Wrap Text
Audited results for the ten-month period ended 30 June 2012
JD Group Limited: ("JD" or "the Company" or "the Group")
Registration number: 1981/009108/06
Share code: JDG ISIN: ZAE000030771
Bond code: JDGCB ISIN: ZAE000168415
Audited results for the ten-month period ended 30 June 2012
Headline earnings per share increased to 409,9 cents for the 10-month period (FY11: 407,7 cents)
Revenue increased by 61% to R25 billion
Operating profit for the 10-month period increased by 37% to R1,4 billion (FY11: R1,1 billion)
Final dividend raised by 32% to 132 cents per share
Commentary
Following the Group's change in year-end, these results are for the 10 months ended 30 June 2012 and
are compared to the results for the 12 months ended 31 August 2011 (FY11).
Business environment
The Group is pleased to report an improvement in headline earnings to R884 million for the 10-month
period under review. This is encouraging when compared to the 12-month period ended 31 August 2011 of
R702 million, and translates into headline earnings per share for the 10 months of 409,9 cents
(FY11: 407,7 cents).
These results include Unitrans Auto and SteinBuild for the entire 10-month reporting period, whereas
only two months were included in the FY11 reporting period.
The separation of Furniture Retail from Financial Services has delivered the intended financial
performance, particularly in our Financial Services division. The performance of Financial Services
together with the benefits derived from the diversification strategy, has delivered an increase in
headline earnings per share for the third consecutive reporting period.
In addition, the growth in our consumer finance business is set to continue with the successful
roll-out of a more formal Financial Services presence in the Furniture Retail channel, as well as
an extended range of Financial Services product offerings to other retail channels.
The investment in the two new ERP systems for Furniture Retail and Financial Services has started
to deliver the intended efficiencies, while the contribution from our central distribution centres,
by containing costs and improving customer service, has gained momentum.
Unitrans Auto and SteinBuild, which were acquired as a part of the Group's retail diversification
strategy, have generated excellent results.
Financial review
General
The results achieved for the 10-month reporting period ended 30 June 2012 represent a solid performance
by the operating divisions, when compared to the 12 month results for the year ended 31 August 2011.
The key features of the results are the following:
- Revenue up 61% to R25,3 billion (FY11: R15,7 billion)
- An increase of 37% in operating profit to R1,4 billion (FY11: R1,1 billion)
- The reduction in debtors' costs from R677 million for FY11 to R417 million for the 10 months
ended 30 June 2012
- A 28% increase in profit before tax to R1,2 billion (FY11: R1,0 billion)
- Notwithstanding an increase in the weighted average number of issued shares to 215,7 million
(2011: 172,1 million), arising from the acquisition of the Unitrans Auto and SteinBuild businesses,
headline earnings per share increased for the 10 months to 409,9 cents (FY11: 407,7 cents)
- A final dividend per share of 132 cents for the period (2011: 100 cents) bringing the total
dividend to 232 cents per share for the period under review (FY 2011: 200 cents)
Furniture Retail
The Furniture Retail division produced satisfying results, generating an operating income for the
10 months of R311 million (FY11: R315 million). Merchandise sales of R4,6 billion were complimented by an
improvement in gross margin of 0,8% to 36,8%.
Financial Services
Our Financial Services division generated excellent returns and reported an operating profit of
R760 million (FY11: R723 million) and an annualised return on equity of 26,0%. The annualised
return on equity exceeded our Financial Services performance target of 25% for the first time.
Instalment sale and loan receivables, before impairments, increased by 22,5% to R7,3 billion
(FY11: R5,9 billion). This was achieved through the successful roll-out of personal loans through
our Furniture Retail branches. Personal loans grew to R1,1 billion as at 30 June 2012. The non-furniture
retail loan book had a total value before impairments of R1,4 billion as at 30 June 2012.
