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TFG TFGP
TFG
TFG/TFGP - The Foschini Group Limited - Unaudited interim condensed
consolidated results
The Foschini Group Limited
Registration number: 1937/009504/06
Share codes: TFG-TFGP
ISIN codes: ZAE000148466 - ZAE000148516
Unaudited interim condensed consolidated results
The following are The Foschini Group Limited`s results for the half-year
ended 30 September 2010.
This report has not been audited or reviewed by the company`s auditors.
SALIENT FEATURES
* Retail turnover up by 12,5% to R4,6 billion
* Headline earnings per share up 16,9% to 272,3 cents
* Interim dividend increased 16,9% to 138,0 cents per share
* Sustained strong financial position
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Sept. 2010 Sept. 2009 March 2010
Unaudited Unaudited Audited
Rm Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 1 003,0 1 006,7 995,8
Goodwill and intangible 43,0 43,1 43,2
assets
Preference share investment - 200,0 200,0
Staff housing loans 0,9 1,1 0,9
RCS Group private label card 258,5 375,0 279,4
receivables
RCS Group loan receivables 493,3 969,4 802,4
Participation in export 70,4 88,4 74,4
partnerships
Deferred taxation asset 162,7 172,6 158,4
---------- ---------- ----------
2 031,8 2 856,3 2 554,5
---------- ---------- ----------
Current assets
Inventory (note 10) 1 407,4 1 460,9 1 493,8
Trade receivables - retail 3 388,5 2 923,0 3 169,3
RCS Group private label card 1 646,6 1 152,3 1 494,1
receivables
Other receivables and 190,8 170,6 175,7
prepayments
RCS Group loan receivables 307,7 83,1 54,9
Participation in export 11,3 4,2 10,6
partnerships
Preference share investment 200,0 - -
Cash 296,9 215,8 284,0
---------- ---------- ----------
7 449,2 6 009,9 6 682,4
---------- ---------- ----------
Total assets 9 481,0 8 866,2 9 236,9
========== ========== ==========
EQUITY AND LIABILITIES
Equity attributable to equity 4 981,3 4 634,9 5 058,3
holders of The Foschini Group
Limited
Non-controlling interest 455,6 384,1 427,0
-------- -------- --------
Total equity 5 436,9 5 019,0 5 485,3
-------- -------- --------
Non-current liabilities
Interest-bearing debt 187,4 960,3 864,4
RCS Group external funding 490,9 150,0 241,0
Non-controlling interest loan 120,3 664,7 478,3
Operating lease liability 141,1 133,6 136,9
Deferred taxation liability 136,3 149,3 139,3
Post-retirement defined 87,0 84,1 84,1
benefit plan
---------- ---------- ----------
1 163,0 2 142,0 1 944,0
---------- ---------- ----------
Current liabilities
Interest-bearing debt 1 135,0 452,9 254,7
RCS Group external funding 201,1 - 131,1
Trade and other payables 1 499,5 1 215,6 1 293,8
Taxation payable 45,5 36,7 128,0
---------- ---------- ----------
2 881,1 1 705,2 1 807,6
---------- ---------- ----------
Total liabilities 4 044,1 3 847,2 3 751,6
---------- ---------- ----------
Total equity and liabilities 9 481,0 8 866,2 9 236,9
========== ========== ==========
CONDENSED CONSOLIDATED INCOME STATEMENT
6 months ended Year ended
30.09.2010 30.09.2009 31.03.2010
Unaudited Unaudited % Audited
Rm Rm change Rm
Revenue (note 5) 5 758,9 5 145,1 10 780,3
======= ======= =======
Retail turnover 4 581,6 4 072,7 12,5 8 605,2
Cost of turnover (2 674,0) (2 392,9) (5 005,8)
(note 6)
------- ------- -------
Gross profit 1 907,6 1 679,8 3 599,4
Interest received 736,3 721,9 1 443,7
(note 7)
Dividends received 6,3 7,2 13,8
