Wrap Text
Preliminary report on the audited group annual results & dividend declaration for the 52 weeks ended 27 June 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
SHORT-FORM ANNOUNCEMENT
PRELIMINARY REPORT ON THE AUDITED GROUP ANNUAL RESULTS AND CASH DIVIDEND DECLARATION
for the 52 weeks ended 27 June 2021
Truworths International Ltd (the company) is an investment holding and management
company listed on the stock exchange operated by the JSE Limited 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 a presence in Germany,
the Republic of Ireland and other sub-Saharan African countries.
Key features:
Sale of merchandise up 0.1% to R16.4 billion
Retail sales up 0.5% to R17.0 billion
Gross margin up from 50.8% to 51.0%
Doubtful debt allowance to trade receivables improved from 30.2% at 28 June 2020 to 23.4%
Operating profit R3.0 billion (2020: loss of R0.1 billion)
Operating margin 18.5%
Earnings per share 480.2 cents per share, up 461.1%
Headline earnings per share 520.3 cents per share, up 26.8%
Diluted headline earnings per share 516.7 cents per share, up 26.3%
Cash generated from operations R4.1 billion
Net cash to equity 9.3%
Share buy-backs for the period 19.3 million shares, R768 million
Cash realisation rate 107%
Annual dividend per share up 25% to 350 cents (2020: 280 cents)
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 27 June 2021 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/FY2021SENS.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 consolidated annual financial statements for the period ended 27 June 2021 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 6 of the Group 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 gross cash dividend from
retained earnings in respect of the 52-week period ended 27 June 2021 in the amount of
118 South African cents (2020: 31 South African cents) per ordinary share to shareholders
reflected in the company's register on the record date, being Thursday, 23 September 2021.
The last day to trade in the company's shares cum dividend is Monday, 20 September 2021.
Consequently no dematerialisation or rematerialisation of the company's shares may take
place over the period from Tuesday, 21 September 2021 to Thursday, 23 September 2021,
both days inclusive. Trading in the company's shares ex dividend will commence on
Tuesday, 21 September 2021. The dividend is scheduled to be paid in South African Rand
(ZAR) on Monday, 27 September 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 94.40000 South African cents. The company has 438 007 383 ordinary shares in
issue on the date of this announcement. 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 of the
company.
By order of the board
H Saven MS Mark
Chairman Chief Executive Officer
2 September 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)*, EFPM Cristaudo (CFO)*, SJ Proudfoot*, RG Dow§‡, D Earp§‡,
JHW Hawinkels§‡, CJ Hess§‡, M Makanjee§‡, AMSS Mokgabudi§‡, T Mosololi§‡, RJA Sparks§‡,
AJ Taylor§‡ and MA Thompson§‡
* Executive § Non-executive ‡ Independent
www.truworthsinternational.com
Date: 02-09-2021 05:43:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.