15-Apr-2013
(Official Notice) | Italtile shareholders were advised that at the general meeting of shareholders held on Monday, 15 April 2013 ("Meeting"), for the purpose of approving the amendments to the Employee Share Incentive Scheme to accord with the applicable regulations of the JSE Ltd., all the ordinary resolutions contained in the notice of general meeting and proposed at the Meeting, were passed by the requisite majority of votes. |
15-Mar-2013
(Official Notice) | The board of Italtile announce that, subsequent to the notice published on 28 November 2012 advising that Peter Swatton would step down as Chief Financial Officer (CFO) of Italtile in April 2013, Brandon Wood has been appointed as CFO of the Group with effect from 1 May 2013. Brandon has served as the Group?s Financial Manager since August 2010. He is a Chartered Accountant and, prior to his appointment at Italtile, he was with a large auditing firm for six years. Peter Swatton will assume the position of non-executive director with effect from 1 May 2013.
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12-Mar-2013
(Official Notice) | Italtile shareholders ("shareholders") were advised that the company posted a circular to shareholders today, Tuesday, 12 March 2013, the purpose of which is to provide shareholders with information relating to proposed amendments to the Employee Share Incentive Scheme, as set out in the trust deed of the Italtile Employee Share Incentive Trust, ("Amendments") and to convene a general meeting at which shareholders will be requested to vote on the resolutions to approve the Amendments ("General Meeting").
General Meeting
The General Meeting will be held at 11:30 on Monday, 15 April 2013, at the Italtile Building, corner of William Nicol Drive and Peter Place, Bryanston, to consider and, if deemed fit, pass the resolutions required to authorise the Amendments.
Salient dates and times
The salient dates and times relating to the Amendments are set out below:
*Record date on which Shareholders must be recorded in the company's securities register in order to be entitled to receive notice of the General Meeting -- Friday, 1 March 2013
*Circular posted to Shareholders on Tuesday, 12 March 2013
*Last date to trade Italtile ordinary shares in order to be eligible to participate in and vote at the General Meeting -- Wednesday, 27 March 2013
*Record date on which Shareholders must be recorded in the company's securities register in order to be entitled to participate in and vote at the General Meeting -- Friday, 5 April 2013
*Forms of proxy for the General Meeting to be received by 11:30 on Thursday, 11 April 2013
*General Meeting to be held at 11:30 on Monday, 15 April 2013
*Results of the General Meeting released on SENS on Monday, 15 April 2013 |
14-Feb-2013
(C) | Turnover increased to R1.1 billion (R946 million). Gross profit rose 12% to R370 million (R331 million) and trading profit was 15% higher at R312 million (R271 million) Net attributable profit increased to R222 million (R199 million). In addition, headline earnings per share grew by 13% to 24.3cps (21.4cps).
Dividend
A interim ordinary dividend of 8cps has been declared.
Outlook
Management is of the opinion that in the current macro-economic environment, trading conditions will remain difficult for the foreseeable future. There are strong indications that consumers will continue to be pressured by constrained disposable income and will prioritise essential spending over discretionary spending in the face of economic uncertainty. In this regard, the group's consumers in the lower LSM sector are expected to prove least resilient. It is anticipated that above-inflation income growth and the low interest rate environment will support consumer spending in the Groups mid to upper LSM target markets, but probably not at levels achieved over recent years.
Notwithstanding this subdued economic context, the group remains confident that growth opportunities exist for innovative retailers. Managements focus will be on leveraging improvements in the business and supply chain to capitalise on capacity in the local market to increase Italtile's market share. |
28-Nov-2012
(Official Notice) | The Board of Italtile ("the Board") announced that Chief Financial Officer ("CFO"), Peter Swatton, had resigned his position and would leave the Group in April 2013. |
26-Nov-2012
(Official Notice) | Italtile and Ceramic Industries Ltd. ("Ceramic") shareholders were referred to the joint announcement published on the SENS on Tuesday, 6 November 2012 relating to the joint offer by Rallen Proprietary Ltd. ("Rallen") and Italtile ("joint offer") becoming unconditional and incorporating the revised salient times and dates pertaining to the joint offer. Full details of the Joint Offer were contained in the circular to Ceramic shareholders dated Monday, 1 October 2012.
Results of the joint offer
Shareholders are advised that the Joint Offer closed at 12:00 on Friday, 23 November 2012 and was validly accepted by Ceramic shareholders, other than Rallen and its subsidiaries, Mr GAM Ravazzotti and Ceramic's subsidiary companies ("independent Ceramic shareholders"), in respect of 5 497 832 of their Ceramic shares (27.1% of Ceramic's issued share capital).
Closure of the joint offer
Independent Ceramic shareholders are hereby advised that the joint offer has been successfully concluded and is now closed. Ceramic share certificates in the unlisted Ceramic will be posted to independent Ceramic shareholders who have elected to retain all or some of their Ceramic shares, at their own risk, on or about Tuesday, 27 November 2012. |
23-Nov-2012
(Official Notice) | Italtile shareholders were advised that at the annual general meeting of shareholders held on Friday, 23 November 2012 ("meeting"), all the ordinary and special resolutions contained in the notice of annual general meeting and proposed at the Meeting, were passed by the requisite majority of votes. The filing and registration with Companies and Intellectual Property Commission of the special resolution relating to the adoption by Italtile of a new memorandum of incorporation will be done in due course. |
06-Nov-2012
(Official Notice) | |
31-Oct-2012
(Official Notice) | Further to the announcement released on SENS on Tuesday, 30 October 2012, Italtile and Ceramic shareholders are advised that Rallen (Pty) Ltd. and Italtile have extended the date for the fulfilment of the remaining conditions precedent to the offer detailed therein, to 12:00 on Wednesday, 7 November 2012. |
30-Oct-2012
(Official Notice) | Italtile and Ceramic shareholders are referred to the joint announcements published by Ceramic and Italtile on SENS on Friday, 31 August 2012 and Monday, 1 October 2012 and to the circular distributed to Ceramic shareholders on Monday, 1 October 2012.
