tfg interim results ppt book 2018 12397 201811107 v1 ss … · 2020. 2. 17. · tfg results...

RESULTS PRESENTATION

FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2018

TFG Results presentation September 2018 www.tfglimited.co.za

1


FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2018 2

AGENDA

FINANCIAL HIGHLIGHTS Anthony Thunström

GROUP OVERVIEW Anthony Thunström

BUSINESS SEGMENT REVIEW Anthony Thunström

TFG Africa

TFG London

TFG Australia

TFG FINANCIAL SERVICES Jane Fisher

OUTLOOK Anthony Thunström

Anthony Thunström Chief Executive Officer

Jane Fisher Group Director


FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2018

2



FINANCIAL HIGHLIGHTS

Headline earnings

growth +14,3% (excl acq costs +9,1%)

Gross margin

expansion to 53,6% (PY: 51,0%)

Free cash flow @

85% of net

profit

Debt equity ratio

stable at

63,9%

Turnover growth

+28,6%

HEPS

growth +8,3% (excl acq costs +3,4%)

FINANCIAL HIGHLIGHTS


3



REVIEW OF THE PERIOD CONTINUED

SIGNIFICANT ACCOUNTING CHANGES

IFRS 15

• Lay-by revenue previously accounted for on initiation of contract

• IFRS 15 requires that the Group accounts for lay-by revenue once the contract is concluded and

the goods handed over to the customer

• Change applied fully retrospectively

IFRS 9

• Will be dealt with by Jane Fisher



REVIEW OF THE PERIOD

CHANGES IN GROUP STRUCTURE

Brand Effective date FY 2019

trading included

FY 2018

trading included

Hobbs 25 November 2017 6 months 0 months

RAG 24 July 2017 6 months 2 months

LEADERSHIP CHANGES

Bongiwe Ntuli appointed as Group CFO as from 14 January 2019

CHANGES IN E-COMMERCE

2 additional brands launched online selling (Donna and The FIX)

22 total number of brands available online

8% Group online turnover contribution to total turnover

Business segment online turnover contribution to its turnover:

TFG

AFRICA TFG

LONDON TFG

AUSTRALIA

1% of turnover 30% of turnover 4% of turnover

4



0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Sept 2013 Sept 2014 Sept 2015 Sept 2016 Sept 2017 Sept 2018

Clothing - value

Cellphones

Homeware

Jewellery

Cosmetics

The Group’s performance is underpinned by the success of its diversification strategy which

lessens the dependency on any specific merchandise category:

TURNOVER: MERCHANDISE CATEGORY CONTRIBUTION

3,3%

Clothing – international

Clothing – fashion

4,2%

4,5%

5,5%

7,6%

17,7%

20,0%

37,2%

Clothing - sport

GROUP OVERVIEW


5



4 979,6 5 466,0

4 228,8 4 516,0

0,0

2 000,0

4 000,0

6 000,0

8 000,0

10 000,0

12 000,0

Sept 2017Rm

Sept 2018Rm

TFG Africa

Cash Credit

TFG London and TFG Australia cash sales

only

IFRS 15 change resulted in a c.4% lay-by

contribution shift from credit to cash for TFG

Africa

In line with Group’s strategy, cash vs credit

split is well diversified

Current year cash:credit

– Group: 72:28

– TFG Africa: 55:45

Prior year cash:credit (restated for IFRS 15)

– Group: 66:34

– TFG Africa: 54:46

TURNOVER: TENDER TYPE CONTRIBUTION

8 148,7 11 397,1

4 228,8

4 516,0

0,02 000,04 000,06 000,08 000,0

10 000,012 000,014 000,016 000,018 000,0

Sept 2017Rm

Sept 2018Rm

Group

Cash Credit



Strong TFG Africa turnover growth despite challenging start to the financial year

• Clothing: very strong performance

• Jewellery: improved performance against background of market contraction

• Cellphones: strong volume growth in deflationary environment

• Homeware & furniture: strong performance

• Cosmetics: improved performance (Sept 2017: -1,9%)