We have maintained our cautious approach to personal loan credit extension by limiting unsecured
loans to a maximum period of 24 months and a maximum loan amount of R25 000. We do not extend personal
loans to high risk customers, based on the results of our application scoring matrix. Furthermore,
75% of the book is originated from the existing furniture customer base.
The performance of the receivables book continues to show improvement, with the impairment ratio
reducing to 7,7% (FY11: 9,1%) and debtors' costs reducing to R417 million (FY11: R677 million).
Cash Retail
The Cash Retail division, which includes the results of SteinBuild, reported operating income of
R177 million for the period ended 30 June 2012 (FY11: R226 million). The sales mix, together with
price deflation, impacted negatively on margins at HiFi Corp and Incredible Connection.
Unitrans Auto
Unitrans Auto achieved excellent results, generating operating income of R411 million for the
review period ended 30 June 2012.
Blake
Blake generated operating profit of R32 million (FY11: R30 million). The core business activities
of Blake are delivering sustainable results, with more efficient use of its contact centre and an
unwavering focus on cost control.
Financial position and cash flow
Cash generated by operations before investment in instalment sale and other loan receivables amounted to
R1 billion for the 10 months to 30 June 2012. An amount of R1,3 billion was invested in the growth of the
debtors' book. The increase in property, plant and equipment of R1,1 billion includes the investment in the
new central distribution centres and the continued investment in the roll-out of the ERP systems across Furniture
Retail and Financial Services. In addition, the rental fleet at Hertz was replenished at a cost of R469 million.
The strong financial position reflects net gearing of R3,1 billion at a ratio of 35% to shareholders'
funds. The planned increase in gearing is a result of growing the personal loans book to R1,1 billion
at 30 June 2012 and the investment in property, plant and equipment. The net asset value per share
increased to 4 026 cents (31 August 2011: 3 688 cents).
The period under review also saw our entry into the debt capital markets with the issue of our
debut R1 billion senior unsecured, 7,5% convertible bond on 20 June 2012 that is listed on the JSE.
This has enabled the Group to further diversify and extend its capital resources and debt
maturity profile.
Prospects
The extensive investments made over the last three years have positioned the Group to generate
sustainable earnings growth into the future.
Changes to the Board
During the period under review and subsequent to Steinhoff becoming the controlling shareholder of the
JD Group, Markus Jooste, Danie van der Merwe and Ben La Grange were appointed as non-executive
directors with effect from 15 June 2012. On 1 September 2011, Nerina Bodasing and Matsobane Matlwa were
appointed as independent non-executive directors. Due to his position as Independent Chairman of Steinhoff,
the Group's holding company, Dr Konar's status as an independent non-executive director on the Group Board
changed to "non-executive". Accordingly, Dr Konar has resigned as a member of the Group audit committee,
while Jacques Schindehütte and Matsobane Matlwa were appointed as new members with effect from 17 February
2012. In addition Markus Jooste became a member of the Group remuneration committee with effect from 16 June 2012.
Additional changes to other Board Committees will be set out in the Group's Integrated Report.
Audit opinion of the independent auditor
The independent auditor, Deloitte & Touche, has issued its opinion on the Group's financial
statements for the 10-month period ended 30 June 2012. The audit was conducted in accordance
with International Standards on Auditing. Deloitte & Touche has issued an unmodified audit opinion.
These condensed financial statements have been derived from the Group financial statements and are
consistent in all material respects with the Group financial statements. A copy of the audit report
is available for inspection at the Company's registered office. Any reference to future financial
performance included in this announcement has not been reviewed or reported on by the Company's auditors.
Declaration of a final dividend
Notice is hereby given that the directors have declared a final gross dividend of 132 cents per share
for the period ended 30 June 2012. In accordance with the settlement procedures of
Strate, the following dates will apply to this final dividend:
Last day to trade cum dividend Friday, 12 October 2012
Trading ex dividend commences Monday, 15 October 2012
Record date Friday, 19 October 2012
Dividend payment date Monday, 22 October 2012
Share certificates may not be dematerialised or re-materialsed between Monday, 15 October 2012 and
Friday, 19 October 2012, both days inclusive. Any change in the above dates will be disclosed on SENS.
