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TRUWORTHS INTERNATIONAL LIMITED - Unaudited Group Interim Results for the 26 weeks ended 30 December 2012

Release Date: 20/02/2013 15:10
Code(s): TRU     PDF:  
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Unaudited Group Interim Results for the 26 weeks ended 30 December 2012

Truworths International Ltd
Registration number: 1944/017491/06
JSE code: TRU 
NSX code: TRW 
ISIN: ZAE000028296


UNAUDITED GROUP INTERIM RESULTS 
For the 26 weeks ended 30 December 2012


CONDENSED GROUP STATEMENTS OF FINANCIAL POSITION
                                                   at 30 Dec   at 25 Dec   at 1 July
                                                        2012        2011        2012
                                                   Unaudited   Unaudited     Audited
                                                          Rm          Rm          Rm
ASSETS
Non-current assets                                     1 239       1 115       1 197
Property, plant and equipment                            812         733         775
Goodwill                                                  90          90          90
Intangible assets                                        105          77          94
Derivative financial assets                               33          24          34
Available-for-sale assets                                  3           1           3
Loans and receivables                                    138         148         143
Deferred tax                                              58          42          58
Current assets                                         7 461       6 009       5 720
Inventories                                              739         666         670
Trade and other receivables                            4 041       3 514       3 421
Derivative financial assets                               20          34           7
Prepayments                                               18           2          62
Cash and cash equivalents                              2 643       1 793       1 560
Total assets                                           8 700       7 124       6 917
EQUITY AND LIABILITIES
Total equity                                           6 645       5 610       5 981
Share capital and premium                                278         183         205
Treasury shares                                      (1 438)     (1 274)     (1 274)
Retained earnings                                      7 680       6 608       6 944
Non-distributable reserves                               125          93         106
Non-current liabilities                                   97          91          97
Post-retirement medical benefit obligation                49          44          47
Cash-settled compensation obligation                      10           5          12
Straight-line operating lease obligation                  38          42          38
Current liabilities                                    1 958       1 423         839
Trade and other payables                               1 344       1 221         598
Provisions                                                61          57          73
Tax payable                                              553         145         168
Total liabilities                                      2 055       1 514         936
Total equity and liabilities                           8 700       7 124       6 917
Number of shares in issue (net of treasury 
shares) (millions)                                     423.9       423.0       424.0
Net asset value per share (cents)                    1 567.6     1 326.2     1 410.6
Key ratios
Return on equity* (%)                                     44          45          40
Return on capital* (%)                                    62          66          58
Return on assets* (%)                                     45          49          46
Inventory turn* (times)                                  6.2         6.2         5.7
Asset turnover* (times)                                  1.2         1.3         1.3
* Ratios for December have been annualised


CONDENSED GROUP STATEMENTS OF COMPREHENSIVE INCOME
                                Note    26 weeks    26 weeks                53 weeks
                                       to 30 Dec   to 25 Dec               to 1 July
                                            2012        2011                    2012
                                       Unaudited   Unaudited           %     Audited
                                              Rm          Rm      change          Rm
Revenue                            4       5 876       5 130          15       9 769
Sale of merchandise                        5 368       4 689          14       8 830
Cost of sales                            (2 303)     (2 021)                 (3 820)
Gross profit                               3 065       2 668          15       5 010
Other income                                 117         107                     208
Trading expenses                         (1 625)     (1 383)          17     (2 759)
Depreciation and amortisation               (76)        (68)                   (138)
Employment costs                           (504)       (449)                   (890)
Occupancy costs                            (425)       (369)                   (746)
Trade receivable costs                     (379)       (284)                   (533)
Other operating costs                      (241)       (213)                   (452)
Trading profit                             1 557       1 392          12       2 459
Interest received                            390         334          17         728
Dividends received                             1           -                       3
Profit before tax                          1 948       1 726          13       3 190
Tax expense                                (545)       (553)                   (965)
Profit for the period, fully 
attributable to owners of the parent       1 403       1 173          20       2 225
Other comprehensive income
Movement in effective portion of 
cash flow hedge                                9           3                      11
Deferred tax on movement in effective 
portion of cash flow hedge                   (3)         (1)                     (3)
Other comprehensive income for the 
period, net of tax                             6           2                       8
Total comprehensive income for the 
period, fully attributable to owners 
of the parent                              1 409       1 175          20       2 233
Basic earnings per share (cents)           331.3       277.6          19       526.3
Headline earnings per share (cents)        331.3       277.6          19       526.7
Fully diluted basic earnings per 
share (cents)                              324.8       272.3          19       516.6
Fully diluted headline earnings per 
share (cents)                              324.8       272.3          19       517.1
Weighted average number of shares 
(millions)                                 423.5       422.5                   422.8
Key ratios
Gross margin (%)                            57.1        56.9                    56.7
Trading expenses to sale of 
merchandise (%)                             30.3        29.5                    31.2
Trading margin (%)                          29.0        29.7                    27.8
Operating margin (%)                        36.3        36.8                    36.1


CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
                                                                  30 Dec      25 Dec
                                                                    2012        2011
                                                               Unaudited   Unaudited
                                                                      Rm          Rm
Total equity at the beginning of the period                        5 981       5 046 
Total comprehensive income for the period                          1 409       1 175 
Profit for the period                                              1 403       1 173 
Other comprehensive income for the period                              6           2 
Dividends                                                          (666)       (566)
Premium on shares issued                                              15          24 
Shares repurchased                                                 (106)        (83)
Share-based payment                                                   12          14 
Total equity at the end of the period                              6 645       5 610 
Comprising:
Share capital and premium                                            278         183 
Treasury shares                                                  (1 438)     (1 274)
Retained earnings                                                  7 680       6 608 
Non-distributable reserves                                           125          93 
Total equity                                                       6 645       5 610 
Cents per share:
Dividends declared in respect of the period                          204         169


CONDENSED GROUP STATEMENTS OF CASH FLOWS
                                                    26 weeks    26 weeks    53 weeks
                                                   to 30 Dec   to 25 Dec   to 1 July
                                                        2012        2011        2012
                                                   Unaudited   Unaudited     Audited
                                                          Rm          Rm          Rm
CASH FLOWS FROM OPERATING ACTIVITIES
Cash flow from trading and cash EBITDA*                1 662       1 483       2 653
Working capital movements                                 73       (236)       (802)
Cash generated from operations                         1 735       1 247       1 851
Interest received                                        390         334         728
Dividends received                                         1           -           3
Tax paid                                               (160)       (557)       (964)
Cash inflow from operations                            1 966       1 024       1 618 
Dividends paid                                         (665)       (565)     (1 281)
Net cash from operating activities                     1 301         459         337
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment 
to expand operations                                    (95)        (66)       (166)
Acquisition of plant and equipment to maintain 
operations                                              (24)        (17)        (37)
Acquisition of computer software                        (15)         (3)        (23)
Loans repaid                                               7           -          15
Loans advanced                                             -        (10)        (16)
Acquisition of mutual fund units                           -           -         (2)
Net cash used in investing activities                  (127)        (96)       (229)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on shares issued                                 15          24          46
Shares repurchased by subsidiaries                     (106)        (83)        (83)
Net cash used in financing activities                   (91)        (59)        (37)
Net increase in cash and cash equivalents              1 083         304          71
Cash and cash equivalents at the beginning 
of the period                                          1 560       1 489       1 489
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD     2 643       1 793       1 560
Key ratios
Cash flow per share (cents)                            464.2       242.4       382.7
Cash equivalent earnings per share (cents)             356.1       296.6       565.8
Cash realisation rate (%)                                130          82          68
* Earnings before interest received, tax, depreciation and amortisation


SELECTED EXPLANATORY NOTES
1 STATEMENT OF COMPLIANCE
The interim condensed Group financial statements ("interim report") 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 Companies Act (No 71 of 2008, as amended) of South Africa 
and the JSE Listings Requirements.

The interim report does not include all the information and disclosures required in 
the annual financial statements, and should be read in conjunction with the Group's 
annual financial statements as at 1 July 2012. 

The information contained in the interim report has neither been audited nor reviewed 
by the Group's external auditors. These condensed financial statements have been 
prepared under the supervision of MJV Sardi CA(SA), the Chief Financial Officer of 
the Group.

2 BASIS OF PREPARATION
The interim report has been prepared in accordance with the going concern and 
historical cost bases, unless otherwise indicated. The accounting policies are 
applied consistently throughout the Group. The presentation and functional currency 
used in the preparation of the interim report is the South African Rand [ZAR] (Rand) 
and all amounts are rounded to the nearest million, unless otherwise indicated.

3 ACCOUNTING POLICIES AND METHODS OF COMPUTATION
The accounting policies and methods of computation applied in the preparation of the 
interim report are consistent with those applied in the preparation of the Group's 
annual financial statements for the period ended 1 July 2012, except for the adoption 
of IAS 1: Presentation of Financial Statements (Amended) as described below.

