| Mon 22 May 2006, 14:00 | | Lewis Group - Final Audited Results for the 12 mon |
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LEW
LEW
Lewis Group - Final Audited Results for the 12 months ended 31 March 2006
Lewis Group Ltd
Reg. No. 2004/009817/06
JSE Share Code: LEW
ISIN: ZAE000058236
("Lewis")
Final Audited Results for the 12 months ended 31 March 2006
Highlights
* Merchandise Sales up by 16.0%
* Total Dividend increased by 67%
* Normalised Operating Margin 25.3%(LY: 23.6%)
* Headline Earnings Per Share
- Normalised increased by 30.8%
- IFRS Basis increased by 19.1%
* Strong Operating Cash Flow R593 million
COMMENTARY
We are pleased to report record annual sales and profitability. This result is
particularly gratifying and builds on the key strengths of the company and the
positive trading environment. The result has been prepared in compliance with
International Financial Reporting Standards (IFRS) for the first time. The
effect of this adoption is presented under the section "Compliance of
International Financial Reporting Standards".
NORMALISED EARNINGS
As mentioned in our interim announcement, we support the efforts of the
accounting profession to achieve consistency in financial reporting. However
the application of IFRS 2 (share-based payments) has had the consequence of
presenting earnings which do not fully reflect the economic performance of the
underlying operations. To assist shareholders in their interpretation of the
results, normalised earnings have been presented below, which excludes the
effect of the application of IFRS 2 share-based payments in respect of the
GUS disposal.
In summary
At the time of the listing, share awards and options were granted to
qualifying employees. GUS Holdings BV, the then holding company, agreed to
make available 4% of the issued shares for no consideration to meet these
commitments. In terms of IFRS 2, notwithstanding that the awards and options
were granted at no cost to Lewis, share-based payments are required to be
expensed over the vesting period. The adoption of IFRS 2 resulted in a charge
for the 2005 financial year of R10.8 million.
On 26 May 2005, GUS sold its remaining 50% interest in Lewis. This sale
resulted in a change in control and in terms of the rules of the various
schemes, the share awards and options vested immediately. In terms of IFRS 2,
any accelerated vesting of the share awards and options requires immediate
recognition of the unrecognised portion. The unrecognised portion to be
immediately expensed through the income statement in this year is R58.4
million.
This charge arose from shares made available for no consideration by the
former holding company and results in no economic cost or dilutionary effect
to existing shareholders. The charge has no impact on operating performance,
net asset value, cash position or gearing of Lewis.
Normalised earnings excluding share-based payments referred to above:
March March
2006 % 2005
Rm change Rm
Revenue 2 874.5 2 511.2
Normalised operating profit 728.6 22.8 593.5
As per IFRS income statement 670.2 582.7
Share-based payment excluded 58.4 10.8
Normalised operating margins 25.3% 23.6%
Normalised profit before finance costs 757.5 20.0 631.1
Normalised profit before taxation 744.7 26.6 588.4
Normalised attributable earnings 507.1 24.9 406.0
Normalised headline earnings 510.4 27.3 400.9
Normalised earnings per share (cents) 521.2 28.4 406.0
Normalised headline earnings per share (cents) 524.6 30.9 400.9
TRADING ENVIRONMENT
The increased number of middle income earners continue to drive the consumer
economy and revenue growth. The South African Advertising and Research
Foundation recently released their 2005 All Market and Product Statistics
(AMPS), which records that between 2001 and 2005, consumers in the middle
Lifestyle Measurement Categories (ie. LSM 4 to 7) increased by 2.5 million
people which represent a 19.5% increase.
In addition, there has been a general upward trend in consumer confidence over
the last two years indicating that consumers are very much more optimistic
about the outlook for the economy and their finances.
The Lewis Group has been a beneficiary of these positive developments in the
South African economy, the growth of which has been bolstered by low inflation
and interest rates, improvements in employment and higher than expected tax
relief.
The Government"s intention to intensify infrastructural spending has supported
private sector activity and stimulated growth.
FINANCIAL PERFORMANCE
The financial year"s performance was shaped by the following major factors:
Solid sales growth in the Lewis chain, combined with high sales growths in
Best Electric and Lifestyle Living.
Strong second-half sales performance. (H2: 17.3%; H1: 14.5%).
Significant improvement in operating margin from 23.6% to 25.3%.
