| Tue 15 Sep 2009, 8:00 | | SPG - Super Group - Reviewed Results For The Year Ended 30 June 2009 |
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SPG
SPG
SPG - Super Group - Reviewed Results For The Year Ended 30 June 2009
Super Group Limited
(Incorporated in the Republic of South Africa)
Registration number 1943/016107/06
ISIN: ZAE000011334
Share code: SPG
("Super Group" or "the Group")
Reviewed results for the year ended 30 June 2009
Overview
The year under review was characterised by extraordinary economic and business
challenges for Super Group. Amongst the many issues faced by the Group were
tough trading conditions, major managerial and operational changes, business
disposals as well as the implementation of a restructuring plan aimed at
streamlining Super Group back to its core businesses and competencies.
The financial consequences of the poor operational performance and subsequent
restructuring of the Group have significantly impacted the financial results for
the year ended 30 June 2009. Significant fair value provisions related to the
non-core businesses had to be made to bring their carrying values in line with
market related values and the Group incurred once-off costs associated with
rationalising and consolidating certain support functions.
The trading losses from discontinued operations and the once-off and exceptional
costs referred to above, have resulted in a financial performance significantly
below that recorded last year. However, continuing operations are trading
profitably. Super Group`s recapitalisation process will put the Group on a firm
financial footing.
Financial results
Revenue generated by continuing operations reduced by 8,4% from R7,8 billion in
2008 to R7,1 billion, mainly as a result of certain low margin contracts not
renewed within the Supply Chain South Africa operations during 2008 and a weaker
sales performance by the Dealership business. Total revenue for the Group
decreased by 9,2% from R12,4 billion to R11,3 billion as the slowdown in
economic activities and stricter bank lending criteria impacted all of the
Group`s businesses.
Trading profit from continuing operations decreased by 17,8% to R604,7 million
from R735,2 million in 2008, which resulted in the trading profit margin for
these operations dropping from 9,4% to 8,5%. The drop in the trading profit and
margin is largely attributable to lower sales volumes across the sectors in
which the Group operates as well as the effect of restructuring and severance
costs. In addition, the strengthening of the rand resulted in lower translated
earnings from foreign operations. The total trading loss for the Group amounted
to R169,7 million for the year ended 30 June 2009 compared to a trading profit
of R581,7 million for the corresponding prior period. The significant trading
loss reported by the discontinued operations is largely attributable to closure
costs, working capital impairments, provision for onerous leases, unusually
large claims received by Emerald Insurance (Pty) Limited and slower consumer
spending in the retail businesses.
An operating profit from continuing operations of R473,8 million and an
operating loss from discontinued operations of R1,2 billion, resulted in a total
operating loss for the Group of R741,7 million compared to an operating profit
for 2008 of R523,2 million. The difference between trading profit and operating
profit is due to the once-off and exceptional capital items. The most
significant capital items relate to non-current asset impairments for property,
plant and equipment, intangible assets, foreign investments and fair value
adjustments after taking into account expected proceeds from disposals compared
to their carrying values.
Net finance charges for continuing operations increased by 22% to R431,1 million
from R353,4 million in 2008. The increase is largely attributable to the adverse
mark-to-market fair value adjustments related to interest rate swaps of R47,9
million compared to a positive amount of R16,8 million for 2008.
Losses attributable to equity holders of the Group increased from 4,5 cents per
share in 2008 to 296,1 cents per share for 2009. Earnings from continuing
operations dropped from 69,7 cents per share reported in 2008 to 6,4 cents per
share for the year ended 30 June 2009. Headline earnings per share amounted to
11,9 cents in 2008 compared to the headline loss for 2009 of 170,9 cents per
share. Headline earnings per share from continuing operations have declined from
82,3 cents to 35,0 cents.
The cash generated from operations together with the proceeds of the rights
issue reduced debt by R769 million mainly through the repayment of full
maintenance lease borrowings and short-term bridging debt.
The Group converted its operating results into cash of R1 089 million before
working capital movements. A strong focus on working capital management resulted
in a R100 million reduction in working capital levels.
Divisional overview of continuing operations
Supply Chain Division
The Supply Chain Division performed well and will constitute the core business
of Super Group in the future. Total revenue for this division decreased by 4,2%
to R2,754 billion (2008: R2,875 billion) mainly as a result of certain low
margin contracts not being renewed in 2008. The trading profit of the Supply
Chain Division dropped by 14,2% to R313,4 million from R365,3 million in 2008.
