|
JDG
JDG
JDG - JD Group - Audited Financial Results And Dividend Declaration For The
Year Ended 31 August 2007
JD Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009108/06)
ISIN: ZAE000030771
JSE code: JDG
("JD Group")
AUDITED FINANCIAL RESULTS AND DIVIDEND DECLARATION FOR THE YEAR ENDED 31
AUGUST 2007
"If something can`t go on forever, it won`t"
Herb Stein - Economist USA
Commentary
On the face of it a very simple statement of fact but all too often this
obvious truth eludes us. July 2006 saw the beginning of arrear instalments
creeping up. By September 2006 there was every indication that the credit
cycle had turned and when we reported our interim results it became very
apparent that we were in a repeat of the 2001 to 2003 credit cycle. The
point was made that the different types of credit now available to the
middle mass market could prolong the cycle. The situation was further
exacerbated by an unprecedented proliferation of credit in an attempt to
build data bases as quickly as possible prior to the introduction of the
National Credit Act becoming effective on 1 June 2007.
In contrast to the above, we introduced affordability checks in line with
the proposed National Credit Act four months prior to its introduction as
part of our training of staff. This clearly had a dampening effect on sales
in the credit chains in the second half of the financial year. While sales
growth for these chains was 6% in the first half, a very different picture
presented itself for the second half, reflecting a year on year decline in
sales of 9%.
The changing face of credit retailing
The different types of credit now available and the relatively new sources
of such credit have forced us to revisit our trading formula. In November
2005 it was decided that sustainable future growth would require us to
separate financial services from retail. The future financial services
business as a stand alone business would have to derive a much greater
proportion of its revenue stream from sources outside of our traditional
retail credit chains. In January 2006 we commenced the ground work for the
proposed separation of financial services. The new format segmental
analysis, based on business divisions, reflects the business going forward.
The ultimate goal is that financial services derive only 30% of its revenue
stream from its traditional retail source. The new segmental analysis allows
for a more accurate valuation of the different components of the business.
While the above exercise will take time, much has been done to facilitate
this. International consultants with experience in financial services have
been appointed to assist us and to ensure that the end state of our
financial services division as a stand alone business is state of the art
and best of breed.
Over the past year, top line growth in financial services has been curtailed
for a number of reasons; the most obvious factor being the total household
debt which now stands at a record 77%. This, together with rising interest
rates, the prolonged public sector strike and the introduction of the
National Credit Act, have all contributed to a decline in the demand for
credit.
As mentioned above, the turn in the credit cycle has meant a consistent
increase in arrears and an increase in default levels. This has resulted in
an increase in the impairment provision. Bad debt write offs have increased
year on year by 45% from R441 million to R641 million. The resultant
increase in the impairment provision is R228 million.
While it may be a little early to make the call, there are indications that
the move out on arrears and the impairment provision is stabilising. If this
assessment is correct, we can expect demand for credit to start growing
again towards the end of the second quarter of the 2008 calendar year.
Unfavourable publicity
The very negative publicity of our financial services activities received on
Carte Blanche was most regrettable. Of course, highlighting problems created
the perception that the ills were of epidemic proportions. This is simply
not true.
An extensive review of over 6 million records dating back to 2002 has been
carried out. The claim that there were "tens of thousands" of accounts with
emolument attachment orders created the wrong impression. There are about 22
000, which constitutes less than 1,3% of our 1,8 million current accounts.
Only a minority of these contained miscalculations.
The Group uses the services of many outside attorneys to recover defaulting
debt after our own attempts to do so have failed. We have never attempted to
profit on the charges levied against us. In fact, we only recover
approximately 72% of all charges levied in respect of costs that are
associated with debt recovery. Once again, our investigation dating back to
2002 revealed a minority of affected customers.
There is no joy in the knowledge that the problem in rand terms is not
material to the Group. As already stated "one customer wronged in any way
whatsoever, is one too many".
In our endeavour to eliminate any future suggestion or perception of anti-
consumer credit practices, the Group is in the process of centralising legal
collection processes. Furthermore, we are going to increase awareness of our
toll-free call centre.