TFG London (50,7% growth) and TFG Australia (170,7% growth) non-comparable

TURNOVER: MERCHANDISE CATEGORY CONTRIBUTION CONTINUED

GROUP

% change

(ZAR)

TFG AFRICA

% change

(ZAR)

TFG AFRICA

% same store

growth

(ZAR)

Clothing 36,1 11,2 7,2

Jewellery 2,7 2,7 1,0

Cellphones (2,6) (2,6) (4,2)

Homeware & furniture 7,8 7,8 2,8

Cosmetics 1,0 1,0 -

Total 28,6 8,4 4,8

6



TFG Australia net borrowings A$2,5 million (March 2018: A$10,9 million)

TFG London net borrowings £41,7 million (March 2018: £48,2 million)

For comparability, March 2018 gearing adjusted for IFRS 9 = 64,6%

BORROWINGS

GROUP

Sept 2018

(Rm)

GROUP

March 2018

(Rm)

TFG Africa net borrowings (recourse) 7 879,4 7 245,1

TFG Australia net borrowings (non-recourse) 25,7 99,0

TFG London net borrowings (non-recourse) 750,1 800,4

Net borrowings Group 8 655,2 8 144,5

TFG Africa (recourse debt) gearing 58,2% 55,2%

Group gearing 63,9% 62,0%



Trade receivables lower due to new additional IFRS 9 provisioning requirement

Inventory growth tracking turnover growth and in line with year-end targets

Trade and other payables growth in line with expectation

WORKING CAPITAL MANAGEMENT

GROUP

Sept 2018

(Rm)

GROUP

March 2018

(Rm)

GROUP

% change

TFG

AFRICA

% change

Trade receivables 7 083,2 7 373,6 (3,9) (3,9)

Other receivables 1 266,9 1 118,6 13,3 8,4

Inventory 7 609,5 6 900,6 10,3 8,0

15 959,6 15 392,8 3,7 1,4

Trade and other payables (4 376,2) (3 724,3) 17,5 12,1

11 583,4 11 668,5 (0,7) (1,0)


7



Gross TFG Africa space growth (Sept vs. Sept) 5,0%

TFG London and TFG Australia not comparable due to prior year acquisitions

• TFG London capex constrained due to continued online migration and tough retail conditions

• TFG Australia opened 22 stores in line with management’s expectation

No major shifts in spend

CAPEX

GROUP

Sept 2018

(Rm)

GROUP

Sept 2017

(Rm)

TFG Africa 285,3 293,0

- Stores 179,7 178,5

- IT 81,1 83,4

- Other 24,5 31,1

TFG London 58,0 56,7

TFG Australia 118,9 22,6

462,2 372,3



Free cash flow conversion of 85,4% well above 10-year average and in line with expectation

Remains a key focus area

FREE CASH FLOW

GROUP

Sept 2018

(Rm)

6 months

GROUP

Sept 2017

(Rm)

6 months

GROUP

March 2018

(Rm)

12 months

Free cash flow 987,8 1 284,6 1 891,6

% of net profit 85,4% 127,6% 78,5%

8



Tough economic conditions and political uncertainty remains

The interest rate environment in South Africa remained stable during the financial period

• Prior comparative period: 25bps decrease in July 2017 and in March 2018

Impact of drought (in SA and other African countries)

• Western Cape province had lowest comp store turnover growth during the period at 2%

Consumer under pressure

• One percentage point increase in VAT rate since 1 April 2018 (RSA, Lesotho) and 1 August 2018

(Swaziland)

• Continued fuel price increases

TFG AFRICA: OPERATING CONTEXT

Latest

period

Comparative

period

CPI % 4,9 5,1

GDP 0,5 0,9

FNB/BER consumer confidence index 22 -9

RMB/BER business confidence index 38 35

Source: BER, Stats SA

BUSINESS SEGMENT REVIEW: TFG AFRICA


9



Employee costs – annual and promotional increase 7,5%

Occupancy costs

• New space growth 5,0% since September 2017 (including enlargements)

• Closed space 2,2% - in line with capital optimisation initiative

• Net space growth 2,8%

• Average escalation on rental renewals of 5,9% (previously 7,1%)

