Preliminary Results May 20, 2009
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1 Preliminary Results May 20, 2009
2 Ben Gordon Chief Executive
3 Mothercare group growth strategy TWO BRANDS FOUR LEVERS FOR GROWTH International Integration synergies Property portfolio Multi-channel
4 Neil Harrington Finance Director
5 Introduction Group sales +6.9% to 723.6m Group network sales (inc. franchisee sales) +16.4% to 983.0m Group profit before tax 42.2m Positive year end cash 24.8m Dividend +20.8% to 14.5 pence
6 Income statement statutory basis Revenue Underlying profit from operations Financing Underlying profit before tax Exceptional items Other non-underlying items Profit before tax 08/09 m (0.1) 37.1 (4.6) /08 m (35.2)
7 Financial highlights proforma basis Group sales +2.8% to 723.6m UK LFL sales +1.4%; International LFL sales +6.0% Total Direct sales +25.5% to 107.3m UK gross margin -40 basis points Group underlying profit before tax +12.4% to 37.1m
8 Income statement proforma basis Revenue Profit from retail operations Financing Underlying profit before tax Exceptional items Non-cash IAS 39 adjustment Amortisation of intangibles Profit before tax Underlying EPS basic 08/09 m (0.1) 37.1 (4.6) 11.8 (2.1) p 07/08 m (1.4) 33.0 (36.1) 2.5 (2.0) (2.6) 28.5p
9 Strong growth in International proforma basis Revenue 08/09 m 07/08 m UK % International retail sales % Network sales % Underlying profit 08/09 m 07/08 m UK % International % Corporate (8.8) (9.5) -7.4% Financing (0.1) (1.4) Total %
10 4.1m growth in group underlying profit proforma basis m m m 1.1m 0.7m 1.3m 1.3m IFRS 2 Pensions (total) Corporate costs UK profit Interest International profit
11 UK profit up 1.3 million proforma basis m 2.5m 2.2m 4.4m 2.3m 3.5m 10.4m 8.0m 1.3 Closed store costs LFL sales UK central costs Gross margin Store payroll Direct costs Closed store sales
12 15 consecutive quarters of UK LFL growth Mothercare only Group 4.0% 3.7% 3.5% 3.4% 3.4% 3.0% 2.9% 2.5% 2.1% 2.0% 1.5% 1.8% 1.6% 1.0% 0.8% 1.0% 1.1% 0.5% 0.4% 0.5% 0.0% Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09
13 International International profit up 47.9% to 13.9m 115 new franchise stores; total 609 stores in 50 countries International franchisee retail sales up 40.9% (+6.0% LFL) Natural currency hedge: US$ revenues pay Far East suppliers
14 Franchisee retail sales proforma basis 08/09 07/08 Franchisee retail sales 404.2m 286.8m +40.9% Franchisee retail sales at constant currency 438.6m 360.0m +21.9% Franchisee like-for-like sales 6.0% 12.0% Underlying PBT 13.9m 9.4m +47.9%
15 Integration of Early Learning Centre Integration substantially complete 84 ELC inserts Relocated ELC distribution centre Total benefits ahead of plan 2008/09 estimate 10.0m
16 Property restructure almost complete Out of town openings In town closures Downsizes ELC inserts Total stores impacted % Completed Agreed In negotiation Total % completed or agreed
17 Property restructure - effects LFL +1.4%; total UK sales down 1.4% driven by planned space reduction 10.4m reduction in UK store occupancy costs 26.3% increase in Direct in Store sales to 45.1m At least 5.0m of PBT from 2009/10 (including 2.4m delivered in 2008/09) Almost 50% of remaining leases expire in the next three years
18 Defined benefit pension schemes 09/10 Estimate m 08/09 Actual m 07/08 Actual m Income Statement Service cost Return on assets/interest on liabilities 1.2 (1.6) (3.7) Net charge Cash Funding Regular contributions (3.0) (2.1) (2.2) Deficit contributions (2.0) (2.6) (1.5) Total cash funding (5.0) (4.7) (3.7) Balance Sheet Net (liability)/asset N/A (25.4) 2.0
19 Changes to pension schemes Triennial valuation of defined benefit schemes complete Schemes closed to new members Cap of 2.5% on revaluation of pension benefits Members contributions increased by up to 3.0% Annual company contributions increased by approximately 1.0m p.a. One-off company contribution of 3.0m in 2009/10 Above actions eliminate deficit over 10 years
20 Group balance sheet Non current assets Fixed assets Intangibles Net current assets Working capital Cash Other Non current liabilities Pensions Tax Net assets 08/09 m (33.4) (25.4) (1.8) /08 m (23.7) (27.7) 2.0 (3.8) 198.0
21 Group cash flow m 6.6m 0.9m 5.2m 7.7m 10.9m 54.6m 13.4m 22.8m Operating cash flow Financing Tax Working capital Dividends Integration/Property Capex Lease incentives
22 Group capex 2008/ (1) /10 (estimate) m 9.3 (1) Stores Systems Distribution Other Total capex (1) Net of landlords contributions of 6.6m in 2008/09
