Wrap Text
Audited Group results for the 53 weeks ended 30 June 2013 and cash dividend declaration
WOOLWORTHS HOLDINGS LIMITED
Share Code: WHL
ISIN: ZAE000063863
Registration Number: 1929/001986/06
("WHL" or "the Group")
AUDITED GROUP RESULTS FOR THE 53 WEEKS ENDED 30 JUNE 2013
AND CASH DIVIDEND DECLARATION
HIGHLIGHTS
- TURNOVER
+23.2%
- PROFIT BEFORE TAX
+27.1%
- HEADLINE EARNINGS PER SHARE
+27.3% (52 weeks : 25.3%)
- ADJUSTED HEADLINE EARNINGS PER SHARE
+30.0% (52 weeks : 28.0%)
- RETURN ON EQUITY
49.7 %
Commentary
WHL GROUP
The strong sales growth experienced in the first half of the year continued through into the second half despite
the pressure on the SA consumer. The inclusion in the second quarter of the group's Australian acquisition,
Witchery, further boosted sales for the 53 weeks to 30 June 2013, which increased 23.2% over the 52 week period
in 2012.
Sales growth was leveraged by improved gross margins in both the South African and Australian clothing
businesses, benefiting from improved sourcing, delivering group profit before tax growth of 27.1%.
Included in earnings and headline earnings are transaction and integration costs of R77 million (June 2012: R27 million)
relating to the acquisition of the Witchery Group, once-off store employee restructuring costs of R43 million and net
unrealised foreign exchange gains of R67 million (June 2012: R43 million), all stated before tax. Earnings per share ("EPS")
and headline earnings per share ("HEPS") for the 53-week period to 30 June 2013 were 25.5% and 27.3% higher
than the corresponding 52-week reporting period. HEPS is 2.7% higher when adjusted for these non-core items.
Return on equity (excluding goodwill) increased from 50.3% at 24 June 2012 to 58.7% at 30 June 2013.
The impact of the additional 53rd week has added 2% to earnings.
Return on equity increased from 46.4% at 24 June 2012 to 49.7% at 30 June 2013.
WOOLWORTHS
Clothing and General Merchandise
Woolworths Clothing and General Merchandise sales grew by 12.3% and by 10.1% on a 52-week basis.
Clothing sales grew by 13.7% with price movement of 7.1% (comparable store sales increased by 9.3%) with
market share unchanged from last year at 15.4%. General merchandise grew by 9.2% (52-weeks: 7.2%) and by
4.9% (52 weeks: 3.0%) in comparable stores. Gross profit margins improved from 44.5% to 46.4% as we continued
to generate benefits from improved sourcing. Total expenses (excluding store employee restructuring costs and
unrealised foreign exchange gains) increased 17.9% with comparable store cost growth of 7.9% (5.8% on a
52-week basis). Adjusted profit before tax grew by 15.2% and return on sales increased to 17.2% from 16.8% last year.
9,943m2 (2.6%) of net new store footage was added during the year.
Food
Our supermarket strategy, which is aimed at capturing a greater share of our loyal customers' food shop,
continued to show success, whilst our core produce and protein departments also performed well.
Food sales grew by 15.4% (52-weeks: 13.3%), well ahead of market growth of 7.1%, with price movement of 7.6%.
Sales in comparable stores grew by 12.1% and 10.0% on a 52-week basis. Food sales grew by an annualised
15.3% in the 26 weeks of the second half compared to first half growth of 11.1%. Gross profit margins improved
from 25.2% to 25.6%. Expenses (excluding the impact of store employee restructuring costs) increased 15.7% with
comparable store costs increasing by 7.5% (5.4% on a 52-week basis). Adjusted profit before tax grew by 19.9%
(17.9% on a 52-week basis) and return on sales increased to 6.0% from 5.8% last year.
7,775m2 (4.7%) of net new store footage was added during the year.
COUNTRY ROAD
The Country Road business performed extremely well and with the acquisition of the Witchery Group sales
increased 68.5% in Australian dollar terms (90.8% in rands). Comparable sales in Australasia increased by 12.0%.
Total net retail space including the Witchery Group acquisition increased during the year by 85%. Net space excluding
the Witchery Group acquisition increased by 9%.
Gross margin increased to 61.9% (from 59.7%). Operating costs were well controlled, resulting in an increase in
profit before tax from A$22 million to A$64 million before once-off transaction costs. On translation the Country
Road Group increased their contribution to adjusted group profit before tax from R185 million to R588 million and
now contributes 16% to group profit. Return on sales (excluding transaction costs) increased from 5.3% to 9.5%.
