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TRUWORTHS INTERNATIONAL LIMITED
INTERIM RESULTS FOR THE 26 WEEKS ENDED 31 DECEMBER 1999
COMMENT
GROUP RESULTS
TRUWORTHS, THE SOUTH AFRICAN SUBSIDIARY OF TRUWORTHS INTERNATIONAL ("TI") GREW
HEADLINE EARNINGS BY 9,1%, DURING THE PERIOD UNDER REVIEW. HEADLINE EARNINGS
PER SHARE FROM CONTINUING OPERATIONS GREW BY 5,5% TO 19,2 CENTS PER SHARE.
HOWEVER, A LOSS IN THE DISCONTINUING OPERATIONS OF THE AUSTRALIAN SUBSIDIARY,
SPORTSGIRL, LED TO A DECLINE IN INTERIM HEADLINE EARNINGS PER SHARE ON ALL
OPERATIONS OF 18,3% TO 15,2 CENTS PER SHARE.
FOLLOWING A REASSESSMENT OF THE GROUP'S INVESTMENT IN SPORTSGIRL, PROMPTED BY
CONTINUED POOR TRADING AND LACK OF ADEQUATE OFF-SHORE FUNDING, THE COMPANY WAS
PLACED UNDER VOLUNTARY ADMINISTRATION ON 25 NOVEMBER 1999 AND ITS BUSINESS
UNITS WERE OFFERED FOR SALE. DUE TO THE FACT THAT THIS RESULTED IN TI CEASING
TO EXERCISE MANAGEMENT CONTROL, THE RESULTS OF SPORTSGIRL WERE NOT CONSOLIDATED
SUBSEQUENT TO THAT DATE.
BECAUSE OF UNCERTAINTY OVER THE AMOUNTS RECEIVABLE FROM THE ADMINISTRATORS OF
SPORTSGIRL IN RESPECT OF THE GROUP'S CLAIMS AGAINST IT AND THE CONSEQUENT NEED
FOR PRUDENCE IN PRESENTING THE INTERIM RESULTS, THE NET ASSETS OF SPORTSGIRL
HAVE BEEN WRITTEN OFF AS AN EXCEPTIONAL ITEM. THIS CONTRIBUTED TOWARDS A LOSS
AFTER TAX OF R43,9 MILLION FOR THE PERIOD. AMOUNTS RECEIVED IN DUE COURSE FROM
THE ADMINISTRATORS WILL BE SET OFF AGAINST THIS WRITE-OFF.
TRUWORTHS
THE SOUTH AFRICAN SUBSIDIARY ACHIEVED A 12,4% INCREASE IN RETAIL SALES TO
R728,2 MILLION IN DIFFICULT TRADING CONDITIONS. THE FRANCHISE BUSINESS
REFLECTED GOOD GROWTH WITH SALES IMPROVING 36,2% TO R6,5 MILLION. ALTHOUGH
OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS REMAINED STATIC AT R124,3 MILLION,
HEADLINE EARNINGS INCREASED BY 9,1% TO R86,0 MILLION, DESPITE LOWER RETURNS ON
STRATEGIC CASH BALANCES AND REDUCED INTEREST ON CARDHOLDER BALANCES.
NOTWITHSTANDING THE 12,4% RISE IN RETAIL SALES, TRUWORTHS HAS YET TO EXPERIENCE
THE SUSTAINED UPSURGE IN SALES THAT SOME MARKET OBSERVERS HAVE PREDICTED. LOWER
INTEREST RATES, REDUCED CASH BALANCES RESULTING FROM THE REPAYMENT OF THE
GUARANTEED FOREIGN BANK LOAN AND A WHOLLY CESSATION OF INCOME FROM EXPORT
PARTNERSHIPS WILL IMPACT TRUWORTHS9 RESULTS FOR THE YEAR.
SPORTSGIRL
SPORTSGIRL POSTED SALES OF AU$71,9 MILLION (1998: AU$93,9 MILLION) AND A LOSS
AFTER INTEREST OF AU$4,6 MILLION (1998: PROFIT OF AU$0,3 MILLION) FOR THE
PERIOD TO 25 NOVEMBER 1999. IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING
PRACTICE, THE TRADING RESULTS OF SPORTSGIRL FOR THIS PERIOD HAVE BEEN DISCLOSED
AS DISCONTINUING OPERATIONS.
