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Changes to the board of Directors and Interim results
JD Group Limited Interim results Revenue – R16 359 million (Pro Forma Dec 2011: R15 326 million)
for the period ended 31 December 2012 EBITDA – R1 129 million (Pro Forma Dec 2011: R969 million)
JD Group Limited: (“JD” or “the Company” or “the Group”)
Registration number: 1981/009108/06
Share code: JDG ISIN: ZAE000030771 Convertible bond code: JDGCB ISIN: ZAE000168415 Headline earnings per share 234,4 cents (Pro Forma Dec 2011: 226,8 cents)
Commentary Retail In this regard Global Credit Ratings affirmed JD Group’s domestic long-term and short-term credit rating
as A (za) and A1 (za) respectively during September 2012 and revised the ratings outlook to “stable” from
Changes to the board of directors
The Retail division, comprising the furniture chains, Incredible Connection, HiFi Corp and SteinBuild, As announced on SENS on 19 October 2012, Bennie van Rooy, the current Chief Financial Officer (CFO)
In a challenging consumer environment, and increased competition in the financial services industry, the generated revenue growth of 4,2%. This growth was achieved against a background of increased “ratings watch”.
group is pleased to report headline earnings per share for the six-month period of 234,4 cents per share. has been appointed as Chief Executive Officer of the Group’s Consumer Finance division from 1 March
consumer stress, evidenced by a 2% reduction in the credit sale accept rate across the furniture chains. JD Group’s debut Domestic Medium Term Note issue was well received by the market and the Group 2013. Jan van der Merwe will assume the role of CFO from this date.
At the previous interim stage, the Group reported interim results for the four-month period ended A pleasing aspect of the performance was the improvement in the gross margin to 30,8% (Pro Forma raised three-year notes, amounting to R1 billion on 25 October 2012 at a floating interest rate of 183 basis
31 December 2011, following a change in the financial year-end to 30 June. In order to facilitate the results: 29,9%). Retail expenses, which grew by 8,2% on a like-for-like basis, should be assessed against
the background of duplicated distribution costs amounting to approximately R40 million, relating to the
points above the three-month Jibar rate. Review of independent auditor
comparability between the results, a Pro Forma Statement of Comprehensive Income for the Cash generated by trading activities amounted to R1,2 billion for the period. R1,9 billion was invested in The 2012 information has neither been reviewed nor audited. The condensed financial information
six-month period ended 31 December 2011 (previous comparable period) has also been presented centralisation of supply chain activities.
the growth of the debtors’ book. The increase in property, plant and equipment of R0,7 billion includes the presented for 2011 includes Pro Forma results. The six-month results to 31 December 2011 have been
(Pro Forma results). The acquisition of Hardware Warehouse is expected to further bolster the financial performance of investment in the new Distribution Centres. In addition, the rental fleet at Hertz was re-stocked at a net
SteinBuild. reviewed but not audited by Deloitte & Touche, whose unmodified review report is available for inspection
Key features of the results for H1 2013, compared to the Pro Forma results (H1 2012), are the following: investment of R387 million. at the Group’s registered office. The Pro Forma results were reviewed by Deloitte & Touche, refer to note
• Revenue up 6,7% to R16,4 billion (H1 2012: R15,3 billion) Consumer Finance The Statement of Financial Position reflects net gearing of R6,1 billion at a ratio of 69% to shareholders’ 9 for the details of the review.
