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Date Submitted: 11/09/2010 06:35 AM
DAVID JONES LIMITED
FULL YEAR (FY05) RESULTS
AUGUST 2004 - JULY 2005
PRESENTERS MARK McINNES - CHIEF EXECUTIVE STEPHEN GODDARD - FINANCE DIRECTOR
FY05 Financial Highlights
• Highest Full Year Profit Result reported by David Jones since listing in 1995 • Strong Business Model enabled the Company to deliver 19.2% Profit after Tax* growth in FY05 despite weak retail conditions in 2H05 ($77.9m FY05 vs. $65.3m in FY04) • Proven ability to manage the economic cycle and to deliver increasing returns to shareholders throughout the peaks & troughs of the cycle
* PAT is Profit After Tax before Reset Preference Share dividends and not utilising International Financial Reporting Standards
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FY05 Financial Highlights
• Total Company ‘EBIT to Sales Ratio’ up 65 basis points (6.05% FY05 vs. 5.4% FY04) • Department Store EBIT up 13.7% • Credit Card EBIT up 16.6% • Cost of Doing Business reduced by 80 basis points ( 32.7% in FY05 vs. 33.5% in FY04)
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FY05 Financial Highlights
• Further Cost Efficiency savings expected in FY06, FY07 & FY08 • Gross Profit Margins of 36.8% - at upper end of 36.5%-36.9% target range • • Strong Cashflows - $147m cash on hand at year-end FY05 Dividend up 18.2% (13 cents per share in FY05 vs.11 cents per share in FY04)
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Results Summary
FY2005
Total Sales ($m) Total EBIT ($m) Profit After Tax ($m) Basic EPS (c) DPS (c) 1799.1 108.8 77.9 17.4 13.0
FY2004
1769.5 95.3 65.3 14.6 11.0
% Change
+ 3.3% * + 14.2% + 19.2% + 19.2% + 18.2%
* Like for Like Sales
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PAT Comparison
FY2005 $m EBIT Less Interest Income / (Expense) PBT Less Tax PAT 108.8 2.9 111.7 -33.8 77.9 FY2004 $m 95.3 - 0.6 94.7 -29.4 65.3 Change % + 14.2% n/a + 17.9% + 15.2% + 19.2%
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EBIT Summary
FY2005
EBIT Contribution from: - Department Stores - Credit - Property Total EBIT $m 73.9 32.2 2.7 108.8
FY2004
$m 65.0 27.7 2.6 95.3
Change
% + 13.7% + 16.6% + 3.8% + 14.2%
EBIT % to Sales Ratio
6.05%
5.4%
+ 65 bp
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