Analyst Presentation. for the year ended 28 February 2014

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1 Analyst Presentation for the year ended 2014

2 Agenda 1. General commentary on the period Kevin Hodgson 2. Financial commentary Cobus Loubser 3. Questions Page 2

3 General Commentary

4 Review of the period Group sales increased 3.1% to R million Operating profit increased 2.8% to R250.0 million Profit before tax of R242.5 million increased by 3.3% from comparative R234.8 million Core headline earnings per share increased 1.9% to cents per share Final gross dividend of cents per share, up 11.5% from last year Page 4

5 Review of the period Sportsmans Warehouse - sales increased by 4.3% (2.9% like-for-like) - increased operating profit by 9.0% from last year - good growth in online sales Outdoor Warehouse - 0.2% increase in sales (3.9% decrease like-for-like) - operating profit 6.6% lower than last year - launched online sales Performance Brands - 1.5% lower sales to external customers - Intergroup sales up 26.9% - Capestorm strategy successful - Operating profit 18.8% lower than last year due to lower gross margin and capacity investment Trading space - Two new stores - One expansion and one store closed Page 5

6 Financial Commentary

7 Financial highlights Low sales growth in a tough economic environment Increase in gross margin and tight control over expenses maintained operating margin at 17.6% (2013: 17.7%) Cash generated from operations increased by 14.6% Investment in distribution facilities completed Gross final dividend declared of cents Page 7

8 Income Statement review Low sales growth despite higher price inflation Gross profit margin increased to 48.2% from 47.8% in the previous year due to change in sales mix. Trading expenses tightly controlled Year ended on 2014 Year ended on 2013 Audited Audited Change R 000 R 000 % Sales 1,417,584 1,374, Cost of sales (734,035) (717,971) 2.2 Gross profit 683, , Other income 5,470 3, Trading expenses (439,010) (416,937) 5.3 Operating profit 250, , Finance income 2,441 3,104 (21.4) Finance cost (10,000) (11,652) (14.2) Profit before taxation 242, , Taxation (68,740) (66,226) 3.8 Profit for the period and total comprehensive income for the period attributable to equity holders of the company 173, , Aggregate foreign exchange loss for the year of R0.4m (2013: R1.8m) Net finance cost lower in line with reduction in net debt and interest rate charged. Page 8

9 Sales Change Lik e-forlike Store Growth Sales by segment 2014 Sales by segment 2013 R m R m % % % % Sportsmans Warehouse 1, % 2.9% 73.5% 72.7% Outdoor Warehouse % -3.9% 22.8% 23.4% Retail sales 1, , % 1.1% 96.3% 96.1% Performance Brands % 3.7% 3.9% Total sales 1, , % 100.0% 100.0% Challenging year with low levels of consumer confidence translating into weak demand Total sales increased by 3.1% - Total retail sales increased by 3.3% - Like for like retail sales increased by 1.1% - Performance Brands external sales decreased by 1.4% but sales to rest of group up 26.9% Sales mix broadly consistent with last year with greater share of apparel assisting margin Performance Brands - Continue to expand ranges - Good demand for Capestorm Page 9

10 Sales Increase in retail sales (%) Sportsmans Warehouse Outdoor Warehouse Total Like-for-like sales increase (%) Sportsmans Warehouse Outdoor Warehouse (3.9) Total Price inflation of 4.9% (2013: 2.9% inflation) Weighted space growth of 5.6% Page 10

11 Growth in stores & trading density Change % Number of stores Sportsmans Warehouse Outdoor Warehouse Total (R'000s per m2) Trading density Sportsmans Warehouse % Outdoor Warehouse % Total % Added Outdoor Warehouse store in Rondebosch Added new Sportsmans Warehouse store in Sea Point and closed Sportsmans Warehouse in Amanzimtoti Lower demand for big ticket items, especially outdoor equipment Page 11