Other revenue (note 434,7 343,3 717,6
8)
Trading expenses (2 077,0) (1 862,0) (3 801,9)
(note 9)
--------- --------- ---------
Operating profit 1 007,9 890,2 13,2 1 972,6
before finance
charges
Interest paid (122,0) (135,6) (261,5)
--------- --------- ------ ---------
Profit before tax 885,9 754,6 17,4 1 711,1
Income tax expense (280,0) (236,9) (548,6)
--------- --------- ------ ---------
Profit for the 605,9 517,7 1 162,5
period
========= ========= =========
Attributable to:
Equity holders of 566,3 483,7 17,1 1 085,6
The Foschini Group
Limited
Non-controlling 39,6 34,0 76,9
interest
--------- --------- ---------
Profit for the 605,9 517,7 1 162,5
period
========= ========= =========
EARNINGS PER ORDINARY SHARE (CENTS)
Basic 272,3 232,9 16,9 521,4
Headline 272,3 232,9 16,9 521,4
Diluted (basic) 268,5 231,9 15,8 518,2
Diluted (headline) 268,5 231,9 15,8 518,2
Weighted average 208,0 207,7 208,2
ordinary shares in
issue (millions)
SUPPLEMENTARY INFORMATION
Sept. 2010 Sept. 2009 March 2010
Unaudited Unaudited Audited
Net ordinary shares in issue 204,6 208,5 209,0
(millions)
Weighted average ordinary 208,0 207,7 208,2
shares in issue (millions)
Tangible net asset value per 2 413,6 2 201,4 2 399,6
ordinary share (cents)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months ended % change Year ended
30.09.2010 30.09.2009 31.03.2010
Unaudited Unaudited Audited
Rm Rm Rm
Profit for the 605,9 517,7 1 162,5
period
---------- ---------- ----------
OTHER COMPREHENSIVE
INCOME
Movement in (11,3) (32,0) (12,3)
effective portion of
changes in fair
value of cash flow
hedges
Deferred tax on 4,0 9,0 2,8
movement in
effective portion of
cash flow hedges
Foreign currency (2,2) - -
translation reserve
movements
Movement in - 3,5 3,5
insurance cell
reserves
---------- ---------- ----------
(9,5) (19,5) (6,0)
---------- ---------- ----------
Total comprehensive 596,4 498,2 1 156,5
income for the
period
========== ========== ==========
Attributable to:
Equity holders of 556,8 464,2 19,9 1 079,6
The Foschini Group
Limited
Non-controlling 39,6 34,0 76,9
interest
---------- ---------- ----------
Total comprehensive 596,4 498,2 1 156,5
income for the
period
========== ========== ==========
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity Non- Total
holders of controlling equity
The interest
Foschini
Group
Limited
Rm Rm Rm
Equity at 31 March 2009 4 496,3 359,2 4 855,5
Total comprehensive income 464,2 34,0 498,2
for the half-year
Share-based payments reserve 7,0 - 7,0
movements
Dividends paid (352,6) (9,1) (361,7)
Proceeds on delivery of 20,0 - 20,0
shares by share trust
---------- ---------- ----------
Equity at 30 September 2009 4 634,9 384,1 5 019,0
Total comprehensive income 615,4 42,9 658,3
for the half-year
Share-based payments reserve 27,3 - 27,3
movements
Dividends paid (246,5) - (246,5)
Proceeds on delivery of 27,2 - 27,2
shares by share trust
---------- ---------- ----------
Equity at 31 March 2010 5 058,3 427,0 5 485,3
Total comprehensive income 556,8 39,6 596,4
for the half-year
Share-based payments reserve 19,0 - 19,0
movements
Dividends paid (355,0) (11,0) (366,0)
Shares purchased by share (297,8) - (297,8)
trust
---------- ---------- ----------
Equity at 30 September 2010 4 981,3 455,6 5 436,9
========== ========== ==========
6 months ended Year ended
30.09.2010 30.09.2009 31.03.2010
Unaudited Unaudited Audited
