Wrap Text
Reviewed provisional condensed consolidated results for the year ended 28 February 2013
Taste Holdings Limited
(Incorporated in the Republic of South Africa) (Registration number 2000/002239/06)
JSE code: TAS ISIN: ZAE000081162
(Taste or the company or the group)
Reviewed provisional condensed consolidated results for the year ended 28 February 2013
Salient features
Revenue up 66% to R506.4 million
EBITDA up 24% to R51.8 million
Normalised headline earnings up 37% to R29.3 million
Headline earnings per share up 7% to 13.3 cents
Normalised headline earnings per share up 22% to 15.1 cents
System-wide sales up 52% to R1.38 billion
Dividend up 28% to 5.1 cents per share
Condensed consolidated statement of comprehensive income
28 February 29 February
2013 2012
% Reviewed Audited
change R'000 R'000
Revenue(2) 66% 506 431 304 264
Cost of sales(2) (311 367) (170 352)
Gross profit(3) 46% 195 064 133 912
Other income 496 9
Operating costs(4) 55% (152 271) (98 341)
Operating profit(5) 22% 43 289 35 580
Share-based payment expense(6) (397) (399)
Investment revenue 1 956 884
Finance costs(7) (7 162) (5 684)
Profit before taxation 24% 37 686 30 381
Taxation(8) (12 911) (9 310)
Profit for the year 18% 24 775 21 071
Other comprehensive income - -
Total comprehensive income for the year 18% 24 775 21 071
Attributable to:
Equity holders of company 18% 24 775 21 071
Non-controlling interests - -
Earnings per share attributable to
equity holders of company
Basic earnings per share (cents) 5% 12.8 12.2
Diluted earnings per share (cents) 6% 12.3 11.6
Dividend declared per share (cents) 28% 5.1 4.0
Condensed consolidated statement of financial position
28 February 29 February
2013 2012
Reviewed Audited
R'000 R'000
ASSETS
Non-current assets 179 763 171 414
Property, plant and equipment(10) 17 063 11 853
Intangible assets 83 508 87 045
Goodwill* 69 934 68 669
Other financial assets(11) 7 904 3 092
Deferred tax 1 354 755
Non-current assets held for sale(12) 675 1 258
Current assets 189 229 168 693
Inventories(13) 94 029 70 576
Trade and other receivables(14) 67 541 56 606
Taxation 2 978 1 137
Advertising levies 3 089 1 435
Other financial assets(11) 1 261 3 631
Cash and cash equivalents 20 331 35 308
Total assets 369 667 341 365
EQUITY AND LIABILITIES Equity attributable to
holders of parent 189 246 171 840
Share capital 2 2
Retained earnings 108 171 91 162
Share premium 80 101 80 101
Equity-settled share-based payment reserve 972 575
Non-current liabilities 67 059 76 320
Borrowings 45 342 54 195
Long-term employee benefits 126 252
Deferred tax 21 591 21 873
Current liabilities 113 362 93 205
Provisions 250 250
Current tax payable 3 55
Trade and other payables*(14) 88 510 70 707
Balance due to vendors 1 000 1 000
Bank overdrafts 13 163 9 770
Dividends payable 38 17
Borrowings 10 398 11 406
Total equity and liabilities 369 667 341 365
Number of shares in issue ('000) 194 161 194 161
Net asset value per share (cents) 97.5 88.5
Net tangible asset value per share (cents)(15) 29.7 21.6
Condensed consolidated statement of cash flows
28 February 29 February
2013 2012
Reviewed Audited
R'000 R'000
Cash flow from operating activities 7 728 24 412
Cash generated by operating activities*(16) 36 363 43 132
Investment revenue 1 956 884
Finance costs (7 162) (5 684)
Dividends paid (7 745) (5 088)
Taxation paid (15 684) (8 832)
Cash flows from investing activities (16 111) (65 588)
Acquisition of property, plant and equipment(17) (8 601) (2 954)
Proceeds of disposals of property, plant
and equipment 321 11
Proceeds on disposal of non-current
assets held for sale 220 211
Proceeds on disposal of retail store - 1 150
