DAVID JONES LTD: FIVE YEAR FINANCIAL STATIST

2013

(1)

$000
SALES AND PROFIT
Sales

1,845,012

Gross Profit

706,144

- % of sales

38.30%

Department Store - EBIT

99,532

Financial Services - EBIT

49,466

TOTAL EBIT
PROFIT AFTER TAX

148,998
101,554

BALANCE SHEET
Inventory
Other current assets

251,543
43,162

Property, plant & equipment

835,373

Other non-current assets

107,707

TOTAL ASSETS

1,237,785

Payables

261,840

Provisions

42,945

Interest-bearing liabilities
Other liabilities

100,360
31,544

TOTAL LIABILITIES

436,689

NET ASSETS

801,096

RATIOS
EBIT to Sales (%)

8.10%

Basic earnings per share (cents)

19.2

Dividends per share (cents)

17.0

Net Debt: (Net Debt + Equity)
Return on shareholder equity (%)

9.70%
12.70%

S LTD: FIVE YEAR FINANCIAL STATISTICS
2012

2011

2010

$000

$000

$000

$000

1,867,817

1,961,744

2,053,087

1,985,490

699,830

767,269

815,729

786,146

37.50%

39.10%

39.70%

39.60%

104,995

199,003

204,798

184,377

49,418

47,707

44,379

41,274

154,413

246,710

249,177

225,651

101,103

168,139

170,766

156,522

279,099

288,850

282,346

244,843

44,150

38,251

45,738

45,503

817,432

798,416

761,565

724,080

100,216

89,033

105,272

110,248

1,240,897

1,214,550

1,194,921

1,124,674

264,595

216,429

244,529

244,102

32,138

32,910

47,420

58,905

136,006

131,943

103,945

101,870

32,454

47,788

54,789

34,955

465,193

429,070

450,683

439,832

775,704

785,480

744,238

684,842

8.30%

12.60%

12.10%

11.40%

19.4

33.0

34.0

31.5

17.5

28.0

30.0

28.0

13.00%

13.30%

10.40%

11.40%

13.00%

21.40%

22.90%

22.90%

(2)

2009

(3)

Growth
1012/13

CAGR

-1.2%

-1.8%

0.9%

-2.6%

-5.2%

-14.3%

0.1%

4.6%

-3.5%

-9.9%

0.4%

-10.3%

-9.9%

0.7%

-2.2%

-1.3%

2.2%

3.6%

7.5%

-0.6%

-0.3%

2.4%

-1.0%

1.8%

33.6%

-7.6%

-26.2%

-0.4%

-2.8%

-2.5%

-6.1%

-0.2%

3.3%

4.0%

-2.9%

-11.7%

marketing and visual merchandising expenses Administration expenses Other expenses Finance costs Finance income Profit before income tax expense Income tax expense Profit after income tax expense attributable to equity holders of the pa Other comprehensive income: Items that will be reclassified to profit or loss in future periods: Gains on cash flow hedges Transfer of realised gains on hedges to profit and loss Income tax on items of other comprehensive income Total other comprehensive income for the year. net of tax Total comprehensive income attributable to equity holders of the parent entity for the year Earnings per share for profit attributable to the equity holders of the parent entity: Basic earnings per share (cents per share) Diluted earnings per share (cents per share) * .DAVID JONES LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the 52 weeks ended 27 July 2013 and 28 July 2012 Revenue from sale of goods Cost of sales Gross profit Other income Employee benefits expenses Lease and occupancy expenses Depreciation and amortisation expenses Advertising.

.* The Company‟s policy for dividend payments to shareholders is to maintain a payout ratio after tax.

418) (628) 1466 96.00 2012 $000 1.119) (14.147) 95.966) (24.147.4 19.762) (34.4 Tax rate 27.103.817 (1.057) 490 131.867.938) 347 143.949) (39.184.532 (296.568 (282.7% .719) 101.331 (36.00 3.968) 697.650 1.442) (9.621) (28) 64 101.512 (1.593) (189.036) (26.830 57.012 (1.384) (10.5% 29.822 (42.167 18 17.2013 $000 1.845.286) (56.9 19.114) (51.713 (1.167.909) (13.987) 699.103) (193.044 62.

o of not less than 85% of profit .