In determining the dividends tax (DT) of 15% to withhold in
terms of the Income Tax Act for those shareholders who are not exempt from the DT, no secondary tax on
companies (STC) credits have been utilised. Shareholders who are not exempt from the DT will therefore
receive a dividend of 112,2 cents per share net of DT. The Company has 219 830 000 ordinary shares in
issue and its income tax reference number is 9475/184/71/0.
Where applicable, dividends in respect of certificated shares will be transferred electronically to
shareholders` bank accounts on Monday, 22 October 2012. In the absence of specific mandates, dividend
cheques will be posted to shareholders. Ordinary shareholders who hold dematerialised shares will have
their accounts at their Central Securities Depository Participant or their broker credited on
Monday, 22 October 2012.
The Company's annual general meeting will be held in due course at the Group's head office in Braamfontein,
Johannesburg and shareholders are encouraged to attend this meeting. A comprehensive notice will be
dispatched to shareholders in due course.
By order of the Board
I David Sussman Grattan Kirk Bennie van Rooy
Executive Chairman Chief Executive Officer Financial Director
24 August 2012
Condensed Group statement of comprehensive income
Audited Audited
10 months 12 months
ended ended
30 June 31 August
2012 2011 Change
R million R million %
Sale of merchandise 20 446 11 740 74
Finance charges earned 1 404 1 587 (11)
Financial services 1 268 1 343 (6)
Other services 2 166 1 071 102
Revenue 25 284 15 741 61
Cost of sales 16 888 8 550 97
Operating expenses 6 534 5 457 20
Administration and other expenses 1 356 1 207
Depreciation and amortisation 307 229
Employees 3 035 2 550
Marketing 369 363
Occupancy 1 004 824
Share-based payment 33 35
Transport and travel 420 246
Loss on disposal of property, plant and equipment 10 3
Operating profit before debtors' costs 1 862 1 734 7
Debtors'costs (note 2) 417 677 (38)
Operating profit 1 445 1 057 37
Investment income 4 5
Finance income 42 65
Finance costs (252) (160)
Share of profits of associates 2 2
Profit before taxation from continuing operations 1 241 969 28
Taxation 350 264 32
Profit for the period from continuing operations 891 705 26
Loss after tax for the period from discontinued operations (Abra) - (1)
Profit for the period 891 704 27
Attributable to:
Shareholders 877 699
Minorities 14 5
891 704 27
Earnings per share (cents)
- basic 406,4 406,2
- diluted 404,1 402,0
Condensed Group statement of other comprehensive income
Audited Audited
10 months 12 months
ended ended
30 June 31 August
2012 2011
R million R million
Profit for the period 891 704
Exchange differences on translating foreign operations (3) (1)
Total comprehensive income for the period 888 703
Attributable to:
Shareholders 874 698
Minorities 14 5
888 703
Condensed Group statement of changes in equity
Audited Audited
30 June 31 August
2012 2011
R million R million
Share capital and premium 4 245 4 245
Opening balance 4 245 1 779
Proceeds on issue of shares - 2 466
Treasury shares (245) (263)
Opening balance (263) (378)
Shares purchased by share incentive trust (2) -
Proceeds on disposal of shares by share incentive trust 10 65
Loss on disposal of treasury shares 10 50
Share-based payment reserve 101 115
Opening balance 115 80
Share-based payment 33 35
Share-based payment paid out (5) -
Transfer to retained income (42) -
Non-distributable reserves 164 116
Opening balance 116 78
Translation of foreign entities (3) (1)
Transfer to reserves of a disposed business - 19
Net disposal of joint venture interests - (2)
Equity settled bonds 51 -
Transfer from retained income - 22
Retained earnings 4 083 3 644
