1999 Concise Annual Report (3156kb PDF)

Transcription

DJ220 Web Covers 6pp
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BEHIND THE SCENES OF
A GREAT DEPARTMENT STORE
DAVID JONES CONCISE ANNUAL REPORT 1999
WE HAVE SPE
HAVE THE FIN
FOR GROWT
OUR
PER
OUR
PLA
GRO
DAVID JONE
THE ANNUAL GENE
GRAND HYATT HO
MEETING AND PRO
ANNUAL REPORT.
The 1999 concise annua
report. These financial st
Limited’s performance, f
Further financial informa
Share Registry by calling
from the Company Infor
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Page 1
WE HAVE SPENT TWO YEARS REBUILDING THE BUSINESS.WE NOW
HAVE THE FINANCIAL, OPERATIONAL AND INTELLECTUAL CAPACITY
FOR GROWTH AND OUR EARNINGS TREND IS POSITIVE.
OUR
PERFORMANCE
OUR
PLANS FOR
GROWTH
DAVID JONES LIMITED
ACN 000 074 573
THE ANNUAL GENERAL MEETING WILL BE HELD ON WEDNESDAY 1 DECEMBER 1999 AT 10.00 A.M. AT THE
GRAND HYATT HOTEL BALLROOM, 123 COLLINS STREET, MELBOURNE, VICTORIA. THE NOTICE OF
MEETING AND PROXY FORM ARE CONTAINED IN A SEPARATE BOOKLET ACCOMPANYING THIS 1999
ANNUAL REPORT.
The 1999 concise annual report includes financial statements which have been derived from David Jones Limited 1999 financial
report. These financial statements included in the concise annual report do not provide as full an understanding of David Jones
Limited’s performance, financial position, financing and investing activities as provided by the 1999 financial report.
Further financial information can be obtained from the 1999 financial report which is available, free of charge, on request from the
Share Registry by calling 1800 652 207. Alternatively, both the concise annual report and the full financial report can be accessed
from the Company Information section of the David Jones website www.davidjones.com.au
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SHAREHO
E A R LY F E B RU
ANNOUNCEMEN
29 JANUARY 2000
MID MARCH
ANNOUNCEMEN
DETAILS OF INTER
APRIL
HALF YEARLY REP
SCHEDULED PAYM
M AY
ANNOUNCEMEN
29 APRIL 2000
AU G U S T
ANNOUNCEMEN
29 JULY 2000
SEPTEMBER
ANNOUNCEMEN
DETAILS OF FINAL
O C TO B E R
SCHEDULED PAYM
N OV E M B E R
ANNOUNCEMEN
28 OCTOBER 2000
DECEMBER
2000 ANNUAL GE
Designed and produce
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THERE’S CERTAINLY NO OTHER STORE LIKE DAVID JONES. WITH MORE THAN
8,000 PEOPLE WORKING DAY AND NIGHT SEEKING TO ENSURE OUR CUSTOMERS’
EXPECTATIONS OF STYLE, SERVICE AND QUALITY ARE EXCEEDED EACH AND
EVERY TIME THEY ENTER A DAVID JONES STORE.
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THE CHANGES WE HAVE MADE HAVE ENSURED WE HAVE A PLATFORM
FOR STRONG EARNINGS PERFORMANCE AND GROWTH IN
SHAREHOLDER VALUE.
OUR PERFORMANCE
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ADDITION OF OVER 100 NEW BRANDS
SUCCESSFUL NEW STORE OPENINGS
HANGER PROGRAM
Y2K CONFIDENCE
SUCCESS OF MECCA COSMETICA
CAPITAL RETURN TO SHAREHOLDERS
SUCCESS OF CARD BUSINESS
REPAY PART OF EXISTING DEBT
PROPERTY SALE AND LEASEBACK
STAFFING FOR SERVICE
PERFORMANCE OF WOMEN’S WEAR
BRIDAL REGISTRY
HIGH LEVEL INTERNATIONAL BRANDS
LOYALTY PROGRAM TRIAL IN QUEENSLAND
JULIE COATES’ APPOINTMENT
FIVE-STAR STAFF SERVICE
BUYING GROSS PROFIT
AGED STOCK
OPENING OF WAREHOUSE STORES
CATALOGUE AWARDS
HOMEWARES
FURNITURE BRANDS
BUYING OFFICE CHANGES
SECURITISATION OF CREDIT CARD RECEIVABLES
REG CLAIRS’ APPOINTMENT
SUCCESS OF NEW LUGGAGE DEPARTMENT
INSTANT REWARDS
CHANGES IN MENSWEAR
EFTPOS NETWORK INTRODUCED
OUR PLANS FOR GROWTH
25
26
27
27
NEW CONCEPT STORES
E-COMMERCE
OUR PEOPLE
EXISTING STORE PROGRAM
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THE FACTS BEHIND THE FIGURES
FINANCIAL HIGHLIGHTS
1999
1998
Sales Continuing Business
$m
1,355.0
1,306.9
Closed Stores
$m
–
69.9
Total Sales
$m
1,355.0
1,376.8
Retail
$m
43.2
33.9
Property
$m
16.8
21.3
Credit
$m
18.6
18.5
Total Earnings Before Abnormals, Interest and Tax
$m
78.6
73.7
Less Interest Expense
$m
16.1
18.0
Operating Profit Before Abnormal Items and Income Tax
$m
62.5
55.7
Income Tax
$m
21.5
20.3
Operating Profit after Tax
$m
41.0
35.4
Abnormal Items after Tax
$m
–
2.8
Net Profit
$m
41.0
32.6
Dividend Per Share
cents
8.0
7.0
Earnings Per Share
cents
10.4
8.3
Earnings Before Abnormals, Interest and Tax (EBIT)
$M
116
EARNINGS BEFORE INTEREST
AND TAX, DEPRECIATION
AND AMORTISATION
$M
1450
SALES REVENUE
%
35
NET DEBT/NET DEBT
AND EQUITY
114
30
1400
112
110
25
1350
108
20
106
1300
104
15
102
1250
10
100
98
1200
5
96
0
0
1997
1998
1999
0
1996
1997
1998
Continuing Business
Closed Stores
2
1999
1996
1997
1998
1999
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1999
1998
Number of stores at year end
28
26
Average retailing selling space
322, 500m
2
317,600m2
$4,202
$4,115
Average (full time equivalent)
number of employees
5,474
6,382
Net tangible assets per share
$1.00
$1.17
Sales per square metre
DAVID JONES EMPLOYS OVER 8,000
PEOPLE THROUGHOUT OUR NATIONAL
28 STORE NETWORK
6,475 COUPLES CHOSE THE
DAVID JONES BRIDAL REGISTRY THIS YEAR
MORE THAN 80% OF OUR
SALES STAFF ARE CURRENTLY SPORTING
FIVE-STAR BADGES
FOR CONSISTENTLY MEETING
FIVE NON-NEGOTIABLE SERVICE STANDARDS
DAVID JONES SELLS
%
50
5-POINT RATING OF
OVERALL SERVICE
$M
45
MORE THAN 500,000
RETAIL EARNINGS
PAIRS OF SHOES A YEAR
40
40
FIVE PEOPLE WORK
35
FULL TIME CUTTING HAM
30
IN THE MARKET STREET STORE
30
25
20
DAVID JONES ISSUED MORE THAN
20
$36 MILLION WORTH OF
15
GIFT VOUCHERS & TOKENS LAST YEAR
10
10
5
DAVID JONES
Poor
Fair
Good
Very Good
Excellent
0
0
1997
1998
1999
STOCKS
MORE
THAN 100 DIFFERENT
BRANDS OF COSMETICS
Compiled by Leading Edge Research
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CHAIRMAN’S STATEMENT
THIS HAS BEEN A YEAR OF IMMENSE PROGRESS FOR DAVID JONES.
THE WORK OUR TEAM HAS CARRIED OUT TO UNDERPIN THE FOUNDATIONS HAS BEEN
EXTRAORDINARILY DETAILED. YOUR DIRECTORS ARE NOW CONVINCED THAT DAVID
JONES IS BACK ON TRACK. SALES ARE INCREASING, COSTS ARE DECREASING AND PROFITS
FROM OUR RETAIL BUSINESS ARE ON AN UPWARD TREND.
Shareholders now have the opportunity to benefit from the
Your Board is confident this will be the case and as such, we
upside that flows from a retail business that is getting it right.
took the decision to increase the annual dividend this year to
Our merchandise, our service, our marketing and our processes
8 cents per share.
are all integrated to ensure we can respond quickly to
competitive and external market pressures.
This coming year is the third year of the turnaround strategy,
during which the Directors believe the considerable efforts that
David Jones announced a profit after tax and abnormal items
have been made will be translated into improved sales
for the 53 weeks ended 31 July 1999 of $41.0 million, an increase
performance and increased profit. Sales to date have been
of $8.4 million or 26% above the previous period. Before
encouraging. This shows a stronger performance not only in
abnormal items that were applicable last year the profit increase
the department store sector, but the non-food retail sector
was $5.6 million or 16%.
in general.
This result was struck on an increase in sales from continuing
Your Board and management team are now focused on ensuring
business to $1.355 billion from $1.307 billion previously.
the positive changes in our core business are maintained while we
Importantly, earnings from the retail business increased to
explore new growth opportunities to increase shareholder value.
$43.2 million from $33.9 million.
On behalf of the Board, I would like to express thanks to the
During the year we also successfully implemented a capital
management team and staff for the excellent work that has been
restructure which included a capital return of 20 cents per share
carried out during the year, and for their unparalleled personal
and the securitisation of our credit card receivables.
dedication to the business.
The strategy we put in place two years ago is being implemented
as planned, which means that in the current financial year you
can expect the business to regain consumer and financial
market credibility.
Richard Warburton, Chairman
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BEHIND THE SCENES OF A
GREAT DEPARTMENT STORE
BY PETER WILKINSON
BEHIND THE SCENES OF A GREAT DEPARTMENT STORE LIKE DAVID JONES YOU WILL SEE MANY COMMITTED PEOPLE
STRIVING FOR TWO THINGS – MAXIMUM CUSTOMER SATISFACTION AND LONG-TERM SHAREHOLDER VALUE.
ENSURING EACH CUSTOMER’S EXPECTATIONS ARE SURPASSED EVERY TIME THEY WALK INTO ONE OF OUR STORES,
OR USE ONE OF OUR SERVICES, REQUIRES IMMENSE ATTENTION TO DETAIL. WE SERVICE MILLIONS OF CUSTOMERS
EVERY YEAR – EACH ONE OF THEM WITH DIFFERENT EXPECTATIONS AND NEEDS.
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CHIEF EXECUTIVE’S REVIEW
QUESTIONS WITH THE CHIEF EXECUTIVE
Our research tells us that, the great majority of our customers are
ensure David Jones is well positioned to maximise returns from
now receiving a high level of service and leaving our stores as
future growth.
satisfied purchasers.
Some of you have written to me or called the shareholder
This improving standard of service will ensure the long-term
information line with questions about our business and growth
strength and viability of the core David Jones department store
plans. I would now like to try and answer some of these questions
business.
for you …
In addition, we are now exploring new growth areas to ensure we
Q
can maintain appropriate returns for our shareholders well into
What has the Company’s strategy been?
the 21st century.
For the past two years our strategy has been to rebuild the
Some of the growth initiatives we have investigated are being
business by focusing on the key areas of stores, merchandise,
implemented immediately. For example we are opening three new
processes, systems and customer service. To do this we have
department stores in Melbourne and Sydney during the next
refined our value proposition and worked with our people to
two years, and we are actively looking at sites in Western Australia
ensure an intimate understanding of it. As you are probably aware,
and New Zealand.
this has involved the closure of six underperforming stores, the
restructure of our buying office, the introduction of new computer
By the time these stores have been opened we expect to have
systems and the development of new rostering systems.
growth flowing through from our new stand-alone food stores.
