GUD : ASX 2016.01.27 FY16 Half Year Results Briefing.pdf

Microsoft PowerPoint - FY16 H1 Analyst's Presentation 26-01-16 1338.pptx

GUD half year results Six months ended 31 December 2015 Jonathan Ling

Managing Director

Result key points

• Reported NPAT of $1.7 million down from $17.3 million previously

  • Includes $18.5 million after tax of impairment costs, predominantly goodwill in Dexion

    
    

• Underlying EBIT up 33% to $37.2 million from $27.9 million in pcp

  • Automotive EBIT contribution was $32.6 million, including the first contribution from Brown & Watson (BWI) and organic growth from Ryco and Wesfil

    
    

• Operating cash flow of $19.1 million, up from $3.7 million due to stronger collections

  
  

• Interim dividend 20 cents per share fully franked

  • Same level of interim dividend as last year

    
    

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    Financial summary

    
    

    BWI contribution of

    $58.2 million

    
    

    Growth in Automotive, Davey and Oates

    
    

    GUD's share of Jarden Asia for six months

    
    

    $15m goodwill and

    $3.5m inventory impairment

    
    

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    Cash generation and financial position

    
    

• Operating cash flow to underlying NPAT ratio improved to 98% from 21% previously

  
  

• Net debt to equity at 56% in line with guidance following BWI acquisition

  
  

• Net debt position at 31 December was $191 million

  • Includes further payment from Jarden of $16.2 million for share of Sunbeam

    
    

• Interest cover remains solid at 6.4 times underlying EBITA / Net Interest

  
  

• Interim dividend maintained at 20 cents per share fully franked payable 4th March 2016

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