Appendix

APPENDIX
Income Statement ($000)

Sales
Cost of Sales
Gross Operating Income
Selling, General & Admn.
Expenses
Depreciation and
amortisation
Other net
(Income)/Expenses
EBIT
Interest (Income)
Interest Expense
Pre-Tax Income
Income Taxes
Net Income
2,005
Year
Ending
July,
2,006
2,007
1,800,796
1,821,560
1,110,147
690,649
542,212
2,008
FORECATED
PERIOD
2009
2010
2011
2012
1,983,220
2,097,999
2,160,939
2,225,767
2,292,540
2,361,316
1,115,660
705,900
1,203,374
779,846
1,268,227
829,772
1,305,207
855,732
1,344,363
881,404
1,384,694
907,846
1,426,235
935,081
588,713
588,093
603,024
606,833
648,282
667,730
687,762
708,395
42,882
32,900
28,949
34,151
39,202
43,219
44,515
45,851
47,226
(17,531)
107,856
7,124
61,912
(200)
89,058
(2,507)
145,178
(342)
184,079
(2,161)
166,392
(2,226)
171,384
(2,293)
176,526
(2,361)
181,821
(3,014)
(53,035)
(55,114)
(58,381)
(56,967)
(54,023)
(55,644)
(57,314)
(59,033)
3,621
107,249
21,594
93,353
20,240
123,932
20,212
183,347
20,986
220,060
17,571
202,845
15,963
211,065
14,301
219,538
10,976
229,878
29,379
77,870
30,127
63,226
40,380
83,552
49,821
133,526
62,329
157,731
60,853
141,991
63,320
147,746
65,861
153,677
68,963
160,914
2,004
1,769,50
5
1,094,08
6
675,419
Table 10 Income Statement for DJS assuming no unwinding of sales and leaseback
Balance Sheet ($ Million)

Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets
110,240
399,898
291,477
33,338
834,953
155,922
406,668
272,734
5,053
840,377
182,484
400,791
273,728
35,526
892,529
158,287
407,187
280,281
9,583
855,338
162,414
414,980
257,288
8,473
843,155
176,889
464,602
315,497
21,609
978,597
188,214
478,540
324,962
22,258
1,013,974
159,823
492,896
334,711
22,925
1,010,355
175,573
507,683
344,752
23,613
1,051,621
Property, Plant and Equipment, Gross

Accumulated Depreciation
Property, Plant and Equipment, Net
579,890
358,189
221,701
549,776
324,686
225,090
537,982
310,341
227,641
587,268
332,707
254,561
595,358
333,937
261,421
648,282
377,156
271,126
667,730
421,671
246,059
687,762
467,522
220,240
708,395
514,748
193,647
Other Non-Current Assets

Total Non-Current Assets
23,080
244,781
23,767
248,857
24,763
252,404
110,115
364,676
111,653
373,074
21,609
292,735
22,258
268,317
22,925
243,166
23,613
217,260
1,079,734
1,089,234
1,144,933
1,220,014
1,216,229
1,271,333
1,282,290
1,253,521
1,268,881
296,027
220,176
22,184
153,578
691,965
304,908
197,256
(21,674)
158,185
638,675
314,055
173,422
(22,023)
162,931
628,385
Total Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE(DFN)
Other Current Liabilities
Total Current Liabilities
258,483
353,757
220,773
366,030
236,712
348,427
265,972
336,867
274,608
242,360
74,707
686,947
94,627
681,430
166,612
751,751
156,807
759,646
165,041
682,009
287,405
242,360
25,726
149,105
704,596
Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities
0
1,911
52,329
741,187
0
0
54,891
736,321
0
0
24,291
776,042
0
0
40,514
800,160
0
0
36,322
718,331
0
47,541
752,136
48,967
740,932
50,436
689,111
51,949
680,334
Paid-In Capital
Retained Earnings
Total Shareholders' Equity
386,501
(47,954)
338,547
384,830
(31,917)
352,913
392,088
(23,197)
368,891
410,088
9,766
419,854
428,861
69,037
497,898
428,861
90,336
519,197
428,861
112,498
541,359
428,861
135,549
564,410
428,861
159,686
588,547
1,079,734
1,089,234
1,144,933
1,220,014
1,216,229
1,271,333
1,282,290
1,253,521
1,268,881
Total Liabilities and Shareholders' Equity
Table 11 Balance Sheet for DJS assuming no unwinding of sales and leaseback
000's Dollars
CASH FLOW FROM OPERATING ACTIVITIES
Operating profit/(loss) after income tax
Loss on loan to employees under Employee Share Plan
Add/(less) non-cash items:
-depreciation and amortisation
-Share based payment expense
-Hedge Reserves
-Interest Classified as financing Activity
-Conversion of RPS to ordinary shares
Changes in assets and liabilities:
(Increase)/Decrease in receivables
(Increase)/Decrease in inventories
(Increase)/Decrease other assets - current
(Increase)/Decrease other assets - non-current
Increase/(Decrease) in payables
Inc/(Dec) in Interest Bearing Liabilities -current
Inc/(Dec) in other liabilities - current
Inc(Dec) in other liabilities - non-current
Increase/(Decrease) in tax items
NET CASH FLOWS PROVIDED (USED) BY
OPERATING ACTIVITIES
CASH FLOW FROM INVESTING ACTIVITIES
Payment for Purchase of PPE
Proceeds From Sale of PPE
Investments Purchased
Proceeds From Sale of Investments
Payments for purchase of Subsidiaries
Proceeds from Sale of Subsidiaries
Loans Granted
Loans Repaid
Other Investing Cashflows
INVESTING ACTIVITIES
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issues
Proceeds From Borrowings
REVERSAL OF BORROWINGS
REVERSAL OF REPAYMENT
Repayment of Borrowings
Dividends Paid
Year Ending July

