| Wed 14 Oct 2009, 8:00 | | TAS - Taste Holdings - Unaudited Condensed Financial Results for the six months |
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TAS
TAS
TAS - Taste Holdings - Unaudited Condensed Financial Results for the six months
ended 31 August 2009
Taste Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/002239/06)
(JSE code: TAS ISIN: ZAE000081162)
("Taste" or "the company" or "the group")
Salient results
- Revenue up 170% to R85.8 million
- EBITDA up 54% to R11.7 million
- Operating profit up 35% to R9 million
- Earnings per share down 77% to 2.4 cents
- Headline earnings per share down 43% to 2.1 cents
- Normalised earnings per share down 41% to 2.4 cents
- Cash earnings per share down 16% to 3.9 cents
- Tangible net asset value per share up 90% to 12.9 cents
- Group system-wide sales up 40% to R317 million
UNAUDITED CONDENSED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2009
CONDENSED GROUP INCOME STATEMENTS
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
R`000 R`000 R`000
Revenue 85 827 31 763 136 345
Gross profit 46 768 23 328 82 969
Other income 873 864 935
Operating costs(1) (38 609) (17 478) (58 319)
Operating profit 9 032 6 714 25 585
Negative goodwill - 8 435 6 964
Fair value adjustment on derivative(2) (260) - (1 923)
Interest income 326 1 230 2 051
Finance costs (3 564) (602) (5 174)
Profit before taxation 5 534 15 777 27 503
Taxation (1 533) (2 065) (6 076)
Profit after taxation 4 001 13 712 21 427
Attributable to:
Equity holders of the parent 4 001 13 712 21 427
Minority interests - - -
Reconciliation of headline earnings:
Earnings attributable to ordinary
shareholders 4 001 13 712 21 427
Impairment losses - - 1 658
Negative goodwill arising on acquisition - (8 435) (6 964)
Profit on sale of property, plant
and equipment (466) (474) (673)
Headline earnings attributable to
ordinary shareholders 3 535 4 803 15 448
Weighted average shares in issue
(`000) 170 161 132 527 151 344
Shares in issue at period end (`000) 170 161 170 161 170 161
Headline earnings per share (cents) 2.1 3.6 10.2
Earnings per share (cents)(3) 2.4 10.3 14.2
Normalised earnings per share
(cents)(4) 2.4 4.0 9.6
CONDENSED GROUP BALANCE SHEETS
31 August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
R`000 R`000 R`000
ASSETS
Non-current assets 92 096 91 095 93 100
Property, plant and equipment 6 865 7 289 7 606
Intangible assets(5) 67 102 66 411 68 306
Goodwill 16 321 16 211 16 102
Deferred taxation 1 808 1 184 1 086
Non-current assets held for sale 2 429 - 1 805
Current assets 89 152 102 144 91 761
Inventories 51 846 54 611 58 601
Trade and other receivables 18 596 28 225 16 742
Taxation 3 605 - 3 272
Advertising levies 3 610 3 678 2 987
Other financial assets 2 073 1 088 2 945
Cash and cash equivalents 9 422 14 542 7 214
Total assets 183 677 193 239 186 666
EQUITY AND LIABILITIES
Capital and reserves 88 329 76 613 84 328
Issued capital 2 2 2
Distributable reserves 45 186 33 470 41 185
Share premium 43 141 43 141 43 141
Non-current liabilities 55 347 74 395 61 278
Borrowings 37 233 46 632 39 337
Long-term employee benefits 378 251 658
Deferred taxation 17 072 17 512 17 293
Balances due to vendors - 10 000 2 941
Derivative at fair value 664 - 1 049
Current liabilities 40 001 42 231 41 060
Provisions 973 - 973
Current tax payable 170 4 826 170
Trade and other payables 19 888 32 573 17 284
Balances due to vendors 7 000 - 7 059
Bank overdrafts 1 315 1 220 3 461
Derivative at fair value 1 180 - 874
Current portion of borrowings 9 475 3 612 11 239
Total equity and liabilities 183 677 193 239 186 666
Number of shares in issue (`000) 170 161 170 161 170 161
Net asset value per share (cents) 51.9 45.0 49.6
Tangible net asset value per share
(cents)(6) 12.9 6.8 10.1
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
Total
