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Release Date: 12/12/2002 07:00:22 Code(s): JDG
JD Group - Audited financial results
JD Group Limited
Registration number: 1981/009108/06
Share code: JDG
ISIN code: ZAE000030771
JD Group
Audited financial results
for the year ended 31 August 2002
- Revenue up 8% to R4,1 billion
- Total sale of merchandise up 12% to R2,6 billion
- Gearing at 53,9%
- Headline earnings per share down 36% to 225,2 cents
- Asset base strengthened
- Optimistic about the year ahead
Inquiries: JD Group
Jan Bezuidenhout 011 408 0213
College Hill
Nicholas Williams: Mobile 083 607 0761
Income statement
Audited Audited
year year
ended ended
31 August 31 August
2002 2001 %
R million R million change
Sale of merchandise 2 583 2 301 12
Finance charges 750 738 2
earned
Financial services 551 560 (2)
Other services 199 189 5
Revenue 4 083 3 788 8
Continuing 4 083 3 517
Discontinued 271
Cost of sales 1 706 1 530 12
Continuing 1 706 1 447
Discontinued 83
Operating expenses 1 890 1 552 22
excluding the
following:
Depreciation 57 51 12
Goodwill amortised 15 -
Surplus on disposal
of property, plant
and
Equipment (3) (2)
Operating income 418 657 (36)
before finance
costs
Continuing 418 617
Discontinued 40
Investment income (11) (8) 38
Finance costs 130 101 29
Income before loss 299 564 (47)
on discontinuance
Exceptional item: 167
Loss on
discontinuance
Income before 299 397 (25)
taxation
Taxation 60 123 (51)
Income after 239 274 (13)
taxation
Attributable to (2) (1)
outside
shareholders
Income attributable 241 275 (12)
to shareholders
Reconciliation of
headline earnings
Income attributable 241 275
to shareholders
Loss on 167
discontinuance
Taxation thereon (47)
Goodwill amortised 15 -
Surplus on disposal
of property, plant
and
Equipment (3) -
Taxation thereon 1 -
Headline earnings 254 395 (36)
Number of shares in 112 730 112 609 -
issue (000)
Weighted average
number of shares
in issue (000)
- basic 112 709 112 123 1
- diluted 113 285 115 170 (2)
Headline earnings
per share (cents)
- basic 225,2 351,2 (36)
- diluted 224,1 341,9 (35)
Earnings per share
(cents)
- basic 213,8 245,3 (13)
- diluted 212,7 238,8 (11)
Distribution to 56 94 (40)
shareholders
(cents)
Interim declared 34 57
Final proposed 22 37
Abridged cash flow statement
Audited Audited
year year
ended ended
31 August 31 August
2002 2001
R million R million
Cash generated by 489 682
operations
Increase in working (238) (470)
capital
Cash generated by 251 212
operating activities
Investment income 11 8
Finance costs (146) (101)
Taxation paid (195) (45)
Cash generated by (79) 74
operating activities
Dividends paid (80) (99)
Cash flows from (159) (25)
operating activities
Cash utilised in (88) (87)
investing activities
Cash flows from (184) 722
financing activities
Proceeds on issue of 1 19
shares (share incentive
trusts)
Long-term bank - 1 000
borrowings raised
Long-term bank (160) (797)
borrowings repaid
Finance lease - 500
liabilities raised
Finance lease (25) -
liabilities repaid
Net cash utilized (431) 610
Cash and cash 651 41
equivalents at
beginning of year
Cash and cash 220 651
equivalents at end of
year
Capital expenditure 67 66
incurred
Balance sheet
Audited Audited
2002 2001
R million R million
Assets
Non-current assets 355 269
Property, plant and 144 127
equipment
Goodwill 54 6
Share incentive trusts 10 10
Investments 110 110
Deferred taxation 37 16
Current assets 3 898 4 270
Inventories 427 359
Accounts receivable 3 231 3 255
Financial assets 13 -
Taxation 5 1
Bank balances and cash 222 655
Total assets 4 253 4 539
Equity and liabilities
Equity and reserves
Share capital and 782 781
premium
Non-distributable 24 4
reserve
Retained income 1 112 1 093
Shareholders for 25 42
dividend
Shareholders` equity 1 943 1 920
Outside shareholders` 21 (1)
interest
Non-current liabilities 1 310 1 577
Interest-bearing long- 1 049 1 261
term liabilities
Deferred taxation 261 316
Current liabilities 979 1 043
Interest bearing 219 192
Non-interest bearing 745 722
Financial liabilities 11 -
Taxation 2 125
Bank overdraft 2 4
Total equity and 4 253 4 539
liabilities
Directors` valuation of 110 110
unlisted investments
Capital expenditure 1 4
authorised and
contracted
Capital expenditure 94 52
authorised but not yet
contracted
Operating lease 920 680
commitments
The Group has no other
material commitments or
contingent liabilities.