2007
2008
2004
2005
2006
2009
2010
2011
2012
77,870
(7)
63,226
0
83,552
133,526
157,731
141,991
147,746
153,677
160,914
42,882
32,900
5,439
28,949
7,293
(450)
4,165
11,940
34,151
8,093
(743)
3,309
39,202
7,785
1,297
1,333
43,219
44,515
45,851
47,226
(968)
(16,650)
(6,770)
18,743
16,358
617
(26,820)
13,970
8,566
15,294
(6,941)
5,876
(993)
16,019
4,979
15,939
(29,529)
16,469
(30,600)
(10,010)
(6,396)
(6,553)
27,054
(7,793)
22,993
430
29,261
(10,325)
(43,543)
8,636
4,193
(7,023)
(49,622)
(58,209)
(13,136)
90,044
12,797
(13,938)
(9,465)
(648)
(648)
8,622
(14,356)
(9,749)
(668)
(668)
8,881
(14,787)
(10,041)
(688)
(688)
9,147
(15,936)
11,219
4,473
1,426
4,607
1,469
4,746
1,513
(47,249)
(6,590)
179,381
107,625
123,599
120,585
222,194
162,366
182,083
189,044
197,343
(50,891)
112
0
0
0
0
0
0
161
(38,650)
26,915
(12)
0
0
0
0
(21,263)
0
(40,830)
0
(20,000)
0
0
0
0
(73,627)
42,000
0
0
0
0
0
0
0
(52,924)
(19,448)
(20,032)
(20,633)
(32,490)
0
0
0
0
0
0
0
0
(50,618)
(11,747)
(32,490)
(82,093)
(31,627)
(52,924)
(19,448)
(20,032)
(20,633)
750
0
5,595
0
515
0
121
350,000
(350,000)
97
0
25,726
(3,542)
(43,858)
(349)
(55,791)
0
(60,897)
0
(59,501)
80,000
(180,000)
(85,204)
(120,693)
(125,584)
(130,625)
(136,777)
;
58,387
1,509
1,575
(38,193)
Other Financing Cashflows

FINANCING ACTIVITIES
(4,165)
(3,309)
(1,333)
(35,868)
(50,196)
(64,547)
(62,689)
(186,440)
(94,967)
(129,126)
(174,483)
(137,126)
Net Increase in Cash

Cash at Beginning of Period
Cash at End of Period
92,895
17,345
110,240
45,682
110,240
155,922
26,562
155,922
182,484
(24,197)
182,484
158,287
4,127
158,287
162,414
14,475
162,414
176,889
33,509
176,889
210,398
(5,471)
210,398
204,927
39,584
204,927
244,511
Table 12 Cash Flow Statement for DJS assuming no unwinding of sales and leaseback

Sales
Cost of Sales
2004
100.0%
61.8%
38.2%
2005
100.0%
61.6%
38.4%
2006
100.0%
61.2%
38.8%
2007
100.0%
60.7%
39.3%
2008
100.0%
60.4%
39.6%
2009
100.0%
60.4%
39.6%
2010
100.0%
60.4%
39.6%
2011
100.0%
60.4%
39.6%
2012
100.0%
60.4%
39.6%
Selling, General & Admn. Expenses

Depreciation and amortisation
Other net (Income)/Expenses
EBIT
30.6%
2.4%
-1.0%
6.1%
32.7%
1.8%
0.4%
3.4%
32.3%
1.6%
0.0%
4.9%
30.4%
1.7%
-0.1%
7.3%
28.9%
1.9%
0.0%
8.8%
30.0%
2.0%
-0.1%
7.7%
30.0%
2.0%
-0.1%
7.7%
30.0%
2.0%
-0.1%
7.7%
30.0%
2.0%
-0.1%
7.7%
Interest (Income)
Interest Expense
Pre-Tax Income
-0.2%
0.2%
6.1%
-2.9%
1.2%
5.2%
-3.0%
1.1%
6.8%
-2.9%
1.0%
9.2%
-2.7%
1.0%
10.5%
-2.5%
0.8%
9.4%
-2.5%
0.7%
9.5%
-2.5%
0.6%
9.6%
-2.5%
0.5%
9.7%
Income Taxes
Net Income
1.7%
4.4%
1.7%
3.5%
2.2%
4.6%
2.5%
6.7%
3.0%
7.5%
2.8%
6.6%
2.8%
6.6%
2.9%
6.7%
2.9%
6.8%
Table 13 Common Size Income Statement for DJS assuming no unwinding of sales and leaseback

Assets
Accounts Receivable
Inventories
2,004
2,005
2,006
2,007
2,008
2009
2010
2011
2012
6.2%
22.6%
16.5%
1.9%
8.7%
22.6%
15.1%
0.3%
10.0%
8.0%
20.5%
14.1%
0.5%
7.7%
19.8%
12.3%
0.4%
8.2%
21.5%
14.6%
1.0%
8.5%
21.5%
14.6%
1.0%
7.0%
21.5%
14.6%
1.0%
7.4%
21.5%
14.6%
1.0%
15.0%
2.0%
47.2%
46.7%
49.0%
43.1%
40.2%
45.3%
45.6%
44.1%
44.5%

32.8%
20.2%
12.5%
30.5%
18.0%
12.5%
29.5%
17.0%
12.5%
29.6%
16.8%
12.8%
28.4%
15.9%
12.5%
30.0%
17.5%
12.5%
30.0%
18.9%
11.1%
30.0%
20.4%
9.6%
30.0%
21.8%
8.2%

1.3%
13.8%
1.3%
13.8%
1.4%
13.9%
5.6%
18.4%
5.3%
17.8%
1.0%
13.5%
1.0%
12.1%
1.0%
10.6%
1.0%
9.2%
61.0%
60.5%
62.9%
61.5%
58.0%
58.8%
57.6%
54.7%
53.7%

Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE
14.6%
20.0%
0.0%
4.2%
38.8%
12.3%
20.3%
0.0%
5.3%
37.8%
13.0%
19.1%
0.0%
9.1%
41.3%
13.4%
17.0%
0.0%
7.9%
38.3%
13.1%
11.6%
0.0%
7.9%
32.5%
13.3%
11.2%
1.2%
6.9%
32.6%
13.3%
9.9%
1.0%
6.9%
31.1%
13.3%
8.6%
-0.9%
6.9%
27.9%
13.3%
7.3%
-0.9%
6.9%
26.6%
Long-Term Debt
Total Liabilities
0.0%
0.1%
3.0%
41.9%
0.0%
0.0%
3.0%
40.9%
0.0%
0.0%
1.3%
42.6%
0.0%
0.0%
2.0%
40.3%
0.0%
0.0%
1.7%
34.2%
0.0%
0.0%
2.2%
34.8%
0.0%
0.0%
2.2%
33.3%
0.0%
0.0%
2.2%
30.1%
0.0%
0.0%
2.2%
28.8%
Paid-In Capital
Retained Earnings
21.8%
-2.7%
19.1%
21.4%
-1.8%
19.6%
21.5%
-1.3%
20.3%
20.7%
0.5%
21.2%
20.4%
3.3%
23.7%
19.8%
4.2%
24.0%
19.3%
5.1%
24.3%
18.7%
5.9%
24.6%
18.2%
6.8%
24.9%
61.0%
60.5%
62.9%
61.5%
58.0%
58.8%
57.6%
54.7%
53.7%
Total Assets
Table 14 Common Size Balance Sheet for DJS assuming no unwinding of sales and leaseback