Share Share share
capital premium capital
R`000 R`000 R`000
Balance 1 September 2008 2 43 141 43 143
Changes in equity:
Profit for period
Balance 1 March 2009 2 43 141 43 143
Changes in equity:
Profit for period
Balance 31 August 2009 2 43 141 43 143
Retained Total
income equity
R`000 R`000
Balance 1 September 2008 33 470 76 613
Changes in equity:
Profit for period 7 715 7 715
Balance 1 March 2009 41 185 84 328
Changes in equity:
Profit for period 4 001 4 001
Balance 31 August 2009 45 186 88 329
CONDENSED GROUP CASH FLOW STATEMENTS
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
R`000 R`000 R`000
Cash flow from operating activities 12 351 8 008 7 614
Cash generated by operating activities 18 657 9 019 24 053
Interest income 326 1 230 2 051
Finance costs (3 824) (602) (5 174)
Taxation paid (2 808) (1 639) (13 316)
Cash flows from investing activities (770) (100 792) (106 417)
Acquisition of property, plant and
equipment (1 195) (1 070) (2 943)
Acquisition of non-current assets
held for sale (1 823) - (2 355)
Proceeds of disposals of property,
plant and equipment 689 2 851 1 392
Proceeds on disposal of non-current
assets held for sale 1 145 - -
Acquisition of subsidiary - (95 122) (95 122)
Loans repaid/(advanced) 872 - (2 232)
Acquisition of goodwill (219) - -
Proceeds on disposal of goodwill - - 1 362
Acquisition of intangible assets (239) (7 451) (6 519)
Cash flows from financing activities (7 227) 77 689 74 139
Proceeds from issue of shares - 18 065 18 065
(Decrease)/increase in long-term
employee benefits (280) - 382
Loans (repaid)/raised (3 947) 49 624 45 692
Loans (repaid)/raised from vendors (3 000) 10 000 10 000
Change in cash and cash equivalents 4 354 (15 095) (24 664)
Cash and cash equivalents at
beginning of period 3 753 27 960 27 960
Add cash acquired on acquisition
of subsidiary - 457 457
Cash and cash equivalents at end
of period 8 107 13 322 3 753
SEGMENTAL REPORT
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
R`000 R`000 R`000
Segment revenue
Food 19 662 19 369 38 767
Franchise 15 661 16 806 35 426
Retail 4 000 2 562 3 340
Jewellery 66 165 12 394 97 578
Franchise and wholesale 43 607 8 524 69 842
Retail 22 558 3 871 27 737
Group revenue 85 827 31 763 136 345
Segment operating profit
Food 7 684 9 396 18 510
Franchise 7 819 9 533 19 453
Retail (135) (137) (943)
Jewellery 7 089 1 836 16 749
Franchise and wholesale 4 862 1 041 10 459
Retail 2 227 795 6 290
Corporate services(7) (5 741) (4 518) (9 674)
Group operating profit 9 032 6 714 25 585
Segment assets
Food 21 930 26 925 21 072
Franchise 19 230 26 771 19 071
Retail 2 700 154 2 001
Jewellery 77 344 76 637 82 998
Franchise and wholesale 49 168 50 129 48 565
Retail 28 176 26 508 34 433
Corporate services 84 403 89 677 82 596
Total group assets 183 677 193 239 186 666
Notes to the financial information
1. Operating costs include depreciation and amortisation of R2.7 million for
the six months ended 31 August 2009. ("the 2009 period"). (Six months ended
31 August 2008 ("the 2008 period"): R0.9 million).
2. The fair value adjustment on derivative relates to the fair value charge
arising out of an agreement to fix the interest rate on the loan with Rand
Merchant Bank ("RMB") for the acquisition of the NWJ business ("NWJ"), for
a 24-month period ending 30 November 2010.
As the interest rate swap did not qualify as a cash-flow hedge in terms of IAS
39, the full amount of the derivative and any fair valued adjustment thereon
has been charged to the income statement.
3. The after-tax interest charge of R2.55 million on the borrowings for the
NWJ acquisition diluted earnings per share and headline earnings per share by
1.5 cents for the 2009 period.
4. Normalised earnings are calculated by subtracting the negative goodwill
arising on the acquisition of NWJ from profit after tax.