• Negative rent reversion average of -8,4% (previously +3,5%) on c.440 lease renewals

Other costs

• Excluding non-comparable items, like-for-like branch expense growth at 5,7%

• Marketing : 14,3% increase in spend to counter tough market conditions

• Increased omni spend as part of focus on digital transformation

• R46m PY gain on Australia forex

Net bad debt: IFRS 9 (further information in TFG Financial Services slides)

TFG AFRICA: TRADING EXPENSES

TFG AFRICA

Sept 2018

(Rm)

TFG AFRICA

Sept 2017

(Rm)

TFG AFRICA

% change

Depreciation and amortisation 272,8 245,5 11,1

Employee costs 1 559,6 1 426,6 9,3

Occupancy costs 1 173,9 1 068,9 9,8

Other net operating costs 1 217,9 1 075,8 13,2

Trading expenses before net bad debt 4 224,2 3 816,8 10,7

Net bad debt 514,8 464,6 10,8

Total trading expenses 4 739,0 4 281,4 10,7



Turnover growth ahead of management’s expectation (in current trading conditions) with strong growth

in clothing and homeware

Improved gross margin despite challenging environment and heavy market discounting

EBITDA: focus on cost control continued (further information on following slide)

Net space growth of 2,8% since Sept 2017 (0,4% since March 2018)

TFG AFRICA: SEGMENTAL PERFORMANCE

TFG AFRICA

Sept 2018

TFG AFRICA

Sept 2017

TFG AFRICA

% change

Retail turnover (Rm) 9 981,9 9 208,4 8,4

Gross margin (%) 47,6 46,6

Interest received 878,4 883,2 (0,5)

Value-added services 446,5 429,9 3,9

EBITDA (Rm) 1 842,0 1 761,7 4,6

New outlets 22 74

Closed outlets 26 30

Total outlets at half year 2 648 2 633

10



Political and economic uncertainty has heightened as the Brexit deadline approaches.

Economic growth slowed during 2018. Growth in consumer spending remained sluggish and consumer

price inflation increased through the year, squeezing disposable incomes.

The Pound remains weak and volatile, against both the Euro and US Dollar.

High profile High Street failures have continued, with Coast, East, Jones the Bootmaker, Jacques Vert

entering administration during 2018.

Department store model suffering significant stress

House of Fraser (HoF) placed under CVA and administration

Debenhams: profit collapse (£491 million loss) and store closures (c.50)

The shift to online continues.

TFG LONDON: OPERATING CONTEXT

Latest

period

Comparative

period

CPI % 2,7 2,8

GDP (H1 2018 v H1 2017 y-o-y- growth) 1,1 1,9

GfK Consumer Sentiment -9 -9

CBI Business Optimism -3 5

Source: Office for National Statistics, GfK, Tradingeconomics.com, OECD

BUSINESS SEGMENT REVIEW: TFG LONDON


11



TFG LONDON REMAINS ON TRACK TO DELIVER ITS STRATEGY

• TFG London shared services platform progressing to the agreed timetable, with people, finance, IT and e-commerce

systems projects well advanced.

TRADING MODEL &

MANAGEMENT

• TFG London continues to outperform the broader market through the delivery of a true omni-channel proposition.

› TFG London online sales have grown 15% versus H1 2017 (all brands achieving double-digit growth)

› TFG London online sales contribution c.30%

E-COMMERCE

• All three main brands continued to achieve strong international growth in sales and profitability INTERNATIONAL

• Collapse of competitor brands (including Coast, East and Jacques Vert, Jones the Bootmaker) into administration

has resulted in market share growth for TFG London

› TFG London is selectively increasing its occasion wear proposition to fill newly created gaps in the UK market

BRAND

DEVELOPMENT /

ACQUISITION

MARKET SHARE

GROWTH

• Hobbs integration on track and largely completed



Retail turnover growth of 50,7% including non-comp Hobbs

• 2,3% increase including Hobbs in the base

Gross margin remained robust through the period

EBITDA includes

• HoF net write-off (£2,5m)

