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BSB
BSB
The House Of Busby - Unaudited results for the year ended 31 December 2005
THE HOUSE OF BUSBY LIMITED
Incorporated in the Republic of South Africa
Registration number: 1997/009173/06
Share code: BSB & ISIN: ZAE000013637
Unaudited results for the year ended 31 December 2005
- Headline earnings per share up 68%
- Net income before tax up 43%
Summarised consolidated income statement
Restated
Unaudited Unaudited Audited*
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2005 2004 Change 2005
R"000 R"000 % R"000
Revenue 364 071 294 057 24 563 313
Operating income before
(profit/loss) on foreign
exchange 54 911 37 203 48 62 627
(Loss)/profit on foreign
exchange (178) 442 6 648
Operating income before
depreciation and
amortisation of
intangibles 54 733 37 645 45 69 275
Depreciation 7 214 3 892 14 293
Amortisation of
intangibles - 1 166 6 968
Operating income before
net finance charges 47 519 32 587 48 014
Net finance cost 3 260 1 576 3 979
Interest received 147 32 713
Interest paid (3 407) (1 608) (4 692)
Net income before taxation 44 259 31 011 43 44 035
Taxation 12 835 9 908 11 404
Net income after taxation 31 424 21 103 49 32 631
Net income:
Attributable to minorities (1 276) (464) 73
Attributable to
ordinary shareholders 30 148 20 639 46 32 558
Weighted average number
of shares in issue ("000)
(net of treasury shares) 50 366 57 800 56 470
Headline earning per
share (cents) 60,1 35,7 68 65,50
Earning per share (cents) 59,9 35,7 68 57,7
Fully diluted earnings
per share 59,8 35,7 67 57,7
Summarised consolidated balance sheet
Unaudited Unaudited Audited*
31 Dec 31 Dec 30 June
2005 2004 2005
R"000 R"000 R"000
ASSETS
Non-current assets 65 382 69 353 58 478
Property, plant and equipment 44 183 43 427 38 843
Intangible assets 8 623 14 425 8 623
Deferred taxation 12 576 11 501 11 012
Current assets 295 370 257 924 266 544
Inventories 163 894 129 691 169 533
Trade and other receivables 120 070 112 524 87 382
Bank balances and cash 11 406 15 709 9 629
Total assets 360 752 327 277 325 022
EQUITY AND LIABILITIES
Shareholders" funds 212 118 203 418 185 710
Overdraft and interest-bearing debt 68 844 51 646 55 956
Current liabilities 80 255 71 896 83 434
Total equity and liabilities 360 752 327 277 325 022
Number of shares in issue ("000)
(net of treasury shares) 50 366 57 800 50 366
Net asset value per share (cents) 442 373 392
Net tangible asset value per
share (cents) 424 348 375
Reconciliation of headline earnings
Unaudited Unaudited Audited*
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2005 2004 2005
R"000 R"000 R"000
Net income attributable to ordinary
shareholders 30 148 20 639 32 558
Loss on disposal of property, plant
and equipment 131 - 2 017
Impairment of property, plant
and equipment - - 1 595
Impairment of goodwill - - 819
Headline earnings 30 279 20 639 36 989
Segmental analysis (unaudited)
Revenue Revenue EBITDA EBITDA NAV NAV
31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec
% % % % % %
2005 2004 2005 2004 2005 2004
Distribution 51 64 48 69 67 73
Retail 49 36 52 31 33 27
Total 100 100 100 100 100 100
Comments
Review of results
The directors are proud to report material growth in earnings for the period
ended 31 December 2005. By all measures the group performed well, sales
increased by 24 %, operating income increased by 45% and earnings per share by
68%. The group continues to focus on working capital management.
Review of operations
The Retail division performed well above expectations and its growth targets,
with the majority of the group"s growth coming from this division. The number of
retail stores operated by this division has increased from 62 to 69 stores.
The Trading division performed to expectations. There was a marginal improvement
in EBITDA, however gross margins still remain under pressure. Continued focus
on costs and operational improvements offset the margin pressure. The Germiston
facility is now operating at full capacity. A sourcing office has been
established in China which will enable the Group to improve its service level to
customers.
