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TFG TFGP
TFG
TFG/TFGP - The Foschini Group Limited - Reviewed Preliminary Condensed
Consolidated Results for the Year Ended 31 March 2011
The Foschini Group Limited
(formerly Foschini Limited)
Registration number 1937/009504/06
Share codes: TFG TFGP
ISIN codes: ZAE000148466 ZAE000148516
The following condensed consolidated results of The Foschini Group Limited for
the year ended 31 March 2011 have been reviewed by the company`s auditors,
KPMG Inc. Their unqualified review report is available for inspection at the
company`s registered office.
SALIENT FEATURES
* Retail turnover up 15,5% to R9,9 billion
* Headline earnings per share up 21,3% to 632,3 cents
* Final dividend increased 24,7% to 212,0 cents per share
* Total dividend for the year increased by 21,5% to 350,0 cents per share
* Good performance from our retail debtors` book & strong new account growth
* Sustained strong financial position
CONDENSED CONSOLIDATED INCOME STATEMENT
2011 2010 % Change
Reviewed Audited
Rm Rm
Revenue (note 5) 12 370,6 10 780,3
======= =======
Retail turnover 9 936,5 8 605,2 15,5
Cost of turnover (note 6) (5 768,1) (5 005,8)
-------- --------
Gross profit 4 168,4 3 599,4
Interest income (note 7) 1 486,2 1 443,7
Dividend income 12,1 13,8
Other revenue (note 8) 935,8 717,6
Trading expenses (note 9) (4 301,3) (3 801,9)
-------- --------
Operating profit before finance 2 301,2 1 972,6
charges
Finance cost (250,1) (261,5)
-------- --------
Profit before tax 2 051,1 1 711,1 19,9
Income tax expense (662,3) (548,6)
-------- --------
Profit for the year 1 388,8 1 162,5
======== ========
Attributable to:
Equity holders of The Foschini 1 301,8 1 085,6 19,9
Group Limited
Non-controlling interest 87,0 76,9
--------- ---------
Profit for the year 1 388,8 1 162,5
========= =========
EARNINGS PER ORDINARY SHARE (cents)
- Basic 630,4 521,4 20,9
- Headline 632,3 521,4 21,3
- Diluted (basic) 618,1 518,2 19,3
- Diluted (headline) 619,9 518,2 19,6
Weighted average ordinary shares in 206,5 208,2
issue (millions)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2011 2010
Reviewed Audited
Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 1 086,9 995,8
Goodwill and intangible assets 37,0 43,2
Preference share investment - 200,0
Staff housing loans 0,7 0,9
RCS Group private label card receivables 320,8 279,4
RCS Group loan receivables 521,7 802,4
Participation in export partnerships 72,5 74,4
Deferred taxation asset 249,9 158,4
-------- --------
2 289,5 2 554,5
-------- --------
Current assets
Inventory (note 10) 1 804,7 1 493,8
Trade receivables - retail 3 823,0 3 169,3
RCS Group private label card receivables 1 709,4 1 494,1
Other receivables and prepayments 194,3 175,7
RCS Group loan receivables 336,7 54,9
Participation in export partnerships 6,4 10,6
Preference share investment 200,0 -
Cash 338,5 284,0
-------- --------
8 413,0 6 682,4
-------- --------
Total assets 10 702,5 9 236,9
======== ========
EQUITY AND LIABILITIES
Equity attributable to equity holders of The 5 462,9 5 058,3
Foschini Group Limited
Non-controlling interest 485,6 427,0
------- -------
Total equity 5 948,5 5 485,3
------- -------
Non-current liabilities
Interest-bearing debt 262,8 864,4
RCS Group external funding 278,0 241,0
Non-controlling interest loans 144,3 478,3
Operating lease liability 146,1 136,9
Deferred taxation liability 165,2 139,3
Post-retirement defined benefit plan 91,0 84,1
-------- --------
1 087,4 1 944,0
-------- --------
Current liabilities
Interest-bearing debt 1 246,8 254,7
RCS Group external funding 630,0 131,1
Trade and other payables 1 710,7 1 293,8
Taxation payable 79,1 128,0
-------- --------
3 666,6 1 807,6
-------- --------
Total liabilities 4 754,0 3 751,6
-------- --------
Total equity and liabilities 10 702,5 9 236,9
======== ========
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2011 2010 % Change
Reviewed Audited
Rm Rm
Profit for the year 1 388,8 1 162,5
---------- ----------
OTHER COMPREHENSIVE INCOME
Movement in effective portion of (5,4) (12,3)
changes in fair value of cash flow
hedges
Foreign currency translation 1,0 -
reserve movements
Movement in insurance cell 2,9 3,5
reserves
---------- ----------
Other comprehensive income for the (1,5) (8,8)