Assets
Accounts Receivable
Inventories
2,004
2,005
2,006
2,007
2,008
2009
2010
2011
2012
10.21%
37.04%
27.00%
3.09%
77.33%
14.31%
37.34%
25.04%
0.46%
77.15%
15.94%
35.01%
23.91%
3.10%
77.95%
12.97%
33.38%
22.97%
0.79%
70.11%
13.35%
34.12%
21.15%
0.70%
69.33%
13.91%
36.54%
24.82%
1.70%
76.97%
14.68%
37.32%
25.34%
1.74%
79.08%
12.75%
39.32%
26.70%
1.83%
80.60%
13.84%
40.01%
27.17%
1.86%
82.88%

53.71%
33.17%
20.53%
50.47%
29.81%
20.66%
46.99%
27.11%
19.88%
48.14%
27.27%
20.87%
48.95%
27.46%
21.49%
50.99%
29.67%
21.33%
52.07%
32.88%
19.19%
54.87%
37.30%
17.57%
55.83%
40.57%
15.26%

2.14%
22.67%
2.18%
22.85%
2.16%
22.05%
9.03%
29.89%
9.18%
30.67%
1.70%
23.03%
1.74%
20.92%
1.83%
19.40%
1.86%
17.12%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE(DFN)
23.94%
32.76%
0.00%
6.92%
63.62%
20.27%
33.60%
0.00%
8.69%
62.56%
20.67%
30.43%
0.00%
14.55%
65.66%
21.80%
27.61%
0.00%
12.85%
62.27%
22.58%
19.93%
0.00%
13.57%
56.08%
22.61%
19.06%
2.02%
11.73%
55.42%
23.09%
17.17%
1.73%
11.98%
53.96%
24.32%
15.74%
-1.73%
12.62%
50.95%
24.75%
13.67%
-1.74%
12.84%
49.52%
Long-Term Debt
Total Liabilities
0.00%
0.18%
4.85%
68.65%
0.00%
0.00%
5.04%
67.60%
0.00%
0.00%
2.12%
67.78%
0.00%
0.00%
3.32%
65.59%
0.00%
0.00%
2.99%
59.06%
0.00%
0.00%
3.74%
59.16%
0.00%
0.00%
3.82%
57.78%
0.00%
0.00%
4.02%
54.97%
0.00%
0.00%
4.09%
53.62%
Paid-In Capital
Retained Earnings
35.80%
-4.44%
31.35%
35.33%
-2.93%
32.40%
34.25%
-2.03%
32.22%
33.61%
0.80%
34.41%
35.26%
5.68%
40.94%
33.73%
7.11%
40.84%
33.44%
8.77%
42.22%
34.21%
10.81%
45.03%
33.80%
12.58%
46.38%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Total Assets
Table 15 Common Size Balance Sheet for DJS assuming no unwinding of sales and leaseback
The model above has been build with the following changes made to the original financial
reports for the years ending 2004-2008.
Rent expense has been increased by disruption allowance received under operating leases
for the period 2004-2005 and cash payments has been increased. Changes have been
made to retained earnings to account for the change in net income.
Restructuring cost for 2004 and 2005 has been excluded since it does not form part of the
core business. Cash and retained earnings have been amended as well.
Cost of sales has been reduced by settlement discount and other income reduced.
Profit and loss from disposal of non-current assets and from hedging has been excluded
from the income statement.
Interest on Reset Preference Shares (RPS) has been classified as dividends and RPS has
been shifted from interest bearing liabilities to shareholders equity, since all they were
converted into ordinary shares in 2007.
The final dividends declared for each year have been recognized in the same years
statements and account payables have been increased for unpaid dividends.
Adjustments have been made to reverse the unwinding of the sales and leaseback
agreement for better comparison. Changes have, thus, been made to non-current assets,
depreciation, interest, long term debt, lease and occupancy expenses and debts
In the above model, adjustments have not been made to account for sales of receivables
to AMEX on 1 August 2008. However, this fact has been considered in the analysis.
The reports for the period ending 2009-2012 have been forecasted based on the following
assumptions.
Forecast Assumption
Income Statement
Forecast
Factor
Sales
3% increase on average as per economic access

outlook
Cost of Sales
61.2% of sales based on historical average
61.20%
last 2 years average
30.60%
Depreciation
2% of Sales as per historical average
Other Net (Income)/ Expenses
-0.7% of sales, based on historical average
-0.10%
Interest Income
2.5% of sales based on historical averages
-2.5%
Interest Expense
2.1% based on last 2 years

30% of pre-tax income (Australian Corporate Tax
rate)
Income Taxes
3.00%
2.00%
2.1%
30.00%
Balance Sheet
Assets
4.8 % on average ignoring repayment of debt,

with sales of receivables
4.80%
Accounts Receivable
2.8% of sales, based on historical average
2.80%
Inventories
14.60%
1.00%
48.1% of sales based on last years data
48.10%
Calculated from other items
1% of sales as per average
1.00%

Accounts Payable
13.3% of sales, same as historical average
Short-Term Debt
Will remain unchanged at 2008 level
6.9% of sales historical average
Long-Term Debt
Remain zero as per historical data
0.00%
2.20%
Paid-In Capital
Retained Earnings
Dividend Payout
85% as per press announcement by CEO
Table 16 Model assumption for David Jones
13.30%
6.90%
85.00%
2,004
1,769,505
1,094,086
675,419
2,005
1,800,796
1,110,147
690,649
Year
Ending
July,
2,006
1,821,560
1,115,660
705,900