23 new store openings.
Improved gross margin as a result of product sourcing initiatives.
Improving quality of the debtors book.
Strong cash flow from trading.
Income statement overview
Revenue increased by 14.5% to R2 874.5 million. This was mainly driven by
merchandise sales growth of 16.0% to R1 567.8 million (12.6% on a like-for-
like basis). This growth was as a result of merchandise initiatives, a strong
drive to regain settled customers as well as successful new customer
promotional campaigns.
The Lewis chain produced solid merchandise sales growth of 12.1% to R1 318.1
million (11.3% on a like-for-like basis). Best Electric experienced a 31.4%
sales increase from R125.1 million to R164.3 million (10.8% on a like-for-like
basis) benefiting from new store openings and revised merchandise ranging,
despite the effects of deflation. Lifestyle Living posted strong growth of
68.1% at R85.4 million (58.4% on a like-for-like basis), albeit off a low
base.
Overall price deflation for the financial year was 5.6% with an increase of
16% in value and volume increasing by 21.6%. Furniture sales, which account
for 47% of total sales, increased by 11.3% in Rand terms and 11% in unit
sales. Sales of electronic and electrical appliances increased by 20.6% in
value and 29.4% in volume.
Cash and short-term credit sales stabilised at 30% within the group.
Insurance revenue earned grew by 12.0% to R400.4 million with a larger charge
for the unearned premium reserve due to the higher levels of current trade.
Finance charges increased by 11.5% to R674.4 million with lower arrear
interest income as a result of the improving debtors book.
The merchandise margin increased to 34.9% from 34.5% driven by product
sourcing and supply chain initiatives.
Operating costs, excluding bad debts, the debtors impairment provision and
share-based payments increased by 8.4% to R1 009.5 million well below the
level of sales growth of 16%.
The increase in bad debts was 6% over last year. The impairment provision
reflects a release of R17.4 million in the current year as compared to R23.7
million last year, which is attributable to the increase in the debtors book
of R244.3 million. The impairment provision has decreased from 14.4% to 12.6%
of gross debtors. The overall bad debt charge amounts to 4% of gross debtors
(2005: 3.8%).
Normalised operating profit grew by 22.8% to R728.6 million, with the
normalised operating margin reflecting a most gratifying increase from 23.6%
to 25.3%, aided by the strong sales growth, improved gross margin, a
relatively low bad debt charge and 8.4% increase in operating costs.
Finance costs declined by R29.9 million mainly as a result of the cessation of
interest payments to the former holding company.
The increase in earnings can be summarised as follows:
Increase in IFRS Normalised
Earnings 13.5% 24.9%
Headline earnings 15.9% 27.3%
Earnings per share 16.7% 28.4%
Headline earnings per share 19.1% 30.9%
Fully diluted earnings per share 16.4% 28.1%
Fully diluted headline earnings per share 18.8% 30.6%
Earnings per share and return on equity have been enhanced by the share
repurchase programme initiated in September 2005.
Balance sheet
Inventory levels increased as a consequence of 23 new stores and our strategy
to carry higher levels of stock to support sales promotional initiatives. This
is evidenced by a strong second-half sales performance of 17.3%. Inventory
levels are partly funded by an increase in trade and other payables.
Gross debtors increased by 9.1% to R2 921.4 million well below revenue growth,
reflecting the quality of our debt collection process. The average age of the
debtors book has improved to 14.3 months from 14.8 months. Total debtors
provisions increased from 35.6% at March 2005 to 36.3% as a result of
accounting provisions for unearned finance charges, insurance income and
maintenance contract revenue.
Cash flow
Lewis continues to generate significant operating cash flows which have funded
the following:
Share repurchase of R151.9 million.
Dividends paid during the year of R156.9 million.
Increased working capital of R160.5 million.
At year-end, 3.36% of shares in issue have been repurchased at an average
market price of R44.86 per share. The group will continue to repurchase shares
up to 10% of share capital when suitable opportunities arise.
OPERATIONAL REVIEW
The focus during the past year has been on enhancing the merchandise offering
to attract new customers while continuing to retain existing customers through
our re-serve system. Our merchandise strategy, both locally and overseas, is
to provide exclusivity of product and design, enhanced quality and genuine
value-for-money.