While those interviewed by Carte Blanche exaggerated the situation, we
respect the role of the media as a consumer "watchdog" and wish to assure
the investor community that the Group has made good in those minority of
cases in which mistakes were made.
Traditional retail
The retail chains reliant on credit offering showed negative sales growth
year on year of 1,1%. Gross margin declined from 35,9% to 35,8%, reflecting
the competitive nature of the market. These chains achieved total trading
income of 42,5% which is much in line with the comparative figure for 2006.
This includes an origination fee of 8% of all business introduced to the
financial services division.
The operating margin for the past financial year stands at 8,2% against the
previous year`s 10,2%. However, it must be borne in mind that these results
reflect the toughest trading conditions in the history of the Group. Going
forward we would expect an operating margin in excess of 10% for the
traditional retail chains.
The upshot of the split of consumer finance from retail will inevitably lead
to a much greater focus on both retailing and the consumer finance
businesses. This greater focus will no doubt lead to improved efficiencies
in both divisions. The targeted operating margin of 10% for traditional
retail is before any of the envisaged benefits as a consequence of the
improved focus on retailing. The whole shopping experience and the value
proposition will not only lead to greater customer satisfaction but also
make our brands far more desirable in the minds of the consumer.
Each business unit within traditional retailing will require its own
strategy to enhance its performance. This practice has been put in place for
two years now and we can confidently say that this is part and parcel of the
culture of the business. At the end of the day each business unit will
survive by its ability to produce an acceptable return on sales. We do not
envisage any closure of stores at this time due to the strategy going
forward.
One of the most challenging aspects of the business plan will be "managing
the change" for our people who have grown up in the business and have known
no other way.
We realise that the changing of mindsets is no simple task and have in no
way underestimated what needs to be done. Once again our human resources
capacity has been bolstered to help facilitate a successful outcome.
Cash retail
The cash retailing division, comprising Hi-Fi Corporation and Incredible
Connection, had a much easier time than traditional retail. This division
grew year on year sales by 14%.
Hi-Fi Corporation`s top line growth was in the main as a result of seven new
stores being opened during the year under review. Incredible Connection`s
growth was most gratifying, assisted by the opening of seven new stores. It
is envisaged that a further five stores will be opened in the coming
financial year. We are confident that we can improve on the 7% operating
margin of this division in the years ahead.
International retail
International, which at this time only comprises Abra in Poland, had a very
successful year. While our team must take credit for this success, they were
assisted by the buoyant economic conditions prevailing in Poland. We expect
to open 10 stores in the new financial year.
Financial services
Financial services as a stand alone division probably offers the most
exciting opportunity for improved efficiencies. In the same way that one
would expect a more focused approach to retailing in the traditional retail
chains to unlock value, we can expect to experience improved efficiencies on
the financial services side.
The operating margin of the financial services division decreased from 44,7%
in 2006 to 32,6% in 2007. This can be attributed to the increase in bad
debts written off and the increase in the impairment provision.
We would expect the operating margin in this division to exceed 35%. As
previously mentioned, we expect substantial improvements in efficiencies
over the medium term. There is every indication that we are nearing the
turning point in the credit cycle. This bodes well for this division and for
traditional retail. If our assessment is correct, we should see the next
growth phase commencing during the second quarter of the 2008 calendar year.
Maravedi Financial Services, our joint venture with Absa Bank and Thebe
Investment Corporation, offers a suite of financial products. The lessons
learnt at Maravedi will prove invaluable for our financial services
division. Maravedi has seen a significant increase in the number of loans
being granted.
Highlights and challenges
Cash generated by trading decreased to R1 721 million (2006: R2 193
million). Working capital requirements decreased from R704 million to R169
million mainly due to the lack of growth in instalment sale receivables.
The introduction of the National Credit Act has come and gone. It is most
gratifying to note that all the efforts put in to ensuring our readiness
paid off both on the technology side as well as the training of our people.
This Group was compliant from day one.
We think that we will, in a number of respects, view the past year as a
watershed year. We are fully cognisant of the complexities that lie ahead,
but our decision to seperate financial services from the traditional retail
chains, will change the landscape forever. The benefits will not be that
apparent in the short term but there is absolutely no doubt that the Group
will benefit hugely in the medium to long term.