DIVIDEND PER ORDINARY SHARE
(CENTS)
Interim 138,0 118,0 118,0
Final - - 170,0
------ ------ ------
Total 138,0 118,0 288,0
------ ------ ------
Dividend cover 2,0 2,0 1,8
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 months ended Year ended
30.09.2010 30.09.2009 30.03.2010
Unaudited Unaudited Audited
Rm Rm Rm
Cash flows from operating
activities
Operating profit before 1 145,7 1 016,4 2 237,5
working capital changes (note
11)
Increase in working capital (17,5) (303,8) (541,4)
---------- ---------- ----------
Cash generated by operations 1 128,2 712,6 1 696,1
Interest received 6,7 7,3 11,6
Interest paid (122,0) (135,6) (261,5)
Taxation paid (365,8) (265,4) (487,3)
Dividends received 6,3 7,2 13,8
Dividends paid (366,0) (361,7) (608,2)
---------- ---------- ----------
Net cash inflows(outflows) 287,4 (35,6) 364,5
from operating activities
---------- ---------- ----------
Cash flows from investing
activities
Purchase of property, plant (148,4) (175,1) (289,6)
and equipment
Proceeds from sale of 3,2 3,3 9,4
property, plant and equipment
Acquisition of client list - - (0,1)
Decrease in participation in 3,3 2,1 9,7
export partnerships
Decrease in staff housing - 0,1 0,3
loans
---------- ---------- ----------
Net cash outflows from (141,9) (169,6) (270,3)
investing activities
---------- ---------- ----------
Cash flows from financing
activities
Proceeds on delivery of - 20,0 47,2
shares by share trust
Shares purchased by share (297,8) - -
trust
Decrease in non-controlling (358,0) (118,5) (304,9)
interest loan
Increase in RCS Group 319,9 150,0 372,1
external funding
Increase (decrease) in 203,3 73,3 (220,8)
interest-bearing debt
---------- ---------- ----------
Net cash (outflows) inflows (132,6) 124,8 (106,4)
from financing activities
---------- ---------- ----------
Net increase (decrease) in 12,9 (80,4) (12,2)
cash during the period
Cash at the beginning of the 284,0 296,2 296,2
period
---------- ---------- ----------
Cash at the end of the period 296,9 215,8 284,0
========== ========== ==========
NOTES
1. The unaudited interim condensed consolidated results for the half-year
ended 30 September 2010 have been prepared in accordance with the
recognition, measurement, presentation and disclosure requirements of IAS 34
Interim Financial Reporting, using the group`s accounting policies, that are
in line with International Financial Reporting Standards (IFRS), the
Companies Act No.61 of 1973, as amended, and the SAICA AC 500 series and have
been consistently applied to prior periods except as described in note 2.
2. During the period, the group adopted the amended IAS 27 Consolidated and
Separate Financial Statements.
The principal effect of the change required by IAS 27 was as follows:
- Total comprehensive income of subsidiaries are now attributed to non-
controlling interest even if this results in a deficit balance.
The adoption of IAS 27 has had no significant effect on these results.
3. These financial statements incorporate the financial statements of the
company, and its subsidiaries and all entities over which it has operational
and financial control.
4. Included in share capital are 24,0(Sept 2009: 24,0) million shares which
are owned by a subsidiary of the company, and 11,8(Sept 2009: 11,9) million
shares which are owned by the share incentive trust. These have been
eliminated on consolidation.
