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FOS FOSP
FOS
FOS / FOSP - Foschini - Unaudited Interim Profit Announcement and dividend
declaration
Foschini Limited
Registration number: 1937/009504/06
Share codes: FOS-FOSP
ISIN codes: ZAE000031019 - ZAE000031027
The following are the Foschini group results for the half-year ended 30
September 2008.
This report has not been audited or reviewed by the company`s auditors.
SALIENT FEATURES
* Retail turnover up 2,9% to R 3,8 billion
* Diluted headline earnings per share down 1,3% to 227,7 cents
* Interim dividend maintained at 118,0 cents per share
* Sustained strong balance sheet
CONSOLIDATED INCOME STATEMENT
26 weeks ended 52 weeks
ended
30.09.2008 30.09.2007 31.03.2008
Unaudited Unaudited Change Audited
Rm Rm % Rm
Revenue (note 4) 4 663,0 4 416,5 9 253,6
======= ======= =======
Retail turnover 3 773,3 3 666,3 2,9 7 668,7
Cost of turnover (2 213,8) (2 153,5) (4 479,2)
------- ------- -------
Gross profit 1 559,5 1 512,8 3 189,5
Interest received 602,6 512,6 1 056,4
(note 5)
Dividends received 3,9 8,2 17,2
Net trading (1 329,5) (1 170,3) (2 357,6)
expenses (note 6)
--------- --------- ---------
Operating profit 836,5 863,3 1 905,5
before finance (3,1)
charges
Interest paid (109,2) (58,4) (120,1)
Income from 0,2 - 0,9
associate
--------- --------- ------ ---------
Profit before tax 727,5 804,9 (9,6) 1 786,3
Income tax expense (232,3) (261,8) (580,2)
--------- --------- ------ ---------
Profit for the 495,2 543,1 1 206,1
period
========= ========= =========
Attributable to:
Equity holders of 469,5 493,2 (4,8) 1 128,4
Foschini Limited
Minority interest 25,7 49,9 77,7
--------- --------- ---------
Profit for the 495,2 543,1 1 206,1
period
========= ========= =========
EARNINGS PER ORDINARY SHARE (CENTS)
Basic 229,5 236,0 (2,7) 547,0
Headline 229,5 236,0 (2,7) 547,0
Diluted (basic) 227,7 230,7 (1,3) 538,0
Diluted (headline) 227,7 230,7 (1,3) 538,0
DIVIDEND PER ORDINARY SHARE (CENTS)
Interim 118,0 118,0 118,0
Final - - 170,0
------ ------ ------ ------
Total 118,0 118,0 288,0
------ ------ ------ ------
DIVIDEND COVER 1,9 2,0 1,9
CONSOLIDATED BALANCE SHEET
Sept. 2008 Sept. 2007 March 2008
Unaudited Unaudited Audited
Rm Rm Rm
ASSETS
Non-current assets
Property, plant and 912,4 829,3 847,4
equipment
Goodwill and intangible 37,9 32,6 30,8
assets
Preference share investment 200,0 200,0 200,0
Investment in associate 4,4 - 5,0
Staff housing loans 1,2 1,5 1,3
Private label card 392,7 178,4 253,0
receivables
Loan receivables 673,3 651,7 567,3
Participation in export 89,8 101,8 92,5
partnerships
Deferred taxation asset 174,5 179,7 174,5
---------- ---------- ----------
2 486,2 2 175,0 2 171,8
---------- ---------- ----------
Current assets
Inventory (note 7) 1 282,8 1 338,3 1 290,0
Trade receivables - retail 2 467,5 2 243,0 2 414,9
Private label card 966,3 773,0 815,3
receivables
Other receivables and 176,7 84,7 162,1
prepayments
Loan receivables 164,6 147,8 148,9
Participation in export 7,1 6,1 8,0
partnerships
Cash and cash equivalents 68,7 72,1 63,4
---------- ---------- ----------
5 133,7 4 665,0 4 902,6
---------- ---------- ----------
Total assets 7 619,9 6 840,0 7 074,4
========== ========== ==========
EQUITY AND LIABILITIES
Equity attributable to 3 982,0 3 381,9 3 845,2
equity holders of Foschini
Limited
Minority interest 316,6 265,8 290,9
-------- -------- --------
Total equity 4 298,6 3 647,7 4 136,1