While the number of stores in this chain is subject to site
When we announced this strategy two-and-a-half years ago we
availability, our current intention is to open up to 40 sites nationally.
said that at the end of two years the business would be essentially
repaired, and we would begin to focus on growth.We are well on
We are also looking at potential acquisitions and the development
of strategic partnerships in high-growth areas of the retail segment
– including the very exciting e-commerce area. On-line shopping
track, and as outlined in this strategy, we should expect to see the
full financial benefits of the restoration at the end of three years –
during the financial year ended 2001.
is rapidly gaining acceptance by Australian consumers, and while
the return on investment is longer term, we clearly can’t ignore the
potential opportunities available to us.
Based on the profile of our medium-term growth plans,
shareholders can certainly expect improved returns. Our increase
in earnings during 1998/99 has reinforced our view that our
strategy has worked.
Q
What is the Company’s strategy now?
Our focus now is to enhance shareholder value and to ensure the
strength of our core department store business while we examine
growth opportunities and ensure we can expand at a manageable
pace during the next five years. Clearly our existing new store
opening program will provide growth during the next two years.
I hope you will see from this report the magnitude and complexity
After that we will begin to see benefits from the food stores and
of the work that has been carried out within our business to
other initiatives within high-growth lifestyle/leisure and e-commerce
sectors of the retail segment.
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BEHIND THE SCENES OF A GREAT DEPARTMENT STORE
Q
Why did you need to close stores?
We needed to close some stores because they did not fit the
performance criteria we had set for our stores as we moved
forward.
Q
Have you opened any new stores?
We have opened a new store at Carindale in Brisbane and are
planning to open stores at the Southland and Chadstone centres
in Melbourne during the next 12 months. The new David Jones
Rundle Mall store in Adelaide is due to open in September 2000.
Q
Has service improved?
Q
Can shareholders expect to see further growth from
the core department store business?
Yes. We see substantial growth in our core department store
We use quite sophisticated methods to measure our customer
business during the next five years. If you look at the growth in
service performance and they are all showing a significant
retail earnings of 25% for the year just ended you will see that the
improvement. This is very pleasing and of course we would
trend is extremely positive. Once our organic growth in this
appreciate any feedback from you in this regard.
market begins to plateau we will be relying more heavily on
Q
building our business through acquisitions and through some of
For a start we have introduced more than 100 new brands – most
Q
Has merchandise assortment improved?
of them on an exclusive basis. In addition to this we are seeing a
the exciting new formats we are investigating.
What was the purpose of the financial restructure?
broad-ranging improvement in our merchandise assortment.
We are experts in retailing and we think that by unlocking funds
Because of the need to buy our merchandise around 12 months
from our credit card and property businesses we can provide
before it appears in the stores it takes some time for positive
superior returns for shareholders.
changes to be seen.The next 12 months should be very pleasing
for our customers!
Importantly, we have, under our new inventory ageing policy, made
significant strides in reducing the percentage of our aged
merchandise close to our target of 5%. Equally this work on
Peter Wilkinson, Chief Executive
assortments has improved our intake margins which bodes well
for future gross profit margins.
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1
OUR PERFORMANCE
SINCE PETER WILKINSON WAS APPOINTED AS CHIEF EXECUTIVE TWO-AND-A-HALF YEARS AGO,THE
EFFORTS OF EVERY MEMBER OF THE MANAGEMENT TEAM HAVE BEEN DIRECTED TO REBUILDING
THE FOUNDATIONS OF THE BUSINESS. THE BACK-TO-BASICS STRATEGY HAS INCLUDED THE
REENGINEERING OF OUR PROCESSES, A REVIEW OF ALL STORES AND A NEW APPROACH TO OUR
MERCHANDISE AND MARKETING. EVERY DECISION HAS BEEN TAKEN TO ENSURE SHAREHOLDER
RETURNS WILL BE SIGNIFICANTLY INCREASED DURING THE CURRENT AND UPCOMING YEARS.
SALES SINCE THE END OF THE FINANCIAL YEAR HAVE BEEN ENCOURAGING, IN PARTICULAR,
EXTREMELY POSITIVE PERFORMANCES HAVE BEEN ACHIEVED BY WOMEN’S AND MEN’S APPAREL.
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ADDITION OF OVER 100 NEW BRANDS
SUCCESSFUL NEW STORE OPENINGS
HANGER PROGRAM
Y2K CONFIDENCE
SUCCESS OF MECCA COSMETICA
CAPITAL RETURN TO SHAREHOLDERS
SUCCESS OF CARD BUSINESS
REPAY PART OF EXISTING DEBT
PROPERTY SALE AND LEASEBACK
STAFFING FOR SERVICE
PERFORMANCE OF WOMEN’S WEAR
BRIDAL REGISTRY
HIGH LEVEL INTERNATIONAL BRANDS
LOYALTY PROGRAM TRIAL IN QUEENSLAND
JULIE COATES’ APPOINTMENT
FIVE-STAR STAFF SERVICE
BUYING GROSS PROFIT
AGED STOCK
OPENING OF WAREHOUSE STORES
CATALOGUE AWARDS
HOMEWARES
FURNITURE BRANDS
BUYING OFFICE CHANGES
SECURITISATION OF CREDIT CARD RECEIVABLES
REG CLAIRS’ APPOINTMENT
SUCCESS OF NEW LUGGAGE DEPARTMENT
INSTANT REWARDS
CHANGES IN MENSWEAR
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ADDITION
OF OVER 100
NEW
BRANDS
During the year significant work was
undertaken
in
the
area
of
brand
management. We reduced the quantity of
our private label goods and focused instead
on increasing the quality of those products.
Part of the focus on brand management
included the introduction of 102 new
brands, the
majority
of
which
are
department store exclusives. These brands
include Bvlgari, DKNY Jeans, Calvin Klein
Sportswear, Polo Ralph Lauren Boys and the
Triplite luggage range.
The long-awaited opening of the Carindale store in Queensland
went ahead successfully on 11 March 1999. Customer feedback
has been positive in relation to the friendliness of the staff and the
SUCCESSFUL
magnificent layout of the store. Carindale is really the first of our
NEW STORE
new generation stores and we are confident that the success and
lessons learnt during the opening process bode well for the series
OPENINGS
of new stores we are opening in coming years. In addition we
opened our first Warehouse store at Birkenhead Point in May 1999.
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HANGER
PROGRAM
The hanger program is just one of the many
changes we have made to ensure the business
can run smoothly going forward. It has been
operating successfully for over a year now with
significant benefits accrued over the past
12 months. Prior to the hanger program being
introduced, all David Jones merchandise was
received on a variety of hangers, from our
diverse range of suppliers. All merchandise
was then manually transferred to the David
Jones standard hanger, incurring time and
labour costs. David Jones recognised a need
to streamline this process and as a result
introduced the hanger program where
suppliers provide all merchandise on David
Jones hangers, ready to be placed directly
into the store. The hangers are then re-used
by suppliers and, old hangers are recycled.This
change has saved approximately one hundred
thousand hours of labour.
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Y2K
CONFIDENCE
The Y2K issue is a very serious one for David Jones.A dedicated
team of professionals was banded together to address the
impending issue of the Y2K and provide relevant solutions. Our
recent systems update has helped us to sidestep many of the
problems inherent in ageing computer software and systems.
To date, all major systems, desktop networks, infrastructures,
software and IT programs have been altered and tested for Y2K
compliance. Our Y2K project team has also rated the level of
preparedness of our external suppliers and those below our
acceptable level have been requested to upgrade their compliance
level.We are confident that not only are our systems ready, but our
staff are also ready to deal with any issues that may arise from
the Y2K.
SUCCESS OF
MECCA
COSMETICA
The introduction of Mecca Cosmetica to our Elizabeth Street and Bourke Street stores has been met with overwhelming enthusiasm.
The founder of Mecca, Jo Horgan, has combined some of the world’s finest cosmetic brands under the umbrella of Mecca Cosmetica.
Mecca provides David Jones customers with the opportunity to choose from a range of brands including: Urban Decay, Nars, Stila,
Make Up For Ever, shu uemura, Kiehls,Vincent Longo and Philosophy. Mecca has brought with it a new breed of David Jones customer,
without detracting from the strength of the existing cosmetic brands already in-store. We believe the success of Mecca in our Melbourne
and Sydney CBD stores will be long term and continue to support our brand initiative.
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CAPITAL
RETURN
TO
SHAREHOLDERS
As part of the financial restructure your Board approved a capital
return to all shareholders of A$0.20 per share. An Extraordinary
General Meeting was held in Sydney on Monday, 26 July 1999
to approve the capital return. The vote for the capital return was
passed and payment was made to shareholders on 10 August
1999. We are pleased to have had the opportunity to reward our
shareholders with this capital return during the year as well as
increase the annual dividend to eight cents per share.
SUCCESS OF
CARD BUSINESS
The David Jones card business had a successful year with a strong contribution to earnings. This was achieved
despite an increase in interest-free sales, which is now becoming a standard feature in the retail sector. There were
several changes made to the card business this year including the securitisation of credit card receivables in June,
compliance with Y2K for the credit systems and the introduction of the two-year interest-free payment option in
response to market competition. The strength of the card business has been reflected in terms of operational
efficiencies and cost management. Other improvements during the year were seen in customer service delivery, new
account growth and reductions in bad debts.
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REPAY
PART OF
EXISTING
DEBT
A portion of the funds released from the securitisation provided
David Jones with the capability to repay part of the existing debt
facility. This has subsequently reduced our gearing to allow us to
further extend the David Jones brand through new department
store openings and refurbishments as well as the rollout of new
concept stores such as food.
Significant progress has been made on the restructure of our property portfolio.This includes the sale since the end of the financial year
of our Queen Street store to the Seymour Consortium in Queensland for a book value of $28 million. The agreement, which is subject
to Brisbane City Council development approval, will result in a larger, five-level David Jones store as a key tenant of the $350 million
Queen Street Central project. Further restructuring is expected in the future with possible sale of the Adelaide city development. We
are carefully scrutinising every option available for the restructuring of the property portfolio and will not make a decision until we are
sure that future management control of the properties by David Jones is assured and that we can create shareholder value.
PROPERTY
SALE
AND
LEASEBACK
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PERFORMANCE
OF
WOMEN’S
WEAR
STAFFING
FOR
SERVICE
Womenswear has been one of the strongest performing sectors
of our business during the past 12 months, reflecting the
significant effort made during the buying cycle. We focused on
two main areas within the department this year, the Collections
area and Better Sportswear. Benefits were realised early in the
During the year we introduced a major initiative to improve our
process with the Collections area attracting new brands to the
service levels and further meet the needs of our customers. This
business and increased performance in sales for both the existing
commenced with the introduction of a software program called
and new brands. The Better Sportswear area also improved
“Staffworks”. This program enables David Jones to record all
significantly during the year. Emphasis was placed on identifying key
customer transactions, tracking both the time and department in
items across the business for every department and then
which they occurred. This data has provided David Jones with a
forecasting the appropriate stock backing for these items. This
clear transactional pattern allowing them to provide the right
program commenced in the second quarter with sales improving
amount of service support at the right time and in the right
almost immediately. These improvements have underpinned the
departments. Already we have seen benefits flowing from this
increase in sales in Womenswear.
system with improvements in productivity levels. This initiative
has affected all staff and we would like to thank every employee
for the level of commitment they have shown and for their
continued support.
BRIDAL REGISTRY
On 1 September 1999, David Jones opened its revamped Gift and
Bridal Registry. Along with a number of significant benefits for
customers and improvements for staff, we have developed a
striking new look, replacing the traditional cream and gold. To meet
the requirements of our customers we have developed new
technology that is being integrated into existing systems to allow
us to increase our level of service while maintaining a high level
of operational efficiency.
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HIGH LEVEL
INTERNATIONAL
BRANDS
Over the last 12 months the Merchandise team at David Jones has
been actively pursuing exclusive department store distribution for
several major brands, including Bvlgari and Bang & Olufsen. We
opened the first in-store Bvlgari Boutique in Australia in August
1999, marking the first introduction of a major luxury brand to
David Jones for more than seven years. In addition, we have opened
our first Bang & Olufsen concept store in Sydney. Bang & Olufsen
and Bvlgari’s brand profile and their standards of excellence make for
an outstanding partnership with David Jones.
