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PRELIMINARY REPORT ON THE AUDITED GROUP RESULTS
Tru
TRW - Truworths International Ltd
TRUWORTHS INTERNATIONAL LTD
Registration number 1944/017491/06
JSE Limited code: TRU
NSX code: TRW
ISIN: ZAE000028296
PRELIMINARY REPORT ON THE AUDITED GROUP RESULTS
for the 53 weeks ended 1 July 2012
Sale of merchandise up 12%
Gross margin at 56.7%
Operating profit up 12%
Operating margin 36.1%
Headline earnings per share up 16%
Annual dividend per share up 24%
GROUP PROFILE
Truworths International Ltd is an investment holding and management company listed on
the JSE and the Namibian Stock Exchange. Its principal trading subsidiaries, Truworths
Ltd and Young Designers Emporium (Pty) Ltd, are engaged, either directly or through
agencies and franchises, in the retailing of fashion apparel and related merchandise.
Truworths International Ltd and its subsidiaries (the Group) operate primarily in
southern Africa, however, expansion into the rest of Africa is gaining momentum.
TRADING AND FINANCIAL PERFORMANCE
Group retail sales increased by 12.7% to R9.1 billion for the 53-week period ended 1 July
2012 (10.4% for the comparable 52-week period on a pro-forma basis). Comparable store
retail sales grew by 8.4% (2011: 8.9%) while product inflation averaged 8% (2011: 4%) for
the period. Excluding the 53rd week, comparable store retail sales grew 6.3% on a pro-forma
basis. Group sale of merchandise, which comprises retail sales plus franchise sales less
accounting adjustments, grew 12.4% to R8.8 billion (2011: R7.9 billion).
Trading space increased by 6.3% over the prior period-end following the opening of a net
11 Truworths, 12 Identity, 1 Truworths Man, 1 Daniel Hechter and 1 Uzzi stores. At the end
of the period the Group had 569 stores (2011: 543 stores), including 29 stores in the rest
of Africa (2011: 17 stores) following the opening of 8 stores in Botswana, 2 in Mauritius
and 2 in Nigeria.
53 weeks 52 weeks
June 2012 June 2011 %
Rm Rm change
Divisional sales
Truworths ladieswear 3 361 3 068 10
Truworths menswear 1 757 1 581 11
Identity 1 407 1 127 25
Daniel Hechter 1 091 972 12
Elements 454 403 13
Inwear 409 386 6
LTD 353 312 13
Other* 272 231 18
Retail sales 9 104 8 080 13
Franchise sales 24 35 (31)
Accounting adjustments (298) (257) 16
Sale of merchandise 8 830 7 858 12
YDE agency sales 276 250 10
* Includes Cellular, Truworths Jewellery and Truworths Living (discontinued during 2012)
divisions
The gross margin was maintained at 56.7%, with markdowns being well controlled through
tight stock management disciplines. The operating margin declined to 36.1% (2011: 36.4%)
but still exceeded the target range of 33% to 36% for the period.
Trading profit increased 11% to R2.5 billion (2011: R2.2 billion) as trading expenses
increased 14% to R2.8 billion (2011: R2.4 billion). Trading expenses as a percentage of
the sale of merchandise increased to 31.2% (2011: 30.8%). Interest received increased
14% to R728 million (2011: R637 million). Operating profit increased 12% to R3.2 billion
(2011: R2.9 billion).
Inventory levels were higher at period-end due to higher levels of future season inventory
on hand, African expansion and the timing of period-end as a result of the additional
trading week in the reporting period.
Headline earnings per share (HEPS) were 526.7 cents, an increase of 16% over the prior
periods 456.0 cents. This performance is in line with the earnings range in the Groups
trading statement released on SENS on 20 July 2012. Fully diluted HEPS of 517.1 cents
were 16% higher (2011: 447.5 cents).
The Groups financial position continued to strengthen, with net asset value per share
increasing by 18% to 1 410.6 cents (2011: 1 191.8 cents). The returns on equity and assets
were 40% (2011: 41%) and 46% (2011: 46%) respectively and within the target range set for
2012. Asset turnover at 1.3 times remained unchanged from the prior period.
CREDIT MANAGEMENT
Gross trade receivables grew by 14% to R3.8 billion, with the Groups active account base
growing by 10% to approximately 2.4 million accounts. Group credit sales accounted for 73%
of retail sales (2011: 71%).
