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LEW
LEW
LEW - Lewis Group Limited - Results of AGM and statement by chief executive
officer
Lewis Group Limited
Incorporated in the Republic of South Africa)
Registration number: 2004/009817/06)
JSE share code LEW
ISIN: ZAE000058236
("Lewis" or "the company")
1. APPROVAL OF RESOLUTIONS
At the Annual General Meeting of the Lewis Group shareholders held on
Friday 14 August 2009, all the ordinary resolutions contained in the notice
of the meeting dated 18 May 2009 were passed with the requisite majorities.
2. STATEMENT BY CHIEF EXECUTIVE OFFICER
The following statement was made by the Chief Executive Officer, Alan Smart
at the Annual General Meeting:
Revenue
Revenue for the four months ended July 2009 increased by 6.8% compared to
the same period last year.
Trading conditions remain tight but the steadily improving sales trend
reported with the group`s 2009 financial results in May has continued, with
the introduction of new product ranges, store promotions and customer
retention strategies producing encouraging results.
Debtors Book
Collections remain a challenge, with slow paying accounts requiring an
additional impairment charge. Debtor costs (bad debts and impairment
provision) for the first quarter to 30 June 2009, are as follows:
Debtor Costs
Quarter Quarter Quarter Quarter
June 2009 June 2008 June 2008 June 2007
87m 63m 63m 48m
Increase R24m R15m
Impairment Provision (Doubtful Debts)
The impairment provision as a percentage of net debtors as at 30 June 2009
is as follows:
Quarter Year Quarter Year
June 2009 March 2009 June 2008 March 2008
16.9% 15.7% 14.4% 13.5%
Analysis of customer unemployment
Retrenchment remains a risk to the retail sector. However, an analysis of
the unemployment levels of the group`s debtor base of approximately
700 000 customers indicates that only 2.8% of customers are currently
unemployed.
Many of these customers who are unemployed or working short time continue
to pay installments although at a slower rate than required in terms of
their contracts.
The outstanding balances of these unemployed and slow paying customers have
been impaired based on their payment history relative to their contractual
obligations.
The above information has not been reviewed or reported on by the company`s
auditors.
Cape Town
14 August 2009
Sponsor: UBS South Africa (Pty) Ltd
Date: 14/08/2009 11:03:08 Produced by the JSE SENS Department.
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