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LOYALTY
PROGRAM TRIAL IN
QUEENSLAND
In recognition of the loyalty of our customers, David Jones launched a loyalty program
trial in March 1999 in Queensland. The loyalty program, known as David Jones Dress
Circle offers a combination of financial benefits for our customers. These benefits
include David Jones gift vouchers and indulgence rewards such as free magazine
subscriptions, invitations to special Dress Circle events and valuable offers from
Although this program is relatively new, feedback has been very positive and
JULIE COATES’
APPOINTMENT
benefits have already flowed through with an increase in card memberships.
We recently announced the appointment of
companies such as The Australian Chamber Orchestra and the Queensland Ballet.
Julie Coates to the position of Director
Human Resources. We were very pleased to
announce this internal appointment as Julie
has been with David Jones for over two years
and since that time has built on her in-depth
knowledge of the retail sector. Julie’s first
FIVE-STAR STAFF
SERVICE
appointment to David Jones was as General
At David Jones we are continually focusing
months as General Manager Supply Chain
on meeting our customers’ expectations of
and Systems Development. She is currently
style, quality, choice and service. More than
an Employer Director of David Jones
80% of our sales staff have five star badges.
Superannuation Fund Pty Ltd and a Director
These badges are awarded to those
of David Jones Share Plans Pty Ltd. Before
employees who have consistently exceeded
Julie joined David Jones in 1997, she spent
David Jones five non-negotiable service
several years with another major retailer and
standards that our customers desire.
was instrumental in setting up Officeworks,
Manager Supply Chain and she held that
position for two years, including the last eight
building the business from its inception
in 1994.
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BUYING
GROSS
PROFIT
This was a year of considerable progress in the achievement of
gross margin objectives. A significant amount of aged stock was
cleared through the period affecting our final gross profit.
However, buying gross profit increased in the year. Improvements
in our brand portfolio, a positive sales mix and volume rebates in
white and brown goods product all contributed to this result.
Buying effort and attention will continue to be applied to the
improvement of gross margin.
AGED
STOCK
Managing seasonal stock is an important function in any department store business. Significant policies, practices and business processes
have been implemented to ensure that the volume of out of season stock is manageable. Key initiatives have been implemented over the
last year to ensure that our aged stock meets our internal target of 5% or less.These include plans to achieve detailed open to buy budgets,
progressive markdown cycles, clearance strategies and the opening of warehouse stores. Over time we will continually review this targeted
level of aged stock to seek improvements in overall profitability.
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OPENING OF
WAREHOUSE
STORES
In May 1999, David Jones opened its pilot David Jones Warehouse
store at Birkenhead Point in New South Wales. The store was
designed as a clearance centre for end-of-season or excess stock,
with sales of designer label clothing and lingerie the most popular
category for shoppers. Selling this excess stock through the
Birkenhead Point store has allowed us to ensure we have a wider
range of up-to-date stock in our department stores. The
Birkenhead Point store has 1,500 square metres of selling space and
24 staff.The store, located in the most popular “rack store” centre
David Jones is proud to report that we have
in Sydney, is surrounded by more than 100 other stores including
once again featured heavily in the Australian
the factory outlets for Country Road, Esprit, Jigsaw, Timberland,
Catalogue Association Awards. Reflecting both
RM Williams, Just Jeans and Portmans. We believe this will be a
the quality and style of the David Jones brand
positive step towards improving inventory management for
we won five awards this year and were
David Jones and a decision has been taken to open an additional
nominated as a finalist in the Catalogue of the
David Jones Warehouse store at Harbour Town on the Gold Coast
Year Award, the same award that we won in
in Queensland. This store will open in late 1999.
1998.We would also like to congratulate Team
Saatchi for all of their dedication during the
year and for being named Agency of the Year.
CATALOGUE
AWARDS
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Page 20
HOMEWARES
Over the past 12 months we have restructured staff roles within our Homewares
department allowing us to take advantage of the synergies between product types and
work practices. Buyerships have now been consolidated under the three core areas of
homewares, home furniture and appliances and home entertainment. Our brands have
been evaluated for strategic importance and several new brands including Bang &
Olufsen, Kingsdown, Boda Nova and Yves de Lorme have been introduced.
FURNITURE
BRANDS
During the year we have continued to
focus on our existing core furniture brands,
including Sealy, Moran and Natuzzi, as an
important part of the David Jones mix.
We are now beginning to leverage these
brands to ensure future growth within the
department. Several initiatives have been
undertaken throughout the year including
the integration of homewares, and an
increased focus on “contemporary living”.
We have worked with out suppliers in
furniture, homewares and electrical to
intensify our advertising and marketing effort
including campaigns for interest-free and
instant rewards.
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BUYING
OFFICE
CHANGES
During the year significant changes have taken place in the
Merchandise Group.The most fundamental transformation occurred
in our buying office where we implemented a substantial cultural
change program. We have changed the way we choose new buyers
and train our existing ones to ensure overall excellence.
Encouraging our buying and selling teams to work together is
providing the best outcome for customers. Our new buyers have
brought with them the national and international experience that a
worldwide brand like David Jones requires.
SECURITISATION
OF CREDIT
CARD
RECEIVABLES
In June of this year we announced a financial restructure designed
to take the Company into the 21st century and provide both the
capability for future growth and enhancement of shareholder value.
To assist in funding this growth, the decision was made to unlock
around $200 million by selling the receivables due to us through
our credit card business. The initial sale of the receivables
occurred in June with no significant change to the earnings
contribution of the portfolio. These funds have provided David
Jones with a balance sheet capacity for future growth.
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Page 22
In February this year the Board of David Jones
REG CLAIRS’
APPOINTMENT
was pleased to announce the appointment of
Mr Reg Clairs as a director. Mr Clairs has
brought with him immeasurable operational
experience and knowledge of the Australian
retailing environment and has been a valuable
addition to the Company. Mr Clairs’ most
recent role was as Group Managing Director
and Chief Executive Officer of Woolworths.
Mr Clairs is also Chairman of the Prime
Minister’s Supermarket to Asia Council, and
a Board member of the Royal Children’s
Hospital Foundation – Queensland. He is a
Director of Commonwealth Bank of Australia
and Howard Smith Limited. We look forward
to a long and rewarding relationship with
Mr Clairs.
INSTANT REWARDS
Our instant rewards program is in its second year of operation and
continues to provide our card customers with tangible and
immediate rewards. We are continually introducing new awards to
the program, with 21 new items introduced monthly. The Instant
SUCCESS OF
NEW
LUGGAGE
DEPARTMENT
Rewards program is one of the core benefits associated with the
David Jones card in addition to other benefits like complimentary gift
wrapping, interest-free options and the extended warranty that is
offered on electrical merchandise. The Rewards program continues
to drive sales through our merchandise business and strengthen
the position of our credit card business.
Luggage is one of the areas in which the business has shown dramatic
improvement during the past 12 months. The focus on building a
luggage brand within David Jones is being driven by Travel Goods
Buyer, Fevzi Guzel, who managed to increase sales in the new Elizabeth
Street travel goods department by 100% on last year’s figures.
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CHANGES IN
MENSWEAR
During the year several new brands were
introduced into the David Jones Menswear
department.
We
secured
exclusive
distribution for Polo Jeans and Polo Business
Shirts. Other brands introduced during the
year include Hugo Boss Jeans, Calvin Klein
Sportswear, DKNY Jeans, Donna Karan,
Valentino and Kenzo.
David Jones began introducing Electronic Funds Transfer at Point of Sale (EFTPOS) in January 1998. Since that time we have undertaken
several successful trials that clearly indicated to us the need to install EFTPOS in every store. We commenced the rollout of the network
in September last year with pleasing results. 43% of our transactions are now carried out by EFTPOS. The new expanded network
features 2,200 integrated EFTPOS keypads throughout our stores and warehouses. In addition, extensive training programs were carried
out during the year for every point-of-sale employee at every David Jones store.
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Page 24
2
OUR PLANS FOR
GROWTH
OUR PLANS FOR GROWTH BEGAN THIS YEAR WITH THE ANNOUNCEMENT OF PLANS FOR NEW
CONCEPT STORES, LEVERAGING OFF THE DAVID JONES BRAND NAME. THE FIRST OF THESE NEW
STAND-ALONE CONCEPT STORES WILL BE FOOD WITH THE FIRST STORE IN THIS CHAIN EXPECTED
TO BE OPENED DURING THE 1999/2000 FINANCIAL YEAR. WE PLAN TO CONTINUE ON WITH OUR
EXISTING NEW STORE PROGRAM WITH THREE OPENINGS PLANNED IN THE NEXT TWO YEARS.
IN ADDITION, WE HAVE MADE SIGNIFICANT PROGRESS ON OUR BUSINESS-TO-BUSINESS STRATEGY
FOR E-COMMERCE.
25
26
27
27
NEW CONCEPT STORES
E-COMMERCE
OUR PEOPLE
EXISTING STORE PROGRAM
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Page 25
NEW
CONCEPT
STORES
A key element of David Jones growth platform is the
introduction of new concept stores to leverage the value of the
David Jones brand outside the department store business. The
first of these formats will be food, with the first store in this
chain expected to be opened during the 1999/2000 financial year.
A dedicated team has been developing the food stores concept
based on the current food hall formats.The new stores will include
prepared, packaged and fresh food, some kitchenware and an
eat-in facility. We have shortlisted several properties for store
locations and look forward to rolling out the food concept over
the coming years.
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Page 26
E-COMMERCE
During the year we have been paying significant attention to the
development of an e-commerce strategy that will suit the needs
of David Jones, our customers and our suppliers. We have been
focusing heavily on the business-to-business end of e-commerce
and have made progress in several areas. We are currently
working hard on putting the systems and processes in place to
support the link between David Jones and our suppliers. When
fully operational, these automated systems will allow David
Jones to electronically communicate with suppliers to send
orders, organise shipments and replenish stock. We plan to pilot
this system at the end of this year and then move to roll the
system out in the year 2000. Following on from our progress in the
business-to-business end of e-commerce, we have also been
considering the business-to-consumer side and will be focusing on
that strategy further during this year.
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Page 27
OUR
PEOPLE
Significant progress was made during the year on our strategy for growth. This has
included a focus on enlisting the right mix of intellectual capacity to support our growth
initiatives. The appointments made during the year have provided David Jones with the
right mix of retail and food experience. A number of these people have specific
start-up experience in Australia and around the world, including a vast knowledge in
driving new concepts and running successful food businesses. We will continue to seek
out people that have the skills and necessary experience to support our long-term strategy
for growth. We expect that further appointments will be made throughout the year.
EXISTING
STORE
PROGRAM
David Jones has commitments in place to open three department
stores and one additional warehouse store over the next two
years. We plan to carry out these openings according to schedule
with both the Chadstone department store in Victoria and the
Harbour Town warehouse on the Gold Coast in Queensland
opening in late 1999. In addition, we plan to open two more
department stores in Southland,Victoria in April 2000 and Hornsby,
Sydney in October 2001. The opening of stores in Southland and
Chadstone will significantly increase our presence in Melbourne.
The construction of the David Jones store in Adelaide Central Plaza
is progressing well and is due for completion in September 2000.
We firmly believe that these new stores will add significant growth
to our existing department store network and enhance long-term
shareholder value.
27
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Page 28
BOARD OF DIRECTORS
RICHARD WARBURTON
Appointed Director on 6 October 1995, Chairman – Non-Executive Director, Chairman Remuneration and
Nominations Committee and Property Committee, age 58, resident Sydney, Chairman of Star City Holdings Limited,
Goldfields Limited and NSW Olympic Business Round Table, Board Member of Reserve Bank of Australia, Director of
Southcorp Limited, Fernz Corporation Limited, O’Connell Street Associates Pty Limited, Note Printing Australia
Limited and Caltex Australia Limited, National President of The Australian Institute of Company Directors.
