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TRUWORTHS INTERNATIONAL LIMITED - Interim results for the 26 weeks ended 26 December 2021, dividend declaration & change in director responsibilities

Release Date: 17/02/2022 14:54
Code(s): TRU     PDF:  
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Interim results for the 26 weeks ended 26 December  2021, dividend declaration & change in director responsibilities

TRUWORTHS INTERNATIONAL LTD
(Incorporated in the Republic of South Africa)
(Registration number: 1944/017491/06)
(Tax reference number: 9875/145/71/7)
JSE code: TRU
NSX code: TRW
ISIN: ZAE000028296
LEI: 37890099AFD770037522 


SHORT-FORM ANNOUNCEMENT 
UNAUDITED GROUP INTERIM RESULTS FOR THE 26 WEEKS ENDED 26 DECEMBER 2021,
CASH DIVIDEND DECLARATION AND CHANGE IN DIRECTOR RESPONSIBILITIES


Truworths International Ltd (the company) is an investment holding and management company listed 
on the JSE Limited (JSE) and the Namibian Stock Exchange. Its principal trading entities, 
Truworths Ltd and Office Holdings Ltd, are engaged either directly or indirectly through 
subsidiaries, concessions, agencies or wholesale partners, in the cash and account retailing of 
fashion clothing, footwear, homeware and related merchandise. The company and its subsidiaries 
(the Group) operate primarily in South Africa and the United Kingdom, and have a presence in 
Germany, the Republic of Ireland and sub-Saharan African countries.

Key features:      
Sale of merchandise                                                       up 2.5% to R9.6 billion 
Retail sales                                                              up 2.0% to R9.9 billion
Gross margin                                                               up from 51.5% to 53.6%
Doubtful debt allowance to trade receivables            improved from 23.4% in June 2021 to 20.7%
Operating profit                                                         up 32.5% to R2.5 billion
Operating margin                                                           up from 20.5% to 26.5%
Earnings per share                                                                       up 46.3%
Headline earnings per share                                                              up 32.2%
Diluted headline earnings per share                                                      up 31.6%
Cash generated from operations                                                       R2.8 billion
Net cash to equity                                                                          24.0%
Share buy-backs for the period                                  14.5 million shares, R780 million
Cash realisation rate                                                                        123%
Interim dividend per share                                 up 29.3% to 300 cents (2020: 232 cents)

This short-form announcement is the responsibility of the company's directors, is a summary of 
the information in the Group's full interim results announcement for the 26-week period to 
26 December 2021 and does not contain full or complete details. The full results announcement is 
accessible via the JSE link at https://senspdf.jse.co.za/documents/2022/jse/isse/tru/Interim22.pdf 
and on the company's website at www.truworthsinternational.com. Copies of the full interim results 
announcement may be requested at the company's registered office or the offices of One Capital, 
at no charge, during normal office hours. Investment decisions in relation to the company's shares 
should be based on consideration of the full interim results announcement.

INTERIM DIVIDEND
The directors of the company have resolved to declare a gross cash dividend from retained earnings 
in respect of the 26-week period ended 26 December 2021 in the amount of 300 South African cents 
(2020: 232 South African cents) per ordinary share to shareholders reflected in the company's 
register on the record date, being Friday, 11 March 2022.

The last day to trade in the company's shares cum dividend is Tuesday, 8 March 2022. Consequently 
no dematerialisation or rematerialisation of the company's shares may take place over the period 
from Wednesday, 9 March 2022 to Friday, 11 March 2022, both days inclusive. Trading in the 
company's shares ex dividend will commence on Wednesday, 9 March 2022. The dividend is scheduled 
to be paid in South African Rand (ZAR) on Monday, 14 March 2022.

Dividends will be paid net of dividends tax (currently 20%), to be withheld and paid to the 
South African Revenue Service. Such tax must be withheld unless beneficial owners of the dividend 
have provided the necessary documentary proof to the relevant regulated intermediary (being a 
broker, CSD participant, nominee company or the company's transfer secretaries Computershare 
Investor Services (Pty) Ltd, Private Bag X9000, Saxonwold, 2132, South Africa) that they are exempt 
therefrom, or entitled to a reduced rate, as a result of a double taxation agreement between 
South Africa and the country of tax domicile of such owner.

The withholding tax, if applicable at the rate of 20%, will result in a net cash dividend per 
share of 240 South African cents. The company has 422 318 107 ordinary shares in issue on 
17 February 2022. In accordance with the company's memorandum of incorporation the dividend will 
only be paid by electronic funds transfer, and no cheque payments will be made. Accordingly, 
shareholders who have not yet provided their bank account details should do so to the company's 
transfer secretaries.

The directors have determined that gross dividends amounting to less than 2 000 South African 
cents, due to any one shareholder of the company's shares held in certificated form, will not be 
paid, unless otherwise requested in writing, but the net amount thereof will be aggregated with 
other such net amounts and donated to a charity to be nominated by the directors of the company.

DIRECTORATE
Chief Operating Officer
The board has resolved to appoint Mr Emanuel Cristaudo, who was appointed as the Group's 
Chief Financial Officer (CFO) and an executive director of the company with effect from 
1 July 2021, also into the role of the Group's Chief Operating Officer (COO) with effect 
from 1 March 2022. The appointment recognises Mr Cristaudo's responsibilities in the areas 
of credit risk, information technology and corporate finance, besides those in his finance 
portfolio. The latter portfolio includes oversight of both the Truworths and Office finance 
teams, as well as the company secretarial, internal audit and legal functions. The COO 
appointment recognises Mr Cristaudo's experienced and valued contribution to important 
operational aspects of the Group's business across a wide spectrum.

By order of the board

H Saven                 MS Mark
Chairman                Chief Executive Officer

17 February 2022


ADMINISTRATION:
Truworths International Ltd 
(Incorporated in the Republic of South Africa)
(Registration number: 1944/017491/06)
(Tax reference number: 9875/145/71/7)

JSE code: TRU
NSX code: TRW
ISIN: ZAE000028296
LEI: 37890099AFD770037522

Registered office:
No. 1 Mostert Street, Cape Town, 8001, South Africa; 
PO Box 600, Cape Town, 8000, South Africa

Sponsor in South Africa:
One Capital

Sponsor in Namibia:
Merchantec Capital

Auditors:
Ernst & Young Inc.

Transfer secretaries:
In South Africa:
Computershare Investor Services (Pty) Ltd, 
15 Biermann Avenue, Rosebank, 2196, South Africa; 
Private Bag X9000, Saxonwold, 2132, South Africa; or

In Namibia:
Transfer Secretaries (Pty) Ltd, 
Robert Mugabe Avenue No. 4, Windhoek, Namibia;
PO Box 2401, Windhoek, Namibia

Company Secretary:
C Durham

Directors:
H Saven (Chairman)§‡, MS Mark (CEO)*, EFPM Cristaudo (CFO)*, SJ Proudfoot*, RG Dow§‡, D Earp§‡, 
JHW Hawinkels§‡, CJ Hess§‡, M Makanjee§‡, AMSS Mokgabudi§‡, TF Mosololi§‡, RJA Sparks§‡, 
AJ Taylor§‡ and MA Thompson§‡

* Executive  § Non-executive  ‡ Independent

www.truworthsinternational.com


Date: 17-02-2022 02:54:00
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