EBIT
542,212
42,882
(17,531)
107,856
588,713
32,900
7,124
61,912
588,093
28,949
(200)
89,058
559,508
36,095
(2,507)
186,750
606,833
41,544
(342)
181,737
648282
43219
(2161)
166392
667730
44515
(2226)
171384
687762
45851
(2293)
176526
708395
47226
(2361)
181821
Interest (Income)
Interest Expense
Pre-Tax Income
(3,014)
3,621
107,249
(53,035)
21,594
93,353
(55,114)
20,240
123,932
(58,381)
41,544
203,587
(56,967)
43,936
194,768
(54023)
45380
175036
(55644)
46741
180287
(57314)
48143
185696
(59033)
49588
191267
29,379
77,870
30,127
63,226
40,380
83,552
(1,832)
205,419
62,329
132,439
52511
122525
54086
126201
55709
129987
57380
133887

Sales
Cost of Sales
Income Taxes
Net Income
2,007
1,983,220
1,203,374
779,846
2,008
2,097,999
1,268,227
829,772
FORECATED
PERIOD
2009
2160939
1305207
855732
2010
2225767
1344363
881404
2011
2292540
1384694
907846
2012
2361316
1426235
935081
Table 17 Income Statement for David Jones after accounting for sales of receivables to AMEX

Assets
Accounts Receivable
Inventories
2,004
2,005
2,006
2,007
2,008
2009
2010
2011
2012
461,430
48,708
291,477
33,338
834,953
510,524
52,066
272,734
5,053
840,377
529,627
53,648
273,728
35,526
892,529
505,439
70,320
280,281
9,583
865,623
103,060
40,669
257,288
8,473
409,490
498637
69690
315497
21609
905,433
513596
71781
324962
22258
932,596
529004
73934
334711
22925
960,574
544873
76153
344752
23613
989,392

579,890
358,189
221,701
549,776
324,686
225,090
537,982
310,341
227,641
1,000,820
334,651
666,169
1,008,910
338,223
670,687
1039412
381442
657,970
1070594
425957
644,637
1102712
471808
630,904
1135793
519034
616,759

23,080
244,781
23,767
248,857
24,763
252,404
110,115
776,284
111,653
782,340
21609
679,579
22258
666,895
22925
653,829
23613
640,372
1,079,734
1,089,234
1,144,933
1,641,907
1,191,830
1,585,013
1,599,491
1,614,404
1,629,764
296027
242,360
106751
153578
798,716
304908
242,360
87209
158185
792,662
314055
242,360
67080
162931
786,426
Total Assets
Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE
258,483
353,757
220,773
366,030
236,712
348,427
265,972
336,867
274,608
1,360
74,707
686,947
94,627
681,430
166,612
751,751
156,807
759,646
165,041
441,009
287405
242,360
125725
149105
804,595
Long-Term Debt
Total Liabilities
0
1,911
52,329
741,187
0
0
54,891
736,321
0
0
24,291
776,042
350,000
0
40,514
1,150,160
170,000
0
36,322
647,331
170,000
0
47541
1,022,135
170,000
170,000
170,000
48967
1,017,683
50436
1,013,098
51949
1,008,375
Paid-In Capital
Retained Earnings
386,501
(47,954)
338,547
384,830
(31,917)
352,913
392,088
(23,197)
368,891
410,088
81,659
491,747
428,861
115,638
544,499
428861
134017
562,878
428861
152947
581,808
428861
172445
601,306
428861
192528
621,389
1,079,734
1,089,234
1,144,933
1,641,907
1,191,830
1,585,013
1,599,491
1,614,404
1,629,764
Table 18 Balance Sheet for David Jones after accounting for sales of receivables to AMEX

Sales
Cost of Sales
Actual Data
2007
2008
3,002,353
2,940,331
1,785,058
1,749,966
1,217,295
1,190,365
Selling, General & Admn.

Expenses
EBIT
1,097,022
49,259
(110,522)
181,536
1,061,954
57,798
(143,618)
214,231
976,740
64,931
(148,536)
236,429
1006126
59472
(135496)
237,465
1036310
61944
(139560)
243,902
1067399
65818
(143747)
249,203
(16,499)
85,980
112,055
(12,167)
95,924
130,474
(4,165)
92,173
148,421
(8397)
92,173
153,689
(8649)
92,173
160,377
(8908)
92,173
165,938
36,048
76,007
35,766
94,708
44,367
104,054
46107
107,582
48113
112,264
49781
116,156
Interest (Income)
Interest Expense
Pre-Tax Income
Income Taxes
Net Income
2009
2,798,916
1,669,352
1,129,564
Forecasted data
2010
2011
2882883
2969370
1715316
1766775
1,167,568
1,202,595
Table 19 Myer Income Statement for year ending July
2012
3058451
1819778
1,238,673
Actual Data
2007
Balance Sheet ($000)

Assets
Accounts Receivable
Inventories
Forecasted data
2010
2011
2008
2009
189,703
19,857
367,305
0
576,865
115,096
32,709
345,194
28,544
521,543
161,411
39,755
355,572
28,544
585,282
152793
31712
351712
20180
556,397
157377
32663
362263
20786
573,088
162098
33643
373131
21409
590,281

310,476
44,882
265,594
375,707
80,842
294,865
499,466
127,767
371,699
574386
187239
387,147
660544
249182
411,361
759625
315000
444,625
1,014,17
2
1,309,03
7
1,011,28
3
1,382,98
2
994595
1,381,74
2
1024433
1,435,79
4
1055166
975,252
1,240,84
6
1,499,791
Total Assets
1,817,71
1
1,830,58
0
1,968,26
4
1,938,13
8
2,008,88
2
2,090,072
495,965
0
489,387
0
495,407
0
490090
105,821
601,786
102,369
591,756
113,745
609,152
(22907)
106667
573,850
504793
0
(1331)
109867
613,329
519937
0
29083
113163
662,182
766,015
0
98,194
1,465,99
5
933,457
0
95,182
1,620,39
5
944,776
0
128,386
1,682,31
4
944,776
944,776
944,776
106667
1,625,29
3
109867
1,667,97
1
113163
1,720,121
322,723
(30,815)
59,808
351,716
87,723
(30,815)
153,277
210,185
87,723
(56,975)
255,202
285,950
87,723
(56,975)
282098
312,846
87,723
(56,975)
310164
340,912
87,723
(56,975)
339203
369,951
1,817,71
1
1,830,58
0
1,968,26
4
1,938,13
8
2,008,88
3
2,090,072

Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE
Long-Term Debt
Total Liabilities
Paid-In Capital
Reserves
Retained Earnings
Table 20 Myer Balance Sheet for year ending July
2012
Cash Flows from Operations

Profit of the year
Depreciation and amortization
Interest income
Fair value adjustment to derivatives
Write off property, plant and equipment
Interest expense - unwind of borrowing costs
Interest expense - related party
Share based payments expense
Defined benefit superannuation expense
Change in operating assets and liabilities, net of
effects from purchase of controlled entity
(inc)/Decrease in trade and other receivables
(Inc)/ Decrease in inventories
(Increase)/Decrease in deferred tax asset
(increase)/decrease in other current assets
Increase /(Dec)in trade and other payables
Increase(Decrease)in other current liabilities
Increase(Decrease)in other non current
liabilities
Other
Total Cash Flows from Operations
Cash Flows from Investing
Payment received for return of Capital
Payment for available for sale investment
Payments for property, plant and equipment
Payments for intangible assets
Investment in other non current assets
Payments for other assets
Lease incentives received
Interest received
Total Cash Flows from Investing
Cash Flows from Financing
Proceeds from issues of shares
Funding received from related entity
Funding paid to related party
Payment of Capital Return
Funding repaid to parent entity
Repayments of employee share loans
Payment of dividend
Proceeds from borrowings
Repayment of borrowings
Total Cash Flows from Financing
Net increase (decrease) in cash and cash
Equivalents
Cash and cash equivalents at the beginning of the
financial year
Cash and cash equivalents at end of year
2007
2008
2009
2010
2011
2012
76,007
49,260
-8,339
-5,586
3,248
7,672
104,054
63,433
-4,165
-20
268
6,771
4,548
2,500
-1,062
107,582
59,472
112,264
61,944
116,156
65,818
1,992
795
94,708
57,090
-12,167
-110
4,444
7,512
4,223
2,398
-747
5,156
-24,132
-10,760
-12,459
22,111
-318
-7,348
-8,083
15,466
8,043
3,860
-951
-10,551
-980
-10,868
91,604
18,005
-3,483
-11,702
-2,516
-6,899
8,364
-5,317
-7,078
(605)
14,703
3,200
(624)
15,144
3,296
-21,719
3,200
3,296
153,207
183,202
191,239
-74,920
-86,158
-99,082
16,688
(29,838)
(30,733)
-58,232
-115,996
-129,815
-102
204,820
-2,034
149,466
-1,426
165,521
-8,000
-37,503
-81,961
-1,235
-111,131
-46,684
1,600
0
-118,765
-28,989
6,533
-120,931
-1,122
7,697
8,088
-144,387
-39
22,000
4,247
-119,946
0
-393
-235000
0
495
0
18,734
-4,166
245
265,844
-380,000
-99,588
233583
-77876
-79,686
0
0
740
-80,687
-22,907
-84,198
21,576
-87,117
30,414
-103,594
-62,622
-56,703
-15,699
-74,607
46,315
-8,618
4,584
4,721
205,402
189,703
189,703
115,096
115,096
161,411
161,411
152,793
152,793
157,377
157,377
162,098
Table 21 Myer Cash Flow Statement for year ending July
The model above has been build with the following changes made to the original financial
reports for the years ending 2007-2009.
Foreign exchange losses/gains have been excluded from the income statement and
changes has been made to retained earnings.
Actuarial losses/gains have been excluded from the income statement and changes has
been made to retained earnings
The reports for the period ending 2010-2012 have been forecasted based on the following
assumptions.
Assumptions for Forecasting Model
Income Statement
Sales
Cost of Sales
Depreciation
Other Net (Income)/ Expenses
Interest Income
Interest Expense
Income Taxes
Balance Sheet
Assets
Accounts Receivable
Inventories
Property, Plant and Equipment,
Gross
Accounts Payable
Short-Term Debt
Long-Term Debt
Paid-In Capital
Retained Earnings
3% as per CEO
59.5% of sales based on historical average
36.2% as per historical average
17% of opening book value, calculated from depreciation schedule
0.4% of sales based on historical averages
Remained unchanged since long term debt has been kept unchanged
30% of pre-tax income (as per Australian tax rate)
5.3 % on average
15%increase based on historical data
34.5% of sales as per average
17% of sales, same as historical average

Kept unchanged
3.7% of sales historical average
Kept unchanged at 2009 level
Remain unchanged at zero
Kept unchanged at 2009 level
Table 22 Forecast assumptions for Myer
Forecas
t
Factor
3.00%
59.50%
36.20%
17.00%
-4.70%
-0.40%
30.00%
5.30%
1.10%
12.20%
0.70%
15%
34.50%
17.00%
0.00%
3.70%
0.00%
3.70%

Sales
Cost of Sales
Actual data
2007
2008
100.00%
100.00%
59.46%
59.52%
40.54%
40.48%
2009
100.00%
59.64%
40.36%
Forecasted data
2010
2011
100.00% 100.00%
59.50%
59.50%
40.50%
40.50%
2012
100.00%
59.50%
40.50%

EBIT
36.54%
1.64%
-3.68%
6.05%
36.12%
1.97%
-4.88%
7.29%
34.90%
2.32%
-5.31%
8.45%
34.90%
2.06%
-4.70%
8.24%
34.90%
2.09%
-4.70%
8.21%
34.90%
2.15%
-4.70%
8.15%
Interest (Income)
Interest Expense
Pre-Tax Income
-0.55%
2.86%
3.73%
-0.41%
3.26%
4.44%
-0.15%
3.29%
5.30%
-0.29%
3.20%
5.33%
-0.29%
3.10%
5.40%
-0.29%
3.01%
5.43%
Income Taxes
Net Income
1.20%
2.53%
1.22%
3.22%
1.59%
3.72%
1.60%
3.73%
1.62%
3.78%
1.63%
3.80%
Table 23 Myer Common Size Income Statement for year ending July (as a percentage of sales)
Actual data
Forecasted data
Assets
Accounts Receivable
Inventories
2007
6.32%
0.66%
12.23%
0.00%
19.21
%
2008
3.91%
1.11%
11.74%
0.97%
17.74
%
2009
5.77%
1.42%
12.70%
1.02%
20.91
%
2010
5.30%
1.10%
12.20%
0.70%
19.30
%
2011
5.30%
1.10%
12.20%
0.70%
19.30
%
19.30%