Return on equity increased from 18.5% to 30.2%.
The Country Road Group did not have a 53rd week.
WOOLWORTHS FINANCIAL SERVICES
The overall debtors' book reflected year-on-year growth of 15.8%, with an impairment rate unchanged from June
2012 at 1.9%. Net interest income increased by 12.0% on the prior year, impacted by lower interest rates. Costs
excluding impairments were well controlled, up 7.8% on 2012. Profit before tax increased by 29.9% from the
previous year and return on equity increased from 23.1% to 27.6%.
OUTLOOK
We believe that economic conditions in South Africa will remain constrained, especially in the lower and middle
income segments of the market where consumer debt levels remain under pressure.
Trading for the first eight weeks of the new financial year has been in line with expectations both in South Africa
and Australia.
In Australia, we expect the market to remain highly competitive as consumer and business confidence remains subdued.
Any reference to future financial performance included in this statement has not been reviewed and reported on
by the company's external auditors and does not constitute an earnings forecast.
Changes to the Board of Directors
Sindi Zilwa retired from the board at the conclusion of the Annual General Meeting held on 14 November 2012.
Sindi spent eleven years on the Woolworths board. She made a significant impact, particularly as a
member of the audit committee and on our transformation journey. We wish her well for the future.
S N Susman I Moir
Chairman Group chief executive officer
Cape Town, 28 August 2013
Dividend Declaration
Notice is hereby given that the directors have declared a gross cash dividend of 148.0 cents (125.80 cents net of dividend
withholding tax) per ordinary share for the 53 weeks ended 30 June 2013. The dividend has been declared
from income reserves and a dividend withholding tax of 15% will be applicable to all shareholders who are not
exempt. The company has no STC credits to be utilised to offset against the 15% dividend withholding tax.
The issued share capital at the declaration date is 842 643 525 ordinary shares and 89 164 010 preference shares.
The salient dates for the dividend will be as follows:
Last day of trade receive a dividend Friday, 13 September 2013
Shares commence trading "ex" dividend Monday, 16 September 2013
Record date Friday, 20 September 2013
Payment date Monday, 23 September 2013
Share certificates may not be dematerialised or rematerialised between Monday, 16 September 2013 and Friday,
20 September 2013 both days inclusive.
A gross cash dividend of 148.0 cents (125.80 cents net of dividend withholding tax) per preference share for the 53 weeks
ended 30 June 2013 will be paid to the beneficiaries of the Woolworths Employee Share Ownership Scheme on
Monday, 23 September 2013.
Thobeka Sishuba-Mashego
Group secretary,
Cape Town, 28 August 2013
GROUP STATEMENT OF COMPREHENSIVE INCOME
53 weeks 52 weeks
to 30 Jun to 24 Jun
2013 2012
Notes Rm Rm % change
Revenue 35 399 28 813 22.9
Turnover 35 227 28 604 23.2
Cost of sales 21 674 18 419 17.7
Gross profit 13 553 10 185 33.1
Other revenue 115 127 (9.4)
Expenses 10 199 7 625 33.8
Store costs 6 828 5 165 32.2
Other operating costs 3 371 2 460 37.0
Operating profit 3 469 2 687 29.1
Investment income 57 82 (30.5)
Finance costs 68 38 78.9
Profit before earnings from joint ventures and associate 3 458 2 731 26.6
Earnings from joint ventures 180 133 35.3
Earnings from associate 9 6 50.0
Profit before tax 3 647 2 870 27.1
Tax 1 009 811 24.4
Profit for the year 2 638 2 059 28.1
Other comprehensive income:
Amounts that may be reclassified to profit or loss
Net fair value adjustments on financial instruments, after tax 88 21
Exchange differences on translation of foreign subsidiaries 92 117
Other comprehensive income for the year 180 138
Total comprehensive income for the year 2 818 2 197
Profit attributable to: 2 638 2 059
Shareholders of the parent 2 597 2 048
Non-controlling interests 41 11
Total comprehensive income attributable to: 2 818 2 197
Shareholders of the parent 2 748 2 167
Non-controlling interests 70 30