Enhancements and improvements in credit granting and the behavioural scorecard
were implemented in our drive to further improve the quality of debtors. The
introduction of the behavioural scorecard enables guaranteed credit offers to
our existing and settled customer base.
Sales in both the furniture and electrical categories have been encouraging.
The electronics section (TVs, home theatre and DVDs) although achieving
substantially more unit sales, continues to be affected by price deflation.
During the year, six Lewis stores, 14 Best Electric and three new-format
Lifestyle Living stores were opened and eight non-performing stores were
closed, including four old-format Lifestyle stores.
Normalised operating profit per square metre increased by 21.2% from R2 859 to
R3 466. Normalised operating profit per employee increased by 19.2% to
R124 000.
The National Credit Act will be implemented on 1 June 2007. The draft
regulations are still to be approved. However, the overall effect of the Act
is anticipated to be neutral. The group has advanced store and credit scoring
systems which are in the process of being adapted to address the key
requirements of the National Credit Act.
CORPORATE GOVERNANCE
The group subscribes to the values of good corporate governance and
substantially complies with the Code of Corporate Practices and Conduct as set
out in the King II Report on Corporate Governance and the JSE Limited Listings
Requirements.
PROSPECTS
The strong second half of the year and the current sales impetus indicate that
the trading environment will remain buoyant. The quality of the debtors book
continues to improve. Our outlook remains positive.
DIRECTORATE
David Nurek, Alan Smart, Hilton Saven and Ben van der Ross remained directors
during the year. David Tyler resigned on 5 August 2005 and we were pleased to
announce the appointment of Professor Fatima Abrahams with effect from 1
September 2005.
DECLARATION OF FINAL DIVIDEND NO. 4
The Board has approved a final dividend which represents a 2.25 times dividend
cover (previously 3 times covered). The dividend has been calculated on
normalised earnings attributable to shareholders and represents a 67% increase
in total dividends declared for the year.
Notice is hereby given that a final dividend of 137 cents per share in respect
of the year ended 31 March 2006 has been declared payable to the holders of
ordinary shares recorded in the books of the company on Friday, 21 July 2006.
The last day to trade cum dividend will therefore be Friday, 14 July 2006 and
Lewis shares will trade ex-dividend from Monday, 17 July 2006. Payment of the
dividend will be made on Monday, 24 July 2006. Share certificates may not be
dematerialised or rematerialised between Monday, 17 July 2006 and Friday, 21
July 2006, both days inclusive.
EXTERNAL AUDITORS" REVIEW
The external auditors, PricewaterhouseCoopers Inc, have audited the Group annual
financial statements and the abridged financial statements contained herein for
the 12 months ended 31 March 2006 and a copy of their unqualified reports are
available on request at the company"s registered office.
ABRIDGED INCOME STATEMENT
12 months 12 months
ended ended
31 March 2006 31 March 2005
Rm Rm
Notes Audited Audited
Revenue 2 874.5 2 511.2
Merchandise sales 1 567.8 1 351.9
Finance charges earned 674.4 605.0
Insurance premiums earned 400.4 357.6
Services rendered 231.9 196.7
Cost of merchandise sales 2 (1 020.6) (885.0)
Operating costs (1 183.7) (1 043.5)
Employment costs (439.9) (406.0)
Share-based payments (58.7) (10.8)
Administration and IT (152.3) (134.5)
Bad debts and impairment provision 3 (115.5) (101.6)
Marketing (89.1) (79.6)
Occupancy costs (98.3) (87.9)
Transport and travel (98.4) (85.6)
Depreciation (35.0) (36.9)
Other operating costs (96.5) (100.6)
Operating profit 670.2 582.7
Investment income 28.9 37.6
Profit before finance costs 699.1 620.3
Net finance costs 4 (12.8) (42.7)
Profit before taxation 686.3 577.6
Taxation (237.6) (182.4)
Net profit attributable
to ordinary shareholders 448.7 395.2
Reconciliation of
headline earnings
Net profit attributable
to ordinary shareholders 448.7 395.2
