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JD Group - Reviewed interim results for the six months ended 29 February 2004
JD GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1981/009108/06)
JSE code: JDG
NSX code: JDL
ISIN: ZAE000030771
Reviewed interim results for the six months ended 29 February 2004
Harvesting as we sow
Financial highlights
- Revenue up by 95% to R4,7 billion (2003: R2,4 billion)
- Total sale of merchandise up by 113% to R3,2 billion (2003: R1,5 billion)
- Operating income up by 124% to R684 million (2003: R305 million)
- Headline earnings per share up by 63% to 272,5 cents (2003: 167,3 cents)
- Distribution per share up by 114% to 90 cents (2003: 42 cents)
- Gearing down to 17%
Operational highlights
- Profurn operations fully integrated
- Very strong cash generation
- Poland gaining critical mass
- Operating margin improves to 14,4% (2003: 12,6%)
Trading environment and implications
- Favourable economic conditions in local durable credit retail market persists
- Benefits from real growth in consumers" disposable income enhances credit risk
profile
- Potential for further margin expansion
Income statement
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 29 February 28 February
2003 2004 2003 Change
R million R million R million %
3 819 Sale of merchandise 3 201 1 504 113
1 113 Finance charges earned 741 443 67
761 Financial services 603 361 67
273 Other services 189 119 59
5 966 Revenue 4 734 2 427 95
2 613 Cost of sales 2 164 1 014 113
2 522 Operating expenses before 1 830 1 080 69
the following:
67 Depreciation 43 28 54
Amortisation
5 Goodwill 1 2
14 Trademark (provisional) 16
(2) Surplus on disposal of (4) (2)
property, plant and
equipment
747 Operating income 684 305 124
(15) Investment income (6) (3)
154 Finance costs - net (note 68 70 (3)
3)
608 Income before taxation 622 238 161
160 Taxation 168 52 223
448 Income after taxation 454 186 144
(1) Attributable to outside - (1)
shareholders
449 Income attributable to 454 187 143
shareholders
Reconciliation of headline
earnings
449 Income attributable to 454 187
shareholders
5 Goodwill amortised 1 2
Surplus on disposal of
(2) property, plant and (4) (2)
equipment
1 Taxation thereon 1 1
453 Headline earnings 452 188 140
166 830 Number of shares in issue 169 000 112 730 50
(000)
1 419 Treasury shares held (000) 1 292 639
165 411 Number of shares held 167 708 112 091 50
outside the Group (000)
Weighted average number of
shares in issue (000)
133 196 - basic 166 065 112 091 48
134 771 - diluted 171 398 113 057 52
Headline earnings per share
(cents)
340,5 - basic 272,5 167,3 63
336,5 - diluted 264,0 165,9 59
Earnings per share (cents)
337,3 - basic 273,6 167,2 64
333,4 - diluted 265,1 165,8 60
110 Distribution to 90 42 114
shareholders (cents)
42 - Interim (proposed) 90 42
68 - Final
12,5 Operating margin (%) 14,4 12,6 14
Balance sheet
Audited Reviewed Reviewed
31 August 29 February 28 February
2003 2004 2003
R million R million R million
Assets
1 026 Non-current assets 969 343
210 Property, plant and 210 144
equipment
42 Goodwill 44 51
315 Trademark (provisional) 299
(note 6)
146 Investments 136 110
313 Deferred taxation 280 38
6 150 Current assets 6 649 3 986
739 Inventories 765 455
4 860 Trade and other receivables 4 955 3 493
(note 4)
27 Financial assets 37 9
80 Taxation 44 1
444 Bank balances and cash 848 28
7 176 Total assets 7 618 4 329
Equity and liabilities
Equity and reserves
1 778 Share capital and premium 1 826 782
(39) Treasury shares (35) (22)
127 Non-distributable reserve 124 1
1 415 Retained income 1 720 1 264
111 Shareholders for dividend 151 47
3 392 Shareholders" equity 3 786 2 072
1 412 Non-current liabilities 1 704 1 206
831 Interest bearing long term 1 130 929
liabilities
581 Deferred taxation 574 277
2 372 Current liabilities 2 128 1 051
1 801 Trade and other payables 1 686 748
(note 5)
506 Interest bearing 366 274
liabilities
- Financial liabilities 6 9
64 Taxation 70 9
1 Bank overdraft - 11
7 176 Total equity and 7 618 4 329
liabilities
146 Directors" valuation of 136 110
unlisted investments
11 Capital expenditure - -
authorised and contracted
Capital expenditure
authorised
90 but not yet contracted 32 50
1 541 Operating lease commitments 1 375 919
The Group has no other
material commitments or
contingent liabilities.