The South African business, despite the loss of certain low margin contracts in
2008, produced an overall satisfactory performance. The automotive business had
a good year despite the industry being impacted by lower vehicle sales. The FMCG
business experienced a marked decline in volumes as a result of the overall
economic environment. Substantially reduced overheads achieved by amalgamating
divisional functionalities have helped to offset the business performance of
FMCG.
Hala Supply Chain Company (Hala) was established to distribute post boxes and
RFID tags throughout Saudi on behalf of Saudi Post. Super Group has a 33% stake
in Hala. An impairment of R67 million was raised against Hala as a result of
difficulties with collections of amounts due from Saudi Post. This impairment
resulted in an adverse movement on the division`s operating profit compared to
the prior year.
The African Logistics business reported an impressive revenue growth of 56,6%.
Significantly improved volumes from the mining industry together with additional
aid programmes in the first half of the year produced excellent results.
Softening commodity prices, which resulted in a significant decrease in mining
activity, as well as a decline in aid programmes in the second half of the year,
did moderate the overall results. Benefits derived from the improvement in cost
structures, especially in Malawi and Zambia, were off-set by the strengthening
of the rand. Trading profit increased by a satisfactory 24,9%, over 2008.
Automotive Division - Dealerships
Continued deterioration in the vehicle market resulted in the Dealership
business reporting a drop in revenue of 22,5% to
R2,629 billion (2008: R3,390 billion). Despite the tough trading conditions, the
business outperformed the market in the second half of the current year. Closure
costs and early lease termination costs of R11,5 million were incurred as a
result of the closure of underperforming dealerships and contributed to a
decline in trading profit for the year of 91,6% to R4,5million (2008: R53,4
million). Major cost cutting initiatives in areas such as headcount (reduction
of 16%), demonstration vehicles and other significant variable costs have been
implemented. The executive team has been restructured to optimise personnel as
well as expertise, thereby further reducing the overhead structure. The entire
division has undergone additional streamlining to ensure that continuing
dealerships are well placed to generate positive results in the new financial
year.
Fleet Solutions Division
The Fleet Solutions Division reported revenue growth of 14,1% to R1,743 billion
from R1,527 billion, translating into the trading profit increasing marginally
to R300,5 million for 2009 compared to R299,6 million in 2008.
The FleetAfrica business, under new management since November 2008, embarked on
an extensive restructuring and cost saving initiatives. Increases in
depreciation have resulted in significantly reduced residual value risk in the
business. An improved vehicle disposal strategy was implemented during the year
which resulted in improved disposal realisations. Revenue increased by 8,5% from
R953,2 million in 2008 to R1 034,4 million in 2009. Trading profit was also
marginally up by 0,5% to R206,6 million from R205,6 million reported in 2008.
The Eastern Cape Provincial Government contract has been extended to the end of
January 2010.
The sgfleet business in Australia had a successful year which included the
renewal of several customer contracts as well as being awarded a large
Australian State Government contract. The business secured a new off-balance
sheet funding structure for its UK subsidiary. The business reported revenue of
R708,2 million, an increase of 23,5% from R573,4 million posted in 2008. Trading
profit remained constant at approximately R93,9 million, predominantly due to
the adoption of a more conservative approach to residual value provisioning. The
business was able to gain market share during the year despite economic
challenges such as increased fuel prices in the first half of the year and the
decline in mining activity since November 2008.
Divisional overview of discontinued operations
Retail Supply Chain Division
This division, which includes AutoZone and Mica, delivered extremely
disappointing results. The division`s overall performance saw revenue decreasing
by 5,8% to R2,569 billion (2008: R2,727 billion) and trading profit dropping
from
R135,0 million in 2008 to a trading loss of R219,6 million in the current year.
AutoZone`s revenue increased by 5,2% from R1,650 billion to
R1,735 billion. However, as a result of a competitive trading environment,
margin pressure translated into a reduction of trading profit of approximately
R21 million. Once-off restructuring costs, an increase in depreciation and the
stronger rand further impacted results. The closure of SABEX, the ABS brake
business, resulted in a trading loss of R8 million. All these factors
contributed to the trading profit decreasing by 79,3% from R84,6 million in 2008
to R17,5 million in 2009. A fair value provision of R129 million was raised on
discontinuance of the business.