Reconciliation of headline earnings
Earnings attributable to shareholders of the parent 2 597 2 048 26.8
BEE preference dividend 62 38 63.2
Basic earnings 2 535 2 010 26.1
Loss/(profit) on disposal of property, plant and equipment,
intangible assets and investment property 15 (15)
Net impairment of property, plant and equipment and intangible assets 12 1
Tax impact of adjustments (8)
Headline earnings 2 554 1 996 28.0
Abnormal foreign exchange related gain (67) (43)
Transaction and integration costs 77 27
Restructuring costs 43
Tax impact of adjustments (15) 4
Adjusted headline earnings 2 592 1 984 30.6
Headline earnings per share (cents) 340.4 267.3 27.3
Earnings per share (cents) 2 337.9 269.2 25.5
Adjusted headline earnings per share (cents) 345.5 265.7 30.0
Diluted headline earnings per share (cents) 333.8 260.6 28.1
Diluted earnings per share (cents) 2 331.3 262.4 26.3
Adjusted diluted headline earnings per share (cents) 338.7 259.0 30.8
Number of shares in issue (millions) 753.4 745.7 1.0
Weighted average number of shares in issue (millions) 750.3 746.6 0.5
GROUP STATEMENT OF FINANCIAL POSITION
At At
30 Jun 24 Jun
2013 2012
Notes Rm Rm
ASSETS
Non-current assets 6 778 5 011
Property, plant and equipment 3 2 683 2 225
Investment properties 43 106
Intangible assets 3 2 440 1 219
Investment in associate 60 51
Investment in joint ventures 713 616
Prepaid employment costs 13
Participation in export partnerships 38 49
Other loans 83 89
Deferred tax 718 643
Current assets 5 347 5 034
Inventories 2 901 2 216
Trade and other receivables 668 631
Derivative financial instruments 211 41
Tax 5 1
Cash and cash equivalents 1 562 2 145
Non-current assets held for sale 11 63
TOTAL ASSETS 12 188 10 045
EQUITY AND LIABILITIES
TOTAL EQUITY 5 904 4 572
Equity attributable to shareholders of the parent 5 619 4 465
Non-controlling interests 285 107
Non-current liabilities 1 908 1 177
Interest-bearing borrowings 705 25
Operating lease accrual 487 457
Post-retirement medical benefit liability 356 335
Deferred tax 360 360
Current liabilities 4 376 4 296
Trade and other payables 3 837 3 172
Provisions 297 230
Derivative financial instruments 8 16
Tax 107 368
Interest-bearing borrowings 127 510
TOTAL LIABILITIES 6 284 5 473
TOTAL EQUITY AND LIABILITIES 12 188 10 045
Net asset book value - per share (cents) 746 599
GROUP ANALYSIS
Total assets 12 188 10 045
Woolworths* 7 492 6 948
Country Road Group 3 901 1 156
Woolworths Treasury 87 1 326
Woolworths Financial Services 708 615
Inventories 2 901 2 216
Woolworths* 2 200 1 835
Country Road Group 701 381
Total liabilities 6 284 5 473
Woolworths* 4 413 4 516
Country Road Group 1 871 457
Woolworths Treasury 500
Approved commitment for capital expenditure 2 063 1 216
Woolworths* 1 703 1 043
Country Road Group 360 173
* Includes Woolworths Clothing and General Merchandise, Woolworths Food and Woolworths Logistics
GROUP STATEMENT OF CASH FLOWS
53 weeks 52 weeks
to 30 Jun to 24 Jun
2013 2012
Notes Rm Rm
Cash flow from operating activities
Cash inflow from trading 4 450 3 259
Working capital movements (196) (131)
Cash generated by operating activities 4 254 3 128
Interest income 48 73
Finance costs paid (63) (38)
Tax paid (1 140) (356)
Cash generated by operations 3 099 2 807
Dividends received from joint ventures 83 95
Dividends received from associate - 1
Dividends to ordinary shareholders (1 578) (1 275)
Dividends to preference shareholders (62) (38)
Net cash inflow from operating activities 1 542 1 590
Cash flow from investing activities
Net investment in property, plant and equipment and intangible assets (781) (615)
Acquisition of subsidiary, net of cash acquired 4 (1 490) -
Acquisition of franchise operations 5 (67) (494)
Other 26 8
Net cash outflow from investing activities (2 312) (1 101)
Cash flow from financing activities
Shares repurchased 7 (192) (655)
Share repurchase costs (1) (1)
Finance lease payments (15) (25)
Borrowings raised 872 -
Borrowings repaid (607) -
Acquisitions - non-controlling interest contribution 108 6
Net cash inflow/(outflow) from financing activities 165 (675)