Rallen (Pty) Ltd. ("Rallen") and Italtile ("the Offerors") extended an offer ("the Offer") to acquire all or part of the ordinary shares held by Ceramic shareholders, other than Rallen, Rolrose Investments (Pty) Ltd., Mr GAM Ravazzotti and subsidiaries of Ceramic ("Independent Ceramic Shareholders"), in the issued share capital of Ceramic ("Target Shares") at a price of R130.00 per Target Share ("Offer Consideration"). The terms of the Offer are set out in the Circular.
Results of the General Meeting
Shareholders are advised that all of the resolutions proposed at the general meeting of Ceramic shareholders held today, Tuesday, 30 October 2012 were approved by the requisite majority of votes.
If the Offer becomes unconditional:
* Ceramic's ordinary shares will be delisted from the JSE;
* the rules of the company's two management share incentive schemes will be amended to address the impact of the Delisting on the beneficiaries of the schemes; and
* the amendments to the terms of the agreements between Ceramic and its black economic empowerment ("BEE") shareholders will be ratified to address the impact of the Delisting on such BEE shareholders.
Implementation of the Offer and the payment of the Offer Consideration
The implementation of the Offer and the payment of the Offer Consideration is subject to and is conditional upon the fulfilment or waiver, as the case may be, of the following remaining conditions precedent ("the Remaining Conditions Precedent"):
* Independent Ceramic Shareholders validly accepting the Offer in respect of 3 043 924 (15% of Ceramic?s issued share capital) of their Target Shares; and
* The issue by the Takeover Regulation Panel of a compliance certificate in relation to the Offer in accordance with section 121(b)(i) of the Companies Act, No. 71 of 2008, as amended.
The Offerors have extended the date for the fulfilment of the Remaining Conditions Precedent to 12:00 on Thursday, 7 November 2012. A further announcement in respect of the salient dates and times of the Offer and the Delisting will be published immediately following the fulfilment or waiver of the Remaining Conditions Precedent. |
01-Oct-2012
(Official Notice) | |
28-Sep-2012
(Official Notice) | The company informed shareholders that the integrated annual report containing, inter alia, the audited consolidated annual financial statements for the year ended 30 June 2012 and the notice of AGM ("Annual Report") was distributed to shareholders on Friday, 28 September 2012.
No change statement
Shareholders are advised that the audited consolidated annual financial statements as contained in the Annual Report are unchanged from the reviewed preliminary results that were published on SENS on Wednesday, 15 August 2012.
Notice of AGM
The AGM will be held at Zenzele Park, cnr Likkewaan and Dr Vosloo Streets, Bartlett Ext 40, Boksburg, on Friday, 23 November 2012 at 11:00. Details of the proceedings and resolutions are contained in the aforementioned Annual Report. |
31-Aug-2012
(Official Notice) | Italtile shareholders are referred to the joint announcement by Italtile and Ceramic published on SENS on Friday, 31 August 2012 and in the South African press on Monday, 3 September 2012 ("Joint Announcement") in which Ceramic shareholders were advised of the terms of a joint offer ("Offer") to be made by Italtile and Rallen (Pty) Ltd. ("Rallen") to shareholders of Ceramic (other than Rallen, its subsidiaries, GAM Ravazzotti and subsidiaries of Ceramic) ("the Independent Ceramic Shareholders"). Shareholders are referred to the Joint Announcement for the full terms and conditions of the Offer.
In terms of the Offer, Italtile will acquire a maximum of 20% of the total issued ordinary share capital of Ceramic in respect of which the Offer has been accepted ("the Acquisition") and, to the extent that valid acceptances of the Offer are received in respect of more than 20% of the issued ordinary share capital of Ceramic, Rallen will acquire such excess.
Purchase consideration
The purchase consideration in terms of the Offer is R130.00, in cash, for each Ceramic Share acquired. In the event that Italtile acquires 20% of the issued share capital of Ceramic, the maximum purchase consideration payable by Italtile will be R527 613 580.
Conditions precedent to the acquisition
Shareholders are referred to the Joint Announcement which sets out the conditions precedent to the posting of the circular relating to the Offer ("Joint Circular") and the implementation of the Offer.
Financial effects
Italtile's maximum investment in Ceramic for a 20% stake will amount to R527 613 580. The value of the net assets being acquired, as extracted from the published interim results of Ceramic for the six months ended 31 January 2012, is R249 612 200. If the Acquisition had taken place on 1 July 2011, the profit that Italtile would have equity accounted in respect of the Acquisition, for the 12 months from 1 February 2011 to 31 January 2012, amounts to R21.8 million. The pro forma effects of the Acquisition on Italtile?s statement of comprehensive income and statement of financial position for the year ended 30 June 2012 are less than 3% and, therefore, are not significant and have not been included in this announcement. |
31-Aug-2012
(Official Notice) | Italtile shareholders were advised that the cautionary announcements relating to the Ceramic Industries Ltd. offer have been withdrawn. |
31-Aug-2012
(Official Notice) | |
20-Aug-2012
(Official Notice) | Further to the dividend announcement that was incorporated in the preliminary profit announcement and reviewed group results for the year ended 30 June 2012 that was published on SENS on Wednesday, 15 August 2012, shareholders are hereby advised that the dividend will be subject to the new Dividends Tax that was introduced with effect from 1 April 2012. In accordance with paragraphs 11.17 (a) (i) to (x) and 11.17 (c) of the JSE Listings Requirements, the following additional information is provided:
*The dividend has been declared out of income reserves.
