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JD GROUP LIMITED - Audited provisional results for the year ended 30 June 2014

Release Date: 08/09/2014 13:01
Code(s): JDG     PDF:  
Wrap Text
Audited provisional results for the year ended 30 June 2014

JD Group Limited
("JD" or "the Company" or "the Group")
Registration number: 1981/009108/06   Share code: 
JDG ISIN: ZAE000030771

JD Group

AUDITED PROVISIONAL RESULTS 
for the year ended 30 June 2014

Key features 
- Revenue from continuing operations R30,6 billion (FY2013: R29,2 billion)
- Cash generated by operations R2,3 billion (FY2013: R1,5 billion) 
- Headline earnings from continuing operations R214 million (FY2013: R870 million)
- Headline earnings per share from continuing operations 93,9 cents (FY2013 earnings: 397,1 cents)
- Loss from discontinued operations for the year R2,1 billion
- Offer accepted for the sale of the Consumer Finance division

                                                                                                                            *Re-presented
Summarised group financial statements                                                                             2014               2013 
Summarised group statement of comprehensive income                                                           R million          R million
  
Continuing operations
Revenue                                                                                                         30 582             29 153
Cost of sales                                                                                                  (22 656)           (20 974)
Operating expenses                                                                                              (7 389)            (7 164)
Administration and other expenses                                                                               (6 890)            (6 347)
Depreciation and amortisation                                                                                     (452)              (444)
Capital items (note 2)                                                                                             (47)              (373)

Operating profit                                                                                                   537              1 015
Investment income                                                                                                   11                  8
Net finance costs                                                                                                 (213)              (165)
Share of profit of associate                                                                                         -                  2
Share of loss of joint venture                                                                                      (6)                (2)
Profit before taxation from continuing operations                                                                  329                858
Taxation                                                                                                          (128)              (236)
Profit for the year from continuing operations                                                                     201                622
(Loss)/profit for the year from discontinued operations (note 3)                                                (2 124)                10
(Loss)/profit for the year                                                                                      (1 923)               632
Profit for the year from continuing operations attributable to:
Owners of the parent                                                                                               177                596
Non-controlling interests                                                                                           24                 26
Profit for the year from continuing operations                                                                     201                622
(Loss)/profit for the year from discontinued operations attributable to:
Owners of the parent                                                                                            (2 124)                10
Non-controlling interests                                                                                            -                  -
(Loss)/profit for the year from discontinued operations                                                         (2 124)                10


                                                                                                                          
Summarised group statement of other comprehensive income    
                                                                                                                            *Re-presented
                                                                                                                   2014              2013
                                                                                                              R million         R million

(Loss)/profit for the year                                                                                       (1 923)              632
Exchange differences on translating foreign operations                                                               18                 3
Total comprehensive (loss)/income for the year                                                                   (1 905)              635
Attributable to:
Owners of the parent                                                                                             (1 929)              609
Non-controlling interests                                                                                            24                26
Total comprehensive (loss)/income for the year                                                                   (1 905)              635
       
*The prior year figures have been re-presented to reflect the impact of the discontinued operations. 
The discontinuation of the Consumer Finance division (excluding the insurance companies) has led to a re-
presentation of the statement of comprehensive income in a manner that more appropriately reflects the 
results of the segments in the Group.

                                                                                                                             *Re-presented
Supplementary information                                                                                             2014            2013

Earnings per share from continuing and discontinued operations:
Headline (loss)/earnings per ordinary share (cents)                                                                 (563,2)          395,2
Fully diluted headline (loss)/earnings per ordinary share (cents)#                                                  (518,8)          391,3
Basic (loss)/earnings per ordinary share (cents)                                                                    (859,5)          276,3
Fully diluted (loss)/earnings per ordinary share (cents)#                                                           (791,7)          275,5
Earnings per share from continuing operations:
Headline earnings per ordinary share (cents)                                                                          93,9           397,1
Fully diluted headline earnings per ordinary share (cents)                                                            86,5           393,1
Basic earnings per ordinary share (cents)                                                                             77,9           271,8
Fully diluted earnings per ordinary share (cents)                                                                     71,8           271,0
Distribution to shareholders (cents)                                                                                     -             232