Decrease in cash and cash equivalents (605) (186)
Net cash and cash equivalents at the beginning of the year 2 145 2 293
Effect of foreign exchange rate changes 22 38
Net cash and cash equivalents at the end of the year 1 562 2 145
GROUP ANALYSIS
Cash inflow from trading 4 450 3 259
Woolworths 3 578 2 975
Country Road Group 872 284
Gross capital expenditure 2 313 1 309
Woolworths 788 1 208
Country Road Group 1 525 101
GROUP STATEMENT OF CHANGES IN EQUITY
Total Total
Share- 53 52
holders Non weeks to Share- Non weeks to
of the controlling 30 Jun holders of controlling 24 Jun
parent interest 2013 the parent interest 2012
Notes Rm Rm Rm Rm Rm Rm
Shareholders' interest at the
beginning of the year 4 465 107 4 572 4 008 85 4 093
Movements for the year:
Shares issued 7 337 337
Shares repurchased 7 (192) (192) (655) (655)
Share repurchase costs (1) (1) (1) (1)
Dividends to shareholders (1 640) (1 640) (1 299) (14) (1 313)
Share-based payments 239 239 245 245
Settlement of share-based
payments through share
issue 7 (337) (337)
Non-controlling interest
arising on business
acquisitions 108 108 6 6
Total comprehensive
income for the year 2 748 70 2 818 2 167 30 2 197
Shareholders' interest at the
end of the year 5 619 285 5 904 4 465 107 4 572
Dividend per ordinary share (cents) 234.0 198.0
Dividend cover (based on headline earnings per share) 1.4 1.4
Dividend per preference share (cents) 207.0 121.0
SEGMENTAL ANALYSIS
53 weeks 52 weeks
to 30 Jun to 24 Jun
2013 2012 %
Rm Rm change
Revenue
Turnover 35 227 28 604 23.2
Woolworths Clothing and General Merchandise 10 764 9 585 12.3
Woolworths Food 17 469 15 140 15.4
Woolworths Logistics 561 506 10.9
Country Road Group 6 433 3 373 90.7
Other revenue and investment income 172 209 (17.7)
Woolworths Clothing and General Merchandise 14 21 (33.3)
Woolworths Food 74 84 (11.9)
Country Road Group 45 29 55.2
Woolworths Treasury 39 75 (48.0)
Total group 35 399 28 813 22.9
Gross profit
Woolworths Clothing and General Merchandise 4 994 4 264 17.1
Woolworths Food 4 475 3 817 17.2
Woolworths Intragroup 100 93 7.5
Country Road Group 3 984 2 011 98.1
Total group 13 553 10 185 33.1
Profit before tax-adjusted
Woolworths Clothing and General Merchandise 1 856 1 611 15.2
Woolworths Food 1 060 884 19.9
Country Road Group 588 185 >100
Woolworths Financial Services 180 133 35.3
Woolworths Treasury 16 41 (61.0)
Total group-adjusted 3 700 2 854 29.6
Notes
1. Basis of preparation
These abridged group financial statements comply with IAS 34 Interim Financial Reporting.
Accounting policies used in the abridged group financial statements are consistent with the prior year and
the same as those used to prepare the group annual financial statements. They have been prepared in
compliance with International Financial Reporting Standards (IFRS) and the Companies Act of South Africa.
They have been prepared under the supervision of the group's Finance Director, Norman Thomson BCom
(Hons), CA(SA).
2. Earnings per share
The difference between earnings per share and diluted earnings per share is due to the impact of
unexercised options under the group's share incentive schemes.
3. Property, plant and equipment and intangible assets
During the financial year, the group acquired property, plant and equipment at a cost of R937 million (2012:
R652 million) and acquired intangible assets (including goodwill and brands) at a cost of R1 376 million
(2012: R657 million). This includes acquisitions related to business combinations (refer to notes 4 and 5).
4. Acquisition of Witchery
On 2 October 2012 Country Road Limited ("Country Road Group") acquired all of the ordinary shares of
Witchery Australia Holdings Pty Ltd and its subsidiaries ("Witchery") for a total value of R1 555 million
(A$180.9 million).
The acquisition was funded by a rights issue by the Country Road Group that raised
R96 million (A$11 million) from minorities of the group and by a 5-year amortising term loan of R791 million
(A$92.0 million).
Assets Acquired and Liabilities Assumed
Country Road has measured Witchery's identifiable assets and liabilities at their acquisition-date fair value.
