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Unaudited interim results for the six months ended 31 March 2015
The SPAR Group Limited
REGISTRATION NUMBER: 1967/001572/06
ISIN: ZAE000058517
JSE SHARE CODE: SPP
THE SPAR GROUP LIMITED ("SPAR" or "the company" or "the group")
www.spar.co.za
THE SPAR GROUP LIMITED UNAUDITED INTERIM RESULTS
for the six months ended 31 March 2015
Turnover 40.7%
Operating profit 29.3%
Headline earnings per share 22.4%
Interim dividend of 239 cents per share 22.6%
Condensed consolidated statement of profit or loss and other comprehensive income
Unaudited Unaudited Audited
six months six months year
ended ended ended
Change March March September
Rmillion % 2015 2014 2014
Revenue 40.9 36 382.5 25 830.6 55 015.9
Turnover 40.7 36 024.4 25 605.8 54 483.0
Cost of sales (32 934.7) (23 552.3) (49 985.1)
Gross profit 3 089.7 2 053.5 4 497.9
Other income 358.1 224.8 532.9
Operating expenses 65.7 (2 291.4) (1 382.8) (3 150.2)
Trading profit 1 156.4 895.5 1 880.6
BBBEE transactions (6.2) (6.2) (13.2)
Operating profit 29.3 1 150.2 889.3 1 867.4
Interest received 14.6 13.3 34.2
Interest paid (85.5) (12.1) (37.9)
Finance costs (19.8) (6.7)
Share of equity-accounted associate profit/(loss) 1.6 (1.0) (12.8)
Profit before taxation 19.3 1 061.1 889.5 1 844.2
Taxation (277.5) (246.6) (499.2)
Profit for the period attributable to ordinary
shareholders 21.9 783.6 642.9 1 345.0
Other comprehensive income
Items that will not be reclassified subsequently to
profit or loss:
Actuarial loss on retirement funds (134.6) (21.4)
Actuarial loss on post-retirement medical aid (8.1)
Items that may be reclassified subsequently to profit
or loss:
Exchange differences from translation of foreign
operations 119.9 (0.3) 16.1
Total comprehensive income 19.7 768.9 642.6 1 331.6
EARNINGS PER SHARE
Earnings per share (cents) 21.7 452.8 372.1 778.2
Diluted earnings per share (cents) 19.6 417.2 348.9 727.0
SALIENT STATISTICS
Headline earnings per share (cents) 22.4 455.5 372.0 781.8
Diluted headline earnings per share (cents) 20.3 419.6 348.8 730.4
Dividend per share (cents) 22.6 239.0 195.0 540.0
Net asset value per share (cents) (3.0) 1 821.2 1 876.9 1 751.1
Operating profit margin (%) 3.2 3.5 3.4
Return on equity (%) 24.5 21.0 43.4
HEADLINE EARNINGS RECONCILIATION
Profit for the period attributable to ordinary
shareholders 783.6 642.9 1 345.0
Adjusted for:
Loss/(profit) on disposal of property, plant and
equipment 5.4 (0.1) 4.3
- Gross 6.2 (0.2) 5.4
- Tax effect (0.8) 0.1 (1.1)
Impairment of goodwill 5.6
Profit on disposal of associate interests (0.7) (0.1) (1.5)
Profit on disposal of businesses (2.1)
Headline earnings 22.7 788.3 642.7 1 351.3
Condensed consolidated statement of financial position
Unaudited Unaudit Audited
six months six month year
ended ended ended
March March September
Rmillion 2015 2014 2014
ASSETS
Non-current assets 5 684.2 2 444.6 5 677.4
Property, plant and equipment 2 832.2 1 769.9 2 878.2
Goodwill 2 573.2 396.7 2 545.2
Operating lease receivables 101.9 91.8 84.8
Investment in associates 44.9 72.0 45.9
Other investments 2.3 1.9 2.9
Loans 83.8 82.2 75.0
Deferred taxation asset 45.9 30.1 45.4
Current assets 11 348.8 7 868.1 11 253.7
Inventories 2 513.1 1 680.4 2 202.7
Trade and other receivables 8 356.2 5 931.8 8 515.1
Prepayments 70.8 49.4 32.9
Operating lease receivables 45.5 42.7 56.2
Loans 10.1 4.2 10.6
Bank balances - SPAR 212.7 323.6
Bank balances - Guilds 140.4 159.6 112.6
Non-current assets classified as held for sale 29.8 15.0
Total assets 17 062.8 10 312.7 16 946.1
EQUITY AND LIABILITIES
Capital and reserves 3 151.9 3 242.4 3 026.5
Stated capital 67.6 67.6 67.6
Treasury shares (11.1) (47.8) (48.2)
Currency translation reserve 136.5 0.2 16.6
Share-based payment reserve 404.7 371.0 387.7
Equity reserve (545.7) (545.7)
Retained earnings 3 099.9 2 851.4 3 148.5
Non-current liabilities 2 849.7 226.4 2 951.5
