Wrap Text
Interim Group results, cash dividend declaration/scrip distribution, and interim company secretary appointment
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1929/001986/06
Share code: WHL
ISIN: ZAE000063863
("the Group" or "the company")
UNAUDITED INTERIM GROUP RESULTS FOR THE 26 WEEKS ENDED 27 DECEMBER 2015,
CASH DIVIDEND DECLARATION AND SCRIP DISTRIBUTION ALTERNATIVE,
AND APPOINTMENT OF INTERIM COMPANY SECRETARY
HIGHLIGHTS
GROUP SALES (INCLUDING CONCESSION SALES)
+17.1%
ADJUSTED PROFIT BEFORE TAX
+16.5%
HEADLINE EARNINGS PER SHARE
+30.6%
ADJUSTED HEADLINE EARNINGS PER SHARE
+3.6%
INTERIM DIVIDEND PER SHARE (CENTS)
133.0 (2014: 96.5)
+37.8%
RETURN ON EQUITY
24.6%
COMMENTARY
The Group has continued to perform well despite more challenging trading conditions in both South Africa and Australia. Group
sales increased by 17.1% (12.3% excluding David Jones, which was acquired on 1 August 2014). Basic and headline earnings grew by 52.8%
and 44.9% respectively, and headline earnings per share ("HEPS") and adjusted HEPS grew by 30.6% and 3.6% respectively. The prior period
earnings were impacted by the costs associated with the acquisitions while HEPS and adjusted HEPS growth were impacted by the
increase in the weighted average number of shares ("WANOS") as a result of the rights issue in the prior year.
WOOLWORTHS
CLOTHING AND GENERAL MERCHANDISE
Clothing and General Merchandise has had a much-improved half, growing sales by 12.5%. Clothing sales were up 11.7%
(8.0% in comparable stores) and price movement was 6.6%.
Gross profit margin increased by 0.8% to 48.1%, enhanced by the launch of private label brands into David Jones stores in Australia.
Store costs increased by 13.3%, with a 5.9% increase in space and the costs associated with the new David Jones business, with
comparable store costs growing by 3.4%. Other operating costs were also impacted by the David Jones launch, increasing by
16.2%. Adjusted profit before tax grew by 14.6% to R1 255 million and return on sales increased by 0.3% to 17.9%.
FOOD
The Food business continues to perform well with sales growing by 12.1% (11.7% excluding Food Service concessions) and price
movement of 5.7%. Sales in comparable stores grew by 5.8%.
Store costs increased by 12.1% due mainly to an increase of 10.2% in trading space and ongoing store refurbishments. Comparable store costs
grew by 3.7% and other operating costs grew by 8.2%. Adjusted profit before tax grew by 17.4% to R855 million. Return on sales was
maintained at 7.1%, in line with the full year to June 2015.
WOOLWORTHS FINANCIAL SERVICES
Woolworths Financial Services' average debtors book grew by 10.5% and the annualised impairment rate remains unchanged
from December 2014 at 4.8%.
DAVID JONES
David Jones had a strong first half performance with improved merchandising and the expansion of the Group's private label brands
across the chain. Sales (including concession sales) grew by 11.2% on a 26-week basis, well ahead of both the
Australian department store and specialty clothing market. Sales in comparable stores grew by 9.7%. Despite the inclusion this year of July,
a clearance month, significant once-off costs associated with the launch of private label and other transformation projects, the contribution
to profit across the Group from David Jones increased by 19.0%.
COUNTRY ROAD GROUP
Sales in Australasia grew by 13.4% and by 0.1% in comparable stores, despite a disappointing performance by Country Road
womenswear. Trading space grew by 16.0%, 14.6% of which is reallocated space within David Jones' existing store footprint and
does not represent additional space to the Group.
Higher markdowns, particularly in Country Road womenswear, resulted in gross profit margin declining by 1.3% to 61.0%. Store
costs increased by 12.2% due to the significant increase in trading space. Operating cost growth was well controlled at 9.1%,
resulting in a 5.3% increase in adjusted profit before tax, to A$60 million, which includes the additional profit from the successful
launch of Country Road Group brands into David Jones.
OUTLOOK
As a result of the deterioration in the outlook for the global economy, conditions are expected to become more difficult both in
South Africa and Australia. Increasing interest rates in South Africa will add further pressure on the local consumer. Our response
in both markets is to ensure that we offer our customers value and quality across our brands, products and services, as well as focus
on costs and efficiencies. In the long term, our strategies remain focused on delivering sustainable profit growth in all the markets
in which we trade.