• Forex gain in 2018 £1,5m compared to 2017 loss £0,6m due to exchange rate movements

Closure costs have been well contained at £0,4m, a 60% drop from H1 2017 (£1,0m)

TFG LONDON: SEGMENTAL PERFORMANCE

TFG

LONDON

Sept 2018

TFG

LONDON

Sept 2017

TFG

LONDON

% change

Retail turnover (£m) 200,4 133,0 50,7


EBITDA (£m) 13,7 14,8 (7,4)

New outlets 68 46

Closed outlets 73 39

Total outlets at half year 930* 746

* Includes 188 outlets acquired with Hobbs

12



Annual GDP growth steady at 3,4%

Consumer sentiment remains slightly above the longer term average

Business Confidence is in line with long term average

The level of unemployment remains low with the jobless rate the lowest since November 2012. Wages

per employee are flat, while household savings continued to fall for the year ended June 2018.

Australian retail market however remains tough

• Roger David entered into administration in October 2018

• Department stores Myer and David Jones under significant pressure

TFG AUSTRALIA: OPERATING CONTEXT

Latest

period

Comparative

period

CPI % (June year ended % change) 2,1 1,9

GDP (June year ended % change) 3,4 2,1

Consumer Sentiment (September) 100,5 97,9

Business Confidence (September) 6 7

Source: Australian Bureau of Statistics, Westpac-Melbourne Institute, Tradingeconomics.com, National Australia Bank, Reserve Bank of Australia

BUSINESS SEGMENT REVIEW: TFG AUSTRALIA


13



AMERICAN SWISS AUSTRALIA



For comparative period ended Sept 2017, 6 months of RAG included as well as G-Star (for comparative purposes only)

Turnover growth, gross margin and EBITDA ahead of expectation and market

Strong performance with LFL sales ahead of Australian market at 7,6% and new outlet growth on track

Strategy update

Growth through expansion of existing brands in Australia and New Zealand continues with a net increase of 38 stores expected in the current financial year

Launch of TFG test brand stores during October 2018

TFG AUSTRALIA: SEGMENTAL PERFORMANCE

TFG

AUSTRALIA

Sept 2018

TFG

AUSTRALIA

Sept 2017*

TFG

AUSTRALIA

% change

Retail turnover (A$m) 239,0 208,0 14,9


EBITDA (A$m) 27,0 20,4 32,4

New outlets 22 22

Closed outlets 6 8

Total outlets at half year 463 431

* Provided for comparative purposes only

14








15







16

TFG FINANCIAL SERVICES




The test launch of American Swiss in Australia is on track with 6 store sights confirmed across Sydney, Melbourne and Brisbane:

Highpoint & Robina Opened 19 October MacArthur Square Opened 25 October Sunshine Plaza Opened 5 November Werribee Opening 12 November Charlestown Square TBC

stown Square TBC

Sunshine Plaza

Robina

Charlestown

McArthur Werribee

HighPoint


17



TFG FINANCIAL SERVICES: SALIENT FEATURES

+9,1% gross debtors’ book growth

(Sept 2017: +8,2%)

+6,8% credit turnover growth

(Sept 2017: +4,3%)

12,3% overdue values as % to debtors’ book (Sept 2017: 12,5%)

+6,4% active account growth

(Sept 2017: +0,6%)

+2,7% net debtors’ book growth

(Sept 2017: +6,3%)

+5,0% income growth

(Sept 2017: +1,2%)



TFG FINANCIAL SERVICES: INDUSTRY REVIEW

- Higher inflation and weak income growth resulted in a decline in the TU CCI from 55 in Q1 2018 to 51 in Q2 2018

- The number of accounts in default (3-months in arrears) marginally increased

- Household cash flow growth deteriorated in Q2 2018,

with expectations that this could worsen due to fuel price increases

- In spite of the initial “Ramaphoria”, the economic outlook

remains difficult with persistent structural challenges

18



Significant active account growth of 6,4% (Sept 2017: +0,6%) as activations increase, driven by higher

demand, post the favourable affordability court case ruling

Accept rates stable as risk appetite remains within acceptable limits

Increase in customer base results in credit turnover growth improving to 6,8% (Sept 2017: +4,3%)

