PERFORMANCE REVIEW SUBDUED SALES WERE PARTLY OFFSET BY CONTINUED GROWTH IN ONLINE. LOWER NET DEBT DEMONSTRATES CAPITAL DISCIPLINE SALES costs and individually significant itemsFebruary 2021. This will provide a stable totalled $541.2 million (pre-tax) of whichplatform for the next 2.5 years whilst Total sales declined by 3.2% to $538.2 million (pre-tax) were recorded management work to improve the $3,100.6 million, and were down as part of the first half results. Statutoryfinancial performance. 2.7% on a comparable store basis. NPAT was a loss of $486.0 million. The Total online sales were $239.4 million Board determined that no final dividendThe terms of the new secured facility (including $30.8 million via in-store payment would be paid. initially provides core and working iPads, sass & bide and MDL online capital tranches totalling $400 million, sales and The Myer Market). CASH FLOW AND BALANCE SHEET creating ample liquidity, and relaxed covenant conditions with Fixed Charges OPERATING GROSS PROFIT Operating cash flow (before interest andCover Ratio of 1.40 times and minimum Operating gross profit declined by 2.9% totax) was $131 million with cash conversionShareholders’ Equity of $400 million. $1,184.4 million and OGP margin increasedat 97% and capex of $87 million. PositiveThe Fixed Charges Cover Ratio covenant to 38.2%. Cost of Doing Business net cash flow of $6 million resulted inwill step up to 1.45 times after six months, increased by 1.5% to $1,035.0 million. lower net debt of $107 million. Inventorythen to 1.50 times after 18 months. Myer Excluding MDL, CODB declined by 1.1%. was down by 1.5% to $366.8 million. will also be required to meet a Fixed DEBT REFINANCING Charges Cover Ratio of at least 1.65 times NPAT prior to paying dividends. As at the end In September the Company announced of FY2018, the Fixed Charges Cover Ratio NPAT pre-implementation costs and individually significant items decreasedthat it had signed a binding term sheetwas 1.59 times. by 52.2% to $32.5 million. Implementationwith its existing lenders to refinance its bank facility, extending the maturity until SUSTAINABILITY 5.4 100% 56.9% Lost time injury New suppliers agreed Senior managers frequency rate to ethical sourcing (LTIFR) are female policy 6 Myer Annual Report 2018