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JD GROUP LIMITED - REVIEWED FINANCIAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2004
JD GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1981/009108/06)
JSE code: JDG
NSX code: JDL
ISIN: ZAE000030771
21 years of achievement, 21 years of celebration, 21 years young
REVIEWED FINANCIAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2004
Operational highlights
* Improvement in product margin
* Substantial increase in unit sales
* Improvement in quality of receivables
* Maximising positive trading environment
* Good cost control
* Strong cash generation
Financial highlights
* Revenue up by 52% to R9,1 billion (2003: R6,0 billion)
* Total sale of merchandise up by 61% to R6,1 billion
(2003: R3,8 billion)
* Operating income up by 69% to R1,3 billion (2003: R747
million)
* Operating margin improved from 12,5% to 14,0%
* Headline earnings up by 92% to R871 million (2003: R453
million)
* Headline earnings per share up by 53% to 522,0 cents
(2003: 340,5 cents)
* Distribution per share up by 118% to 240 cents (2003:
110 cents)
* Arrears percentage down to 12,5% (2003: 17,4%)
* No gearing (2003: 26,4%)
Trading environment
* Favourable economic conditions in local durable retail
market
* Significant benefits from
- Proactive steps taken to reduce risk exposure
- Profurn integration
* Potential for margin expansion
`A clearly defined strategy makes the job easier: the direction is clear and the
critical issues are known. It frees management to maximise the process and
anticipate the future.` - Michael Robert
Achieving the goals is then all about effective implementation.
Operating environment
The favourable economic conditions in the local durables retail market prevailed
throughout the financial year. The benefits flowing from the real growth in
consumers` disposable income has materially reduced the credit risk profile of
the Group and has further enhanced the cash generated.
Financial overview
The comparative figures for the year to 31 August 2003 (`comparative period` or
`2003`) only included the results of the ex-Profurn Limited (`Profurn`) stores
for the five months from 23 April 2003.
Revenue increased by 52% to R9,1 billion (2003: R6,0 billion), the sale of
merchandise increased by 61% to R6,1 billion (2003: R3,8 billion). The increase
in revenue represents like on like growth of 16% in the historical operations in
southern Africa and 17% in the acquired businesses. Sale of merchandise
constituted 68% of total revenue (2003: 64%), with the remainder being finance
charges, financial and other services.
Southern African revenue contributed 97% of total revenue (2003: 95%). Abra grew
revenue in Zloty terms by 26%.
Credit sales accounted for 50,4% of total sales (2003: 62,0%), considerably
lower than the corresponding period. This is largely attributable to the
inclusion of Hi-Fi Corporation for the full year which is a cash business and
also to an increase in cash sales in the other chains.
It is most gratifying to note that the Group was able to increase overall
product margin to 32,3% (2003: 31,6%) notwithstanding the inclusion of Hi-Fi
Corporation which operates as a discounter working on lower margins. Stock
markdowns of R49 million (2003: R38 million) were incurred due primarily to
product deflation. Retail prices of electrical goods declined by 11% on average
due to the strength of the rand and a decline in US dollar prices. This impacted
on Hi-Fi Corporation as well as the electrical goods component of our credit
chains in southern Africa. Furniture inflation during the past financial year
was 1%.
Finance charges earned increased by 31% over the comparable period to R1,5
billion. Financial services, which includes all the Group`s insurance offerings,
increased by 44% to R1 095 million. This combined contribution to revenue is
relatively lower due to the lower credit sales to revenue ratio and the lower
interest rate environment.
Operating expenses before the highlighted expenses, grew by 37% to R3,5 billion.
The increase in southern African costs was largely due to the inclusion of
Profurn for the full year.
The R306 million operating loss reflected under corporate in the segmental
analysis includes expenses of R65,3 million relating to both historic and
acquired operations which are of a non-recurring nature and therefore cannot be
allocated to the individual chains without distorting the ratios.
Operating income grew by 69% to R1,3 billion with the operating margin improving
to 14,0% from 12,5%.
Headline earnings increased to R871 million (2003: R453 million). Headline
earnings per share rose by 53% to 522,0 cents (2003: 340,5 cents).
Net instalment sale receivables only grew by 1,2% to R4,5 billion. This
negligible increase is due to higher deposits, improved payment patterns and the
write-off of fully provided accounts which have been transferred to Blake &
Associates Holdings (Pty) Ltd (`Blakes`). Total provisions as a percentage of
gross instalment sale receivables stand at 28,9% (2003: 31,9%). The Group
continues to insure its South African instalment sale receivables.