There is a change in the senior management. Fred Ginsberg, Group Executive
for merchandising, and Viv Horn, Group Executive for marketing and sales,
have decided to retire, as have Jan Bezuidenhout, former Director of
Corporate Services and Melvyn Jaye, the former Company Secretary. While we
will miss them and wish them every success in the future, this has
facilitated an extensive reshuffle within our senior ranks.
Furthermore, Mias Strauss, our Chief Executive Officer, has advised the
board that he wishes to retire in May 2008. He will, over the coming months,
hand over the reigns to Grattan Kirk, who will assume the role of Chief
Executive Officer. Johan Kok will retain the position of Chief Operating
Officer. Mias has agreed to remain on as a non-executive director and he
will be tasked with special projects as and when they arise.
Grattan, Richard Chauke and Henk Greeff have been appointed to the board.
We are proceeding with our B-BBEE transaction and expect to conclude it by
May 2008. This will facilitate the appointment of more people of colour to
our board. The chairman of our lead partner in this transaction will be
invited to assume the role of non-executive chairman of the board. David
Sussman will step down as executive chairman and, subject to ratification by
our shareholders, continue to play the executive role that he currently has.
The B-BBEE transaction, together with the new business structure, should
facilitate the restructuring of the balance sheet.
It is often said that "difficult times bring out the best in one" but we
think it is more correct to say that difficult times reveal the type of
character in one. There has been nothing lacking in this team`s resolve to
address our shortcomings, to cope with the current cycle and to make sure
that we come out of these situations much stronger and with a much better
business. Merely doing things right is not an option and doing things better
is an absolute given. We as a team stand shoulder to shoulder, firm in our
belief that this Group will be well positioned to maximise the next upturn.
Prospects
The challenges of 2007 are now behind us. We have certainly been tested to
the full. Much has been done to prepare for the future well-being of the
Group. This will become self-evident as time unfolds. We expect trading
conditions to remain difficult for the first half of the next financial
year, but remain confident that we should see demand increasing from
thereon.
For and on behalf of the board
I David Sussman Mias Strauss Gerald Volkel
Executive chairman Chief executive Chief financial
officer officer
2 November 2007
Audit opinion of the independent auditors
The annual financial statements for the year ended 31 August 2007 have been
audited by Deloitte & Touche and their accompanying unmodified audit report,
as well as the unmodified audit report on these summarised financial
statements, are available for inspection at the Company`s registered office.
These summarised financial statements have been derived from the Group`s
annual financial statements and are consistent in all material respects with
the Group`s annual financial statements.
Declaration of dividend number 48
The directors have declared a final dividend of 57 cents per share (2006:
182 cents per share) for the year ended 31 August 2007.
In accordance with the settlement procedures of STRATE, the following dates
will apply to the final dividend:
Last day to trade cum dividend Friday, 30 November 2007
Trading ex dividend commences Monday, 3 December 2007
Record date Friday, 7 December 2007
Dividend payment date Monday, 10 December 2007
Share certificates may not be dematerialised or rematerialised between
Monday, 3 December 2007 and Friday, 7 December 2007, both days inclusive.
Condensed income statement
Audited Audited
Year Year
ended ended
31 August 31 August
2007 2006 Change
R million R million %
Sale of merchandise 9 325 8 423 11
Finance charges earned 1 659 1 561 6
Financial services 1 347 1 414 (5)
Other services 576 541 6
Revenue 12 907 11 939 8
Cost of sales 6 517 5 811 12
Operating expenses** 3 981 3 576 11
Administration and other 937 844
expenses
Depreciation and 155 145
amortisation
Employees 1 639 1 468
Management fee 27 33
Marketing 416 380
Occupancy 553 457
Share-based payment 32 39
Transport and travel 233 217
Surplus on disposal of
property,
plant and equipment (11) (7)
Operating profit before 2 409 2 552 (6)
debtors costs
Debtors costs (note 2) 869 528 65
Operating profit 1 540 2 024 (24)
Investment income 75 53
Finance income (note 3) 36 57
Finance costs (note 3) (187) (152)
Share of (losses)/profits of (4) 6
associates
Profit before taxation 1 460 1 988 (27)
Taxation 383 531 (28)
Profit attributable to 1 077 1 457 (26)
shareholders
Earnings per share (cents)
- basic 605,7 826,5 (27)
- diluted 594,2 805,1 (26)
