interest in subsidiary companies

Shares at cost less
amounts written off
Amount owing
by subsidiaries
Name of company/entity
and nature of business
Country of
Directly held            
i) Trading            
  New Clicks South Africa (Proprietary) Limited South Africa R500 272 439 272 439 71 177 98 003
ii) Property owning            
  Elsdon Investments (Proprietary) Limited South Africa R2 3 911 3 911
  Crantock Investments (Proprietary) Limited South Africa R1 44 44
  Optimprops 93 (Proprietary) Limited South Africa R100 13 13
  Flamborough Investments (Proprietary)            
  Limited South Africa R1 * *
  Clicks Centurion (Proprietary) Limited South Africa R10 * * 9 000 9 000
Indirectly held            
i) Trading            
  Safeway (Swaziland) (Proprietary) Limited Swaziland E2
  Clicks Stores (Lesotho) (Proprietary) Limited Lesotho M1 000
  The Clicks Organisation (Botswana)            
  (Proprietary) Limited Botswana BWP3 000
  Safeway (Namibia) (Proprietary) Limited Namibia N$100
  The Clicks Group Finance Company            
  (Proprietary) Limited South Africa R999
  New United Pharmaceutical Distributors            
  (Proprietary) Limited South Africa R10
  Multicare Pharmaceutical Benefits            
  Management (Proprietary) Limited South Africa R4 000
  Multicare Western Cape (Proprietary) Limited South Africa R100
  Clicks Retailers (Proprietary) Limited South Africa R200
  Milton & Associates (Proprietary) Limited South Africa R200
  Leon Katz (Proprietary) Limited South Africa R200
  J & G Purchase & Associates (Proprietary)            
  Limited South Africa R220
  Kalahari Medical Distributors (Proprietary)            
  Limited Botswana BWP200
ii) Name protection and dormant            
  8 companies (2007 – 7 companies)    
iii) Holding            
  Musica (Africa) Holdings Limited South Africa R240 816
  Clicks Stores Holdings (Proprietary) Limited South Africa R68
  Multicare Health Centres (Proprietary) Limited South Africa R1 000
        276 407 276 407 80 177 107 003
Shares at cost less amounts written off   276 407 276 407    
Amounts owing by subsidiary companies   80 177 107 003    
Equity-settled capital contribution to subsidiary   23 832 23 786    
Interest in subsidiaries     380 416 407 196    
All subsidiary companies are wholly owned with the exception of The Link Investment Trust and Kalahari Medical Distributors (Proprietary) Limited.

New Clicks Holdings has a 56% interest in The Link Investment Trust and 90% in Kalahari Medical Distributors (Proprietary) Limited.

The loan and investment in The Link Investment Trust have been impaired in prior years based on the fact that the carrying value of the loan and investment exceeded the present value of management’s best estimate of likely future cash flows discounted at the group’s risk adjusted pre-tax weighted average cost of capital of 15%. During the year R18 million of the loan was recovered and consequently the impairment was partially reversed.

All other loans are interest free, unsecured and no fixed dates of repayment have been determined.

* values less than R1 000