Cash flow The Foschini Group Limited

Equities

TFG

ZAE000148466

Apparel & Accessories Retailers

End-of-day quote Johannesburg S.E. Other stock markets 13/09/2024			5-day change	1st Jan Change
139.35 ^ZAR	+1.69%		-0.50%	+25.59%

06/09	The Foschini Group Limited Announces Board and Committee Changes	CI
04/09	South Africa's TFG sales fall 3.5% as consumers spend less	RE

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Published financial data: THE FOSCHINI GROUP LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2020	2021	2022	2023	2024
Revenues	3.53TCr	3.3TCr	4.34TCr	5.18TCr	5.62TCr
Total Revenues	3.53TCr	3.3TCr	4.34TCr	5.18TCr	5.62TCr
Cost of Goods Sold, Total	1.67TCr	1.8TCr	2.23TCr	2.7TCr	2.93TCr
Gross Profit	1.86TCr	1.5TCr	2.1TCr	2.48TCr	2.7TCr
Selling General & Admin Expenses, Total	1.56TCr	1.49TCr	1.74TCr	2.13TCr	2.35TCr
Provision for Bad Debts	127.55Cr	122.24Cr	98Cr	135.11Cr	139.45Cr
Depreciation & Amortization - (IS)	-	-	-	-	-
Other Operating Expenses	-315.32Cr	-263.55Cr	-263.41Cr	-334.32Cr	-390.14Cr
Other Operating Expenses, Total	1.37TCr	1.35TCr	1.58TCr	1.93TCr	2.1TCr
Operating Income	492.97Cr	150.02Cr	525.43Cr	549.03Cr	600.09Cr
Interest Expense, Total	-133.54Cr	-99Cr	-78Cr	-136.78Cr	-177.02Cr
Net Interest Expenses	-133.54Cr	-99Cr	-78Cr	-136.78Cr	-177.02Cr
EBT, Excl. Unusual Items	359.43Cr	51Cr	447.05Cr	412.25Cr	423.07Cr
Merger & Related Restructuring Charges	-	-1.68Cr	-5.88Cr	-56L	-
Impairment of Goodwill	-	-170.46Cr	-	-	-1.56Cr
Gain (Loss) On Sale Of Investments	-	-	1.3Cr	-	-
Asset Writedown	-24Cr	-167.63Cr	-9.47Cr	-7.47Cr	-4.4Cr
Insurance Settlements	-	-	15Cr	-	-
Other Unusual Items	-	117.83Cr	-45Cr	11L	45L
EBT, Incl. Unusual Items	334.93Cr	-171.27Cr	402.89Cr	404.33Cr	417.56Cr
Income Tax Expense	91Cr	15Cr	111.94Cr	101.75Cr	114.44Cr
Earnings From Continuing Operations	244.38Cr	-186.18Cr	290.95Cr	302.58Cr	303.12Cr
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	244.38Cr	-186.18Cr	290.95Cr	302.58Cr	303.12Cr
Minority Interest	-	-	-	-	-
Net Income - (IS)	244.38Cr	-186.18Cr	290.95Cr	302.58Cr	303.12Cr
Net Income to Common Incl Extra Items	244.38Cr	-186.18Cr	290.95Cr	302.58Cr	303.12Cr
Net Income to Common Excl. Extra Items	244.38Cr	-186.18Cr	290.95Cr	302.58Cr	303.12Cr
Per Share Items
Net EPS - Basic	10.56	-6.14	9.02	9.38	9.35
Basic EPS - Continuing Operations	10.56	-6.14	9.02	9.38	9.35
Basic Weighted Average Shares Outstanding	23Cr	30Cr	32Cr	32Cr	32Cr
Net EPS - Diluted	10.51	-6.14	8.95	9.3	9.29
Diluted EPS - Continuing Operations	10.51	-6.14	8.95	9.3	9.29
Diluted Weighted Average Shares Outstanding	23Cr	30Cr	33Cr	33Cr	33Cr
Normalized Basic EPS	9.71	1.04	8.66	7.99	8.15
Normalized Diluted EPS	9.66	1.04	8.59	7.92	8.1
Dividend Per Share	3.35	-	5	3.2	3.5
Payout Ratio	75.26	-	19.11	54.06	32.48
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	567.79Cr	226.43Cr	602.63Cr	648.07Cr	711.74Cr
EBITA	493.16Cr	150.31Cr	525.76Cr	549.38Cr	600.37Cr
EBIT	492.97Cr	150.02Cr	525.43Cr	549.03Cr	600.09Cr
EBITDAR	638.16Cr	288.4Cr	671.65Cr	734.02Cr	813.29Cr
Effective Tax Rate - (Ratio)	27.04	-8.71	27.78	25.16	27.41
Current Domestic Taxes	67Cr	21Cr	91Cr	49Cr	72Cr
Current Foreign Taxes	26Cr	32Cr	34Cr	55Cr	46Cr
Total Current Taxes	93Cr	53Cr	125.01Cr	103.52Cr	117.96Cr
Deferred Domestic Taxes	-85L	7.08Cr	-16Cr	55L	-6.45Cr
Deferred Foreign Taxes	-1.47Cr	-45Cr	2.81Cr	-2.32Cr	2.93Cr
Total Deferred Taxes	-2.32Cr	-38Cr	-13Cr	-1.77Cr	-3.52Cr
Normalized Net Income	224.64Cr	32Cr	279.41Cr	257.66Cr	264.42Cr
Interest on Long-Term Debt	59Cr	55Cr	49Cr	57Cr	78Cr
Supplemental Operating Expense Items
Selling and Marketing Expenses	1.49TCr	1.48TCr	1.68TCr	2.05TCr	2.24TCr
Net Rental Expense, Total	70Cr	62Cr	69Cr	86Cr	101.55Cr
Imputed Operating Lease Interest Expense	40Cr	29Cr	29Cr	50Cr	67Cr
Imputed Operating Lease Depreciation	30Cr	33Cr	40Cr	36Cr	35Cr
Stock-Based Comp., S&M Exp. (Total)	-	-	-	22Cr	17Cr
Stock-Based Comp., Other (Total)	7.61Cr	22Cr	8.71Cr	-	-
Total Stock-Based Compensation	7.61Cr	22Cr	8.71Cr	22Cr	17Cr

