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JDG
JDG
JDG - JD Group Limited - Reviewed results for the six months ended 28 February
2010
JD Group Limited:
("JD" or "the Company" or "the Group")
Registration number: 1981/009108/06
Share code: JDG ISIN: ZAE000030771
JD GROUP LIMITED
Reviewed results for the six months ended 28 February 2010
Commentary
Business environment
At the release of the Group`s year-end results we stated that job creation and
the high levels of indebtedness of the consumer were the two most critical
factors influencing top line sales growth. Notwithstanding the sharp decline in
interest rates, the consumer remains heavily indebted at near record levels and
high levels of unemployment persist.
Trading over the festive season was particularly challenging. This had a
material impact on these interim results. On the positive side, however, much
has been achieved internally during this period. Our stand-alone Financial
Services division has delivered excellent results and this supports our decision
to centralise the credit granting and collections functions. The uniform credit
granting methodology has ensured a much better quality of debt on our books. The
collections now being achieved are close to those last seen in the heydays of
2005. Total debtors` costs have declined substantially and cost control as
reflected in these results, has been exemplary.
Traditional Retail has battled to grow its top line. 67% of this division`s
business was done on credit during the period under review and it is this
business that has been most severely impacted. On the upside, post Christmas
sales have begun to grow year on year and there is every indication that this
trend will continue for the remainder of the financial year.
The repositioning of Hi-Fi Corporation is also beginning to yield results. The
chain has seen a marked increase in top line sales. Costs have been well
contained and product margin is now moving in the right direction. Incredible
Connection has continued to trade well under the prevailing conditions. Abra,
our Polish chain, has experienced tough trading conditions brought about by a
slowing economy and a reduction in the availability of consumer credit. The
chain`s bottom line contribution was further negatively impacted by the strength
of the Rand against the Polish Zloty.
Much progress has been made in our New Business Development Division which
incorporates Maravedi and Blake. We are particularly pleased with recent
developments at Blake in streamlining their operations to become a customer
life-
cycle management business, delivering a broad range of services through the
medium of contact centres.
The "Art of Service", our initiative committing the Group to world class service
levels, is now being rolled out to all business divisions. We have already
experienced a vast improvement in service to the end consumer.
All in all, it is most gratifying to report that every initiative embarked upon
is now beginning to bear fruit.
Financial review
General
The past six months have been characterised by the further entrenchment of the
JD Group business model, first envisaged in early 2006. We continue to refine
each division`s operational performance and we are pleased to report that
progress has been made in most areas. Particularly encouraging was the
performance of our Financial Services Division where debtors` cost reduced by an
impressive 23% (excluding Maravedi). This is an early indication of the
successful roll-out of the centralised collection capability and the
implementation of our enhanced credit granting and collections technologies.
The results for the six months under review reflect the continuation of a tough
business cycle. Although the Group reported disappointing sales at Traditional
Retail during the Christmas holiday period, overall as a Group we achieved a
small increase in revenue over the previous period. The Group has successfully
contained costs with total expenses remaining almost unchanged if the once-off
foreign exchange gains of R35 million reported in 2009, and the growth in
expenses of the New Business Development division of R122 million (6 months in
2010 versus 3 months in 2009), are excluded.
Traditional Retail
Despite the 2,7% reduction in revenue compared to the previous period, the
division remained profitable, generating an operating profit of R126 million
(2009: R246 million). This reduction can be attributed to the poor trading
performance over December 2009. What is encouraging however, is that we have
experienced year on year growth since December 2009 for four consecutive months.
Cash Retail
The Cash division, comprising Incredible Connection and Hi-Fi Corporation,
delivered revenue of R2,3 billion, reflecting a 7,5% increase over 2009. This
division reported reasonable results, particularly at Incredible Connection with
an improvement in its operating profit. Positive signs of continued recovery at
Hi-Fi Corporation were evidenced by the operating income moving into positive
territory. In line with our strategy to attract more customers into Hi-Fi
Corporation stores, we continued with a very aggressive pricing strategy, which
has had a negative knock-on effect on margin. This area is receiving the
necessary attention and is now showing improvement.
Financial Services
The operating profit of the Financial Services division increased by an
outstanding 94,3%, primarily as a result of the reduction in debtors` costs.