-------- -------- --------
Non-current liabilities
Interest-bearing debt 1 948,8 1 675,7 561,3
Operating lease liability 128,7 133,2 128,7
Deferred taxation liability 156,5 146,8 156,5
Post-retirement defined 84,1 84,1 84,1
benefit plan
---------- ---------- ----------
2 318,1 2 039,8 930,6
---------- ---------- ----------
Current liabilities
Interest-bearing debt 65,3 9,7 1 201,0
Trade and other payables 894,0 1 122,2 741,8
Taxation payable 43,9 20,6 64,9
---------- ---------- ----------
1 003,2 1 152,5 2 007,7
---------- ---------- ----------
Total liabilities 3 321,3 3 192,3 2 938,3
---------- ---------- ----------
Total equity and liabilities 7 619,9 6 840,0 7 074,4
========== ========== ==========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity Minority Total
holders of interest equity
Foschini
Limited
Rm Rm Rm
Equity at 31 March 2007 3 823,6 181,3 4 004,9
Profit for the half-year 493,2 49,9 543,1
Change in degree of control - 119,4 119,4
Profit on dilution of 92,1 - 92,1
interest in subsidiary
Share-based payments reserve 15,8 - 15,8
movements
Dividends paid (352,2) (84,8) (437,0)
Proceeds on delivery of 72,1 - 72,1
shares by share trust
Shares purchased by share (760,4) - (760,4)
trust and subsidiary
Effective portion of changes (2,3) - (2,3)
in fair value of cash flow
hedges
---------- ---------- ----------
Equity at 30 September 2007 3 381,9 265,8 3 647,7
Profit for the half-year 635,2 27,8 663,0
Investment in associate - (2,7) (2,7)
Share-based payments reserve 14,9 - 14,9
movements
Insurance cell reserves 1,5 - 1,5
movements
Dividends paid (240,4) - (240,4)
Proceeds on delivery of 37,4 - 37,4
shares by share trust
Effective portion of changes 14,7 - 14,7
in fair value of cash flow
hedges
---------- ---------- ----------
Equity at 31 March 2008 3 845,2 290,9 4 136,1
Profit for the half-year 469,5 25,7 495,2
Share-based payments reserve 11,9 - 11,9
movements
Insurance cell reserves 0,5 - 0,5
movements
Dividends paid (347,8) - (347,8)
Proceeds on delivery of 0,6 - 0,6
shares by share trust
Effective portion of changes 2,1 - 2,1
in fair value of cash flow
hedges
---------- ---------- ----------
Equity at 30 September 2008 3 982,0 316,6 4 298,6
========== ========== ==========
SUPPLEMENTARY INFORMATION
Sept. 2008 Sept. 2007 March 2008
Unaudited Unaudited Audited
Net ordinary shares in issue 204,6 203,1 204,6
(millions)
Weighted average ordinary 204,6 209,0 206,3
shares in issue (millions)
Tangible net asset value per 1 927,7 1 649,1 1 862,7
ordinary share (cents)
CONSOLIDATED CASH FLOW STATEMENT
Sept. 2008 Sept. 2007 March 2008
Unaudited Unaudited Audited
Rm Rm Rm
Cash flows from operating
activities
Operating profit before 353,2 468,1 1 074,2
working capital changes
(note 8)
Decrease (increase) in 94,8 (3,1) (568,3)
working capital
---------- ---------- ----------
Cash generated by operations 448,0 465,0 505,9
Increase in private label (123,4) (124,7) (241,6)
card receivables
(Increase) decrease in loan (121,7) 67,0 150,3
receivables
Interest received 602,6 512,6 1 056,4
Interest paid (109,2) (58,4) (120,1)
Taxation paid (253,3) (475,9) (735,1)
Dividends received 3,9 8,2 17,2
Dividends paid (347,8) (437,0) (677,4)
---------- ---------- ----------
Net cash inflows (outflows) 99,1 (43,2) (44,4)
from operating activities
---------- ---------- ----------
Cash flows from investing
activities
Purchase of property, plant (177,9) (146,4) (274,4)