Fiscal Period: March	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	296.91Cr	484.32Cr	574.58Cr	409.52Cr	377.54Cr
Short Term Investments	32Cr	-	-	-	-
Total Cash And Short Term Investments	328.92Cr	484.32Cr	574.58Cr	409.52Cr	377.54Cr
Accounts Receivable, Total	776.24Cr	663.69Cr	701.24Cr	774.55Cr	832.52Cr
Other Receivables	106.37Cr	110.29Cr	140.09Cr	119.63Cr	122.04Cr
Total Receivables	882.61Cr	773.98Cr	841.33Cr	894.18Cr	954.56Cr
Inventory	843.11Cr	833.15Cr	934.92Cr	1.31TCr	1.16TCr
Prepaid Expenses	21Cr	27Cr	56Cr	47Cr	39Cr
Other Current Assets, Total	-	-	-	28Cr	4.47Cr
Total Current Assets	2.08TCr	2.12TCr	2.41TCr	2.69TCr	2.53TCr
Gross Property Plant And Equipment	2.85TCr	2.97TCr	3.27TCr	3.99TCr	3.94TCr
Accumulated Depreciation	-1.81TCr	-2.02TCr	-2.18TCr	-2.49TCr	-2.27TCr
Net Property Plant And Equipment	1.04TCr	949.28Cr	1.09TCr	1.49TCr	1.67TCr
Long-term Investments	-	12Cr	14Cr	14Cr	14Cr
Goodwill	475.63Cr	289.34Cr	297.55Cr	500.77Cr	534.73Cr
Other Intangibles, Total	498.22Cr	440.84Cr	394.82Cr	480.57Cr	491.12Cr
Accounts Receivable Long-Term	-	-	-	-	25Cr
Deferred Tax Assets Long-Term	122.82Cr	116.95Cr	132.9Cr	134.53Cr	145.76Cr
Total Assets	4.22TCr	3.93TCr	4.33TCr	5.31TCr	5.42TCr
Liabilities
Accounts Payable, Total	269.49Cr	373.13Cr	389.93Cr	427.95Cr	424.75Cr
Accrued Expenses, Total	23Cr	32Cr	36Cr	37Cr	37Cr
Current Portion of Long-Term Debt	584.92Cr	226.31Cr	189.94Cr	523.03Cr	271.69Cr
Current Portion of Leases	300.1Cr	312.23Cr	336.65Cr	367.5Cr	383.58Cr
Current Income Taxes Payable	13Cr	23Cr	28Cr	14Cr	7.49Cr
Unearned Revenue Current, Total	11Cr	20Cr	16Cr	17Cr	37Cr
Other Current Liabilities	174.5Cr	213.78Cr	278.99Cr	297.39Cr	283.18Cr
Total Current Liabilities	1.38TCr	1.2TCr	1.27TCr	1.68TCr	1.44TCr
Long-Term Debt	548.03Cr	389.46Cr	488.37Cr	599Cr	595.31Cr
Long-Term Leases	559.68Cr	506.46Cr	544.95Cr	726.65Cr	830.28Cr
Pension & Other Post Retirement Benefits	23Cr	25Cr	22Cr	23Cr	20Cr
Deferred Tax Liability Non Current	108.72Cr	82Cr	84Cr	107.33Cr	111.5Cr
Other Non Current Liabilities	5.42Cr	4.55Cr	3.26Cr	4.35Cr	-
Total Liabilities	2.62TCr	2.21TCr	2.42TCr	3.15TCr	3TCr
Preferred Stock Redeemable	4L	4L	4L	4L	4L
Total Preferred Equity	4L	4L	4L	4L	4L
Common Stock, Total	29L	40L	40L	40L	40L
Additional Paid In Capital	409.82Cr	790.54Cr	790.54Cr	790.54Cr	790.54Cr
Retained Earnings	1.12TCr	939.89Cr	1.18TCr	1.33TCr	1.52TCr
Treasury Stock	-71Cr	-89Cr	-104.63Cr	-107.02Cr	-70Cr
Comprehensive Income and Other	135.46Cr	79Cr	51Cr	148.95Cr	176.86Cr
Total Common Equity	1.59TCr	1.72TCr	1.91TCr	2.17TCr	2.41TCr
Minority Interest	-	-	-	-	-
Total Equity	1.59TCr	1.72TCr	1.91TCr	2.17TCr	2.41TCr
Total Liabilities And Equity	4.22TCr	3.93TCr	4.33TCr	5.31TCr	5.42TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	23Cr	32Cr	32Cr	32Cr	32Cr
ECS Total Common Shares Outstanding	23Cr	32Cr	32Cr	32Cr	32Cr
Book Value / Share	68.82	53.21	59.34	67.16	74.3
Tangible Book Value	620.37Cr	990.88Cr	1.22TCr	1.18TCr	1.39TCr
Tangible Book Value Per Share	26.78	30.64	37.87	36.72	42.72
Total Debt	1.99TCr	1.43TCr	1.56TCr	2.22TCr	2.08TCr
Net Debt	1.66TCr	950.14Cr	985.33Cr	1.81TCr	1.7TCr
Debt Equivalent Oper. Leases	562.96Cr	495.76Cr	552.16Cr	687.6Cr	812.4Cr
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	26Cr	25Cr	48Cr	83Cr	58Cr
Inventories - Finished Goods, Total	816.82Cr	807.3Cr	883.57Cr	1.21TCr	1.1TCr
Inventories - Others	49L	43L	2.89Cr	17Cr	-
Land - (BS)	35Cr	35Cr	42Cr	89Cr	90Cr
Machinery, Total	871.39Cr	878.95Cr	909.86Cr	1.14TCr	1.19TCr
Full Time Employees	6.51T	-	-	-	47.52T
Part Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	198.6Cr	173.12Cr	165.84Cr	193.55Cr	191.74Cr

