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APPENDIX

Income Statement ($000)


Sales
Cost of Sales
Gross Operating Income
Selling, General & Admn.
Expenses
Depreciation and
amortisation
Other net
(Income)/Expenses
EBIT
Interest (Income)
Interest Expense
Pre-Tax Income
Income Taxes
Net Income

2,005

Year
Ending
July,
2,006

2,007

1,800,796

1,821,560

1,110,147
690,649

542,212

2,008

FORECATED
PERIOD
2009

2010

2011

2012

1,983,220

2,097,999

2,160,939

2,225,767

2,292,540

2,361,316

1,115,660
705,900

1,203,374
779,846

1,268,227
829,772

1,305,207
855,732

1,344,363
881,404

1,384,694
907,846

1,426,235
935,081

588,713

588,093

603,024

606,833

648,282

667,730

687,762

708,395

42,882

32,900

28,949

34,151

39,202

43,219

44,515

45,851

47,226

(17,531)
107,856

7,124
61,912

(200)
89,058

(2,507)
145,178

(342)
184,079

(2,161)
166,392

(2,226)
171,384

(2,293)
176,526

(2,361)
181,821

(3,014)

(53,035)

(55,114)

(58,381)

(56,967)

(54,023)

(55,644)

(57,314)

(59,033)

3,621
107,249

21,594
93,353

20,240
123,932

20,212
183,347

20,986
220,060

17,571
202,845

15,963
211,065

14,301
219,538

10,976
229,878

29,379
77,870

30,127
63,226

40,380
83,552

49,821
133,526

62,329
157,731

60,853
141,991

63,320
147,746

65,861
153,677

68,963
160,914

2,004
1,769,50
5
1,094,08
6
675,419

Table 10 Income Statement for DJS assuming no unwinding of sales and leaseback

Balance Sheet ($ Million)


Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

110,240
399,898
291,477
33,338
834,953

155,922
406,668
272,734
5,053
840,377

182,484
400,791
273,728
35,526
892,529

158,287
407,187
280,281
9,583
855,338

162,414
414,980
257,288
8,473
843,155

176,889
464,602
315,497
21,609
978,597

188,214
478,540
324,962
22,258
1,013,974

159,823
492,896
334,711
22,925
1,010,355

175,573
507,683
344,752
23,613
1,051,621

Property, Plant and Equipment, Gross


Accumulated Depreciation
Property, Plant and Equipment, Net

579,890
358,189
221,701

549,776
324,686
225,090

537,982
310,341
227,641

587,268
332,707
254,561

595,358
333,937
261,421

648,282
377,156
271,126

667,730
421,671
246,059

687,762
467,522
220,240

708,395
514,748
193,647

Other Non-Current Assets


Total Non-Current Assets

23,080
244,781

23,767
248,857

24,763
252,404

110,115
364,676

111,653
373,074

21,609
292,735

22,258
268,317

22,925
243,166

23,613
217,260

1,079,734

1,089,234

1,144,933

1,220,014

1,216,229

1,271,333

1,282,290

1,253,521

1,268,881

296,027
220,176
22,184
153,578
691,965

304,908
197,256
(21,674)
158,185
638,675

314,055
173,422
(22,023)
162,931
628,385

Total Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE(DFN)
Other Current Liabilities
Total Current Liabilities

258,483
353,757

220,773
366,030

236,712
348,427

265,972
336,867

274,608
242,360

74,707
686,947

94,627
681,430

166,612
751,751

156,807
759,646

165,041
682,009

287,405
242,360
25,726
149,105
704,596

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

0
1,911
52,329
741,187

0
0
54,891
736,321

0
0
24,291
776,042

0
0
40,514
800,160

0
0
36,322
718,331

0
47,541
752,136

48,967
740,932

50,436
689,111

51,949
680,334

Paid-In Capital
Retained Earnings
Total Shareholders' Equity

386,501
(47,954)
338,547

384,830
(31,917)
352,913

392,088
(23,197)
368,891

410,088
9,766
419,854

428,861
69,037
497,898

428,861
90,336
519,197

428,861
112,498
541,359

428,861
135,549
564,410

428,861
159,686
588,547

1,079,734

1,089,234

1,144,933

1,220,014

1,216,229

1,271,333

1,282,290

1,253,521

1,268,881

Total Liabilities and Shareholders' Equity

Table 11 Balance Sheet for DJS assuming no unwinding of sales and leaseback

000's Dollars
CASH FLOW FROM OPERATING ACTIVITIES
Operating profit/(loss) after income tax
Loss on loan to employees under Employee Share Plan
Add/(less) non-cash items:
-depreciation and amortisation
-Share based payment expense
-Hedge Reserves
-Interest Classified as financing Activity
-Conversion of RPS to ordinary shares
Changes in assets and liabilities:
(Increase)/Decrease in receivables
(Increase)/Decrease in inventories
(Increase)/Decrease other assets - current
(Increase)/Decrease other assets - non-current
Increase/(Decrease) in payables
Inc/(Dec) in Interest Bearing Liabilities -current
Inc/(Dec) in other liabilities - current
Inc(Dec) in other liabilities - non-current
Increase/(Decrease) in tax items
NET CASH FLOWS PROVIDED (USED) BY
OPERATING ACTIVITIES
CASH FLOW FROM INVESTING ACTIVITIES
Payment for Purchase of PPE
Proceeds From Sale of PPE
Investments Purchased
Proceeds From Sale of Investments
Payments for purchase of Subsidiaries
Proceeds from Sale of Subsidiaries
Loans Granted
Loans Repaid
Other Investing Cashflows
NET CASH FLOWS PROVIDED (USED) BY
INVESTING ACTIVITIES
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issues
Proceeds From Borrowings
REVERSAL OF BORROWINGS
REVERSAL OF REPAYMENT
Repayment of Borrowings
Dividends Paid

Year Ending July


2007
2008

2004

2005

2006

2009

2010

2011

2012

77,870
(7)

63,226
0

83,552

133,526

157,731

141,991

147,746

153,677

160,914

42,882

32,900
5,439

28,949
7,293
(450)
4,165
11,940

34,151
8,093
(743)
3,309

39,202
7,785
1,297
1,333

43,219

44,515

45,851

47,226

(968)
(16,650)

(6,770)
18,743

16,358

617
(26,820)
13,970
8,566
15,294
(6,941)

5,876
(993)
16,019
4,979
15,939
(29,529)
16,469
(30,600)
(10,010)