2 033,0 Net asset value per share 2 240,5 1 838,5
(cents)
26,3 Gearing ratio (net) (%) 17,1 57,2
Cash flow statement
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 29 February 28 February
2003 2004 2003
R million R million R million
385 Cash flows from operating 227 (79)
activities
816 Cash generated by trading 745 333
(108) Increase in working capital (276) (291)
708 Cash generated by 469 42
operations
15 Investment income 6 3
(163) Finance costs - net (77) (68)
(103) Taxation paid (58) (31)
457 Cash available from 340 (54)
operating activities
(72) Dividends paid (113) (25)
(111) Cash flows from investing (29) (59)
activities
(26) Acquisition of subsidiaries - (24)
Acquisition of outside
shareholders
(20) in BoConcept UK Ltd - -
16 Investment receipts 10 -
Proceeds on disposal of
property, plant
18 and equipment 8 7
(99) Additions to property, (47) (42)
plant and equipment
8 Cash flows from financing 207 (65)
activities
(1) Proceeds on issue of shares - -
- Shares issue expenses - -
Proceeds on disposal of
treasury shares
3 by share incentive trusts 48 -
240 Long term bank borrowings 347 -
raised
(181) Long term bank borrowings (331) (47)
repaid
- Finance lease liability 200 -
raised
(53) Finance lease liability (57) (18)
repaid
282 Net increase in cash and 405 (203)
cash equivalents
Cash and cash equivalents
at
161 beginning of period 443 220
Cash and cash equivalents
at
443 end of period 848 17
99 Capital expenditure 47 42
incurred
Notes
1. ACCOUNTING POLICIES
The accounting policies used in the preparation of the interim profit
announcement are consistent with those applied in the previous financial year
ended 31 August 2003, which were compliant with South African Statements of
Generally Accepted Accounting Practice and International Financial Reporting
Standards.
The announcement was compiled in terms of AC 127/IAS 34 - Interim Reporting.
2. CHANGES IN COMPARATIVE FIGURES
A recent ruling given by the GAAP Monitoring Panel has provided more clarity
regarding the consolidation of share incentive trusts. In light of this, the
Group has consolidated the JD Group Employee Share Incentive Scheme and the JD
Group Limited Share Incentive Trust in the current reporting period.
Intercompany loan accounts have been eliminated and Group shares held by the
trusts have been shown as treasury shares. Comparative figures have been
restated.
In addition to the changes evident from the statement of changes in equity, the
following amounts have been restated:
Income statement
There was no impact on the income statement.
Earnings per share
Basic and diluted earnings per share were adjusted by the inclusion of the
additional treasury shares held by the Group as a result of the consolidation of
the share incentive trusts.