TO DATE, THE ADMINISTRATORS HAVE ANNOUNCED THAT THE SPORTSGIRL AND DAVID
LAWRENCE UNITS AND THE SPORTSCRAFT CONCESSION STORES HAVE BEEN SOLD.
NEGOTIATIONS ARE CONTINUING FOR THE SALE OF THE NEW ZEALAND OPERATIONS AND THE
MANUFACTURING ARM, AYWON.
PROSPECTS
CHALLENGING AND COMPETITIVE MARKET CONDITIONS ARE EXPECTED TO PREVAIL IN SOUTH
AFRICA FOR THE REMAINDER OF THIS FINANCIAL YEAR. AS A RESULT OF THE PREVAILING
MARKET CONDITIONS, LOWER INTEREST RATES, REDUCED CASH BALANCES AND A LIKELY
CESSATION OF INCOME FROM EXPORT PARTNERSHIPS, MANAGEMENT DOES NOT ANTICIPATE
GROWTH IN EARNINGS FROM CONTINUING OPERATIONS FOR THE FULL YEAR. NEVERTHELESS,
MANAGEMENT ANTICIPATES THAT GROUP HEADLINE EARNINGS FOR THE FULL YEAR WILL
BENEFIT FROM THE CURTAILMENT OF LOSSES AT SPORTSGIRL. MANAGEMENT BELIEVES ITS
RENEWED FOCUS AND EXPANDING FORMATS HAVE POSITIONED THE GROUP WELL FOR THE
FUTURE.
ABRIDGED BALANCE SHEET
UNAUDITED AUDITED
31 DECEMBER 30 JUNE
1999 1998 1999
R'000 R'000 R'000
ASSETS
NON-CURRENT ASSETS
PROPERTY, PLANT AND
EQUIPMENT 131 651 186 343 176 864
INVESTMENTS AND
LOANS - 60 609 35 417 63 703
CURRENT ASSETS INVENTORIES 125 164 207 889 205 584
ACCOUNTS RECEIVABLE - 551 935 506 792 500 266
BANK AND CASH RESOURCES 264 007 233 798 244 122
- 1 133 366 1 170 239 1 190 539
EQUITY AND LIABILITIES
ORDINARY SHAREHOLDERS'
INTEREST 686 951 686 821 746 587
OUTSIDE SHAREHOLDERS'
INTEREST 389 2 239 2 354
- 687 340 689 060 748 941
INTEREST-BEARING
LIABILITIES - 171 169 119 063 146 580
INTEREST-FREE
LIABILITIES - 274 857 362 116 295 018
- 1 133 366 1 170 239 1 190 539
NUMBER OF SHARES
IN ISSUE (000'S) - 451 138 438 190 448 511
NET ASSET VALUE PER
SHARE (CENTS) - 152,3 156,7 166,5
CLOSING EXCHANGE RATE
(SOUTH AFRICAN RAND
TO AUSTRALIAN
DOLLAR) - 3,97 3,61 4,02
ABRIDGED INCOME STATEMENT
UNAUDITED AUDITED
26 WEEKS ENDED 52 WEEKS ENDED
31 DECEMBER 30 JUNE
1999 1998 CHANGE 1999
NOTE R'000 R'000 % R'000
REVENUE 2 1 056 672 1 027 730 2,8 2 020 683
CONTINUING OPERATIONS 770 606 692 154 11,3 1 325 345
DISCONTINUING OPERATION 286 066 335 576 (14,8) 695 338
COST OF SALES (497 176) (462 279) 7,5 (906 363)
GROSS PROFIT 559 496 565 451 (1,1) 1 114 320
OPERATING COSTS (446 278) (437 684) 2,0 (897 967)
OPERATING PROFIT BEFORE
EXCEPTIONAL ITEMS 113 218 127 767 (11,4) 216 353
CONTINUING OPERATIONS 124 780 123 492 1,0 251 829
DISCONTINUING OPERATION (11 562) 4 275 - (35 476)
EXCEPTIONAL ITEMS 3 (112 461) 3 740 - 869
NET PROFIT BEFORE INTEREST
AND TAXATION 757 131 507 - 217 222
INTEREST PAID (7 284) (2 906) - (10 246)
NET (LOSS)/PROFIT BEFORE TAXATION (6 527) 128 601 - 206 976
TAXATION (37 411) (40 189) - (76 165)
NET (LOSS)/PROFIT AFTER TAXATION (43 938) 88 412 - 130 811
