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Notes
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| The consolidated results of Foschini Limited for the year ended 31 March 2007 have been reviewed by the company’s auditors, KPMG Inc. Their unqualified review report is available for inspection at the company’s registered office. |
| 1. |
The reviewed provisional results for the year ended 31 March 2007 have been prepared in accordance with the group’s accounting policies, which comply with International Financial Reporting Standards (IFRS) and have been consistently applied with those adopted for the year ended 31 March 2006. Certain comparative figures have been reclassified in order to improve disclosure. |
| 2. |
These financial statements incorporate the financial statements of the company, all its subsidiaries and all entities over which it has operational and financial control. |
| 3. |
Included in share capital are 16,9 (2006: 16,9) million shares which are
owned by a subsidiary of the company, and 11,6 (2006: 11,0) million which
are owned by the share incentive trust. These have been eliminated on
consolidation. |
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2007 |
2006 |
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Rm |
Rm |
| 4. |
Interest received |
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Trade receivables – retail |
299,3 |
253,0 |
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Loan receivables |
336,5 |
287,0 |
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Private label card receivables |
237,0 |
100,2 |
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Sundry – financial services |
1,0 |
3,9 |
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873,8 |
644,1 |
| 5. |
Net trading expenses |
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Depreciation and amortisation |
(174,1) |
(148,9) |
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Employee costs: normal |
(920,9) |
(813,9) |
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Employee costs: bonuses and restraint payments |
(24,4) |
(51,9) |
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Employee costs: share-based payments |
(19,2) |
(19,0) |
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Store occupancy costs: normal |
(512,7) |
(459,6) |
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Store occupancy costs: operating lease liability |
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adjustment |
(7,7) |
6,8 |
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Net other operating costs |
(385,5) |
(327,9) |
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|
(2 044,5) |
(1 814,4) |
| 6. |
Inventory |
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Merchandise |
1 194,8 |
1 047,1 |
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Raw materials |
44,4 |
19,2 |
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Goods in transit |
34,3 |
25,0 |
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Shopfitting stock |
18,1 |
23,2 |
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Consumables |
1,3 |
2,2 |
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1 292,9 |
1 116,7 |
| 7. |
Operating lease adjustment |
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During the course of the year, the straight-line model used to calculate the operating lease liability was reassessed. This resulted in an adjustment of R145 million to opening retained earnings. The effect of the reassessment on the prior year income statement is not material and accordingly, comparatives have not been restated. |
| 8. |
Operating profit before working capital changes |
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Operating profit before finance charges |
1 887,0 |
1 567,3 |
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Interest received |
(873,8) |
(644,1) |
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Operating profit before finance charges and interest received |
1 013,2 |
923,2 |
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Non-cash items |
192,1 |
168,5 |
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Operating profit before working capital changes |
1 205,3 |
1 091,7 |
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