Adjusted for
Profit on disposal of
property, plant and equipment (6.0) (3.9)
Profit on disposal of
available-for-sale assets (5.8) (2.8)
Impairment of
available-for-sale assets 12.3 -
Taxation 2.8 1.6
Headline earnings 452.0 390.1
Number of ordinary shares (000)
In issue 100 000 100 000
Weighted average 97 300 100 000
Fully diluted weighted average 97 501 100 000
Earnings per share (cents) 461.2 395.2
Headline earnings per share (cents) 464.5 390.1
Fully diluted earnings
per share (cents) 460.2 395.2
Fully diluted headline
earnings per share (cents) 463.6 390.1
BALANCE SHEET
31 March 2006 31 March 2005
Rm Rm
Note Audited Audited
ASSETS
Non-current assets
Property, plant and equipment 163.2 159.5
Investments - insurance business 478.0 400.6
Deferred taxation 89.7 48.7
730.9 608.8
Current assets
Investments - insurance business 111.9 105.2
Inventories 212.6 155.8
Trade and other receivables 5 1 896.5 1 750.6
Cash on hand and deposits 28.1 55.3
2 249.1 2 066.9
Total assets 2 980.0 2 675.7
EQUITY AND LIABILITIES
Capital and reserves
Shareholders" equity and reserves 2 305.4 2 059.6
Non-current liabilities
Interest-bearing borrowings 1.0 1.7
Deferred taxation 20.9 12.0
Retirement benefits 75.8 72.4
97.7 86.1
Current liabilities
Trade and other payables 283.5 225.2
Taxation 159.8 125.6
Current portion of
interest-bearing borrowings 0.8 7.2
Overdrafts and short-term
interest-bearing borrowings 132.8 172.0
576.9 530.0
Total equity and liabilities 2 980.0 2 675.7
ABRIDGED CASH FLOW STATEMENT
12 months 12 months
ended ended
31 March 2006 31 March 2005
Rm Rm
Note Audited Audited
Cash generated from operations 7 593.2 625.2
Dividends and interest received 41.3 46.9
Finance costs (18.7) (319.9)
Taxation paid (244.4) (207.7)
Cash retained from
operating activities 371.4 144.5
Net cash outflow from
investing activities (45.5) (53.0)
Net cash outflow from
financing activities (313.9) (567.0)
Net increase/(decrease) in
cash and cash equivalents 12.0 (475.5)
Cash and cash equivalents at
the beginning of the year (116.7) 358.8
Cash and cash equivalents at
the end of the year (104.7) (116.7)
STATEMENT OF CHANGES IN EQUITY
Share
capital and Other Retained
premium reserves earnings Total
Rm Rm Rm Rm
Balance at 1 April 2004 300.9 12.4 998.4 1 311.7
Issue of shares 376.0 - - 376.0
Net profit attributable
to ordinary shareholders - - 395.2 395.2
Fair value adjustments of
available-for-sale
investments, net of tax - 32.0 - 32.0
Disposal of available-for-sale
investments recognised - (2.2) - (2.2)
Share-based payment - 10.8 - 10.8
Transfer to contingency reserve - 2.2 (2.2) -
Foreign currency translation
reserve movement - (2.9) - (2.9)
Dividends paid - - (61.0) (61.0)
Balance at 31 March 2005 676.9 52.3 1 330.4 2 059.6
Net profit attributable
to ordinary shareholders - - 448.7 448.7
Fair value adjustments
of available-for-sale
investments, net of tax - 61.4 - 61.4
Disposal of
available-for-sale investments
recognised - (4.8) - (4.8)
Available-for-sale asset impaired - 12.3 - 12.3
Share-based payment - 58.7 - 58.7
Transfer of share-based
payment reserve to
retained income on vesting - (69.2) 69.2 -
Cost of treasury shares acquired
Share repurchase programme (151.9) - - (151.9)
Share trust (0.3) - -
(0.3)
Cost of share awards
to employees 0.2 - (0.2)
-
Profit of sale of own shares - - 2.3 2.3
Transfer of contingency reserve - 5.0 (5.0) -
Foreign currency translation
reserve movement - (23.7) - (23.7)
Dividends paid - - (156.9) (156.9)
Balance at 31 March 2006 524.9 92.0 1 688.5 2
305.4
SEGMENT REPORT
12 months 12 months
ended ended
31 March 2006 31 March 2005
Rm Rm
Audited Audited
BUSINESS GROUPING
Revenue
Merchandise 2 474.0 2 153.6
Insurance 400.5 357.6
Total 2 874.5 2 511.2
Operating profit
Merchandise 564.9 449.7
Insurance 163.7 143.8
Total * 728.6 593.5
GEOGRAPHICAL
Revenue
South Africa 2 575.0 2 229.1
Botswana, Lesotho, Namibia and Swaziland 299.5 282.1
Total 2 874.5 2 511.2
* The operating profit excludes the share-based payments of R58.4 million
(2005: R10.8 million) relating to the vesting of share awards and options
resulting from the disposal of the GUS plc Group of its controlling interest.