Bad debts written off in the historical operations increased from 5,9% to 6,9%
of gross receivables. In addition, an amount of R101 million of fully provided
for accounts from the historic chains will be transferred to Blakes thus
enabling us to focus our attention on the front end of the book. This amount is
reflected under corporate in the segmental analysis and increases the bad debts
written off in the historical book to 9,1% in total. Included in the segmental
analysis under corporate is an amount of R107 million relating to bad debts
written off on instalment sale receivables arising at the date of acquisition of
Profurn. This amount was provided for at the time of the acquisition. This write
off will bring the quality of the instalment sale receivables acquired in line
with that of the historic operations. Receivables` arrears represented 12,5% of
gross receivables, down from 17,4% at the previous year end. It is significant
to note that the rand amount of arrears reduced from R1,14 billion to R798
million. The average length of the book declined to 14,3 months.
The Group has now finalised the fair values of the assets and liabilities on the
acquisition of Profurn. The amount of R329 million initially allocated as a
provisional trademark (note 5) has been adjusted to R193 million which now
reflects the amended allocation of the acquisition values. The impact of this
restatement on the amortisation of trademark is a reduction of R5,7 million in
the current year. The amortisation period remains 10 years from the effective
date of acquisition. The amortisation charge for future years would therefore
approximate R19,3 million per annum.
Notwithstanding significant increases in sales, inventories increased marginally
by 6,1% on the previous year.
The Group currently has no gearing (2003: 26%). Cash generated by trading
increased to R1,45 billion (2003: R816 million) including a net amount of R208
million collected on closed books of the acquired operations. Working capital
cash requirements declined from R108 million to R38 million.
Operational overview
The past year saw significant focus being placed on differentiating our brands
in order to capture as much of our target market as possible and at the same
time to minimise competition between our own brands. Our direction has never
been clearer and the critical issues enjoy top of mind awareness. Our strategy
of maximising the potential of our brands through satisfying the changing needs
of our customers is entrenched at all levels of our organisation.
The Group now administers in excess of 1,7 million current customer accounts.
President Dwight Eisenhower once said, `wars are won in the planning room, not
on the battlefield`. The successes achieved over the past year are clear
indications of the direction of our strategy. However, we see ourselves at the
beginning of this journey and very real value is still to be unlocked, the
benefits of which will impact on the short, medium and long term.
The spread of our brands and their clearly defined positioning obviously reduces
the risk to all investors and stakeholders. This is illustrated in the arrear
profiles of the respective brands. Reduced risk enables our universal brands to
work on lower product margin without this impacting on profitability.
A total of 19 stores were closed in the BLNS countries. The Group is in the
process of disposing of all 7 stores in Mozambique. These principally represent
the Profurn legacy stores which were highlighted in the prior year`s segmental
analysis as operations to be integrated, disposed of or discontinued.
BoConcept
In June we sold the master licence for `BoConcept UK`, 3 stores and the
contracts division back to the Danish parent company. In addition we assigned
another 2 leases and put the balance of the business, which was in effect 3
remaining leases, into voluntary liquidation on 29 October 2004. We remain
convinced that BoConcept is an excellent retail format. The fact that we were
not able to resolve our problems with Club 8 is in no way a reflection on the
integrity and commitment of that company. With the best will in the world they
were unable to fulfil their obligation in terms of the `Supply Agreement`.
Notwithstanding our exiting BoConcept, we wish Club 8 every success in the
future.
Abra
Our Polish operation is now on a sound footing and ready to grow. The task that
lies ahead is the opening of stores and the development and training of our
people. While much has been achieved on the `people` side, we have a long way to go before we can say that the Polish team has the skills, confidence and
motivation to maximise the potential of that market.
We intend to use Poland as a springboard into central and Eastern Europe.
However we need a sustainable, profitable business in Poland before we can
consider the next move.
Nedcor Alliance
During November 2004 a joint decision was taken to terminate the alliance with
effect from 19 November 2004. This termination will not have any material
financial effect on either party. JD Group has had various approaches from other
financial institutions to make use of our credit expertise and the extensive
footprint we enjoy. A further announcement will be made in this regard in due
course.
Blakes
The Group announced on 12 August 2004 that it would acquire half of Unifer
Holdings Limited`s (`Unifer`) (a wholly owned subsidiary of ABSA Bank Limited)
stake in Blakes, a company with comprehensive debtors management capabilities.
