Wrap Text
Audited results for the year ended 30 June 2013
JD Group Limited
("JD" or "the Company" or "the Group")
Registration number: 1981/009108/06
Share code: JDG ISIN: ZAE000030771
Bond code: JDGCB ISIN: ZAE000168415
JD Group investing in customer service
#AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2013
EBITDA R2,2bn
10 MONTHS - 30 JUNE 2012: R1,8bn
12 MONTHS - 30 JUNE 2012: R2,0bn
OPERATING CASH FLOW R1,6bn
10 MONTHS - 30 JUNE 2012: R777m
TOTAL DIVIDEND MAINTAINED AT 232 cps
10 MONTHS - 30 JUNE 2012: 232 cps
Following the Group's change in year-end in 2012, these provisional results are presented for the 12 months ended 30 June 2013 (FY13) with comparative results for the
10 months ended 30 June 2012 (FY12). To enable improved comparability, a pro forma statement of comprehensive income and segmental analysis for the 12-month comparable
period ended 30 June 2012 are also presented.
The commentary presented compares the FY13 results and performance to the 12-month period ended 30 June 2012.
Key features 10 months: 30 June 2012 12 months: 30 June 2012
Revenue increased to R32,2 billion R25,3 billion R29,9 billion
Headline earnings per share of 395 cents 385 cents* 441 cents*
Basic earnings per share of 276 cents 381 cents 437 cents
Impairment of software of R345 million
Impairment provision on loan book increased to R966 million as at 30 June 2013 (FY12: R557 million)
# Extracted financial information from the audited results for the year ended 30 June 2013.
* Restated - refer to note 11 for further information.
Financial statements
SUMMARISED GROUP STATEMENT OF COMPREHENSIVE INCOME 10 months Pro forma
12 months ended 12 months
ended 30 June 2012 ended
30 June 2013 R million 30 June 2012
R million (Restated)* R million
Revenue 32 210 25 284 29 885
Retail operations
Revenue 27 401 22 071 26 058
Cost of sales (20 974) (16 888) (19 950)
Gross retail profit 6 427 5 183 6 108
Consumer Finance
Revenue 4 809 3 213 3 827
Finance costs (net) (323) (149) (175)
Debtors' costs (note 2) (914) (417) (511)
Risk-adjusted consumer finance income 3 572 2 647 3 141
Operating expenses
Administration and other expenses (1 804) (1 356) (1 603)
Depreciation and amortisation (489) (307) (349)
Employees (3 957) (3 068) (3 684)
Marketing (469) (369) (423)
Occupancy (1 340) (1 004) (1 197)
Transport and travel (553) (420) (494)
Capital items (note 3) (356) (10) (12)
Total operating expenses (8 968) (6 534) (7 762)
Operating profit 1 031 1 296 1 487
Investment income 8 4 5
Finance costs (net) (167) (61) (77)
Share of profit/(loss) of associate - 2 (1)
Profit before taxation 872 1 241 1 414
Taxation (240) (405) (455)
Profit for the year 632 836 959
Attributable to:
Shareholders 606 822 943
Minorities 26 14 16
632 836 959
EBITDA 2 205 1 752 2 011
Basic earnings per share (cents) 276,3 381,1 437,1
Basic earnings per share as previously stated (cents) 406,4
Headline earnings per share 395,2 384,5 440,8
Headline earnings per share as previously stated (cents) 409,9
SUMMARISED GROUP STATEMENT OF FINANCIAL POSITION 30 June 2012
30 June 2013 R million
R million (Restated)*
Assets
Bank balances and cash 973 1 532
Taxation 34 41
Financial assets 3 1
Inventories 4 049 3 723
Trade, loan and other receivables 10 804 8 209
Vehicle rental fleet 455 372
Deferred taxation 254 196
Investments and loans 81 63
Interest in associate and joint venture companies 47 4
Property, plant and equipment 2 788 2 364
Intangible assets (note 4) 2 127 1 631
Goodwill (note 4) 1 519 1 396
Total assets 23 134 19 532
Equity and liabilities
Bank overdraft 182 9
Taxation 99 66
Trade and other payables 5 275 5 024
Provisions 6 6
Deferred taxation 562 716
Non-interest bearing liabilities 237 207
Interest-bearing liabilities 7 632 4 623
Total liabilities 13 993 10 651
Share capital 4 693 4 245
Treasury shares (221) (245)
Non-distributable and other reserves 162 265
Retained earnings 4 422 4 529
Shareholders' equity 9 056 8 794
Minority shareholders' interest 85 87
Total equity 9 141 8 881
Total equity and liabilities 23 134 19 532
The statement of financial position is presented based in order of liquidity,
as allowed in terms of IAS 1.