23 Guidance for 2009/10 Difficult consumer environment; planning cautiously International and Direct continue strong growth 100 overseas franchise stores Up to 10.0m working capital outflow (International, Direct) UK gross margin under pressure due to weakness of Sterling. Partly offset by currency gains in International Controllable costs reducing; pension costs increasing Total property strategy benefits 5.0m (including 2.4m in 08/09) Debt free - well placed for an uncertain 2009/10
24 Ben Gordon Chief Executive
25 Two world class brands
26 Innovation in clothing
27 Exclusive rights deal Marble Arch, London
28 High play value toys
29 Summer range
30 Direct sourcing Teams in China, Hong Kong, India Driving efficiencies, margins, savings Great success with own brand products
31 Mothercare group growth strategy International Integration Synergies Property Portfolio Multi-channel Brands travel Franchise model Infrastructure ELC inserts Cost synergies Completion Parenting centres Landmark stores High street Widest choice Int l websites Gurgle.com
32 Mothercare International 2004/05 BELGIUM CYPRUS CZECH REPUBLIC EIRE GIBRALTAR GREECE MALTA POLAND ROMANIA RUSSIA SLOVAKIA SLOVENIA SPAIN TURKEY UKRAINE BRUNEI HONG KONG MALAYSIA SINGAPORE TAIWAN THAILAND BAHRAIN KUWAIT LEBANON OMAN QATAR SAUDI ARABIA UNITED ARAB EMIRATES NIGERIA Mothercare (29)
33 Mothercare group International 2008/09 ALBANIA ARMENIA AZERBAIJAN BELARUS BELGIUM BULGARIA CYPRUS CZECH REPUBLIC EIRE ESTONIA GERMANY GIBRALTAR GREECE KAZAKHSTAN LATVIA LITHUANIA MACEDONIA MALTA POLAND ROMANIA RUSSIA SERBIA SLOVAKIA SPAIN TURKEY Mothercare & ELC (51) UKRAINE BRUNEI CHINA HONG KONG INDONESIA BAHRAIN EGYPT JORDAN KUWAIT LEBANON MALAYSIA PHILIPPINES SINGAPORE TAIWAN THAILAND OMAN QATAR SAUDI ARABIA UNITED ARAB EMIRATES NIGERIA UZBEKISTAN INDIA PAKISTAN AUSTRALIA NEW ZEALAND
34 Russia growth story Moscow, Russia
35 Middle East Dubai Mall
36 Middle East Dubai Mall
37 India opportunity Ahmedabad Freeway Mall Bangalore Icon Mantri Chennai Kuppu Arcade Delhi Citywalk Saket Great India Place MGF Saket Rojouri Gardens Hyderabad Begumpet City Centre GVK Jaipur Triton Mall Suncity Kolkotta SouthCity Mumbai Bandra Juhu Inorbit Mall Nirmal Lifestyle Oberoi Mall Pune Transocean Vashi Inorbit Pune Castle Maine Mumbai Juhu Inorbit Mall
38 China growth Shanghai, China
39 ELC now in 29 countries 12 Mothercare franchisees in 29 countries Stores up from 92 to 164 Plans for 50 more stores in 6 countries United Arab Emirates
40 Mothercare group growth strategy Integration synergies International Property portfolio Multi-channel Brands travel Franchise model Infrastructure ELC inserts Cost synergies Completion Parenting centres Landmark stores High street Widest choice Int l websites Gurgle.com
41 ELC inserts in OOT Stores Stoke
42 Synergies Under -way ELC inserts ELC warehouse move to Daventry ELC & MTC field management teams combined Integration of ELC head office into Watford HQ Delivery of 10.0m synergies
43 Mothercare group growth strategy Property portfolio International Integration synergies Multi-channel Brands travel Franchise model Infrastructure ELC inserts Cost synergies Completion Parenting centres Landmark stores High Street Widest choice Int l websites Gurgle.com
44 Mothercare property strategy PARENTING CENTRE Out of Town - 79 Over 8k sq ft LANDMARK Major City Centre - 13 c5-9k sq ft HIGH STREET High Street 313 c3-5k sq ft
45 Parenting centres - OOT Aintree
46 Landmark stores major cities Larger in town stores High traffic locations Major city centres and shopping malls Bigger and better fit 10 new Landmark stores Birmingham
47 Mothercare and ELC high street
48 Mothercare group growth strategy Multi-channel International Integration synergies Property portfolio Brands travel Franchise model Infrastructure ELC inserts Cost synergies Completion Next phase Parenting centres Landmark stores High street Widest choice Int l websites Gurgle.com
49 Widest choice Home and Travel
50 Wider clothing range online 2/3 of clothing range online 100% of clothing online in a year More Home and Travel than in store
51 ELC website
52 International web rollout Trial sites pre Christmas Transactional early 2010 Local languages Mothercare to manage look and functionality Countries to run trading and fulfilment
53 Gurgle.com
54 Summary and Outlook
55 Q&A
56 Appendix: Key store data as of March 2009 March 2007 October 2007 * March 2008 * October 2008 * March 2009 * Total UK Stores Total stores High street Out of town Selling area (000s sq. ft.) 1,792 2,114 2,070 2,023 2,007 Sales per sq. ft. ** International Stores Europe Middle East Far East Other Total * Including ELC ** Full year UK sales compared to year end UK store square footage
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