(6,396)
(6,553)
27,054

(7,793)
22,993
430

29,261
(10,325)
(43,543)

8,636
4,193
(7,023)

(49,622)
(58,209)
(13,136)
90,044
12,797

(13,938)
(9,465)
(648)
(648)
8,622

(14,356)
(9,749)
(668)
(668)
8,881

(14,787)
(10,041)
(688)
(688)
9,147

(15,936)
11,219

4,473
1,426

4,607
1,469

4,746
1,513

(47,249)

(6,590)

179,381

107,625

123,599

120,585

222,194

162,366

182,083

189,044

197,343

(50,891)
112
0
0
0
0
0
0
161

(38,650)
26,915
(12)
0
0
0
0

(21,263)
0
(40,830)
0
(20,000)
0
0
0
0

(73,627)
42,000
0
0
0
0
0
0
0

(52,924)

(19,448)

(20,032)

(20,633)

(32,490)
0
0
0
0
0
0
0
0

(50,618)

(11,747)

(32,490)

(82,093)

(31,627)

(52,924)

(19,448)

(20,032)

(20,633)

750
0

5,595
0

515
0

121
350,000
(350,000)

97
0

25,726

(3,542)

(43,858)

(349)

(55,791)

0
(60,897)

0
(59,501)

80,000
(180,000)
(85,204)

(120,693)

(125,584)

(130,625)

(136,777)

;
58,387
1,509

1,575
(38,193)

Other Financing Cashflows


NET CASH FLOWS PROVIDED (USED) BY
FINANCING ACTIVITIES

(4,165)

(3,309)

(1,333)

(35,868)

(50,196)

(64,547)

(62,689)

(186,440)

(94,967)

(129,126)

(174,483)

(137,126)

Net Increase in Cash


Cash at Beginning of Period
Cash at End of Period

92,895
17,345
110,240

45,682
110,240
155,922

26,562
155,922
182,484

(24,197)
182,484
158,287

4,127
158,287
162,414

14,475
162,414
176,889

33,509
176,889
210,398

(5,471)
210,398
204,927

39,584
204,927
244,511

Table 12 Cash Flow Statement for DJS assuming no unwinding of sales and leaseback

Income Statement ($000)


Sales
Cost of Sales
Gross Operating Income

2004
100.0%
61.8%
38.2%

2005
100.0%
61.6%
38.4%

2006
100.0%
61.2%
38.8%

2007
100.0%
60.7%
39.3%

2008
100.0%
60.4%
39.6%

2009
100.0%
60.4%
39.6%

2010
100.0%
60.4%
39.6%

2011
100.0%
60.4%
39.6%

2012
100.0%
60.4%
39.6%

Selling, General & Admn. Expenses


Depreciation and amortisation
Other net (Income)/Expenses
EBIT

30.6%
2.4%
-1.0%
6.1%

32.7%
1.8%
0.4%
3.4%

32.3%
1.6%
0.0%
4.9%

30.4%
1.7%
-0.1%
7.3%

28.9%
1.9%
0.0%
8.8%

30.0%
2.0%
-0.1%
7.7%

30.0%
2.0%
-0.1%
7.7%

30.0%
2.0%
-0.1%
7.7%

30.0%
2.0%
-0.1%
7.7%

Interest (Income)
Interest Expense
Pre-Tax Income

-0.2%
0.2%
6.1%

-2.9%
1.2%
5.2%

-3.0%
1.1%
6.8%

-2.9%
1.0%
9.2%

-2.7%
1.0%
10.5%

-2.5%
0.8%
9.4%

-2.5%
0.7%
9.5%

-2.5%
0.6%
9.6%

-2.5%
0.5%
9.7%

Income Taxes
Net Income

1.7%
4.4%

1.7%
3.5%

2.2%
4.6%

2.5%
6.7%

3.0%
7.5%

2.8%
6.6%

2.8%
6.6%

2.9%
6.7%

2.9%
6.8%

Table 13 Common Size Income Statement for DJS assuming no unwinding of sales and leaseback

Balance Sheet ($ Million)


Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets

2,004

2,005

2,006

2,007

2,008

2009

2010

2011

2012

6.2%
22.6%
16.5%
1.9%

8.7%
22.6%
15.1%
0.3%

10.0%

8.0%
20.5%
14.1%
0.5%

7.7%
19.8%
12.3%
0.4%

8.2%
21.5%
14.6%
1.0%

8.5%
21.5%
14.6%
1.0%

7.0%
21.5%
14.6%
1.0%

7.4%
21.5%
14.6%
1.0%

15.0%
2.0%

Total Current Assets

47.2%

46.7%

49.0%

43.1%

40.2%

45.3%

45.6%

44.1%

44.5%

Property, Plant and Equipment, Gross


Accumulated Depreciation
Property, Plant and Equipment, Net

32.8%
20.2%
12.5%

30.5%
18.0%
12.5%

29.5%
17.0%
12.5%

29.6%
16.8%
12.8%

28.4%
15.9%
12.5%

30.0%
17.5%
12.5%

30.0%
18.9%
11.1%

30.0%
20.4%
9.6%

30.0%
21.8%
8.2%

Other Non-Current Assets


Total Non-Current Assets

1.3%
13.8%

1.3%
13.8%

1.4%
13.9%

5.6%
18.4%

5.3%
17.8%

1.0%
13.5%

1.0%
12.1%

1.0%
10.6%

1.0%
9.2%

61.0%

60.5%

62.9%

61.5%

58.0%

58.8%

57.6%

54.7%

53.7%

Liabilities and Shareholders' Equity


Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE
Other Current Liabilities
Total Current Liabilities