*The local dividend tax rate is 15% (fifteen percent).
*There are Secondary Tax on Companies ("STC") credits to be utilised to the amount of R11 453 399.62 or 1.10839 cents per share. No STC credits remain after this divided.
*The gross local dividend amount is 7.00 cents per share for shareholders exempt from the Dividends Tax.
*The net local dividend amount is 6.11626 cents per share for shareholders liable to pay the Dividend Tax.
*The local dividend withholding tax amount is 0.88374 cents per share for shareholders liable to pay the Dividend Tax.
*Italtile's income tax reference number is 9050182717.
*Italtile has 1 033 332 822 shares in issue including 26 290 909 shares held by the Share Incentive Trust and 88 000 000 shares held as BEE treasury shares. |
15-Aug-2012
(C) | Turnover increased to R1.8 billion (R1.5 billion). Gross profit rose by 17% to R732 million (R626 million). Trading profit was up 17% to R523 million (R448 million). Net attributable profit increased to R378 million (R321 million). In addition, headline earnings per share grew 18% to 41c (34.6cps).
Dividend
A final ordinary dividend of 7cps has been declared.
Outlook
Competition in the group's Southern African and Australian markets will remain intense. In the short term, instability in European markets presents opportunities to source high quality fashionable product at affordable prices, and Italtile will leverage this potential. The group will continue to invest in technology, embracing greater use of web-based interaction and social media to ensure that its offering remains top of mind and within easy access of consumers.
Management's focus in the year ahead will be on capitalising on growth opportunities within the existing supply chain and store network. This will require intensified emphasis on containing overheads and enhancing innovation, training and service. Italtile's South African business should continue to grow at current rates in the forthcoming period. Management is satisfied that there is capacity in the local market to increase consumption of the group's merchandise, and accordingly, robust growth targets have been set for the year ahead. In contrast, expectations for the Australian market are more restrained. |
14-Aug-2012
(Official Notice) | Italtile shareholders are advised that at the general meeting of shareholders held on Tuesday, 14 August 2012 ("meeting"), all the ordinary and special resolutions contained in the notice of general meeting and proposed at the meeting, were passed by the requisite majority of votes. |
06-Aug-2012
(Official Notice) | Italtile is currently finalising its results for the year ended 30 June 2012. Shareholders are advised that the group's basic earnings per share and headline earnings per share are expected to be between 17% and 19% higher than the prior comparable period. Despite subdued building activity in the industry and competitive trading conditions, Italtile succeeded in increasing turnover of Group-owned stores and entities by 21% and gained market share across its brand portfolio comprising Italtile Retail, CTM and TopT.
Publication of results
The group's results for the year ended 30 June 2012 are expected to be published on SENS on 15 August 2012. |
31-Jul-2012
(Official Notice) | Shareholders of Italtile and Ceramic INdustries Ltd. ("Ceramic") were advised to continue to exercise caution when dealing in their respective Italtile and Ceramic securities until an announcement reflecting the terms of the offer is published. |
31-Jul-2012
(Official Notice) | |
03-Jul-2012
(Official Notice) | |
29-Jun-2012
(Official Notice) | Shareholders are advised to continue to exercise caution when dealing in their respective Italtile and Ceramic Industries Ltd. securities until an announcement reflecting the terms of the offer is published, which is expected to be by the end of July 2012. |
29-Jun-2012
(Official Notice) | Italtile and Ceramic Industries Ltd. (''Ceramic'') shareholders (''shareholders'') were advised in cautionary announcements published on the Securities Exchange News Service of the JSE Ltd. (''JSE'') on Monday, 28 May 2012 that Italtile had expressed an interest in making an offer, subject to certain conditions precedent, to Ceramic shareholders other than Rallen (Pty) Ltd. (''Rallen'') to acquire between 15% and 20% of the issued share capital of Ceramic for a cash consideration of R130 per Ceramic share. Rallen is the majority shareholder of both Italtile and Ceramic.
Ceramic shareholders were advised that, should Italtile succeed, this would lead to a proposal to delist Ceramic from the exchange operated by the JSE. Ceramic shareholders were further advised that, in terms of the Listings Requirements of the JSE, Italtile had procured an undertaking from Rallen to join with Italtile in making an offer to all other Ceramic shareholders (''offer'') to facilitate the potential delisting of Ceramic. In terms of the offer, Italtile will acquire between 15% and 20% of the issued share capital of Ceramic and, to the extent that acceptances are in excess of 20% of the issued share capital of Ceramic, then Rallen will acquire such excess.