Acquisition of business*(18) (3 770) (60 000)
Loans advanced (2 442) (1 856)
Acquisition of intangible assets (1 839) (2 150)
Cash flows from financing activities (9 987) 58 771
Decrease in long-term employee benefits (126) (177)
Proceeds from issue of shares - 36 960
Loans (repaid)/raised (9 861) 20 988
Loans raised to vendors - 1 000
Change in cash and cash equivalents (18 370) 17 595
Cash and cash equivalents at beginning of year 25 538 7 943
Cash and cash equivalents at end of year 7 168 25 538
Condensed consolidated statement of changes in equity
Equity-
settled
share-
Total based
Share Share share payment Retained
capital premium capital reserve earnings Total
R000 R000 R000 R000 R000 R000
Balance 1 March 2011 2 43 141 43 143 176 75 196 118 515
Share-based payment - - 399 - 399
Share issue(9) 36 960 36 960 - - 36 960
Dividends paid - - - (5 105) (5 105)
Comprehensive income for the
year - - - 21 071 21 071
Balance 1 March 2012 2 80 101 80 103 575 91 162 171 840
Share-based payment(6) - - 397 - 397
Dividends paid - - - (7 766) (7 766)
Comprehensive income for the
year - - - 24 775 24 775
Balance 28 February 2013 2 80 101 80 103 972 108 171 189 246
Condensed consolidated segment report
28 February 29 February
2013 2012
% Reviewed Audited
change R'000 R'000
Segment revenue
Food(19) 152% 315 329 125 121
Franchise(20) 131 388 74 965
Food services(21) 183 681 47 679
Retail(22) 260 2 477
Jewellery(23)(24) 9% 198 665 180 872
Franchise and wholesale 121 484 123 946
Retail 77 181 56 844
Concession retail - 82
Corporate services 12 360 10 827
Inter-segment revenues(25) (19 923) (12 556)
Group revenue 66% 506 431 304 264
Segment operating profit
Food 22% 30 944 25 428
Franchise(26) 30 735 22 479
Food services(27) 893 3 577
Retail(28) (684) (628)
Jewellery(29) 24% 28 655 23 097
Franchise and wholesale 10 404 13 778
Retail 18 251 9 333
Concession retail - (14)
Corporate services(30) 26% (16 310) (12 945)
Group operating profit 22% 43 289 35 580
Condensed consolidated segment report - continued
Year ended 28 February 2013
Food Food Food
Franchise Services Retail
R000 R000 R000
Operating profit/(loss) 30 735 893 (684)
Share-based payment expense
Investment revenue 627 118
Finance costs (1 610) (2 312)
Profit before taxation 29 752 (1 301) (684)
Segment assets 106 234 73 316 140
Segment liabilities 61 079 54 085 1
Year ended 29 February 2012
Operating profit/(loss) 22 479 3 577 (628)
Share-based payment expense
Investment revenue 51 90
Finance costs (876) (566)
Profit before taxation 21 654 3 101 (628)
Segment assets* 99 939 67 553 1 399
Segment liabilities* 68 953 38 353 1
Year ended 28 February 2013
Jewellery
Jewellery retail
franchise and
and concession Corporate
wholesale retail Services Total
R000 R000 R000 R000
Operating profit/(loss) 10 404 18 251 (16 310) 43 289
Share-based payment expense (397) (397)
Investment revenue 458 753 1 956
Finance costs (2 887) (353) (7 162)
Profit before taxation 7 975 18 251 (16 307) 37 686
Segment assets 65 683 50 558 73 736 369 667
Segment liabilities 44 389 932 19 935 180 421
Year ended 29 February 2012
Operating profit/(loss) 13 778 9 319 (12 945) 35 580
Share-based payment expense (399) (399)
Investment revenue 471 272 884
Finance costs (3 959) (283) (5 684)
Profit before taxation 10 290 9 319 (13 355) 30 381
Segment assets* 62 919 36 592 72 963 341 365
Segment liabilities* 41 823 967 19 428 169 525
* Prior year balances have changed due to the finalisation of the provisional purchase price allocation for
the acquisition of The Fish & Chip Co. in 2012. There has been no effect on income as a result of these
changes.
