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JD Group Limited - Profit Announcement And Dividend Declaration
JD Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009108/06)
ISIN: ZAE000030771
JSE code: JDG
("JD" or "JD Group" or "the Group")
PROFIT ANNOUNCEMENT AND DIVIDEND DECLARATION
for the year ended 31 August 2005
Benefiting from the changing face of South Africa
Financial highlights
* Revenue up by 10% to R9,9 billion (2004: R9,1 billion)
* Total sale of merchandise increased by 10% to R6,8 billion (2004: R6,1
billion). Real growth of 15%
* Operating income up by 40% to R1,8 billion (2004: R1,3 billion)
* Operating margin improves from 13,9% to 17,7%
* Headline earnings increased by 40% to R1,2 billion (2004: R865 million)
* Headline earnings per share up by 36% to 704,7 cents (2004: 518,5 cents)
* Distribution to shareholders increased by 47% to 352 cents (2004: 240 cents)
* Arrears percentage declined to 8,6% (2004: 12,5%)
* Very strong cash flow - no gearing
Operating environment
Much has been said about the buoyancy in the retail market. Growth in disposable
income resulting from low interest rates and hardly any inflation have provided
a very strong tailwind in consumer spending. This is reflected in company
results across the board. The question is just how robust and for how long this
tailwind will persist. Current trends suggest a drop off in velocity but if the
momentum persists we would be more than satisfied. Trading post year end in our
credit chains is ahead of expectations, while Hi-Fi Corporation, faced with
price deflation of 9%, continues to match year on year sales. It is most
gratifying to note the increased number of new customers being served by our
chains.
There is nothing to suggest that the consumer is over extended. In fact, the
performance of our receivables (as illustrated in the segmental analysis) shows
the very opposite. Gross receivables have grown by R570 million, accounting
largely for the increase in working capital. This growth in receivables is
despite arrears falling below 9% and the unprecedented high collection rates.
Bad debts written off were in line with budget.
It is all too often suggested that, given the quality of our receivables, we
should consider taking on more risk by reducing our credit granting criteria. We
remain committed to providing credit to the consumer in a responsible manner and
this will remain the cornerstone to the way we do business regard being had to
the provisions of the new National Credit Bill.
JD is now three years into its strategy of differentiation between brands. This
strategy is gaining momentum. The next few years will focus on our people"s
differentiation, where the culture of each chain becomes entrenched in the
people employed by the respective brands. This Group has never been more focused
and determined to unlock the potential of its people. It is only through the
development of our people that we can hope to better serve our target market.
Much value is still to be unlocked as we continue to travel this journey of
differentiation. The Group is committed to the renovation of at least 20% of its
store base on an annual basis. This will require us to set aside in the region
of R60 million per annum for the next four years.
Financial overview
Revenue increased by 10% to R9,9 billion (2004: R9,1 billion), with the sale of
merchandise rising by 10% to R6,8 billion (2004: R6,1 billion). The increase in
sales represents like-on-like growth of 12%. Sale of merchandise constituted 68%
of total revenue (2004: 68%), with the balance being finance charges, financial
and other services.
Southern African revenue contributed 98% of total revenue (2004: 97%). Abra"s
revenue increased by 9% in zloty terms.
Credit sales accounted for 51,1% of total merchandise sales (2004: 50,4%). The
credit chains increased their sale of merchandise by 13,3%.
The Group"s overall average product margin reduced slightly to 31,6% (2004:
32,3%) mainly due to lower margins achieved by Hi-Fi Corporation. Our credit
chains increased their product margin by 0,1%. Stock markdowns of R40 million
(2004: R49 million) were incurred as a result of product deflation. Retail
prices of electrical goods declined by 7% 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 2,5% was experienced for the year under review and
overall deflation was 4,1%.
Finance charges earned remained the same as last year at R1,454 billion in the
declining interest rate environment. Financial services, which include all the
Group"s insurance offerings, increased by 15% to R1,258 billion.
Operating expenses declined by 1% to R3,442 billion on the back of synergistic
savings.
Operating income grew by 40% to R1,760 billion with the operating margin
improving to 17,7% from 13,9%.
Headline earnings increased to R1,214 billion (2004: R865 million). Basic
headline earnings per share rose by 36% to 704,7 cents (2004: 518,5 cents).
