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JDG
JDG
JDG - JD Group Limited - Reviewed results and dividend declaration for the six
months ended 29 February 2008
JD Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009108/06)
ISIN: ZAE000030771
JSE code: JDG
Reviewed results and dividend declaration for the six months ended 29 February
2008
Commentary
When we released our 2006 results we commented that we had identified a slow
down in the retail cycle and that we felt there were early warning signs for the
South African consumer in terms of their debt exposure. This was re-affirmed
with the release of our 2007 results, and these results for the six months ended
29 February 2008 confirm the severity of the indebtedness of the South African
consumer.
The ongoing interest rate hikes together with increases in food and fuel prices
have significantly curbed consumer spending. In addition, the frenzy to drive
credit sales in the run up to the introduction of the National Credit Act, which
was not the case at the JD Group, has resulted in our customers being grossly
over exposed to debt.
As more fully referred to in note 10 below, the Group changed its accounting
treatment of insurance income and initiation fees. The impact of the new
accounting treatment was a reduction in profit attributable to shareholders of
R138 million in the current period and R144 million in the prior period.
Update on Group structure
As we reported in our 2007 results, we have split the Group into four distinct
operating divisions namely Traditional Retail, Cash Retail, International and
Financial Services. The Traditional Retail division comprises the seven retail
chains reliant on credit offerings, Cash Retail comprises Hi-Fi Corporation and
Incredible Connection and the Financial Services division incorporates the
credit business, with International being Abra in Poland. In line with the new
structure, we will report the four divisions separately in the segmental
analysis going forward.
Traditional Retail
Traditional Retail`s top line was severely impacted by the decline in the demand
for credit. Turnover was down some 13% on the previous period mainly due to the
decrease in the number of credit applications. Gratifying, however, was the
containment of expenses which reflected a slight reduction of 0,4% on 2007. The
net result was a reduction in the operating margin to 10,2%, with the division
generating R300 million in operating profit. The allocation of costs and revenue
streams for Traditional Retail, following the split from Financial Services,
have been further refined and now includes a commission earned for the sale of
insurance, in addition to the origination fee.
Cash Retail
Overall the division performed well, particularly Incredible Connection.
Turnover for the period was 6% up on 2007 with operating profit at R131 million,
14% down on the prior period.
Although Hi-Fi Corporation`s top line sales declined by 4% year on year, we have
seen an improvement in product margin. The operating margin, while down on last
year was still at an acceptable 5,7%. Incredible Connection grew its top line by
a very pleasing 21% with its operating margin at 7,2%.
Both Hi-Fi Corporation and Incredible Connection have aggressive store roll out
plans over the next two years and as a result, we are confident that the
division will continue to contribute significantly to the Group`s earnings going
forward. The weaker Rand has, to a degree, impacted on the cost of goods in the
cash chains.
International
Abra in Poland achieved top line growth of 44%, resulting in an operating margin
of 6,6%. Abra continues to perform exceptionally well and is poised to grow its
business aggressively throughout Poland and into neighbouring countries.
Financial Services
The planning phase for the separation of Financial Services from Traditional
Retail has been finalised and we have now moved into the execution phase. The
first step of this process is the centralised management of receivables. Blakes,
the Group`s investment in a call centre business, has been appointed to host the
collection of the Electric Express receivables under the management of the JD
Group Financial Services division. This move took place seamlessly, which bodes
well for the centralisation of receivables in the other chains, scheduled for
completion by the end of this calendar year. We expect that the use of call
centres will enhance efficiencies both from an operational and cost perspective,
and the Group should see the benefits of the centralised collection model in the
years ahead.
Bad debt write-offs and impairment provision costs increased year on year by
38%, resulting in the operating margin declining to 18,8%. The provision for
doubtful debts has increased by 27% from R581 million at August 2007 to R740
million at February 2008. Bad debt provisions as a percentage of total arrears
have moved from 73% to 80% for the same period, reflecting a significant level
of provisioning against contractual arrears.