14.6%
20.0%
0.0%
4.2%
38.8%

12.3%
20.3%
0.0%
5.3%
37.8%

13.0%
19.1%
0.0%
9.1%
41.3%

13.4%
17.0%
0.0%
7.9%
38.3%

13.1%
11.6%
0.0%
7.9%
32.5%

13.3%
11.2%
1.2%
6.9%
32.6%

13.3%
9.9%
1.0%
6.9%
31.1%

13.3%
8.6%
-0.9%
6.9%
27.9%

13.3%
7.3%
-0.9%
6.9%
26.6%

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

0.0%
0.1%
3.0%
41.9%

0.0%
0.0%
3.0%
40.9%

0.0%
0.0%
1.3%
42.6%

0.0%
0.0%
2.0%
40.3%

0.0%
0.0%
1.7%
34.2%

0.0%
0.0%
2.2%
34.8%

0.0%
0.0%
2.2%
33.3%

0.0%
0.0%
2.2%
30.1%

0.0%
0.0%
2.2%
28.8%

Paid-In Capital
Retained Earnings
Total Shareholders' Equity

21.8%
-2.7%
19.1%

21.4%
-1.8%
19.6%

21.5%
-1.3%
20.3%

20.7%
0.5%
21.2%

20.4%
3.3%
23.7%

19.8%
4.2%
24.0%

19.3%
5.1%
24.3%

18.7%
5.9%
24.6%

18.2%
6.8%
24.9%

61.0%

60.5%

62.9%

61.5%

58.0%

58.8%

57.6%

54.7%

53.7%

Total Assets

Total Liabilities and Shareholders' Equity

Table 14 Common Size Balance Sheet for DJS assuming no unwinding of sales and leaseback

Balance Sheet ($ Million)


Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

2,004

2,005

2,006

2,007

2,008

2009

2010

2011

2012

10.21%
37.04%
27.00%
3.09%
77.33%

14.31%
37.34%
25.04%
0.46%
77.15%

15.94%
35.01%
23.91%
3.10%
77.95%

12.97%
33.38%
22.97%
0.79%
70.11%

13.35%
34.12%
21.15%
0.70%
69.33%

13.91%
36.54%
24.82%
1.70%
76.97%

14.68%
37.32%
25.34%
1.74%
79.08%

12.75%
39.32%
26.70%
1.83%
80.60%

13.84%
40.01%
27.17%
1.86%
82.88%

Property, Plant and Equipment, Gross


Accumulated Depreciation
Property, Plant and Equipment, Net

53.71%
33.17%
20.53%

50.47%
29.81%
20.66%

46.99%
27.11%
19.88%

48.14%
27.27%
20.87%

48.95%
27.46%
21.49%

50.99%
29.67%
21.33%

52.07%
32.88%
19.19%

54.87%
37.30%
17.57%

55.83%
40.57%
15.26%

Other Non-Current Assets


Total Non-Current Assets

2.14%
22.67%

2.18%
22.85%

2.16%
22.05%

9.03%
29.89%

9.18%
30.67%

1.70%
23.03%

1.74%
20.92%

1.83%
19.40%

1.86%
17.12%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

Liabilities and Shareholders' Equity


Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE(DFN)
Other Current Liabilities
Total Current Liabilities

23.94%
32.76%
0.00%
6.92%
63.62%

20.27%
33.60%
0.00%
8.69%
62.56%

20.67%
30.43%
0.00%
14.55%
65.66%

21.80%
27.61%
0.00%
12.85%
62.27%

22.58%
19.93%
0.00%
13.57%
56.08%

22.61%
19.06%
2.02%
11.73%
55.42%

23.09%
17.17%
1.73%
11.98%
53.96%

24.32%
15.74%
-1.73%
12.62%
50.95%

24.75%
13.67%
-1.74%
12.84%
49.52%

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

0.00%
0.18%
4.85%
68.65%

0.00%
0.00%
5.04%
67.60%

0.00%
0.00%
2.12%
67.78%

0.00%
0.00%
3.32%
65.59%

0.00%
0.00%
2.99%
59.06%

0.00%
0.00%
3.74%
59.16%

0.00%
0.00%
3.82%
57.78%

0.00%
0.00%
4.02%
54.97%

0.00%
0.00%
4.09%
53.62%

Paid-In Capital
Retained Earnings
Total Shareholders' Equity

35.80%
-4.44%
31.35%

35.33%
-2.93%
32.40%

34.25%
-2.03%
32.22%

33.61%
0.80%
34.41%

35.26%
5.68%
40.94%

33.73%
7.11%
40.84%

33.44%
8.77%
42.22%

34.21%
10.81%
45.03%

33.80%
12.58%
46.38%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

Total Assets

Total Liabilities and Shareholders' Equity

Table 15 Common Size Balance Sheet for DJS assuming no unwinding of sales and leaseback

The model above has been build with the following changes made to the original financial
reports for the years ending 2004-2008.

Rent expense has been increased by disruption allowance received under operating leases
for the period 2004-2005 and cash payments has been increased. Changes have been
made to retained earnings to account for the change in net income.

Restructuring cost for 2004 and 2005 has been excluded since it does not form part of the
core business. Cash and retained earnings have been amended as well.

Cost of sales has been reduced by settlement discount and other income reduced.

Profit and loss from disposal of non-current assets and from hedging has been excluded
from the income statement.

Interest on Reset Preference Shares (RPS) has been classified as dividends and RPS has
been shifted from interest bearing liabilities to shareholders equity, since all they were
converted into ordinary shares in 2007.

The final dividends declared for each year have been recognized in the same years
statements and account payables have been increased for unpaid dividends.

Adjustments have been made to reverse the unwinding of the sales and leaseback
agreement for better comparison. Changes have, thus, been made to non-current assets,
depreciation, interest, long term debt, lease and occupancy expenses and debts

In the above model, adjustments have not been made to account for sales of receivables
to AMEX on 1 August 2008. However, this fact has been considered in the analysis.

The reports for the period ending 2009-2012 have been forecasted based on the following
assumptions.

Forecast Assumption
Income Statement

Forecast
Factor

Sales

3% increase on average as per economic access


outlook

Cost of Sales

61.2% of sales based on historical average

61.20%

Selling, General & Admn. Expenses

last 2 years average

30.60%

Depreciation

2% of Sales as per historical average

Other Net (Income)/ Expenses

-0.7% of sales, based on historical average

-0.10%

Interest Income

2.5% of sales based on historical averages

-2.5%

Interest Expense

2.1% based on last 2 years


30% of pre-tax income (Australian Corporate Tax
rate)