OUTSIDE SHAREHOLDERS'
INTEREST IN PROFITS (42) (61) - (118)
NET (LOSS)/PROFIT ATTRIBUTABLE
TO ORDINARY SHARE HOLDERS (43 980) 88 351 - 130 693
DIVIDENDS (15 705) (19 054) - (15 264)
RETAINED (LOSS)/PROFIT FOR
THE PERIOD (59 685) 69 297 - 115 429
TRANSFER FROM/(TO)
NON-DISTRIBUTABLE
RESERVES 184 (20) - (916)
RETAINED PROFITS AT BEGINNING
OF PERIOD 647 644 533 131 - 533 131
RETAINED PROFIT AT END OF PERIOD 588 143 602 408 - 647 644
EARNINGS PER SHARE (CENTS) (9,8) 20,4 - 29,8
DILUTED EARNINGS PER SHARE
(CENTS) (9,6) 20,3 - 29,5
HEADLINE EARNINGS PER SHARE
- ALL OPERATIONS (CENTS) 15,2 18,6 (18,3) 28,2
- CONTINUING OPERATIONS (CENTS) 19,2 18,2 5,5 38,3
DILUTED HEADLINE EARNINGS PER SHARE
- ALL OPERATIONS (CENTS) 14,9 18,6 (19,9) 27,8
- CONTINUING OPERATIONS (CENTS) 18,9 18,2 3,8 37,8
DIVIDEND PER SHARE (CENTS) 6,0 6,0 - 12,5
WEIGHTED AVERAGE NUMBER
OF SHARES IN ISSUE (000'S) 449 065 433 313 3,6 438 342
AVERAGE EXCHANGE RATE
(SOUTH AFRICAN RAND
TO AUSTRALIAN DOLLAR) 3,98 3,57 - 3,75
ABRIDGED CASH FLOW STATEMENT
UNAUDITED AUDITED
26 WEEKS ENDED 52 WEEKS ENDED
31 DECEMBER 30 JUNE
1999 1998 1999
R'000 R'000 R'000
CASH FLOW FROM OPERATING ACTIVITIES
CASH INFLOW FROM TRADING 70 800 86 541 130 152
WORKING CAPITAL REQUIREMENTS 22 514 (3 906) (23 516)
DEPRECIATION - 35 549 29 373 63 645
NET INTEREST RECEIVED 22 766 34 419 60 428
TAXATION PAID (33 043) (20 895) (81 992)
DIVIDENDS RECEIVED 5 611 1 857 7 450
DIVIDENDS PAID (15 685) (9 821) (15 264)
NET CASH INFLOW FROM OPERATIONS 108 512 117 568 140 903
CONTINUING OPERATIONS 74 747 94 537 145 635
DISCONTINUING OPERATIONS 33 765 23 031 (4 732)
CASH FLOW FROM INVESTING ACTIVITIES
NET ACQUISITION OF PROPERTY,
PLANT AND EQUIPMENT (19 431) (30 306) (59 454)
CASH FOREGONE ON INVESTMENT
WRITE-OFF (107 969) - -
LOANS AND OTHER INVESTING MOVEMENTS 518 (6 343) (18 670)
NET CASH OUTFLOW FROM
INVESTING ACTIVITIES (126 882) (36 649) (78 124)
CONTINUING OPERATIONS (45 170) (29 778) (65 840)
DISCONTINUING OPERATIONS (81 712) (6 871) (12 284)
CASH FLOW FROM FINANCING ACTIVITIES
(DECREASE)/INCREASE IN SHARE CAPITAL
AND PREMIUM (135) - 16 493
(REPAYMENT)/PROCEEDS
OF/FROM LONG TERM BORROWINGS (1 223) 5 792 (20 601)
DECREASE IN OUTSIDE
SHAREHOLDERS' INTEREST (521) (1 217) (1 260)
NET CASH (OUTFLOW)/INFLOW FROM
FINANCING ACTIVITIES (1 879) 4 575 (5 368)
CONTINUING OPERATIONS (732) (175) 16 077
DISCONTINUING OPERATIONS (1 147) 4 750 (21 445)
NET (DECREASE)/INCREASE IN
CASH AND CASH EQUIVALENTS (20 249) 85 494 57 411
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD AS RESTATED 113 089 66 727 66 727
CASH AND CASH EQUIVALENTS AT
END OF THE PERIOD 92 840 152 221 124 138
