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JDG
JDG
JDG - JD Group Limited - Audited Results for the Year Ended 31 August 2009
JD Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009108/06)
ISIN: ZAE000030771
JSE code: JDG
("JD" or "the Group")
AUDITED RESULTS FOR THE YEAR ENDED 31 AUGUST 2009
Nothing changes if nothing changes...
...the Art of Service
"Unmanaged change becomes chaos, unmanaged stability becomes stagnation"
General Alexander Haig
Commentary
At the time of our year end results in 2008, we had clearly mapped out and
planned our objectives for the current year. It is with a strong sense of pride
that we are able to report that we have achieved these objectives and that we
have successfully separated our financial services and retail businesses. This
has resulted in each of these businesses achieving total focus on their core
competencies. One year ago we had a combined retail and financial services
business. Today we can forge ahead confidently with our ultimate goal of being a
world class retail and financial services group.
It is particularly pleasing for us that we achieved these goals in a relatively
short period of time and that we were not sidetracked despite the tough trading
environment which could easily have diverted our attention during the vitally
important implementation phase.
The Retail business incorporates three divisions, Traditional Retail being the
seven furniture and appliance brands, Cash Retail being Hi-Fi Corporation and
Incredible Connection and our International business, Abra in Poland. Financial
Services incorporates two divisions being the Traditional Retail debtors book
that includes the insurance business as well as the New Business Development
Division of Blake and Maravedi.
At the half year stage, we communicated that the worst was definitely over. The
trading performance in the second half of the year confirms this conviction and
we see clear signs that market conditions are no longer deteriorating.
Current uncertainty revolves around job preservation in the economy. The average
consumer remains highly leveraged and paying off debts is a high priority. It
will take time for consumers to rebuild the capacity to service new debt as is
clearly demonstrated by the fact that credit applications are down by 15% year
on year. Only 52% (2008: 55%) of submitted applications are currently being
converted to actual deals. It is fair to say that the National Credit Act has
changed the playing field forever.
Financial review
We are pleased to report a growth in revenue of 2,5% to R12,9 billion (2008:
R12,6 billion). Whilst not significant growth, it does represent an increase in
our share of the durable goods sector which declined 6,2% in the period under
review. The Group`s strategy to separate its activities into focused retail and
financial services businesses started to deliver tangible benefits, as the gross
profit increased by 6,4% to R2,8 billion (2008: R2,6 billion). Accordingly, the
gross profit margin improved to 30,5% from 28,6% a year ago. These results are
underpinned by solid performance across all five operating divisions, as all
brands, with the exception of Hi-Fi Corporation, performed in line with
expectations.
Operating profit before debtors costs was R1 755 million, up 3,5% on 2008. If we
exclude the once off restructuring costs of R98 million that the Group incurred
this year, our like-for-like operating profit before debtors costs increased by
9,3%. This reflects the success we have achieved during the year in managing
both our product margins and expenses.
Operating profit after debtors costs of R646 million (2008: R797 million) showed
a decline of 18,9% on the previous year as a result of the restructuring costs
of R98 million and a 23,5% increase in the bad debts charge to R1 109 million
(2008: R898 million).
Traditional Retail
The durable goods market was severely impacted by the consumers` limited ability
to take on more debt during the year, with the sector down 6,2% in the period
under review. The Traditional Retail division reported stable merchandise sales
of R4,47 billion (2008: R4,49 billion). Facilitated by our focus on retail, the
division became more effective in relation to its merchandise, buying the right
quantities and ensuring that these products were distributed to the right place
at the right time.
Despite ongoing inflationary pressures, Traditional Retail managed to increase
its product margin and reduce its operating expenses, thereby delivering a 108%
increase in operating profit (excluding restructuring costs of R29 million) to
R231 million (2008: R111 million). Return on revenue at 4,4% is up from 2,1% in
2008.
Cash Retail
Incredible Connection and Hi-Fi Corporation make up the Group`s Cash Retail
division, delivering revenue of R3,98 billion (2008: R4,01 billion). Operating
profit is down 5,2% on the prior year at R218 million (2008: R230 million) due
to a very poor trading performance at Hi-Fi Corporation.
Incredible Connection extended its track record with an excellent performance,
reporting an 11% increase in revenue, with its operating profit up 27% on 2008.
Hi-Fi Corporation is experiencing a complete makeover. We embarked on a strategy
to reposition the brand and its merchandise as well as to modernise and upgrade
the store format. The brand reported an 11.5% decline in revenue and its
performance was negatively impacted by inventory write offs, resulting in a
76,4% reduction in operating profit.