Trading for the first six weeks in the second half of the financial year has been in line with that of the first half.
Any reference to future financial performance included in this statement has not been reviewed and reported on by the
company's external auditors and does not constitute an earnings forecast.
CHANGES TO THE BOARD OF DIRECTORS AND COMPANY
SECRETARY
The Board appointed Gail Kelly, an Australian national, as an Independent Non-Executive Director with effect from 1 October 2015.
Gail has also been appointed to the Nominations, Remuneration, Risk and Compliance, and Sustainability committees.
Mike Leeming retired as a director of the company and chairman of the Audit Committee at the conclusion of the 2015 Annual General
Meeting on 30 November 2015. Hubert Brody assumed the role of chairman of the Audit Committee on the same date. The Board
expresses its gratitude to Mike for the significant contribution he has made to the company and wishes him well in his retirement.
Thobeka Sishuba resigned as Company Secretary with effect from 31 January 2016 and Ralph Buddle has been appointed Interim
Company Secretary with effect from 10 February 2016 until such time as a permanent appointment is made.
S N Susman I Moir
Chairman Group Chief Executive Officer
Cape Town, 10 February 2016
DIVIDEND DECLARATION AND SCRIP DISTRIBUTION ALTERNATIVE
Notice is hereby given that the board of directors have declared an interim gross cash dividend ("dividend") of 133.0 cents (113.05 cents
net of dividend withholding tax) per ordinary share for the 26 weeks ended 27 December 2015. The dividend has been declared from
income reserves and therefore does not constitute a distribution of "contributed tax capital" as defined in the Income Tax Act, 58 of
1962. A dividend withholding tax of 15% will be applicable to all shareholders who are not exempt.
As an alternative, shareholders will be entitled, in respect of all or part of their shareholding, to elect to receive a capitalisation issue
alternative ("Scrip Distribution") for the 26 weeks ended 27 December 2015, by way of issue of fully paid company ordinary shares of
no par value payable to ordinary shareholders recorded in the register of the company at the close of business on the record date,
being Friday, 4 March 2016. If no election is made, the cash dividend will be paid. The issue of the new ordinary shares pursuant to the
Scrip Distribution will be effected from the company's income reserves.
The number of new ordinary shares to which ordinary shareholders participating in the Scrip Distribution will become entitled will
be determined in the ratio that 133.0 cents multiplied by a factor of 1.015 bears to the volume-weighted average price ("VWAP") of
the ordinary shares on the JSE during the 5-day trading period ending on 18 February 2016. Details of the ratio in relation to the Scrip
Distribution will be released on the Stock Exchange News Service by no later than 11h00 on Friday, 19 February 2016.
Where the Scrip Distribution results in a fraction of a new WHL ordinary share, such fraction will be rounded up to the nearest whole
number where the fraction is greater than or equal to 0.5 and rounded down to the nearest whole number where the fraction is less
than 0.5.
A circular setting out, inter alia, the terms of the dividend and the Scrip Distribution, together with a form of election, will be posted to WHL ordinary
shareholders on or about Friday, 12 February 2016.
The issued share capital at the declaration date is 1 042 438 070 ordinary shares.
The salient dates for the dividend will be as follows:
Circular and form of election posted to shareholders Friday, 12 February 2016
Last day of trade to receive a dividend Friday, 26 February 2016
Shares commence trading "ex" dividend Monday, 29 February 2016
Last day to elect to receive the Scrip Distribution in
lieu of the dividend by 12:00 Friday, 4 March 2016
Record date Friday, 4 March 2016
Payment date Monday, 7 March 2016
Share certificates may not be dematerialised or rematerialised between Monday, 29 February 2016 and Friday,
4 March 2016, both days inclusive. Ordinary shareholders who hold dematerialised shares will have their accounts at their
CSDP or broker credited or updated on Monday, 7 March 2016. Where applicable, dividends in respect of certificated shares
will be transferred electronically to shareholders' bank accounts on the payment date. In the absence of specific mandates,
dividend cheques will be posted to shareholders.