Equity Investments
Maravedi, our joint venture with ABSA and Thebe, continues to grow its debtors
book. It has also developed a number of new products and the knowledge gained
from these will be utilised to enhance our own Financial Services offering going
forward.
Blakes continues to perform exceptionally well and is poised for strong growth
going forward. As previously stated, our intention is to utilise the Blakes
infrastructure and expertise to assist us with our debtors management and
collections by the end of the calendar year, as well as to increase our equity
stake in the business.
Balance Sheet and cash flow
The balance sheet reflects net gearing of R403 million as compared to R76
million at 31 August 2007. Cash generated by trading decreased from R1 105
million to R682 million with working capital requirements reducing from R652
million to R211 million. R205 million was used to buy back and cancel 5,0
million shares under the general authority to repurchase shares granted on 6
February 2008. In addition, the Group holds 7,4 million treasury shares as a
hedge against share options in issue. The gearing remains conservative which is
an enviable position to be in, considering the state of the broader credit
market. The Group will continue to repurchase shares in line with the general
authority when the opportunities present themselves.
B-BBEE
The Group remains committed to the conclusion of a B-BBEE transaction, which
will incorporate a broad-based business partner and staff.
Constitution of the Board
As was announced, Grattan Kirk will assume the role of Chief Executive Officer
with effect from 1 June 2008. Mias Strauss will then stand down as CEO, but will
continue to be involved in the business on a project basis. In addition Johan
Kok retires from the board effective 31 May 2008 but will continue as Chief
Operating Officer. Ms J van Eden has resigned as company secretary with effect
from 31 May 2008.
Prospects
The current economic conditions are not conducive to an improvement in consumer
spending going and therefore, we expect top line sales to remain under pressure
for the foreseeable future. However, it must be noted that our approach to
providing credit has been conservative over the last two years and this together
with the inherent strength of the Group`s cash flow and balance sheet, places
the Group in an advantageous position. This bodes well for the Group`s ability
to see out this extremely difficult trading cycle.
In line with the down turn in the economy and the new group structure, we see
the reduction in the Group`s fixed overhead base as a priority and the necessary
strategies are in place to achieve this goal. We expect to see an improvement in
the cost to income ratio in the year ahead.
For and on behalf of the board
I David Sussman Mias Strauss Gerald Volkel
Chairman Chief executive officer Chief financial officer
26 May 2008
Review by the independent auditors
The financial information presented has been reviewed, but not audited, by
Deloitte & Touche, whose unmodified review report is available for inspection at
the Company`s registered office.
Declaration of interim dividend number 49
Notice is hereby given that the board of directors has declared an interim
dividend of 111 cents per share (2007: 246 cents per share) for the six months
ended 29 February 2008. The dividend has been declared in the currency of the
Republic of South Africa.
In accordance with the settlement procedures of STRATE, the following dates will
apply to the interim dividend:
