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Unaudited Group interim report for the 26 weeks ended 29 December 2013
Truworths International Ltd
Registration number: 1944/017491/06
JSE code: TRU
NSX code: TRW
ISIN: ZAE000028296
UNAUDITED GROUP INTERIM REPORT
for the 26 weeks ended 29 December 2013
Revenue up 8%
Sale of merchandise up 7%
Gross margin at 56.3%
Operating margin at 33.8%
Headline and basic earnings per share up 1%
Diluted headline and basic earnings per share up 2%
Cash generated R1.2 billion
Interim dividend per share up 6%
COMMENTARY
GROUP PROFILE
Truworths International Ltd is an investment holding and management company listed
on the JSE and the Namibian Stock Exchange (NSX). Its principal trading entities,
Truworths Ltd and Young Designers Emporium (Pty) Ltd, are engaged either directly or
through agencies, franchises or subsidiaries, in the retailing of fashion apparel
and related merchandise. Truworths International Ltd and its subsidiaries (the Group)
operate primarily in South Africa, and elsewhere in sub-Saharan Africa.
TRADING AND FINANCIAL PERFORMANCE
Group retail sales increased by 7.1% to R5.9 billion for the 26-week period ended
29 December 2013 (the period) compared to the prior corresponding 26-week period
ended 30 December 2012 (the prior period). Comparable store retail sales grew by
1.1% (2012: 9.8%) while product inflation averaged 7% (2012: 3%) for the period.
Group sale of merchandise, which comprises Group retail sales and franchise sales
less accounting adjustments, grew 7.4% to R5.8 billion (2012: R5.4 billion).
Trading space increased by 10.7% over the prior period-end following the opening of a
net 38 stores across the Group. At the end of the period the Group had 629 stores
(2012: 591), including 40 stores in the rest of Africa (2012: 40).
Divisional sales 29 Dec 30 Dec % change
2013 2012 on prior
Rm Rm period
Truworths ladieswear 2 070 1 961 6
Truworths menswear 1 214 1 088 12
Identity 945 876 8
Daniel Hechter 697 681 2
LTD 306 260 18
Elements 276 256 8
Inwear 250 250 -
Other* 169 161 5
Retail sales 5 927 5 533 7
Franchise sales 4 6 (33)
Accounting adjustments (165) (171) (4)
Sale of merchandise 5 766 5 368 7
YDE agency sales 165 151 9
* includes Cellular, Truworths Jewellery and Truworths Living (discontinued during
2012) divisions
The gross margin decreased to 56.3% (2012: 57.1%) as a result of increased markdowns.
Trading expenses increased 16% to R1.9 billion (2012: R1.6 billion), mainly as a
result of the increase in trade receivable costs (refer to Credit Management below).
Excluding trade receivable costs, trading expenses increased by 8% (2012: 13%).
Interest received increased 9% to R427 million (2012: R390 million).
Operating profit was unchanged at R1.9 billion and the operating margin decreased to
33.8% (2012: 36.3%) as a result of reduced gross margin and the increased trade
receivable costs.
The dividend declared has increased 6% to 216 cents per share (2012: 204 cents per
share), which has reduced the dividend cover to 1.56 times (2012: 1.62 times).
Headline earnings per share (HEPS) were 335.8 cents, an increase of 1.4% over the
prior period's 331.3 cents. Diluted HEPS of 330.7 cents (2012: 324.8 cents) were
1.8% higher than the prior period.
The net asset value per share increased by 6% to 1 671 cents (2012: 1 569 cents).
The annualised returns on equity and assets were 42% (2012: 44%) and 43% (2012: 45%)
respectively. Asset turnover was at 1.3 times (2012: 1.2 times).