The Australian operations continued to show improvement and performed ahead of
expectation. Remove last sentence
Prospects
The ongoing structural changes to the South African retail environment will
continue to further the overall growth in the group. Demand remains robust, and
the group continues to focus on operational improvement.
The Directors believe that there is further scope for group retail concepts to
expand, and plans to open, at least a further 10 stores in the 2006 calendar
year - this is subject to space availability in prime shopping centers. New
initiatives, like the introduction of non-recourse credit, will ensure sustained
growth into the future
Commitments
The group has operating lease commitments of R33,6 millions in the next 12
months (1994: R20,1 millions), and R45,6 million thereafter (1994: R19,3
millions).
BASIS OF PREPARATION
The group has adopted International Financial Reporting Standards (IFRS) for the
year ending 30 June 2005. The interim results have been prepared and presented
in accordance with IAS 34-Interim financial reporting.
During the 2nd half of the 2005 financial year the depreciation method applied
to property, plant and equipment changed from the reducing balance method to the
straight line method to better reflect the pattern of economic benefits from the
assets and their expected useful lives.
The application of IFRS has not resulted in any changes from the previous
application of South African Statements of Generally Accepted Accounting
Practice except for the adoption of IFRS 2.
Accordingly, the fair value of share options granted to employees has been
recognised as an employee expense of R38,000 in the current period with a
corresponding increase in equity. Comparative figures are not adjusted as the
share options were granted on the 30th September 2005.
On behalf of the board of directors.
K L Brouze Johannesburg
Chief Executive Officer 20 February 2006
Summarised statement of changes in equity
Share Share Non distr-
ibutable
capital premium reserves
R"000 R"000 R"000
Balance at 30 June 2004 58 103174 14217
Dividend Paid
Currency translation
differences - - (32)
Net income attributable
to Shareholders
Net income attributable
to minorities
Balance at 31 December 2004 58 103 174 14 185
Shares repurchased (7) (29408)
Currency translation
differences (216)
Net income attributable
to Shareholders
Net income attributable
to minorities
Balance 30 June 2005 51 73 766 13 969
Currency translation
differences (188)
Net income attributable
to Shareholders
Net income attributable
to minorities
Dividend Paid
Balance 31 December 2005 51 73 766 13 781
Summarised statement of changes in equity continued
Accumulated Minority Total
Profit interest
R"000 R"000 R"000
Balance at 30 June 2004 80 306 (12 045) 185 710
Dividend Paid (2972) (2,972)
Currency translation
differences (32)
Net income attributable
to Shareholders 20 639 20 639
Net income attributable
to minorities 73 73
Balance at 31 December 2004 97 973 (11 972) 203 418
Shares repurchased (29 415)
Currency translation
differences (216)
Net income attributable
to Shareholders 11 919 11 919
Net income attributable
to minorities 391 391
Balance 30 June 2005 109 892 (11 581) 186 097
Currency translation
differences (188)
Net income attributable
to Shareholders 30 148 30 148
Net income attributable
to minorities 1 276 1 276
Dividend Paid (5 215) (5 215)
Balance 31 December 2005 134 825 (10 305) 212 118
Summarised consolidated cash flow statement
Unaudited Unaudited Audited*
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2005 2004 2005
R"000 R"000 R"000
Cash generated from operations 20 630 (12 835) 21 297
Net finance cost (3 260) (1 576) (3 979)
Dividend paid (5 215) (2 972) (2 972)
Taxation paid (10 712) (3 196) (6 824)
Cash flows from operating
activities 1 443 (20 579) 7 522
Cash flows from investing
activities (12 554) (9 803) (18 879)
Cash flows from financing
activities - - (29 415)
Increase/(decrease) in cash
and cash equivalents (11 111) (30 382) (40 772)
Cash and cash equivalents
at beginning of year (46 327) (5 555) (5 555)
Cash and cash equivalents
at end of year (57 438) (35 937) (46 327)
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: 20/02/2006 04:25:11 PM Produced by the JSE SENS Department
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