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LEWIS GROUP LIMITED - Audited summary consolidated financial statements for the year ended 31 March 2019

Release Date: 22/05/2019 07:05
Code(s): LEW     PDF:  
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Audited summary consolidated financial statements for the year ended 31 March 2019

LEWIS GROUP LTD
Registration number: 2004/009817/06
Share code: LEW
ISIN: ZAE000058236 
Bond code: LEWI

AUDITED SUMMARY CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2019
   
Highlights

Revenue up 10.4%

Merchandise sales up 22.9%

Gross profit margin 41.2%

Debtor costs reduced by 11.9%

Operating profit up 16.8%

Headline earnings per share up 24.3%

Total dividend up 17% to 234 cents per share

Commentary

Trading and financial performance

The turnaround in the performance of Lewis Group's traditional retail brands continued to gain
momentum, while the group has also started to reap the benefits of its strategy of diversification
across market segments and retail channels.

Merchandise sales increased by 22.9% to R3.5 billion, lifted by the acquisition of United Furniture
Outlets (UFO) which contributed sales of R478 million in its first full year in the group. INspire, the
new omni-channel home shopping retailer, continued to grow month-by-month and generated
sales of R27.2 million in its first 10 months since launch. Excluding the sales from UFO and INspire,
the group's merchandise sales grew by 7.6%. Comparable store sales increased by 6.9%.

Credit sales increased by 8.1% for the year, with growth of 11.3% in the second half, reflecting the
benefits of change in the affordability assessment regulations on the group's traditional retail
brands (Lewis, Best Home and Electric, and Beares).

Cash sales increased by 51.1%, supported by UFO which has enabled the group to access higher
income customers.

Other revenue, consisting of finance charges and initiation fees, insurance premiums and services
rendered, increased by 1.3% (decline of 2.8% after adjustment for interest on credit impaired
accounts), mainly due to lower credit sales in prior years which limited annuity income as well as
the adverse impact of regulatory capping of credit insurance. Other revenue posted positive
growth in the second half and the strengthening trend is expected to continue.

Total revenue, comprising merchandise sales and other revenue, increased by 12.4% (10.4% after
adjusting for interest on credit impaired accounts).

The group's gross profit margin was stable at 41.2% (2018: 41.4%) and remains at the upper level of
management's target range of 38% to 42%.

The growth in operating costs, excluding debtor costs, was contained well below the growth in sales
and increased by 13.7%. Marketing and promotional costs were increased to support sales growth,
including the launch of INspire. Expenses in the traditional retail segment increased by 7.2%.

Operating profit increased by 16.8% to R443.0 million and the group's operating margin increased
to 7.2%, within management's guided range of 5% to 10%. The traditional retail segment
contributed profit of R429.4 million and UFO R40.5 million. INspire posted a start-up loss of
R26.9 million.

Finance costs were R19.7 million lower owing mainly to gains on forward exchange contracts
covering merchandise imports.

Headline earnings increased by 18.4% to R308.4 million (2018: R260.5 million), with headline
earnings per share 24.3% higher at 376.2 cents (2018: 302.6 cents).

The balance sheet remained ungeared at year end and the group has no borrowings. The group
remains highly cash generative with cash and cash equivalents totalling R205 million at year end.

The group increased its total dividend by 17% to 234 cents per share (2018: 200 cents).

Debtor management

Collection rates improved from 74.9% to 76.3% and resulted in an encouraging improvement in the
group's debtor book despite the weak consumer credit environment. Debtor costs continued to
decline and reduced by 11.9% (23.4% after adjustment for interest on credit impaired accounts).

Debtor costs as a percentage of net debtors decreased from 17.2% to 13.3%. The level of
satisfactory paid customers improved to 71.4% from 68.4% last year.
 
Debtor impairment

IFRS 9 - Financial Instruments is effective for the group for the year ending 31 March 2019,
replacing IAS 39 - Financial Instruments: Recognition and Measurements. The most significant
impact of IFRS 9 on the group relates to the implementation of the forward-looking expected
credit loss impairment model on the measurement of debtors. IAS 39 applied the incurred loss
model. Refer to note 1.2 for further detail on the transition to IFRS 9.

The adoption of IFRS 9 does not impact on the group's credit management practices and
business model and these will continue to be consistently applied as in the past.

Expanding retail presence

The group's store base increased to 784 following the opening of 30 stores and closure of
19 stores during the year. Lewis continues to open smaller format stores which now account for
44% of the brand's stores. During the year, 121 stores across the portfolio were refurbished.

UFO opened 8 stores and closed 3, bringing the store footprint to 36. While the availability of
retail space in upmarket shopping malls is proving to be a challenge to expanding the chain,
5 to 10 new stores are planned for the 2020 financial year.

The store network outside South Africa increased to 120 with the opening of 10 stores in Namibia,
including the first 7 Best Home and Electric stores in the country.

Share repurchase programme

The group repurchased 3.2 million shares during the financial year, at an average market price of
R30.30 per share. At the annual general meeting in October 2018, shareholders granted
management the authority to repurchase up to a further 10% of the issued share capital.

Outlook

The strong sales growth trend experienced in the second half is expected to continue into the new
financial year.

The changes in the affordability assessment regulations, which enabled self-employed and
informally employed individuals to again apply for credit, will continue to benefit sales into the
new year.

Other revenue is expected to recover in line with the turnaround in the performance of the
traditional business. Management expects the growth rate in other revenue to move closer to the
growth in credit sales over the next two to three years.

The group's diversification strategy is expected to continue to support sales growth. UFO is
proving to be a sound acquisition, with new stores trading well and extensive expansion
opportunities. INspire is gaining traction and is anticipated to reach break-even point in the
forthcoming financial year.

Dividend declaration

Notice is hereby given that a final gross cash dividend of 129 cents per share in respect of the year
ended 31 March 2019, has been declared payable to holders of ordinary shares. The number of
shares in issue as of the date of declaration is 80 296 046. The dividend has been declared out of
income reserves and is subject to a dividend tax of 20%. The dividend for determining the
dividend tax is 129 cents and the dividend tax payable is 25.8 cents for shareholders who are not
exempt. The net dividend for shareholders who are not exempt will therefore be 103.2 cents.
The dividend tax rate may be reduced where the shareholder is tax resident in a foreign
jurisdiction which has a Double Tax Convention with South Africa and meets the requirements
for a reduced rate. The company's tax reference number is 9551/419/15/4.