Net instalment sale receivables grew by 10,2% to R5,008 billion. Total
provisions as a percentage of gross instalment sale receivables stand at 28,1%
(2004: 28,9%). The Group continues to insure its South African instalment sale
receivables.
Bad debts written off decreased from 10,4% to 6,4% of gross receivables. Arrears
represented 8,6% of gross receivables, down from 12,5% the previous year. It is
significant to note that the rand amount of arrears reduced from R798 million to
R600 million year on year. The average length of the book has reduced to 13,5
months from 14,3 months in the previous year.
Inventories increased by 10,6% on the previous year, in line with the
anticipated growth in the sale of merchandise.
The Group currently has no net gearing (2004: nil). Cash generated by trading
increased to R1,869 billion (2004: R1,453 billion). Working capital cash
requirements increased from R38 million to R543 million with the increase in the
instalment sale receivables accounting for the bulk of this increase.
Operational overview
The Group now administers over 1,74 million current customer accounts. During
the year, 90 stores were renovated, 13 stores closed and 24 new stores opened,
bringing our total store base to 963. In addition, 25 stores were relocated.
Included in store closures are the seven stores in Mozambique that were disposed
of in February 2005.
IFRS 2 Share-based payment
The Group is required to adopt this accounting standard during the next
financial year. At this time we have assessed the fair values of options granted
to participating employees on or after 7 November 2002.
The income statement expense before taxation is as follows for the year ends
indicated:
31 August 2003 R3,5 million
31 August 2004 R19,9 million
31 August 2005 R31,2 million
On the assumption that there are no resignations or withdrawals during the next
financial year, the expense before taxation is estimated at R32,5 million.
Legislative environment
The National Credit Bill was approved by Parliament on 13 October 2005. However,
the regulations are still to be determined. There is no doubt that this new bill
will require changes to our information technology software. While much has been
said about the bill"s intention to protect the consumer from over indebtedness,
no responsible corporate providing credit has ever done so with the intention of
overburdening the consumer. The bill seeks to eliminate this process, which in
itself should have no negative impact on business. Compliance with the new bill
will most certainly add to our costs.
Connection Group
The acquisition of the Connection Group, announced just prior to the year end
and subject to approval by the competition authorities, will give the Group
access to this fast growing segment of the local retail market. The net cash
consideration is estimated at R420 million and is included in capital
expenditure authorised but not yet contracted.
Connection Group retails computer hardware, software and photographic equipment
through 34 Incredible Connection and 27 Photo Connection stores. The Connection
Group has the potential to double its store base and will assist the Group in
expanding its product offering in the other chains.
Abra
Abra increased its store base to 41 during the year. The Polish economy is
showing signs of recovery and we are delighted to report a marked improvement in
business. There is every indication that the forthcoming financial year will
provide us with the long awaited turnaround.
Maravedi
May 2005 saw the formation of a new financial services group, Maravedi, with the
participation of Absa Bank and Thebe Investment Corporation. Maravedi will
provide the mass market with improved access to financial products. This venture
is still in the test phase with a roll out now having been expanded to 51
outlets.
Blake & Associates
The Group holds a 27,5% stake in Blake & Associates, a company with
comprehensive debtors management capabilities. Blake & Associates has a 1 000
seat call centre near Durban using the latest technology and software developed
for its own use. This scalable platform augments JD Group"s direct marketing
initiatives to both existing and new customer bases.
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 Limited"s Listings
Requirements.
Triple bottom line
The Group is committed to supporting HIV and Aids interventions, sound labour
relations, enhanced skills training and the development of our people to their
full potential. Black economic empowerment in our South African communities
remains an integral part of our strategy.
Prospects
The ongoing challenge for South Africa is to sustain an increased growth rate.
There is no doubt that the political will exists to help achieve the targeted
growth rate. However, the ultimate long term stability of our democracy will
stand or fall on the creation of jobs and the alleviation of poverty.
Government"s ability to spend the allocated funds for infrastructural
development will influence job creation. We have every confidence that delivery
will gain momentum as we get closer to 2010. There is cause for optimism and the
next few years should provide an environment conducive to above average growth
for the Group.
