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JB Hi-Fi Limited
ACN 093 220 136
This half-year financial report is provided to the Australian Securities Exchange (ASX) under ASX Listing Rule 4.2A.3.
JB Hi-Fi Limited
ACN 093 220 136
Reporting period
Comparative period
up
Percentage
change
%
7.72%
up
7.52%
to
95,192
up
7.52%
to
95,192
to
Amount
$000
2,116,817
JB Hi-Fi Limited
Net profit attributable to members of JB Hi-Fi Limited
Dividend information
final dividend
interim dividend
Dividend payment date:
final dividend
interim dividend
Amount per
security
31.0
Franked
amount per
security
31.0
63.0
63.0
28 August 2015
19 February 2016
11 September 2015
4 March 2016
31 Dec 2015
$
3.03
31 Dec 2014
$
2.56
Other information
This report is based on the consolidated financial statements which have been reviewed by Deloitte.
For a brief explanation of the figures above please refer to the Announcement on the results for the half-year ended
31 December 2015 and the notes to the financial statements.
JB Hi-Fi Limited
ACN 093 220 136
JB Hi-Fi Limited
Half-year financial report
for the half-year ended 31 December 2015
Contents
Page
Directors' report
Directors' declaration
10
11
This half-year financial report does not include all the notes of the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2015 and any
public announcements made by JB Hi-Fi Limited during the half-year reporting period in accordance with the continuous
disclosure requirements of the Corporations Act 2001.
JB Hi-Fi Limited
Directors' report
Directors' report
The directors of JB Hi-Fi Limited ("the Company") submit herewith the half-year financial report of the Company and its
subsidiaries ("the Group") for the half-year ended 31 December 2015. In order to comply with the provisions of the
Corporations Act 2001, the directors report as follows:
Directors
The following persons held office as directors of JB Hi-Fi Limited during the financial period:
Mr Greg Richards (Chairman)
Mr James King
Ms Beth Laughton
Mr Gary Levin
Mr Richard Uechtritz
Mr Richard Murray
Ms Wai Tang
The above named directors held office for the whole half-year and since the end of the half-year except for:
Review of operations
The Group's net profit attributable to owners of JB Hi-Fi Limited for the half-year was $95,192 thousand (2014: $88,538
thousand). A review of the operations of the Group during the half-year and the results of these operations are set out in
the Announcement on the results for the half-year ended 31 December 2015.
Auditor's independence declaration
The auditor's independence declaration is included on page 2 of the half-year financial report.
Rounding off of amounts
The Company is a company of the kind referred to in ASIC Class Order 98/100, dated 10 July 1998, and in accordance
with that Class Order amounts in the directors' report and the half-year financial report are rounded off to the nearest
thousand dollars, unless otherwise indicated.
Signed in accordance with a resolutions of directors made pursuant to s.306(3) of the Corporations Act 2001.
On behalf of the directors
Richard Murray
Chief Executive Officer
Melbourne,
8 February 2016
Yours sincerely
Andrew Reid
Partner
Chartered Accountants
Andrew Reid
Partner
Chartered Accountants
Melbourne, 8 February 2016
JB Hi-Fi Limited
Directors' declaration
Directors' declaration
The directors declare that:
(a)
in the directors' opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as
and when they become due and payable; and
(b)
in the directors' opinion, the attached financial statements and notes thereto are in accordance with the
Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the
financial position and performance of the consolidated entity.
Signed in accordance with a resolutions of the directors made pursuant to s.303(5) of the Corporations Act 2001.
On behalf of the Directors
Richard Murray
Chief Executive Officer
Melbourne,
8 February 2016
JB Hi-Fi Limited
Condensed consolidated statement of profit or loss
Half-year ended
31 December 31 December
2014
2015
Notes
$'000
$'000
Revenue
Cost of sales
Gross Profit
Other income
Sales and marketing expenses
Occupancy expenses
Administration expenses
Other expenses
Finance costs
Profit before tax
Income tax expense
Profit for the half-year
2,116,817
(1,657,245)
459,572
239
(202,786)
(84,904)
(13,874)
(19,853)
(1,984)
136,410
(41,218)
95,192
Attributable to:
Owners of the Company
95,192
Cents
Earnings per share
Basic (cents per share)
Diluted (cents per share)
5
5
96.13
95.16
1,965,148
(1,537,897)
427,251
247
(187,229)
(78,416)
(13,485)
(18,162)
(3,136)
127,070
(38,532)
88,538
88,538
Cents
89.44
88.42
The above condensed consolidated statement of profit or loss should be read in conjunction with the accompanying
notes.
6
JB Hi-Fi Limited
Condensed consolidated statement of profit or loss and other comprehensive income
Half-year ended
31 December 31 December
2014
2015
$'000
$'000
Profit for the half-year
95,192
88,538
(10)
1,565
1,555
70
3,015
3,085
98,277
90,093
98,277
90,093
The above condensed consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.