Mica was severely impacted by the demise of the drop-shipment model, which,
under the poor market conditions resulted in member purchasing loyalty reaching
an all time low, as well as the widely reported downturn in the residential
property market. In addition, Mica faced significant managerial and operational
challenges. As a result, revenue decreased by 22,6% to R833,5 million (2008: R1
076,7 million) and trading profit dropped to a loss position of R237,1 million
from a profit of R50,4 million in 2008. The operational challenges faced by Mica
included significant losses from associates, high finance costs, onerous leases
for closed businesses, increased bad debt and redundant inventory provisions and
stock losses, impairments of goodwill and trademarks as well as restructuring
and closure costs. Impairments of R154 million were raised on the discontinuance
of the business.
Automotive Division - Super Group Industrial Products (SGIP)
As previously reported, a decision was taken in mid December 2008 to dispose of
the businesses within SGIP. The businesses being disposed of include Powerstar,
Herman`s Truck Accident Repairs and MMS Cranes. As at 30 June 2009 both Herman`s
and MMS Cranes had been sold. Operations were consolidated and certain functions
centralised to further reduce overhead costs. Revenue generated by SGIP for the
year ended 30 June 2009 was down 40,1% to R872,0 million compared to the
previous year with a reported trading loss of R456,5 million. A fair value
provision of R145 million was raised on the discontinuance of the business.
Corporate actions and post balance sheet events
During July and September 2009, the Group issued a number of cautionary
announcements pertaining to the following transactions:
Recapitalisation of the Group
On 30 July 2009 shareholders were informed that restructuring agreements between
Super Group and its funders setting out the key terms of the equity
recapitalisation and debt restructuring had been signed. Super Group may now
proceed to prepare for the proposed rights offer of 41 new rights offer shares
for every 10 Super Group ordinary shares held at the close of business on the
record date. Further details regarding the proposed rights offer, the terms of
the proposed restructuring, salient dates and processes to be followed would be
included in a rights offer circular and released on SENS.
Alternative Recapitalisation Proposal
During the finalisation of the proposed rights offer, Super Group was approached
by a strategic investor, regarding an alternative recapitalisation proposal
pursuant to which the investor would become the controlling shareholder of the
Group. The alternative recapitalisation proposal contemplates an inter-
conditional issue of shares for cash, a claw back offer and a loan as set out in
the SENS announcement dated 30 July 2009.
Shareholders are advised that discussions with the investor are still ongoing.
Should an agreement between the parties be reached, a further detailed
announcement would be released on SENS and published in the press.
Disposal of Emerald Insurance
An offer by Santam Limited for Emerald Insurance Company Limited for a total
consideration equal to the tangible net asset value at the effective date,
estimated at R100 million as set out in detail in the SENS announcement dated 10
July 2009, has been accepted. The conditions precedent are approvals by
shareholders, the Registrar of Short Term Insurance, JSE Limited, Securities
Regulation Panel and Competition Commission. A circular providing information on
the transaction will be posted to shareholders in due course.
Disposal of AutoZone
An offer by RMB Corvest for a total consideration of R435 million, of which R35
million is deferred, was accepted subject to the approval by Super Group
shareholders and the Competition Commission. A circular providing information on
the transaction will be posted to shareholders in due course.
Disposal of Mica
The sale of Mica is being completed through various transactions. The Mica brand
and certain Mica stores are being sold to various third parties.
Shareholders are referred to the SENS announcement released on 4 September 2009
setting out the disposal of three corporate stores to Builder`s Express, a
subsidiary of Massmart. The transaction is a Category 2 transaction in terms of
the JSE Limited Listings Requirements and no shareholder approval is required.
Disposal of Powerstar
Shareholders are referred to the SENS announcement released on 10 September 2009
setting out the disposal of the Equipment and Commercial Vehicle businesses
housed in SGIP. A business co-operation agreement has been reached with China
North Vehicle Corporation Limited (Norinco) to form a new Vehicle Assembly and
Distribution Entity (CVADE). China Construction Bank (Johannesburg Branch) has
agreed to provide bridging finance to CVADE. The transaction is a Category 1
transaction in terms of the JSE Limited Listings Requirements and a circular
providing information on the transaction will be posted to shareholders in due
course.
Prospects
Super Group has implemented an intensive restructuring strategy which is set to
continue into 2010. The strategy is primarily focused on the recapitalisation of
the Group and the implementation of the realigned business strategy. The
proposed recapitalisation of the Group together with the debt restructuring
package will ease liquidity pressure and create the financial scope to allow the
implementation of a value-maximising strategy.