International
Abra, the Group`s retail chain based in Poland, continues to grow its footprint
and perform well.
It opened seven new retail outlets during the year, bringing its network to 69
stores. The chain delivered solid revenue growth of 11,7% with operating profit
improving by 18,8% in local currency terms. The Rand strength during the year
dampened its revenue growth to 5,4%, however, its operating profit was 18,4% up
in Rand terms.
Financial Services
The performance of the Financial Services division mirrored the experience in
the traditional retail environment, with the impact of lower loan volumes offset
to a degree by the increase in the average loan value. Revenue of R3,0 billion
(2008: R3,1 billion) was in line with last year. Although the division took a
conscious decision to reduce its insurance rates by 25% during the year, the
introduction of service fees in terms of the National Credit Act did compensate
for the lower insurance income.
The separation of the Financial Services division into a stand alone operation
enabled a better control of expenses. Despite the reduction in operating
expenses, the 20,5% increase in debtors costs, meant that the Financial Services
division reported a 43,6% decline in operating profit to R351 million (2008:
R622 million).
New Business Development
The New Business Development division, consisting of Blake and Maravedi, is of
critical strategic importance to the Group.
Maravedi performed in line with expectations and continues to make good progress
towards its strategic imperative of introducing new financial products into the
Group`s target market. We increased our stake from 42,7% to 90,5% during the
year.
Blake delivered a stable performance for the year under review and assisted in
accelerating the roll out of the Group`s centralised contact centre. This world
class inbound and outbound call centre based in Durban remains a key strategic
investment for the Group. We increased our stake from 27,5% to 70% during the
year.
Balance sheet and cash flow
The balance sheet reflects net gearing of R639 million compared to R158 million
at 31 August 2008. The gearing ratio of 13,2%, compared to 3,3% at 31 August
2008 continues to be very conservative and provides the Group with a healthy
balance sheet to grow the business into its areas of strategic focus in the
years ahead. 2009 also allowed us to consolidate our funding position by raising
over R900 million in long term borrowings.
Dividend
No interim dividend was paid in order to facilitate the payment of the tax
settlement. However, cash flow projections and current trading enables the board
to declare a final dividend of 41 cents (2008: 41 cents) per share.
Prospects
While the market has stabilised and there are indications that the global
recession is coming to an end, we maintain that the economic recovery will be
slow. Notwithstanding the uncertain timing of the local recovery, the
fundamentals are in place at JD Group. The Group is well on course with the
implementation of its strategy initiated in 2008. These initiatives which have
been implemented across the organisation will ensure its future success.
By order of the Board
I David Sussman Grattan Kirk Gerald Volkel
Executive Chairman Chief Executive Officer Financial Director
13 November 2009
Audit opinion of the independent auditors
The annual financial statements for the year ended 31 August 2009 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 therewith.
Declaration of dividend number 51
The directors have declared a final dividend (no interim dividend was declared
in 2009) of 41 cents (2008: 41 cents) per share, for the year ended 31 August
2009.
In accordance with the settlement procedures of Strate, the following dates will
apply to the final dividend:
Last day to trade cum dividend Friday, 4 December 2009
Trading ex dividend commences Monday, 7 December 2009
Record date Friday, 11 December 2009
Dividend payment date Monday, 14 December 2009
Share certificates may not be dematerialised or rematerialised between Monday, 7
December 2009 and Friday, 11 December 2009, both days inclusive.
