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2008 Contents DAVID JONES ANNUAL REPORT For personal use only 2008 CONTENTS Performance Analysis 1 GLOSSARY OF TERMS USED IN THE ANNUAL REPORT Chairman’s and Chief Executive Officer’s Report 2 AASB Australian Accounting Standards Board Five Year Financial Statistics 9 AGAAP Australian Generally Accepted Accounting Principles Board of Directors 10 AIFRS Australian equivalents to International Financial Management Committee 12 Reporting Standards Corporate Governance Statement 13 ASX Australian Securities Exchange Limited Environment 27 Board The Board of Directors of David Jones Community 30 Board Charter The charter setting out (among other things) the Occupational Health & Safety 31 role, purpose and structure of the Board, available in the corporate Directors’ Report 32 governance section at www.davidjones.com.au Remuneration Report 36 CAGR Compound Annual Growth Rate Financial Statements 58 CEO Chief Executive Officer Directors’ Declaration 117 CODB Total Cost of Doing Business Auditor’s Independence Declaration 118 Company David Jones Independent Audit Report 119 Corporations Act The Corporations Act 2001 (Cth) Shareholder Information 121 Consolidated Entity David Jones Limited and its controlled entities, Corporate Directory 123 as listed in note 30 to the Financial Statements David Jones David Jones Limited DESP Deferred Employee Share Plan, as described in section 4 of the Remuneration Report DRP Dividend Reinvestment Plan EBIT Earnings Before Interest and Tax EC Employment Cost, as described in section 4 of the Remuneration Report EESP Exempt Employee Share Plan, as described in note 29 to the Financial Statements EPS Earnings Per Share FY Financial Year KMP Key Management Personnel, as described in section 1 of the Remuneration Report LTI Plan Long Term Incentive Plan, as described in section 3 of the Remuneration Report 2008 ANNUAL GENERAL MEETING NPAT Net Profit After Tax For personal use only ROFE Return On Funds Employed, as described in section 4 The Annual General Meeting will be held on of the Remuneration Report Friday 28 November 2008 at 10.00 a.m. at the RPS Reset Preference Share Wesley Conference Centre, 220 Pitt Street, Sydney, STI Scheme Short Term Incentive Scheme, as described in New South Wales. section 2 of the Remuneration Report The Notice of Meeting and Proxy Form are separate TSR Total Shareholder Return, as described in section 4 items accompanying this 2008 Annual Report. of the Remuneration Report PERFORMANCE ANALYSIS FY2008 FY2007 $m % of sales $m % of sales Sales 2,098.0 1,983.2 Gross Profit 829.8 39.5% 779.8 39.3% Cost of Doing Business 655.2 31.2% 639.9 32.3% Department Stores EBIT 174.6 8.3% 139.9 7.1% Financial Services EBIT 38.4 36.1 Total EBIT 212.9 10.2% 176.1 8.9% NPAT* 137.1 109.5 * NPAT refers to underlying net profit after tax after removing the one-off impacts of the profit from the sale of the Bourke Street Home Store in FY2008 and the Sale and Leaseback in FY2007 137.1 137.1 5.24 5.24 137.1 38.4 2.098.0 38.4 2.098.0 5.24 38.4 2.098.0 5.04 5.04 36.1 1,983.2 36.1 1,983.2 5.04 36.1 1,983.2 34.1 1,821.6 4.63 34.1 1,821.6 4.63 4.57 4.57 1,800.8 4.46 1,800.8 4.46 34.1 1,821.6 4.63 109.5 4.57 109.5 32.1 32.1 1,769.5 1,769.5 1,800.8 4.46 109.5 