KEY RATIOS
12 months 12 months
ended ended
31 March 2006 31 March 2005
Operating efficiency ratios
Merchandise gross profit % 34.9% 34.5%
Normalised operating margin % 25.3% 23.6%
Number of stores 490 475
Revenue per store (R000"s) 5 866 5 287
Normalised operating profit
per store (R000"s) 1 487 1 249
Number of employees (average) 5 879 5 713
Revenue per employee (R000"s) 489 440
Normalised operating profit
per employee (R000"s) 124 104
Trading space (sqm) 210 201 207 595
Revenue per sqm per annum (R) 13 675 12 097
Normalised operating profit per sqm (R) 3 466 2 859
Current ratio 3.9 3.9
Credit ratios
Cash and short-term credit
sales % of total sales 29.9% 30.1%
Bad debts and impairment charge
as a % of gross debtors book 4.0% 3.8%
Debtors impairment provision as
a % of gross instalment
receivables 12.6% 14.4%
Total debtors provisions as a %
of gross instalment receivables 36.3% 35.6%
Credit applications decline rate 22.4% 20.5%
Average age of book (months) 14.3 14.8
Arrear % (full contractual) 22.0% 25.7%
Shareholder ratios
Net asset value per share (cents) 2 425 2 060
Gearing ratio 4.6% 6.1%
Normalised return on average equity 23.2% 22.1%
Normalised return on average capital employed 22.1% 18.5%
Notes:
1. All ratios are based on figures at the end of the year unless otherwise
disclosed.
2. Where a ratio is referred to as normalised, the earnings used in that ratio
will exclude the share-based payment of R58.4 million (2005: R10.8 million).
3. Employees reflect only permanent employees.
4. Normalised ROE for 31 March 2005 has been restated to exclude the effects
of the restructuring prior to listing.
5. The net asset value has been calculated using 95 069 000 shares in issue
(2005: 100 000 000).
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of accounting
These consolidated financial statements are prepared in accordance with
International Financial Reporting Standards ("IFRS"). The group is adopting
IFRS for the first time which requires changes in accounting policies and the
use of transitional arrangements under IFRS (refer section on International
Financial Reporting Standards).
31 March 2006 31 March 2005
Rm Rm
Audited Audited
2. Cost of merchandise sales
Purchases 1 077.4 889.3
Movement in inventory (56.8) (4.3)
Cost of merchandise sales 1 020.6 885.0
Gross profit 547.2 466.9
3. Bad debts and impairment provision
Bad debts, bad debt recoveries
and repossession losses 132.9 125.3
Movement in impairment provision (17.4) (23.7)
115.5 101.6
4. Net finance costs
Interest paid: 18.7 54.8
- Fellow subsidiary - 32.8
- Bank and loans 12.7 17.8
- Other 6.0 4.2
Interest earned: (5.9) (12.1)
- Bank (5.9) (12.0)
- Other - (0.1)
12.8 42.7
5. Trade and other receivables
Instalment sale and loan receivables 2 921.4 2 677.1
Provision for unearned finance
charges and unearned maintenance income (508.0) (414.4)
Provision for impairment (368.0) (385.4)
Provision for unearned insurance premiums (184.8) (154.4)
Unearned insurance premiums (300.9) (254.9)
Less: reinsurer"s share of unearned premiums 116.1 100.5
Net instalment sale and loan receivables 1 860.6 1 722.9
Other receivables 35.9 27.7
1 896.5 1 750.6
The credit terms of instalment sale and loan receivables
range from 6 to 24 months. Amounts due from instalment
sale and loan receivables after one year are reflected as
current, as they form part of the normal operating cycle.
6. Material capital commitments
There were no material capital commitments contracted
for or authorised and contracted at the end of the year
under review.