LOUIS PETER WILKINSON
Chief Executive, age 54, resident Sydney, joined David Jones Limited in March 1997. Prior to becoming Chief
Executive of David Jones, joined Just Jeans as Managing Director in January 1996. Prior to that was Merchandise and
Marketing Director of Myer Stores Limited, Managing Director of Myer Grace Bros. and held the post of Chief
Operating Officer and a Director of Coles Myer Limited from 1988 until 1996. Director of Australian Association and
the Committee for Sydney, Member of the Australian Retailers Association, National Council and Committee Member
on The Garvan Foundation Council.
GEOFFREY HEELEY, BEC FCPA FCA
Appointed Director on 6 October 1995, Non-Executive Director, Chairman Audit Committee, age 65,
resident Melbourne. Director of Metal Manufactures Limited, Orica Limited, Swiss Re Australia Ltd, Bank of
Tokyo-Mitsubishi (Australia) Limited, National Mutual Holdings Limited,The Jack Brockhoff Foundation Limited and
Councillor,Victorian Division of Australian Institute of Company Directors.
KATIE LAHEY, BA (HONS) MBA
Appointed Director on 6 October 1995, Non-Executive Director, Member Audit Committee, age 49,
resident Sydney, Chief Executive of the NSW State Chamber of Commerce, Board Member of Hills Motorway
Limited, Australia Post, Marsh & McLennan Australian Advisory Board, Australian Foundation for Science and Sydney
Symphony Orchestra Council.
MICHAEL BALL,TH.L MIPA
Appointed Director on 6 October 1995, Non-Executive Director, Member Remuneration and Nominations
Committee, age 63, resident Sydney, Director of Sydney Airports Corporation Limited and Chairman of Environment,
Health and Safety Committee of Sydney Airports Corporation Limited, Director of the National Trust (NSW),
Chairman of the Partnership Committee of the National Trust (NSW), Member of the Finance Committee and of
the Strategic Planning Committee of the National Trust, Director of Tinshed Corporation Pty Limited, Board Member
of the Australian Co-ordinating Council for the Duke of Edinburgh Award in Australia. Member of the Finance
Committee of the Liberal Party of Australia – NSW Division, President of the Active Residents and Ratepayers
of Wingecarribee, a Governor of the National Gallery of Victoria.
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Page 29
JOHN COATES, AO LLB
Appointed Director on 6 October 1995, Non-Executive Director, Member Remuneration and Nominations
Committee and Property Committee, age 49, resident Sydney, Chairman of Triplecee Retail Investment Trust and of
Accord Pacific Holdings Limited, President of the Australian Olympic Committee, Senior Vice President of Sydney
Organising Committee for the Olympic Games,Vice President of International Council of Arbitration for Sport,
Council Member of International Rowing Federation, Deputy Chairman of Kengfu Properties Pte. Limited, Director of
Roseville College Foundation Ltd, Partner of Greaves Wannan and Williams, Solicitors.
REG CLAIRS, AO
Appointed Director on 22 February 1999, Non-Executive Director, Member Remuneration and Nominations
Committee and Property Committee, age 61, resident Brisbane, Director of Commonwealth Bank of Australia,
Howard Smith Limited and Woolstock Australia Limited, Aqaware. Chairman of Prime Minister’s Supermarket to Asia
Board. Board Member of Royal Children’s Hospital Foundation – Queensland.
ELIZABETH NOSWORTHY, BA LLB LLM
Appointed Director on 6 October 1995, Non-Executive Director, Member Audit Committee and Property
Committee, age 53, resident Brisbane, Director of Telstra Corporation Limited, GPT Management Limited, Brisbane
Airport Corporation Limited,The Foundation for Development Cooperation Limited and City of Brisbane Arts and
Environment Ltd, Deputy Chairman of Queensland Treasury Corporation, Chairman of Port of Brisbane Corporation,
Councillor of the National Competition Council, Member of the Australian Greenhouse Office Experts Group on
Emissions Trading.
ROBERT WRIGHT, BCOMM FCPA
Finance Director, age 51, resident Sydney, joined David Jones Limited in 1990. Responsible for the accounting, finance,
legal, secretarial, taxation and audit functions of David Jones Limited. Between 1991 and 1995 was also Finance
Director of The Adelaide Steamship Company Limited,Tooth & Co. Limited, Industrial Equity Limited and DJL Limited.
Corporate Director of Children’s Cancer Foundation Australia.
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SENIOR MANAGEMENT
ROBERT WRIGHT
JULIE COATES
MARK MCINNES
STEPHEN GODDARD
DON GROVER
Finance Director
Human Resources
Director
Merchandise Director
Operations Director
Stores Director
JOHN SIMMONDS
PAULA BAUCHINGER
PAUL ZAHRA
JOHN BOLAS
FELICITY HERRON
Company Secretary
General Manager Planning
and Recruitment
General Manager
Cosmetics and Merchandise
Projects
General Manager Property
General Manager Retail
ROB DICKSON
VINCE RANDAZZO
General Manager Projects
ROSS DALE
TOM HALL
General Manager Logistics
STEPHEN WHITTAM
JOHN SAMARTZIS
General Manager Supply
Chain and Business Systems
BARRY BENNETT
General Manager Risk
Management
TERESA GALLO
General Manager
Organisation Development
ALAN HOHNEN
General Manager Taxation
PETER FARRELL
JOHN EVERITT
General Manager
Employee Relations
General Manager Stores
Support
JOHN HAWKER
BARNEY ONG
General Manager
Remuneration
and Benefits
General Manager
Accounting
RICHARD TAYLOR
General Manager Financial
Planning
LINDA THOMAS
Treasurer
PETER HELSON
General Manager Credit
FRANK DALBON
General Manager
Merchandise Planning
COLETTE GARNSEY
General Manager
Womenswear
NATALIE CATZEL
DAVID BUSH
SEAN WAIN
General Manager
Menswear
General Manager
Information Technology
PATRICK ROBINSON
General Manager
Homewares
JODIE KELLEHER
General Manager
Childrenswear
GRAHAM STEWART
General Manager Food
PATTY AKOPIANTZ
General Manager Marketing
30
General Manager Stores
Improvement Team
RAY STAFFORD
SHANE TREMBLE
Financial Controller Stores
General Manager
Food Concept Stores
ROBERT HEATON
General Manager
Visual Merchandising
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Page 31
DAVID JONES LIMITED AND ITS CONTROLLED ENTITIES
DAVID JONES CONCISE FINANCIAL REPORT 1999
FOR THE 53 WEEKS ENDED ENDED 31 JULY 1999
CONTENTS
32
36
39
40
41
42
43
44
45
46
48
49
50
51
DIRECTORS’ REPORT
CORPORATE GOVERNANCE
FOUR YEAR FINANCIAL STATISTICS
PROFIT AND LOSS STATEMENT
DISCUSSION AND ANALYSIS ON PROFIT AND
LOSS STATEMENT
BALANCE SHEETS
DISCUSSION AND ANALYSIS ON BALANCE SHEET
STATEMENT OF CASH FLOWS
DISCUSSION AND ANALYSIS ON STATEMENT
OF CASH FLOWS
NOTES TO THE CONCISE FINANCIAL STATEMENTS
DECLARATION BY DIRECTORS
INDEPENDENT AUDIT REPORT
20 LARGEST SHAREHOLDERS
ADDITIONAL INFORMATION
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DIRECTORS’ REPORT
THE BOARD OF DIRECTORS OF DAVID JONES LIMITED (THE COMPANY) HAS PLEASURE IN SUBMITTING ITS REPORT IN
RESPECT OF THE 53 WEEKS ENDED 31 JULY 1999.
The Directors of the Company in office at the date of this report are:
Details of qualifications, age, experience and special responsibilities are
shown on pages 28 and 29.
Richard Warburton
Katie Lahey
DIRECTORS’ MEETINGS
Michael Ball
Elizabeth Nosworthy
Reginald Clairs AO *
Peter Wilkinson
The number of Directors’ meetings (including meetings of committees
of Directors) and number of meetings attended by each of the Directors
of the Company during the financial year were:
John Coates AO
Robert Wright
DIRECTORS
Geoffrey Heeley
* appointed in February 1999
D I R E C TO R
D I R E C TO R S ’
MEETINGS
Richard Warburton
Michael Ball
Reginald Clairs AO
John Coates AO
Geoffrey Heeley
Katie Lahey
Elizabeth Nosworthy
Peter Wilkinson (Executive Director)
Robert Wright (Executive Director)
A
B
15
15
7
15
15
15
15
15
15
15
15
7
15
15
15
15
15
15
AUDIT
COMMITTEE
MEETINGS
A
4
5
5
2
R E M U N E R AT I O N
A N D N O M I N AT I O N S
COMMITTEE MEETINGS
B
5
5
5
2
P RO P E RT Y
COMMITTEE
MEETINGS
A
B
A
B
3
3
1
2
3
3
2
2
3
3
1
2
1
3
1
1
3
3
A = Number of meetings attended B = Reflects the number of meetings held during the time the Director held office during the period
•
PRINCIPAL ACTIVITIES
The principal activity of the Company and its controlled entities
(Consolidated Entity) during the course of the financial year was the
operation of department stores.
a final ordinary dividend declared of 4 cents per share franked to
100 per cent with Class C (36 per cent) franking credits amounting
to $15,720,000 will be paid on 22 October 1999.
Total dividend provided for in respect of the 53 weeks ended
31 July 1999 was $31,440,000.
CONSOLIDATED RESULTS
STATE OF AFFAIRS
The consolidated net profit of the Consolidated Entity for the year was
$40.956 million after deducting income tax expense of $21.563 million.
Significant changes in the state of affairs of the Consolidated Entity during
the financial year were as follows:
REVIEW OF OPERATIONS
On 22 June 1999 the Company entered into an agreement with Abel
Tasman Holdings Pty Limited to securitise the credit card receivables.
Under this agreement credit card receivables are sold to Abel Tasman
Holdings Pty Limited.The initial sale of the receivables released
$199 million.
A detailed review of operations is shown on pages 1 to 27.
DIVIDENDS
Dividends paid or declared by the Company since the end of the
previous financial year were:
As proposed and provided for in last year’s report a final ordinary
dividend of 3 cents per share franked to 100 per cent with Class C
(36 per cent) franking credits amounting to $11,790,000 in respect of the
52 weeks ended 25 July 1998 was paid on 21 October 1998.
In respect of the current financial year:
• an interim ordinary unfranked dividend of 4 cents per share
amounting to $15,720,000 was paid on 12 April 1999.
At an Extraordinary General Meeting held on 26 July 1999 shareholders
approved that the share capital of the Company be reduced from
$394.249 million to $315.013 million by the payment of 20 cents per
fully paid share in the capital of the Company to each holder of shares.
This transaction has been reflected in the accounts.
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DIRECTORS’ REPORT
CONTINUED
EVENTS SUBSEQUENT TO BALANCE DATE
DIRECTORS’ AND EXECUTIVES’ REMUNERATION
Other than items disclosed below, there has not arisen in the interval
between the end of the financial year and the date of this report any
item, transaction or event of a material and unusual nature likely, in the
opinion of the Directors of the Company, to affect significantly the
operations of the Consolidated Entity, the results of those operations, or
the state of affairs of the Consolidated Entity, in subsequent financial years.
The Remuneration and Nominations Committee is responsible to the
Board for remuneration policies and salaries applicable to the Board
Members and Senior Executives of the Company.
The return of capital of 20 cents per share approved by shareholders on
26 July 1999 and reflected in the financial statements was paid to
shareholders on 10 August 1999.
The Company has agreed to sell for $28 million a property in Queen
Street, Brisbane to the adjoining owner for redevelopment.The
agreement for sale and lease, which is conditional on Brisbane City
Council approval, will provide a larger five level David Jones store.The
proceeds for the transaction will be received when we hand over the
store for final construction in early 2004.
