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JDG
JDG
JDG - JD Group Limited - Reviewed results for the six months ended 28
February 2009
JD Group Limited ("JD" or "the Group")
Registration number 1981/009108/06
JSE code JDG
ISIN ZAE000030771
Reviewed results for the six months ended 28 February 2009
COMMENTARY
Business Environment
The past six months have been significant in the history of JD Group. The
business model, first envisaged early in 2006, is now a reality. The old
format of a retail business incorporating a financing arm is history. Today,
JD Group consists of five distinct business divisions, one being a stand-
alone financial services business. The planning, which was 18 months in the
making, is now fully implemented. We now have focus in every business
division driven by specialists with very clear line of sight. All that
remains is the fine-tuning of these businesses in order to achieve the stated
benchmarks. The execution of this business plan bodes well for the future of
this organisation.
Each business division is correctly staffed. The decentralised model for
collections ceased to exist as at 15 January 2009. Our state-of-the-art
contact centre is up and running. The software necessary for risk rating
every credit transaction is in the process of being implemented. Our ability
to compete with the best-of-breed will be in place by September 2009.
Service levels are improving on a daily basis.
The results for the six months under review reflect the severity of this
business cycle. The Group grew its revenue by a modest 2% to R6,8 billion,
principally due to the inclusion of Blake and Maravedi for the first time as
well as the exceptional performance from Incredible Connection and Abra.
Gross margin was slightly up on the previous year at 31,0%. The increase in
expenses of 8% on 2008 is almost entirely due to the inclusion of Blake and
Maravedi as well as store growth at Abra and Incredible Connection. As
referred to in note 12, the Group incurred R84 million of restructuring costs
primarily driven by the centralisation of debtors collections. If these
costs are excluded, the Group would have shown a like-for-like reduction in
expenses on the prior year.
As reported on SENS on 31 March 2009, the Group settled its outstanding
contingent liabilities with SARS as disclosed in the 2008 Annual Report for
an amount of R325 million. These contingent liabilities, relating to
outstanding tax structures, have over the past number of years resulted in a
considerable amount of speculation and uncertainty. This contingency would
have increased over time to R970 million including two structures that were
not assessed, but were included in the settlement. Against this background,
and in order to remove the uncertainty and the Group`s exposure to these
contingent liabilities, it was resolved to settle the matter with SARS.
The Group generated an operating profit before debtors costs of R1 031
million. While 4% down on 2008, if the restructuring costs of R84 million are
excluded, operating profit grew by 4%.
Total debtors costs remain a concern with a 13% increase over 2008. After
showing such a positive start to the six months, it is very disappointing to
report such an increase in total debtors costs. We are confident that the
efficiencies gained from centralising collections will bear fruit in the near
future. The indebtedness of the consumer remains a concern and this clearly
impacts on bad debts and Traditional Retail`s ability to generate more sales.
In summary, headline earnings showed a modest increase of 2% over the
previous period if you eliminate the once-off tax settlement and
restructuring costs.
Financial Review
Traditional Retail
Despite the fact that revenue was down 3,9% on the previous period the rate
of decline was much lower than previous years. Gross margin was up on last
year at 36,6% and once again expenses were exceptionally well managed
decreasing by 0,7% over 2008. The net result was that we were able to
maintain the operating margin at 8,6% in line with 2008 and to generate R246
million in operating profit. Once again, the entry level chains of Price `n
Pride and Barnetts performed better than our other brands.
Cash Retail
The cash division comprising Incredible Connection and Hi-Fi Corporation
delivered revenue of R2,1 billion reflecting a 1,5% increase over 2008.
Operating profit was flat on 2008 at R125 million but operating margin was
still at an acceptable 5,9%.
Incredible Connection continues to perform exceptionally well, growing its
market share and delivering a unique and value added customer experience. It
will open four new stores in the 2009 financial year which bodes well for the
brand in the years ahead. Hi-Fi Corporation continues to reposition its
customer offering, with positive steps having been taken in areas of
merchandise ranging, the store look and feel and after sales service. A
total of four stores will be opening in 2009 with 11 stores trading in the
new format. Despite sales being down 9,5% on 2008, gross margin was 21,6%
and expenses were well controlled reducing by 1,5%.
