Harvey Norman Annual Report

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Harvey Norman Annual Report 2011

Holdings Limited

Annual Report

2011

COMPANY INFORMATION

ABN 54 003 237 545 ANNUAL REPORT YEAR ENDED 30 JUNE 2011
Key Dates 30 August 2011 4 November 2011 29 November 2011

Announcement of Full Year Profit to 30 June 2011 Announcement of Final 2011 Dividend Record date for determining entitlement to Final 2011 Dividend 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 11:00am Payment of Final 2011 Dividend Announcement of Half-Year Profit to 31 December 2011 Announcement of Interim 2012 Dividend Record date for determining entitlement to Interim 2012 Dividend Payment of Interim 2012 Dividend

5 December 2011 28 February 2012 13 April 2012 7 May 2012

Company Information Registered Office A1 Richmond Road Homebush West NSW 2140 Ph: 02 9201 6111 Fax: 02 9201 6250 Mr Chris Mentis Boardroom Pty Limited Level 7, 207 Kent Street Sydney NSW 2000 Ph: 02 9290 9600 Harvey Norman Holdings Limited shares are quoted on the Australian Securities Exchange Limited (“ASX”) Australia and New Zealand Banking Group Limited Ernst & Young Brown Wright Stein

Company Secretary Share Registry

Stock Exchange Listing Bankers Auditors Solicitors

1

CONTENTS

Contents Company Information Contents Financial Highlights Chairman‟s Report Directors‟ Report Remuneration Report Corporate Governance Statement Statement of Financial Position Income Statement Statement of Comprehensive Income Statement of Changes in Equity Statement of Cash Flows Operating Segments Statement of Significant Accounting Policies Notes to and forming part of the Financial Statements for the Year Ended 30 June 2011 Directors‟ Declaration Independent Audit Report Shareholder Information Directory of Harvey Norman, Domayne and Joyce Mayne Shopping Complexes

1 2 3 4 14 19 33 40 41 42 43 45 47 54 71 138 139 141 142

2

FINANCIAL HIGHLIGHTS

Financial Highlights no. of franchised outlets in Australia no. of company-owned stores franchisee sales revenue 1 2 1

FY2007 192 53 $4.50bn
2

FY2008 194 66 $4.86bn $1,428.85m

FY2009 195 69 $5.06bn $1,440.65m

FY2010 194 70 $5.19bn $1,344.46m

FY2011 195 96 $5.08bn $1,556.38m

company-owned sales revenue

$1,329.43m

other revenues and other income items from continuing operations earnings before interest and tax (EBIT) from continuing operations profit from continuing operations after tax and non-controlling interests profit from discontinued operations after tax and non-controlling interests net profit after tax and non controlling interests net cash flows from operating activities basic earnings per share dividends per share (fully franked) return on invested capital (ROIC) % debt to equity ratio (%) 1 2

$1,005.46m

$1,058.16m

$1,035.10m

$1,097.39m

$1,122.46m

$522.27m

$555.11m

$382.95m

$420.10m

$416.92m

$324.10m

$358.45m

$214.35m

$231.41m

$252.26m

$83.15m

$0m

$0m

$0m

$0m

$407.25m $444.43m 30.63c 11.0c 24.36% 32.58%

$358.45m $289.45m 33.76c 14.0c 22.66% 29.12%

$214.35m $442.50m 20.18c 11.0c 15.39% 28.49%

$231.41m $386.87m 21.78c 14.0c 16.80% 23.23%

$252.26m $358.97m 23.75c 12.0c 15.30% 29.16%

Sales made by franchisees in Australia do not form part of the financial results of the consolidated entity. Includes the “Harvey Norman” and “Norman Ross” branded company-owned stores in New Zealand, Ireland, Northern Ireland, Singapore, Malaysia and Slovenia and the “Clive Peeters”, “Rick Hart” and “OFIS” brand names in Australia. The OFIS brand ceased during the last quarter of the June 2009 financial year.

3

CHAIRMAN’S REPORT

Business Performance
Our integrated retail, franchise and property system is sustainable and robust, despite the current economic and market headwinds. We have a strong balance sheet underpinned by a $2.04 billion property...
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