Fiscal Period: March	2020	2021	2022	2023	2024
Net Income	244.38Cr	-186.18Cr	290.95Cr	302.58Cr	303.12Cr
Depreciation & Amortization - CF	374.64Cr	417.95Cr	422.22Cr	495.51Cr	554.6Cr
Amortization of Goodwill and Intangible Assets - (CF)	19L	29L	33L	35L	28L
Depreciation & Amortization, Total	374.83Cr	418.24Cr	422.55Cr	495.86Cr	554.88Cr
Amortization of Deferred Charges, Total - (CF)	9.48Cr	11Cr	11Cr	11Cr	12Cr
Minority Interest in Earnings - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	6.73Cr	17Cr	32Cr	6.14Cr	10Cr
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	24Cr	338.41Cr	8.17Cr	7.66Cr	6.49Cr
Stock-Based Compensation (CF)	7.61Cr	22Cr	8.71Cr	22Cr	17Cr
Other Operating Activities, Total	-34Cr	-93Cr	-7.23Cr	-17Cr	-22Cr
Change In Accounts Receivable	-24Cr	97Cr	-96Cr	-51Cr	-63Cr
Change In Inventories	-43Cr	49Cr	-109.28Cr	-293.86Cr	172.28Cr
Change In Accounts Payable	12Cr	144.98Cr	76Cr	-7.94Cr	-22Cr
Cash from Operations	579.34Cr	818.41Cr	636.76Cr	475.14Cr	969.82Cr
Capital Expenditure	-111.94Cr	-63Cr	-157.4Cr	-300.06Cr	-200.51Cr
Sale of Property, Plant, and Equipment	1.85Cr	1.08Cr	9.04Cr	1.58Cr	1.83Cr
Cash Acquisitions	-	-37Cr	-22Cr	-209.62Cr	-15Cr
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-59L
Other Investing Activities, Total	-	-13Cr	-	-	-
Cash from Investing	-110.09Cr	-111.9Cr	-170.39Cr	-508.1Cr	-214.41Cr
Long-Term Debt Issued, Total	194.83Cr	-	69Cr	900.82Cr	114.67Cr
Total Debt Issued	194.83Cr	-	69Cr	900.82Cr	114.67Cr
Long-Term Debt Repaid, Total	-299.79Cr	-856.81Cr	-353.69Cr	-896.76Cr	-815.26Cr
Total Debt Repaid	-299.79Cr	-856.81Cr	-353.69Cr	-896.76Cr	-815.26Cr
Issuance of Common Stock	19Cr	381.12Cr	1.18Cr	1.31Cr	-
Repurchase of Common Stock	-24Cr	-34Cr	-24Cr	-8.7Cr	-42L
Common Dividends Paid	-183.93Cr	-	-56Cr	-163.56Cr	-98Cr
Common & Preferred Stock Dividends Paid	-183.93Cr	-	-56Cr	-163.56Cr	-98Cr
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-294.08Cr	-509.39Cr	-363.66Cr	-166.89Cr	-799.45Cr
Foreign Exchange Rate Adjustments	11Cr	-9.71Cr	-12Cr	35Cr	12Cr
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	185.81Cr	187.41Cr	90Cr	-165.06Cr	-32Cr
Supplemental Items
Cash Interest Paid	133.54Cr	99Cr	78Cr	136.78Cr	177.02Cr
Cash Income Tax Paid (Refund)	114.8Cr	40Cr	119.21Cr	122.32Cr	127.05Cr
Levered Free Cash Flow	420.89Cr	701.55Cr	453.26Cr	87Cr	742.99Cr
Unlevered Free Cash Flow	504.36Cr	763.64Cr	502.24Cr	172.42Cr	853.63Cr
Change In Net Working Capital	84Cr	-281.41Cr	110.87Cr	398.86Cr	-95Cr
Net Debt Issued / Repaid	-104.96Cr	-856.81Cr	-284.8Cr	4.06Cr	-700.59Cr