The following dates are applicable to this declaration:

Last date of trade "cum" dividend                                             Tuesday 16 July      2019
Date trading commences "ex" dividend                                        Wednesday 17 July      2019
Record date                                                                    Friday 19 July      2019
Date of payment                                                                Monday 22 July      2019

Share certificates may not be dematerialised or rematerialised between Wednesday 17 July 2019
and Friday 19 July 2019, both days inclusive.

For and on behalf of the board

Hilton Saven                               Johan Enslin                         Jacques Bestbier
Independent                            Chief executive officer                Chief financial officer
Non-executive
Chairman

Cape Town
22 May 2019

AUDITORS OPINION
 
These summary consolidated financial statements for the year ended 31 March 2019 have been audited by 
PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The auditor also expressed an 
unmodified opinion on the annual financial statements from which these summary consolidated financial statements were derived.
 
A copy of the auditor's report on the summary consolidated financial statements and of the auditor's report on 
the annual consolidated financial statements are available for inspection at the company's registered office, 
together with the financial statements identified in the respective auditor's reports.
 
The auditor's report does not necessarily report on all of the information contained in this announcement/financial 
results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's 
engagement they should obtain a copy of the auditor's report together with the accompanying financial information from the 
issuer's registered office.

Income statement
for the year ended 31 March 2019

                                                                                                 2019        2018   
                                                                                              Audited     Audited   
                                                                                    Notes          Rm          Rm   
Revenue                                                                                       6 137.2     5 556.8   
Retail revenue                                                                          4     4 242.3     3 524.2   
Merchandise sales                                                                             3 519.9     2 865.0   
Ancillary services                                                                              722.4       659.2   
Insurance revenue                                                                               647.2       671.0   
Effective interest income                                                                     1 247.7     1 361.6   
Cost of merchandise sales                                                               7   (2 069.3)   (1 677.8)   
Operating costs                                                                             (3 624.9)   (3 499.7)   
Debtor costs                                                                          2.2     (733.1)     (957.3)   
Employment costs                                                                            (1 149.5)   (1 059.1)   
Occupancy costs                                                                               (444.8)     (373.2)   
Administration and IT                                                                         (348.3)     (328.8)   
Transport and travel                                                                          (241.7)     (205.0)   
Marketing                                                                                     (298.3)     (246.6)   
Depreciation and amortisation                                                                  (78.6)      (85.9)   
Other operating costs                                                                         (330.6)     (243.8)   
Operating profit before investment income                                                       443.0       379.3   
Investment income                                                                     3.2        50.3        62.4   
Profit before finance costs                                                                     493.3       441.7   
Net finance costs                                                                              (29.5)      (49.2)   
Interest paid                                                                                  (69.8)      (87.6)   
Interest received                                                                                23.0        38.9   
Forward exchange contracts                                                                       17.3       (0.5)   
Profit before taxation                                                                          463.8       392.5   
Taxation                                                                               10     (154.3)     (128.4)   
Net profit attributable to ordinary shareholders                                                309.5       264.1   
Earnings per share                                 (cents)                                      377.5       306.8   
Diluted earnings per share                         (cents)                                      368.7       301.3   

Statement of comprehensive income
for the year ended 31 March 2019

                                                                                                   2019      2018   
                                                                                                Audited   Audited   
                                                                                                     Rm        Rm   
Net profit for the year                                                                           309.5     264.1   
Items that may be subsequently reclassified to income statement:                                                    
Movement in other reserves                                                                       (10.1)       9.9   
Fair value adjustments                                                                           (15.3)      22.8   
Changes in the fair value of debt instruments at fair value through
other comprehensive income FVOCI debt**/available-for-sale*
investments                                                                                      (21.3)      31.6   
Tax effect                                                                                          6.0     (8.8)   
Disposals                                                                                           0.2     (1.3)   
Disposal of FVOCI debt/available-for-sale investments                                               0.3     (1.7)   
Tax effect                                                                                        (0.1)       0.4   
Foreign currency translation reserve                                                                5.0    (11.6)   
Items that may not be subsequently reclassified to income
statement:                                                                                        (4.1)      42.6   
Retirement benefit remeasurements                                                                 (5.7)      59.1   
Tax effect                                                                                          1.6    (16.5)   
Other comprehensive income                                                                       (14.2)      52.5   
Total comprehensive income for the year attributable to equity                                                      
shareholders                                                                                      295.3     316.6   

*  IAS 39 classification for the previous reporting period.
** Fair value through other comprehensive income ("FVOCI") - IFRS 9 Classification for the current reporting period.

Earnings and dividends per share
for the year ended 31 March 2019

                                                                                                   2019      2018   
                                                                                                Audited   Audited   
Weighted average number of shares                                                                                   
Weighted average                                                                       ('000)    81 990    86 073   
Diluted weighted average                                                               ('000)    83 950    87 670   
Headline earnings                                                                                                   
Attributable earnings                                                                    (Rm)     309.5     264.1   
Profit on disposal of fixed assets                                                       (Rm)     (1.1)     (2.4)   
Profit on disposal of available-for-sale investments                                     (Rm)         -     (1.2)   
Headline earnings                                                                                 308.4     260.5   
Earnings per share                                                                                                  
Earnings per share                                                                    (cents)     377.5     306.8   
Diluted earnings per share                                                            (cents)     368.7     301.3   
Headline earnings per share                                                                                         
Headline earnings per share                                                           (cents)     376.2     302.6   
Diluted headline earnings per share                                                   (cents)     367.4     297.1   
Dividends per share                                                                                                 
Dividends paid per share                                                                                            
Final dividend 2018 (2017)                                                            (cents)     100.0     100.0   
Interim dividend 2019 (2018)                                                          (cents)     105.0     100.0   
                                                                                                  205.0     200.0   
Dividends declared per share                                                                                        
Interim dividend 2019 (2018)                                                          (cents)     105.0     100.0   
Final dividend 2019 (2018)                                                            (cents)     129.0     100.0   
                                                                                                  234.0     200.0   

