Go Back Email this Link to a friend

A E C I Limited - Condensed Consolidated Unaudited Interim Financial Results Ended 30 June 2014 And Cash Dividend Declaration

Release Date: 29/07/2014 07:05:00      Code(s): AFEP AFE     
AECI LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1924/002590/06
Tax reference number 9000008608
(?AECI? or ?the Group? or ?the Company?)
Share code: AFE
ISIN Number: ZAE000000220

Condensed consolidated unaudited interim financial results and cash 
dividend declaration for the half-year ended 30 June 2014

Safety performance improvement trend maintained TRIR 0,48
161c HEPS impact of platinum mining sector strikes 
Bulk property transaction contributed 192c to HEPS 
Revenue +11% to R8bn
Profit from operations +33% to R814m
Headline earnings +9% to R436m
EPS +51% to 537c
HEPS +10% to 390c

Income statement
                                      
                                              2014       2013     2013
                                      % First-half First-half     Year
R millions                       change  Unaudited  Unaudited  Audited
Revenue(2)(3)                       +11      7 987      7 223   15 942
Net operating costs                         (7 173)    (6 611) (14 544) 
Profit from operations(3)           +33        814        612    1 398
Interest expense                               (99)       (97)    (211) 
Interest received                               25         16       37
Share of profit of equity-
accounted investees, net of tax                 14         20       43
Profit before tax                              754        551    1 267
Tax expense                                   (146)      (150)    (313) 
Profit for the period                          608        401      954
Profit for the period attributable to:
? Ordinary shareholders                        601        398      946
? Preference shareholders                        1          1        3
? Non-controlling interest                       6          2        5
                                               608        401      954
Headline earnings are derived from:
Profit attributable to ordinary
shareholders                                   601        398      946
Impairment of goodwill                           ?          ?        5
Impairment of property, plant
and equipment                                    ?          ?        9
Impairment of assets held for
sale(3)                                         21          ?        ? 
Profit on partial disposal of
net investment in foreign
operation                                        ?          ?      (38) 
Surplus on derecognition of
businesses, joint ventures and
subsidiaries disposed of                         ?          ?       (3) 
(Surplus)/loss on disposal of
property, plant and equipment                   (3)         1      (49)
Surplus on disposal of assets
held for sale(3)                              (202)         ?        ?
Tax effects of the above items                  19           *      15
Headline earnings                              436         399     885
Per ordinary share (cents):
Headline earnings                   +10        390         356     791
Diluted headline earnings                      368         333     740
Basic earnings                      +51        537         356     845
Diluted basic earnings                         508         332     791
Ordinary dividends declared         +10        115         105     210
Ordinary dividends paid                        210         185     290
* Nominal amount.

Statement of comprehensive income
                                               2014       2013     2013
                                         First-half First-half     Year
R millions                                Unaudited  Unaudited  Audited
Profit for the period                           608        401      954
Other comprehensive income net of tax: 
Items that may be reclassified 
subsequently to profit or loss:
Foreign currency translation
differences                                      21        303      362
Items that may not be reclassified 
subsequently to profit or loss: 
Remeasurement of defined-benefit
obligations                                       3         (4)      86
Total comprehensive income for the
period                                          632        700    1 402
Total comprehensive income attributable to:
? Ordinary shareholders                         629        697    1 389
? Preference shareholders                         1          1        3
? Non-controlling interest                        2          2       10
                                                632        700    1 402

Statement of changes in equity
                                               2014       2013     2013
                                         First-half First-half     Year
R millions                                Unaudited  Unaudited  Audited
Total comprehensive income for the
period                                          632        700    1 402
Dividends paid                                 (242)      (213)    (336) 
Business combinations and change in
ownership percentage                             (6)        (2)       7
Share-based payment reserve                      43         17       47
Equity at the beginning of the period         6 877      5 757    5 757
Equity at the end of the period               7 304      6 259    6 877
Made up as follows:
Ordinary share capital                          116        116      116
Share premium                                   496        496      496
Reserves                                        644        726      813
Property revaluation surplus                      ?        237      237
Foreign currency translation reserve            525        442      500
Share-based payment reserve                     119         46       76
Other                                             ?          1        ? 
Retained earnings                             5 994      4 880    5 394
Non-controlling interest                         48         35       52
Preference share capital                          6          6        6
                                              7 304      6 259    6 877

