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JD Group - Reviewed interim results for the six months ended 28 February 2005
JD Group Limited
Registration number 1981/009108/06
JSE code: JDG
ISIN: ZAE000030771
(`JD` or `the Group`)
Reviewed interim results for the six months ended 28 February 2005
Operational highlights
* Substantial increase in unit sales
* Improvement in quality of receivables
* Maximising positive trading environment
* Strong cash generation by trading
Financial highlights
* Revenue up by 9% to R5,2 billion (2004: R4,7 billion)
* Total sale of merchandise up by 11% to R3,6 billion (2004: R3,2 billion). Real
growth of 19,5%
* Operating income up by 37% to R936 million
(2004: R684 million)
* Operating margin improved from 14,4% to 18,1%
* Headline earnings up by 42% to R641 million
(2004: R452 million)
* Headline earnings per share up by 38% to 376,2 cents
(2004: 272,5 cents)
* Distribution per share up by 106% to 185 cents
(2004: 90 cents)
* Arrears percentage down to 10,1% (2004: 14,9%)
* No gearing (2004: 17,1%)
Trading environment
* Favourable economic conditions in local durable
retail market
* Significant benefits from proactive steps taken
- to reduce risk exposure
- to combat deflation
* Potential for margin expansion
Operating environment
The favourable economic conditions in the local durables retail market prevailed
throughout the period under review. The benefits flowing from the real growth in
the consumers` disposable income has materially reduced the credit risk profile
of the Group and has again enhanced the cash generated by trading.
Financial overview
Revenue increased by 9% to R5,2 billion (2004: R4,7 billion), with the sale of
merchandise increasing by 11% to R3,6 billion (2004: R3,2 billion). The increase
in sales represents like on like growth of 11%. Sale of merchandise constituted
69% of total revenue (2004: 68%), with the remainder being finance charges,
financial and other services. Southern African revenue contributed 97% of total
revenue (2004: 97%). Abra grew revenue in Zloty terms by 11%. Credit sales
accounted for 52,9% of total sales (2004: 52,8%). The credit chains increased
their sale of merchandise by 16,1%.
The Group`s overall average product margin reduced slightly to 32,0% (2004:
32,4%) mainly due to the impact of Hi-Fi Corporation which experienced a product
margin reduction of 1,6%. Our credit chains increased their product margin by
1,1%. Stock markdowns of R16 million (2004: R16 million) were incurred as a
result of product deflation. Retail prices of electrical goods declined by 12%
on average due to the strength of the rand and a decline in US dollar prices.
This impacted on Hi-Fi Corporation as well as the electrical goods component of
our credit chains in southern Africa. Furniture inflation of 5% was experienced
for the period under review and overall deflation was 8,5%.
Finance charges earned decreased by 5% over the comparable period to R705
million in the declining interest rate environment. Financial services, which
includes all the Group`s insurance offerings, increased by 13% to R680 million,
due mainly to the very material increase in the number of transactions.
Operating expenses declined by 3% to R1,8 billion on the back of synergistic
savings.
Operating income grew by 37% to R936 million with the operating margin improving
to 18,1% from 14,4%. Headline earnings increased to R641 million (2004: R452
million). Headline earnings per share rose by 38% to 376,2 cents (2004: 272,5
cents).
Net instalment sale receivables experienced a growth of 9,2% to nearly R5,0
billion over the past six months. Total provisions as a percentage of gross
instalment sale receivables stand at 29,4% (2004: 32,6%). The Group continues to
insure its South African instalment sale receivables.
Bad debts written off decreased from 3,3% to 2,9% of gross receivables. Arrears
represented 10,1% of gross receivables, down from 14,9% the previous year. It is
significant to note that the rand amount of arrears reduced from R1 034 million
to R710 million year on year. The average length of the book has reduced to 13,5
months.
Inventories increased by 15,0% on the previous year due to the replenishment of
stock after a very buoyant festive season.
