PERFORMANCE HIGHLIGHTS
  • Revenue exceeded $200 million for first time.

  • Earnings before interest, tax & unallocated expenses were up 27.9%.

  • Net surplus after tax and before abnormals rose 22.5%

RESULTS IN BRIEF

KEY FACTS
Year ended 30 June
NZ$000s unless stated
 
2002
2001
% change
 
TRADING RESULTS
• Group revenue
214,105
189,168
+13.2%
• Earnings before interest and tax
     and unallocated expenses (before abnormals)
23,013
17,997
+27.9%
• Group surplus after tax (before abnormals)
12,298
10,039
+22.5%
     - First half
8,712
7,745
+12.5%
     - Second half
3,586
2,294
+56.3%
• Group surplus after tax (after abnormals)
12,706
10,039
+26.6%
• Net cash from operating activities
8,871
7,887
+12.5%
 
FINANCIAL POSITION AT YEAR END
• Issued and paid up capital, 38,558,600 ordinary shares
7,712
7,712
• Total shareholders’ funds
53,328
49,568
+7.6%
• Total assets
96,413
91,331
+5.5%
• Net debt
27,454
27,113
+1.2%
• Capital expenditure - cash
6,256
8,028
-22.0%
 
NUMBER OF STORES 30 JUNE
 
 
 
• New Zealand
43
41
• Australia
77
74
Total
120
115
 
DISTRIBUTION TO SHAREHOLDERS
• Dividends - including final dividend
- Per ordinary share
17.0¢
15.0¢
+13.3%
- Times covered by surplus after tax
1.9
1.7
• Special Dividend - payable 14 October 2002
20.0¢
-
 
SHARE PRICE
30 June
$5.00
$3.80
+31.5%
 
 
 
 
KEY DATA PER SHARE
 
 
 
• Earnings before abnormal items
31.9¢
26.03¢
 
• Earnings after abnormal items
32.95¢
26.03¢
 
 
 
 
 
KEY MEASURES
 
 
 
• Same store sales up
 
 
 
- Australia
6.4%
3.5%
 
- New Zealand
13.0%
2.9%
 
• Return on average shareholders’ funds
23.9%
21.8%
 
• Interest cover (times)
10.3
8.1
 
• Equity Ratio
55%
54%
 
• Current ratio
5.6:1
5.1:1
 

TREND STATEMENT

2002
2001
2000
1999
1998
1997
1996
$000
$000
$000
$000
$000
$000
$000
Group Sales
$ 214,105
$ 189,168
$ 181,983
$ 156,940
$ 141,254
$ 118,303
$ 110,060
Earnings
Surplus before taxation, before abnormals
18,290
15,130
15,517
13,549
11,059
8,037
8,181
Surplus before taxation, after abnormals
18,648
15,130
15,517
13,549
11,059
8,037
8,181
Tax provision
5,942
5,091
5,578
4,755
3,867
2,883
2,865
Surplus after tax, before abnormals
12,298
10,039
9,939
8,774
7,192
5,154
5,316
Surplus after tax, after abnormals
12,706
10,039
9,939
8,774
7,192
5,154
5,316
Dividend Distributions
5,978
2,518*
5,216
4,444
3,669
2,695
2,513
Retained surplus for year
6,728
7,521
4,723
4,330
3,523
2,459
2,803
Funds Employed    
Paid-up ordinary capital
7,712
7,712
7,712
7,712
7,712
7,712
7,712
Reserves and retained earnings
45,616
41,860
34,875
29,339
24,605
20,310
18,396
Shareholders' funds
53,328
49,572
42,587
37,051
32,317
28,022
26,108
Long term debt/deferred tax
28,994
28,503
22,670
21,849
18,302
18,904
18,001
82,322
78,075
65,257
58,900
50,619
46,926
44,109
Utilisation of funds
Non current assets
17,510
22,652
19,635
14,583
13,169
13,106
13,621
Expenditure carried forward/goodwill
393
505
625
756
892
974
1,146
Net working capital
64,419
54,918
44,997
43,561
36,558
32,846
29,342
$ 82,322
$ 78,075
$ 65,257
$ 58,900
$ 50,619
$ 46,926
$ 44,109
*There was a change in accounting policy in 2001 regarding providing for dividends.
CASH FLOW STATEMENT
2002
2001
2000
1999
1998
1997
1996
$000
$000
$000
$000
$000
$000
$000
Net profit before tax
18,698
15,130
15,517
13,549
11,059
8,037
8,181
Depreciation
4,855
4,280
4,264
2,903
2,783
2,398
2,003
Other non-cash adjustments
(350)
147
1,545
1,002
1,901
(183)
1,372
Tax paid
(6,753)
(7,911)
(5,718)
(4,567)
(3,786)
(3,179)
(2,303)
Dividends
(5,978)
(5,410)
(4,638)
(4,059)
(3,091)
(2,695)
(2,012)
Working capital increase
(7,579)
(3,759)
(1,394)
(10,106)
(3,455)
(4,088)
(2,175)
Capital expenditure
(6,256)
(8,028)
(9,161)
(4,502)
(2,652)
(2,751)
(3,750)
Other
0
0
0
(30)
(82)
(20)
(21)
Surplus cash pre external funds
(3,363)
(5,551)
415
(5,810)
2,677
(2,421)
1,295
External source of funds
Net borrowings/(repayments)
1,891
6,250
0
3,455
(1,750)
1,152
(1,631)
Asset sales
1,808
178
146
222
238
101
241
Surplus cashflow
$ 336
$ 877
$ 561
($ 2,133)
$ 1,165
($ 1,168)
($ 95)
STATISTICS
2002
2001
2000
1999
1998
1997
1996
Earning per share
32.95c
26.03c
25.8c
22.8c
18.7c
13.4c
13.8c
Net tangible asset backing
$1.37
$1.27
$1.09
94.6c
82.1c
71c
66c
Interest cover (times)
10.3
8.1
10.6
9.9
8
6.1
6
Net debt $000's
$27,454
$27,113
$22,051
$21,234
$16,023
$17,710
$15,890
Dividend per ordinary share
17.0c
15.0c
13.5c
11.5c
9.5c
7.0c
6.5c
% of tax paid profit as dividend
45.6%*
25.0%*
52.3%
50.5%
51.0%
52.3%
47.1%
Working capital ratio
5.6:1
5.1:1
3.6:1
3.8:1
3.9:1
4.3:1
3.8:1
EBIT/Sales % before abnormals
9.5%
9.1%
9.4%
9.6%
8.9%
8.1%
8.9%
Return on average capital funds
23.90%
21.8%
24.9%
25.3%
24.0%
19.0%
22.0%
Jewellery stores at year end
120
115
106
102
94
88
82
Exchange rate for translating Australian results
0.82
0.79
0.8
0.84
0.83
0.91
0.87
*From 1/7/01, the current year final dividend is not included in these calculations.
 

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