Statement of cash flows
                                               2014       2013     2013
                                         First-half First-half     Year
R millions                                Unaudited  Unaudited  Audited
Cash generated by operations(3)               1 050      1 044    2 261
Dividends received                                ?          7       62
Interest paid                                   (99)      (103)    (212) 
Interest received                                25         16       37
Tax paid                                       (279)      (202)    (464)
Changes in working capital                       72       (573)    (426) 
Expenditure relating to defined-benefit
costs                                           (51)       (52)    (104)
Expenditure relating to non-current
provisions and employee benefits                (36)       (17)     (32) 
Cash available from operating
activities                                      682        120    1 122
Dividends paid                                 (242)      (213)    (336) 
Cash flows from operating activities            440        (93)     786
Cash flows from investing activities           (309)      (261)    (772)
Net investment expenditure                      (79)       (52)    (239) 
Pre-payment for business combination(4)        (400)         ?        ? 
Proceeds on disposal of capital
property assets(3)                              507          ?        ?
Net capital expenditure                        (337)      (209)    (533) 
Net cash generated/(utilised) before
financing activities                            131       (354)      14
Cash flows from financing activities           (509)       318      (28) 
Non-current loans receivable                      6          3        1
Borrowings                                     (515)       315      (29)
Decrease in cash                               (378)       (36)     (14) 
Cash at the beginning of the period           1 219      1 069    1 069
Translation gain on cash                         13        102      164
Cash at the end of the period                   854      1 135    1 219

Statement of financial position
                                               2014       2013     2013
                                             30 Jun     30 Jun   31 Dec
R millions                                Unaudited  Unaudited  Audited
Assets
Non-current assets                            6 662      6 553    6 472
Property, plant and equipment                 3 845      3 677    3 756
Investment property                             184        480      173
Intangible assets                               136        148      143
Goodwill                                      1 123      1 089    1 123
Pension fund employer surplus accounts          214        247      231
Investments in associates                       251         53      217
Investments in joint arrangements               321        278      301
Other investments                                56        136       50
Deferred tax                                    529        437      468
Loans receivable                                  3          8       10
Current assets                                7 180      6 760    7 921
Inventories(3)                                2 976      2 979    3 090
Accounts receivable                           2 722      2 635    3 326
Pre-payment for business combination(4)         400          ?        ? 
Loans to joint arrangements                      21         11        ? 
Assets classified as held for sale(3)           207          ?      286
Cash                                            854      1 135    1 219
Total assets                                 13 842     13 313   14 393
Equity and liabilities
Ordinary capital and reserves                 7 250      6 218    6 819
Non-controlling interest                         48         35       52
Preference share capital                          6          6        6
Total equity                                  7 304      6 259    6 877
Non-current liabilities                       2 142      2 844    2 214
Deferred tax                                    190        210      168
Non-current borrowings                        1 002      1 626    1 099
Non-current provisions and employee
benefits                                        950      1 008      947
Current liabilities                           4 396      4 210    5 302
Accounts payable(3)                           2 927      2 418    3 284
Current borrowings                            1 443      1 678    1 861
Loans from joint arrangements                    17          7       21
Tax payable                                       9        107      136
Total equity and liabilities                 13 842     13 313   14 393

Reconciliation of weighted average number of shares
                                                 2014       2013    2013
                                           First-half First-half    Year                 
Millions                                    Unaudited  Unaudited Audited 
Weighted average number of ordinary
shares for basic earnings per share             111,9      111,9   111,9
Dilutive adjustment for potential
ordinary shares                                   6,5        7,9     7,7
Weighted average number of ordinary
shares for diluted earnings per share           118,4      119,8   119,6

Other salient features
                                                2014       2013    2013
                                          First-half First-half    Year
R millions                                 Unaudited  Unaudited Audited
Capital expenditure                              343        216     633
? expansion                                      142        104     293
? replacement                                    201        112     340
Capital commitments(4)                           434        476     746
? contracted for                                 131        161      87
? not contracted for                             303        315     659
Future rentals on property, plant and
equipment leased                                 244        258     199
? payable within one year                         75         64      71
? payable thereafter                             169        194     128
Net borrowings                                 1 591      2 169   1 741
Gearing (%)*                                      22         35      25
Current assets to current liabilities            1,6        1,6     1,5
Net asset value per ordinary share
(cents)                                        6 234      5 347   5 864
Depreciation and amortisation                    258        258     537
ZAR/US$ closing exchange rate (rand)           10,63       9,94   10,50
ZAR/US$ average exchange rate (rand)           10,70       9,20    9,63
* Borrowings less cash as a percentage of 
total equity.

