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TRUWORTHS INTERNATIONAL LIMITED - Preliminary report on the audited group annual results & dividend declaration for the 52 weeks ended 27 June 2021

Release Date: 02/09/2021 17:43
Code(s): TRU     PDF:  
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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
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