Net asset value per 1 723,9 1 705,1
share (cents)
Gearing ratio (net) (%) 53,9 41,8
Notes
1. Accounting policies
Basis of accounting
The financial statements are prepared on the historical cost basis in accordance
with South African Statements of Generally Accepted Accounting Practice and
International Accounting Standards, applied by JD Group since its 2000 financial
year, which are consistent in all material respects with those of the previous
year, except for the change in accounting policy on the adoption IAS 39:
Financial Instruments: Recognition and Measurement. This is the equivalent of
the South African AC 133.
The accounting policies affected by the adoption of IAS 39 are as follows:
Trade receivables
Trade receivables are stated at their nominal value as reduced by appropriate
allowances for estimated irrecoverable amounts based on estimated future cash
flows discounted at the effective rate implicit to each contract.
Derivative financial instruments
Derivative financial instruments are initially recorded at cost when the Group
has become a party to the contractual provisions of the instrument and are
remeasured to fair value at subsequent reporting dates.
2. Change in accounting policy
The Group changed its accounting policy relating to financial instruments in
accordance with IAS 39: Financial Instruments: Recognition and Measurement
(Revised 2000).
IAS 39 (Revised 2000) has introduced a comprehensive framework for accounting
for all financial instruments. The Group`s detailed accounting policies in
respect of such instruments are set out above. The principal effect of the
adoption of IAS 39 has been the recognition of additional impairment provisions
for originating loans and receivables based on the net present value of expected
future cash flows of delinquent accounts, and the recognition of the derivative
financial instruments on balance sheet at fair value with effect from 1
September 2001.
The most significant impact of this standard on companies in the retail sector
are the paragraphs dealing with the calculation of the impairment of
receivables. In prior periods the Group accounted for the installment sale
receivables book at its nominal value less a provision against those receivables
that were unlikely to be collected in full. IAS 39 lays down specific guidelines
for the calculation of the impairment provision required to be raised against
receivables. Essentially, the Group is required to estimate the future cash
flows for delinquent receivables and to discount those cash flows at the
effective interest rate implicit in the receivables contract. In simple terms,
the Group needs to account for the impact of time on the future income stream as
well as the likelihood of future delinquency which is imminent in the profile of
any long term receivables` book. The difference between the nominal value of the
receivables and the present value of the estimated cash flows represents the
impairment provision to be raised against the receivables` book. As a result of
the new provisioning requirement the Group has increased its provision against
receivables at year end by R137 million.
IAS 39 further requires the recognition of the fair value of derivative
instruments, which include foreign exchange contracts and interest rate swaps,
on the balance sheet with all fair value movements being recognised through the
income statement. A net financial asset of R2 million exists on balance sheet at
year end.
The effects on opening retained income and current year net income are
summarised as follows:
Gross Taxation Net
Rm Rm Rm
Opening retained
income*
Additional accounts (220) 67 (153)
receivable
provision
Fair value of (9) 3 (6)
derivative
instruments
Reduction in (229) 70 (159)
opening retained
income
Current year net
income
Release of accounts 83 (25) 58
receivable
provision
Movement in fair 13 (4) 9
value of derivative
instruments
Increase in net 96 (29) 67
income
* As a result of the proposed amendments to IAS 39 and the release of
implementation guidance, certain paragraphs in IAS 39 relating to the discount
rate to be applied to the expected cash flows from the receivables have been
clarified. The opening retained income was not restated in the interim results
at February 2002. This has now been restated to reflect the application of the
discount rate referred to above.
3. Finance costs
Year Year
ended ended
31 August 31 August
2002 2001
R million R million
Interest paid 176 113
Interest received (30) (12)
Fair value gains on interest (16) -
rate swaps
130 101
4. Diluted earnings and headline earnings per share
The diluted number of shares 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.