and equipment
Proceeds from sale of 2,4 2,7 6,4
property, plant and
equipment
Acquisition of client list (0,2) (2,8) (1,8)
Investment in associate - - (6,1)
Dividend from associate 0,8 - -
Acquisition of (175,0) - -
Massdiscounters` receivables
book
Decrease in participation in 3,6 3,2 10,6
export partnerships
Decrease in staff housing 0,1 1,4 1,6
loans
Proceeds on dilution of - 211,5 211,5
interest in subsidiary
---------- ---------- ----------
Net cash (outflows) inflows (346,2) 69,6 (52,2)
from investing activities
---------- ---------- ----------
Cash flows from financing
activities
Shares purchased by share - (760,4) (760,4)
trust and subsidiary
Proceeds on delivery of 0,6 72,1 109,5
shares by share trust
Increase in interest-bearing 251,8 664,9 741,8
debt
---------- ---------- ----------
Net cash inflows (outflows) 252,4 (23,4) 90,9
from financing activities
---------- ---------- ----------
Net increase (decrease) in 5,3 3,0 (5,7)
cash and cash equivalents
during the period
Cash and cash equivalents at 63,4 69,1 69,1
the beginning of the period
---------- ---------- ----------
Cash and cash equivalents at 68,7 72,1 63,4
the end of the period
========== ========== ==========
NOTES
1. The unaudited results for the half-year ended 30 September 2008 have been
prepared in accordance with IAS 34 Interim Financial Reporting, using the
group`s accounting policies, that are in line with International Financial
Reporting Standards (IFRS) and have been consistently applied to prior periods.
2. These financial statements incorporate the financial statements of the
company, all its subsidiaries and all entities over which it has operational and
financial control.
3. Included in share capital are 24,0(2007: 24,0) million shares which are owned
by a subsidiary of the company, and 11,9(2007: 13,4) million shares which are
owned by the share incentive trust. These have been eliminated on consolidation.
Sept. 2008 Sept. 2007 March 2008
Unaudited Unaudited Audited
Rm Rm Rm
4. REVENUE
Retail turnover 3 773,3 3 666,3 7 668,7
Interest received (refer 602,6 512,6 1 056,4
note 5)
Dividends received - retail 3,9 8,2 17,2
Merchant`s commission - RCS 19,6 19,2 39,7
Group
Club income - retail 88,2 84,7 175,6
Club income - RCS Group 2,9 2,7 5,5
Customer charges income - 8,9 8,5 16,5
retail
Customer charges income - 63,4 44,8 99,1
RCS Group
Insurance income - retail 46,1 18,8 80,0
Insurance income - RCS Group 37,7 36,8 66,0
Cellular income - one2one 12,2 10,4 22,6
airtime product
Sundry income - retail 4,2 3,5 6,3
------- ------- -------
4 663,0 4 416,5 9 253,6
------- ------- -------
5. INTEREST RECEIVED
Trade receivables - retail 245,0 176,7 385,5
Loan receivables 141,4 167,7 314,7
Private label card 210,1 165,7 347,9
receivables
Sundry - RCS Group 1,4 0,6 1,1
Sundry - retail 4,7 1,9 7,2
------- ------- -------
602,6 512,6 1 056,4
------- ------- -------
6. NET TRADING EXPENSES
Depreciation and (110,7) (98,0) (204,7)
amortisation
Employee costs: normal (546,3) (500,7) (1 053,9)
Employee costs: bonuses and (0,7) (32,9) (35,4)
restraint payments
Employee costs: share-based (11,9) (15,8) (30,7)
payments
Store occupancy costs: (314,3) (270,6) (575,8)
normal
Store occupancy costs: - (12,1) (7,7)
operating lease liability
adjustment
Net bad debt and provision (113,8) (101,3) (217,2)
movement - retail
Net bad debt and provision (158,2) (89,7) (253,7)