For and on behalf of the board
I David Sussman Mias Strauss Gerald Volkel
Executive chairman Chief executive officer Financial director
Johannesburg
3 November 2005
Declaration of dividend number 44
The directors have declared a final dividend of 167 cents per share (2004:150
cents per share) for the financial year ended 31 August 2005.
In accordance with the settlement procedures of STRATE, the following dates will
apply to the final dividend:
Last day to trade cum dividend Friday, 2 December 2005
Trading ex dividend commences Monday, 5 December 2005
Record date Friday, 9 December 2005
Dividend payment date Monday, 12 December 2005
Share certificates may not be dematerialised or rematerialised between Monday, 5
December 2005 and Friday, 9 December 2005, both days inclusive.
Audit opinion of the independent auditors
The annual financial statements for the year ended 31 August 2005 have been
audited by Deloitte & Touche and their accompanying unqualified audit report, as
well as the unqualified audit report on these summarised financial statements,
are available for inspection at the Company"s registered office.
These summarised financial statements have been derived from the Group"s annual
financial statements and are consistent in all material respects with the
Group"s annual financial statements.
Cash flow statement
Audited Audited
Year ended Year ended
31 August 31 August
2005 2004
R million R million
Cash flows from operating activities 390 908
Cash generated by trading 1 869 1 453
Increase in working capital (543) (38)
Cash generated by operations 1 326 1 415
Investment income 53 24
Finance costs - net (119) (144)
Taxation paid (292) (123)
Cash available from operating 968 1 172
activities
Dividends paid (578) (264)
Cash flows from investing activities (118) (72)
Acquisition of Blake & Associates (15) -
Proceeds on disposal of Mozambique 19 -
operations
Proceeds on disposal of BoConcept - 24
Investment and loan receipts - 13
Proceeds on disposal of property, 16 24
plant and equipment
Additions to property, plant and (138) (133)
equipment
Cash flows from financing activities (16) 49
Proceeds on disposal of treasury 166 77
shares by share incentive trusts
Long term bank borrowings raised 180 347
Long term bank borrowings repaid (292) (482)
Finance lease liabilities raised - 200
Finance lease liabilities repaid (70) (93)
Net increase in cash and cash 256 885
equivalents
Cash and cash equivalents at 1 328 443
beginning of year
Cash and cash equivalents at end of 1 584 1 328
year
Capital expenditure incurred 138 133
Income statement
Restated*
Audited Audited
Year ended Year ended
31 August 31 August Change
2005 2004
R million R million %
Sale of merchandise 6 763 6 131 10
Finance charges earned 1 454 1 454 -
Financial services 1 258 1 095 15
Other services 458 376 22
Revenue 9 933 9 056 10
Cost of sales 4 623 4 148 11
Operating expenses before the 3 442 3 465 (1)
following:
Depreciation 91 94 (3)
Amortisation
Goodwill - 2 -
Trademark 20 14 43
Loss on disposal of Mozambique 5 - -
operations
Loss on disposal and closure of - 50 -
BoConcept
Loss on closure of Profurn legacy - 34 -
stores
Surplus on disposal of property, (8) (7) 14
plant and equipment
Operating income (note 3) 1 760 1 256 40
Investment income (53) (24) 121
Finance costs - net (note 4) 142 145 (2)
Share of profit of associate (1) - -
Income before taxation 1 672 1 135 47
Taxation 457 351 30
Income attributable to shareholders 1 215 784 55
Reconciliation of headline earnings
Income attributable to shareholders 1 215 784
Goodwill amortised - 2
Loss on disposal of Mozambique 5 -
operations
Loss on disposal and closure of - 50
BoConcept
Loss on closure of Profurn legacy - 34
stores
Surplus on disposal of property, (8) (7)
plant and equipment
Taxation thereon 2 2
Headline earnings 1 214 865 40
Number of shares in issue (000) 175 500 172 000 2
Treasury shares held (000) 587 3 288 -
Number of shares held outside the 174 913 168 712 4
Group (000)
Weighted average number of shares in
issue (000)
- basic 172 221 166 930 3
- diluted (note 7) 178 826 172 493 4
Headline earnings per share (cents)
- basic 704,7 518,5 36
- diluted (note 7) 678,6 501,8 35
- 2004 basic as previously stated 522,0
- 2004 diluted as previously 505,2
stated
Earnings per share (cents)
- basic 705,3 469,9 50
- diluted (note 7) 679,2 454,7 49
- 2004 basic as previously stated 473,3
- 2004 diluted as previously 458,1
stated
Distribution to shareholders (cents) 352 240 47
- Interim 185 90
- Final 167 150
Operating margin 17,7% 13,9% 27
* Prior year figures have been restated to reflect the change in the method of
recognising operating lease costs. Refer note 2.
