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BSB
BSB
The House of Busby Limited - Reviewed results for the year ended 30 June 2006
THE HOUSE OF BUSBY LIMITED
(Incorporated in the Republic of South Africa
(Reg. No: 1997/009173/06)
Share Code: BSB
ISIN: ZAE000013637
"The House of Busby Limited"
Reviewed results for the year ended 30 June 2006
Headline earnings per share up 38%
Net income after tax up 41%
Summarised consolidated income statement
Reviewed Audited
Year Year
ended ended
30 June 30 June
2006 Change 2005
R"000 % R"000
Revenue 693 386 23 563 313
Operating income before profit on
foreign exchange 77 795 24 62 627
Profit on foreign exchange 4 859 6 648
Operating income before depreciation
and amortisation of intangibles 82 654 19 69 275
Depreciation 16 486 14 293
Amortisation of intangibles 161 6 968
Operating income before
net finance charges 66 007 37 48 014
Net finance cost 5 724 3 979
Interest received 446 713
Interest paid (6 170) (4 692)
Net income before taxation 60 283 37 44 035
Taxation 14 363 11 404
Net income after taxation 45 920 41 32 631
Attributable to minorities 574 73
Attributable to
ordinary shareholders 45 346 39 32 558
Weighted average number of shares in
issue ("000) (net of treasury shares) 50 366 56 470
Headline earning per share (cents) 90,3 38 65,5
Earning per share (cents) 90,0 56 57,7
Fully diluted earnings per share 89,0 54 57,7
Summarised consolidated balance sheet
Reviewed Audited
30 June 30 June
2006 2005
R"000 R"000
ASSETS
Non-current assets 79 770 58 478
Property, plant and equipment 60 516 38 843
Intangible assets 8 462 8 623
Deferred taxation 10 792 11 012
Current assets 296 989 266 544
Inventories 196 743 169 533
Trade and other receivables 77 743 87 382
Bank balances and cash 22 503 9 629
Total assets 376 759 325 022
EQUITY AND LIABILITIES
Shareholders" funds 238 660 97 678
Minority interest (11 472) (12 046)
Interest bearing liabilities 10 337
Overdraft and interest-bearing debt 49 376 55 956
Current liabilites 89 858 83 434
Total equity and liabilities 376 759 325 022
Number of shares in issue ("000)
(net of treasury shares) 50 366 50 366
Net asset value per share (cents) 474 392
Net tangible asset value
per share (cents) 457 375
Reconciliation of headline earnings
Reviewed Audited
Year Year
ended ended
30 June 30 June
2006 2005
R"000 R"000
Net income attributable
to ordinary shareholders 45 346 32 558
Loss on disposal of property,
plant and equipment 120 2 017
Impairment of property,
plant and equipment 1 595
Impairment of goodwill 819
Headline earnings 45 466 36 989
Segmental analysis
Revenue Revenue EBITDA EBITDA NAV NAV
30 June 30 June 30 June 30 June 30 June 30 June
2006 2005 2006 2005 2006 2005
R"000 R"000 R"000 R"000 R"000 R"000
Distribution 378 606 309 822 44 829 41 118 137 064 103 513
Retail 314 780 253 491 37 825 28 157 101 596 94 165
Total 693 386 563 313 82 654 69 275 238 660 197 678
Australia 105 606 50 810 9 213 4 562 4 863 (78)
South Africa 587 780 512 503 73 441 64 713 233 797 197 756
Total 693 386 563 313 82 654 69 275 238 660 197 678
Summarised statement of changes in equity
Non- Ac
distri- cumu
Share Share butable lated
capital premium reserves profit
R"000 R"000 R"000 R"000
Balance
30 June 2004 58 103 174 14 217 80 306
Shares repurchased (7) (29 408)
Currency translation (248)
differences
Net income attributable
to ordinary shareholders 32 558
Net income attributable
to minorities (2 972)
Dividend paid
Balance
30 June 2005 51 73 766 13 969 109 892
Currency translation
differences 66
Net income attributable
to ordinary shareholders 45 346
IAS 17 adjustment (1 507)
Share options charge
Net income attributable
to minorities
Dividend paid (4 533)
Balance at 30 June 2006 51 73 766 14 035 149 198
Summarised statement of changes in equity (continued)
Share
based
pay- Minority
ments interest Total
R"000 R"000 R"000
Balance
30 June 2004 (12 119) 185 636
Shares repurchased (29 415)
Currency translation
differences (248)
Net income attributable
to ordinary shareholders 32 558
Net income attributable
to minorities 73 73
Dividend paid (2 972)
Balance 30 June 2005 (12 046) 185 632
Currency translation
differences 66
Net income attributable
to ordinary shareholders 45 346
IAS 17 adjustment (1 507)
Share options charge 1 610 1 610
Net income attributable
to minorities 574 574
Dividend paid (4 533)
Balance at 30 June 2006 1 610 (11 472) 227 188
Summarised consolidated cash flow statement
Reviewed Audited
Year Year
ended ended
30 June 30 June
2006 2005
R"000 R"000
Cash generated from operations 68 704 21 297
Net finance cost (5 724) (3 979)
Dividend paid (4 533) (2 972)
Taxation paid (11 002) (6 824)
Cash flows from operating activities 47 445 7 522
Cash flows from investing activities (38 328) (18 879)
Cash flows from financing activities 10 337 (29 415)
Increase/(decrease) in cash and
cash equivalents 19 454 (40 772)
Cash and cash equivalents
at the beginning of the year (46 327) (5 555)
Cash and cash equivalents
at the end of the year (26 873) (46 327)
Comments
The Board of Directors is proud to present the results for the 2006 Financial
Year end. The group continued to perform ahead of expectation, with an enhanced
focus on our retail division.
