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Company Information Company Information Harvey Norman Holdings Limited ABN 54 003 237 545 ANNUAL REPORT Year Ended 30 June 2006 key date event 13 September 2006 Announcement of Profit for Year-Ended 30 June 2006 Announcement of Final 2006 Dividend 10 November 2006 Record date for determining entitlement to Final 2006 Dividend 21 November 2006 Annual General Meeting of Shareholders The Annual General Meeting of the Shareholders of Harvey Norman Holdings Limited will be held at Tattersalls 181 Elizabeth Street, Sydney, at 11:30am. (for full details and Proxy Form see separate document enclosed) 11 December 2006 Payment of Final 2006 Dividend 28 February 2007 Announcement of Half-Year Profit to 31 December 2006 Announcement of Interim 2007 Dividend 18 April 2007 Record date for determining entitlement to Interim 2007 Dividend 7 May 2007 Payment of Interim 2007 Dividend company information registered office A1 Richmond Road Homebush West NSW 2140 Ph: 02 9201 6111 Fax: 02 9201 6250 company secretary Mr Chris Mentis share registry Registries Limited Level 2, 28 Margaret Street Sydney NSW 2000 Ph: 02 9290 9600 stock exchange Harvey Norman Holdings Limited shares are quoted on the listing Australian Stock Exchange (“ASX”) bankers Australia and New Zealand Banking Group Limited auditors Ernst & Young solicitors Brown Wright Stein A N N U A L R E P O R T 2 0 0 6 H A R V E Y N O R M A N H O L D I N G S L I M I T E D A B N 5 4 0 0 3 2 3 7 5 4 5 P 1 Contents Contents to Financial Report Pg Company Information 1 Contents 2 Financial Highlights 3 Chairman’s Report 4 Directors’ Report 9 Remuneration Report 14 Corporate Governance Statement 28 Balance Sheet 34 Income Statement 36 Statement of Changes in Equity 37 Cash Flow Statement 39 Segment Information 42 Statement of Significant Accounting Policies 51 Notes to and forming part of the Financial Statements for the year ended 30 June 2006 63 Directors’ Declaration 132 Independent Audit Report 133 Shareholder Information 135 Directory of Harvey Norman, Domayne and Joyce Mayne Complexes 136 A N N U A L R E P O R T 2 0 0 6 H A R V E Y N O R M A N H O L D I N G S L I M I T E D A B N 5 4 0 0 3 2 3 7 5 4 5 P 2 Financial Highlights no. of franchised outlets1 174 no. of company-owned stores2 41 franchise sales revenue1 $3.96bn company-owned sales revenue $1.48bn total consolidated revenue $2.27bn market capitalisation at 30-06-06 $4.17bn basic earnings per share $0.22 dividends per share 8.0c net tangible assets per share 1.22 1 Sales made by franchisees in Australia do not form part of the financial results of the consolidated entity 2 Includes the “Harvey Norman” branded company-owned stores in New Zealand, Ireland, Singapore and Slovenia and excludes the stores owned by Rebel Sport Limited trading under the “Rebel Sport” brand name Market Performance Financial Performance Effect of AIFRS Throughout 2006, the unique Harvey The consolidated profit from The consolidated group has adopted Norman integrated retail and property continuing operations before tax and AIFRS-compliant accounting policies system has strengthened the position before exclusion of minority interests and procedures. Comparative of the Harvey Norman brand as was $351.68 million for the year balances in this report have been Australia’s leading retailer of ended 30 June 2006 compared to restated to include the effect of furniture, bedding, electrical and $298.34 million for the previous adopting AIFRS. Overall the computer consumer goods. The corresponding period. Net profit adoption of AIFRS by the Harvey Norman brand continues to attributable to members of the consolidated group has resulted in capture market share within Company after tax and minority increased profitability and a stronger Australia, New Zealand, Ireland, interests was $229.56 million asset base relative to the preceding Slovenia, Singapore and Malaysia, compared to $191.63 million for the accounting regime. despite tight market conditions. prior year, an increase of 19.8%. Excluding the effect of AIFRS, the The profit after tax from continuing net profit after tax and minority operations included a one-off interests would have been $194.07 impairment expense of $6.40 million million compared with $171.44 after tax attributable to the write million for the year ended 30 June down of certain computer software, 2005, an increase of 13.2%. following a strategic information technology change in direction. Revenue from Continuing Operations ($M) $1,419.62 03 revenue from continuing operations ↑ from 04 $ 1,830.55 $1,962.42M in ’05 to $2,270.73M in ’06 05 $1,962.42 … an increase of 15.7%! 