Opening balance 3 644 3 464
Profit attributable to shareholders 877 699
Loss on disposal of treasury shares (10) (50)
Distributable to shareholders (510) (391)
Distributable to share incentive trust 9 9
Transfer from share-based payment reserve 42 -
Transfer from/(to) reserves of a disposed business 34 (53)
Arising on disposal of shareholding in subsidiary (3) (12)
Transfer to non-distributable reserves - (22)
Reserves of a disposed business - 34
Opening balance 34 -
Transfer from non-distributable reserves - (19)
Transfer (to)/from retained income (34) 53
Shareholders for dividend 501 216
Opening balance 216 131
Distributable to shareholders 510 391
Distributable to share incentive trust (9) (9)
Paid to shareholders (220) (307)
Paid to share incentive trust 4 10
Shareholders' equity 8 849 8 107
Minority shareholders' interest 87 58
Opening balance 58 34
Minority interest arising on acquisition of subsidiaries - 28
Profit attributable to minorities 14 5
Dividends paid to minorities (8) (4)
Funding received and increased investment by minorities 27 -
Net disposal of joint venture interests (4) (5)
Total 8 936 8 165
Condensed Group statement of financial position
Audited Restated
30 June 31 August
2012 2011
R million R million
Assets
Non-current assets 5 663 4 682
Property, plant and equipment 2 364 1 440
Vehicle rental fleet 9 17
Goodwill (note 3) 1 396 1 376
Intangible assets (note 3) 1 631 1 658
Investments and loans 63 84
Interest in associate company 4 6
Deferred taxation 196 101
Current assets 13 869 11 887
Inventories 3 723 3 059
Trade-, loan- and other receivables (note 4) 8 209 6 704
Vehicle rental fleet 363 352
Financial assets 1 1
Taxation 41 395
Bank balances and cash 1 532 1 376
Assets classified as held-for-sale - 217
Total assets 19 532 16 786
Equity and liabilities
Equity and reserves
Share capital and premium 4 245 4 245
Treasury shares (245) (263)
Non-distributable and other reserves 265 231
Retained earnings 4 083 3 644
Reserves of a disposed business classified as held-for-sale - 34
Shareholders for dividend 501 216
Shareholders' equity 8 849 8 107
Minority shareholders' interest 87 58
Total equity 8 936 8 165
Non-current liabilities 4 407 2 448
Interest-bearing long-term liabilities 3 539 1 717
Non-interest-bearing long-term liability 207 202
Deferred taxation 661 529
Current liabilities 6 189 6 082
Trade and other payables (note 6) 5 024 4 985
Provisions 6 41
Interest-bearing liabilities 1 084 946
Taxation 66 82
Bank overdraft 9 28
Liabilities classified as held-for-sale - 91
Total equity and liabilities 19 532 16 786
Directors' valuation of unlisted investments 63 84
Capital expenditure authorised and contracted 518 634
Capital expenditure authorised and not yet contracted 230 151
Operating lease commitments 2 736 2 657
Net asset value per share (cents) 4 025,5 3 687,8
Gearing ratio (net) (%) 35,0 14,5
Supplementary information
Audited Audited
10 months 12 months
ended ended
30 June 31 August
2012 2011
R million R million
Reconciliation of headline earnings
Profit attributable to shareholders 877 699
Loss on disposal of property, plant and equipment 10 4
Taxation thereon (3) (1)
Headline earnings 884 702
Number of shares in issue (000) 219 830 219 830
Treasury shares held (000) (4 032) (4 310)
Number of shares held outside the Group (000) 215 798 215 520
Weighted average number of shares in issue (000)
- basic 215 742 172 142
- diluted 217 552 173 932
Headline earnings per share (cents)
- basic 409,9 407,7
- diluted 406,4 403,5
Distribution to shareholders (cents) 232 200
- interim 100 100
- final (proposed) 132 100
Operating margin (%) 5,7 6,7
The earnings and headline earnings per share are calculated in R thousands as opposed to R million.