32.1 1,769.5 137.1 137.1 137.1 5.24 5.24 5.24 27.7 38.4 38.4 38.4 2.098.0 2.098.0 2.098.0 27.7 27.7 5.04 5.04 5.04 36.1 36.1 36.1 1,983.2 1,983.2 1,983.2 81.0 81.0 77.8 77.8 34.1 34.1 34.1 1,821.6 1,821.6 1,821.6 4.63 4.63 4.63 4.57 4.57 4.57 81.1 77.8 1,800.8 1,800.8 1,800.8 4.46 4.46 4.46 109.5 109.5 109.5 32.1 32.1 32.1 1,769.5 1,769.5 1,769.5 68.0 68.0 68.0 65.3 65.3 65.3 27.7 27.7 27.7 81.0 81.0 81.0 77.8 77.8 77.8 68.0 68.0 68.0 65.3 65.3 65.3 04 05 05 06 07 08 04 05 06 07 08 04 0405 0506 0607 0708 08 04 0405 0506 0607 0708 08 04 0405 05060405070506080607 070808 04 05 0406 0507 0508 06 07 08 04 05 06 07 08 Five Year Sales SalesFiv pere Ye Squaar Salere Metrs e 04 0405Financial040506Sales050607 Ser06per0708vices 07Squa08 08EBITre Metre Fiv04e Ye0405ar04Previous 05Sale06Financial05s0607 06AG0708 AAPSer0708vices08 EBIT Sales04 04 05per0405 Squa0605Previous0607re06 Metr0708 07AG08e AAP08 04Financial0405040505 05Ser0506vices050607 06EBIT07080708 08 Previous AGAAP To tal Sales ($ Millions) ($ Thousands) To tal Sales ($ Millions) ($ Thousands) ($ Millions) To tal Sales ($ Millions) ($ Thousands) ($ Millions) AIFRS AIFRS FiveFiv YeFivear Ye eSale arYe arSales Sales s SalesSales perSalesAIFRS perSqua per Square Squa Metrre reMetre Metre e FinancialFinancialFinancial Ser vicesSer Services EBITvices EBIT EBIT PreviousPreviousPrevious AG AAPAG AGAAPAAP To talTo SalestalTo talSales ($Sales Millions($ ($Millions Millions) ) ) ($ Thousands)($ Thousands)($ Thousands) ($ Millions($ ($Millions Millions) ) ) NPAT* ($ Millions) NPAT* ($ Millions) AIFRSAIFRSAIFRS NPAT* ($ Millions) * NPAT refers to underlying net profit after * NPAT refers to underlying net profit after * NPAT refers to underlying net profit after tax after removing the one-off impacts of tax after removing the one-off impacts of NPATNP*NPAT ($AT* Millions)($* ($Millions) Millions) tax after removing the one-off impacts of the profit from the sale of the Bourke Street the profit from the sale of the Bourke Street the profit from the sale of the Bourke Street * NPAT* NP ref*AT NPer srefAT toer refunders toer sunder lyingto under netlying proflying netit profnet after profit afterit after Home Store in FY2008 and the Sale and Home Store in FY2008 and the Sale and Home Store in FY2008 and the Sale and tax aftertax afterremotax after removing remo theving one-off vingthe one-offthe impacts one-off impacts of impacts of of Leaseback in FY2007 Leaseback in FY2007 Leaseback in FY2007 35.0 35.0 137.1 34.1 35.0 34.1 the proftheit profthe from profit fromtheit fromsale the of salethe the saleof Bour the of keBourthe Street Bourke Street ke Street 27 27 5.24 38.4 2.098.0 34.1 33.5 30.5 33.5 27 30.5 32.7 32.7 32.3 32.3 5.04 33.5 28.4 32.7 36.1 1,983.2 HomeHome StoreHome Store in FY2008Store in FY2008 in and FY2008 the and Sale andthe andSalethe Saleand and 31.2 32.3 31.2 31.2 34.1 1,821.6 4.63 4.57 1,800.8 4.46 LeasebackLeasebackLeaseback in FY2007 in FY2007 in FY2007 109.5 22 32.1 22 1,769.5 24.6 24.6 22 35.0 35.0 35.0 24.6 34.1 34.1 34.1 27 27 27 27.7 33.5 33.5 33.5 30.5 30.5 30.5 32.7 32.7 32.7 32.3 32.3 32.3 31.2 31.2 31.2 16 16 81.1 18.7 18.7 77.8 16 18.7 22 22 22 24.6 24.6 24.6 68.0 13 15.0 13 15.0 14.6 14.6 65.3 13 17.0 15.0 14.6 11 11 11 16 16 16 18.7 18.7 18.7 13 13 13 15.0 15.0 15.0 14.6 