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BSB
BSB
BSB - Busby - Unaudited Results for the six Months Ended 31 December 2006
The House Of Busby Limited
Release date: 23 January 2007
(Incorporated in the Republic of South Africa)
(Reg. No: 1997/009173/06)
Share Code: BSB
ISIN: ZAE000013637
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2006
- Headline earnings per share up 32%
- Net income before tax up 32%
SUMMARISED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec Change 30 June
2006 2005 % 2006
R`000 R`000 R`000
Revenue 552 731 364 071 52 693 386
Operating income 69 492 54 911 27 78 477
before profit/(loss)
on foreign exchange
Profit/(loss) on 2 003 (178) 4 859
foreign exchange
Operating income 71 495 54 733 31 83 336
before depreciation
and amortisation of
intangibles
Depreciation 9 636 7 214 16 486
Amortisation of - - 161
intangibles
Operating income 61 859 47 519 66 689
before net
finance cost
Net finance cost 3 529 3 260 5 724
Interest received 429 147 446
Interest paid (3 958) (3 407) (6 170)
Net income before 58 330 44 259 32 60 965
taxation
Taxation 16 916 12 835 14 363
Net income after 41 414 31 424 32 46 602
taxation
Net income
attributable to
ordinary
shareholders 40 031 30 148 33 46 028
Attributable to 1 383 1 276 574
minorities
Weighted average
number of shares
in issue (`000) (net 50 292 50 366 50 366
of treasury shares)
Headline earnings per 79,6 60,1 32 91,6
share (cents)
Earnings per share 79,6 59,9 33 91,4
(cents)
Fully diluted earnings 77,9 59,8 30 89,7
per share (cents)
SUMMARISED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2006 2005 2006
R`000 R`000 R`000
ASSETS
Non-current assets 94 458 65 382 79 770
Property, plant and equipment 74 632 44 183 60 516
Intangible assets 8 924 8 623 8 462
Deferred taxation 10 902 12 576 10 792
Current assets 419 682 295 370 296 989
Inventories 208 432 163 894 196 743
Trade and other receivables 179 878 120 070 77 743
Bank balances and cash 31 372 11 406 22 503
Total assets 514 140 360 752 376 759
EQUITY AND LIABILITIES
Shareholders` funds 271 961 222 423 238 660
Minority interest (9 997) (10 770) (11 472)
Overdraft 105 631 68 844 49 376
Interest-bearing debt 10 116 - 10 337
Current liabilities 136 429 80 255 89 858
Total equity and liabilities 514 140 360 752 376 759
Number of shares in issue (`000)
(net of treasury shares) 50 217 50 366 50 366
Net asset value per share (cents) 542 442 474
Net tangible asset value per 524 424 457
share (cents)
SEGMENTAL ANALYSIS (Unaudited)
Revenue Revenue EBITDA EBITDA NAV NAV
31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec
2006 2005 2006 2005 2006 2005
% % % % % %
Distribution 60 51 56 48 67 67
Retail 40 49 44 52 33 33
Total 100 100 100 100 100 100
South Africa 74 88 57 92 90 98
Australia 26 12 43 8 10 2
Total 100 100 100 100 100 100
Comments
Nature of the business
The House of Busby Limited is a leading wholesaler and retailer operating in
South Africa and Australia. The group distributes an extensive range of
clothing, luggage, handbags, accessories, eyewear and footwear, bearing
international brand names, house brands and private labels.
Review of results
The directors are pleased with the results for the six months ended 31 December
2006. The group performed well, with revenue increasing by 52 %, operating
income before foreign exchange by 27% and earnings per share by 33%.
Review of operations
The divisions that performed above expectation were the Australian distribution
division and the South African retail division.
The Australian subsidiaries of the group delivered an exceptionally strong
performance which was largely attributable to its distribution business. The
Australian retail operation, is still in its embryonic stage with the "roll out"
of Aldo stores proceeding according to plan.