The Group currently has no net gearing (2004: 17%). Cash generated by trading
increased to R989 million (2004: R745 million). Working capital cash
requirements increased from R276 million to R675 million with the increase in
the instalment sale receivables accounting for the bulk of this increase.
Operational overview
We place significant focus on differentiating our brands in order to capture as
much of our target market as possible and at the same time minimise competition
between our own brands. Measures are in place to counter, as far as possible,
the impact of deflation on the businesses.
The Group now administers in excess of 1,7 million current customer accounts.
Since year end, 28 stores have been renovated, 14 stores closed and 21 new
stores opened bringing our total store base to 959. Included in the store
closures are the seven stores in Mozambique that were disposed of during the
period under review. We plan to spend R52,7 million on renovating 133 stores
over the course of this financial year.
Abra
Abra increased its store base by five stores to 41 during the period under
review. The Polish economy remains weak but has the potential to recover in the
medium term. We have used the current unfavourable economic conditions to
increase our store footprint and in so doing, build a national brand.
Absa/Thebe Investment Corporation Venture
It was announced on 5 May 2005 that Absa Bank, JD Group and Thebe Investment
Corporation have formed a new financial services group to provide mass market
consumers with improved access to personal loans and other related financial
products on more favourable terms than those currently available in the market.
During the first phase, products, systems and procedures will be tested on a
small scale to ensure that we cater for market needs before the concept is
implemented countrywide. Further announcements regarding the progress and the
name of the new group will be made in due course.
Corporate governance
JD Group complies with the Code of Corporate Practices and Conduct as set out in
the King II Report on Corporate Governance and the JSE Securities Exchange South
Africa Listings Requirements.
Triple bottom line
The Group remains committed to support HIV/Aids interventions, sound labour
relations, enhanced skills training and the development of our people. Black
economic empowerment within our South African communities remains an integral
part of the Group`s strategy.
Prospects
Trading has remained buoyant subsequent to the reporting date. Should these
trends continue for the remainder of the financial year, we expect to have the
same earnings distribution ratio as in the 2004 financial year. Dividend cover
will remain at two times. Cash generation is traditionally also stronger in the
second half of the financial year. Given the current sound financial health of
the consumer, the quality of the instalment sale receivables should be
maintained.
Declaration of interim dividend number 43
Notice is hereby given that the board of directors has declared an interim
dividend of 185 cents per share (2004: 90 cents per share) for the six months
ended 28 February 2005. 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, 3 June 2005
Trading ex dividend commences Monday, 6 June 2005
Record date Friday, 10 June 2005
Dividend payment date Monday, 13 June 2005
Share certificates may not be dematerialised or rematerialised between Monday, 6
June 2005 and Friday, 10 June 2005, 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
Company`s registered office.
For and on behalf of the board
ID Sussman HC Strauss G Volkel
Executive chairman Chief executive officer Financial director
Johannesburg
17 May 2005
Income statement
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 February 29 February
2004 2005 2004 Change
R million R million R million %
6 131 Sale of merchandise 3 557 3 201 11
1 454 Finance charges earned 705 741 (5)
1 095 Financial services 680 603 13
376 Other services 235 189 24
9 056 Revenue 5 177 4 734 9
4 148 Cost of sales 2 420 2 164 12
3 456 Operating expenses before 1 768 1 830 (3)
the following:
94 Depreciation 42 43 (2)
Amortisation
2 Goodwill - 1
14 Trademark 10 16
- Loss on disposal of 5 -
Mozambique operations
50 Loss on disposal of and - -
closure of BoConcept
34 Loss on closure of Profurn - -
legacy stores
Surplus on disposal of