5. Intangible assets include deferred lease charges that were disclosed as a
separate item in the 31 August 2008 balance sheet.
6. Tangible net asset value is calculated by excluding goodwill, the
intangible assets as well as the deferred taxation liability relating to the
intangible assets from net asset value.
7. Corporate services in the 2009 period included a R0.78 million amortisation
charge of the intangible asset raised on the acquisition of NWJ (2008: R0.13
million).
8. These results include six months of NWJ financial information as opposed
to one month of NWJ financial information for the 2008 period, as the
acquisition of NWJ was effective from 1 August 2008.
GROUP OVERVIEW
The directors of Taste present the unaudited interim financial results for the
six months ended 31 August 2009 ("the 2009 period"). Taste is a South
African-based management group invested in a portfolio of mostly franchised,
category specialist retail brands that are represented in over 260 locations
within southern Africa.
As part of its strategy to become a vertically integrated, specialist retail
franchisor, Taste acquired NWJ on 1 August 2008. NWJ is a 25-year-old
vertically integrated jewellery franchise with 79 outlets nationally. As the NWJ
transaction became effective on 1 August 2008, the 2009 period includes six
months of NWJ financial results, whereas the comparable period includes one
month of NWJ financial results. While the investment in NWJ may not appear
to be earnings enhancing based on the interim six month period, it should be
noted that due to the seasonality of the NWJ business, historically
approximately 70% of its profits are generated in the second half of the year.
Group revenue for the 2009 period increased 170% to R85.8 million, while EBITDA
increased 54% to R11.7 million. Headline earnings decreased 26% to R3.5 million
(2008: R4.8 million). The difference between year-on-year EBITDA and headline
earnings performance is largely due to the 2009 period including net finance
costs (inclusive of the fair value adjustment) of R4.1 million more than the
2008 period, and R1.8 million in additional amortisation and depreciation
charges. Excluding these costs from the 2009 period, headline earnings
increased 62% to R7.8 million. Headline earnings per share ("HEPS") decreased
43% to 2.1 cents per share, due to the items detailed above, as well as the
weighted average number of shares in issue for the 2008 period being 132
million compared to 170 million in the 2009 period. Profitability in the food
segment was affected by fewer new store openings than in the 2008 period, and
the associated lower comparable store-opening revenue.
Cash earnings increased 8.1%, notwithstanding the finance costs of R3.8 million
in the 2009 period.
As expected, cash earnings, on a per share basis, decreased 16% to 3.9 cents
per share, calculated on a fully diluted basis in the 2009 period.
SEGMENT OVERVIEW
FOOD
The food division consists of the Maxi`s and Scooters Pizza brands. Both brands
target consumers in the broad middle market with their strong value-for-money
propositions, contemporary store designs, and limited-time value offerings.
Scooters trades in the fast-food segment, while Maxi`s falls into the casual
dining segment catering for breakfast, lunch and early-evening consumers.
Scooters Pizza is the second largest pizza brand by units and Maxi`s the third
largest in its category in South Africa.
Both brands have focused on balancing cost-containment with driving growth
opportunities and being adaptive to consumer needs through product innovation
and value offerings. Trading conditions have continued to be challenging for
franchisees in the 2009 period with over geared franchisees being the most
affected. Input costs to franchisees have largely stabilised when compared to
the inflationary environment that dominated the 2008 year, and are forecast to
remain stable in the forthcoming six months.
New store openings slowed comparatively due mainly to commercial banks
tightening lending criteria that resulted in delayed or declined finance
applications to potential franchisees. Consequently, nine green field sites
were developed in the segment, compared to 16 in the previous period. There
were eight closures during the last 18 months, five of which occurred in the
2009 period. Most recently, however, lending criteria from banks have started
to loosen and franchisee interest is strong. Although site availability
currently exceeds demand, the segment will continue exercising caution when
entering new developments, preferring established sites or sites with minimal
cannibalisation forecasts.
Despite the marginal increase in the net number of outlets, the system-wide
sales of the segment grew 5% to R216 million (2008: R206 million).
Revenue for the food franchise division declined 7% to R15.6 million (2008:
R16.8 million), due mainly to the decline in store-opening revenue from new
outlets, when compared to the 2008 period. The increase in retail revenue of
56% to R4.0 million is due to the increase in the number of company-owned
outlets as a result of the segment buying stores from franchisees with the
intention of selling these outlets in the future.
