TRUWORTHS INTERNATIONAL LIMITED - Unaudited Group Interim Report for the 26 weeks ended 31 December 2017 and cash dividend declaration

Release Date: 22/02/2018 17:12
Code(s): TRU
 
Wrap Text
Unaudited Group Interim Report for the 26 weeks ended 31 December 2017 and cash dividend declaration

TRUWORTHS INTERNATIONAL LTD
REGISTRATION NUMBER: 1944/017491/06
JSE CODE: TRU
NSX CODE: TRW
ISIN: ZAE000028296


UNAUDITED GROUP INTERIM REPORT 
for the 26 weeks ended 31 December 2017 and cash dividend declaration


KEY FEATURES          
Retail sales                               up at R10.3 billion
Gross margin                                             52.4%
Operating margin                                         24.0%
Headline and diluted headline earnings per share       down 3%
Net asset value per share                               up 10%
Interim dividend per share                           261 cents


GROUP PROFILE
Truworths International Ltd (the company) is an investment holding and management company listed on 
the JSE and the Namibian Stock Exchange. Its principal trading entities, Truworths Ltd and Office 
Holdings Ltd, are engaged either directly or through subsidiaries, concessions, agencies or 
franchises, in the cash and account retailing of fashion clothing, footwear, related merchandise 
and homeware. The company and its subsidiaries (the Group) operate primarily in South Africa and 
the United Kingdom, and have an emerging presence in Germany, the Republic of Ireland and other 
sub-Saharan African countries.

TRADING AND FINANCIAL PERFORMANCE 
In South Africa low economic growth, unemployment at its highest level in 13 years, soft real growth 
in household incomes and political uncertainty have all contributed to the challenging trading 
conditions experienced by the Group during the 26-week period ended 31 December 2017 (the period 
or the current period). Against this backdrop, Group retail sales for the period increased to 
R10.3 billion relative to the R10.2 billion reported for the 26-week period ended 25 December 2016 
(the prior period). However, compared to the directly corresponding 26-week period of the 
2017 financial period (i.e. 4 July 2016 to 1 January 2017) (the comparable prior period) (refer to 
note 14), retail sales for the period increased by 1%.

Account sales comprised 50% (2016: 50%) of Group retail sales for the period, with cash sales 
growing by 1% and account sales unchanged.

Retail sales for Truworths (being the Group, excluding the UK-based Office segment), increased by 
1% to R7.4 billion, with cash sales growing by 3% and account sales unchanged relative to the 
prior period. Account sales comprised 69% of these retail sales (2016: 69%). Relative to the 
comparable prior period, Truworths retail sales for the current period increased by 2%. Like-for-
like store retail sales decreased by 3%, while product deflation averaged 2% (2016: 16% inflation).

Retail sales for the UK-based Office segment increased in Sterling terms by 1% to £162 million 
relative to the prior period's £159 million, but on translation decreased to R2.8 billion from 
the prior period's R2.9 billion because of Rand strengthening. Relative to the comparable prior 
period, Office retail sales for the current period decreased by 1% in Sterling terms. Product 
inflation averaged 4% (2016: 2%).

Group sale of merchandise, which comprises Group retail sales, together with wholesale and 
franchise sales and delivery fee income, less accounting adjustments, was unchanged at R10.0 billion.

During the period a net 25 stores were opened across all brands while the retail footprint was 
boosted by the acquisition of Loads of Living, which added a further 13 stores. This resulted in an 
increase in trading space of 5% (Truworths 5% and Office 1%). At the end of the period the Group had 
977 stores (including 39 concession outlets) (2016: 939 stores, including 40 concession outlets).

Divisional sales
                                                          26 weeks to      Change on      Change on
                                            26 weeks to    1 Jan 2017  prior 26-week  prior 26-week
                              26 weeks to   25 Dec 2016   (comparable      period to      period to
                              31 Dec 2017 (as reported)        weeks)@   25 Dec 2016     1 Jan 2017
                                       Rm            Rm            Rm              %              %
Office~                             2 848         2 859         2 929              -             (3)
Truworths ladieswear                2 066         2 144         2 094             (4)            (1)
Truworths menswear‡                 2 070         2 052         2 021              1              2
Identity                            1 189         1 193         1 168              -              2
Truworths designer emporium*          780           790           783             (1)             -
Truworths kids emporium#              630           585           572              8             10
Other^                                706           623           622             13             14
Group retail sales                 10 289        10 246        10 189              -              1
Wholesale and franchise sales 
  and delivery fee income              54            62            62            (13)           (13)
Accounting adjustments (note 4)      (295)         (272)         (272)             8              8
Sale of merchandise                10 048        10 036         9 979              -              1
YDE agency sales                      143           155                           (8)          
                                                                      
@  Divisional sales for the comparable prior period (i.e. 4 July 2016 to 1 January 2017) 
   (refer to note 14).
~  The current period Office sales include Boxing Day trading, whereas this fell into the 
   second half of the 2017 financial period.
‡  Truworths Man, Uzzi, Daniel Hechter Mens and LTD Mens.
*  Daniel Hechter Ladies, Ginger Mary, Glamour, LTD Ladies and Earthaddict.
#  LTD Kids, Earthchild and Naartjie.
^  Cellular, Truworths Jewellery, Cosmetics, Office London and Loads of Living.

The Group's gross margin was stable at 52.4% (2016: 52.6%). Excluding Office, the Group's gross 
margin increased to 55.5% (2016: 55.0%).

Trading expenses increased 1% to R3.7 billion (2016: R3.7 billion) and constituted 37.0% of sale 
of merchandise (2016: 36.5%), which reflects the positive impact of management's cost-cutting 
initiatives over the past six months. The increases in occupancy costs and other operating costs 
were partially off-set by a decrease in trade receivable costs. Refer to Account Management below 
for further details on trade receivable costs. Trading expenses are not being compared to the 
comparable prior period as they are incurred monthly rather than weekly.

Interest received decreased 1% to R713 million (2016: R718 million) due to the decline in gross 
trade receivables from R6.4 billion to R6.3 billion as well as a 25 basis points decrease in the 
South African repo rate since July 2017. Operating profit decreased 3% to R2.4 billion while the 
operating margin decreased to 24.0% from 24.9% owing to the fact that the gross profit remained 
unchanged, while trading expenses increased marginally. Excluding Office, the operating margin 
decreased to 29.7% (2016: 30.0%). Finance costs have decreased by 8% compared to the prior period 
mainly due to the settlement of a portion of the Group's long-term borrowings.