Notes to the financial information
1. Reconciliation of headline earnings
28 February 29 February
2013 2012
% Reviewed Audited
change R'000 R'000
Earnings attributable to
ordinary shareholders 18% 24 775 21 071
Adjusted for:
Impairment losses 1 226 491
Profit on sale of property,plant and
equipment and non-current assets
available for sale (120) (165)
Tax effect on headline earnings
adjustments 18 24
Headline earnings attributable to
ordinary shareholders 21% 25 899 21 421
Adjusted for:
Legal fees 1 644 -
Once-off costs of the distribution
business (after tax) 1 801 -
Normalised headline earnings 37% 29 344 21 421
Weighted average shares in
issue ('000)(9) 194 161 172 850
Diluted shares in issue ('000) 201 911 182 285
Earnings per share (cents) 5% 12.8 12.2
Diluted earnings per share (cents) 6% 12.3 11.6
Headline earnings per share (cents) 7% 13.3 12.4
Diluted headline earnings per share (cents) 8% 12.8 11.8
Normalised headline earnings per share
(cents) 22% 15.1 12.4
Dividend paid per share (cents) 33% 4.0 3.0
Dividend cover (dividends declared
based on earnings per share) 2.5 3.1
The group uses normalised headline earnings as a consistent measure of performance for management purposes.
Normalised headline earnings exclude exceptional once-off costs as shown above.
2. The 66% increase in revenue for the year ended 28 February 2013 (the current period, or 2013)
when compared to the year ended 29 February 2012 (the prior period or 2012) is due primarily
to the increase in the revenue of the food services division and the acquisition
of The Fish & Chip Co. on 1 February 2012.
In prior periods marketing royalties, which are reimbursements of marketing costs, have been accounted for as
a reimbursement of expenditure included in operating costs. In terms of IFRS these royalties have been reclassified to
revenue and the related costs to cost of sales. Comparatives have been adjusted accordingly. This
restatement has had no effect on 2012 earnings but has resulted in lower group margins. The group does not derive a profit/(loss) from these marketing funds. As per previous years and to the extent that marketing royalties received are under/(over) spent, a receivable or payable is recognised in the group statement of
financial position.
Reconciliation of revenue
28 February 29 February
2013 2012
% Reviewed Audited
change R'000 R'000
Revenue 464 997 269 669
Marketing royalties 41 434 34 595
Gross revenue 66% 506 431 304 263
3. The gross profit increase of 46% is lower than the revenue increase due to an expected decline in the
gross profit margin from 44% in 2012 to 39% in the current period. This is due to the larger contribution of
the food services division to the group, which trades at a lower gross margin than the remainder of the
group.
4. The increase in operating costs includes the costs
associated with the food distribution business as well as those of The Fish & Chip Co. brand, as the prior
period had only one month of costs included.
5. The operating profit increase of 22% was impacted negatively by operating losses of some R2.5
million and once- off and establishment costs of a further R2.5 million incurred in the food services
division during the start-up phase of the food distribution business.
6. The IFRS 2 charge relates to the Taste share option scheme.
7. The increase in finance costs is mainly as a result of the
loan raised for the acquisition of The Fish & Chip Co. and the restructuring of the groups total long-term
debt into one new loan, payable over five years from 1 February 2012, at a lower interest rate.
8. The effective taxation percentage is 34.3%. The increase from the prior year is due mainly to an increase
in non- deductible expenses, most notably legal fees.
9. The increase in the number of shares in issue is as a result of the issue of 24 million ordinary shares to Brimstone
Investment Corporation Limited on 20 January 2012, to partially fund the acquisition of The Fish & Chip Co.
10. The vast majority of the increase in property, plant and equipment is due to the capital expenditure
incurred during the commissioning of the Cape Town and Gauteng distribution depots within the food services division, which
expenditure was funded from internal cash resources.
