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TRUWORTHS INTERNATIONAL LIMITED - Unaudited Group interim results for the 26 weeks ended 27 December 2020 and dividend declaration

Release Date: 18/02/2021 16:57
Code(s): TRU     PDF:  
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Unaudited Group interim results for the 26 weeks ended 27 December 2020 and dividend declaration

(Incorporated in the Republic of South Africa)
(Registration number: 1944/017491/06)
(Tax reference number: 9875/145/71/7)
JSE code: TRU
NSX code: TRW
ISIN: ZAE000028296
LEI: 37890099AFD770037522

for the 26 weeks ended 27 December 2020 AND DIVIDEND DECLARATION

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

Key features:        
Sale of merchandise                                            down 8.9% to R9.4 billion 
Retail sales                                                   down 8.5% to R9.7 billion 
Gross margin                                                    down from 52.5% to 51.5% 
Doubtful debt allowance to trade receivables   improves from 30.2% in June 2020 to 24.0%
Operating profit                                              down 17.5% to R1.9 billion
Operating margin                                                down from 22.6% to 20.5% 
Earnings per share                                                            down 15.1%
Headline earnings per share                                                    down 7.0%
Diluted headline earnings per share                                            down 7.2%
Cash generated from operations                                              R2.7 billion
Net cash to equity                                                                 23.9%
Share buy-backs for the period                        (10.1 million shares) R352 million
Cash realisation rate                                                               126%
Interim dividend per share                                 of 232 cents (2019: 249 cents)

This short-form announcement is the responsibility of the company's directors, is a 
summary of the information in the Group's full interim results announcement for the 
26-week period to 27 December 2020 and does not contain full or complete details. 
The full results announcement is accessible via the JSE link at and on the 
company's website at Copies of the full interim results 
announcement may be requested at the company's registered office or the offices of 
One Capital, at no charge, during normal office hours. Investment decisions in relation 
to the company's shares should be based on consideration of the full interim results 

The directors of the company have resolved to declare a gross cash dividend from 
retained earnings in respect of the 26-week period ended 27 December 2020 in the 
amount of 232 South African cents (2019: 249 South African cents) per ordinary share 
to shareholders reflected in the company's register on the record date, being Friday, 
12 March 2021.

The last day to trade in the company's shares cum dividend is Tuesday, 9 March 2021. 
Consequently no dematerialisation or rematerialisation of the company's shares may 
take place over the period from Wednesday, 10 March 2021 to Friday, 12 March 2021, 
both days inclusive. Trading in the company's shares ex dividend will commence on 
Wednesday, 10 March 2021. The dividend is scheduled to be paid in South African Rand 
(ZAR) on Monday, 15 March 2021.

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, 
Private Bag X9000, Saxonwold, 2132, 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 185.6 South African cents. The company has 442 963 993 ordinary 
shares in issue on 18 February 2021. 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

H Saven                 MS Mark
Chairman                Chief Executive Officer

18 February 2021

Truworths International Ltd 
(Incorporated in the Republic of South Africa)
(Registration number: 1944/017491/06)
(Tax reference number: 9875/145/71/7)

JSE code: TRU
NSX code: TRW
ISIN: ZAE000028296
LEI: 37890099AFD770037522

Registered office:
No. 1 Mostert Street, Cape Town, 8001, South Africa; 
PO Box 600, Cape Town, 8000, South Africa

Sponsor in South Africa:
One Capital

Sponsor in Namibia:
Merchantec Capital 

Ernst & Young Inc.

Transfer secretaries:
In South Africa:
Computershare Investor Services (Pty) Ltd,
15 Biermann Avenue, Rosebank, 2196, South Africa; 
Private Bag X9000, Saxonwold, 2132, South Africa; or

In Namibia:
Transfer Secretaries (Pty) Ltd, 
Robert Mugabe Avenue No. 4, Windhoek, Namibia;
PO Box 2401, Windhoek, Namibia

Company Secretary:
C Durham

H Saven (Chairman)§‡, MS Mark (CEO)*, DB Pfaff (CFO/COO)*,
DN Dare*, SJ Proudfoot*, EFPM Cristaudo§‡, RG Dow§‡, JHW Hawinkels§‡, CJ Hess§‡,
M Makanjee§‡, AMSS Mokgabudi§‡, RJA Sparks§‡, AJ Taylor§‡ and MA Thompson§‡

* Executive  § Non-executive  ‡ Independent

Date: 18-02-2021 04:57:00
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