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The House Of Busby Limited - Reviewed results for the year ended 30 June 2005
THE HOUSE OF BUSBY LIMITED
Incorporated in the Republic of South Africa
Registration Number: 1997/009173/06
Share code: BSB
ISIN: ZAE000013637
Reviewed results for the year ended 30 June 2005
- Headline earnings per share up 102%
- Net income before tax up 111%
Summarised consolidated income statement
Reviewed Audited
Year Year
ended ended
30 June 30 June
2005 2004 Change
R`000 R`000 %
Revenue 563 313 429 368 31
Operating income before foreign
exchange profit/(loss) 62 627 42 769 46
Profit/(loss) on foreign exchange 6 648 (8 951)
Operating income before depreciation
and amortisation of intangibles 69 275 33 818 105
Depreciation 14 293 8 128
Amortisation of intangibles 6 968 2 332
Operating income before net
finance charges 48 014 23 358
Net finance cost 3 979 2 513
Interest received 713 243
Interest paid (4 692) (2 756)
Net income before taxation 44 035 20 845 111
Taxation 11 404 7 203
Net income after taxation 32 631 13 642 139
Attributable to minorities 73 12
Net income atributable to ordinary
shareholders 32 558 13 630 139
Weighted average number of shares
in issue (`000) (net of treasury
shares) 56 470 58 544
Headline earning per share (cents) 65,50 32,45 102
Earning per share (cent) 57,66 23,28 147
Summarised consolidated balance sheet
Reviewed Audited
30 June 30 June
2005 2004
R`000 R`000
ASSETS
Non-current assets 70 523 75 189
Property, plant and equipment 38 843 37 516
Intangible assets 8 623 15 591
Minority interest 12 045 12 119
Deferred taxation 11 012 9 963
Current assets 272 429 206 385
Inventories 169 534 117 258
Trade and other receivables 93 266 69 609
Bank balances and cash 9 629 19 518
Total assets 342 952 281 574
EQUITY AND LIABILITIES
Shareholders` funds 197 678 197 755
Overdraft and interest-bearing debt 55 956 25 073
Current Liabilites 89 318 58 746
Total equity and liabilities 342 952 281 574
Number of shares in issue (`000)
(net of treasury shares) 50 366 57 799
Net asset value per share (cents) 392 342
Net tangible asset value per share
(cents) 375 315
Reconciliation of headline earnings
Reviewed Audited
Year ended Year ended
30 June 30 June
2005 2004
R`000 R`000
Net Income attributable to ordinary
shareholders 32 558 13 630
Loss on discontinuing operations - 3 198
Loss on disposal of property,
plant and equipment 2 017 -
Impairment of property, plant and
equipment 1 595 1 004
Impairment of goodwill 819 -
Amortisation of goodwill - 1 166
Headline earnings 36 989 18 998
Segmental analysis
Revenue Revenue EBITDA EBITDA NAV NAV
% % % % % %
2005 2004 2005 2004 2005 2004
Distribution 55 62 57 62 69 75
Retail 45 38 43 38 31 25
100 100 100 100 100 100
Summarised statement of changes in equity
Non-
distri- Accu-
Share Share butable mulated
capital premium reserves profits Total
R`000 R`000 R`000 R`000 R`000
Balances at
30 June 2003 59 105 496 13 987 69 111 188 653
Shares
repurchased (1) (2 322) (2 323)
Dividends paid (2 435) (2 435)
Currency
translation
differences 230 230
Net income
attributable
to ordinary
shareholders 13 630 13 630
Balances at
30 June 2004 58 103 174 14 217 80 306 197 755
Shares
repurchased (7) (29 408) (29 415)
Dividends paid (2 972) (2 972)
Currency
translation
differences (248) (248)
Net income
attributable
to ordinary
shareholders 32 558 32 558
Balance at
30 June 2005 51 73 766 13 969 109 892 197 678
Summarised consolidated cash flow statement
Reviewed Audited
Year ended Year ended
30 June 30 June
2005 2004
R`000 R`000
Cash generated from operations 20 001 30 803
Net finance cost (3 979) (2 513)
Dividend paid (2 972) (2 435)
Taxation paid (5 533) (3 162)
Cash flows from operating activities 7 517 22 693
Cash flows from investing activites (18 874) (13 634)
Cash flows from financing activities (29 415) (2 323)
(Decrease)/increase in cash and cash
equivalents (40 772) 6 736
Cash and cash equivalents at the
beginning of year (5 555) (12 291)
Cash and cash equivalents at the
end of year (46 327) (5 555)
COMMENTS
The board of directors present the results for the 2005 financial year end. The
group was able to captialise on the new trends emerging in the retail
environment and the group feels that it`s brand portfolio will continue to
perform.