The growth in the trade receivables book is attributable to the net effect of Group credit
sales growing 16% over the prior period (13% and 44% higher respectively in Truworths and
Identity)and a continuing shift from shorter-term interest-free to longer-term interest
bearing payment plans. The acceptance rate on new account applications increased from 37.6%
to 38.3% with the Identity acceptance rate increasing from 32.5% to 34.0%.
The doubtful debt allowance as a percentage of gross trade receivables increased to 10.6%
(2011: 10.1%)and net bad debt as a percentage of gross trade receivables increased to 7.9%
(2011: 6.8%). The combination of the above resulted in trade receivable costs increasing 37%
to R533 million (2011: R390 million). While delinquency ratios for the period are higher than
in 2011, they remain below historic norms and in line with managements expectations.
At period-end 84% (2011: 86%) of the Groups active account holders were able to purchase on
credit. The qualifying payment level to prevent an account moving into delinquency remained
at 90%, one of the highest in the industry and in line with international best practice.
CAPITAL MANAGEMENT
The Group continues to manage its capital through a combination of investments to sustain the
organic growth of the business, and returning funds to shareholders through share
buy-backs and dividends.
During the period the Group generated R1.6 billion in cash from operating activities and
this funded dividend payments (R1.3 billion), share buybacks (R83 million), store
development (R162 million), computer infrastructure and technology (R38 million) and
distribution facilities (R23 million, including R18 million for land and buildings purchased).
Cash and cash equivalents increased by R71 million to R1.6 billion at the period-end
(2011: R1.5 billion).
The Group repurchased 1.2 million shares at an average price of R69.03 per share for a total
of R83 million during the period and reduced dividend cover from 1.74 to 1.62 times. Capital
expenditure of R315 million has been committed for the 2013 financial period, with 67%
allocated to store development and 13% to the construction of a third distribution centre.
DIRECTORATE
The following changes to the board of directors have been previously advised on SENS: Roddy
Sparks was appointed as an independent non-executive director with effect from 1 February 2012
and has also been appointed to the Audit Committee. Edward Parfett, a former managing director
and chairman of Truworths International, retired as an independent non-executive director with
effect from 17 May 2012. Mr Parfett served as a director since 1988 and as a non-executive
director since 1995. Mark Sardi gave notice on 11 July 2012 of his resignation as an executive
director and Chief Financial Officer and will serve a notice period until at least the end of
the 2012 calendar year.
OUTLOOK
Management remains committed to implementing the Groups business philosophy which has
guided operating activities ably over many years. The supply of internationally inspired,
high quality fashionable clothing to youthful South Africans continues to drive the Groups
strategy and will remain the focus for the period ahead.
Group retail sales for the first six weeks of the 2013 financial period increased by 13.6%
over the corresponding accounting period in 2012.
The credit environment is expected to become more challenging in the year ahead as credit
affordability remains under pressure for consumers in South Africa.
Generally subdued economic growth is expected for the 2013 financial period.
H Saven MS Mark
Chairman Chief Executive Officer
FINAL DIVIDEND
The directors of the company have resolved to declare a gross cash dividend from retained
income in respect of the 53-week period ended 1 July 2012 in the amount of 157 cents
(2011: 134 cents, excluding secondary tax on companies (STC)) per share to shareholders
reflected in the companys register on the record date, being Friday, 7 September 2012.
The last day to trade in the companys shares cum dividend is Friday, 31 August 2012.
Trading in the companys shares ex dividend will commence on Monday, 3 September 2012.
Consequently no dematerialisation or rematerialisation of the companys shares may take
place over the period from Monday, 3 September 2012 to Friday, 7 September 2012, both days
inclusive. The dividend will be payable in South African Rand on Monday, 10 September 2012.
Dividends will be paid net of dividends tax to be withheld and paid to the South African
Revenue Service on behalf of the company. Such tax must be withheld unless beneficial
owners of the dividend have provided the necessary documentary proof to the relevant
regulated intermediary (being a broker, CSD participant, nominee company or the companys
transfer secretaries, Computershare Investor Services) that they are exempt therefrom, or
entitled to a reduced rate as a result of a double taxation agreement between South Africa
and the country of tax domicile of such owner.
The withholding tax, if applicable at the standard rate of 15%, will result in a net cash
dividend per share of 133.45 cents. No STC credits were utilised when determining the net
dividend. The company has 461 810 026 ordinary shares in issue on 15 August 2012.