CREDIT MANAGEMENT
Gross trade receivables grew by 9% to R4.9 billion. The growth in the trade
receivables book of 9% is attributable to Group credit sales growing by 6% over the
prior period (5% and 11% higher in Truworths and Identity respectively), a continuing
shift from 6 months interest-free to 12 months interest-bearing payment plans and the
general deterioration in the credit environment. Credit sales contributed 71%
(2012: 72%) to total retail sales for the period. At period-end 85% (2012: 87%)
of the Group's active account holders were able to purchase because they are not
in arrears.
As anticipated by management, the continuing tough credit environment and the
Group's restrictive credit granting criteria have limited new account growth. New
account acceptance rates have decreased from 35% in the prior period to 26%, meaning
that 74% of new account applications during the period were declined. This has
resulted in the Group's active account base growing by 1% to over 2.6 million accounts.
The doubtful debt allowance as a percentage of gross trade receivables is 12.0%
(2012: 10.6%), and net bad debt as a percentage of gross trade receivables has
increased to 13.2% (2012: 9.3%). The growth in gross bad debt and the impact of
reduced recoveries caused trade receivable costs to increase by 40% to R531 million
(2012: R379 million).
CAPITAL MANAGEMENT
During the period the Group generated R2.0 billion in cash from operations and
this funded dividend payments (R661 million), capital expenditure (R159 million) and
share buy-backs (R2 million). Cash and cash equivalents decreased 3% to R2.6 billion
at the period-end.
Capital expenditure of R229 million has been committed for the remainder of the
2014 financial period.
DIRECTORATE
As reported on SENS the board has appointed Khutso Ignatius Mampeule (49) as an
independent non-executive director of the company with effect from 1 February 2014.
Mr Mampeule holds MSc and MBA degrees, is a former CEO of the SA Express airline,
Old Mutual Employee Benefits and the SA Post Office.
As advised recently on SENS, Mr Sisa Ngebulana has resigned as an independent
non-executive director of the company with effect from 14 February 2014, having
served in this capacity since 2007.
OUTLOOK
The trading environment is expected to remain challenging for the balance of the
2014 financial period. Management will continue to focus on expense control,
interventions to manage the risk of credit and the application of merchandise
strategies to meet the fashion expectations of our target market.
Product price inflation arising from the devaluation of the Rand is likely to be
higher than 10% for the Group for the remainder of the financial period.
Retail sales for the first seven weeks of the second half of the 2014 financial
period increased by 8.1% relative to the comparable weeks in the prior period.
The board remains committed to investing appropriately for longer-term growth,
with trading space planned to increase by approximately 10% for the 2014 financial
period and by approximately 6% in the following financial period.
H Saven MS Mark
Chairman Chief Executive Officer
DIVIDEND
The directors of the company have resolved to declare a gross cash dividend from
retained earnings in respect of the 26-week period ended 29 December 2013 in the
amount of 216 cents (2012: 204 cents) per share to shareholders reflected in the
company's register on the record date, being Friday, 14 March 2014.
The last day to trade in the company's shares cum dividend is Friday, 7 March 2014.
Trading in the company's share ex dividend will commence on Monday, 10 March 2014.
Consequently no dematerialisation or rematerialisation of the company's shares may
take place over the period from Monday, 10 March 2014 to Friday, 14 March 2014, both
days inclusive. The dividend will be payable in South African Rand on Monday,
17 March 2014.
Dividends will be paid net of dividends tax of 15%, to be withheld and paid to the
South African Revenue Service. Such tax must be withheld unless beneficial owners of
the dividend have provided the necessary documentary proof to the relevant regulated
intermediary (being a broker, CSD participant, nominee company or the company's
transfer secretaries, Computershare Investor Services (Pty) Ltd, PO Box 61051,
Marshalltown, 2107 South Africa) that they are exempt therefrom, or entitled to a
reduced rate, as a result of a double taxation agreement between South Africa and
the country of tax domicile of such owner.
The withholding tax, if applicable at the rate of 15%, will result in a net cash
dividend per share of 183.60 cents. No secondary tax on companies (STC) credits were
utilised when determining the net dividend. The company has 421 168 723 ordinary
shares in issue on 20 February 2014.