Financial Services
In line with the continued slowdown in consumer demand, Financial Services
was impacted by lower new business inflows. Revenue declined by 3,9% to R1,5
billion with operating profit down 48,3% to R123 million. Two factors
impacted negatively on operating profit, the first being the restructuring
costs and the second being the 12,9% increase in debtors costs to R561
million from R497 million in 2008. With the centralisation of debtors
collections now complete, the additional expenses are no longer being
incurred and we anticipate a better trading performance from Financial
Services in the second six months.
International
Once again the Group`s Polish operation Abra performed exceptionally well
with revenue up 37,6% to R476 million. Operating profit remained strong at
R35 million with the operating margin climbing to 7,4%. The outlook for Abra
remains positive as it continues to open new stores and concentrates its
market position as the only national brand focusing on the middle mass
market.
New Business Development
As we reported at the time of the release of our 2008 final results, the
Group increased its share in Blake from 27,5% to 55% and in Maravedi from
45% to 90,5% at the reporting date. Both Blake and Maravedi have been
consolidated into the Group`s results from 1 December 2008. Subsequent to
the reporting date the Group increased its share in Blake to 70%. While the
financial performance of Blake and Maravedi was not material in the six
months, both acquisitions are critical to the Group`s long term strategy of
being a relevant and significant financial services provider to the middle
mass market.
Balance Sheet and Cash Flow
Despite cash generated by trading decreasing from R682 million to R582
million in the six months, the Group continues to generate strong cash flows
with 124% of its trading profit converted into cash. R444 million was
utilised in the growth of the debtors book and an increase in inventory.
During the period, R193 million was used to increase our stake in Blake from
27,5% to 55% and in Maravedi from 45% to 90,5%. The balance sheet reflects
net debt of R637 million at a gearing ratio of 13,5% which is conservative
and an enviable position to be in, given the current economic situation.
Board of Directors and Remuneration Committee
Vusi Khanyile has accepted the role of Lead Independent Non-executive
Director and Martin Shaw has assumed the role of Chairman of the Remuneration
Committee.
Outlook
The restructured Group could not be in a better position to address the short
term vagaries of this business cycle. Arresting the bad debt move out
remains our biggest challenge. The two months subsequent to the period under
review have shown an improvement in top line sales at Traditional Retail.
Despite the uncertainty around bad debts, we expect an improvement in like-on-
like earnings for the full year if the once-off tax settlement and
restructuring costs are excluded.
For and on behalf of the Board.
I David Sussman Grattan Kirk Gerald Volkel
Executive Chairman Chief Executive Officer Chief Financial Officer
8 May 2009
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.
Dividend
As communicated in our SENS announcement dated 31 March 2009, the board of
directors has decided not to declare an interim dividend for the six months
ended 28 February 2009. This was done to facilitate the payment of the tax
settlement. The situation will be reviewed again at the time of the
finalisation of our results for the full year to 31 August 2009.