10.34%
1.49%
8.85%
12.78%
2.75%
10.03%
17.84%
4.56%
13.28%
19.92%
6.49%
13.43%
22.25%
8.39%
13.85%
24.84%
10.30%
14.54%

32.48%
41.33%
34.49%
44.52%
36.13%
49.41%
34.50%
47.93%
34.50%
48.35%
34.50%
49.04%
60.54
%
62.26
%
70.32
%
67.23
%
67.65
%
68.34%
16.52%
0.00%
0.00%
3.52%
20.04
%
16.64%
0.00%
0.00%
3.48%
20.13
%
17.70%
0.00%
0.00%
4.06%
21.76
%
17.00%
0.00%
-0.79%
3.70%
19.91
%
17.00%
0.00%
-0.04%
3.70%
20.66
%
25.51%
0.00%
3.27%
48.83
%
31.75%
0.00%
3.24%
55.11
%
33.76%
0.00%
4.59%
60.11
%
32.77%
0.00%
3.70%
56.38
%
31.82%
0.00%
3.70%
56.17
%
10.75%
-1.03%
1.99%
11.71
%
2.98%
-1.05%
5.21%
7.15%
3.13%
-2.04%
9.12%
10.22
%
3.04%
-1.98%
9.79%
10.85
%
2.95%
-1.92%
10.45%
11.48
%
12.10%
60.54
%
62.26
%
70.32
%
67.23
%
67.65
%
68.34%
Total Assets
Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE
Long-Term Debt
Total Liabilities
Paid-In Capital
Reserves
Retained Earnings
2012
5.30%
1.10%
12.20%
0.70%
17.00%
0.00%
0.95%
3.70%
21.65%
30.89%
0.00%
3.70%
56.24%
2.87%
-1.86%
11.09%
Table 24 Myer Common Size Balance Sheet for year ending July (as a percentage of sales)

Assets
Accounts Receivable
Inventories
2,007
2,008
2009
2010
2011
2012
10.44%
1.09%
20.21%
0.00%
31.74%
6.29%
1.79%
18.86%
1.56%
28.49%
8.20%
2.02%
18.07%
1.45%
29.74%
7.88%
1.64%
18.15%
1.04%
28.71%
7.83%
1.63%
18.03%
1.03%
28.53%
7.76%
1.61%
17.85%
1.02%
28.24%

17.08%
2.47%
14.61%
20.52%
4.42%
16.11%
25.38%
6.49%
18.88%
29.64%
9.66%
19.98%
32.88%
12.40%
20.48%
36.34%
15.07%
21.27%

53.65%
68.26%
55.40%
71.51%
51.38%
70.26%
51.32%
71.29%
51.00%
71.47%
50.48%
71.76%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

Accounts Payable
Short-Term Debt
ST DEBT TO BALANCE
27.29%
0.00%
0.00%
5.82%
33.11%
26.73%
0.00%
0.00%
5.59%
32.33%
25.17%
0.00%
0.00%
5.78%
30.95%
25.29%
0.00%
-1.18%
5.50%
29.61%
25.13%
0.00%
-0.07%
5.47%
30.53%
24.88%
0.00%
1.39%
5.41%
31.68%
Long-Term Debt
Total Liabilities
42.14%
0.00%
5.40%
80.65%
50.99%
0.00%
5.20%
88.52%
48.00%
0.00%
6.52%
85.47%
48.75%
0.00%
5.50%
83.86%
47.03%
0.00%
5.47%
83.03%
45.20%
0.00%
5.41%
82.30%
Paid-In Capital
Reserves
Retained Earnings
17.75%
-1.70%
3.29%
19.35%
4.79%
-1.68%
8.37%
11.48%
4.46%
-2.89%
12.97%
14.53%
4.53%
-2.94%
14.56%
16.14%
4.37%
-2.84%
15.44%
16.97%
4.20%
-2.73%
16.23%
17.70%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Total Assets
Table 25 Myer Common Size Balance Sheet for year ending July (as a percentage of total assets)
ACTIVITY RATIOS(Operating) :Short Term

Inventory turnover [COGS/Average inventory]
Average no of days inventory in stock [365/inventory
turnover]
Accounts receivable turnover [sales/Average trade
receivables]
Average no of days receivables outstanding
[365/accounts receivables turnover]
Payables turnover [purchases/average accounts payables]
average number of days payables outstanding
[365/payables turnover]
Working Capital turnover [sales/ average working
capital]
Year Ending July

2008
2009
2005
2006
2007
2010
2011
2012
3.94
4.08
4.34
4.72
4.56
4.20
4.20
4.20
92.75
89.39
84.02
77.36
80.09
86.94
86.94
86.94
4.47
4.51
4.91
5.10
4.91
4.72
4.72
4.72
81.74
4.55
80.90
4.88
74.35
4.81
71.52
4.61
74.28
4.85
77.33
4.64
77.33
4.64
77.33
4.64
80.14
74.77
75.82
79.23
75.23
78.65
78.65
78.65
11.73
12.15
16.77
16.34
9.93
7.47
6.61
5.94
Year Ending July

2008
2009
2010
2011
2012
7.93
1.74
8.96
1.81
10.26
1.87
Table 26 Activity ratio for DJS
ACTIVITY RATIOS (Investment):Long Term

Fixed assets turnover [sales/average fixed assets]
Total asset turnover [sales/average total assets]
2005
2006
2007
7.30
1.66
7.27
1.63
6.43
1.68
Table 27 Long term activity ratio for DJS
5.69
1.72
6.49
1.74
Year Ending July,

2008
2009
2005
2006
2007
2010
2011
2012
174.49
170.29
158.37
148.88
154.37
164.28
164.28
164.28
94.35
95.52
82.55
69.65
79.15
85.63
85.63
85.63
1.23
1.19
1.13
1.24
1.39
1.47
1.58
1.67
0.83
0.78
0.74
0.85
0.91
0.96
1.02
1.09
0.23
0.24
0.21
0.24
0.25
0.27
0.25
0.28
0.16
0.16
0.16
0.33
0.23
0.26
0.30
0.31
120.87
124.96
114.26
112.40
119.86
120.95
114.96
116.83
2010
2011
2012
Liquidity Ratios
Operating cycle [days of supply in inventory