movement - RCS Group
Other operating costs (356,8) (278,6) (489,8)
Other revenue 283,2 229,4 511,3
---------- ---------- ----------
(1 329,5) (1 170,3) (2 357,6)
---------- ---------- ----------
7. INVENTORY
Merchandise 1 204,5 1 271,6 1 227,5
Raw materials 47,3 45,6 32,8
Goods in transit 6,5 1,2 10,0
Shopfitting stock 21,8 16,7 15,1
Consumables 2,7 3,2 4,6
---------- ---------- ----------
1 282,8 1 338,3 1 290,0
---------- ---------- ----------
8. OPERATING PROFIT BEFORE
WORKING CAPITAL CHANGES
Operating profit before 836,5 863,3 1 905,5
finance charges
Interest received (602,6) (512,6) (1 056,4)
Dividends received (3,9) (8,2) (17,2)
Non-cash items 123,2 125,6 242,3
---------- ---------- ----------
Operating profit before 353,2 468,1 1 074,2
working capital changes
---------- ---------- ----------
SEGMENTAL ANALYSIS
26 weeks ended 30.09.2008
RCS Group Retail Consolidated
Unaudited Unaudited Unaudited
Rm Rm Rm
REVENUE *
External 476,5 4 186,5 4 663,0
Inter-segment - - -
-------- -------- --------
Total revenue 476,5 4 186,5 4 663,0
-------- -------- --------
SEGMENT RESULT
Operating profit before 183,8 652,7 836,5
finance charges
-------- -------- --------
External interest (38,9) (70,3) (109,2)
Inter-segment interest (47,5) 47,5 -
-------- -------- --------
Interest paid (86,4) (22,8) (109,2)
--------- --------- --------
Profit before tax and 97,4 629,9 727,3
income from associate
--------- --------- --------
* includes retail turnover, interest received and other income
SEGMENT ASSETS
Non-current assets 1 159,3 1 152,4 2 311,7
Current assets 1 151,6 3 982,1 5 133,7
Inter-segment assets 12,9 (12,9) -
(liabilities)
-------- -------- --------
Total assets 2 323,8 5 121,6 7 445,4
-------- -------- --------
SEGMENT LIABILITIES
Non-current liabilities 654,7 1 506,9 2 161,6
Current liabilities 113,4 845,9 959,3
Inter-segment liabilities 839,4 (839,4) -
(assets)
-------- -------- --------
Total liabilities 1 607,5 1 513,4 3 120,9
-------- -------- --------
SEGMENT INFORMATION
Capital expenditure 7,8 170,1 177,9
Depreciation and 6,6 104,1 110,7
amortisation
SEGMENTAL ANALYSIS (cont.)
26 weeks ended 30.09.2007
RCS Group Retail Consolidated
Unaudited Unaudited Unaudited
Rm Rm Rm
REVENUE *
External 437,5 3 979,0 4 416,5
Inter-segment - - -
-------- -------- --------
Total revenue 437,5 3 979,0 4 416,5
-------- -------- --------
SEGMENT RESULT
Operating profit before 226,4 636,9 863,3
finance charges
-------- -------- --------
External interest (23,4) (35,0) (58,4)
Inter-segment interest (30,7) 30,7 -
-------- -------- --------
Interest paid (54,1) (4,3) (58,4)
--------- --------- --------
Profit before tax and 172,3 632,6 804,9
income from associate
-------- -------- --------
* includes retail turnover, interest received and other income
SEGMENT ASSETS
Non-current assets 866,1 1 129,2 1 995,3
Current assets 936,4 3 728,6 4 665,0
Inter-segment assets 14,0 (14,0) -
(liabilities)
-------- -------- --------
Total assets 1 816,5 4 843,8 6 660,3
-------- -------- --------
SEGMENT LIABILITIES
Non-current liabilities 486,9 1 406,1 1 893,0
Current liabilities 107,1 1 024,8 1 131,9
Inter-segment liabilities 673,7 (673,7) -
(assets)
-------- -------- --------
Total liabilities 1 267,7 1 757,2 3 024,9
-------- -------- --------
SEGMENT INFORMATION
Capital expenditure 3,2 143,2 146,4
Depreciation and 5,8 92,2 98,0
amortisation
SEGMENTAL ANALYSIS (cont.)