To give effect to this policy the Company subscribes to a number of
surveys which measure the remuneration levels in the various labour
markets in which it competes.The expectation of the Company is that,
for a particular grade of employee, the total fixed compensation will be
at the median level of the relevant market.
LIKELY DEVELOPMENTS
Likely developments in the operation of the Consolidated Entity that
were not finalised at the date of this report include preparation for the
introduction of the Goods and Services Tax in July 2000.This will involve
major changes to systems and methods of operation.The full financial
impact has not yet been determined.
Further information as to likely developments in the operations of the
Consolidated Entity and the expected results of those operations in
subsequent financial years has not been included in this report because the
Directors believe, on reasonable grounds, that to include such information
would be likely to result in unreasonable prejudice to the Consolidated Entity.
DIRECTORS’ INTERESTS
The relevant interest of each Director in the share capital of the
companies within the Consolidated Entity, as notified by the Directors to
Australian Stock Exchange in accordance with section 235 (1)(a) of the
Corporations Law, at the date of this report is as follows:
D I R E C TO R S
O R D I N A RY S H A R E S I N
DAV I D J O N E S L I M I T E D
Richard Warburton
Michael Ball
Reginald Clairs AO
John Coates AO
Geoffrey Heeley
Katie Lahey
Elizabeth Nosworthy
Peter Wilkinson
Robert Wright
OPTIONS IN
DAV I D J O N E S L I M I T E D
32,292 *
40,000
100,000
10,000
50,000
8,712
5,000
5,000
5,381
The Remuneration Policy aims to provide remuneration which is fair and
equitable in terms of external competitiveness and to link reward to the
achievements of the organisation and the individual.The policy relates
individual remuneration to individual and company performance, the
remuneration budget, the individual’s position in the relevant salary
market and the need for the organisation to retain and motivate the
individual.
–
–
–
–
–
–
–
3,000,000
500,000
At the Executive levels the Company utilises a formal performance
measurement system the results of which contribute to the
determination of any salary adjustment the individual may receive.
Executive Directors and senior Executives may receive bonuses based
on the achievement of specific goals related to the performance of the
Consolidated Entity.
Details of the nature and amount of each element of the emolument
of each Director and each of the five named officers of the Company
receiving the highest emolument for the year under review are shown
below:
NON-EXECUTIVE
D I R E C TO R S
D I R E C TO R S ’ C O M M I T T E E
FEES
FEES
Richard Warburton
Geoffrey Heeley
Michael Ball
Reginald Clairs AO
John Coates AO
Katie Lahey
Elizabeth Nosworthy
$
$
110,000
44,000
44,000
19,177
44,000
44,000
44,000
27,500
22,000
11,000
4,794
11,000
11,000
11,000
$
$
9,625 147,125
4,620 70,620
3,850 58,850
1,678 25,649
3,850 58,850
3,850 58,850
3,850 58,850
478,794
# The maximum amount allowed to be paid to Directors under the
Company’s Constitution is $500,000 per annum, in aggregate
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TOTA L
#
* Non-beneficially held
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DIRECTORS’ REPORT
E M P L OY M E N T
COST *
CONTINUED
BONUS
HOUSING
DIFFERENTIAL
TOTA L
$
$
$
$
EXECUTIVE
DIRECTORS **
Peter Wilkinson
Robert Wright
841,833
541,346
140,854
52,131
381,213
379,052
333,742
261,692
239,350
68,000
69,525
29,025
35,000
13,635
75,720 1,058,407
– 593,477
OTHER OFFICERS
Mark McInnes
Stephen Goddard
Donald Grover
Patrick Robinson
Julie Coates
48,960
46,620
–
31,806
36,154
498,173
495,197
362,767
328,498
289,139
* “Employment Cost” includes salary, benefits, superannuation
contributions, motor vehicles and fringe benefits tax
** Executive Directors do not receive Directors’ fees
OPTIONS
During the financial year the Company granted options over unissued
ordinary shares to the following Executive Director and to the five most
highly remunerated officers, as part of their remuneration.
NUMBER OF
OPTIONS GRANTED
EXERCISE
PRICE $
E X P I RY
DAT E
500,000
1.57
17/12/03
DIRECTOR
Robert Wright
OFFICERS
Mark McInnes
400,000
1.57
17/12/03
Stephen Goddard
400,000
1.57
17/12/03
Donald Grover
400,000
1.57
17/12/03
Patrick Robinson
150,000
1.57
17/12/03
Julie Coates
150,000
1.57
17/12/03
The exercise price of the options at the date of grant of $1.77 has been
adjusted by 20 cents per share owing to the return of capital. All options
were granted during the year. No options have been exercised during or
since the end of the financial year.
At the date of this report unissued ordinary shares under option are:
E X P I RY DAT E
31 March 2002
17 December 2003
NUMBER
OF OPTIONS
EXERCISE
PRICE $
3,000,000
4,365,000
1.45
1.57
Robert Wright and each of the above Senior Executives were issued options
over ordinary shares during the year. Using the Black-Scholes option pricing
model, each option issued during the year would have a value of $0.47
at the date of grant.This pricing model does not take account of the
performance hurdles which must be satisfied before the options can be
exercised and which therefore reduce the value. At the date of this report
the performance hurdles have not been met.
INDEMNIFICATION AND INSURANCE
OF DIRECTORS AND OFFICERS
INDEMNIFICATION
The Company has indemnified the following current Directors of the
Company, Richard Warburton, Michael Ball, Reginald Clairs, John Coates,
Geoffrey Heeley, Katie Lahey, Elizabeth Nosworthy, Peter Wilkinson and
Robert Wright against all liabilities to another person (other than the
Company or a related body corporate) that may arise from their
position as Directors of the Company and its controlled entities, except
where the liability arises out of conduct involving a lack of good faith.
The indemnity stipulates that the Company will meet the full amount
of any such liabilities, including costs and expenses.
The Company has also indemnified the current Directors of its
controlled entities for all liabilities to another person (other than the
Company or a related body corporate) that may arise from their
position, except where the liability arises out of conduct involving a lack
of good faith.The indemnity stipulates that the Company will meet the
full amount of any such liabilities, including costs and expenses.
INSURANCE PREMIUMS
Since the end of the previous financial year the Company has paid
insurance premiums in respect of Directors’ and Officers’ liability
insurance contracts, for current officers, including Executive Officers of
the Company and Directors, Executive Officers and Secretaries of its
controlled entities.The insurance premiums relate to:
•
costs and expenses incurred by the relevant officer in defending
proceedings; and
•
other liabilities that may arise from their position, with the exception
of conduct involving a wilful breach of duty or improper use of
information or position to gain a personal advantage.
DEEDS OF INSURANCE AND INDEMNITY
Following the financial year, the Company has entered into deeds of
access, insurance and indemnity with all the Directors of the Company.
Shareholders at the Company’s annual general meeting will be requested
to ratify the entry into these deeds.
The principal provisions of the deeds relate to:
•
the granting of certain indemnities in favour of the Directors in
respect of liability which they incur as an officer of the Company or
related body corporate;
•
the provision of access to board papers; and
•
an undertaking to maintain, and to the extent permitted by law pay
the premiums on, an insurance policy which insures Directors against
liability incurred as an officer of the Company or a related body
corporate (except liability arising out of a wilful breach of duty or
breach of certain provisions of the Corporations Law) during their
term of office and for seven years after they cease to be a Director.
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DIRECTORS’ REPORT
CONTINUED
ENVIRONMENT
The Consolidated Entity has developed a risk mapping process to
consider all aspects of business risks. Environmental matters are a major
part of the risk mapping process. All major environmental risks have been
reviewed and the Consolidated Entity has no legal obligation to take
corrective action in respect of any environmental matter.
All environmental licences necessary to operate are held by the
Company.To the best of the knowledge and belief of Directors, the
Company is not in breach of any environmental legislation in any State
or Territory.
ROUNDING OFF
The Company is of a kind referred to in ASIC Class Order 98/100 dated
10 July 1998 and in accordance with that Class Order amounts in this
report and the accompanying financial report have been rounded off to
the nearest one thousand dollars unless otherwise indicated.
Signed in accordance with a resolution of the Directors
R.F.E. Warburton
6 October 1999
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THIS STATEMENT OUTLINES THE MAIN CORPORATE GOVERNANCE PRACTICES THAT WERE IN PLACE THROUGHOUT
THE FINANCIAL YEAR, UNLESS OTHERWISE STATED.
BOARD OF DIRECTORS AND ITS COMMITTEES
REMUNERATION AND NOMINATIONS COMMITTEE
The Directors are responsible for protecting the rights and interests of
shareholders and are accountable to them for the overall management of
the Company.The Board’s responsibilities include:
The Remuneration and Nominations Committee comprises Richard
Warburton (Chairman), Michael Ball, Reginald Clairs and John Coates.
During the year, membership changed with John Coates replacing
Elizabeth Nosworthy and Reginald Clairs joining the Committee following
his appointment to the Board.The Chief Executive Officer and the
Human Resources Director attend the Remuneration and Nominations
Committee as required to discuss Senior Executives’ performance and
remuneration.
•
setting strategies, directions and establishing goals for management;
•
the monitoring of performance against these goals and objectives;
•
ensuring there are adequate internal controls and ethical standards of
behaviour;
•
evaluating performance and determining the remuneration of the
Chief Executive Officer and Senior Executives;
•
ensuring the significant risks facing the Consolidated Entity have been
identified and the appropriate and adequate control monitoring and
reporting mechanisms are in place; and
•
ensuring there are policies and procedures for recruitment, training,
remuneration and succession planning.
To assist in the execution of responsibilities, the Board has established
three Board Committees comprising an Audit Committee, a
Remuneration and Nominations Committee and a Property Committee.
COMPOSITION OF THE BOARD
The names of the Directors of the Company in office at the date of this
statement are set out in the Directors’ Report on page 32.
The Board comprises nine Directors, of whom two are Executive
Directors.The Non-Executive Directors are genuinely independent to
ensure that the Company is run in its own best interests and accordingly,
in the best interests of shareholders. No independent Director:
The role of the Remuneration and Nominations Committee is
documented in a Charter which has been approved by the Board of
Directors.The Committee reviews and makes recommendations to the
Board on remuneration packages and policies applicable to the Chief
Executive Officer, Senior Executives and Directors themselves.
The Committee formulates policies and criteria for the appointment
of Directors to the Board, and provides the Board with
recommendations for appointments to the Board.
This role also includes responsibility for recommendations to the Board
on share option schemes, incentive performance packages,
superannuation entitlements, retirement and termination entitlements,
fringe benefits policies and professional indemnity and liability insurance
policies. Remuneration levels are competitively set to attract the most
qualified and experienced directors and senior executives.
The Remuneration and Nominations Committee obtains independent
advice on the appropriateness of remuneration packages.
AUDIT COMMITTEE
The Audit Committee comprises Geoffrey Heeley (Chairman), Katie
Lahey and Elizabeth Nosworthy. During the year, membership changed
with Elizabeth Nosworthy replacing John Coates.The internal auditors,
external auditors, the Chief Executive Officer and Finance Director
attend Audit Committee meetings at the discretion of the Committee.
•
is a substantial shareholder;
•
has been employed as an Executive of the Company;
•
is a principal of a professional adviser;
•
is associated with a significant supplier or customer;
•
has a significant contractual relationship with the Company; and
•
has any business relationship which could materially interfere with the
Directors’ ability to act in the best interests of the Company.
PERFORMANCE EVALUATION
The Board has in place a process to review its own performance.To assist
in this process an independent advisor is used.The process adopts a
methodology that:
•
identifies key issues to improve effectiveness by way of a survey and
interviews;
•
presents findings and recommends solutions; and
•
develops an action plan to resolve issues.
The role of the Audit Committee is documented in an Audit Charter
which has been approved by the Board of Directors. In accordance with
this Charter, the Committee comprises three Non-Executive Directors.
The Audit Committee considers any matters relating to the financial
affairs of the David Jones Group and the Group’s internal and external
audit that it determines to be desirable. In addition, the Audit Committee
examines any other matters referred to it by the Board.