In accordance with the company's memorandum of incorporation:
- the dividend will only be paid by electronic funds transfer, and no cheque payments
will be made. Accordingly, shareholders who have not yet provided their bank
account details should do so by contacting the company's transfer secretaries; and
- the directors have determined that gross dividends amounting to less than
1 000 cents, due to any one shareholder of the company's shares held in certificated
form, will not be paid, unless otherwise requested in writing, but the net amount
thereof will be aggregated with other such net amounts and donated to a charity to
be nominated by the directors.
By order of the board
C Durham
Company Secretary
Cape Town
20 February 2014
CONDENSED GROUP STATEMENTS OF FINANCIAL POSITION
at 29 Dec at 30 Dec at 30 Jun
2013 2012 2013
Unaudited Unaudited Unaudited
Restated* Restated*
Note Rm Rm Rm
ASSETS
Non-current assets 1 332 1 239 1 280
Property, plant and equipment 920 812 857
Goodwill 90 90 90
Intangible assets 105 105 103
Derivative financial assets 7 33 19
Available-for-sale assets 6 3 4
Loans and receivables 110 138 118
Deferred tax 94 58 89
Current assets 7 787 7 461 5 991
Inventories 844 739 787
Trade and other receivables 4 347 4 041 3 766
Derivative financial assets 16 20 42
Prepayments 15 18 71
Cash and cash equivalents 2 565 2 643 1 325
Total assets 9 119 8 700 7 271
EQUITY AND LIABILITIES
Total equity 6 998 6 650 6 224
Share capital and premium 316 278 293
Treasury shares 5 (179) (1 438) (2 028)
Retained earnings 6 720 7 685 7 830
Non-distributable reserves 141 125 129
Non-current liabilities 99 95 96
Post-retirement medical benefit obligation 51 44 48
Leave pay obligation 3 3 4
Cash-settled compensation obligation 9 10 8
Straight-line operating lease obligation 36 38 36
Current liabilities 2 022 1 955 951
Trade and other payables 1 435 1 341 715
Provisions 42 61 71
Tax payable 545 553 165
Total liabilities 2 121 2 050 1 047
Total equity and liabilities 9 119 8 700 7 271
Number of shares in issue (net of treasury
shares) (millions) 418.9 423.9 417.8
Net asset value per share (cents) 1 670.6 1 568.8 1 489.7
Key ratios
Return on equity** (%) 42 44 39
Return on capital** (%) 59 62 55
Return on assets** (%) 43 45 46
Inventory turn** (times) 6.0 6.2 5.4
Asset turnover** (times) 1.3 1.2 1.3
* Resulting from the adoption of new IFRS (refer to note 3)
** Ratios for December have been annualised
CONDENSED GROUP STATEMENTS OF COMPREHENSIVE INCOME
26 weeks 26 weeks 52 weeks
to 29 Dec to 30 Dec to 30 Jun
2013 2012 2013
Unaudited Unaudited Unaudited
Restated* % Restated*
Note Rm Rm change Rm
Revenue 4 6 343 5 876 8 10 809
Sale of merchandise 5 766 5 368 7 9 765
Cost of sales (2 517) (2 303) (4 241)
Gross profit 3 249 3 065 6 5 524
Other income 120 117 226
Trading expenses (1 878) (1 625) 16 (3 202)
Depreciation and amortisation (84) (76) (160)
Employment costs (510) (504) (986)
Occupancy costs (477) (425) (843)
Trade receivable costs (531) (379) (739)
Other operating costs (276) (241) (474)
Trading profit 1 491 1 557 (4) 2 548
Interest received 427 390 9 814
Dividends received 30 1 4
Profit before tax 1 948 1 948 - 3 366
Tax expense (545) (545) (958)
Profit for the period, fully
attributable to owners of the parent 1 403 1 403 - 2 408
Other comprehensive (loss)/income
Movement in effective portion of
cash flow hedge (2) 9 (3)
Deferred tax on movement in effective
cash flow hedge 1 (3) 4
Movement in foreign currency
translation reserve (1) - (1)
Other comprehensive (loss)/income for
the period, net of tax (2) 6 -
Total comprehensive income for the
period, fully attributable to owners
of the parent 1 401 1 409 (1) 2 408
Basic earnings per share (cents) 335.8 331.3 1 570.8
Headline earnings per share (cents) 335.8 331.3 1 570.8
Fully diluted basic earnings per
share (cents) 330.7 324.8 2 560.7