11. Other financial assets consist of:
loans made to marketing funds of brands within the group. These loans attract interest, and are repayable
in monthly instalments; and
extended payment terms given to certain franchisees.
12. The decline in non-current assets held for sale is as a result of the impairment of one company-owned
food outlet, ownership of which is not a core strategy.
13 The increase in inventories is mainly due to:
an increase of approximately R18 million in the jewellery segment mainly as a result of owning/operating
nine more corporate stores than at 29 February 2012.
an increase of R5.2 million in the food services division as a result of the establishment of two food
distribution depots in Cape Town and Gauteng.
14. The changes are due largely to the establishment of the food distribution business and the increase in
inventory as described in note 13 above.
15. Net tangible asset value per share is calculated by excluding goodwill, intangible assets, and the
deferred taxation liability relating to intangible assets, from net asset value.
16. During the year the group took the decision to acquire/operate an additional nine NWJ corporate outlets
as well as establish its food distribution business. As detailed in note 13 above this required an
investment in inventory of R23 million and a resultant total investment in working capital of R18 million, an
improvement from the R24.5 million investment as at 31 August 2012.
17. The group internally funded the capital investment required for the establishment of its food
distribution depots in Gauteng and Cape Town as well as increasing capacity in its sauce manufacturing
business. This investment amounted to approximately R7 million during the period. The balance of the
difference relates to the acquisition of franchise outlets within the jewellery division.
18. On 1 February 2012 the group acquired the assets and certain liabilities of The Fish & Chip Co.
Shareholders are referred to the 2012 annual report for details about the rationale for this acquisition. The
purchase price allocation was provisionally accounted for in the prior year, as
permitted by IFRS 3 Business Combinations, and has now been finalised. As a result, the goodwill acquired has
increased by R4.0 million to R50.2 million due to the accounting for a contingent consideration in
anticipation of The Fish & Chip Co. legal dispute. The directors consider this information to be sensitive
and accordingly no further disclosure has been made.
Between August and December 2012, the jewellery division acquired the assets of five franchised NWJ stores as
these stores were located in key strategic sites. The acquisition consisted of inventory and property, plant
and equipment.
The fair value of assets and liabilities acquired is set out below:
R'000
Property, plant and equipment 992
Inventory 1 513
Fair value of assets acquired 2 505
Consideration paid (3 770)
In cash (2 133)
Balance owed by vendors (1 637)
Goodwill acquired 1 265
The purchase consideration was discharged in cash. During the period that these five stores were owned/
operated by the jewellery division, they contributed R8.9 million to revenue and R2.5 million to
operating profit. The revenue and operating profit as if these stores were owned for the full year cannot
be disclosed, as complete and compliant financial records of these stores prior to the dates that the
jewellery division acquired control of these stores could not be obtained.
19. The food division consists of the core franchising division from which new-store and annuity
income is generated; a retail division in which corporate-owned stores are accounted for; and a food
services division which manufactures and distributes food products for the food division. The ownership of
corporate-owned retail stores is not a core strategy of this division.
20. The increase in revenue in the food franchise division includes the marketing royalty revenue as outlined
in note 2 above. Excluding these marketing royalties, the divisions revenue would have increased 99%.
21. The revenue in this division is not comparable as it did not distribute products to franchisees in the
prior period. The revenue in the current period includes 12 months of distribution to The Fish & Chip Co.
outlets and approximately six months of distribution to outlets of Scooters Pizza, Maxis and St Elmos.
22. The significant decrease in revenue from retail outlets is due to the sale of a corporate-owned store during
the period, ownership of which is not a core strategy in this division.
23. The jewellery division consists of two core divisions: 26 corporate-owned/operated stores (retail);
and franchise and wholesale. The latter division manufactures, sources, and distributes stock to
franchisees as well as corporate stores, and earns new-store and annuity royalty revenue. At the end of the
current period the division owned / operated nine more corporate stores than at the end of the prior period.
As these stores are accounted for under the retail division (and no longer under the franchise and
warehouse division), the revenue and operating profit should be compared at the jewellery segment level.