It gives the Board of Directors additional assurance regarding the quality
and reliability of financial information prepared for use by the Board in
determining policies for inclusion in financial reports.
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CONTINUED
The responsibilities of the Audit Committee include:
PROPERTY COMMITTEE
•
reviewing the financial reports and financial statements;
•
monitoring the activities of the internal audit function;
•
reviewing internal and external audit reports to ensure that where
major deficiencies or breakdowns in controls or procedures have
been identified appropriate and prompt remedial action is taken by
management;
The Property Committee was established during the year on 1 October
1998 and comprises Richard Warburton (Chairman), Reginald Clairs,
John Coates and Elizabeth Nosworthy. Reginald Clairs joined the
Committee following his appointment to the Board.The Chief Executive
Officer, the Finance Director and other Senior Executives attend the
Property Meetings at the discretion of the Committee.
•
liaising with the external auditors and ensuring that the annual
statutory audit and half-year review are conducted in an effective
manner;
•
monitoring the establishment of an appropriate internal control
framework and considering enhancements; and
•
monitoring the procedures in place to ensure compliance with the
Corporations Law and Stock Exchange Listing Rules.
The role of the Committee is documented in a Charter which has been
approved by the Board of Directors.The Committee considers high level
property strategy, and issues of substantial complexity so as to facilitate
more efficient debate on these issues at the Board.The Committee may be
delegated authority from the Board to approve specific property initiatives
within parameters previously agreed by the Board, where market forces
dictate decisions in a time frame that differs to the Board Meetings.
INTERNAL CONTROL FRAMEWORK
The Audit Committee reviews the performance of the external auditors
on an annual basis and meets with them during the year as follows:
AUDIT PLANNING
•
to discuss the external audit plan;
•
to discuss any significant issues that may be foreseen;
•
to discuss the impact of any proposed changes in accounting policies
on the financial statements;
•
to review the nature and impact of any changes in accounting
policies adopted by the Consolidated Entity during the year; and
•
to review the fees proposed for the audit work to be performed.
PRIOR TO ANNOUNCEMENT OF RESULTS
•
to review the pro forma half-yearly and pro forma preliminary final
report prior to lodgement of those documents with ASX, and any
significant adjustments required as a result of the audit; and
•
to make the necessary recommendation to the Board for the
approval of these documents.
The Board acknowledges that it is responsible for the overall internal
control framework, but recognises that no cost-effective internal control
system will preclude all errors and irregularities.To assist in discharging
this responsibility, the Board has instigated an internal control framework
designed to safeguard the Company’s assets and interests and to ensure
the integrity or reporting.The internal control framework can be
summarised as follows:
•
financial reporting – there is a comprehensive budgeting system with
an annual budget approved by the Directors. Monthly actual results
are reported against budget and revised forecasts for the year are
prepared regularly;
•
functional speciality reporting – the Consolidated Entity has identified
a number of key areas which are subject to regular reporting to the
Board, such as Treasury and Derivatives Trading, Environmental, Legal,
Trade Practices, Insurance and Occupational Health and Safety matters;
•
investment appraisal – the Consolidated Entity has clearly defined
guidelines for capital expenditure.These include annual budgets,
detailed appraisal and review procedures and levels of authority; and
•
the internal audit function which has been outsourced, provides
assistance to the Board in reviewing compliance with internal controls.
HALF-YEAR AND ANNUAL REPORTING
•
to review the results and findings of the audit reviews, the adequacy
of accounting and financial controls, and to monitor the
implementation of any recommendations made; and
•
to review the draft financial report and the audit report and to make
the necessary recommendation to the Board for the approval of the
financial report.
ETHIC AL STANDARDS
The Consolidated Entity has an ethical standards manual – “The
Importance of Being Honest” – which sets out the standards in
accordance with which each Director, Executive and employee of the
Consolidated Entity is expected to act.The requirement to comply with
these ethical standards is emphasised to all employees.The manual was
reviewed and reissued during the year.
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All Directors, Executives and employees are expected to act with the
utmost integrity and objectivity, in their dealings with each other,
competitors, suppliers, customers and the community, striving at all times
to enhance the reputation and performance of the Consolidated Entity.
Every employee has a nominated supervisor to whom they may refer
any issues arising from their employment.
DIRECTORS’ AND OFFICERS’ DEALINGS
IN COMPANY SHARES
The Company has issued strict guidelines in the dealing of David Jones
securities or non David Jones securities where Directors and Officers of
David Jones, and their associates, have gained sensitive information from
their association with David Jones Limited.
The Company requires:
1. Directors to discuss a proposed trade in David Jones shares with the
Chairman prior to any trade.
2. Officers should discuss a proposed trade in David Jones shares with
the Company Secretary or, in his absence, the Chief Executive prior
to any trade.
3. Unless there are unusual circumstances, trades in David Jones shares
are limited to the following periods:
(a) within one month after the release of the David Jones Limited
half-year and annual results to the Australian Stock Exchange;
(b) from the lodgement of the David Jones printed annual report
with the Australian Stock Exchange up to one month after
the holding of the David Jones Annual General Meeting; and
CONTINUED
DAVID JONES LIMITED DEFERRED EMPLOYEE
SHARE PLAN
At the 1998 Annual General Meeting, shareholders approved
establishment of the David Jones Limited Deferred Employee Share Plan
(“DESP”). Due to the Australian Stock Exchange (ASX) Listing Rule
requirements, shareholder approval was also sought, and obtained, to
Directors participating in the DESP by electing to receive part of their
salary or Directors’ fees as shares in the Company rather than cash.The
ASX subsequently confirmed that participation by Directors in the DESP
on that basis no longer requires specific shareholder approval under the
Listing Rules.Therefore it is not proposed to seek further specific
shareholder approval in relation to the extent to which Directors may
elect to receive part of their salary or Directors’ fees as shares in the
Company rather than cash under the DESP.
At the date of this Report, no shares have been issued or purchased
under the DESP.
BUSINESS RISKS
The Consolidated Entity has developed a risk mapping process, which is
designed to identify aspects of business risk and corporate governance.
This program, which establishes a risk profile for each business unit and
process, is being progressively introduced into the business and drives
continuous improvement programs and monitors the performance of
each business unit and processes against their profile.
The program provides a single integrated mechanism for reviewing and
monitoring corporate performance across a broad range of risk and
compliance issues including asset/property risk, personal safety/injury
management, treasury and finance, business operation, corporate
governance and environment.
(c) the rights trading period when David Jones has issued a
prospectus for those rights.
4. In any event, Directors and Officers are prohibited from trading in
David Jones shares in the following circumstances:
(a) if the Director or Officer is in possession of price-sensitive
information;
(b) in the two months preceding the lodgement of David Jones Limited
half-year and annual results to the Australian Stock Exchange; and
(c) where a Director or Officer would be trading for a short term gain.
In relation to environmental planning, an environmental action plan
is in place and a waste management study has been completed.
The risk-mapping program will also provide the monitoring and
review process to support the environmental program.
MILLENNIUM ISSUE
5. Directors and Officers are prohibited from dealing in the securities of
outside companies about which they may gain price-sensitive
information by virtue of their position as a Director or Officer of
David Jones Limited.
The Board has recognised the potential exposure of the Consolidated
Entity to the Year 2000 issue. A Year 2000 Project Team was established.
The Project Team identified potential exposures to the Year 2000 date
problem and addressed these issues.
6. Directors and Officers should not directly communicate pricesensitive information or cause that information to be communicated
to another person if they know or should know that the other
person would be likely to buy or sell David Jones shares or to
communicate information to another party.
The Consolidated Entity has prepared a Business Continuity Plan, should
issues arise. However, there can be no assurance that the systems of other
entities, on which the Consolidated Entity relies, will be converted on a
timely basis or that any such failure to convert by another entity will not
have an adverse effect on the Consolidated Entity’s systems.The Directors
continue to regularly monitor the progress of the Year 2000 issue.
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FOUR YEAR FINANCIAL STATISTICS
1999
$’000
1998
$’000
1997
$’000
1996
$’000
1,355,034
1,355,034
470,470
34.7%
427,187
31.5%
43,283
16,827
18,526
78,636
40,956
40,956
1,306,862
1,376,805
472,078
34.3%
438,152
31.8%
33,926
21,311
18,461
73,698
35,378
32,560
1,278,164
1,437,270
493,104
34.3%
461,429
32.1%
31,675
21,359
15,901
68,935
32,059
7,083
1,238,452
1,433,010
505,180
35.0%
438,256
30.4%
66,924
22,642
18,225
107,791
67,532
67,532
Credit Card Receivables
Inventory
Other Current Assets
Property, Plant and Equipment
Other Non-Current Assets
–
245,954
120,976
343,564
10,658
221,439
224,324
76,765
354,875
16,906
219,045
246,296
42,421
399,420
34,083
190,003
266,172
47,779
393,617
25,876
TOTAL ASSETS
721,152
894,309
941,265
923,447
Creditors (refer (ii))
Provisions
Borrowings
194,299
55,771
65,689
123,889
40,307
255,000
133,990
77,721
260,474
128,153
81,854
251,966
TOTAL LIABILITIES
315,759
419,196
472,185
461,973
NET ASSETS
405,393
475,113
469,080
461,474
5.8%
10.4¢
8.0¢
35.2%
8.6%
5.4%
8.3¢
7.0¢
53.7%
6.9%
4.8%
1.8¢
7.0¢
52.1%
1.5%
7.5%
18.0¢
12.0¢
52.0%
14.9%
SALES AND PROFIT
Sales
– Continuing Business
– Total Sales
Gross Profit
– % of sales
Selling General and Administration Expenses
– % of sales
Retail Contribution
Property Contribution
Credit Contribution (refer (i))
Earnings before Interest and Tax
Operating Profit before Abnormals after Income Tax
Operating Profit after Abnormals and Income Tax
BALANCE SHEET
RATIOS
EBIT to Sales (%)
Basic Earnings per Share (cents)
Dividend per Share (cents)
Net Debt to Equity (%) (refer (iii))
Return on Average Shareholder Equity (%)
During the year the Company implemented a capital restructure to enhance shareholder value.This included the securitisation of the credit card
portfolio and a 20 cents per share return of capital.
Note:
(i) Adjusted to eliminate the impact of credit card securitisation (1999 and 1996)
(ii) Include $79.2 million accrual for reduction of capital (1999)
(iii) Includes (ii) above as debt for calculation of debt to equity ratio (1999)
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FOR THE 53 WEEKS ENDED 31 JULY 1999 AND 52 WEEKS ENDED 25 JULY 1998
C O N S O L I DAT E D
REVENUE
N OT E S
1999
$’000
1998
$’000
2
1,426,385
1,445,698
OPERATING PROFIT BEFORE ABNORMAL
Abnormal items before Income Tax
62,519
–
55,707
(4,403)
OPERATING PROFIT BEFORE INCOME TAX
62,519
51,304
(21,563)
(18,744)
40,956
60,962
32,560
55,912
101,918
(31,440)
88,472
(27,510)
70,478
60,962
10.4 cents
10.4 cents
8.3 cents
8.3 cents
62,519
55,707
(21,563)
(20,329)
40,956
35,378
ITEMS AND INCOME TAX
Income tax attributable to operating profit
OPERATING PROFIT AFTER INCOME TAX *
Retained profits at the beginning of the financial year
Total available for appropriation
Dividends provided for or paid
3
RETAINED PROFITS AT THE END OF THE
FINANCIAL YEAR
Basic earnings per share
Diluted earnings per share
4
4
* Reconciliation of Operating Profit after Income Tax
before and after Abnormal Items
OPERATING PROFIT BEFORE ABNORMAL
ITEMS AND INCOME TAX
Income tax attributable to operating profit before
abnormal items
OPERATING PROFIT AFTER INCOME TAX
BEFORE ABNORMAL ITEMS
Income tax benefit attributable to abnormal items
–
–
(4,403)
1,585
ABNORMAL ITEMS AFTER INCOME TAX
–
(2,818)
ABNORMAL ITEMS BEFORE INCOME TAX
40,956
OPERATING PROFIT AFTER INCOME TAX
The consolidated profit and loss statement should be read in conjunction with the accompanying notes and discussion and analysis
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DISCUSSION AND ANALYSIS ON
This discussion and analysis is provided to assist readers in understanding the concise financial report. It should be read in conjunction with the
Review of Operations on Pages 1 to 27.
