• Tidak ada hasil yang ditemukan

Earnings Slides 1Q16

N/A
N/A
Protected

Academic year: 2017

Membagikan "Earnings Slides 1Q16"

Copied!
23
0
0

Teks penuh

(1)

Matahari Department Store

Q1 2016 Results Update

(2)

Table of Content

Key Highlights of Q1 2016

Q1 2016 Financial Highlights

4

Key Macro-economic Data

5

Regional GDP, Sales and SSSG

6

Store network

7

Merchandising Mix

8

Financial Updates

Sales

10

Same Store Sales Growth

11

Gross Profit and Margin

12

OPEX

13

EBITDA and Margin

14

Net Income and Margin

15

Debt and Cash Position

16

Summary

18-19

Appendix

(3)

3

(4)

Q1 2016 Key Highlights

Q1 2015

Q1 2016

2,881

3,261

13.2%

5.4%

9.4%

326

387

18.8%

185

244

31.8%

Gross Sales

EBITDA

Net Income

SSSG

IDR Bn

34.9%

35.3%

40 bps

11.3%

11.9%

60 bps

Gross Margin

(5)

4.53% 4.83%

6.23% 8.36%

6.96%

6.29% 6.38%6.79%

7.15% 7.26% 7.26% 7.18% 6.83% 6.25% 4.89% 3.35% 4.14% 4.42% 4.45% S e p -1 4 O c t-1 4 N o v -1 4 D e c -1 4 J a n -1 5 F e b -1 5 M a r-1 5 A p r-1 5 M a y -1 5 J u n -1 5 J u l-1 5 A u g -1 5 S e p -1 5 O c t-1 5 N o v -1 5 D e c -1 5 J a n -1 6 F e b -1 6 M a r-1 6 6.27% 6.01% 5.94% 6.11% 6.27% 5.94% 5.87% 5.61% 5.59% 5.50% 5.61% 5.14% 5.03% 4.92% 5.01% 4.71% 4.67% 4.73% 5.04% 2 Q 1 1 3 Q 1 1 4 Q 1 1 1 Q 1 2 2 Q 1 2 3 Q 1 2 4 Q 1 2 1 Q 1 3 2 Q 1 3 3 Q 1 3 4 Q 1 3 1 Q 1 4 2 Q 1 4 3 Q 1 4 4 Q 1 4 1 Q 1 5 2 Q 1 5 3 Q 1 5 4 Q 1 5

119.8

120.2

119.8

120.6

120.1

116.5

120.2

120.2 116.9

107.4

112.8111.3

109.9

112.6

97.5

99.3

103.7

107.5

112.6

110.0

109.8

J u l-1 4 A u g -1 4 S e p -1 4 O c t-1 4 N o v -1 4 D e c -1 4 J a n -1 5 F e b -1 5 M a r-1 5 A p r-1 5 M a y -1 5 J u n -1 5 J u l-1 5 A u g -1 5 S e p -1 5 O c t-1 5 N o v -1 5 D e c -1 5 J a n -1 6 F e b -1 6 M a r-1 6

Inflation

Consumer Confidence Index

Source: Bank Indonesia and BPS

Macro-Economic Data

GDP Growth

GDP Regional

4.66% 5.59% 5.86% 3.19% 6.88% 4.32% 3.54% 5.45% 10.29% 1.31% 8.18% 6.62%

Sumatra Java Bali & NTT Kalimantan Sulawesi Maluku & Papua

(6)