                                                                                                                      2014            2013
                                                                                                                 R million       R million
Reconciliation of headline earnings
From continuing and discontinued operations:
(Loss)/profit attributable to owners of the parent                                                                  (1 947)            606
Capital items (note 2 and 3)                                                                                           909             356
Taxation thereon                                                                                                      (236)            (96)
Headline (loss)/earnings                                                                                            (1 274)            866
From continuing operations:
Profit attributable to owners of the parent                                                                            177             596
Capital items (note 2)                                                                                                  47             373
Taxation thereon                                                                                                       (10)            (99)
Headline earnings from continuing operations                                                                           214             870
Number of shares held outside the Group (000)                                                                      265 681         225 681
Weighted average number of shares in issue (000)
- basic                                                                                                            226 558         219 157
- diluted                                                                                                          245 958         237 609
EBITDA from continuing operations (excluding capital items)                                                          1 036           1 832
The earnings and headline earnings per share are calculated in R thousands as opposed to R million.
#Where dilutive earnings per share are in fact anti-dilutive, they have been included for reconciliation
 purposes only.
 
Summarised group statement of financial position                                                                          
                                                                                                                             *Re-presented
                                                                                                                     2014             2013
                                                                                                                R million        R million

Assets
Non-current assets
Intangible assets and goodwill                                                                                      3 341            3 646
Property, plant and equipment                                                                                       2 525            2 788
Investments and loans                                                                                                 130              128
Deferred taxation                                                                                                     801              254
Trade, loan and other receivables                                                                                      55            3 087
Total non-current assets                                                                                            6 852            9 903
Current assets
Inventories                                                                                                         4 124            4 049
Trade and loan receivables and other current financial assets                                                       1 464            7 720
Vehicle rental fleet                                                                                                  534              455
Taxation                                                                                                               13               34
Cash and cash equivalents                                                                                           1 199              973
Total current assets                                                                                                7 334           13 231
Assets classified as held for sale                                                                                  6 849                -
Total assets                                                                                                       21 035           23 134
Equity and liabilities
Share capital and premium                                                                                           5 445            4 472
Other reserves                                                                                                        (67)             162
Retained earnings                                                                                                   2 399            4 422
Shareholders' equity                                                                                                7 777            9 056
Non-controlling interests                                                                                              47               85
Total equity                                                                                                        7 824            9 141
Non-current liabilities
Interest bearing borrowings                                                                                         1 860            5 640
Loans from related parties                                                                                          3 174                -
Non-interest bearing liabilities and provisions                                                                       399              229
Deferred taxation                                                                                                     293              562
Total non-current liabilities                                                                                       5 726            6 431
Current liabilities
Trade, other payables, provisions and other current financial liabilities                                           5 656            5 289
Interest bearing borrowings                                                                                         1 324            1 992
Taxation                                                                                                                -               99
Bank overdraft                                                                                                        309              182
Total current liabilities                                                                                           7 289            7 562
Liabilities classified as held for sale                                                                               196                -
Total liabilities                                                                                                  13 211           13 993
Total equity and liabilities                                                                                       21 035           23 134
        
*The statement of financial position was previously presented in order of liquidity as permitted in terms of IAS 1. 
 Following the discontinuation of the Consumer Finance division, the statement of financial position has been re-presented by separate 
 classification of current or non-current assets and liabilities.
 
Net asset value per share (cents)                                                                                  2 927            4 013 
Gearing ratio (net) (%)                                                                                               70               75                                                     

                                                                                                                            *Re-presented
                                                                                                                    2014             2013 
Summarised group cash flow statement                                                                           R million        R million

