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PRO FORMA ANNOUNCEMENT OF COMPREHENSIVE INCOME OF JD GROUP FOR THE SIX-MONTH INTERIM PERIOD ENDED 31 DECEMBER 2011
JD Group Limited
Registration number: 1981/009108/06
Share code: JDG ISIN: ZAE000030771
Convertible bond code: JDGCB ISIN: ZAE000168415
(“JD” or “the Company” or “the Group”)
PRO FORMA STATEMENT OF COMPREHENSIVE INCOME OF JD GROUP FOR
THE SIX-MONTH INTERIM PERIOD ENDED 31 DECEMBER 2011
Shareholders are referred to the SENS announcement dated 21
February 2012, where the Group reported its interim results
for the four-month period ended 31 December 2011, following
a change in the Group’s financial year-end to 30 June.
In order to enrich the comparability between the afore-
mentioned SENS release and the interim results released on
SENS on 21 February 2013 for the six-month period ended 31
December 2012, a Pro Forma Statement of Comprehensive Income
for the six-month period ended 31 December 2011 (previous
comparable period) has been prepared for illustrative
purposes. This reviewed pro forma consolidated Statement of
Comprehensive Income (“the Pro Forma Statement”) shows the
impact on the consolidated Statement of Comprehensive Income
as if the comparable interim period had started on 1 July and
ended on 31 December 2011.
The Pro Forma Statement has been prepared using accounting
policies that are consistent with IFRS and with the basis on
which the historical financial information has been prepared
in terms of the accounting policies adopted by JD Group.
However the Pro Forma Statement, due to its’ nature may not
give a fair reflection of the Company’s results after the pro
forma adjustments.
The JD Group Board is responsible for the compilation, contents
and presentation of the Pro Forma Statement contained in this
announcement and for the financial information from which it
has been prepared. Their responsibility includes determining
that the Pro Forma Statement has been properly compiled on the
basis stated; that the basis is consistent with the accounting
policies of JD Group; and that the pro forma adjustments are
appropriate for the purposes of the Pro Forma Statement disclosed
in terms of the JSE Limited Listings Requirements.
Reviewed Pro Forma Statement of Comprehensive Income:
Before 2 Pro After Notes
R’million months forma
adj
Revenue 10,725 4,710 (109) 15,326 3
Retail operations
Revenue 9,490 4,096 (109) 13,477 3
Cost of sales (7,259) (3,136) 74 (10,321) 3
Gross retail margin 2,231 960 (35) 3,156
Consumer Finance
Revenue 1,235 614 - 1,849 3
Finance costs (58) (26) - (84) 3
Debtors' costs (209) (120) 26 (303) 4
Risk-adjusted financial services
income 968 468 26 1,462
Operating expenses (2,667) (1,259) 31 (3,895)
3
Administration and other expenses (556) (249) 2 (803)
3
Depreciation and amortisation (120) (43) 1 (162)
3
Employees (1,209) (620) 10 (1,819)
3
Marketing (196) (59) 5 (250)
3
Occupancy (406) (203) 10 (599)
3
Share-based payments (13) (6) - (19)
3
Transport and travel (164) (77) 3 (238)
Surplus on disposal of property, 3
plant and equipment (3) (2) - (5)
Operating profit 532 169 22 723
Investment income 2 6 (5) 3 5
Net finance costs (19) (22) 6 (35) 6
Share in profit of associate 2 (3) - (1)
Profit before taxation 517 150 23 690
Taxation (146) (52) 2 (196) 7
Profit for the period 371 98 25 494
Attributable to:
Shareholders 364 96 25 485
Minorities 7 2 - 9
371 98 25 494
EBITDA 710 238 23 969
Basic earnings per share (cents) 168.7 N/A N/A 224.9
Condensed Group statement of
other comprehensive income
Profit for the period 371 98 25 494
Exchange differences on
translating foreign operations (1) - - (1)
Total comprehensive income for
the year 370 98 25 493
Attributable to:
Shareholders 363 96 25 484
Minorities 7 2 - 9
370 98 25 493
Reconciliation of headline
earnings
Profit attributable to
364 96 25 485
shareholders
Loss on disposal of property,
4 1 - 5
plant and equipment
Taxation thereon (1) - - (1)
Headline earnings 367 97 25 489
Weighted average number of shares
in issue (‘000)
- Basic 215 613 - - 215 613
- Diluted 217 244 - - 217 244
Headline earnings per share
(cents)
Basic 170.1 N/A N/A 226.8
Diluted 168.9 N/A N/A 225.1
Basic earnings per share (cents)
167.7 N/A N/A 223.3
- diluted
Notes:
1. The “Before” column is based on the JD Group reviewed
results for the four-month interim period ended 31
December 2011.
2. The “2 months” column refers to the results of the period
from 1 July to 31 August 2011 that was included in the
audited results for the financial year ended 31 August
2011.
3. The results of the investment in Abra SA, the Polish
subsidiary that was sold to Steinhoff International
Holdings Limited in October 2011, were treated as a
discontinued operation and therefore are excluded from the
pro forma results.
4. During August 2011, a written-off portion of the debtors'
book was sold for R26 million in a non-recurring
transaction. This amount has been excluded for
comparability purposes.
5. During the financial period ended 31 August 2011, a once-
off dividend was received and excluded from the pro forma
results.
6. During the financial year ended 31 August 2011, non-
recurring net finance cost was incurred and excluded from
the pro forma results.
7. This represents the tax effect of the various adjustments
detailed above.
8. The “After” column represents the Pro Forma Statement of
Comprehensive Income for the six-month interim period
ended 31 December 2011.
9. All adjustments are expected to have a continuing effect.
Review of the independent auditor
The pro forma results have been reviewed by Deloitte & Touche,
JD Group’s independent external auditor, who has issued an
unmodified report, which is available for inspection at the
Group’s registered office, (10th floor, JD House, 27 Stiemens
Street, Braamfontein, Johannesburg) during normal business
hours from Monday to Friday.
22 February 2013
Johannesburg
Sponsor to JD Group
PSG Capital Proprietary Limited
Date: 22/02/2013 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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