Audited Reviewed
31 August 28 February
2003 2003
R million R million
As previously reported
Weighted average number of shares
in issue (000)
133 837 - basic 112 730
135 413 - diluted 113 696
Headline earnings per share (cents)
338,8 - basic 166,4
334,9 - diluted 164,9
Earnings per share (cents)
335,7 - basic 166,3
331,8 - diluted 164,8
Restated
Weighted average number of shares
in issue (000)
133 196 - basic 112 091
134 771 - diluted 113 057
Headline earnings per share (cents)
340,5 - basic 167,3
336,5 - diluted 165,9
Earnings per share (cents)
337,3 - basic 167,2
333,4 - diluted 165,8
Balance sheet
Share incentive trusts - loans
receivable
12 As previously reported 10
Share incentive trust loan accounts
(12) eliminated on consolidation (10)
- Restated balance -
Trade and other payables
1 799 As previously reported 748
2 Amounts payable to share incentive -
trust participants
1 801 Restated balance 748
Net asset value per share (cents)
2 041,2 As previously reported 1 847,2
Restated as a result of the
consolidation of the share
2 033,0 incentive trusts 1 838,5
Cash flow statement
Increase in working capital
(110) As previously reported (291)
2 Increase in amounts payable to -
share incentive trust participants
(108) Restated balance (291)
The recent release of the improvements to International Financial Reporting
Standards has clarified that the International Accounting Standard Board only
requires inventory (cost of sales) and trade payables (finance costs) to be
adjusted for the benefit obtained from extended credit terms, where the terms
are beyond the normal credit terms in the industry. The Group has therefore
reversed the prior year provision regarding the imputed interest cost. The
impact is as follows:
Finance Operating Operating
Cost of sales costs - net income margin
R million R million R million %
Year ended 31 August 2003
As previously reported 2 557 210 803 13,5
Adjustment 56 (56) (56)
Restated 2 613 154 747 12,5
3. Finance costs - NET
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 29 February 28 February
2003 2004 2003
R million R million R million
181 Interest paid 94 83
(21) Interest received (23) (17)
Fair value (gains)/losses on
(6) financial assets and liabilities (3) 4
154 68 70
4. TRADE AND OTHER RECEIVABLES
Audited Reviewed Reviewed
31 August 29 February 28 February
2003 2004 2003
R million R million R million
6 592 Instalment sale receivables (note 6 932 4 424
a)
(2 100) Less: Provisions (2 259) (1 077)
(965) Unearned finance charges (1 000) (679)
(697) Bad debts (791) (156)
(438) Other (note b) (468) (242)
4 492 Net instalment sale receivables 4 673 3 347
368 Other receivables 282 146
4 860 Total accounts receivable 4 955 3 493
Provisions as a percentage of
31,86% instalment sale receivables 32,59% 24,34%
In accordance with industry norms, amounts due from instalment sale receivables,
receivable after one year, are included in current assets. The credit terms of
instalment sale receivables range from 6 to 24 months.
Classified as originated loans and receivables and carried at amortised cost.
Other provisions consist of provisions for extended guarantees, unearned club,
insurance and collection fees raised on fair valuation of the Profurn closed
branches.
Bank borrowings are secured by a negative pledge of accounts receivable.
5. Trade and other payables
Included in trade and other payables are the following provisions raised on the
acquisition of Profurn:
Audited Reviewed
Raised at 31 August Utilised 29
during February
acquisition 2003 current 2004
period
R million R million R million R million
Retrenchment costs 39 20 3 17
Closing of facilities 38 12 6 6
Lease closure costs 167 137 17 120
244 169 26 143
6. TRADEMARK (PROVISIONAL)
The excess of the purchase consideration made over the fair value of the net
assets acquired from Profurn has been recognised as a provisional trademark. The
fair values of these assets and liabilities have not yet been finalised. The
Group has until the end of this financial year to finalise the fair values. Once
this is completed and the trademark has been fairly valued, these provisional
fair values may be amended with an adjustment to goodwill and deferred taxation
where applicable.
Comments
Operating environment
The period under review was characterised by declining interest rates, low
inflation and reduced personal tax resulting in an overall increase in consumer
disposable income. The strength of the Rand caused the prices of our imported
products to decline, making them more affordable. Sound and video products, all
imported, experienced year on year deflation of up to 25%. These factors have
contributed towards significant unit sales growth.
Financial overview
The results to 28 February 2003 ("comparative period" or "2003") do not include
the results of the ex-Profurn Limited ("Profurn") stores, which were first
consolidated from 23 April 2002.
Revenue increased by 95% to R4,7 billion (2003: R2,4 billion), with sale of
merchandise increasing by 113% to R3,2 billion (2003: R1,5 billion). Revenue
growth represents organic growth of 17%, the balance relates to the acquired
businesses. Sale of merchandise constituted 68% of total revenue (2003: 62%),
with the remainder contributed by finance charges, financial services and other
services.
Southern African revenue contributed 97% of total revenue (2003: 93%).
BoConcept"s revenue increased by 5,1% in Sterling terms and Abra grew revenue by
22,3% in Zloty terms.