Cash generated by trading                                                                                          2 698            3 111
Increase in working capital                                                                                         (401)          (1 598)
Cash generated by operations                                                                                       2 297            1 513
Increase in unsecured loan receivables                                                                              (385)          (2 090)
Dividends paid                                                                                                      (274)            (761)
Taxation paid                                                                                                       (454)            (412)
Interest paid                                                                                                       (736)            (538)
Interest received                                                                                                     41               48
Dividends received                                                                                                     -                2
Net cash flows from operating activities                                                                             489           (2 238)
Net cash flows from investing activities                                                                            (212)          (1 494)
Net cash flows from financing activities                                                                            (197)           3 000
Effect of exchange rate translation on cash and cash equivalents                                                      19                -
Net increase/(decrease) in cash and cash equivalents                                                                  99             (732)
Cash and cash equivalents at beginning of the year                                                                   791            1 523
Cash and cash equivalents at end of the year                                                                         890              791
        
*The cash flow statement has been re-presented to separately reflect the cash flows related to the unsecured 
 loan receivables. Cash flow relating to the secured instalment sale receivables is now included in working capital 
 changes while unsecured loan receivables is reflected separately under operating cash flows.         
 The discontinuation of the Consumer Finance division (excluding insurance companies) has led to a re-
 presentation of the finance costs from cash generated by trading to the interest paid line item in the cash 
 flow statement.
                                                                                                                   2014               2013
Summarised group statement of changes in equity                                                               R million          R million

Balance at beginning of the year                                                                                  9 141              8 881
Changes in ordinary share capital and share premium
Proceeds from rights issue (net of costs associated with rights issue)                                              973                  -
Proceeds from issue of shares                                                                                         -                448
Proceeds on disposal of shares by share incentive trust                                                               -                  7
Change in reserves
(Loss)/profit for the year attributable to owners of the parent                                                  (1 947)               606
Foreign currency translation reserve through other comprehensive income                                              18                  3
Share-based payment                                                                                                 (26)               (30)
Dividends paid                                                                                                     (264)              (761)
Settlement of convertible bond, net of tax                                                                          (22)                -
Other reserve movements                                                                                             (11)               (11)
Change in non-controlling interests
Total comprehensive income for the year attributable to non-controlling interests                                    24                 26
Other non-controlling interests movements                                                                           (62)               (28)
Balance at end of year                                                                                            7 824              9 141
   
Notes 

1.Accounting policies and basis of preparation 
  The summarised consolidated financial information has been prepared and presented 
  in accordance with the framework concepts and the measurement and recognition requirements 
  of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides 
  as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as 
  issued by the Financial Reporting Standards Council, the listing requirements of the JSE Limited, 
  the information as required by IAS 34: Interim Financial Reporting and the requirements of the 
  South African Companies Act 71 of 2008. The report has been prepared using accounting policies 
  that comply with IFRS which are consistent with those applied in the financial statements for the 
  year ended 30 June 2013, 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.

                                                                                                                    2014              2013
                                                                                                               R million         R million  
2.Capital items   
  From continuing operations   
  Loss  on disposal of assets                                                                                         45                11 
  Other impairments                                                                                                    2               350 
  Impairment of goodwill                                                                                               –                12 
  Capital items                                                                                                       47               373 

3.Discontinued operations
  The Group has accepted an offer from an international consumer finance provider to 
  acquire, subject to due diligence and conditions precedent, JD Group's consumer finance 
  division, excluding its insurance operations ("JDFS Division"). Accordingly, the JDFS division 
  is shown as a discontinued operation in the results for the year ended 30 June 2014. 

  The assets and liabilities of the JDFS division are disclosed as assets and liabilities held 
  for sale in the statement of financial position. These assets are available for sale in 
  their present condition. Management is committed to the sale which is expected to occur within 
  12 months of being classified as held for sale. Loss for the year from discontinued operations 
  includes the following items: 
  
  Debtors' cost                                                                                                    2 932               914
  Impairment on disposal group                                                                                       862                 –
  
  As customary in this type of transaction, the identity of the purchaser and contents of the 
  offer cannot be disclosed until the required due diligence has been completed and the final 
  documents are executed. A detailed announcement in this regard is envisaged to be released 
  in due course.

4.Disposal of subsidiaries
  During the year the Group disposed of its controlling interest of 70% in Blake and Associates 
  Proprietary Limited effective 30 November 2013 for a total consideration of R163,1 million.