Headline earnings per share (HEPS) and diluted HEPS decreased 3% to 379.8 cents and 379.3 cents 
respectively compared to the prior period's HEPS of 392.6 cents and diluted HEPS of 391.9 cents. 
Relative to the comparable prior period (refer to note 14), HEPS and diluted HEPS decreased 2%. 

An interim dividend of 261 cents per share has been declared (2016: 270 cents per share), 
maintaining the dividend cover at 1.5 times.

FINANCIAL POSITION 
The Group's financial position remains strong, with net asset value per share increasing by 10% to 
2 415.9 cents since the prior period-end (2016: 2 200.0 cents).

Inventories decreased to R1.9 billion at the end of the period (2016: R2.1 billion) and inventory 
turn increased to 4.9 times (2016: 4.6 times). This is largely as a result of improved stock 
management in both Truworths and Office. Excluding the inventory of Office, gross inventory decreased 
6% and inventory turn increased to 5.7 times (2016: 5.4 times).

Interest-bearing borrowings at the period-end decreased to R3.2 billion from R4.1 billion at the 
comparable period-end (June 2017: R3.8 billion), mainly as a result of scheduled and additional 
loan repayments during the period.

Trade and other payables decreased to R1.8 billion at the end of the period (2016: R2.5 billion) 
because creditor payments for December 2017 were made before the period-end compared to 
December 2016 when payments were made after the period-end.

CAPITAL MANAGEMENT 
During the period the Group generated R1.8 billion in cash from operations and this funded dividend 
payments (R790 million), capital expenditure (R226 million) and loan repayments (R597 million). 
Scheduled and additional loan repayments, cash dividend payments (no scrip dividend alternative 
offered) and higher tax payments resulted in cash and cash equivalents decreasing 30% to R2.3 billion 
at the end of the period.

The cash realisation rate, which is a measure of how profits are converted into cash, was 100% for 
the period (2016: 137%). The average rate for the last five full financial years is 88%.

Net debt to equity remained at 8% compared to the prior period-end (June 2017: 18%).

ACCOUNT MANAGEMENT 
Gross trade receivables in respect of the debtors book (Truworths, Identity and YDE) declined to 
R6.3 billion from R6.4 billion at the prior period-end. The decline in the book is mainly attributable 
to the improved collections experience since the prior period-end. The percentage of active account 
holders able to purchase at the end of the period increased to 87% compared to 85% at the prior 
period-end and 82% at June 2017, while overdue balances as a percentage of gross trade receivables 
improved to 10% from 11% at the prior period-end.

The doubtful debt allowance as a percentage of gross trade receivables has decreased from 12.9% in 
the prior period to 12.4% as a result of an improvement in the quality of the book. Trade receivable 
costs decreased 9% to R653 million (2016: R721 million), resulting from increases of 1% in each of 
net bad debts and collection and other trade receivable costs, off-set by the decrease in the 
allowance for doubtful debts referred to above.

Opened accounts as a percentage of applications increased to 24% compared to the prior period's 22%, 
while the Group's active account base declined 1% to 2.6 million accounts. This continued decline 
is a consequence of the onerous administrative burden introduced by the credit affordability 
assessment regulations which came into force in South Africa in September 2015, requiring customers 
to produce documentary evidence of income.

Over the last two years the Group has implemented various account granting strategies, updated its 
information systems and added efficiencies to its processes in an attempt to mitigate the impact of 
these regulations. The Group refines these strategies on an ongoing basis to better manage the 
effects of these regulations.

The Group, together with two other major JSE-listed retailers, initiated legal action in June 2016 
against the National Credit Regulator and the Department of Trade and Industry to have these 
regulations reviewed. The court case was heard during August 2017 with judgment pending.

The Group uses accounts as an enabler of sales to customers in the mainstream middle-income market, 
as opposed to operating a financial services business. No fees are charged to customers, such as 
initiation fees, club fees, collection fees or magazine fees, except for an annual account service 
fee of R28. Financial service income (refer to note 4) only constitutes 0.3% of sale of merchandise.

UPDATE ON THE LOADS OF LIVING ACQUISITION 
The Group announced at its 2017 annual results presentation on 18 August 2017 that it had acquired 
Loads of Living, a South African homeware chain, subject to Competition Commission approval. 
The Competition Commission approved the transaction unconditionally on 14 November 2017. In terms 
of the purchase agreement the Group therefore acquired the business and consolidated its results 
with effect from 31 October 2017.

BOARD APPOINTMENTS
Mr Hans Hawinkels and Ms Maya Makanjee have been appointed as independent non-executive directors 
of the company with effect from 22 February 2018. 

Mr Hawinkels has degrees in engineering, commerce and business administration and has cross-industry 
experience in senior operational, executive and C-suite roles over more than 40 years. He is 
currently a consultant to a major South African liquor production and distribution business.

Ms Makanjee has Bachelor's degrees in commerce and fine arts and a Master's degree in business 
leadership, and has had involvement at executive and director level in a number of major corporates 
in South Africa over the past 25 years, including roles in strategic planning, human resources, 
corporate affairs and transformation. Most recently she was the executive director of corporate 
affairs at a major mobile telecommunications company. Currently she is a non-executive director of 
Mpact Ltd, Tiger Brands Ltd and AIG Ltd.

CHANGES TO BOARD COMMITTEE COMPOSITION 
During the period the following changes to the board committees took place: 

Audit committee: Mr Roddy Sparks, an independent non-executive director of the company, has assumed 
the position as chairman, replacing Mr Mike Thompson, who remains a member of this committee, 
together with Mr Rob Dow.

Remuneration committee: Mr Tony Taylor, an independent non-executive director, has been appointed 
as an additional member of this committee. 

Risk committee: In line with King IV recommendations, Messrs Roddy Sparks and Hilton Saven, 
both independent non-executive directors of the company, have been appointed to this committee.  

OUTLOOK
South Africa: Truworths
Economic prospects in South Africa are looking favourable, partially due to the recent political 
changes. However, the recessionary environment continues to put pressure on the disposable income 
of consumers, exacerbated by the increase in the VAT rate to 15% with effect from 1 April 2018.

Furthermore, Truworths has experienced product deflation and an improvement in the performance of the 
debtors book, and has focused on cost containment. 

Retail sales growth for the second half of the 2018 financial period will benefit from the lower base 
recorded in the second half of the 2017 financial period. No product inflation is anticipated in the 
second half.

Truworths retail sales for the first seven weeks of the second half of the 2018 financial period 
are unchanged compared to the directly corresponding seven-week period in the 2017 financial period 
(i.e. 2 January 2017 to 19 February 2017).