The consolidated provisional fair values are presented below:
Rm A$m
Assets 1 289 150
Cash and cash equivalents 65 8
Trade and other receivables 41 5
Inventories 286 33
Other assets 8 1
Plant and equipment 197 23
Intangibles 563 65
Deferred tax assets 129 15
Liabilities (350) (41)
Trade and other payables (251) (29)
Provisions (99) (12)
Total identifiable net assets at fair value 939 109
Goodwill arising from acquisition 616 72
Purchase consideration transferred 1 555 181
Cash & cash equivalents acquired (65) (8)
Cash outflow on acquisition 1 490 173
Goodwill arising on acquisition of R616 million (A$71.7 million) represents the value paid in excess of the
provisional fair value of net assets. Goodwill consists largely of the synergies and economies of scale
expected from combining the operations of Witchery into the Country Road Group.
The fair values currently presented are subject to further review until 31 December 2013 as prescribed by
International Financial Reporting Standards.
Were the Country Road Group to dispose of the Mimco business included in the Witchery acquisition before
2 April 2014, contingent consideration would be payable. The directors have no intention to dispose of the
Mimco business and hence no value has been ascribed to this.
From the date of acquisition, Witchery has contributed revenue of R2 111 million
(A$231.8 million). The net profit before tax of Witchery from the date of acquisition is R211 million (A$22.9
million), after allocating overheads and interest incurred of R44 million (A$4.8 million). If the acquisition
had occurred at the beginning of the year, Witchery would have contributed approximately R2 669 million
(A$293.0 million) to revenue. It is not practicable to reliably determine the net profit contribution of Witchery
from the beginning of the financial year due to the differences in accounting policies applied by Witchery
before the acquisition date.
Witchery transaction and integration costs of R77 million (A$8.6 million) (2012: R27 million (A$3.1 million))
have been expensed.
5. Acquisition of franchise operations
During the year, the group acquired eight previously franchised stores in Lesotho and Kenya for cash
consideration totalling R67 million. In the prior year 34 South African and 10 previously franchised stores in the
rest of Africa were acquired for cash consideration totalling R451 million.
2013 2012
Rm Rm
Fair value of assets acquired at the date of acquisition
Property, plant and equipment 13 18
Reacquired rights 276
Deferred tax liability (78)
Goodwill arising on acquisition 54 235
Consideration 67 451
Accrual - prior year 43
Cash outflow 67 494
Goodwill of R54 million represents growth and synergies expected to accrue from the acquisitions.
From the dates of acquisitions, R19 million of additional revenue has accrued. The impact on profit before
tax is nil. Had the acquisitions been effective from the beginning of the year, the directors consider that,
on a pro-forma basis, the contribution to revenue for the 53 weeks ended 30 June 2013 would have been
R29 million, and to profit before tax R6 million.
6. Impact of the 53rd week
The group-manages its retail operations on a 52-week retail calendar basis and as a result, a 53rd week is
required approximately every six years for realignment. The group's earnings are approximately 2% higher
this year as a result of this additional week.
Pro-forma 52-week financial information is provided to facilitate comparison against the 52-week prior year.
GROUP STATEMENT OF COMPREHENSIVE INCOME
53 weeks 52 weeks Change Change 52 weeks
to 30 Jun 53rd to 23 Jun on prior on prior to 24 Jun
2013 week 2013 period period 2012
Audited adjustments Pro-forma 53 weeks 52 weeks Audited
Rm Rm Rm % % Rm
Turnover 35 227 (532) 34 695 23.2 21.3 28 604
Cost of sales 21 674 (347) 21 327 17.7 15.8 18 419
Gross profit 13 553 (185) 13 368 33.1 31.3 10 185
Other revenue 115 115 (9.4) (9.4) 127
Expenses 10 199 (128) 10 071 33.8 32.1 7 625
Store costs 6 828 (81) 6 747 32.2 30.6 5 165
Other operating costs 3 371 (47) 3 324 37.0 35.1 2 460
Operating profit 3 469 (57) 3 412 29.1 27.0 2 687
Investment income 57 57 (30.5) (30.5) 82
Finance costs 68 68 78.9 78.9 38
Profit before earnings from 3 458 (57) 3 401 26.6 24.5 2 731
joint ventures and associate
Earnings from joint ventures 180 180 35.3 35.3 133
Earnings from associate 9 9 50.0 50.0 6
Profit before tax 3 647 (57) 3 590 27.1 25.1 2 870
Tax 1 009 (16) 993 24.4 22.4 811
Profit for the year 2 638 (41) 2 597 28.1 26.1 2 059
Headline earnings per share 340.4 334.9 27.3 25.3 267.3
(cents)
Earnings per share (cents) 337.9 332.4 25.5 23.5 269.2
Adjusted headline earnings 345.5 340.0 30.0 28.0 265.7
per share (cents)
Diluted headline earnings per 333.8 328.4 28.1 26.0 260.6
share (cents)
Diluted earnings per share 331.3 325.9 26.3 24.2 262.4
(cents)
Notes
1. The accounting policies adopted by the group in the latest audited annual financial statements, which
have been prepared in accordance with IFRS, have been used in preparing the pro-forma 52-weeks
information.
