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JDG
JDG
JD Group Limited - Financial results and dividend declaration for the year ended
JD Group Limited
(Registration number 1981/009108/06)
JSE code JDG
ISIN ZAE000030771
("JD" or "the Group")
Financial results and dividend declaration for the year ended 31 August 2006
because of the strength of our brands...
* Revenue up by 20% to R11,9 billion
* Operating profit up by 15% to R2,0 billion
* Headline earnings increased by 21% to R1,5 billion
* Headline earnings per share up by 18% to 823,5 cents
* Cash generated by operations R1,5 billion
COMMENTARY
The results of the Group incorporate the new or revised accounting standards in
order to comply with International Financial Reporting Standards ("IFRS").
Comparative figures have been restated accordingly.
The main restatements made as consequence of adopting revised accounting
standards are:
* Expensing the cost of share options granted to employees over the vesting
periods of these options, as required by IFRS 2 Share-based payment.
* Accounting for the effect of translating the results of the Group"s foreign
operations directly in non-distributable reserves and no longer in the income
statement as previously allowed by IAS 21.
* As required by IAS 16 Property, plant and equipment, the expected useful lives
and residual values of property, plant and equipment have been reassessed. In
addition, the land component of property is not depreciated. This has resulted
in a reduction in the depreciation charge to the income statement.
Goodwill raised as a result of a business combination transaction will no longer
be amortised over its expected useful life, but will be assessed for impairment
on an annual basis or sooner, if an indication exists, as required by IFRS 3
Business combinations. Acquired intangibles continue to be amortised.
The Connection Group was acquired with effect from 1 December 2005 and its
financial performance is included from that date - nine months only.
The interim report reflected healthy top line growth matched by unprecedented
collection rates across all the chains. High demand for audio products was
fuelled by the strength of the currency and a decline in dollar pricing. The
high household debt ratio to disposable income was cushioned by the low cost of
funding.
A very different picture emerged towards the end of the first quarter of 2006.
Up until then achieving and exceeding budgeted top line was taken as a given.
Since March 2006, achieving budgeted sales has become more difficult. This must
be seen in the context of the Group at no time compromising its credit granting
criteria in order to stimulate top line sales. Furthermore, collections began to
level off from the previously unprecedented high levels.
Our determination to enhance the brand equity of Hi-Fi Corporation certainly
impacted on their top line and on product margin. A large investment was made on
infrastructure to provide the end consumer with an improved shopping experience.
Vastly improved quality checks were introduced prior to the purchase of certain
lines. We are satisfied that what has been initiated now enables the Hi-Fi chain
to move ahead and to continue with the expansion of its store base.
The acquisition of Incredible Connection has certainly lived up to expectations.
This business enjoys a unique position in its market place which is being
managed by a very dedicated and energetic young team.
The long awaited turnaround of our Abra chain in Poland has materialised. This
operation continues to show improvement month after month and while its
contribution to the overall Group is small, all that remains now is for
management to expand the store base.
Maravedi Financial Solutions, our joint venture with Absa Group and Thebe
Investment Corporation, offers a suite of financial products and now has a
presence in 745 selected JD Group business units.
Against the backdrop of reducing collection rates and the lengthening of the
debtors" book, the IAS 39 impairment provision for receivables has been
increased by R87 million (a 22% year on year increase). Prior to the inclusion
of Incredible Connection, the Group grew revenue by 10%, with the sale of
product growing by 9,1%. Our credit chains grew revenue by 10,6%, with
merchandise sales growing by a similar percentage. The Group"s overall product
margin now stands at 31% (2005: 32%). The reduction is mainly due to the impact
of Hi-Fi Corporation and the inclusion of the Connection Group for the first
time. Our credit chains maintained their margin at 36%. Retail prices of
electrical goods declined by nearly 5%. Furniture inflation of 1% was
experienced for the year and overall deflation was approximately 1% in the major
categories of the product range.
Cash generated by trading increased to R2 193 million (2005: R1 893 million).
Working capital cash requirements increased from R567 million to R704 million
with the growth in instalment sale receivables accounting for the bulk of the
increase.
The Group now administers in excess of 1,8 million current customer accounts.
During the year, 37 Incredible Connection stores were acquired, 182 stores were
renovated, five stores were closed and 33 new stores opened, bringing our total
store base to 1 028.