Sept. 2010 Sept. 2009 March 2010
Unaudited Unaudited Audited
Rm Rm Rm
5. REVENUE
Retail turnover 4 581,6 4 072,7 8 605,2
Interest received (refer note 736,3 721,9 1 443,7
7)
Dividends received - retail 6,3 7,2 13,8
Other revenue (refer note 8) 434,7 343,3 717,6
------- ------- -------
5 758,9 5 145,1 10 780,3
------- ------- -------
6. COST OF TURNOVER
Cost of goods sold 2 466,3 2 182,3 4 554,9
Cost of purchase, conversion 207,7 210,6 450,9
and other costs
------- ------- -------
2 674,0 2 392,9 5 005,8
------- ------- -------
7. INTEREST RECEIVED
Trade receivables - retail 344,4 309,7 636,4
RCS Group loan receivables 147,1 185,2 355,4
RCS Group private label card 238,1 219,7 440,3
receivables
Sundry - RCS Group 2,5 3,0 2,7
Sundry - retail 4,2 4,3 8,9
------- ------- -------
736,3 721,9 1 443,7
------- ------- -------
8. OTHER REVENUE
Merchants` commission - RCS 15,1 14,6 30,2
Group
Club income - retail 119,7 102,9 193,0
Club income - RCS Group 2,5 2,8 5,4
Customer charges income - 21,8 9,8 25,3
retail
Customer charges income - RCS 114,5 88,3 192,3
Group
Insurance income - retail 90,1 62,8 141,3
Insurance income - RCS Group 45,3 41,8 87,8
Cellular income - one2one 23,6 16,6 35,0
airtime product
Sundry income - retail 2,1 3,7 7,3
------- ------- -------
434,7 343,3 717,6
------- ------- -------
9. TRADING EXPENSES
Depreciation: land and (3,2) (3,1) (6,1)
buildings
Depreciation: shopfitting, (133,7) (125,0) (258,0)
vehicles, computers and
furniture and fittings
Amortisation (0,2) (0,2) (0,1)
Employee costs: normal - (639,6) (572,2) (1 207,8)
retail
Employee costs: share-based (19,0) (7,0) (34,3)
payments - retail
Employee costs: bonuses - (25,8) (1,6) (2,4)
retail
Employee costs: RCS Group (76,6) (59,8) (132,4)
Occupancy costs: normal - (430,3) (381,8) (797,1)
retail
Occupancy costs: normal - RCS (4,5) (5,9) (10,7)
Group
Occupancy costs: operating (4,2) (5,3) (8,6)
lease liability adjustment
Net bad debt - retail (186,9) (172,9) (359,1)
Net bad debt - RCS Group (137,0) (174,8) (352,4)
Other operating costs (416,0) (352,4) (632,9)
---------- ---------- ----------
(2 077,0) (1 862,0) (3 801,9)
---------- ---------- ----------
10. INVENTORY
Merchandise 1 310,6 1 367,7 1 355,0
Raw materials 60,4 58,9 59,2
Goods in transit 12,3 6,6 59,9
Shopfitting stock 19,9 23,3 14,8
Consumables 4,2 4,4 4,9
---------- ---------- ----------
1 407,4 1 460,9 1 493,8
---------- ---------- ----------
11. OPERATING PROFIT BEFORE
WORKING CAPITAL CHANGES
Operating profit before 1 007,9 890,2 1 972,6
finance charges
Interest received - sundry (6,7) (7,3) (11,6)
Dividends received (6,3) (7,2) (13,8)
Non-cash items 150,8 140,7 290,3
---------- ---------- ----------
Operating profit before 1 145,7 1 016,4 2 237,5
working capital changes
---------- ---------- ----------
12. Comparative figures
Certain reclassifications were made in March 2010 to improve disclosure in
the condensed consolidated cash flow statement. These changes which have no
impact on overall equity, net assets or profitability, have now been applied
to the September 2009 comparatives.
The RCS Group loan and private label card receivables are now disclosed as
part of working capital changes as is required by IAS 7 Cash Flow Statements.
The interest received on trade receivables - retail, as well as the RCS Group
loan and private label card receivables, is now included in operating profit
before working capital changes as this is considered to be part of our
revenue.
The effect on the comparative September 2009 cash flow statement is as
follows:
Movement in operating profit before working 714,6
capital changes
Movement in working capital changes (107,2)
--------
Movement in cash generated from operations 607,4
Movement in RCS Group private label card 42,9
receivables
Movement in RCS Group loan receivables 64,3
Movement in interest received (714,6)
--------
Movement in net cash inflow from operating -
activities
========
13. CONTINGENT LIABILITIES
The Foschini Group has provided RCS Group with a liquidity facility of R50,1
million in respect of their DMTN programme. This facility was R30,8 million
at March 2010.
