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2008 Half Year Results Presentationopens in New Window Half Year Results for the six months to 26 January 2008 After 22 months of Myer’s 50 month Turnaround Phase Our Vision is to be an International Class Retail Business providing Inspiration to Everyone 27 March 2008 Agenda Turnaround Phase 1. Overview 2. Financial review 3. Operating update Growth Phase 4. Building for the future 5. Outlook 2 Agenda Turnaround Phase 1. Overview 2. Financial review 3. Operating update Growth Phase 4. Building for the future 5. Outlook 3 First half highlights • Earnings before interest and tax up 23.5% to $152m • Net profit after tax up 52% to $79m • Balance Sheet stronger, with Net debt reduced by 34% since acquisition to $643m • 9 new stores signed to support expansion of chain to 80 stores during Growth Phase Solid result after 22 months of Myer’s 50 month Turnaround Phase 4 Good progress after 22 months of Myer’s 50 month Turnaround Phase Achieved In progress 101 business improvements 81% complete 101 business improvements on track for (FY07: 65%) 9 completion by late 2008 World Class Supply Chain established and operating ahead of design metrics – Distribution New Point-of-Sale System and closed Centre costs down 40% (12 months ahead 9 circuit TV of schedule) Commenced expansion program from 60 to 80 9 new full sized stores to be signed in next 12 stores with 9 additional new full-sized stores 9 months to take chain to 80, 2 new stores to be signed and Eastgardens opened in March 2008 opened (Bankstown and Northlakes) Refurbishment program underway with Refurbish 6 stores including Melbourne Chermside successfully completed 9 (underway) and Sydney (starting soon) Launched Myer For Me staff rewards and training Focus on culture, improving customer service program, signed multi-year Enterprise Bargaining and productivity Agreements, first major Australian retailer to 9 announce paid parental leave Continue to refine and add to brand portfolio Mymerch IT platform successfully rolled out Improve IT capability and separate from Coles 9 (April 2008) 5 Halfway through Turnaround Phase, building blocks for Growth Phase coming into place Turnaround Phase Growth Phase 50 months to July 2010 48 months to July 2014 FY 06 07 08 09 10 11 12 13 14 Net new stores 1 4 0 5 6 4 Chain 60 61 65 65 70 76 80 Sales ($bil) 3.17 3.29 EBIT ($mil) 73 180 215* EBIT to Sales 2.3% 5.5% Fix the financial metrics Grow the business • Business improvement projects • Focus on top line growth • World class supply chain • New store openings take chain to 80 • Overhaul IT systems (myMerch, • Complete refurbishment cycle POS) • Grow brands • Separate from Coles • Operational refinement • Begin store expansion and • Service culture well accepted refurbishment program • Achieve International Retail • Promote culture of service and standards performance * Mid-point of guidance for FY08 6 Agenda Turnaround Phase 1. Overview 2. Financial review 3. Operating update Growth Phase 4. Building for the future 5. Outlook 7 Earnings before interest and tax up 32% H1 FY08 H1 FY07 % change % change like-for-like Sales including concessions $1,829m $1,796m 1.8%* 3.7% EBIT $152m** $123m 23.5% 32.2% EBIT/Sales (%) 8.3% 6.8% Net profit after tax $79m $52m 52.0% *Sales growth below like-for-like growth due to store closures at Burwood and Strathpine, Hobart fire and major refurbishments and will remain so until Q4 FY08 **H1 FY08 Earnings include additional $8m rental costs following the sale and lease back of the Melbourne store. Net profit after tax up 52% 8 Like-for-like Sales up 3.7% • Sales up 1.8% to $1.829 billion and like-for-like Sales up 3.7%, in line with expectations • Sales growth below like-for-like growth due to store closures, Hobart fire and refurbishments • Sales of Private Brands* remain constant at circa 15% • Transfer of some brands in FY08 from wholesale to concession lowers Gross profit percentage and Cost percentage * Proprietary Designer Brands and Myer Fashion Labels Turnaround Phase priority is on Return on Sales 9 Financial summary H1 FY08 $m H1 FY07 $m % change Like-for-like Sales including concessions 1,829 1,796 1.8% 3.7% Operating gross profit 715 705 39.1% 39.2% Costs 536 561 29.3% 31.2% EBITDA 179 144 24.3% Earnings before interest, tax, depreciation & amortisation 9.8% 8.0% Depreciation 27 21 Earnings before interest and tax 152 123 23.5% 32.2%* 8.3% 6.8% Interest 37 49 Net profit before tax 115 74 55.4% Tax 36 22 Net profit after tax 79 52 52.0% *H1 FY08 Earnings include additional $8m rental costs following the sale and lease back of the Melbourne store. 