The 18% decline in segment operating profit to R7.7 million (2008: R9.4
million) is partly due to:
- the lower number of store openings and the associated lower comparable
store-opening revenue. This revenue has little associated direct costs, and
therefore has an appreciable impact on operating profit and operating profit
margin; and
- an increase in amortisation and depreciation of R0.4 million compared to the
2008 period relating to the investment to convert the BJ`s outlets into the
Maxi`s brand.
The operating profit margin was similarly impacted and, for the food
franchising division, declined from 57% to 50% for the 2009 period.
Operating costs for the food franchise division, excluding finance costs,
depreciation, and amortisation, increased 2.3% over the 2008 period.
Scooters Pizza changed its pricing strategy during the first half of 2009,
effectively lowering prices charged to consumers by approximately 5%. This
strategy has been gaining traction and, although the Western Cape has been
slower to respond, consumer response has been as expected. The brand is
continuing with its store upgrade programme and to date over 75% of the
re-imaged outlets have shown positive year-on-year sales. The brand has also
conceptualised a new mall-store concept currently being presented to developers
and will offer a new growth market. The first of these outlets will open this
year.
Maxi`s continued to leverage its relationship with Caltex on the transient
routes and has presented the express-store concept, piloted last year, to the
petroleum dealers nationally. The pipeline for new stores in the second half of
the year is forecast to be better than the first half, although the brand is
still cautious about franchisee finance approval and site selection. Re-imaged
outlets continue experiencing positive year-on-year sales and the brand
continues to introduce regular value offerings and new product combinations.
Both brands have marketing funds that benefit from the Taste group media-buying
power. Consequently, their share of voice is second in its segment for Scooters
Pizza and third for Maxi`s. This ensures continued advertising spending and
top-of-mind awareness for the brands as other smaller competitors cut their
marketing budgets.
In addition to the growth focus of the individual brands, the segment also
conducted a first-phase viability assessment of vertically integrating portions
of the supply chain, and it is anticipated that a pilot will be commissioned
later this year.
JEWELLERY
NWJ is a fully integrated franchise jewellery chain. As an integrated
franchise chain it owns and operates approximately 25% of the total outlets;
provides franchising services to its franchise network; manufactures and
distributes certain products sold by the NWJ outlets; and sources and
distributes all the items not manufactured by its manufacturing facility. The
franchise services are comparable to the food franchise division of Taste in
that it offers its franchisees operational and marketing support, project
management, new site growth and development, and national brand-building
strategies in return for a royalty. The distribution function distributes 100%
of the goods sold through the NWJ outlets. Of these goods sold approximately
45% is manufactured by the manufacturing facility, 30% is imported, and the
remaining 25% sourced locally. This model provides in-house innovation
capacity, fast routes to market, and maintains input costs to franchisees
through purchasing economies of scale. A further benefit of owning the
manufacturing facility is that slow-moving or returned stock can either be
reworked with negligible yield loss, or transferred to another location where
there is known demand.
NWJ is the fourth largest jewellery chain in South Africa by units, with 79
outlets located nationally, having opened a net 10 new outlets in the last 12
months, four of which have been in the 2009 period. As the company has a
demonstrated ability to operate company-owned outlets, new store growth is not
solely dependent on franchisee availability, and this has been beneficial in
occupying key sites as banks tightened lending criteria in 2008.
System-wide sales for the 2009 period increased 0.8% to R101 million. (For the
purposes of NWJ system-wide sales comparative calculations, the full six-month
2008 period has been used). System-wide sales, excluding new stores, remained
positive in three of the six months in the 2009 period, highlighting the
unpredictable timing of spend in the category, but declined 3.6% from the 2008
period. NWJ continued with its brand repositioning to remain relevant to the
core market, as well as to attract new customers. To this end the new image
store was launched in Gauteng in June 2009 and a further two new stores have
been opened since. Re-imaging of existing stores into this image has commenced,
with two planned in the latter part of the 2009 year.