GROUP SEGMENTAL ANALYSIS
Retail TFG Central Total RCS Group
trading Financial and retail
divisions Services shared
services
6 months ended Unaudited Unaudited Unaudited Unaudited Unaudited
30.09.2010
Rm Rm Rm Rm Rm
External 4 581,6 599,6 12,6 5 193,8 565,1
revenue *
External - 344,4 4,2 348,6 387,7
interest
received
External - - (68,1) (68,1) (53,9)
interest paid
Depreciation - - (130,2) (130,2) (6,9)
and
amortisation
Group profit 764,1 121,8
before tax
------- -------
Segmental 908,1 191,1 (314,9) 784,3 121,8
profit before
tax
IFRS charges (20,2) -
------- -------
Capital 144,5 3,9
expenditure
Segment assets 6 548,2 2 932,8
Segment 2 109,4 1 934,7
liabilities
Retail TFG Central Total RCS Group
trading Financial and Retail
divisions Services shared
services
6 months ended Unaudited Unaudited Unaudited Unaudited Unaudited
30.09.2009
Rm Rm Rm Rm Rm
External 4 072,7 501,8 15,1 4 589,6 555,5
revenue *
External - 309,7 4,3 314,0 407,9
interest
received
External - - (76,7) (76,7) (58,9)
interest paid
Depreciation - - (121,6) (121,6) (6,7)
and
amortisation
Group profit 648,6 106,0
before tax
------- -------
Segmental 815,5 125,2 (297,9) 642,8 106,0
profit before
tax
IFRS charges 5,8 -
------- -------
Capital 172,4 2,7
expenditure
Segment assets 6 075,5 2 790,7
Segment 1 924,4 1 922,8
liabilities
Retail TFG Central Total RCS Group
trading Financial and Retail
divisions Services shared
services
Year ended Audited Audited Audited Audited Audited
31.03.2010
Rm Rm Rm Rm Rm
External 8 605,2 1 031,0 30,0 9 666,2 1 114,1
revenue *
External - 636,4 8,9 645,3 798,4
interest
received
External - - (155,8) (155,8) (105,7)
interest paid
Depreciation - - (251,2) (251,2) (13,0)
and
amortisation
Group profit 1 485,2 225,9
before tax
------- -------
Segmental 1 886,6 256,5 (620,4) 1 522,7 225,9
profit before
tax
IFRS charges (37,5) -
------- -------
Capital 283,1 6,5
expenditure
Segment assets 6 403,2 2 833,7
Segment 1 842,8 1 908,8
liabilities
Consolidated Consolidated Consolidated
6 months ended Year ended
30.09.2010 30.09.2009 31.03.2010
Unaudited Unaudited Audited
Rm Rm Rm
External revenue * 5 758,9 5 145,1 10 780,3
External interest received 736,3 721,9 1 443,7
External interest paid (122,0) (135,6) (261,5)
Depreciation and (137,1) (128,3) (264,2)
amortisation
Group profit before tax 885,9 754,6 1 711,1
------- ------- -------
Segmental profit before tax 906,1 748,8 1 748,6
IFRS charges (20,2) 5,8 (37,5)
------- ------- -------
Capital expenditure 148,4 175,1 289,6
Segment assets 9 481,0 8 866,2 9 236,9
Segment liabilities 4 044,1 3 847,2 3 751,6
* includes retail turnover, interest received, dividends received and other
income
COMMENTARY
GROUP OVERVIEW
Whilst South Africa`s retail environment remains challenging, a more positive
consumer sentiment with improved consumer spending has become evident since
the beginning of this financial year. The 2010 FIFA World CupTrade Mark was
clearly a catalyst in this regard.
Against this background the group has produced an encouraging result in the
first half of the year.
Retail turnover increased by 12,5% to R4,6 billion whilst profit before tax
increased by 17,4%. Headline earnings per share increased by 16,9% to 272,3
cents, whilst diluted headline earnings per share increased by 15,8% to 268,5
cents.
The group`s operating margin for the period increased to 22,0%.
The interim dividend has been increased by 16,9% to 138,0 cents per share
from 118,0 cents per share in the corresponding period.
In line with our strategy of investing for the longer term, the group
continued to grow trading space in certain of our formats that are under-
represented. 42 stores were opened during the period, with a weighted
increase in trading area of 4,5% relative to the prior corresponding period-
end. Space growth for the full financial year is expected to be around 7%.