Condensed income statement
Audited Audited
12 months 12 months
ended ended
31 August 31 August
2009 2008 Change
R million R million %
Sale of merchandise 9 244 9 275 -
Finance charges earned 1 505 1 483 1
Financial services 1 254 1 313 (4)
Other services 919 539 70
Revenue 12 922 12 610 2
Cost of sales 6 428 6 627 (3)
Operating expenses 4 739 4 288 11
Administration and other expenses 1 102 1 003
Depreciation and amortisation 197 170
Employees 2 103 1 787
Marketing 361 407
Occupancy 706 632
Share-based payment 24 32
Transport and travel 249 261
Surplus on disposal of property, (3) (4)
plant and equipment
Operating profit before debtors 1 755 1 695 4
costs
Debtors costs (note 2) 1 109 898 23
Operating profit 646 797 (19)
Investment income 9 30
Finance income (note 3) 184 104
Finance costs (note 3) (272) (188)
Share of losses of associates (12) (14)
Profit before taxation 555 729 (24)
Taxation (note 4) 475 215 121
Minority shareholders` interest 5 -
Profit attributable to 75 514 (85)
shareholders
Earnings per share (cents)
- basic 45,8 302,8 (85)
- diluted 45,6 300,1 (85)
Supplementary information
Audited Audited
12 months 12 months
ended ended
31 August 31 August
2009 2008 Change
R million R million %
Reconciliation of headline
earnings
Profit attributable to 75 514 (85)
shareholders
Surplus on disposal of property, (3) (4)
plant and equipment
Taxation thereon 1 1
Headline earnings 73 511 (86)
Number of shares in issue (000) 170 500 170 500
Treasury shares held (000) (6 757) (7 365)
Number of shares held outside 163 743 163 135
the Group (000)
Weighted average number of
shares in issue (000)
- basic 163 245 169 807
- diluted 164 114 171 321
Headline earnings per share
(cents)
- basic 44,4 301,0 (85)
- diluted 44,2 298,3 (85)
Distribution to shareholders 41 152 (73)
(cents)
- Interim - 111
- Final (proposed) 41 41
Operating margin (%) 5,0% 6,3%
Adjustments to exclude the
impacts of the tax settlement
and restructuring costs
Operating profit
Operating profit - as disclosed 646 797 (19)
Restructuring costs 98 -
Operating profit - adjusted 744 797 (7)
Profit attributable to
shareholders
Profit attributable to 75 514 (85)
shareholders - as disclosed
Restructuring costs after tax 71
Tax settlement 338
Included in taxation (note 4) 325
Included in finance costs (note 13
3)
Profit attributable to 484 514 (6)
shareholders - adjusted
Change
Cents Cents %
Earnings per share - basic
Earnings per share - basic - as 45,8 302,8 (85)
disclosed
Restructuring costs 43,2
Tax settlement 207,2
Earnings per share - basic - 296,2 302,8 (2)
adjusted
Headline earnings per share -
basic
Headline earnings per share - 44,4 301,0 (85)
basic - as disclosed
Restructuring costs 43,2
Tax settlement 207,2
Headline earnings per share - 294,8 301,0 (2)
basic - adjusted
The earnings and headline earnings per share are calculated in R thousands as
opposed to R million.
Condensed balance sheet
Audited Audited
31 August 31 August
2009 2008
R million R million
Assets
Non-current assets 1 635 1 397
Property, plant and equipment 756 653
Goodwill (note 5) 455 347
Intangible assets (note 5) 256 256
Investments and loans 92 93
Interest in associate company - 28
Interest in joint venture - (15)
Deferred taxation 76 35
Current assets 7 291 7 276
Inventories 1 491 1 448
Trade and other receivables (note 6) 4 952 4 503
Financial assets 8 3
Taxation 104 187
Bank balances and cash 736 1 135
Total assets 8 926 8 673
Equity and liabilities
Equity and reserves
Share capital and premium 1 779 1 779
Treasury shares (411) (435)
Non-distributable and other reserves 166 245
Retained earnings 3 230 3 157
Shareholders for dividend 67 67
Shareholders` equity 4 831 4 813
Minority shareholders` interest 31 -
Total equity 4 862 4 813
Non-current liabilities 1 299 700
Interest bearing long term liabilities 878 293
Non-interest bearing long term liability 83 83
Deferred taxation 338 324
Current liabilities 2 765 3 160
Trade and other payables (note 7) 2 141 2 064
Provisions 12 4
Interest bearing liabilities 486 1 000
Financial liabilities 3 -
Taxation 112 92
Bank overdraft 11 -
Total equity and liabilities 8 926 8 673
Directors` valuation of unlisted 92 143
investments
Capital expenditure authorised and 72 177
contracted
Capital expenditure authorised and not yet 98 144
contracted
Operating lease commitments 1 538 1 587
Net asset value per share (cents) 2 833,5 2 822,9