CONDENSED INCOME STATEMENT
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 February 29 February
2008 2009 2008 Change
R million R million R million %
9 275 Sale of merchandise 5 001 4 935 1
1 483 Finance charges earned 731 780 (6)
1 313 Financial services 624 648 (4)
539 Other services 427 270 58
12 610 Revenue 6 783 6 633 2
6 627 Cost of sales 3 452 3 441 -
4 288 Operating expenses 2 300 2 123 8
1 003 Administration and 491 484
other expenses
170 Depreciation and 94 81
amortisation
1 787 Employees 1 026 895
407 Marketing 188 210
632 Occupancy 360 315
32 Share-based payment 13 16
261 Transport and travel 131 125
(4) Surplus on disposal of (3) (3)
property, plant and
equipment
1 695 Operating profit before 1 031 1 069 (4)
debtors costs
898 Debtors costs (note 2) 561 497 13
797 Operating profit 470 572 (18)
30 Investment income 5 19
104 Finance income (note 3) 63 49
(188) Finance costs (note 3) (111) (93)
(14) Share of losses of (12) (8)
associates
729 Profit before taxation 415 539 (23)
215 Taxation (note 4) 436 154 283
- Minority shareholders` 7 - -
interest
514 (Loss)/ profit (28) 385 (107)
attributable to
shareholders
(Loss)/earnings per
share (cents)
302,8 - basic (17,4) 222,3 (108)
300,1 - diluted (17,4) 221,5 (108)
SUPPLEMENTARY INFORMATION
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 February 29 February
2008 2009 2008 Change
R million R million R million %
Reconciliation of
headline earnings
514 (Loss)/profit (28) 385 (107)
attributable to
shareholders
(4) Surplus on disposal of (3) (3)
property, plant and
equipment
1 Taxation thereon 1 1
511 Headline (30) 383 (108)
(loss)/earnings
170 500 Number of shares in 170 500 174 980
issue (000)
(7 365) Treasury shares held (7 329) (7 365)
(000)
163 135 Number of shares held 163 171 167 615
outside the Group (000)
Weighted average number
of shares in issue
(000)
169 807 - basic 163 147 172 883
171 321 - diluted 163 731 173 475
Headline
(loss)/earnings per
share (cents)
301,0 - basic (19,0) 220,9 (109)
298,3 - diluted (18,9) 220,2 (109)
152 Distribution to - 111 (100)
shareholders (cents)
111 - Interim (proposed) - 111
41 - Final
6,3% Operating margin (%) 6,9% 8,6%
The earnings and headline earnings per share are calculated in
R thousands as opposed to R million.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Audited Reviewed Reviewed
31 August 28 February 29 February
2008 2009 2008
R million R million R million
1 779 Share capital and premium 1 779 1 913
2 118 Opening balance 1 779 2 118
(339) Shares purchased by JD Group - (205)
Limited and cancelled
(435) Treasury shares (433) (435)
(255) Opening balance (435) (255)
(188) Shares purchased by the share - (188)
incentive trust
4 Proceeds on disposal of shares 1 4
by share incentive trust
4 Profit on disposal of treasury 1 4
shares
122 Share-based payment reserve 135 141
125 Opening balance 122 125
32 Share-based payment 13 16
(35) Transfer to retained income - -
123 Non-distributable reserves 114 122
101 Opening balance 123 101
22 Translation of foreign (9) 21
entities
3 157 Retained earnings 3 129 3 060
2 859 Opening balance 3 157 2 859
514 (Loss)/profit attributable to (28) 385
shareholders
(264) Distributable to shareholders - (194)
13 Distributable to share - 10
incentive trust
35 Transfer from share-based - -
payment reserve
67 Shareholders for dividend - 186
100 Opening balance 67 100
264 Distributable to shareholders - 194
(13) Distributable to share - (10)
incentive trust
(296) Paid to shareholders (70) (102)
12 Paid to share incentive trust 3 4
4 813 Shareholders` Equity 4 724 4 987
- Minority shareholders` 71 -
interest
- Opening balance - -
- Minority interest arising on 64 -
acquisition
- Minority interest for the 7 -
period
4 813 Total 4 795 4 987
CONDENSED BALANCE SHEET
Audited Reviewed Reviewed
31 August 28 February 29 February
2008 2009 2008
R million R million R million
Assets
1 397 Non-current assets 1 629 1 424
653 Property, plant and equipment 766 612
347 Goodwill (note 5) 370 347
256 Intangible assets (note 5) 355 275