Subsequent to that announcement JD Group and Unifer jointly acquired a further
5% shareholding from a minority shareholder, which brings our holding to 27,5%.
Competition Tribunal approval was only obtained in October 2004 following which,
the purchase consideration was paid.
Blakes has a significant call centre operation. The 1 000 seat call centre
situated near Durban utilises the latest technology, inhouse developed software
and two predictive dialler platforms. This provides a scalable platform from
which JD Group can leverage its direct marketing initiatives to its existing and
new customer bases.
Corporate governance
JD Group complies with the Code of Corporate Practices and Conduct as set out in
the King II Report on Corporate Governance and the JSE Securities Exchange South
Africa Listings Requirements.
Triple bottom line
The Group remains committed to support HIV/Aids interventions, sound labour
relations, enhanced skills training and the development of our people in an
environment which allows employees to develop to their fullest potential. Black
economic empowerment within our South African communities remains an integral
part of the Group`s strategy.
Directorate
Mr JHC Kok was appointed as an executive director with effect from 1 March 2004.
Prospects
This Group has never been better positioned to take full advantage of the
prevailing consumer confidence and the buoyant trading conditions that lie
ahead. The recently announced commitment by government to infrastructural
development will most certainly extend this trading cycle. The `peoples`
contract` overwhelmingly endorsed by this country`s people in the last election
enables our government to steam ahead with the eradication of poverty and the
creation of a better future for all. Furthermore, South Africa`s winning of the
bid for the FIFA Soccer World Cup in 2010 will bring about a `pulling together`
of all our people, the likes of which has never been experienced before. As we
get closer to 2010 we will enjoy more and more of the international focus. We
have every confidence that we will live up to the high expectations that South
Africa as a country has created.
The consumers` indebtedness to their disposable income is at a very acceptable
level. The progressive fiscal policies of the authorities have done much to
instil a greater degree of confidence within South Africa and with the world at
large. We as a country are doing so many things right. If the trading of the
first two months of the new financial year are anything to go by, we can look
forward to an outstanding 2005.
Whilst we expect that complying with the new Consumer Credit Bill will increase
the cost of compliance, it will most certainly enhance transparency and do much
to protect the end consumer against reckless lending.
Declaration of final dividend number 42
The directors have declared a final dividend of 150 cents (2003: 68 cents per
share) for the financial year ended 31 August 2004. The dividend has been
declared in the currency of the Republic of South Africa.
In accordance with the settlement procedures of STRATE, the following dates will
apply to the final dividend:
Last day to trade cum dividend Thursday, 9 December 2004
Trading ex dividend commences Friday, 10 December 2004
Record date Friday, 17 December 2004
Dividend payment date Monday, 20 December 2004
Share certificates may not be dematerialised or rematerialised nor may transfers
between South African and Namibian registers take place between Friday 10
December 2004 and Friday, 17 December 2004, both days inclusive.
I:Proxy
Shareholders are encouraged to register to receive shareholder information
electronically. This facility is made available following requisite changes
having been made to the Group`s Articles of Association. Shareholders are
encouraged to visit www.jdg.co.za to register and receive further information.
Audited Annual Financial Statements
The annual report for the year ended 31 August 2004, including the audited
annual financial statements will be mailed to shareholders on or before 30
November 2004.
Review by the independent auditors
The financial information has been reviewed, but not audited, by Deloitte &
Touche, whose unqualified review report is available for inspection at the
Company`s registered office.