Directors' valuation of unlisted investments 69 63
Capital expenditure authorised and contracted 38 518
Capital expenditure authorised and not yet contracted 358 230
Operating lease commitments 2 935 2 736
Net asset value per share (cents) 4 013 4 075
Refer to note 11.
SUMMARISED GROUP STATEMENT OF OTHER COMPREHENSIVE INCOME
10 months Pro forma
12 months ended 12 months
ended 30 June 2012 ended
30 June 2013 R million 30 June 2012
R million (Restated)* R million
Profit for the year 632 836 959
Exchange differences on translating foreign operations 3 (3) (3)
Total comprehensive income for the year 635 833 956
Attributable to:
Shareholders 609 819 940
Minorities 26 14 16
635 833 956
SUMMARISED GROUP STATEMENT OF CHANGES IN EQUITY
10 months
12 months ended
ended 30 June 2012
30 June 2013 R million
R million (Restated)*
Share capital and premium 4 693 4 245
Opening balance 4 245 4 245
Issue of shares 448 -
Treasury shares (221) (245)
Opening balance (245) (263)
Shares purchased by share incentive trust - (2)
Proceeds on disposal of shares by share incentive trust 7 10
Loss on disposal of treasury shares 17 10
Share-based payment reserve 52 101
Opening balance 101 115
Share-based payment through comprehensive income (22) 33
Payments (8) (5)
Transfer to retained income (19) (42)
Non-distributable reserves 110 164
Opening balance 164 116
Translation of foreign entities 3 (3)
Equity settled bonds - 51
Premium on acquisition of non-controlling interests (11) -
Transfer to retained income (46) -
Retained earnings 4 422 4 529
Opening balance 4 529 3 860
Profit attributable to shareholders 606 822
Loss on disposal of treasury shares (17) (10)
Distributable to shareholders (774) (220)
Distributable to share incentive trust 13 4
Transfer from share-based payment reserve 19 42
Transfer to/(from) non-distributable reserves 46 -
Transfer from reserves of a disposed business - 34
Arising on disposal of shareholding in subsidiary - (3)
Shareholders' equity 9 056 8 794
Minority shareholders' interest 85 87
Opening balance 87 58
Profit attributable to minorities 26 14
Dividends paid to minorities (8) (8)
Funding received and increased investment by minorities (1) 27
Net disposal of joint venture interests (19) (4)
Total 9 141 8 881
SUMMARISED GROUP CASH FLOW STATEMENT
10 months
12 months ended
ended 30 June 2012
30 June 2013 R million
R million (Reclassified)*
Cash flows from operating activities
Cash generated by trading 1 874 1 651
Increase in working capital (296) (874)
Cash generated by operations 1 578 777
Net increase in instalment sale and loan receivables (2 478) (1 332)
Dividends paid (761) (216)
Net finance costs paid (167) (61)
Taxation (paid)/received (412) 21
Dividends received 2 -
Investment income - 4
Net cash flows from operating activities (2 238) (807)
Cash flows from investing activities
Additions to property, plant and equipment and intangible assets (1 225) (1 143)
Acquisition of businesses (304) (105)
Net cash flow on disposal of businesses (1) 126
Investment and loans (advances)/receipts (9) 21
Proceeds on disposal of property, plant and equipment 45 35
Loan repaid by associate and joint ventures - 2
Net cash flow from investing activities (1 494) (1 064)
Cash flows from financing activities
Net increase in borrowings 3 009 1 031
Dividends paid to non-controlling interest (8) (8)
Proceeds on disposal of treasury shares by share incentive trust 7 10
Share-based payment settled (8) (5)
Acquisition of shares by share incentive trust - (2)
Funding received from non-controlling interest - 20
Proceeds from convertible bonds - 1 000
Net cash flow from financing activities 3 000 2 046
Net (decrease)/increase in cash and cash equivalents (732) 175
Cash and cash equivalents at beginning of the year 1 523 1 348
Cash and cash equivalents at end of the year 791 1 523
SUPPLEMENTARY INFORMATION
10 months
12 months ended
ended 30 June 2012
30 June 2013 R million
R million (Restated)*
Reconciliation of headline earnings
Profit attributable to shareholders 606 822
Capital items (note 3) 356 10
Taxation thereon (96) (3)
Headline earnings 866 829
Number of shares in issue (000) 229 338 219 830
Number of treasury shares (000) (3 657) (4 032)
Number of shares held outside the Group (000) 225 681 215 798
Weighted average number of shares in issue (000)
- basic 219 157 215 742
- diluted headline earnings 237 609 217 552
- diluted earnings 219 772 217 552
Headline earnings per share (cents) - diluted 391,3 381,3
Basic earnings per share (cents) - diluted 275,5 377,9
Operating margin (%) 3,2% 5,1%
Distribution to shareholders (cents) 232 232
- interim 115 100
- final (proposed) 117 132
The earnings and headline earnings per share are calculated in R thousand as opposed to R million.
#AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2013
NOTES
1. Accounting policies
The summarised financial information has been prepared in accordance with the framework concepts and the measurement and recognition requirements of International
Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guide as issued by the Accounting Practices Committee and the Financial Reporting Pronouncements
as issued by the Financial Reporting Standards Council, the information required by IAS 34: Interim Financial Reporting, the JSE Listings Requirements and the
requirements of the Companies Act of South Africa. The report has been prepared using accounting policies that comply with IFRS which are consistent with those
applied in the financial statements for the 10-month period ended 30 June 2012, except for the adoption of accounting standards and interpretations that became
effective during the current period. The adoption of these standards had no material impact on the Group.
10 months
12 months ended
ended 30 June 2012
30 June 2013 R million
R million (Restated)*
2. Debtors' costs (Consumer Finance)
Increase in impairment provision 409 12
Bad debts written off 505 405
914 417
3. Capital items
Impairment of goodwill 12 -
Impairment of property, plant and equipment 5 -
Impairment of intangible assets (software) 345 -
Net (profit)/loss on disposal of assets (6) 10
356 10
4. Goodwill and intangible assets
The increase in the goodwill relates to the acquisitions of the Reeds Group and Hardware Warehouse
during the year. Intangible assets of R15 million were raised on these acquisitions. The remainder of the
intangible assets relates to the ERP system, post impairment.
5. Trade, loan and other receivables
Instalment sale and loan receivables 9 731 7 253
Trade receivables 1 105 659
Total instalment sale, loan and trade receivables 10 836 7 912
Less: Impairment provision (1 017) (610)
Net instalment sale, loan and other receivables 9 819 7 302
Other receivables 985 907
Total trade, loan and other receivables 10 804 8 209
Provisions as a percentage of total instalment sale, loan and trade receivables (%) 9% 8%
6. Diluted earnings and headline earnings per share
The number of shares for diluted earnings purposes has been calculated after considering the dilutive impact of share options, the cash value to be received in
future in respect of unissued shares granted to employees and the effect of the convertible bond.
7. Related parties
The Group entered into various transactions with related parties which occurred under terms that are no more favourable than those arranged with independent
third parties.
8. Subsequent events
No significant events have occurred in the period between 30 June 2013 and the date of this announcement.
9. Pro forma adjustments
A pro forma statement of comprehensive income for the year ended 30 June 2012 has been presented due to the prior year's change in year-end from August to June.
The presentation of this supplementary pro forma information is the responsibility of the directors. The pro forma results have been reviewed by Deloitte &
Touche, who have issued an unmodified opinion in terms of ISAE 3420 thereon. The relevant details of the pro forma adjustments made to the results to
30 June 2012 will be disclosed on SENS.
10. IFRS 2 Share-based payments
The Group has reassessed the performance criteria in respect of the Share Appreciation Rights Scheme tranches 1, 2 and 3 and concluded that the performance
criteria will not be achieved and the rights will therefore not vest. Amounts previously recognised were reversed in the current year.
11. Restatement of comparatives
The increased focus on consumer finance products within the Group has led to a re-presentation of the Statement of Comprehensive Income in a manner that more
appropriately reflects the results of both the consumer finance and other segments in the Group. The statement of financial position is presented in order of
liquidity, as allowed in terms of IAS 1. This is a change in presentation from the prior year.
In the prior year, the Income Tax Act was amended to state that Capital Gains Tax would in future be calculated at an inclusion rate of 66%. Despite the
legislation change only being promulgated subsequent to the year-end, IAS 12, Income Tax, requires deferred tax to be measured at tax rates expected to apply
when the asset is realised or the liability settled, based on the tax rates substantively enacted by the end of the reporting period.