Although revenue in this segment increased 434% to R66.1 million for the 2009
period, the 2009 period includes six months of financial results, whereas the
2008 period includes one month`s of financial results. Notwithstanding this
increase, the segment trades in a seasonal market, with historically
approximately 70% of its profits being generated in the second half of the
year. Furthermore, the mark down percentage is historically lower in the second
half of the year, compared to the first half. Consequently, the operating
profit margin in both the wholesale and retail division is lower in the first
half of the year, when compared to the second half, hence the decline in
operating profit margin from 14.8% for the one month included in the 2008
period, to 11.0% for the full 2009 period.
Although the segment has been impacted by lower disposable income, NWJ is at
the value end of the segment and its franchisee owner-operator model provides
competitive advantage in an economy where consumers are demanding both value
and service. As the only national chain that owns its own manufacturing
facility, NWJ has a competitive advantage in that it is in control of the
route to market; is able to rework inventory, thereby minimising the risk of
forced mark downs; and can fast-track innovations into the market. The brand
will continue with its repositioning, through re-imaging outlets and the
Christmas campaign, as well as continuing to explore opportunities to utilise
its excess manufacturing capacity.
FINANCIAL RESULTS
Group revenue for the period increased 170% to R85.8 million (2008: R31.8
million), while EBITDA increased 54% to R11.7 million (2008: R7.6 million).
These increases were largely due to the NWJ acquisition effective on 1 August
2008. The EBITDA margin decline from 24% in 2008 to 13% in the period under
review is due to an expected decline in gross profit margin, as outlined in
detail below:
Gross profit doubled to R46.8 million for the period (2008: R23.3 million). The
gross profit margin, decline from 73% in the comparative period to 54% in the
period under review is due to:
- the inclusion of six months of NWJ results versus one month of NWJ results
for the comparable period last year. This margin decline is expected as the
lower overall margin of the jewellery segment, compared to the food segment, is
consolidated. The lower margin is due to the jewellery segment being vertically
integrated - owning retail outlets and manufacturing - whereas the food segment
does not have a manufacturing division; and
- the inclusion of the results for five retail food outlets in the current year
versus one in the 2008 period. As retail outlets trade at lower gross profit
margins than the franchising division, this reduces the overall gross profit
percentage. It is not the strategy of the food segment to own corporate stores,
but in certain circumstances it does buy viable stores from franchisees with
the aim of selling them at a later date.
Although total operating costs, excluding depreciation and amortisation,
increased 117% to R35.9 million (2008: R16.6 million) mainly due to the
inclusion of NWJ, operating expenses as a percentage of revenue declined from
52% for the 2008 period to 42% for the 2009 period. This decline in operating
expenses as a percentage of revenue is expected and is due to:
- the jewellery segment having a lower percentage of operating costs to revenue
as compared to the food segment; and
- the inclusion of six months of the jewellery segment results, versus one
month in the comparable reporting period, which increases the comparative
weighting of the jewellery segment.
The increase of R1.7 million in depreciation and amortisation over the 2008
period is due to:
- the amortisation of the intangible asset raised on the acquisition of NWJ of
R0.6 million more for the 2009 period than the 2008 period;
- an increase of R0.4 million in amortisation charges that relate to the
investment in the acquisition and conversion of the BJ`s sites into Maxi`s
outlets; and
- the inclusion of one month of NWJ depreciation in the 2008 period, compared
with six months of depreciation in the 2009 period.
Group operating profit increased 35% to R9.0 million (2008: R6.7 million). This
was despite the non-cash increase in amortisation and depreciation. The
decline in operating profit margin to 11% is expected due to the inclusion of
the NWJ results for the full reporting period versus one month in the
comparable period.
Profit before tax, after adding back the non-cash negative goodwill raised on
the acquisition of NWJ in August 2008, declined 24.6%, to R5.5 million (2008:
R7.3 million). The profit before tax for the period includes:
- an increase in finance costs of R3.0 million;
- a decrease in interest income of R0.9 million over the 2008 period due to the
decrease in cash-on-hand as a result of paying for the NWJ acquisition on 1
August 2008; and
- an increase in the fair value adjustment on derivatives of R0.26 million,
which is explained in note 2 to the financial information, above.