In accordance with the companys memorandum of incorporation, the directors have determined
that gross dividends amounting to less than 1 000 cents, due to any one shareholder of the
companys shares held in certificated form, will not be paid, unless otherwise requested in
writing, but the net of withholding tax amount aggregated with other such net amounts and
donated to a charity to be nominated by the directors.
By order of the board
C Durham
Company Secretary
Cape Town
15 August 2012
ABRIDGED GROUP STATEMENTS OF FINANCIAL POSITION
at 1 July at 26 June
2012 2011
Audited Audited
Rm Rm
ASSETS
Non-current assets 1 197 1 093
Property, plant and equipment 775 724
Goodwill 90 90
Intangible assets 94 77
Derivative financial assets 34 21
Available-for-sale assets 3 1
Loans and receivables 143 141
Deferred tax 58 39
Current assets 5 720 5 131
Inventories 670 530
Trade and other receivables 3 421 3 033
Derivative financial assets 7 28
Prepayments 62 51
Cash and cash equivalents 1 560 1 489
Total assets 6 917 6 224
EQUITY AND LIABILITIES
Total equity 5 981 5 046
Share capital and premium 205 159
Treasury shares (1 274) (1 191)
Retained earnings 6 944 6 001
Non-distributable reserves 106 77
Non-current liabilities 97 84
Post-retirement medical benefit obligation 47 41
Cash-settled compensation obligation 12 1
Straight-line operating lease obligation 38 42
Current liabilities 839 1 094
Trade and other payables 598 875
Derivative financial liability 1
Provisions 73 73
Tax payable 168 145
Total liabilities 936 1 178
Total equity and liabilities 6 917 6 224
Number of shares in issue
(net of treasury shares) (millions) 424.0 423.4
Net asset value per share (cents) 1 410.6 1 191.8
Key ratios
Return on equity (%) 40 41
Return on capital (%) 58 61
Return on assets (%) 46 46
Inventory turn (times) 5.7 6.4
Asset turnover (times) 1.3 1.3
ABRIDGED GROUP STATEMENTS OF COMPREHENSIVE INCOME
53 weeks 52 weeks
to 1 July to 26 June
2012 2011
Audited % Audited
Note Rm change Rm
Revenue 3 9 769 12 8 684
Sale of merchandise 8 830 12 7 858
Cost of sales (3 820) (3 403)
Gross profit 5 010 12 4 455
Other income 208 189
Trading expenses (2 759) 14 (2 421)
Depreciation and amortisation (138) (129)
Employment costs (890) (828)
Occupancy costs (746) (652)
Trade receivable costs (533) (390)
Other operating costs (452) (422)
Trading profit 2 459 11 2 223
Interest received 728 637
Dividends received 3
Profit before tax 3 190 12 2 860
Tax expense (965) (917)
Profit for the period, fully
attributable to owners of the parent 2 225 15 1 943
Other comprehensive income/(loss)
Movement in effective portion of
cash flow hedge 11 (12)
Deferred tax on movement in effective
portion of cash flow hedge (3) 3
Other comprehensive income/(loss) for
the period, net of tax 8 (9)
Total comprehensive income for the period,
fully attributable to owners of the parent 2 233 15 1 934
Basic earnings per share (cents) 526.3 15 455.8
Headline earnings per share (cents) 526.7 16 456.0
Fully diluted basic earnings per share (cents) 516.6 15 447.3
Fully diluted headline earnings
per share (cents) 517.1 16 447.5
Weighted average number of shares (millions) 422.8 426.3
Key ratios
Gross margin (%) 56.7 56.7
Trading expenses to sale of merchandise (%) 31.2 30.8
Trading margin (%) 27.8 28.3
Operating margin (%) 36.1 36.4
ABRIDGED GROUP STATEMENTS OF CASH FLOWS
53 weeks 52 weeks
to 1 July to 26 June
2012 2011
Audited Audited
Rm Rm
CASH FLOWS FROM OPERATING ACTIVITIES
Cash flow from trading and cash EBITDA* 2 653 2 411
Working capital movements (802) (425)
Cash generated from operations 1 851 1 986
Interest received 728 637
Dividends received 3
Tax paid (964) (895)
Cash inflow from operations 1 618 1 728
Dividends paid (1 281) (968)
Net cash from operating activities 337 760
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of plant and equipment to maintain operations (37) (30)
Acquisition of property, plant and equipment to expand
operations (166) (139)
Acquisition of computer software (23) (17)
Loans advanced (16) (63)
Loans repaid 15 5
Acquisition of mutual fund units (2)
Acquisition of cash-settled call options (31)
Net cash used in investing activities (229) (275)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on shares issued 46 80
Shares repurchased by subsidiaries (83) (394)
Net cash used in financing activities (37) (314)
Net increase in cash and cash equivalents 71 171
Cash and cash equivalents at the beginning of the period 1 489 1 318
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 1 560 1 489
Key ratios
Cash flow per share (cents) 382.7 405.3
Cash equivalent earnings per share (cents) 565.8 498.9
Cash realisation rate (%) 68 81
* Earnings before interest received, tax, depreciation and amortisation