Joint update
Shareholders were advised that Italtile has completed a due diligence exercise on Ceramic to its satisfaction and can confirm that the price per Ceramic share at which the offer will be extended will not be adjusted as a result of any due diligence findings and will remain at R130 per Ceramic share. The Italtile board of directors and a committee of Ceramic directors independent of Italtile and Rallen are working towards finalising the terms of the offer and the conditions precedent. |
28-May-2012
(Official Notice) | Shareholders were advised to exercise caution when dealing in the company's securities until a further announcement with regard to the proposed acquisition of Ceramic Industries Ltd. is published. |
28-May-2012
(Official Notice) | Italtile shareholders were advised that the board of directors of Italtile ("the board") has submitted a conditional offer to the board of Ceramic Industries Ltd. ("CIL") in terms of which the company proposes to make an offer to acquire between 15% and 20% ("the proposal") of the issued share capital of CIL from CIL shareholders.
Rationale for the proposal
Italtile values its sound relationship with CIL and has a long history of purchasing tiles, sanitaryware and baths from CIL. In order to support Italtile's growth objectives, the Board would like to strengthen its relationship with CIL, as a key supplier to the company, through the acquisition by Italtile of a strategic shareholding in CIL.
Proposed consideration
The proposed consideration is R130 per CIL share, in cash.
Conditions precedent to the proposal
The proposal is subject to the following conditions precedent:
*the successful outcome of a due diligence exercise;
*the support of the CIL board to a transaction of this nature and to Italtile receiving some formal assurances that CIL will be in a position to support the growth strategies of Italtile, which includes receiving assurance of the continued involvement of the current management of CIL in that business; and
*to receiving the necessary regulatory and legislative approvals. |
15-Feb-2012
(C) | Turnover increased to R946 million (R771 million). Gross profit rose by 16% to R331 million (R285 million). Trading profit was up 17% to R271 million (R231 million). Net attributable profit improved to R199 million (R165 million). In addition, headline earnings per share grew by 22% to 21.4c (17.6cps).
Dividend
An interim ordinary dividend of 7cps has been declared.
Outlook
Despite indications that the economic environment is likely to remain restrained over the forthcoming six months, the group is satisfied that growth is sustainable. This outlook is based on management's conviction that the market continues to afford expansion opportunities to determined retailers. Key focus will remain on improving the in-store shopping experience through enhanced innovation and service, intensified cost containment and inventory and range management. |
01-Feb-2012
(Official Notice) | Italtile is currently finalising its results for the six months ended 31 December 2011. Accordingly, shareholders are advised that the group's basic earnings per share ("EPS") and headline earnings per share ("HEPS") are expected to be between 20% and 23% higher than the prior comparable period. Whilst trading conditions remained challenging, the group succeeded in increasing turnover of group-owned stores and entities by between 20% and 25% and gained market share across the brand portfolio. The group's results for the six months ended 31 December 2011 are expected to be published on SENS on 15 February 2012. |
25-Nov-2011
(Official Notice) | Italtile shareholders are advised that at the annual general meeting of shareholders held on Friday, 25 November 2011 ("Meeting"), all the ordinary and special resolutions contained in the notice of annual general meeting and proposed at the Meeting, were passed by the requisite majority of votes. |
08-May-2012
(X) | Italtile Ltd. headquartered in Bryanston, Johannesburg, is the leading retailer of ceramic tiles, bathroomware and related products in South Africa.
Franchising
The Group operates as a franchisor, featuring a streamlined parent operation focused on growing market share and fostering entrepreneurial opportunities through its franchise programme. The Group is represented via its high profile branded retail outlets, Italtile, CTM and TopT, which cater to homeowners across the income spectrum, holding appeal for market segments ranging from the premium upper end to entry level consumers. These stores are situated on high visibility sites and their comprehensive offerings position them as one-stop solution destinations. Ranges include ceramic wall and floor tiles, sanitaryware, bathroom furniture, taps, fittings, laminated wooden flooring and tools. The store network comprises 106 stores, situated in South Africa, the SADEC region and the east coast of Australia. All three of the Group?s brands, TopT, CTM and Italtile are franchised.
Property investment
Underpinning the retail network is an extensive property portfolio. The Group derives important strategic advantage by supporting its brands with high profile prime sites that enhance Italtile's positioning as a destination retailer.
Support services
The Group's vertically integrated supply chain comprises International Tap Distributors ("ITD"), an importer and distributor of taps and accessories, and Cedar Point, an importer and distributor of tiling tools, laminated boards, cabinets and accessories. The Group holds a controlling interest in both of these businesses. ITD services the CTM and TopT retail network as well as the open market, while Cedar Point?s offering is exclusive to CTM. The Group's Distribution Centre, located in Durban, sources imported tiles for the CTM network and provides warehousing and distribution facilities to CTM, Italtile and TopT. It is also responsible for arranging logistics and foreign exchange for the Group's retail brands as well as ITD and Cedar Point. |
03-Oct-2011
(Official Notice) | The company hereby informs shareholders that the annual report containing, inter alia, the audited consolidated annual financial statements for the year ended 30 June 2011 and the notice of AGM ("annual report") was distributed to shareholders on 30 September 2011.
No change statement
Shareholders were advised that the consolidated audited results as contained in the annual report are unchanged from the reviewed preliminary results that were published on SENS on Monday, 29 August 2011.
Notice of AGM
The AGM will be held at 11:00 on Friday, 25 November 2011. Details of the proceedings and resolutions are contained in the aforementioned annual report. |
30-Aug-2011
(C) | Turnover rose to R1.5 billion (R1.4 billion) and gross profit improved by 10% to R626 million (R570 million). Operating profit gained 15% to R448 million (R389 million), while profit attributable to ordinary shareholders jumped to R321 million (R273 million). Moreover, headline earnings per share showed a 5% increase to 34.6cps (33.1cps).
