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Preliminary report on the audited group annual results and dividend declaration for the 52 weeks ended 28 June 2020
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 ended 28 June 2020
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 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 an emerging presence in Germany, the Republic of
Ireland and other sub-Saharan African countries.
Key features: Reported: Adjusted*:
Revenue down 8.1% to R18.0 billion
Sale of merchandise down 9.5% to R16.4 billion
Retail sales down 9.2% to R16.9 billion
Gross margin 50.8%
Operating margin -0.7% 15.0%
Earnings per share down 191.9% down 32.5%
Headline earnings per share down 28.2%
Office intangible assets impairment £118 million
Cash generated from operations R4.5 billion
Cash realisation rate 136%
Annual dividend per share down 27% to 280 cents
* Excluding impairments of goodwill and intangible assets. Refer to note 22 of the full
Preliminary Report on the Audited Group Annual Results for the 52 weeks ended 28 June 2020 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 28 June 2020 and
does not contain full or complete details. The full results announcement is accessible via the
JSE link at https://senspdf.jse.co.za/documents/2020/jse/isse/tru/FY2020SENS.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.
The audited consolidated annual financial statements for the period ended 28 June 2020 have been
audited by the company's auditors, Ernst & Young Inc. who expressed an unmodified audit opinion
thereon (the Audit Report). The Audit Report includes the communication of key audit matters which
are disclosed on pages 1 to 4 of the consolidated annual financial statements available on the
company's website at www.truworthsinternational.com.
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 28 June 2020 in the amount of 31 South African
cents (2019: 135 South African cents) per ordinary share to shareholders reflected in the company's
register on the record date, being Friday, 25 September 2020.
The last day to trade in the company's shares cum dividend is Monday, 21 September 2020.
Consequently no dematerialisation or rematerialisation of the company's shares may take place over
the period from Tuesday, 22 September 2020 to Friday, 25 September 2020, both days inclusive.
Trading in the company's shares ex dividend will commence on Tuesday, 22 September 2020.
The dividend is scheduled to be paid in South African Rand (ZAR) on Monday, 28 September 2020.
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 24.8 South African cents. The company has 442 963 993 ordinary shares in issue on
3 September 2020. 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
3 September 2020
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;
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
Directors:
H Saven (Chairman)§‡, MS Mark (CEO)*, DB Pfaff (CFO/COO)*,
DN Dare*, SJ Proudfoot*, RG Dow§‡, JHW Hawinkels§‡, C Hess§‡, M Makanjee§‡,
AMSS Mokgabudi§‡, RJA Sparks§‡, AJ Taylor§‡ and MA Thompson§‡
* Executive § Non-executive ‡ Independent
Date: 03-09-2020 05:01:00
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