year before tax
Deferred tax on movement in 4,9 2,8
effective portion of cash flow
hedges
---------- ----------
Other comprehensive income for the 3,4 (6,0)
year, net of tax
---------- ----------
Total comprehensive income for the 1 392,2 1 156,5
year
========== ==========
Attributable to:
Equity holders of The Foschini 1 305,2 1 079,6 20,9
Group Limited
Non-controlling interest 87,0 76,9
---------- ----------
Total comprehensive income for the 1 392,2 1 156,5
year
========== ==========
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity Non- Total
holders of controlling equity
The interest
Foschini
Group
Limited
Rm Rm Rm
Equity at 31 March 2009 4 496,3 359,2 4 855,5
Profit for the year 1 085,6 76,9 1 162,5
Other comprehensive income
Movement in effective portion of (12,3) - (12,3)
changes in fair value of cash
flow hedges
Movement in insurance cell 3,5 - 3,5
reserves
Deferred tax on movement in 2,8 - 2,8
effective portion of cash flow
hedges
------- ------- -------
Total comprehensive income for 1 079,6 76,9 1 156,5
the year
Contributions by and
distributions to owners
Share-based payments reserve 34,3 - 34,3
movements
Dividends paid (599,1) (9,1) (608,2)
Proceeds on delivery of shares by 47,2 - 47,2
share trust
------- ------- -------
Equity at 31 March 2010 5 058,3 427,0 5 485,3
Profit for the year 1 301,8 87,0 1 388,8
Other comprehensive income
Movement in effective portion of (5,4) - (5,4)
changes in fair value of cash
flow hedges
Foreign currency translation 1,0 - 1,0
reserve movements
Movement in insurance cell 2,9 - 2,9
reserves
Deferred tax on movement in 4,9 - 4,9
effective portion of cash flow
hedges
-------- ------- --------
Total comprehensive income for 1 305,2 87,0 1 392,2
the year
Contributions by and
distributions to owners
Share-based payments reserve 55,9 - 55,9
movements
Dividends paid (637,5) (28,4) (665,9)
Proceeds on delivery of shares by 134,8 - 134,8
share trust
Shares purchased by share trust (453,8) - (453,8)
-------- ------- --------
Equity at 31 March 2011 5 462,9 485,6 5 948,5
======== ======= ========
2011 2010
Reviewed Audited
DIVIDEND PER ORDINARY SHARE (CENTS)
Interim 138,0 118,0
Final 212,0 170,0
-------- --------
Total 350,0 288,0
======== ========
Dividend cover 1,8 1,8
SUPPLEMENTARY INFORMATION
2011 2010
Reviewed Audited
Net ordinary shares in issue (millions) 205,3 209,0
Weighted average ordinary shares in issue 206,5 208,2
(millions)
Tangible net asset value per ordinary share 2 642,9 2 399,6
(cents)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
2011 2010
Reviewed Audited
Rm Rm
Cash flows from operating activities
Operating profit before working capital 2 630,3 2 237,5
changes (note 11)
Increase in working capital (824,1) (541,4)
------- -------
Cash generated by operations 1 806,2 1 696,1
Interest income 16,8 11,6
Finance cost (250,1) (261,5)
Taxation paid (769,0) (487,3)
Dividend income 12,1 13,8
Dividends paid (665,9) (608,2)
------- -------
Net cash inflows from operating activities 150,1 364,5
------- -------
Cash flows from investing activities
Purchase of property, plant and equipment (382,8) (289,6)
Proceeds from sale of property, plant and 7,5 9,4
equipment
Acquisition of client list - (0,1)
Decrease in participation in export 6,1 9,7
partnerships
Decrease in staff housing loans 0,2 0,3
------- -------
Net cash outflows from investing activities (369,0) (270,3)
------- -------
Cash flows from financing activities
Proceeds on delivery of shares by share trust 134,8 47,2
Shares purchased by share trust (453,8) -
Decrease in non-controlling interest loans (334,0) (304,9)
Increase in RCS Group external funding 535,9 372,1
Increase (decrease) in interest-bearing debt 390,5 (220,8)
------- -------
Net cash inflows (outflows) from financing 273,4 (106,4)
activities
------- -------
Net increase (decrease) in cash during the 54,5 (12,2)
year
Cash at the beginning of the year 284,0 296,2
------- -------
Cash at the end of the year 338,5 284,0
======= =======
NOTES
The reviewed preliminary condensed consolidated results of The Foschini Group
Limited for the year ended 31 March 2011 have been reviewed by the company`s
auditors, KPMG Inc. Their unqualified review report is available at the
company`s registered office.