ABRIDGED GROUP STATEMENTS OF CHANGES IN EQUITY
53 weeks 52 weeks
to 1 July to 26 June
2012 2011
Audited Audited
Rm Rm
Total equity at the beginning of the period 5 046 4 371
Total comprehensive income for the period 2 233 1 934
Profit for the period 2 225 1 943
Other comprehensive income/(loss) for the period 8 (9)
Dividends (1 282) (968)
Premium on shares issued 46 80
Shares repurchased (83) (394)
Share-based payment 21 23
Total equity at the end of the period 5 981 5 046
Comprising:
Share capital and premium 205 159
Treasury shares (1 274) (1 191)
Retained earnings 6 944 6 001
Non-distributable reserves 106 77
Total equity 5 981 5 046
Cents per share:
Dividends 326 262
Final payable/paid September 157 134
Interim paid April/March 169 128
SELECTED EXPLANATORY NOTES
1 BASIS OF PREPARATION
The information in this preliminary report has been extracted from the Groups 2012 annual
financial statements, which have been prepared in compliance with International Financial
Reporting Standards (IFRS), the AC 500 Standards as issued by the Accounting Practices Board,
IAS 34: Interim Financial Reporting, the South African Companies Act (71 of 2008, as amended)
and the Listings Requirements of the JSE.
The Groups 2012 annual financial statements and this preliminary report have been audited by
the Groups external auditors, Ernst & Young Inc., and their unqualified audit opinion on
such financial statements and on this preliminary report is available for inspection at the
companys registered office.
The Groups 2012 annual financial statements have been prepared in accordance with the going
concern and historical cost bases except where otherwise indicated in the Groups accounting
policies. The accounting policies have been applied uniformly throughout the Group and are
consistent with those applied in the prior period, except as mentioned in note 2. The
presentation currency of the financial statements is the South African Rand (R) and all
amounts are rounded to the nearest million. This preliminary report has been prepared under
the supervision of MJV Sardi CA(SA), the Chief Financial Officer of the Group.
2 ACCOUNTING POLICIES
The accounting policies and methods of computation applied in the preparation of this report
are consistent with those applied in the preparation of the Groups annual financial
statements for the period ended 26 June 2011, except for the adoption of certain of the
improvements to IFRS issued in May 2010.
The adoption of these improvements has had the following consequences for the accounting
policies, financial position or performance of the Group:
Improvements to IFRS (issued May 2010)
In May 2010, the International Accounting Standards Board issued an omnibus of amendments to
its standards, affecting six standards and one interpretation. The amendments that are
effective for periods beginning on or after 1 January 2011 have been adopted by the Group
in the current reporting period, to the extent that they are applicable to its activities.
In some instances, the adoption of these amendments has resulted in minor revisions to
accounting policies and disclosures, but has not had any impact on the financial position
or performance of the Group.
53 weeks to 52 weeks to
1 July 2012 26 June 2011
Audited % Audited
Rm change Rm
3 REVENUE
Sale of merchandise 8 830 12 7 858
Retail sales 9 104 8 080
Accounting adjustments (298) (257)
Franchise sales 24 35
Other income 208 10 189
Commission 103 88
Display fees 45 39
Financial services income 39 38
Other 10 9
Lease rental income 8 12
Royalties 3 3
Interest received 728 14 637
Trade receivables interest 630 543
Investment interest 98 94
Dividends received 3
Total revenue 9 769 12 8 684
4 RECONCILIATION OF PROFIT FOR THE PERIOD TO HEADLINE EARNINGS
Profit for the period, fully attributable to
owners of the parent 2 225 1 943
Adjusted for:
Loss on disposal of fixed assets 2 1
Headline earnings 2 227 15 1 944
5 SEGMENT REPORTING
The Groups reportable segments have been identified as the Truworths and Young Designers
Emporium (YDE) business units. The Truworths business unit comprises all the retailing
activities conducted by the Group, through which the Group retails fashion apparel comprising
clothing, footwear and other fashion products to women, men and children, other than by the
YDE business unit. The YDE business unit comprises the agency activities through which the
Group retails clothing, footwear and related products on behalf of emerging South African
designers. Management monitors the operating results of the business segments separately for
the purpose of making decisions about resources to be allocated and of assessing performance.