East Java Sumatra

Bali and East Indonesia

West Java

Greater Jakarta

Central Java

MDS Sales Overview

Sales

(in Rp Billion) Q1

2016 %

Greater Jakarta 939 28.8 Java exc Jkt 1,066 32.7 Outside Java 1,257 38.5

Total Sales 3,261 100.0

GDP growth, SSSG and Sales per region

Kalimantan

>7% 6%< GDP≤ % 5%< GDP≤ % 4%< GDP≤ %

GDP≤ % Negative Note: Regional GDP as of 4Q 2015

Source: Bank Indonesia for GDP growth

SSSG Greater Jkt

Q1 : 6.0%

SSSG Java

Q1 : 11.8%

(7)

o

In 2016, we are forecasting 6-8 new

stores

o

3 stores are expected to be opened

during Q2, before Lebaran

6-8 new store openings in 2016

28.5% 28.0% 27.5% 27.9%

36.2% 35.2% 32.8% 32.9%

35.3% 36.8% 39.7% 40.7%

2012

2013

2014

2015

Greater Jakarta

Java exc Jkt

Outside Java

No Geographic area

Actual Forecast

FY2014 FY2015 FY2016 Future Pipeline 2017 and onwards

# of stores # of stores # of stores # of stores % mix

1 Jabodetabek (Greater Jakarta) 36 39 2-3 10 18.5%

2 Java (Exc Greater Jakarta) 43 46 1 15 27.8%

3 Outside Java 52 57 3-4 29 53.7%

Total 131 142 6-8 54 100.0%

(8)

DP, 34.0%

CV, 66.0% DP, 34.9%

CV, 65.1%

DP, 36.7%

CV, 63.3%

MDS’s ex lusive rands

continue to deliver strong performance

DP accounted for 36.7% of gross sales in Q1 2016, as compared to 34.9% in Q1 2015

% of Gross Sales

Q1 2015 Q1 2016

DP, 35.5%

CV, 64.5%

(9)
(10)

2,881

3,261

Q1' 15

Q1' 16

14,421

15,975

FY' 14

FY' 15

IDR Bn

Overall sales increased by 13.2% in Q1 2016

(11)

SSSG %

SSSG pick up from Q4 continued into Q1 2016

FY

Q1

5.4%

9.4%

Q1' 15

Q1' 16

10.7%

6.8%

(12)

5,029

5,627

FY' 14

FY' 15

1,006

1,150

Q1' 15

Q1' 16

Gross profit and margins

IDR Bn

Merchandise margins continued to build, improving 40 bps over Q1 LY

Gross profit as a % of Gross Sales

34.9% 35.3% 34.9% 35.2%

(13)

18.2%

18.6%

FY' 14

FY' 15

23.6%

23.4%

Q1' 15

Q1' 16

19.1%

17.9%

Q1' 15

Q1' 16

Opex

(1)

as a % of Gross Sales

Cost pressures off-set by productivity initiatives

Note

1. Opex calculated as Adjusted Gross Profit less Adjusted EBITDA

Total Company

Total Company

Comp store

(14)

2,411

2,661

FY' 14

FY' 15

326

387

Q1' 15

Q1' 16

EBITDA and Margins

IDR Bn

Company EBITDA margins increase by 60 bps from Q1 2015, at 11.9%

EBITDA as a % of Gross Sales

Notes

EBITDA adjusted for severance pay

11.9% 11.3%

16.7% 16.7%

(15)

1,419

1,781

FY' 14

FY' 15

Sales and margin improvements drive net income up by 31.8%

Reported Net Income (IDR Bn)

Comparable Net Income (IDR Bn)

*Net income before non-recurring expense related to prior years of Rp59.9bn (Q2’ 14) and Rp88 bn(1H’ 14)

Net Income as a % of Gross Sales

185

244

Q1' 15

Q1' 16

6.4%

1,507

1,781

FY' 14

FY' 15

11.1% 9.8%

11.1%

10.5%

7.5%

(16)

Inventory days improve, capex on track, dividend increase proposed

460.2

851.4

1,246.6

0%

10%

20%

30%

40%

50%

60%

70%

80%

200.0

400.0

600.0

800.0

1,000.0

1,200.0

1,400.0

FY'14

FY'15

FY'16F

DIVIDEND PAYOUT

Dividend per share is forecast to rise from Rp

851.4 Bn to Rp 1,246.6 Bn, an increase of 46.4%,

based on a payout ratio increase to 70% (Subject

to AGM approval on 26May 2016)

Dividend payment (Rp bn) and payout (%)

INVENTORY DAYS

Inventory days declined from 125 to 118 days

as at March 2016, driven by tighter inventory

controls and improved sales performance.