Balance sheet
Restated*
Audited Audited
31 August 31 August
2005 2004
R million R million
Assets
Non-current assets 637 645
Property, plant and equipment 250 210
Trademark 145 165
Investments and loans 126 110
Deferred taxation 116 160
Current assets 7 778 7 094
Inventories 867 784
Trade and other receivables (note 5 259 4 871
5)
Financial assets 1 34
Taxation 67 77
Bank balances and cash 1 584 1 328
Total assets 8 415 7 739
Equity and liabilities
Equity and reserves
Share capital and premium 1 995 1 903
Treasury shares (15) (88)
Non-distributable reserves 138 137
Retained income 2 344 1 746
Shareholders for dividend 292 253
Shareholders" equity 4 754 3 951
Non current liabilities 1 528 1 537
Interest bearing long term 810 947
liabilities
Non interest bearing long term 66 75
liability
Deferred taxation 652 515
Current liabilities 2 133 2 251
Trade and other payables (note 6) 1 768 1 794
Interest bearing liabilities 317 362
Financial liabilities - 8
Taxation 48 87
Total equity and liabilities 8 415 7 739
Directors" valuation of unlisted 126 110
investments
Capital expenditure authorised and 75 14
contracted
Capital expenditure authorised but 577 109
not yet contracted
Operating lease commitments 1 035 1 149
The Group has no other material
commitments or significant
contingent liabilities
Net asset value per share (cents) 2 708,8 2 297,0
Gearing ratio (net) (9,6) (0,5)
Notes
1. Accounting policies
The accounting policies used in the preparation of the profit announcement are
consistent with those applied in the previous financial year ended 31 August
2004, except as indicated below, and are compliant with International Financial
Reporting Standards applicable to interim financial reporting.
During the year under review the Group adopted the following revised accounting
statements: IAS 36: Impairment of Assets, IAS 38: Intangible Assets and IFRS 3:
Business Combinations. The impact of the adoption of the revised accounting
statements on the Group has been immaterial.
2. Restatement of prior year figures
The Group previously accounted for operating lease expenses as and when
incurred. In terms of circular 7/2005 issued by the South African Institute of
Chartered Accountants, the Group now accounts for operating lease expenses on a
straight line basis over the period of the lease. The prior year figures have
been restated to reflect this change as follows:
Balance as Operating
previously lease Balance as
stated restatement restated
R million R million R million
Reserves
Prior year opening balance 1 415 (51) 1 364
Income statement: prior year
Income before taxation 1 144 (9) 1 135
Taxation 354 (3) 351
Income attributable to 790 (6) 784
shareholders
Balance sheet: prior year
Retained income 1 803 (57) 1 746
Non interest bearing long term - 75 75
liability
Deferred taxation liabilities 540 (25) 515
Trade and other payables 1 787 7 1 794
There was no impact on the cash flow in respect of the restatement.
Amounts included in the segmental analysis have been adjusted accordingly. The
impact on the current year is an expense of R1 million before taxation.
