FOSCHINI GROUP ANNUAL REPORT 2010 - Page 224

Foschini Limited
as at 31 March

STATEMENT OF FINANCIAL POSITION

2010 2009
Note Rm Rm
ASSETS
Non-current assets
FOSCHINI LIMITED

Investment in preference shares 4 200,0 200,0

Interest in subsidiaries Appendix 1 950,0 1 246,5
Deferred taxation
1 150,0 1 446,5
Current assets
Interest in subsidiaries Appendix 1 682,5 749,3
Other receivables 3,9 5,4
Cash 1,7 1,3
688,1 756,0
Total assets 1 838,1 2 202,5

EQUITY AND LIABILITIES

Capital and reserves
Share capital 13.2 3,4 3,4
Share premium 498,7 498,7
Dividend reserve 15.1 408,8 408,8
Distributable reserve 916,3 1 278,3
1 827,2 2 189,2
Current liabilities
Other payables 5,7 6,2
Taxation payable 5,2 7,1
10,9 13,3
Total equity and liabilities 1 838,1 2 202,5

Guarantee: The company has guaranteed the overdraft facilities of subsidiary companies.
The amounts utilised amounted to 1 041,0 1 271,0

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 FOSCHINI GROUP ANNUAL REPORT 2010 - Page 225
Foschini Limited continued
for the years ended 31 March

INCOME STATEMENT
2010 2009
Rm Rm
Profit before taxation* 421,5 359,4
Taxation – current year (90,9) (114,8)
Profit attributable to ordinary shareholders 330,6 244,6
* after taking account of:
Dividends received – subsidiary companies 237,4 136,1
– preference shares 13,8 19,1

STATEMENT OF COMPREHENSIVE INCOME

2010 2009
Rm Rm
Profit attributable to ordinary shareholders 330,6 244,6
Total comprehensive income for the year 330,6 244,6

STATEMENT OF CHANGES IN EQUITY

2010 2009
Rm Rm
Equity at the beginning of the year 2 189,2 2 637,2
Total comprehensive income for the year 330,6 244,6
Dividends paid (692,6) (692,6)
Equity at the end of the year 1 827,2 2 189,2

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FOSCHINI GROUP ANNUAL REPORT 2010 - Page 226

Foschini Limited continued

for the years ended 31 March

APPENDIX 1: SUBSIDIARY COMPANIES

Issued 2010 2009
share 2010 2009 Indebted- Indebted-
capital Cost Cost ness ness
Name of subsidiary Note R Rm Rm Rm Rm
FOSCHINI LIMITED CONTINUED

Trading subsidiaries
Foschini Retail Group (Proprietary) Limited 2, 3, 7 2 102,5 102,5 727,0 1 142,6
Retail Credit Solutions (Proprietary) Limited 2 18 200 – – – –
What U Want To Wear (Proprietary) Limited 2 66 200 0,1 0,1 – –
Markhams (Proprietary) Limited 2 1 – – – –
Fashion Retailers (Proprietary) Limited 4 250 006 0,2 0,2 – –
Foschini Finance (Proprietary) Limited 2, 7 6 – – 153,0 219,9
Foschini Services (Proprietary) Limited 2 10 – – – –
Foschini Stores (Proprietary) Limited 2, 6 1 – – 528,6 528,6
Foschini Swaziland (Proprietary) Limited 5 2 – – – –
Foschini Investments (Proprietary) Limited 2 10 – – – –
Pienaar Sithole and Associates (Proprietary) Limited 2, 7 100 – – 1,8 1,8
TFG Apparel Supply Company (Proprietary) Limited 2, 7 2 – – 119,1 –
Total trading subsidiaries 102,8 102,8 1 529,5 1 892,9
Other* 1,1 1,1 (0,9) (0,9)
Total 103,9 103,9 1 528,6 1 892,0

2010 2009
Summary Rm Rm
Investment in shares at cost 103,9 103,9
Amounts owing by subsidiaries – non-current portion 846,1 1 142,6
Total non-current portion 950,0 1 246,5
Amounts owing by subsidiaries – current portion 682,5 749,3
Total interest in subsidiaries 1 632,5 1 995,8

Notes
1. The company owns, directly or indirectly, all the ordinary shares in the subsidiaries listed above.
2. Incorporated in South Africa.
3. Included is an amount of R102,5 (2009: R102,5 ) million representing the fair value of 102 500 R1 preference shares issued on
28 February 2002. The directors’ valuation thereof at 31 March 2010 is R102,5 (2009: R102,5) million.
4. Incorporated in Namibia.
5. Incorporated in Swaziland.
6. The loan to subsidiary is unsecured, interest free and no fixed date for repayment has been determined.
7. The loan to subsidiary is unsecured, bears interest at rates determined from time to time and no fixed date for repayment has been
determined. By mutual agreement the loan will not be repayable within the next 12 months.
* A schedule of these details is available on request

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 FOSCHINI GROUP ANNUAL REPORT 2010 - Page 227
Foschini Limited continued
for the years ended 31 March

APPENDIX 2: RELATED PARTY INFORMATION

2010 2009
Rm Rm
Loans to and from related parties are disclosed in appendix 1.

Interest was received from the following related parties:

Foschini Retail Group (Proprietary) Limited 111,5 210,5
Pienaar Sithole and Associates (Proprietary) Limited 0,2 –
TFG Apparel Supply Company (Proprietary) Limited 1,7 –
Foschini Finance (Proprietary) Limited 22,8 –
136,2 210,5

Dividends were received from the following related parties:

Retail Credit Solutions (Proprietary) Limited 100,5 2,6
Foschini Retail Group (Proprietary) Limited 81,7 40,5
Foschini Services (Proprietary) Limited 5,7 –
Foschini Finance (Proprietary) Limited 12,2 13,7
Markhams (Proprietary) Limited 0,9 –
What U Want to Wear (Proprietary) Limited – 10,0
Foschini Stores (Proprietary) Limited 28,4 69,3
229,4 136,1

Preference dividends were received from the following related party:

Foschini Retail Group (Proprietary) Limited 8,0 8,9

Dividends were paid to the following related parties:

Foschini Stores (Proprietary) Limited 69,3 69,3
The Foschini Share Incentive Trust 24,3 34,2
93,6 103,5

Also refer to note 36 for related party disclosure.

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