7. Cash generated from operations
Operating profit 670.2 582.7
Adjusted for:
Share-based payment 58.7 10.8
Depreciation and amortisation 35.0 36.9
Profit on sale of property,
plant and equipment (6.0) (3.9)
Movement in debtors impairment provision (17.4) (23.7)
Movement in retirement benefits provision 3.4 (2.8)
Movement in other provisions 9.8 10.7
Changes in working capital:
Increase in inventories (62.0) (5.5)
(Increase)/decrease in trade
and other receivables (152.2) 21.9
Increase/(decrease) in trade
and other payables 53.7 (1.9)
593.2 625.2
COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRS")
In accordance with the requirements of the JSE the group has adopted
International Financial Reporting Standards from 1 April 2005. These standards
are subject to ongoing review and interpretation by the International Accounting
Standards Board.
In complying with IFRS, comparative information has been restated and the
following accounting policy changes made:
1. IFRS 1: Transitional Arrangements (1 April 2004)
1.1 Fair Value as Deemed Cost
The group elected to apply the fair value of land and buildings as deemed
cost. Accordingly, depreciation previously provided has been reversed.
Deferred tax has been provided on the revalued amount at the income tax rate.
1.2 Employee Benefits
Unrecognised actuarial gains and losses at the date of transition has been
recognised and charged against retained income.
1.3 Cumulative Translation Differences
Foreign currency adjustments arising on the translation of foreign operations
("FCTR") will continue to be recognised directly in equity. The balance on the
FCTR was reset to zero at transition.
1.4 Designation of Financial Instruments
Gilts held by Monarch Insurance Company have been reclassified as available
for sale (previously recognised as fair value through profit and loss).
2. Income Statement Reclassifications
In terms of IAS 1, the following material reclassifications were made in the
income statement with comparatives restated accordingly.
- Insurance premiums paid to reinsurers are deducted from insurance premiums
written. This was previously included in cost of sales. In addition,
reinsurance commissions received have been included in revenue.
- Settlement discounts have been reclassified to cost of sales with an
appropriate adjustment to inventory valuation under IAS 2.
3. IFRS 2 - Share-based Payments
In accordance with IFRS 2, share-based payments are recognised as an expense
in the income statement over the vesting period with a corresponding credit to
equity.
4. IAS 17 - Property Leases
In terms of IAS 17 and SAICA Circular 7/2005 operating leases with fixed
escalations have been recognised as an expense on a straight-line basis over the
lease term and not on the basis of the cash outflows as in previous years.
5. IAS 16 - Property, Plant and Equipment
Depreciation will be provided on buildings at deemed cost (refer 1.1). The
residual value will be reassessed at each balance sheet date.
The effect of adopting IFRS is reflected below:
12 months ended
31 March 2005
IFRS Income Statement Impact Rm
Net profit as previously reported 408.9
Employee benefits - IFRS 1 2.3
Designation of financial instruments - IFRS 1 (5.6)
Share-based payments - IFRS 2 (10.8)
Occupancy cost - IAS 17 0.8
Depreciation - IAS 16 (0.1)
Settlement discount in inventory - IAS 2 (0.3)
As reported under IFRS 395.2
31 March 2005 1 April 2004
IFRS Impact on Shareholders" Equity Rm Rm
As previously reported 2 059.4 1 314.2
Fair value deemed as cost - IFRS 1 34.7 34.7
Employee benefits - IFRS 1 (25.2) (27.5)
Occupancy cost - IAS 17 (6.2) (7.0)
Depreciation - IAS 16 (0.1) -
Settlement discount in inventory - IAS 2 (3.0) (2.7)
As reported under IFRS 2 059.6 1 311.7
For and on behalf of the Board
David Nurek Alan Smart
Chairman Chief Executive Officer
Cape Town, 22 May 2006
Executive director: AJ Smart (Chief Executive Officer)
Independent non-executive
directors: DM Nurek (Chairman), H Saven,
B van der Ross, F Abrahams
Company secretary: PB Croucher
Registered office: 53A Victoria Road, Woodstock, 7925
Registration number: 2004/009817/06
Share code: LEW
ISIN: ZAE000058236
Transfer secretaries: Computershare Investor Services 2004
(Pty) Ltd, 70 Marshall Street,
Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Auditors: PricewaterhouseCoopers Inc.
Sponsor: UBS South Africa (Pty) Ltd
These results are also available on our website:
www.lewisgroup.co.za
Date: 22/05/2006 02:00:52 PM Produced by the JSE SENS Department