**Operating expense categories have been regrouped.
Supplementary information
Audited Audited
Year Year
ended ended
31 August 31 August
2007 2006 Change
R million R million %
Reconciliation of headline
earnings
Profit attributable to 1 077 1 457 (26)
shareholders
Surplus on disposal of
property,
plant and equipment (11) (7)
Taxation thereon 3 2
Headline earnings 1 069 1 452 (26)
Number of shares in issue 180 000 178 000
(000)
Treasury shares held (000) 4 506 646
Number of shares held 175 494 177 354
outside the Group (000)
Weighted average number of
shares
in issue (000)
- basic 177 861 176 271
- diluted 181 319 180 964
Headline earnings per share
(cents)
- basic 601,3 823,5 (27)
- diluted 589,8 802,2 (26)
Distribution to 303 412 (26)
shareholders (cents)
- Interim 246 230
- Final (proposed) 57 182
Operating margin (%) 11,9 17,0
The earnings and headline earnings per share are calculated in R thousands
as opposed to R million as presented.
Condensed statement of changes in equity
Audited Audited
31 August 31 August
2007 2006
R million R million
Share capital and premium 2 118 2 057
Opening balance 2 057 1 995
Shares issued to share incentive 61 62
trust
Treasury shares (255) (18)
Opening balance (18) (15)
Shares issued to share incentive (61) (62)
trust
Shares purchased by the share (222) -
incentive trust
Proceeds on disposal of shares by 46 60
share incentive trust
Profit on disposal of treasury - (1)
shares
Share-based payment reserve 125 93
Opening balance 93 54
Share-based payment 32 39
Non-distributable reserves 101 100
Opening balance 100 96
Translation of foreign entities 1 4
Retained income 3 609 3 072
Opening balance 3 072 2 346
Income attributable to 1 077 1 457
shareholders
Distribution to shareholders (546) (735)
Distribution to share incentive 6 4
trust
Shareholders for dividend 100 322
Opening balance 322 292
Distribution to shareholders 546 735
Distribution to share incentive (6) (4)
trust
Paid to shareholders (767) (704)
Paid to share incentive trust 5 3
Balance at end of year 5 798 5 626
Condensed balance sheet
Audited Audited
31 August 31 August
2007 2006
R million R million
Assets
Non-current assets 1 403 1 380
Property, plant and equipment 578 491
Goodwill 347 347
Intangible assets 294 332
Investments and loans 111 124
Interest in associate companies 26 29
Deferred taxation 47 57
Current assets 8 442 8 735
Inventories 1 348 1 066
Trade and other receivables (note 5 995 6 046
4)
Financial assets 1 5
Taxation 123 1
Bank balances and cash 975 1 617
Total assets 9 845 10 115
Equity and liabilities
Equity and reserves
Share capital and premium 2 118 2 057
Treasury shares (255) (18)
Non-distributable and other 226 193
reserves
Retained income 3 609 3 072
Shareholders for dividend 100 322
Shareholders` equity 5 798 5 626
Non-current liabilities 1 518 1 937
Interest bearing long term 739 1 151
liabilities
Non-interest bearing long term 79 65
liability
Deferred taxation 700 721
Current liabilities 2 529 2 552
Trade, other payables and 2 127 2 073
provisions(note 5)
Interest bearing liabilities 312 162
Taxation 90 317
Total equity and liabilities 9 845 10 115
Directors` valuation of unlisted 137 153
investments
Capital expenditure authorised and 12 17
contracted
Capital expenditure authorised and 141 103
not yet contracted
Operating lease commitments 1 391 1 227
The Group has no other material
commitments or contingent
liabilities, other than as disclosed
in note 8.