Much has been said about the pending introduction of the new National Credit
Act.
A tremendous amount of management time has been spent preparing the groundwork
for compliance with the Act. All the software changes should be in place and
ready for testing by February 2007, four months ahead of the introduction of the
Act. One of the stated objectives of the Act is to reduce reckless lending.
Given our collection rates achieved and the low arrear levels, we can hardly be
accused of "reckless lending". Our costs of collection continue to rise and
compliance with the new Act will add to these costs.
The cost of crime prevention, together with the actual costs incurred as a
result of crime now exceeds R100 million per annum, not to mention this very
negative distraction from our people"s focus on the business.
The year ahead will most certainly present its own challenges. The proliferation
of credit cards to a sector of the consumer market unaccustomed to this type of
credit will most certainly precipitate its own fall out. This, further
exacerbated by rising interest rates, will impact negatively on disposable
income.
Notwithstanding the above, we are of the opinion that our business will once
again show more than acceptable earnings growth in the year ahead.
For and on behalf of the board
I David Sussman Mias Strauss Gerald Volkel
Executive chairman Chief executive officer Financial director
Johannesburg
2 November 2006
Audit opinion of the independent auditors
The annual financial statements for the year ended 31 August 2006 have been
audited by Deloitte & Touche and their accompanying unmodified audit report as
well as the unmodified 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.
Declaration of dividend number 46
The directors have declared a final dividend of 182 cents per share (2005: 167
cents per share) for the financial year ended 31 August 2006.
In accordance with the settlement procedures of STRATE, the following dates will
apply to the final dividend:
Last day to trade cum dividend Friday, 1 December 2006
Trading ex dividend commences Monday, 4 December 2006
Record date Friday, 8 December 2006
Dividend payment date Monday, 11 December 2006
Share certificates may not be dematerialised or rematerialised between Monday, 4
December 2006 and Friday, 8 December 2006, both days inclusive.
Condensed income statement
Audited Restated
Year Year ended
ended
31 August 31 August
2006 2005 Change
R million R million %
Sale of merchandise 8 423 6 763 25
Finance charges earned 1 561 1 454 7
Financial services 1 414 1 258 12
Other services 541 458 18
Revenue 11 939 9 933 20
Cost of sales 5 811 4 571 27
Operating expenses before the
following: 3 927 3 471 13
Depreciation 112 88
Amortisation - intangible assets 33 20
Share-based payment 39 31
Loss on disposal of Mozambique
operations - 5
Surplus on disposal of property, plant
and equipment (7) (8)
Operating profit (note 2) 2 024 1 755 15
Investment income 53 53
Finance income (note 3) 57 63
Finance costs (note 3) (152) (205)
Equity accounted profits 6 1
Profit before taxation 1 988 1 667 19
Taxation 531 465
Profit attributable to shareholders 1 457 1 202 21
Earnings per share (cents)
- basic 826,5 698,2 18
- 2005 basic as previously stated 705,3
- diluted 805,1 672,4 20
Supplementary information
Reconciliation of headline earnings
Profit attributable to shareholders 1 457 1 202
Loss on disposal of Mozambique
operations - 5
Surplus on disposal of property, plant
and equipment (7) (8)
Taxation thereon 2 2
Headline earnings 1 452 1 201 21
Number of shares in issue (000) 178 000 175 500
Treasury shares held (000) 646 587
Number of shares held outside the Group
(000) 177 354 174 913
Weighted average number of shares in
issue (000)
- basic 176 271 172 221
- diluted 180 964 178 826
Headline earnings per share (cents)
- basic 823,5 697,6 18
- 2005 basic as previously stated 704,7
- diluted 802,2 671,8 19
Distribution to shareholders (cents) 412 352 17
- Interim 230 185
- Final (proposed) 182 167
Operating margin (%) 17,0 17,7
The earnings and headline earnings per share are calculated on R thousands as
opposed to R millions.