Deferred taxation liability 2.0 3.2 2.0
Post-retirement medical aid provision 133.7 113.8 129.1
Retirement benefit fund 383.8 286.1
Financial liability 525.1 548.9
Long-term borrowings 1 670.7 1 866.3
Operating lease payables 134.4 109.4 119.1
Current liabilities 11 061.2 6 843.9 10 968.1
Trade and other payables 8 814.9 5 632.8 9 697.9
Current portion of long-term borrowings 52.9 85.1
Operating lease payables 52.0 45.0 62.1
Provisions 89.8 16.1 95.8
Taxation payable 10.6 2.7 47.6
Bank overdrafts 2 041.0 1 147.3 979.6
Total equity and liabilities 17 062.8 10 312.7 16 946.1
Condensed consolidated statement of changes in equity
Attribu-
Currency Share- table to
trans- based ordinary
Stated Treasury lation payment Retained Equity share-
Rmillion capital shares reserve reserve earnings reserve holders
Capital and reserves at 30 September 2013 61.6 (42.8) 0.5 355.1 2 801.2 - 3 175.6
Total comprehensive income (0.3) 642.9 642.6
Issue of shares 6.0 (6.0) -
Recognition of share-based payments 9.7 9.7
Take-up of share options 104.8 (63.2) 41.6
Transfer arising from take-up of share options 63.2 (63.2) -
Share repurchases (103.8) (103.8)
Dividends paid (529.5) (529.5)
Recognition of BBBEE transaction 6.2 6.2
Capital and reserves at 31 March 2014 67.6 (47.8) 0.2 371.0 2 851.4 - 3 242.4
Total comprehensive income for the year 16.4 702.1 718.5
Issue of shares -
Actuarial loss on post-retirement medical aid (8.1) (8.1)
Actuarial loss on retirement funds (21.4) (21.4)
Recognition of share-based payments 10.5 10.5
Take-up of share options 59.8 (38.0) 21.8
Transfer arising from take-up of share options 38.0 (38.0) -
Share repurchases (60.2) (60.2)
Dividends paid (337.5) (337.5)
Recognition of BBBEE transaction 6.2 6.2
Purchase obligation of non-controlling interest (545.7) (545.7)
Capital and reserves at 30 September 2014 67.6 (48.2) 16.6 387.7 3 148.5 (545.7) 3 026.5
Total comprehensive income for the year 119.9 783.6 903.5
Issue of shares -
Actuarial loss on retirement funds (134.6) (134.6)
Recognition of share-based
payments 10.8 10.8
Take-up of share options 153.7 (100.0) 53.7
Transfer arising from take-up of share options 100.0 (100.0) -
Share repurchases (116.6) (116.6)
Dividends paid (597.6) (597.6)
Recognition of BBBEE transaction 6.2 6.2
Capital and reserves at 31 March 2015 67.6 (11.1) 136.5 404.7 3 099.9 (545.7) 3 151.9
Condensed consolidated statement of cash flows
Unaudited Unaudited Audited
six months six months year
ended ended ended
March March September
Rmillion 2015 2014 2014
CASH FLOWS FROM OPERATING ACTIVITIES (737.7) (783.8) 481.2
Operating profit before: 1 150.2 889.3 1 867.4
Non-cash items 195.3 108.9 199.2
Impairment of goodwill 5.6
Net loss/(profit) on disposal of property, plant and
equipment 6.2 (0.2) 5.4
Net working capital changes (1 123.0) (995.9) (235.2)
- Increase in inventories (348.8) (306.4) (179.9)
- Increase in trade and other receivables (74.2) (118.8) (768.0)
- (Decrease)/increase in trade payables and provisions (700.0) (570.7) 712.7
Cash generated from operations 228.7 2.1 1 842.4
Interest received 12.4 11.3 30.9
Interest paid (67.9) (12.1) (53.2)
Taxation paid (313.3) (255.6) (471.9)
Dividends paid (597.6) (529.5) (867.0)
CASH FLOWS FROM INVESTING ACTIVITIES (260.9) (143.0) (924.4)
Investment to expand operations (150.6) (64.8) (106.1)
Investment to maintain operations (63.3) (31.0) (115.3)
- Replacement of property, plant and equipment (68.1) (31.3) (120.8)
- Proceeds on disposal of property, plant and equipment 4.8 0.3 5.5
Acquisition of businesses/subsidiaries (35.0) (11.6) (696.4)
Proceeds from disposal of businesses 12.3
Net movement in loans and investments (12.0) (35.6) (18.9)
CASH FLOWS FROM FINANCING ACTIVITIES (144.0) (62.2) (100.6)
Proceeds from issue of shares 6.0 6.0
Proceeds from exercise of share options 53.7 35.6 57.4
Share repurchases (116.6) (103.8) (164.0)
Repayment of borrowings (81.1)