Restated
Audited Audited
Year ended Year ended
31 August 31 August
2005 2004
R million R million
3. Reconciliation of revenue to operating
income
Revenue 9 933 9 056
Cost of sales 4 623 4 148
Other direct operating expenses 571 661
Administration and IT 566 550
Marketing 342 333
Occupancy 458 498
Employees 1 338 1 296
Transport and travel 221 223
Management fee 29 25
Amortisation of trademark 20 14
Amortisation of goodwill - 2
Loss on disposal of Mozambique operations 5 -
Loss on disposal and closure of BoConcept - 50
Operating income 1 760 1 256
4. Finance costs - net
Finance costs
Interest paid 174 202
Fair value losses on financial instruments 31 5
205 207
Finance income
Interest received (55) (58)
Fair value gains on financial instruments (8) (4)
(63) (62)
Finance costs - net 142 145
Restated
Audited Audited
31 August 31 August
2005 2004
R million R million
5. Trade and other receivables
Instalment sale receivables (note a) 6 964 6 394
Less: Provisions (1 956) (1 850)
Unearned finance charges (1 008) (917)
Bad debts (401) (482)
Other (note b) (547) (451)
Net instalment sale receivables 5 008 4 544
Other receivables 251 327
Total trade and other receivables 5 259 4 871
Provisions as a percentage of instalment sale 28,1% 28,9%
receivables
In accordance with industry norms, amounts due from instalment sale receivables
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 extended guarantees, unearned club and insurance
provisions.
Bank borrowings are secured by a negative pledge of instalment sale receivables.
6. 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 Audited
at 31 August during 31 August
Raised on the acquisition 2004 current 2005
year
acquisition of Profurn: R million R million R million R million
Retrenchment costs 43 14 1 13
Closing of facilities 30 4 - 4
Lease closure costs 134 61 36 25
207 79 37 42
Raised Balance at Utilised Audited
on 31 August during 31 August
Raised on the closure closure 2004 current 2005
year
of Profurn legacy stores: R million R million R million R million
Retrenchment costs 1 - - -
Lease closure costs 8 8 7 1
9 8 7 1
Audited Audited
31 August 31 August
2005 2004
Other provisions: R million R million
Leave pay 51 43
Annual bonus 40 39
91 82
7. 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.
8. 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.
9. Subsequent events
No significant events, except for the Connection Group acquisition referred to
above, have occurred in the period between the year end and the date of this
report.
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 (39)
- restatement for operating lease
costs
At acquisition adjustment (5)
Income attributable to shareholders
Distributable to shareholders
Distributable to share incentive
trusts
Distributable to treasury shares
Paid to shareholders - 22 December
2003
Paid to share incentive trusts - 22
December 2003
Paid to shareholders - 14 June 2004
Paid to share incentive trusts - 14
June 2004
Proceeds on disposal of treasury 8
shares
Profit on disposal of treasury (4)
shares transferred to retained
income
Shares issued to share incentive 1 124 (125)
trusts
Proceeds on disposal of treasury 77
shares by share incentive trusts
Translation of foreign entities
Balance at 31 August 2004
- restated 9 1 894 (88)
- as previously reported 9 1 894 (88)
- restatement for operating lease
costs
Income attributable to shareholders
Distributable to shareholders
Distributable to share incentive
trusts
Paid to shareholders - 20 December
2004
Paid to share incentive trusts - 20
December 2004
Paid to treasury shares - 20
December 2004
Paid to shareholders - 13 June 2005
Paid to share incentive trusts - 13
June 2005
Shares issued to share incentive 92 (92)
trusts
Proceeds on disposal of treasury 166
shares by share incentive trusts
Profit on disposal of treasury (1)
shares included in attributable
income
Translation of foreign entities
Balance at 31 August 2005 9 1 986 (15)
Non- Retained
distributable
reserves income
R million R million