Condensed Group cash flow statement
Audited Audited
10 months 12 months
ended ended
30 June 31 August
2012 2011
R million R million
Cash flows from operating activities (711) 343
Cash generated by trading 1 800 1 322
(Increase)/decrease in working capital (778) 384
Cash generated by operations 1 022 1 706
Net movement in instalment sale-, loan- and other receivables (1 332) (697)
Investment income 4 5
Finance costs - net (210) (92)
Taxation paid 21 (282)
Cash (utilised in)/available from operating activities (495) 640
Dividends paid (216) (297)
Cash flows from investing activities (1 160) (622)
Acquisition of subsidiary companies (note 5) (105) 128
Disposal of subsidiary company 126 -
Investment and loan receipts 23 -
Proceeds on disposal of property, plant and equipment 35 12
Additions to property, plant and equipment (1 143) (722)
Proceeds on disposal of rental fleet vehicles 373 43
Additions to rental fleet vehicles (469) (83)
Cash flows from financing activities 2 046 1 008
Proceeds on disposal of treasury shares by share incentive 10 65
trust
Acquisition of shares by share incentive trust (2) -
Increase in shareholding in subsidiary company - (12)
Settlement of minority interest in business combination - (7)
Funding received from minority shareholders 20 -
Dividends paid to minority shareholders (8) -
Share-based payment instruments settled (5) -
Long-term borrowings raised 2 693 1 632
Long-term borrowings repaid (738) (588)
Finance lease liabilities raised 421 -
Finance lease liabilities repaid (345) (82)
Net increase in cash and cash equivalents 175 729
Cash and cash equivalents at beginning of period 1 348 757
Cash and cash equivalents at end of period 1 523 1 486
Cash included in disposal group held-for-sale - (138)
Cash and cash equivalents at end of period from 1 523 1 348
continuing operations
Notes
1. Accounting policies
The condensed financial information has been prepared in accordance with the framework concepts and the
measurement and recognition requirements of International Financial Reporting Standards (IFRS), the AC 500
standards as issued by the Accounting Practices Board, the information required by IAS 34: Interim Financial
Reporting, the JSE Listings Requirements and the requirements of the Companies Act of South Africa. The report
has been prepared using accounting policies that comply with IFRS which are consistent with those applied in
the financial statements for the year ended 31 August 2011, except for the adoption of accounting standards
and interpretations that became effective during the current period.The adoption of these standards had no
material impact on the Group.
Audited Audited
10 months 12 months
ended ended
30 June 31 August
2012 2011
R million R million
2. Debtors' costs
Increase/(decrease) in impairment provision 12 (34)
Bad debts written off 405 711
417 677
3. Goodwill and intangible assets (restated)
Goodwill comprises:
Carrying value at beginning of period 1 376 493
Arising on acquisitions during the period 20 883
Carrying value at end of period 1 396 1 376
Intangible assets comprise:
Carrying value at beginning of period 1 658 212
Arising on acquisitions during the period - 1 482
Amortisation for the current period (27) (36)
Carrying value at end of period 1 631 1 658
4. Trade-, loan- and other receivables
Instalment sale- and loan receivables (a) 7 253 5 921
Trade receivables 659 629
Total instalment sale-, loan- and trade receivables 7 912 6 550
Less: Impairment provision (610) (598)
Net instalment sale-, loan- and trade receivables 7 302 5 952
Other receivables 907 752
Total trade-, loan- and other receivables 8 209 6 704
Provisions as a percentage of total instalment sale-, loan-
and trade receivables (%) 7,7 9,1
In accordance with industry norms, amounts due from instalment sale-, loan- and other receivables after
one year are included in current assets as they form part of the normal operating cycle. The credit terms
of instalment sale receivables range from six to 36 months.
a. Classified as loans and receivables and carried at amortised cost.