Margins remain under pressure, but the increased throughput has offset this. In
order to remain competitive the group has looked at how it operates in order to
streamline operations and to ensure that it achieves maximum benefit from the
increased scale.
The unit-sales growth was far in excess of the revenue growth. This put pressure
on the group`s existing infrastructure, necessitating it to lease a 10 000 sq m
facility in Germiston. This, together with the efficiency drive, has lead to an
increased investment in IT systems which will continue into the 2006 financial
year.
The increase in working capital levels are a direct consequence of the
increased activity that the group is experiencing.
The Australian operations of the group reached a milestone. For the first time
these operations have delivered profit on an operational level.
During the year the group undertook an asset audit resulting in a re-assessment
of the useful life and depreciation rate of both intangible and tangible assets.
It was decided to move from a reducing line basis to a straight line basis in
order to better reflect the usage of assets.
The rand`s relative strength and stability, coupled with the Australian dollar
strength, enabled the group to generate a profit from foreign currency
transactions.
In the latter part of the financial year, the group embarked on a share buy-back
program. 7,4 million shares were bought back at an average price of R3,98. 1,63
million were cancelled with the remaining shares housed in a subsidiary company.
This utilised R29,4 million of group resources. Together with the dividend of
R2,9 million, the group returned R32,4 million to shareholders. The debt-to-
equity ratio is still conservative and we are confident that we are well placed
for future growth.
COMMITMENTS
The group has operating lease commitments of R37,2 million (2004: R32,9 million)
in the next 12 months and R52,2 million (2004: R32,4 million) thereafter.
The group continues to trade favourably subsequent to the year end.
DIVIDEND
Notice is hereby given that a final dividend of 7,5 cents (2004: 5 cents) a
share has been declared. Shareholders are advised that the last date to trade
`cum` dividend will be Friday, 28 October 2005. The shares will trade `ex`
dividend as from Monday, 31 October 2005.
The record date is set as Friday, 4 November 2005 and the dividend will be
payable on Monday, 7 November 2005. Share certificates may not be dematerialised
or rematerialized between Monday, 31 October and Friday, 4 November 2005 (both
days inclusive).
ACCOUNTING POLICIES
The same accounting policies and methods of computation have been used in the
preparation of these preliminary financial statements as were used in the annual
financial statements for the year ended 30 June 2004 other than accounting for
goodwill, which is no longer amortised but is tested for impairment annually.
The accounting policies comply with South African Standards of Generally
Accepted Accounting Practice.
The application of circular 7/2005 issued by the South African Institute of
Chartered Accountants dealing with operating leases has not had a material
effect on the results.
REVIEW OPINION
The results have been reviewed by the group`s auditors, PKF (Jhb) Inc., and
their unqualified review opinion is available for inspection at the company`s
registered office.
On behalf of the board of directors.
K L Brouze Johannesburg
Chief Executive Officer 21 September 2005
TRANSFER SECRETARIES: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg 2001. PO Box 61051, Marshalltown 2107
REGISTERED OFFICE: 11 Height Street, Doornfontein 2094.
PO 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, Shawn Lashansky Financial director, Selwyn Moss
Managing director - Eyewear, Steven Stein Independent - Non-executive director.
Date: 21/09/2005 03:02:28 PM
Produced by the JSE SENS Department
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