24. Despite the total number of stores having declined from 81 at the end of the prior period to 77 at 28
February 2013,revenue increased as a result of same-store sales growth of 8.2% for the current period.
25. This refers to interdivisional revenues in the food and corporate services segments that are eliminated on consolidation.
26. The 37% increase in operating profit is due to the anniversary of The Fish & Chip Co. business in the
current period. The decline in the operating profit margin from 30% to 23% in the current period is expected as The
Fish & Chip Co., having both lower and fixed royalties (when compared to the groups other brands), trades at
a lower operating profit margin than the other food brands.
27. The decline in operating profit from both the prior period as well as from the six months ended 31 August
2012 is due to the losses incurred during the start-up phase of the food distribution business in its first six months of
operation. During this period there were once-off start-up costs of approximately R2.5 million as well as
losses incurred due to expected initial inefficiencies associated with a new business.
28. The store that contributed to this loss has been sold during the current period.
29. The increase in operating profit in the jewellery division as a whole is due to the sustained same- store
sales increases in corporate stores of 14.3% for the current period; owning/operating nine more corporate stores
than during prior period;and same-store sales growth in franchise outlets.
30. Corporate services includes legal fees of R1.6 million
associated with the litigation with the sellers of The Fish & Chip Co. business.
GROUP OVERVIEW
The directors of Taste present the reviewed provisional condensed results for the year ended 28 February 2013
(2013 or the current period). Taste is a South African-based management group, invested in a portfolio
of mostly franchised, category specialist, restaurant and retail brands, currently represented in some 600
locations throughout Southern Africa.
When compared to the year ended 29 February 2012 (2012 orthe prior period) the group integrated
the business of The Fish & Chip Co.; increased its number of NWJ corporate-owned/operated stores
by some 53% to 26 outlets (2012: 17 outlets); and made substantial progress
in the second half of the year against its vertical integration strategy in its food division through the
establishment of two food distribution depots in Gauteng and Cape Town servicing some 450 of its more than
520 food franchisees (the food distribution business). The latter initiative was funded internally and
made operating losses of some R2.5 million in its first six months of operation due to expected once-off
costs and initial inefficiencies associated with a new business of this kind. It is anticipated the
distribution business will generate a profit in the forthcoming year.
System-wide sales across the group exceeded R1 billion for the first time, increasing by 52% to R1.38 billion
(2012: R909 million). This increase in system-wide sales; the anniversary of The Fish & Chip Co. business
and the establishment of the food distribution business combined to increase group revenue by 66% to R504
million (2012: R304 million). Expected lower gross profit margins in the food distribution business and the
set-up costs of this business filtered through to a 22% increase in operating profit to R43.3 million (2012:
R35.6 million). Headline earnings increased 21% to R25.9 million (2012: R21.4 million). Excluding once-off
costs, normalised headline earnings increased 37% to R29.3 million.
The directors are pleased to announce that a gross dividend of
5.1 cents per share has been declared, an increase of 28% over the prior period.
DIVISIONAL OVERVIEW FOOD
The food division consists of the Maxis, Scooters Pizza, St Elmos Woodfired Pizza and The Fish & Chip Co.
brands, as well as Buon Gusto food services. The latter manufactures sauces, spices, dough premixes and
added value meat products for the groups food brands and distributes the majority of products used by its
food brands. All four consumer brands are underpinned by strong value-for-money propositions within their
target consumer market. The inclusion of The Fish & Chip Co. brand has extended the groups consumer reach
from the more traditional LSM 7-10 consumer focus to a much larger and diverse universe of LSM 4-10
consumers.
System-wide sales in this division surpassed R1 billion for the first time, increasing to R1.12 billion, an
increase of 70% over the prior period (2012: R660 million). Same-store sales were marginally positive, but
below inflation, for the period. Although the division increased its store footprint by 13% to
524 outlets (2012: 462; 2011: 242), store-level profitability
continues to be under pressure from cost increases above
inflation, particularly electricity and fuel. These continue to be an area of priority for the division.