52 weeks ended 31.03.2008
RCS Group Retail Consolidated
Audited Audited Audited
Rm Rm Rm
REVENUE *
External 874,2 8 379,4 9 253,6
Inter-segment - - -
-------- -------- --------
Total revenue 874,2 8 379,4 9 253,6
-------- -------- --------
SEGMENT RESULT
Operating profit before 386,7 1 518,8 1 905,5
finance charges
-------- -------- --------
External interest (51,8) (68,3) (120,1)
Inter-segment interest (65,3) 65,3 -
-------- -------- --------
Interest paid (117,1) (3,0) (120,1)
--------- --------- --------
Profit before tax and 269,6 1 515,8 1 785,4
income from associate
--------- --------- --------
* includes retail turnover, interest received and other income
SEGMENT ASSETS
Non-current assets 871,0 1 126,3 1 997,3
Current assets 1 004,6 3 898,0 4 902,6
Inter-segment assets 12,9 (12,9) -
(liabilities)
-------- -------- --------
Total assets 1 888,5 5 011,4 6 899,9
-------- -------- --------
SEGMENT LIABILITIES
Non-current liabilities 495,7 278,4 774,1
Current liabilities 120,9 1 821,9 1 942,8
Inter-segment liabilities 665,9 (665,9) -
(assets)
-------- -------- --------
Total liabilities 1 282,5 1 434,4 2 716,9
-------- -------- --------
SEGMENT INFORMATION
Capital expenditure 27,1 247,3 274,4
Depreciation and 13,1 191,6 204,7
amortisation
All retail divisions within the group operate in an established retail market
and are therefore considered to be subject to similar risks and rewards.
COMMENT
GROUP OVERVIEW
In our latest annual report we indicated that this year would undoubtedly be a
tough year as consumers have to contend with high interest rates, high inflation
and high levels of consumer debt.
Trading conditions in the first half of this year have been difficult. Retail
turnover increased by 2,9% to R3,8 billion. Gross margins for the period were
the same as the previous year. Diluted headline earnings per share reduced by
1,3% to 227,7 cents per share whilst headline earnings per share reduced by 2,7%
to 229,5 cents per share.
The group`s operating margin for the period reduced to 22,2% from 23,5%.
The interim dividend has been maintained at 118,0 cents per share.
TRADING DIVISIONS
Trading conditions for the period have remained challenging and costs have been
curtailed to levels appropriate to the expected turnover levels. Whilst total
turnover growth was 2,9%, the Foschini division had negative growth of 4,2%
whilst the remainder of the group grew by 8%. Product inflation averaged
approximately 6% for the period.
Retail turnover and growths in the various divisions were as follows:
Number of Retail % change
stores turnover Rm
@home 66 219,5 6,1
Exact! 187 352,4 4,8
Foschini 414 1 467,3 (4,2)
Markham 211 635,2 12,6
Jewellery division 342 509,8 3,9
Sports division 234 589,1 9,8
-------- -------- --------
Total 1 454 3 773,3 2,9
-------- -------- --------
Total same store turnover reduced by 2,5%. Cash sales as a percentage of total
sales increased to 36,8% from 35%.
Our @home division continues to expand and increased its store base by five
stores to 66 during the period, growing its turnover by 6,1% to R219,5 million.
Same store growth in this competitive sector was -4,9%.
Exact! grew its store base by five stores during the period to 187 stores,
growing its turnover by 4,8% to R352,4 million. Same store growth was 2,0%.
The Foschini division increased its store base by 14 stores to 414 stores during
the period with turnover of R1 467,3 million. Same store turnover reduced by
8,8%.
The new management in our Foschini division is now fully entrenched in the
business, and whilst it takes time to turn a business of this size, we expect
the fortunes of this business to improve in the next year.
The Markham division continues to trade well in the current climate with
turnover growth of 12,6% and same store growth of 6,1%. This division is now
bearing the fruit of the repositioning exercise towards a younger and more
fashionable customer which was undertaken in the past few years. This division
increased its store base by 10 stores to 211 stores.
The jewellery division comprising American Swiss Jewellers, Sterns and Matrix
continues to perform better than expected in the current climate with turnover
growth of 3,9% and a reduction in same store turnover of 1,7%. This division
increased its store base by 16 stores to 342 stores.
The sports division, trading as Totalsports, Sportscene and DueSouth traded
satisfactorily with turnover growth of 9,8% and same store growth of 3,2%.
Ongoing focus remains on leveraging World Cup 2010 where we are the partner of
choice for some of the major brands. This division increased its store base by
15 stores to 234 stores.