Balance sheet
for the year ended 31 March 2019

                                                                                                2019         2018
                                                                                             Audited      Audited
                                                                                                         Restated
                                                                                     Notes        Rm           Rm
Assets
Non-current assets
Property, plant and equipment                                                                  298.9        301.8
Intangible assets                                                                              122.3        117.8
Goodwill                                                                                       187.6        187.6
Deferred taxation                                                                              195.4         10.9
Retirement benefit asset                                                                        79.0         91.1
Financial assets - insurance investments                                               3.1     276.1        471.0
                                                                                             1 159.3      1 180.2
Current assets
Inventories                                                                                    665.8        579.7
Trade and other receivables                                                            2.1   3 315.6      4 200.0
Insurance premiums in advance                                                                      -         75.6
Taxation                                                                                       102.9        136.5
Financial assets - insurance investments                                               3.1     340.7        135.4
Cash-on-hand and deposits                                                                      204.7        608.4
                                                                                             4 629.7      5 735.6
Total assets                                                                                 5 789.0      6 915.8
Equity and liabilities
Capital and reserves
Share capital and premium                                                                        0.9        425.0
Treasury shares                                                                          9     (0.5)      (480.2)
Other reserves                                                                                  48.4         42.6
Retained earnings                                                                            4 827.3      5 461.1
                                                                                             4 876.1      5 448.5
Non-current liabilities
Long-term interest-bearing borrowings                                                    5         -            -
Deferred taxation                                                                               43.2        121.0
Retirement benefit liability                                                                    87.2         89.8
                                                                                               130.4        210.8
Current liabilities
Trade and other payables                                                                       521.8        379.2
Payments in advance                                                                            158.0        168.9
Reinsurance and insurance liabilities                                                          102.7        176.8
Short-term interest-bearing borrowings                                                   5         -        531.6
                                                                                               782.5      1 256.5
Total equity and liabilities                                                                 5 789.0      6 915.8

Statement of changes in equity
for the year ended 31 March 2019

                                                                                                 2019        2018   
                                                                                              Audited     Audited   
                                                                               Notes               Rm          Rm   
Share capital and premium                                                                                           
Opening balance                                                                                 425.0       588.5   
Cost of own shares acquired                                                                    (99.0)     (163.5)   
Treasury shares cancelled                                                          9          (477.7)           -   
Transfer of cost of cancelled shares                                               9            152.6           -   
                                                                                                  0.9       425.0   
Treasury shares
Opening balance                                                                               (480.2)     (480.2)   
Share awards to employees                                                                         8.1           -   
Cost of own shares acquired                                                                     (6.1)           -   
Treasury shares cancelled                                                          9            477.7           -   
                                                                                                (0.5)     (480.2)   
Other reserves                                                                                                      
Opening balance                                                                                  42.6         6.2   
Other comprehensive income for the year                                                                             
Changes in fair value of FVOCI debt/available-for-sale investments                             (15.3)        22.8   
Disposal of FVOCI debt/available-for-sale investments                                             0.2       (1.3)   
Foreign currency translation reserve                                                              5.0      (11.6)   
Share-based payment                                                                              36.2        26.5
Transfer of share-based payment reserve to retained earnings
on vesting                                                                                     (20.3)           -   
                                                                                                 48.4        42.6   
Retained earnings                                                                                                   
Opening balance as previously reported                                                        5 461.1     5 325.9   
IFRS 9 Transitional adjustments                                                               (604.8)           -   
IFRS 15 Transitional adjustments                                                               (26.0)           -   
Opening balance (Restated)                                                                    4 830.3     5 325.9   
Net profit attributable to ordinary shareholders                                                309.5       264.1   
Distribution to shareholders                                                                  (168.0)     (171.5)   
Transfer of cost of cancelled shares                                               9          (152.6)           -
Transfer of share-based payment reserve to retained earnings
on vesting                                                                                       20.3           -
Retirement benefit remeasurements                                                               (4.1)        42.6   
Share awards to employees                                                                       (8.1)           -   
                                                                                              4 827.3     5 461.1   
Balance as at 31 March                                                                        4 876.1     5 448.5   

Cash flow statement
for the year ended 31 March 2019

                                                                                                  2019       2018   
                                                                                               Audited    Audited   
                                                                                       Notes        Rm         Rm   
Cash flow from operating activities                                                                                 
Cash flow from trading                                                                   8.1     501.8      606.3   
Changes in working capital                                                               8.2     150.7      101.9   
Cash flow from operations                                                                        652.5      708.2   
Interest received other than from trade receivables                                               73.0       99.5   
Interest paid                                                                                   (69.8)     (88.1)   
Taxation paid                                                                                  (128.1)     (58.5)   
                                                                                                 527.6      661.1   
Cash utilised in investing activities                                                                               
Net disposals of insurance business investments                                                 (31.1)      176.0   
Purchase of insurance investments                                                              (293.3)     (81.5)   
Disposals of insurance investments                                                               262.2      257.5   
Acquisition of property, plant and equipment                                                    (88.6)     (44.4)   
Purchase of businesses                                                                          (16.5)    (234.6)   
Proceeds on disposal of property, plant and equipment                                              9.6       12.4   
                                                                                               (126.6)     (90.6)   
Cash flow from financing activities                                                                                 
Dividends paid                                                                                 (168.0)    (171.5)   
Repayments of borrowings                                                                       (502.8)    (422.2)   
Purchase of own shares                                                                         (105.1)    (163.5)   
                                                                                               (775.9)    (757.2)   
Net decrease in cash and cash equivalents                                                      (374.9)    (186.7)   
Cash and cash equivalents at the beginning of the year                                           579.6      766.3   
Cash and cash equivalents at the end of the year                                                 204.7      579.6   

Notes to the summary financial statements
for the year ended 31 March 2019

1.    Basis of reporting

      The summary consolidated financial statements are prepared in accordance with the
      requirements of the JSE Limited (JSE) for summary financial statements, and the
      requirements of the Companies Act applicable to summary financial statements. The JSE
      requires summary financial statements to be prepared in accordance with the framework
      concepts, the measurement and recognition requirements of International Financial
      Reporting Standards (IFRS) and SAICA Financial Reporting Guides as issued by the
      Accounting Practices Committee and Financial Pronouncements as issued by the Financial
      Reporting Standards Council and to also, as a minimum, contain the information required by
      IAS 34 Interim Financial Reporting.

      The accounting policies applied in the preparation of the consolidated financial statements
      from which the summary consolidated financial statements were derived are in terms of IFRS
      and are consistent with those accounting policies applied in the preparation of the previous
      consolidated annual financial statements except as disclosed in note 1.2.

      The group's trading cycle, consistent with prior financial periods, ends on the fifth day after
      the month being reported on, unless such day falls on a Sunday, in which case it ends on the
      fourth day. The financial results have been consistently prepared on this basis in prior years
      and each financial year reflects one year's trading performance, including the current and
      comparative year being reported on.

      These financial statements are a summary of the group's audited annual financial statements
      for the year ended 31 March 2019. The audited annual financial statements were prepared by
      the group's Finance Department under the supervision of Mr. J Bestbier CA(SA). A copy of
      the full set of the audited financial statements is available for inspection at the company's
      registered office.