United Kingdom: Office
The trading environment in the United Kingdom remains tough, with inflationary pressure, interest 
rates expected to rise and a degree of political uncertainty.

Office retail sales for the first seven weeks of the second half of the 2018 financial period 
decreased by 4% in Sterling compared to the directly corresponding seven-week period in the 
2017 financial period (i.e. 2 January 2017 to 19 February 2017).

Group: Trading space
The board remains committed to investing for longer-term growth, with trading space planned to 
increase by approximately 2.7% for the 2018 financial period (comprising 2.8% in Truworths (excluding 
the trading space of the recently acquired Loads of Living), and 1.7% in Office), and by approximately 
2% to 3% in the 2019 financial period (Truworths 2% to 3% and Office 2%).

H Saven           MS Mark
Chairman          Chief Executive Officer


INTERIM DIVIDEND
The directors of the company have resolved to declare a gross cash dividend from retained earnings 
in respect of the 26-week period ended 31 December 2017 in the amount of 261 South African cents 
(2016: 270 South African cents) per ordinary share to shareholders reflected in the company's 
register on the record date, being Friday, 16 March 2018.

The last day to trade in the company's shares cum dividend is Tuesday, 13 March 2018. Consequently 
no dematerialisation or rematerialisation of the company's shares may take place over the period 
from Wednesday, 14 March 2018 to Friday, 16 March 2018, both days inclusive. Trading in the 
company's shares ex dividend will commence on Wednesday, 14 March 2018. The dividend is scheduled 
to be paid in South African Rand (ZAR) on Monday, 19 March 2018.

Dividends will be paid net of dividends tax (currently 20%), to be withheld and paid to the 
South African Revenue Service. Such tax must be withheld unless beneficial owners of the dividend 
have provided the necessary documentary proof to the relevant regulated intermediary (being a broker, 
CSD participant, nominee company or the company's transfer secretaries Computershare Investor 
Services (Pty) Ltd, PO Box 61051, Marshalltown, 2107, South Africa) that they are exempt therefrom, 
or entitled to a reduced rate, as a result of a double taxation agreement between South Africa and 
the country of tax domicile of such owner.

The withholding tax, if applicable at the rate of 20%, will result in a net cash dividend per 
share of 208.8 South African cents. The company has 442 059 439 ordinary shares in issue on 
22 February 2018. In accordance with the company's memorandum of incorporation the dividend will 
only be paid by electronic funds transfer, and no cheque payments will be made. Accordingly, 
shareholders who have not yet provided their bank account details should do so to the company's 
transfer secretaries.

The directors have determined that gross dividends amounting to less than 2 000 South African 
cents, due to any one shareholder of the company's shares held in certificated form, will not be 
paid, unless otherwise requested in writing, but the net amount thereof will be aggregated with 
other such net amounts and donated to a charity to be nominated by the directors.

By order of the board

C Durham
Company Secretary

Cape Town
22 February 2018

One Capital
JSE Sponsor

Merchantec Capital Namibia
NSX Sponsor


CONDENSED GROUP STATEMENTS OF FINANCIAL POSITION
                                                           Note   at 31 Dec   at 25 Dec    at 2 Jul
                                                                       2017        2016        2017
                                                                  Unaudited   Unaudited     Audited
                                                                         Rm          Rm          Rm
ASSETS                                                  
Non-current assets                                                    6 515       6 614       6 559 
Property, plant and equipment                                         1 674       1 632       1 637 
Goodwill                                                              1 529       1 563       1 552 
Intangible assets                                                     2 976       3 064       3 037 
Derivative financial assets                                              11          13          11 
Available-for-sale assets                                                25          30          29 
Loans and receivables                                                    64          65          64 
Deferred tax                                                            236         247         229 
                                                  
Current assets                                                       10 107      11 240       9 580 
Inventories                                                           1 944       2 092       1 916 
Trade and other receivables                                           5 697       5 702       5 256 
Prepayments                                                             169         162         338 
Cash and cash equivalents                                             2 297       3 284       2 055 
Tax receivable                                                            -           -          15 
Total assets                                                         16 622      17 854      16 139 
                                                  
EQUITY AND LIABILITIES                                                  
Total equity                                                         10 386       9 440       9 450 
Share capital and premium                                               706         706         706 
Treasury shares                                               6        (901)       (961)       (939)
Retained earnings                                                    11 054      10 224      10 212 
Non-distributable reserves                                             (473)       (529)       (529)
                                                  
Non-current liabilities                                               3 492       4 848       4 709 
Interest-bearing borrowings                                   7       2 532       3 743       3 641 
Deferred tax                                                            445         481         454 
Put option liability                                                    304         397         400 
Straight-line operating lease obligation                                149         160         157 
Post-retirement medical benefit obligation                               58          62          53 
Leave pay obligation                                                      4           5           4 
                                                  
Current liabilities                                                   2 744       3 566       1 980 
Trade and other payables                                              1 781       2 453       1 634 
Interest-bearing borrowings                                   7         637         317         144 
Provisions                                                              113          78         111 
Contingent consideration obligation                                       -          60          62 
Derivative financial liabilities                                         61          13           6 
Tax payable                                                             152         645          23 
Total liabilities                                                     6 236       8 414       6 689 
Total equity and liabilities                                         16 622      17 854      16 139 
                                                  
Number of shares in issue (net of treasury shares) (millions)         429.9       429.1       429.4 
Net asset value per share (cents)                                   2 415.9     2 200.0     2 200.7 
                                                  
Key ratios                                                  
Return on equity* (%)                                                    33          38          31 
Return on capital* (%)                                                   48          55          46 
Return on assets* (%)                                                    29          29          26 
Inventory turn* (times)                                                 4.9         4.6         4.5 
Asset turnover* (times)                                                 1.2         1.1         1.1 
Net debt to equity (%)                                                  8.4         8.2        18.3 
Net debt to EBITDA* (times)                                             0.2         0.1         0.4 

* Ratios for December have been annualised.
                                                  


CONDENSED GROUP STATEMENTS OF COMPREHENSIVE INCOME
                                               Note    26 weeks    26 weeks                53 weeks
                                                      to 31 Dec   to 25 Dec                to 2 Jul
                                                           2017        2016                    2017
                                                      Unaudited   Unaudited           %     Audited
                                                             Rm          Rm      change          Rm
Revenue                                           4      10 912      10 920           -      19 858
                                                            