Gearing ratio (net) (%) 13,2 3,3
Condensed statement of changes in equity
Audited Audited
31 August 31 August
2009 2008
R million R million
Share capital and premium 1 779 1 779
Opening balance 1 779 2 118
Shares purchased by JD Group Limited and - (339)
cancelled
Treasury shares (411) (435)
Opening balance (435) (255)
Shares purchased by the share incentive - (188)
trust
Proceeds on disposal of shares by share 16 4
incentive trust
Loss on disposal of treasury shares 8 4
Share-based payment reserve 77 122
Opening balance 122 125
Share-based payment 24 32
Transfer to retained income (69) (35)
Non-distributable reserves 89 123
Opening balance 123 101
Translation of foreign entities (38) 22
Transfer from retained income 4 -
Retained earnings 3 230 3 157
Opening balance 3 157 2 859
Profit attributable to shareholders 75 514
Distributable to shareholders (70) (264)
Distributable to share incentive trust 3 13
Transfer from share-based payment reserve 69 35
Transfer to non-distributable reserves (4) -
Shareholders for dividend 67 67
Opening balance 67 100
Distributable to shareholders 70 264
Distributable to share incentive trust (3) (13)
Paid to shareholders (70) (296)
Paid to share incentive trust 3 12
Shareholders` equity 4 831 4 813
Minority shareholders` interest 31 -
Opening balance - -
Minority interest arising on acquisition 25 -
Minority interest for the period 5 -
Dividend paid to minorities (1) -
Funding received from minorities 2 -
Total 4 862 4 813
Condensed cash flow statement
Audited Audited
12 months 12 months
ended ended
31 August 31 August
2009 2008
R million R million
Cash flows from operating activities (15) 629
Cash generated by trading 871 1 008
(Increase)/decrease in working capital (325) 301
Cash generated by operations 546 1 309
Investment income 9 30
Finance costs - net (109) (86)
Taxation paid (393) (340)
Cash available from operating activities 53 913
Dividends paid (68) (284)
Cash flows from investing activities (431) (188)
Acquisition of subsidiary companies (refer (234) -
note below)
Increase in investment in joint venture - (7)
Investment and loan receipts 1 18
Proceeds on disposal of property, plant 20 11
and equipment
Additions to property, plant and equipment (218) (210)
Cash flows from financing activities 36 (281)
Proceeds on disposal of treasury shares by 16 4
share incentive trusts
Proceeds from minority shareholders` loans 2 -
raised
Purchase of treasury shares - (188)
Shares bought back and cancelled - (339)
Long term borrowings raised 929 550
Long term borrowings repaid (762) (200)
Finance lease liabilities repaid (149) (108)
Net (decrease)/increase in cash and cash (410) 160
equivalents
Cash and cash equivalents at beginning of 1 135 975
year
Cash and cash equivalents at end of year 725 1 135
Capital expenditure incurred 218 210
Note to the condensed cash flow statement
Acquisition of subsidiary companies
Property, plant and equipment 61 -
Deferred taxation 11 -
Trade and other receivables 170 -
Financial liabilities (19) -
Life reserve fund (1) -
Taxation (6) -
Interest bearing liabilities (53) -
Non-interest bearing liabilities (7) -
Trade and other payables (47) -
Bank overdraft (77) -
Minority interest (25) -
7 -
Intangible assets and goodwill on 150 -
acquisition
Cost of investment 157 -
Bank overdraft acquired (77) -
Cash outflow from acquisition of 234 -
subsidiaries
Further details regarding the acquisitions are disclosed in the commentary.
Segmental analysis - business divisions
Traditional Retail
Year ended 31 August 2009 2008
Revenue Rm 5 203 5 243
Operating profit Rm 202 111
Depreciation Rm 43 50
Total assets Rm 1 003 1 056
Total current liabilities Rm 1 051 1 096
Capital expenditure Rm 40 44
Operating margin % 3,9 2,1
Total sale of merchandise Rm 4 473 4 488
Share of Group sale of merchandise % 48,4 48,4
Credit sales Rm 3 185 3 061
Percentage of total % 71,2 68,2
Cash sales Rm 1 288 1 427
Percentage of total % 28,8 31,8
Number of stores 935 953
Revenue per store R000 5 565 5 502
Retail square meterage 505 843 515 888
Revenue per square metre Rand 10 286 10 163
Number of employees 8 037 9 470
Revenue per employee R000 647 554
Instalment sale receivables Rm
Impairment provision Rm
Bad debts written off Rm
Receivables` arrears Rm
Deposit rate on credit sales %
Collection rate %
Average length of the book Months
Segmental analysis - business divisions (continued)
Financial Services