Fully diluted headline earnings per
share (cents) 330.7 324.8 2 560.7
Weighted average number of shares
(millions) 417.8 423.5 421.9
Key ratios
Gross margin (%) 56.3 57.1 56.6
Trading expenses to sale of merchandise (%) 32.6 30.3 32.8
Trading margin (%) 25.9 29.0 26.1
Operating margin (%) 33.8 36.3 34.5
* Resulting from the adoption of new IFRS (refer to note 3)
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
Share
capital Non-distri-
and Treasury Retained butable
premium shares earnings reserve Total
Rm Rm Rm Rm Rm
2013
Balance at the beginning of the
period as previously reported 293 (2 028) 7 825 129 6 219
Prior year adjustment due to
adoption of new IFRS - - 5 - 5
Unaudited restated balance at the
beginning of the period* 293 (2 028) 7 830 129 6 224
Profit for the period - - 1 403 - 1 403
Other comprehensive loss for the period - - - (2) (2)
Dividends - - (662) - (662)
Shares repurchased - (2) - - (2)
Premium on shares issued 23 - - - 23
Cancellation of treasury shares - 1 851 (1 851) - -
Share-based payments - - - 14 14
Balance at 29 December 2013 316 (179) 6 720 141 6 998
2012
Balance at the beginning of the
period as previously reported 205 (1 274) 6 944 106 5 981
Adjustment due to adoption of new IFRS - - 5 - 5
Unaudited restated balance at the
beginning of the period* 205 (1 274) 6 949 106 5 986
Profit for the period - - 1 403 - 1 403
Other comprehensive income for
the period - - - 6 6
Dividends - - (667) - (667)
Shares repurchased - (106) - - (106)
Shares issued in terms of the
restricted share scheme 58 (58) - - -
Premium on shares issued 15 - - - 15
Share-based payments - - - 13 13
Balance at 30 December 2012 278 (1 438) 7 685 125 6 650
Cents per share: 2013 2012
Dividend declared in respect of the period 216 204
* Resulting from the adoption of new IFRS (refer to note 3)
CONDENSED GROUP STATEMENTS OF CASH FLOWS
26 weeks 26 weeks 52 weeks
to 29 Dec to 30 Dec to 30 Jun
2013 2012 2013
Unaudited Unaudited Unaudited
Restated* Restated*
Rm Rm Rm
CASH FLOWS FROM OPERATING ACTIVITIES
Cash flow from trading and cash EBITDA** 1 633 1 662 2 720
Working capital movements 112 73 (352)
Cash generated from operations 1 745 1 735 2 368
Interest received 427 390 814
Dividends received 30 1 4
Tax paid (170) (160) (988)
Cash inflow from operations 2 032 1 966 2 198
Dividends paid (661) (665) (1 526)
Net cash from operating activities 1 371 1 301 672
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
to expand operations (122) (95) (203)
Acquisition of plant and equipment
to maintain operations (31) (24) (50)
Acquisition of computer software (6) (15) (17)
Loans repaid 8 7 29
Loans advanced - - (1)
Net cash used in investing activities (151) (127) (242)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on shares issued 23 15 27
Shares repurchased by subsidiaries (2) (106) (691)
Net cash from/(used in) financing activities 21 (91) (664)
Net increase in cash and cash equivalents 1 241 1 083 (234)
Cash and cash equivalents at the beginning
of the period 1 325 1 560 1 560
Net foreign exchange difference (1) - (1)
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 2 565 2 643 1 325
Key ratios
Cash flow per share (cents) 486.4 464.2 521.0
Cash equivalent earnings per share (cents) 367.9 356.1 604.9
Cash realisation rate (%) 132 130 86
* Resulting from the adoption of new IFRS (refer to note 3)
** Earnings before interest received, tax, depreciation and amortisation
SELECTED EXPLANATORY NOTES
1 STATEMENT OF COMPLIANCE
The condensed Group financial statements for the 26-week period ended
29 December 2013 (interim report) have been prepared in compliance with
International Financial Reporting Standards (IFRS), the AC 500 Standards as
issued by the Accounting Practices Board, IAS 34: Interim Financial Reporting,
the Companies Act (71 of 2008, as amended) of South Africa and the JSE Listings
Requirements.
