Harvey Norman reports drop in FY2022 EBITDA; Dividend increased from FY2021

Harvey Norman Holdings Limited (ASX: HVN) has released its FY2022 results for the period ended 30 June 2022 and reported a drop of 1.4% in EBITDA to AU$1.437 billion compared to the previous corresponding period. NPAT during FY2022 declined 3.6% to AU$811.53 million.

Despite weak FY2022, the Company has a strong balance sheet and cash position by the end of FY2022. Its omni-channel strategy continues to work. It has a low debt to equity ratio of 10.31%.

Key Highlights:

• Net asset increased from AU$3.89 billion by end of June 2021 to AU$4.29 billion by the end of June 2022.
• Basic EPS was AU 65.13 cents.
• Declared a fully franked dividend of AU37.5 cents, up from AU 35.0 cents in FY2021

Factors influencing the result:

• In Australia, HVN franchisees were impacted by the prolonged government-mandated lockdowns and closures of Delta in 1H 2022.
• The property segment remains strong with real, tangible property assets surpassing AU$3.7 billion and achieving a property segment profit result of AU$366.48 million for FY2022

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