Segment performance is reported on an IFRS basis and evaluated based on revenue and profit
before tax.
Consolidation
Truworths YDE entries Group
Rm Rm Rm Rm
2012
Total third party revenue 9 679 107 (17) 9 769
Third party 9 654 107 8 9 769
Inter-segment 25 (25)
Depreciation and amortisation 134 4 138
Interest received 722 1 5 728
Profit for the period 2 190 31 4 2 225
Profit before tax 3 143 43 4 3 190
Tax expense (953) (12) (965)
Segment assets 9 208 176 (2 467) 6 917
Segment liabilities 1 073 5 (142) 936
Capital expenditure 217 9 226
Gross margin (%) 56.7 56.7
Trading margin (%) 27.4 39.1 27.8
Operating margin (%) 35.6 40.0 36.1
Inventory turn (times) 5.7 5.7
Credit:cash sales mix (%) 73:27 25:75 73:27
2011
Total third party revenue 8 604 95 (15) 8 684
Third party 8 584 95 5 8 684
Inter-segment 20 (20)
Depreciation and amortisation 126 3 129
Interest received 632 1 4 637
Profit for the period 1 925 27 (9) 1 943
Profit before tax 2 832 37 (9) 2 860
Tax expense (907) (10) (917)
Segment assets 8 449 163 (2 388) 6 224
Segment liabilities 1 231 23 (76) 1 178
Capital expenditure 179 7 186
Gross margin (%) 56.7 56.7
Trading margin (%) 28.0 38.6 28.3
Operating margin (%) 36.0 39.5 36.4
Inventory turn (times) 6.4 6.4
Credit:cash sales mix (%) 71:29 24:76 71:29
Contribution Contribution
2012 to revenue 2011 to revenue
Rm % Rm %
Third party revenue
South Africa 9 501 97.3 8 448 97.3
Namibia 159 1.6 142 1.6
Swaziland 55 0.6 59 0.7
Botswana 18 0.2
Mauritius 9 0.1
Nigeria 3
Franchise sales 24 0.2 35 0.4
Kenya 10 0.1 9 0.2
Botswana 7 0.1 15 0.2
Lesotho 4 5
Zambia 3 5
Tanzania 1
Total third party revenue 9 769 100 8 684 100
1 July 26 June
2012 2011
Audited Audited
Rm Rm
6 CAPITAL COMMITMENTS
Capital expenditure authorised but not contracted:
Store development 211 154
Computer infrastructure 51 40
Distribution facilities 43 20
Motor vehicles 6 1
Head office refurbishment 4 3
Total capital commitments 315 218
The capital commitments will be financed from cash generated from operations and available
cash resources and are expected to be incurred in the 2013 reporting period.
7 EVENTS AFTER THE END OF THE REPORTING PERIOD
No event, material to the understanding of this preliminary report, has occurred between the
end of the reporting period and the date of approval of the report.
8 IMPACT OF THE 53rd WEEK ON 2012 PERIOD-END FINANCIAL REPORTING
In line with the practice generally prevailing in the South African retailing industry, the
Group manages its internal accounting and retail operations in accordance with the retail
calendar, which treats each financial year as an exact 52-week period. This treatment
effectively results in the loss of a day (or two in a leap year) per calendar year. These
days are brought to account every four to seven years by including a 53rd week in the
financial reporting calendar. The Groups earnings are higher as a result of trading during
this week.
Although the Group has reported financial results for 53 weeks to 1 July 2012, it is useful
and good governance to also report proforma information for a 52-week period, so as to
facilitate comparisons against the prior and next years 52-week period results.
The preparation of the unaudited pro-forma 52-weeks financial information is the
responsibility of the directors. The table below illustrates the unaudited pro-forma
statement of comprehensive income for the 52-week period ended 24 June 2012 (the pro-forma
52 weeks information).
The unaudited pro-forma 52-weeks information for the period ended 24 June 2012 has been
prepared for illustrative purposes only, to indicate how such information compares to the
actual audited results of the Group for the prior 52-week period ended 26 June 2011.
