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The House Of Busby Limited -
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 2003
SUMMARISED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2003 2002 % 2003
R"000 R"000 Change R"000
Revenue 219 057 219 154 413 988
Continuing operations 219 057 219 154 411 069
Discontinued operations - - 2 919
Operating income before
loss on foreign exchange 28 301 29 649 43 642
Loss on foreign exchange 3 935 5 345 8 381
Operating income before
depreciation and amortisation
of intangibles 24 366 24 304 35 261
Depreciation 3 713 2 596 4 501
Amortisation of intangibles 1 148 526 2 603
Operating income before net
finance charges 19 505 21 182 28 157
Net finance charges 1 643 2 650 6 327
Interest received 24 42 57
Interest paid (1 667) (2 692) (6 384)
Net income before
exceptional items 17 862 18 532 21 830
Exceptional items - - 7 614
Net income before taxation 17 862 18 532 14 216
Taxation 5 098 5 026 3 556
Net income after taxation 12 764 13 506 10 660
Attributable to minorities (293) (18) (9)
Net income attributable
to ordinary shareholders 12 471 13 488 10 651
Weighted average number of
shares in issue ("000) 60 738 67 719 64 739
Headline earnings
per share (cents)* 21,5 19,9 8 29,6
Earnings per share (cents)* 20,5 19,9 3 16,5
*No dilution is expected in respect of headline earnings per share and earnings
per share in the foreseeable future.
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2003 2002 2003
R"000 R"000 R"000
Cash generated/(utilised) from
operations 410 (9 613) 36 699
Net finance charges (1 643) (2 650) (6 327)
Dividend paid (2 435) (2 805) (3 119)
Taxation paid (1 301) (2 825) (4 510)
Cash flow from operating
activities (4 969) (17 893) 22 743
Cash flow from investing
activities (6 156) (2 988) (8 819)
Cash flow from financing
activities (1 248) (26 091) (26 401)
Decrease in cash and cash
equivalents (12 373) (46 972) (12 477)
Cash and cash equivalents at
beginning of period (12 493) (16) (16)
Cash and cash equivalents at
end of period (24 866) (46 988) (12 493)
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2003 2002 2003
R"000 R"000 R"000
Shareholders" funds at
beginning of period 192 215 195 683 195 683
Shares repurchased (1 248) (11 044) (11 044)
Dividends paid (2 435) (2 805) (3 119)
Currency translation differences 268 41 44
Net income attributable to
ordinary shareholders 12 471 13 488 10 651
Shareholders" funds at end
of period 201 271 195 363 192 215
SEGMENTAL ANALYSIS
Revenue EBITDA Net asset value
% % %
31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec
2003 2002 2003 2002 2003 2002
Distribution 63 63 69 60 77 76
Retail 37 37 31 40 23 24
Total 100 100 100 100 100 100
SUMMARISED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2003 2002 2003
R"000 R"000 R"000
ASSETS
Non-current assets 83 039 83 983 83 921
Property, plant and equipment 39 390 36 146 36 971
Intangible assets 15 887 12 681 17 035
Non-current receivables 4 406 4 619 4 466
Minority interest 11 838 15 739 12 131
Deferred taxation 11 518 14 798 13 318
Current assets 208 489 218 417 184 437
Inventories 104 252 110 682 117 753
Trade and other receivables 81 148 98 438 55 177
Bank balances and cash 23 089 9 297 11 507
Total assets 291 528 302 400 268 358
EQUITY AND LIABILITIES
Shareholders" funds 201 271 195 363 192 215
Overdraft and interest
bearing debt 47 955 56 285 24 000
Current liabilities 42 302 50 752 52 143
Total equity and liabilities 291 528 302 400 268 358
Number of shares in issue ("000) 60 046 60 876 60 876
Net asset value per share (cents) 335 321 316
Tangible net asset value
per share (cents) 309 300 288
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2003 2002 2003
R"000 R"000 R"000
Net income attributable to
ordinary shareholders 12 471 13 488 10 651
Add: Loss on discontinued
operations - - 6 941
Amortisation of goodwill 578 - 1 595
Headline earnings 13 049 13 488 19 187
COMMENTS
EARNINGS
The group is pleased to have maintained revenue, in Rand terms, at the same
level as the corresponding period, in spite of the current deflationary
environment.
The loss on foreign exchange is due largely to the revaluation of forward
exchange contracts at 31 December 2003.
The revision of the estimated useful lives of fixtures and fittings in our
retail division significantly increased the depreciation charge for the period
under review, while tight management of working capital led to a decrease in the
net finance charge for the period.
Headline earnings per share increased by 8% from 19,9 cents to 21,5 cents.
Earnings per share increased by 3% from 19,9 cents to 20,5 cents.
The balance sheet remains strong, with tangible net asset value increasing to
309 cents per share.
REVIEW OF OPERATIONS
In the retail division, which showed exceptional growth during this period last
year, trading conditions were particularly difficult during the period under
review. The strong Rand impacted negatively on both the number of inbound
tourists and their discretionary spend. This had a significant impact on our
retail stores, many of which have been affected by the drop in tourism.
The distribution division continued to trade above budget and solidified its
position as market leader in the distribution of leather goods, handbags,
luggage, accessories, eyewear, apparel and related products.
PROSPECTS
There has been no material change to trading conditions since 31 December 2003.
The company continues to manage the effects of the current deflationary
environment.
The full-year earnings to 30 June 2003 included revenue from the Cricket World
Cup, which will not be the case in the current financial year.
COMMITMENTS
The group has operating lease commitments of R25,2 million in the next 12
months, and R37,4 million thereafter.
ACCOUNTING P0LICIES
The accounting policies and methods of computation used in the preparation of
these interim results are the same as those used in the annual financial
statements to 30 June 2003, and comply with South African Statements of
Generally Accepted Accounting Practice.
On behalf of the board of directors
K LBrouze
Chief Executive Officer
Johannesburg
25 February 2004
TRANSFER SECRETARIES:
Computershare Limited, 70 Marshall Street, Johannesburg 2001
P O Box 61051, Marshalltown 2107
REGISTERED OFFICE:
11 Height Street, Doornfontein 2094.
P O Box 16647, Doornfontein 2028
DIRECTORS:
Alec Rogoff Independent Non-executive chairman, Keith Brouze Chief executive
officer, David Brouze Non-executive director, Martin Duarte Managing director -
Busby Retail, Mark Gordon Operations director, Stan Melnick Financial director,
Selwyn Moss Managing director - Eyewear, Steven Stein Independent - Non-
executive director.
Date: 25/02/2004 02:53:13 PM
Produced by the JSE SENS Department
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