1.2   Changes in accounting policies and restatements

      1.2.1  Adoption of IFRS 9

             The group has adopted IFRS 9 with effect from 1 April 2018. The group has elected not
             to restate its comparative information as permitted by IFRS 9. Accordingly, the impact
             of IFRS 9 has been applied retrospectively with an adjustment to the group's opening
             retained earnings on 1 April 2018. Therefore comparative information in the prior period
             annual financial statements has not been amended for the impact of IFRS 9.

             The major changes in accounting policies arising from the adoption of IFRS 9 can be
             summarised as follows:

             -  The impairment of financial assets has been significantly amended by IFRS 9. The
                main impact being that IFRS 9 introduces an expected credit loss model when
                assessing the impairment of financial assets. The group has elected to use the
                simplified model for trade receivables while the general model applies to all other
                assets.
             -  The classification of financial instruments from IAS 39 to IFRS 9 categories. This has
                had no impact in the opening reserves of the group or the carrying values of the
                financial instruments.

             The adjustment to opening retained earnings for the transition to the expected credit
             loss model (impairment of trade receivables) as at 1 April 2018 is as follows:
             
                                                                                                               Rm   
             Decrease in trade receivables                                                                (841.9)   
             Attributable deferred tax                                                                      237.1   
             Decrease in retained earnings as at 1 April 2018                                             (604.8)   

             Interest income
     
             The following change to the effective interest recognition policy was also required
             following the adoption of IFRS 9:
     
             Interest income is calculated by applying the effective interest rate to the gross
             carrying value of financial assets, except for financial assets that have subsequently
             become credit-impaired (or "stage 3"), for which interest income is calculated by
             applying the effective interest rate to their amortised cost (i.e. gross carrying value less
             impairment provision).

      1.2.2  Adoption of IFRS 15

             The group has adopted IFRS 15 with effect 1 April 2018. In adopting IFRS 15,
             comparative financial information has not been restated and the impact of transitioning
             to IFRS 15 is reflected as an adjustment to opening retained earnings as at 1 April 2018.
             
             The following change to the accounting policy was required as a consequence of
             transitioning to IFRS 15:

             Refund obligation
             
             It is a policy to sell goods with the right of return in terms of current consumer
             legislation. Such sales are cancelled where the right of return is exercised. Under
             IFRS 15, a refund liability for the expected refunds is recognised as an adjustment to
             revenue and trade and other payables. The corresponding right to recover the product
             from the customer is an adjustment to cost of sales and inventory.
             
             The adjustment to opening retained earnings as at 1 April 2018 is as follows:
             
                                                                                                               Rm   
             Gross amount                                                                                  (36.1)   
             Increase in trade and other payables                                                          (62.6)   
             Increase in inventory                                                                           26.5   
             Attributable deferred tax                                                                       10.1   
             Decrease in retained earnings as at 1 April 2018                                              (26.0)   

      1.2.3  Restatements

             The following restatements were made:

             Where customers have settled their accounts or where customers have paid in advance
             of Lewis performing under the maintenance contract, there was a remaining period
             under the said maintenance contract for which Lewis still had to provide a service.
             Previously, the gross carrying value of trade receivables was incorrectly reduced to the
             extent of the remaining unearned maintenance income. This has been restated to
             payments in advance and disclosed under current liabilities.

             Where customers have paid in advance for goods still to be delivered under the sales
             contract, this was previously included in trade and other payables. This has been
             restated as payments in advance and diclosed under current liabilities.

             The restatements have the following impact on trade receivables, trade and other
             payables and payments in advance for the year ending 31 March 2018:
             
                                                                                   Trade      Trade   Payments in   
                                                                             receivables   payables       advance   
             March 2018 - previously reported                                    4 068.9      417.0             -   
             March 2018 - effect of change                                         131.1     (37.8)         168.9   
             March 2018 - restated                                               4 200.0      379.2         168.9   

                                                                                                 2019        2018   
                                                                                              Audited     Audited   
                                                                                                         Restated   
                                                                                                   Rm          Rm   
2.    Trade and other receivables                                                                               
      2.1    Trade receivables                                                                                      
             Trade receivables                                                                5 527.8     5 608.7   
             Provision for impairment                                                       (2 323.1)   (1 619.5)   
             Trade receivables (net)                                                          3 204.7     3 989.2   
             Due within 12 months                                                             2 012.9     2 571.8   
             Due after 12 months                                                              1 191.8     1 417.4   
             Other receivables                                                                  110.9       210.8   
             Total trade and other receivables                                                3 315.6     4 200.0   
             Debtors' impairment provision as percentage
             of net debtors                                                           (%)        42.0        28.9   

             Amounts due from trade receivables after one year are reflected as current, as they
             form part of the normal operating cycle. The credit terms of trade receivables range
             from 6 to 36 months.
             
             Credit risk of trade receivables
             
             Credit risk is the risk of suffering financial loss, should any of the group's customers and
             counterparties fail to fulfil their contractual obligations with the group. The main credit
             risk faced is that customers will not meet their payment obligations in terms of the sale
             agreements concluded.
             
             Credit granting
             
             The group has developed advanced credit-granting systems to properly assess the
             credit worthiness of customers. The credit underwriting process flows through the
             following stages:

             -  Credit scoring: this involves the gathering of appropriate information from the client,
                use of credit bureaus and third parties such as employers. These input variables are
                run through the various credit scorecards. Lewis deals with its new customers and
                existing customers differently when credit scoring takes place. The process is as
                follows:
                - for new customers, application risk scorecards predict the risk with the emphasis
                  for such an evaluation on information from credit bureaus and third-party
                  information.
                - for existing customers, behavioural scorecards have been developed to assess the
                  risk through predictive behaviour with the emphasis on the customer's payment
                  record with Lewis, bureau and other information being considered.
             -  Assessing client affordability: this process involves collecting information regarding
                the customer's income levels, expenses and current debt obligations. Lewis has its
                own priority expense model based on surveys conducted with customers in addition
                to the National Credit Regulator's expense table.
             -  Determining the credit limit for the customer: the customer's risk score determined
                by the scorecard together with the affordability assessment and outstanding
                obligations are used to calculate a credit limit within the customer's affordability
                level.

             The credit granting systems enable the group to determine its appetite for risk.
             In determining the acceptable level of risk, the potential loss is weighed up against the
             revenue potential using the predictive behavioural models inherent in the credit-
             granting system. The group continuously monitors any variances from the level of risk
             that has been adopted.
             