Dividend
The board has declared a final dividend (number 90) of 6cps
Prospects
The retail environment in South Africa will continue to face challenges presented by subdued trading conditions. The resultant constraints, together with new consumer spending behaviour and the likely advent of international players in the local market will serve to shape the future of the industry in this country. The period ahead will be focused on achieving the group's goal to be a world class low-cost retailer. Every effort will be directed to refining the business model to achieve an optimal balance of profitability and customer satisfaction. Management is satisfied that the Group is well positioned to take advantage of this changing landscape. In addition to its strong cash generating ability, Italtile's proven business model is underpinned by sound fundamentals including an established supply chain, a strong market reputation, powerful technology and talented people. Equally important, the company's commitment to innovating and adapting to meet challenges and opportunities will prove vital in achieving the group's ambitious growth targets. |
01-Jul-2011
(Official Notice) | The board of directors of Italtile ("board") announced the appointments to the board of Mr Sybrand Gerhardus Pretorius as a non- executive director and member of the audit Committee and Mr Pierre Langenhoven as a non-executive director. Both appointments are effective as of 30 June 2011. |
17-Feb-2011
(C) | Turnover for the interim period increased to R771 million (2009: R692 million), and gross profit increased by 9% to R285 million (2009: R261 million), while trading profit rose by 14% R231 million (2009: R202 million). Total comprehensive income attributable to equity shareholders soared to R166 million (2009: R143 million). Furthermore, headline earnings per share decreased by 2% to 17.6cps (2009: 17.9cps).
Dividend
The group has maintained its dividend cover of three times. The board has declared an interim dividend of 6cps (2009: 6cps).
Prospects
Improving the in-store shopping experience is a major driver for the group. Constant re-evaluation of the retail trading format is key to capitalising on growth opportunities and consequently the focus on range, service, systems and supplier relationships will continue to be re-examined and enhanced. Innovation and training will underpin this strategy. It is anticipated that growth in the global economy will remain subdued over the short to medium term. In South Africa the building and construction industry particularly will be subject to continued pressure. Notwithstanding this environment, the group is satisfied that growth at current levels can be maintained in the forthcoming six months.
Death of chief executive officer, Italtile colleagues, and business partners
On 09 February 2011, the board announced with great sadness the untimely death of Mr Gianpaolo Ravazzotti, chief executive officer of the group, and eight of his colleagues and business partners, namely Ms Gia Celori (Italtile Ltd), Ms Marilize Compion (Italtile Ltd), Mr Sava Di Bella (Prima Bella Bathroom Accessories), Mr Simon Hirschberg (Grainwave Pty Ltd), Mr Jody Jansen van Rensburg (CTM Alberton), Ms Aletsia Krause (Italtile Ltd), Ms Bronwyn Parsons (Pilot, Italtile Ltd), and Ms Alison van Staden (Co-pilot). Gianpaolo and his colleagues tragically passed away in an aeroplane accident on Tuesday, 08 February 2011 in the Robberg area near Plettenberg Bay. A full investigation is underway to determine the cause of the crash. |
14-Feb-2011
(Official Notice) | Shareholders of Italtile are advised that, due to the untimely passing of Mr Gianpaolo Ravazzotti, Mr GAM Ravazzotti will, with immediate effect, take on the role as executive chairman for the Italtile Group. Mr Ravazzotti will be responsible for all management functions and, as such, will ensure that the day-to-day business affairs of the company are taken care of. Italtile's interim report will be released on SENS on Thursday, 17 February 2011, as planned. |
09-Feb-2011
(Official Notice) | It is with great sadness that the Board of directors of Italtile Ltd ("the Board") announces the untimely death of Mr Gianpaolo Ravazzotti, Chief Executive Officer of the Group, and eight of his colleagues and business partners, namely Ms Gia Celori (Italtile Ltd), Ms Marilize Compion (Italtile Ltd), Mr Sava Di Bella (Prima Bella Bathroom Accessories), Mr Simon Hirschberg (Grainwave Pty Ltd), Mr Jody Jansen van Rensburg (CTM Alberton), Ms Aletsia Krause (Italtile Ltd), Ms Bronwyn Parsons (Pilot, Italtile Ltd), and Ms Alison van Staden (Co-pilot).
Gianpaolo Ravazzotti and his colleagues tragically passed away in an aeroplane accident on Tuesday, 08 February 2011. The wreckage of the aircraft has been located in the Robberg area and the bodies of all of the passengers have been found. A full investigation is underway to determine the cause of the crash. The Board will announce its succession plans in due course. This announcement is in compliance with paragraph 3.59(b) of the Listings Requirements of the JSE Limited.