1. These results have been prepared in accordance with the presentation and
disclosure requirements of the South African Companies Act (61 of 1973, as
amended) and IAS 34 Interim Financial Reporting, using the group`s accounting
policies, that are in line with the measurement and recognition principles of
International Financial Reporting Standards (IFRS) and the AC 500 standards as
issued by the Accounting Practices Board or its successor, and have been
consistently applied to prior periods excepts as described in note 2.
2. During the year, the group adopted the amended IAS 27 Consolidated and
Separate Financial Statements.
The principal effect of the change required by IAS 27 was as follows:
- Total comprehensive income of subsidiaries are now attributed to non-
controlling interest even if this results in a deficit balance.
The adoption of IAS 27 has had no significant effect on these results.
3. These financial statements incorporate the financial statements of the
company, all its subsidiaries and all entities over which it has operational
and financial control.
4. Included in share capital are 24,0 (March 2010: 24,0) million shares which
are owned by a subsidiary of the company, and 11,1 (March 2010: 7,5) million
shares which are owned by the share incentive trust. These have been
eliminated on consolidation.
2011 2010
Reviewed Audited
Rm Rm
5. Revenue
Retail turnover 9 936,5 8 605,2
Interest income (refer note 7) 1 486,2 1 443,7
Dividend income - retail 12,1 13,8
Other revenue (refer note 8) 935,8 717,6
-------- --------
12 370,6 10 780,3
======== ========
6. Cost of turnover
Cost of goods sold (5 239,7) (4 554,9)
Costs of purchase, conversion and other (528,4) (450,9)
costs
--------- ---------
(5 768,1) (5 005,8)
========= =========
7. Interest income
Trade receivables - retail 705,2 636,4
Receivables - RCS Group 764,2 795,7
Sundry - RCS Group 7,9 2,7
Sundry - retail 8,9 8,9
-------- --------
1 486,2 1 443,7
======== ========
8. Other revenue
Merchants` commission - RCS Group 30,9 30,2
Club income - retail 248,6 193,0
Club income - RCS Group 4,9 5,4
Customer charges income - retail 55,7 25,3
Customer charges income - RCS Group 249,4 192,3
Insurance income - retail 203,2 141,3
Insurance income - RCS Group 90,8 87,8
Cellular income - one2one airtime product 47,5 35,0
Sundry income - retail 4,8 7,3
-------- --------
935,8 717,6
======== ========
9. Trading expenses
Depreciation: land and buildings (6,4) (6,1)
Depreciation: shopfitting, vehicles, (275,9) (258,0)
computers and furniture and fittings
Amortisation (0,4) (0,1)
Goodwill impairment (5,8) -
Employee costs: normal - retail (1 387,1) (1 207,8)
Employee costs: share-based payments - (55,9) (34,3)
retail
Employee costs: bonuses and restraint (67,8) (2,4)
payments - retail
Employee costs: RCS Group (145,3) (132,4)
Occupancy costs: normal - retail (902,3) (797,1)
Occupancy costs: normal - RCS Group (10,4) (10,7)
Occupancy costs: operating lease liability (9,2) (8,6)
adjustment
Net bad debt - retail (401,7) (359,1)
Net bad debt - RCS Group (231,1) (352,4)
Other operating costs - RCS Group profit (19,6) -
share MDD
Other operating costs (782,4) (632,9)
--------- ---------
(4 301,3) (3 801,9)
========= =========
10. Inventory
Merchandise 1 678,8 1 355,0
Raw materials 82,3 59,2
Goods in transit 22,5 59,9
Shopfitting stock 17,1 14,8
Consumables 4,0 4,9
-------- --------
1 804,7 1 493,8
======== ========
11. Operating profit before working capital
changes
Profit before tax 2 051,1 1 711,1
Finance cost 250,1 261,5
-------- --------
Operating profit before finance charges 2 301,2 1 972,6
Interest income - sundry (16,8) (11,6)
Dividend income (12,1) (13,8)
Non-cash items 358,0 290,3
-------- --------
Operating profit before working capital 2 630,3 2 237,5
changes
======== ========
12. Reconciliation of profit for the year
to headline earnings
Profit for the year attributable to equity 1 301,8 1 085,6
holders of The Foschini Group Limited
Adjusted for the after-tax effect of:
Goodwill impairment 5,8 -
Less: non-controlling interest (2,6) -
-------- --------
Goodwill impairment - effective portion 3,2 -
Profit on disposal of property, plant and (0,2) (0,5)
equipment
Loss on disposal of property, plant and 0,8 0,5
equipment
-------- --------
Headline earnings 1 305,6 1 085,6
======== ========
13. CONTINGENT LIABILITIES
The Foschini Group has provided RCS Group with a liquidity facility of R101,75
million in respect of their DMTN programme. This facility was R30,8 million
at March 2010.
