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DISTRIB. AND WAREHOUSING NETWORK LD - Credit Rating

Release Date: 11/09/2013 17:00
Code(s): DAW     PDF:  
Wrap Text
Credit Rating

Distribution and Warehousing Network Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
Share code: DAW & ISIN code: ZAE000018834
(“DAWN” or “the Group”)


Credit Rating:

Distribution and Warehousing Network Limited “(“DAWN”) is pleased to announce that Standard &
Poor’s (“S&P”) has assigned a zaA- long-term and zaA-2 short-term South African National Scale Credit
Ratings to the group.

The zaA- long-term rating reflects the strong capacity of DAWN to meet its long-term debt obligations
on a timely basis, while the zaA-2 short-term rating indicates the satisfactory capacity of the company to
meet its debt obligations over the next 12 months.

S&P forecasts that DAWN’s revenue will grow over the next few years at a high single digit rate
supported by robust pricing, higher government infrastructure spending, limited growth from residential
end markets and further international expansion. Further, S&P considers the recoveries in DAWN’s
margins to be sustainable following the cost-cutting measures instituted over the last two years and the
anticipated improvement in volumes.

Dries Ferreira, DAWN’s Chief Financial Officer, is very pleased with the ratings assigned by S&P as these
ratings are an acknowledgment of the efforts by the management team over the last few years to
strengthen the business and to enhance its financial profile. “The rating has given us control of our
funding strategy and will assist Dawn to diversify its funding sources and to lower its cost of funding.”

Any forward looking statements have not been reviewed nor reported on by DAWN’s auditors.

Johannesburg
11 September 2013

Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited

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