Condensed balance sheet
Audited Restated
31 August 31 August
2006 2005
R million R million
Assets
Non-current assets 1 380 662
Property, plant and equipment 491 287
Goodwill 347 -
Intangible assets 332 145
Investments and loans 124 110
Interest in associate company 19 16
Interest in joint venture 10 -
Deferred taxation 57 104
Current assets 8 735 7 778
Inventories 1 066 867
Trade and other receivables (note 4) 6 046 5 259
Financial assets 5 1
Taxation 1 67
Bank balances and cash 1 617 1 584
Total assets 10 115 8 440
Equity and liabilities
Equity and reserves
Share capital and premium 2 057 1 995
Treasury shares (18) (15)
Non-distributable and other reserves 193 150
Retained income 3 072 2 346
Shareholders for dividend 322 292
Shareholders" equity 5 626 4 768
Non-current liabilities 1 937 1 539
Interest bearing long term liabilities 1 151 810
Non-interest bearing long term 65 66
liability
Deferred taxation 721 663
Current liabilities 2 552 2 133
Trade and other payables (note 5) 2 073 1 768
Interest bearing liabilities 162 317
Taxation 317 48
Total equity and liabilities 10 115 8 440
Directors" valuation of unlisted 153 126
investments
Capital expenditure authorised and 17 75
contracted
Capital expenditure authorised and not
yet contracted 103 577
Operating lease commitments 1 227 1 035
Net asset value per share (cents) 3 160,5 2 717,0
Gearing ratio (net) (%) (5,4) (9,6)
Condensed cash flow statement
Audited Restated
Year ended Year ended
31 August 31 August
2006 2005
R million R million
Cash flows from operating activities 586 390
Cash generated by trading 2 193 1 893
Increase in working capital (704) (567)
Cash generated by operations 1 489 1 326
Investment income 53 53
Finance costs - net (100) (119)
Taxation paid (155) (292)
Cash available from operating 1 287 968
activities
Dividends paid (701) (578)
Cash flows from investing activities (790) (118)
Proceeds on disposal of Mozambique - 19
operations
Acquisition of Connection Group (516) -
Acquisition of associate company - (15)
Acquisition of interest in joint (8) -
venture 21 -
Proceeds on disposal of Photo
Connection
Investments and loans advances (16) -
Proceeds on disposal of property, plant
and equipment 15 16
Additions to property, plant and (286) (138)
equipment
Cash flows from financing activities 237 (16)
Proceeds on disposal of treasury shares
by
share incentive trusts 60 166
Long term borrowings raised 500 180
Long term borrowings repaid (235) (292)
Finance lease liabilities repaid (88) (70)
Net increase in cash and cash 33 256
equivalents
Cash and cash equivalents at beginning 1 584 1 328
of year
Cash and cash equivalents at end of 1 617 1 584
year
Capital expenditure incurred 286 138
Notes
1. Accounting policies
The accounting policies used in the preparation of the financial results, which
are compliant with IFRS, are consistent with those applied in the previous
financial year ended 31 August 2005, except for the adoption of the following
new or revised accounting standards:
- IAS 16 Property, plant and equipment
- IAS 21 The effects of changes in foreign exchange rates
- IAS 24 Related party disclosures
- IAS 36 Impairment of assets
- IAS 39 Financial instruments: recognition and measurement
- IFRS 2 Share-based payment
- IFRS 3 Business Combinations
As the Group has previously reported its financial information in accordance
with IFRS, it is not a first time adopter of International Financial Reporting
Standards in terms of IFRS 1 and the restatements as described in the financial
results are as a consequence of adopting new and revised accounting standards as
well as implementing SAICA circular 09/2006.
These financial results were compiled in terms of IAS 34 Interim reporting and
the JSE Listing Requirements.
2. Reconciliation of revenue to operating profit
Audited Audited
Restated
Year ended Year ended
31 August 31 August
2006 2005
R million R million
Revenue 11 939 9 933
Cost of sales 5 811 4 571
Other direct operating expenses 778 600
Administration and IT 618 563
Marketing 380 342
Occupancy 500 458
Employees 1 468 1 338
Transport and travel 255 221
Management fee 33 29
Share-based payments 39 31
Amortisation - intangible assets 33 20
Loss on disposal of Mozambique - 5
operations
Operating profit 2 024 1 755
3. Finance costs - net
Finance costs
Interest paid 151 174
Fair value losses on financial 1 31
instruments
152 205
Finance income
Interest received (51) (55)
Fair value gains on financial (6) (8)
instruments
(57) (63)
Finance costs - net 95 142
4. Trade and other receivables
Instalment sale receivables (a) 7 857 6 964
Less: Provisions (2 146) (1 956)
Unearned finance charges (1 100) (1 008)
Bad debts (488) (401)
Other (b) (558) (547)
Net instalment sale receivables 5 711 5 008
Other receivables 335 251
Total trade and other receivables 6 046 5 259
Provisions as a percentage of
instalment sale receivables (%) 27,3 28,1
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 six to 24 months.