10 Positive EBIT trends EBIT $m EBIT to Sales % 250 10 H1 FY H1 FY 8.3 200 8 180 6.8 150 6 5.5 152 123 3.9 100 4 73 2.3 50 67 2 0 0 FY06 FY07 FY08 HY06FY06 FY06 HY07 FY07 FY07 HY08 FY08 Significant opportunity to further improve EBIT to Sales margin during Turnaround Phase 11 Net debt reduced by 34% since acquisition • Net debt reduced to $643m after $m sale of Melbourne store in August 1,200 2007 ($605m) and capital return 34% reduction 979 in September 2007 ($560m) 1,000 • Dubbo, Bendigo and Ballarat 800 704 723 properties to be sold and leased 643 back (approximately $50m) 600 • Net debt likely to remain in the 400 $450m - $750m range as annual EBITDA grows towards $300m 200 • Excess cash held for flexibility 0 rather than early debt repayments On acq. H1 FY07 FY07 H1 FY08 No debt repayments due for four years 12 Balance Sheet remains strong $ Mil H1 FY08 H1 FY07 FY07 Fixed Assets 247 203 238 Properties 29 373 372 Inventory 366 367 367 Other Assets 137 27 138 Creditors / Provisions -716 -616 -739 Funds Employed 63 354 376 Intangibles 869 833 863 Total Business Capital 932 1187 1239 Debt -624 -519 -521 Cash 226 230 220 Property Debt 0 -171 -177 Convertible Equity Notes -245 -244 -245 Equity Investment 289 483 516 Net debt 643 704 723 Ratios Banking Covenants Interest Cover (EBITDA to Interest) 6.56 6.50 More than 2.45 9 Debt To EBITDA 1.98 2.10 Less than 4 9 Debt Service Ratio * 2.82 4.20 More than 1 9 *EBITDA less Capex, less Tax, less working capital increase to interest plus debt amortisation All banking covenants well covered 13 Agenda Turnaround Phase 1. Overview 2. Financial review 3. Operating update Growth Phase Growth Phase 4. Building for the future 5. Outlook 14 World class supply chain fully operational • Major Turnaround Phase initiative operating ahead of design metrics • Four stand alone Regional Distribution Centres opened, on time and ahead of budget with DC costs down more than 40% – 12 months ahead of schedule • Improved speed to market for overseas merchandise, reducing transportation lead time from 42 to 26 days and increasing flexibility • Improved visibility of the flow of overseas merchandise, providing better planning opportunity for freshness, fashionability and flexibility • Implemented roll cages in WA and commenced roll-out in Queensland and Victoria to provide ‘Store Friendly’ service and improve efficiencies in store logistics • Achieved significant improvements in Merchandise Logistics support by suppliers • Commenced work on improving business performance in sales, margin, operating costs and working capital, through improving the flow of merchandise at every stage from supplier to customer • Further IT enhancements underway will increase productivity efficiencies World class operating metrics 15 Growing collaboration with suppliers • Strategic objective plans with major trading partners being introduced • Commenced roll-out of stock forecast to suppliers • Category plans under development by buyers in liaison with major trading partners • Myer now providing visibility on marketing plans to suppliers • Commencement of supplier secondees located in buying team • Collaborating with suppliers on e-commerce initiatives in supply chain • Product knowledge training days run for store teams by trading partners • Continuous review of supplier trading terms Greater efficiency and communication beginning to yield benefits for both parties 16 Investing in information technology to support growth of business • Mymerch IT platform rolled out and majority of legacy systems have been decommissioned • New IT systems in place for all Distribution Centres • Operational issues with new ordering system fine tune • New point-of-sale system underway • Stand alone separation from Coles near complete (April 2008) • IT enabled interim Hobart Store to re-open for trade in 54 days after devastating store fire IT represents final separation from Coles 17 Improving people practices • Signed multi-year enterprise bargaining agreements for all stores and concluded new employment agreements for all distribution centre staff • Extended next stage of incentive plan to benefit 300 managers • Over 80 participants in the second Graduate Program of 2008 and expanded Stores Management Development Program • Delivered HR requirements for recruitment and training in new stores (Eastgardens, Bankstown and Northlakes) • Merchandise Development Training Programs underway • Employed additional 2,500 team members for Christmas and January Sales • Lost time injury down 17% Laying the foundations for a strong culture, improved productivity and service 18 Improving people practices: Myer for Me • Significantly expanded program to reward our team of over 19,000 around the country. New benefits to commence 1 April 2008 • Focused on attracting and retaining talent and enhancing customer service and selling skills • As part of this program, we are the first major Australian retailer to introduce paid parental leave • Four key elements of program are: – My rewards – My development
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