For and on behalf of the board
I David Sussman Gerald Volkel
Executive chairman Financial director
Johannesburg
22 November 2004
Abridged income statement
Reviewed Restated
Year ended Year ended
31 August 31 August %
2004 2003
R million R million change
Sale of merchandise 6 131 3 819 61
Finance charges earned 1 454 1 113 31
Financial services 1 095 761 44
Other services 376 273 38
Revenue 9 056 5 966 52
Cost of sales 4 148 2 613 59
Operating expenses before 3 456 2 522 37
the following:
Depreciation 94 67 40
Amortisation
- goodwill 2 5
- trademark 14 14
Loss on disposal and 50 -
closure of BoConcept
Loss on closure of Profurn 34 -
legacy stores
Surplus on disposal of (7) (2)
property, plant and
equipment
Operating income before 1 265 747 69
finance costs
Investment income (24) (15) 60
Finance costs - net (note 145 154 (6)
3)
Income before taxation 1 144 608 88
Taxation 354 160 121
Income after taxation 790 448 76
Attributable to outside - (1)
shareholders
Income attributable to 790 449 76
shareholders
Reconciliation of headline
earnings
Income attributable to 790 449
shareholders
Goodwill amortised 2 5
Loss on disposal and 50 -
closure of BoConcept
Loss on closure of Profurn 34 -
legacy stores
Surplus on disposal of (7) (2)
property, plant and
equipment
Taxation thereon 2 1
Headline earnings 871 453 92
Number of shares in issue 172 000 166 830 3
(000)
Treasury shares (000) 3 288 1 419
Number of shares held 168 712 165 411 2
outside the Group (000)
Weighted average number of
shares in issue (000)
- basic 166 930 133 196 25
- diluted (note 4) 172 493 134 771 28
Headline earnings per
share (cents)
- basic 522,0 340,5 53
- diluted 505,2 336,5 50
Earnings per share (cents)
- basic 473,3 337,3 40
- diluted 458,1 333,4 37
Distribution to 240 110 118
shareholders (cents)
- Interim declared and 90 42
paid
- Final proposed 150 68
Operating margin (%) 14,0 12,5
Abridged balance sheet
Reviewed Restated
31 August 31 August
2004 2003
R million R million
Assets
Non-current assets 645 1 026
Property, plant and equipment 210 210
Goodwill - 42
Trademark (note 5) 165 315
Investments and loans 110 146
Deferred taxation 160 313
Current assets 7 094 6 159
Inventories 784 739
Trade and other receivables 4 871 4 860
(note 6)
Financial assets 34 36
Taxation 77 80
Bank balances and cash 1 328 444
Total assets 7 739 7 185
Equity and liabilities
Equity and reserves
Share capital and premium 1 903 1 778
Treasury shares (88) (39)
Non-distributable reserves 137 127
Retained income 1 803 1 415
Shareholders for dividend 253 111
Shareholders` equity 4 008 3 392
Non-current liabilities 1 487 1 412
Interest bearing long term 947 831
liabilities
Deferred taxation 540 581
Current liabilities 2 244 2 381
Trade and other payables (note 7) 1 787 1 801
Interest bearing liabilities 362 506
Financial liabilities 8 9
Taxation 87 64
Bank overdraft - 1
Total equity and liabilities 7 739 7 185
Directors` valuation of unlisted 110 146
investments
Capital expenditure authorised 14 11
and contracted
Capital expenditure authorised 109 90
but not yet contracted
Operating lease commitments 1 149 1 541
The Group has no other material
commitments or contingent
liabilities
Net asset value per share (cents) 2 330,1 2 033,0
Gearing ratio (%) - 26,4
Return on average shareholders` 21,4 16,8
equity (%)
Return on assets managed (%) 24,1 18,0
Abridged cash flow statement
Reviewed Restated
Year ended Year ended
31 August 31 August
2004 2003
R million R million
Cash flowS from operating 908 385
activities
Cash generated by trading 1 453 816
Increase in working capital (38) (108)
Cash generated by operations 1 415 708
Investment income 24 15
Finance costs - net (144) (163)
Taxation paid (123) (103)
Cash available from operating 1 172 457
activities
Dividends paid (264) (72)
Cash flows from investing (72) (111)
activities
Acquisition of subsidiaries and - (46)
outside shareholders
Proceeds on disposal of 24 -
BoConcept
Investment receipts 13 16
Proceeds on disposal of 24 18
property, plant and equipment
Additions to property, plant (133) (99)
and equipment
Cash flows from financing 49 8
activities
Proceeds on issue of shares - (1)
(odd lot offer)
Proceeds on disposal of 77 3
treasury shares by share
incentive trusts
Long term bank borrowings 347 240
raised
Long term bank borrowings (482) (181)
repaid
Finance lease liabilities 200 -
raised
Finance lease liabilities (93) (53)
repaid
Net increase in cash and cash 885 282
equivalents
Cash and cash equivalents at 443 161
beginning of year
Cash and cash equivalents at end 1 328 443
of year
Capital expenditure incurred 133 99
Notes
1. Accounting policies
The accounting policies used in the preparation of this profit announcement are
consistent with those applied in the previous financial year ended 31 August
2003, except as stated below, and are compliant with South African Statements of
Generally Accepted Accounting Practice and International Financial Reporting
Standards applicable to Interim Financial Reporting.
2. Changes in comparative figures
A recent ruling given by the GAAP Monitoring Panel has provided more clarity
regarding the consolidation of share incentive trusts. In light of this, the
Group has consolidated The JD Group Employee Share Incentive Scheme and The JD
Group Limited Share Incentive Trust in the current reporting period.