CONTINUING OPERATIONS 92 840 209 126 234 993
DISCONTINUING OPERATIONS - (56 905) (110 855)
ABRIDGED STATEMENT OF CHANGES IN EQUITY
UNAUDITED AUDITED
26 WEEKS ENDED 52 WEEKS ENDED
31 DECEMBER 30 JUNE
1999 1998 1999
R'000 R'000 R'000
ORDINARY SHAREHOLDERS'
INTEREST AT BEGINNING OF YEAR 746 587 615 581 615 581
NET (LOSS)/PROFIT FOR THE PERIOD (43 980) 88 351 130 693
DIVIDENDS (15 705) (19 054) (15 264)
CURRENCY TRANSLATION DIFFERENCES 1 961 - -
TRANSFER FROM/(TO)
NON-DISTRIBUTABLE RESERVES 184 (20) (916)
SHARE CAPITAL AND
SHARE PREMIUM MOVEMENTS (135) 2 16 493
BALANCE AT 30 JUNE 1999 686 951 686 821 746 587
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
UNAUDITED AUDITED
26 WEEKS ENDED 52 WEEKS ENDED
31 DECEMBER 30 JUNE
1999 1998 CHANGE 1999
R'000 R'000 R'000
1. ACCOUNTING POLICY
THE INTERIM REPORT IS PREPARED ON THE HISTORICAL COST BASIS AND INCORPORATES
ACCOUNTING POLICIES WHICH ARE IN ACCORDANCE WITH THE LAST ANNUAL FINANCIAL
REPORT AND WHICH COMPLY WITH SOUTH AFRICAN GENERALLY ACCEPTED ACCOUNTING
PRACTICE.
2. REVENUE
SALE OF MERCHANDISE 1 020 489 988 225 3,3 1 941 993
INTEREST RECEIVED INVESTMENTS 7 915 14 509 - 24 339
ACCOUNTS RECEIVABLE 22 135 22 816 - 46 335
DIVIDENDS RECEIVABLE 5 615 1 857 - 7 450
ROYALTIES AND FRANCHISE FEES 518 323 - 566
1 056 672 1 027 730 2,8 2 020 683
3. EXCEPTIONAL ITEMS
NET WRITE-UP OF INVESTMENTS 199 3 740 3 745
RESTRUCTURING COSTS - - - (2 876)
WRITE-OFF OF NET ASSETS
OF DISCONTINUING OPERATION (112 660) - - -
- (112 461) 3 740 - 869
4. HEADLINE EARNINGS
HEADLINE EARNINGS WAS ARRIVED
AT AFTER BRINGING TO ACCOUNT:
NET (LOSS)/PROFIT ATTRIBUTABLE
TO ORDINARY SHAREHOLDERS (43 980) 88 351 - 130 693
EXCEPTIONAL ITEMS EXCLUDING
RESTRUCTURING COSTS* 112 461 (3 740) - (3 743)
PROFIT ON SALE OF
FIXED ASSETS* (229) (3 964) - (3 413)
68 252 80 647 (15,4) 123 537
5. DISCONTINUING OPERATION
ON 25 NOVEMBER 1999, SPORTSGIRL WAS PLACED INTO VOLUNTARY ADMINISTRATION WITH A
VIEW TO DISPOSING OF ITS VARIOUS BUSINESSES. DUE TO THE FACT THAT THIS RESULTED
IN TI CEASING TO EXERCISE MANAGEMENT CONTROL, THE RESULTS OF SPORTSGIRL WERE
NOT CONSOLIDATED SUBSEQUENT TO THAT DATE. AT THE DATE OF THIS REPORT, THE MAJOR
COMPONENTS OF THE BUSINESS HAVE BEEN SOLD. GIVEN THE UNCERTAINTY AS TO THE
AMOUNTS RECEIVABLE FROM THE ADMINISTRATORS IN RESPECT OF THE GROUP'S CLAIMS
AGAINST SPORTSGIRL, IT IS CONSIDERED PRUDENT TO WRITE-OFF IN FULL SPORTSGIRL'S
NET ASSETS AT 31 DECEMBER 1999, RESULTING IN AN EXCEPTIONAL ITEM OF R112,7
MILLION. IN DUE COURSE, AMOUNTS RECEIVED FROM THE ADMINISTRATORS WILL BE SET
OFF AGAINST THIS WRITE-OFF. IT IS ANTICIPATED THAT THE SALE OF THE REMAINING
BUSINESS UNITS WILL BE SUBSTANTIALLY COMPLETED BY JUNE 2000.
