Annual Report - JD Group

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Definitions Revenue Revenue comprises net invoiced value of merchandise sold excluding value added tax, net finance charges earned and income generated from financial and other services. Cost of sales Cost of sales comprises costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Operating margin Operating income divided by revenue. Interest cover Operating and investment income divided by net finance costs. Earnings per share Income after taxation divided by weighted average number of shares in issue, excluding treasury shares. Headline earnings per share Income after taxation adjusted for exceptional losses on discontinuance, surpluses or losses on disposal of property, plant and equipment and goodwill amortised divided by weighted average number of shares in issue, excluding treasury shares. Diluted earnings and headline earnings per share As for earnings and headline earnings per share after including the dilutive impact of share options in respect of unissued shares granted to employees in the weighted average number of shares in issue. 24 Dividend cover Earnings per share divided by cash equivalent dividends per share. Return on closing shareholders’ equity Income after taxation divided by shareholders’ equity at year end. Return on average shareholders’ equity Income after taxation divided by average shareholders’ equity. Return on assets managed Operating and investment income divided by average total assets (excluding deferred taxation) less average non-interest bearing debt. Net asset value per share Shareholders’ funds divided by number of shares in issue. Gearing ratio Interest bearing debt less cash resources divided by shareholders’ equity. Current ratio Current assets divided by current liabilities.
Basis of accounting The annual financial statements are prepared on the historical cost basis, except for certain financial instruments carried at fair value, and are in accordance with South African Statements of Generally Accepted Accounting Practice and International Financial Reporting Standards, and incorporate the following principal accounting policies, which are consistent in all material respects with those of the previous year, except for that relating to the consolidation of share incentive trusts which is explained in detail later in these policies. The annual financial statements are presented in South African rand since this is the currency in which the majority of the Group’s transactions are denominated. Consistent with prior financial reporting periods the trading cycle ends on the 15th of each following month. The financial year ends on 15 September. Basis of consolidation The Group financial statements incorporate the financial statements of the Company and its subsidiaries. Subsidiaries are those entities over whose financial and operating policies the Group has the power to exercise control, so as to obtain benefits from their activities. On acquisition, the assets and liabilities of the subsidiaries are measured at fair value. The results of subsidiaries are included from the effective dates of acquisition and up to the effective dates of disposal. All intercompany transactions and balances are eliminated on consolidation. The accounting policies and year ends of all consolidated subsidiaries are consistent throughout the Group. The consolidation of Abra SA for the year ended 31 August 2004 is based on audited results and for BoConcept unaudited management account information was used. The assets and liabilities of foreign subsidiaries are translated into rand at rates of exchange ruling at the year end. The results of their operations are translated at an appropriate weighted average rate of exchange for the year. Subsidiaries acquired with the intention of disposal in the foreseable future are not consolidated. Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the 25 Accounting policies identifiable assets and liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition. Goodwill is capitalised and amortised on a straight line basis over its estimated useful life, not exceeding 20 years, and is assessed for impairment. Goodwill arising on acquisitions by foreign entities is treated as assets and liabilities of the foreign entity and translated into rand at rates of exchange ruling at the reporting date. Intangibles Intangibles are stated at cost if acquired separately or at fair value at the date of acquisition in a business combination. The fair value is limited to the extent of positive goodwill existing after the allocation of the purchase consideration to the net tangible assets. Intangibles are amortised on a straight line basis over their estimated useful lives. Taxation The charge for taxation is based on the results for the year as adjusted for items which are non-assessable or disallowed. Deferred taxation is accounted for using the balance sheet liability method in respect of temporary differences. Temporary differences arise from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding taxation basis used in the computation of assessable taxable profit. In general, deferred taxation liabilities are recognised for all taxable temporary differences and deferred taxation assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities which affects neither the taxable profit nor the accounting profit at the time of the transaction. Deferred taxation liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred taxation is calculated at the taxation rates that are expected to apply to the period when the asset is realised or the liability is settled. Deferred taxation is charged or credited in the income statement, except when it relates to items credited or charged directly to equity, in which case the deferred taxation is also dealt with in equity.