5.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 rights, the cash value to be received in future in respect of unissued 
  shares granted to employees and the effect of the convertible bond which was repaid on 27 June 2014.

6.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.

7.Events after the reporting period
  No significant events have occurred in the period between 30 June 2014 and the date of this announcement.

Segmental analysis for continuing and discontinued operations                                               
                                                                       RETAIL*              CONSUMER FINANCE              AUTOMOTIVE                     CORPORATE                      GROUP
                                                                30 June       30 June    30 June       30 June      30 June       30 June         30 June        30 June        30 June       30 June 
                                                                   2014          2013       2014          2013         2014          2013            2014           2013           2014          2013
Revenue                                                  Rm      11 839        12 562      4 715         4 809       17 547        15 504            (534)          (665)#       33 567        32 210
Total sale of merchandise                                Rm      11 024        11 553          -             -       15 842        13 908              (6)             -         26 860        25 461
Sale of merchandise on credit                            Rm       2 920         3 584          -             -            -             -               -              -          2 920         3 584
Depreciation and amortisation                            Rm         164           142         42            62          172           134             110            151            488           489
Net finance costs                                        Rm          14            16        440           291           89            63             152            120            695           490
Operating (loss)/profit                                  Rm        (188)          383     (1 976)        1 185^         512           472            (278)          (686)        (1 930)        1 354
Operating margin                                          %        (1,6)          3,0        (42)         24,6          2,9           3,0               -              -           (5,7)          4,2
Total assets                                             Rm       4 328         3 181      7 671        10 958        6 258         6 096           2 778          2 899         21 035        23 134
Capital expenditure                                      Rm          98         1 204         56           126           60            28             156            314            370         1 672
Number of stores                                                  1 223         1 193          -             -          118           114               -              -          1 341         1 307
       
*Includes the Furniture Retail chains, HiFi Corp, Incredible Connection and SteinBuild.        
#Elimination of interdivisional origination fees.
^The discontinuation of the Consumer Finance division resulted in a re-presentation of the finance costs 
 within the statement of comprehensive income.

Year under review

These are provisional audited results for the year ended 30 June 2014.

The year under review remained very challenging as customers' disposable income continued to decline, 
impacting negatively on both the retail and consumer finance businesses.

As reported previously on SENS on 1 September 2014, an offer was accepted to dispose of JD Group's Consumer 
Finance division, excluding its insurance operations ("the offer") to an international consumer 
finance provider, subject to conditions precedent. The sale of the Consumer Finance division ("the disposal") will enable 
the Company to focus on the strategic repositioning and growth of its retail operations, while still availing 
its customers with access to affordable consumer finance. The disposal will contribute to reduced future funding 
requirements and an improved balance sheet structure. As a result of this offer, these results for the year 
ended 30 June 2014 (FY14) are presented for continuing and discontinued operations.

Group revenue from continuing operations increased by 4,9% to R30,6 billion (FY13: R29,2 billion) while 
operating profit from continuing operations decreased to R537 million (FY13: R1,0 billion) primarily as a 
result of the challenging operating conditions in the household goods, appliances and electronics retail 
environment. Management restructured the business materially during the year to ensure the sustainability 
of the business. Operating expenses pertaining to continuing operations increased by only 3,1% to R7,4 
billion, reflecting the result of management's efforts to restructure the business and its focus on cost 
reduction.

FINANCIAL REVIEW

General

The key features of the FY14 results are as follows:
        
- An increase of 4.9% in revenue to R30,6 billion 
  (FY13: R29,2 billion)
        
- Cash generated by operations increased to 
  R2,3 billion (FY13: R1,5 billion)
       
- Headline earnings per share from continuing operations amounted to 93,9 cents (FY13: 397,1 cents)
       
- Loss from discontinued operations for the year of 
  R2,1 billion
      
- Offer accepted for the sale of the Consumer Finance division

Note: FY13 numbers have been re-presented to reflect the impact of the discontinued operations.

RETAIL

The Group's Retail business, which includes the retail of furniture, consumer electronics, appliances, 
building materials and DIY products, generated merchandise sales of R11,0 billion, representing a decrease 
of 4,6% compared to the prior year. Gross margins were largely maintained at 22,3% across the Group's 
retail segment. 