Income Taxes

3.00%

2.00%

2.1%
30.00%

Balance Sheet
Assets
Cash and Marketable Securities

4.8 % on average ignoring repayment of debt,


with sales of receivables

4.80%

Accounts Receivable

2.8% of sales, based on historical average

2.80%

Inventories

14.6% of sales, based on historical average

14.60%

Other Current Assets

1.0% of sales, based on historical average

1.00%

Property, Plant and Equipment, Gross

48.1% of sales based on last years data

48.10%

Accumulated Depreciation
Property, Plant and Equipment, Net

Calculated from other items

Other Non-Current Assets

1% of sales as per average

1.00%

Liabilities and Shareholders' Equity


Accounts Payable

13.3% of sales, same as historical average

Short-Term Debt

Will remain unchanged at 2008 level

Other Current Liabilities

6.9% of sales historical average

Long-Term Debt

Will remain unchanged at 2008 level

Deferred Income Taxes

Remain zero as per historical data

0.00%

Other Non-Current Liabilities

2.2% of sales, based on historical average

2.20%

Paid-In Capital

Will remain unchanged at 2008 level

Retained Earnings

Calculated from other items

Dividend Payout

85% as per press announcement by CEO

Table 16 Model assumption for David Jones

13.30%
6.90%

85.00%

2,004
1,769,505
1,094,086
675,419

2,005
1,800,796
1,110,147
690,649

Year
Ending
July,
2,006
1,821,560
1,115,660
705,900

Selling, General & Admn. Expenses


Depreciation and amortisation
Other net (Income)/Expenses
EBIT

542,212
42,882
(17,531)
107,856

588,713
32,900
7,124
61,912

588,093
28,949
(200)
89,058

559,508
36,095
(2,507)
186,750

606,833
41,544
(342)
181,737

648282
43219
(2161)
166392

667730
44515
(2226)
171384

687762
45851
(2293)
176526

708395
47226
(2361)
181821

Interest (Income)
Interest Expense
Pre-Tax Income

(3,014)
3,621
107,249

(53,035)
21,594
93,353

(55,114)
20,240
123,932

(58,381)
41,544
203,587

(56,967)
43,936
194,768

(54023)
45380
175036

(55644)
46741
180287

(57314)
48143
185696

(59033)
49588
191267

29,379
77,870

30,127
63,226

40,380
83,552

(1,832)
205,419

62,329
132,439

52511
122525

54086
126201

55709
129987

57380
133887

Income Statement ($000)


Sales
Cost of Sales
Gross Operating Income

Income Taxes
Net Income

2,007
1,983,220
1,203,374
779,846

2,008
2,097,999
1,268,227
829,772

FORECATED
PERIOD
2009
2160939
1305207
855732

2010
2225767
1344363
881404

2011
2292540
1384694
907846

2012
2361316
1426235
935081

Table 17 Income Statement for David Jones after accounting for sales of receivables to AMEX

Balance Sheet ($ Million)


Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

2,004

2,005

2,006

2,007

2,008

2009

2010

2011

2012

461,430
48,708
291,477
33,338
834,953

510,524
52,066
272,734
5,053
840,377

529,627
53,648
273,728
35,526
892,529

505,439
70,320
280,281
9,583
865,623

103,060
40,669
257,288
8,473
409,490

498637
69690
315497
21609
905,433

513596
71781
324962
22258
932,596

529004
73934
334711
22925
960,574

544873
76153
344752
23613
989,392

Property, Plant and Equipment, Gross


Accumulated Depreciation
Property, Plant and Equipment, Net

579,890
358,189
221,701

549,776
324,686
225,090

537,982
310,341
227,641

1,000,820
334,651
666,169

1,008,910
338,223
670,687

1039412
381442
657,970

1070594
425957
644,637

1102712
471808
630,904

1135793
519034
616,759

Other Non-Current Assets


Total Non-Current Assets

23,080
244,781

23,767
248,857

24,763
252,404

110,115
776,284

111,653
782,340

21609
679,579

22258
666,895

22925
653,829

23613
640,372

1,079,734

1,089,234

1,144,933

1,641,907

1,191,830

1,585,013

1,599,491

1,614,404

1,629,764

296027
242,360
106751
153578
798,716

304908
242,360
87209
158185
792,662

314055
242,360
67080
162931
786,426

Total Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE
Other Current Liabilities
Total Current Liabilities

258,483
353,757

220,773
366,030

236,712
348,427

265,972
336,867

274,608
1,360

74,707
686,947

94,627
681,430

166,612
751,751

156,807
759,646

165,041
441,009

287405
242,360
125725
149105
804,595

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

0
1,911
52,329
741,187

0
0
54,891
736,321

0
0
24,291
776,042

350,000
0
40,514
1,150,160

170,000
0
36,322
647,331

170,000
0
47541
1,022,135

170,000

170,000

170,000

48967
1,017,683

50436
1,013,098

51949
1,008,375

Paid-In Capital
Retained Earnings
Total Shareholders' Equity

386,501
(47,954)
338,547

384,830
(31,917)
352,913

392,088
(23,197)
368,891

410,088
81,659
491,747

428,861
115,638
544,499

428861
134017
562,878

428861
152947
581,808

428861
172445
601,306

428861
192528
621,389

1,079,734

1,089,234

1,144,933

1,641,907

1,191,830

1,585,013

1,599,491

1,614,404

1,629,764

Total Liabilities and Shareholders' Equity

Table 18 Balance Sheet for David Jones after accounting for sales of receivables to AMEX

Income Statement ($000)


Sales
Cost of Sales
Gross Operating Income

Actual Data
2007
2008
3,002,353
2,940,331
1,785,058
1,749,966
1,217,295
1,190,365

Selling, General & Admn.


Expenses
Depreciation and amortisation
Other net (Income)/Expenses
EBIT

1,097,022
49,259
(110,522)
181,536

1,061,954
57,798
(143,618)
214,231

976,740
64,931
(148,536)
236,429

1006126
59472
(135496)
237,465

1036310
61944
(139560)
243,902

1067399
65818
(143747)
249,203

(16,499)
85,980
112,055

(12,167)
95,924
130,474

(4,165)
92,173
148,421

(8397)
92,173
153,689

(8649)
92,173
160,377

(8908)
92,173
165,938

36,048
76,007

35,766
94,708

44,367
104,054

46107
107,582

48113
112,264

49781
116,156

Interest (Income)
Interest Expense
Pre-Tax Income
Income Taxes
Net Income

2009
2,798,916
1,669,352
1,129,564

Forecasted data
2010
2011
2882883
2969370
1715316
1766775
1,167,568
1,202,595

Table 19 Myer Income Statement for year ending July

2012
3058451
1819778
1,238,673

Actual Data
2007

Balance Sheet ($000)


Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

Forecasted data
2010
2011

2008

2009

189,703
19,857
367,305
0
576,865

115,096
32,709
345,194
28,544
521,543

161,411
39,755
355,572
28,544
585,282

152793
31712
351712
20180
556,397

157377
32663
362263
20786
573,088

162098
33643
373131
21409
590,281

Property, Plant and Equipment, Gross


Accumulated Depreciation
Property, Plant and Equipment, Net

310,476
44,882
265,594

375,707
80,842
294,865

499,466
127,767
371,699

574386
187239
387,147

660544
249182
411,361

759625
315000
444,625

Other Non-Current Assets

1,014,17
2
1,309,03
7

1,011,28
3
1,382,98
2

994595
1,381,74
2

1024433
1,435,79
4

1055166

Total Non-Current Assets

975,252
1,240,84
6

1,499,791

Total Assets

1,817,71
1

1,830,58
0

1,968,26
4

1,938,13
8

2,008,88
2

2,090,072

495,965
0

489,387
0

495,407
0

490090

105,821
601,786

102,369
591,756

113,745
609,152

(22907)
106667
573,850

504793
0
(1331)
109867
613,329

519937
0
29083
113163
662,182

766,015
0
98,194
1,465,99
5

933,457
0
95,182
1,620,39
5

944,776
0
128,386
1,682,31
4

944,776

944,776

944,776

106667
1,625,29
3

109867
1,667,97
1

113163
1,720,121

322,723
(30,815)
59,808
351,716

87,723
(30,815)
153,277
210,185

87,723
(56,975)
255,202
285,950

87,723
(56,975)
282098
312,846

87,723
(56,975)
310164
340,912

87,723
(56,975)
339203
369,951

1,817,71
1

1,830,58
0

1,968,26
4

1,938,13
8

2,008,88
3

2,090,072

Liabilities and Shareholders' Equity


Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities
Paid-In Capital
Reserves
Retained Earnings
Total Shareholders' Equity

Total Liabilities and Shareholders' Equity

Table 20 Myer Balance Sheet for year ending July

2012

Cash Flows from Operations


Profit of the year
Depreciation and amortization
Interest income
Fair value adjustment to derivatives
Write off property, plant and equipment
Interest expense - unwind of borrowing costs
Interest expense - related party
Share based payments expense
Defined benefit superannuation expense
Change in operating assets and liabilities, net of
effects from purchase of controlled entity
(inc)/Decrease in trade and other receivables
(Inc)/ Decrease in inventories
(Increase)/Decrease in deferred tax asset
(increase)/decrease in other current assets
Increase /(Dec)in trade and other payables
Increase(Decrease)in other current liabilities
Increase(Decrease)in other non current
liabilities
Other
Total Cash Flows from Operations
Cash Flows from Investing
Payment received for return of Capital
Payment for available for sale investment
Payments for property, plant and equipment
Payments for intangible assets
Investment in other non current assets
Payments for other assets
Lease incentives received
Interest received
Total Cash Flows from Investing
Cash Flows from Financing
Proceeds from issues of shares
Funding received from related entity
Funding paid to related party
Payment of Capital Return
Funding repaid to parent entity
Repayments of employee share loans
Payment of dividend
Proceeds from borrowings
Repayment of borrowings
Total Cash Flows from Financing
Net increase (decrease) in cash and cash
Equivalents
Cash and cash equivalents at the beginning of the
financial year
Cash and cash equivalents at end of year

2007

2008

2009

2010

2011

2012

76,007
49,260
-8,339
-5,586
3,248
7,672

104,054
63,433
-4,165
-20
268
6,771
4,548
2,500
-1,062

107,582
59,472

112,264
61,944

116,156
65,818

1,992
795

94,708
57,090
-12,167
-110
4,444
7,512
4,223
2,398
-747

5,156
-24,132
-10,760

-12,459
22,111
-318

-7,348
-8,083
15,466

8,043
3,860

-951
-10,551

-980
-10,868

91,604
18,005

-3,483
-11,702

-2,516
-6,899

8,364
-5,317
-7,078

(605)
14,703
3,200

(624)
15,144
3,296

-21,719

3,200

3,296

153,207

183,202

191,239

-74,920

-86,158

-99,082

16,688

(29,838)

(30,733)

-58,232

-115,996

-129,815

-102
204,820

-2,034
149,466

-1,426
165,521

-8,000
-37,503
-81,961

-1,235
-111,131
-46,684

1,600
0
-118,765
-28,989

6,533
-120,931

-1,122
7,697
8,088
-144,387

-39
22,000
4,247
-119,946

0
-393
-235000

0
495

0
18,734

-4,166
245
265,844
-380,000
-99,588

233583
-77876
-79,686

0
0
740

-80,687
-22,907

-84,198
21,576

-87,117
30,414

-103,594

-62,622

-56,703

-15,699

-74,607

46,315

-8,618

4,584

4,721

205,402
189,703

189,703
115,096

115,096
161,411

161,411
152,793

152,793
157,377

157,377
162,098

Table 21 Myer Cash Flow Statement for year ending July

The model above has been build with the following changes made to the original financial
reports for the years ending 2007-2009.

Foreign exchange losses/gains have been excluded from the income statement and
changes has been made to retained earnings.

Actuarial losses/gains have been excluded from the income statement and changes has
been made to retained earnings

The reports for the period ending 2010-2012 have been forecasted based on the following
assumptions.
Assumptions for Forecasting Model
Income Statement
Sales
Cost of Sales
Selling, General & Admn. Expenses
Depreciation
Other Net (Income)/ Expenses
Interest Income
Interest Expense
Income Taxes
Balance Sheet
Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Property, Plant and Equipment,
Gross
Accumulated Depreciation
Property, Plant and Equipment, Net
Other Non-Current Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
Other Current Liabilities
Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Paid-In Capital
Retained Earnings

3% as per CEO
59.5% of sales based on historical average
36.2% as per historical average
17% of opening book value, calculated from depreciation schedule
4.7% of sales, based on historical average
0.4% of sales based on historical averages
Remained unchanged since long term debt has been kept unchanged
30% of pre-tax income (as per Australian tax rate)

5.3 % on average
1.1% of sales, based on historical average
12.2% of sales, based on historical average
0.7% of sales, based on historical average
15%increase based on historical data
Calculated from other items
Calculated from other items
34.5% of sales as per average

17% of sales, same as historical average


Kept unchanged
3.7% of sales historical average
Kept unchanged at 2009 level
Remain unchanged at zero
3.7% of sales, based on historical average
Kept unchanged at 2009 level
Calculated from other items