5. Accounts receivable
2001
2001 as previously
2002 pro forma reported
R million R million R million
Installment sale 3 972 3 766 3 766
receivables
Cash loans - 10 10
Less: Provisions* (915) (898) (678)
Unearned finance (522) (483) (483)
charges
Other (393) (415) (195)
3 057 2 878 3 098
Other receivables 174 157 157
3 231 3 035 3 255
* Included in provisions is the additional impairment provision raised to
account for the discounting of expected cash receipts as required by IAS 39 and
discussed in note
2. In terms of the transitional provisions of IAS 39 the comparative results
have not been restated.
In accordance with industry norms, amounts due from installment sale debtors
receivable after one year are included in current assets.
Bank borrowings are secured by a negative pledge of accounts receivable.
Commentary
Results
Despite imposing stringent credit granting measures, overall performance of the
Group was satisfactory and certainly places the Group in a strong position going
forward.
Group revenues were up 8% to over R4 billion, with all businesses producing top
line growth. Notably, Abra, the Group`s retailer in Poland, showed strong growth
of over 135% to R232 million and there was a contribution for the first time
from our UK upmarket home furnishing retailer, BoConcept. The South African
businesses produced revenue growth of 3,2%, mostly the result of stronger cash
sales with flat revenue from credit sales. The higher cash sales component is
now a feature of the business due to the decline in creditworthy customers.
Income from finance charges was flat, partly due to low usury rates, which have
since reversed.
The gross margin was slightly lower due to higher cost of sales in the
international businesses. Cost of sales in southern Africa was lower.
Operating income was in line with our expectations at the time of publishing our
interim results. It fell 36% to R418 million, the same percentage fall as at the
half year. This includes an increase in bad debts and related costs, operating
losses at Abra and BoConcept and goodwill written off. Finance costs were up
some 29% because of increased borrowings and interest rates.
Headline earnings per share fell 36% to 225,2 cents.
The Group has complied with International Accounting Standards since its 2000
financial year. In line with this practice, the Group results reflect the first
time application of IAS 39, a first for our sector.
The main impact of adopting IAS 39, is the impairment of our receivables
resulting from net present valuing estimated future cash collections on
delinquent customers. The transitional provisions of IAS 39 requires that the
impact of the adoption of the standard be processed against opening retained
income. Hence the impairment provision assessed at 1 September 2001 of R220
million has been processed accordingly. The benefits arising from our new
approach to credit granting and improved collection process have resulted in the
reduction of the impairment provision of R83 million in the current year. The
result at year end is an increased provision of R137 million against
receivables. Total provisions against receivables now amount to R915 million -
23,0% of gross receivables (2001 pro forma: R898 million - 23,8% of gross
receivables).
The arrears has increased across all our business units. This trend was,
however, contained and is now reversing as a result of the positive impact of
the new approach to credit granting and the improved collection process. The
average length of the book has reduced from 16,2 months to 15,1 months which
reflects an improvement in the collection rates from 6,2% to 6,6%.
Our balance sheet remains strong. Gearing, at 53,9%, is slightly above our
internal maximum. Inventory levels were up because of inflation and the
inclusion of BoConcept inventories. We maintained excellent inventory control
with an average inventory turnover of 3,8 times per annum.
Cash generated by our operations increased from R212 million to R251 million,
largely on the back of our efficient management of working capital within the
Group. As a result of the increase in the taxation paid, together with interest
and loan repayments, our net cash balances fell to R220 million by year end.
Operations
Statistics recently provided by Econometrix suggest that national household
furniture sales in South Africa shrank during the year under review. Domestic
appliances, with the exception of the fourth quarter of 2001, which showed some
growth, as a result of price inflation mirrored this pattern. Audio equipment,
television and video saw growth. While there was an element of price inflation
with the decline of the rand, new technology in television sets, increased
momentum in DVD and the FIFA World Cup in Japan and Korea led to the increased
sales.
Notwithstanding the above, with the exception of Price `n Pride which was
repositioned, the business units within the JD Group showed real growth in both
units and rand terms. Furthermore, improved efficiencies were achieved in every
aspect of the business. The segmental analysis gives the details of the above
for each business unit.
It is noteworthy to highlight what has been achieved by Price `n Pride and the
time it has taken to return this business unit to profitability. During the
first six months of the year, this business unit produced an operating loss of
R7 million but this was reversed into an operating profit of R44 million in the
second half of the year. Average deposits, the cash sale rate and the
installment rate have increased significantly as a result of the repositioning
of this brand. We expect these trends to continue.