93 Investments and loans 93 111
28 Interest in associate company - 27
(15) Interest in joint venture - -
35 Deferred taxation 45 52
7 276 Current assets 7 602 7 481
1 448 Inventories 1 601 1 546
4 503 Trade and other receivables 4 975 4 982
(note 6)
3 Financial assets - 2
187 Taxation 291 6
1 135 Bank balances and cash 735 945
8 673 Total assets 9 231 8 905
Equity and liabilities
Equity and reserves
1 779 Share capital and premium 1 779 1 913
(435) Treasury shares (433) (435)
245 Non-distributable and other 249 263
reserves
3 157 Retained earnings 3 129 3 060
67 Shareholders for dividend - 186
4 813 Shareholders` equity 4 724 4 987
- Minority shareholders` 71 -
interest
700 Non-current liabilities 829 1 506
293 Interest bearing long term 310 1 227
liabilities
83 Non-interest bearing long term 88 78
liability
324 Deferred taxation 431 201
3 160 Current liabilities 3 607 2 412
2 064 Trade and other payables (note 2 089 2 143
7)
4 Provisions - -
1 000 Interest bearing liabilities 973 121
- Financial liabilities 5 -
92 Taxation 451 148
- Bank overdraft 89 -
8 673 Total equity and liabilities 9 231 8 905
143 Directors` valuation of 93 138
unlisted investments
177 Capital expenditure authorised 57 -
and contracted
144 Capital expenditure authorised 31 67
and not yet contracted
1 587 Operating lease commitments 1 591 1 512
2 822,9 Net asset value per share 2 770,8 2 854,0
(cents)
3,3 Gearing ratio (net) (%) 13,5 8,1
CONDENSED CASH FLOW STATEMENT
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 February 29 February
2008 2009 2008
R million R million R million
629 Cash flows from operating (108) 160
activities
1 008 Cash generated by trading 582 682
301 Increase in working capital (444) (211)
1 309 Cash generated by operations 138 471
30 Investment income 5 19
(86) Finance costs - net (59) (46)
(340) Taxation paid (124) (186)
913 Cash (utilised by)/available (40) 258
from operating activities
(284) Dividends paid (68) (98)
(188) Cash flows from investing (321) (98)
activities
- Acquisition of subsidiary (193) -
companies
(7) Increase in investment in - (7)
joint venture
18 Investment and loan receipts - -
11 Proceeds on disposal of 6 5
property, plant and equipment
(210) Additions to property, plant (134) (96)
and equipment
(281) Cash flows from financing (60) (92)
activities
4 Proceeds on disposal of 1 4
treasury shares by share
incentive trusts
- Proceeds from minority 1 -
shareholders` loans raised
(188) Purchase of treasury shares - (188)
(339) Shares bought back and - (205)
cancelled
550 Long term borrowings raised - 550
(200) Long term borrowings repaid - (200)
(108) Finance lease liabilities (62) (53)
repaid
160 Net decrease in cash and cash (489) (30)
equivalents
975 Cash and cash equivalents at 1 135 975
beginning of period
1 135 Cash and cash equivalents at 646 945
end of period
210 Capital expenditure incurred 134 96
SEGMENTAL REPORT - BUSINESS DIVISIONS
6 months ended Traditional Retail Financial
February Services
2009 2008 2009 2008
Revenue Rm 2 853 2 968 1 489 1 550
Operating profit Rm 246 258 123 238
Depreciation Rm 21 6 4 -
Total assets Rm 1 189 952 4 338 4 683
Total current Rm 1 219 1 142 30 52
liabilities
Capital expenditure Rm 19 7 14 -
Operating margin % 8,6 8,7 8,3 15,4
Total sale of Rm 2 435 2 523
merchandise
Share of Group sale % 48,7 51,1
of merchandise
Credit sales Rm 1 746 1 807
Percentage of total % 71,7 71,6
Cash sales Rm 689 716
Percentage of total % 28,3 28,4
Number of stores* 935 953 935 953
Retail square 510 995 524 298 56 777 58 300
meterage
Number of employees 8 822 9 817 4 930 5 290
Instalment sale Rm 4 980 5 282
receivables - net
Impairment Rm 751 740
provision
Bad debts written Rm 421 338
off
Receivables` Rm 971 923
arrears
Deposit rate on % 11,3 11,9
credit sales
Collection rate % 6,2 6,6
Average length of 16,1 15,2
the book Months
SEGMENTAL REPORT - BUSINESS DIVISIONS (Continued)
6 months ended February
Cash Retail International
2009 2008 2009 2008
Revenue 2 108 2 077 476 346
Operating profit 125 124 35 23
Depreciation 17 14 3 2