Balance at 31 August 2003
- restated 127 1 364
- as previously reported 127 1 415
- restatement for operating lease costs (51)
At acquisition adjustment
Income attributable to shareholders 784
Distributable to shareholders (415)
Distributable to share incentive trusts 8
Distributable to treasury shares 1
Paid to shareholders - 22 December 2003
Paid to share incentive trusts - 22
December 2003
Paid to shareholders - 14 June 2004
Paid to share incentive trusts - 14 June
2004
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 10
Balance at 31 August 2004
- restated 137 1 746
- as previously reported 137 1 803
- restatement for operating lease costs (57)
Income attributable to shareholders 1 215
Distributable to shareholders (619)
Distributable to share incentive trusts 2
Paid to shareholders - 20 December 2004
Paid to share incentive trusts - 20
December 2004
Paid to treasury shares - 20 December
2004
Paid to shareholders - 13 June 2005
Paid to share incentive trusts - 13 June
2005
Shares issued to share incentive trusts
Proceeds on disposal of treasury shares
by share incentive trusts
Profit on disposal of treasury shares
included in attributable income
Translation of foreign entities 1
Balance at 31 August 2005 138 2 344
Shareholders
for dividend Total
R million R million
Balance at 31 August 2003
- restated 111 3 341
- as previously reported 111 3 392
- restatement for operating lease costs (51)
At acquisition adjustment (5)
Income attributable to shareholders 784
Distributable to shareholders 415 -
Distributable to share incentive trusts (8) -
Distributable to treasury shares (1) -
Paid to shareholders - 22 December 2003 (115) (115)
Paid to share incentive trusts - 22 2 2
December 2003
Paid to shareholders - 14 June 2004 (155) (155)
Paid to share incentive trusts - 14 June 4 4
2004
Proceeds on disposal of treasury shares 8
Profit on disposal of treasury shares -
transferred to retained income
Shares issued to share incentive trusts -
Proceeds on disposal of treasury shares 77
by share incentive trusts
Translation of foreign entities 10
Balance at 31 August 2004
- restated 253 3 951
- as previously reported 253 4 008
- restatement for operating lease costs (57)
Income attributable to shareholders 1 215
Distributable to shareholders 619 -
Distributable to share incentive trusts (2) -
Paid to shareholders - 20 December 2004 (260) (260)
Paid to share incentive trusts - 20 3 3
December 2004
Paid to treasury shares - 20 December 1 1
2004
Paid to shareholders - 13 June 2005 (325) (325)
Paid to share incentive trusts - 13 June 3 3
2005
Shares issued to share incentive trusts -
Proceeds on disposal of treasury shares 166
by share incentive trusts
Profit on disposal of treasury shares (1)
included in attributable income
Translation of foreign entities 1
Balance at 31 August 2005 292 4 754
Segmental analysis
Russells Joshua
Doore
2005
2004 - restated 2005 2004 2005 2004
Revenue Rm 2 179 1 877 1 481 1 353
Operating income Rm 560 469 322 274
Depreciation Rm 2 2 1 2
Total assets Rm 1 542 1 379 1 100 977
Total current liabilities Rm 308 257 243 198
Capital expenditure Rm 2 2 2 2
Operating margin % 25,7 25,0 21,7 20,3
Total sale of
merchandise Rm 1 307 1 099 870 788
Share of Group sale
of merchandise % 19,3 17,9 12,9 12,9
Credit sales Rm 968 841 643 576
Percentage of total sales % 74,1 76,5 73,9 73,1
Cash sales Rm 339 258 227 212
Percentage of total sales % 25,9 23,5 26,1 26,9
Deposit rate on
credit sales % 13,8 14,2 15,6 17,2
Number of stores 199 199 147 146
Revenue per store R 000 10 950 9 432 10 075 9 267
Retail square meterage 140 811 141 860 114 065 115 712
Revenue per square metre Rand 15 475 13 231 12 984 11 693
Number of employees 3 207 3 109 2 518 2 471
Revenue per employee R 000 679 604 588 548
Instalment sale
receivables - gross Rm 1 933 1 730 1 321 1 176
Bad debts written off Rm 118 113 76 79
Bad debts written off
as a percentage of
gross receivables % 6,1 6,5 5,7 6,7
Receivables" arrears Rm 169 227 93 116
Receivables" arrears