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21 Years Young Annual Report 2004
Page 3 and 4:
In only 21 years, JD has grown from
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PROFILE JD Group, a mass consumer f
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Corporate objectives and opportunit
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Abra Barnetts Bradlows Electric Exp
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By 1986 trains can travel faster th
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Executive management Arie Neven (45
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Group value added statement 13 2004
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■ Revenue up by 52% to R9,1 billi
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“Wars are won in the planning roo
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possible for me to mention by name
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1990 1992 1994 The first McDonalds
Page 25 and 26:
Social citizenship “. . . and our
Page 27 and 28:
one million account holders. Based
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1996 1998 2000 Penny Heyns scoops 3
Page 31 and 32:
Abra - practical solutions for your
Page 33 and 34: Bradlows - you’re the difference
Page 35 and 36: Hi-Fi Corporation - the lowest pric
Page 37 and 38: Morkels - your two year guarantee s
Page 39 and 40: Russells - your home lifestyle part
Page 41 and 42: Score is absorbed into a reposition
Page 43 and 44: Ensuring that Group credit manageme
Page 45 and 46: Managing the procurement, maintenan
Page 47 and 48: Comprises a direct audit services d
Page 49 and 50: Group marketing is tasked to consta
Page 51 and 52: Responsible for the Group’s prope
Page 53 and 54: Influencing and shaping the Group
Page 55 and 56: A dream made real through the dedic
Page 57 and 58: Maxx New Media Concept and design G
Page 59 and 60: A brighter future to come Annual Fi
Page 61 and 62: “the way you behave when you are
Page 63 and 64: JD Group Limited board and manageme
Page 65 and 66: The purpose of this committee is to
Page 67 and 68: Employment benefits funds Approxima
Page 69 and 70: Fraud and illegal acts JD Group doe
Page 71 and 72: 14 months 12 months 31 August 31 Au
Page 73 and 74: 14 months 12 months 31 August 31 Au
Page 75 and 76: To the members of JD Group Limited
Page 77 and 78: Subsidiary companies Details of the
Page 79 and 80: Retirement Medical Cash Share schem
Page 81 and 82: Options Sale/ Sale/ exercised Date
Page 83: Options Sale/ Sale/ exercised Date
Page 87 and 88: are allocated using the effective i
Page 89 and 90: unrecognised actuarial gains and lo
Page 91 and 92: 31 Group balance sheet Restated 200
Page 93 and 94: 33 Notes to the Group cash flow sta
Page 95 and 96: 35 Notes to the Group annual financ
Page 97 and 98: 37 2004 2003 Rm Rm 4. Finance costs
Page 99 and 100: 39 2004 2003 7. Earnings per share
Page 101 and 102: Vehicles and Computer Office equipm
Page 103 and 104: Vehicles and Computer Office equipm
Page 105 and 106: 45 2004 2003 Rm Rm 12. Investments
Page 107 and 108: 47 2004 2003 Rm Rm 15. Share capita
Page 109 and 110: 18. Interest bearing liabilities co
Page 111 and 112: 22. Financial risk management conti
Page 113 and 114: 24. JD Group/Nedcor alliance The JD
Page 115 and 116: 55 Segmental analysis - geographica
Page 117 and 118: Electric Express Morkels Barnetts S
Page 119 and 120: Corporate Group 2004 2003 2004 2003
Page 121 and 122: Salient features of The JD Group Em
Page 123 and 124: 63 JD Group Limited - company finan
Page 125 and 126: Issued share capital Shares Direct
Page 127 and 128: 67 Notice to shareholders Notice is
Page 129 and 130: Material changes Other than the fac
Page 131 and 132: JD Group Limited (Registration numb
Page 133 and 134: Shareholders’ diary Financial yea
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Annual Report - JD Group

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