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THE HOUSE OF BUSBY LIMITED
Incorporated in the Republic of South Africa
Registration number 1997/009173/06
Share code: BSB
ISIN: ZAE000013637
Unaudited Interim Results for the six months ended 31 December 2002
SUMMARISED CONSOLIDATED
INCOME STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended
31 December 31 December 30 June
2002 2001 % 2002
R`000 R`000 Change R`000
Revenue 219 154 145 171 51 332 417
Continuing operations 219 154 145 171 323 175
Discontinued operations - - 9 242
Operating income
before (loss)/profit on
foreign exchange 29 649 17 556 69 27 964
Continuing operations 29 649 17 556 27 455
Discontinued operations - - 509
(Loss)/profit on foreign
exchange (5 345) 1 127 4 029
Operating income before
depreciation and
amortisation of
intangibles 24 304 18 683 30 31 993
Depreciation 2 596 1 778 4 713
Amortisation of
intangibles 526 526 1 055
Operating income
before net finance
charges 21 182 16 379 2 26 225
Net finance cost/(income) 2 650 (494) 2 435
Preference dividend paid - 801 1 603
18 532 16 072 22 187
Exceptional items - - 17 353
Net income before
taxation 18 532 16 072 15 4 834
Taxation 5 026 3 902 4 085
Net income after
taxation 13 506 12 170 11 749
Attributable to minorities (18) 1 635 1 561
Attributable to ordinary
shareholders 13 488 13 805 2 310
Weighted average
number of shares
in issue (`000) 67 719 76 095 74 498
Headline earnings
per share (cents) 19,9 18,1 10 26,4
Earnings per share (cents) 19,9 18,1 10 3,1
SUMMARISED CONSOLIDATED
BALANCE SHEET
Unaudited Unaudited Audited
31 December 31 December 30 June
2002 2001 2002
R`000 R`000 R`000
ASSETS
Non-current assets 68 244 68 602 67 861
Property, plant and
equipment 36 146 35 149 35 754
Intangible assets 12 681 10 312 13 461
Non-current receivables 4 619 12 003 3 892
Deferred taxation 14 798 11 138 14 754
Current assets 209 120 189 591 159 514
Inventories 110 682 97 743 101 371
Trade and other
receivables 98 438 91 848 58 143
Total assets 277 364 258 193 227 375
EQUITY AND
LIABILITIES
Shareholders` funds 196 694 214 257 197 102
Foreign currency
translation reserve (1 331) - (1 419)
Minority interest (15 739) 871 (757)
Overdrafts and interest
bearing debt 46 988 17 352 16
Current liabilities 50 752 25 713 32 433
Total equity and
liabilities 277 364 258 193 227 375
Number of shares in
issue (`000) 60 876 76 095 70 037
Net asset value
per share (cents) 321 282 279
Tangible net asset value
per share (cents) 300 268 260
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended
31 December 31 December 30 June
2002 2001 2002
R`000 R`000 R`000
Attributable to ordinary shareholders 13 488 13 805 2 310
Add: Loss on discontinuance
of clothing divisions - - 10 491
Cost of control on
acquisition of minority
shareholders` interest - - 7 716
Amortisation of goodwill - - 269
Deduct: Profit on disposal of
investment - - 1 123
Headline earnings 13 488 13 805 19 663
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended
31 December 31 December 30 June
2002 2001 2002
R`000 R`000 R`000
Shareholders` funds at
beginning of period 197 102 203 571 203 571
Shares repurchased (11 091) - (5 660)
Dividends paid (2 805) (3 119) (3 119)
Net income attributable to
ordinary shareholders 13 488 13 805 2 310
Shareholders` funds at end of period 196 694 214 257 197 102
SUMMARISED CONSOLIDATED
CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
ended ended ended
31 December 31 December 30 June
2002 2001 2002
R`000 R`000 R`000
Cash generated from operations 29 649 20 320 25 622
Retained to finance working capital (39 262) (40 115) (5 787)
Net finance cost (2 650) 494 (4 038)
Dividend paid (2 805) (3 119) (3 119)
Taxation paid (2 825) (2 847) (1 837)
Cash flow from operating activities (17 893) (25 267) 10 841
Cash flow from investing activities (2 988) (996) (14 108)
Cash flow from financing activities (26 091) (34) (5 694)
Decrease in cash and cash equivalents(46 972) (26 297) (8 961)
Cash and cash equivalents
at beginning of period (16) 8 945 8 945
Cash and cash equivalents
at end of period (46 988) (17 352) (16)
COMMENTS
Earnings
Revenue at R219 million for the six months under review increased by 51% over
the corresponding period last year. Operating income before foreign exchange
loss increased by 69% to R29,6 million, while net income before taxation
improved by 15% after accounting for a foreign exchange loss of R5,3 million.
Headline earnings per share increased by 10% to 19,9 cents per share, from the
18,1 cents per share in the corresponding period last year.
Review of Operations
The retail arm of the group performed exceptionally well during the period
under review. Strong organic growth translated into a significant improvement in
earnings over the comparative period last year.
The distribution arm of the group also put in a strong performance, and has
maintained its position as a market leader in the distribution of leather goods,
handbags, accessories, apparel and related products.
Prospects
There has been a noticeable slow down in trading conditions during the first
two months of the new calendar year. While the group will benefit from the
continued strength of the Rand in the long term, it does create short- term
challenges. These include a deflationary trading environment, losses on
revaluation of forward exchange contracts, as well as a drop in spending by
foreign tourists. High interest rates will also ensure that retail conditions
remain challenging.
While the second half of the financial year will benefit from the sale of
Official Cricket World Cup Merchandise, it is unclear at this stage what effect
South Africa`s early exit from the tournament will have on our original
forecasts.
Commitments
The group has operating lease commitments of R26,7 million in the next 12
months, and R39,2 million thereafter.
Accounting Policies
The results for the half-year have been prepared in accordance with South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used are consistent with those used in the financial statements for the
year ended 30 June 2002. Comparative figures for the six months ended 31
December 2001 have been adjusted to conform with changes in Accounting Policies
effected on 30 June 2002.
On behalf of the board of directors
K L Brouze
Chief Executive Officer
Johannesburg
6 March 2003
THE HOUSE OF BUSBY LIMITED
Incorporated in the Republic of South Africa
Registration number 1997/009173/06
Share code: BSB ISIN: ZAE000013637
TRANSFER SECRETARIES: Computershare Investor Services Limited
70 Marshall Street,
Johannesburg 2001
PO Box 61051
Marshalltown
2107
REGISTERED ADDRESS: 11 Height Street
Doornfontein 2094
PO Box 16647
Doornfontein 2028
Directors: A Rogoff* (Chairman*), K L Brouze, M G Duarte, M G Gordon,
S N Melnick, S M Moss, S Stein*, D S Brouze*
*Non-executive
Date: 06/03/2003 05:00:00 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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