GROUP PROFIT EXCEEDS FIRST HALF EXPECTATIONS
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Fisher & Paykel Appliances Holdings Limited (FPA) | 11:12 am, Thursday 13 November 2008 | FPA | 1.360 |
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(+0.74%) |
Fisher & Paykel Appliances Holdings Limited
FPA Stock Exchange Release ASX/NZX 13 November 2008
Financial Results for the 6 Months Ended 30 September 2008
Reporting Period; 6 Months to 30 September 2008
Previous Reporting Period; 6 Months to 30 September 2007
Amount (000s); Percentage Change
Revenues from Ordinary Activities; $697,070; 0.6%
Profit (Loss) from Ordinary Activities After Tax Attributable to Members; $(7,347); (125.1%)
Net Profit (Loss) for the Period Attributable to Members $(7,347); (125.1%)
Final Dividend per Security; 5 cents
Imputed Amount per Security for NZ Resident Shareholders; 0.6667 cents
Fully Franked for Australian Tax Residents; 2.14 cents
Supplementary Dividend for Qualifying Non NZ Resident Shareholders; 0.2745 cents
Record Date for Determining Entitlements to the Dividend; 28 November 2008
Payment Date for Dividends; 19 December 2008
GROUP PROFIT EXCEEDS FIRST HALF EXPECTATIONS
Fisher & Paykel Appliances Holdings Limited today announced a Normalised Group Profit after Taxation of $22.395 million, which is ahead of market consensus of $16.11 million.
After one-off costs of $29.742 million after tax ($41.198 million pre tax) associated with implementing Appliances’ Global Manufacturing Strategy, the Group reported a loss of $7.347 million after tax compared to a profit of $29.290 million after tax for the previous corresponding period.
Before one-off items, Normalised Group Operating Profit before Interest and Taxation at $44.755 million was down 20.4% on the previous corresponding period.
For Appliances, increased sales revenue in Australia offset lower sales in New Zealand, North America and Rest of World. This resulted in overall revenue being similar to the previous corresponding period. Increased costs for raw materials, combined with volatile currency exchange rates and ongoing competition in our major markets, resulted in Appliances’ operating margin declining to 5.3%. In local currency terms, sales in Australia continued to grow to record first half levels, notwithstanding a slowing market. New Zealand and North America experienced reduced revenues reflecting market conditions.
The Finance business delivered a satisfactory first half result especially given the uncertainty within the New Zealand economy. New term funding facilities have been secured and retail debenture reinvestment rates continue at encouraging levels.
The Group has made good progress over the past 6 months in implementing Appliances’ Global Manufacturing Strategy and responding to the challenging economic conditions. These include,
- Successfully implementing the relocation of the Laundry manufacturing to Thailand and the majority of the DCS lines to Mexico. This was completed on time and within budget.
- Managing a major stock build to facilitate the relocation processes.
- Improved Working Capital efficiencies.
- Significantly improved Cash Flow.
- Successfully introducing new product platforms.
- Managing significant increases in raw material pricing.
- Continued progress in the Cost Out Programme.
- Successfully refinancing Fisher & Paykel Finance with longer term facilities.
These initiatives have positioned the Company well to manage its way through the current turbulent times and improve its long term prospects.
- For further information please contact John Bongard, CEO and Managing Director; or Paul Brockett, VP Investor Relations, on +64 9 2730600.
- The Six Month Result will also be available on our website www.fisherpaykel.com
In conjunction with the release, Fisher & Paykel Appliances Holdings Limited will host a conference call to review the result and to discuss the outlook for the remainder of the financial year. The conference call is scheduled to begin at 1.00 pm NZDT; 10.00 am AEST; 11.00 am AEDT.
Individuals wishing to listen to the webcast can access the event at the Company's website www.fisherpaykel.com. Please allow extra time prior to the webcast to visit the site and download the streaming media software required to listen to the broadcast.
To participate in the conference call, please dial in to one of the numbers below a few minutes prior to the scheduled call time and identify yourself to the operator:
Australia; Toll Free 1800 505 083
Hong Kong; Toll Free 800 967 659
New Zealand; Toll Free 0800 449 118
Singapore; Toll Free 800 616 2160
USA; Toll Free 1866 369 4113
United Kingdom; Toll Free 0800 068 9834
An on-line archive of the broadcast will be available approximately 2 hours after the webcast and will be accessible for one week at +61 3 9221 4752; access code 062936.
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