Total assets 1 011 826 186 166
Total current liabilities 566 629 86 100
Capital expenditure 34 24 7 3
Operating margin 5,9 6,0 7,4 6,7
Total sale of merchandise 2 097 2 066 469 346
Share of Group sale of 41,9 41,9 9,4 7,0
merchandise
Credit sales
Percentage of total
Cash sales 2 097 2 066 469 346
Percentage of total 100,0 100,0 100,0 100,0
Number of stores* 84 80 65 62
Retail square meterage 84 880 74 846 47 359 42 864
Number of employees 3 314 3 181 798 718
Instalment sale receivables
- net
Impairment provision
Bad debts written off
Receivables` arrears
Deposit rate on credit sales
Collection rate
Average length of the book
SEGMENTAL REPORT - BUSINESS DIVISIONS (Continued)
6 months ended February
New Business Dev Corporate
2009 2008 2009 2008
Revenue 132 (275)# (308)#
Operating profit 10 (69) (71)
Depreciation 8 41 59
Total assets 309 2 198 2 278
Total current liabilities 298 1 408 489
Capital expenditure 7 53 62
Operating margin 7,6
Total sale of merchandise
Share of Group sale of
merchandise
Credit sales
Percentage of total
Cash sales
Percentage of total
Number of stores*
Retail square meterage
Number of employees 3 359 543 581
Instalment sale receivables 161
- net
Impairment provision 42
Bad debts written off -
Receivables` arrears 44
Deposit rate on credit sales -
Collection rate 5,3
Average length of the book 18,8
SEGMENTAL REPORT - BUSINESS DIVISIONS (Continued)
6 months ended February
Group
2009 2008
Revenue 6 783 6 633
Operating profit 470 572
Depreciation 94 81
Total assets 9 231 8 905
Total current liabilities 3 607 2 412
Capital expenditure 134 96
Operating margin 6,9 8,6
Total sale of merchandise 5 001 4 935
Share of Group sale of merchandise 100,0 100,0
Credit sales 1 746 1 807
Percentage of total 34,9 36,6
Cash sales 3 255 3 128
Percentage of total 65,1 63,4
Number of stores* 1 084 1 095
Retail square meterage 700 011 700 308
Number of employees 21 766 19 587
Instalment sale receivables - net 5 141 5 282
Impairment provision 793 740
Bad debts written off 421 338
Receivables` arrears 1 015 923
Deposit rate on credit sales 11,3 11,9
Collection rate 6,2 6,6
Average length of the book 16,1 15,2
# Elimination of interdivisional origination fees and commissions
Comparative figures in the segmental analysis have been restated to take
into account additional origination fees paid by Financial Services to
Traditional Retail and Cash Retail, amendments to the expense allocations
between Financial Services and Traditional Retail and an allocation of
corporate expenses to Traditional Retail, Financial Services and Cash Retail.
These restatements relate to interdivisional allocations and have no effect
on the overall Group results.
*2008 figures reflect the number of stores at 31 August 2008
NOTES
1. Accounting policies
The accounting policies used in the preparation of the interim profit
announcement, which are compliant with International Financial Reporting
Standards as issued by the International Accounting Standards Board, are
consistent with those applied in the previous financial year ended 31 August
2008, except for the adoption of the following new or revised accounting
standards and interpretations:
- IFRIC 12 - Service Concession Arrangements
- IFRIC 13 - Customer Loyalty Programmes
- IFRIC 14 - IAS 19: The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their interaction
The adoption of these standards and interpretations 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.
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 February 29 February
2008 2009 2008
R million R million R million
2. Debtors costs
36 Increase in impairment 140 159
provision
862 Bad debts written off 421 338
898 561 497
3. Finance costs - net
Finance costs
188 Interest paid 111 93
- Fair value losses on - -
financial instruments
188 111 93
Finance income
(102) Interest received (56) (48)
(2) Fair value gains on (7) (1)
financial instruments
(104) (63) (49)
84 Finance costs - net 48 44
Finance costs include an amount of R13 million relating to the
`tax settlement` (note 4).