Last day to trade cum dividend Friday, 20 June 2008
Trading ex dividend commences Monday, 23 June 2008
Record date Friday, 27 June 2008
Dividend payment date Monday, 30 June 2008
Share certificates may not be dematerialised or rematerialised between Monday,
23 June 2008 and Friday, 27 June 2008, both days inclusive.
Condensed income statement
Reviewed Reviewed
Restated Restated
12 months 6 months 6 months
ended ended ended
31 August 29 February 28 February
2007 2008 2007 Change
R million R million R million %
9 325 Sale of merchandise 4 935 5 072 (3)
1 736 Finance charges earned 780 874 (11)
1 374 Financial services 648 666 (3)
479 Other services 270 269 -
12 914 Revenue 6 633 6 881 (4)
6 517 Cost of sales 3 441 3 494 (2)
3 981 Operating expenses 2 123 2 007 6
937 Administration and 484 436
other expenses
155 Depreciation and 81 74
amortisation
1 639 Employees 885 844
27 Management fee 10 19
416 Marketing 210 221
553 Occupancy 315 284
32 Share-based payment 16 16
233 Transport and travel 125 120
Surplus on disposal of
property,
(11) plant and equipment (3) (7)
2 416 Operating profit before 1 069 1 380 (23)
debtors costs
825 Debtors costs (note 2) 497 359 38
1 591 Operating profit 572 1 021 (44)
75 Investment income 19 36
36 Finance income (note 3) 49 20
(187) Finance costs (note 3) (93) (81)
(4) Share of (losses)/profits (8) 3
of associates
1 511 Profit before taxation 539 999 (46)
398 Taxation 154 271 (43)
1 113 Profit attributable to 385 728 (47)
shareholders
Earnings per share
(cents)
626,1 - basic 222,3 409,8 (46)
605,7 - 2007 basic as 491,2
previously reported
614,1 - diluted 221,5 401,2 (45)
Supplementary information
Reviewed Reviewed
Restated Restated
12 months 6 months 6 months
ended ended ended
31 August 29 February 28 February
2007 2008 2007 Change
R million R million R million %
Reconciliation of
headline earnings
1 113 Profit attributable to 385 728 (47)
shareholders
Surplus on disposal of
property,
(11) plant and equipment (3) (7)
3 Taxation thereon 1 2
1 105 Headline earnings 383 723 (47)
180 000 Number of shares in issue 174 980 178 500
(000)
(4 506) Treasury shares held (7 365) (406)
(000)
Number of shares held
outside
175 494 the Group (000) 167 615 178 094
Weighted average number
of shares in issue (000)
177 861 - basic 172 883 177 631
181 319 - diluted 173 475 181 440
Headline earnings per
share (cents)
621,7 - basic 220,9 406,8 (46)
601,3 - 2007 basic as 488,2
previously reported
609,8 - diluted 220,2 398,3 (45)
303 Distribution to 111 246
shareholders (cents)
246 - Interim (proposed) 111 246
57 - Final
12,3 Operating margin (%) 8,6 14,8
The earnings and headline earnings per share are calculated in R thousands as
opposed to R million.
Condensed statement of changes in equity
Reviewed Reviewed
Restated Restated
31 August 29 February 28 February
2007 2008 2007
R million R million R million
2 118 Share capital and premium 1 913 2 072
2 057 Opening balance 2 118 2 057
Shares purchased by JD Group
Limited
- and cancelled (205) -
61 Shares issued to share - 15
incentive trust
(255) Treasury shares (435) (11)
(18) Opening balance (255) (18)
(61) Shares issued to share - (15)
incentive trust
(222) Shares purchased by the share (188) -
incentive trust
Proceeds on disposal of
shares by
46 share incentive trust 4 22
- Profit on disposal of 4 -
treasury shares
125 Share-based payment reserve 141 109
93 Opening balance 125 93
32 Share-based payment 16 16
101 Non-distributable reserves 122 107
100 Opening balance 101 100
1 Translation of foreign 21 7
entities
2 866 Retained earnings 3 067 2 582
3 072 Opening balance 2 866 3 072
(779) Unearned revenue adjustments - (779)
- 1 September 2006
1 113 Profit attributable to 385 728
shareholders
(546) Distributable to shareholders (194) (440)
6 Distributable to share 10 1
incentive trust
100 Shareholders for dividend 186 438
322 Opening balance 100 322
546 Distributable to shareholders 194 440
(6) Distributable to share (10) (1)
incentive trust
(767) Paid to shareholders (102) (325)
5 Paid to share incentive trust 4 2