Ralph Buddle
Interim Company Secretary
Cape Town, 10 February 2016
INTERIM GROUP STATEMENT OF COMPREHENSIVE INCOME
52 weeks 26 weeks 26 weeks
to 28 Jun to 27 Dec to 28 Dec
2015 2015 2014 %
Rm Notes Rm Rm change
58 069 Revenue 32 939 28 460 15.7
61 970 Turnover and concession sales 35 458 30 283 17.1
(5 464) Concession sales (3 447) (2 559) 34.7
56 506 Turnover 32 011 27 724 15.5
33 356 Cost of sales 18 821 16 243 15.9
23 150 Gross profit 13 190 11 481 14.9
1 447 Other revenue 907 652 39.1
19 010 Expenses 10 265 9 119 12.6
13 511 Store costs 7 438 6 365 16.9
5 499 Other operating costs 2 827 2 754 2.7
5 587 Operating profit 3 832 3 014 27.1
116 Investment income 21 84 (75.0)
1 494 Finance costs 615 887 (30.7)
4 209 Profit before earnings from joint ventures and associate 3 238 2 211 46.4
221 Earnings from joint ventures 129 119 8.4
2 Earnings from associate 1 1 –
4 432 Profit before tax 3 368 2 331 44.5
1 312 Tax 939 684 37.3
3 120 Profit for the period 2 429 1 647 47.5
Other comprehensive income:
Amounts that may be reclassified to profit or loss
225 Net fair value adjustments on financial instruments, after tax 206 340
(1 150) Exchange differences on translation of foreign subsidiaries 3 543 (921)
Amounts that may not be reclassified to profit or loss
(6) Post-retirement medical benefit liability-actuarial loss, after tax – –
(931) Other comprehensive income for the period 3 749 (581)
2 189 Total comprehensive income for the period 6 178 1 066
3 120 Profit attributable to: 2 429 1 647
3 116 Shareholders of the parent 2 422 1 645
4 Non-controlling interests 7 2
2 189 Total comprehensive income attributable to: 6 178 1 066
2 180 Shareholders of the parent 6 163 1 058
9 Non-controlling interests 15 8
Reconciliation of headline earnings
3 116 Earnings attributable to shareholders of the parent 2 422 1 645 47.2
99 BEE preference dividend – 60 (100.0)
3 017 Basic earnings 2 422 1 585 52.8
Loss on disposal of property, plant and equipment, intangible assets and investment
19 properties 6 2
– Profit on disposal of associate (7) –
384 Net impairment of property, plant and equipment and intangible assets 1 116
(113) Tax impact of adjustments (2) (33)
3 307 Headline earnings 2 420 1 670 44.9
(29) Unrealised foreign exchange gains (21) (36)
258 Transaction costs – 260
67 Integration and restructuring costs 8 47
164 Non-recurring finance costs – 164
(16) Tax impact of adjustments 4 (8)
3 751 Adjusted headline earnings 2 411 2 097 15.0
337.3 Earnings per share (cents) 2 253.7 184.2 37.7
369.7 Headline earnings per share (cents) 253.5 194.1 30.6
419.4 Adjusted headline earnings per share (cents) 252.6 243.8 3.6
334.9 Diluted earnings per share (cents) 2 252.0 182.6 38.0
367.1 Diluted headline earnings per share (cents) 251.7 192.4 30.8
416.4 Adjusted diluted headline earnings per share (cents) 250.8 241.5 3.9
930.3 Number of shares in issue (millions) 956.3 928.0 3.0
894.4 Weighted average number of shares in issue (millions) 954.5 860.3 10.9
INTERIM GROUP STATEMENT OF FINANCIAL POSITION
At 28 Jun At 27 Dec At 28 Dec
2015 2015 2014
Rm Notes Rm Rm
ASSETS
33 174 Non-current assets 38 356 33 086
14 430 Property, plant and equipment 3 16 878 13 679
78 Investment properties 3 78 79
15 700 Intangible assets 3 18 505 16 562
3 Investment in associate – 2
891 Investment in joint ventures 957 864
19 Participation in export partnerships 15 24
76 Fair value lease adjustment 86 83
55 Other loans 44 74
82 Derivative financial instruments 6 171 47
1 840 Deferred tax 1 622 1 672
8 251 Current assets 11 723 10 852
5 881 Inventories 7 299 5 676
1 051 Trade and other receivables 1 501 1 729
219 Derivative financial instruments 6 530 267
209 Tax 868 415
891 Cash and cash equivalents 1 525 2 765
30 Non-current assets held for sale 3 30 –
41 455 TOTAL ASSETS 50 109 43 938
EQUITY AND LIABILITIES