Retail of furniture was affected by continued poor trading as a result of the market conditions, while net 
margins continued to be negatively impacted by the costly logistics platform, IT systems and restructurings 
within the Group. In response to this, management has developed several strategies with the aim of 
improving efficiencies and profitability. The credit sales mix within furniture retail decreased to 62,9% 
(FY13: 63,3%). 

Trading in the consumer electronics space remained challenging during the year under review with pressure 
on revenue. However, management's focus on the consolidation of back-office functions and cost reduction 
resulted in increased margins.

The building materials and DIY segment continues to grow. This growth, coupled with the successful 
integration of Hardware Warehouse and management's efforts on retail disciplines, resulted in good revenue 
growth for SteinBuild. In addition, the larger scale of this business continues to drive efficiencies and 
improved margins.

CONSUMER FINANCE 

Discontinued operations and Insurance

The deteriorating financial position of the over-geared target market consumer adversely affected the 
performance of the Consumer Finance division during the year. This negatively impacted collections and the 
overall quality of the book.

The gross loan book increased by only R910 million (FY13: R2,5 billion) to R10,6 billion (FY13: R9,7 
billion), highlighting the effect of stricter lending criteria together with the decision to cease the 
granting of personal loans.

Debtors cost for the year increased to R3,3 billion (FY13: R914 million), comprising bad debts written off 
of R841 million (FY13: R505 million) and an increase in provisions of R2,5 billion (FY13: R409 million). 
This provision covers 59,1% (FY13: 33,2%) of accounts in arrears by more than three contractual instalments.

The most recent roll-rates for both secured and unsecured loans are showing encouraging trends. 

Management of the insurance business continues to play a key role in engaging with regulators on all 
industry matters.

AUTOMOTIVE

Representing 56% of the Group's revenue for the year, before intergroup eliminations, Unitrans Auto remains 
the largest contributor of revenue and profits for the Group. Despite a subdued automotive retail market 
and disruptions caused by the motor industry strikes, revenue increased by 13,2% and margins were largely 
maintained at 2,9%.

The Unitrans Auto business is focused on locally produced traditional automotive brands and has a footprint 
of 84 dealerships throughout South Africa, representing 21 passenger and commercial automotive brands. This 
footprint is further supplemented with 34 Hertz car rental outlets.

Operating conditions were not optimal with the market for new vehicles declining by approximately 1% on a 
volume basis. Despite this decline, Unitrans Auto managed to grow its new vehicle sales by 1,2% on a 
comparable basis. The used vehicle market remains challenging due to competition from aggressive offers in 
the new vehicle market. Revenue from service and parts remains under pressure as a result of strong 
competition for market share.

The Hertz car rental division experienced a successful year with pleasing growth in revenue and has 
returned to profitability at an operating level.

CASH FLOW

Cash generated from trading of R2,7 billion was supported by improved working capital cash flows, resulting 
in increased cash generated by operations of R2,3 billion (FY13: R1,5 billion). The decision by the Board 
to discontinue the personal loan product led to a material reduction in cash outflows. 

PROSPECTS

Management is confident that the correct strategic and operational plans are being put in place to grow 
market share in the household goods and appliances & electronics market. This, coupled with the product-
related insurance offering, should increase the contribution from these businesses in future years.

SteinBuild is now well poised to take advantage of both organic and acquisitive opportunities going 
forward. 

Used vehicle sales are expected to improve as a result of new vehicle price inflation due to the weaker 
South African currency.

CORPORATE ACTIVITY

In May 2014, the Group successfully concluded a rights offer which resulted in the issuing of 40 000 000 
new shares at R25,00 each, raising R1,0 billion. The proceeds were used to redeem the convertible bonds and 
resulted in a significant reduction in net gearing to R5,5 billion (FY13: R6,8 billion).