(a) Classified as loans and receivables and carried at amortised cost. (b) Other
provisions consist of extended guarantees, unearned club and insurance
provisions.
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.
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 more favourable than those arranged with independent
third parties.
8. Contingent liabilities
There is no litigation, current or pending, which is considered likely to have a
material effect on the Group. However, certain group companies are involved in
disputes where the outcome is uncertain. The directors are confident that the
Group will be able to defend these actions and that the potential of outflow on
any possible settlement is remote.
9. Subsequent events
No significant events have occurred in the period between 31 August 2006 and the
date of this report.
Condensed statement of changes in equity
Audited Restated
31 August 31 August
2006 2005
R million R million
Share capital and premium 2 057 1 995
Opening balance 1 995 1 903
Shares issued to share incentive trusts 62 92
Treasury shares (18) (15)
Opening balance (15) (88)
Shares issued to share incentive trusts (62) (92)
Proceeds on disposal of shares by share
incentive trusts 60 166
Profit on disposal of treasury shares (1) (1)
Share-based payments reserve 93 54
Opening balance 54 -
IFRS adjustments - 1 September 2004 - 23
Share-based payments 39 31
Non-distributable reserves 100 96
Opening balance 96 137
IFRS adjustments - 1 September 2004 - (19)
Translation of foreign entities 4 (22)
Retained income 3 072 2 346
Opening balance 2 346 1 746
IFRS adjustments - 1 September 2004 - 15
Profit attributable to shareholders 1 457 1 202
Distributable to shareholders (735) (619)
Distributable to share incentive trusts 4 2
Shareholders for dividend 322 292
Opening balance 292 253
Distributable to shareholders 735 619
Distributable to share incentive trusts (4) (2)
Paid to shareholders (704) (585)
Paid to share incentive trusts 3 6
Paid to treasury shares - 1
Balance at end of year 5 626 4 768
Impact of IFRS and other restatements on reported results
As As
previously currently
reported reported
31 August 31 August
2005 Restatements Reallocation 2005
R million R million R million R million
Assets
Non-current assets 637 25 662
Property, plant and
equipment 250 37 287
Intangible assets 145 145
Investments and loans
110 110
Interest in associate
companies 16 16
Deferred taxation 116 (12) 104
Current assets 7 778 - 7 778
Inventories 867 867
Trade and other
receivables 5 259 5 259
Financial assets 1 1
Taxation 67 67
Bank balances and cash
1 584 1 584
Total assets 8 415 25 8 440
Equity and liabilities
Equity and reserves
Share capital and premium
1 995 1 995
Treasury shares (15) (15)
Non-distributable and
other reserves 138 12 150
Retained income 2 344 2 2 346
Shareholders for dividend
292 292
Shareholders" equity 4 754 14 4 768
Non-current liabilities
1 528 11 1 539
Interest bearing long
term liabilities
810 810
Non-interest bearing long
term liability 66 66
Deferred taxation 652 11 663
Current liabilities 2 133 - 2 133
Trade and other payables
1 768 1 768
Interest bearing 317 317
liabilities
Taxation 48 48
Total equity and
liabilities 8 415 25 8 440
Revenue 9 933 9 933
Cost of sales 4 623 (52)* 4 571
Operating expenses before
the following: 3 442 (23) 52* 3 471
Depreciation 91 (3) 88
Amortisation - intangible
assets 20 20
Share-based payments - 31 31
Loss on disposal of
Mozambique operations 5 5
Surplus on disposal of
property, plant and
equipment (8) (8)
Operating profit 1 760 (5) - 1 755
Investment income 53 53
Finance income 63 63
Finance costs (205) (205)
Share of profit of
associates 1 1
Profit before taxation
1 672 (5) - 1 667
Taxation 457 8 465
Profit attributable to
shareholders 1 215 (13) - 1 202
Analysis of restatements At Year ended
1 September 31 August
2004 2005 Total
R million R million R million
Loss on translation of foreign
operations taken to
non-distributable reserves 19 23 42
Reduction in depreciation charge on
property, plant and equipment 34 3 37
Share-based payments charge and credit
to other reserves (23) (31) (54)
Tax effect of restatements taken to
deferred taxation (15) (8) (23)
Net effect on retained income 15 (13) 2
*The Group previously reflected discounts received from suppliers as other
income. In terms of circular 09/2006 issued by the South African Institute of
Chartered Accountants, the Group now accounts for discounts received from
suppliers as part of cost of sales (Impact for 2006: R69,3 million).