Sale of merchandise                               4      10 048      10 036           -      18 065 
Cost of sales                                            (4 783)     (4 758)                 (8 562)
Gross profit                                              5 265       5 278           -       9 503 
Other income                                      4         151         156                     291 
Trading expenses                                         (3 713)     (3 665)          1      (7 086)
Depreciation and amortisation                              (192)       (199)                   (389)
Employment costs                                         (1 068)     (1 062)                 (2 094)
Occupancy costs                                          (1 135)     (1 079)                 (2 155)
Trade receivable costs                                     (653)       (721)                 (1 209)
Other operating costs                                      (665)       (604)                 (1 239)
                                                            
Trading profit                                            1 703       1 769          (4)      2 708 
Interest received                                 4         713         718          (1)      1 478 
Dividends received                                4           -          10                      24 
Operating profit                                          2 416       2 497          (3)      4 210 
Finance costs                                              (133)       (145)                   (295)
Profit before tax                                         2 283       2 352          (3)      3 915 
Tax expense                                                (627)       (645)                 (1 049)
Profit for the period                                     1 656       1 707          (3)      2 866 
                                                            
Attributable to:                                                            
Equity holders of the company                             1 632       1 678                   2 827 
Holders of the non-controlling interest                      24          29                      39 
Profit for the period                                     1 656       1 707                   2 866
                                                            
Other comprehensive losses to be reclassified to 
profit or loss in subsequent periods                        (71)       (632)                   (652)
Movement in foreign currency translation reserve            (71)       (633)                   (649)
Fair value adjustment on available-for-sale 
financial instruments                                         -           1                      (3)
                                                            
Other comprehensive income not to be reclassified 
to profit or loss in subsequent periods                       -           -                       9 
Re-measurement gains on defined benefit plans                 -           -                       9 
                                                            
Other comprehensive losses for the period, net of tax       (71)       (632)                   (643)
                                                            
Attributable to:                                                            
Equity holders of the company                               (62)       (560)                   (569)
Holders of the non-controlling interest                      (9)        (72)                    (74)
Other comprehensive losses for the period, net of tax       (71)       (632)                   (643)
Total comprehensive income for the period                 1 585       1 075                   2 223
                                                            
Attributable to:                                                            
Equity holders of the company                             1 570       1 118                   2 258 
Holders of the non-controlling interest                      15         (43)                    (35)
Total comprehensive income for the period                 1 585       1 075                   2 223 
                                                            
Basic earnings per share (cents)                          379.8       392.6          (3)      659.9 
Headline earnings per share (cents)               5       379.8       392.6          (3)      662.0 
Diluted basic earnings per share (cents)                  379.3       391.9          (3)      658.8 
Diluted headline earnings per share (cents)       5       379.3       391.9          (3)      660.9 
Weighted average number of shares (millions)              429.7       427.4                   428.4 
Diluted weighted average number of shares (millions)      430.3       428.2                   429.1 
                                                            
Key ratios                                                            
Gross margin (%)                                           52.4        52.6                    52.6 
Trading expenses to sale of merchandise (%)                37.0        36.5                    39.2 
Trading margin (%)                                         16.9        17.6                    15.0 
Operating margin (%)                                       24.0        24.9                    23.3 
                                                            


CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
                                                                                   Holders
                                    Share                          Non-   Equity    of the
                                  capital                    distribut-  holders  non-con-
                                      and  Treasury  Retained      able   of the  trolling    Total 
                                  premium    shares  earnings  reserves  company  interest   equity
                                       Rm        Rm        Rm        Rm       Rm        Rm       Rm
2017                                                                                
Balance at the beginning 
of the period                         706      (939)   10 212      (529)   9 450         -    9 450 
Total comprehensive income 
for the period                          -         -     1 632       (62)   1 570        15    1 585 
Profit for the period                   -         -     1 632         -    1 632        24    1 656 
Other comprehensive losses 
for the period                          -         -         -       (62)     (62)       (9)     (71)
Cash dividends                          -         -      (790)        -     (790)        -     (790)
Utilisation of treasury shares 
in respect of the exercise of 
options in terms of the 1998 share 
option scheme                           -        19         -       (11)       8         -        8 
Premium on shares vested in terms 
of the 2012 restricted share scheme     -        19         -       (19)       -         -        - 
Share-based payments                    -         -         -        38       38         -       38 
Acquisition of non-controlling 
interest                                -         -         -         1        1        (2)      (1)
Movement in put option liability        -         -         -       109      109       (13)      96 
Balance at 31 December 2017           706      (901)   11 054      (473)  10 386         -   10 386 
                                                                                
2016                                                                                
Balance at the beginning 
of the period                         706      (882)    8 903      (102)   8 625         -    8 625 
Total comprehensive income 
for the period                          -         -     1 678      (560)   1 118       (43)   1 075 
Profit for the period                   -         -     1 678         -    1 678        29    1 707 
Other comprehensive losses 
for the period                          -         -         -      (560)    (560)      (72)    (632)
Cash dividends                          -         -      (357)        -     (357)        -     (357)
Shares repurchased                      -      (101)        -         -     (101)        -     (101)
Premium on shares vested in terms 
of the 2012 restricted share scheme     -        22         -       (22)       -         -        - 
Share-based payments                    -         -         -        33       33         -       33 
Movement in put option liability        -         -         -       122      122        43      165 
Balance at 25 December 2016           706      (961)   10 224      (529)   9 440         -    9 440 
                                                                                
Cents per share:                     2017      2016                                                  
Cash dividend declared in 
respect of the period                 261       270                                                  


CONDENSED GROUP STATEMENTS OF CASH FLOWS
                                                           Note    26 weeks    26 weeks    53 weeks
                                                                  to 31 Dec   to 25 Dec    to 2 Jul
                                                                       2017        2016        2017
                                                                  Unaudited   Unaudited     Audited
                                                                         Rm          Rm          Rm
CASH FLOWS FROM OPERATING ACTIVITIES                                                  
Cash flow from trading and cash EBITDA*                               1 993       2 005       3 189 
Working capital movements                                              (156)        211        (151)
Cash generated from operations                                        1 837       2 216       3 038 
Interest received                                                       710         715       1 473 
Dividends received                                                        -          10          24 
Finance costs                                                          (129)       (158)       (292)
Tax paid                                                               (486)       (209)     (1 256)
Cash inflow from operations                                           1 932       2 574       2 987 
Cash dividends paid                                                    (790)       (357)     (1 527)
Net cash from operating activities                                    1 142       2 217       1 460 
                                                  