7
JB Hi-Fi Limited
Condensed consolidated balance sheet
31 December
2015
Notes
$'000
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Other current assets
Total current assets
30 June
2015
$'000
31 December
2014
$'000
101,416
146,136
621,470
9,691
878,713
49,131
81,480
478,871
7,416
616,898
68,053
150,463
572,630
5,656
796,802
185,457
20,651
85,345
3
291,456
176,208
17,363
84,541
3
278,115
190,405
17,131
85,628
3
293,167
1,170,169
895,013
1,089,969
664,256
43,682
5,101
19,792
732,831
325,604
40,585
4,566
9,474
107
380,336
638,894
39,162
4,093
19,736
115
702,000
6,390
25,067
31,457
139,461
6,073
25,664
171,198
8,896
22,857
31,753
Total liabilities
764,288
551,534
733,753
Net assets
405,881
343,479
356,216
48,306
23,930
333,645
405,881
56,521
17,636
269,322
343,479
55,875
20,596
279,745
356,216
Non-current assets
Plant and equipment
Deferred tax assets
Intangible assets
Other financial assets
Total non-current assets
Total assets
LIABILITIES
Current liabilities
Trade and other payables
Provisions
Other current liabilities
Current tax liabilities
Other financial liabilities
Total current liabilities
Non-current liabilities
Borrowings
Provisions
Other non-current liabilities
Total non-current liabilities
EQUITY
Contributed equity
Reserves
Retained earnings
Total equity
The above condensed consolidated balance sheet should be read in conjunction with the accompanying notes.
8
JB Hi-Fi Limited
Condensed consolidated statement of changes in equity
Equitysettled
Contributed benefits
equity
reserve
Notes
$'000
'$000
Balance at 1 July 2014
Profit for the half-year
Cash flow hedges (net of tax)
Exchange difference on translation of foreign operations
Total comprehensive income for the half-year
Issue of shares under share option plans
Share buy-back
Share issue costs (net of tax)
Dividends provided for or paid
Share-based payments - expense
Share-based payments - income tax
Balance at 31 December 2014
8
8
8
6
8
8
6
Foreign
Hedging
Hedging
currency reserve - reserve - Common
translation interest
net
control
reserve rate swaps investment reserve
$'000
$'000
$'000
$'000
Retained
earnings
$'000
Total
equity
$'000
58,383
-
17,950
-
3,590
1,565
1,565
(71)
(10)
(10)
850
-
(6,054)
-
219,985
88,538
88,538
294,633
88,538
(10)
1,565
90,093
2,474
(4,970)
(12)
55,875
2,591
185
20,726
5,155
(81)
850
(6,054)
(28,778)
279,745
2,474
(4,970)
(12)
(28,778)
2,591
185
356,216
56,521
-
21,829
-
1,081
3,015
3,015
(70)
70
70
850
-
(6,054)
-
269,322
95,192
95,192
343,479
95,192
70
3,015
98,277
4,990
(13,181)
(24)
48,306
2,636
573
25,038
4,096
850
(6,054)
(30,869)
333,645
4,990
(13,181)
(24)
(30,869)
2,636
573
405,881
The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
9
JB Hi-Fi Limited
Condensed consolidated statement of cash flows
Half-year ended
31 December 31 December
2014
2015
Notes
$'000
$'000
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
Interest and bill discounts received
Interest and other finance costs paid
Income taxes paid
Net cash inflow from operating activities
11
8
8
6
2,324,757
(2,029,842)
235
(1,940)
(33,574)
259,636
2,084,486
(1,787,327)
235
(2,900)
(28,978)
265,516
(28,822)
197
(28,625)
(2,400)
(27,838)
328
(29,910)
4,990
(13,181)
(35)
(140,000)
(30,869)
91
(179,004)
2,474
(4,970)
(17)
(180,000)
(28,778)
(211,291)
52,007
49,131
278
101,416
24,315
43,445
293
68,053
The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.
10
JB Hi-Fi Limited
Notes to the condensed consolidated financial statements
AASB 2015-3 Amendments to Australian Accounting Standards arising from the Withdrawal of AASB 1031
Materiality
The adoption of the above amending Standard did not have any impact on the disclosures or the amounts recognised in
the Groups condensed consolidated financial statements.
(b) Rounding off of amounts
The company is of a kind referred to in Class Order 98/100, issued by the Australian Securities and Investments
Commission, relating to the ''rounding off'' of amounts in the financial report. Amounts in the financial report have been
rounded off in accordance with that Class Order to the nearest thousand dollars, unless otherwise indicated.