Credit sales accounted for 52,8% of total sales (2003: 72,6%), considerably
lower than the corresponding period. This is attributable to the inclusion of Hi
Fi Corporation, the bulk of whose sales are for cash, and to the relatively
higher cash sales in our other chains due to the higher levels of disposable
income in our customer base.
Cost of sales rose to R2,2 billion (2003: R1,0 billion), which tracked the
increase in the sale of merchandise of 113%. Notwithstanding the relatively
larger portion of low margin business in Hi-Fi Corporation, gross margins at
Group level were stable at 32% (2003: 33%). This was due to overall margin
increases across all other chains.
Finance charges earned increased by 67% over the comparable period to R741
million in a lower usury rate environment. Financial services, which includes
all the Group"s insurance offerings, increased by 67% to R603 million. This
combined contribution to revenue is relatively lower due to the lower credit
sales volumes.
Operating expenses grew by 69% to R1,8 billion. Expenses in the southern African
operations grew by 66%, by 18,7% in the UK and by 19,5% in Poland, in their
respective local currencies. The increase in southern African costs was largely
as a result of the acquisition of Profurn. Salary increases for union members,
which are negotiated in terms of a two year agreement, were revised upwards by
7% in the period under review. The increases in European costs were largely due
to the opening of new stores.
The amount of R188 million reflected under corporate in the segmental analysis
includes expenses of R65,3 million relating to both historic and acquired
operations which are of a non-recurring nature and therefore cannot be allocated
to the individual chains without distorting the ratios.
Operating income grew by 124% to R684 million with operating margins improving
to 14,4% from 12,6%.
Headline earnings increased by 140% to R452 million (2003: R188 million).
Headline earnings per share rose by 63% after taking into account the 53,7
million shares issued for the acquisition of Profurn.
In comparison to receivables at the year end, net instalment sale receivables
grew by 4,0% to R4,7 billion, while the deposit rate on credit sales increased
across the chains. Total provisions as a percentage of gross instalment sale
receivables were 32,6%, compared to 24,3% at the end of the comparable period
and 31,9% at the last year end. The Group continues to insure its South African
instalment sale receivables.
No write backs were made of any "at acquisition" provisions raised at the time
of acquiring Profurn. The Group is in the process of finalising the fair values
of the assets and liabilities acquired from Profurn and has until the end of
this financial year to finalise the allocation of these acquisition values.
Included in the balance sheet is an amount of R299 million as a provisional
trademark. This amount will be adjusted to reflect the final allocation of the
acquisition values, consequently, the income statement amortisation of the
trademark (provisional) may require adjustment.
Bad debts written off increased from 2,7% to 3,3% of gross receivables. These
write-offs were made across almost all chains and further enhanced the quality
of the receivables book. Receivables in arrears represented 14,9% of gross
receivables, down from 17,4% at the last year end. It is significant to note
that the Rand amount of arrears reduced on an enlarged receivables book. The
average length of the book in the historic operations declined to 14,7 months
from 15,3 months at last year end.
Notwithstanding significant increases in sales, inventories rose only marginally
since last year end.
Net gearing declined to 17,1% from 26,3% at last year end on the back of strong
cash generation. The target gearing ratio remains between 35% and 50%.
Cash generated by operations increased to R469 million (2003: R42 million) as
cash generated by trading increased to R745 million from R333 million in the
comparable period. Cash utilised in the increase in working capital amounted to
R276 million (2003: R291 million).
The number of account holders has grown by 4% to 1,89 million since the last
year end.
Operational review
Morkels, Barnetts and Hi-Fi Corporation, the ex-Profurn operations, were fully
integrated into the Group at the commencement of this financial year, allowing
management to focus on extracting further operational efficiencies. The full
overhaul and assimilation of these chains" outdated IT systems remain a
challenge. This issue aside, great successes have been achieved in bringing the
levels of operational efficiencies in these stores up to those of the historic
JD operations. It is envisaged that outstanding issues will be resolved within
the next 12 months.
All our chains achieved substantial revenue growth. Bradlows" results are
impacted upon by the inclusion of the ex-Profurn stores that have been converted
in the period, as well as the net reduction of four stores. On a like-for-like
basis Bradlows" sale of merchandise increased by 15,9%.