Net movement in cash and cash equivalents (1 142.6) (989.0) (543.8)
Net (overdrafts)/balances at beginning of period (543.4) 1.3 1.3
Exchange rate translation (1.9) (0.9)
Net (overdrafts)/balances at end of period (1 687.9) (987.7) (543.4)
Notes to the condensed consolidated financial results
BASIS OF PRESENTATION AND COMPLIANCE WITH IFRS
1.The condensed consolidated interim financial statements have been prepared 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 and the information as required by IAS 34: Interim Financial
Reporting, the JSE Limited Listings Requirements and the requirements of the Companies Act of South Africa. The accounting policies are consistent with those
applied in the financial statements for the year ended 30 September 2014.
The information contained in the interim report has neither been audited nor reviewed by the group's external auditors. In compliance with the disclosure
requirements of the Companies Act, No 71 of 2008, the condensed consolidated financial statements have been prepared under the supervision of Mr MW Godfrey
CA(SA) on behalf of The SPAR Group Limited.
2.SEGMENTAL REPORTING
The principal segments of the group have been identified on a primary basis by geographical segment which is representative of the internal reporting used for
management purposes as well as the source and nature of business risks and returns.
The Chief Executive Officer (the Chief Operating Decision Maker) is of the opinion that the operations of the individual distribution centres within Southern Africa
are substantially similar to one another and that the risks and returns of these distribution centres are likewise similar. The risks and returns of the Ireland
operations are not considered to be similar to those within Southern Africa. As a result, the geographical segments of the group have been identified as Southern
Africa and Ireland.
All segment revenue and expenses are directly attributable to the segments. Segment assets include all operating assets used by a segment. Segment liabilities
include all operating liabilities. These assets and liabilities are all directly attributable to the segments. All intra-segment transactions are eliminated on
consolidation.
Segment analysis:
SPAR Con-
(Southern BWG Group solidated
Rmillion Africa (Ireland) Total
Total revenue 28 600.2 7 782.3 36 382.5
Operating profit 1 029.7 120.5 1 150.2
Profit before tax 996.0 65.1 1 061.1
Total assets 12 138.2 4 924.6 17 062.8
Total liabilities 9 070.8 4 840.1 13 910.9
3.BUSINESS COMBINATIONS
3.1.During the course of the financial year The SPAR Group Limited acquired the assets of three retail stores. These acquisitions were funded from available cash
resources. The assets acquired relate to Pinetown Build it, Naas SUPERSPAR, and Alpha SUPERSPAR and TOPS (March 2014: Mafikeng SPAR). The principal activity of
these acquisitions is that of retail trade and all its aspects.
3.2 Assets acquired and liabilities assumed at date of acquisition:
Unaudited Unaudited
six months six months Audited
ended ended year ended
March March September
Rmillion 2015 2014 2014
Assets 7.0 2.5 3 928.6
Liabilities (5 258.0)
Total identifiable net assets at fair value 7.0 2.5 (1 329.4)
Goodwill arising from acquisition 28.0 9.1 2 163.2
Purchase consideration transferred 35.0 11.6 833.8
Cash and cash equivalents acquired 137.4
Net cash outflow on acquisition 35.0 11.6 696.4
3.3.Assets and liabilities at date of disposal
The assets and liabilities disposed of relate to Stoneacres SUPERSPAR and TOPS and Philippi SUPERSPAR and TOPS in the year ended September 2014:
Retail stores
Non-current assets - - 10.2
Property, plant and equipment 10.2
Profit on disposal of business 2.1
Proceeds - - 12.3
4.EVENTS AFTER THE REPORTING DATE
No material events have occurred subsequent to 31 March 2015 which may have an impact on the group's reported financial position at this date.