Deferred tax on certain intangible assets was incorrectly raised at the previous inclusion rate of 50%. The deferred taxation was restated at the correct
inclusion rate which resulted in a prior year restatement of taxation and deferred taxation of R55 million. The restatement had the following effect on
comparative amounts:
Amounts as
previously Amounts
reported as restated
R million R million
Taxation 350 405
Deferred taxation liabilities 661 716
Retained income 4 584 4 529
Shareholders for dividend has been reclassified to retained earnings on the statements of changes in equity and financial position. The prior year cash
flow numbers have been reclassified, in line with current year classification, to reflect the cash flows on the acquisition and disposal of rental fleet
vehicles under operating activities (previously under investing activities).
SEGMENTAL ANALYSIS
RETAIL* CONSUMER FINANCE AUTOMOTIVE CORPORATE GROUP
for the year ended 30 June 2013** 12 months 12 months 12 months 12 months 12 months 12 months 12 months 12 months 12 months 12 months
ended ended ended ended ended ended ended ended ended ended
30 June 2013 30 June 2012 30 June 2013 30 June 2012 30 June 2013 30 June 2012 30 June 2013 30 June 2012 30 June 2013 30 June 2012
Revenue Rm 12 562 12 312 4 809 3 825 15 504 14 348 (665)^ (600) 32 210 29 885
Operating profit Rm 383 542 862 784 472 468 (686)+ (307) 1 031 1 487
Depreciation and amortisation Rm 142 126 62 41 134 130 151 52 489 349
Total assets Rm 3 181 2 996 10 958 7 930 6 096 5 379 2 899 3 227 23 134 19 532
Total current liabilities Rm 2 032 2 344 511 280 2 951 2 358 2 086 1 207 7 580 6 189
Capital expenditure Rm 1 204 180 126 230 816 488 314 714 2 460 1 612
Operating margin % 3,0 4,4 17,9 20,5 3,0 3,3 3,2 5,0
Number of stores 1 193 1 186 114 115 1 307 1 301
Instalment sale and other loan
receivables Rm 9 731 7 253 9 731 7 253
Impairment provision Rm 966 557 966 557
Bad debts written off Rm 505 405 505 405
The segmental analysis has been presented to reflect the current group reporting structure in terms of IFRS 8.
* Includes the Furniture Retail chains, HiFi Corp, Incredible Connection and SteinBuild.
** All June 2012 numbers are pro forma numbers for the 12-month comparable period.
^ Elimination of interdivisional origination fees.
+ Includes all the impairment losses per note 3.
# Extracted financial information from the audited results for the year ended 30 June 2013.
for additional information www.jdg.co.za
Commentary
YEAR UNDER REVIEW
The South African retail environment continues to be challenging as a result of the ongoing pressure on the disposable income of customers and increased debt-to-income
levels. In response to this, the Group applied a more conservative lending strategy and this placed pressure on the Group's retail sales and credit approval rates.
Operating expenses for the year increased by R1,2 billion, on a comparable basis, to R9,0 billion. Apart from the normal inflationary increases in employee and occupancy
costs, the increase includes duplicated implementation costs (R74 million), additional depreciation (R140 million) and an impairment charge of the enterprise resource planning
(ERP) system (R345 million). At year-end, the carrying value of the ERP system was compared to its replacement value and this resulted in
an impairment charge.
FINANCIAL REVIEW
General
The key features of the FY13 results are as follows:
- An increase of 9,6% in EBITDA to R2,2 billion (12 months - June 2012: R2,0 billion)
- Operating cash flow increased to R1,6 billion (10 months - June 2012: R777 million)
- Total dividend per share maintained at 232 cents for the year (FY12: 232 cents)
- Revenue increased by 7,8% to R32,2 billion (12 months - June 2012: R29,9 billion)
- Headline earnings per share decreased to 395 cents (12 months - 30 June 2012: 441 cents*)
- Impairment of software of R345 million contributing to a reduction in basic earnings per share of approximately R1,10 per share
- Basic earnings per share decreased 36,8% to 276 cents (12 months - June 2012: 437 cents*)
- Impairment provision on loan book increased to R966 million as at 30 June 2013 (FY12: R557 million)
* Restated - refer to note 11.
Retail
The Retail business, comprising furniture, consumer electronics, appliances, building materials and DIY, generated merchandise sales of R11,6 billion, representing an
increase of 2% on a comparable basis. Gross margins were successfully maintained at 30%. In line with the Group's conservative lending strategy, the average credit
sale acceptance rate decreased by 2,3% in FY13 as a result of stricter credit-granting criteria adopted and fewer customers qualifying for credit due to increased
indebtedness. This affected retail sales growth.