REVENUE
Revenue comprises:
1999
$M
1998
$M
Retail Sales
– Continuing Business
– Closed Stores
1,355.0
–
1,306.9
69.9
Total Retail Sales
Other Revenue
1,355.0
71.4
1,376.8
68.9
1,426.4
1,445.7
Total Retail Sales are $21.8 million below last year due to the closure of the John Martin’s Rundle Mall store in March 1998. Retail sales from the
continuing business increased by $48.1 million or 3.7 per cent.
The product groups that performed well during the year were Womenswear, Cosmetics, Homewares and Electrical.
PROFIT
The operating profit before abnormal items and income tax comprises:
1999
$M
1998
$M
470.5
427.3
–
456.7
422.1
0.7
Retail Contribution
Property Contribution
Credit Card Contribution
43.2
16.8
17.6
33.9
21.3
18.5
Total EBIT
Less Interest
Profit Before Abnormals and Income Tax
77.6
15.1
62.5
73.7
18.0
55.7
Gross Profit (Continuing Business)
Less Selling General and Administration Expenses (Continuing Business)
Less Closed Stores
GROSS PROFIT Gross Profit has increased by $13.8 million substantially in line with sales.The gross profit percentage of sales (continuing business)
declined slightly from 34.9 per cent to 34.7 per cent due in the main to the level of markdowns necessary to clear slow moving merchandise and to
higher stock losses during the year. At the end of the year the value of aged stock had been significantly reduced.
SELLING GENERAL AND ADMINISTRATION EXPENSES (SG&A) The increase in SG&A of $5 million during the year related two new stores opened
during the year. Excluding new stores, total costs were slightly below last year. Savings in costs of $20 million were achieved, mainly due to changes
in staff rostering and improved processes in cash handling. A substantial proportion of these savings contributed to the increase in profit. However,
a portion of the savings was used to invest additional funds in advertising and the restructure of the Buying Office.
PROPERTY An integral part of the Company’s balance sheet management, aimed at improving shareholder value, is the sale of surplus properties.
As a result of this program property income declined by $4.5 million from last year due to the sale of the David Jones Rundle Mall store in Adelaide
in August 1998 and no income being received from the John Martin’s Rundle Mall store since the business was closed in March 1998.This property
is being redeveloped to provide a new David Jones department store.
CREDIT The credit card business had another successful year with underlying profit up on the previous year.The decline in credit card income reflects
the implementation of the credit card securitisation agreement on 22 June 1999. Under this agreement, David Jones sells all credit card receivables on
a monthly basis to Abel Tasman Holdings Pty Ltd (an unrelated entity).The credit card business continues to be owned and operated by David Jones.
From the commencement of the securitisation agreement all income from the credit card portfolio passes to the purchaser of the receivables. David
Jones receives the residual income after meeting the purchaser’s cost of financing the receivables acquired and other expenses. Had the securitisation
not occurred, the credit card income would have been $1 million higher and interest expense $1 million higher.Thus, after adjusting for securitisation
the credit card income would have been similar to last year. Continued operating efficiencies offset the impact of reduced total sales and the growth
of the provision of one and two year interest free terms.
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BALANCE SHEET
AS AT 31 JULY 1999 AND 25 JULY 1998
1999
$’000
1998
$’000
Cash
Receivables
Inventories
Prepayments
Investments
12,449
59,840
245,954
6,790
41,897
10,348
238,604
224,324
6,783
42,469
TOTAL CURRENT ASSETS
366,930
522,528
Property, plant and equipment
Future income tax benefit
343,564
10,658
354,875
16,906
TOTAL NON-CURRENT ASSETS
354,222
371,781
TOTAL ASSETS
721,152
894,309
Accounts payable
Borrowings
Provisions
194,299
689
43,343
123,889
–
28,013
TOTAL CURRENT LIABILITIES
238,331
151,902
Borrowings
Provisions
65,000
12,428
255,000
12,294
TOTAL NON-CURRENT LIABILITIES
77,428
267,294
TOTAL LIABILITIES
315,759
419,196
NET ASSETS
405,393
475,113
Share capital
Reserves
Retained profits
315,013
19,902
70,478
394,249
19,902
60,962
TOTAL SHAREHOLDERS’ EQUITY
405,393
475,113
CURRENT ASSETS
NON-CURRENT ASSETS
CURRENT LIABILITIES
NON-CURRENT LIABILITIES
SHAREHOLDERS’ EQUITY
The consolidated balance sheets should be read in conjunction with the accompanying notes and discussion and analysis
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BALANCE SHEET
AS AT 31 JULY 1999 AND 25 JULY 1998
The composition of the Balance Sheet has changed significantly with the securitisation of the credit card portfolio commencing in June 1999 and the
capital return of 20 cents per ordinary share that was approved by shareholders at an Extraordinary General Meeting on 26 July 1999.
The major movements are:
RECEIVABLES declined by $178.7 million in the main due to the securitisation of the David Jones credit card receivables in June 1999. Credit card
receivables are sold to Abel Tasman Holdings Pty Limited in accordance with an agreement entered into in June 1999.The sale of the receivables, after
allowing for an amount retained by Abel Tasman as over collateralisation in accordance with the securitisation agreement, provided a cash inflow of
$199 million. David Jones continues to own the credit card business and will continue to operate and manage the card.
INVESTMENTS represent the cost of the development of the Adelaide Central Plaza, a new retail centre, which will accommodate a new David Jones
store and 5,000 sq. metres of specialty retail space.The development cost of the Adelaide Central Plaza was offset by the sale of the David Jones
Rundle Mall property in Adelaide in August 1998 for $20 million.
INVENTORIES increased by $21.6 million which, after allowing for the full utilisation of the provision for aged stock, was an actual increase in
inventory of $11.2 million.The major causes of this increase were the new store at Carindale, Queensland, introduction of new brands, and early intake
of new season merchandise. Considerable progress was made in reducing the amount of slow moving merchandise during the year.This had a positive
impact on the Company’s stock turn which increased to 2.6 times from 2.4 times last year.
PROPERTY, PLANT AND EQUIPMENT declined during the year as depreciation of $35 million exceeded the capital expenditure on property, plant
and equipment of $25 million.
ACCOUNTS PAYABLE included $79 million which represents the amount to be paid to shareholders for the return of capital of 20 cents per share
that was approved at the Extraordinary General Meeting in July 1999.This amount was paid to shareholders on 10 August 1999.
PROVISIONS increased as a result of an increase in the provision for tax of $10 million and an increase in provision for dividend of $4 million, being
an increase in the amount of dividend per share.
BORROWINGS declined by $190 million due to the majority of the proceeds from the securitisation of the credit card receivable being used to
repay debt.
SHARE C APITAL is reduced as a result of the capital return of 20 cents per share.
DEBT TO EQUITY RATIO at year-end was 16 per cent compared to 53 per cent last year, following the securitisation of the credit card receivables
and the return of capital. Note that following the payment of the return of capital which occurred on 10 August 1999, borrowings will increase from
$65 million to $144 million, resulting in a Debt to Equity ratio of 35 per cent.
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1999
$’000
1998
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts in the course of operations
Cash payments in the course of operations
Interest received:
– others
Interest paid and other costs of finance:
– others
Income taxes paid
1,389,077
(1,329,777)
226
1,420,573
(1,322,103)
493
(15,293)
(4,311)
(18,484)
(21,027)
39,922
59,452
Payments for purchases of property, plant and equipment
Proceeds from sale of property, plant and equipment
Proceeds from sale of equity investments
Abnormal proceeds from sale of assets and businesses
Abnormal expenses in relation to store closures and rationalisation
Repayment of Employee Share Plan loans on forfeited shares
Repayment of Employee Share Plan loans from dividend payments
Loans made to employees under the Employee Share Plan
(44,531)
20,121
1,346
–
–
2,773
119
–
(48,241)
1,265
–
17,230
(14,420)
1,547
164
(895)
NET C ASH USED IN INVESTING ACTIVITIES
(20,172)
(43,350)
–
199,172
(190,000)
(27,510)
895
–
(5,474)
(27,495)
(18,338)
(32,074)
CASH AT BEGINNING OF THE FINANCIAL YEAR
1,412
10,348
(15,972)
26,320
CASH AT END OF THE FINANCIAL YEAR
11,760
10,348
NET C ASH PROVIDED BY OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from issue of shares
Proceeds from securitisation of credit card receivables
Repayment of borrowings
Dividends paid
NET C ASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
NET INCREASE/(DECREASE) IN CASH HELD
The consolidated statement of cash flows should be read in conjunction with the accompanying notes and discussion and analysis
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The total cash inflow for the year was $191.4 million compared with an outflow of $10.5 million in the previous year.
Cash flow from operations declined in the year from $59.5 million last year to $39.9 million this year. Cash receipts in the course of operations were
lower than last year as a result of lower sales due to the closure of the John Martin’s Rundle Mall store in March 1998. Cash payments were above last
year.The major reasons for this were the increased investment in inventories of $11.2 million and a reduction in creditors of $12 million.The movement
in creditors is predominantly a timing difference due to the movement in the date of the end of the financial period from 25 July 1998 to 31 July 1999.
With the change in date of period-end, creditors due for payment by month-end had been paid this year, whereas last year they were still outstanding.
Income tax payments declined significantly during the year due to lower tax provided in 1999 as a result of abnormal items. Abnormal items increased
as a result of the store closures in 1998.
The cash flow from investing activities included proceeds from the sale of the David Jones Adelaide property in August 1998 of $20 million.
Capital expenditure of $44.5 million comprised the following major categories, compared with the previous year.
New stores
Refurbishments
Information technology
Property development Adelaide Central Plaza
1999
$M
1998
$M
2.9
16.0
7.2
18.4
–
29.4
18.8
–
44.5
48.2
As part of the Company’s more active capital management program, the credit card receivables were sold.This will have a positive impact on both
interest expense and earnings.This provided a cash flow during the year of $199 million.The majority of these proceeds were utilised to
repay borrowings.
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1
BASIS OF PREPARATION OF CONCISE FINANCIAL REPORT
The concise financial report has been derived from the full 1999 Financial Statements as presented in the David Jones Limited Annual Report, which
comply with the Corporations Law, Australian Accounting Standards and Urgent Issues Consensus Views.This concise financial report has been
prepared in accordance with accounting standard AASB 1039, Concise Financial Reports, and the relevant provisions of the Corporations Law. A full
description of the accounting policies adopted by David Jones Limited is provided in the full 1999 Financial Report.The accounting polices are
consistent with those of the previous financial year.
2
3
1999
$’000
1998
$’000
Sales Revenue
Other Revenue
1,355,034
71,351
1,376,805
68,893
TOTAL REVENUE
1,426,385
1,445,698
15,720
15,720
15,720
11,790
31,440
27,510
15,433
Nil
10.4 cents
10.4 cents
8.3 cents
8.3 cents
392,996,480
392,746,480
OPERATING REVENUE
DIVIDENDS
(i) An interim ordinary dividend of 4 cents per share unfranked
was paid on 12 April 1999 (1998: 4 cents unfranked)
(ii) A final ordinary dividend of 4 cents per share, franked to 100%
with Class C (36%) franking credits, has been declared by the
Directors and is payable on 22 October 1999
(1998: 3 cents franked to 100%)
DIVIDEND FRANKING ACCOUNT
The amount of retained profits and reserves at year end that could
be distributed as dividends and be fully franked at 36% out of existing
franking credits or out of franking credits which would arise from the
payment of income tax in the following year after deducting franking
credits applicable to the declared dividends.
