<br />
9.3%<br />
9.7%<br />
9.9%<br />
9.2%<br />
$160.8 M<br />
$166.8 M<br />
$165.0 M<br />
$153.9 M<br />
$45.4 M<br />
$38.7 M<br />
$55.7 M<br />
$67.6 M<br />
2008 2009 2010 2011<br />
Trading EBITDA<br />
CAPEX EBITDA MARGIN<br />
15<br />
10<br />
5<br />
0<br />
EBITDA MARGIN (%)<br />
EARNINGS PER SHARE (CENTS)<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
Adjusted earnings per share and ROFE<br />
28.4%<br />
31.5%<br />
32.9%<br />
28.3%<br />
26.2 CPS<br />
27.6 CPS<br />
27.0 CPS<br />
24.6 CPS<br />
2008 2009 2010 2011<br />
ADJUSTED EPS<br />
RETURN ON FUNDS EMPLOYED<br />
40<br />
30<br />
20<br />
10<br />
0<br />
RETURN ON FUNDS EMPLOYED (%)<br />
The Warehouse<br />
• Same-store sales down 0.9%, with a lift of 1.4%<br />
in the second half<br />
• Positive momentum in all growth categories<br />
• ‘Everyday needs’ category up 4.9% year-on-year<br />
• Core ‘Head to Toe’ and ‘Home’ categories sales<br />
flat on last year<br />
• Sector decline continues in entertainment<br />
and consumer electronics categories despite<br />
market share increase<br />
• Trading margins maintained in a promotionally<br />
driven market<br />
• Online sales doubled<br />
• Significant investment in store refits and<br />
modular investments<br />
Silverdale<br />
retail centre<br />
development<br />
commenced<br />
Footprint<br />
expansion<br />
• Larger replacement store<br />
opened in Gisborne<br />
• New store opened in Rolleston<br />
• Extensions to Timaru and<br />
Pukekohe stores completed<br />
NET DEBT ($MILLION)<br />
150<br />
100<br />
50<br />
Net debt and book gearing<br />
29.4%<br />
19.3%<br />
31.7%<br />
50<br />
40<br />
30<br />
20<br />
GEARING(%)<br />
ORDINARY DIVIDENDS PER SHARE (CENTS)<br />
25<br />
20<br />
15<br />
10<br />
Ordinary dividends<br />
80.8%<br />
76.7%<br />
89.5%<br />
90.1%<br />
100<br />
80<br />
60<br />
40<br />
PAYOUT RATIO (%)<br />
Warehouse<br />
Stationery<br />
• Same-store sales up 4.6%, with a lift of 6.0% in<br />
the second half<br />
• Growth in computer products and mobile phones<br />
• Footprint expansion delivering sales and<br />
EBIT growth<br />
• Flow-on from prior year store openings remains<br />
strongly positive<br />
• Investment in new store fit-outs and refits<br />
• New site development in<br />
Royal Oak commenced<br />
Four new stores opened this year:<br />
Kerikeri<br />
Gisborne<br />
Levin<br />
Riccarton<br />
12.8%<br />
10<br />
5<br />
20<br />
0<br />
$139.6 M<br />
2008<br />
NET DEBT<br />
$47.2 M<br />
2009<br />
GEARING<br />
$72.4 M<br />
2010<br />
$126.1 M<br />
2011<br />
0<br />
0<br />
21.0 CPS<br />
21.0 CPS<br />
2008 2009<br />
ORDINARY DIVIDENDS PER SHARE<br />
24.0 CPS<br />
2010<br />
PAYOUT RATIO<br />
22.0 CPS<br />
2011<br />
0<br />
88<br />
51<br />
Warehouse<br />
Stationery<br />
stores<br />
The<br />
Warehouse<br />
stores<br />
OVERVIEW 04<br />
OVERVIEW 05
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