• Retail gross margin increase to 30,8% (H1 2012: 29,9%) The Consumer Finance division generated satisfying returns and reported growth in risk-adjusted equity. This planned increase in gearing is a result of the above mentioned investments being funded
consumer finance income of 16,3% to R1 701 million (H1 2012: R1 462 million) and a Return on Equity of entirely by debt. Dividend
• Risk-adjusted consumer finance income growing by 16,3% for H1 2013 to R1,7 billion (H1 2012:
25,0% (H1 2012: 22,0%). The Return on Equity is based on a notional 60% (H1 2012: 50%) gearing structure, The increase in net gearing has resulted in an increase in the net interest expense to R149 million Notice is hereby given that the directors have declared an interim gross dividend of 115 cents per share
R1,5 billion) which is indicative of the restructuring of the balance sheet and funding activities that have taken place (H1 2012: R84 million) in the Consumer Finance business and R47 million (H1 2012: R35 million) in for the six-month period ended 31 December 2012. In accordance with the settlement procedures of
• EBITDA up 16,5% to R1 129 million (H1 2012: R969 million) over the past 12 months. Strate, the following dates will apply to this interim dividend:
respect of the remaining divisions in the Group.
• An interim dividend per share of 115 cents for the period. The loan book increased by 30% to R9,5 billion at 31 December 2012 (30 June 2012: R7,3 billion) with the Last day to trade cum dividend Friday, 19 April 2013
Operational review unsecured loan book growing to R2,2 billion at 31 December 2012 (30 June 2012: R1,0 billion). Outlook Trading ex dividend commences Monday, 22 April 2013
We have maintained our cautious approach to personal loan credit extension by limiting unsecured loans The performance in the first six months gives us reason to be positive about the next six months.
The Group is pleased to report a 16,5% improvement in earnings before interest, tax, amortisation and to a maximum term of 24 months and to a maximum loan value of R25 000. The average loan size is Record date Friday, 26 April 2013
depreciation to R1 129 million from R969 million for the interim period. R10 000. These loans are only granted to our lower risk customers, with 50% of these to existing furniture Resignation of JD Group Chief Executive Officer Grattan Kirk Dividend payment date Monday, 29 April 2013
The new ERP systems for Retail and Consumer Finance will continue to enable the business to improve retail customers. In terms of 3.59(b) and (c) of the Listings Requirements of the JSE Limited, shareholders are advised that Share certificates may not be dematerialised or re-materialsed between Monday, 22 April 2013 and Friday,
customer service, inventory management and offer a diversified range of consumer finance products In light of current trends experienced in the unsecured lending environment, the focus is on reducing the Grattan Kirk, the Chief Executive Officer of JD Group, will resign from the boards of JD Group and various 26 April 2013, both days inclusive. Any change in the above dates will be disclosed on SENS. In
to customers. average loan size, to be even more selective in the acquisition strategy, improving the collection rates and subsidiary companies within the Group with effect from 20 February 2013. Having served the Group with determining the dividends tax (DT) of 15% to withhold in terms of the Income Tax Act for those
The investment in and the roll-out of our Central Distribution Centres at a cost of R728 million to date, has protecting the quality of the returns that are generated. distinction since his appointment as Financial Director of Connection Group Holdings Limited in 1997, shareholders who are not exempt from the DT, no secondary tax on companies (STC) credits have been
enabled the Group to improve customer satisfaction by reducing delivery time and increasing stock The performance of the receivables is still acceptable with the impairment ratio increasing to 7,9% for Grattan will leave the employ of the Group on 30 June 2013. utilised. Shareholders who are not exempt from the DT will therefore receive a dividend of 97,75 cents
availability. furniture loans (FY 2012: 7,6%) and 8,0% in respect of personal loans (FY 2012: 7,7%). The personal loan Group Executive Chairman, David Sussman, expressed his gratitude towards Grattan by stating that per share net of DT. On the dividend payment date, the Company will have 229 338 322 ordinary shares
The unsecured lending book has grown to R2,2 billion over the last two years and provides the Group with impairment ratio is expected to trend higher as the book matures over the longer term. “Grattan has served the JD Group with honour and has played a pivotal role in the transformation of the in issue and its income tax reference number is 9475/184/71/0.