Table 22 Forecast assumptions for Myer

Forecas
t
Factor
3.00%
59.50%
36.20%
17.00%
-4.70%
-0.40%
30.00%

5.30%
1.10%
12.20%
0.70%
15%

34.50%

17.00%
0.00%
3.70%
0.00%
3.70%

Income Statement ($000)


Sales
Cost of Sales
Gross Operating Income

Actual data
2007
2008
100.00%
100.00%
59.46%
59.52%
40.54%
40.48%

2009
100.00%
59.64%
40.36%

Forecasted data
2010
2011
100.00% 100.00%
59.50%
59.50%
40.50%
40.50%

2012
100.00%
59.50%
40.50%

Selling, General & Admn. Expenses


Depreciation and amortisation
Other net (Income)/Expenses
EBIT

36.54%
1.64%
-3.68%
6.05%

36.12%
1.97%
-4.88%
7.29%

34.90%
2.32%
-5.31%
8.45%

34.90%
2.06%
-4.70%
8.24%

34.90%
2.09%
-4.70%
8.21%

34.90%
2.15%
-4.70%
8.15%

Interest (Income)
Interest Expense
Pre-Tax Income

-0.55%
2.86%
3.73%

-0.41%
3.26%
4.44%

-0.15%
3.29%
5.30%

-0.29%
3.20%
5.33%

-0.29%
3.10%
5.40%

-0.29%
3.01%
5.43%

Income Taxes
Net Income

1.20%
2.53%

1.22%
3.22%

1.59%
3.72%

1.60%
3.73%

1.62%
3.78%

1.63%
3.80%

Table 23 Myer Common Size Income Statement for year ending July (as a percentage of sales)

Balance Sheet ($ Million)

Actual data

Forecasted data

Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets

2007
6.32%
0.66%
12.23%
0.00%
19.21
%

2008
3.91%
1.11%
11.74%
0.97%
17.74
%

2009
5.77%
1.42%
12.70%
1.02%
20.91
%

2010
5.30%
1.10%
12.20%
0.70%
19.30
%

2011
5.30%
1.10%
12.20%
0.70%
19.30
%

19.30%

Property, Plant and Equipment, Gross


Accumulated Depreciation
Property, Plant and Equipment, Net

10.34%
1.49%
8.85%

12.78%
2.75%
10.03%

17.84%
4.56%
13.28%

19.92%
6.49%
13.43%

22.25%
8.39%
13.85%

24.84%
10.30%
14.54%

Other Non-Current Assets


Total Non-Current Assets

32.48%
41.33%

34.49%
44.52%

36.13%
49.41%

34.50%
47.93%

34.50%
48.35%

34.50%
49.04%

60.54
%

62.26
%

70.32
%

67.23
%

67.65
%

68.34%

16.52%
0.00%
0.00%
3.52%
20.04
%

16.64%
0.00%
0.00%
3.48%
20.13
%

17.70%
0.00%
0.00%
4.06%
21.76
%

17.00%
0.00%
-0.79%
3.70%
19.91
%

17.00%
0.00%
-0.04%
3.70%
20.66
%

25.51%
0.00%
3.27%
48.83
%

31.75%
0.00%
3.24%
55.11
%

33.76%
0.00%
4.59%
60.11
%

32.77%
0.00%
3.70%
56.38
%

31.82%
0.00%
3.70%
56.17
%

10.75%
-1.03%
1.99%
11.71
%

2.98%
-1.05%
5.21%
7.15%

3.13%
-2.04%
9.12%
10.22
%

3.04%
-1.98%
9.79%
10.85
%

2.95%
-1.92%
10.45%
11.48
%

12.10%

60.54
%

62.26
%

70.32
%

67.23
%

67.65
%

68.34%

Total Current Assets

Total Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities
Paid-In Capital
Reserves
Retained Earnings
Total Shareholders' Equity

Total Liabilities and Shareholders' Equity

2012
5.30%
1.10%
12.20%
0.70%

17.00%
0.00%
0.95%
3.70%
21.65%
30.89%
0.00%
3.70%
56.24%
2.87%
-1.86%
11.09%

Table 24 Myer Common Size Balance Sheet for year ending July (as a percentage of sales)

Balance Sheet ($ Million)


Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

2,007

2,008

2009

2010

2011

2012

10.44%
1.09%
20.21%
0.00%
31.74%

6.29%
1.79%
18.86%
1.56%
28.49%

8.20%
2.02%
18.07%
1.45%
29.74%

7.88%
1.64%
18.15%
1.04%
28.71%

7.83%
1.63%
18.03%
1.03%
28.53%

7.76%
1.61%
17.85%
1.02%
28.24%

Property, Plant and Equipment, Gross


Accumulated Depreciation
Property, Plant and Equipment, Net

17.08%
2.47%
14.61%

20.52%
4.42%
16.11%

25.38%
6.49%
18.88%

29.64%
9.66%
19.98%

32.88%
12.40%
20.48%

36.34%
15.07%
21.27%

Other Non-Current Assets


Total Non-Current Assets

53.65%
68.26%

55.40%
71.51%

51.38%
70.26%

51.32%
71.29%

51.00%
71.47%

50.48%
71.76%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

Liabilities and Shareholders' Equity


Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE
Other Current Liabilities
Total Current Liabilities

27.29%
0.00%
0.00%
5.82%
33.11%

26.73%
0.00%
0.00%
5.59%
32.33%

25.17%
0.00%
0.00%
5.78%
30.95%

25.29%
0.00%
-1.18%
5.50%
29.61%

25.13%
0.00%
-0.07%
5.47%
30.53%

24.88%
0.00%
1.39%
5.41%
31.68%

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

42.14%
0.00%
5.40%
80.65%

50.99%
0.00%
5.20%
88.52%

48.00%
0.00%
6.52%
85.47%

48.75%
0.00%
5.50%
83.86%

47.03%
0.00%
5.47%
83.03%

45.20%
0.00%
5.41%
82.30%

Paid-In Capital
Reserves
Retained Earnings
Total Shareholders' Equity

17.75%
-1.70%
3.29%
19.35%

4.79%
-1.68%
8.37%
11.48%

4.46%
-2.89%
12.97%
14.53%

4.53%
-2.94%
14.56%
16.14%

4.37%
-2.84%
15.44%
16.97%

4.20%
-2.73%
16.23%
17.70%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

Total Assets

Total Liabilities and Shareholders' Equity

Table 25 Myer Common Size Balance Sheet for year ending July (as a percentage of total assets)