Year ended 31 August 2009 2008
Revenue Rm 2 980 3 073
Operating profit Rm 351 622
Depreciation Rm 9
Total assets Rm 4 247 4 019
Total current liabilities Rm 66 87
Capital expenditure Rm 15
Operating margin % 11,8 20,2
Total sale of merchandise Rm
Share of Group sale of merchandise %
Credit sales Rm
Percentage of total %
Cash sales Rm
Percentage of total %
Number of stores 935 953
Revenue per store R000 3 187 3 225
Retail square meterage 56 200 57 300
Revenue per square metre Rand
Number of employees 4 895 5 100
Revenue per employee R000 609 603
Instalment sale receivables Rm 4 638 4 636
Impairment provision Rm 641 617
Bad debts written off Rm 1 044 862
Receivables` arrears Rm 889 898
Deposit rate on credit sales % 11,8 12,9
Collection rate % 6,0 6,6
Average length of the book Months 16,7 15,2
Segmental analysis - business divisions (continued)
Cash Retail
Year ended 31 August 2009 2008
Revenue Rm 3 976 4 013
Operating profit Rm 218 230
Depreciation Rm 36 31
Total assets Rm 897 909
Total current liabilities Rm 515 703
Capital expenditure Rm 59 48
Operating margin % 5,5 5,7
Total sale of merchandise Rm 3 955 3 991
Share of Group sale of merchandise % 42,8 43,0
Credit sales Rm
Percentage of total %
Cash sales Rm 3 955 3 991
Percentage of total % 100,0 100,0
Number of stores 90 80
Revenue per store R000 44 178 50 163
Retail square meterage 83 722 77 051
Revenue per square metre Rand 47 491 52 082
Number of employees 3 575 3 122
Revenue per employee R000 1 112 1 285
Instalment sale receivables Rm
Impairment provision Rm
Bad debts written off Rm
Receivables` arrears Rm
Deposit rate on credit sales %
Collection rate %
Average length of the book Months
Segmental analysis - business divisions (continued)
International
Year ended 31 August 2009 2008
Revenue Rm 843 800
Operating profit Rm 58 49
Depreciation Rm 5 5
Total assets Rm 245 244
Total current liabilities Rm 124 154
Capital expenditure Rm 11 6
Operating margin % 6,9 6,1
Total sale of merchandise Rm 816 796
Share of Group sale of merchandise % 8,8 8,6
Credit sales Rm
Percentage of total %
Cash sales Rm 816 796
Percentage of total % 100,0 100,0
Number of stores 69 62
Revenue per store R000 12 217 12 903
Retail square meterage 46 757 44 063
Revenue per square metre Rand 18 029 18 156
Number of employees 845 718
Revenue per employee R000 998 1 114
Instalment sale receivables Rm
Impairment provision Rm
Bad debts written off Rm
Receivables` arrears Rm
Deposit rate on credit sales %
Collection rate %
Average length of the book Months
Segmental analysis - business divisions (continued)
New Business
Development
Year ended 31 August 2009 2008**
Revenue Rm 400
Operating profit Rm (3)
Depreciation Rm 24
Total assets Rm 486
Total current liabilities Rm 532
Capital expenditure Rm 17
Operating margin % (0,8)
Total sale of merchandise Rm
Share of Group sale of merchandise %
Credit sales Rm
Percentage of total %
Cash sales Rm
Percentage of total %
Number of stores
Revenue per store R000
Retail square meterage
Revenue per square metre Rand
Number of employees 3 343
Revenue per employee R000 120
Instalment sale receivables Rm 321
Impairment provision Rm 78
Bad debts written off Rm 13
Receivables` arrears Rm 74
Deposit rate on credit sales % -
Collection rate % 5,4
Average length of the book 18,6
Months
Segmental analysis - business divisions (continued)
Corporate Group
Year ended 31 August 2009 2008 2009 2008
Revenue Rm (480)* (519)* 12 922 12 610
Operating profit Rm (180) (215) 646 797
Depreciation Rm 38 46 155 132
Total assets Rm 2 048 2 445 8 926 8 673
Total current Rm 477 1 120 2 765 3 160
liabilities
Capital expenditure Rm 76 112 218 210
Operating margin % 5,0 6,3
Total sale of Rm 9 244 9 275
merchandise
Share of Group sale of % 100,0 100,0
merchandise
Credit sales Rm 3 185 3 061
Percentage of total % 34,5 33,0
Cash sales Rm 6 059 6 214
Percentage of total % 65,5 67,0
Number of stores 1 094 1 095
Revenue per store R000 11 812 11 516
Retail square meterage 692 522 694 302
Revenue per square Rand 18 659 18 162
metre
Number of employees 552 579 21 247 18 989
Revenue per employee R000 608 664
Instalment sale Rm 4 959 4 636
receivables
Impairment provision Rm 719 617
Bad debts written off Rm 1 057 862
Receivables` arrears Rm 963 898
Deposit rate on credit % 11,8 12,9
sales
Collection rate % 6,0 6,6
Average length of the 16,8 15,2
book Months
#Elimination of interdivisional origination fees.
