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We Focus on Fashion 606229 Truworths_AR2006_COVER 9/12/06 3:14 PM Page 1 C M Y CM MY CY CMY K Annual Report 2006 TRUWORTHS INTERNATIONAL ANNUAL REPORT 2006 SHAREHOLDERS’ DIARY Annual general meeting 9 November 2006 Reports Annual results for the period ended 25 June 2006 announced 24 August 2006 Annual report for the period ended 25 June 2006 mailed By 30 September 2006* Interim results for the period ended 24 December 2006 announced 22 February 2006* Dividends Dividend declared Dividend paid For the period ended 25 June 2006 24 August 2006 18 September 2006 (Dividend number 15) For the period ended 24 December 2006 22 February 2007* 20 March 2007* (Dividend number 16) *These are approximate dates ADMINISTRATION we focus on fashion Truworths International Limited Principal bankers (registration no 1944/017491/06) The Standard Bank of South Africa Limited JSE Limited code: TRU • NSX code: TRW Auditors ISIN: ZAE000028296 Ernst & Young Company secretary Lead sponsor in South Africa Chris Durham, FCIS, PG Dip. Adv. Co Law (UCT) Barnard Jacobs Mellet Corporate Finance (Pty) Limited Registered office Joint Sponsor in South Africa No.1 Mostert Street, Cape Town, 8001, South Africa The Standard Bank of South Africa Limited Postal address Sponsor in Namibia PO Box 600, Cape Town, 8000, South Africa Old Mutual Investment Services (Namibia) Tel: +27 21 460 7911 • Telefax: +27 21 460 7132 (Pty) Limited www.truworths.co.za Attorneys Transfer secretaries Bernadt Vukic Potash and Getz In South Africa Edward Nathan and Friedland Computershare Investor Services 2004 (Pty) Limited Sonnenberg Hoffmann and Galombik 70 Marshall Street, Johannesburg, 2001, South Africa MacRoberts Inc Tel: +27 11 370 5000 • Telefax: +27 11 370 5271 www.computershare.com In Namibia Transfer Secretaries (Pty) Limited Shop 12, Kaiserkrone Centre, Post Street Mall Windhoek, Namibia Tel:+264 61 22 3162 • Telefax: +264 61 24 8531 www.truworths.co.za Composite our business Truworths International Limited (’the company’) is an investment holding and management company listed on the JSE Limited and the Namibian Stock Exchange. Its trading subsidiaries, Truworths Limited (”Truworths”) and Young Designers Emporium (Pty) Limited (”YDE”), are engaged either directly, or through franchises and agencies, in the retailing of fashion apparel and related merchandise. Truworths International Limited and its subsidiaries (”the Group”) operate primarily in South Africa. our purpose NCE O Youthful fashionable South Africans want to look attractive LLE F LEA XCE DE E E RS and successful and feel enthused with confidence. To IS & N CONTR M G TO IBU E O E TE M this end, Truworths entices them into the most exciting, C AG ID E R E B U A E R O S R visually appealing “real” and virtual retail environments Y C FUTURE P S L IN OT S T EN O where they can shop effortlessly for an innovative and U S T F E I O V A T R N LEARN & L E adventurous blend of colour, fabric, value and fashion E O A I T SH N N A M E E R S styling of international standards. P E G O OVATIO N N IN & Y E NER G the vision FOR OUR CUSTOMERS “Truworths will be the first place I go when I want quality fashion that makes me look attractive and feel successful because shopping at Truworths is effortless and I am helped by lively and committed people.” FOR OUR SHAREHOLDERS “We are long-term investors in Truworths because we trust o u r in management’s capacity to execute innovative strategies which deliver significant real growth year after year.” v a l u e FOR OUR EMPLOYEES s y s t e m “I am totally committed to Truworths because I am always encouraged to offer innovative ideas which contribute to the ultimate purpose of Truworths. As a result Truworths is generous in recognising my role as an effective team member.” CONTENTS 2 Group fi nancial highlights 3 Ratios 6 Share statistics 7 Nine year review 8 Truworths International board 10 Group structure 12 Chairman’s statement 16 Chief executive offi cer’s review 22 Group fi nancial director’s review 32 Operational reviews 32 Merchandise and brands 32 The fashion studio 33 Sourcing division 33 Supply chain 34 Review 35 Prospects 37 Group brands at a glance 38 Group brands’ performance 40 Brand review 62 Retail, store design and franchise operations 62 Retail operations 63 Store design 66 Franchise operations 68 Customer relationship management 68 Credit risk and credit operations 