a valuable source of diversification away from the secured furniture retail loan environment. Unitrans Auto Group. On behalf of the board and all his colleagues, I wish to thank Grattan for his contribution to Where applicable, dividends in respect of certificated shares will be transferred electronically to
The operations of Unitrans Auto and SteinBuild were further strengthened during the period, with the Unitrans Auto generated operating income of R193 million for the review period ended 31 December 2012 the Group.” shareholders’ bank accounts on Monday, 29 April 2013. In the absence of specific mandates, dividend
acquisition of the Reeds Motor Group with effect from 1 December 2012 and the acquisition of Hardware (H1 2012: R176 million). Retail operations in this segment increased operating profit by 22%. The car rental “Having achieved the significant goals that I set for myself at the start of my term as Chief Executive cheques will be posted to shareholders. Ordinary shareholders who hold dematerialised shares will
Warehouse that will become effective on 1 March 2013. business delivered unsatisfactory results in a very competitive market. The division generated return on Officer in June 2008, this is an opportune time for me to move on. I want enough time to still pursue at have their accounts at their Central Securities Depository Participant or at their broker credited on
Shareholders are also advised to refer to the Investment Analyst presentation document that will be sales of 2,8% and indications are that demand for new vehicles will continue to be strong while interest least one further major career challenge,” Grattan Kirk said. Monday, 29 April 2013.
available on our website www.jdgroup.co.za from Monday, 25 February 2013. rates remain low. Grattan will continue to assist the Retail Division of the Group and with various other strategic initiatives By order of the board
Financial review Statement of Financial Position and Cash Flow before he leaves the employ of the Group.
I David Sussman Bennie van Rooy
In addition to the Pro Forma numbers provided, the Statement of Comprehensive Income and the The restructuring of the Statement of Financial Position, with the focus on the diversification of funding David Sussman will assume the role of Chief Executive Officer, while Vusi Khanyile, the current lead
Chief Executive Officer Chief Financial Officer
Statement of Financial Position are presented in a revised format to provide enhanced disclosure of the sources and the optimisation of funding cost, has transformed the shape of the Statement of Financial independent non-executive director, has been elected as the independent non-executive Chairman of
now larger Consumer Finance division. Position. the board. 20 February 2013
Condensed Group statement of comprehensive income Condensed Group statement of financial position Condensed Group cash flow statement Notes (continued)
Audited Unaudited Reviewed Pro Forma Restated* Audited Unaudited Pro Forma
10 months 6 months 4 months 6 months Audited Unaudited Reviewed 10 months 6 months 6 months
ended ended ended ended Audited Unaudited Reviewed 10 months 6 months 4 months ended ended ended
ended ended ended
30 June 31 December 31 December 31 December 30 June 31 December 31 December 30 June 31 December 31 December
30 June 31 December 31 December
2012 2012 2011 2011 2012 2012 2011 2012 2012 2011 2012 2012 2011
R million R million R million R million R million R million R million R million R million R million R million R million R million
25 284 Revenue 16 359 10 725 15 326 (807) Cash flows from operating activities (2 166) (371) 2. Debtors’ costs – Consumer Finance
Assets
Retail operations 12 Increase in impairment provision 161 8
1 532 Bank balances and cash 1 067 954
1 800 Cash generated by trading 1 168 725 405 Bad debts written off 184 295
22 071 Revenue 14 164 9 490 13 477
(16 888) Cost of sales (10 784) (7 259) (10 321) 41 Taxation 53 40
(778) Increase in working capital (193) (210) 417 345 303
5 183 Gross retail margin 3 380 2 231 3 156 1 Financial assets — —
The movement in the provision includes movements in retail and auto.