5 055 Balance at end of period 4 994 5 297
Condensed balance sheet
Reviewed Reviewed
Restated Restated
31 August 29 February 28 February
2007 2008 2007
R million R million R million
Assets
1 403 Non-current assets 1 424 1 370
578 Property, plant and equipment 612 529
347 Goodwill 347 347
294 Intangible assets 275 313
111 Investments and loans 111 111
23 Interest in associate company 27 23
3 Interest in joint venture - 8
47 Deferred taxation 52 39
7 488 Current assets 7 481 7 969
1 348 Inventories 1 546 1 304
5 041 Trade and other receivables 4 982 5 552
(note 4)
1 Financial assets 2 1
123 Taxation 6 35
975 Bank balances and cash 945 1 077
8 891 Total assets 8 905 9 339
Equity and liabilities
Equity and reserves
2 118 Share capital and premium 1 913 2 072
(255) Treasury shares (435) (11)
226 Non-distributable and other 263 216
reserves
2 866 Retained earnings 3 067 2 582
100 Shareholders for dividend 186 438
5 055 Shareholders` equity 4 994 5 297
1 215 Non-current liabilities 1 499 1 310
739 Interest bearing long term 1 227 848
liabilities
79 Non-interest bearing long term 78 63
liability
397 Deferred taxation 194 399
2 621 Current liabilities 2 412 2 732
2 219 Trade and other payables (note 2 143 2 258
5)
312 Interest bearing liabilities 121 388
90 Taxation 148 86
8 891 Total equity and liabilities 8 905 9 339
137 Directors` valuation of unlisted 138 142
investments
12 Capital expenditure authorised - 5
and contracted
141 Capital expenditure authorised 67 33
and not yet contracted
1 391 Operating lease commitments 1 512 1 266
2 808,8 Net asset value per share (cents) 2 854,0 2 967,4
1,5 Gearing ratio (net) (%) 8,1 3,0
Condensed cash flow statement
Reviewed Reviewed
Restated Restated
12 months 6 months 6 months
ended ended ended
31 August 29 February 28 February
2007 2008 2007
R million R million R million
(21) Cash flows from operating 160 (413)
activities
1 773 Cash generated by trading 682 1 105
(221) Increase in working capital (211) (652)
1 552 Cash generated by operations 471 453
75 Investment income 19 36
(146) Finance costs - net (46) (57)
(740) Taxation paid (186) (522)
741 Cash available from/(utilised 258 (90)
by) operating activities
(762) Dividends paid (98) (323)
(183) Cash flows from investing (98) (72)
activities
- Increase in investment in joint (7) -
venture
10 Investment and loan receipts - 13
Proceeds on disposal of
property,
17 plant and equipment 5 10
(210) Additions to property, plant (96) (95)
and equipment
(438) Cash flows from financing (92) (55)
activities
Proceeds on disposal of
treasury shares
46 by share incentive trusts 4 22
(222) Purchase of treasury shares (188) -
- Shares bought back and (205) -
cancelled
- Long term borrowings raised 550 -
(170) Long term borrowings repaid (200) (33)
(92) Finance lease liabilities (53) (44)
repaid
Net decrease in cash
(642) and cash equivalents (30) (540)
1 617 Cash and cash equivalents at 975 1 617
beginning of period
975 Cash and cash equivalents at end 945 1 077
of period
210 Capital expenditure incurred 96 95
Notes
1. Accounting policies
The accounting policies used in the preparation of the interim profit
announcement, which are compliant with International Financial Reporting
Standards, are consistent with those applied in the previous financial year
ended 31 August 2007, except for the adoption of the following new and
revised accounting standards and interpretations and for the changes as set
out in note 10 below:
- IFRS 7 - Financial instruments: Disclosures
- Amendment to IAS 1 - Capital Disclosures
- IFRIC 10 - Interim financial reporting and impairment
- IFRIC 11 - Share-based payment involving an entity`s own equity
instruments in which an entity chooses or is required to buy its own equity
instruments (treasury shares) to settle the share-based payment obligation.
Except as described in note 10, the adoption of these standards had no
material impact on the Group.
This profit announcement was compiled in terms of IAS 34 Interim reporting
and the JSE Limited Listing Requirements.