Revenue growth combined with marked improvements in the operating margins
contributed to robust operating income growth. Most notably Joshua Doore,
Bradlows and Electric Express achieved margin gains. Since year end the ex-
Profurn chains have also grown their margins, notably in Hi-Fi Corporation.
BoConcept
No new stores were opened during the period as management focused their
attentions on addressing the operational issues. Problems in the supply chain,
discussed in the past annual financial statements, remain a challenge. Due to
internal issues, Club 8, the BoConcept franchisor, has been unable to comply
with the supply level agreements entered into with our BoConcept stores.
Management is in the process of reviewing its options and a final decision
regarding our investment will be made by the financial year end.
Abra
Much progress has been made since the end of the last reporting period. The
store base has grown from 26 at last year end to 33. Of these, 30 are now making
a positive contribution as opposed to nine of the 26 in the previous year.
The operating margin has improved to a negative 3,7% (2003: negative 6,7%). Our
primary objective over the next period is to expand our store base and to focus
on the development of our employees. We anticipate that by year end we will have
grown our store base to more than 40 and we expect the chain will be at break
even point.
Nedcor alliance
The number of in-store points of presence ("pop") has been maintained at 143.
The alliance continues to follow a prudent approach in all product offerings to
its target market. Progress has been made in ensuring a smoother and more
efficient interaction between the in-store pops and the Nedcor infrastructure.
The Nedcor Group has indicated that they require until June/July 2004 to
finalise their mass retail business model. A further announcement will be made
in this regard in due course.
Strategic review and objectives
As a Group, we are engaged in a process of defining more clearly the market
space in which each of our brands trade. Our intention is to minimise
competitive overlap and to better understand our customers" needs. This process
of differentiation has gained significant momentum.
After the very successful integration of Profurn, the focus is now on improving
efficiencies. We remain committed to our stated strategy of diversifying our
earnings through the provision of financial services and expanding our offshore
operations.
Group prospects and outlook
The momentum of sales since the end of the interim period remains buoyant. All
our brands continue to show real growth on the previous year. This performance
is matched on the collections side of our receivables. There is every likelihood
that these trends can be expected to continue for the foreseeable future as the
growth of an economically viable middle class gains momentum.
The enhanced cash flow places the Group in the enviable position to pursue
growth without the constraint of overtrading. Our optimism is tempered by the
significant threat that the strength of the Rand will jeopardise current
employment levels and future job creation.
Corporate governance
JD Group complies with the Code of Corporate Practices and Conduct as set out in
the King Report on Corporate Governance and the JSE Securities Exchange South
Africa Listings Requirements.
Triple bottom line
The Group"s commitment to support HIV/AIDS interventions, sound labour
relations, enhanced skills training and the development of our people in an
environment which allows employees to develop to their fullest potential,
continues as scheduled. Black Economic Empowerment within our South African
communities remains an integral part of the Group"s strategy.
Directorate
Mr JHC Kok was appointed as an executive director with effect from 1 March 2004.
I-proxy
Shareholders are encouraged to register to receive shareholder information
electronically. This facility is available following requisite changes having
been made to the Group"s Articles of Association. Shareholders are encouraged to
visit www.jdg.co.za to register and receive further information.
Declaration of interim dividend number 41
Notice is hereby given that the board of directors has declared an interim
dividend of 90 cents per share (2003: 42 cents per share) for the six months
ended 29 February 2004. The dividend has been declared in the currency of the
Republic of South Africa.
In accordance with the settlement procedures of STRATE, the following dates will
apply to the interim dividend:
Last day to trade cum dividend Friday, 4 June 2004
Trading ex dividend commences Monday, 7 June 2004
Record date Friday, 11 June 2004
Dividend payment date Monday, 14 June 2004
Share certificates may not be dematerialised nor may transfers between South
African and Namibian registers take place between Monday, 7 June 2004 and
Friday, 11 June 2004, both days inclusive.
Review by the independent auditors
The financial information has been reviewed, but not audited, by Deloitte &
Touche, whose unqualified review report is available for inspection at the
Group"s registered office.