14 297 TOTAL EQUITY 19 078 14 027
14 251 Equity attributable to shareholders of the parent 19 017 13 982
46 Non-controlling interests 61 45
18 072 Non-current liabilities 18 738 19 599
14 922 Interest-bearing borrowings 15 552 16 315
2 037 Operating lease accrual and fair value lease adjustment 2 129 2 106
374 Post-retirement medical benefit liability 385 359
197 Provisions 380 282
26 Derivative financial instruments 6 4 29
516 Deferred tax 288 508
9 086 Current liabilities 12 293 10 312
7 699 Trade and other payables 9 741 8 407
738 Provisions 1 004 655
122 Operating lease accrual and fair value lease adjustment 141 80
72 Derivative financial instruments 6 84 52
259 Tax 925 593
196 Interest-bearing borrowings 398 525
27 158 TOTAL LIABILITIES 31 031 29 911
41 455 TOTAL EQUITY AND LIABILITIES 50 109 43 938
1 532 Net asset book value – per share (cents) 1 989 1 507
GROUP ANALYSIS
41 455 Total assets 50 109 43 938
10 812 Woolworths* 12 976 10 514
24 139 David Jones 29 064 27 763
5 619 Country Road Group 7 023 4 477
885 Woolworths Financial Services 951 858
– Treasury 95 326
5 881 Inventories 7 299 5 676
2 912 Woolworths* 3 277 2 860
1 864 David Jones 2 542 1 746
1 105 Country Road Group 1 480 1 070
27 158 Total liabilities 31 031 29 911
5 216 Woolworths* 6 945 5 987
5 229 David Jones 6 625 5 836
1 834 Country Road Group 2 071 1 833
14 879 Treasury 15 390 16 255
3 636 Approved capital commitments 2 113 2 303
2 032 Woolworths* 1 105 933
1 017 David Jones 642 718
587 Country Road Group 366 652
*Includes Woolworths Clothing and General Merchandise, Woolworths Food and Woolworths Logistics.
INTERIM GROUP STATEMENT OF CASH FLOWS
52 weeks 26 weeks 26 weeks
to 28 Jun to 27 Dec to 28 Dec
2015 2015 2014
Rm Notes Rm Rm
Cash flow from operating activities
8 016 Cash inflow from trading 5 118 4 053
(657) Working capital movements (117) (202)
7 359 Cash generated by operating activities 5 001 3 851
160 Interest income 20 84
(1 190) Finance costs paid (592) (625)
(1 199) Tax paid (962) (728)
5 130 Cash generated by operations 3 467 2 582
129 Dividends received from joint ventures 63 55
– Dividends received from associate 7 –
(2 047) Dividends to ordinary shareholders (1 442) (1 148)
(99) Dividends to preference shareholders – (61)
3 113 Net cash inflow from operating activities 2 095 1 428
Cash flow from investing activities
Net investment in property, plant and equipment, intangible assets and investment
(2 828) properties (1 432) (1 110)
(21 447) Acquisition of subsidiary, net of cash acquired – (21 447)
(2 153) Acquisition of non-controlling interests – (2 153)
(68) Acquisition of franchise operations – (68)
69 Other 15 38
(26 427) Net cash outflow from investing activities (1 417) (24 740)
Cash flow from financing activities
(308) Settlement of share-based payments through share purchase 4 (25) (270)
(2) Share purchase costs – (1)
9 984 Rights issue proceeds 4 – 9 984
(15) Finance lease payments (5) (36)
15 364 Long-term borrowings raised 295 16 019
10 044 Short-term borrowings raised – 11 282
(11 876) Borrowings repaid (412) (11 870)
(598) Costs associated with debt and equity raising – (592)
22 593 Net cash (outflow)/inflow from financing activities (147) 24 516
(721) Increase/(decrease) in cash and cash equivalents 531 1 204
1 666 Net cash and cash equivalents at the beginning of the period 891 1 666
(54) Effect of foreign exchange rate changes 103 (105)
891 Net cash and cash equivalents at the end of the period 1 525 2 765
GROUP ANALYSIS
8 016 Cash inflow from trading 5 118 4 053
5 168 Woolworths 3 063 2 148
1 784 David Jones 1 458 1 264
1 064 Country Road Group 597 641
Additions to property, plant and equipment, intangible assets
2 891 and investment properties (gross) 1 305 25 663
1 422 Woolworths 709 632
504 David Jones 375 24 750
965 Country Road Group 221 281