(7) property, plant and (4) (4)
equipment
1 265 Operating income (note 2) 936 684 37
(24) Investment income (21) (6)
145 Finance costs - net (note 3) 60 68 (12)
1 144 Income before taxation 897 622 44
354 Taxation 258 168 54
790 Income attributable to 639 454 41
shareholders
Reconciliation of headline
earnings
790 Income attributable to 639 454
shareholders
2 Goodwill amortised - 1
- Loss on disposal of 5 -
Mozambique operations
50 Loss on disposal and closure - -
of BoConcept
34 Loss on closure of Profurn - -
legacy stores
Surplus on disposal of
(7) property, plant and (4) (4)
equipment
2 Taxation thereon 1 1
871 Headline earnings 641 452 42
172 000 Number of shares in issue 174 500 169 000 3
(000)
3 288 Treasury shares held (000) 1 079 1 292
Number of shares held
outside
168 712 the Group (000) 173 421 167 708 3
Weighted average number of
shares in issue (000)
166 930 - basic 170 391 166 065 3
172 493 - diluted 177 608 171 398 4
Headline earnings per share
(cents)
522,0 - basic 376,2 272,5 38
505,2 - diluted 360,9 264,0 37
Earnings per share (cents)
473,3 - basic 374,9 273,6 37
458,1 - diluted 359,7 265,1 36
240 Distribution to shareholders 185 90 106
(cents)
90 - Interim (proposed) 185 90
150 - Final
14,0 Operating margin (%) 18,1 14,4 26
Balance sheet
Audited Reviewed Reviewed
31 August 28 February 29 February
2004 2005 2004
R million R million R million
ASSETS
645 Non-current assets 628 969
210 Property, plant and 216 210
equipment
- Goodwill - 44
165 Trademark 155 299
110 Investments 123 136
160 Deferred taxation 134 280
7 094 Current assets 7 599 6 649
784 Inventories 880 765
4 871 Trade and other 5 315 4 955
receivables (note 4)
34 Financial assets 18 37
77 Taxation 60 44
1 328 Bank balances and cash 1 326 848
7 739 Total assets 8 227 7 618
EQUITY AND LIABILITIES
Equity and reserves
1 903 Share capital and premium 1 973 1 826
(88) Treasury shares (26) (35)
137 Non-distributable reserve 138 124
1 803 Retained income 2 118 1 720
253 Shareholders for dividend 321 151
4 008 Shareholders` equity 4 524 3 786
1 487 Non-current liabilities 1 546 1 704
947 Interest bearing long term 926 1 130
liabilities
540 Deferred taxation 620 574
2 244 Current liabilities 2 157 2 128
1 787 Trade and other payables 1 688 1 686
(note 5)
362 Interest bearing 383 366
liabilities
8 Financial liabilities - 6
87 Taxation 86 70
- Bank overdraft - -
7 739 Total equity and liabilities 8 227 7 618
Directors` valuation of
110 unlisted investments 123 136
Capital expenditure
authorised
14 and contracted - -
Capital expenditure
authorised but
109 not yet contracted 96 32
1 149 Operating lease commitments 1 104 1 375
The Group has no other
material
commitments or contingent
liabilities.
2 330,1 Net asset value per share 2 592,7 2 240,5
(cents)
(0,5) Gearing ratio (net) (%) (0,4) 17,1
Cash flow statement
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 February 29 February
2004 2005 2004
R million R million R million
908 Cash flows from operating (95) 227
activities
1 453 Cash generated by trading 989 745
(38) Increase in working capital (675) (276)
1 415 Cash generated by operations 314 469
24 Investment income 21 6
(144) Finance costs - net (52) (77)
(123) Taxation paid (123) (58)
1 172 Cash available from 160 340
operating activities
(264) Dividends paid (255) (113)
(72) Cash flows from investing (39) (29)
activities
- Acquisition of Blake & (15) -
Associates
- Proceeds on disposal of 19 -
Mozambique operations
24 Proceeds on disposal of - -
BoConcept
13 Investment receipts 2 10
Proceeds on disposal of
property, plant
24 and equipment 8 8
Additions to property,
(133) plant and equipment (53) (47)
49 Cash flows from financing 132 207
activities
Proceeds on disposal of
treasury shares
77 by share incentive trusts 133 48
347 Long term bank borrowings 180 347
raised
(482) Long term bank borrowings (145) (331)
repaid
200 Finance lease liability - 200
raised
(93) Finance lease liabilities (36) (57)
repaid
Net increase in cash and
cash
885 equivalents (2) 405
Cash and cash equivalents at
443 beginning of period 1 328 443
Cash and cash equivalents at
1 328 end of period 1 326 848
133 Capital expenditure incurred 53 47
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 2004, which are compliant with South African Statements of
Generally Accepted Accounting Practice and International Financial Reporting
Standards.