Same-store sales of re-imaged Scooters Pizza outlets continue to grow above inflation as do those of St.
Elmos re-imaged outlets. The Fish & Chip Co. brand has exceeded 300 outlets, making it the market leader by
outlets in its category. The measured expansion into African countries continues with outlets now located
in Namibia, Botswana and Zimbabwe, in addition to Swaziland and Lesotho.During the forthcoming year
the division plans to expand into two new sub-equatorial African countries.
The continued improvement in efficiencies in the distribution business should result in a profit in the
forthcoming year. This year will see a period of consolidation as it focuses on creating sustainable margin
improvement opportunities and creating benefits for both the group and its franchisees. As per its strategy
the franchise division will continue to assess acquisition opportunities that complement its existing
portfolio of brands.
JEWELLERY
NWJ is the third-largest jewellery brand in South Africa, with 77 outlets nationally.
As the only vertically-integrated franchise jewellery chain in South Africa, it owns
and operates approximately 33% of the total outlets.The franchise services are comparable to the Taste food
franchise division in that they offer their franchisees operational and marketing support, project management,
new site growth and development, and national brand-building strategies in return for a royalty. The distribution
division distributes all of the goods sold through NWJ outlets. Of these, approximately 40% is manufactured
by the manufacturing facility in Durban, 22% is imported, and the remaining 38% sourced locally.This model
provides in-house innovation capacity, fast routes to market, and reduces input costs through purchasing
economies of scale. A further benefit of owning the manufacturing facility is that slow-moving or returned
stock can be either re-worked with negligible yield loss or transferred to another location where there is
known demand for the item.
The division ended the period with 77 outlets (2012: 81 outlets). Despite ending the period with four fewer
outlets than the prior period, system-wide sales increased 5.6% to R263 million (2012: R249 million).
Same-store sales at corporate stores continued their outstanding performance and increased 14.3% over
the prior period. Of significance is that this increase is on the back of a 14.7% increase between the 2012
and the 2011 year.The trend has continued with same-store sales growing 15% in the last six months.
Franchisee same-store sales have improved substantially in the last six months, increasing 12%, a marked
improvement on the first half of the current period. Across the NWJ brand same-store sales increased
8.2% for the full 12 months of the current period and more recently have increased 26%
in March 2013, and 20% in April 2013.
During the period the group acquired or took operational control of nine franchised outlets.These outlets
contributed positively to operating profit and under Tastes management achieved same-store sales growth of
over 17%. Combined with the increase in operating profit margin from 16.4% to 23.6%, this highlights the
groups competence at operating corporate- owned outlets. The group will continue to assess acquiring
outlets from franchisees in order to retain key sites but it is not the intention to deviate materially from
its franchise ownership model. As these stores are accounted for under retail (and no longer under
franchise and wholesale) the performance of the segment must be reviewed as a whole. Segment operating
profit increased 24% to R28.6 million (2012: R23.1 million).
During June 2012 NWJ launched an NWJ-branded credit offering. As NWJ has historically not had a robust credit
offering, the brand is experiencing new customer attraction and substantially higher spend per transaction
than in its existing cash business. As the credit is underwritten by a third party, NWJ does not have
any exposure to default or to the administration thereof. Furthermore, credit sales currently make up an
immaterial amount of total sales. Customers not only rewarded NWJ with their purchases but also with their
votes: 1st place in the Daily News Best Place to buy Jewellery; and 2nd place in the Times and Sowetan Retail
Awards for 2012.The focus on improving franchiseesnability to mimic corporate store
performance has seen positive results and this will continue to be a focal area in the coming year, alongside
assessment of opportunities to grow the store footprint and leverage the existing scale of the division.