Commentary
REVIEW OF TRADING RESULTS
Against the backdrop of pedestrian economic growth in South Africa, which was further aggravated in the period by disruptions in power supplies, and the resulting
pressure on consumer spending, SPAR South Africa traded well, reporting positive volume growth as the brand continued to gain market share in a highly competitive
retail environment.
The six months ended 31 March 2015 represents the first full period of consolidation of BWG/SPAR Ireland and this had a significant impact on the results for the
period under review. The Irish trading results for the period were in line with expectation, and positively supported by improving fundamentals. SPAR South Africa's
management team is collaborating with SPAR Ireland to support its five-year growth plans and deliver value to shareholders.
FINANCIAL OVERVIEW
Summary Segmental Analysis
SPAR The SPAR
(Southern BWG Group Group
Rmillion Africa) (Ireland) Limited
Turnover 28 361.0 7 663.4 36 024.4
Gross profit 2 291.5 798.2 3 089.7
Operating profit 1 029.7 120.5 1 150.2
Profit before tax 996.0 65.1 1 061.1
The SPAR Group achieved turnover growth of 40.7% to R36.0 billion (2014: R25.6 billion). This was significantly influenced by the inclusion of the Irish business
for the full period. The gross margin increased to 8.6% (2014: 8.0%), underpinned by the contribution of the higher margin BWG Group. SPAR's operating expenses
increased 65.7% to R2 291.4 billion (2014: R1 382.8 billion) largely attributed to the BWG consolidation.
The group reported a 19.3% improvement in profit before tax to R1 061.1 million (2014: R889.5 million), or like-for-like growth of 12.0%, excluding the contribution
of BWG Group. Profit after tax increased 21.9% to R783.6 million (2014: R642.9 million).
Group headline earnings grew 22.7% to R788.3 million, comprising growth of 13.3% within the local business to R728.3 million, while the BWG Group accounted for the
remainder of the increase. Headline earnings per share showed a commensurate increase to 455.5 cents (2014: 372.0 cents), with the domestic business contributing
420.8 cents (an increase of 13.1%). The board approved an interim dividend declaration of 239 cents per share (2014: 195 cents), up 22.6% on the prior year.
SPAR's cash generated from operations remains very strong and continues to reflect an ongoing focus on improving working capital levels. Cash flows from operating
activities were very comparable to the prior period, utilising cash amounting to R737.7 million (2014: R783.8 million utilised). This was again influenced by
increased stock levels for the Easter trading and the timing of the trade payables. Cash used by the group for investment activities exceeded R260 million. This
included capital expenditure for the expansion of the KwaZulu-Natal perishables facility, the initial work at the South Rand slow moving product facility, and the
construction of a chilled warehousing facility at the BWG Kilcarbery, Dublin national distribution centre. Furthermore, SPAR took ownership of three additional
local retail stores during the period, an investment of R35.0 million.
SPAR Southern Africa
SPAR reported a strong performance in local markets as reflected by group turnover growth of 10.8% to R28.4 billion. This compared favourably against internally
measured food inflation, which remained relatively low at 5.4%.
Group turnover continued to be positively influenced by exceptional liquor sales, with growth of 16.9% reported.
The gross margin increased marginally to 8.08% (2014: 8.02%), as a result of maintaining the positive trend in its sales mix. Ex-warehouse sales increased to 62.5%
(2014: 61.6%) of revenue, supported by higher dry goods and perishable volumes.
SPAR Southern Africa reported an 8.1% increase in operating expenses. Lower fuel prices were beneficial for reduced logistics costs, despite strong case volume
growth of 5.6%. However, stronger demand from SPAR stores in Namibia and Botswana led to increased third party cross-border transport costs which substantially
offset the fuel savings gains. Increased investment in marketing activities to defend SPAR's positioning in the domestic environment also contributed to the growth
in operating expenses. Operating expenses included a R43.7 million foreign exchange gain on the valuation of the BWG minority purchase obligation. Excluding the
impact of this gain, operating expenses in South Africa would have increased 11.3%.
SPAR reflected a 12.0% increase in profit before tax to R996.0 million, up from growth of 8.6% in the comparable period. After tax profit increased 13.1% to R727.0
million.
SPAR Ireland
SPAR Ireland contributed turnover of R7.7 billion, or 21.3% of total group turnover, being consolidated for the full period. This represents 2.3% year-on-year
growth in Euro currency terms, the base trading currency for SPAR Ireland, and is stronger than the reported Irish convenience retail sector. Internally measured
food deflation of greater than -1% was recorded over the same period. BWG Group's revenues are typically lower during the Northern hemisphere winter, coinciding
with the first half of SPAR's financial year.