This announcement was compiled in terms of AC 127/IAS 34 - Interim Reporting.
2. RECONCILIATION OF REVENUE TO OPERATING INCOME
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 February 29 February
2004 2005 2004
R million R million R million
9 056 Revenue 5 177 4 734
4 148 Cost of sales 2 420 2 164
661 Other direct operating 321 433
expenses
550 Administration and IT 277 296
333 Marketing 179 160
489 Occupancy 227 254
1 296 Employees 678 603
223 Transport and travel 109 111
25 Management fee 15 12
14 Amortisation - trademark 10 16
2 - goodwill - 1
- Loss on disposal of 5 -
Mozambique operations
50 Loss on disposal and closure - -
of BoConcept
1 265 Operating income 936 684
3. FINANCE COSTS - NET
Audited Reviewed Reviewed
31 August 28 February 29 February
2004 2005 2004
R million R million R million
202 Interest paid 86 94
(58) Interest received (34) (23)
Fair value losses/(gains) on
1 financial assets and 8 (3)
liabilities
145 60 68
4. TRADE AND OTHER RECEIVABLES
Audited Reviewed Reviewed
31 August 28 February 29 February
2004 2005 2004
R million R million R million
6 394 Instalment sale receivables 7 024 6 932
(note a)
(1 850) Less: Provisions (2 062) (2 259)
(917) Unearned finance charges (1 054) (1 000)
(482) Bad debts (501) (791)
(451) Other (note b) (507) (468)
4 544 Net instalment sale 4 962 4 673
receivables
327 Other receivables 353 282
4 871 Total accounts receivable 5 315 4 955
Provisions as a percentage
of
28,93% instalment sale receivables 29,36% 32,59%
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.
a. Classified as originated loans and receivables and carried at amortised cost.
b. 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
The directors consider the carrying amount of trade and other payables to
approximate their fair values.
The credit period of trade payables ranges between 30 and 90 days.
The following provisions are included in trade and other payables:
Raised Balance at Utilised Reviewed
at 31 August during 28 February
Raised on the acquisition 2004 current 2005
period
acquisition of R million R million R million R million
Profurn:
Retrenchment 43 14 1 13
costs
Closing of 30 4 - 4
facilities
Lease closure 134 61 29 32
costs
207 79 30 49
Raised Balance at Utilised Reviewed
on 31 August during 28 February
Raised on the closure 2004 current 2005
closure period
of Profurn R million R million R million R million
legacy stores:
Retrenchment 1 - - -
costs
Lease closure 8 8 3 5
costs
9 8 3 5
Audited Reviewed Reviewed
31 August 28 February 29 February
2004 2005 2004
R million Other provisions: R million R million
43 Leave pay 53 44
39 Annual bonus 10 10
82 63 54
6. DILUTED EARNINGS AND HEADLINE EARNINGS PER SHARE
The number of shares for diluted earnings purposes 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.
7. RELATED PARTIES
The Group entered into various transactions with related parties which occurred
under terms that are no less favourable than those arranged with independent
third parties.