The Retail segment's operating profit decreased to R383 million and was influenced by the following factors:
- Duplicated costs due to the continued implementation of infrastructure investments in the furniture chains, including the centralised distribution centres
(CDCs). These duplicated costs amount to approximately R74 million and include distribution, transition, occupation and employment costs
- Increased occupancy and refurbishment costs as a result of HiFi Corp selectively moving stores into high-foot traffic shopping centres.
The implementation of the ERP system and CDCs is nearing completion which is anticipated during FY14. The time required for bedding down the system
and processes will result in some continued duplication of operating costs in FY14, whereafter the anticipated savings from these investments will be realised.
A number of underperforming furniture stores were closed during the second half of the year as part of the Group's footprint optimisation strategy. The Group is also
in the process of optimising the size of its stores, which presents benefits from a cost perspective.
SteinBuild's repeated good performance this year was supported by the acquisition of Hardware Warehouse Ltd which includes 17 stores. The integration of this business
is progressing very well.
Consumer Finance
The Consumer Finance business reported increased profits despite the deteriorating financial position of the target-market consumer and the stricter lending criteria
which resulted in reduced credit approval rates. Operating profit of the Consumer Finance segment increased by 10% to R862 million.
The loan book, before credit impairments, has grown by R2,5 billion, consisting of R1,0 billion in secured loans and R1,5 billion in unsecured loans. In line with the
Group's credit-granting methodology, this growth, in particular the growth in unsecured loans which require higher provisioning, resulted in debtors' cost increasing
to R914 million. Monthly secured loan collection rates were also impacted by the deteriorating financial position of consumers, decreasing to 7% (FY12: 8%).
At year-end the impairment provision of R966 million (FY12: R557 million) represented approximately 9,9% (FY12: 7,7%) of the book and is in line with the Group's
loan provision methodology.
The Group remains confident in the sustainable profitability of this business bearing in mind that there still remains flexibility in our pricing model to increase
income yields as a result of the risk-based pricing models that we have adopted. This provides the business with a comfortable operating buffer ensuring acceptable
returns.
The business continues to invest in processes to ensure continued compliance with regulations and readiness for regulatory changes.
Automotive
Unitrans Auto increased revenue by 8,1% on a comparable basis and maintained margins at 3,0% (FY12: 3,3%).
The continued investment by Unitrans through acquisitions like the Reeds Group (acquired 1 December 2012) provides additional opportunities for growth.
Statement of financial position and cash flow
JD Group's debut Domestic Medium Term Note issue was well received by the market and the Group raised notes, amounting to a total of R3,1 billion, between October
2012 and May 2013 at floating interest rates varying between 65 and 183 basis points above the three-month Jibar rate.
Operating cash flow increased to R1,6 billion (10 months - June 2012: R777 million) with the investment in working capital reducing to R296 million
(10 months - June 2012: R874 million). R2,5 billion was invested in the growth of the debtors' book. The increase in property, plant and equipment of R1,2 billion
includes the investment in the new CDCs. In addition, the rental fleet at Hertz was re-stocked at a net investment of R183 million.
The statement of financial position reflects net gearing of R6,8 billion, comprising the Consumer Finance division, geared at 132% and the remaining segments geared
at 28% to shareholders' equity. This planned increase in gearing is a result of the above-mentioned investments being funded entirely by debt. The increase in net
gearing has resulted in an increase in the net interest expense to R490 million (12 months - June 2012: R252 million).
PROSPECTS
Management's view is that the over-extended consumer and challenging trading environment will continue into the foreseeable future. The Group will nevertheless
focus on growing market share, conservative credit-granting, responsible lending and intensive cost containment.
The implementation of the ERP system, centralisation of distribution and optimisation of the Group's store footprint is nearing completion, enabling the Group to
realise the benefits of these significant investments in the coming years.
CHANGES TO THE BOARD
As announced on SENS the following changes to the Board occurred during the year:
- Bennie van Rooy, the previous Chief Financial Officer (CFO) was appointed as Chief Executive Officer (CEO) of the Group's Consumer Finance division on 1 March 2013.
Jan van der Merwe was appointed on the same date and assumed the role of CFO.
- Dr HP Greeff, the Executive Director Strategy and Human Resources, resigned from the Board on 22 February 2013.
- Grattan Kirk, the previous CEO of JD Group, resigned from the Board with effect from 20 February 2013. David Sussman, previously fulfilling the role of Executive
Chairman, assumed the role of CEO, while Vusi Khanyile, the prior lead independent non-executive director, was elected as the independent non-executive Chairman of
the Board.