             The group manages its risk effectively by assessing the customer's ability to service the
             proposed monthly instalment.
             
             Impairment provision 
             
             The customer's payment profile is managed by using payment ratings. Payment ratings
             are determined on an individual customer level and aggregated over all the customer's
             sub-accounts. Payment ratings measure the customer's actual payments received over
             the lifetime of the account relative to the instalments due in terms of the contract.
             These payment ratings are used to categorise and report on customer's at the store
             level to follow up the slow paying and non-performing customers.
             
             In accordance with IFRS 9, the group has elected to measure the impairment allowance
             equal to the lifetime expected credit losses ("ECL"). The lifetime ECL is calculated by
             determining cash flows on a probability weighted basis and discounting these at the
             effective interest rate in the contract, including initiation fees. The discounted cash flow
             is compared to the balance owing at point of assessment to determine the ECL.
             
             The probability weighted cash flows are calculated using the debtor book population's
             payment behaviour in combination with a transition matrix. The transition matrix and
             payment performance for each payment state has been developed utilising customer
             payment history. The transition matrix predicts the population's payment behaviour and
             probability of the account being in a particular payment state and transitioning into
             future payment states. The key states in the transitional matrix are the customer's
             lifetime payment rating, time on book and contractual term. For modelling purposes,
             cash flows are forecast until the account is written off or settled.

             The impairment provision applicable to each payment rating and the trending thereof,
             is evaluated with collection rates and customer payment data produced by the credit
             risk information systems.

             The key indicators that are reviewed include, inter alia, the following:

             -  Number of satisfactorily paid customers. The key operational objective is to have as
                many satisfactory paid customers as possible as it is the group's expectation that
                these customers will settle their accounts, albeit that certain categories of
                satisfactory paid customers may settle past their contractual term. Satisfactory paid
                customers are the source of future repeat business which is one of the core strengths
                of the business model.
             -  The level of impairment provision applicable to each payment rating and the trend
                thereof. The impairment calculation is performed on a monthly basis taking into
                account the payment behaviour of the debtors book having regard to the customer's
                lifetime payment rating, time on book and contractual term.

             Contractual arrears

             The key aspect of the arrear calculation is Lewis' policy not to reschedule arrears nor to
             amend the terms of the original contract. In other words, the contractual arrears
             calculated is the actual arrears in terms of the originally signed agreement.

             From the onset of the agreement, contractual arrears is calculated by comparing
             payments made life to date with the originally calculated instalments due life to date,
             causing a customer who is paying less than the required contracted instalment to
             immediately fall into arrears. Once the customer exceeds the term of the agreement by
             paying less than the required contracted instalments, the full balance owing will be in
             arrear. The group does not consider arrears the leading indicator, but rather payment
             ratings for the reasons mentioned above.

             Combined impairment and contractual arrears table

             The table reflects the following:

             -  A summary of the main groupings of payment ratings describing payment behaviour.
             -  For each of the main groupings of payment ratings, the following is disclosed:
               - Number of customers;
               - Gross receivables or gross carrying value;
               - Impairment provision allocated to each grouping; and
               - Contractual arrears for each grouping have been categorised by number of
                 instalments in arrears.

             The table referred to above is set out below:

             Debtor analysis 31 March 2019
                                                                    Gross                                                      Instalments in arrears
                                                    Number of    carrying     Impairment   Impairment       Total                                                 
                                                    customers       value      provision    provision     arrears         1           2           3          >3   
             Customer grouping                          Total       R'000          R'000            %       R'000     R'000       R'000       R'000       R'000   
             Satisfactory paid
             Customers who have paid 70%
             or more of amounts due over the          418 355   3 282 938        593 578         18.1     534 435   156 625     105 396      76 314     196 100   
             contract period.                   %        71.4        59.4           25.6                                                                          
             Slow payers
             Customers who have paid 55%
             to 70% of amounts due over the            88 969     959 418        612 172         63.8     606 735    68 541      65 290      60 511     412 393   
             contract period.                   %        15.2        17.4           26.4                                                                          
             Non-performing accounts
             Customers who have paid less
             than 55% of amounts due over              78 426   1 285 439      1 117 328         86.9     987 580    63 762      62 451      60 902     800 465   
             the contract period.               %        13.4        23.3           48.1                                                                          
             Gross debtor analysis                    585 750   5 527 795      2 323 078         42.0   2 128 750   288 928     233 137     197 727   1 408 958   
             
             Credit impaired debtors as at 31 March 2019
             
                                                                                                                                   No payment in
                                                                  Non-           In duplum            Debt counselling         3 consecutive months
                                                            performing
                                                              accounts   Satisfactory   Slow pay   Satisfactory   Slow pay   Satisfactory   Slow pay       Total
             Credit impaired categories                          R'000          R'000      R'000          R'000      R'000          R'000      R'000       R'000   
             Gross carrying value as at 31 March 2019        1 285 439         13 182     43 748         35 277     70 006         45 259     70 650   1 563 561   
             Impairment provision                          (1 117 328)        (5 578)   (30 605)        (7 661)   (39 764)        (9 842)   (39 900) (1 250 678)   
             Amortised cost                                    168 111          7 604     13 143         27 616     30 242         35 417     30 750     312 883   
             
             1 April 2018 (transition to IFRS 9)
             
                                                           Number      Gross                                                Instalments in arrears
                                                               of   carrying  Impairment  Impairment      Total
                                                        customers      value   provision   provision    arrears          1            2            3         >3
             Customer grouping                              Total      R'000       R'000           %      R'000      R'000        R'000        R'000      R'000
             Satisfactory paid Customers who
             have paid 70% or more of amounts             401 183  3 063 886     675 971        22.1    549 506    155 673      105 593       77 633    210 607
             due over the contract period.       %           68.4       55.0        27.9                   24.1
             Slow payers Customers who have
             paid 55% to 70% of amounts due                97 251  1 049 782     608 716        58.0    665 893     72 167       69 010       64 474    460 242
             over the contract period.           %           16.5       18.9        25.1                   29.2
             Non-performing accounts
             Customers who have paid less than             88 430  1 455 670   1 137 347        78.1  1 062 130     67 452       66 131       64 513    864 034
             55% of amounts due over the
             contract period.                    %           15.1       26.1        47.0                   46.6
             Gross debtor analysis                        586 864  5 569 338   2 422 034        43.5  2 277 529    295 292      240 734      206 620  1 534 883
             