Statement of changes in equity
Share Share Treasury
capital premium shares
R million R million R million
Balance at 31 August 2003
- restated 8 1 770 (39)
- as previously reported 8 1 770 (13)
Consolidation of share incentive (26)
trusts
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 8
shares
Profit on disposal of treasury shares (4)
transferred to retained income
Shares issued to share incentive 48 (48)
trusts
Proceeds on disposal of treasury 48
shares by share incentive trusts
Translation of foreign entities
Balance at 29 February 2004 8 1 818 (35)
At acquisition adjustment (5)
Income attributable to shareholders
Distributable to shareholders
Distributable to share incentive
trusts
Distributable to treasury shares
Paid to shareholders
Paid to share incentive trusts
Shares issued to share incentive 1 76 (77)
trusts
Proceeds on disposal of treasury 29
shares by share incentive trusts
Translation of foreign entities
Balance at 31 August 2004 9 1 894 (88)
Income attributable to shareholders
Distributable to shareholders
Paid to shareholders
Paid to share incentive trusts
Paid to treasury shares
Profit on disposal of treasury shares (1)
Shares issued to share incentive 70 (70)
trusts
Proceeds on disposal of treasury 133
shares by share incentive trusts
Translation of foreign entities
Balance at 28 February 2005 9 1 964 (26)
Statement of changes in equity
Non- Retained
distributable
reserves income
R million R million
Balance at 31 August 2003
- restated 127 1 415
- as previously reported 127 1 401
Consolidation of share incentive 14
trusts
Income attributable to shareholders 454
Distributable to shareholders (154)
Distributable to share incentive 1
trusts
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)
Balance at 29 February 2004 124 1 720
At acquisition adjustment
Income attributable to shareholders 336
Distributable to shareholders (261)
Distributable to share incentive 7
trusts
Distributable to treasury shares 1
Paid to shareholders
Paid to share incentive trusts
Shares issued to share incentive
trusts
Proceeds on disposal of treasury
shares by share incentive trusts
Translation of foreign entities 13
Balance at 31 August 2004 137 1 803
Income attributable to shareholders 639
Distributable to shareholders (327)
Paid to shareholders
Paid to share incentive trusts 3
Paid to treasury shares
Profit on disposal of treasury shares
Shares issued to share incentive
trusts
Proceeds on disposal of treasury
shares by share incentive trusts
Translation of foreign entities 1
Balance at 28 February 2005 138 2 118
Statement of changes in equity
Shareholders
for dividend Total
R million R million
Balance at 31 August 2003
- restated 111 3 392
- as previously reported 113 3 406
Consolidation of share incentive (2) (14)
trusts
Income attributable to shareholders 454
Distributable to shareholders 154 -
Distributable to share incentive (1) -
trusts
Paid to shareholders (115) (115)
Paid to share incentive trusts 2 2
Proceeds on disposal of treasury 8
shares
Profit on disposal of treasury shares -
transferred to retained income
Shares issued to share incentive -
trusts
Proceeds on disposal of treasury 48
shares by share incentive trusts
Translation of foreign entities (3)
Balance at 29 February 2004 151 3 786
At acquisition adjustment (5)
Income attributable to shareholders 336
Distributable to shareholders 261 -
Distributable to share incentive (7) -
trusts
Distributable to treasury shares (1) -
Paid to shareholders (155) (155)
Paid to share incentive trusts 4 4
Shares issued to share incentive -
trusts