Consumer finance 3 723 Inventories 4 246 3 782 1 022 Cash generated by operations 975 515
Audited Unaudited Reviewed
3 213 Revenue 2 195 1 235 1 849 Net movement in instalment sale and loan
1 002 Unsecured advances (note 4) 2 206 643 10 months 6 months 4 months
(149) Finance costs (net) (149) (58) (84) (1 332) receivables (1 873) (629) ended ended ended
(417) Debtors' costs (note 2) (345) (209) (303) 6 300 Trade receivables (note 4) 7 312 5 998
373 Proceeds on disposal of rental fleet vehicles 315 161 30 June 31 December 31 December
Risk-adjusted consumer 907 Other receivables (note 4) 1 155 733 (469) Additions to rental fleet vehicles (702) (470) 2012 2012 2011
2 647 finance income 1 701 968 1 462 R million R million R million
372 Vehicle rental fleet 708 642 4 Investment income 4 2
(6 534) Operating expenses (4 354) (2 667) (3 895)
196 Deferred taxation 185 194 (210) Finance costs – net (196) (77) 3. Goodwill and intangible assets
Administration and other
21 Taxation (paid)/received (188) 343 Goodwill comprises:
(1 356) expenses (899) (556) (803) 63 Investments and loans 65 64
1 376 Carrying value at beginning of period 1 396 1 376^
(307) Depreciation and amortisation (253) (120) (162)
(3 035) Employees (1 970) (1 209) (1 819) 4 Interest in associate 4 7 20 Arising on acquisitions during the period 83 8
(591) Cash utilised in operating activities (1 665) (155)
(369) Marketing (283) (196) (250) 2 364 Property, plant and equipment 2 851 1 814 1 396 Carrying value at end of period 1 479 1 384
(1 004) Occupancy (648) (406) (599) (216) Dividends paid (501) (216)
(33) Share-based payment (19) (13) (19) 1 631 Intangible assets (note 3) 1 615 1 648 ^Inclusive of a R52 million adjustment to the purchase price of Unitrans.
(420) Transport and travel (276) (164) (238) 1 396 Goodwill (note 3) 1 479 1 384 (1 064) Cash flows from investing activities (841) (363) Intangible assets comprise:
Loss on disposal of property, 1 658 Carrying value at beginning of period 1 631 1 658
(10) plant and equipment (6) (3) (5) (105) Acquisition of subsidiary companies — (52) (27) Amortisation for the current period (16) (10)
19 532 Total assets 22 946 17 903
1 296 Operating profit** 727 532 723 126 Proceeds on disposal of subsidiary company — 125 1 631 Carrying value at end of period 1 615 1 648
4 Investment income 4 2 3 — Acquisition of other business interest (165) (22)
(61) Finance costs (net) (47) (19) (35)
Equity and liabilities 4. Trade-, loan- and other receivables
21 Investment and loan receipts (2) 21 7 253 Instalment sale- and loan receivables (a) 9 126 6 550
2 Share of profits of associate 1 2 (1) 9 Bank overdraft 15 239
Proceeds on disposal of property, plant and 659 Trade receivables 1 163 693
1 241 Profit before taxation 685 517 690 66 Taxation 56 182 35 equipment 42 5 7 912 Total instalment sale-, loan- and trade receivables 10 289 7 243
(350) Taxation (181) (146) (196)
— Financial liabilities — 2 (1 143) Additions to property, plant and equipment (717) (442) (610) Less: Impairment provision (771) (602)
891 Profit for the period 504 371 494
5 024 Trade and other payables 5 877 5 475 2 Loan repaid by associate 1 2 7 302 Net instalment sale-, loan- and trade receivables 9 518 6 641
Attributable to:
907 Other receivables 1 155 733
877 Shareholders 502 364 485 6 Provisions 6 33
14 Minorities 2 7 9 2 046 Cash flows from financing activities 2 536 101 8 209 Total trade-, loan- and other receivables 10 673 7 374
661 Deferred taxation 662 655
891 504 371 494 Provisions as a percentage of total instalment
207 Non-interest-bearing liabilities 224 221 Proceeds on disposal of treasury shares by share 7,7 sale-, loan- and trade receivables (%) 7,5 8,3
1 752 EBITDA 1 129 710 969 10 incentive trust 6 8
4 623 Interest-bearing liabilities 7 148 2 758 a. Classified as loans and receivables and carried at amortised cost.
