Operational segmental analysis
Segmental statement of comprehensive income for the year ended 31 August 2011
| Retail | UPD | Intragroup elimination | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||
| R’000 | R’000 | R’000 | R’000 | R’000 | R’000 | R’000 | R’000 | ||
| Segment revenue | 11 132 599 | 10 034 780 | 5 870 836 | 5 622 555 | (2 211 581) | (1 754 966) | 14 791 854 | 13 902 369 | |
| Turnover | 10 792 845 | 9 727 869 | 5 518 974 | 5 298 670 | (2 208 900) | (1 750 262) | 14 102 919 | 13 276 277 | |
| Cost of merchandise sold | (7 592 351) | (6 895 244) | (5 499 675) | (5 219 690) | 2 212 853 | 1 742 249 | (10 879 173) | (10 372 685) | |
| Gross profit | 3 200 494 | 2 832 625 | 19 299 | 78 980 | 3 953 | (8 013) | 3 223 746 | 2 903 592 | |
| Other income | 339 754 | 306 911 | 351 862 | 323 885 | (2 681) | (4 704) | 688 935 | 626 092 | |
| Total income | 3 540 248 | 3 139 536 | 371 161 | 402 865 | 1 272 | (12 717) | 3 912 681 | 3 529 684 | |
| Segment expenses | (2 737 419) | (2 470 451) | (240 353) | (240 665) | 2 681 | 4 704 | (2 975 091) | (2 706 412) | |
| Depreciation and amortisation | (136 155) | (114 481) | (13 559) | (13 614) | – | – | (149 714) | (128 095) | |
| Occupancy costs | (420 846) | (388 030) | (2 831) | (2 804) | 1 081 | 1 088 | (422 596) | (389 746) | |
| Employment costs | (1 375 123) | (1 275 313) | (121 368) | (124 065) | – | – | (1 496 491) | (1 399 378) | |
| Other costs | (805 295) | (692 627) | (102 595) | (100 182) | 1 600 | 3 616 | (906 290) | (789 193) | |
| Operating profit | 802 829 | 669 085 | 130 808 | 162 200 | 3 953 | (8 013) | 937 590 | 823 272 | |
| (Loss)/profit on disposal of property, plant and equipment | (6 263) | (6 359) | 13 | (117) | – | – | (6 250) | (6 476) | |
| Impairment of intangible asset | – | (7 685) | – | – | – | – | – | (7 685) | |
| Segment result from operations | 796 566 | 655 041 | 130 821 | 162 083 | 3 953 | (8 013) | 931 340 | 809 111 | |
| Net financing costs | (33 626) | (38 751) | |||||||
| Financial income | 8 235 | 10 304 | |||||||
| Financial expense | (41 861) | (49 055) | |||||||
| Profit before taxation | 897 714 | 770 360 | |||||||
| Income tax expense | (246 749) | (206 550) | |||||||
| Total profit for the year | 650 965 | 563 810 | |||||||
| Segmental cash flow information for the year ended 31 August 2011 |
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| Capital expenditure | (215 225) | (213 467) | (10 701) | (18 200) | (225 926) | (231 667) | |||
| Depreciation and amortisation | 144 726 | 123 161 | 13 559 | 13 614 | 158 285 | 136 775 | |||
| Non-cash items: | |||||||||
| Fair value adjustment – derivative | (41 797) | (123 354) | – | – | (41 797) | (123 354) | |||
| Foreign exchange loss | 3 237 | 7 745 | – | – | 3 237 | 7 745 | |||
| Loss/(profit) on disposal of property, plant and equipment | 6 263 | 6 359 | (13) | 117 | 6 250 | 6 476 | |||
| Impairment of intangible asset | – | 7 685 | – | – | – | 7 685 | |||
| Operating lease accrual | 10 331 | 9 471 | – | – | 10 331 | 9 471 | |||
| Equity-settled share option costs | 14 290 | 51 | 1 036 | – | 15 326 | 51 | |||
Segmental statement of financial position at 31 August 2011
| Retail | UPD | Intragroup elimination | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||
| R’000 | R’000 | R’000 | R’000 | R’000 | R’000 | R’000 | R’000 | ||
| SEGMENT ASSETS | |||||||||
| Segment non-current assets | 1 179 382 | 1 143 211 | 422 913 | 279 985 | (187 811) | (40 021) | 1 414 484 | 1 383 175 | |
| Property, plant and equipment | 800 400 | 736 142 | 149 506 | 151 911 | – | – | 949 906 | 888 053 | |