Net asset value per share (cents) 3 221,3 3 160,5
Gearing ratio (net) (%) 1,3 (5,4)
Condensed cash flow statement
Audited Audited
Year ended Year ended
31 August 31 August
2007 2006
R million R million
Cash flows from operating (21) 586
activities
Cash generated by trading 1 721 2 193
Increase in working capital (169) (704)
Cash generated by operations 1 552 1 489
Investment income 75 53
Finance costs - net (146) (100)
Taxation paid (740) (155)
Cash available from operating 741 1 287
activities
Dividends paid (762) (701)
Cash flows from investing (183) (790)
activities
Acquisition of Connection Group - (516)
Acquisition of associate companies - (8)
Investments and loans 10 (16)
receipts/(advances)
Proceeds on disposal of Photo - 21
Connection
Proceeds on disposal of property, 17 15
plant and equipment
Additions to property, plant and (210) (286)
equipment
Cash flows from financing (438) 237
activities
Proceeds on disposal of treasury 46 60
shares by share incentive trust
Shares purchased by the share (222) -
incentive trust
Long term borrowings raised - 500
Long term borrowings repaid (170) (235)
Finance lease liabilities repaid (92) (88)
Net (decrease)/increase in cash (642) 33
and cash equivalents
Cash and cash equivalents at 1 617 1 584
beginning of year
Cash and cash equivalents at end 975 1 617
of year
Capital expenditure incurred 210 286
Notes
1. Accounting policies
The accounting policies used in the preparation of the profit
announcement, which are compliant with International Financial
Reporting Standards, are consistent with those applied in the previous
financial year ended 31 August 2006, except for the adoption of the
following revised accounting standards:
- IAS 39 - Financial instruments: recognition and measurement
- IFRIC 4 - Determining whether an arrangement contains a lease
- IFRIC 8 - Scope of IFRS 2
- IFRIC 9 - Reassessment of embedded derivatives
The adoption of these standards had no material impact on the Group. This
profit announcement was compiled in terms of IAS 34 - Interim reporting and
the JSE Listings Requirements.
Audited Audited
Year Year
ended ended
31 August 31 August
2007 2006
R million R million
2. Debtors costs
Increase in impairment provision 228 87
Bad debts written off 641 441
869 528
3. Finance costs - net
Finance costs
Interest paid 182 151
Fair value losses on financial 5 1
instruments
187 152
Finance income
Interest received (36) (51)
Fair value gains on financial - (6)
instruments
(36) (57)
Finance costs - net 151 95
4. Trade and other receivables
Instalment sale receivables(a) 7 825 7 857
Less: Provisions (2 205) (2 146)
Unearned finance charges (954) (1 100)
Impairment (716) (488)
Other(b) (535) (558)
Net instalment sale receivables 5 620 5 711
Other receivables 375 335
Total trade and other 5 995 6 046
receivables
Provisions as a percentage of 28,2 27,3
instalment sale receivables (%)
In accordance with industry norms, amounts due from instalment sale
receivables after one year are included in current assets. The credit
terms of instalment sale receivables range from 6 to 36 months.
a. Classified as loans and receivables and carried at amortised cost.
b. Other provisions consist of extended guarantees, unearned club and
insurance provisions.
Notes
5. Trade, other payables and provisions
The directors consider the carrying amount of trade and other payables
to approximate their fair values. The credit period of trade payables
ranges between 30 and 120 days.
6. Diluted earnings and headline earnings per share
The number of shares for diluted earnings purposes has been calculated
after considering the dilutive impact of share options and the cash
value to be received in future, in respect of unissued shares granted
to employees.
7. Related parties
The Group entered into various transactions with related parties which
occurred under terms that are no more favourable than those arranged
with independent third parties.
8. Contingent liabilities
Certain Group companies are involved in disputes where the outcome is
uncertain. The Group is regularly subject to evaluations, by the tax
authorities, of its direct and indirect taxation filings and in
connection with such reviews, disputes sometimes arise with the
taxation authorities. These disputes may not necessarily be resolved in
a manner that is favourable for the Group and the resolution of these
disputes could potentially result in an obligation for the Group.
The Group remains in discussions with the relevant taxation authorities
on specific matters and transactions in addition to those mentioned
below, regarding the application and interpretation of taxation
legislation affecting the Group and the industry in which it operates.