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09-Feb-2011
(Official Notice) | The board of directors of Italtile Ltd has advised that the Group's company aeroplane, which was travelling between Queenstown and Plettenberg Bay, did not make its planned landing scheduled for 16h30 on Tuesday, 08 February 2011. Consequently, a full search and rescue operation was instituted. Rescue services have advised this morning, Wednesday, 09 February 2011, that wreckage, assumed to be the aircraft, has been found in the Robberg area. Final confirmation is awaited in this regard. Two crew and seven passengers were on board the flight. The names of the passengers will not be released until such time as their relatives have been notified. An announcement will be made as soon as further information becomes available. |
21 Dec 2010 10:10:05
(Official Notice) | Shareholders are referred to the announcement published on SENS on 20 December 2010, regarding the purchase of securities by the Italtile Share Incentive Trust. The purchase was completed on-market. |
26 Nov 2010 12:36:38
(Official Notice) | The board of directors of the company advise that, at the annual general meeting of shareholders held on Friday, 26 November 2010, all the ordinary and special resolutions proposed thereat were duly passed by the requisite majority of votes. The special resolution authorising the company to repurchase its own shares will be lodged with the Companies and Intellectual Property Registration Office for registration. |
06 Oct 2010 15:49:14
(Official Notice) | Notice is given that the 22nd annual general meeting of the shareholders of the company will be held at Zenzele Park, cnr Likkewaan and Dr Vosloo Street, Bartlett Ext 40, Boksburg, on Friday, 26 November 2010 at 11:00 to transact the business as stated in the notice of annual general meeting included in the annual report.
No change statement
The company published its consolidated preliminary reviewed results the year ended 30 June 2010 on 19 August 2010 and distributed its annual report to shareholders on 30 September 2010. No abridged version of the audited financial statements is being published as the financial information as published on 19 August 2010 was unchanged. |
19 Aug 2010 08:05:39
(C) | The group has reported a 7% growth in system-wide turnover to R2.8 billion (R2.6 billion). Reported trading profit increased by 8% to R389 million (R361 million). Net attributable profit was up by 8% to R281 million (R260 million). In addition, headline earnings on a per share basis fell by 2% to 33.1cps (32.4cps).
Dividend
A final ordinary dividend of 5cps has been declared.
Outlook
Difficult trading conditions are expected to remain a challenge in the year ahead. Intensified competition is anticipated and greater innovation will be required to continue growing the group's market share. Management's priorities will be to leverage further efficiencies, and continue to improve the group's service offering and in-store shopping experience. The group's business is healthy and its brands are well positioned to capitalise on growth opportunities as the economy improves. |
17 May 2010 13:01:58
(Official Notice) | Shareholders of Italtile are advised that Mr G K A Morolo has resigned as non- executive director of Italtile, effective 12 May 2010. |
31 Mar 2010 18:32:45
(Official Notice) | Shareholders are advised that the results of the special dividend payment with the default being cash but with the option to elect an alternative of shares or a combination of shares and cash, declared by the board of directors of Italtile on 18 February 2010, are as follows:
Ratio for the issue of shares at 18.4615 shares
*for every 100 shares held -- 123 532 370 shares
*Cash dividend election -- 240 665 383 shares |
18 Feb 2010 08:41:36
(C) | Revenue increased to R1.44 billion from R1.38 billion in 2009.Trading profit increased to R202 million (2008:R194 million). Profit attributable to ordinary shareholders increased to R143 million (R136 million). Headline earnings on a per share basis increased to 17.90cps (17.10cps).
Dividends per share
An interim dividend of 6cps was declared for the period under review.
Prospects
The group will invest in retail technologies to augment in-store trading systems aimed at improving operational efficiencies and enhancing the shopping experience. The economic environment is generally expected to remain challenging over the forthcoming period. It is difficult to forecast the impact of 2010 World Cup activities on trading in the next six months, and in particular in the months of June and July 2010. Notwithstanding this uncertain economic climate, the board believes that growth at current levels will be maintained for the forthcoming period. |
27 Nov 2009 16:34:01
(Official Notice) | At the AGMof shareholders held on Friday, 27 November 2009, all the ordinary and special resolutions proposed thereat were duly passed by the requisite majority of votes. The special resolution authorising the company to repurchase its own shares will be lodged with the Companies and Intellectual Property Registration Office.
Changes to the board
Furthermore, the board announces the following changes to the board effective from Friday, 27 November 2009:
*Mr Rabin and Mr Zannoni have retired from the board; and
*Ms Alessia Zannoni was duly appointed as a non-executive director. |
30 Sep 2009 11:14:41
(Official Notice) | Shareholders are advised that the company published its reviewed consolidated provisional results for the year ended 30 June 2009 on 11 August 2009 and distributed its annual report to shareholders on 29 September 2009. The annual financial statements were audited by Ernst - Young Inc and their report is available for inspection at the company's registered office: The Italtile Building, cnr William Nicol Drive and Peter Place, Bryanston. The company will not publish an abridged version of the audited financial statements as the information published on 11 August 2009 was unchanged.
Notice is hereby given that the 21st annual general meeting of the shareholders of the company will be held at Zenzele Park, cnr Likewaan and Dr Vosloo Streets, Bartlett Ext 40, Boksburg, on Friday, 27 November 2009 at 09:00 to transact the business as stated in the notice of annual general meeting included in the annual report. |
11 Aug 2009 08:18:30
(C) | Turnover decreased by 7% to R2.6 billion (R2.8 billion). Trading profit declined by 10% to R361 million (R399 million). Net attributable profit decreased to R257 million (R275 million). In addition, headline earnings on a per share basis fell by 6% to 32.4cps (34.4cps).
Dividend
A final ordinary dividend of 5cps has been declared.
