玩具反斗城Toys R Us（FUN）2007年年度报告「ASX」.pdf

1、 Page 1 2007 Annual Report ACN 063 886 199 Page 2 Message to Shareholders Introduction On behalf of the Board of Directors of Funtastic Limited we present to you our 2007 Annual Report.The financial results were very disappointing and the initiatives that we highlighted one year ago did not help us

2、achieve the results that we anticipated at that time.It became clear to your Board last November that our forecast earnings would not be achieved and accordingly we announced a significant downgrade in our expectations.Your Board also considered it necessary to immediately undertake a strategic revi

3、ew of all the groups operations.This task has now been completed and the objective of your Board and management in 2008 is to execute this strategy.The key elements of our strategy are outlined below.The Year in Review Sales for the year were$394.3 million,an 8.7%increase on the 2006 result but the

4、group reported a net profit after tax of$5.2 million compared to the prior year of$12.1 million.The underlying net profit after tax,before one-off charges and amortisation,was$13.0 million in 2007 and$16.0 million in 2006.The factors contributing to this less than satisfactory performance were:?Poor

5、 disciplines in toy stock management,optimistic forecasting and poor purchasing decisions exacerbated the inventory situation;?The toy division was the principal contributor to the decline in performance,with revenue of approximately$130 million delivering negligible Earnings before interest,tax and

6、 amortisation(EBITA);?The impact of increased provisioning and the margin erosion associated with the clearance of approximately$20 million in excess inventory.The EBITA impact,attributable to the sell off of this stock was estimated to be$12 million;?The loss of Radica and Safety 1st distribution r