             Credit impaired debtors as at 1 April 2018
             
                                                                                                                              No payment in
                                                              Non-          In duplum              Debt counselling       3 consecutive months
                                                        performing
                                                          accounts   Satisfactory   Slow pay   Satisfactory   Slow pay   Satisfactory    Slow pay         Total   
             Credit impaired categories                      R'000          R'000      R'000          R'000      R'000          R'000       R'000         R'000   
             Gross carrying value as at 1 April 2018     1 455 670          5 378     26 244         32 567     75 005         52 448      83 327     1 730 639   
             Impairment provision                      (1 137 347)        (3 184)   (16 341)       (10 364)   (43 978)       (14 204)    (45 155)   (1 270 573)   
             Amortised cost                                318 323          2 194      9 903         22 203     31 027         38 244      38 172       460 066   
            
             31 March 2018 (IAS 39) (Restated)
             
                                                                                                                           Instalments in arrears
                                                                 Number of        Gross  Impairment       Total
                                                                 customers  receivables   provision     arrears          1            2            3         >3
             Customer grouping                                       Total        R'000       R'000       R'000      R'000        R'000        R'000      R'000
             Satisfactory paid
             Customers who have paid 70% or                        401 183    3 521 017      18 039     549 506    155 673      105 593       77 633    210 607
             more of amounts due over the
             contract period.                  %                      68.4         57.9         1.1
             Slow payers
             Customers who have paid 65% to                         51 311      522 578     196 021     308 975     37 594       36 230       33 546    201 605
             70% of amounts due over the
             contract period.                  %                       8.7          8.6        12.1
             Non-performing accounts
             Customers who have paid between                        45 940      563 339     262 519     356 918     34 573       32 780       30 928    258 637
             55% and 65% of amounts due over
             the contract period.              %                       7.8          9.3        16.2
             Non-performing accounts
             Customers who have paid 55%                            88 430    1 471 294   1 142 920   1 062 130     67 452       66 131       64 513    864 034
             or less of amounts due over the
             contract period.                  %                      15.1         24.2        70.6
             Gross debtor analysis                                 586 864    6 078 228   1 619 499   2 277 529    295 292      240 734      206 620  1 534 883
             Unearned provision                                               (469 549)
             Gross carrying value                                             5 608 679       28.9%

             Interest rate risk

             Interest rates charged to customers are fixed at the date the contract is entered into.
             Consequently, there is no interest rate risk associated with these contracts during the
             term of the contract.

             The average effective interest rate on instalment sale and loan receivables is 22.8%
             (2018: 22.7%) and the average term of the sale is 32.8 months (2018: 32.8 months).

             Fair value

             In terms of paragraph 29(a) of IFRS 7, the carrying amounts reported in the balance
             sheet approximates fair value.
      
                                                                                                 2019        2018   
                                                                                              Audited     Audited   
                                                                                                   Rm          Rm   
      2.2    Debtor costs                                                                                           
             Bad debts                                                                          894.9       958.7   
             Bad debts before credit impairment adjustment                                    1 005.3       958.7   
             Credit impairment adjustment                                                     (110.4)           -   
             Bad debt recoveries                                                               (62.8)      (60.3)   
             Movement in debtors' impairment provision                                         (99.0)        58.9   
             Closing balance                                                                  2 323.1     1 619.5   
             Transition to IFRS 9                                                             (802.6)           -   
             Opening balance                                                                (1 619.5)   (1 560.6)   
                                                                                                733.1       957.3   
             Debtor costs as a percentage of trade receivables   (%)                             13.3        17.5   
      
            Included in bad debts in the current year is a reduction relating to credit impaired
            accounts. Interest income is recognised by applying the effective interest rate to the
            amortised cost (gross carrying value less impairment provision), resulting in lower
            bad debts.

                                                                                                   2019      2018   
                                                                                                Audited   Audited   
                                                                                                     Rm        Rm   
3.    Insurance                                                                                                 
      3.1    Insurance investments                                                                                  
             Financial assets - insurance investments                                                               
             Listed investments                                                                                     
             Fixed income securities                                                                                
             - FVOCI debt/available-for-sale investments                                          276.1     471.0   
             Unlisted investments                                                                                   
             Money market
             - FVOCI debt/available-for-sale investments                                          340.7     135.4   
                                                                                                  616.8     606.4   
             Analysed as follows:                                                                                   
             Non-current                                                                          276.1     471.0   
             Current                                                                              340.7     135.4   
                                                                                                  616.8     606.4   
             Movement for the year                                                                                  
             Beginning of the year                                                                606.4     750.8   
             Additions to investments                                                             293.3      81.5   
             Disposals of investments                                                           (261.9)   (255.7)   
             Fair value adjustment                                                               (21.0)      29.8   
             End of the year                                                                      616.8     606.4   

             A register of listed investments is available for inspection at the company's registered
             office.
             
             Fair value hierarchy
             
             The following table presents the assets recognised and subsequently measured at fair
             value:
             
                                                                                                  Level 2   Total   
                                                                                                       Rm      Rm   
             2019                                                                                                   
             Insurance investments:                                                                                 
             Fixed income securities - FVOCI debt                                                   276.1   276.1   
             Money market - FVOCI debt                                                              340.7   340.7   
                                                                                                    616.8   616.8   
             2018                                                                                                   
             Insurance investments:                                                                                 
             Fixed income securities - available-for-sale                                           471.0   471.0   
             Money market - available-for-sale                                                      135.4   135.4   
                                                                                                    606.4   606.4   
             
             The categorisation of the valuation techniques used to value the assets at fair value are
             as set out in IFRS 13.