THERE IS NO EFFECT ON TAXATION AS SPORTSGIRL IS IN AN ASSESSED LOSS POSITION.
6. SEGMENT REPORTING
SEGMENT REVENUE**
TRUWORTHS 735 235 653 083 12,6 1 247 520
SPORTSGIRL SPORTSCRAFT 285 772 335 465 (14,8) 695 039
1 021 007 988 548 3,3 1 942 559
SEGMENT RESULTS***
TRUWORTHS 89 409 84 422 - 174 005
SPORTSGIRL SPORTSCRAFT (11 856) 4 163 - (35 776)
77 553 88 585 - 138 229
7. FUTURE CAPITAL EXPENDITURE
CONTRACTED FOR - - 422 - 26 829
NOT CONTRACTED FOR - 26 578 20 023 - 73 051
- 26 578 20 445 - 99 880
FUTURE CAPITAL EXPENDITURE WILL BE FINANCED BY CASH AVAILABLE, CASH GENERATED
FROM OPERATIONS, AND BORROWINGS WITHIN ACCEPTED LEVELS.
8. LEASES
THE GROUP LEASES THE MAJORITY OF ITS LAND AND BUILDINGS UNDER OPERATING LEASES,
WHEREAS OTHER OPERATING ASSETS ARE GENERALLY PURCHASED. THE LEASE AGREEMENTS OF
CERTAIN OF THE GROUP'S STORE AND RELATED PREMISES PROVIDE FOR A MINIMUM ANNUAL
RENTAL PAYMENT AND ADDITIONAL PAYMENTS DETERMINED ON THE BASIS OF TURNOVER. AT
31 DECEMBER 1999 THE GROUP'S FUTURE MINIMUM PROPERTY OPERATING LEASE
COMMITMENTS FOR CONTINUING OPERATIONS WERE AS FOLLOWS:
EXPIRY PERIODS (YEARS):
WITHIN 1 106 551 100 800 - 97 064
BETWEEN 1 AND 5 423 829 450 273 - 390 103
ABOVE 5 812 472 977 905 - 828 634
9. CONTINGENT LIABILITY
A CONTINGENT LIABILITY OF R3,7 MILLION (1998: R4,9 MILLION) EXISTS WITH REGARD
TO A GUARANTEE GIVEN BY A SUBSIDIARY COMPANY TO A BANK IN RESPECT OF CREDIT
GRANTED BY THE BANK TO JEWELLERY CUSTOMERS. ALL ANTICIPATED LOSSES HAVE BEEN
FULLY PROVIDED FOR.
10. EVENT SUBSEQUENT TO PERIOD END
SUBSEQUENT TO THE END OF THE FINANCIAL PERIOD, A LOAN AMOUNTING TO R171,1
MILLION (AU$43,1 MILLION) OWING BY THE AUSTRALIAN OPERATION AT 31 DECEMBER 1999
AND SUBJECT TO GUARANTEE BY TI AND TRUWORTHS, WAS REPAID.
11. YEAR 2000
NO MATERIAL OPERATIONAL DIFFICULTIES WERE ENCOUNTERED IN THE CHANGEOVER INTO
2000, NOR ARE ANY FORESEEN. KEY PROCESSES WILL BE MONITORED TO ENSURE FOCUS ON
ALL IDENTIFIED RISK AREAS IS MAINTAINED. COSTS TO JUNE 1999 ON YEAR 2000
RECTIFICATION AMOUNTED TO R8,8 MILLION AND AN ADDITIONAL R0,3 MILLION HAS BEEN
SPENT TO COMPLETE ALL THE REQUIRED TESTING AND CHANGEOVER PLANS. NO FUTURE
SPENDING IS ENVISAGED.