The estimated financial impact of the 53rd week is shown below.
ABRIDGED GROUP STATEMENTS OF COMPREHENSIVE INCOME
53 weeks 52 weeks 52 weeks
to 53rd to Change on Change on to
1 July week 24 June prior prior 26 June
2012 Adjust- 2011 period period 2011
Audited ments Pro-forma 53 weeks 52 weeks Audited
Rm Rm Rm % % Rm
Sale of merchandise 8 830 (183) 8 647 12 10 7 858
Cost of sales (3 820) 79 (3 741) 12 10 (3 403)
Gross profit 5 010 (104) 4 906 12 10 4 455
Other income 208 208 10 10 189
Trading expenses (2 759) (2 759) 14 14 (2 421)
Depreciation and amortisation (138) (138) 7 7 (129)
Employment costs (890) (890) 7 7 (828)
Occupancy costs (746) (746) 14 14 (652)
Trade receivable costs (533) (533) 37 37 (390)
Other operating costs (452) (452) 7 7 (422)
Trading profit 2 459 (104) 2 355 11 6 2 223
Interest 728 728 14 14 637
Dividends 3 3 100 100
Profit before tax 3 190 (104) 3 086 12 8 2 860
Tax expense (965) 29 (936) 5 2 (917)
Profit for the period, fully
attributable to owners of the parent 2 225 (75) 2 150 15 11 1 943
Basic earnings per share (cents) 526.3 508.5 15 12 455.8
Headline earnings per share (cents) 526.7 509.0 16 12 456.0
Fully diluted basic earnings
per share (cents) 516.6 499.2 15 12 447.3
Fully diluted headline
earnings per share (cents) 517.1 499.7 16 12 447.5
Key ratios
Gross margin (%) 56.7 56.7 56.7
Trading expenses to sale
of merchandise (%) 31.2 31.9 30.8
Trading margin (%) 27.8 27.2 28.3
Operating margin (%) 36.1 35.7 36.4
Notes:
1. The accounting policies adopted by the Group in the latest audited annual financial
statements, which have been prepared in accordance with IFRS, have been used in preparing
the unaudited pro-forma 52-weeks information.
2. The 53 weeks to 1 July 2012 column is the audited results for the 53 weeks ended
1 July 2012.
3. The 53rd week adjustments column reflects sale of merchandise, the cost of sales
(calculated with reference to the gross profit margin for the 53-week period) and tax expense
(calculated with reference to the actual tax rate for the 53rd week period) for the one-week
period from 25 June 2012 to 1 July 2012, together with the resultant gross profit, trading
profit, profit before tax and profit for that one-week period.
4. The sale of merchandise for the one-week period from 25 June to 1 July 2012 has been
extracted from the Groups accounting records.
5. The 53rd week adjustments column, in the opinion of the directors, fairly reflects the
results for the one-week period from 25 June to 1 July 2012.
6. The calculation of earnings per share and headline earnings per share for the pro-forma
52-week period is based on the weighted average number of shares in issue over that period.
7. The Groups external auditors have issued a limited assurance report on the pro-forma
52-weeks information. A copy of their report is available at the Groups registered office.
Truworths International Ltd: Registration number 1944/017491/06
Tax reference number 9875/145/71/7
JSE Ltd code: TRU
NSX code: TRW
ISIN: ZAE000028296
Registered office: No. 1 Mostert Street, Cape Town 8001;
PO Box 600, Cape Town 8000, South Africa
Sponsor in South Africa: One Capital Sponsor Services (Pty) Ltd
Sponsor in Namibia: Old Mutual Investment Services (Namibia) (Pty) Ltd
Auditors: Ernst & Young Inc.
Transfer secretaries: Computershare Investor Services (Pty) Ltd, 70 Marshall Street,
Johannesburg 2001; PO Box 61051, Marshalltown 2107, South Africa; or
Transfer Secretaries (Pty) Ltd, Shop 8, Kaiserkrone Centre, Post Street Mall,
Windhoek, Namibia; PO Box 2401, Windhoek, Namibia
Company Secretary: C Durham
Directors: H Saven (Chairman)§, MS Mark (CEO)*, MJV Sardi (CFO)*, RG Dow§, CT Ndlovu§,
SM Ngebulana§, MA Thompson§, AJ Taylor§ and RJA Sparks§
* Executive § Non-executive Independent
Results are available online at www.truworths.co.za
Date: 15/08/2012 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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