For and on behalf of the board
David Sussman Gerald Volkel
Executive Chairman Financial Director
Johannesburg
18 May 2004
JD Group Limited
(`JD" or `the Group")
Registration number 1981/009108/06
JSE code: JDG
NSX code: JDL
ISIN: ZAE000030771
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
Transfer secretaries
South Africa
Computershare Limited
70 Marshall Street, Johannesburg, 2001,
(PO Box 61051, Marshalltown, 2107)
Telephone: +27 11 370 5000,
Facsimile: +27 11 370 5663
Namibia
Transfer Secretaries (Proprietary) Limited
Shop 12, Kaiserkrone Centre,
Post Street Mall, Windhoek, Namibia
Telephone: +264 61 227647,
Facsimile: +264 61 248531
Lead sponsor
South Africa
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Barnard Jacobs Mellet House,
5 Sturdee Avenue, Rosebank, 2196
Telephone: +27 11 283 0300, Facsimile: +27 11 283 0309
Joint sponsor
South Africa
PSG Capital Limited
Woodmead Estate,
1 Woodmead Drive, Woodmead, 2157
Telephone: +27 11 797 8400,
Facsimile: +27 11 797 8435
Sponsoring broker
Namibia
Simonis Storm Securities (Pty) Limited,
(Registration number 96/421)
Suite C, 152 Robert Mugabe Avenue, Windhoek,
(PO Box 3970, Windhoek, Namibia)
Telephone: +264 61 254194,
Facsimile: +264 61 254193
Executive directors
ID Sussman (Executive Chairman), HC Strauss (Chief Executive Officer), JL
Bezuidenhout, JHC Kok, G Volkel
Non-executive director
IS Levy
Independent non-executive directors
ME King, Dr D Konar, M Lock, MJ Shaw
Company secretary
MI Jaye
Email
info@jdg.co.za
Enquiries:
JD Group Limited Tel: + 27 (0) 11 408 0408
David Sussman, Executive Chairman
Jan Bezuidenhout, Director - Corporate Services
College Hill South Africa Tel: + 27 (0) 11 447 3030
Angela Parr
Sam Denoon-Stevens
Statement of changes in equity
Share Share Treasury
capital premium shares
R million R million R million
Balance at 31 August 2002
- as previously reported 6 776 -
Consolidation of share incentive (22)
trusts*
Balance at 31 August 2002
- restated 6 776 (22)
Income attributable to shareholders
Distributable to shareholders
Paid to shareholders
Translation of foreign entities
Issue of share capital
Balance at 28 February 2003
- restated 6 776 (22)
- as previously reported 6 776
Consolidation of share incentive trusts* (22)
Income attributable to shareholders
Distributable to shareholders
Distributable to share incentive trusts*
Paid to shareholders
Paid to share incentive trusts*
Shares issued to share incentive trusts* (7)
Proceeds on disposal of treasury shares 3
by share incentive trusts*
Issue of share capital in respect of the 2 986
acquisition of Profurn
Revaluation of shares issued pursuant to
the acquisition of Profurn
Odd lot offer purchases (2)
Odd lot offer sales 2
Translation of foreign entities
Issue of share capital - 8
Treasury shares acquired (13)
Balance at 31 August 2003
- restated 8 1 770 (39)
- as previously reported 8 1 770 (13)
Consolidation of share incentive trusts* (26)
Income attributable to shareholders
Distributable to shareholders
Distributable to share incentive trusts
Paid to shareholders
Paid to share incentive trusts
Proceeds on disposal of treasury shares 8
Profit on disposal of treasury shares (4)
transferred to retained income
Shares issued to share incentive trusts (48)
Proceeds on disposal of treasury shares 48
by share incentive trusts
Translation of foreign entities
Issue of share capital 48
Balance at 29 February 2004 8 1 818 (35)
Statement of changes in equity
Non- Retained
distributable
reserve income
R million R million
Balance at 31 August 2002
- as previously reported 24 1 112
Consolidation of share incentive trusts* 12
Balance at 31 August 2002
- restated 24 1 124
Income attributable to shareholders 187
Distributable to shareholders (47)
Paid to shareholders
Translation of foreign entities (23)
Issue of share capital
Balance at 28 February 2003
- restated 1 1 264
- as previously reported 1 1 252
Consolidation of share incentive trusts* 12
Income attributable to shareholders 262
Distributable to shareholders (113)