Segmental report
Russells Joshua Doore
2006 2005 2006 2005
Revenue Rm 2 372 2 179 1 674 1 481
Operating profit Rm 637 560 397 322
Depreciation Rm 2 2 2 1
Total assets Rm 1 696 1 542 1 249 1 100
Total current
liabilities Rm 296 308 224 243
Capital expenditure Rm 3 2 4 2
Operating margin % 26,9 25,7 23,7 21,7
Total sale of
merchandise Rm 1 414 1 307 989 870
Share of Group sale of
merchandise % 16,8 19,3 11,8 12,9
Credit sales Rm 1 022 968 713 643
Percentage of total
sales % 72,3 74,1 72,1 73,9
Cash sales Rm 392 339 276 227
Percentage of total
sales % 27,7 25,9 27,9 26,1
Deposit rate on credit
sales % 13,0 13,8 14,4 15,6
Number of stores 201 199 148 147
Revenue per store R000 11 801 10 950 13 311 10 075
Retail square meterage 141 843 140 811 109 105 114 065
Revenue per square Rand 16 723 15 475 15 343 12 984
metre
Number of employees 3 358 3 207 2 691 2 518
Revenue per employee R000 706 679 622 588
Instalment sale
receivables gross Rm 2 125 1 933 1 503 1 321
Bad debts written off Rm 119 118 73 76
Bad debts written off
as
a percentage of gross
receivables % 5,6 6,1 4,9 5,7
Receivables" arrears Rm 180 169 100 93
Receivables" arrears as
a percentage of gross
receivables % 8,5 8,7 6,7 7,0
Collection rate % 7,2 7,4 7,1 7,4
Average length of the
book Months 13,9 13,5 14,1 13,5
Bradlows Price "n Pride
2006 2005 2006 2005
Revenue Rm 885 806 1 014 913
Operating profit Rm 172 145 200 180
Depreciation Rm 1 1 2 1
Total assets Rm 659 583 839 754
Total current Rm
liabilities 124 128 106 108
Capital expenditure Rm 3 1 3 2
Operating margin % 19,4 18,0 19,7 19,7
Total sale of
merchandise Rm 591 538 527 474
Share of Group sale of
merchandise % 7,0 8,0 6,3 7,0
Credit sales Rm 429 391 472 431
Percentage of total
sales % 72,6 72,7 89,6 90,9
Cash sales Rm 162 147 55 43
Percentage of total
sales % 27,4 27,3 10,4 9,1
Deposit rate on credit
sales % 15,6 19,1 12,1 12,8
Number of stores 91 87 122 119
Revenue per store R000 9 725 9 264 8 311 7 672
Retail square meterage 66 913 64 965 72 571 73 108
Revenue per square Rand
metre 13 226 12 407 13 973 12 488
Number of employees 1 402 1 500 1 970 1 947
Revenue per employee R000 631 537 515 469
Instalment sale
receivables
- gross Rm 716 633 1 116 991
Bad debts written off Rm 25 22 88 95
Bad debts written off
as
a percentage of gross
receivables % 3,5 3,5 7,9 9,6
Receivables" arrears Rm 43 44 127 117
Receivables" arrears as
a percentage of gross
receivables % 6,0 7,0 11,4 11,8
Collection rate % 7,9 8,3 6,0 6,3
Average length of the
book Months 12,7 12,0 16,7 15,9
Electric Express Morkels
2006 2005 2006 2005
Revenue Rm 485 460 1 119 1 006
Operating profit Rm 76 82 255 214
Depreciation Rm - - 1 2
Total assets Rm 331 302 828 706
Total current
liabilities Rm 70 66 170 157
Capital expenditure Rm 1 1 1 2
Operating margin % 15,7 17,8 22,8 21,3
Total sale of
merchandise Rm 288 277 703 637
Share of Group sale of
merchandise % 3,4 4,1 8,3 9,4
Credit sales Rm 191 182 458 438
Percentage of total
sales % 66,3 65,7 65,1 68,8
Cash sales Rm 97 95 245 199
Percentage of total
sales % 33,7 34,3 34,9 31,2
Deposit rate on credit
sales % 16,8 19,4 15,2 12,6
Number of stores 117 116 117 112