The retail division continued to expand the number of stores it operates as well
as fine tuning the retailing concepts. The group"s strategy of focusing on
branded retail concepts continued to deliver meaningful growth.
The trading divisions continued to feel pressure at gross margin level, which in
turn resulted in an increased focus on internal and logistic costs. This focus
has enabled us to minimize the effect of the margin pressure at operating profit
level.
The group purchased a 10,000 sq m warehouse in Germiston, that was previously
leased, with the intention of moving more divisions to this facility as well as
delivering operational savings from more efficient facilities.
The group"s working capital management showed a marked improvement, this enabled
the group to generate R47 million of operating cash flows.
The Australian component of the group had an encouraging year. It continued to
build on the foundations laid in the previous financial year with all divisions
performing exceptionally well.
The group is proud to announce it was awarded the Aldo license in Australia. The
recent introduction of textile quota from China, could have an adverse impact on
the branded clothing side of the group, although not material to the overall
group, we believe that a special dispensation will be granted to international
branded clothing
The board of directors believes that the recent rises, and expected increase, in
interest rates as well as the rapid depreciation of the rand will slow down the
rate of growth; however the group"s operations should still show growth.
COMMITMENTS
The group has operating lease commitments of R41,6 million(2005:R37,2 million)
in the next 12 months and R60,2 million(2005:R52,5 million) thereafter.
DIVIDEND
Notice is hereby given that a final dividend of 14 cents (2005: 9 cents) a share
has been declared. Shareholders are advised that the last date to trade "CUM"
dividend will be Friday, 3 November 2006. The shares will trade "Ex" dividend as
from Monday, 6 November 2006. The record date will be Friday, 10 November 2006
and the dividend will be payable on Monday, 13 November 2006. Share certificates
may not be dematerialised or rematerialised between Monday, 6 November and
Friday, 10 November 2006, both days inclusive.
BASIS OF PRESENTATION
The summarised consolidated financial statements have been prepared and
presented in accordance with IAS 34 - Interim Financial Reporting and in
compliance with the Listings Requirements of the JSE Limited and the South
African Companies Act 1973.
The group has adopted International Financial Reporting Standards (IFRS) for the
year ended 30 June 2006. The principal accounting policies used in the
preparation of the results for the year ended 30 June 2006 are consistent with
those applied in the prior year except as detailed below.
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-Share Based Payments. Accordingly,
the fair value of share options granted to employees has been recognised as an
employee expense of R1,6 million in the current financial year, with a
corresponding increase in equity. Fully diluted weighted average number of
shares has further been adjusted. Comparative figures are not restated as the
share options were granted on 30 September 2005.
In accordance with IAS 17 and SAICA Circular 12/2006 (Straight - lining of
leases), payments made under operating leases are recognised on a straight line
basis over the term of the lease. An adjustment has been made in the current
financial year to recognise the requirements of IAS 17. The comparative figures
have not been restated as the adjustment is immaterial.
INDEPENDENT REVIEW BY THE AUDITORS
These results have been reviewed by PKF (Jhb) Inc whose unqualified review
opinion is available for inspection at the company"s registered offices.
On behalf of the board of directors
K L Brouze Johannesburg
Chief Executive Officer 27 September 2006
THE HOUSE OF BUSBY LIMITED
Incorporated in the Republic of South Africa
Registration number: 1997/009173/06
Share code: BSB & ISIN: ZAE000013637
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: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 Non-executive director.
Date: 27/09/2006 12:40:08 PM Produced by the JSE SENS Department
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