CASH FLOWS FROM INVESTING ACTIVITIES                                                  
Acquisition of plant and equipment to expand operations                (171)       (174)       (341)
Acquisition of plant and equipment to maintain operations               (41)        (70)        (90)
Acquisition of computer software                                        (14)        (17)        (37)
Proceeds on disposal of shares                                            8           -           8 
Net acquisition of business                                              (8)          -           - 
Premiums paid to insurance cell                                           -           -         (12)
Amounts received from insurance cell                                      4           2           3 
Loans and receivables repaid                                              -          13          14 
Loans advanced                                                           (2)          -           - 
Acquisition of non-controlling interest                                  (1)          -           - 
Payment of contingent consideration obligation                          (62)        (42)        (42)
Net cash used in investing activities                                  (287)       (288)       (497)
                                                  
CASH FLOWS FROM FINANCING ACTIVITIES                                                  
Shares repurchased by subsidiaries                                        -        (101)       (101)
Borrowings repaid                                             7        (597)        (62)       (324)
Contributions to post-retirement medical benefit plan asset               -           -          (3)
Net cash used in financing activities                                  (597)       (163)       (428)
                                                  
Net increase in cash and cash equivalents                               258       1 766         535 
Cash and cash equivalents at the beginning of the period              2 055       1 592       1 592 
Net foreign exchange difference                                         (16)        (74)        (72)
CASH AND CASH EQUIVALENTS AT THE REPORTING DATE                       2 297       3 284       2 055 
                                                  
Key ratios                                                   
Cash flow per share (cents)                                           449.6       602.2       697.2 
Cash equivalent earnings per share (cents)                            451.5       440.1       766.3 
Cash realisation rate (%)                                               100         137          91 
                                                  
                                                  
* Earnings before interest received, finance costs, tax, depreciation and amortisation.

SELECTED EXPLANATORY NOTES
1   STATEMENT OF COMPLIANCE
    The condensed Group interim financial statements for the 26-week period ended 31 December 2017 
    (interim report) have been prepared in compliance with International Financial Reporting 
    Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices 
    Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, 
    IAS 34: Interim Financial Reporting, the Companies Act (71 of 2008, as amended) of South Africa 
    and the Listings Requirements of the JSE.

    The interim report does not include all the information and disclosures required in the annual 
    financial statements, and should be read in conjunction with the Group's annual financial 
    statements as at 2 July 2017.

    The information contained in the interim report has neither been audited nor reviewed by the 
    Group's external auditors. The interim report has been prepared under the supervision of 
    Mr DB Pfaff CA(SA), the Chief Financial Officer of the Group.

2   BASIS OF PREPARATION
    The interim report has been prepared in accordance with the going concern and historical cost 
    bases, unless otherwise indicated. The accounting policies are applied consistently throughout 
    the Group. The presentation and functional currency used in the preparation of the interim 
    report is the South African Rand (ZAR or Rand) and all amounts are rounded to the nearest 
    million, unless otherwise indicated.

3   ACCOUNTING POLICIES AND METHODS OF COMPUTATION
    3.1  The accounting policies and methods of computation applied in the preparation of the 
         interim report are in terms of IFRS and consistent with those applied in the preparation 
         of the Group's annual financial statements for the period ended 2 July 2017, with the 
         exception of the amendment to IAS 7: Statement of Cash Flows - Disclosure, which is 
         effective from the current reporting period and requires disclosures that enable investors 
         to evaluate changes in liabilities arising from financing activities, including changes 
         arising from cash flows and non-cash changes. 

         Other IFRS, amendments and International Financial Reporting Interpretations Committee 
         (IFRIC) interpretations not applicable to Group activities 

         Various other new and amended IFRS and IFRIC interpretations have been issued and are 
         effective, however they are not applicable to the Group's activities during the period.

    3.2  IFRS, amendments and IFRIC interpretations issued but not yet effective
         The following IFRS and amendments, that are relevant to the Group, have been issued but 
         are not effective for the period under review. The Group will adopt these no later than 
         their effective dates, to the extent that they are applicable to its activities:

         Amendments to IFRS 2: Share-based Payments - Classification and Measurement 
         Effective for annual periods beginning on or after 1 January 2018
         The amendments contain requirements on the accounting for cash-settled share-based payment 
         transactions that include a performance condition, classification of share-based payment 
         transactions with net settlement features and accounting for modifications of share-based 
         payment transactions from cash-settled to equity-settled. The impact of these amendments 
         has been considered and will not be material to the Group.

         IFRS 9: Financial Instruments - Recognition and Measurement 
         Effective for annual periods beginning on or after 1 January 2018
         Classification of the Group's financial assets and liabilities has been undertaken in 
         accordance with IFRS 9, however the quantitative impact of the expected credit loss model 
         on the financial statements is under consideration by the Group. The Group will adopt the 
         standard on 2 July 2018, being the commencement date of its next financial period, and it 
         will be applied prospectively.

         IFRS 15: Revenue Recognition
         Effective for annual periods beginning on or after 1 January 2018
         The impact of this standard has been considered and the only expected impact relates to 
         the recognition of the sales returns provision. Currently a net adjustment is made to sale 
         of merchandise for the gross profit impact of sales expected to be returned. IFRS 15 
         requires sale of merchandise to be adjusted for the selling price of the expected returns 
         and cost of sales to be adjusted for the cost of such returns. The changes resulting from 
         the adoption of this standard are not expected to have any impact on profits.

         IFRS 16: Leases - Recognition and Measurement
         Effective for annual periods beginning on or after 1 January 2019
         The Group has numerous leases that will, in terms of the new standard, be recognised in 
         the statement of financial position. The standard is effective for the financial period 
         commencing on 1 July 2019. The quantitative impact is under consideration by the Group 
         and the Group is investigating whether it will transition using the full retrospective 
         approach or the modified retrospective approach. 

    3.3  Basis of consolidation of financial results
         The condensed Group interim financial statements comprise the interim financial statements 
         of the company and its subsidiaries, and are prepared using uniform accounting policies 
         for like transactions and other events in similar circumstances.

                                                       26 weeks    26 weeks                53 weeks
                                                      to 31 Dec   to 25 Dec                to 2 Jul
                                                           2017        2016                    2017
                                                      Unaudited   Unaudited           %     Audited
                                                             Rm          Rm      change          Rm
4   REVENUE                                                  
    Sale of merchandise                                  10 048      10 036           -      18 065 
    Retail sales                                         10 289      10 246                  18 472 
    Accounting adjustments*                                (295)       (272)                   (518)
    Delivery fee income                                      26          26                      53 
    Wholesale sales                                          25          30                      50 
    Franchise sales                                           3           6                       8 
    Interest received                                       713         718          (1)      1 478 
    Trade receivables interest                              642         668                   1 366 
    Investment interest                                      71          50                     112 
    Other income                                            151         156          (3)        291 
    Commission                                               70          71                     137 
    Financial services income                                32          32                      54 
    Display fees                                             28          34                      63 
    Lease rental income                                      13          14                      27 
    Insurance recoveries                                      4           1                       2 
    Other                                                     3           3                       6 
    Royalties                                                 1           1                       2 
    Dividends received from insurance business arrangements   -          10                      24 
    Total revenue                                        10 912      10 920           -      19 858
                                                            
    * Accounting adjustments made in terms of IFRS and generally accepted accounting practice relating 
      to promotional vouchers, staff discounts on merchandise purchased, cellular retail sales, 
      notional interest on non-interest-bearing trade receivables and the sales returns provision.