**Blake and Maravedi became subsidiaries during the current financial year.
Notes
1. Accounting policies
The accounting policies used in the preparation of this
profit announcement, which are compliant with International
Financial Reporting Standards, are consistent with those
applied in the previous financial year ended 31 August 2008,
except for the adoption of the following new or revised
accounting standards and interpretations:
- IFRIC 12 - Service Concession Arrangements
- IFRIC 13 - Customer Loyalty Programmes
- IFRIC?14 - IAS 19: The Limit on a Defined Benefit Asset,
Minimum Funding Requirements and their interaction
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 Limited Listing requirements.
Audited Audited
12 months 12 months
ended ended
31 August 31 August
2009 2008
R million R million
2. Debtors costs
Increase in impairment provision 52 36
Bad debts written off 1 057 862
1 109 898
Audited Audited
12 months 12 months
ended ended
31 August 31 August
2009 2008
R million R million
3. Finance costs - net
Finance costs
Interest paid 266 188
Fair value losses on financial 6 -
instruments
272 188
Finance income
Interest received (157) (102)
Fair value gains on financial (27) (2)
instruments
(184) (104)
Finance costs - net 88 84
Finance costs include an amount of
R13 million relating to the "tax
settlement" (note 4).
4. Taxation
The taxation charge comprises the
following:
Current 159 251
Deferred (15) (63)
Secondary Tax on Companies 6 27
150 215
Tax settlement 325 -
Paid directly to SARS 140 -
Tax effect on R13 million included in (4) -
finance costs (note 3)
Paid via third party financiers to 189 -
SARS
475 215
The balance of the "tax settlement"
amount of R338 million is included in
finance costs - R13 million (note 3).
Audited Audited
31 August 31 August
2009 2008
R million R million
5. Goodwill and intangible assets
Goodwill comprises:
Goodwill (opening balance) 347 347
Goodwill arising on acquisition of 108 -
subsidiaries during the year
455 347
Intangible assets comprise:
Intangible assets (opening balance) 256 294
Intangible assets arising on 42 -
acquisition of subsidiaries during
the year
Amortisation for the current year (42) (38)
256 256
6. Trade and other receivables
Instalment sale receivables(a) 4 959 4 636
Other loans and advances 26 -
Trade receivables 70 -
Total trade receivables 5 055 4 636
Less: Impairment provision (719) (617)
Net trade receivables 4 336 4 019
Other receivables 616 484
Total trade and other receivables 4 952 4 503
Provisions as a percentage of trade 14,2% 13,3%
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.
7. Trade and other payables
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.
8. 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.
9. 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.
10. Contingent liabilities
The Group is from time to time involved in various disputes,
claims and legal proceedings arising in the ordinary course
of business. The Board does not believe that adverse
decisions in any pending proceedings or claims against the
Group will have a material adverse effect on the financial
condition or future of the Group.
11. Subsequent events
An additional R200 million of term debt has been raised
subsequent to the year-end date. No other significant events
other than those disclosed in the profit announcement have
occurred in the period between 31 August 2009 and the date of
this announcement.
Administration
JD Group Limited ("JD" or "the Group")
Registration number 1981/009108/06
JSE code JDG ISIN ZAE000030771
Executive directors ID Sussman (chairman),
AG Kirk (chief executive officer), KR Chauke,
Dr HP Greeff, ID Thompson, G Volkel
Non-executive director IS Levy
Independent non-executive directors VP Khanyile, ME King,
Dr D Konar, M Lock, MJ Shaw, GZ Steffens
Company secretary JMWR Pieterse
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 (Proprietary) Limited, 70
Marshall Street, Johannesburg, 2001, Telephone +27 11 370 5000, Facsimile +27 11
688 5238
ADR depository File number 82-4401, The Bank of New York Mellon Company Inc.,
One Wall Street, New York, NY 10286, United States of America, Tel: +1 212 495
1284, Fax: +1 212 635 1121
Sponsor PSG Capital (Proprietary) Limited, Building No 8, Woodmead Estate, 1
Woodmead Drive, Woodmead, Johannesburg, 2191, Telephone +27 11 797 8400,
Facsimile +27 11 802 3689
Independent auditors Deloitte & Touche
www.jdgroup.co.za
Date: 16/11/2009 07:05:01 Produced by the JSE SENS Department.
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