71 Group key debtor statistics 72 The National Credit Act 73 Analytics and market research 73 Marketing 74 Information technology 74 Applications 76 Infrastructure 78 Human resources 78 Review 82 Prospects 84 Corporate governance report 84 Compliance with King Code 84 Highlights 86 Ongoing objectives 86 The roles of the group’s boards 90 Board committees 97 Risk management 102 Internal control 102 Internal audit 103 External auditors 103 Legislative compliance 104 Remuneration 106 Financial reporting 107 Directors’ share dealings 107 Values and ethics 108 Stakeholder communication 112 Corporate social responsibility report 112 GRI content index 116 Vision for sustainability 117 Economic impact 118 Value added statements 125 Social impact 133 Environmental impact 138 Defi nitions 140 Annual fi nancial statements TRUWORTHS INTERNATIONAL LIMITED ANNUAL REPORT 2006 1 GROUP FINANCIAL HIGHLIGHTS % 2005 2006 2006 2005 % change 52 weeks 52 weeks 52 weeks 52 weeks change $m $m Group summary Rm Rm 9 498 543 Sale of merchandise 3 816 3 115 23 13 104 117 Profit for the period 823 648 27 13 104 117 Headline earnings 823 648 27 17 94 110 Cash generated from operations 776 587 32 9 267 290 Wealth created through cash value added 2 040 1 666 22 (10) 394 355 Total assets 2 634 2 618 1 5 1 275 1 339 Market capitalisation 9 924 8 478 17 Ordinary share performance (cents per share) Basic earnings 186.4 144.8 29 Headline earnings 186.4 144.8 29 Cash equivalent earnings 202 152 33 Dividends per share 89 69 29 Net asset value 440 407 8 Market price 2 055 1 740 18 Nine year Key financial ratios average Operating margin (%) 33 31 23 Return on average equity (%) 44 39 29 Stock turn (times) 6.1 5.6 5.5 PROSPECTS With the further expansion of trading space, market share gains and the continued emphasis on the fashionability of merchandise, management is confident that trading for the period will yield positive growth. Notwithstanding the possible effects of changes to the retail environment resulting from possible further increases in interest rates, rising inflation and higher levels of consumer debt, management’s primary goal will be to continue to procure the right merchandise at the right price to attract the growing market of fashion conscious consumers. A major challenge will be dealing with the implications of the China agreement, which attempts to regulate clothing and textile imports from China (see further comments on page 20). Note: Income statement and cash flow figures have been translated at an average of R7.03/US$1 (2005: R6.25/US$1). Balance sheet figures have been translated at a closing rate of R7.41/US$1 (2005: R6.65/US$1). 2 TRUWORTHS INTERNATIONAL LIMITED ANNUAL REPORT 2006 RATIOS Eight year compound growth % or nine year Truworths International Limited Group Truworths Limited average Period (Av.) 2006 2005* 2004 2003 2002 2001 2000 1999 1998 Number of weeks 52 52 52 52 53 52 52 52 52 Returns Return on average equity (%) Av. 29 44 39 38 34 32 28 (5) 26 25 Return on capital (%) Av. 47 66 59 54 48 49 38 32 37 41 Asset reinvestment rate v :1 Av. 1.3 1.5 1.6 1.0 1.0 1.2 1.3 1.3 1.1 1.7 Return on invested capital (ROIC) (%) Av. 21 27 26 25 21 22 20 17 18 16 Weighted average cost of capital (WACC) (%) Av. 16 13 13 15 14 17 16 19 20 18 ROIC divided by WACC (%) 2.1 2.0 1.7 1.5 1.3 1.2 0.9 0.9 0.9 Productivity Sale of merchandise per full-time equivalent (FTE) employee ** (R’000) 10 765 707 695 622 564 471 428 359 345 Sale of merchandise per store ** (R’000) 10 10 630 9 497 8 828 8 007 7 321 5 974 5 535 5 262 4 922 Sale trading density ** (R) 10 24 719 22 335 20 481 18 120 16 428 14 329 13 082 11 965 11 497 Net asset turn (times) Av. 1.9 2.0 1.7 1.9 1.8 2.0 1.9 2.1 1.7 2.0 Net assets per FTE employee (R’000) 368 399 361 351 284 245 204 210 175 Gross margin (%) Av. 52 54 54 53 51 52 52 52 52 52 Trading margin (%) Av. 17 25 24 22 18 18 13 11 13 13 Operating margin (%) Av. 23 33 31 27 24 23 18 16 19 19 EBITDA margin (%) Av. 26 35 34 30 27 26 21 19 23 22 Basic earnings per FTE employee (R’000) 159 141 127 104 83 63 (11) 49 40 Stock turn (times) Av. 5.5 6.1 5.6 6.5 6.7 6.1 5.2 5.5 4.5 3.7 Effective tax rate (%) 34 34 32 29 36 30 227 29 37 Solvency and liquidity Net cash to total equity (%) Av. 27 11 33 31 34 13 38 23 33 26 Current ratio :1 Av. 3.6 3.2 3.1 3.3 3.7 4.3 3.5 3.5 4.0 3.5 Total liabilities to total shareholders’ equity (%) Av.
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