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Trading Statement in Respect of the six Month Interim Period ended 31 December 2013
JD Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009108/06)
ISIN: ZAE000030771
JSE code: JDG
("JD Group" or “the Company”)
TRADING STATEMENT IN RESPECT OF THE SIX MONTH INTERIM PERIOD
ENDED 31 DECEMBER 2013
As required in terms of paragraph 3.4 of the JSE Limited’s
Listings Requirements, shareholders are hereby advised that a
reasonable degree of certainty exists that the Company’s
earnings per share for the period ended 31 December 2013 will
be a loss of between 65 and 70 cents per share (31 December
2012: earnings of 232.6 cents per share), whilst the headline
loss per share for the same period will be between 57 and 62
cents per share (31 December 2012: headline earnings of 234.4
cents per share).
During the period under review, the Company adopted a more
conservative provisioning methodology, as a result of the
deteriorating credit quality in both the secured and unsecured
lending market. Consequently, the impairment provision was
increased by R602 million (December 2012: R161 million) to R1
559 million. Bad debts written off for the period was R495
million (December 2012: R184 million). Provisions as a
percentage of the total instalment sale and loan receivable
book have now been increased to 15,1% (30 June 2013:9.9%).
In addition and notwithstanding total revenue for the JD Group
having increased slightly, merchandise sales in the Furniture
Retail operations declined in the period under review and
negatively affected the profitability of this division.
The Company has in principle, subject to normal regulatory
approvals, decided to proceed with a rights issue of between
R1 300 million and R1 500 million, to be fully underwritten by
Steinhoff International Holdings Limited. The Company believes
that this increase of its equity base is appropriate for
enhancing its prospects for profitable growth from a solid
capital structure. Further details will be provided in its
interim results.
The financial information in this trading statement has not
been reviewed or reported on by JD Group’s auditors. The
interim results for the period ended 31 December 2013 will be
published on or about 20 February 2014.
11 February 2014
By order of the Board
Johannesburg
Sponsor: PSG Capital Proprietary Limited
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