Proceeds on disposal of treasury 29
shares by share incentive trusts
Translation of foreign entities 13
Balance at 31 August 2004 253 4 008
Income attributable to shareholders 639
Distributable to shareholders 327 -
Paid to shareholders (255) (255)
Paid to share incentive trusts (3) -
Paid to treasury shares (1) (1)
Profit on disposal of treasury shares (1)
Shares issued to share incentive -
trusts
Proceeds on disposal of treasury 133
shares by share incentive trusts
Translation of foreign entities 1
Balance at 28 February 2005 321 4 524
Segmental report - 6 months ended
28 February 2005
Joshua
Russells Doore
Revenue Rm 1 131 763
Operating income Rm 297 168
Depreciation Rm 1 1
Total assets Rm 1 539 1 078
Total current liabilities Rm 322 220
Capital expenditure Rm 2 1
Operating margin % 26,3 22,0
Total sale of merchandise Rm 688 454
Share of Group sale of % 19,3 12,8
merchandise
Credit sales Rm 523 338
Percentage of total % 76,0 74,4
Cash sales Rm 165 116
Percentage of total % 24,0 25,6
Deposit rate on credit sales % 13,3 15,7
Number of stores 199 147
Revenue per store R000 5 683 5 190
Retail square meterage 141 860 116 656
Revenue per square metre Rand 7 973 6 541
Number of employees 3 111 2 481
Revenue per employee R000 364 308
Instalment sale receivables - Rm 1 937 1 311
gross
Bad debts written off Rm 55 32
Bad debts written off as a
percentage of
gross receivables % 2,8 2,4
Receivables` arrears Rm 197 110
Receivables` arrears as a
percentage of
gross receivables % 10,2 8,4
Collection rate % 7,4 7,4
Average length of the book Months 13,5 13,5
Segmental report - 6 months ended
28 February 2005
Price Electric
Bradlows `n Pride Express Morkels
Revenue Rm 422 478 246 517
Operating income Rm 83 90 47 120
Depreciation Rm 1 1 - 1
Total assets Rm 600 760 313 717
Total current liabilities Rm 150 100 71 154
Capital expenditure Rm 1 1 - 2
Operating margin % 19,7 18,8 19,1 23,2
Total sale of merchandise Rm 283 253 153 329
Share of Group sale of % 8,0 7,1 4,3 9,2
merchandise
Credit sales Rm 207 231 99 265
Percentage of total % 73,1 91,3 64,7 80,5
Cash sales Rm 76 22 54 64
Percentage of total % 26,9 8,7 35,3 19,5
Deposit rate on credit sales % 19,3 12,9 19,8 12,7
Number of stores 86 118 116 116
Revenue per store R000 4 907 4 051 2 121 4 457
Retail square meterage 64 229 71 725 16 801 84 360
Revenue per square metre Rand 6 570 6 664 14 642 6 128
Number of employees 1 438 1 957 747 1 746
Revenue per employee R000 293 244 329 296
Instalment sale receivables - Rm 640 1 006 386 826
gross
Bad debts written off Rm 11 42 8 18
Bad debts written off as a
percentage of
gross receivables % 1,7 4,2 2,1 2,2
Receivables` arrears Rm 51 139 21 72
Receivables` arrears as a
percentage of
gross receivables % 8,0 13,8 5,4 8,7
Collection rate % 8,3 6,2 7,4 8,5
Average length of the book Months 12,0 16,1 13,5 11,8
Segmental report - 6 months ended
28 February 2005
Sub- Hi-Fi
Barnetts Other total Corp
Revenue Rm 403 68 4 028 1 024
Operating income Rm 121 (8) 918 133
Depreciation Rm - - 5 2
Total assets Rm 624 89 5 720 207
Total current liabilities Rm 84 14 1 115 109
Capital expenditure Rm 1 1 9 3
Operating margin % 30,0 (11,8) 22,8 13,0
Total sale of merchandise Rm 213 36 2 409 1 024
Share of Group sale of % 6,0 1,0 67,7 28,8
merchandise
Credit sales Rm 190 27 1 880
Percentage of total % 89,2 75,0 78,0
Cash sales Rm 23 9 529 1 024
Percentage of total % 10,8 25,0 22,0 100,0
Deposit rate on credit sales % 12,8 22,1 14,7
Number of stores 103 16 901 17
Revenue per store R000 3 913 4 250 4 471 60 235
Retail square meterage 57 674 12 129 565 434 28 606