Further focus areas include the recovery and growth effort within Super Group`s
area of core competence being supply chain and maximising value from medium-term
disposal opportunities. Tough economic trading conditions are expected to
prevail in the year ahead and all indications are that consumer spending will
remain under pressure as a result of local and global economic conditions.
Despite the prevailing economic environment, the Group`s core businesses are
expected to show improved profitability and with the initiatives already being
implemented across the Group, Super Group is positioned to improve market share.
On behalf of the Board
P Malungani P Mountford
Non-Executive Chairman Chief Executive Officer
Sandton
15 September 2009
Consolidated balance sheets
30 June 2009 30 June 2008
Reviewed Audited
R`000 R`000
ASSETS
Property, plant and equipment 1 242 208 957 295
Full maintenance lease assets 1 693 351 2 026 724
Intangible assets 125 130 251 315
Goodwill 1 286 038 1 574 797
Investments in associates 42 719 70 022
Investments and other non-current 44 776 230 373
assets
Deferred tax assets 229 776 177 890
Current assets 4 163 927 5 441 193
Assets held for sale 2 285 339 668 381
Inventories 389 950 1 310 579
Trade and other receivables 1 304 498 2 273 582
Insurance related assets - 345 590
Cash and cash equivalents 184 140 843 061
Total assets 8 827 925 10 729 609
EQUITY AND LIABILITIES
Capital and reserves
Capital and reserves attributable to 994 047 2 007 161
equity holders of Super Group Limited
Minority interest 194 196 257 777
Total equity 1 188 243 2 264 938
Liabilities
Fund reserves 268 939 342 201
Deferred tax liabilities 188 143 209 186
Full maintenance lease borrowings 1 433 261 1 796 535
(including Australia)
Non-current 893 725 1 122 669
Current 539 536 673 866
Interest-bearing borrowings 1 960 744 2 336 799
Non-current 1 523 365 1 278 933
Current 437 379 1 057 866
Insurance related liabilities - 501 734
Interest bearing property borrowings - 428 818
associated with assets held for sale
Other liabilities directly associated 1 942 184 56 351
with assets held for sale
Other current liabilities 1 846 411 2 793 047
Total equity and liabilities 8 827 925 10 729 609
Consolidated income statements
Year ended Year ended
30 June 2009 30 June 2008
Reviewed Audited
R`000 R`000
Revenue 7 138 572 7 794 094
Trading profit before depreciation, 1 160 016 1 119 051
amortisation and recoupments
Depreciation, amortisation and (555 340) (383 810)
recoupments
Trading profit 604 676 735 241
Capital items (130 846) (44 834)
Operating profit 473 830 690 407
Net finance charges (431 074) (353 374)
Profit before taxation 42 756 337 033
Income tax expense 1 490 (72 569)
Profit for the year from continuing 44 246 264 464
operations
Total loss for the year from (1 384 917) (258 173)
discontinuing operations
Loss for the year from discontinuing (943 848) (244 503)
operations
Fair value loss on discontinuation (441 069) (13 670)
(including impairment of goodwill)
(Loss)/profit for the year (1 340 671) 6 291
Attributable to minority shareholders 15 050 15 544
- continuing
Attributable to minority shareholders (2 743) 6 900
- discontinuing
Attributable to equity holders of 29 196 248 920
Super Group Limited - continuing
Attributable to equity holders of (1 382 174) (265 073)
Super Group Limited - discontinuing
(1 340 671) 6 291
RECONCILIATION OF HEADLINE EARNINGS
Profit attributable to equity holders (1 352 978) (16 153)
of Super Group Limited
Capital items (continuing operations) 130 846 44 834
Closure costs - 6 506
Profit on sale of property (4 956) -
Costs incurred on unsuccessful - 3 438
business combination
Impairment of investments in 69 052 -
associates
Impairment of goodwill 6 498 13 351
Loss on sale of businesses 4 499 -
Impairment of intangible assets 46 521 18 714
excluding goodwill
Impairment of property, plant and 9 232 2 825
equipment
Capital items (discontinuing
operations)
Impairment of goodwill 192 450 13 670
Other fair value loss on 248 619 -
discontinuation
Headline earnings for the year (781 063) 42 351
Loss for the year from discontinuing 943 848 244 503
operations
Profit attributable to minority (2 743) 6 900
shareholders - discontinuing
Adjusted headline earnings for the 160 042 293 754