4. Taxation
The taxation charge comprises the
following :
251 Current 41 352
(63) Deferred 64 (208)
27 Secondary Tax on 6 10
Companies
215 111 154
- Tax settlement 325 -
- Paid directly to SARS 140 -
- Tax effect on R13 million (4) -
included in finance costs
(note 3)
- Paid via third party 189 -
financiers to SARS
215 436 154
The remainder of the `tax settlement` amount of R338 million is
included in finance costs - R13 million (note 3).
Audited Reviewed Reviewed
31 August 28 February 29 February
2008 2009 2008
R million R million R million
5. Goodwill and intangible assets
Goodwill comprises :
347 Goodwill 347 347
- Goodwill - provisional 23 -
347 370 347
Intangible assets comprise:
256 Intangible assets 237 275
- Intangible assets - 118 -
provisional
256 355 275
6. Trade and other receivables
4 636 Instalment sale receivables 5 141 5 282
(a)
- Trade receivables 69 -
4 636 Total trade receivables 5 210 5 282
(617) Less: Impairment provision (793) (740)
4 019 Net trade receivables 4 417 4 542
484 Other receivables 558 440
4 503 Total trade and other 4 975 4 982
receivables
13,3% Provisions as a percentage 15,4% 14,0%
of instalment sale
receivables (%)
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.
7. 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.
8. 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.
9. 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.
10. Contingent liabilities
The Group is from time to time involved in various disputes, claims and legal
proceedings arising in the ordinary course of business. The Board does not
believe that adverse decisions in any pending proceedings or claims against
the Group will have a material adverse effect on the financial condition or
future of the Group.
11. Subsequent events
No significant events other than those disclosed in the reviewed results have
occurred in the period between 28 February 2009 and the date of this
announcement, with the exception of the following:
- R500 million of interest bearing current liabilities have been refinanced
with term debt
- an additional R200 million of term debt has been raised
- the tax settlement amount has been paid
- a further 15% of the equity of Blake & Associates has been acquired for
cash
12. Adjustments to exclude the impacts of the tax settlement and
restructuring costs
Reviewed Reviewed
6 months 6 months
ended ended
28 February 29 February
2009 2008 Change
R million R million %
Operating profit
Operating profit - as 470 572 (18)
disclosed
Restructuring costs 84
Operating profit - adjusted 554 572 (3)
(Loss)/profit attributable to
shareholders
(Loss)/profit attributable to (28) 385 (107)
shareholders - as disclosed
Restructuring costs after tax 60
Tax settlement 338
Included in taxation 325
(note 4)
Included in finance costs 13
(note 3)
Profit attributable to 370 385 (4)
shareholders - adjusted
Change
Cents Cents %
Earnings per share - basic
(cents)
(Loss)/earnings per share - (17,4) 222,3 (108)
basic (cents) - as disclosed
Restructuring costs (cents 36,9
per share)
Tax settlement (cents per 207,2
share)
Earnings per share - basic 226,7 222,3 2
(cents) - adjusted
Headline earnings per share -
basic (cents)
Headline (loss)/earnings per (19,0) 220,9 (109)
share - basic (cents) - as
disclosed
Restructuring costs (cents 36,9
per share)
Tax settlement (cents per 207,2
share)
Headline earnings per share - 225,1 220,9 2
basic (cents) - adjusted
ADMINISTRATION
Executive directors
ID Sussman (chairman), AG Kirk (chief executive officer),
KR Chauke, Dr HP Greeff, ID Thompson, G Volkel
Non-executive director IS Levy
Independent non-executive directors
VP Khanyile (lead independent non-executive), ME King,
Dr D Konar, M Lock, MJ Shaw, GZ Steffens
Company secretary
JMWR Pieterse
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 11 688 5238
ADR depository
File number 82-4401, The Bank of New York Mellon Corporation
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 11 802 3689
Independent auditors Deloitte & Touche
www.jdgroup.co.za
Date: 11/05/2009 07:05:02 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.
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