 |
 |
ANNUAL FINANCIAL STATEMENTS
- Directors' Report
- Directors' Responsibility statement
- Certificate by the Company Secretary
- Audit committee report
- Independent Auditor’s report
- Group Financial Statements
- Operational Segmental Analysis
- Accounting policies
- Notes to the annual financial statement
- Company Financial Statements
- Interest in subsidiary companies
Interest in Subsidiary Companies
at 31 August 2009
| Ordinary | Shares at cost less | Amount owing | |||||
| issued | amounts written off | (to)/by subsidiaries | |||||
| Name of company/entity and nature of business | Country of | share | 2009 | 2008 | 2009 | 2008 | |
| incorporation | capital | R’000 | R’000 | R’000 | R’000 | ||
| Directly held | |||||||
| i) | Trading | ||||||
| New Clicks South Africa (Proprietary) Limited | South Africa | R500 | 272 439 | 272 439 | (66 052) | 71 177 | |
| ii) | Property owning | ||||||
| Elsdon Investments (Proprietary) Limited | South Africa | R2 | 3 911 | 3 911 | – | – | |
| Crantock Investments (Proprietary) Limited | South Africa | R1 | 44 | 44 | – | – | |
| Optimprops 93 (Proprietary) Limited | South Africa | R100 | 13 | 13 | – | – | |
| Flamborough Investments (Proprietary) Limited | South Africa | R1 | * | * | – | – | |
| Clicks Centurion (Proprietary) Limited | South Africa | R10 | * | * | 9 000 | 9 000 | |
| Indirectly held | |||||||
| i) | Trading | ||||||
| Safeway (Swaziland) (Proprietary) Limited | Swaziland | E2 | – | – | – | – | |
| Clicks Stores (Lesotho) (Proprietary) Limited | Lesotho | M1 000 | – | – | – | – | |
| The Clicks Organisation (Botswana) (Proprietary) Limited | Botswana | BWP3 000 | – | – | – | – | |
| Safeway (Namibia) (Proprietary) Limited | Namibia | N$100 | – | – | – | – | |
| The Clicks Group Finance Company (Proprietary) Limited | South Africa | R999 | – | – | – | – | |
| New United Pharmaceutical Distributors (Proprietary) Limited | South Africa | R10 | – | – | – | – | |
| Clicks Retailers (Proprietary) Limited | South Africa | R200 | – | – | – | – | |
| Milton & Associates (Proprietary) Limited | South Africa | R200 | – | – | – | – | |
| Leon Katz (Proprietary) Limited | South Africa | R200 | – | – | – | – | |
| J & G Purchase & Associates (Proprietary) Limited | South Africa | R220 | – | – | – | – | |
| Kalahari Medical Distributors (Proprietary) Limited | Botswana | BWP200 | – | – | – | – | |
| Clicks Direct Medicines (Proprietary) Limited | South Africa | R600 | – | – | – | – | |
| Direct Patient Support (Proprietary) Limited | South Africa | R100 | – | – | – | – | |
| ii) | Name protection and dormant | ||||||
| 13 companies (2008 – 8 companies) | – | – | – | – | |||
| 276 407 | 276 407 | ( 57 052) | 80 177 | ||||
| Shares at cost less amounts written off | 276 407 | 276 407 | |||||
| Amounts owing (to)/by subsidiary companies | (57 052) | 80 177 | |||||
| Equity-settled capital contribution to subsidiary | 24 549 | 23 832 | |||||
| Interest in subsidiaries | 243 904 | 380 416 | |||||
All subsidiary companies are wholly owned with the exception of The Link Investment Trust, Kalahari Distributors (Proprietary) Limited and Clicks Direct Medicines (Proprietary) Limited and Direct Patient Support (Proprietary) Limited.
Clicks Group Limited has a 56% interest in The Link Investment Trust, 90% in Kalahari Medical Distributors (Proprietary) Limited and 60% in Clicks Direct Medicines (Proprietary) Limited and Direct Patient Support (Proprietary) Limited.
The loan to The Link Investment Trust is interest free, unsecured and is repayable in annual instalments, not exceeding 10% of the underlying profit of the entity.
The loan and investment in The Link Investment Trust have been impaired in prior years based on the fact that the carrying value of the loan and investment exceeded the present value of management's best estimate of likely future cash flows discounted at the group's risk adjusted pre-tax weighted average cost of capital.
All other loans are interest free, unsecured and an unconditional right to defer payment for 12 months.
* values less than R1 000