This performance is even more noteworthy against the background of a decline in
revenue of 4,2% to R1,4 billion. The revenue reduction was mainly due to a drop
in credit sales of 7,6% compared to last year.
International
The results of Abra were impacted by the prolonged effects of the recession
experienced in Poland and the strengthening of the Rand against the Polish
Zloty. However, the business remained profitable despite the adverse conditions.
New Business Development
Our New Business Development division has started to deliver heartening results
with Blake reporting profits in excess of the corresponding period for 2009,
while the intense focus on the operations and collection activities at Maravedi
are starting to bear fruit with a reduction in the level of early-stage
delinquencies.
Balance Sheet and Cash Flow
Despite cash generated by trading decreasing from R582 million to R480 million
in the six months, the Group continues to generate strong cash flows with 99% of
its EBITDA converted into cash. R402 million was utilised in the growth of the
debtors` book as well as funding an increase in inventory. The strong balance
sheet, reflecting a net interest bearing debt of R810 million and a net gearing
ratio of 16,1% provides a solid basis to fund future growth.
Board of Directors
Gerald Volkel resigned as Financial Director with effect from 30 April 2010
after serving in the position for 12 years. The Board wishes to thank Gerald for
his significant contribution to the Group during that time. Bennie van Rooy was
appointed Financial Director on 1 May 2010.
Prospects
There is no telling how disruptive the Soccer World Cup will be on business.
However, given the improvement experienced in top line sales of late, we would
expect an improvement on last year`s second half earnings.
By order of the Board
I David Sussman Grattan Kirk Bennie van RooyExecutive Chairman
Chief Executive Officer Financial Director
14 May 2010
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. Any reference to future financial performance
included in this announcement, has not been reviewed or reported on by the
Company`s auditors.
Dividend
The directors have declared an interim dividend of 70c per share (no interim
dividend was declared in 2009) for the six-month period ended 28 February 2010.
In accordance with the settlement procedures of Strate, the following dates will
apply to the interim dividend:
Last day to trade cum dividend Friday, 18 June 2010
Trading ex dividend commences Monday, 21 June 2010
Record date Friday, 25 June 2010
Dividend payment date Monday, 28 June 2010
Share certificates may not be dematerialised or re-materialsed between Monday,
21 June 2010 and Friday, 25 June 2010, both days inclusive.
Condensed group income statement
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 February 28 February
2009 2010 2009 Change
R million R million R million %
9 244 Sale of 4 993 5 001 -
merchandise
1 505 Finance charges 792 731 8
earned
1 254 Financial services 567 624 (9)
919 Other services 483 427 13
12 922 Revenue 6 835 6 783 1
6 428 Cost of sales 3 551 3 452 3
4 739 Operating expenses 2 458 2 300 7
1 102 Administration and 603 491
other expenses
197 Depreciation and 101 94
amortisation
2 103 Employees 1 063 1 026
361 Marketing 199 188
706 Occupancy 373 360
24 Share-based 12 13
payment
249 Transport and 107 131
travel
Surplus on
disposal of
property,
(3) plant and - (3)
equipment
1 755 Operating profit 826 1 031 (20)
before debtors
costs
1 109 Debtors costs 454 561 (19)
(note 2)
646 Operating profit 372 470 (21)
9 Investment income 1 5
184 Finance income 39 63
(note 3)
(272) Finance costs (81) (111)
(note 3)
(12) Share of losses of - (12)
associates
555 Profit before 331 415 (20)
taxation
475 Taxation (note 4) 99 436 (77)
80 Profit/(loss) for 232 (21)
the period
Attributable to:
75 Shareholders 231 (28)
5 Minorities 1 7
80 232 (21)
Earnings/(loss)
per share (cents)
45,8 - basic 140,9 (17,4)
45,6 - diluted 139,1 (17,4)
Condensed group statement of other comprehensive income
Restated Reviewed Restated