MERCHANDISE CATEGORIES
Total sales have grown by 12,5% over the previous period with growths in the
various merchandise categories as follows:
- Clothing 11,7%
- Jewellery 10,4%
- Cosmetics 5,9%
- Homewares 15,9%
- Cellphones 25,5%
In the current economic climate, the performance of clothing is pleasing,
following its strong growth of 11,2% in the corresponding period. Jewellery,
being a luxury commodity, has surprised on the upside. Cosmetics growth has
softened during the period coming off a high base. Homewares continued to
perform adequately in a difficult market with pleasing same store growth.
Cellphone sales have improved significantly now that the supply issues
experienced in the previous period have been addressed.
TRADING DIVISIONS
Retail turnover and growths in the various trading divisions were as follows:
Number of Retail % change
stores turnover Rm
@home 79 303,4 16,1
Exact 203 426,0 20,2
Foschini division 463 1 745,7 7,2
Jewellery division 369 537,3 10,9
Markham 239 750,1 16,4
Sports division 303 819,1 17,1
-------- -------- --------
Total 1 656 4 581,6 12,5
-------- -------- --------
Same store turnover grew by 8,3%, whilst product inflation averaged
approximately 2% for the period. Cash sales as a percentage of total sales
increased to 38,2% from 36,3%.
Our @home division opened a further two stores whilst closing one and is now
trading out of 79 stores, 13 of which are the larger @homelivingspace stores.
Turnover grew by 16,1% to R303,4 million. Now that new store openings have
reduced and efficiencies are being improved, same store turnover, for the
first time in a number of years, has been positive, increasing by 7,9%.
Exact reduced its store base by two stores during the period to 203 stores.
The focus on reducing clothing price points has been extremely successful
since implementation and clothing turnover increased by a pleasing 20,1% with
same store turnover growth of 17,0%. Cellphone turnover increased by 20,7%.
Total same store turnover growth was 16,8%.
The Foschini division comprising Foschini, Donna-Claire, Fashion Express and
Luella increased its store base by nine stores to 463 stores during the
period with turnover of R1 745,7 million. Clothing turnover grew by 5,7%
following a growth of 13,3% in the corresponding period, with clothing same
store turnover growth of 2,1%. Cosmetics same store turnover grew by 3,2%.
Same store turnover of cellphones increased by 24,2% whilst total same store
turnover growth increased by 3,8%.
It is encouraging to note that since the mid-year, turnover growth in
Foschini stores has been much stronger.
The Jewellery division comprising American Swiss Jewellers, Sterns and Matrix
performed above expectation. Its store base increased during the period by
four stores to 369 stores with turnover of R537,3 million. Jewellery
merchandise turnover increased by 10,4% whilst jewellery same store turnover
for the period increased by 7,2%. Cellphone same store turnover increased by
11,7%. Total same store turnover increased by 7,8%.
The Markham division increased its store base by five stores during the
period to 239 stores. Trading was pleasing in the current climate with
clothing turnover for the period growing by 13,7% whilst cellphone turnover
increased by 34,4%. Clothing same store turnover for the period grew by
10,8% whilst cellphone same store turnover increased by 29,5%. Total same
store turnover increased by 13,2%.
The Sports division, trading as Totalsports, Sportscene and Duesouth, traded
well, assisted by the 2010 FIFA World CupTrade Mark with turnover growth of
17,1% and same store turnover growth of 11,6%. Its store base was increased
by 12 stores during the period to 303 stores with turnover of R819,1 million.
TFG Financial Services - our retail debtors` book, which amounts to R3,4
billion, has increased by 6,9% during the period. In the current climate the
performance of our retail debtors` book continues to improve, with net bad
debt as a percentage of closing debtors` book improving to 9,5% from its peak
towards the end of the last financial year of 10,1%, and the financial year-
end of 9,9%.
RCS GROUP
The RCS Group is an operationally independent consumer finance business that
provides a broad range of financial services under its own brand in South
Africa, Namibia and Botswana. It is structured into two operating business
units, namely transactional finance and fixed term finance. The
transactional finance business comprises the RCS general-purpose card and
other private label card programmes, whilst the fixed term finance business
comprises RCS Personal loans.