                                                                   26 weeks    26 weeks    53 weeks
                                                                  to 31 Dec   to 25 Dec    to 2 Jul
                                                                       2017        2016        2017
                                                                  Unaudited   Unaudited     Audited
                                                                         Rm          Rm          Rm
5   RECONCILIATION OF PROFIT FOR THE PERIOD TO HEADLINE EARNINGS                     
    Profit for the period, attributable to equity holders of 
    the company                                                       1 632       1 678       2 827 
    Adjusted for:                                        
    Impairment of fixed and financial assets                              -           -           9 
    Headline earnings                                                 1 632       1 678       2 836 
                                                  
6   TREASURY SHARES                                        
    Opening balance                                                     939         882         882 
    Shares repurchased in accordance with the general 
    repurchase programme                                                  -         101         101 
    Utilisation of treasury shares in respect of the exercise 
    of options in terms of the 1998 share option scheme                 (19)          -         (15)
    Premium on shares vested under the 2012 restricted share scheme     (19)        (22)        (29)
    Closing balance                                                     901         961         939 
                                                  
7   INTEREST-BEARING BORROWINGS                                        
    Opening balance, comprising:                                      3 785       4 408       4 408 
    Non-current portion of interest-bearing borrowings                3 641       4 042       4 042 
    Current portion of interest-bearing borrowings                      144         366         366 
    Borrowings repaid                                                  (597)        (62)       (324)
    Foreign exchange movements                                          (23)       (290)       (314)
    Amortisation of arrangement fees                                      4           4          12 
    Finance charges accrued                                               -           -           3 
    Closing balance, comprising:                                      3 169       4 060       3 785 
                                                  
    Non-current portion of interest-bearing borrowings                2 532       3 743       3 641 
    Current portion of interest-bearing borrowings                      637         317         144 
                                                  
8   BUSINESS COMBINATIONS
    Acquisition of Loads of Living
    With effect from 31 October 2017 the Group acquired Loads of Living, a linen and houseware 
    retailer with 13 stores in South Africa, as a going concern. The purchase consideration was 
    provisionally allocated to the identifiable assets and liabilities of the business. Due to the 
    short period between the acquisition date and reporting date, the Group has applied provisional 
    accounting in respect of all assets acquired and liabilities assumed. The purchase price allocation 
    is subject to further review for a period of up to one year from the acquisition date. Additional 
    identifiable assets (including trademarks) and liabilities will be recognised upon completion 
    of the purchase price allocation and the process of valuing these assets and liabilities, 
    with a corresponding reduction or increase in goodwill. A qualitative description of the 
    factors comprising goodwill will be disclosed once the purchase price allocation is complete.

9   SEGMENT REPORTING
    The Group's reportable segments have been identified as the Truworths and Office business units. 
    The Truworths business unit comprises all the retailing activities conducted by the Group in 
    Africa through which the Group retails fashion apparel comprising clothing, footwear and other 
    fashion products as well as homeware. Included in the Truworths business unit is the YDE 
    business unit which comprises the agency activities through which the Group retails clothing, 
    footwear and related products on behalf of emerging South African designers, as well as the 
    Loads of Living business unit which retails homeware. The Office business unit comprises the 
    footwear retail activities conducted by the Group through stores, concession outlets and an 
    e-commerce channel in the United Kingdom, Germany and the Republic of Ireland.

    Management monitors the operating results of the business segments separately for the purpose 
    of making decisions about resources to be allocated and of assessing performance. Segment 
    performance is reported on an IFRS basis and evaluated based on revenue and profit before tax.

                                                                               Consoli-
                                                                                 dation
                                                      Truworths      Office     entries       Group
                                                             Rm          Rm          Rm          Rm
    2017
    Total third party revenue                             8 023       2 894          (5)     10 912
    Third party                                           8 019       2 893           -      10 912
    Inter-segment                                             4           1          (5)          -
    Trading expenses                                      2 713       1 004          (4)      3 713
    Depreciation and amortisation                           140          52           -         192
    Employment costs                                        722         346           -       1 068
    Occupancy costs                                         738         397           -       1 135
    Trade receivable costs                                  653           -           -         653
    Other operating costs                                   460         209          (4)        665
    Interest received                                       713           -           -         713
    Finance costs                                           118          15           -         133

    Profit for the period                                 1 436         220           -       1 656
    Profit before tax                                     2 005         278           -       2 283
    Tax expense                                            (569)        (58)          -        (627)

    Segment assets                                       14 328       5 754      (3 460)*    16 622
    Segment liabilities                                   3 846       2 390           -       6 236

    Capital expenditure                                     195          31           -         226

    Other segmental information
    Gross margin (%)                                       55.5        44.7           -        52.4
    Trading margin (%)                                     19.7        10.1           -        16.9
    Operating margin (%)                                   29.7        10.1           -        24.0
    Inventory turn# (times)                                 5.7         3.9           -         4.9
    Account:cash sales mix (%)                            69:31       0:100           -       50:50

    2016
    Total third party revenue                             8 016       2 905          (1)     10 920
    Third party                                           8 015       2 905           -      10 920
    Inter-segment                                             1           -          (1)          -
    Trading expenses                                      2 665       1 001          (1)      3 665
    Depreciation and amortisation                           141          58           -         199
    Employment costs                                        713         349           -       1 062
    Occupancy costs                                         677         402           -       1 079
    Trade receivable costs                                  720           1           -         721
    Other operating costs                                   414         191          (1)        604
    Interest received                                       718           -           -         718
    Finance costs                                           121          24           -         145

    Profit for the period                                 1 446         261           -       1 707
    Profit before tax                                     2 020         332           -       2 352
    Tax expense                                            (574)        (71)          -       (645)

    Segment assets                                       15 027       6 287      (3 460)*    17 854
    Segment liabilities                                   5 188       3 226           -       8 414

    Capital expenditure                                     223          38           -         261
                                                                                
    Other segmental information
    Gross margin (%)                                       55.0        46.6           -        52.6
    Trading margin (%)                                     19.8        12.2           -        17.6
    Operating margin (%)                                   30.0        12.3           -        24.9
    Inventory turn# (times)                                 5.4         3.6           -         4.6
    Account:cash sales mix (%)                            69:31       0:100           -       50:50
                                                                                
    * Elimination of investment in Office.
    # Annualised.

