annual report - Harvey Norman Company Reports & Announcements

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DIRECTOR‟S REPORT (CONTINUED) Beneficial Interest Included in the Directors‟ Interests table on page 16 are the following shareholdings indirectly held by each of the directors: Director Beneficial Interest in Shares G. Harvey has a beneficial interest in 140,629,301 shares held by G Harvey Nominees Pty Limited, and 333,333 shares held by HVN Share Plan Pty Limited. I.J. Norman has a beneficial interest in 175,249,660 shares held by Dimbulu Pty Limited. K.L. Page has a beneficial interest in 8,101,858 shares held by K. Page Pty Limited, 318,406 shares held by K. Page Superannuation Fund Pty Limited and 333,333 shares held by HVN Share Plan Pty Limited. J.E. Slack-Smith has a beneficial interest in 59,999 shares held by HVN Share Plan Pty Limited and 200,000 shares held by J. E. Slack-Smith as Trustee for Slack-Smith 2003 Option Trust (Shares). D.M. Ackery has a beneficial interest in 133,334 shares held by HVN Share Plan Pty Limited and 13,333 shares held by D.M. Ackery as Trustee for Ackery 2005 Option Trust (Shares). M.J. Harvey has a beneficial interest in 678,735 shares held by M.J. Harvey Option Trust. C.H. Brown has a beneficial interest in 41,763 shares held by PWSD Pty Limited and 61,704 shares held by Starmoro Pty Limited. K.W. Gunderson- Briggs has a beneficial interest in 3,000 shares held by Nosrednug Superannuation Fund Pty Limited. G.C. Paton has a beneficial interest in 15,000 shares held by G.C. Paton and V. Paton as trustee for The St. Georges Superannuation Fund. Share Options As at the date of this report, there were 5,034,000 unissued ordinary shares under options (30 June 2011: 3,000,000). Details of share options are set out in Note 28 and Note 30 to the financial statements and form part of this report. Principal Activities The principal activities of the consolidated entity are that of an integrated retail, franchise and property enterprise including: Franchisor Sale of furniture, bedding, computers, communications and consumer electrical products in New Zealand, Slovenia, Republic of Ireland, Northern Ireland and Croatia Property investment Lessor of premises to Harvey Norman franchisees and other third parties Media placement Provision of consumer finance and other commercial advances The consolidated entity holds a controlling interest in Pertama Holdings Limited (“Pertama”). Shares in Pertama are listed on the Stock Exchange of Singapore. The principal activities of Pertama are retail sales of furniture, bedding, computers, communications and consumer electrical products in Singapore and Malaysia. Results The profit after tax and non-controlling interests for the year ended 30 June 2012 was $172.47 million. This represents a reduction of 31.6% on the profit after tax and non-controlling interests for the year ended 30 June 2011. 17
DIRECTOR‟S REPORT (CONTINUED) Dividends The directors recommend a fully franked dividend of 4.0 cents per share to be paid on 3 December 2012 (total dividend, fully franked - $42,492,671). The following fully franked dividends of the parent entity have also been paid, declared or recommended since the end of the preceding financial year: Dividend Payment Date $ 2011 final fully franked dividend 2012 interim fully franked dividend 18 5 December 2011 63,739,007 7 May 2012 53,115,839 The dividend payment in respect of the year ended 30 June 2012 represents 55.43% (2011: 50.54%) of profit after tax and non-controlling interests, as set out on page 3 of the financial statements. Review of Group Operations The total equity of the consolidated entity for the year ended 30 June 2012 increased over the previous financial year due to the following: Net profit generated by the Franchising Operations segment; Profit attributable to increased rental income from franchisees and external tenants; Net profit generated by the retail operations in Singapore, Malaysia and Slovenia. Significant Changes in the State of Affairs In the opinion of the directors, there were no significant changes in the state of affairs of the consolidated entity that occurred during the financial year. Likely Developments and Future Results The directors have excluded from this report any further information on the likely developments in the operations of the consolidated entity and the expected results of those operations in future financial years, as the directors believe that it would be likely to result in unreasonable prejudice to one or more entities in the consolidated entity. Significant Events After Balance Date In early July 2012, the Company announced the restructure of the Irish and Northern Irish businesses with the aim of reducing future losses and increasing growth. The main features of the restructure include: The launch of a large new furniture and bedding store in West Dublin; The launch of Harvey Norman Online, a new ecommerce initiative in Ireland and Northern Ireland; The closure of the store located at Mullingar, Ireland which has underperformed; The reformatting of the Dundalk Outlet store in Ireland to focus on the furniture and bedding categories; The reformatting of the two stores in Northern Ireland located at Newtownabbey and Holywood to focus on the furniture and bedding categories. The consolidated entity is in the process of assessing and quantifying the impact of the proposed restructure and, based on early estimates, does not believe that the costs would have a material impact to the results of the group. Environmental Regulation Performance The consolidated entity‟s environmental obligations are regulated under both State and Federal Law. All environmental performance obligations are monitored by the Board. The consolidated entity has a policy of at least complying, but in most cases exceeding its environmental performance obligations. No environmental breaches have been notified to the consolidated entity by any Government agency during the year ended 30 June 2012 and up to the date of this report. Company Secretary Mr Chris Mentis, aged 46, is a chartered accountant and became Company Secretary on 20 April 2006. Mr. Mentis has over 25 years experience in financial accounting and has been with the consolidated entity since 1997. Mr. Mentis is a member of the Institute of Chartered Secretaries.
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 and 14: CHAIRMAN‟S REPORT (CONTINUED) Slo
Page 15 and 16: DIRECTOR‟S REPORT Your directors
Page 17: DIRECTOR‟S REPORT (CONTINUED) Com
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
Page 53 and 54: OPERATING SEGMENTS (CONTINUED) OPER
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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