The interim report does not include all the information and disclosures required
in the annual financial statements, and should be read in conjunction with the
Group's annual financial statements as at 30 June 2013.
The information contained in the interim report has neither been audited nor
reviewed by the Group's external auditors. The interim report has been prepared
under the supervision of DB Pfaff CA(SA), the Chief Financial Officer of the Group.
2 BASIS OF PREPARATION
The interim report has been prepared in accordance with the going concern and
historical cost bases, unless otherwise indicated. The accounting policies are
applied consistently throughout the Group. The presentation and functional
currency used in the preparation of the interim report is the South African Rand
[ZAR] (Rand) and all amounts are rounded to the nearest million, unless otherwise
indicated.
3 ACCOUNTING POLICIES AND METHODS OF COMPUTATION
The accounting policies and methods of computation applied in the preparation of
the interim report are consistent with those applied in the preparation of the
Group's annual financial statements for the period ended 30 June 2013, except for
changes resulting from the adoption of the statements as described below.
IAS 19: Employee Benefits (Amended)
Amendments to IAS 19 include significant changes to the accounting for pension and
post-retirement benefit plans and various other minor changes. Of these changes,
the most fundamental is the removal of the corridor mechanism for recognising
actuarial gains and losses. In terms of the amended standard all plan surpluses
and deficits are recognised in the statement of financial position through other
comprehensive income. The amended standard was applied retrospectively in
accordance with the requirements of IAS 8: Accounting Policies - Changes in
Accounting Estimates and Errors, resulting in the restatement of all affected
opening comparative balances at 1 July 2012. This has resulted in the recognition
of the previously unrecognised actuarial gain in relation to the Group's post-
retirement medical benefit obligation of R5 million (as at 1 July 2012) directly
in other comprehensive income. All actuarial gains and losses arising after this
date are also recognised directly in other comprehensive income in the period
they arise.
The amended standard also requires short-term and other long-term employee benefits
to be disclosed separately based on the expected timing of settlement rather than
employee entitlement. This has resulted in the reclassification of a portion of the
Group's leave pay obligation from short-term employee benefits (disclosed under
current liabilities) to other long-term employee benefits (disclosed under non-
current liabilities). Changes in the carrying amount of liabilities for other
long-term employment benefits continue to be recognised in profit or loss.
Other than the restatements referred to above, the adoption of the amended
standard has had no further material financial impact on the Group's interim report.
IFRS 13: Fair Value Measurement
The objective of the new standard is to reduce the complexity and improve the
consistency of fair value measurements and is part of the IASB's IFRS and US GAAP
convergence project. The new standard consolidates and clarifies the requirements
for measuring fair value and includes disclosure enhancements to assist users of
financial statements to better assess the valuation techniques used to measure
fair value. The Group is in the process of assessing the impact this will have on
the valuation of its subsidiaries. However, at a Group level, it is probable that
the impact will be immaterial.