GROUP SEGMENTAL ANALYSIS
Retail TFG Central Total RCS
trading Financial and retail Group
divisions Services shared
services
2011 2011 2011 2011 2011
Reviewed Reviewed Reviewed Reviewed Reviewed
Rm Rm Rm Rm Rm
Retail 9 936,5 555,0 16,9 10 508,4 376,0
turnover and
other external
revenue
External - 705,2 8,9 714,1 772,1
interest
income
--------- --------- -------- -------- --------
Total external 9 936,5 1 260,2 25,8 11 222,5 1 148,1
revenue*
======== ======== ======== ======== ========
Inter-segment - - 95,5 95,5 11,2
revenue
External - - (138,7) (138,7) (111,4)
finance cost
Depreciation - - (268,7) (268,7) (14,0)
and
amortisation
======== ======== ======== ======== ========
Segmental 2 197,6 340,9 (699,2) 1 839,3 281,4
profit before
tax
Other material
non-cash items
Goodwill - (5,8)
impairment
Foreign 1,3 -
exchange
transactions
Share-based (55,9) -
payments
Operating (9,2) -
lease
liability
adjustment
------- -------
Group profit 1 775,5 275,6
before tax
Capital 367,4 15,4
expenditure
Segment assets 7 599,3 3 103,2
Segment 2 675,8 2 078,2
liabilities
Retail TFG Central Total RCS
trading Financial and retail Group
divisions Services shared
services
2010 2010 2010 2010 2010
Audited Audited Audited Audited Audited
Rm Rm Rm Rm Rm
Retail 8 605,2 394,6 21,1 9 020,9 315,7
turnover and
other external
revenue
External - 636,4 8,9 645,3 798,4
interest
income
------- ------- ------- ------- -------
Total external 8 605,2 1 031,0 30,0 9 666,2 1 114,1
revenue *
======== ======== ======== ======== ========
Inter-segment - - 95,3 95,3 5,6
revenue
External - - (155,8) (155,8) (105,7)
finance cost
Depreciation - - (251,2) (251,2) (13,0)
and
amortisation
======== ======== ======== ======== ========
Segmental 1 886,6 256,5 (620,4) 1 522,7 225,9
profit before
tax
Other material
non-cash items
Foreign 5,4 -
exchange
transactions
Share-based (34,3) -
payments
Operating (8,6) -
lease
liability
adjustment
------- -------
Group profit 1 485,2 225,9
before tax
Capital 283,1 6,5
expenditure
Segment assets 6 403,2 2 833,7
Segment 1 842,8 1 908,8
liabilities
Consolid Consolid
ated ated
2011 2010
Reviewed Audited
Rm Rm
Retail turnover and other 10 884,4 9 336,6
external revenue
External interest income 1 486,2 1 443,7
-------- --------
Total external revenue* 12 370,6 10 780,3
======== ========
Inter-segment revenue 106,7 100,9
External finance cost (250,1) (261,5)
Depreciation and amortisation (282,7) (264,2)
======== ========
Segmental profit before tax 2 120,7 1 748,6
Other material non-cash items
Goodwill impairment (5,8) -
Foreign exchange transactions 1,3 5,4
Share-based payments (55,9) (34,3)
Operating lease liability adjustment (9,2) (8,6)
------- -------
Group profit before tax 2 051,1 1 711,1
Capital expenditure 382,8 289,6
Segment assets 10 702,5 9 236,9
Segment liabilities 4 754,0 3 751,6
* includes retail turnover, interest income, dividend income and other income
COMMENT
GROUP OVERVIEW
A more positive consumer sentiment with improved consumer spending became
evident since the beginning of this financial year and accelerated more
particularly in the second half with Christmas trading above expectation.