Reviewed Reviewed
Restated Restated
12 months 6 months 6 months
ended ended ended
31 August 29 February 28 February
2007 2008 2007
R million R million R million
2. Debtors costs
184 Increase in impairment 159 94
provision
641 Bad debts written off 338 265
825 497 359
Notes - continued
Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 29 February 28 February
2007 2008 2007
R million R million R million
3. Finance costs - net Finance costs
182 Interest paid 93 77
5 Fair value losses on - 4
financial instruments
187 93 81
Finance income
(36) Interest received (48) (20)
- Fair value gains on (1) -
financial instruments
(36) (49) (20)
151 Finance costs - net 44 61
Reviewed Reviewed
Restated Restated
31 August 29 February 28 February
2007 2008 2007
R million R million R million
4. Trade and other receivables
5 119 Instalment sale 5 282 5 558
receivables(a)
(581) Less: Impairment provision (740) (491)
4 538 Net instalment sale 4 542 5 067
receivables
503 Other receivables 440 485
5 041 Total trade and other 4 982 5 552
receivables
Provision as a percentage of
instalment
11,4 sale receivables (%) 14,0 8,8
In accordance with industry norms, amounts due from instalment sale
receivables after one year are included in current assets. The credit terms
of instalment sale receivables range from 6 to 36 months.
a. Classified as loans and receivables and carried at amortised cost.
5. Trade and other payables
The directors consider the carrying amount of trade and other payables to
approximate their fair values. The credit period of trade payables ranges
between 30 and 120 days.
6. Diluted earnings and headline earnings per share
The number of shares for diluted earnings purposes has been calculated
after considering the dilutive impact of share options and the cash value
to be received in future, in respect of unissued shares granted to
employees.
7. Related parties
The Group entered into various transactions with related parties which
occurred under terms that are no more favourable than those arranged with
independent third parties.
8. Contingent liabilities
Certain Group companies are involved in disputes where the outcome is
uncertain. The Group is regularly subject to evaluations, by the tax
authorities, of its direct and indirect taxation filings and in connection
with such reviews, disputes sometimes arise with the taxation authorities.
These disputes may not necessarily be resolved in a manner that is
favourable for the Group and the resolution of these disputes could
potentially result in an obligation for the Group.
The Group remains in discussions with the relevant taxation authorities on
specific matters and transactions in addition to those mentioned below,
regarding the application and interpretation of taxation legislation
affecting the Group and the industry in which it operates.
The directors are confident that the Group will be able to defend any
actions and that the potential of significant outflow is remote.
Towards the end of 2006, the South African Revenue Services (SARS) issued
an additional assessment against a group company for the 2002 year of
assessment amounting to R45 million (excluding interest and penalties),
disallowing the tax deduction that was claimed in relation to an
intellectual property sale and leaseback transaction entered into during
2001. The company objected to the SARS assessment. The Group will, based on
advice received from legal and other advisors including senior counsel,
continue to defend this assessment and remains confident that it is
unlikely that a significant liability will arise in this regard. Should
assessments be issued on a similar basis up to 29 February 2008, additional
taxation of R243 million (excluding interest and penalties) will be levied
by SARS. The transaction concludes in 2009.
Towards the end of 2007, SARS served notice of its intention to assess a
group company for the 2001 and 2002 years of assessment amounting to R28
million (excluding interest and penalties), disallowing the interest
deduction that was claimed in relation to a compulsory convertible loan
transaction entered into during 2001. The Group has, based on advice
received from legal and other advisors including senior counsel, submitted
its reasons why it believes that SARS has no grounds to issue such
assessment. Should SARS assess the 2003 to 2006 years on a similar basis,
additional taxation of R120 million (excluding interest and penalties) will
be levied by SARS. The transaction concluded in 2006.
In the early part of 2008 a third party was issued with an additional
assessment for periods up to 2005 by SARS relating to a debt defeasance
transaction. The liability relating to this additional assessment will be
claimed by the third party from a group company should SARS be successful
in its assessment. The third party has taken advice from senior counsel and
is confident that it can defend the assessment. The assessment gives rise
to additional taxation of R114 million (excluding interest and penalties).