+ days of sales in trade receivables]
Cash cycle [days of sales in trade receivables
+ days of supply in inventory days in
accounts payable]
Working capital ratios
Current ratio [ current assets / current
liabilities]
Quick ratio =[(cash + marketable securities +
accounts receivables) / current liabilities]
Cash ratio [ (cash + marketable securities) /
current liabilities]
Cash flow from operations ratio [ cash flow
from operations / current liabilities]
Defensive interval [365 x ([cash + marketable
securities + accounts receivables] / projected
expenditures)]
Table 28 Liquidity and working capital ratios for DJS
Solvency analysis
Debt ratios
Debt to total capital ratio [ total debt
(current + long-term) / total capital (debt +
equity)]
Debt to equity ratio =[total debt / total
equity]
2005
2006
2007
2.10
2.00
1.85
0.68
0.67
0.65
Table 29 Solvency ratio for DJS
Year Ending July

2008
2009
1.61
1.38
1.39
1.31
1.17
0.62
0.58
0.58
0.57
0.54
Year Ending July
Interest coverage ratios

Time interest earned ratio [ Earnings before
interest and taxes (EBIT) / interest expense]
Fixed charge coverage ratio [ earnings
before fixed charges and taxes / fixed
charges]
Time interest earned (cash basis) ratio
[ adjusted operating cash flow / interest
expense]
Fixed charge coverage (cash basis) ratio
[ adjusted operating cash flow / fixed
charges]
2005
2006
2007
2008
2009
2010
2011
2012
2.87
4.40
7.18
8.77
9.47
10.74
12.34
16.56
0.14
0.81
1.67
2.06
1.74
1.83
1.93
2.12
4.98
6.11
5.97
10.59
9.24
11.41
13.22
17.98
1.97
2.51
2.22
3.69
2.67
3.01
3.14
3.39
2010
2011
2012
Table 30 Coverage ratio for DJS
Other ratios
Capital expenditure ratio [ cash flow from
operations (CFO) / capital expenditures]
CFO to debt ratio =[cash flow from
operations / total debt]
Year Ending July

2008
2009
2005
2006
2007
9.17
3.80
5.67
7.03
3.07
9.36
9.44
9.56
0.15
0.17
0.16
0.28
0.23
0.24
0.26
0.29
Table 31 Cash flow from operation ratio for DJS
Year
Ending
July,
Profitability analysis
Return on sales ratios
Gross margin =[gross profit (i.e. net sales
cost of sales) / sales]
Operating margin [ operating income / sales]
EBITDA margin [ EBITDA / sales]
EBIT margin [ EBIT / sales ]
Pretax margin [ Eernings before tax (EBT) /
sales]
Profit margin (return on sales [ROS]) [ net
income / sales]
2005
2006
2007
2008
2009
2010
2011
2012
38.35%
38.75%
39.32%
39.55%
39.60%
39.60%
39.60%
39.60%
3.44%
4.89%
7.32%
8.77%
7.70%
7.70%
7.70%
7.70%
5.27%
6.48%
9.04%
10.64%
9.70%
9.70%
9.70%
9.70%
3.44%
4.89%
7.32%
8.77%
7.70%
7.70%
7.70%
7.70%
5.18%
6.80%
9.24%
10.49%
9.39%
9.48%
9.58%
9.74%
3.51%
4.59%
6.73%
7.52%
6.57%
6.64%
6.70%
6.81%
Table 32 Profitability ratio for DJS
Return on investment ratios

Return on assets (ROA) [ net income + after
tax interest cost / average total assets]
Return on assets (ROA) [ EBIT / average
total assets]
Return on total capital (ROTC) [ EBIT /
average (total debt + stockholders equity)]
Return on total capital (ROTC) [ net income
+ after tax interest cost / average (total debt +
stockholders equity)]
Return on equity (ROE) [ pretax income /
average stockholders equity]
Return on equity (ROE) [net income /
average stockholders equity]
2005
2006
2007
2008
2009
2010
2011
2012
7.22%
8.75%
12.49%
14.15%
12.41%
12.45%
12.91%
13.37%
5.71%
7.97%
12.28%
15.11%
13.38%
13.42%
13.92%
14.42%
8.77%
12.40%
19.70%
24.59%
22.16%
22.50%
23.18%
23.87%
11.10%
13.61%
20.04%
23.04%
20.55%
20.87%
21.49%
22.13%
27.00%
34.34%
46.49%
47.96%
39.89%
39.80%
39.71%
39.88%
18.29%
23.15%
33.86%
34.37%
27.92%
27.86%
27.80%
27.91%
Table 33 Return on investment ratio for DJS

2008
Profitability analysis
2009
2010
2011
2012
Return on sales ratios

Gross margin =[gross profit (i.e. net sales cost of sales) / sales]
Operating margin [ operating income / sales]
EBITDA margin [ EBITDA / sales]
EBIT margin [ EBIT / sales ]
Pretax margin [ Eernings before tax (EBT) / sales]
Profit margin (return on sales [ROS]) [ net income / sales]
0.40
0.40
0.41
0.41
0.41
0.07
0.08
0.08
0.08
0.08
0.09
0.11
0.10
0.10
0.10
0.07
0.08
0.08
0.08
0.08
0.04
0.05
0.05
0.05
0.05
0.03
0.04
0.04
0.04
0.04
0.03
0.04
0.04
0.04
0.04
1.61
1.47
1.48
1.50
1.49
6.49
7.66
6.52
6.04
5.77
0.34
0.42
0.36
0.34
0.33
0.73
0.70
0.70
0.70
0.70
0.61
0.63
0.65
0.66
0.67
0.07
0.08
0.08
0.08
0.08
Total assets to equity ratio
0.62
6.49
0.68
7.66
0.68
6.52
0.66
6.04
0.67
5.77
ROE=NI/EBT * EBT/EBIT * EBIT/Sales * Sales/ ave TA * Ave

TA/Equity
0.13
0.19
0.16
0.15
0.15
Other factors
Three-factor duPont model return on equity (ROE)
= (income / sales) x (sales / assets) x (assets / equity
Income/sales
Sales/assets
Assets/equity
ROE: Income/Equity
Five factor dupont model-ROE
ROE=NI/EBT * EBT/EBIT * EBIT/Sales * Sales/ ave TA * Ave
TA/Equity
Tax burden x Interest burden x Margin x Turnover x Leverage
[taxes x financing x operations x turnover x solvency]

