McPHERSON’S LIMITED
ANNUAL REPORT 2015
11
AUSTRALIA
McPherson’s Australian operation’s
sales revenue was $306.9 million, a
decrease of 0.2% on FY2014 ($307.4
million).
Housewares revenue declined by
$42.0 million due to the divestment of
51% of the business on 31 October
2014. This revenue decline was largely
offset by the impact of acquisitions
and new agencies in the Health &
Beauty division ($32.3 million),
together with growth in Home
Appliance revenue and private label
Household Consumables revenue.
The Multix brand continued to
maintain market leadership in
Australia, resulting in FY2014 revenue
that was in line with prior year. Margins
were also impacted by the
depreciation of the AUD/USD
exchange rate.
The Home Appliances division
achieved revenue growth of $9.3
million or 12%, largely due to growth in
the retail and commercial channels.
Margins were adversely impacted by
depreciation of the AUD/USD
exchange rate.
NEW ZEALAND
McPherson’s New Zealand operation
experienced an 8.5% decrease in sales
as a result of the weaker demand from
key customers and disruption to
supply occasioned by its transition to a
new third party logistics arrangement.
ASIA
From its Asian headquarters in
Singapore, McPherson’s markets an
extensive range of health & beauty
products throughout the Asian region.
Brands include the key Company-
owned brands of Manicare, Lady
Jayne and Swisspers complemented
by licensed brands.
ASSETS AND LIABILITIES
HELD FOR SALE
The Group is continuing to pursue a
sale of its Household Consumables
business and completed the divestment
of 51% of its Housewares business in
New Zealand on 1 July 2015.
Consequently, in its FY2015 Financial
Statements, McPherson’s has classified
the assets and liabilities of the
Household Consumables division and
the New Zealand Housewares business
as assets and liabilities held for sale.
CASH FLOW*
($m)
33.9
27.6
33.6
57.8
* Pre-tax cash flow before capital expenditure
and dividend payments.
SALES*
($m)
2011
2012
2013
2015
352.7
276.2
289.9
* Sales are Net of Customer Allowances.
2014
299.2
PROFIT BEFORE TAX*
($m)
18.7
26.4
37.3
* Operating profit before tax excluding
non-recurring items.
20.0
NET DEBT
($m)
69.6
76.7
56.5
74.7
GEARING*
(%)
29.3
30.7
22.0
* Net debt / (Net debt + shareholders' funds)
44.6
EARNINGS* AND DIVIDENDS
PER SHARE
(c)
* Underlying EPS excludes non-recurring items.
Earnings per share
Dividends per share
12.
4
8.0
35
.9
26
.0
25
.4
17.
0
15
.4
11.
0
16.
9
17.
0
349.1
16.4
2011
2012
2013
2015
2014
19.5
2011
2012
2013
2015
2014
2011
2012
2013
2015
2014
77.2
2011
2012
2013
2015
2014
43.9
2011
2012
2013
2015
2014