IFRS 10: Consolidated Financial Statements and IFRS 12: Disclosure of Interest
in Other Entities
The new standards establish control as the only basis for consolidation of all
entities, regardless of the nature of the investee. It amends the definition of
control to include three elements, namely power over an investee, exposure or
rights to variable returns of the investee and the ability to use power over the
investee to affect the investor's returns. Furthermore, the new standards increase
transparency in financial reporting where the reporting entity has an interest in
subsidiaries, joint arrangements, associates and/or unconsolidated structured
entities.
The Group has performed the necessary tests and applied the principles to all
contracts and entities which have not previously been consolidated and which
could be considered to fall within the scope of the new standards, and has not
found it necessary to consolidate any such contracts or entities at the date of
the interim report.
IFRS, amendments and International Financial Reporting Interpretations Committee
(IFRIC) interpretations not applicable to Group activities
Various other new and amended IFRS and IFRIC interpretations that have been
issued and are effective, have not been adopted by the Group as they are not
applicable to its activities.
26 weeks 26 weeks 52 weeks
to 29 Dec to 30 Dec to 30 Jun
2013 2012 2013
Unaudited Unaudited Unaudited
Restated % Restated
Rm Rm change Rm
4 REVENUE
Sale of merchandise 5 766 5 368 7 9 765
Retail sales 5 927 5 533 10 074
Accounting adjustments* (165) (171) (318)
Franchise sales 4 6 9
Interest received 427 390 9 814
Trade receivables interest 384 342 724
Investment interest 43 48 90
Other income 120 117 3 226
Commission 63 61 112
Display fees 25 26 48
Financial services income 23 24 51
Other 5 2 6
Lease rental income 3 3 7
Royalties 1 1 2
Dividends received 30 1 4
Total revenue 6 343 5 876 8 10 809
* Accounting adjustments made in terms of IFRS and generally accepted accounting
practice relating to promotional vouchers, staff discounts on merchandise
purchases, cellular retail sales, notional interest on non interest-bearing
trade receivables and the sales returns provision.
26 weeks 26 weeks 52 weeks
to 29 Dec to 30 Dec to 30 Jun
2013 2012 2013
Unaudited Unaudited Unaudited
Restated Restated
Rm Rm Rm
5 TREASURY SHARES
Balance at the beginning of the period 2 028 1 274 1 274
Shares repurchased in accordance with
general repurchase programme 2 106 691
Shares cancelled (1 851) - -
Shares issued in terms of the restricted
share scheme - 58 61
Shares acquired upon forfeiture of
equity-based awards - - 2
Balance at the end of the period 179 1 438 2 028
On 20 December 2013 the Group cancelled and applied for the delisting from the
JSE of approximately 44 million of its issued ordinary shares. The shares had
been acquired in the open market by wholly-owned subsidiary companies over the
period from 2004 to 2013, in accordance with the Group's general share repurchase
programme. The cancellation had the effect of reducing the number of treasury
shares held by the Group.
6 SEGMENT REPORTING
The Group's reportable segments have been identified as the Truworths and Young
Designers Emporium (YDE) business units. The Truworths business unit comprises all
the retailing activities conducted by the Group, through which the Group retails
fashion apparel comprising clothing, footwear and other fashion products to women,
men and children, other than by the YDE business unit. The YDE business unit
comprises the agency activities through which the Group retails clothing, footwear
and related products on behalf of emerging South African designers.
Management monitors the operating results of the business segments separately for
the purpose of making decisions about resources to be allocated and of assessing
performance. Segment performance is reported on an IFRS basis and evaluated based
on revenue and profit before tax.
