MHI
09/04/2014 08:30
QUARTER
REL: 0830 HRS Michael Hill International Limited
QUARTER: MHI: 9 Months trading update to 31 March 2014
Michael Hill International Limited
9 months trading update to 31 March 2014
The below figures represent 8 months accounting adjusted sales results plus
March preliminary sales figures prior to final accounting adjustments and are
unaudited. Same stores and all stores revenue figures stated below include
the Professional Care Plan (PCP) revenues brought to income during the
period. The PCP income recognition pattern is based on existing estimates
and is subject to ongoing management review, and accordingly may be adjusted
at half year and year end. The prior period PCP revenue stated below is
included at the estimated amounts under the income recognition pattern used
and reported on at the time.
In line with the market announcement on 3 October 2013, the Group numbers
below are reported in Australian dollars.
Revenue from the sale of goods and services for the 9 months to 31 March
2014:
The following figures are in Australian dollars Last Year
This Year % Var
Australia same stores 211,412,169 214,471,934 1.4%
New Zealand same stores 68,118,079 75,230,422 10.4%
Canada same stores 35,165,461 41,121,439 16.9%
United States same stores 6,661,030 7,811,137 17.3%
Total same stores $321,356,739 $338,634,932
5.4%
Australia all stores
221,908,804 233,942,800 5.4%
New Zealand all stores 68,683,574 76,094,916
10.8%
Canada all stores 38,818,291 54,188,760
39.6%
United States all stores
7,402,814 7,854,362 6.1%
Total all stores $336,813,483 $372,080,838 10.5%
Exchange rates used for the 9 months:
New Zealand 1.26 1.11
Canada 1.04 0.97
United States 1.04 0.91
The following figures are in local currency Last Year
This Year % Var
Australia same stores AUD 211,412,169 214,471,934 1.4%
New Zealand same stores NZD 85,912,526 83,425,502
(2.9%)
Canada same stores CAD 36,416,661 39,827,275 9.4%
United States same stores USD 6,919,569 7,115,597 2.8%
Australia all stores
AUD 221,908,804 233,942,800 5.4%
New Zealand all stores NZD 86,626,040 84,381,393 (2.6%)
Canada all stores CAD 40,202,597
52,496,986 30.6%
United States all stores USD 7,690,290 7,154,643
(7.0%)
Revenue from sale of Professional Care Plans for the 9 months to 31 March
2014:
The following figures are in Australian dollars Last Year
This Year % Var
PCP revenue collected $19,957,267 $24,468,462
22.6%
PCP revenue brought to income $6,611,830 $13,182,766
99.4%
The Group achieved steady growth for the 9 months finishing 5.4% up on last
year for the same stores in AUD. This result was helped by the weakening of
the AUD against the other 3 currencies during the period.
Our Professional Care Plan product continues to deliver strong cash flow to
the business and is now also contributing solidly to the Group's overall
results. The revenue from these plans is carried on the balance sheet as
deferred revenue and is then brought to income over the life of the plans (3
year plans, and lifetime plans which are assigned a 10 year notional life for
income recognition purposes).
Sir Michael Hill 08 April 2014
Chairman
All enquiries should be made to Mike Parsell CEO phone +61 403 246655
End CA:00249268 For:MHI Type:QUARTER Time:2014-04-09 08:30:17