The directors are confident that the Group will be able to defend any
actions and that the potential of significant outflow or settlement is
remote.
Towards the end of 2006, the South African Revenue Services ("SARS")
issued an additional assessment against a group company for the 2002
year of assessment amounting to R45 million (excluding interest and
penalties), disallowing the tax deduction that was claimed in relation
to an intellectual property sale and leaseback transaction entered into
during 2001. The company objected to the SARS assessment. The Group
will, based on advice received from legal and other advisors including
senior counsel, continue to defend this assessment and remains
confident that it is unlikely that a significant liability will arise
in this regard. Should assessments be issued on a similar basis for the
2003 to 2007 years, additional taxation of R222 million (excluding
interest and penalties) will be levied by SARS. The transaction
concludes in 2009.
Towards the end of 2007, SARS served notice of its intention to assess
a group company for the 2001 and 2002 years of assessment amounting to
R28 million (excluding interest and penalties), disallowing the
interest deduction that was claimed in relation to a compulsory
convertible loan transaction entered into during 2001. The Group has,
based on advice received from legal and other advisors including senior
counsel, submitted its reasons why it believes that SARS has no grounds
to issue such assessment. Should SARS assess the 2003 to 2006 years on
a similar basis, additional taxation of R120 million (excluding
interest and penalties) will be levied by SARS. The transaction
concluded in 2006.
In addition, in a matter related to the compulsory convertible loan
transaction mentioned above, a third party has claimed R197 million
from the Group. The Group will, based on advice obtained from legal and
other external advisors, defend this matter and remains confident that
it is unlikely that a significant liability will arise in this regard.
The issues in dispute are of a complex nature and it is anticipated
that these matters will remain unresolved for an extended period.
9. Subsequent events
No significant events have occurred in the period between 31 August
2007 and the date of this report.
Segmental report - business divisions
Traditional retail
2007 2006
Revenue Rm 5 566 5 644
Operating profit Rm 455 573
Depreciation Rm 12 10
Total assets Rm 474 441
Total current liabilities Rm 1 031 1 060
Capital expenditure Rm 17 17
Operating margin % 8,2 10,2
Total sale of merchandise Rm 4 989 5 044
Share of Group sale of % 53,5 59,9
merchandise
Credit sales Rm 3 597 3 749
Percentage of total % 72,1 74,3
Cash sales Rm 1 392 1 295
Percentage of total % 27,9 25,7
Deposit rate on credit sales %
Number of stores 951 927
Revenue per store R000 5 853 6 088
Retail square meterage 521 094 508 882
Revenue per square metre Rand 10 681 11 091
Number of employees 9 915 9 287
Revenue per employee R000 561 608
Instalment sale receivables - Rm
gross
Bad debts written off Rm
Bad debts written off as a
percentage of gross %
receivables
Receivables` arrears Rm
Receivables` arrears as a
percentage of gross %
receivables
Collection rate %
Average length of the book Months
Financial services Cash retail International
2007 2006 2007 2006 2007 2006
3 278 3 206 3 841 3 075 501 307
1 068 1 434 270 266 22 3
21 17 3 8
5 995 6 046 744 543 121 73
40 35 612 444 92 70
55 25 5 7
32,6 44,7 7,0 8,7 4,4 1,0
3 838 3 074 498 305
41,2 36,5 5,3 3,6
3 838 3 074 498 305
100,0 100,0 100,0 100,0
13,2 13,9
951 927 72 58 55 43
3 447 3 458 53 347 53 017 9 109 7 140
57 900 56 543 72 064 57 012 40 718 33 326
56 615 56 700 53 300 53 936 12 304 9 212
5 256 4 923 3 182 3 059 629 524
624 651 1 207 1 005 797 586
7 825 7 857
641 441
8,2 5,6
801 638
10,2 8,1
6,8 7,1
14,7 14,1
Corporate Total
2007 2006 2007 2006
(279)# (293)# 12 907 11 939
(275) (252) 1 540 2 024
81 77 117 112
2 511 3 012 9 845 10 115
754 943 2 529 2 552
133 237 210 286
11,9 17,0
9 325 8 423
100,0 100,0
3 597 3 749
38,6 44,5
5 728 4 674
61,4 55,5
13,2 13,9
1 078 1 028
11 973 11 614
691 776 655 763
18 658 18 206
575 568 19 557 18 361
660 650
7 825 7 857
641 441
8,2 5,6
801 638
10,2 8,1
6,8 7,1
14,7 14,1
Certain assumptions have been used to compile this segment report.