5. Acquisition of subsidiary companies
In terms of the acquisition agreement of Unitrans Auto, an additional amount of R52 million
was paid during the period under review. This additional amount was classified as goodwill and has
resulted in a restatement of the provisional amounts recognised in terms of IFRS 3, at 31 August 2011.
Unitrans Auto acquired a dealership during the period.
Property, plant and equipment 14
Other receivables 16
Inventories 6
Trade and other payables (3)
Fair value of net assets acquired 33
Payment of additional purchase price 52
Goodwill 20
Cash consideration 105
6. Trade and other payables
The directors consider the carrying amount of trade and other payables to approximate their fair values.
The credit period of trade payables ranges between 30 and 180 days.
7. Diluted earnings and headline earnings per share
The number of shares for diluted earnings purposes has been calculated after considering the dilutive impact of
share options, the cash value to be received in future, in respect of unissued shares granted to employees and
the effect of the convertible bond.
8. Related parties
The Group entered into various transactions with related parties which occurred under terms that are no more
favourable than those arranged with independent third parties.
9. Subsequent events
No significant events have occurred in the period between 30 June 2012 and the date of this announcement.
Segmental analysis - business divisions
Furniture Retail Financial Services Cash Retail**
30 Jun 31 Aug 30 Jun 31 Aug 30 Jun 31 Aug
For the ten months/year ended 2012 2011 2012 2011 2012 2011
Revenue Rm 5 327 5 775 2 985 3 314 5 053 4 800
Operating profit Rm 311 315 760 723 177 226
Depreciation Rm 50 57 22 24 55 53
Total assets Rm 1 145 1 374 7 815 5 965 1 851 1 517
Total current liabilities Rm 1 154 1 547 257 80 1 190 1 006
Capital expenditure Rm 93 114 209 16 87 48
Operating margin % 5,8 5,5 25,5 21,8 3,5 4,7
Total sale of merchandise Rm 4 563 4 963 5 016 4 740
Share of Group sale of merchandise % 22,3 42,3 24,5 40,4
Credit sales Rm 2 976 3 181
Percentage of total % 65,2 64,1
Cash sales Rm 1 587 1 782 5 016 4 740
Percentage of total % 34,8 35,9 100,0 100,0
Number of stores 1 022 988 1 022 988 164 155
Revenue per store R000 5 212 5 845 2 921 3 354 30 811 30 968
Retail square meterage 505 634 496 372 56 180 55 152 315 606 333 333
Revenue per square metre Rand 10 535 11 634 16 010 14 400
Number of employees 9 671 9 035 5 104 4 809 5 246 5 244
Revenue per employee R000 551 639 585 689 963 915
Instalment sale and other loan receivables Rm 7 253 5 921
Impairment provision Rm 557 545 9 22
Bad debts written off Rm 404 711
Receivables' arrears Rm 1 208 1 058
Deposit rate on credit sales % 3,2 5,9
Collection rate - furniture % 6,6 6,6
Collection rate - personal loans % 5,8 5,2
#Elimination of interdivisional origination fees.
**Includes Hifi Corp, Incredible Connection and Steinbuild
+Restated as described in note 5
Segmental analysis - business divisions (continued)
Unitrans Automotive Blake Corporate
30 Jun 31 Aug 30 Jun 31 Aug 30 Jun 31 Aug
For the ten months/year ended 2012 2011 2012 2011 2012 2011+
Revenue Rm 12 194 2 154 228 245 (503)# (547)#
Operating profit Rm 411 57 32 30 (246) (294)
Depreciation Rm 113 17 13 16 27 26
Total assets Rm 5 379 4 864 115 103 3 227 2 746
Total current liabilities Rm 2 358 2 329 23 22 1 207 1 098
Capital expenditure Rm 488 86 21 10 714 531
Operating margin % 3,4 2,7 14,0 12,2
Total sale of merchandise Rm 10 867 2 037
Share of Group sale of merchandise % 53,2 17,3
Credit sales Rm
Percentage of total %
Cash sales Rm 10 867 2 037
Percentage of total % 100,0 100,0
Number of stores 115 84
Revenue per store R000 106 035 25 643
Retail square meterage 340 486 333 599
Revenue per square metre Rand 35 814 6 457
Number of employees 4 538 4 396 1 567 1 646 625 588
Revenue per employee R000 2 687 490 146 149
Instalment sale and other loan receivables Rm
Impairment provision Rm 44 31
Bad debts written off Rm 1 -
Receivables' arrears Rm
Deposit rate on credit sales %
Collection rate - furniture %
Collection rate - personal loans %
#Elimination of interdivisional origination fees.