Like on like sales at Price `n Pride declined last year by 1,4%. Excluding this
from Group sales, the other four business units grew like on like sales by 5,3%.
We are determined to grow our market share without succumbing to the temptation
of selling at the expense of good credit.
The consolidation that is taking place in our sector is long overdue. However,
this consolidation will not in itself address the problems facing our industry.
The consumers` ability to service debt and our ability to assess the consumers`
indebtedness with the same degree of certainty we had in the past, have both
diminished materially. This has necessitated a very different approach to credit
assessment and the management of our receivables.
While some would argue that our timing in addressing the credit issue was
inopportune, that is, just prior to the 2001 Christmas trading, it is precisely
at that time when credit granting is at its riskiest. We had hoped that the very
aggressive marketing plans put in place, as an antidote to the severe credit
granting criteria, would offset the negative impact on sales. It is gratifying
to note that May 2002 and June 2002 showed 10,1% year on year growth in
installment collections. July 2002 showed a 12,8% growth with August 2002
growing by 13,3%. This improvement in installment collections is expected not
only to continue but also to improve as our new approach to credit granting
gains momentum. The long term benefits to our southern African operations will
be immense.
The Group`s revenue stream was hit by the lower usury rate in 2002. However, the
recent rate increases benefit our bottom line despite the indirect effect on
consumer spending.
JD Group/Nedcor alliance
In its first full year of trading, the Peoples Bank alliance made significant
progress, increasing points of presence from 106 to 182 in selected Bradlows,
Russells, Joshua Doore and Price `n Pride stores nationwide. Peoples Bank also
piloted its first full service in-store outlet during the year.
Loans granted increased almost tenfold to R228 million for the year. A selected
range of Old Mutual insurance products continue to offer customers funeral,
savings and education benefits. The response to these offerings remains
encouraging.
An electronic front end loan application was developed and rolled out, enhancing
customer service. Over 220 full time financial services staff received intensive
product and skills development training, further improving individual
performance levels.
Capitalising on the existing JD Group store network, Peoples Bank will
selectively extend its geographic representation while broadening the product
range to include non-loan based products such as savings and investments.
In line with the start up phase, the building of critical mass and the adoption
of conservative bad debt provisioning, a loss of R1 million was incurred during
the review period, our share of which amounted to R0,5 million. With an expanded
store base and product range, together with refinements to the current business
model, we anticipate an improvement in the position during the 2003 financial
year.
Poland
Abra grew like on like sales by 8,6% and maintained margins, notwithstanding the
contraction of the Polish economy. Many independent furniture retailers have
closed their doors and Abra is now one of the largest furniture retailers in
Poland. The economic woes in Poland have also brought about far more sober
expectations by landlords. We are currently concluding leases at the projected
rentals in our business plan.
We have established that our original vision for Poland was correct and offers
huge opportunity for the Group. The performance of our newer stores confirms the
potential of a business unit generating in excess of PLN500 million with a
bottom line contribution of at least PLN25 million. This equates to R65 million
at the current rate of exchange. With the increased store base, Abra will
achieve the critical mass to support the infrastructural costs.
The format going forward will comprise three store sizes, 500 m2, 600 m2 and 700
m2, with a total occupancy cost of PLN18 per m2 for the smaller stores and a
maximum of PLN30 per m2 for the larger stores. These store sizes provide an
appropriate rental to turnover ratio.
United Kingdom
BoConcept was acquired by the Group in 2001 and now comprises six stores
retailing Danish designed and manufactured furniture. A seventh store is opening
this month. The business unit accounted for an operating loss of R21 million for
the year. Total sales were R64 million.
Established stores are expected to more than double profits and those stores
recently opened are expected to generate profits in the 2003 financial year.
Negotiations are under way for a further six stores. The fully fledged head
office has a carrying capacity for a much larger business unit.
Prospects
BoConcept is in its start up phase; Abra is now ready to move ahead with
confidence and what had to be done has been done in southern Africa. In time,
our global strategy will provide JD Group stakeholders with the necessary
currency hedge.
We have made an excellent start to the current year. Operating margins are
expected to increase.
Huge strides have been achieved in securing our well being for the future. There
is good reason to feel optimistic about the year ahead.
Annual Report
The annual financial statements for the year ended 31 August 2002 will be posted
to shareholders on or about 20 January 2003. The financial statements will
include a notice of the annual general meeting of shareholders to be convened on
Monday, 17 February 2003.