Prospects
The trading environment will remain challenging for 2010. Management's challenge will be to retain and grow market share and ensure that the group is well positioned to capitalise as the economy recovers. |
27 Jul 2009 08:24:10
(Official Notice) | Shareholders are advised that EPS for the twelve months ended 30 June 2009 are expected to be between 5% and 10% lower than the comparative period to 30 June 2008. The impact of the global economic downturn on consumer demand has been dramatic and sustained. Locally, reduced consumer discretionary spend has hampered the sector's performance and negatively affected the group's results. Whilst interest rates have declined steadily, the positive impact on consumer spending is unlikely to filter through for several months. The group was fortunate to have benefited from strategic alliances with local suppliers and from its position as the leading value player with well established brands. Trading conditions are anticipated to remain difficult. The group's continued strategic imperative will be on entrenching its market leadership position and capitalising on opportunities as the economy recovers. The group's results for the year ended 30 June 2009 are expected to be published on SENS on or about 11 August 2009. |
11 Mar 2009 17:24:32
(Official Notice) | Ms Susanna Maria du Toit has been appointed as a non-executive director of Italtile, effective 6 March 2009. |
09 Feb 2009 07:46:01
(C) | Turnover declined by 2% to R1.4 billion (R1.4 billion) and trading profit decreased by 7% to R194 million (R208 million). Net attributable profit declined to R136 million (R142 million). In addition, headline earnings per share fell by 2% to 17.1cps (17.5cps).
Dividend
An interim ordinary dividend of 6cps has been declared.
Prospects
The group will be unable to maintain the level of earnings for the full year, that were achieved in 2008. |
03 Dec 2008 15:41:52
(Official Notice) | Shareholders are advised that Routledge Modise has resigned as company secretary of Italtile with effect from 1 January 2009. EJ Willis has been appointed as company secretary of Italtile with effect from 1 January 2009. |
28 Nov 2008 11:28:41
(Official Notice) | The board of directors advise that, at the annual general meeting of shareholders held at the registered offices of the company on Friday, 28 November 2008, all the ordinary resolutions proposed thereat were duly passed by the requisite majority of votes. |
20 Oct 2008 15:12:24
(Official Notice) | Notice is hereby given that the 20th annual general meeting of the shareholders of the company will be held in the boardroom, Italtile Building, corner William Nicol Drive and Peter Place, Bryanston, on Friday, 28 November 2008 at 08:30 to transact the business as stated in the notice of annual general meeting included in the annual report.
The company published its consolidated reviewed provisional results the year ended 30 June 2007 on 11 August 2008 and distributed its annual report to shareholders on 30 September 2008. No abridged version of the audited financial statements is being published as the financial information as published on 11 August 2008 was unchanged. |
12 Aug 2008 07:24:52
(C) | The group reported a 7% increase in system-wide turnover to R2.77 billion (2007: R2.58 billion). Price inflation was limited to 1.5%, reflecting real growth of 6% from the existing store network, as the group consolidated its market advantages and held back on price increases to benefit consumers. Reported trading profit increased by 2% to R399 million (2007: R393 million), which includes a once-off IFRS cost of R25 million associated with the IFRS 2 (Share based payments) expense of the transaction. Excluding the impact of this transaction reflects a normalised increase of 7.9% in trading profit. Increased financing costs of R14 million (2007: R2 million) resulted largely from property related borrowings.
Dividends
The board has declared a final dividend of 8 cents per share (2007: 6.1 cents), which together with the interim ordinary dividend of 4 cents, produces a total ordinary dividend declared for the year of 12 cents (2007: 11.4 cents), an improvement of 5.3%.
Prospects
Despite trading conditions which are expected to remain difficult in the coming year, the board anticipates that profitability will be maintained at current levels. |
14 Mar 2008 16:22:17
(Official Notice) | Shareholders of Italtile are hereby advised that Barnard Jacobs Mellet Corporate Finance (Pty) Ltd has been appointed as Sponsor to Italtile on the JSE, effective 17 March 2008. |
13 Feb 2008 08:13:27
(C) | Italtile reported a 7% increase in system wide turnover to R1.4 billion (R1.3 billion), showing 6% real growth from its existing store network as price inflation was contained to less than 1%. Trading profit, which rose by 12% to R208 million (R185 million), reflected the benefits of the group's ongoing focus on efficiencies. Profit for the year attributable to ordinary shareholders was up 9% to R142 million (R126 million). In addition, headline earnings on a per share basis grew 11% to 17.5cps (15.8cps).
Dividend
Interim dividend (number 83) of 4cps has been declared.
Prospects
The group expects demand to continue slowing as a result of the present uncertainty in the South African economy. While projections in the current environment are difficult, the board anticipates a lower rate of revenue growth for the full year. |
24 Jul 2006 10:40:18
(Official Notice) | Italtile expects to announce an improvement in profit before tax of between 20% and 24% for the year ended 30 June 2006. Earnings per share and headline earnings per share will reflect an improvement of between 19% and 22% over the prior comparative period. The company's results for the year ended 30 June 2006 are expected to be published on SENS on or about 7 August 2006. |
08 Feb 2006 09:10:09
(C) | System wide turnover for the group improved 20% to R1.19 billion (R997 million). Group-owned stores (including joint-ventured franchises) contributed R657 million (R522 million), while franchised stores delivered income of R535 million (R475 million) on which the group earns royalty income. Trading profit rose 27% to R153 million ( R120 million) and income attributable to ordinary shareholders rose to R105.8 million (R86.8 million). Headline earnings per share improved 20% to 558.5c (466.8c), adversely affected by the reduction in the group's treasury shares by means of share incentive scheme participants exercising a significant number of options during the reporting period, and the increased effective tax rate of 33.8%, resulting from Secondary Tax on Company applied in the review period on the special dividend declared in August 2005.
