FY20 Half Year Results
5 December 2019
Championing Successful Independents
Group update and divisional results
Jeff Adams
Group Chief Executive Officer
1 1H20 Half YearResults
Our purpose | Our vision |
Our values
Championing
Best store in town
We believe:
Independence is worth fighting
Successful | Passionate about independents | |
Independents | A favourite place to work | |
Business partner of choice | ||
Support thriving communities
for; in treating our people, retailers and suppliers the way we like to be treated; and in giving back to the communities where we live and work
2 1H20 Half YearResults
Group overview
- Group highlights:
- Total Food pillar sales (including charge-through) increased 1.2%, with Supermarkets wholesale sales ex tobacco being positive1 for the first time since FY12
- Liquor delivered its sixth consecutive year of earnings growth
- Our Trade-focused Hardware pillar continued to perform well despite difficult trading conditions
- MFuture programs progressing across all pillars
- Statutory results for 1H20 reflect adoption of the new Accounting Standard AASB16 Leases. Prior period comparatives not restated for impact of AASB16. To enable comparison, the results for 1H20 have been adjusted, where appropriate, to exclude the impact of AASB16
- Group sales (including charge-through sales) increased 0.5% to $7.2bn, reflecting sales growth in the Food and Liquor pillars, partly offset by a decline in Hardware sales
- Reported loss after tax of $151.6m includes an impairment of $237.4m (post tax) following the loss of the 7-Eleven contract (1H19 Pre AASB16: Reported profit after tax of $95.8m)
- Underlying profit after tax (pre AASB16) was $95.7m (1H19: $100.3m)2
- Contribution from resolution of onerous lease obligations ~$10m higher in 1H19
- Ceasing to supply Drakes in SA from 30 September 2019
- Metcash ceased supply to Drakes in SA from 30 September 2019. Sales growth has been calculated by removing Drakes sales from the prior period (1 October 2018 to 31 October 2018).
- In 1H20 underlying profit after tax excludes MFuture restructure costs of $4.8m (post tax) and asset impairment of $237.4m (post tax). In 1H19 underlying profit after tax excludes Working Smarter restructure costs of $4.5m (post tax).
3 1H20 Half YearResults
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Metcash Limited published this content on 05 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2020 00:08:03 UTC