| Intangible assets | 299 622 | 312 560 | 1 957 | 1 913 | – | – | 301 579 | 314 473 | |
| Goodwill | 18 855 | 19 524 | 84 655 | 85 811 | – | – | 103 510 | 105 335 | |
| Deferred tax assets | 53 436 | 51 578 | 320 | 329 | – | – | 53 756 | 51 907 | |
| Intragroup loans | 1 336 | – | 186 475 | 40 021 | (187 811) | (40 021) | – | – | |
| Loans receivable | 5 733 | 23 407 | – | – | – | – | 5 733 | 23 407 | |
| Segment current assets | 1 958 844 | 2 095 176 | 1 528 926 | 1 261 691 | (647 471) | (629 904) | 2 840 299 | 2 726 963 | |
| Inventories | 1 350 567 | 1 273 622 | 462 891 | 312 480 | (10 901) | (14 854) | 1 802 557 | 1 571 248 | |
| Trade and other receivables | 194 548 | 171 431 | 1 050 514 | 922 446 | (246 118) | (224 598) | 998 944 | 869 279 | |
| Intragroup loans | 390 452 | 390 452 | – | – | (390 452) | (390 452) | – | – | |
| Loans receivable | 17 901 | 15 149 | – | – | – | – | 17 901 | 15 149 | |
| Cash and cash equivalents | 2 269 | 125 287 | 15 521 | 26 765 | – | – | 17 790 | 152 052 | |
| Derivative financial assets | 3 107 | 119 235 | – | – | – | – | 3 107 | 119 235 | |
| Total segment assets | 3 138 226 | 3 238 387 | 1 951 839 | 1 541 676 | (835 282) | (669 925) | 4 254 783 | 4 110 138 | |
| SEGMENT EQUITY AND LIABILITIES | |||||||||
| Segment equity | 676 036 | 980 596 | 300 052 | 175 586 | (10 901) | (14 854) | 965 187 | 1 141 328 | |
| Share capital | 2 999 | 2 841 | – | – | – | – | 2 999 | 2 841 | |
| Share option reserve | 41 243 | 24 600 | (300) | – | – | – | 40 943 | 24 600 | |
| Treasury shares | (703 070) | (510 850) | – | – | – | – | (703 070) | (510 850) | |
| Cash flow hedging reserve | 2 105 | – | – | – | – | – | 2 105 | – | |
| Non-distributable reserve | (685) | (617) | (1 149) | (997) | – | – | (1 834) | (1 614) | |
| Distributable reserve | 1 333 444 | 1 464 622 | 300 786 | 175 901 | (10 901) | (14 854) | 1 623 329 | 1 625 669 | |
| Equity attributable to equity holders of the parent | 676 036 | 980 596 | 299 337 | 174 904 | (10 901) | (14 854) | 964 472 | 1 140 646 | |
| Non-controlling interest | – | – | 715 | 682 | – | – | 715 | 682 | |
| Segment non-current liabilities | 446 368 | 329 865 | 6 272 | 6 879 | (187 811) | (40 021) | 264 829 | 296 723 | |
| Interest-bearing borrowings | – | 16 566 | 19 | 13 | – | – | 19 | 16 579 | |
| Intragroup loans | 186 475 | 40 021 | 1 336 | – | (187 811) | (40 021) | – | – | |
| Employee benefits | 87 556 | 89 408 | 4 917 | 6 866 | – | – | 92 473 | 96 274 | |
| Deferred tax liabilities | 46 695 | 68 559 | – | – | – | – | 46 695 | 68 559 | |
| Operating lease liability | 125 642 | 115 311 | – | – | – | – | 125 642 | 115 311 | |
| Segment current liabilities | 2 015 822 | 1 927 926 | 1 645 515 | 1 359 211 | (636 570) | (615 050) | 3 024 767 | 2 672 087 | |
| Trade and other payables | 1 436 550 | 1 567 631 | 1 241 324 | 947 850 | (246 118) | (224 598) | 2 431 756 | 2 290 883 | |
| Intragroup loans | – | – | 390 452 | 390 452 | (390 452) | (390 452) | – | – | |
| Employee benefits | 151 050 | 185 527 | 13 619 | 17 042 | – | – | 164 669 | 202 569 | |
| Provisions | 5 217 | 6 244 | – | – | – | – | 5 217 | 6 244 | |
| Interest-bearing borrowings | 375 097 | 115 359 | 120 | 1 233 | – | – | 375 217 | 116 592 | |
| Income tax payable | 44 489 | 44 174 | – | 2 634 | – | – | 44 489 | 46 808 | |
| Derivative financial liabilities | 3 419 | 8 991 | – | – | – | – | 3 419 | 8 991 | |
| Total segment equity and liabilities | 3 138 226 | 3 238 387 | 1 951 839 | 1 541 676 | (835 282) | (669 925) | 4 254 783 | 4 110 138 | |
Clicks Group Limited