Declaration of final dividend number 38
The directors have declared a final dividend of 22 cents (2001: 37 cents) per
share for the year ended 31 August 2002.
Trading in the STRATE environment requires settlement within five business days.
In accordance with the settlement procedures of STRATE, the following dates
will apply to the final dividend:
Last day for trading to qualify Friday, 3 January 2003
for and participate in the final
dividend (cum dividend)
Trading ex dividend commences Monday, 6 January 2003
Record date Friday, 10 January 2003
Dividend payment date (electronic Monday, 13 January 2003
and certificated register)
Shareholdings may not be dematerialised or rematerialised between Monday, 6
January 2003 and Friday, 10 January 2003, both days inclusive.
Unqualified audit report
The financial information has been audited by Deloitte & Touche, whose
unqualified report is available for inspection by members at the Company`s
registered office.
Renewal of cautionary announcement
The decision of the Competition Tribunal is expected shortly with regard to the
Profurn acquisition.
Further to the cautionary announcement dated 23 October 2002, shareholders are
reminded that the proposed transaction whereby JD Group and FirstRand Limited
have entered into a Memorandum of Understanding regarding the proposed sale of
the businesses of Profurn Limited to JD Group ("the proposed transaction"), is
still conditional upon, inter alia, the approval of the Competition Tribunal and
the terms of the relevant documentation, including comprehensive agreements,
being concluded.
The Competition Commission has recommended to the Competition Tribunal that the
proposed transaction be approved without conditions. The Competition Tribunal
hearing was held on 25 and 29 November 2002 and 3 and 4 December 2002. A further
announcement will be made once the Competition Tribunal has made a ruling.
Accordingly, shareholders are advised to continue to exercise caution when
dealing in JD Group securities until a further announcement is made.
For and on behalf of the board
David Sussman Gerald Volkel
Executive Chairman Financial Director
Johannesburg
12 December 2002
Statement of changes in equity
Non-
Share Share distribut Retained Shareholders
able
capital premium reserve income for dividend Total
Rm Rm Rm Rm Rm Rm
Balance at 31 5 757 - 924 35 1 721
August 2000
Income 275 275
attributable
to shareholder
Distributable (106) 106 -
to
shareholders
Paid to (35) (35)
shareholders -
15 December
2000
- 15 June 2001 (64) (64)
Translation of 4 4
foreign entity
Issue of share 1 18 19
capital
Balance at 31
August 2001
- as 6 775 4 1 093 42 1 920
previously
reported
Change in (159) (159)
accounting
policy
Balance at 31
August 2001
- restated 6 775 4 934 42 1 761
Income 241 241
attributable
to
shareholders
Distributable (63) 63 -
to
shareholders
Paid to (42) (42)
shareholders -
19 November
2001
- 27 May 2002 (38) (38)
Translation of 20 20
foreign
entities
Issue of share 1 1
capital
Balance at 31 6 776 24 1 112 25 1 943
August 2002
Segmental analysis - Business unit
Joshua Price Electric
2002 Russells Doore Bradlows `n Pride Express
Revenue Rm 1 352 989 606 522 318
Operating Rm 243 133 74 37 40
income
Depreciation Rm 2 2 2 1 1
Total assets Rm 1 224 884 550 592 243
Total current Rm 181 144 84 78 51
liabilities
Capital Rm 2 2 2 1 -
expenditure
Operating % 18,0 13,4 12,2 7,1 12,6
margin
Total sale of Rm 807 608 395 278 203
merchandise
Share of % 31,2 23,5 15,3 10,8 7,9
group sale of
merchandise
Credit sales Rm 667 470 320 255 138
Percentage % 82,7 77,3 81,0 91,7 68,0
of total
Cash sales Rm 140 138 75 23 65
Percentage % 17,3 22,7 19,0 8,3 32,0
of total
Deposit rate % 12,5 14,1 18,1 13,8 18,0
on credit
sales