12 Expenses Total expenses increased by 5.3% on prior year, and 3% like-for-like as a result of rigorous cost control. Occupancy costs benefited from various electrical savings initiatives. Depreciation calculated over 4 years. Lik e-forlike 2014 Ratio to 2013 Ratio to Audited turnover Audited turnover Change change R 000 % R 000 % % % Staff costs 167, , Occupancy cost 123, , Straightlining of leases , (94.4) (94.4) Depreciation 29, , Amortisation of intangibles 12, , Advertising costs 19, , (5.7) (5.7) Foreign exchange losses (862) (0.1) (461) (0.0) Other operating costs 86, , , , Advertising costs lower due to substitution of print cost with greater electronic distribution. The group recorded R0.8m of foreign exchange gains compared to foreign exchange profits of R0.4m in the previous year. Other operating costs include banking costs and credit card commission (which are linked to sales), security, IT, telephones, insurance, cleaning and maintenance. Page 12

13 Staff costs Lik e-forlike Audited Store Ratio to Ratio to Audited Change turnover turnover Growth R 000 % R 000 % % % Salaries & Wages 151, , Incentives 8, , (25.2) (26.3) Staff costs before share plan expense 160, , Forfeitable share plan expense 7, , Total staff costs 167, , Maintained the ratio of staff costs to sales at 11.3% before accounting for the share plan expense as a result of lower incentives than last year The like-for-like increase in staff costs exclude stores opened since March 2012 The forfeitable share plan expense is calculated in terms of IAS 2 Share based payments over the vesting period, which generally is five years. Page 13

14 Balance Sheet Audited Audited Change R 000 R 000 % Assets Non-current assets Plant and equipment 150,265 98, Goodwill and other intangibles 620, ,299 (2.0) Total non-current assets 770, , Current assets Inventories 354, , Trade and other receivables 24,782 22, Taxation Cash and cash equivalents 57,577 36, Derivative instruments Total current assets 437, , Total assets 1,208,253 1,136, Equity and liabilities Capital and reserves Share capital 229, ,312 - Other reserves (17,926) (20,521) (12.6) Retained earnings 689, , Equity attributable to owners of the company 900, , Non-current liabilities Loans 130,000 - Deferred taxation 42,806 49,623 (13.7) Straight-lining lease liability 24,590 24, Total non-current liabilities 197,396 74, Current liabilities Trade and other payables 109, ,085 (12.2) Derivative instruments 84 - Short term portion of loans - 124,282 (100.0) Taxation (100.0) Total current liabilities 109, ,510 (55.9) Total liabilities 307, ,585 (5.0) Total equity and liabilities 1,208,253 1,136, Plant and equipment include the land and construction cost of the new retail and wholesale distribution centers and two new stores. Intangibles reduced by the annual amortisation charge Inventory is higher due to additional store space. Trade and other payables are lower than last year due to timing of stock purchases and imports with Easter being three weeks later. Other reserves consist of the shares purchased for the Forfeitable Share Plan, with a further R4.9m purchased and awarded in the first half and R7.5m expensed. The derivatives consist of FEC s marked to market. Term debt of R124.3m was repaid on 30 August 2013 and replaced with a new 3-year bullet loan of R130m. Net debt reduced to R72.4m at year end, from R87.9m at end of last year. Page 14

15 Working Capital August 2013 Audited Audited Change Unaudited Change R 000 R 000 % R 000 % Working capital Inventories 354, , ,810 (2.6) Trade and other receivables 24,782 22, ,909 (0.5) Trade and other payables (109,843) (125,085) (12.2) (111,420) (1.4) 269, , ,299 (2.9) Net investment in working capital increased by 10.7% Higher stockholdings due to the increase in store space Increase in receivables due to prepayments of rentals and expenses Purchases deferred to March since Easter is three weeks later than in the previous year Page 15