12. SEASONALITY
THERE IS NO MATERIAL SEASONAL VARIATION BETWEEN TRADING FOR THE FIRST SIX
MONTHS AND THE SECOND SIX MONTHS.
13. COMPARATIVE FIGURES
THE UNAUDITED 31 DECEMBER 1998 COMPARATIVES, AS PUBLISHED ON 17 FEBRUARY 1999,
HAVE BEEN RESTATED TO ACCOUNT FOR THE EFFECT OF THE CHANGE IN THE COMPANY
TAXATION RATE ANNOUNCED SUBSEQUENT TO PUBLICATION.
14. CAPITALISATION SHARE AWARD
THE DIRECTORS HAVE RESOLVED TO AWARD CAPITALISATION SHARES TO THOSE
SHAREHOLDERS REGISTERED AT THE CLOSE OF BUSINESS ON FRIDAY, 3 MARCH 2000,
PROVIDED THAT SUCH SHAREHOLDERS MAY ELECT TO RECEIVE INSTEAD THE CASH PAYMENT
ON OFFER FROM HSBC INVESTMENT SERVICES (AFRICA) (PTY) LTD ("THE UNDERWRITER").
THE BASIS ON WHICH THE CAPITALISATION SHARES WILL BE AWARDED WILL BE DETERMINED
BY THE RATIO THAT 6,0 CENTS MULTIPLIED BY 1,07 BEARS TO THE WEIGHTED AVERAGE
TRADED PRICE OF THE COMPANY9S SHARES ON THE JSE FOR THE TEN BUSINESS DAYS
ENDING ON THURSDAY, 30 MARCH 2000. THE CASH PAYMENT TO SHAREHOLDERS WHO SO
ELECT WILL BE 6,0 CENTS PER SHARE IN CONSIDERATION FOR THEIR CEDING TO THE
UNDERWRITER THEIR RIGHTS TO THE CAPITALISATION SHARES.
A CIRCULAR CONTAINING DETAILS OF THE CAPITALISATION SHARE AWARD TOGETHER WITH
A FORM OF ELECTION WILL BE MAILED TO SHAREHOLDERS ON OR ABOUT FRIDAY, 10 MARCH
2000. DULY COMPLETED FORMS OF ELECTION ARE REQUIRED TO BE RETURNED BY FRIDAY,
31 MARCH 2000. CERTIFICATES IN RESPECT OF THE CAPITALISATION SHARES AND CHEQUES
IN RESPECT OF THE CASH PAYMENTS AND FRACTIONAL ENTITLEMENTS WILL BE MAILED ON
OR ABOUT MONDAY, 10 APRIL 2000.
* NET OF TAXATION AND OUTSIDE SHAREHOLDERS
** COMPRISES SALE OF MERCHANDISE, ROYALTIES AND FRANCHISE FEES, BUT EXCLUDES
INTEREST AND DIVIDENDS RECEIVED
*** COMPRISES OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS, BUT EXCLUDES INTEREST
AND DIVIDENDS RECEIVED
TRUWORTHS INTERNATIONAL LIMITED
(REGISTRATION NUMBER 1944/017491/06)
SRG HOUSE, 1 MOSTERT STREET, CAPE TOWN 8001. PO BOX 600, CAPE TOWN 8000
AUDITORS: ERNST & YOUNG
DIRECTORS: A E PARFETTU (CHAIRMAN), M S MARK (CHIEF EXECUTIVE), R G
DOWU, C A HALLU, B D LAPINU, L A TAGERU, A J TAYLOR
U NON-EXECUTIVE
COMPANY SECRETARY: C DURHAM
TRANSFER SECRETARIES: MERCANTILE REGISTRARS LIMITED.
10TH FLOOR, 11 DIAGONAL STREET, JOHANNESBURG 2001. PO BOX 7184,
JOHANNESBURG 2000 (SOUTH AFRICA)
TRANSFER SECRETARIES (PTY) LIMITED. PO BOX 2401,
WINDHOEK. SHOP 12, KAISERKRONE CENTRE, POST STREET MALL,
WINDHOEK (NAMIBIA)
THIS INTERIM ANNOUNCEMENT IS AVAILABLE ON OUR WEBSITE AT WWW.TRUWORTHS.CO.ZA
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