Credit turnover as a % of total turnover remains stable and aligned to Group strategy

TFG FINANCIAL SERVICES: CREDIT BOOK

Key indicators

TFG AFRICA

Sept 2018

TFG AFRICA

Sept 2017

TFG AFRICA

% change

Number of active accounts (‘000) 2 621,7 2 463,1 6,4

Credit turnover (Rm)* 4 516,0 4 228,8 6,8

Credit turnover as a % of total retail turnover (TFG Africa only)

45,2 45,9

* Credit turnover restated to exclude lay-by turnover



Income growth of 5,0% (Sept 2017: +1,2%) on the back of a gross book growth of 9,1% (Sept 2017:

+8,2%)

Net bad debt growth of 10,8% (Sept 2017: -4,3%)

• Bad debt write off growth of 10,4% (Sept 2017: +0,7%) in line with book growth and current

consumer stress

• Robust recoveries growth of 12,8% (Sept 2017: +13,3%)

• Higher book growth and implementation of IFRS 9 necessitates increased impairment provision

Credit cost growth well contained at only 0,5% (Sept 2017: -0,5%) due to efficient workforce

management and ongoing cost control initiatives

TFG FINANCIAL SERVICES: CREDIT PERFORMANCE

TFG AFRICA

Sept 2018

(Rm)

TFG AFRICA

Sept 2017

(Rm)

TFG AFRICA

% change

Income 1 079,9 1 028,4 5,0

Net bad debt (514,8) (464,6) 10,8

Credit costs* (241,3) (240,2) 0,5

EBIT 323,8 323,6 0,1

* Credit costs restated to exclude Group marketing and analytics costs


19



TFG FINANCIAL SERVICES: ACCOUNTING STANDARDS & REGULATIONS

ACCOUNTING STANDARD/

REGULATION

IMPACT

IFRS 9: Financial

Instruments (IFRS 9)

IFRS 9 effective from 1 January 2018 replacing IAS 39 Financial Instruments: Recognition and Measurement (IAS 39)

Impairments are determined based on an expected credit loss (ECL) model, reflecting a probability-weighted outcome and the best forward-looking information available to the Group, as opposed to an incurred loss model applied in terms of IAS 39

IFRS 9 retrospectively adopted on 1 April 2018 with an adjustment to the Group’s

opening 1 April 2018 retained earnings; comparative financial statements not restated

The allowance for impairment as at 1 April 2018 increased by R542,5m or 39,1% (in line with typical banking industry range of c.30% – 50%) to 22% of debtors’ balance

A significant component of the increase in the allowance for impairment on implementation is due to forward-looking information

Debt Intervention

National Council Of Provinces (NCOP) currently considering proposed amendments to the National Credit Act on debt intervention

Proposed amendments intended to provide debt relief to over-indebted customers who meet certain criteria

The possible impact of the proposed amendments are difficult to quantify

Proposed amendments are expected to be challenged legally on constitutional grounds, which will delay / potentially set aside the implementation thereof



Book quality stable, resulting in overdue values as a % to debtors’ book declining and an increased ratio

of customers able to purchase

Net bad debt write off and net bad debt as % of debtors’ book improved, due to gross debtors’ book

increase and sustained recovery growth in excess of write off growth

Despite strong gross debtors’ book and turnover growth, the increased level of provisioning required by

IFRS 9 results in:

• Increased allowance for impairment as % of debtors’ book of 21,5% (Sept 2017: 16,7% per IAS 39)

• Net debtors’ book year on year growth limited to 2,7% (Sept 2017: +6,3%)

TFG FINANCIAL SERVICES: CREDIT STATISTICS

Key debtors statistics*

TFG AFRICA

Sept 2018

TFG AFRICA

March 2018

TFG AFRICA

Sept 2017

Overdue values % to debtors’ book 12,3 12,4 12,5

% able to purchase 84,7 83,0 84,3

Net bad debt write off as a % of debtors’ book 12,1 12,6 13,5

Net bad debt as a % of debtors’ book 9,8 9,6 10,6

Net bad debt as a % of credit transactions 6,6 6,5 6,5

Allowance for impairment as a % of debtors’ book 21,5 15,8 16,7

Net debtors’ book (Rm) 7 083,2 7 373,6 6 895,0

* Gross and net debtors’ book restated to exclude lay-bys; allowance for impairment reclassified to provide comparable data.