Intercompany loan accounts have been eliminated and Group shares held by the
trusts have been shown as treasury shares. Comparative figures have been
restated.
In addition to the changes evident from the statement of changes in equity, the
following amounts have been restated:
Income statement
There was no impact on the income statement as a result of the consolidation of
the share incentive trusts.
Earnings per share
Basic and diluted earnings per share were adjusted by the inclusion of the
additional treasury shares held by the Group as a result of the consolidation of
the share incentive trusts.
31 August
2003
As previously reported
Weighted average number of shares in issue
(000)
- basic 133 837
- diluted 135 413
Headline earnings per share (cents)
- basic 338,8
- diluted 334,9
Earnings per share (cents)
- basic 335,7
- diluted 331,8
Restated
Weighted average number of shares in issue
(000)
- basic 133 196
- diluted 134 771
Headline earnings per share (cents)
- basic 340,5
- diluted 336,5
Earnings per share (cents)
- basic 337,3
- diluted 333,4
Balance sheet
Share incentive trusts - loans receivable
As previously reported 12
Share incentive trust loan accounts (12)
eliminated on consolidation
Restated balance -
Trade and other payables
As previously reported 1 799
Amounts payable to share incentive trust 2
participants
Restated balance 1 801
Net asset value per share (cents)
As previously reported 2 041,2
Restated as a result of the consolidation 2 033,0
of the share incentive trusts
Gearing ratio (%)
As previously reported 26,2
Restated as a result of the consolidation 26,4
of the share incentive trusts
Cash flow statement
Increase in working capital
As previously reported (110)
Increase in amounts payable to share 2
incentive trust participants
Restated balance (108)
The recent release of the improvements to International Financial Reporting
Standards has clarified that the International Accounting Standard Board
requires inventory (cost of sales) and trade payables (finance costs) to be
adjusted for the benefit obtained from extended credit terms, where the terms
are beyond the normal credit terms in the industry. The Group has therefore
reversed the prior year provision regarding the imputed interest cost. The
impact is as follows:
Cost Finance Return
on
of costs - Operating Operating assets
sales net income margin managed
R R R million % %
million million
Year ended
31 August
2003
As 2 557 210 803 13,5 19,3
previously
reported
Adjustment 56 (56) (56)
Restated 2 613 154 747 12,5 18,0
The following reclassification has been made between financial assets and
liabilities:
Financial Financial
assets liabilities
R million R million
Year ended 31 August 2003
As previously reported 27 -
Adjustment 9 9
Restated 36 9
3. Finance costs - net
31 August 31 August
2004 2003
R million R million
Interest paid 202 181
Interest received (58) (21)
Fair value losses on financial 1 (6)
assets and liabilities
145 154
4. Diluted earnings and headline earnings per share
The diluted number of shares has been calculated after considering the dilutive
impact of share options and the cash value to be received in future, in respect
of unissued shares granted to employees.
5. Determination of trademark value
The provisional trademark was amended largely due to conservative provisions
raised at acquisition. These have now been finalised as follows:
Revised Provisional
2004 2003
R million R million
Property, plant and equipment 64 64
Deferred taxation 216 206
Inventories 274 271
Trade and other receivables 1 561 1 509
Taxation (67) (66)
Interest bearing liabilities (63) (63)
Trade and other payables (954) (1 003)
Investments and loans 29 52
Treasury shares 18 13
Bank overdraft (59) (59)
Trademark 193 329
Deferred taxation on trademark (58) (99)
1 154 1 154
6. Trade and other receivables
31 August 31 August
2004 2003
R million R million
Instalment sale receivables (note a) 6 394 6 592
Less: Provisions (1 850) (2 100)
Unearned finance charges (917) (965)
Bad debts (482) (697)
Other (note b) (451) (438)
Net instalment sale receivables 4 544 4 492
Other receivables 327 368
Total accounts receivable 4 871 4 860
Provisions as a percentage of 28,9% 31,9%
instalment sale receivables
In accordance with industry norms, amounts due from instalment sale receivables,
receivable after one year, are included in current assets. The credit terms of
instalment sale receivables range from 6 to 24 months.
a. Classified as originated loans and receivables and carried at amortised cost.
b. Other provisions consist of provisions for extended guarantees, unearned club
and insurance.
Bank borrowings are secured by a negative pledge of instalment sale receivables.