2. The turnover for the one-week period from 24 June to 30 June 2013 has been extracted from the group's
accounting records.
3. The 53rd week adjustments are calculated with reference to actual turnover and cost of sales for the 53rd
week, expenses based on an assessment of management information and an effective tax rate of 27.7%, all
attributable to the appropriate segments.
4. The calculation of earnings per share and headline earnings per share for the pro-forma 52-week period
is based on the weighted average number of shares in issue during the year.
5. This information is the responsibility of the directors. The group's external auditors have issued an assurance
report on the pro-forma 52-weeks information. A copy of their report is available at the group's registered
office.
7. Issue and repurchase of shares
During the year 7 265 192 (2012: nil) ordinary shares totalling R337 million (2012: nil)
were issued to employees and 2 710 328 (2012: 10 418 262) ordinary shares totalling
R151 million (net of exercise price) (2012: R358 million) were purchased from the market and transferred to
employees for settlement in terms of the group's share incentive schemes.
623 011 (2012: 223 938) ordinary shares totalling R41 million (2012: R11 million) were purchased from the
market by Woolworths (Proprietary) Limited and are held as treasury shares by the group. In the prior year
9 298 259 ordinary shares totalling R286 million were purchased from the market and cancelled. 1 066 402
(2012: nil) ordinary shares totalling R23 million (2012: nil) were allocated to employees in terms of the group's
Restricted Share Plan.
8. Contingent liabilities
Group companies are party to legal disputes that have arisen in the ordinary course of business. Whilst the
outcome of these matters cannot readily be foreseen, the directors do not expect them to have a material
financial effect.
9. Borrowing facilities
Unutilised banking facilities amounted to R3 025 million (2012: R2 710 million). There is no limit imposed by the
Memorandum of Incorporation on the group's authority to raise interest-bearing debt.
10. Related party transactions
During the year the group entered into related party transactions, the substance of which are similar to
those explained in the group's annual financial statements.
11. Non-current assets held for sale
Two fixed properties, previously disclosed as investment properties (within the Woolworths segment)
remain subject to suspensive conditions under a sale agreement. The directors consider the conclusion of
the sale to be highly probable.
At 30 June 2013 these assets are recognised at the lower of their carrying amounts and fair value, less costs
to sell. No depreciation has been recognised.
2013 2012
Rm Rm
Investment properties 63
Non-current assets held for sale 63
12. Approval of abridged group financial statements
The abridged group financial statements were approved by the board of directors on
28 August 2013.
13. Events subsequent to the reporting date
No event material to the understanding of these abridged group financial statements has occurred
between the end of the financial year and the date of approval.
14. Audit opinion
These abridged group financial statements, which have been derived from the audited annual financial statements,
and which are consistent in all material respects, have been audited by EY and NEXIA SAB&T. Their unqualified
report on the annual financial statements is available for inspection at the company's registered office.
Directorate and statutory information
Non-executive directors:
Simon Susman (Chairman), Peter Bacon (British), Zarina Bassa, Lindiwe Bakoro, Tom Boardman, Andrew Higginson
(British), Mike Leeming, Chris Nissen, Stuart Rose (British), Thina Siwendu
Executive directors:
Ian Moir (Group chief executive officer) (Australian), Zyda Rylands, Norman Thomson
Group secretary:
Thobeka Sishuba-Mashego
Registered address:
PO Box 680, Cape Town, 8000
Woolworths House, 93 Longmarket Street, Cape Town, 8001
Tax number:
9300/149/71/4
JSE sponsor:
Rand Merchant Bank (A division of FirstRand Bank Limited)
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
Date: 29/08/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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