16 Cash Flow Year ended on 2014 Year ended on 2013 Audited Audited Change R 000 R 000 % Cash flows from operating activities Cash generated from operations 274, , Finance income 2,441 3,104 (21.4) Finance costs (10,000) (11,652) (14.2) Dividends paid (88,457) (79,828) 10.8 Taxation paid (76,557) (74,224) 3.1 Net cash (outflows) / inflows from operating activities 101,609 76, Cash flows from investing activities Additions to plant and equipment (82,353) (72,489) 13.6 Additions to intangibles - (8,179) - Proceeds on sale of plant and equipment 1,265 1,357 (6.8) Net cash outflows from investing activities (81,088) (79,311) 2.2 Cash flows from financing activities Repayment of loans 5,718 (26,252) (121.8) Forfeitable share plan (4,946) (12,049) (59.0) Net cash outflows from financing activities 772 (38,301) (102.0) Net (decrease) / increase in cash and cash equivalents 21,293 (41,090) (151.8) Cash and cash equivalents at the beginning of the period 36,284 77,374 (53.1) Cash and cash equivalents at the end of the period 57,577 36, Cash generated from operations increased by 14.6% from last year due to R21.7m lower movement in working capital and higher operating profit. Additions to plant and equipment were funded from operating cash and include: - Completion of Performance Brands warehouse of R12.2m (R2013: R12m); - Completion of the new distribution centre for R28m (2013: R19m) - Expansion of two stores and two new stores opened in 2014; and - Ongoing maintenance and refurbishment of stores. Financing activities - Net increase in debt of R5.7m due to introduction of new R130m loan, net of loans repaid - R4.9m to purchase shares for forfeitable share plan, which has been awarded to staff Group has a R150m overdraft facility Page 16

17 Investing for the future Distribution Retail Distribution Centre - 50:50 joint venture with Redefine Properties - Purchased land and commenced with construction in November New m 2 distribution facility completed in July Fully operational Performance Brands Wholesale Distribution Centre - Purchased land in September Started construction of additional 1 500m 2 warehouse on adjacent plot - Completed and fully operational from February 2014 Invested total of R71.4m in distribution capacity over last two years, funded from operational cash flows The investment in distribution centres constrains the group s return on net assets by c10%. Page 17

18 Investing for the future - Stores Store expansion previous year - Three new stores opened at end of 2012 traded for the full year - Sportsmans Warehouse in Bloemfontein of 1 600m 2 - Sportsmans Warehouse in Rustenburg of 1 400m 2 - Outdoor Warehouse in Rustenburg of 800m 2 - Expanded Sportsmans Fourways traded for full year Store expansion this year - Expanded Sportsmans Rondebosch and Sportsmans Nelspruit in second half of this year - Open two new stores: - Outdoor Warehouse in Rondebosch of 1 100m 2 opened in September Sportsmans Warehouse in Sea Point of 1 500m2 opened in December Closed Sportsmans Amanzimtoti at end of year Store expansion for next year - Signed leases to open two new stores - Expanding three stores, relocate two stores and reduce one store size Capex funded from operational cash flows Page 18

19 Dividend cents per cents per share share Increase % Interim Final Total Dividend cover Final gross dividend of cents per share to be paid on 9 June 2014 The group s dividend policy is to have dividends covered approximately twice by core headline earnings. The total gross dividend for the year of 220 cents increased by 10% and is 1.9 times covered. Page 19

20 In closing... Group sales increased 3.1% to R million Profit before tax of R242.5 million increased by 3.3% from comparative R234.7 million Core headline earnings per share increased 1.9% to cents Cash flow from operating activities was up 14.6% and funded capital expenditure Final gross dividend of cents per share Page 20

21 Questions? Page 21

22 Thank you! Investor Relations Cobus Loubser (Chief Financial Officer) Tel:

23 Disclaimer This presentation may contain certain forward-looking statements with respect to the financial condition and results of operations of Holdsport Limited and its subsidiaries, which by their nature involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. Page 23

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