7. Trade and other payables
Included in trade and other payables are the following provisions raised on the
acquisition of Profurn:
Utilised Utilised Balance
during during at
Raised at 31 31 31
August August August
acquisition Revised 2003 2004 2004
R million R R R R
million million million million
Retrenchment 39 4 (19) (10) 14
costs
Closing of 38 (8) (26) - 4
facilities
Lease 167 (33) (30) (43) 61
closure
costs
244 (37) (75) (53) 79
8. RELATED PARTIES
The Group entered into various transactions with related parties which occurred
under terms that are no less favourable than those arranged with independent
third parties.
9. SUBSEQUENT EVENTS
Subsequent to the financial year end the Group placed the balance of the
BoConcept business into voluntary liquidation, terminated the alliance with
Nedcor and acquired a stake in Blakes. These three events are addressed in more
detail in the commentary to this press announcement.
Statement of changes in equity
Share Share Treasury
2004 - reviewed capital premium shares
2003 - restated R million R million R million
Balance at 31 August 2002
- as previously reported 6 776 -
Consolidation of share (22)
incentive trusts
- restated 6 776 (22)
Income attributable to
shareholders
Distributable to
shareholders
Distributable to share
incentive trusts
Paid to shareholders - 13
January 2003
Paid to shareholders - 22
April 2003
Shares issued to share (7)
incentive trusts
Proceeds on disposal of 3
treasury shares by share
incentive trusts
Issue of share capital in 2 986
respect of the acquisition
of Profurn
Revaluation of shares
issued pursuant to the
acquisition of Profurn
Odd lot offer purchases (2)
Odd lot offer sales 2
Translation of foreign
entities
Issue of share capital - 8
Treasury shares acquired (13)
Balance at 31 August 2003
- restated 8 1 770 (39)
- as previously reported 8 1 770 (13)
Consolidation of share (26)
incentive trusts
At acquisition adjustment (5)
Income attributable to
shareholders
Distributable to
shareholders
Distributable to share
incentive trusts
Distributable to treasury
shares
Paid to shareholders - 22
December 2003
Paid to share incentive
trusts - 22 December 2003
Paid to shareholders - 14
June 2004
Paid to share incentive
trusts - 14 June 2004
Proceeds on disposal of 8
treasury shares
Profit on disposal of (4)
treasury shares
transferred to retained
income
Shares issued to share 1 124 (125)
incentive trusts
Proceeds on disposal of 77
treasury shares by share
incentive trusts
Translation of foreign
entities
Balance at 31 August 2004 9 1 894 (88)
Non- Retained Sharehold
distribut ers
able
2004 - reviewed reserves income for Total
dividend
2003 - restated R million R million R million R million
Balance at 31
August 2002
- as previously 24 1 112 25 1 943
reported
Consolidation 12 (10)
of share
incentive
trusts
- restated 24 1 124 25 1 933
Income 449 449
attributable to
shareholders
Distributable (160) 160 -
to shareholders
Distributable 2 (2) -
to share
incentive
trusts
Paid to (25) (25)
shareholders -
13 January 2003
Paid to (47) (47)
shareholders -
22 April 2003
Shares issued (7)
to share
incentive
trusts
Proceeds on 3
disposal of
treasury shares
by share
incentive
trusts
Issue of share 988
capital in
respect of the
acquisition of
Profurn
Revaluation of 139 139
shares issued
pursuant to the
acquisition of
Profurn
Odd lot offer (2)
purchases
Odd lot offer 2
sales
Translation of (36) (36)
foreign
entities
Issue of share 8
capital
Treasury shares (13)
acquired
Balance at 31
August 2003
- restated 127 1 415 111 3 392
- as previously 127 1 401 113 3 406
reported
Consolidation 14 (2) (14)
of share
incentive
trusts
At acquisition (5)
adjustment
Income 790 790
attributable to
shareholders
Distributable (415) 415 -
to shareholders
Distributable 8 (8) -
to share
incentive
trusts
Distributable 1 (1) -
to treasury
shares
Paid to (115) (115)
shareholders -
22 December
2003
Paid to share 2 2
incentive
trusts - 22
December 2003
Paid to (155) (155)
shareholders -
14 June 2004
Paid to share 4 4
incentive
trusts - 14
June 2004
Proceeds on 8
disposal of
treasury shares
Profit on 4 -
disposal of
treasury shares
transferred to
retained income
Shares issued -
to share
incentive
trusts
Proceeds on 77
disposal of
treasury shares
by share
incentive
trusts
Translation of 10 10
foreign
entities
Balance at 31 137 1 803 253 4 008
August 2004
Segmental Southern Africa
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