Should SARS assess the 2006 year on a similar basis, additional taxation of
R5 million (excluding interest and penalties) will be levied. The
transaction concluded in 2006.
In addition, in a matter related to the compulsory convertible loan
transaction mentioned above, a third party has claimed R197 million from
the Group. The Group will, based on advice obtained from legal and other
external advisors, defend this matter and remains confident that it is
unlikely that a significant liability will arise in this regard.
The issues in dispute are of a complex nature and it is anticipated that
these matters will remain unresolved for an extended period.
Notes - continued
9. Subsequent events
No significant events other than those disclosed in the reviewed results
have occurred in the period between 29 February 2008 and the date of this
announcement.
10. Restatement of comparative figures
The Group issues, as an intermediary, insurance contracts underwritten by a
third party insurance company.
Industry practice was that single insurance premiums payable to insurance
and credit retail industries during the year were accounted for using one
of two generally accepted methods. The insurance income was either
recognised immediately upon inception of the contract or over the period
for which insurance cover is provided. The Group applied the former.
Consideration of the continued application of this policy, both as it
relates to policies sold before and after the implementation of the
National Credit Act, has led the Group to conclude that despite the
diversity in practice, it is now better reflected in being accounted for on
a time proportionate basis.
Furthermore, the National Credit Act requires our industry to compute and
collect insurance income from our customers on a monthly basis and not to
write this insurance income into the credit agreements for the term of the
credit agreements.
The recognition of initiation fees, which as an industry practice has been
recognised at inception, will now also be recognised over the term of the
loan.
These changes have resulted in changes to the provisions that the Group is
required to carry. The existing rebate provision is no longer required. In
addition, the gross value of a debtors account used to calculate the
impairment provision now excludes these income streams unless such income
is in arrears.
As a result of this change in the basis of accounting, comparative figures
have been restated to account for insurance income and initiation fees over
the term of the credit agreements, including adjustments to the related
provisions previously carried.
Impact of restatements on reported balance sheets
6 months 12 months 12 months
ended ended ended
28 February 31 August 31 August
2007 2007 2006
R million R million R million
Net instalment sale receivables
Balance as previously reported 6 426 5 620 5 711
Restatement effect - 1 September (1 135) (1 135) (1 135)
2006
Restatement effect (224) 53 -
Balance as currently reported 5 067 4 538 4 576
Other receivables
Balance as previously reported 337 375 335
Restatement effect - 1 September 130 130 130
2006
Restatement effect 18 (2) -
Balance as currently reported 485 503 465
Trade and other payables
Balance as previously reported 2 169 2 127 2 073
Restatement effect - 1 September 92 92 92
2006
Restatement effect (3) - -
Balance as currently reported 2 258 2 219 2 165
Retained income
Balance as previously reported 3 505 3 609 3 072
Restatement effect - 1 September (779) (779) (779)
2006
Restatement effect - income (144) 36 -
statement
Balance as currently reported 2 582 2 866 2 293
Deferred taxation liability
Balance as previously reported 776 700 721
Restatement effect - 1 September (318) (318) (318)
2006
Restatement effect (59) 15 -
Balance as currently reported 399 397 403
Impact of restatements on reported income statements
6 months 12 months
ended ended
28 31 August
February
2007 2007
R million R million
Revenue
Balance as previously reported 7 107 12 907
Restatement effect (226) 7
Balance as currently reported 6 881 12 914
Administration and other expenses
Balance as previously reported 439 937
Restatement effect (3) -
Balance as currently reported 436 937
Debtors costs
Balance as previously reported 379 869
Restatement effect (20) (44)
Balance as currently reported 359 825
Taxation
Balance as previously reported 330 383
Restatement effect (59) 15
Balance as currently reported 271 398
Profit attributable to shareholders
Balance as previously reported 872 1 077
Restatement effect (144) 36
Balance as currently reported 728 1 113
The impact of restatements on the current period`s profit attributable to
shareholders is a reduction of R138 million.