#Elimination of interdivisional origination fee
Segmental report - year ended 31 August
Russells Joshua Doore
2007 2006 2007 2006
Revenue Rm 2 318 2 372 1 650 1 674
Operating income Rm 457 637 286 397
Depreciation Rm 2 2 2 2
Total assets Rm 1 648 1 696 1 225 1 249
Total current Rm 271 296 208 224
liabilities
Capital expenditure Rm 3 3 2 4
Operating margin % 19,7 26,9 17,3 23,7
Total sale of Rm 1 367 1 414 958 989
merchandise
Share of Group % 14,6 16,8 10,3 11,8
sale of merchandise
Credit sales Rm 951 1 022 681 713
Percentage of % 69,6 72,3 71,1 72,1
total sales
Cash sales Rm 416 392 277 276
Percentage of % 30,4 27,7 28,9 27,9
total sales
Deposit rate on % 13,3 13,0 12,5 14,4
credit sales
Number of stores 204 201 148 148
Revenue per store R000 11 363 11 801 11 149 11 311
Retail square 145 141 111 109
meterage 288 843 372 105
Revenue per square Rand 15 955 16 723 14 815 15 343
metre
Number of employees 3 463 3 358 2 776 2 691
Revenue per R000 669 706 594 622
employee
Instalment sale Rm 2 040 2 125 1 466 1 503
receivables - gross
Bad debts written Rm 181 119 112 73
off
Bad debts written
off as a percentage
of gross receivables % 8,9 5,6 7,6 4,9
Receivables` arrears Rm 226 180 136 100
Receivables` arrears
as a percentage
of gross receivables % 11,1 8,5 9,3 6,7
Collection rate % 6,9 7,2 6,9 7,1
Average length of Month 14,5 13,9 14,5 14,1
the book s
*Nine months
Bradlows Price `n Pride Electric Express Morkels
2007 2006 2007 2006 2007 2006 2007 2006
878 885 995 1 014 471 485 1 173 1 119
130 172 134 200 36 76 226 255
2 1 2 2 1 - 1 1
666 659 826 839 315 331 887 828
113 124 118 106 60 70 173 170
2 3 2 3 1 1 2 1
14,8 19,4 13,5 19,7 7,6 15,7 19,3 22,8
584 591 514 527 276 288 733 703
6,3 7,0 5,5 6,3 3,0 3,4 7,8 8,3
407 429 448 472 180 191 452 458
69,7 72,6 87,2 89,6 65,2 66,3 61,7 65,1
177 162 66 55 96 97 281 245
30,3 27,4 12,8 10,4 34,8 33,7 38,3 34,9
15,6 15,6 12,0 12,1 16,2 16,8 14,0 15,2
93 91 125 122 122 117 118 117
9 441 9 725 7 960 8 311 3 861 4 145 9 941 9 564
69 108 66 913 72 705 72 571 17 108 16 709 82 779 83 185
12 705 13 226 13 685 13 973 27 531 29 026 14 170 13 452
1 605 1 402 2 044 1 970 851 758 2 023 1 923
547 631 487 515 553 640 580 582
720 716 1 084 1 116 392 411 1 006 938
35 25 124 88 40 26 54 43
4,9 3,5 11,4 7,9 10,2 6,3 5,4 4,6
56 43 148 127 40 28 65 47
7,8 6,0 13,7 11,4 10,2 6,8 6,5 5,0
7,6 7,9 5,9 6,0 6,9 7,2 7,5 7,9
13,2 12,7 16,9 16,7 14,5 13,9 13,3 12,7
CREDIT CHAINS
Barnetts Supreme Sub-total Hi-Fi
Corporation
2007 2006 2007 2006 2007 2006 2007 2006
931 880 149 128 8 565 8 557 2 241 2 033
234 258 20 12 1 523 2 007 138 183
1 1 1 1 12 10 7 5
784 731 118 154 6 469 6 487 377 285
104 104 24 1 1 071 1 095 305 165
2 2 3 - 17 17 16 8