Fiscal Period: March	2020	2021	2022	2023	2024
Profitability
Return on Assets	7.72	2.3	7.95	7.12	6.99
Return on Total Capital	9.12	2.78	9.91	8.74	8.45
Return On Equity %	16.3	-11.23	16.01	14.84	13.24
Return on Common Equity	16.3	-11.23	16.01	14.84	13.24
Margin Analysis
Gross Profit Margin %	52.72	45.49	48.48	47.93	47.94
SG&A Margin	44.08	45.23	40.17	41.18	41.73
EBITDA Margin %	16.07	6.87	13.89	12.52	12.66
EBITA Margin %	13.96	4.56	12.12	10.61	10.68
EBIT Margin %	13.96	4.55	12.11	10.6	10.67
Income From Continuing Operations Margin %	6.92	-5.65	6.71	5.84	5.39
Net Income Margin %	6.92	-5.65	6.71	5.84	5.39
Net Avail. For Common Margin %	6.92	-5.65	6.71	5.84	5.39
Normalized Net Income Margin	6.36	0.96	6.44	4.98	4.7
Levered Free Cash Flow Margin	11.92	21.29	10.45	1.68	13.22
Unlevered Free Cash Flow Margin	14.28	23.18	11.58	3.33	15.18
Asset Turnover
Asset Turnover	0.89	0.81	1.05	1.07	1.05
Fixed Assets Turnover	3.4	3.31	4.26