Basic earnings per share
406,4 (cents) 232,6 168,7 224,9 (2) Acquisition of shares by share incentive trust — —
10 596 Total liabilities 13 988 9 565 (5) Share-based payment settled (2) — 5. Trade and other payables
The increased focus on consumer finance products within the Group has led to a re-presentation of the
The directors consider the carrying amount of trade and other payables to
Statement of comprehensive income in a manner that more appropriately reflects the results of both the 20 Funding received from non-controlling interest 9 —
approximate their fair values. The credit period of trade payables ranges between
consumer finance and other segments in the Group. 4 245 Share capital and premium 4 245 4 245 (8) Dividends paid to non-controlling interest (2) (2) 30 and 180 days.
**Operating profit is stated after net finance costs attributable to financial services.
(245) Treasury shares (221) (247) 1 000 Proceeds from convertible bonds — —
6. Diluted earnings and headline earnings per share
265 Non-distributable and other reserves 225 248 1 693 Long-term borrowings raised 3 050 97 The number of shares for diluted earnings purposes has been calculated after
(738) Long-term borrowings repaid (513) (173) considering the dilutive impact of share options, the cash value to be received in
Condensed Group statement of other 4 083 Retained earnings 4 364 4 025
421 Finance lease liabilities raised 229 171
future, in respect of unissued shares granted to employees and the effect of the
convertible bond.
comprehensive income 501 Shareholders for dividends 249 —
(345) Finance lease liabilities repaid (241) —
Audited Unaudited Reviewed Pro Forma
7. Related parties
8 849 Shareholders’ equity 8 862 8 271 The Group entered into various transactions with related parties which occurred
10 months 6 months 4 months 6 months
Net increase/(decrease) in cash and cash under terms that are no more favourable than those arranged with independent
ended ended ended ended 87 Minority shareholders’ interest 96 67
175 equivalents (471) (633) third parties.
30 June 31 December 31 December 31 December
2012 2012 2011 2011 Cash and cash equivalents at beginning 8. Subsequent events
8 936 Total equity 8 958 8 338
R million R million R million R million 1 348 of the period 1 523 1 348 The Group announced on SENS on 14 December 2012 that agreement was reached
891 Profit for the period 504 371 494 between JD Group and Steinhoff International Holdings Limited (Steinhoff), in terms
19 532 Total equity and liabilities 22 946 17 903 Cash and cash equivalents at end of the of which Steinhoff Properties Proprietary Limited (Steinprops), a wholly-owned
Exchange differences on
(3) translating foreign operations — (1) (1) 1 523 period 1 052 715 subsidiary of Steinhoff, will dispose of 19 motor dealerships to JD Group in exchange
63 Directors’ valuation of unlisted investments 65 64 for new ordinary shares issued by JD Group. The properties will be transferred on
Total comprehensive income 1 March 2013.
888 for the year 504 370 493 518 Capital expenditure authorised and contracted 555 733 *In order to provide enhanced disclosure in terms of IFRS, cash flows in respect of the rental fleet are disclosed
Attributable to: under operating activities, whereas they were previously disclosed under investing activities. 9. Pro Forma financial information
Capital expenditure authorised and not yet
874 Shareholders 502 363 484 A Pro Forma Statement of comprehensive income and segmental analysis (as dervied
230 contracted 127 159 from the Pro Forma Statement of comprehensive income) has been presented for
14 Minorities 2 7 9
888 504 370 493
2 736 Operating lease commitments 3 187 2 815 Notes the six months ended December 2011 due to the change in year-end from August to
June and provides detail on the continuous operations for a six-month comparable
period. The Pro Forma financial information (Pro Forma results) is the responsibility
4 023,5 Net asset value per share (cents) 4 031,3 3 762,5
1. Accounting policies of the directors. Due to the nature of Pro Forma results, it may not fairly present the
The condensed financial information has been prepared in accordance with the framework concepts Group’s results of operations and is provided for illustrative purposes only. The Pro
Condensed Group statement of changes in equity The Statement of financial position is presented in order of liquidity, as allowed in terms of IAS 1.