                                                            2017                        2016
                                                           Contribution                Contribution
                                                             to revenue                  to revenue
                                                       Rm             %            Rm             %
    Third party revenue                                                   
    South Africa                                    7 732          70.9         7 728          70.8 
    United Kingdom                                  2 596          23.8         2 609          23.9 
    Germany                                           152           1.4           151           1.4 
    Namibia                                           117           1.1           122           1.1 
    Republic of Ireland                               116           1.1           104           1.0 
    Botswana                                           60           0.5            54           0.5 
    Swaziland                                          51           0.5            50           0.5 
    Zambia                                             17           0.2            16           0.1 
    Rest of Europe                                     14           0.1            14           0.1 
    Mauritius                                          13           0.1            12           0.1 
    Lesotho                                            12           0.1            10           0.1 
    United States                                       9           0.1            15           0.1 
    Ghana                                               8           0.1            12           0.1 
    Kenya                                               6             -*            5             -* 
    Middle East and Asia                                3             -*            7           0.1 
    Australia                                           3             -*            5             -* 
    Franchise sales - Kenya                             3             -*            6           0.1 
    Total third party revenue                      10 912           100        10 920           100 
                                                            
    * Zero due to rounding.

                                                                 31 Dec        25 Dec         2 Jul
                                                                   2017          2016          2017
                                                              Unaudited     Unaudited       Audited
                                                                     Rm            Rm            Rm
10  CAPITAL COMMITMENTS                                        
    Capital expenditure authorised but not contracted:                                        
    Store renovation and development                                258           189           431
    Computer software and infrastructure                            104            71           132
    Buildings                                                        33            27            39
    Head office refurbishment                                         6             6            23
    Distribution facilities                                           3            96             6
    Motor vehicles                                                    2             2             5
    Total capital commitments                                       406           391           636
                                                  
    The capital commitments will be financed from cash generated from operations and available cash 
    resources and are expected to be incurred in the remainder of the 2018 reporting period.

11  EVENTS AFTER THE END OF THE REPORTING PERIOD
    No event, material to the understanding of this interim report, has occurred between the end 
    of the interim period and the date of approval.

12  SEASONALITY
    Historically retail sales in the first half of the financial period have exceeded those of the 
    second half, because of the inclusion in the former of Black Friday and the Christmas trading 
    period. For the 2017 financial period, the Group's first half retail sales was 57% of annual 
    retail sales on a 52-week basis. This percentage is based on only one year of Group retail 
    sales, as Office has only been consolidated for one full reporting period.

13  RELATED PARTY TRANSACTIONS
    Related party transactions similar to those disclosed in the Group's annual financial 
    statements for the period ended 2 July 2017 took place during the interim period. 

14  IMPACT OF THE 53rd WEEK IN 2017 ON 2018 INTERIM FINANCIAL REPORTING
    In line with the practice generally prevailing in the South African retail industry, the Group 
    manages its internal accounting and retail operations in accordance with a retail calendar, 
    which treats each financial year as an exact 52-week period. This treatment effectively results 
    in the "loss" of a day (or two in a leap year) per calendar year. These days are brought to 
    account every four to seven years by including a 53rd week in the financial reporting calendar. 

    Due to the inclusion of a 53rd week in the 2017 financial period, the first 26 weeks of the 
    current period are not comparable to the first 26 weeks of the prior period in terms of dates, 
    and in the case of the Truworths business unit (being the Group, excluding Office), also the 
    timing of the end-of-winter-season sale. 

    Although the Group has reported comparative financial results for the 26 weeks to 25 December 2016, 
    it is useful and good governance to also report information for the directly corresponding 
    26-week prior period ended 1 January 2017, in order to facilitate comparisons against such 
    comparable prior period results. These adjustments are not expected to have a continuing effect 
    as they will only occur in every 53-week period.

    The preparation of the unaudited, comparable 26-week prior period financial information is the 
    responsibility of the directors. The table below illustrates how the current period results 
    compare to the directly corresponding 26-week prior period (i.e. 4 July 2016 to 1 January 2017), 
    by excluding the results of week 1 and including those of week 27 of the prior period. 

    The unaudited, comparable 26-week prior period information for the period ended 1 January 2017 
    has been prepared for illustrative purposes only, to indicate how the actual unaudited interim 
    results of the Group for the current period compare to such information and, because of its 
    nature, may not fairly represent the Group's financial position, changes in equity, results of 
    operations or cash flows of the prior period.

    Statements of comprehensive income
                                     26 weeks   26 weeks                         26 weeks      
                                    to 31 Dec  to 25 Dec                         to 1 Jan    Change      Change
                                         2017       2016                             2017  on prior    on prior
                                    Unaudited  Unaudited  1st week  27th week   Unaudited    period      period
                                                     (As   adjust-    adjust-  comparable  reported  comparable
                                                reported)    ments      ments       weeks  26 weeks    26 weeks
                                           Rm         Rm        Rm         Rm          Rm         %           %
    Sale of merchandise                10 048     10 036      (486)       429       9 979         -           1 
    Retail sales (refer below)         10 289     10 246      (486)       429      10 189         -           1 
    Accounting adjustments/other sales   (241)      (210)                            (210)       15          15 
    Cost of sales                      (4 783)    (4 758)      227       (208)     (4 739)        1           1 
    Gross profit                        5 265      5 278      (259)       221       5 240         -           - 
    Other income                          151        156                              156        (3)         (3)
    Trading expenses                   (3 713)    (3 665)        -          -      (3 665)        1           1 
    Depreciation and amortisation        (192)      (199)                            (199)       (4)         (4)
    Employment costs                   (1 068)    (1 062)                          (1 062)        1           1 
    Occupancy costs                    (1 135)    (1 079)                          (1 079)        5           5 
    Trade receivable costs               (653)      (721)                            (721)       (9)         (9)
    Other operating costs                (665)      (604)                            (604)       10          10 
                                                                                          