as a percentage of
gross receivables % 8,7 13,1 7,0 9,9
Collection rate % 7,4 7,0 7,4 7,1
Average length
of the book Months 13,5 14,3 13,5 14,1
Segmental analysis
Bradlows Price "n
Pride
2005
2004 - restated 2005 2004 2005 2004
Revenue Rm 806 702 913 788
Operating income Rm 145 123 180 153
Depreciation Rm 1 1 1 1
Total assets Rm 583 517 754 699
Total current liabilities Rm 128 116 108 87
Capital expenditure Rm 1 1 2 1
Operating margin % 18,0 17,5 19,7 19,4
Total sale of
merchandise Rm 538 454 474 405
Share of Group sale
of merchandise % 8,0 7,4 7,0 6,6
Credit sales Rm 391 342 431 372
Percentage of total sales % 72,7 75,3 90,9 91,9
Cash sales Rm 147 112 43 33
Percentage of total sales % 27,3 24,7 9,1 8,1
Deposit rate on
credit sales % 19,1 18,8 12,8 13,8
Number of stores 87 84 119 118
Revenue per store R 000 9 264 8 357 7 672 6 678
Retail square meterage 64 965 63 131 73 108 71 472
Revenue per square metre Rand 12 407 11 120 12 488 11 025
Number of employees 1 500 1 399 1 947 1 947
Revenue per employee R 000 537 502 469 405
Instalment sale
receivables - gross Rm 633 570 991 905
Bad debts written off Rm 22 23 95 98
Bad debts written off
as a percentage of
gross receivables % 3,5 4,0 9,6 10,8
Receivables" arrears Rm 44 51 117 149
Receivables" arrears
as a percentage of
gross receivables % 7,0 8,9 11,8 16,5
Collection rate % 8,3 8,0 6,3 5,9
Average length
of the book Months 12,0 12,5 15,9 16,9
Segmental analysis
Electric Morkels
Express
2005
2004 - restated 2005 2004 2005 2004
Revenue Rm 460 415 1 006 926
Operating income Rm 82 74 214 184
Depreciation Rm - - 2 2
Total assets Rm 302 281 706 675
Total current liabilities Rm 66 63 157 130
Capital expenditure Rm 1 1 2 2
Operating margin % 17,8 17,8 21,3 19,9
Total sale of
merchandise Rm 277 248 637 559
Share of Group sale
of merchandise % 4,1 4,1 9,4 9,1
Credit sales Rm 182 164 438 400
Percentage of total sales % 65,7 66,1 68,8 71,6
Cash sales Rm 95 84 199 159
Percentage of total sales % 34,3 33,9 31,2 28,4
Deposit rate on
credit sales % 19,4 18,1 12,6 13,1
Number of stores 116 114 112 113
Revenue per store R 000 3 966 3 640 8 982 8 195
Retail square meterage 16 491 16 554 84 830 82 602
Revenue per square metre Rand 27 894 25 069 11 859 11 210
Number of employees 753 736 1 765 1 716
Revenue per employee R 000 611 564 570 540
Instalment sale
receivables - gross Rm 376 343 803 771
Bad debts written off Rm 20 13 41 48
Bad debts written off
as a percentage of
gross receivables % 5,3 3,8 5,1 6,2
Receivables" arrears Rm 20 20 57 84
Receivables" arrears
as a percentage of
gross receivables % 5,3 5,8 7,1 10,9
Collection rate % 7,4 7,4 8,4 7,7
Average length
of the book Months 13,5 13,5 11,9 13,0
Segmental analysis
Barnetts Other
2005
2004 - restated 2005 2004 2005 2004*
Revenue Rm 766 655 127 236
Operating income Rm 218 136 (6) (19)
Depreciation Rm 1 1 1 6
Total assets Rm 627 547 149 241
Total current liabilities Rm 103 89 9 25
Capital expenditure Rm 2 1 2 1
Operating margin % 28,5 20,8 (4,7) (8,1)
Total sale of
merchandise Rm 397 346 69 135
Share of Group sale
of merchandise % 5,9 5,6 1,0 2,2
Credit sales Rm 353 299 52 95
Percentage of total sales % 88,9 86,4 75,4 70,4
Cash sales Rm 44 47 17 40
Percentage of total sales % 11,1 13,6 24,6 29,6
Deposit rate on
credit sales % 12,8 12,6 19,3 26,2
Number of stores 105 100 18 25
Revenue per store R 000 7 295 6 550 7 056 9 440
Retail square meterage 58 732 55 706 12 967 17 427
Revenue per square metre Rand 13 042 11 758 9 794 13 542
Number of employees 1 714 1 725 411 706
Revenue per employee R 000 447 380 309 334
Instalment sale
receivables - gross Rm 788 674 116 223
Bad debts written off Rm 49 47 24 33
Bad debts written off
as a percentage of
gross receivables % 6,2 7,0 20,7 14,8
Receivables" arrears Rm 66 83 34 68
Receivables" arrears
as a percentage of
gross receivables % 8,4 12,3 29,3 30,5
Collection rate % 6,7 6,8 8,0 6,8
Average length
of the book Months 14,9 14,7 12,5 14,7
Segmental analysis
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