and the measurement and recognition requirements of International Financial Reporting Standards Forma results have been prepared in accordance with IFRS and the Group’s
(IFRS), the SAICA Financial Reporting Guide as issued by the Accounting Practices Committee and accounting policies. The Pro Forma results have been reviewed by Deloitte & Touche,
Audited Unaudited Reviewed who has issued an unmodified opinion and which report is available for inspection at
30 June 31 December 31 December the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the the registered office of the Company. The relevant details of the Pro Forma
2012 2012 2011 information required by IAS 34: Interim Financial Reporting, the JSE Listings Requirements and
R million R million R million Supplementary information the requirements of the Companies Act of South Africa. The report has been prepared using accounting
adjustments made to the results to 31 December 2011 will be disclosed in a SENS
announcement to be released on Friday, 22 February 2013.
4 245 Share capital and premium 4 245 4 245 Audited Unaudited Reviewed Pro Forma policies that comply with IFRS which are consistent with those applied in the financial statements 10. IFRS 2 Share-based payments
4 245 Opening balance 4 245 4 245 10 months 6 months 4 months 6 months for the 10-month period ended 30 June 2012, except for the adoption of accounting standards and The Group has re-assessed the performance criteria in respect of the Share
— Proceeds on issue of shares — — ended ended ended ended interpretations that became effective during the current period. The adoption of these standards Appreciation Rights Scheme tranche 1 and concluded that the performance criteria
30 June 31 December 31 December 31 December had no material impact on the Group. will not be achieved and the rights will therefore not vest and have thus lapsed.
(245) Treasury shares (221) (247)
2012 2012 2011 2011
(263) Opening balance (245) (263) R million R million R million R million
(2) Shares purchased by share incentive trust — —
10
Proceeds on disposal of shares by share
incentive trust 6 8
Reconciliation of headline Segmental analysis – business divisions
10 Loss on disposal of treasury shares 18 8 earnings Retail* Consumer Finance** Automotive Corporate Group
101 Share-based payment reserve 116 128 Profit attributable to 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec
877 shareholders 502 364 485 for the 6-month period ended*** 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011^
115 Opening balance 101 115
33 Share-based payment 19 13 Loss on disposal of property, Revenue Rm 6 899 6 624 2 195 1 849 7 611 7 180 (346)# (327) 16 359 15 326
(5) Share-based payment paid out (2) — Operating profit Rm 417 408 334## 285## 193 176 (217) (146) 727 723
10 plant and equipment 6 4 5
(42) Transfer to retained income — — Depreciation Rm 73 62 37 19 67 61 76 20 253 162
— Transfer to NDR (2) — (3) Taxation thereon (2) (1) (1) Total assets Rm 4 172 2 977 10 829 6 950 5 957 3 311 1 988 4 665 22 946 17 903
164 Non-distributable reserves (NDR) 109 120 Total current liabilities Rm 3 117 1 828 2 346 84 2 393 2 017 345 3 284 8 201 7 213
116 Opening balance 164 116 884 Headline earnings 506 367 489 Capital expenditure Rm 140 59 281 121 716 474 282 258 1 419 912
(3) Translation of foreign entities — (2)
51 Equity settled bonds — — Operating margin % 6,0 6,2 15,2 15,4 2,5 2,5 4,4 4,7
Number of shares in
— Acquisition of business interest (11) — Total sale of merchandise Rm 6 351 6 112 6 817 6 544 13 168 12 656
219 830 issue (000) 219 830 219 830 219 830
— Transfer to NDR 2 — Share of Group sale of merchandise % 48,2 48,3 51,8 51,7 100,0 100,0
— Transfer (to)/from retained income (46) 6 (4 032) Treasury shares held (000) (3 657) (4 052) (4 052) Number of stores 1 226 1 161 1 226 1 161 114 112 1 340 1 273