INTERIM GROUP STATEMENT OF CHANGES IN EQUITY
Total Share- Total Share- Total
52 weeks holders Non- 26 weeks holders Non- 26 weeks
to 28 Jun of the controlling to 27 Dec of the controlling to 28 Dec
2015 parent interests 2015 parent interests 2014
Rm Notes Rm Rm Rm Rm Rm Rm
Shareholders' interest at
6 952 the beginning of the period 14 251 46 14 297 6 629 323 6 952
Movements for the period:
3 120 Profit for the period 2 422 7 2 429 1 645 2 1 647
(931) Other comprehensive income 3 741 8 3 749 (587) 6 (581)
Total comprehensive income for
2 189 the period 6 163 15 6 178 1 058 8 1 066
10 124 Shares issued 4 2 545 – 2 545 9 984 – 9 984
(421) Rights issue costs 4 – – – (399) – (399)
Settlement of share-based
(308) payments through share purchase 4 (25) – (25) (270) – (270)
(2) Share purchase costs – – – (1) – (1)
Settlement of share-based
(140) payments through share issue 4 (2 545) – (2 545) – – –
202 Share-based payments 70 – 70 57 – 57
(2 146) Dividends to shareholders (1 442) – (1 442) (1 209) – (1 209)
Acquisition of non-controlling
(2 153) interests – – – (1 867) (286) (2 153)
Shareholders' interest at
14 297 the end of the period 19 017 61 19 078 13 982 45 14 027
247.0 Dividend per ordinary share (cents) 133.0 96.5
1.4 Dividend cover (based on headline earnings) 1.9 1.9
96.5 Dividend per preference share (cents) – 96.5
SEGMENTAL ANALYSIS
52 weeks 26 weeks 26 weeks
to 28 Jun to 27 Dec to 28 Dec
2015 2015 2014 %
Rm Notes Rm Rm change
Revenue
56 506 Turnover 32 011 27 724 15.5
12 499 Woolworths Clothing and General Merchandise 6 994 6 218 12.5
22 352 Woolworths Food 12 102 10 836 11.7
444 Woolworths Logistics 248 219 13.2
12 130 David Jones 7 550 5 964 26.6
9 081 Country Road Group 5 117 4 487 14.0
1 563 Other revenue and investment income 928 736 26.1
19 Woolworths Clothing and General Merchandise 11 9 22.2
93 Woolworths Food 56 42 33.3
1 512 David Jones 985 666 47.9
39 Country Road Group 19 17 11.8
100 Treasury 16 76 (78.9)
(200) Intragroup 9 (159) (74) >100
58 069 Total group 32 939 28 460 15.7
Gross profit
5 925 Woolworths Clothing and General Merchandise 3 362 2 940 14.4
5 754 Woolworths Food 3 071 2 734 12.3
5 773 David Jones 3 544 2 938 20.6
5 537 Country Road Group 3 126 2 789 12.1
161 Intragroup 9 87 80 8.8
23 150 Total group 13 190 11 481 14.9
Profit before tax – adjusted
2 095 Woolworths Clothing and General Merchandise 1 255 1 095 14.6
1 580 Woolworths Food 855 728 17.4
221 Woolworths Financial Services 129 119 8.4
1 492 David Jones 1 076 999 7.7
1 042 Country Road Group 622 549 13.3
(1 160) Treasury (582) (610) (4.6)
5 270 Total group – adjusted 3 355 2 880 16.5
(838) Adjustments 13 (549)
29 Unrealised foreign exchange gains 21 36
(258) Transaction costs – (260)
(67) Integration and restructuring costs (8) (47)
(164) Non-recurring finance costs – (164)
(378) Impairment of property, plant and equipment and intangible assets – (114)
4 432 Profit before tax 3 368 2 331 44.5
NOTES
1. BASIS OF PREPARATION
These interim Group financial statements comply with IAS 34 Interim Financial Reporting.
Accounting policies used in the interim Group financial statements are consistent with the prior period, except for the
changes in accounting policy disclosed in note 5, and are the same as those used to prepare the 28 June 2015 Group
Annual Financial Statements. They have been prepared in compliance with International Financial Reporting Standards (IFRS)
and interpretations adopted by the International Accounting Standards Board (IASB), South African Institute of Chartered
Accountants (SAICA), Financial Reporting Standards Committee (FRSC) and the Companies Act of South Africa. The interim
Group financial statements have been prepared under the supervision of the Group's Finance Director, Reeza Isaacs CA(SA)
and are the full responsibility of the directors.