- Ian Thompson, the Executive Director Finance and Corporate Affairs, resigned from the Board on 23 May 2013.
AUDIT OPINION OF THE INDEPENDENT AUDITOR
The annual financial statements for the year have been audited by Deloitte & Touche, and their accompanying unmodified audit report as well as their unmodified audit
report on this set of summarised financial information is available for inspection at the company's registered office. Information included under the headings
"prospects" and "financial review" has not been audited or reviewed. Shareholders are therefore advised that in order to obtain a full understanding of the nature of
the auditors' engagement they should obtain a copy of their report with the accompanying financial information from the Company's registered office. Full details of
the Group's business combinations for the year, additions and disposals of property, plant and equipment as well as commitments and contingent liabilities will be
included in the Group's Integrated Report to be published.
The results were approved by a sub-committee of the Board of Directors on 26 August 2013.
DECLARATION OF A FINAL DIVIDEND
Financial statements
Notice is hereby given that the directors have declared a final gross dividend of 117 cents per share, from retained earnings, for the year ended 30 June 2013. In
accordance with the settlement procedures of Strate, the following dates will apply to this final dividend:
Last day to trade cum dividend Friday, 11 October 2013
Trading ex dividend commences Monday, 14 October 2013
Record date Friday, 18 October 2013
Dividend payment date Monday, 21 October 2013
Share certificates may not be dematerialised or re-materialised between Monday, 14 October 2013 and Friday, 18 October 2013, both days inclusive. Any change in the
above dates will be disclosed on SENS. In determining the dividends tax (DT) of 15% to withhold in terms of the Income Tax Act for those shareholders who are not
exempt from the DT, no secondary tax on companies (STC) credits have been utilised. Shareholders who are not exempt from the DT will therefore receive a dividend of
99,45 cents per share net of DT. The Company has 229 338 322 ordinary shares in issue and its income tax reference number is 9475/184/71/0.
Where applicable, dividends in respect of certificated shares will be transferred electronically to shareholders' bank accounts on Monday, 21 October 2013. In the
absence of specific mandates, dividend cheques will be posted to shareholders. Ordinary shareholders who hold dematerialised shares will have their accounts at their
Central Securities Depository Participant or their broker credited on Monday, 21 October 2013.
The proposed final dividend will most likely require an adjustment to the conversion price of the convertible bond. Further details will be communicated on SENS.
The Company's annual general meeting will be held on 20 November 2013 at the Group's head office in Braamfontein, Johannesburg and shareholders are encouraged to
attend this meeting.
A comprehensive notice will be dispatched to shareholders in due course.
By order of the Board
Vusi Khanyile
Independent chairman
David Sussman
Chief executive officer
Jan van der Merwe
Chief financial officer
26 August 2013
EXECUTIVE DIRECTORS ID Sussman (Chief executive officer), KR Chauke, JHN van der Merwe (Chief financial officer), BJ van Rooy
INDEPENDENT NON-EXECUTIVE DIRECTORS VP Khanyile (Independent chairman), N Bodasing, M Lock, MP Matlwa, MJ Shaw, JH Schindehütte, GZ Steffens
NON-EXECUTIVE DIRECTORS Dr D Konar, MJ Jooste, DM van der Merwe, AB la Grange
COMPANY SECRETARY JMWR Pieterse
Press announcement prepared by JHN van der Merwe CA(SA)
REGISTERED OFFICE 11th Floor, JD House, 27 Stiemens Street, Braamfontein, Johannesburg, 2001 (PO Box 4208, Johannesburg, 2000) TELEPHONE +27 11 408 0408
TRANSFER SECRETARIES Computershare Investor Services Proprietary Limited 70 Marshall Street, Johannesburg, 2001 TELEPHONE +27 11 370 5000 FACSIMILE +27 11 688 5238
ADR DEPOSITORY File number 82-4401, The Bank of New York Mellon Corporation, One Wall Street, New York, NY 10286 United States of America
TELEPHONE +1 201 680 6825 FACSIMILE +1 212 635 1121
SPONSOR PSG Capital Proprietary Limited, First Floor, Building 8, Inanda Greens Business Park, 54 Wierda Road West, Wierda Valley, Sandton, 2196
TELEPHONE +27 11 032 7400 FACSIMILE +27 11 784 4755
INDEPENDENT AUDITOR Deloitte & Touche
www.jdg.co.za
Date: 26/08/2013 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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