Dividend
An interim dividend of 140cps has been declared, an improvement of 27.3% (110cps).
Prospects
Stable interest rates, fiscal stimulation of the economy and positive retail sentiment would continue to drive growth of the industry, whilst simultaneously promoting intense competition between suppliers. Enhancements in logistics, product range, service and price would remain focus areas in the forthcoming period. The board is satisfied that the current earnings growth trend would be maintained over the next six months. |
02 Feb 2006 11:10:35
(Official Notice) | Italtile announced that Gian-Paolo Ravazzotti would assume the position of chief executive officer. Gianni Ravazzotti, would resume his former role as group executive chairman. Derek Rabin, would relinquish his position and resume his previous role as non-executive director of the group. Christian Trumpelmann, chief operating officer of CTM and an executive director, elected to take up a franchising opportunity within the group and would resign his positions on 01 April 2006. |
25 Jan 2006 08:30:01
(Official Notice) | Italtile expects to announce an improvement in Profit before Tax of between 25% and 28% for the six months ended 31 December 2005. Earnings per share and headline earnings per share will reflect an improvement of between 19% and 21% over the prior comparative period, adversely impacted by the reduction in the company's treasury shares, and the increased effective tax rate of 33.8%, resulting from STC applied in the review period on the special dividend declared in August 2005, related to the prior reporting period.
The company traded strongly in a buoyant retail environment. Having successfully accomplished the evolution from niche tile merchant to specialist home enhancement fashion retailer offering a comprehensive range of both tiling and bathware products, the company's performance was positively impacted by the enhanced scope, which has broadened the group's target market and promoted margin growth. Capitalising on its dominant position in a growing industry, the company benefited from continued robust activity in the new residential and renovation markets, an expanding and receptive consumer base, and strong loyalty to the company's CTM and Italtile brands.
The company's results for the six months ended 31 December 2005 are expected to be released on 08 February 2006.
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02 Dec 2005 12:11:10
(Official Notice) | Shareholders are advised that, at the annual general meeting, all the resolutions were passed by the requisite majority of shareholders. |
30 Sep 2005 11:05:15
(Official Notice) | Further to Italtile"s audited results for the year ended 30 June 2005, published on 15 August 2005, the annual report was posted today. The annual report contains no modifications to the aforementioned published audited results.
Annual general meeting
The annual general meeting of the members of Italtile will be held at 09h30 on Friday, 2 December 2005 at the Boardroom, Italtile Building, corner William Nicol Drive and Peter Place, Bryanston.
Changes to the board
G F Cousins, a non-executive director of Italtile, will be spending a significant amount of time in pursuit of new off shore business interests and has therefore decided not to stand for re-election at the annual general meeting of Italtile and will resign as a director of Italtile with effect from 2 December 2005. Mr S I Gama, currently an Italtile independent non-executive director, will succeed Mr Cousins as chairman of the audit committee. |
21 Sep 2005 12:39:51
(Media Comment) | According to Business Report, the competition tribunal has fined Italtile R2 million for price-fixing after finding that the company was setting central prices.
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15 Sep 2005 14:49:16
(Media Comment) | Finance 24 has reported that Italtile has agreed to pay a R2m penalty after the Competition Commission found the company guilty of contravening the Competition Act. |
15 Aug 2005 07:32:56
(C) | |
01 Aug 2005 08:27:28
(Official Notice) | Italtile expects to announce an improvement in earnings per share and headline earnings per share for the year ended 30 June 2005 of between 25% and 28%, over that of the prior comparative period. Earnings were positively impacted by a favourable macro economic environment which continues to drive the sustained surge in the new residential and renovation markets, the widespread appeal of the group`s CTM and Italtile brands, and growth of the economically influential emerging middle class. Shareholders are advised that the above information has not been reviewed or reported on by Italtile`s external auditors. The company`s results for the year ended 30 June 2005 are expected to be published on 16 August 2005.
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01 Jul 2005 16:46:53
(Official Notice) | Routledge Modise Moss Morris has been appointed as company secretary with effect from 1 July 2005 to succeed Peter David Swatton. |
04 Aug 2004 09:17:00
(C) | Italtile`s turnover improved 6.7% to R799.9 million (R749.2 million), while trading profit grew 24% to R213.9 million (R172.4 million). Headline earnings increased 24% to R151 million (122 million). Contrary to conventional trading patterns, performance in the second six months of the review year outstripped that of the first, which traditionally encompasses the greatest amount of promotional activity. The group`s strategy to maintain and grow market share through a meaningful reduction in average selling prices continues. The upsurge in trading activity is a reflection of sustained consumer confidence, the anticipation that interest rates would remain low, the continued strong residential property boom, and the exponential growth of the renovation market as new property prices escalated. A significant growth driver was the strong performance delivered by the group`s empowered franchises, which now contribute more than 15% to turnover.
Net asset value strengthened to 2915cps (2274cps).
Prospects
Sustained rand strength will continue to foster new entrants into the market with a resultant short term over-supply of imported product. The competitive landscape will thus be characterised by deflationary price pressures for the foreseeable future. The group will continue to focus its energies on maintaining price competitiveness, a low overhead base, a strong cash position and optimal working capital levels. Current growth levels are expected to be maintained.
The board has declared a final ordinary dividend of 90 cents per share, which together with the interim ordinary dividend of 70cents produces a total ordinary dividend declared for the year of 160 cents (130 cents), an improvement of 23%.
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