REVIEWED PRELIMINARY CONDENSED RESULTS
for the year ended 31 march 2009
Notes
The condensed consolidated results of Foschini Limited for the year ended 31 March 2009 have been reviewed by the company’s auditors, KPMG Inc. Their unqualified review report is available at the company’s registered office.
| 1 | The reviewed preliminary results for the year ended 31 March 2009 have been prepared in accordance with the presentation and disclosure requirements of IAS 34 Interim Financial Reporting, using the group’s accounting policies, that are in line with the measurement and recognition principles of International Financial Reporting Standards (IFRS) and have been consistently applied to prior periods. | ||
| 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 24,0 (2008: 24,0) million shares which are owned by a subsidiary of the company, and 9,1 (2008: 11,9) million shares which are owned by the share incentive trust. These have been eliminated on consolidation. |
||
| 2009 | 2008 | ||
| Reviewed | Audited | ||
| Rm | Rm | ||
| 4 | Revenue | ||
| Retail turnover | 8 089,6 | 7 668,7 | |
| Interest received (refer note 5) | 1 300,7 | 1 056,4 | |
| Dividends received – retail | 19,1 | 17,2 | |
| Merchant’s commission – RCS Group | 36,7 | 39,7 | |
| Club income – retail | 169,6 | 175,6 | |
| Club income – RCS Group | 6,0 | 5,5 | |
| Customer charges income – retail | 18,9 | 16,5 | |
| Customer charges income – RCS Group | 136,2 | 99,1 | |
| Insurance income – retail | 99,5 | 80,0 | |
| Insurance income – RCS Group | 75,3 | 66,0 | |
| Cellular income – one2one airtime product | 29,8 | 22,6 | |
| Sundry income – retail | 7,5 | 6,3 | |
| 9 988,9 | 9 253,6 | ||
| 5 | Interest received | ||
| Trade receivables – retail | 526,1 | 385,5 | |
| Loan receivables | 307,6 | 314,7 | |
| Private label card receivables | 449,2 | 347,9 | |
| Sundry – RCS Group | 8,2 | 1,1 | |
| Sundry – retail | 9,6 | 7,2 | |
| 1 300,7 | 1 056,4 | ||
| 6 | Net trading expenses | ||
| Depreciation and amortisation | (231,1) | (204,7) | |
| Employee costs: normal | (1 180,3) | (1 053,9) | |
| Employee costs: bonuses and restraint payments | (16,0) | (35,4) | |
| Employee costs: share-based payments | (25,7) | (30,7) | |
| Store occupancy costs: normal | (676,2) | (575,8) | |
| Store occupancy costs: operating lease liability adjustment | 0,4 | (7,7) | |
| Net bad debt and provision movement – retail | (261,5) | (217,2) | |
| Net bad debt and provision movement – | |||
| RCS Group | (317,1) | (253,7) | |
| Other operating costs | (561,5) | (489,8) | |
| Other revenue | 579,5 | 511,3 | |
| (2 689,5) | (2 357,6) | ||
| 7 | Inventory | ||
| Merchandise | 1 433,0 | 1 227,5 | |
| Raw materials | 55,2 | 32,8 | |
| Goods in transit | 12,9 | 10,0 | |
| Shopfitting stock | 18,1 | 15,1 | |
| Consumables | 5,7 | 4,6 | |
| 1 524,9 | 1 290,0 | ||
| 8 | Trade and other payables | ||
| In the 2008 financial year, March month-end trade creditors amounting to R289,7 million were paid prior to the year-end, whilst those in respect of the current year amounting to R310,9 million were paid after the year-end. | |||
| 9 | Operating profit before working capital changes | ||
| Operating profit before finance charges | 2 025,5 | 1 905,5 | |
| Interest received | (1 300,7) | (1 056,4) | |
| Dividends received | (19,1) | (17,2) | |
| Non-cash items | 240,0 | 242,3 | |
| Operating profit before working capital changes | 945,7 | 1 074,2 | |