Revenue per store R000 4 145 3 966 9 564 8 982
Retail square meterage 16 709 16 491 83 185 84 830
Revenue per square Rand 29 026 27 894 13 452 11 859
metre
Number of employees 758 753 1 923 1 765
Revenue per employee R000 640 611 582 570
Instalment sale
receivables
- gross Rm 411 376 938 803
Bad debts written off Rm 26 20 43 41
Bad debts written off
as
a percentage of gross
receivables % 6,3 5,3 4,6 5,1
Receivables" arrears Rm 28 20 47 57
Receivables" arrears as
a percentage of gross
receivables % 6,8 5,3 5,0 7,1
Collection rate % 7,2 7,4 7,9 8,4
Average length of the
book Months 13,9 13,5 12,7 11,9
Barnetts Supreme
2006 2005 2006 2005
Revenue Rm 880 766 128 127
Operating profit Rm 258 218 12 (6)
Depreciation Rm 1 1 1 1
Total assets Rm 731 627 154 149
Total current Rm 104 103 1 9
liabilities
Capital expenditure Rm 2 2 - 2
Operating margin % 29,3 28,5 9,4 (4,7)
Total sale of
merchandise Rm 455 397 77 69
Share of Group sale of
merchandise % 5,4 5,9 0,9 1,0
Credit sales Rm 401 353 63 52
Percentage of total
sales % 88,1 88,9 81,8 75,4
Cash sales Rm 54 44 14 17
Percentage of total
sales % 11,9 11,1 18,2 24,6
Deposit rate on credit
sales % 12,0 12,8 15,2 19,3
Number of stores 113 105 18 18
Revenue per store R000 7 788 7 295 7 111 7 056
Retail square meterage 63 079 58 732 12 020 12 967
Revenue per square Rand 13 951 13 042 10 649 9 794
metre
Number of employees 1 807 1 714 301 411
Revenue per employee R000 487 447 425 309
Instalment sale
receivables
- gross Rm 931 788 113 116
Bad debts written off Rm 52 49 15 24
Bad debts written off
as
a percentage of gross
receivables % 5,6 6,2 13,3 20,7
Receivables" arrears Rm 98 66 15 34
Receivables" arrears as
a percentage of gross
receivables % 10,5 8,4 13,3 29,3
Collection rate % 6,5 6,7 7,8 8,0
Average length of the
book Months 15,4 14,9 12,8 12,5
Credit chains
Sub-total Hi-Fi Corporation
2006 2005 2006 2005
Revenue Rm 8 557 7 738 2 033 1 947
Operating profit Rm 2 007 1 715 183 237
Depreciation Rm 10 9 5 4
Total assets Rm 6 487 5 763 285 263
Total current
liabilities Rm 1 095 1 122 165 137
Capital expenditure Rm 17 14 8 9
Operating margin % 23,5 22,2 9,0 12,2
Total sale of
merchandise Rm 5 044 4 569 2 033 1 947
Share of Group sale of
merchandise % 59,9 67,6 24,1 28,8
Credit sales Rm 3 749 3 458
Percentage of total
sales % 74,3 75,7
Cash sales Rm 1 295 1 111 2 033 1 947
Percentage of total
sales % 25,7 24,3 100,0 100,0
Deposit rate on credit
sales % 13,9 14,7
Number of stores 927 903 21 19
Revenue per store R000 9 231 8 569 96 810 102 474
Retail square meterage 565 425 565 969 33 203 33 552
Revenue per square Rand 15 134 13 672 61 229 58 029
metre
Number of employees 14 210 13 815 1 858 1 638
Revenue per employee R000 602 560 1 094 1 189
Instalment sale
receivables
- gross Rm 7 853 6 961 4 3
Bad debts written off Rm 441 445
Bad debts written off
as
a percentage of gross
receivables % 5,6 6,4
Receivables" arrears Rm 638 600
Receivables" arrears as
A percentage of gross
receivables % 8,1 8,6
Collection rate % 7,1 7,4
Average length of the
book Months 14,1 13,5
9 months
Abra Connection Group
2006 2005 2006 2005
Revenue Rm 307 248 1 042