2. EARNINGS PER SHARE
The difference between earnings per share and diluted earnings per share is due to the impact of unexercised options
under the Group's share incentive schemes (refer to note 4).
3. PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND INVESTMENT
PROPERTIES
The Group acquired property, plant and equipment at a fair value of R1 041 million (2014: R11 424 million) and acquired
intangible assets at a fair value of R264 million (2014: R14 600 million including goodwill and brands).
Two fixed properties, amounting to R30 million, previously disclosed under property, plant and equipment (within the
Woolworths segment) have been reclassified as non-current assets held for sale. These properties are subject to
suspensive conditions under sale agreements. The directors consider the conclusion of the sales to be highly probable.
At period end, these properties are recognised at the lower of their carrying amounts and fair value, less costs to sell.
No depreciation has been recognised on these properties.
4. ISSUE AND PURCHASE OF SHARES
24 361 954 ordinary shares at a net cost of R2 414 million were issued and allocated to employees in terms of the Group's
Black Economic Empowerment Employee Share Ownership Scheme, which reached maturity on 30 June 2015.
1 499 258 (2014: 3 054 442) ordinary shares at a net cost of R131 million (2014: R241 million) were issued and allocated to
employees in terms of the Group's share incentive schemes.
256 743 (2014: 408 701) ordinary shares totalling R25 million (2014: R30 million) were purchased from the market by
Woolworths Proprietary Limited and are held as treasury shares by the Group. 350 014 (2014: 1 038 174) ordinary shares
totalling R15 million (2014: R22 million) were allocated to employees in terms of the Group's Restricted Share Plan.
In the prior period, 167 803 572 ordinary shares totalling R9 984 million were issued by way of a rights issue
on 2 October 2014. Rights issue costs of R399 million were charged to equity.
5. CHANGE IN ACCOUNTING POLICY
The adoption of certain new standards, which became effective in the current period, has resulted in minor changes
to accounting policies and disclosure, none of which have a material impact on the financial position or performance
of the Group.
6. FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying value of trade and other receivables, trade and other payables and borrowings approximate their fair
values.
In terms of IFRS 13: Fair value measurement, the Group's derivative financial instruments are measured at fair value and
determined to be level two under the fair value hierarchy using inputs that are observable for the asset or liability, either
directly or indirectly.
7. CONTINGENT LIABILITIES
Group companies are party to legal disputes and investigations that have arisen in the ordinary course of business.
Whilst the outcome of these matters cannot readily be foreseen, the directors do not expect them to have any material
financial effect.
8. BORROWING FACILITIES
Unutilised banking and debt facilities amount to R7 966 million (2014: R5 174 million). In terms of the Memorandum of
Incorporation, the Group has unlimited borrowing powers.
9. RELATED PARTY TRANSACTIONS
The Group entered into related party transactions, the substance of which is similar to those explained in the Group's 2015
Annual Financial Statements. Intragroup adjustments relate to the sale of concession goods between segments and supply
chain distribution adjustments.
10. EVENTS SUBSEQUENT TO THE REPORTING DATE
On 31 December 2015, the Group concluded terms to acquire the remaining 49% shareholding in Woolworths (Kenya)
Proprietary Limited not already owned by the Group for a total cash consideration of R87 million.
11. APPROVAL OF INTERIM GROUP FINANCIAL STATEMENTS
The interim Group financial statements were approved by the board of directors on 10 February 2016.
12. AUDIT OPINION
These interim Group financial statements have not been reviewed or audited.
DIRECTORATE AND STATUTORY INFORMATION
Non-executive directors
Simon Susman (Chairman), Patrick Allaway (Australian), Peter Bacon (British), Zarina Bassa,
Tom Boardman (Lead Independent Director), Hubert Brody, Andrew Higginson (British),
Gail Kelly (Australian), Nombulelo Moholi, Lord Rose (British), Thina Siwendu
Executive directors
Ian Moir (Group Chief Executive Officer) (Australian), Reeza Isaacs, Sam Ngumeni, Zyda Rylands
Interim Company Secretary
Ralph Buddle
Registered address
Woolworths House, 93 Longmarket Street, Cape Town, 8001
PO Box 680, Cape Town, 8000
Tax number
9300/149/71/4
JSE sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Transfer secretaries
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg, 2001
Date: 11/02/2016 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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