Against this background the group has produced a favourable result for this
year.
Retail turnover growth of 12,5% in the first half increased to 18,1% in the
second half of the year. Retail turnover for the full year increased by 15,5%
to R9,9 billion whilst headline earnings per share increased by 21,3% to 632,3
cents.
In line with our strategy of driving top-line growth, buying efficiencies
achieved during the year were passed on to our customers. These efficiencies
were achieved as a result of our supply chain initiatives and were assisted by
the strong Rand.
The group`s operating margin increased to 23,2% from 22,9%.
The final dividend has been increased by 24,7% to 212,0 cents per share.
Accordingly, dividends declared in respect of the full year amount to 350,0
cents per share, an increase of 21,5%.
Supporting our strategy of investing for the longer term, the group continued
to grow trading space in the second half by opening a further 72 stores. 114
stores were opened for the full year, whilst 14 stores were closed. At the
year-end the group was trading out of 1 727 stores, with an increase in
trading area of 6,3% compared to the previous year.
MERCHANDISE CATEGORIES
Total sales have increased by 15,5 % over the previous year with growths in
the various merchandise categories as follows:
- Clothing 15,7%
- Jewellery 10,6%
- Cosmetics 8,8%
- Homewares 15,3%
- Cellphones 26,5%
After an encouraging first half performance, all merchandise categories
continued to perform well in the second half, particularly clothing which grew
19,5% in the second half up from 11,7% in the first half.
TRADING DIVISIONS
Retail turnover and growths in the various trading divisions were as follows:
Number of Retail %
stores turnover Increase
Rm
@home 83 679,0 15,5
Exact! 208 932,7 22,7
Foschini division 484 3 719,0 12,5
Jewellery division 381 1 221,1 11,5
Markham 247 1 634,7 20,2
Sports division 324 1 750,0 16,9
------ -------- --------
Total 1 727 9 936,5 15,5
------ -------- --------
Same store turnover grew by 10,8%, whilst product inflation averaged
approximately 1% for the year. Cash sales as a percentage of total sales
increased to 38,5% from 37,4%.
Our @home division opened a further six stores and is now trading out of 83
stores, 13 of which are the larger @homelivingspace stores. Turnover grew by
15,5% to R679,0 million. The rate of new store openings has reduced, allowing
for greater focus on merchandise efficiencies. Same store turnover increased
by 8,3%.
Exact! increased its store base by three stores during the year to 208 stores.
The focus on clothing price points has continued to be very successful since
implementation. Clothing turnover increased by 22,4%, with same store
turnover growth of 20,2%. Cellphone turnover increased by 24,5%. Total same
store turnover increased by 20,4%.
The Foschini division comprising Foschini, Donna-Claire, Fashion Express and
Luella increased its store base to 484 stores during the year. Performance
was substantially better in the second half of the year with growth of 17,7%
compared to 7,2% in the first half. Clothing turnover grew by 12,4% for the
year with growth in the second half of 19,4%. Same store turnover growth for
clothing was 7,6%, cosmetics 5,4% and cellphones 23,3%, whilst total same
store turnover grew by 8,3%.
The Jewellery division comprising American Swiss, Sterns and Matrix increased
its store base during the year by 16 stores to 381 stores. Trading was
satisfactory with jewellery merchandise turnover increasing by 10,8% and
cellphone turnover increasing by 15,8%. Jewellery same store turnover
increased by 6,7% with total same store turnover increasing by 8,0%.
The Markham division increased its store base by 13 stores to 247 stores.
After a good first half, trading improved in the second half with clothing
turnover growth of 23,7% resulting in total clothing growth for the year of
18,8%. Cellphone turnover increased by 28,8%. Clothing same store turnover
for the year grew by 15,5% with total same store turnover increasing by 16,9%.
The Sports division, trading as Totalsports, Sportscene and Duesouth traded
satisfactorily, assisted in the first half by the 2010 FIFA World CupTrade
Mark, with turnover growth for the year of 16,7% and same store turnover
growth of 9,9%. Its store base increased by 33 stores during the year to 324
stores.
TFG Financial Services` retail debtors` book, which amounts to R3,8 billion,
increased by 20,6% during the year reflecting the impact of good account
growth, increased credit sales and the increase in the number of 12-month
accounts. The performance of our retail debtors` book continues to improve
with net bad debt as a percentage of closing debtors` book improving to 9,2%
from 9,9%.