Operating profit Rm 3 (13) 83
Depreciation Rm 8 3 12
Total assets Rm 73 62 258
Total current
liabilities Rm 70 57 279
Capital expenditure Rm 7 1 17
Operating margin % 1,0 (5,2) 8,0
Total sale of
merchandise Rm 305 247 1 041
Share of Group sale of
merchandise % 3,6 3,6 12,4
Credit sales Rm
Percentage of total
sales %
Cash sales Rm 305 247 1 041
Percentage of total
sales % 100,0 100,0 100,0
Deposit rate on credit
sales %
Number of stores 43 41 37
Revenue per store R000 7 140 6 049
Retail square meterage 33 326 33 560 23 809
Revenue per square Rand 9 212 7 390
metre
Number of employees 524 477 1 201
Revenue per employee R000 586 520
Instalment sale
receivables
- gross Rm
Bad debts written off Rm
Bad debts written off
as
A percentage of gross
receivables %
Receivables" arrears Rm
Receivables" arrears as
a percentage of gross
receivables %
Collection rate %
Average length of the
book Months
Corporate Group
2006 2005 2006 2005
Revenue Rm 11 939 9 933
Operating profit Rm (252) (184) 2 024 1 755
Depreciation Rm 77 72 112 88
Total assets Rm 3 012 2 352 10 115 8 440
Total current
liabilities Rm 943 817 2 552 2 133
Capital expenditure Rm 237 114 286 138
Operating margin % 17,0 17,7
Total sale of
merchandise Rm 8 423 6 763
Share of Group sale of
merchandise % 100,0 100,0
Credit sales Rm 3 749 3 458
Percentage of total
sales % 44,5 51,1
Cash sales Rm 4 674 3 305
Percentage of total
sales % 55,5 48,9
Deposit rate on credit
sales % 13,9 14,7
Number of stores 1 028 963
Revenue per store R000 11 614 10 315
Retail square meterage 655 763 633 081
Revenue per square Rand 18 206 15 690
metre
Number of employees 568 529 18 361 16 459
Revenue per employee R000 650 603
Instalment sale
receivables
- gross Rm 7 857 6 964
Bad debts written off Rm 441 455
Bad debts written off
as
a percentage of gross
receivables % 5,6 6,4
Receivables" arrears Rm 638 600
Receivables" arrears as
a percentage of gross
receivables % 8,1 8,6
Collection rate % 7,1 7,4
Average length of the
book Months 14,1 13,5
ADMINISTRATION
Executive directors ID Sussman (executive chairman), HC Strauss
(chief executive officer), JL Bezuidenhout,
JHC Kok, G Volkel
Non-executive director IS Levy
Independent
non-executive directors ME King, Dr D Konar, M Lock, MJ Shaw
Company secretary MI Jaye
Registered office 11th Floor, JD House, 27 Stiemens Street,
Braamfontein,
Johannesburg, 2001, (PO Box 4208,
Johannesburg, 2000)
Telephone +27 11 408 0408, Facsimile +27 11
408 0604
Email: info@jdg.co.za
Transfer secretaries Computershare Investor Services 2004
(Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
Telephone +27 11 370 5000, Facsimile +27 11
370 5663
ADR depository File number 82-4401, The Bank of New York
Company Inc.
One Wall Street, New York, NY 10286, United
States of America
Telephone +91 212 495 1284
Facsimile +91 212 635 1121
Sponsor PSG Capital Limited, Building No 8, Woodmead
Estate
1 Woodmead Drive, Woodmead, Sandton, 2157
Telephone +27 11 797 8400, Facsimile +27 11
797 8435
Independent auditors Deloitte & Touche
Date: 06/11/2006 07:00:46 AM Produced by the JSE SENS Department
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