06 $2,270.73 EBITDA** ($M) 03 $328.20 earnings before interest, tax, depreciation, 04 $374.91 amortisation & impairment ↑ from $416.24M in ’05 to $489.74M in ’06 $416.24 05 … an increase of 17.7%! 06 $489.74 ** Balances excludes impairment loss on assets for the year ended 30 June 2006 and is prior to allocation to minority interests Note that the balances for 2003 and 2004 have not been restated for AIFRS A N N U A L R E P O R T 2 0 0 6 H A R V E Y N O R M A N H O L D I N G S L I M I T E D A B N 5 4 0 0 3 2 3 7 5 4 5 P 3 Chairman’s Report Business Performance and Outlook During the year ended 30 June 2006, the consolidated entity has continued to follow the successful “Harvey Norman” integrated retail and property system. The consolidated entity has taken advantage of expansion opportunities in the local marketplace and in offshore locations to enhance the Harvey Norman brand and seize additional market share. In Australia, nine new “Harvey Norman”, one new “Domayne” and two new “Joyce Mayne” franchised complexes commenced trading, a total of twelve new franchised complexes in the local market. The consolidated entity’s profit before income tax and before exclusion of minority interests was $351.68 million for the year ended 30 June 2006 compared to $298.34 million for the previous financial year, representing an increase of 17.9%. Net profit from continuing operations attributable to members after tax and minority interests was $229.56 million for the year ended 30 June 2006 compared to $191.63 million for the preceding period, an increase of 19.8%. Sales revenue for the year ended 30 June 2006 from franchised Harvey Norman, Domayne and Joyce Mayne complexes, company-owned stores in New Zealand, Slovenia, and Ireland (and excluding operations of Pertama Holdings Limited, Singapore and Rebel Sport Limited) totalled $4.58 billion compared to $4.06 billion for the prior year, an increase of 12.7%. Like for like sales increased by 7.0% over the previous corresponding period. Franchisees continued to experience difficult trading conditions and tight product margins. Franchisee sales performance underpins the profitability of the franchising operations segment. The retail franchise system, utilising the Harvey Norman brand and integrated with an astute property strategy, continues to be the main contributor to the total result of the consolidated entity. The launch of the Harvey Norman branded “GO” Mastercard, an initiative with GE Capital Finance, has positively impacted franchisee sales revenue. There has been a significant improvement in the wholly-owned or controlled offshore and local retail entities. The New Zealand retail operations benefited from a full year’s trading of twenty company-owned stores producing an outstanding result before tax of $44.56 million relative to $35.07 million in the previous financial year. Rebel Sport Limited produced a record before tax and before minority interests result of $31.77 million, an increase of 38.1% when compared to the result of $23.00 million before tax and before minority interests for the previous financial year. Six new stores were opened in Ireland during the year bringing the total number of stores to eight. Recognition of the Harvey Norman brand is rapidly increasing in Ireland. The integrated retail and property strategy continues to be a successful formula. Harvey Norman, Domayne and Joyce Mayne complexes provide the consolidated entity with the benefits of ownership, including capital appreciation and control of rental obligations so as to enable exploitation of the Harvey Norman, Domayne and Joyce Mayne brands in the retail franchised system. Basic earnings per share is 21.70 cents per share, an increase of 19.8% over the previous year. Directors have recommended that a final fully franked dividend of 4.0c per share be paid on 11 December 2006 to shareholders registered at 5.00 pm, 10 November 2006. A N N U A L R E P O R T 2 0 0 6 H A R V E Y N O R M A N H O L D I N G S L I M I T E D A B N 5 4 0 0 3 2 3 7 5 4 5 P 4 Chairman’s Report (continued) Sales Consolidated Entity Sales revenue for the Harvey Norman consolidated group consists of the sales made by company-owned stores located in New Zealand, Ireland and Slovenia and the controlling interest held in Rebel Sport Limited in Australia and Pertama Holdings Limited in Singapore. Consolidated sales revenue also includes Harvey Norman’s controlling interest in several retail partnerships within Australia.
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