Despite the pricing limitations prevailing in the current interest rate
environment because of the interest-capping formula under the National Credit
Act, the RCS Group performed satisfactorily during the period with net profit
before tax increasing by 14,9% to R121,8 million. Net bad debt improved
significantly with a reduction of 21,6% compared to the previous period.
Its Domestic Medium-Term Note (DMTN) programme launched in March 2010 has
been successfully implemented with R623 million of funding being raised in a
mixture of long- and short term paper. The RCS Group is in the process of
regaining momentum in the growth of its personal loans business, now that it
has the availability of adequate funding.
Our group`s shareholding in this division is 55% with the balance being held
by The Standard Bank of South Africa Limited.
CHANGE OF NAME
At the annual general meeting held on 1 September 2010 shareholders approved
the change of name of our group from Foschini Limited to The Foschini Group
Limited (TFG), effective from 27 September 2010. The reason for the name
change is to ensure that the name conveys the importance of the group`s
significant brand portfolio.
PROSPECTS
Whilst continued unemployment in the economy remains a potential risk, we are
cautiously optimistic regarding trading in the second half of this year. As
always, the second half is heavily dependant on Christmas trading, which will
largely determine the performance of the group in the second half.
For the first seven weeks of the second half, retail turnover has grown by
16,1% and same store turnover by 12,0%.
PREFERENCE DIVIDEND ANNOUNCEMENT
Dividend no. 148 of 3,25% (6,5 cents per share) in respect of the six months
ending 31 March 2011 has been declared, payable on Monday, 28 March 2011 to
holders of 6,5% preference shares recorded in the books of the company at the
close of business on Friday, 25 March 2011.
The last day to trade ("cum" the dividend) in order to participate in the
dividend will be Thursday, 17 March 2011. The Foschini Group Limited
preference shares will commence trading "ex" the dividend from the
commencement of business on Friday, 18 March 2011 and the record date, as
indicated, will be Friday, 25 March 2011.
Preference shareholders should take note that share certificates may not be
dematerialised or rematerialised during the period Friday, 18 March 2011 to
Friday, 25 March 2011, both dates inclusive.
INTERIM ORDINARY DIVIDEND ANNOUNCEMENT
The directors have declared an interim ordinary dividend of 138,0 cents per
ordinary share payable on Monday, 10 January 2011 to ordinary shareholders
recorded in the books of the company at the close of business on Friday, 7
January 2011.
The last day to trade ("cum" the dividend) in order to participate in the
dividend will be Friday, 31 December 2010. The Foschini Group Limited
ordinary shares will commence trading "ex" the dividend from the commencement
of business on Monday, 3 January 2011 and the record date, as indicated, will
be Friday, 7 January 2011.
Ordinary shareholders should take note that share certificates may not be
dematerialised or rematerialised during the period Monday, 3 January 2011 to
Friday, 7 January 2011, both dates inclusive.
Certificated ordinary shareholders are reminded that all entitlements to
dividends with a value less than R5,00 per certificated shareholder will be
aggregated and the proceeds donated to a registered charity of the directors`
choice, in terms of the articles of association of the company.
-------------------------------------------------------------------
Signed on behalf of the Board
D M Nurek, Chairman A D Murray, CEO
Cape Town
16 November 2010
Non-executive directors:
D M Nurek (Chairman), Prof F Abrahams, S E Abrahams, W V Cuba, K N Dhlomo, M
Lewis, E Oblowitz, D M Polak, N V Simamane
Executive directors:
A D Murray, R Stein, P S Meiring
Company secretary:
D Sheard
Registered office:
Stanley Lewis Centre, 340 Voortrekker Road, Parow East, 7500
Transfer secretaries:
Computershare Investor Services (Pty) Ltd, Ground Floor, 70 Marshall Street,
Johannesburg, 2001
Sponsor:
UBS South Africa (Pty) Ltd
Visit our website at http://www.tfg.co.za/
Date: 16/11/2010 14:02:01 Produced by the JSE SENS Department.
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