annual report - Harvey Norman Company Reports & Announcements

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CHAIRMAN‟S REPORT (CONTINUED) Outlook We continue to execute our Omni Channel strategic plan to deliver improved performance for the Australian franchisees and company-operated stores internationally. We are convinced that this will deliver improved results and a sustainable and growing future. Our integrated retail, franchise, property and digital operations are the backbone of our Omni Channels. This is unique within the categories and markets in which we operate. The online operations of the business across Australia and New Zealand will continue to develop and will deliver incremental revenue in the year ahead for our existing franchisees and company-operated stores. Continuing refinement of our digital platform will create new opportunities for growth in which we continue to invest. There will be an increase in the number of products that are available online in the coming year and we will continue to improve our online offer to consumers. We continue to implement our merchandising and supply-chain improvements program. Our investment will deliver improved information from both our suppliers and customers and provide a seamless customer experience across all channels. Within the Australian franchising operations segment, we anticipate that the Home Entertainment and Technology category will continue to remain volatile and uncertain however with further retailer and supplier rationalisation occurring, there is the opportunity for improvement. Whilst the predictions for market values remain flat at best, we are cautiously optimistic of consolidating and increasing our market shares in the technology categories and geographies in which we compete. The strong performance of the Home Appliance, Furniture and Bedding categories will continue to deliver results. We are more than well positioned to capitalise on any resurgence in the domestic home market. Our New Zealand operation remains strong and will be positively supported by the re-opening of the main complex within Christchurch in late 2012. Our Irish business has improved and we expect this to continue in the year ahead within this challenged economy. We have a strong position with both Irish consumers and suppliers that is supporting the ongoing improvements to this business. Within central Europe, Slovenia has a solid position for growth and we expect that the investment in the initial store in Croatia will develop positively throughout the year. The flagship homemaker centre at Maroochydore in Queensland will open as scheduled in November 2012 adding to the strong asset base of the company‟s property portfolio. The balance sheet of the company remains strong through conservative fiscal management. The low net debt to equity ratio with tangible property assets in excess of $2.12 billion has the company well positioned to manage the core business within the respective territories and take advantage of opportunities in the future. I would like to thank my fellow directors, Harvey Norman employees, franchisees and their staff for their continuing efforts and loyalty. G. HARVEY Executive Chairman Sydney, 28 September 2012 13
DIRECTOR‟S REPORT Your directors submit their report for the year ended 30 June 2012. Directors Names, qualifications, experience and special responsibilities: The names and details of the directors of Harvey Norman Holdings Limited (the “Company”) in office during the financial year and until the date of this report are as follows. Unless otherwise indicated, all directors (collectively termed the “Board”) held their position as a director throughout the entire financial year and up to the date of this report. Gerald Harvey – Executive Chairman Mr. G. Harvey, aged 73, was the co-founder of Harvey Norman Holdings Limited in 1982 with Mr. I. Norman. Mr. G. Harvey has overall executive responsibility for the strategic direction of the consolidated entity, and in particular, property investments. Mr. G. Harvey is a director of Pertama Holdings Limited, a company listed on the Stock Exchange of Singapore. Kay Lesley Page – Executive Director and Chief Executive Officer Ms. Page, aged 55, joined Harvey Norman in 1983 and was appointed a director of Harvey Norman Holdings Limited in 1987. Ms. Page became the Chief Executive Officer of the Company in February 1999 and has overall executive responsibility for the consolidated entity. Ms. Page is a member of the NSW Public Service Commission Advisory Board. Ms. Page is a director of the following other listed/public companies: Pertama Holdings Limited, Singapore Australian National Retailers Association (ANRA) Museum of Contemporary Art, Sydney Ms. Page was a director of the public company, National Rugby League Limited, until February 2012. John Evyn Slack-Smith – Executive Director and Chief Operating Officer Mr. Slack-Smith, aged 43, was a Harvey Norman computer franchisee between 1993 and 1999. Mr. Slack-Smith became a director of the Company on 5 February 2001. Mr. Slack-Smith has overall executive responsibility for the operations of the consolidated entity. Mr Slack-Smith is a director of the public company, Lifehouse At RPA. David Matthew Ackery – Executive Director Mr. Ackery, aged 52, was appointed a director of Harvey Norman Holdings Limited on 20 December 2005. Mr. Ackery has overall executive responsibility for the relationship between the consolidated entity and Harvey Norman home appliances, home entertainment and technology franchisees and strategic partners. Mr. Ackery is a director of the public company, St. Joseph‟s College Foundation Limited. Chris Mentis B.Bus., FCA, FCIS – Executive Director, Chief Financial Officer and Company Secretary Mr. Mentis, aged 46, was appointed a director of Harvey Norman Holdings Limited on 30 August 2007. Mr. Mentis joined Harvey Norman as Financial Controller on 15 December 1997. On 20 April 2006, he became Chief Financial Officer and Company Secretary. Mr. Mentis is a chartered accountant and a chartered secretary with over 25 years experience in financial accounting. Mr. Mentis has overall executive responsibility for the accounting and financial matters of the consolidated entity. Mr. Mentis is an alternate director on the Board of Pertama Holdings Limited, Singapore. Ian John Norman - Non-Executive Director Mr. Norman, aged 73, was co-founder of Harvey Norman with Mr. G. Harvey in 1982. 14
Page 1 and 2: 2012 ANNUAL REPORT HOLDINGS LIMITED
Page 3 and 4: 2 Contents Company Information 1 Co
Page 5 and 6: CHAIRMAN‟S REPORT Business Perfor
Page 7 and 8: CHAIRMAN‟S REPORT (CONTINUED) Our
Page 9 and 10: CHAIRMAN‟S REPORT (CONTINUED) Bre
Page 11 and 12: CHAIRMAN‟S REPORT (CONTINUED) Sal
Page 13: CHAIRMAN‟S REPORT (CONTINUED) Slo
Page 17 and 18: DIRECTOR‟S REPORT (CONTINUED) Com
Page 19 and 20: DIRECTOR‟S REPORT (CONTINUED) Div
Page 21 and 22: DIRECTOR‟S REPORT (CONTINUED) Rem
Page 29 and 30: DIRECTORS‟ REPORT (CONTINUED) Rem
Page 31 and 32: DIRECTORS‟ REPORT (CONTINUED) Rem
Page 33 and 34: DIRECTORS‟ REPORT (CONTINUED) Aud
Page 35 and 36: CORPORATE GOVERNANCE STATEMENT (CON
Page 43 and 44: STATEMENT OF FINANCIAL POSITION AS
Page 45 and 46: STATEMENT OF COMPREHENSIVE INCOME F
Page 47 and 48: STATEMENT OF CHANGES IN EQUITY FOR
Page 49 and 50: STATEMENT OF CASH FLOWS FOR THE YEA
Page 51 and 52: OPERATING SEGMENTS (CONTINUED) Oper
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Page 55 and 56: OPERATING SEGMENTS (CONTINUED) Oper
Page 57 and 58: STATEMENT OF SIGNIFICANT ACCOUNTING
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STATEMENT OF SIGNIFICANT ACCOUNTING
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Reference Title Summary Application
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NOTES TO THE FINANCIAL STATEMENTS (
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Independent auditor’s report to t
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SHAREHOLDER INFORMATION Distributio
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DIRECTORY OF HARVEY NORMAN, DOMAYNE
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