20



FOCUS APPROACH

TFG Rewards Cash rewards customers

Acquired 960,000 new rewards customers year to date through 20 retail TFG Africa brands Increased rewards visibility and logo usage by brands to enable acquisition Ensured always-on rewards offers in-store for customers to exclusively benefit from additional value-add Enabled visibility of performance indicators through the value chain

Leveraging data science

Measurable cash and credit rewards customer acquisition strategies allow us to collect data at every swipe TFG Rewards programme to be enhanced to ensure we continuously deliver on customer expectations Customer personalisation, content and engagement strategies to be tested and enriched with data science modeling Total TFG Rewards customers base of 13,4 million

TFG FINANCIAL SERVICES: STRATEGY



FOCUS APPROACH

Customer acquisition Account customers

New lead generation & origination channel launched Short codes included in Foschini & Sportscene television adverts Customer responds via SMS which triggers a credit bureau check Successful leads contacted by credit telemarketing team to finalise application Partnered with a 3rd party to build an analytical model that identifies optimal advert timeslots to maximise response rates

Introduced a chat bot which enabled and scaled originations

Customers can apply for an account by scanning a QR code (Quick Response) or sending a message via WhatsApp and answering questions posed by the chat bot

Big Buy product offering launched in October 2018 Big Buy is a finance solution for our customers who want to purchase an item or basket of goods in excess of R5 000 and pay for them over an extended period Payment plans of 18, 24 and 36 months are offered

TFG FINANCIAL SERVICES: STRATEGY


21



Trading conditions across all three territories expected to remain challenging

TFG AFRICA

Political / policy uncertainty will remain a concern until 2019 South African elections

Gross margin and product price inflation expected to be in line with half-year

Focus on cost control, working capital optimisation and digital transformation continues

TFG LONDON

Brexit and department store model uncertainties remain

Shared services platform

Online sales and omni-channel offering

TFG AUSTRALIA

Continued store roll out of existing brands

Proof of concept of American Swiss Australia

GROUP

Retail trade performance for first four weeks at similar levels to H1 across all three business segments

2nd half heavily dependent on Black Friday, Cyber Monday and Christmas trade

OUTLOOK

OUTLOOK

22



THIS ANNOUNCEMENT CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS WITH RESPECT TO

THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF THE FOSCHINI GROUP LIMITED AND

ITS SUBSIDIARIES, WHICH BY THEIR NATURE INVOLVE RISK AND UNCERTAINTY BECAUSE THEY

RELATE TO EVENTS AND DEPEND ON CIRCUMSTANCES THAT MAY OCCUR IN THE FUTURE.

DISCLAIMER

THANK YOU


23



BUSINESS OVERVIEW

TFG

Diverse group with a successful

portfolio of 28 leading fashion retail

brands

Diversification through:

• Cash and credit turnover

• Geography –

4 041 outlets in

32 countries

• Full omni offering – brick and

mortar, concessions and online

• Broad product offering across

various merchandise categories:

› Clothing

› Jewellery

› Homeware & furniture

› Cellphones

› Cosmetics

APPENDICES

24



OUR FOOTPRINT – TFG AUSTRALIA

19

444

Stores Concessions Total outlets



OUR FOOTPRINT – TFG AFRICA

2 447

12

110

23

35

04

05

437 211

95

153 282

200

742

185

142


12


25



OUR FOOTPRINT – TFG LONDON

USA

Mexico

Middle East

Qatar

United Arab Emirates

Kuwait

Bahrain

Saudi Arabia

Europe

UK & Ireland

Sweden

Estonia

Latvia

Netherlands

Belgium

Germany

Switzerland

Spain

North America Asia

Japan

Hong Kong

Macau

Malaysia

Singapore 3 3

7 7

2 2

2 2

5 5

43 41 2

13 13

676 470 206

13 12 1

1 1

2 2

8 8

5 5

52 50 2

39 30 9

17 17

6 6

11 2 9

2 2

1 1

7 7


Australia

Australia 15 15

26

Condensed consolidated statement of financial position

Sept 2018Unaudited

Rm

Restated*Sept 2017Unaudited

Rm

Restated*March 2018

AuditedRm

ASSETS

Non-current assets

Property, plant and equipment 2 931,6 2 792,3 2 861,9

Goodwill and intangible assets 8 484,4 8 236,9 7 667,2

Deferred taxation asset 891,4 729,3 663,6

12 307,4 11 758,5 11 192,7

Current assets

Inventory 7 609,5 6 412,5 6 900,6

Trade receivables – retail 7 083,2 6 895,0 7 373,6

Other receivables and prepayments 1 082,2 838,8 821,8

Concession receivables 184,7 267,9 296,8

Cash and cash equivalents 1 002,5 744,8 1 206,1

16 962,1 15 159,0 16 598,9

Total assets 29 269,5 26 917,5 27 791,6

EQUITY AND LIABILITIES

Equity attributable to equity holders of The Foschini Group Limited 13 538,6 13 190,0 13 121,5

Non-controlling interest – 4,1 4,5

Total equity 13 538,6 13 194,1 13 126,0

LIABILITIES

Non-current liabilities

Interest-bearing debt 4 929,7 5 724,9 4 825,7

Put option liability 80,8 113,2 72,7

Cash-settled share incentive scheme – 7,3 –

Operating lease liability 373,8 323,8 335,1

Deferred taxation liability 923,0 915,5 829,4

Post-retirement defined benefit plan 224,8 241,6 215,8

6 532,1 7 326,3 6 278,7

Current liabilities

Interest-bearing debt 4 728,0 2 821,6 4 524,9

Trade and other payables 4 376,2 3 497,3 3 724,3

Operating lease liability 22,5 18,9 30,7

Taxation payable 72,1 59,3 107,0

9 198,8 6 397,1 8 386,9

Total liabilities 15 730,9 13 723,4 14 665,6

Total equity and liabilities 29 269,5 26 917,5 27 791,6

* Refer to note 14 of the unaudited interim condensed consolidated results for the half-year ended 30 September 2018 for the change in accounting policy.


27

Condensed consolidated income statement

6 months ended

30 Sept 2018

UnauditedRm

Restated* 6 months

ended 30 Sept

2017Unaudited

Rm%

change

Restated* Year ended

31 March 2018

AuditedRm

Revenue 17 466,7 13 880,6 31 463,0

Retail turnover 15 913,1 12 377,5 28,6 28 519,5

Cost of turnover (7 386,5) (6 065,4) (13 557,5)

Gross profit 8 526,6 6 312,1 14 962,0

Interest income 878,4 883,2 1 755,8

Other income 675,2 619,9 1 187,7

Trading expenses (8 165,5) (6 029,7) (13 779,0)

Operating profit before acquisition

costs and finance costs 1 914,7 1 785,5 7,2 4 126,5

Acquisition costs – (48,6) (79,4)

Finance costs (373,7) (339,4) (696,6)

Profit before tax 1 541,0 1 397,5 3 350,5

Income tax expense (384,0) (390,6) (942,3)

Profit for the period 1 157,0 1 006,9 2 408,2

Attributable to:

Equity holders of The Foschini Group

Limited 1 156,8 1 006,1 2 406,9

Non-controlling interest 0,2 0,8 1,3

Profit for the period 1 157,0 1 006,9 2 408,2

Earnings per ordinary share (cents)

Total

Basic 500,8 459,5 9,0 1 070,2

Diluted (basic) 496,8 456,9 8,7 1 060,0

* Refer to note 14 of the unaudited interim condensed consolidated results for the half-year ended 30 September 2018 for the change in accounting policy.

GREYMATTER & FINCH # 12397

tfg interim results ppt book 2018 12397 201811107 v1 ss … · 2020. 2. 17. · tfg results...

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