During the year the Board resolved that the funding and treasury function of JD Group should be undertaken 
by Steinhoff, as part of its central treasury function. As a consequence, JD Group's funding requirements 
(excluding the Domestic medium-term note programme) have shifted to Steinhoff central treasury resulting in 
loan covenants no longer being applicable to JD Group. This arrangement is represented as a Steinhoff 
shareholder's term loan at market related terms with a balance at 30 June 2014 of R3,2 billion.

On 1 September 2014, the JD Board accepted an offer to dispose of its Consumer Finance division to an 
international consumer finance provider, which intends to build a long-term commercial relationship 
with the JD Group in South Africa. Although the offer includes an interest in the performance of the 
insurance business, the insurance division is to be retained by JD Group. The Consumer Finance division, 
excluding the insurance business, is shown as assets and liabilities held for sale in the 30 June 2014 statement 
of financial position and has been impaired to reflect the value as determined by the offer price mechanism. The offer 
is subject to conditions precedent and the final price will be determined on the effective date. Key principles 
of the transaction have been agreed with an objective to finalise the transaction by the end of the year. 
As customary in this type of transaction, the name of the purchaser and the details of the offer may not be 
disclosed. However, management may disclose that this leading consumer finance provider has recognised expertise, 
notably in risk management and new product development, and a strong experience in building partnerships with 
large retailers both in Europe and globally. This expertise will be key to help achieve management's objectives 
for JD Group's retail operations. Further details will be announced in due course.
 
CHANGES TO THE BOARD

As announced on SENS, the following changes to the Board occurred since the interim results announcement:
        
Dr Steve Booysen, Mr Dave Brink and Dr Theunie Lategan were appointed as independent non-executive 
directors of JD Group with effect from 14 May 2014. They were also appointed as members of JD Group's Audit 
Committee with effect from the same date. These appointments will be ratified at the next annual general 
meeting of the Company. In addition, the functions and obligations of the JD Group Risk Management 
Committee have been incorporated into those of the Audit Committee.
        
The functions of the Remuneration Committee of JD Group continue to be performed by Messrs Vusi Khanyile, 
Steve Mller and Markus Jooste, all being current non-executive directors of JD Group, with the majority 
being independent.
        
Mr David Sussman, the founder and Chief Executive Officer of JD Group, resigned on 14 April 2014 after 
having taken compassionate leave for an indefinite period. Mr Peter Griffiths, who at that stage had been 
fulfilling the role of Acting Chief Executive Officer, was appointed by the Board as Chief Executive 
Officer of JD Group, effective on the same date. 
        
On 14 April 2014, Mr Johann Pieterse resigned as Company Secretary of JD Group and Steinhoff Africa 
Secretarial Services Proprietary Limited was appointed in his stead on this date.
        
Mr Bennie van Rooy, the Chief Executive Officer of JD Consumer Finance, resigned on 19 February 2014. 

AUDIT OPINION OF THE INDEPENDENT AUDITOR

The consolidated financial statements for the year have been audited by Deloitte & Touche, and their accompanying 
unmodified audit opinion 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 in due course.

The results were approved by the Board of Directors on 8 September 2014.

DIVIDEND

The Board has resolved that no dividend will be declared.

By order of the Board

Vusi Khanyile        
Independent Chairman

Peter Griffiths
Chief Executive Officer

Jan van der Merwe
Chief Financial Officer

8 September 2014

Executive directors: PM Griffiths (Chief Executive Officer), KR Chauke, JHN van der Merwe (Chief Financial 
Officer) Independent non-executive directors: VP Khanyile (Independent Chairman), SF Booysen, DC Brink, 
MT Lategan, SH Muller Non-executive directors: AB la Grange (Snr), AB la Grange (Jnr), MJ Jooste, 
DM van der Merwe 

Company secretary: Steinhoff Africa Secretarial Services Proprietary Limited 
28 6th Street Wynberg Sandton, 2090 (PO Box 1955, Bramley, 2018) 

Press announcement prepared under the supervision of: 
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 

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, Deloitte Place, The Woodlands, 20 Woodlands Drive, 
Woodmead, Sandton, Johannesburg, Gauteng, 2052, 
telephone +27 11 806 5000, facsimile +27 11 806 5003

www.jdg.co.za





Date: 08/09/2014 01:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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