IAS 1: Presentation of Financial Statements (Amended)
The amendments to IAS 1 require items that are recognised in other comprehensive 
income, that may be reclassified ("recycled") to profit or loss in a future period, to 
be presented separately from those items that may never be reclassified to profit or 
loss. The adoption of IAS 1 (Amended) only affects the presentation of the Group's 
interim report and has had no impact on the Group's financial position or performance.

IFRS, amendments and International Financial Reporting Interpretations Committee 
(IFRIC) interpretations not applicable to Group activities
Various other new and amended IFRS and IFRIC interpretations that have been issued 
and are effective, have not been adopted by the Group as they are not applicable to 
its activities.

                                        26 weeks    26 weeks                53 weeks
                                       to 30 Dec   to 25 Dec                to 1 Jul
                                            2012        2011                    2012
                                       Unaudited   Unaudited           %     Audited
                                              Rm          Rm      change          Rm
4 REVENUE
Sale of merchandise                        5 368       4 689          14       8 830
Retail sales                               5 533       4 820                   9 104
Accounting adjustments                     (171)       (150)                   (298)
Franchise sales                                6          19                      24
Other income                                 117         107           9         208
Commission                                    61          54                     103
Display fees                                  26          21                      45
Financial services income                     24          21                      39
Lease rental income                            3           6                       8
Other                                          2           3                      10
Royalties                                      1           2                       3
Interest received                            390         334          17         728
Trade receivables interest                   342         290                     630
Investment interest                           48          44                      98
Dividends received                             1           -                       3
Total revenue                              5 876       5 130          15       9 769

5 SEGMENT REPORTING
The Group's 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.

                                                                Consoli-
                                                                  dation
                                       Truworths         YDE     entries       Group
                                              Rm          Rm          Rm          Rm
2012
Total third party revenue                  5 825          58         (7)       5 876
Third party                                5 814          58           4       5 876
Inter-segment                                 11           -        (11)           -
Depreciation and amortisation                 74           2           -          76
Interest received                            331           3           -         334
Profit for the period                      1 385          18           -       1 403
Profit before tax                          1 923          25           -       1 948
Tax expense                                (538)         (7)           -       (545)
Capital expenditure                          132           2           -         134
Gross margin (%)                            57.1           -           -        57.1
Trading margin (%)                          28.5        41.6           -        29.0
Operating margin (%)                        35.8        42.6           -        36.3
Inventory turn (times)                       6.2           -           -         6.2
Credit:cash sales mix (%)                  72:28       24:76           -       72:28
2011
Total third party revenue                  5 083          55         (8)       5 130
Third party                                5 072          55           3       5 130
Inter-segment                                 11           -        (11)           -
Depreciation and amortisation                 66           2           -          68
Interest received                            331           3           -         334
Profit for the period                      1 157          16           -       1 173
Profit before tax                          1 704          22           -       1 726
Tax expense                                (547)         (6)           -       (553)
Capital expenditure                           78           8           -          86
Gross margin (%)                            56.9           -           -        56.9
Trading margin (%)                          29.3        40.8           -        29.7
Operating margin (%)                        36.3        41.5           -        36.8
Inventory turn (times)                       6.2           -           -         6.2
Credit:cash sales mix (%)                  73:27       24:76           -       73:27

                                            2012        2012        2011        2011
                                         Contri-     Contri-     Contri-     Contri-
                                       bution to   bution to   bution to   bution to
                                         revenue     revenue     revenue     revenue
                                              Rm           %          Rm           %
Third party revenue
South Africa                               5 693        96.9       4 991        97.3
Namibia                                       89         1.5          83         1.6
Botswana                                      28         0.5           5         0.1
Swaziland                                     26         0.4          29         0.6
Zambia                                         9         0.2           -           -
Nigeria                                        8         0.1           -           -
Ghana                                          7         0.1           -           -
Mauritius                                      5         0.1           3         0.1
Lesotho                                        5         0.1           -           -
Franchise sales                                6         0.1          19         0.3
Total third party revenue                  5 876         100       5 130         100

                                                      30 Dec      25 Dec       1 Jul
                                                        2012        2011        2012
                                                   Unaudited   Unaudited     Audited
                                                          Rm          Rm          Rm
6 CAPITAL COMMITMENTS
Capital expenditure authorised but not contracted:
Store development                                        114          85         211
Distribution facilities                                   40          17          43
Computer infrastructure                                   25          28          51
Motor vehicles                                             2           -           6
Head office refurbishment                                  -           2           4
Total capital commitments                                181         132         315

The capital commitments will be financed from cash generated from operations and 
available cash resources and are expected to be incurred in the remainder of the 
2013 reporting period.

