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Income Statement

Balance Sheet

Cash Flow Statement

Statement of Changes in Equity

Segment Report

Notes

Key Ratios for the Group

Commentary

Dividend Declaration

Notes to the Group Interim Financial Statement

 
 
1.  
  		 Basis of accounting
These consolidated interim financial statements are prepared in accordance with South African Statements of Generally Accepted Accounting Practice (SA GAAP) and are consistent with those applied for the year ended 31 March 2004 and the period ended 30 September 2003, except for the treatment of negative goodwill. Previously recognised negative goodwill has been treated in accordance with the transitional provisions of AC 140 and derecognised to retained income on 1 April 2004.
2.
  		 Holding company
In anticipation of the listing Lewis Group Limited acquired the entire issued share capital of Lewis Stores (Pty) Ltd from the GUS plc group and, in return, issued its entire share capital to the GUS plc group. The shares were issued at the IPO price of R28 per share and the effect of the transaction was to interpose Lewis Group Limited as the holding company. The restructuring affected the share capital of Lewis Group Limited, but it had no impact on the consolidated Lewis Group, from a Lewis shareholders’ point of view. The shareholders’ equity and reserves, and the results disclosed are those of Lewis Stores (Pty) Ltd and its subsidiaries.
    Sept 2004 Sept 2003 Mar 2004
    Rm Rm Rm
    Unaudited Unaudited Audited
3. Revenue      
  Merchandise sales 632.5 547.3 1 190.4
  Finance charges earned 292.5 285.7 602.1
  Insurance premiums earned 167.6 163.0 332.6
  Services rendered 92.4 72.4 149.6
    1 185.0 1 068.4 2 274.7
4. Bad and doubtful debts      
  Bad debts, bad debt recoveries and repossession      
     losses 48.1 55.4 131.2
  Movement in impairment provision (10.5) 18.3 (16.1)
    37.6 73.7 115.1
5. Trade and other receivables      
  Instalment sale receivables 2 599.5 2 595.3 2 630.4
  Debtors’ impairment provision (398.6) (430.5) (409.1)
  Provision for unearned finance charges, unearned      
     insurance premiums and unearned maintenance      
     income (508.9) (489.9) (511.9)
  Net instalment sale receivables 1 692.0 1 674.9 1 709.4
  Other receivables 49.9 41.0 42.3
    1 741.9 1 715.9 1 751.7
  The credit terms of instalment sale receivables      
  range from 6 - 24 months. Amounts due from      
  instalment sale receivables after one year are      
  reflected as current, as they form part of the normal      
  operating cycle.      
6. Material capital commitments      
  There were no material capital commitments      
  contracted for or authorised and contracted at      
  the end of the periods under review.      
7. Cash flow from trading      
  Operating profit 269.9 216.1 505.6
  Adjusted for:      
  Depreciation and amortisation 21.1 21.0 37.7
  Profit on sale of property, plant and equipment (1.9) (1.4) (3.1)
  Movement in debtors’ provisions (13.5) 18.2 (16.1)
  Movement in retirement benefit provisions 1.8 1.8 2.3
  Movement in other provisions 14.7 11.9 9.5
    292.1 267.6 535.9
8. Working capital movement      
  Increase in inventory (19.1) (36.4) (28.9)
  Decrease/(increase) in trade and other receivables 23.4 (41.1) (28.6)
  Increase in trade and other payables 20.9 57.5 30.5
    25.2 (20.0) (27.0)