12 months 6 months 6 months
ended ended ended
31 August 28 February 28 February
2009 2010 2009
R million R million R million
80 Profit/(loss) for the period 232 (21)
Other comprehensive losses
(38) Exchange differences on (4) (9)
translating foreign
operations
42 Total comprehensive income / 228 (30)
(loss)for the period
Attributable to:
37 Shareholders 227 (37)
5 Minorities 1 7
42 228 (30)
Condensed statement of changes in equity
Restated Reviewed Restated
31 August 28 February 28 February
2009 2010 2009
R million R million R million
1 779 Share capital and premium 1 779 1 779
1 779 Opening balance 1 779 1 779
(411) Treasury shares (369) (433)
(435) Opening balance (411) (435)
16 Proceeds on disposal of 21 1
shares by share incentive
trust
8 Loss on disposal of treasury 21 1
shares
77 Share-based payment reserve 89 135
122 Opening balance 77 122
24 Share-based payment 12 13
(69) Transfer to retained income - -
89 Non-distributable reserves 95 114
123 Opening balance 89 123
(38) Total comprehensive losses (4) (9)
4 Transfer from retained 10 -
income
3 230 Retained earnings 3 315 3 129
3 157 Opening balance 3 230 3 157
75 Total comprehensive 231 (28)
income/(loss)
- Loss on disposal of treasury (21) -
shares
(70) Distributable to (119) -
shareholders
3 Distributable to share 4 -
incentive trust
69 Transfer from share-based - -
payment reserve
(4) Transfer to non- (10) -
distributable reserves
67 Shareholders for dividend 115 -
67 Opening balance 67 67
70 Distributable to 119 -
shareholders
(3) Distributable to share (4) -
incentive trust
(70) Paid to shareholders (70) (70)
3 Paid to share incentive 3 3
trust
4 831 Shareholders equity 5 024 4 724
27 Minority shareholders` 28 40
interest
- Opening balance 27 -
21 Minority interest arising on - 32
acquisition
5 Total comprehensive income 1 7
(1) Dividends paid to minorities - -
2 Funding received from - 1
minorities
4 858 Total 5 052 4 764
Condensed group balance sheet
Restated Reviewed Restated
31 August 28 February 28 February
2009 2010 2009
R million R million R million
Assets
1 673 Non-current assets 1 648 1 656
756 Property, plant and 750 766
equipment
493 Goodwill (note 5) 493 463
256 Intangible assets (note 5) 234 278
92 Investments and loans 92 93
76 Deferred taxation 79 56
7 249 Current assets 7 603 7 528
1 491 Inventories 1 629 1 601
4 910 Trade and other receivables 5 190 4 901
(note 6)
8 Financial assets 1 -
104 Taxation 85 291
736 Bank balances and cash 698 735
8 922 Total assets 9 251 9 184
Equity and liabilities
Equity and reserves
1 779 Share capital and premium 1 779 1 779
(411) Treasury shares (369) (433)
166 Non-distributable and other 184 249
reserves
3 230 Retained earnings 3 315 3 129
67 Shareholders for dividend 115 -
4 831 Shareholders` equity 5 024 4 724
27 Minority shareholders` 28 40
interest
1 299 Non-current liabilities 1 374 808
878 Interest bearing long-term 953 310
liabilities
83 Non-interest bearing long- 80 88
term liability
338 Deferred taxation 341 410
2 765 Current liabilities 2 825 3 612
2 141 Trade and other payables 2 167 2 073
(note 7)
12 Provisions 6 21
486 Interest bearing liabilities 547 973
3 Financial liabilities 1 5
112 Taxation 96 451
11 Bank overdraft 8 89
8 922 Total equity and liabilities 9 251 9 184
92 Directors` valuation of 92 93
unlisted investment
72 Capital expenditure 83 57
authorised and contracted
98 Capital expenditure 98 31
authorised and not yet
contracted
1 538 Operating lease commitments 1 534 1 591
2 833,5 Net asset value per share 2 946,6 2 770,8
(cents)
13,2 Gearing ratio (net) (%) 16,1 13,5
Condensed group cash flow statement
Restated Reviewed Restated
12 months 6 months 6 months
ended ended ended
31 August 28 February 28 February
2009 2010 2009
R million R million R million
(15) Cash flows from operating (118) (108)
activities
871 Cash generated by trading 480 582
(325) Increase in working capital (402) (444)
546 Cash generated by operations 78 138
9 Investment income 1 5
(109) Finance costs - net (37) (59)
(393) Taxation paid (93) (124)
53 Cash available (51) (40)