Number of 194 146 93 121 114
stores
Revenue per R000 6 969 6 774 6 516 4 314 2 789
store
Retail square 131 266 114 608 69 908 74 192 17 947
meterage
Revenue per Rand 10 300 8 629 8 669 7 036 17 719
square metre
Number of 2 867 2 330 1 495 1 946 685
employees
Revenue per R000 472 424 405 268 464
employee
Installment Rm 1 418 994 587 698 275
sale
receivables -
gross
Bad debts Rm 87 54 27 69 10
written off
Bad debts
written off
as a
percentage of
gross % 6,1 5,4 4,6 9,9 3,6
receivables
Receivables` Rm 201 117 64 170 18
arrears
Receivables`
arrears as a
percentage of
gross % 14,2 11,8 10,9 24,4 6,5
receivables
Average Mont 14,8 14,7 13,2 18,5 13,1
length of the hs
book
Segmental analysis - Business unit
2002 Abra BoConcept Corporate Group
Revenue 232 64 4 083
Operating (31) (21) (57) 418
income
Depreciation 3 2 44 57
Total assets 74 109 577 4 253
Total current 65 32 344 979
liabilities
Capital 5 13 42 67
expenditure
Operating (13,4) (32,8) 10,2
margin
Total sale of 228 64 2 583
merchandise
Share of group 8,8 2,5
sale of
merchandise
Credit sales 1 850
Percentage of 71,6
total
Cash sales 228 64 733
Percentage of 100,0 100,0 28,4
total
Deposit rate on 14,5
credit sales
Number of 22 5 695
stores
Revenue per 10 545 12 800 5 875
store
Retail square 24 066 12 631
meterage
Revenue per 9 640 5 067
square metre
Number of 365 43 333 10 064
employees
Revenue per 636 1 488 406
employee
Installment 3 972
sale
receivables -
gross
Bad debts 247
written off
Bad debts
written off as
a percentage of
gross 6,2
receivables
Receivables` 570
arrears
Receivables`
arrears as a
percentage of
gross 14,4
receivables
Average length 15,1
of the book
Joshua Price Electric
Doore Bradlows `n Express
2001 Russells Pride
Revenue Rm 1 287 916 578 350 289
Operating Rm 343 163 101 67 43
income
Depreciation Rm 2 2 1 1 1
Total assets Rm 1 209 847 545 676 228
Total current Rm 180 145 87 79 51
liabilities
Capital Rm 1 1 1 1 -
expenditure
Operating % 26,7 17,8 17,5 19,0 14,8
margin
Total sale of Rm 770 563 366 176 185
merchandise
Share of % 33,5 24,5 15,9 7,6 8,0
group sale of
merchandise
Credit sales Rm 650 442 307 166 129
Percentage of % 84,4 78,5 83,9 94,3 69,7
total
Cash sales Rm 120 121 59 10 56
Percentage of % 15,6 21,5 16,1 5,7 30,3
total
Deposit rate % 9,8 12,3 15,6 11,7 16,0
on credit
sales
Number of 191 142 92 131 109
stores
Revenue per R000 6 738 6 451 6 283 2 672 2 651
store
Retail square 131 185 112 327 66 472 75 107 16 930
meterage
Revenue per Rand 9 811 8 155 8 695 4 660 17 070
square metre
Number of 2 667 2 221 1 483 2 339 676
employees
Revenue per R000 483 412 390 150 428
employee
Installment Rm 1 320 904 573 740 239
sale/loan
receivables -
gross
Bad debts Rm 46 39 19 37 4
written off
Bad debts
written off as
a percentage
of
gross % 3,5 4,3 3,3 5,0 1,7
receivables
Receivables` Rm 153 98 60 156 14
arrears
Receivables`
arrears as a
percentage of
gross % 11,6 10,8 10,5 21,1 5,9
receivables
Average length Months 15,0 14,8 13,9 20,4 12,9
of the book
Score Abra Corpora Group
2001 te
Revenue 270 98 3 788
Operating 40 (11) (89) 657
income
Depreciation 1 1 42 51
Total assets 54 980 4 539
Total current 22 479 1 043
liabilities
Capital 2 60 66
expenditure
Operating 14,9 (11,4) 17,3
margin
Total sale of 144 97 2 301
merchandise
Share of group 6,3 4,2
sale of
merchandise
Credit sales 137 1 831
Percentage of 95,1 79,6
total
Cash sales 7 97 470
Percentage of 4,9 100,0 20,4
total
Deposit rate on 11,7 12,1
credit sales
Number of 19 684
stores
Revenue per 5 158 5 538
store
Retail square 18 586
meterage
Revenue per 5 273
square metre
Number of 253 345 9 984
employees
Revenue per 387 379
employee
Installment 3 776
sale/loan
receivables -
gross
Bad debts 145
written off
Bad debts
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