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Pro forma statement of comprehensive income for twelve months ended 30 June 2012
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 TWELVE MONTHS PERIOD ENDED 30 JUNE 2012
Shareholders are referred to the SENS announcement dated 27
August 2012, where the Group reported its audited results for
the ten-month period ended 30 June 2012, 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 audited results released on
SENS on 26 August 2013 for the year ended 30 June 2013, a Pro
Forma Statement of Comprehensive Income for the twelve-month
period ended 30 June 2012 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 period had started
on 1 July 2011 and ended on 30 June 2012.
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 financial 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.
The Pro Forma Statement has been prepared in accordance with
the JSE Listing Requirements and the revised Guide on Pro
Forma Financial Information issued by SAICA.
12 months
Audited ended 30
10 months June 2012 Pro
ended 30 2 months before Pro forma
R’million June 2012 Reviewed forma adj adj After Notes
Revenue 25,284 4,710 29,994 (109) 29,885 3
Retail operations
Revenue 22,071 4,096 26,167 (109) 26,058 3
Cost of sales (16,888) (3,136) (20,024) 74 (19,950) 3
Gross retail margin 5,183 960 6,143 (35) 6,108
Consumer Finance
Revenue 3,213 614 3,827 - 3,827 3
Finance costs (149) (26) (175) - (175) 3
Debtors' costs (417) (120) (537) 26 (511) 4
Risk-adjusted financial
services income 2,647 468 3,115 26 3,141
Operating expenses (6,534) (1,259) (7,793) 31 (7,762)
Administration and other 3
expenses (1,356) (249) (1,605) 2 (1,603)
Depreciation and 3
amortisation (307) (43) (350) 1 (349)
Employees (3,035) (620) (3,655) 10 (3,645) 3
Marketing (369) (59) (428) 5 (423) 3
Occupancy (1,004) (203) (1,207) 10 (1,197) 3
Share-based payments (33) (6) (39) - (39) 3
Transport and travel (420) (77) (497) 3 (494) 3
Loss on disposal of
property, plant and
equipment (10) (2) (12) - (12) 3
Operating profit 1,296 169 1,465 22 1,487
Investment income 4 6 10 (5) 5 5
Net finance costs (61) (22) (83) 6 (77) 6
Share in profit of
associate 2 (3) (1) - (1)
Profit before taxation 1,241 150 1,391 23 1,414
Taxation (405) (52) (457) 2 (455) 7
Profit for the period 836 98 934 25 959
Attributable to:
Shareholders 822 96 918 25 943
Minorities 14 2 16 - 16
836 98 934 25 959
EBITDA 1,752 238 1,990 23 2011
Basic earnings per share
381.0 N/A N/A N/A 437.1
(cents)
12 months
Audited ended 30
10 months June 2012 Pro
ended 30 2 months before Pro forma
R’million June 2012 Reviewed forma adj adj After
Condensed Group statement
of other comprehensive
income
Profit for the period 836 98 934 25 959
Exchange differences on
translating foreign
operations (3) - (3) - (3)
Total comprehensive
income for the year 833 98 931 25 956
Attributable to:
Shareholders 819 96 915 25 940
Minorities 14 2 16 - 16
833 98 931 25 956
Reconciliation of
headline earnings
Profit attributable to 918
822 96 25 943
shareholders
Loss on disposal of 11
property, plant and 10 1 - 11
equipment
Taxation thereon (3) - (3) - (3)
Headline earnings 829 97 926 25 951
Weighted average number
of shares in issue (‘000)
- Basic 215 742 - 215 742 - 215 742
- Diluted 217 552 - 217 552 - 217 552
Headline earnings per
share (cents)
Basic 384.3 N/A 429.2 N/A 440.8
Diluted 381.1 N/A 425.6 N/A 437.1
Basic earnings per share 422.0
377.8 N/A N/A 433.5
(cents) - diluted
Notes:
1. The “Audited 10 month ended 30 June 2012” column is based on
the JD Group audited results for the ten-month period ended 30
June 2012.
2. The “2 months Reviewed” 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,
and reviewed by Deloitte in accordance with ISAE 3000.
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, adjusted in the pro forma adjustment column.
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 of R5 million was received and excluded from the
pro forma results.
6. During the financial year ended 31 August 2011, non-
recurring net finance cost of R6 million 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 twelve-month period ended 30 June
2012.
Review of the independent auditor
An unmodified reasonable assurance report has been issued by
JD Group's independent external auditor, Deloitte & Touche, in
terms of ISAE 3420: Assurance Engagements to Report on the
Compilation of Pro Forma Information in a Prospectus, on the
pro forma financial information, 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.
26 August 2013
Johannesburg
Sponsor to JD Group
PSG Capital Proprietary Limited
Date: 26/08/2013 04:00:00 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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