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%

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, 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) *

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

2013
$000
1,845,012
(1,147,968)
697,044
62,532
(296,103)
(193,286)
(56,762)
(34,966)
(24,119)
(14,442)
(9,057)
490
131,331
(36,147)
95,184.00

2012
$000
1,867,817
(1,167,987)
699,830
57,568
(282,593)
(189,114)
(51,949)
(39,036)
(26,909)
(13,384)
(10,938)
347
143,822
(42,719)
101,103.00

3,512
(1,418)
(628)
1466
96,650

1,713
(1,621)
(28)
64
101,167

18
17.9

19.4
19.4

Tax rate
27.5% 29.7%

o of not less than 85% of profit

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, 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

13,877
19,092
251,543
941
6,670
2582
294,705
12
835,373
44,644
62,391
660
943,080
1,237,785
261,840
360
3,053
35,586
178
813
301,830
100,000
7,359
27,500

Total non-current liabilities

Total liabilities
Net assets
EQUITY
Contributed equity
Reserves
Retained earnings
Total equity

134,859
436,689
801,096
564,698
76,867
159,531
801,096

(1) Comprising a bank overdraft at an average interest rate of 1.1% per annum in 2012 and
(2) Comprising an unsecured bank loan at an average interest rate of 5.2% per annum in 2

2012
$000
20,536
16,389
279,099
24
7,201
323,249
12
817,432
43,977
55,833
394
917,648
1,240,897
264,595
11,006
3,097
25,955
1,357
288
306,298
125,000
6,183
27,712

158,895
465,193
775,704
547,028
74,362
154,314
775,704

1% per annum in 2012 and 3.4% per annum in 2013.

te of 5.2% per annum in 2012 and 4.4% per annum in 2013.

2105465.1946185
178349.596721668

166,971
0.0904985984

2200211.12837633
186375.328574142

147,403
0.0789172601

8025.731852475

0.0847079292
1.29
0.2048397327
0.7

0.1433878129
1.1433878129
1.1282261237

19,568

19,568

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, 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

2013
$000

2012
$000

2,025,548
(1,851,721)
58,064
490
(9,057)
(43,288)
180,036

2,058,903
(1,846,677)
54,498
347
(10,884)
(59,450)
196,737

(74,890)
(4,094)
232
(78,752)

(70,009)
(11,475)
111
(81,373)

(72,297)
-36,000
(108,297)
-7,013
20,530
13,517

(110,594)
7,000
(103,594)
11,770
8,760
20,530

13,877
(360)
13,517

20,536
(6)
20,530

DuPont
NP/Sales
Sales/Assets
Assets/Equity
ROE

2013

2012

2011

2010

5.5%
1.49
1.55
12.7%

5.4%
1.51
1.60
13.0%

8.6%
1.62
1.55
21.4%

8.3%
1.72
1.61
22.9%

2009
7.9%
1.77
1.64
22.9%

Change
-30.2%
-15.6%
-5.9%

Sales
COS
Inventory
Receivables
Payables
Inv days
Rec. Days
Pay Days

2013
1,845,012
1,138,868
251,543
19,092
261,840

2012
1,867,817
1,167,987
279,099
16,389
264,595

2011
1,961,744
1,194,475
288,850

80.62
3.78
83.9

87.22
3.20
82.7

88.26

2010
2,053,087
1,237,358
282,346

2009
1,985,490
1,199,344
244,843

83.29

74.51

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
99,532
49,466
148,998
0.7
104,299

2014
2015
2016
103,513
107,654
111,960
51,692
54,018
56,449
155,205 161,672 168,409
0.7
0.7
0.7
108,644 113,170 117,886

8.34%
3.81
535,859
2,041,622
Cost
100,000
360
100,360

4.4%
3.4%

4.7%
95.3%
30%

2.7%
3.0%
5.8%
3,322,591

Kd
4.4%
0.01%
4.4%

2017
2018
116,438
121,096
58,989
61,644
175,427 182,740
0.7
0.7
122,799 127,918
70,000
-12,500
-105000
80,418

COE
Rf
MRP
Beta (l)
Ke

3.44%
4.0%
1.29
8.6%

TV
2019