year - continuing
Cents Cents
Basic earnings per share (296,1) (4,5)
Adjusted basic earnings per share 6,4 69,7
(continuing operations)
Diluted earnings per share (296,1) (4,3)
Adjusted diluted earnings per share 6,4 66,4
(continuing operations)
Headline earnings per share (170,9) 11,9
Adjusted headline earnings per share 35,0 82,3
(continuing operations)
Diluted headline earnings per share (170,9) 11,3
Adjusted diluted headline earnings per 35,0 78,4
share (continuing operations)
Segmental analysis
REVENUE TRADING PROFIT
Year ended Year ended Year ended Year ended
30 June 30 June 30 June 30 June
2009 2008 2009 2008
Reviewed Audited Reviewed Audited
R`000 R`000 R`000 R`000
Supply Chain 2 753 531 2 874 610 313 383 365 277
Fleet Solutions 1 742 629 1 526 644 300 522 299 553
Automotive 2 628 818 3 389 838 4 466 53 350
Services 13 594 3 002 (13 695) 17 061
Continuing 7 138 572 7 794 094 604 676 735 241
operations
Automotive 871 953 1 456 264 (456 518) (277 756)
Retail Supply 2 568 846 2 726 699 (219 551) 134 997
Chain
Services 695 478 436 922 (98 350) (10 802)
Discontinuing 4 136 277 4 619 885 (774 419) (153 561)
operations
Group 11 274 849 12 413 979 (169 743) 581 680
Segmental analysis (continued)
OPERATING PROFIT
Year ended Year ended
30 June 30 June
2009 2008
Reviewed Audited
R`000 R`000
Supply Chain 209 714 363 431
Fleet Solutions 282 768 298 102
Automotive (9 913) 43 406
Services (8 739) (14 532)
Continuing operations 473 830 690 407
Automotive (601 298) (291 426)
Retail Supply Chain (510 565) 134 997
Services (103 625) (10 802)
Discontinuing operations (1 215 488) (167 231)
Group (741 658) 523 176
Condensed consolidated cash flow statements
Year ended Year ended
30 June 2009 30 June 2008
Reviewed Audited
R`000 R`000
Cash flows from operating activities
Cash generated from operations 1 189 479 1 138 863
Net finance charges paid (585 201) (501 653)
Net dividend paid (188) (149 995)
Taxation paid (95 874) (110 085)
Net cash retained from operating 508 216 377 130
activities
Net cash outflow from investing (335 089) (948 013)
activities
Net cash (outflow)/inflow from (51 835) 343 224
financing activities
Net increase/(decrease) in cash and 121 292 (227 659)
cash equivalents
Cash and cash equivalents at 224 797 422 488
beginning of year
Effect of foreign exchange on cash (24 739) 29 968
and cash equivalents
Net cash and cash equivalents at end 321 350 224 797
of year
Consolidated statements of changes in equity
Year ended Year ended
30 June 2009 30 June 2008
Reviewed Audited
R`000 R`000
Capital and reserves attributable to
equity holders of Super Group Limited
Balance at beginning of year 2 007 161 2 101 158
Share issues and options exercised, 503 642 -
net of expenses
Effect of foreign exchange on equity (151 794) 58 420
holders of Super Group Limited
Profit attributable to equity holders (1 352 978) (16 153)
of Super Group Limited
Tax rate adjustment relating to - 16 864
Property classified as held for sale
Revaluation of land and buildings 4 677 (7 229)
Profit on exercise of share options - 2 564
Effect of business combinations on 2 980 (5 564)
equity holders of Super Group Limited
Hedge accounting (19 641) -
Ordinary dividends - (142 899)
Balance at end of year 994 047 2 007 161
Minority interest
Balance at beginning of year 257 777 94 194
Ordinary dividends paid to minority (188) (6 987)
shareholders
Profit attributable to minority 12 307 22 444
shareholders
Effect of foreign exchange on (23 893) 22 548
minority shareholders
Minority share in increase in other 1 102 -
reserves
Changes in minority shareholders as a (52 909) 125 578
result of acquisitions and disposals
Balance at end of year 194 196 257 777
Total equity at end of year 1 188 243 2 264 938
Comprising:
Share capital 54 551 47 297
Share premium net of treasury shares 1 007 617 511 229
Retained earnings 118 490 1 457 363
Share buyback reserve (537 617) (537 617)
General reserve 556 036 556 036
Revaluation reserve 76 926 89 451
Foreign currency translation reserve (292 433) (140 639)
Contingency reserve - insurance 30 118 24 041
Hedging Reserve (19 641) -
Minority interest 194 196 257 777
Total equity at end of year 1 188 243 2 264 938
Salient features
Year ended Year ended
30 June 2009 30 June 2008
Reviewed Audited
R`000 R`000