Distributable to share incentive trusts* 2
Paid to shareholders
Paid to share incentive trusts*
Shares issued to share incentive trusts*
Proceeds on disposal of treasury shares
by share incentive trusts*
Issue of share capital in respect of the
acquisition of Profurn
Revaluation of shares issued pursuant to 139
the acquisition of Profurn
Odd lot offer purchases
Odd lot offer sales
Translation of foreign entities (13)
Issue of share capital
Treasury shares acquired
Balance at 31 August 2003
- restated 127 1 415
- as previously reported 127 1 401
Consolidation of share incentive trusts* 14
Income attributable to shareholders 454
Distributable to shareholders (154)
Distributable to share incentive trusts 1
Paid to shareholders
Paid to share incentive trusts
Proceeds on disposal of treasury shares
Profit on disposal of treasury shares 4
transferred to retained income
Shares issued to share incentive trusts
Proceeds on disposal of treasury shares
by share incentive trusts
Translation of foreign entities (3)
Issue of share capital
Balance at 29 February 2004 124 1 720
Statement of changes in equity
Shareholders
for dividend Total
R million R million
Balance at 31 August 2002
- as previously reported 25 1 943
Consolidation of share incentive trusts* (10)
Balance at 31 August 2002
- restated 25 1 933
Income attributable to shareholders 187
Distributable to shareholders 47 -
Paid to shareholders (25) (25)
Translation of foreign entities (23)
Issue of share capital -
Balance at 28 February 2003
- restated 47 2 072
- as previously reported 47 2 082
Consolidation of share incentive trusts* (10)
Income attributable to shareholders 262
Distributable to shareholders 113 -
Distributable to share incentive trusts* (2) -
Paid to shareholders (47) (47)
Paid to share incentive trusts* - -
Shares issued to share incentive trusts* (7)
Proceeds on disposal of treasury shares 3
by share incentive trusts*
Issue of share capital in respect of the 988
acquisition of Profurn
Revaluation of shares issued pursuant to 139
the acquisition of Profurn
Odd lot offer purchases (2)
Odd lot offer sales 2
Translation of foreign entities (13)
Issue of share capital 8
Treasury shares acquired (13)
Balance at 31 August 2003
- restated 111 3 392
- as previously reported 113 3 406
Consolidation of share incentive trusts* (2) (14)
Income attributable to shareholders 454
Distributable to shareholders 154 -
Distributable to share incentive trusts (1) -
Paid to shareholders (115) (115)
Paid to share incentive trusts 2 2
Proceeds on disposal of treasury shares 8
Profit on disposal of treasury shares -
transferred to retained income
Shares issued to share incentive trusts (48)
Proceeds on disposal of treasury shares 48
by share incentive trusts
Translation of foreign entities (3)
Issue of share capital 48
Balance at 29 February 2004 151 3 786
Restated comparative
Segmental report - 6 months ended 29 February 2004
Joshua
Russells Doore Bradlows
Revenue Rm 968 721 368
Operating income Rm 223 146 72
Depreciation Rm 1 1 1
Total assets Rm 1 444 1 079 539
Total current liabilities Rm 248 196 115
Capital expenditure Rm 1 1 1
Operating margin % 23,0 20,2 19,6
Total sale of merchandise Rm 566 421 237
Share of Group sale of merchandise % 17,7 13,1 7,4
Credit sales Rm 439 316 181
Percentage of total % 77,6 75,1 76,4
Cash sales Rm 127 105 56
Percentage of total % 22,4 24,9 23,6
Deposit rate on credit sales % 14,0 16,2 18,3
Number of stores 199 151 86
Revenue per store R000 4 864 4 775 4 279
Retail square meterage 139 809 118 798 64 023
Revenue per square metre Rand 6 924 6 069 5 748
Number of employees 3 038 2 450 1 402
Revenue per employee R000 319 294 262
Instalment sale receivables - Rm 1 816 1 302 596
gross
Bad debts written off Rm 54 37 12
Bad debts written off as a % 3,0 2,8 2,0
percentage of gross receivables
Receivables" arrears Rm 287 156 60
Receivables" arrears as a % 15,8 12,0 10,1
percentage of gross receivables
Collection rate % 6,8 6,9 7,9
Average length of the book Months 14,7 14,5
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