Segmental report - business divisions
Traditional retail
6 months ended February 2008 2007
Revenue Rm 2 944 3 382
Operating profit Rm 300 547
Depreciation Rm 6 5
Total assets Rm 952 851
Total current liabilities Rm 1 142 1 327
Capital expenditure Rm 7 9
Operating margin % 10,2 16,2
Total sale of merchandise Rm 2 523 2 879
Share of Group sale of % 51,1 56,8
merchandise
Credit sales Rm 1 807 2 226
Percentage of total % 71,6 77,3
Cash sales Rm 716 653
Percentage of total % 28,4 22,7
Number of stores 957 947
Retail square meterage 524 298 516 588
Number of employees 9 817 9 674
Instalment sale receivables Rm
Impairment provision Rm
Bad debts written off Rm
Receivables` arrears Rm
Deposit rate on credit sales %
Collection rate %
Average length of the book Months
# Elimination of interdivisional origination fees and insurance commissions
Financial Cash retail International
services
2008 2007 2008 2007 2008 2007
1 550 1 627 2 067 1 957 346 240
292 485 131 152 23 12
14 9 2 2
4 683 5 215 826 721 166 83
52 48 629 430 100 67
24 25 3 2
18,8 29,8 6,3 7,8 6,6 5,0
2 066 1 956 346 237
41,9 38,5 7,0 4,7
2 066 1 956 346 237
100,0 100,0 100,0 100,0
957 947 78 67 61 50
58 300 57 400 74 846 64 274 42 864 37 119
5 290 5 210 3 181 2 842 718 567
5 282 5 558
740 491
338 265
923 730
11,9 12,2
6,6 6,8
15,2 14,7
Corporate Group
2008 2007 2008 2007
(274)# (325)# 6 633 6 881
(174) (175) 572 1 021
40 39 62 55
2 278 2 469 8 905 9 339
489 860 2 412 2 732
62 59 96 95
8,6 14,8
4 935 5 072
100,0 100,0
1 807 2 226
36,6 43,9
3 128 2 846
63,4 56,1
1 096 1 064
700 308 675 381
581 570 19 587 18 863
5 282 5 558
740 491
338 265
923 730
11,9 12,2
6,6 6,8
15,2 14,7
Administration
JD Group Limited ("JD" or "the Group")
Registration number 1981/009108/06
JSE code JDG
ISIN ZAE000030771
Executive directors ID Sussman (chairman), HC Strauss (chief
executive officer), KR Chauke, Dr HP Greeff,
AG Kirk, JHC Kok, G Volkel
Non-executive director IS Levy
Independent
non-executive directors ME King, Dr D Konar, M Lock, MJ Shaw
Company secretary J van Eden
Registered office 11th Floor, JD House, 27 Stiemens Street,
Braamfontein,
Johannesburg, 2001 (PO Box 4208,
Johannesburg, 2000)
Telephone +27 11 408 0408
Facsimile +27 11 408 0604
Email: info@jdg.co.za
Transfer secretaries Computershare Investor Services (Proprietary)
Limited
70 Marshall Street, Johannesburg, 2001
Telephone +27 11 370 5000
Facsimile +27 11 370 5663
ADR depository File number 82-4401, The Bank of New York
Company Inc.
One Wall Street, New York, NY 10286,
United States of America
Telephone +1 212 495 1284
Facsimile +1 212 635 1121
Sponsor PSG Capital (Proprietary) Limited, Building
No 8, Woodmead Estate,
1 Woodmead Drive, Woodmead, Sandton, 2157
Telephone +27 11 797 8400
Facsimile +27 11 797 8435
Independent auditors Deloitte & Touche
Date: 26/05/2008 07:05:01 Produced by the JSE SENS Department.
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