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The House Of Busby Limited - Unaudited Interim Results For The Six Months Ended
31 December 2004
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 2004
SUMMARISED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2004 2003 Change 2004
R`000 R`000 % R`000
Revenue 294 412 219 057 429 368
Continuing operations 294 412 219 057 418 743
Discontinued operations - - 10 625
Operating income before
(profit)/loss on foreign
exchange 37 203 28 301 42 769
(Profit)/loss on foreign
exchange (442) 3 935 8 951
Operating income before
depreciation and
amortisation of
intangibles 37 645 24 366 33 818
Depreciation 3 892 3 713 8 128
Amortisation of
intangibles 1 166 1 148 2 332
Operating income before
net finance charges 32 587 19 505 23 358
Net finance charges 1 576 1 643 2 513
Interest received 32 24 243
Interest paid (1 608) (1 667) (2 756)
Net income before
taxation 31 011 17 862 20 845
Taxation 9 908 5 098 7 203
Net income after taxation 21 103 12 764 13 642
Attributable to minorities (464) (293) (12)
Net income attributable to
ordinary shareholders 20 639 12 471 13 630
Weighed average number
of shares in issue (`000) 57 800 60 738 58 544
Headline earnings per
share (cents) 36,7 21,48 71 32,5
Earnings per share (cents) 35,7 20,5 74 23,3
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2004 2003 2004
R`000 R`000 R`000
Cash (utilised)/generated from
operations (12 835) 410 30 803
Net finance charges (1 576) (1 643) (2 513)
Dividend paid (2 972) (2 435) (2 435)
Taxation paid (3 196) (1 301) (3 162)
Cash flow from operating
activities (20 579) (4 969) 22 693
Cash flow from investing
activities (9 803) (6 156) (13 634)
Cash flow from financing
activities - (1 248) (2 323)
Decrease in cash and cash
equivalents (30 382) (12 373) 6 736
Cash and cash equivalents at
beginning of period (5 555) (12 493) (12 291)
Cash and cash equivalents at
end of period (35 937) (24 866) (5 555)
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2004 2003 2004
R`000 R`000 R`000
Shareholders` funds at beginning
of period 197 755 192 215 188 653
Shares repurchased - (1 248) (2 323)
Dividends paid (2 972) (2 435) (2 435)
Currency translation differences (32) 268 230
Net income attributable to
ordinary shareholders 20 639 12 471 13 630
Shareholders` funds at end of
period 215 390 201 271 197 755
SEGMENTAL ANALYSIS
Revenue EBITDA Net asset value
% % %
31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec
2004 2003 2004 2003 2004 2003
Distribution 64 63 61 69 73 77
Retail 36 37 39 31 27 23
Total 100 100 100 100 100 100
UNAUDITED
SUMMARISED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2004 2003 2004
R`000 R`000 R`000
ASSETS
Non-current assets 81 008 83 039 75 189
Property, plant and equipment 43 427 39 390 37 516
Intangible assets 14 425 15 887 15 591
Non-current receivables - 4 406 -
Minority interest 11 655 11 838 12 119
Deferred taxation 11 501 11 518 9 963
Current assets 257 924 208 489 201 686
Inventories 129 691 104 252 117 258
Trade and other receivables 112 524 81 148 64 910
Bank balance and cash 15 709 23 089 19 518
Total assets 338 932 291 528 276 875
EQUITY AND LIABILITIES
Shareholders` funds 215 390 201 271 197 755
Overdraft and other interest
bearing debt 51 646 47 955 25 073
Current liabilities 71 896 42 302 54 047
Total equity and liabilities 338 932 291 528 276 875
Number of shares in issue (`000) 57 800 60 046 57 800
Net asset value per share (cents) 373 335 342
Tangible net asset value
per share (cents) 348 309 315
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2004 2003 2004
R`000 R`000 R`000
Net income attributable to
ordinary shareholders 20 639 12 471 13 630
Add: Loss on discontinued
operation - - 3 198
Amortisation of goodwill 583 578 1 166
Impairment of property, plant
and equipment - - 1 004
Headline earnings 21 222 13 049 18 998
COMMENTS
EARNINGS
The directors are pleased to report material growth in operating income. This
growth was achieved in a deflationary environment. The substantial brand equity
that the groups` products enjoy in the market, enabled the group to offset some
of the deflationary pressures that currently exist. Furthermore the margin
pressure experienced in our distribution division, was offset by the increased
volume of units sold.
The growth in turnover necessitated large investments in working capital, and
this ultimately resulted in a substantial increase in cash utilised from
operating activities. Given the seasonality in the group`s operations we expect
the working capital requirements to ease.
Despite significantly higher financing requirements, the low interest rate
environment meant that the interest charge in absolute terms was marginally
lower.
REVIEW OF OPERATIONS
The retail division continued to show exceptional growth. This was done by
introducing new concepts and remodelling existing stores.
The increased throughput of goods in the distribution division has necessitated
a review of the groups` logistics and storage facilities. This will necessitate
new enhanced facilities and investments therein.
The group is continuing to invest in information technology systems in order to
streamline operations.
PROSPECTS
The growth in middle income households, coupled with the favourable macro
economic climate, has made our brands far more accessible. To the extent that
these conditions remain, we expect our growth to continue.
COMMITMENTS
The group has operating lease commitments of R20,1 million in the next 12
months, and R19,3 million thereafter.
ACCOUNTING POLICIES
The accounting policies and methods of computation used in the preparation of
these interim results are consistent with those used in the annual financial
statements to 30 June 2004, and comply with South African Statements of
Generally Accepted Accounting Practice.
On behalf of the board of directors
K L Brouze Johannesburg
Chief Executive Officer 24 February 2005
TRANSFER SECRETARIES: Computershare Investor Services 2004
(Pty) Limited, 70 Marshall Street, Johannesburg 2001. POBox 61051, Marshalltown
2107
REGISTERED OFFICE: 11 Height Street, Doornfontein 2094.
POBox 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, Shawn Lashansky
Financial director, Selwyn Moss Managing director - Eyewear, Steven Stein
Independent - Non-executive director.
Date: 23/02/2005 04:24:38 PM
Produced by the JSE SENS Department
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