4
EARNINGS PER SHARE
Basic earnings per share
Diluted earnings per share
Weighted average number of ordinary shares used in the calculation
of basic and diluted earnings per share (number)
OPTIONS
Options to purchase ordinary shares not exercised at 31 July 1999 (25 July 1998) have not been included in the determination of diluted
earnings per share. Based on conditions existing at report date, the options would not be potential ordinary shares.
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5
SEGMENT REPORTING
The Consolidated Entity operates within one industry segment – Retailing.
The Consolidated Entity operates within one geographical segment – Australia.
6
SUBSEQUENT EVENTS
RETURN OF CAPITAL
At an Extraordinary General Meeting held on 26 July 1999, shareholders approved a return of 20 cents per fully paid ordinary share in the
capital of the Company to each holder of Ordinary Shares registered in the books of the Company on Monday, 3 August 1999.
As at balance date, the financial transaction was reflected in the accounts by the reduction of $79,236,000 (after costs of $637,000) of capital
and the amounts payable were included in Accounts Payable.The shareholders were paid on 10 August 1999.
1,753,500 shares held under the David Jones Employee Share Plan at balance date participated in the Capital Return. In accordance with the
Trust Deed governing that plan, the Trustee had applied amounts received in respect of the Capital Return to reduce the outstanding balance
of loans made to the relevant employees to enable them to participate in the plan post balance date.These transactions were accrued at
balance date.
As required under ASX Listing Rules, the Company has reduced the exercise price of all options issued by the Company under executive
options schemes by an amount equal to the Capital Return of 20 cents per share.This includes the 3,000,000 options and 500,000 options
held respectively by Peter Wilkinson and Robert Wright.
No shares have yet been issued under the David Jones Limited Deferred Employee Share Plan or the David Jones Limited Exempt Employee
Share Plan approved by shareholders at the 1998 Annual General Meeting.
SALE OF QUEEN STREET
Subsequent to year end, the Queen Street site in Brisbane, Queensland has been sold to the developer of the adjacent site for book value.
The agreement for sales and lease, which is conditional on Brisbane City Council approval, will provide a larger five level David Jones store.
The proceeds for the transaction will be received when we hand over the store for final construction in early 2004.The financial effect of this
transaction has not been recognised in the financial statements.
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DECLARATION BY DIRECTORS
In the opinion of the Directors of David Jones Limited the accompanying concise financial report of the Consolidated Entity, comprising David Jones
Limited and its controlled entities for the 53 weeks ended 31 July 1999 set out on pages 40 to 47
(a) has been derived from and is consistent with the full financial report for the financial year, and;
(b) complies with Accounting Standard AASB 1039 “Concise Financial Reports”; Urgent Issues Group Consensus Views; other authoritative
pronouncements of the Australian Accounting Standards Board and the Corporations Law.
Signed in accordance with a resolution of the Directors
R.F.E.Warburton
Director
Sydney
6 October 1999
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INDEPENDENT AUDIT REPORT
TO THE MEMBERS OF DAVID JONES LIMITED
SCOPE
We have audited the concise financial report of David Jones Limited for the 53 weeks ended 31 July 1999, as set out on pages 40 to 48, in order to
express an opinion on it to the Members of the Company.The Company’s Directors are responsible for the concise financial report.
Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance whether the concise financial report
is free of material misstatement. We have also performed an independent audit of the full financial statements of David Jones Limited for the 53 weeks
ended 31 July 1999. Our audit report on the full financial statements was signed on 6 October 1999 and was not subject to any qualification.
Our procedures in respect of the audit of the concise financial report included testing that the information in the concise financial report is consistent
with the full financial report and examination, on a test basis, of evidence supporting the amounts, discussion and analysis, and other disclosures which
were not directly derived from the full financial statements.These procedures have been undertaken to form an opinion whether, in all material
respects, the concise financial report is presented fairly in accordance with Accounting Standard AASB 1039 “Concise Financial Reports”.
The audit opinion expressed in this report has been formed on the above basis.
AUDIT OPINION
In our opinion, the concise financial report of David Jones Limited complies with Accounting Standard AASB 1039 “Concise Financial Reports”.
Arthur Andersen
Chartered Accountants
Graham C. Paton
Partner
Sydney
6 October 1999
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DAVID JONES LIMITED
20 LARGEST SHAREHOLDERS
AS AT 20 SEPTEMBER 1999
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Chase Manhattan Nominees Limited
Westpac Custodian Nominees Limited
National Nominees Limited
ANZ Nominees Limited
IOOF Australia Trustees (NSW) Limited (Tyndall Aust Portfolio A/C)
Queensland Investment Corporation
AMP Life Limited
Citicorp Nominees Pty Limited
Tyndall Life Insurance Company Limited
AMP Nominees Pty Limited
BT Custodial Services Pty Limited (sub cus A/C)
LFG Trading Pty Ltd.
HKBA Nominees Limited
IOOF Australia Trustees (NSW) Limited (Tyndall EPF 10 A/C)
Permanent Trustee Australia Limited (Hun0002 A/C)
Merrill Lynch (Australia) Nominees Pty Ltd
Westpac Financial Services Limited
ARGO Investments Limited
AM Trusteeship Services Limited
David Jones Employee Share Plan Pty Limited
The 20 largest shareholders hold 54.56% of the ordinary shares of the Company.
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NO. OF SHARES
%
49,457,304
42,354,025
26,962,422
18,140,943
12,163,282
8,979,926
7,400,994
7,393,653
6,889,719
6,754,548
5,913,930
4,000,000
2,946,550
2,617,148
2,500,000
2,295,149
2,054,315
1,963,119
1,876,527
1,752,500
12.58
10.78
6.86
4.62
3.10
2.28
1.88
1.88
1.75
1.72
1.50
1.02
0.75
0.67
0.64
0.58
0.52
0.50
0.48
0.45
214,416,054
54.56
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DAVID JONES LIMITED
ADDITIONAL INFORMATION
SHAREHOLDINGS
SUBSTANTIAL SHAREHOLDER NOTICES RECEIVED UP TO 20 SEPTEMBER 1999
SHAREHOLDER
Templeton Worldwide Inc.
Royal & Sun Alliance Life Assurance Australia Limited
O R D I N A RY
EXTENT OF
INTEREST
DAT E O F L A S T
N OT I F I C AT I O N
30,449,178
55,721,238
7.75%
14.18%
18.8.99
13.5.99
CLASS OF SHARES AND VOTING RIGHTS
At 20 September 1999 there were 39,178 holders of the ordinary shares of the Company.The voting rights attaching to the ordinary shares set out in
Article 5.8 of the Company’s Constitution are on a show of hands, every member present has one vote; and on a poll, every member present has one
vote for each fully paid share held by the member and in respect of which the member is entitled to vote.
DISTRIBUTION OF SHAREHOLDERS (AS AT 20 SEPTEMBER 1999)
C AT E G O RY
O R D I N A RY
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
10,180
23,069
3,845
1,946
138
39,178
The number of shareholders holding less than a marketable parcel at 20 September 1999 was 2,567.
OPTIONS
At 20 September 1999 there are 3,000,000 unlisted options on issue with an expiry date of 31 March 2002, held by one holder.There are 4,325,000
unlisted options on issue with an expiry date of 17 December 2003, held by 48 holders.
DIVIDEND HISTORY
Interim 6 cents per share fully franked paid on 19 August 1996
Final
6 cents per share 40% franked paid on 19 November 1996
Interim 4 cents per share fully franked paid on 9 July 1997
Final
3 cents per share fully franked paid on 23 October 1997
Interim 4 cents per share unfranked paid on 16 April 1998
Final
3 cents per share fully franked paid on 21 October 1998
Interim 4 cents per share unfranked paid on 12 April 1999
Final
4 cents per share fully franked to be paid on 22 October 1999
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STORE LOCATIONS
QUEENSLAND
6 STORES
QUEEN STREET, BRISBANE
CARINDALE, BRISBANE
MT GRAVATT, BRISBANE
TOOMBUL, BRISBANE
TOOWONG, BRISBANE
ROBINA, GOLD COAST
NEW SOUTH WALES AND ACT
16 STORES AND 1 DAVID JONES WAREHOUSE STORE
HUNTER STREET, NEWCASTLE
KOTARA, NEWCASTLE
TUGGERAH
CROWN STREET, WOLLONGONG
CANBERRA CENTRE, ACT
WODEN PLAZA, ACT
SYDNEY AND SUBURBAN
BRISBANE
ELIZABETH STREET, SYDNEY
G O L D C OA S T
MARKET STREET, SYDNEY
BROOKVALE
BANKSTOWN
BONDI JUNCTION
NEWCASTLE
CASTLE HILL
CHATSWOOD
SYDNEY
ADELAIDE
MIRANDA
WO L L O N G O N G
PAGEWOOD
CANBERRA
PARRAMATTA
MELBOURNE
BIRKENHEAD POINT DAVID JONES WAREHOUSE
VICTORIA
2 STORES
MELBOURNE AND SUBURBAN
BOURKE STREET, MELBOURNE
GLEN WAVERLEY
SOUTH AUSTRALIA
3 STORES
ADELAIDE AND SUBURBAN
RUNDLE MALL, ADELAIDE
MARION
WEST LAKES
TOTAL
27 DAVID JONES STORES
1 DAVID JONES WAREHOUSE STORE
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OFFICES AND OFFICERS
PRINCIPAL REGISTERED OFFICE
86-108 CASTLEREAGH STREET, SYDNEY NSW 2000
JOHN SIMMONDS
COMPANY SECRETARY
TELEPHONE
(02) 9266 5544
FACSIMILE
(02) 9261 5717 – CORPORATE
(02) 9267 3895 – GENERAL RETAIL
TELEPHONE NUMBER FOR ALL STORES
133 DJS (133 357)
WEBSITE
http://www.davidjones.com.au
SHAREHOLDER CALENDAR 2000
The concise annual report, the full financial report and the Notice of
E A R LY F E B RUA RY
Meeting can be accessed on our website under “Company Information”.
ANNOUNCEMENT OF SALES FOR THE 26 WEEKS ENDED
Announcements made to the ASX during the year are put on
29 JANUARY 2000
the website.
MID MARCH
ANNOUNCEMENT OF HALF YEARLY PROFIT RESULTS AND
COMPANY SECRETARY
JOHN A. SIMMONDS FCIS ASIA
DETAILS OF INTERIM DIVIDEND
APRIL
SHARE REGISTRY
HALF YEARLY REPORT TO SHAREHOLDERS
COMPUTERSHARE REGISTRY SERVICES PTY LTD
SCHEDULED PAYMENT OF INTERIM DIVIDEND
LEVEL 3, 60 CARRINGTON STREET, SYDNEY NSW 2000
M AY
GPO BOX 7045, SYDNEY NSW 1115
TELEPHONE
(02) 8234 5000
29 APRIL 2000
TOLL FREE
1800 652 207
AU G U S T
FACSIMILE
(02) 8234 5050
WEBSITE
http://www.cshare.com.au
29 JULY 2000
SEPTEMBER
ANNOUNCEMENT OF PRELIMINARY PROFIT RESULTS AND
DETAILS OF FINAL DIVIDEND
O C TO B E R
SCHEDULED PAYMENT OF FINAL DIVIDEND
N OV E M B E R
Current shareholders can access from the Share Registry website
information and services relevant to their holding, including dividend
payment history details.
Anyone can visit the Share Registry website to access a range of
information about David Jones Limited including the closing price of
David Jones Limited shares, graphs showing market prices over a
requested period and graphs showing volumes traded over a
requested period.
28 OCTOBER 2000
DECEMBER
STOCK EXCHANGE
2000 ANNUAL GENERAL MEETING
THE COMPANY IS LISTED ON THE AUSTRALIAN STOCK
EXCHANGE.THE HOME EXCHANGE IS SYDNEY.
Designed and produced by Horniak & Canny.
22/10/99 4:34 PM
Page 1
BEHIND
A GR
DAVID JONE

1999 Concise Annual Report (3156kb PDF)

Transcription

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