Consoli-
dation
Truworths YDE entries Group
Rm Rm Rm Rm
2013
Total third party revenue 6 274 63 6 6 343
Third party 6 259 63 21 6 343
Inter-segment 15 - (15) -
Depreciation and amortisation 82 2 - 84
Interest received 426 1 - 427
Profit for the period 1 383 20 - 1 403
Profit before tax 1 920 28 - 1 948
Tax expense (537) (8) - (545)
Capital expenditure 153 6 - 159
Gross margin (%) 56.3 - - 56.3
Trading margin (%) 25.3 43.4 - 25.9
Operating margin (%) 32.7 44.7 - 33.8
Inventory turn (times) 6.0 - - 6.0
Credit:cash sales mix (%) 71:29 24:76 - 71:29
2012
Total third party revenue 5 825 58 (7) 5 876
Third party 5 814 58 4 5 876
Inter-segment 11 - (11) -
Depreciation and amortisation 74 2 - 76
Interest received 389 1 - 390
Profit for the period 1 385 18 - 1 403
Profit before tax 1 923 25 - 1 948
Tax expense (538) (7) - (545)
Capital expenditure 132 2 - 134
Gross margin (%) 57.1 - - 57.1
Trading margin (%) 28.5 41.6 - 29.0
Operating margin (%) 35.8 42.6 - 36.3
Inventory turn (times) 6.2 - - 6.2
Credit:cash sales mix (%) 72:28 24:76 - 72:28
Contribution to revenue
2013 2013 2012 2012
Third party revenue Rm % Rm %
South Africa 6 124 96.6 5 693 96.9
Namibia 103 1.6 89 1.5
Swaziland 36 0.5 26 0.4
Botswana 32 0.5 28 0.5
Zambia 10 0.2 9 0.2
Nigeria 10 0.2 8 0.1
Ghana 9 0.1 7 0.1
Lesotho 9 0.1 5 0.1
Mauritius 6 0.1 5 0.1
Franchise sales 4 0.1 6 0.1
Total third party revenue 6 343 100 5 876 100
29 Dec 30 Dec 30 Jun
2013 2012 2013
Unaudited Unaudited Unaudited
Restated Restated
Rm Rm Rm
7 CAPITAL COMMITMENTS
Capital expenditure authorised but not contracted:
Store development 125 114 259
Distribution facilities 57 40 60
Computer infrastructure 45 25 59
Motor vehicles 2 2 6
Head office refurbishment - - 4
Total capital commitments 229 181 388
The capital commitments will be financed from cash generated from operations and
available cash resources and are expected to be incurred in the remainder of the
2014 reporting period.
8 EVENTS AFTER THE END OF THE REPORTING PERIOD
No event material to the understanding of this interim report has occurred
between the end of the interim period and the date of approval.
9 SEASONALITY
Historically there has been no material seasonal variation in trading between the
first and second halves of the financial period.
10 RELATED PARTY TRANSACTIONS
Related party transactions similar to those disclosed in the Group's annual
financial statements for the period ended 30 June 2013 took place during the period.
Registered office:
No. 1 Mostert Street, Cape Town, 8001, South Africa; PO Box 600, Cape Town, 8000,
South Africa
Tax reference number: 9875/145/71/7
Sponsor in South Africa: One Capital Sponsor Services (Pty) Ltd
Sponsor in Namibia: Old Mutual Investment Services (Namibia) (Pty) Ltd
Auditors: Ernst & Young Inc.
Transfer secretaries:
In South Africa:
Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg, 2001,
South Africa; PO Box 61051, Marshalltown, 2107, South Africa;
In Namibia:
Transfer Secretaries (Pty) Ltd, Robert Mugabe Avenue No. 4, Windhoek, Namibia;
PO Box 2401, Windhoek, Namibia
Company secretary: C Durham
Directors: H Saven (Chairman)§‡, MS Mark (CEO)*, DB Pfaff (CFO)*, RG Dow§‡,
KI Mampeule§‡, CT Ndlovu§‡, RJA Sparks§‡, AJ Taylor§‡ and MA Thompson§‡
* Executive § Non-executive ‡ Independent
Website: www.truworths.co.za
Date: 20/02/2014 01:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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