CAPEX

In 2015, 14 stores were remodeled and 22 are

planned for 2016.

Overall committed Capex for 2016 is estimated

at Rp 450 Bn, of which 160 Bn will be spent on

(17)
(18)

IDR Bn

Key Profit & Loss Items

Financial Summary

FY 2014 FY 2015 Q1 2015 Q1 2016

Gross Sales 14,421.4 15,974.5 2,880.6 3,260.5

SSSG 10.7% 6.8% 5.4% 9.4%

Growth 13.2% 10.8% 7.6% 13.2%

Net Revenue 7,925.5 9,006.9 1,619.2 1,861.7

Growth 17.3% 13.6% 9.0% 15.0%

Gross Profit 5,028.6 5,627.0 1,005.6 1,149.6

Margin 34.9% 35.2% 34.9% 35.3%

EBITDAR 3,352.7 3,749.1 566.7 675.9

Margin 23.2% 23.5% 19.7% 20.7%

EBITDA 2,411.1 2,660.1 326.1 387.3

Margin 16.7% 16.7% 11.3% 11.9%

Income before tax 1,842.3 2,244.8 240.6 308.9

Margin 12.8% 14.1% 8.4% 9.5%

Reported net Income 1,419.1 1,780.8 185.0 243.7

Margin 9.8% 11.1% 6.4% 7.5%

(19)

Strong merchandise assortments drove total sales up by 13.2% and same

store sales up by 9.4%

Merchandise margins improved, reflecting the strength of the direct

purchase offerings

Cost management drove store expense leverage

Overall EBITDA up by 18.8%, and net income by 31.8%

Expansion plans continue with 6-8 new stores forecast for FY 2016

(20)

Appendix

(21)

79.5%

20.5%

PT Matahari Department Store Tbk

Public

Multipolar

(22)
(23)

Referensi

Garis besar

Dokumen terkait

10 grand finalis yang terseleksi/ akan di tampilkan kembali pada malam final dan malam penganugrahan hadiah. langsung di tayangkan di secara langsung oleh RBTV// menurut Davit

Gumantung siswa Dapat memperbaiki atau menyempurnakan naskah berita Tulis Unjuk Kerja Benerkeun/sampurnakeun tulisan hidep luyu jeung pituduh guru.

Rahman Hidayat L Sakti Peksos Nusa Tenggara Barat 2 Achmad Ashari L Umum Sulawesi Selatan 3 Achmad Choirudin L Sakti Peksos Jawa Tmur 4 Ade Rianti P Sakti Peksos Sulawesi Selatan 5

Pelaksanaan penelitian diawali dengan penampungan semen dan pengenceran semen. Penampungan semen entok dibagi menjadi dua yaitu : 1.) penampungan awal untuk

Air limbah domestik merupakan cairan buangan dari rumah tangga, maupun tempat- tempat umum lain yang mengandung bahan–bahan yang dapat membahayakan kehidupan makhluk hidup

Panitia akan melakukan verifikasi dalam rangka pembuktian kualifikasi terhadap calon-calon pemenang yang telah ditetapkan dan akan diusulkan kepada Pengguna Jasa untuk

Jumlah skor ulkus yang paling kecil justru dihasilkan oleh pemberian madu dengan dosis paling rendah yaitu setara 30 ml/hari Hal ini sesuai dengan penelitian Swayeh yang

Keterkaitan antara Kecerdasan Emosional dengan Penguasaan Keterampilan Bermain dalam Permainan Futsal..... Hipotesis