from/(utilised by) operating
activities
(68) Dividends paid (67) (68)
(431) Cash flows from investing (74) (321)
activities
(234) Acquisition of subsidiary - (193)
companies
1 Investment and loan receipts - -
20 Proceeds on disposal of 7 6
property, plant and
equipment
(218) Additions to property, plant (81) (134)
and equipment
36 Cash flows from financing 157 (60)
activities
16 Proceeds on disposal of 21 1
treasury shares by share
incentive trust
2 Proceeds from minority - 1
shareholders` loans raised
929 Long-term borrowings raised 292 -
(762) Long-term borrowings repaid (132) -
(149) Finance lease liabilities (24) (62)
repaid
(410) Net decrease in cash and (35) (489)
cash equivalents
1 135 Cash and cash equivalents at 725 1,135
beginning of period
725 Cash and cash equivalents at 690 646
end of period
218 Capital expenditure incurred 81 134
Acquisition of subsidiary
companies
61 Property, plant and - 61
equipment
11 Deferred taxation - 11
128 Trade and other receivables - 128
(19) Financial liabilities - (19)
(1) Life reserve fund - (1)
(6) Taxation - (6)
(53) Interest bearing liabilities - (53)
(7) Non-interest bearing - (7)
liabilities
(47) Trade and other payables - (47)
(77) Bank overdraft - (77)
(21) Minority interest - (32)
(31) - (42)
188 Intangible assets and - 158
goodwill on acquisition
157 Cost of investment - 116
77 Bank overdraft acquired - 77
234 Cash flow from acquisition - 193
of subsidiaries
Supplementary information
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 February 28 February
2009 2010 2009 Change
R million R million R million %
Reconciliation of
headline earnings
75 Profit/(loss) 231 (28)
attributable to
shareholders
(3) Surplus on disposal - (3)
of property, plant
and equipment
1 Taxation thereon - 1
73 Headline 231 (30)
earnings/(loss)
170 500 Number of shares in 170 500 170 500
issue (000)
(6 757) Treasury shares held (5 981) (7 329)
(000)
163 743 Number of shares held
outside the
Group (000) 164 519 163 171
Weighted average
number
of shares in issue
(000)
163 245 - basic 164 047 163 147
164 114 - diluted 166 275 163 731
Headline
earnings/(loss) per
share (cents)
44,4 - basic 141,1 (19,0)
44,2 - diluted 139,2 (18,9)
41 Distribution to 70 -
shareholders (cents)
- - Interim (proposed) 70 -
41 - Final
5,0% Operating margin (%) 5,4% 6,9%
Notes
1. Accounting policies
The accounting policies used in the preparation of this profit
announcement, which are compliant with International Financial
Reporting Standards, are consistent with those applied in the
previous financial year ended 31 August 2009, except for the
adoption of the following new or revised accounting standards and
interpretations:
- Amendment to IAS 1 - Presentation of Financial Statements
- IFRS 2 - Share-based Payment
- IFRS 3 - Business Combinations
- IFRS 8 - Operating Segments
- IAS 23 - Borrowing Costs
- IAS 27 - Consolidated and Separate Financial Statements
- IAS 32 - Financial Instruments: Presentation
- IFRIC 15 - Agreements for the Construction of Real Estate
- IFRIC 16 - Hedges of a Net Investment in a Foreign Operation
- IFRIC 17 - Distribution of Non-cash Assets to Owners
The adoption of these standards had no material impact on the
results of the Group.
This profit announcement was compiled in terms of IAS 34 Interim
Financial Reporting, the AC 500 standards as issued by the
Accounting Practices Board or its successor, the JSE Limited
Listings Requirements and the Companies Act.
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 February 28 February
2009 2010 2009
R million R million R million
2. Debtors costs
52 Increase/(decrease) (18) 140
in impairment
provision
1 057 Bad debts written 472 421
off
1 109 454 561
3. Finance costs - net
Finance costs
266 Interest paid 74 111
6 Fair value losses 7 -
on financial
instruments
272 81 111
Finance income
(157) Interest received (37) (56)
(27) Fair value gains on (2) (7)
financial
instruments
(184) (39) (63)
88 Finance costs - net 42 48
Finance costs for 2009 include an amount of R13 million relating
to the "tax settlement" (note 4).