SPAR Ireland reported a marginal increase in gross margin to 10.4% with both the Irish and United Kingdom businesses showing increases. This was attributable to
product mix changes. Operating Profit amounted to R120.5 million and was in line with budget. Profit after tax of R56.6 million represents a net margin of 0.7% due
to the seasonality of trading volumes but is forecast to improve for the full year.
The profit performance of SPAR Ireland was per plan, however, retained earnings were adversely impacted by an actuarial loss of R134.6 million on the company's
defined benefit pension fund. The loss arose mainly as a result of a reduction in the discount rate used in determining the pension plan liabilities.
OPERATIONAL OVERVIEW
SPAR Southern Africa
The retail turnover of SPAR stores grew 9.2% to R33.7 billion (2014: R30.9 billion). The performance of existing stores was very pleasing with like-for-like growth
of 7.7% (2014: 6.6% for the comparable period), despite the highly competitive operating environment. The strong retail performance resulted in wholesale turnover
reaching R23.0 billion (2014: R20.8 billion), which represented an increase of 10.3%. This continues to demonstrate that SPAR's independent retailers recognise and
support the merchandising, distribution and logistics services provided by the group. The group's focus on the uncompromising development of its house brands is
paying dividends in the current environment where cash constrained consumers favour products that offer value-for-money. Sales of SPAR brand products increased
20.8% to R3.2 billion, well ahead of growths in SPAR's other wholesale categories. During the period, 56 retail stores were substantially upgraded, in line with
SPAR's organic growth focus, bringing the total stores that have been revamped by retailers in the last two years to more than 340 stores. The increase in net
retail trading space was measured at 1.3%. As at 31 March 2015, the total number of SPAR stores amounted to 879, including 14 new stores opened in the six months.
TOPS at SPAR has maintained its strong growth trajectory, with total retail sales increasing 19.6% to R4.0 billion (2014: R3.3 billion). This was underpinned by
exceptional same-store retail growth of 14.9% and resulted in wholesale turnover reaching R2.4 billion (2014: R2.1 billion), an increase of 16.9%. The total TOPS
store count at the end of the period was 639, including the launch of 21 new stores in this period.
Combined food and liquor retail sales, which allows for a better industry comparison, increased by 10.2% and 8.4% on a like-for-like store basis.
Tough market conditions continued to adversely impact Build it, as aggressive competition put pressure on cement prices and consumer spending remained constrained,
especially in rural markets where the brand predominantly trades. However, strong growth in neighbouring countries, particularly Namibia, boosted the Build it
performance. Accordingly, Build it reported 9.0% retail sales growth to R4.9 billion (2014: R4.5 billion), with solid same store growth of 7.2%. Wholesale turnover
grew ahead of this by 9.4% to R2.9 billion (2014: R2.7 billion), while demand for the imported house brands increased 6.8% to R123.7 million (2014: R115.8 million).
Four new stores were opened during the period, bringing the total number of Build it stores to 298.
During the period, the group opened 4 SaveMor stores and 4 Pharmacy at SPAR stores, bringing the total number of stores to 32 and 49 respectively for each brand.
During the last six months, the group took ownership of 3 additional stores, largely to defend strategically important sites. In addition, the group also launched
a convenience store in the Park Station development. The acquisition of three further stores is in progress, although the group is confident that these will all be
on-sold in due course. Highly competitive trading conditions persisted in thelocations where SPAR's retail division predominantly operates, however, the group remains
steadfast that its decision to defend these sites was appropriate and believes that these stores offer a unique opportunity to remain close to the challenges and
experiences our retailers face.
The volumes handled by SPAR's seven distribution centres increased 5.6%, despatching a total of 111.8 million cases (2014: 105.5 million cases). SPAR continues to
expand its distribution capacity, in order to service its independent retailers' growing volume requirements. To this end, the extension to the KwaZulu-Natal
perishable facility is progressing well with completion expected by September 2015. Orders have been placed for the crane-system to be installed at South Rand's
slow moving product facility, with completion and commissioning planned by the end of 2015. Finalisation of land rezoning in the Lanseria area to develop an eighth
regional distribution centre is still pending and transfer is not expected in the current financial year. The budgeted capital expenditure in 2015 for South Africa
is expected to be R350 million.