Net Income to EBT ratio
EBT to EBIT ratio
EBIT Margin
Total assets turnover ratio
Return on investment ratios

Return on assets (ROA) [ net income + after tax interest cost /
average total assets]
Return on assets (ROA) [ EBIT / average total assets]
Return on total capital (ROTC) [ EBIT / average (total debt +
stockholders equity)]
Return on total capital (ROTC) [ net income + after tax interest
cost / average (total debt + stockholders equity)]
Return on equity (ROE) [ pretax income / average stockholders
equity]
Return on equity (ROE) [net income / average stockholders
equity]
11.74%
12.45%
12.16%
12.36%
12.16%
18.95%
19.92%
19.09%
19.18%
19.17%
33.71%
41.95%
35.93%
34.34%
32.68%
Table 34 Profitability ratios for Myer
ACTIVITY RATIOS(Operating) :Short Term

Inventory turnover [COGS/Average inventory]
Average no of days inventory in stock [365/inventory turnover]
Accounts receivable turnover [sales/Average trade receivables]
Average no of days receivables outstanding [365/accounts receivables turnover]
Payables turnover [purchases/average accounts payables]
average number of days payables outstanding [365/payables turnover]
Working Capital turnover [sales/ average working capital]
ACTIVITY RATIOS (Investment):Long Term
Fixed assets turnover [sales/average fixed assets]
Total asset turnover [sales/average total assets]
2008
2009
2010
2011
2012
4.91
74.30
111.87
3.26
3.51
104.08
-61.81
4.76
76.61
77.25
4.72
3.41
107.00
-59.50
4.85
75.25
80.68
4.52
3.47
105.09
-139.53
4.95
73.75
92.25
3.96
3.57
102.16
-102.94
4.95
73.75
92.25
3.96
3.57
102.16
-54.55
2.31
1.61
2.08
1.47
2.09
1.48
2.11
1.50
2.08
1.49
77.57
81.34
79.78
77.71
77.71
-26.51
-25.66
-25.31
-24.45
-24.45
0.88
0.96
0.97
0.93
0.89
0.25
0.33
0.32
0.31
0.30
0.19
0.26
0.27
0.26
0.24
0.25
0.27
0.27
0.30
0.29
19.19
27.75
24.75
24.75
24.75
0.44
0.45
0.46
0.45
0.44
Liquidity Ratios
Operating cycle [days of supply in inventory + days of sales in trade

receivables]
Cash cycle [days of sales in trade receivables + days of supply in
inventory days in accounts payable]
Working capital ratios
Current ratio [ current assets / current liabilities]
Quick ratio =[(cash + marketable securities + accounts receivables) /
current liabilities]
Cash ratio [ (cash + marketable securities) / current liabilities]
Cash flow from operations ratio [ cash flow from operations / current
liabilities]
Defensive interval [365 x ([cash + marketable securities + accounts
receivables] / projected expenditures)]
Solvency analysis
Debt ratios
Debt to total capital ratio [ total debt (current + long-term) / total capital
(debt + equity)]
Debt to equity ratio =[total debt / total equity]

Interest coverage ratios
Time interest earned ratio [ Earnings before interest and taxes (EBIT) /
interest expense]
Fixed charge coverage ratio [ earnings before fixed charges and taxes /
fixed charges]
Time interest earned (cash basis) ratio [ adjusted operating cash flow /
interest expense]
Fixed charge coverage (cash basis) ratio [ adjusted operating cash flow /
fixed charges]
Table 35 Other ratios for Myer
0.80
0.82
0.87
0.81
0.80
2.23
2.57
2.58
2.65
2.70
0.39
0.50
0.57
0.58
0.58
1.56
1.80
1.66
1.99
2.07
0.97
1.05
1.01
1.19
1.21
Ratios
Return on stockholders equity
Table
Industry
14.88%
Net profit margin

Gross profit margin
Pre tax margin
Asset turnover
2.61%
26.99%
4.34%
2.10
Inventory turnover
Current ratio
Receivables turnover
Acid-test ratio
7.17
1.17
25.73
0.35
Return on Average assets
6.31%

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APPENDIX

Income Statement ($000)

Balance Sheet ($ Million)

Property, Plant and Equipment, Gross

Other Non-Current Assets

Total Liabilities and Shareholders' Equity

Year Ending July

Other Financing Cashflows

Net Increase in Cash

Income Statement ($000)

Selling, General & Admn. Expenses

Balance Sheet ($ Million)

Total Current Assets

Property, Plant and Equipment, Gross

Other Non-Current Assets

Liabilities and Shareholders' Equity

Total Liabilities and Shareholders' Equity

Balance Sheet ($ Million)

Property, Plant and Equipment, Gross

Other Non-Current Assets

Liabilities and Shareholders' Equity

Total Liabilities and Shareholders' Equity

3% increase on average as per economic access

61.2% of sales based on historical average

Selling, General & Admn. Expenses

last 2 years average

2% of Sales as per historical average

Other Net (Income)/ Expenses

-0.7% of sales, based on historical average

2.5% of sales based on historical averages

2.1% based on last 2 years

4.8 % on average ignoring repayment of debt,

2.8% of sales, based on historical average

14.6% of sales, based on historical average

Other Current Assets

1.0% of sales, based on historical average

Property, Plant and Equipment, Gross

48.1% of sales based on last years data

Calculated from other items

Other Non-Current Assets

1% of sales as per average

Liabilities and Shareholders' Equity

13.3% of sales, same as historical average

Will remain unchanged at 2008 level

Other Current Liabilities

6.9% of sales historical average

Will remain unchanged at 2008 level

Deferred Income Taxes

Remain zero as per historical data

Other Non-Current Liabilities

2.2% of sales, based on historical average

Will remain unchanged at 2008 level

Calculated from other items

85% as per press announcement by CEO

Table 16 Model assumption for David Jones

Selling, General & Admn. Expenses

Income Statement ($000)

Balance Sheet ($ Million)

Property, Plant and Equipment, Gross

Other Non-Current Assets

Total Liabilities and Shareholders' Equity

Income Statement ($000)

Selling, General & Admn.