4 083 Retained earnings 4 364 4 025 Retail square meterage 840 240 829 213 58 278 55 846 341 763 338 578 1 240 281 1 223 637
Number of shares held outside Number of employees 15 325 14 402 7 006 6 456 4 640 4 523 639 593 27 610 25 974
3 644 Opening balance 4 083 3 644
877 Profit attributable to shareholders 502 364 215 798 the Group (000) 216 173 215 778 215 778 Instalment sale and other loan receivables Rm 438 119 9 356 6 602 495 522 10 289 7 243
(10) Loss on disposal of treasury shares (18) (8) Impairment provision Rm 10 13 711 547 50 42 771 602
(510) Distributable to shareholders (253) — Bad debts written off Rm 184 295 184 295
Weighted average number of
9 Distributable to share incentive trust 4 — Receivables’ arrears Rm 1 702 1 130 1 702 1 130
42 Transfer from share-based payment reserve — — shares in issue (000)
Deposit rate on credit sales % 6,6 5,4 6,6 5,4
34 Transfer from reserves of a disposed business — 34 215 742 – basic 215 839 215 613 215 613 Collection rate – furniture % 8,2 8,9 8,2 8,9
Arising on disposal of shareholding in
(3) subsidiary — (3) 217 552 – diluted 234 796 217 244 217 244 Collection rate – personal loans % 6,2 6,8 6,2 6,8
— Transfer to/(from) non-distributable reserves 46 (6)
The segmental analysis has been presented to reflect the current group reporting structure in terms of IFRS 8.
— Reserves of a disposed business — — Headline earnings per share *Includes the Furniture Retail chains, HiFi Corp, Incredible Connection and SteinBuild (previously reflected in Furniture and Cash Retail segments).
34 Opening balance — 34 (cents) **Includes Blake and Insurance.
(34) Transfer to retained income — (34) 409,9 – basic 234,4 170,1 226,8 ***All December 2011 numbers are Pro Forma numbers for the six-month comparable period.
#Elimination of interdivisional origination fees.
501 Shareholders for dividend 249 —
406,4 – diluted 227,0 168,9 225,1 ##Operating profit is shown after net finance cost.
216 Opening balance 501 216
Basic earnings per share ^Re-presented for comparative purposes.
510 Distributable to shareholders 253 —
(9) Distributable to share incentive trust (4) — 404,1 (cents) – diluted 225,3 167,7 223,3
(220) Paid to shareholders (505) (220)
4 Paid to share incentive trust 4 4 Administration
Distribution to shareholders
Executive directors ID Sussman (Chief Executive Officer), KR Chauke, Dr HP Greeff, ID Thompson, BJ van Rooy
8 849 Shareholders’ equity 8 862 8 271 232 (cents) 115 100 100
Independent non-executive directors VP Khanyile (Independent non-executive Chairman), N Bodasing, M Lock, M Matlwa, MJ Shaw, JH Schindehütte, GZ Steffens
87 Minority shareholders' interest 96 67 Non-executive directors Dr D Konar, MJ Jooste, DM van der Merwe, AB La Grange
100 – interim (proposed) 115 100 100 Company secretary JMWR Pieterse
58 Opening balance 87 58
14 Profit attributable to minorities 2 7 132 – final N/a N/a N/a Press announcement prepared by BJ van Rooy CA(SA)
(8) Dividends paid to minorities (2) (2) 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
Funding received and increased investment Transfer secretaries Computershare Investor Services Proprietary Limited 70 Marshall Street, Johannesburg, 2001 Telephone +27 11 370 5000 Facsimile +27 11 688 5238
27 by minorities 15 4 5,7 Operating margin (%)* 5,4 5,5 5,3 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
(4) Net disposal of joint venture interests (6) — Sponsor PSG Capital Proprietary Limited, First Floor, Building 8, Inanda Greens Business Park, 54 Wierda Road West, Wierda Valley, Sandton, 2196 Telephone +27 11 784 1712 Facsimile +27 11 784 4755
The earnings and headline earnings per share are calculated in R thousands as opposed to R million. Independent auditor Deloitte & Touche
8 936 Total 8 958 8 338
*Calculated after adding back finance costs. For additional information visit www.jdgroup.co.za
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