ACTIVITY RATIOS(Operating) :Short Term


Inventory turnover [COGS/Average inventory]
Average no of days inventory in stock [365/inventory
turnover]
Accounts receivable turnover [sales/Average trade
receivables]
Average no of days receivables outstanding
[365/accounts receivables turnover]
Payables turnover [purchases/average accounts payables]
average number of days payables outstanding
[365/payables turnover]
Working Capital turnover [sales/ average working
capital]

Year Ending July


2008
2009

2005

2006

2007

2010

2011

2012

3.94

4.08

4.34

4.72

4.56

4.20

4.20

4.20

92.75

89.39

84.02

77.36

80.09

86.94

86.94

86.94

4.47

4.51

4.91

5.10

4.91

4.72

4.72

4.72

81.74
4.55

80.90
4.88

74.35
4.81

71.52
4.61

74.28
4.85

77.33
4.64

77.33
4.64

77.33
4.64

80.14

74.77

75.82

79.23

75.23

78.65

78.65

78.65

11.73

12.15

16.77

16.34

9.93

7.47

6.61

5.94

Year Ending July


2008
2009

2010

2011

2012

7.93
1.74

8.96
1.81

10.26
1.87

Table 26 Activity ratio for DJS

ACTIVITY RATIOS (Investment):Long Term


Fixed assets turnover [sales/average fixed assets]
Total asset turnover [sales/average total assets]

2005

2006

2007

7.30
1.66

7.27
1.63

6.43
1.68

Table 27 Long term activity ratio for DJS

5.69
1.72

6.49
1.74

Year Ending July,


2008
2009

2005

2006

2007

2010

2011

2012

174.49

170.29

158.37

148.88

154.37

164.28

164.28

164.28

94.35

95.52

82.55

69.65

79.15

85.63

85.63

85.63

1.23

1.19

1.13

1.24

1.39

1.47

1.58

1.67

0.83

0.78

0.74

0.85

0.91

0.96

1.02

1.09

0.23

0.24

0.21

0.24

0.25

0.27

0.25

0.28

0.16

0.16

0.16

0.33

0.23

0.26

0.30

0.31

120.87

124.96

114.26

112.40

119.86

120.95

114.96

116.83

2010

2011

2012

Liquidity Ratios

Operating cycle [days of supply in inventory


+ days of sales in trade receivables]
Cash cycle [days of sales in trade receivables
+ days of supply in inventory days in
accounts payable]
Working capital ratios
Current ratio [ current assets / current
liabilities]
Quick ratio =[(cash + marketable securities +
accounts receivables) / current liabilities]
Cash ratio [ (cash + marketable securities) /
current liabilities]
Cash flow from operations ratio [ cash flow
from operations / current liabilities]
Defensive interval [365 x ([cash + marketable
securities + accounts receivables] / projected
expenditures)]

Table 28 Liquidity and working capital ratios for DJS

Solvency analysis
Debt ratios
Debt to total capital ratio [ total debt
(current + long-term) / total capital (debt +
equity)]
Debt to equity ratio =[total debt / total
equity]

2005

2006

2007

2.10

2.00

1.85

0.68
0.67
0.65
Table 29 Solvency ratio for DJS

Year Ending July


2008
2009

1.61

1.38

1.39

1.31

1.17

0.62

0.58

0.58

0.57

0.54

Year Ending July

Interest coverage ratios


Time interest earned ratio [ Earnings before
interest and taxes (EBIT) / interest expense]
Fixed charge coverage ratio [ earnings
before fixed charges and taxes / fixed
charges]
Time interest earned (cash basis) ratio
[ adjusted operating cash flow / interest
expense]
Fixed charge coverage (cash basis) ratio
[ adjusted operating cash flow / fixed
charges]

2005

2006

2007

2008

2009

2010

2011

2012

2.87

4.40

7.18

8.77

9.47

10.74

12.34

16.56

0.14

0.81

1.67

2.06

1.74

1.83

1.93

2.12

4.98

6.11

5.97

10.59

9.24

11.41

13.22

17.98

1.97

2.51

2.22

3.69

2.67

3.01

3.14

3.39

2010

2011

2012

Table 30 Coverage ratio for DJS

Other ratios
Capital expenditure ratio [ cash flow from
operations (CFO) / capital expenditures]
CFO to debt ratio =[cash flow from
operations / total debt]

Year Ending July


2008
2009

2005

2006

2007

9.17

3.80

5.67

7.03

3.07

9.36

9.44

9.56

0.15

0.17

0.16

0.28

0.23

0.24

0.26

0.29

Table 31 Cash flow from operation ratio for DJS

Year
Ending
July,

Profitability analysis
Return on sales ratios
Gross margin =[gross profit (i.e. net sales
cost of sales) / sales]
Operating margin [ operating income / sales]
EBITDA margin [ EBITDA / sales]
EBIT margin [ EBIT / sales ]
Pretax margin [ Eernings before tax (EBT) /
sales]
Profit margin (return on sales [ROS]) [ net
income / sales]

2005

2006

2007

2008

2009

2010

2011

2012

38.35%

38.75%

39.32%

39.55%

39.60%

39.60%

39.60%

39.60%

3.44%

4.89%

7.32%

8.77%

7.70%

7.70%

7.70%

7.70%

5.27%

6.48%

9.04%

10.64%

9.70%

9.70%

9.70%

9.70%

3.44%

4.89%

7.32%

8.77%

7.70%

7.70%

7.70%

7.70%

5.18%

6.80%

9.24%

10.49%

9.39%

9.48%

9.58%

9.74%

3.51%

4.59%

6.73%

7.52%

6.57%

6.64%

6.70%

6.81%

Table 32 Profitability ratio for DJS

Return on investment ratios


Return on assets (ROA) [ net income + after
tax interest cost / average total assets]
Return on assets (ROA) [ EBIT / average
total assets]
Return on total capital (ROTC) [ EBIT /
average (total debt + stockholders equity)]
Return on total capital (ROTC) [ net income
+ after tax interest cost / average (total debt +
stockholders equity)]
Return on equity (ROE) [ pretax income /
average stockholders equity]
Return on equity (ROE) [net income /
average stockholders equity]