SPAR Ireland
During the period, the SPAR and Mace brands continued to grow their market shares within the convenience and forecourt sectors. However, ongoing pressure across the
supermarket sector affected trading at EUROSPARs and management interventions are being implemented to address these issues.
In January 2015, SPAR announced that the BWG Group had entered into negotiations to acquire the trading business of ADM Londis ("Londis") for EUR23 million. Londis
operates in the convenience, forecourt and supermarket sector in Ireland through a range of 200 stores located throughout that country with total annual sales of
almost EUR200 million. The offer has been accepted by shareholders and we are currently awaiting Irish Competition Authority approval to conclude the transaction.
Management are confident that this can be achieved by June 2015. On successful completion, BWG will integrate the Londis retailers into its existing business supply
chain.
The project to relocate the chilled product distribution from a third party to the national distribution centre at Kilcarbery, Dublin has been completed and
operations commenced in early May. The capital expenditure comprised building a chilled facility and was achieved within budget. This facility is projected to
handle an additional 3.6 million cases per year and will enhance the business margins.
PROSPECTS
For the remainder of the financial year, continued pressure on consumer spending in South Africa is anticipated with subdued economic growth and a resultant lack of
job creation. The impact of the current drought on maize pricing is likely to increase pressure on food inflation. Further, the risk of increased load-shedding by
power utility, Eskom, in the winter months could pose additional pressure on retail sales. While the strong performance of SPAR's brands in South Africa in the
first half place it on a solid footing, the competitive retail trading environment is unlikely to ease.
The Irish retail market continues to show encouraging signs of recovery, as the economic recovery has been confirmed. Although increased consumer spending has yet
to materialise, imminent tax reductions, increased levels of employment and reduced mortgage costs are expected to buoy consumer demand going forward. The timing of
the BWG acquisition in the prior period will also impact on the revenue growth performance in the second half as it enters the comparative base.
The group's trading performance for the first seven weeks after March 2015 has remained strong while being influenced by the timing of the Easter holidays. SPAR
remains confident that it is well positioned to maintain this growth in the second half of the year.
Mike Hankinson Graham O'Connor
Chairman Chief Executive Officer
DECLARATION OF ORDINARY DIVIDEND
Notice is hereby given that an interim gross cash dividend of 239 cents per share has been declared by the board in respect of the six months ended 31 March 2015.
The dividend has been declared out of income reserves.
The salient dates for the payment of the interim dividend are detailed below:
Last day to trade cum-dividend Friday, 5 June 2015
Shares to commence trading ex-dividend Monday, 8 June 2015
Record date Friday, 12 June 2015
Payment of dividend Monday, 15 June 2015
Shareholders will not be permitted to dematerialise or rematerialise their share certificates between Monday, 8 June 2015 and Friday, 12 June 2015, both days inclusive.
In terms of South African taxation legislation effective from 1 April 2012, the following additional information is disclosed:
The South African dividend tax rate is 15%;
No STC credits will be utilised;
The net local dividend amount is 203.15 cents per share for shareholders liable to pay tax on dividends, and 239 cents per share for shareholders exempt from such
dividend tax;
The issued share capital of The SPAR Group Limited is 173 183 199 ordinary shares; and
The SPAR Group Limited's tax reference number is 9285/168/20/0.
By order of the board
KJ O'Brien Pinetown
Company Secretary 19 May 2015
DIRECTORATE AND ADMINISTRATION
DIRECTORS MJ Hankinson* (Chairman), GO O'Connor (Chief Executive), MW Godfrey, WA Hook,
PK Hughes*, RJ Hutchison*, MP Madi*, HK Mehta*, P Mnganga*, R Venter, CF Wells*
*Non-executive
COMPANY SECRETARY: KJ O'Brien
REGISTRATION NUMBER: 1967/001572/06
ISIN: ZAE 000058517
JSE SHARE CODE: SPP
REGISTERED OFFICE: 22 Chancery Lane, PO Box 1589, Pinetown,3600
TRANSFER SECRETARIES: Link Market Services South Africa (Pty) Ltd, PO Box 4844, Johannesburg, 2000
AUDITORS: Deloitte & Touche, PO Box 243, Durban, 4000
SPONSOR: One Capital, PO Box 784573, Sandton, 2146
BANKERS: First National Bank, PO Box 4130, Umhlanga Rocks, 4320
ATTORNEYS: Garlicke & Bousfield, PO Box 1219, Umhlanga Rocks, 4320
WEBSITE
www.spar.co.za
Date: 20/05/2015 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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