BASIS OF PREPARATION OF THE REVIEWED RESULTS Statement of compliance
Basis of preparation and accounting policies
The reviewed provisional condensed consolidated financial
results are prepared in accordance with the recognition and measurement requirements of International
Financial Reporting Standardsn(IFRS), the presentation and disclosure requirements of IAS 34 -
Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Reporting Pronouncements as issued by Financial Reporting Standards
Council, the Listings Requirements of the JSE Limited and in the manner required by the South African
Companies Act 71 of 2008. Accounting policies which comply with IFRS have been applied consistently by all
entities in the group and are consistent with those applied in the previous financial year except for the
accounting treatmentof the marketing royalties which are now reported as part of revenue and cost of sales. The preparation of
these reviewed condensed consolidated financial results for the year ended 28
February 2013 was supervised by the Financial Director, Mr. E
Tsatsarolakis CA(SA).
The reviewed provisional condensed consolidated financial statements do not include all of the information
required for full annual financial statements and should be read in conjunction with the consolidated annual
financial statements for the year ended 29 February 2012.
AUDITORS REPORT
BDO South Africa Inc., the groups independent auditor, has
reviewed the provisional condensed consolidated financial results contained in this provisional report, and
has expressed an unmodified review report on the provisional financial statements. Their review report is
available for inspection at the companys registered office.
EVENTS SUBSEQUENT TO YEAR END
The directors are not aware of any other matter or circumstance arising since the end of the year up to the
date of this report.
PROSPECTS
The establishment of the distribution business has added significant scale to the group and consequent
opportunities for
leverage. While the new store pipeline has over 100 outlets planned for the coming year, store profitability
in the food division remains an area of focus. All the groups brands continue to provide strong value
propositions to consumers, an advantage in the current environment of stagnant disposable income.
Taste remains committed to being a diversified franchisor invested in retail and restaurant brands within
Southern Africa. The group will continue to assess opportunities in line with its strategy and is focused
in the short term on improving same-store sales in the food division and on bedding down its distribution business.
DIVIDEND TO SHAREHOLDERS
Notice is hereby given that a final gross cash dividend of 5.1 cents per ordinary share, resulting in a net
dividend of 4.335 cents per ordinary share for those shareholders who are subject to a 15% Dividends Tax,
payable out of income in respect of the year ended 28 February 2013, has been declared by the
directors. No credits in terms of Secondary Tax on Companies are available.
In compliance with the requirements of Strate, the electronic and custody system used by the JSE, the
following dates are applicable:
Last day to trade cum-dividend Friday, 28 June 2013
Shares commence trading
ex-dividend Monday, 1 July 2013
Record date Friday, 5 July 2013
Payment of dividend Monday, 8 July 2013
Share certificates may not be dematerialised or rematerialised between Monday, 1 July 2013 and Friday, 5 July
2013, both dates inclusive.
Dividends declared after 31 March 2012 are, in terms of the South African Income Tax Act subject to Dividends
Tax, where applicable. The following information is accordingly provided:
The local Dividends Tax rate is 15%.
At the date of this declaration, the company had 195 881 291 ordinary shares in issue.
The companys income tax reference number is 9493089149P.
On Monday, 8 July 2013 the cash dividend will be electronically transferred to the bank accounts of all
certificated shareholders where this facility is available. Where electronic fund transfer is not available
or desired, cheques dated 8 July 2013 will be posted on that date. Dematerialised shareholders
accounts with their CSDP or broker will be credited on Monday,8 July 2013.
On behalf of the board
C F Gonzaga E Tsatsarolakis
Chief Executive Officer Financial Director
22 May 2013
CORPORATE INFORMATION
Non-executive directors: R L Daly (Chairperson), K Utian, J B Currie, A Berman, H R Rabinowitz, S Patel,
W P van der Merwe
Executive directors: C F Gonzaga (CEO), D J Crosson, L Gonzaga, E Tsatsarolakis (FD)
Registration number: 2000/002239/06
Registered address: 12 Gemini Street, Linbro Business Park, Sandton 2065
Postal address: PO Box 782244, Sandton City, 2146
Company secretary: M Pretorius
Telephone: (011) 608 1999
Facsimile: 086 696 1270
Transfer secretaries: Computershare Investor Services
Proprietary Limited
Sponsor: Vunani Corporate Finance
These results and an overview of Taste are available at www.tasteholdings.co.za
Date: 22/05/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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