2005

2006

2007

2008

2009

2010

2011

2012

7.22%

8.75%

12.49%

14.15%

12.41%

12.45%

12.91%

13.37%

5.71%

7.97%

12.28%

15.11%

13.38%

13.42%

13.92%

14.42%

8.77%

12.40%

19.70%

24.59%

22.16%

22.50%

23.18%

23.87%

11.10%

13.61%

20.04%

23.04%

20.55%

20.87%

21.49%

22.13%

27.00%

34.34%

46.49%

47.96%

39.89%

39.80%

39.71%

39.88%

18.29%

23.15%

33.86%

34.37%

27.92%

27.86%

27.80%

27.91%

Table 33 Return on investment ratio for DJS


2008

Profitability analysis

2009

2010

2011

2012

Return on sales ratios


Gross margin =[gross profit (i.e. net sales cost of sales) / sales]
Operating margin [ operating income / sales]
EBITDA margin [ EBITDA / sales]
EBIT margin [ EBIT / sales ]
Pretax margin [ Eernings before tax (EBT) / sales]
Profit margin (return on sales [ROS]) [ net income / sales]

0.40

0.40

0.41

0.41

0.41

0.07

0.08

0.08

0.08

0.08

0.09

0.11

0.10

0.10

0.10

0.07

0.08

0.08

0.08

0.08

0.04

0.05

0.05

0.05

0.05

0.03

0.04

0.04

0.04

0.04

0.03

0.04

0.04

0.04

0.04

1.61

1.47

1.48

1.50

1.49

6.49

7.66

6.52

6.04

5.77

0.34

0.42

0.36

0.34

0.33

0.73

0.70

0.70

0.70

0.70

0.61

0.63

0.65

0.66

0.67

0.07

0.08

0.08

0.08

0.08

Total assets to equity ratio

0.62
6.49

0.68
7.66

0.68
6.52

0.66
6.04

0.67
5.77

ROE=NI/EBT * EBT/EBIT * EBIT/Sales * Sales/ ave TA * Ave


TA/Equity

0.13

0.19

0.16

0.15

0.15

Other factors
Three-factor duPont model return on equity (ROE)
= (income / sales) x (sales / assets) x (assets / equity
Income/sales
Sales/assets
Assets/equity
ROE: Income/Equity
Five factor dupont model-ROE
ROE=NI/EBT * EBT/EBIT * EBIT/Sales * Sales/ ave TA * Ave
TA/Equity
Tax burden x Interest burden x Margin x Turnover x Leverage

[taxes x financing x operations x turnover x solvency]


Net Income to EBT ratio
EBT to EBIT ratio
EBIT Margin
Total assets turnover ratio

Return on investment ratios


Return on assets (ROA) [ net income + after tax interest cost /
average total assets]
Return on assets (ROA) [ EBIT / average total assets]
Return on total capital (ROTC) [ EBIT / average (total debt +
stockholders equity)]
Return on total capital (ROTC) [ net income + after tax interest
cost / average (total debt + stockholders equity)]
Return on equity (ROE) [ pretax income / average stockholders
equity]
Return on equity (ROE) [net income / average stockholders
equity]

11.74%

12.45%

12.16%

12.36%

12.16%

18.95%

19.92%

19.09%

19.18%

19.17%

33.71%

41.95%

35.93%

34.34%

32.68%

Table 34 Profitability ratios for Myer

ACTIVITY RATIOS(Operating) :Short Term


Inventory turnover [COGS/Average inventory]
Average no of days inventory in stock [365/inventory turnover]
Accounts receivable turnover [sales/Average trade receivables]
Average no of days receivables outstanding [365/accounts receivables turnover]
Payables turnover [purchases/average accounts payables]
average number of days payables outstanding [365/payables turnover]
Working Capital turnover [sales/ average working capital]
ACTIVITY RATIOS (Investment):Long Term
Fixed assets turnover [sales/average fixed assets]
Total asset turnover [sales/average total assets]

2008

2009

2010

2011

2012

4.91
74.30
111.87
3.26
3.51
104.08
-61.81

4.76
76.61
77.25
4.72
3.41
107.00
-59.50

4.85
75.25
80.68
4.52
3.47
105.09
-139.53

4.95
73.75
92.25
3.96
3.57
102.16
-102.94

4.95
73.75
92.25
3.96
3.57
102.16
-54.55

2.31
1.61

2.08
1.47

2.09
1.48

2.11
1.50

2.08
1.49

77.57

81.34

79.78

77.71

77.71

-26.51

-25.66

-25.31

-24.45

-24.45

0.88

0.96

0.97

0.93

0.89

0.25

0.33

0.32

0.31

0.30

0.19

0.26

0.27

0.26

0.24

0.25

0.27

0.27

0.30

0.29

19.19

27.75

24.75

24.75

24.75

0.44

0.45

0.46

0.45

0.44

Liquidity Ratios

Operating cycle [days of supply in inventory + days of sales in trade


receivables]
Cash cycle [days of sales in trade receivables + days of supply in
inventory days in accounts payable]
Working capital ratios
Current ratio [ current assets / current liabilities]
Quick ratio =[(cash + marketable securities + accounts receivables) /
current liabilities]
Cash ratio [ (cash + marketable securities) / current liabilities]
Cash flow from operations ratio [ cash flow from operations / current
liabilities]
Defensive interval [365 x ([cash + marketable securities + accounts
receivables] / projected expenditures)]
Solvency analysis
Debt ratios
Debt to total capital ratio [ total debt (current + long-term) / total capital
(debt + equity)]

Debt to equity ratio =[total debt / total equity]


Interest coverage ratios
Time interest earned ratio [ Earnings before interest and taxes (EBIT) /
interest expense]
Fixed charge coverage ratio [ earnings before fixed charges and taxes /
fixed charges]
Time interest earned (cash basis) ratio [ adjusted operating cash flow /
interest expense]
Fixed charge coverage (cash basis) ratio [ adjusted operating cash flow /
fixed charges]
Table 35 Other ratios for Myer

0.80

0.82

0.87

0.81

0.80

2.23

2.57

2.58

2.65

2.70

0.39

0.50

0.57

0.58

0.58

1.56

1.80

1.66

1.99

2.07

0.97

1.05

1.01

1.19

1.21

Ratios
Return on stockholders equity

Table

Industry
14.88%

Net profit margin


Gross profit margin
Pre tax margin
Asset turnover

2.61%
26.99%
4.34%
2.10

Inventory turnover
Current ratio
Receivables turnover
Acid-test ratio

7.17
1.17
25.73
0.35

Return on Average assets

6.31%