25,1 29,3 13,4 9,4 17,8 23,5 6,2 9,0
466 455 91 77 4 989 5 044 2 240 2 033
5,0 5,4 1,0 0,9 53,5 59,9 24,0 24,1
404 401 74 63 3 597 3 749
86,7 88,1 81,3 81,8 72,1 74,3
62 54 17 14 1 392 1 295 2 240 2 033
13,3 11,9 18,7 18,2 27,9 25,7 100,0 100,0
11,1 12,0 16,7 15,2 13,2 13,9
121 113 20 18 951 927 28 21
7 694 7 788 7 450 7 111 9 006 9 231 80 036 96
810
67 093 63 079 13 12 020 578 565 44 313 33
541 994 425 203
13 876 13 951 11 10 649 14 15 134 50 572 61
004 793 229
2 036 1 807 373 301 15 14 210 2 134 1 858
171
457 487 399 425 565 602 1 050 1 094
982 931 129 113 7 819 7 853 6 4
84 52 11 15 641 441
8,6 5,6 8,5 13,3 8,2 5,6
120 98 10 15 801 638
12,2 10,5 7,8 13,3 10,2 8,1
6,1 6,5 7,2 7,8 6,8 7,1
16,4 15,4 13,9 12,8 14,7 14,1
Connection
Group
Abra Corporate GROUP
2007 2006* 2007 2006 2007 2006 2007 2006
1 600 1 042 501 307 12 907 11
939
132 83 22 3 (275) (252) 1 540 2 024
14 12 3 8 81 77 117 112
367 258 121 73 2 511 3 012 9 845 10
115
307 279 92 70 754 943 2 529 2 552
39 17 5 7 133 237 210 286
8,3 8,0 4,4 1,0 11,9 17,0
1 598 1 041 498 305 9 325 8 423
17,2 12,4 5,3 3,6 100,0 100,0
3 597 3 749
38,6 44,5
1 598 1 041 498 305 5 728 4 674
100,0 100,0 100,0 100,0 61,4 55,5
13,2 13,9
44 37 55 43 1 078 1 028
36 364 9 109 7 140 11 973 11
614
27 751 23 809 40 33 326 691 655
718 776 763
57 656 12 9 212 18 658 18
304 206
1 048 1 201 629 524 575 568 19 557 18
361
1 527 797 586 660 650
7 825 7 857
641 441
8,2 5,6
801 638
10,2 8,1
6,8 7,1
14,7 14,1
Administration
JD Group Limited ("JD" or "the Group")
Registration number 1981/009108/06
JSE code JDG
ISIN ZAE000030771
Executive directors ID Sussman (executive chairman),
HC Strauss (chief executive
officer), KR Chauke, HP Greeff,
AG Kirk, JHC Kok, G Volkel
Non-executive director IS Levy
Independent
non-executive directors ME King, Dr D Konar, M Lock, MJ
Shaw
Company secretary J van Eden
Registered office 11th Floor, JD House, 27
Stiemens Street, Braamfontein,
Johannesburg, 2001 (PO Box 4208,
Johannesburg, 2000)
Telephone +27 11 408 0408
Facsimile +27 11 408 0604
Email: info@jdg.co.za
Transfer secretaries Computershare Investor Services
2004 (Proprietary) Limited
70 Marshall Street,
Johannesburg, 2001
Telephone +27 11 370 5000
Facsimile +27 11 370 5663
ADR depository File number 82-4401, The Bank of
New York Company Inc.
One Wall Street, New York, NY
10286,
United States of America
Telephone +1 212 495 1284
Facsimile +1 212 635 1121
Sponsor PSG Capital (Pty) Limited,
Building No 8, Woodmead Estate
1 Woodmead Drive, Woodmead,
Sandton, 2157
Telephone +27 11 797 8400
Facsimile +27 11 797 8435
Independent auditors Deloitte & Touche
Date: 05/11/2007 07:05:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