                                                                                                   2019      2018   
                                                                                                Audited   Audited   
                                                                                                     Rm        Rm   
      3.2    Investment income                                                                                      
             Interest - insurance business                                                         50.0      60.7   
             Realised gain on disposal of insurance investments                                     0.3       1.7   
                                                                                                   50.3      62.4   
                                                                                                       
                                                                                                   2019      2018   
                                                                                                Audited   Audited   
                                                                                                     Rm        Rm   
4.    Revenue                                                                                                  
      4.1    Revenue                                                                            6 137.2   5 556.8   
             Retail revenue - revenue from contracts with customers                             4 242.3   3 524.2   
             Merchandise sales                                                                  3 519.9   2 865.0   
             Ancillary services                                                                   722.4     659.2   
             Insurance revenue                                                                    647.2     671.0   
             Effective interest income                                                          1 247.7   1 361.6   
             Finance charges and initiation fees earned                                         1 358.1   1 361.6   
             Credit impairment adjustment                                                       (110.4)         -   

      
      
                                                                                                  Omni-             
                                                                          Traditional    Cash   Channel     Total   
                                                                                   Rm      Rm        Rm        Rm   
      4.2    Retail revenue                                                                                         
             2019                                                                                                   
             Merchandise sales                                                                                      
             - Cash                                                           1 002.9   478.4       0.5   1 481.8   
             - Credit                                                         2 011.4       -      26.7   2 038.1   
             Ancillary services                                                                                     
             - At a point in time                                               156.0     8.6       0.2     164.8   
             - Over time                                                        556.8       -       0.8     557.6   
                                                                              3 727.1   487.0      28.2   4 242.3   
             2018                                                                                                   
             Merchandise sales                                                                                      
             - Cash                                                             915.5    64.9         -     980.4   
             - Credit                                                         1 884.6       -         -   1 884.6   
             Ancillary services                                                                                     
             - At a point in time                                               143.7     1.1         -     144.8   
             - Over time                                                        514.4       -         -     514.4   
                                                                              3 458.2    66.0         -   3 524.2   

                                                                                                  2019       2018   
                                                                                               Audited    Audited   
                                                                                                    Rm         Rm   
5.    Borrowings, banking facilities and cash                                                                       
      Interest-bearing borrowings                                                                                   
      Long-term                                                                                                     
      Banking facilities                                                                             -          -   
      Short-term                                                                                                    
      Banking facilities                                                                             -      502.8   
      Bank overdrafts                                                                                -       28.8   
                                                                                                     -      531.6   
      Cash-on-hand and deposits                                                                (204.7)    (608.4)   
      Net borrowings                                                                           (204.7)     (76.8)   
      Unutilised facilities                                                                                         
      Banking facilities                                                                       1 500.0    1 618.4   
      Domestic medium term note programme                                                      2 000.0    2 000.0   
                                                                                               3 500.0    3 618.4   
      Available facilities                                                                     3 704.7    3 541.6   
      Interest rate profile                                                                                         
      Interest rate profile of borrowings is as follows:                                                            
      - Bank borrowings at interest rates linked to three month JIBAR.                                              
      The weighted average interest rate at the end of the reporting                                                
      period is 9.1% (2018: 9.1%).                                                                   -      502.8   
                                                                                                     -      502.8   
      Cash and cash equivalents                                                                                     
      Cash-on-hand and deposits                                                                  204.7      608.4   
      Bank overdrafts                                                                                -     (28.8)   
                                                                                                 204.7      579.6   
      Capital management                                                                                            
      Net debt                                                                                 (204.7)     (76.8)   
      Shareholder's equity                                                                     4 876.1    5 448.5   
      Gearing ratio                                              (%)                             (4.2)      (1.4)   

                                                                                                  Omni-             
                                                                   Traditional Cash retail(1)   Channel     Group   
                                                                            Rm             Rm        Rm        Rm   
6.    Reportable segments                                                                                           
      Primary                                                                                                       
      2019                                                                                                          
      Revenue                                                          5 619.5          487.0      30.7   6 137.2  
      Operating profit before investment income                          429.4           40.5    (26.9)     443.0
      Operating margin                               (%)                   7.6            8.3    (87.6)       7.2   
      Segment assets                                                   3 696.3          136.1      38.1   3 870.5   
      2018 (Restated)                                                                                               
      Revenue                                                          5 490.8           66.0         -   5 556.8 
      Operating profit before investment income                          383.5          (4.2)         -     379.3
      Operating margin                               (%)                   7.0          (6.4)         -       6.8   
      Segment assets                                                   4 458.9          110.0         -   4 568.9   

      (1) In 2018, reflects only two months trading since its acquisition by the group.

      Change in segments

      During the year, the group changed its operating segments to reflect the new strategic
      direction of the group, especially with regard to the acquired businesses and the
      development of new business ventures. The operating segments are as follows:

      -  Traditional business which consists of credit-focused brands of Lewis, Best Home and
         Electric and Beares.
      -  Cash business, UFO.
      -  Omni-Channel business, being newly launched INspire.

      In accordance with IFRS 8, the comparatives have been prepared as if these reportable
      segments were in place in the prior periods.

                                                                         South Africa   Namibia    BLE*     Group   
                                                                                   Rm        Rm      Rm        Rm   
      Geographical                                                                                                  
      2019                                                                                                          
      Revenue                                                                 5 131.2     491.6   514.4   6 137.2   
      2018                                                                                                          
      Revenue                                                                 4 551.2     497.6   508.0   5 556.8   
      
      * Botswana, Lesotho and Eswatini.

                                                                                                 2019        2018   
                                                                                              Audited     Audited   
                                                                                                   Rm          Rm   
7.    Gross profit                                                                                                  
      Merchandise sales                                                                       3 519.9     2 865.0   
      Cost of merchandise sales                                                             (2 069.3)   (1 677.8)   
      Merchandise gross profit                                                                1 450.6     1 187.2   
      Gross profit percentage     (%)                                                            41.2        41.4   


                                                                                                  2019       2018   
                                                                                               Audited    Audited   
                                                                                                         Restated   
                                                                                                    Rm         Rm   
8.    Cash flow from operations                                                                                
      8.1    Cash flow from trading                                                              501.8      606.3   
             Operating profit before investment income                                           443.0      379.3   
             Adjusted for:                                                                                          
             Share-based payments                                                                 36.2       26.5   
             Depreciation and amortisation                                                        78.6       85.9   
             Movement in debtors impairment provision                                           (99.0)       58.9   
             Movement in other provisions                                                         23.3       47.8   
             Other movements                                                                      19.7        7.9   
     
     Included in cash flow from trading is interest received on trade receivables of R1 358.1 million.

      8.2    Changes in working capital                                                          150.7      101.9   
             Increase in inventories                                                            (63.6)     (27.3)   
             Decrease in trade and other receivables                                             146.5       82.9   
             Increase/(decrease) in trade payables                                                77.2     (23.4)   
             (Decrease)/increase in payments in advance                                         (10.9)       31.9   
             Decrease in insurance premiums in advance                                            75.6      327.6   
             Decrease in reinsurance asset                                                           -      152.2   
             Decrease in reinsurance and insurance liabilities                                  (74.1)    (442.0)   
      
     The 2018 comparatives for changes in trade and other receivables, trade payables and payments in advance 
     have been updated for the restatement set out in note 1.3.  

