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Unaudited Group interim results for the 26 weeks ended 27 December 2020 and dividend declaration
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
SHORT-FORM ANNOUNCEMENT
UNAUDITED GROUP INTERIM RESULTS
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
https://senspdf.jse.co.za/documents/2021/jse/isse/tru/Interim21.pdf and on the
company's website at www.truworthsinternational.com. 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
announcement.
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 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
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
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
Auditors:
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
Directors:
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
www.truworthsinternational.com
Date: 18-02-2021 04:57:00
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