RCS GROUP
The RCS Group is an operationally independent consumer finance business that
provides a broad range of financial services under its own brand in South
Africa, Namibia and Botswana. It is structured into two operating business
units, namely transactional finance and fixed term finance. The transactional
finance business comprises the RCS general-purpose card and other private
label card programmes, whilst the fixed term finance business comprises RCS
Personal loans.
Despite interest margin compression because of the interest-capping formula
under the National Credit Act, the RCS Group performed well during the year
with net profit before tax increasing by 22,0% to R275,6 million. Net bad
debt improved significantly with a reduction of 34,4% compared to the previous
year. Its debtors` book of R2,9 billion increased by 10% during the year.
Its domestic medium-term note (DMTN) programme launched in March 2010 has been
successfully implemented with over R1 billion of funding being raised to date
comprising a mixture of long- and short term paper. It now has surplus
funding in excess of R600 million which is available to support its future
growth.
Our group`s shareholding in this division is 55% with the balance held by The
Standard Bank of South Africa Limited.
CHANGE OF NAME
At the annual general meeting held on 1 September 2010 shareholders approved
the change of name of our group from Foschini Limited to The Foschini Group
Limited (TFG), effective from 27 September 2010. The change in name is
intended to convey to the market the fact that we currently have a significant
retail brand portfolio. In addition, we have a substantial financial services
business as well as our interest in the RCS Group. The name change was
accordingly intended to emphasize the more diverse and broadly based nature of
our business.
PROSPECTS
Retail turnover for the first seven weeks of the new financial year has been
encouraging and above expectation, though some caution is warranted given
expected levels of inflation, the interest rate environment and the potential
impact on our customers.
In line with our strategy of investing for long-term growth, we will continue
to open new stores in certain of our formats. We anticipate opening in excess
of 100 new stores in the year ahead which will increase trading space by
approximately 6%.
PREFERENCE DIVIDEND ANNOUNCEMENT
Dividend no. 149 of 3,25% (6,5 cents per share) in respect of the six months
ending 30 September 2011 has been declared, payable on Monday, 26 September
2011 to holders of 6,5% preference shares recorded in the books of the company
at the close of business on Friday, 23 September 2011.
The last day to trade ("cum" the dividend) in order to participate in the
dividend will be Friday, 16 September 2011. The Foschini Group Limited
preference shares will commence trading "ex" the dividend from the
commencement of business on Monday, 19 September 2011 and the record date, as
indicated, will be Friday, 23 September 2011.
Preference shareholders should take note that share certificates may not be
dematerialised or rematerialised during the period Monday, 19 September 2011
to Friday, 23 September 2011, both dates inclusive.
FINAL ORDINARY DIVIDEND ANNOUNCEMENT
The directors have declared a final ordinary dividend of 212,0 cents per
ordinary share, for the period ending 31 March 2011, payable on Monday, 11
July 2011 to ordinary shareholders recorded in the books of the company at the
close of business on Friday, 8 July 2011.
The last day to trade ("cum" the dividend) in order to participate in the
dividend will be Friday, 1 July 2011. The Foschini Group Limited ordinary
shares will commence trading "ex" the dividend from the commencement of
business on Monday, 4 July 2011 and the record date, as indicated, will be
Friday, 8 July 2011.
Ordinary shareholders should take note that share certificates may not be
dematerialised or rematerialised during the period Monday, 4 July 2011 to
Friday, 8 July 2011, both dates inclusive.
Certificated ordinary shareholders are reminded that all entitlements to
dividends with a value less than R5,00 per certificated shareholder will be
aggregated and the proceeds donated to a registered charity of the directors`
choice, in terms of the articles of association of the company.
------------------------------------------------------------------
Signed on behalf of the Board
D M Nurek, Chairman A D Murray, CEO
26 May 2011
Non-executive directors:
D M Nurek (Chairman), Prof F Abrahams, S E Abrahams, W V Cuba, K N Dhlomo, M
Lewis, E Oblowitz, D M Polak, N V Simamane
Executive directors:
A D Murray, R Stein, P S Meiring
Company secretary:
D Sheard
Registered office:
Stanley Lewis Centre, 340 Voortrekker Road, Parow East, 7500
Transfer secretaries:
Computershare Investor Services (Pty) Ltd, Ground Floor, 70 Marshall Street,
Johannesburg, 2001
Sponsor:
UBS South Africa (Pty) Ltd
Visit our website at http://www.tfg.co.za/
Date: 26/05/2011 14:00:01 Produced by the JSE SENS Department.
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