7 EVENTS AFTER THE END OF THE REPORTING PERIOD
No event, material to the understanding of this interim report, has occurred between 
the end of the interim period and the date of approval.

8 SEASONALITY
Historically there has been no material seasonal variation in trading between the 
first and second halves of the financial period.

9 RELATED PARTY TRANSACTIONS
Related party transactions similar to those disclosed in the Group's annual financial 
statements for the period ended 1 July 2012 took place during the period.


COMMENTARY
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, with further operations in the rest of Africa.

TRADING AND FINANCIAL PERFORMANCE
Group retail sales increased by 14.8% to R5.5 billion for the 26-week period ended 
30 December 2012 (the period) compared to the prior 26-week period. Comparable store 
retail sales grew by 9.8%  (2011: 6.2%) while product inflation averaged 3% 
(2011: 8%) for the period. Group sale of merchandise, which comprises Group retail 
sales and franchise sales less accounting adjustments, grew 14.4% to R5.4 billion 
(2011: R4.7 billion).

Trading space increased by 8.1% over the prior period-end following the opening of a 
net 18 Truworths, 19 Identity and 5 Truworths Man stores, while 2 Uzzi stores and 
1 YDE store were closed. At the end of the period the Group had 591 stores 
(2011: 552), including 40 stores in the rest of Africa (2011: 21) following the 
opening of 6 stores in Botswana, 4 stores in Nigeria, 4 stores in Lesotho, 3 stores 
in Zambia and 2 stores in Ghana. 

The Group continued to record market share gains. Based on figures from the recently 
reconstituted Retail Liaison Committee (RLC) for December 2012, the Group increased 
its ladieswear RLC market share of clothing to 23.9% (2011: 23.5% restated), while 
its menswear market share grew to 22.4% (2011: 22.0%).


Divisional sales                                                                   %
                                                     30 Dec      25 Dec       change
                                                       2012        2011     on prior
                                                         Rm          Rm       period
Truworths ladieswear                                  1 961       1 741           13
Truworths menswear                                    1 088         935           16
Identity                                                876         743           18
Daniel Hechter                                          681         593           15
LTD                                                     260         214           21
Elements                                                256         240            7
Inwear                                                  250         216           16
Other*                                                  161         138           17
Retail sales                                          5 533       4 820           15
Franchise sales                                           6          19         (68)
Accounting adjustments                                (171)       (150)           14
Sale of merchandise                                   5 368       4 689           14
YDE agency sales                                        151         149            1
* Includes Cellular, Truworths Jewellery and Truworths Living divisions 
(discontinued in 2012)

The gross margin increased to 57.1% (2011: 56.9%). Trading profit increased 12% to 
R1.6 billion (2011: R1.4 billion) as trading expenses increased 17% to R1.6 billion 
(2011: R1.4 billion), mainly as a result of higher trade receivable costs. Trading 
expenses as a percentage of the sale of merchandise increased to 30.3% (2011: 29.5%). 
Interest received increased 17% to R390 million (2011: R334 million). The inventory 
turn remained at 6.2 times.

Operating profit increased 13% to R1.9 billion (2011: R1.7 billion) and the operating 
margin decreased marginally to 36.3% (2011: 36.8%).

Headline earnings per share (HEPS) were 331.3 cents, an increase of 19% over the 
prior period's 277.6 cents. This performance is in line with the earnings range in 
the Group's trading statement released on SENS on 18 January 2013. Diluted HEPS of 
324.8 cents were 19% higher (2011: 272.3 cents) over the prior period.

The Group's financial position strengthened, with net asset value per share increasing 
by 18% to 1 567.6 cents (2011: 1 326.2 cents). The annualised returns on equity and 
assets were 44% (2011: 45%) and 45% (2011: 49%) respectively. Asset turnover was at 
1.2 times (2011: 1.3 times).

CREDIT MANAGEMENT
Gross trade receivables grew by 15.8% to R4.5 billion, with the Group's active account 
base growing by 7% to approximately 2.6 million accounts.

The growth in the trade receivables book is attributable to Group credit retail sales 
growing 13% over the prior period (12% and 22% higher in Truworths and Identity 
respectively) and a continuing shift from shorter-term interest-free to longer-term 
interest-bearing payment plans. Credit sales contributed 72% (2011: 73%) to total 
sales for the period. At period-end 87% (2011: 88%) of the Group's active account 
holders were able to purchase.