FG Financial Services - our retail debtors` book, which amounts to R2,5 billion,
increased by 10,0%. Because of our conservative approach to new account
openings prior to the NCA, the performance of our debtors` book continues to be
satisfactory with net bad debt as a percentage of debtors` book increasing
marginally to 8,5% from 8,3%. We have made a start, with positive results, in
offering new customers a 12-month account as an alternative to the current 6-
month option.
RCS GROUP
RCS Group provides a range of broader financial services to both customers of
the group, as well as to customers of retailers outside the group. This group
consists of two separate business units namely transactional finance and fixed
term finance. At present the transactional finance business comprises the RCS
general-purpose card and other private label card programmes. The fixed term
finance business comprises RCS Personal loans and RCS Home Loans. This division
experienced a challenging six months with net bad debts costs and provisions
increasing significantly in line with current market trends. The quality of new
business written has improved with positive results becoming evident in the
division`s debtors` roll-rates and vintage graphs.
This division has huge growth potential for the future, and in order to lessen
its dependency on its shareholders for funding, this division is in the process
of arranging long-term funding from the debt-capital markets.
Our group`s shareholding in this division is 55% with the balance being held by
The Standard Bank of South Africa Limited.
PROSPECTS
Retail turnover for the first four weeks of the second half has improved with
turnover growth of 12%. Costs remain tightly controlled. We expect that the
retail environment will continue to be difficult for the remainder of the year
as consumers have to contend with high interest rates and high inflation. The
second half of the year is heavily dependent on Christmas trading which this
year, given global economic and financial conditions, is more difficult to
predict.
PREFERENCE DIVIDEND ANNOUNCEMENT
Dividend no. 144 of 3,25% (6,5 cents per share) in respect of the six months
ending 31 March 2009 has been declared, payable on Monday, 30 March 2009 to
holders of 6,5% preference shares recorded in the books of the company at the
close of business on Friday, 27 March 2009.
The last day to trade ("cum" the dividend) in order to participate in the
dividend will be Friday, 20 March 2009. Foschini Limited preference shares will
commence trading "ex" the dividend from the commencement of business on Monday,
23 March 2009 and the record date, as indicated, will be Friday, 27 March 2009.
Preference shareholders should take note that share certificates may not be
dematerialised or rematerialised during the period Monday, 23 March 2009 to
Friday, 27 March 2009, both dates inclusive.
INTERIM ORDINARY DIVIDEND ANNOUNCEMENT
The directors have declared an interim ordinary dividend of 118,0 cents per
ordinary share payable on Monday, 5 January 2009 to ordinary shareholders
recorded in the books of the company at the close of business on Friday, 2
January 2009.
The last day to trade ("cum" the dividend) in order to participate in the
dividend will be Tuesday, 23 December 2008. Foschini Limited ordinary shares
will commence trading "ex" the dividend from the commencement of business on
Wednesday, 24 December 2008 and the record date, as indicated, will be Friday, 2
January 2009.
Ordinary shareholders should take note that share certificates may not be
dematerialised or rematerialised during the period Wednesday, 24 December 2008
to Friday, 2 January 2009, both dates inclusive.
Certificated ordinary shareholders are reminded that all entitlements to
dividends with a value less than R5,00 per certificated shareholder will be
aggregated and the proceeds donated to a registered charity of the directors`
choice, in terms of the articles of association of the company.
Signed on behalf of the Board
E Osrin, Chairman A D Murray, CEO
Cape Town
30 October 2008
Non-executive directors:
E Osrin (Chairman), D M Nurek (Deputy Chairman), Prof F Abrahams, S E Abrahams,
W V Cuba, M Lewis, D M Polak
Executive directors:
A D Murray, R Stein
Company secretary:
D Sheard
Registered office:
Stanley Lewis Centre, 340 Voortrekker Road, Parow East, 7500
Transfer secretaries:
Computershare Investor Services (Pty) Ltd, Ground Floor, 70 Marshall Street,
Johannesburg, 2001
Sponsor:
UBS South Africa (Pty) Ltd
Visit our website at http://www.foschinigroup.com/
Date: 30/10/2008 14:00:01 Produced by the JSE SENS Department.
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