4. Taxation
The taxation charge
comprises the
following:
159 Current 89 41
(15) Deferred 4 64
6 Secondary Tax on 6 6
Companies
150 99 111
325 Tax settlement - 325
140 Paid directly to - 140
SARS
(4) Tax effect on R13 - (4)
million included in
finance costs (note
3)
189 Paid via third - 189
party financiers to
SARS
475 99 436
The remainder of the "tax settlement" amount for 2009 of R338
million, namely R13 million, is included in finance costs (note
3).
Restated Reviewed Restated
31 August 28 February 28 February
2009 2010 2009
R million R million R million
5. Goodwill and intangible assets
Goodwill comprises:
347 Goodwill 493 347
146 Goodwill arising on - 116
acquisition of
subsidiaries during
the period
493 493 463
Intangible assets
comprise:
256 Intangible assets 256 256
42 Intangible assets - 42
arising on
acquisition of
subsidiaries during
the period
(42) Amortisation for (22) (20)
the current period
256 234 278
6. Trade and other receivables
4 959 Instalment sale 5 258 5 130
receivables (a)
26 Other loans and 33 11
advances
70 Trade receivables 74 57
5 055 Total trade 5 365 5 198
receivables
(761) Less: Impairment (743) (855)
provision
4 294 Net trade 4 622 4 343
receivables
616 Other receivables 568 558
4 910 Total trade and 5 190 4 901
other receivables
15,1% Provisions as a 13,8% 16,4%
percentage of trade
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 share appreciation rights 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 position or future of the
Group.
11. Subsequent events
No other significant events other than those disclosed in this
profit announcement have occurred in the period between 28
February 2010 and the date of this announcement.
12. Restatements of amounts previously reported for 2009
In terms of IFRS 3, the Group has been reporting provisional
amounts in connection with the acquisition of Blake and Maravedi
during December 2008. The fair values of the assets and
liabilities acquired as part of these transactions have been
finalised during the current period under review. The finalisaton
has resulted in the restatement of certain balance sheet amounts
previously reported as follows:
31 August 28 February
2009 2009
R million R million
Goodwill
Balance as previously reported 455 370
Restatement impact 38 93
Balance as currently reported 493 463
Intangible assets
Balance as previously reported 355
Restatement impact (77)
Balance as currently reported 278
Deferred taxation asset
Balance as previously reported 45
Restatement impact 11
Balance as currently reported 56
Trade and other receivables
Balance as previously reported 4 952 4 975
Restatement impact (42) (74)
Balance as currently reported 4 910 4 901
Minority shareholders` interest
Balance as previously reported 31 71
Restatement impact (4) (31)
Balance as currently reported 27 40
Deferred taxation liability
Balance as previously reported 431
Restatement impact (21)
Balance as currently reported 410
Trade and other payables
Balance as previously reported 2 089
Restatement impact 5
Balance as currently reported 2 094
The restatements do not affect any other periods previously reported.
Segmental report - business divisions
6 months ended 28 Traditional Financial
February Retail Services
2010 2009 2010 2009
Revenue Rm 2 777 2 853 1 427 1 489
Operating profit Rm 126 246 239 123
Depreciation Rm 20 21 7 4
Total assets Rm 965 1 189 4 630 4 338
Total current Rm 1 162 1 219 122 30
liabilities
Capital expenditure Rm 9 19 22 14
Operating margin % 4,5 8,6 16,7 8,3
Total sale of Rm 2 399 2 435
merchandise
Share of Group sale % 48,1 48,7
of merchandise
Credit sales Rm 1 614 1 746
Percentage of total % 67,3 71,7
Cash sales Rm 785 689
Percentage of total % 33,7 28,3
Number of stores 946 935 946 935
Retail square 503 167 510 995 55 908 56 777
meterage
Number of employees 7 961 8 822 4 921 4 930
Instalment sale Rm 4 872 4 980
receivables
