Half Year Results FY2007

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1 Half Year Results FY2007 Jason Murray Managing Director Ashley Gardner Chief Financial Officer 7 March 2007

2 Half Year Highlights Net profit of $39.7m, up 9.0% EBITA of $58.4m, up 4.8% Sales of $385.2m, up 6.4% Fully franked interim dividend of 9.5 cents per share, an increase of 11.8% Cashflow from operating activities of $47.7m, up 6.9% Improved stockturn to 5.36 times (LY 5.11 times) 39 new stores opened (7 closed) bringing total to 808 stores South Africa Joint Venture agreement signed Off-market buy back of approximately $65.0m announced

3 Profit after Tax % ahead of last year 40 $36.4 $39.7 $ millions $15.5 $21.1 $ H H H H H (26 Weeks) (27 Weeks) (26 Weeks) (26 Weeks) (26 Weeks)

4 Sales 400 $ % ahead of LY $ $338.5 $ millions 300 $286.3 $ H H H H H (26 Weeks) (27 Weeks) (26 Weeks) (26 Weeks) (26 Weeks)

5 Segment Sales SALES ($m) H (26 Weeks) Casualwear H (26 Weeks) Change 06 to 07 Just Jeans % Jay Jays % Dotti % Total % Womenswear Portmans % Jacqui E % Peter Alexander % Total %

6 Brand by Brand Performance BRAND SALES STORES +1.7% +6.9% +49.6% +1.9% -2.6% +61.9% 3 new stores, 3 closed, total stores new stores, 2 closed, total stores new stores, total stores 59 6 new stores, 2 closed, total stores new stores, total stores new stores, total stores 16 Solid result, good denim sales, Just Shop on track Continuing growth, rolling out new stores, expanding existing stores Difficult season, critical mass achieved, early signs of improvement Tough market, brand in good shape, strong opening Tough market, consolidating brand positioning, new ranges gaining acceptance Excellent season, first NZ store, growth continues

7 EBITA Summary EBITA ($m) H (26 weeks) H (26 weeks) H (26 weeks) Change 05 to 06 Change 06 to 07 Casualwear % +3.8% Womenswear % -5.9% Net gain from Colorado Investment * 2.6 Total % +4.7% * Gain from Colorado investment $0.6m; special dividend received $2.4m; less costs $0.4m

8 New Zealand GENERAL ECONOMY Mar Qtr Jun Qtr Sept Qtr Dec Qtr Mar Qtr Jun Qtr Sept Qtr Dec Qtr 0.76 Clothing & Soft Goods Retailing (% change LY) Depreciating NZ Dollar Downturn in Clothing Sales NZ to AUD Exchange Rate JUST GROUP H Flat same-store sales with casualwear better than womenswear NZ dollar profit decreased Reported AUD profit further reduced due to weaker NZ dollar

9 EBITA Margin % % 14.5%* Percentage % 12.6% 7 5 H H H H H (26 Weeks) (27 Weeks) (26 Weeks) (26 Weeks) * Excludes $2.6m net gain on strategic investment in Colorado Group (26 Weeks)

10 Inventory Stockturn* x 5.11x Times x 4.50x 4.85x 4 * Annualised H H H H H (26 Weeks) (27 Weeks) (26 Weeks) (26 Weeks) (26 Weeks)

11 Return on Capital Employed* % 60.1%** % 55.0% 50 Percentage % 30 FY 2003 FY 2004 FY (52 Weeks) (53 Weeks) (52 Weeks) (52 weeks ended Jan 06) *ROCE defined as EBITA / (Total Assets less cash and non-interest bearing liabilities) ** Excludes $2.6m gain on strategic investment in Colorado Group (52 weeks ended Jan 07)

12 Cashflow and Balance Sheet Strong Cashflow Inventory Efficient Dividends Up Net Debt Down Off Market Buy Back Operating cashflow increased 6.9% from $44.6m to $47.7m Inventories down by 4.1% despite sales growing by 6.4% Fully franked interim dividend of 9.5 cents being a 11.8% increase over last year Net debt now $23.5m being $24.5m down on FY06. Interest cover of 18.9 times Off market buy-back announced of approximately $65.0m

13 Off-Market Buyback Announced Off-market buy-back of approximately $65 million (up to 10% of issued capital) Further demonstration of focus on maximising returns to shareholders Balance sheet will retain sufficient flexibility to pursue growth and continue dividend payout ratio of 60-65% of after tax earnings. Future dividends are expected to be full franked. In excess of 95% of the buy back price will be a fully franked dividend. The Buy-Back is expected to benefit all shareholders and Just Group For shareholders participating in the Buy-Back, the after tax return may be greater than the after tax return from selling their shares on ASX Shareholders who choose not to participate are expected to benefit from enhanced earnings per share and return on equity Shares will be bought at a discount to the Market Price, allowing Just Group to buy back a greater number of shares than would be possible on market for the same amount of capital