    Trading profit                      1 703      1 769      (259)       221       1 731        (4)         (2)
    Interest received                     713        718                              718        (1)         (1)
    Dividends received                      -         10                               10      (100)       (100)
    Operating profit                    2 416      2 497      (259)       221       2 459        (3)         (2)
    Finance costs                        (133)      (145)                            (145)       (8)         (8)
    Profit before tax                   2 283      2 352      (259)       221       2 314        (3)         (1)
    Tax expense                          (627)      (645)       70        (57)       (632)       (3)         (1)
    Profit for the period               1 656      1 707      (189)       164       1 682        (3)         (2)
                                                                                          
    Attributable to:                                                                                          
    Equity holders of the company       1 632      1 678      (185)       157       1 650        (3)         (1)
    Holders of the non-controlling 
    interest                               24         29        (4)         7          32       (17)        (25)
    Profit for the period               1 656      1 707      (189)       164       1 682        (3)         (2)
                                                                                          
    Basic and headline earnings 
    per share (cents)                   379.8      392.6     (43.3)      36.7       386.1        (3)         (2)
    Diluted basic and headline 
    earnings per share (cents)          379.3      391.9     (43.2)      36.7       385.3        (3)         (2)
    Weighted average number of shares 
    in issue (millions)                 429.7      427.4                            427.4                     
    Diluted weighted average number of 
    shares in issue (millions)          430.3      428.2                            428.2                     

    Key ratios
    Gross margin (%)                     52.4       52.6                             52.5                     
    Trading expenses to sale of 
    merchandise (%)                      37.0       36.5                             36.7                     
    Trading margin (%)                   16.9       17.6                             17.3                     
    Operating margin (%)                 24.0       24.9                             24.6                     
                                                                                          
    Retail sales                                                                                          
    Truworths (Rm)                      7 441      7 387      (381)       254       7 260         1           2 
    Truworths ladieswear (Rm)           2 066      2 144      (129)        79       2 094        (4)         (1)
    Truworths menswear (Rm)             2 070      2 052      (104)        73       2 021         1           2 
    Identity (Rm)                       1 189      1 193       (62)        37       1 168         -           2 
    Truworths designer emporium (Rm)      780        790       (39)        32         783        (1)          -
    Truworths kids emporium (Rm)          630        585       (24)        11         572         8          10 
    Other (Rm)                            706        623       (23)        22         622        13          14 
    Office (Rm)                         2 848      2 859      (105)       175       2 929         -          (3)
    Group retail sales (Rm)            10 289     10 246      (486)       429      10 189         -           1 
                                                                                          
    Office (£m)                           162        159        (6)        10         163         2          (1)
                                                                                          
    Notes:                                                                                          
    1  The accounting policies and methods of computation applied in preparing the unaudited 
       results for the 26 weeks ended 31 December 2017, which results have been prepared in terms 
       of IFRS, have been used in preparing the unaudited information for the comparable 26 weeks 
       ended 1 January 2017.
    2  The information contained in the "26 weeks to 31 Dec 2017" and "26 weeks to 25 Dec 2016" 
       columns have been extracted without adjustment from the published, unaudited results for 
       the respective 26-week periods.
    3  The amounts in the "1st week adjustments" and "27th week adjustments" columns relate to 
       retail sales, the related cost of sales (calculated with reference to the gross profit margin 
       for the 26-week period ended 25 December 2016), and tax expense (calculated with reference 
       to the actual tax rate for the 26-week period ended 25 December 2016) for the one-week periods 
       from 27 June 2016 to 3 July 2016 and 26 December 2016 to 1 January 2017 respectively, 
       together with the resultant gross profit, trading profit, operating profit, profit before tax 
       and profit for the said one-week periods. The trading expenses have not been adjusted, 
       as these are typically incurred on a monthly basis, and it was therefore assumed that the 
       expenses for the one-week periods from 27 June 2016 to 3 July 2016 and 26 December 2016 
       to 1 January 2017 respectively are similar, notwithstanding that these periods are 
       six months apart.
    4  The relevant amounts for the one-week periods from 27 June 2016 to 3 July 2016 and 
       26 December 2016 to 1 January 2017 have been extracted from the Group's unaudited 
       accounting records.
    5  The "1st week adjustments" and "27th week adjustments" columns, in the opinion of the 
       directors, fairly reflect the results of the one-week periods from 27 June 2016 to 
       3 July 2016 and 26 December 2016 to 1 January 2017 respectively.
    6  The calculation of earnings per share and headline earnings per share for the comparable 
       26-week prior period is based on the weighted average number of shares in issue over 
       that period. 
    7  The comparable 26-week prior period information has neither been reviewed nor reported on 
       by the Group's external auditor.



ADMINISTATION
Truworths International Ltd
Registration number 1944/017491/06

Tax reference number 9875/145/71/7
JSE code: TRU
NSX code: TRW
ISIN: ZAE000028296

Company secretary
Chris Durham, FCIS, PG Dip. Adv. Co Law (UCT)

Registered office
No. 1 Mostert Street, Cape Town, 8001, South Africa

Postal address
PO Box 600, Cape Town, 8000, South Africa

Contact details
Tel: +27 (21) 460 7911    Telefax: +27 (21) 460 7132

www.truworths.co.za
www.office.co.uk

Principal bankers
The Standard Bank of South Africa Ltd
Lloyds Bank plc

Auditors
Ernst & Young Inc. 

Attorneys
Bernadt Vukic Potash and Getz
Edward Nathan Sonnenbergs
Spoor & Fisher
Webber Wentzel
Bowman Gilfillan
Shoosmiths 

Sponsor in South Africa
One Capital Sponsor Services (Pty) Ltd

Sponsor in Namibia
Merchantec Capital Namibia (Pty) Ltd

Transfer secretaries
In South Africa
Computershare Investor Services (Pty) Ltd
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196, South Africa
PO Box 61051, Marshalltown, 2107, South Africa
Tel: +27 (11) 370 5000    Telefax: +27 (11) 688 5248
www.computershare.com

In Namibia
Transfer Secretaries (Pty) Ltd
Robert Mugabe Avenue No. 4
Windhoek, Namibia
PO Box 2401, Windhoek, Namibia
Tel: +264 (61) 22 7647    Telefax: +264 (61) 24 8531 

Investor relations
David Pfaff (CFO)
Tel: +27 (21) 460 7956

Graeme Lillie (Tier 1 Investor Relations)
Tel: +27 (21) 702 3102

Directors
H Saven (Chairman)§‡, MS Mark (CEO)*, DB Pfaff (CFO)*, DN Dare*, RG Dow§‡, JHW Hawinkels§‡, 
M Makanjee§‡, CT Ndlovu§‡, RJA Sparks§‡, AJ Taylor§‡ and MA Thompson§‡
* Executive    § Non-executive    ‡ Independent


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