9.    Cancellation of treasury shares

      Lewis Stores (Pty) Ltd ("Lewis Stores"), previously held 9 216 928 ordinary shares in Lewis
      Group Ltd ("the company"), which comprised approximately 9.95% of the issued ordinary
      shares of the company. On 4 June 2018, Lewis Stores made a distribution in specie of the
      treasury shares to the company, in its capacity as the holding company of Lewis Stores. On
      completion of the distribution, the treasury shares have reverted to the authorised, but
      unissued share capital of the company with effect from 4 June 2018. There are no longer any
      treasury shares in issue held by the company's subsidiaries, except for the Share Trust, as
      defined by the Companies Act of 2008.

      The dividend in specie in the statement of changes in equity relates to the distribution of the
      company's own shares as a dividend from its subsidiary entity. This is accounted for as a
      transaction in equity as gains or losses on own shares are not recognised in profit or loss.

      The Lewis Employee Incentive Scheme Trust effectively holds 15 842 shares, all of which will
      be utilised to cover share awards granted to executives.

                                                                                                  2019       2018   
                                                                                               Audited    Audited   
                                                                                                    Rm         Rm   
10.   Taxation                                                                                                      
      Taxation charge                                                                                               
      Normal taxation                                                                                               
      Current year                                                                               107.0       93.5   
      Prior year                                                                                  36.7      (0.6)   
      Deferred taxation                                                                                             
      Current year                                                                                23.3       29.8   
      Prior year                                                                                (27.7)      (6.8)   
      Withholding tax                                                                             15.0       12.5   
      Taxation per income statement                                                              154.3      128.4   
      Tax rate reconciliation                                                                                       
      Profit before taxation                                                                     463.8      392.5   
      Taxation calculated at a tax rate of 28% (2018: 28%)                                       129.9      109.9   
      Differing tax rates in foreign countries                                                     3.5        4.5   
      Disallowances                                                                                7.9       22.8   
      Exemptions                                                                                (11.0)     (13.9)   
      Prior years                                                                                  9.0      (7.4)   
      Withholding tax                                                                             15.0       12.5   
      Taxation per income statement                                                              154.3      128.4   
      Effective tax rate                                     (%)                                  33.3       32.7   

11.   New Standards and Interpretations not yet effective

      IFRS 16

      IFRS 16 (Leases) replaces IAS 17 with effect from the year ending 31 March 2020. IFRS 16 will
      result in most leases being recognised in the balance sheet, as the distinction between
      operating and finance leases has been removed. Under the new standard, an asset
      representing the right to use the leased item and a financial liability, to pay rentals, will be
      recognised. The only exceptions are short-term and low-value leases.

      The group has set up a project team which has reviewed all of the group's leasing
      arrangements over the last year in light of the new lease accounting rules in IFRS 16 and 
      is in the process of quantifying the effect. The new standard will primarily affect the accounting 
      for operating leases relating to retail stores. As at the reporting date the group has non-cancellable 
      operating lease commitments of R656.2 million.

      IFRS 17

      IFRS 17 (Insurance Contracts) which replaces IFRS 4, applies to insurance contracts and
      reinsurance contracts. The standard will apply to the group for the year ending 31 March
      2023. Management has not yet performed an assessment of the potential impact of the
      implementation of this new standard.

12.   Post balance sheet events

      There were no significant post balance sheet events that occurred between the year end and
      the date of approval of the financial statements by the directors.

Key ratios
for the year ended 31 March 2019

                                                                                                   2019      2018   
Operating efficiency ratios                                                                                         
Gross profit margin                                                                       (%)      41.2      41.4   
Operating profit margin                                                                   (%)       7.2       6.8   
Number of stores                                                                                    784       773   
Number of permanent employees                                                       (average)     8 101     8 093   
Trading space                                                                           (sqm)   254 590   258 463   
Inventory turn*                                                                       (times)       3.1       2.8   
Current ratio*                                                                                      5.9       3.8   
Credit ratios                                                                                                       
Credit sales                                                                              (%)      57.9      65.8   
Debtor costs as a percentage of the net debtors*                                          (%)      13.3      17.2   
Debtors' impairment provision as a percentage of net debtors*                             (%)      42.0      43.5   
Arrear instalments on satisfactory paid accounts
as a percentage of gross debtors                                                          (%)       8.8       9.2   
Arrear instalments on slow-paying and non-performing    
accounts as a percentage of gross debtors                                                 (%)      26.2      28.8   
Credit applications decline rate                                                          (%)      37.4      37.1   
Shareholder ratios                                                                                                  
Net asset value per share*                                                            (cents)     6 081     5 778   
Gearing ratio*                                                                            (%)     (4.2)     (1.6)   
Dividend payout ratio                                                                     (%)      61.1      71.1   
Return on average equity (after-tax)*                                                     (%)       6.4       5.1   
Return on average capital employed (after-tax)*                                           (%)       6.5       5.1   
Return on average assets managed (pre-tax)*                                               (%)       8.5       6.6   

Notes:
1. All ratios are based on figures at the end of the year unless otherwise disclosed.
2. The net asset value has been calculated using 80 194 000 shares in issue (2018: 83 384 000).
3. Total assets exclude the deferred tax asset and the reinsurance asset.
4. Net debtors represents the gross carrying value i.e. after unearned provisions. Gross debtors is before
   unearned provisions.
5. Ratios marked with an asterisk calculated assuming that IFRS 9, IFRS 15 and restatements were implemented
   as at 31 March 2018.


Corporate information

 Non-executive directors:    Hilton Saven (Independent non-executive chairman),
                             Fatima Abrahams, Adheera Bodasing, Daphne Motsepe,
                             Alan Smart, Duncan Westcott.

     Executive directors:    Johan Enslin (chief executive officer)
                             Jacques Bestbier (chief financial officer)

       Company secretary:    Ntokozo Makomba
                          
    Transfer secretaries:    Computershare Investor Services (Pty) Ltd; 7 Rosebank Towers,   
                             15 Biermann Ave, Rosebank, Johannesburg, 2196; PO Box 61051,
                             Marshalltown, 2107.

                Auditors:    PricewaterhouseCoopers Inc.

                 Sponsor:    UBS South Africa (Pty) Ltd.

            Debt Sponsor:    ABSA BANK Limited, acting through its Corporate & 
                             Investment Banking Division

       Registered office:    53A Victoria Road, Woodstock, 7925.

     Registration number:    2004/009817/06.
   
              Share code:    LEW

                    ISIN:    ZAE000058236
               
               Bond code:    LEWI

These results are also available on our website: www.lewisgroup.co.za

Date: 22/05/2019 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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