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FINANCIAL REPORT
For the 26 weeks ended 26 December 2021
(prior period 26 weeks ended 27 December 2020)
Beacon Lighting Group Limited ACN 164 122 785
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Contents
Directors' Report | 1 |
Auditor's Independence Declaration | 5 |
Consolidated Statement of Comprehensive Income | 7 |
Consolidated Balance Sheet | 8 |
Consolidated Statement of Changes in Equity | 9 |
Consolidated Statement of Cash Flows | 10 |
Notes to the Financial Statements | 12 |
Directors' Declaration | 22 |
Independent Auditor's Review Report to the | |
Members of Beacon Lighting Group Limited | 23 |
Corporate Directory | 26 |
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Directors' Report
The Directors of Beacon Lighting Group Limited (the Company) present the interim report for the Company and its controlled entities for the 26 weeks ended 26 December 2021.
1. DIRECTORS
The names of the Company's Directors in office during the 26 weeks ended 26 December 2021 and until the date of this report are as below. All Directors were in office for the entire period.
Ian Robinson | Executive Chairman | Eric Barr | Deputy Chairman, Non-Executive Director |
Glen Robinson | Director, Chief Executive Officer | Neil Osborne | Non-Executive Director |
2. REVIEW OF OPERATIONS
Beacon Lighting Group is the leading retail and eCommerce lighting and fan business servicing both retail and trade customers in Australia. Beacon Lighting also has several other specialty lighting businesses operating in Australia. Beacon International is an emerging wholesaler of fan and lighting products with offices in Hong Kong, United States of America, Germany and China. Beacon Lighting also has a 50% investment in the Large Format Property Fund which owns large format retail properties throughout Australia.
Beacon Lighting has four strategic pillars of growth, which combined with a deep understanding of our customers' needs underpins everything we do. The strategic pillars of growth are:
- Retail which is focused on the store network expansion and optimisation, the latest range of fans and lighting products, inspirational store design, VIP member benefits and a rewarding experience for all customers.
- Trade which is focused on building partnerships with our trade and commercial customers, supported by product extensions and diversifications and an industry leading trade club.
- eCommerce which is focused on providing our customers with engaging websites and seamless customer experience in-store and online.
- New Business which is focused on the Group emerging businesses, international sales, property and new business acquisitions.
Throughout H1 FY2022 the COVID-19 pandemic continued to impact Beacon Lighting operations by way of prolonged lockdowns in New South Wales, Victoria and smaller lockdowns in other states. Beacon Lighting responded with a large number of safety and wellbeing initiatives to support our team members, retail customers, trade customers, business partners and the community.
The COVID-19 pandemic continued to change consumer shopping patterns and their priorities. Beacon Lighting continued to benefit from the importance of the home by our customers. For the 26 weeks ended 26 December 2021 (H1 FY2022), a record Net Profit After Tax result of $22.6 million was achieved. The outstanding sales growth from H1 FY2021 (for the 26 weeks ended 27 December 2020) was maintained despite the additional retail lockdowns throughout Australia. Gross profit margins improved reflecting the exciting lighting and fan product ranges while expenses continued to be carefully managed.
1 INTERIM FINANCIAL REPORT - 26 WEEKS ENDED 26 DECEMBER 2021
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Beacon Lighting Group result for H1 FY2022 compared to H1 FY2021 is presented in the following table:
Statutory | Statutory | ||||||||
Consolidated Entity | H1 FY2022 | H1 FY2021 | Change | Change % | |||||
$'000 | $'000 | $'000 | |||||||
Sales | 151,305 | 151,343 | (38) | (0.0%) | |||||
Gross Profit | 105,961 | 103,601 | 2,360 | 2.3% | |||||
Other Income & Other Revenue (1) | 426 | 544 | (118) | (21.7%) | |||||
Operating Expenses (2) | (57,085) | (56,669) | (416) | 0.7% | |||||
EBITDA (3) | 49,302 | 47,476 | 1,826 | 3.7% | |||||
EBIT (3) | 35,181 | 34,653 | 528 | 1.5% | |||||
Net Profit After Tax | 22,567 | 22,164 | 403 | 1.8% | |||||
- Other Income includes other revenue, other income and a share of net profits of associates
- Operating Expenses exclude depreciation, amortisation and finance costs
- Beacon Lighting results comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Beacon Lighting discloses certain non- IFRS measures in this Directors' Report, that are not audited or reviewed by the Group's auditors. The Directors believe the presentation of non-IFRS financial measures are useful for the users of this financial report as they provide additional and relevant information that reflect the underlying financial performance of Beacon Lighting.
During H1 FY2022, Beacon Lighting focused on improving the service to our trade customers. Initiatives included, the introduction of new trade specific products, new trade counters in stores and the appointment of a new role, Executive General Manager Trade. New company stores at Ellenbrook (WA), Bundaberg (QLD) and Traralgon (VIC) were opened, stores were relocated at Port Macquarie (NSW), Burleigh (QLD) and Camberwell (VIC) to Hawthorn (VIC) and the Parramatta (NSW) store was closed. Beacon Lighting websites have continued to be enhanced including the launch of a business to consumer transactional website in the United States of America. A 50% interest in a large format retail property was also acquired in Modbury (SA).
2 INTERIM FINANCIAL REPORT - 26 WEEKS ENDED 26 DECEMBER 2021
3. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no significant changes in the state of affairs of the business during the 26 weeks ended 26 December 2021.
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4. AUDITOR'S INDEPENDENCE DECLARATION
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 5.
5. ROUNDING OF AMOUNTS
The Group has relied on the relief provided by ASIC Corporations Instrument 2016/191, and in accordance with that Instrument, amounts in the financial statements have been rounded off to the nearest thousand dollars, or in certain cases, to the nearest dollar.
Signed in accordance with a resolution of Directors,
Ian Robinson | Glen Robinson |
Executive Chairman | Chief Executive Officer |
Melbourne, 16 February 2022 |
3 INTERIM FINANCIAL REPORT - 26 WEEKS ENDED 26 DECEMBER 2021
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Beacon Lighting Group Ltd. published this content on 16 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2022 22:22:08 UTC.