Impairment Rm 612 751
provision
Bad debts written Rm 455 421
off
Receivables` Rm 925 971
arrears
Deposit rate on % 8,3 11,3
credit sales
Collection rate % 5,9 6,2
Average length of 16,8 16,1
the book Months
Segmental report - business divisions (continued)
6 months ended 28 Cash Retail International
February
2010 2009 2010 2009
Revenue Rm 2 267 2 108 341 476
Operating profit Rm 78 125 7 35
Depreciation Rm 22 17 3 3
Total assets Rm 1 050 1 011 200 186
Total current Rm 660 566 72 86
liabilities
Capital Rm 28 34 3 7
expenditure
Operating margin % 3,4 5,9 2,1 7,4
Total sale of Rm 2 257 2 097 337 469
merchandise
Share of Group % 45,2 41,9 6,7 9,4
sale of
merchandise
Credit sales Rm
Percentage of %
total
Cash sales Rm 2 257 2 097 337 469
Percentage of % 100,0 100,0 100,0 100,0
total
Number of stores 91 84 72 65
Retail square 92 261 84 880 53 000 47 359
meterage
Number of 3 537 3 314 890 798
employees
Instalment sale Rm
receivables
Impairment Rm
provision
Bad debts written Rm
off
Receivables` Rm
arrears
Deposit rate on %
credit sales
Collection rate %
Average length of Months
the book
Segmental report - business divisions (continued)
6 months ended 28 New Business Dev Corporate
February
2010 2009 2010 2009
Revenue Rm 265 132 (242)# (275)#
Operating profit Rm - 10 (78) (69)
Depreciation Rm 12 8 37 41
Total assets Rm 390 246* 2 016 2 214
Total current Rm 112 175* 697 1 536
liabilities
Capital expenditure Rm 4 7 15 53
Operating margin % - 7,6
Total sale of Rm
merchandise
Share of Group sale %
of merchandise
Credit sales Rm
Percentage of total %
Cash sales Rm
Percentage of total %
Number of stores
Retail square
meterage
Number of employees 3 355 3 359 543 543
Instalment sale Rm 386 150*
receivables
Impairment provision Rm 131 104*
Bad debts written Rm 17 -
off
Receivables` arrears Rm 103 44
Deposit rate on % 10,3 -
credit sales
Collection rate % 6,4 5,3
Average length of 15,5 18,8
the book Months
Segmental report - business divisions (continued)
6 months ended 28 February Group
2010 2009
Revenue Rm 6 835 6 783
Operating profit Rm 372 470
Depreciation Rm 101 94
Total assets Rm 9 251 9 184*
Total current liabilities Rm 2 825 3 612*
Capital expenditure Rm 81 134
Operating margin % 5,4 6,9
Total sale of merchandise Rm 4 993 5 001
Share of Group sale of merchandise % 100,0 100,0
Credit sales Rm 1 614 1 746
Percentage of total % 32,3 34,9
Cash sales Rm 3 379 3 255
Percentage of total % 67,7 65,1
Number of stores 1 109 1 084
Retail square meterage 704 336 700 011
Number of employees 21 207 21 766
Instalment sale receivables Rm 5 258 5 130*
Impairment provision Rm 743 855*
Bad debts written off Rm 472 421
Receivables` arrears Rm 1 028 1 015
Deposit rate on credit sales % 8,4 11,3
Collection rate % 6,0 6,2
Average length of the book Months 16,8 16,1
#Elimination of interdivisional commissions and origination fees.
*Restated
Administration
Executive directors ID Sussman (chairman), AG Kirk (chief executive officer),
KR Chauke, Dr HP Greeff, ID Thompson, BJ van Rooy
Non-executive directors IS Levy, M Lock
Independent non-executive directors VP Khanyile (lead independent non-
executive), ME King, Dr D Konar, 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
0408Facsimile +27 11 408 0604Email: info@jdg.co.za
Transfer secretaries Computershare Investor Services (Proprietary) Limited70
Marshall Street, Johannesburg, 2001Telephone +27 11 370 5000Facsimile +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 AmericaTelephone +1 212 495
1284Facsimile +1 212 635 1121
Sponsor PSG Capital (Proprietary) Limited, Ground Floor, DM Kisch House,
Inanda Greens Business Park, 54 Wierda Road West, Wierda Valley, Sandton,
2196Telephone +27 11 784 1712Facsimile +27 11 784 4755
Independent auditors
Deloitte & Touche
www.jdgroup.co.za
Date: 17/05/2010 07:05:31 Produced by the JSE SENS Department.
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