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LEW
LEW
LEW - Lewis Group - Supplementary debtors information for the 6 months ended
30 September 2007
LEWIS GROUP LTD
Reg. No. 2004/009817/06
Code : LEW
ISIN : ZAE000058236
SUPPLEMENTARY DEBTORS INFORMATION FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2007
The following release is supplementary to the Group`s half year results
published on SENS dated 12th November 2007.
The board has decided to provide additional information on Lewis` debtors` book.
The National Credit Act introduced on 1st June 2007 required finance charges and
insurance to be charged on a monthly basis. Prior to 1st June 2007 the finance
charges and insurance were "front charged" for the contract period and was
included in debtors. Consequently the calculation of arrears percentage and the
length of the debtors` book is inconsistent as the gross debtors` books for the
two periods are not comparable. It is for this reason that these ratios were
not included in the SENS announcement of 12th November 2007.
In the absence of the above information the Board considers the following to be
pertinent information in assessing the quality of the debtors book. The company
applies a payment rating assessment to each customer individually. This payment
rating system has been in operation for many years and is integral to the
calculation of the impairment provision (doubtful debts) in terms of
international accounting standards. Both the payment rating assessment and the
impairment provision calculation is consistent with prior periods.
The following is a percentage summary of customers in the four main payment
rating groupings for September 2007 compared to September 2006.
Category 1 % No. of
Customers
Percentage of customers fully Sept 07 75.2% 544,864
up to date including those who
have paid 70% or more of Sept 06 76.3% 530,533
amounts due over the contract
period.
Category 2 % No. of
Customers
Percentage of customers who Sept 07 12.9% 93,465
have paid between 70% and 55%
of amounts due over the Sept 06 12.4% 86,335
contract period.
Category 3 % No. of
Customers
Percentage of customers who Sept 07 8.5% 62,185
have paid between 55% and 30%
of amounts due over the Sept 06 8.5% 58,646
contract period
Category 4 % No. of
Customers
Percentage of customers who Sept 07 3.4% 24,323
have paid 30% or less of
amounts due over the contract Sept 06 2.8% 19,507
period
The doubtful debt provision calculation has been audited and takes effect from
category 2 and is weighted towards category 3 and 4.
Cape Town
19 November 2007
SPONSOR : UBS South Africa (Pty) Ltd
Date: 19/11/2007 10:00:38 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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