1 Interest-bearing borrowings
comprise:
Australia ring-fenced borrowings 434 334 575 744
Corporate Bond 411 997 413 846
Securitisation 258 033 255 890
Property borrowings 425 312 428 818
Other borrowings 333 153 529 406
Bank overdraft 317 866 618 264
Interest-bearing borrowings before 2 180 695 2 821 968
reallocation to held for sale
Interest-bearing property - (428 818)
borrowings associated with the
assets held for sale
Other interest bearing borrowings (219 951) (56 351)
directly associated with assets
held for sale
1 960 744 2 336 799
2 Share statistics
Total issued shares less treasury 497 950 357 276
shares (`000)
Weighted (`000) 457 002 357 085
Diluted (`000) 457 002 374 756
Net asset value per share (cents) 199,6 561,8
Net asset value per share (58,6) 121,0
excluding goodwill (cents)
3 Capital commitments
Authorised, but not yet contracted 13 960 167 123
for capital commitments,
excluding, full maintenance lease
assets.
Capital commitments will be funded from normal operating cash
flows and the utilisation of existing borrowing facilities.
During the year the Group disposed of various properties under
sales and leaseback agreements and entered into various vehicle
operating rental arrangements. The rental and other commitments
and contingent liabilities will be disclosed in the 2009 annual
financial statements.
4 Related party transactions
The Group, in the ordinary course of business, entered into
various sales and purchase transactions on an arms length basis
with the related parties.
5 Subsequent events
Other than the matters disclosed, the directors are not aware
of any matter or circumstance arising subsequent to the balance
sheet date up to the date of this report.
Basis of preparation and accounting policies
The condensed consolidated preliminary financial statements for the year ended
30 June 2009 have been prepared in compliance with International Financial
Reporting Standards ("IFRS") (in particular the presentation and disclosure
requirements of International Accounting Standard ("IAS") 34 Interim Financial
Reporting), the Listings Requirements of the JSE Limited, and the South African
Companies Act, 1973, as amended. The accounting policies applied in the
presentation of the condensed consolidated financial statements are consistent
with those applied for the year ended 30 June 2008.
The condensed consolidated financial statements have been prepared in accordance
with the historic cost convention except for certain financial assets and
liabilities (including derivative instruments), available-for-sale financial
assets and land and buildings which are stated at fair value. The condensed
consolidated financial statements are presented in Rand, which is Super Group`s
functional and presentation currency.
The 2009 annual report containing a detailed review of operations of the Group
together with the audited financial statements will be posted to shareholders
towards the end of October 2009.
Independent review by the auditors
The consolidated balance sheet at 30 June 2009 and the related consolidated
income statement, statements of changes in equity and cash flows for the year
then ended have been reviewed by KPMG Inc. Their unmodified review report is
available for inspection at the registered office of the company.
Directors: Executive: P Mountford (Chief Executive Officer),
J Jankovich-Besan (Chief Financial Officer)
Non-Executive: P Malungani (Independent Non-Executive Chairman),
P Vallet* (Non-Executive Deputy Chairman),
S Abrahams (Independent Non-Executive Director),
B Tshili (Independent Non-Executive Director),
V Chitalu (Independent Non-Executive Director) and
D Rose (Independent Non-Executive Director)
(*P Vallet acted as interim CEO for the period 20 April to
29 July 2009)
Company Secretary: D de Quintal
Registered Office:?27 Impala Road, Chislehurston, Sandton, 2195.
Transfer Secretaries:?Computershare Investor Services (Pty) Limited
(Registration number 2000/007239/07).
70 Marshall Street, Johannesburg, 2001.
PO Box 61051, Marshalltown, 2107
Also available on www.supergroup.co.za
Sandton
15 September 2009
Sponsor:
Deutsche Securities (SA)(Proprietary) Limited
Date: 15/09/2009 08:00:17 Produced by the JSE SENS Department.
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