**Includes Hifi Corp, Incredible Connection and Steinbuild
+Restated as described in note 5
Segmental analysis - business divisions (continued)
Discontinued operations (Abra) Group
30 Jun 31 Aug 30 Jun 31 Aug
For the ten months/year ended 2012 2011 2012 2011+
Revenue Rm - - 25 284 15 741
Operating profit Rm - - 1 445 1 057
Depreciation Rm - - 280 193
Total assets Rm - 217 19 532 16 786
Total current liabilities Rm - - 6 189 6 082
Capital expenditure Rm - - 1 612 805
Operating margin % 5,7 6,7
Total sale of merchandise Rm 20 446 11 740
Share of Group sale of merchandise % 100,0 100,0
Credit sales Rm 2 976 3 181
Percentage of total % 14,6 27,1
Cash sales Rm 17 470 8 559
Percentage of total % 85,4 72,9
Number of stores 1 301 1 227
Revenue per store R000 19 434 12 829
Retail square meterage 1 217 906 1 218 456
Revenue per square metre Rand 20 760 12 919
Number of employees 26 751 25 718
Revenue per employee R000 945 612
Instalment sale and other loan receivables Rm 7 253 5 921
Impairment provision Rm 610 598
Bad debts written off Rm 405 711
Receivables' arrears Rm 1 208 1 058
Deposit rate on credit sales % 3,2 5,9
Collection rate - furniture % 6,6 6,6
Collection rate - personal loans % 5,8 5,2
#Elimination of interdivisional origination fees.
**Includes Hifi Corp, Incredible Connection and Steinbuild
+Restated as described in note 5
Administration
Executive directors ID Sussman (chairman), AG Kirk (chief executive officer), KR Chauke, Dr HP Greeff,
ID Thompson, BJ van Rooy
Independent non-executive directors VP Khanyile (lead independent non-executive), N Bodasing,
M Lock, M Matlwa, MJ Shaw, JH Schindehütte, GZ Steffens
Non-executive directors Dr D Konar, MJ Jooste, DM van der Merwe, AB La Grange
Company secretary JMWR Pieterse
Press announcement prepared by BJ van Rooy CA(SA)
Registered office 11th Floor, JD House, 27 Stiemens Street, Braamfontein, Johannesburg, 2001
(PO Box 4208, Johannesburg, 2000) Telephone +27 11 408 0408 Facsimile +27 11 408 0604
Email: info@jdg.co.za
Transfer secretaries Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001 Telephone +27 11 370 5000 Facsimile +27 11 688 5238
ADR depository File number 82-4401, The Bank of New York Mellon Corporation, One Wall Street,
New York, NY 10286 United States of America Telephone +1 212 495 1284 Facsimile +1 212 635 1121
Sponsor PSG Capital (Proprietary) Limited, Ground Floor, DM Kisch House, Inanda Greens Business Park,
54 Wierda Road West, Wierda Valley, Sandton, 2196 Telephone +27 11 784 1712 Facsimile +27 11 784 4755
Independent auditor Deloitte & Touche
For additional information visit www.jdgroup.co.za
Date: 27/08/2012 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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