Group Cash Flow Statement
for the years ended 31 March

Foschini Limited and its subsidiaries

    2008 2007
  Note Rm Rm
Cash flows from operating activities      
Operating profit before working capital changes 35.1 1 074,2 1 187,9
Increase in working capital 35.2 (568,3) (218,1)
Cash generated by operations   505,9 969,8
Increase in private label card receivables   (241,6) (346,6)
Decrease (increase) in loan receivables   150,3 (49,0)
Interest received   1 056,4 877,4
Interest paid   (120,1) (104,7)
Taxation paid 35.3 (735,1) (718,2)
Dividends received   17,2 22,8
Dividends paid 35.4 (677,4) (552,2)
Net cash (outflows) inflows from operating activities   (44,4) 99,3
Cash flows from investing activities      
Purchase of property, plant and equipment   (274,4) (304,4)
Proceeds from sale of property, plant and equipment   6,4 4,0
Acquisition of client list   (1,8) (2,8)
Investment in associate   (6,1) –
Decrease in participation in export partnerships   10,6 6,0
Decrease in staff housing loans   1,6 1,2
Proceeds on dilution of interest in subsidiary 35.5 211,5 183,3
Net cash outflows from investing activities   (52,2) (112,7)
Cash flows from financing activities      
Shares purchased by share trust and subsidiary   (760,4) (288,4)
Proceeds on delivery of shares by share trust   109,5 92,9
Increase in interest-bearing debt   741,8 215,5
Net cash inflows from financing activities   90,9 20,0
Net (decrease) increase in cash and cash equivalents during the year   (5,7) 6,6
Cash and cash equivalents at the beginning of the year   69,1 62,5
Cash and cash equivalents at the end of the year   63,4 69,1