14 Off-Market Buyback Announced Target size Tender Discount Range Buy-Back Price composition Key Dates Approximately $65million ultimate size dependent on demand and market conditions, subject to a maximum of 10% of Just Group s outstanding shares. Represents between 9% and 10%% 1 of Just Group s issued share capital Tenders can be lodged at Tender Discounts of between 8% to 14% inclusive (at 1% intervals) to the Market Price 2 or as a Final Price Tender 3 Additionally, tenders can be conditional upon a Minimum Price The Buy-Back Price per share will comprise: - A capital component of $ The remainder, which, for tax purposes, will be deemed to be a fully franked dividend The Sale Consideration per share, for Capital Gains Tax purposes, will generally be equal to the higher of i) $0.10 and ii) the Deemed Market Value less the dividend component The Tender Period opens on 2 April 2007 and closes on 27 April 2007 at 7:00 pm (Melbourne time) Shares purchased on or before 15 March 2007 will be eligible for franking credit entitlement Shares bought on ASX on or after 19 March 2007 will not confer an entitlement to participate Just Group s ex-dividend entitlement date for its interim dividend of 9.5 cents per share is 7 May Shareholders should note that as this is after the Tender Period closes, shares bought back by Just Group will not be eligible for the dividend 1. For example, assuming a buy-back size of $65 million and a Buy-Back Price of $3.25, it would represent 9.2% of Just Group s issued share capitall 2. The Market Price will be calculated as the VWAP (excluding not at-market trades) of Just Group shares over the 5 trading days up to and including the Tender Closing Date (27 April 2007). 3. A Final Price Tender is an election to receive the Buy-Back Price as determined under the Tender Process.

15 South Africa Joint Venture South Africa Joint Venture 5 Stores 50:50 Joint venture signed with Pepkor Retail one of South Africa s leading retailers Hatfield 5 Stores Chairman and CEO from Just Group Canal Walk Tygervalley N1 City Cape Gate Mall Eikestad Mall Campus Square Golden Walk Southgate Mall Northgate Vanderbijlpark Hatfield Initial investment of R20m (~A$3.6m) Eleven stores already open

16 Industry Recognition Ragtrader Retailer of the Year Chains of more than 20 stores Ragtrader Retailer of the Year Chains of less than 20 stores

17 Best Apparel Supply Chain

19 Movement in Store Portfolio Closures H107 Openings H107 Expansions H107 Relocations H107 Total New Sites H107 Just Jeans Jay Jays Portmans Jacqui E Dotti Peter Alexander Total

20 New Marketing Campaigns

21 Summary H Sales, profit, stockturns, cashflow and dividends all increased $65m off market buy-back announced Signed South Africa joint venture 39 new stores, 7 closures, 12 relocations/expansions Sharp focus on each of our brands and offers Continued investment into talent and retail machine

22 Current Trading and Outlook Sales for the five weeks to 3 March, 2007 are ahead of last year Portfolio well positioned to deliver positive full year result Continuing strong investment supporting all our brands

23 Half Year Results FY2007 Jason Murray Managing Director Ashley Gardner Chief Financial Officer 7 March 2007

24 Appendix 1 - Key Operating Metrics H H H No. Weeks Sales ($m) H Change 06 to 07 Gross Profit ($m)* % EBITDA ($m) % EBITA ($m) % EBIT ($m) % NPAT ($m) % GP (%)* 56.5% 57.2% 58.0% 57.1% -83bps EBITA Margin (%) 12.6% 13.6% 15.4% 15.2% -23bps Annualised Stockturns* 4.50x 4.85x 5.11x 5.36x +0.25x Net Debt ($m) Interest Cover (x) 8.4x 12.2x 17.3x 18.9x +1.6x * Prior periods adjusted to reflect revised inventory absorption costing applied in H %

For personal use only. JBHi-FiLimited. Full Year Results Presentation 30 June 2014. 11 August 2014

For personal use only. JBHi-FiLimited. Full Year Results Presentation 30 June 2014. 11 August 2014 JBHi-FiLimited Full Year Results Presentation 30 June 2014 11 August 2014 AGENDA 1. Performance FY14 Highlights 2. Profit and Loss Statement 3. Trading Performance 4. FY14 Store Update 5. In Store 6. Out