The South African retail divisions continued to open new stores at a considered
pace however, the group`s desire for A grade locations still remains the largest
constraint. All established retailing concepts are performing well and the
introduction of credit should benefit this division in the near future.
The South African distribution divisions performed below expectation. While
maintaining top line growth, the rapid Rand depreciation and its subsequent
volatility had a negative impact on this division.
The group was unable to pass this cost to its customers, resulting in
considerable margin erosion.
Working capital management was in line with expectation. Inventory growth is a
factor of additional stores opened, accompanied by a higher level of trading.
Trade receivables reflect the increased revenue generated by the distribution
divisions.
Prospects
The recent stability of the Rand augurs well for the South African distribution
divisions, which will enable the local operation to return to its historical
operating margin. The South African retail operation is being optimized, with
its wide assortment and growing customer appeal is expected to generate further
growth.
The Australian operation continues to expand with the increased investment
expected to deliver further growth.
Commitments
The group has operating lease commitments of R45,7 million (2005: R33,6 million)
in the next 12 months, and R66,8 million (2005: R 45,6 million) thereafter.
Basis of Preparation
The unaudited interim results of the group for the six months ended 31 December
2006 have been prepared in accordance with the group`s accounting policies. The
accounting policies are consistent with those adopted in the financial year
ended 30 June 2006.
This interim report complies with International Accounting Standard 34-Interim
financial reporting, the Companies Act and the Listings Requirements as
prescribed by the JSE Limited.
On behalf of the board of directors
K L Brouze
Chief Executive Officer
Johannesburg
21 February 2007
SUMMARISED STATEMENT OF CHANGES IN EQUITY
Non-
distribu- Accumu-
Share Share table lated Minority
capital premium reserves profit interest Total
R`000 R`000 R`000 R`000 R`000 R`000
Balance at 51 73 766 13 969 109 892 (12 046) 185 632
30 June 2005
Currency (188) (188)
translation
differences
Net income
attributable
to ordinary
shareholders 30 148 30 148
Net income 1 276 1 276
attributable
to
minorities
Dividends (5 215) (5 215)
paid
Balance at 51 73 766 13 781 134 825 (10 770) 211 653
31 December
2005
Currency 254 254
translation
differences
Net income
attributable
to ordinary
shareholders 15 880 15 880
Net income (702) (702)
attributable
to
minorities
Share-based 1 610 1 610
payments
Straight- (1 507) (1 507)
line lease
adjustment
Balance at 51 73 766 15 645 149 198 (11 472) 227 188
30 June 2006
Currency 826 92 918
translation
differences
Net income
attributable
to ordinary
shareholders 40 031 40 031
Net income 1 383 1 383
attributable
to
minorities
Share-based 696 696
payments
Shares (1 222) (1 222)
repurchased
Dividends (7 030) (7 030)
paid
Balance at 51 72 544 17 167 182 199 (9 997) 261 964
31 December
2006
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2006 2005 2006
R`000 R`000 R`000
Net income attributable to 40 031 30 148 46 028
ordinary shareholders
Loss on disposal of property, - 131 120
plant and equipment
Impairment of property, plant - - -
and equipment
Amortisation of goodwill - - -
Headline earnings 40 031 30 279 46 148
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2006 2005 2006
R`000 R`000 R`000
Cash generated from operations (602) 20 630 70 021
Net finance cost (3 529) (3 260) (5 724)
Dividend paid (7 030) (5 215) (4 533)
Taxation paid (10 568) (10 712) (12 318)
Cash flows from operating (21 729) 1 443 47 446
activities
Cash flows from investing (24 214) (12 554) (38 329)
activities
Cash flows from financing (1 443) - 10 337
activities
Increase/(decrease) in cash and (47 386) (11 111) 19 454
cash equivalents
Cash and cash equivalents at the (26 873) (46 327) (46 327)
beginning of the year
Cash and cash equivalents at the (74 259) (57 438) (26 873)
end of the year
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 Independent non executive chairman
www.busbyhouse.com
Date: 21/02/2007 08:30:00 Produced by the JSE SENS Department.
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