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notes
The consolidated results of Foschini Limited for the year ended 31 March 2008 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 2008 have been prepared in accordance with IAS 34 Interim Financial Reporting, using the group’s accounting policies, which comply with International Financial Reporting Standards (IFRS) and have been consistently applied to prior periods. Certain comparative figures have been reclassified in order to improve disclosure.
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| 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.
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3
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Included in share capital are 24,0 (2007: 16,9) million shares which are owned by a subsidiary of the company, and 11,9 (2007: 11,6) million shares which are owned by the share incentive trust.
These have been eliminated on consolidation. |
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2008 |
2007 |
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Rm |
Rm |
| 4 |
Revenue |
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Retail turnover |
7 668,7 |
7 230,0 |
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Interest received (refer note 5) |
1 056,4 |
877,4 |
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Dividends received – retail |
17,2 |
22,8 |
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Merchant’s commission – RCS Group |
39,7 |
36,2 |
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Club income – retail |
175,6 |
159,9 |
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Club income – RCS Group |
5,5 |
4,3 |
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Customer charges income – retail |
16,5 |
16,0 |
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Customer charges income – RCS Group |
99,1 |
39,7 |
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Insurance income – retail |
80,0 |
35,5 |
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Insurance income – RCS Group |
66,0 |
66,9 |
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Cellular income – one2one airtime product |
22,6 |
8,8 |
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Sundry income |
6,3 |
30,3 |
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|
9 253,6 |
8 527,8 |
| 5 |
Interest received |
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Trade receivables – retail |
385,5 |
299,3 |
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Loan receivables |
314,7 |
336,5 |
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Private label card receivables |
347,9 |
237,0 |
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Sundry – RCS Group |
1,1 |
1,0 |
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Sundry – retail |
7,2 |
3,6 |
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1 056,4 |
877,4 |
| 6 |
Net trading expenses |
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Depreciation and amortisation |
(204,7) |
(174,1) |
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Employee costs: normal |
(1 053,9) |
(920,9) |
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Employee costs: bonuses |
– |
(4,4) |
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Employee costs: restraint payments |
(35,4) |
(20,0) |
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Employee costs: share-based payments |
(30,7) |
(19,2) |
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Store occupancy costs: normal |
(575,8) |
(512,7) |
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Store occupancy costs: operating lease liability |
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adjustment |
(7,7) |
(7,7) |
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Net bad debts and provision movement – retail |
(217,2) |
(187,8) |
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Net bad debts and provision movement – RCS Group |
(253,7) |
(132,4) |
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Other income |
511,3 |
397,6 |
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Other operating costs |
(489,8) |
(466,5) |
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|
(2 357,6) |
(2 048,1) |
| 7 |
Inventory |
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Merchandise |
1 227,5 |
1 194,8 |
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Raw materials |
32,8 |
44,4 |
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Goods in transit |
10,0 |
34,3 |
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Shopfitting stock |
15,1 |
18,1 |
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Consumables |
4,6 |
1,3 |
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1 290,0 |
1 292,9 |
| 8 |
Trade and other payables
In the 2007 financial year, March month-end trade creditors amounting to R286,9 million were paid on 2 April 2007, after the year-end whilst those in respect of the current year amounting to R289,7 million were paid prior to the year-end. |
| 9 |
Operating profit before working capital changes |
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Operating profit before finance charges |
1 905,5 |
1 887,0 |
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Interest received |
(1 056,4) |
(877,4) |
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Dividends received |
(17,2) |
(22,8) |
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Non-cash items |
242,3 |
201,1 |
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1 074,2 |
1 187,9 |
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