14.6 14.6 11 11 11 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 0404 040505 050605 060706 070807 0808 04 0504 050605 060705 070806 0807 08 04 0405 0506 0507 0608 07 08 04 05 05 06 07 08 Dividend History 04 04050405060506070607080708 08 Previous AGAAP DividendFive Year SaleHistors y SalesDividendPrevious per Squa AGHistorre AAPMetry e 04 0405Financial040506Previous050607 PreviousSer060708 vicesAG0708AAP AG08EBITAAP 04 0405Previous0405050505Previous06 AG050607AAP0607 AG0807AAP08 08 Previous AGAAP (centsTo tal Sales per share($ Millions (cps))) ($ Thousands)(cents per share (cps)) ($ Millions) (cents per share (cps)) AIFRSAIFRS AIFRS AIFRS AIFRS AIFRS For personal use only AIFRS DividendDividendDividend Histor Histor History y y PreviousPreviousPrevious AG AAPAG AGAAPAAP PreviousPreviousPrevious AG AAPAG AGAAPAAP (cents(cents (centsper pershare per share (cps))share (cps)) (cps)) Cost of Doing Business EPS*Cost of Doing Business NPAIFRSATAIFRS*EPAIFRS ($S *Millions) CostAIFRS ofAIFRS DoingAIFRS Business EPS* (Percentage of Sales) (Percentage of Sales) * Earnings(Percentage used refers to ofunder Sales)lying earnings * NPAT ref*er Eas torn ingsunder usedlying ref neters profto underit afterlying earnings * Earnings used refers to underlying earnings after removing the one-off impacts of the CosttaxCost afterofCost Doing remoofafter ofDoingving remo Doing Businestheving one-off Busines the Busines one-offs impactss impacts ofs of the EPSEP* SEP* S* after removing the one-off impacts of the profit from the sale of the Bourke Street the profit fromprof itthe from sale the of salethe Bourof theke Bour Streetke Street profit from the sale of the Bourke Street (Percentage(Percentage(Percentage of Sales) of Sales)of Sales) * Earn* ingsEa*rn usedEaingsrn ingsusedrefer used sref toer refunders toer sunder lyingto under ealyingrnlyingings earn eaingsrn ings Home Store in FY2008 and the Sale and Home StoreHome in FY2008 Store inand FY2008 the Sale and and the Sale and Home Store in FY2008 and the Sale and after afterremoafter removing remo theving one-off vingthe one-offthe impacts one-off impacts of impacts the of the of the Leaseback in FY2007 Leaseback Leasebackin FY2007 in FY2007 Leaseback in FY2007 35.0 profitprof fromprofit fromtheit fromsale the of salethe the saleof Bour the of keBourthe Street Bourke Street ke Street 34.1 27 33.5 28.4 32.7 32.3 HomeHome StoreHome Store in FY2008Store in FY2008 in and FY2008 the and Sale andthe andSalethe Saleand and 31.2 LeasebackLeasebackLeaseback in FY2007 in FY2007 in FY2007 22 24.6 16 18.7 13 17.0 15.0 14.6 David Jones Annual Report 2008 11 1 04 05 06 07 08 04 05 05 06 07 08 04 05 05 06 07 08 Dividend History Previous AGAAP Previous AGAAP (cents per share (cps)) AIFRS AIFRS Cost of Doing Business EPS* (Percentage of Sales) * Earnings used refers to underlying earnings after removing the one-off impacts of the profit from the sale of the Bourke Street Home Store in FY2008 and the Sale and Leaseback in FY2007 CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REPORT Dear Shareholders, On behalf of the Board and management of David Jones Limited, we are pleased to present our Company’s Annual Report for the 2008 financial year ended 26 July 2008.
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