Headline earnings decreased 26% to R3.5 million (2008: R4.8 million). The
period under review included finance costs relating to the acquisition of NWJ
of R3.2 million more than the comparable period. Excluding these costs,
headline earnings would have increased 27% to R6.1 million. Furthermore, the
seasonality of the market in which NWJ trades is such that historically it
generated approximately 70% of its net profit in the second half of the year.
Headline earnings per share ("HEPS") decreased 43% for the period to 2.1c
(2008: 3.6c). HEPS were negatively impacted by the items above as well as the
increase in the weighted average number of shares in issue from 132 million for
the 2008 period, to 170 million in the 2009 period.
BASIS OF PREPARATION OF THE INTERIM RESULTS
Statement of compliance
The condensed financial statements have been prepared in accordance with the
recognition and measurement criteria of International Financial Reporting
Standards ("IFRS") and the presentation and disclosure requirements of IAS 34,
Interim Financial Reporting, JSE Listings Requirements and the South African
Companies Act.
The basis of preparation is consistent with the prior comparative year except
for statements, amendments and interpretations that came into effect applicable
to this year, which have had no impact on the group.
Basis of measurement
The condensed financial statements have been prepared on the historical-cost
basis except for certain financial instruments measured at fair value.
PROSPECTS
While the directors of Taste are mindful of the difficulty in interpreting
these results due to the non-comparability to the 2008 period, Taste is
focused on its long-term strategy, while adopting short-term tactical responses
to the current trading conditions.
Since the NWJ acquisition, management have re-positioned the 25-year old brand
through the launch of a more contemporary store image; evolved corporate
identity and a complementary marketing communication which will launch this
year. During the last 12 months NWJ has maintained its position as having the
highest per store marketing spend of the top four jewellery chains. The new
branding is aimed at attracting new consumers and the brand is well positioned
to gain market share as weaker chains cut marketing spend and independents are
more adversely affected by the current trading environment. New store growth in
the segment is not dependant on franchisees as NWJ has a demonstrated ability
to operate company outlets. NWJ`s has structural differentiation to its main
competitors in that it has a predominantly franchisee owner-operator model and
owns its own manufacturing division, which provides in-house innovation
capacity, as well as fast routes to market.
While the food segment has experienced growth challenges in the last year, the
re-imaging of existing Scooters and Maxi`s outlets will continue and is gaining
momentum. The new mall concept outlet will provide Scooters with a new market
for expansion, while the alliance partnerships that Maxi`s has with both Caltex
and Shell will continue to present new growth opportunities. Neither food
brands have reduced their marketing spend during this period and despite some
store closures, both brands are positioned to grow their market share as weaker
competitors reduce marketing spend and close more outlets. The segment has
furthermore completed a first-phase assessment of the vertical integration
opportunities and it is likely that a pilot will commence this year.
The markets in which the Taste brands trade have not been directly affected by
the job losses in the economy and, although not immediate, lower interest
rates and inflation, positions the brands well as consumers` disposable income
improves.
STATEMENT ON GOING CONCERN
The condensed financial statements have been prepared on the going-concern
basis since the directors have every reason to believe that the company has
adequate resources in place to continue in operation for the foreseeable
future.
DIVIDEND POLICY
In line with the group`s prevailing policy, no dividend was declared for the
2009 period. It is Taste`s long-term intention to pay dividends, and the
existing policy will be reconsidered during 2010 in light of market conditions
and the anticipated cash requirements of the business.
On behalf of the board
C F Gonzaga E Tsatsarolakis
Chief Executive Officer Financial Director
14 October 2009
CORPORATE INFORMATION
Non-executive directors: R L Daly (Chairperson), K Utian, J B Currie, A Berman
Executive directors: C F Gonzaga (CEO), E Tsatsarolakis (FD), D J Crosson,
L Gonzaga, H Rabinowitz
Registration number: 2000/002239/06
Registered address: 2nd Floor, The Wanderers, The Campus, 57 Sloane Street,
Bryanston
Postal address: PO Box 7833, Sandton City, 2146
Company Secretary: E Tsatsarolakis
Telephone: (011) 575 1400
Facsimile: (011) 576 1465
Transfer secretaries: Computershare Investor Services (Pty) Limited
Designated Adviser: Vunani Corporate Finance
These results and an overview of Taste are available at www.tasteholdings.co.za
Date: 14/10/2009 08:00:01 Produced by the JSE SENS Department.
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