705 12 835.830 100.237.391 660 943.080 1.373 44.543 941 6.785 261.500 .644 62.359 27.092 251.DAVID JONES LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 27 July 2013 and 28 July 2012 2013 $000 CURRENT ASSETS Cash and cash equivalents Receivables Inventories Financial assets Other assets Non current assets held for sale Total current assets NON-CURRENT ASSETS Financial assets Property.877 19.840 360 3.053 35.670 2582 294. plant and equipment Intangible assets Deferred tax assets Other assets Total non-current assets Total assets CURRENT LIABILITIES Payables Interest bearing liabilities (1) Current tax liabilities Provisions Financial liabilities Other liabilities Total current liabilities NON-CURRENT LIABILITIES Interest bearing liabilities (2) Provisions Other liabilities 13.586 178 813 301.000 7.

096 564.867 159.096 (1) Comprising a bank overdraft at an average interest rate of 1.689 801.859 436.1% per annum in 2012 and (2) Comprising an unsecured bank loan at an average interest rate of 5.531 801.Total non-current liabilities Total liabilities Net assets EQUITY Contributed equity Reserves Retained earnings Total equity 134.2% per annum in 2 .698 76.

955 1.977 55.595 11.249 12 817.833 394 917.000 6.357 288 306.240.298 125.432 43.097 25.897 264.006 3.183 27.201 323.2012 $000 20.536 16.712 .099 24 7.389 279.648 1.

4% per annum in 2013.362 154.158.028 74.193 775. .4% per annum in 2013.704 547. te of 5.2% per annum in 2012 and 4.314 775.704 1% per annum in 2012 and 3.895 465.

.

.

2105465.1946185 178349.596721668 .

.

328574142 .0904985984 2200211.12837633 186375.166.971 0.

.

147.731852475 .403 0.0789172601 8025.

.

0.2048397327 0.0847079292 1.29 0.7 .

1433878129 1.1433878129 1.0.1282261237 .

19.568 .

.

568 .19.

.

plant and equipment Payments for software Net proceeds from sale of property Net cash flows used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid on ordinary shares Net (repayment)/proceeds from borrowings Net cash flows used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Notes: Reconciliation to the Statement of Financial Position Cash and cash equivalents is comprised of the following: Cash and cash equivalents Bank overdraft Cash and cash equivalents at end of the year .DAVID JONES LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED CASH FLOW STATEMENT For the 52 weeks ended 27 July 2013 and 28 July 2012 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Commissions received Interest received Borrowing costs paid Income tax paid Net cash flows from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Payments for property.

530 .884) (59.475) 111 (81.094) 232 (78.000 (103.594) 11.877 (360) 13.760 20.2013 $000 2012 $000 2.058.000 (108.846.025.594) 7.009) (11.498 347 (10.903 (1.517 (110.890) (4.536 (6) 20.752) (70.530 13.057) (43.288) 180.064 490 (9.036 2.297) -36.013 20.677) 54.548 (1.450) 196.517 20.737 (74.851.530 13.373) (72.297) -7.770 8.721) 58.

6% 1.4% 8.9% .49 1.60 13.62 1.72 1.55 21.55 12.61 22.51 1.5% 1.7% 5.DuPont NP/Sales Sales/Assets Assets/Equity ROE 2013 2012 2011 2010 5.3% 1.0% 8.4% 1.

6% -5.9% 1.77 1.9% Change -30.2009 7.64 22.2% -15.9% .

961.868 251.7 88.840 2012 1. Days Pay Days 2013 1.595 2011 1.092 261.78 83.Sales COS Inventory Receivables Payables Inv days Rec.22 3.099 16.543 19.867.138.987 279.62 3.475 288.20 82.744 1.817 1.9 87.850 80.26 .012 1.194.389 264.845.167.

2010 2.199.358 282.237.490 1.053.985.344 244.346 2009 1.51 .087 1.843 83.29 74.

4% .654 111.4% 0.960 51.8% 3.7% 95.041.81 535.859 2.7 108.0% 5.3% 30% 2.409 0.886 8.4% 4.170 117.34% 3.672 168.7 0.299 2014 2015 2016 103.692 54.Free Cash flows EBIT DS EBIT FS EBIT x (1-Tax) NOPAT Depreciation -WC -Capex FCF WACC Share price # Shares Equity Debt Bank loan Overdraft %D %E Tax rate Growth rate Real growth Inflation rate Nominal Terminal value 2013 99.7 104.7 0.018 56.322.4% 3.000 360 100.466 148.532 49.360 4.205 161.513 107.622 Cost 100.998 0.7% 3.591 Kd 4.644 113.449 155.01% 4.

918 70.29 8.438 121.644 175.0% 1.6% TV 2019 .096 58.7 122.427 182.418 COE Rf MRP Beta (l) Ke 3.2017 2018 116.989 61.799 127.000 -12.44% 4.7 0.500 -105000 80.740 0.