11
JB Hi-Fi Limited
Notes to the condensed consolidated financial statements
(continued)
34,218
(463)
33,755
112,381
146,136
Non-trade receivables
30 June
2015
$'000
28,113
(431)
27,682
53,798
81,480
31 December
2014
$'000
34,319
(501)
33,818
116,645
150,463
544,529
37,669
22,511
59,547
664,256
30 June
2015
$'000
253,712
18,293
11,972
41,627
325,604
31 December
2014
$'000
544,480
26,509
21,483
46,422
638,894
30 June
2015
$'000
31 December
2014
$'000
139,461
There have been no changes to the Groups borrowing facilities, the amount drawn at the end of each reporting period
varies based on the Groups cash requirements.
12
JB Hi-Fi Limited
Notes to the condensed consolidated financial statements
(continued)
89.44
88.42
96.13
95.16
95,192
88,538
95,192
88,538
99,020
98,988
1,011
1,147
100,031
100,135
Details of movements in ordinary shares during the current and prior half-year reporting periods are set out in note 8.
(c) Information concerning the classification of securities
Options
Options granted to employees under the Group's executive and employee share option plans are considered to be
potential ordinary shares and have been included in the determination of diluted earnings per share to the extent to
which they are dilutive. The options have not been included in the determination of basic earnings per share.
13
JB Hi-Fi Limited
Notes to the condensed consolidated financial statements
(continued)
6 Dividends
31 December 2014
Cents per
share
$'000
31 December 2015
Cents per
share
$'000
Recognised amounts
Final Dividend - previous financial year
31.00
63.00
28,778
31 December 2014
Cents per
share
$'000
31 December 2015
Cents per
share
$'000
Unrecognised amounts
Interim Dividend - current financial year
29.00
30,869
62,294
59.00
58,396
In respect of the half-year ended 31 December 2015, the directors have recommended the payment of an interim
dividend of 63.0 cents per share. The record date is 19 February 2016.
All dividends declared and subsequently paid by the Company are franked to 100% at the 30% corporate income tax
rate.
7 Segment information
(a) Description of segments
Management has determined the operating segments based on the reports reviewed by the Chief Executive Officer that
are used to make strategic and operating decisions.
The Chief Executive Officer considers the business primarily from a geographic perspective. On this basis management
has identified two reportable segments, Australia and New Zealand. The Chief Executive Officer monitors the
performance of these two geographic segments separately. The Group does not operate in any other geographic
segment.
(b) Segment information provided to the Chief Executive Officer
The segment information provided to the Chief Executive Officer for the reportable segments for the half-year ended
31 December 2015 is as follows:
New
31 Dec 2015
Australia
Zealand
$'000
$'000
2,000,864
154,737
1,133,710
115,953
3,198
88,944
31 Dec 2014
Australia
1,862,108
145,402
1,050,976
$'000
14
Intersegment
eliminations
$'000
103,040
3,343
91,420
$'000
- 2,116,817
- 157,935
(52,485) 1,170,169
New
Intersegment
Zealand eliminations
$'000
Total
$'000
Total
$'000
- 1,965,148
- 148,745
(52,427) 1,089,969
JB Hi-Fi Limited
Notes to the condensed consolidated financial statements
(continued)
157,935
235
(1,984)
(19,776)
136,410
148,745
235
(3,136)
(18,774)
127,070
8 Contributed equity
(a) Movements in ordinary share capital
Date
1 July 2014
31 December 2014
1 July 2015
31 December 2015
Number of
shares
Details
$'000
Opening balance
Issue of shares under share option plans
Share buy-back
Share issue costs (net of tax)
Closing balance
98,947,309
294,364
(291,364)
98,950,309
58,383
2,474
(4,970)
(12)
55,875
Opening balance
Issue of shares under share option plans
Share buy-back
Share issue costs (net of tax)
Closing balance
98,989,901
604,592
(714,441)
98,880,052
56,521
4,990
(13,181)
(24)
48,306
15
JB Hi-Fi Limited
Notes to the condensed consolidated financial statements
(continued)
11 Reconciliation of profit after income tax to net cash inflow from operating activities
Half-year ended
31 December 31 December
2014
2015
$'000
$'000
Profit for the half-year
Depreciation and amortisation
Non-cash employee benefits expense - share-based payments
Net loss on sale of non-current assets
Change in operating assets and liabilities:
(Increase) decrease in inventories
(Increase) decrease in current receivables
(Increase) decrease in other current assets
(Increase) decrease in deferred tax assets
(Decrease) increase in current payables
(Decrease) increase in current provisions
(Decrease) increase in other current liabilities
(Decrease) increase in non-current provisions
(Decrease) increase in other non-current liabilities
(Decrease) increase in current tax liabilities
Net cash inflow from operating activities
16
95,192
19,776
2,636
382
88,538
18,774
2,591
233
(140,414)
(64,302)
(1,872)
(3,288)
337,370
3,003
417
318
(544)
10,962
259,636
(112,560)
(79,968)
(340)
(2,222)
337,070
2,284
12
196
(871)
11,779
265,516