As anticipated by management, the credit environment has become more challenging 
with consumer delinquency levels increasing. 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 9.3% (2011: 8.0%). 
These factors contributed to trade receivable costs increasing 33% to R379 million 
(2011: R284 million).

CAPITAL MANAGEMENT
The Group continues to manage its capital through a combination of capital 
expenditure to sustain the organic growth of the business, share buy-backs and 
dividends.

During the period the Group generated R2.0 billion in cash from operations and this 
funded dividend payments (R665 million), share buy-backs (R106 million), store 
development (R110 million) and maintenance to existing plant, property and equipment 
(R24 million). Cash and cash equivalents increased 47% to R2.6 billion at the 
period-end, largely as a result of the timing of tax payments which fell after the 
period-end.

The Group repurchased 1.2 million shares at an average price of R92.10 per share for 
a total of R106 million during the period. Since the inception of the share buy-back 
programme in 2002, 82 million shares have been repurchased at a total cost of 
R1.9 billion at an average price of R22.48.

Capital expenditure of R181 million has been committed for the remainder of the 2013 
financial period.

DIRECTORATE
Chief Executive Officer Contract
The board is pleased to announce that it has concluded an agreement with the Chief 
Executive Officer, Michael Mark, to extend his service contract until 30 June 2015. 
He has been Chief Executive Officer of the Group since 1991. Salient features of 
this contract, the material terms of which are substantially in line with those 
of the existing contract, will be disclosed in the Group's 2013 integrated annual 
report.

Management appointment
The board is pleased to announce the appointment of David Pfaff as Group Chief 
Financial Officer (Designate) with effect from 1 April 2013. David will undergo 
an induction programme and will thereafter be appointed as Group Chief Financial 
Officer. David (47), a chartered accountant, has previously spent seven years with 
a large listed IT company in the period up to 2008 as Chief Financial Officer. He  
has spent the last four years as an independent consultant in London where he has 
been instrumental in setting up a number of entrepreneurial ventures. 

OUTLOOK
The credit environment is expected to deteriorate further in the months ahead owing 
to increasing levels of consumer indebtedness. This is likely to impact on both the 
Group's delinquency experience and active account growth, even though strict credit 
granting and risk policies will continue to be applied.

In this increasingly challenging environment the Group will strive to maintain its 
sales momentum by delivering high quality internationally inspired clothing across 
the brand portfolio. 

Retail sales for the first seven weeks of the second half of the 2013 financial 
period increased by 9.3% over the first seven weeks of the second half of 
the 2012 financial period.
 
H Saven              MS Mark
Chairman             Chief Executive Officer

DIVIDEND
The directors of the company have resolved to declare a gross cash dividend from 
retained earnings in respect of the 26-week period ended 30 December 2012 in the 
amount of 204 cents (2011: 169 cents) per share to shareholders reflected in the 
company's register on the record date, being Friday, 15 March 2013.

The last day to trade in the company's shares cum dividend is Friday, 8 March 2013. 
Trading in the company's share ex dividend will commence on Monday, 11 March 2013. 
Consequently no dematerialisation or rematerialisation of the company's shares may 
take place over the period from Monday, 11 March 2013 to Friday, 15 March 2013, both 
days inclusive. The dividend will be payable in South African Rand on Monday, 
18 March 2013.

Dividends will be paid net of dividends tax of 15%, 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 company's transfer secretaries Computershare Investor Services 
(Pty) Ltd, PO Box 61051, Marshalltown, 2107 South Africa) 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 rate of 15%, will result in a net cash 
dividend per share of 173.40 cents. No secondary tax on companies (STC) credits were 
utilised when determining the net dividend. The company has 462 889 265 ordinary 
shares in issue on 20 February 2013.

In accordance with the company's recently adopted new memorandum of incorporation:
- the dividend will only be paid by electronic funds transfer, and no cheque payments 
will be made. Accordingly, shareholders who have not yet provided their bank account 
details should do so by contacting the company's transfer secretaries; and 
- the directors have determined that gross dividends amounting to less than 1 000 
cents, due to any one shareholder of the company's shares held in certificated form, 
will not be paid, unless otherwise requested in writing, but the net amount thereof 
will be 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
20 February 2013

CORPORATE INFORMATION
Truworths International Ltd: Registration number 1944/017491/06
Tax reference number: 9875/145/71/7
JSE 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 §, RJA Sparks §, AJ Taylor § and MA Thompson §
* Executive  § Non-executive   Independent


Date: 20/02/2013 03:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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