Revenue per square metre Rand 6 988 5 606 7 124 35 797
Number of employees 1 738 412 13 630 1 480
Revenue per employee R000 232 165 296 692
Instalment sale receivables - Rm 776 141 7 023 1
gross
Bad debts written off Rm 23 12 201
Bad debts written off as a
percentage of
gross receivables % 3,0 8,5 2,9
Receivables` arrears Rm 74 46 710
Receivables` arrears as a
percentage of
gross receivables % 9,5 32,6 10,1
Collection rate % 6,7 8,1 7,4
Average length of the book Months 14,9 12,3 13,5
Segmental report - 6 months
ended 28 February 2005
Abra Corporate Group
Revenue Rm 125 5 177
Operating income Rm (5) (110) 936
Depreciation Rm 1 34 42
Total assets Rm 50 2 250 8 227
Total current liabilities Rm 38 895 2 157
Capital expenditure Rm 1 40 53
Operating margin % (4,0) 18,1
Total sale of merchandise Rm 124 3 557
Share of Group sale of % 3,5 100,0
merchandise
Credit sales Rm 1 880
Percentage of total % 52,9
Cash sales Rm 124 1 677
Percentage of total % 100,0 47,1
Deposit rate on credit sales % 14,7
Number of stores 41 959
Revenue per store R000 3 049 5 398
Retail square meterage 35 398 629 438
Revenue per square metre Rand 3 531 8 225
Number of employees 500 510 16 120
Revenue per employee R000 250 321
Instalment sale receivables - Rm 7 024
gross
Bad debts written off Rm 201
Bad debts written off as a
percentage of
gross receivables % 2,9
Receivables` arrears Rm 710
Receivables` arrears as a
percentage of
gross receivables % 10,1
Collection rate % 7,4
Average length of the book Months 13,5
Segmental report - 6 months
ended 29 February 2004
Joshua
Russells Doore
Revenue Rm 968 721
Operating income Rm 223 146
Depreciation Rm 1 1
Total assets Rm 1 444 1 079
Total current liabilities Rm 248 196
Capital expenditure Rm 1 1
Operating margin % 23,0 20,2
Total sale of merchandise Rm 566 421
Share of Group sale of % 17,7 13,1
merchandise
Credit sales Rm 439 316
Percentage of total % 77,6 75,1
Cash sales Rm 127 105
Percentage of total % 22,4 24,9
Deposit rate on credit sales % 14,0 16,2
Number of stores 199 151
Revenue per store R000 4 864 4 775
Retail square meterage 139 809 118 798
Revenue per square metre Rand 6 924 6 069
Number of employees 3 038 2 450
Revenue per employee R000 319 294
Instalment sale receivables - Rm 1 816 1 302
gross
Bad debts written off Rm 54 37
Bad debts written off as a
percentage of
gross receivables % 3,0 2,8
Receivables` arrears Rm 287 156
Receivables` arrears as a
percentage of
gross receivables % 15,8 12,0
Collection rate % 6,8 6,9
Average length of the book Months 14,7 14,5
Segmental report - 6 months ended
29 February 2004
Price Electric
Bradlows `n Pride Express Morkels
Revenue Rm 368 413 217 488
Operating income Rm 72 78 43 105
Depreciation Rm 1 1 - 1
Total assets Rm 539 730 292 654
Total current liabilities Rm 115 91 62 123
Capital expenditure Rm 1 1 1
Operating margin % 19,6 18,9 19,8 21,5
Total sale of merchandise Rm 237 215 130 293
Share of Group sale of % 7,4 6,7 4,1 9,2
merchandise
Credit sales Rm 181 199 89 217
Percentage of total % 76,4 92,6 68,5 74,1
Cash sales Rm 56 16 41 76
Percentage of total % 23,6 7,4 31,5 25,9
Deposit rate on credit sales % 18,3 14,2 17,4 13,5
Number of stores 86 117 113 122
Revenue per store R000 4 279 3 530 1 920 4 000
Retail square meterage 64 023 69 726 16 676 88 316
Revenue per square metre Rand 5 748 5 923 13 013 5 526
Number of employees 1 402 1 932 718 1 740
Revenue per employee R000 262 214 302 280
Instalment sale receivables - Rm 596 924 354 919
gross
Bad debts written off Rm 12 40 6 30
Bad debts written off as a
percentage of
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