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TRUWORTHS INTERNATIONAL LIMITED - Preliminary report on the audited group annual results and dividend declaration for the 52 weeks to 30 June 2019

Release Date: 15/08/2019 17:21
Code(s): TRU     PDF:  
 
Wrap Text
Preliminary report on the audited group annual results and dividend declaration for the 52 weeks to 30 June 2019

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


SHORT-FORM ANNOUNCEMENT 
PRELIMINARY REPORT ON THE AUDITED GROUP ANNUAL RESULTS AND DIVIDEND DECLARATION
for the 52 weeks to 30 June 2019 

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 indirectly through subsidiaries, concessions, 
agencies or franchises, 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 an emerging presence in Germany, the Republic of 
Ireland and other sub-Saharan African countries.

Key features:                                         Reported:                         Adjusted*:
Retail sales                                          up 3.7% to R18.6 billion         
Gross margin                                          at 51.6%         
Operating margin                                      at 9.1%                           at 19.4%
Profit before tax                                     down 57.5%                        down 6.5%
Diluted earnings per share                            down 66.8%                        down 6.5%
Diluted headline earnings per share - Group           down 8.5%                         down 6.7%
Diluted headline earnings per share - Truworths 
Africa segment                                        down 2.5%        
Diluted headline earnings per share - Office segment  down 60.0%        
Net asset value per share                             down 10.9%                        up 6.3%
Office intangible assets impaired                     by £97 million        
Cash generated from operations                        R2.7 billion        
Net debt to equity                                    at 7.2%                           at 6.1%
Cash realisation rate                                 of 93%        
Annual dividend per share                             of 384 cents (2018: 420 cents)        

*  Excluding the Office impairment and foreign exchange gains and losses. Refer to note 16 of the 
   full Preliminary Report on the Audited Group Annual Results for the 52 weeks ended 30 June 2019 
   for further information.

This short-form announcement is the responsibility of the company's directors, is a summary of the 
information in the Group's full results announcement for the 52-week period to 30 June 2019 and 
does not contain complete details. The full results announcement is accessible via the JSE link at
https://senspdf.jse.co.za/documents/2019/jse/isse/tru/FY2019SENS.pdf and on the company's website
at www.truworthsinternational.com. Copies of the full 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 results announcement.

FINAL DIVIDEND
The directors of the company have resolved to declare a final gross cash dividend from retained 
earnings in respect of the 52-week period ended 30 June 2019 in the amount of 135 South African cents 
(2018: 159 South African cents) per ordinary share to shareholders reflected in the company's 
register on the record date, being Friday, 13 September 2019.

The last day to trade in the company's shares cum dividend is Tuesday, 10 September 2019. 
Consequently no dematerialisation or rematerialisation of the company's shares may take place over 
the period from Wednesday, 11 September 2019 to Friday, 13 September 2019, both days inclusive. 
Trading in the company's shares ex dividend will commence on Wednesday, 11 September 2019. 
The dividend is scheduled to be paid in South African Rand (ZAR) on Monday, 16 September 2019.

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 108 South African cents. The company has 442 876 470 ordinary shares in issue on 15 August 2019. 
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 of the company 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 
of the company.

By order of the board


H Saven                MS Mark
Chairman               Chief Executive Officer

15 August 2019


ADMINISTRATION
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

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

Auditors:
Ernst & Young Inc.

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; or

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

Company Secretary:
C Durham

Directors:
H Saven (Chairman)§‡, MS Mark (CEO)*, DB Pfaff (CFO/COO)*,
DN Dare*, SJ Proudfoot*, RG Dow§‡, JHW Hawinkels§‡, C Hess§‡, M Makanjee§‡, CT Ndlovu§‡, 
RJA Sparks§‡, AJ Taylor§‡ and MA Thompson§‡

* Executive  § Non-executive  ‡ Independent

Date: 15/08/2019 05:21:00
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