Industry segment analysis

                              2014   2013   2014  2013   2014   2013
                               First-half   First-half    First-half
                               Unaudited    Unaudited     Unaudited  
                                Revenue    Profit from   Net assets
                                            operations    
R millions
Explosives                   3 553  3 551    120   312  3 299  3 181
Specialty chemicals          4 062  3 667    397   389  5 153  4 597
Property(3)                    652    278    447    50    322    811
Group services and inter-
segment                       (280)  (273)  (150) (139)  (108)     1
                             7 987  7 223    814   612  8 666  8 590

Net assets consist of property, plant, equipment, investment property, 
intangible assets, goodwill, inventories, accounts receivable, pre-payment 
for business combination, assets classified as held for sale less accounts 
payable.

Notes
(1) Basis of preparation and accounting policies
The condensed consolidated financial results are prepared in accordance 
with IAS 34 Interim Financial Reporting and South African Institute of 
Chartered Accountants Financial Reporting Guidelines as issued by the 
Accounting Practices Committee and Financial Reporting Pronouncements as 
issued by the Financial Reporting Standards Council. The accounting 
policies applied in the preparation of the condensed consolidated 
financial results are in terms of IFRS and are consistent with those
applied in the previous consolidated financial statements. The preparation 
of these condensed consolidated financial results for the half-year ended
30 June 2014 was supervised by the Financial Director, Mr KM Kathan CA(SA)
AMP (Harvard). The condensed consolidated financial results have not been 
audited or reviewed by the Company?s auditor, KPMG Inc.

(2) Includes foreign and export revenue of R2 502 million (2013: R2 348
million).

(3) The AECI Group agreed to dispose of the bulk of its surplus property 
assets, at Modderfontein, to Shanghai Zendai Property Limited in November
2013. In March 2014, all conditions precedent to the transaction were met. 
Accordingly, the transaction became effective on 20 March 2014 and AECI 
received cash in the amount of R1 117 million (including VAT) in full 
settlement of the transaction. The amount comprised R54 million (including 
VAT) in reimbursement for development costs incurred after the purchase 
price was set; R1,5 million in interest on the reimbursement amount, and 
the purchase price of R1 061 million (including VAT). The VAT amounts paid 
were R7 million and R131 million, respectively. R1,5 million was
recognised as interest received with the balance of the amount (R978 
million) recognised in accordance with the Group?s accounting policies.

At 30 June 2014, R462 million was recognised in revenue in the property
segment. R248 million of the full purchase price was recognised as a 
profit on disposal, together with the related costs for capital land 
assets transferred. R13 million of the R54 million reimbursement was also 
recognised together with actual expenditure in the same amount. A further 
R221 million of the purchase price and R34 million of the reimbursement 
amount were recognised in the statement of financial position as cash 
received in advance, as the criteria for recognition of the disposal 
of these assets have not been met.

In the statement of cash flows revenue of R462 million, R9 million of the 
reimbursement amount and related costs were included in cash generated by 
operations. However, the capital profit was excluded and the proceeds of
R507 million (including R38 million for development expenditure) were 
included as a cash inflow under investing activities.

A net profit of R421 million was included in profit from operations of the 
property segment. A further profit of R47 million will be recognised when 
the remaining property assets are transferred. A portion of the R421 
million profit was capital and R202 million was deducted from headline 
earnings. The property segment?s profit from operations also included an 
impairment of R21 million recognised in respect of a portion of land that 
has not yet been transferred and is still classified as held for sale. In 
accordance with IFRS 5, this impairment was recognised because its
carrying amount exceeds its selling price.

Property assets included in assets classified as held for sale at 30 June
2014 amounted to R207 million. Cash of R255 million received for this
property was included in accounts payable as income received in advance. 
Both these amounts will be recognised as a net profit on disposal when 
they are transferred to Shanghai Zendai Property Limited.

(4) AECI and Clariant Southern Africa Proprietary Limited reached
agreement for AECI?s wholly-owned subsidiary ImproChem Proprietary Limited 
to acquire Clariant?s water treatment business in Africa and its South 
African assets. This was included in capital commitments at 31 December
2013. R400 million was paid to Clariant as at 30 June 2014 and recognised 
as a pre-payment for the business combination which became effective on 
1 July 2014.

(5) The condensed consolidated financial results do not include all of the
disclosures required for full annual financial statements and should be 
read in conjunction with the consolidated annual financial statements for 
the year ended 31 December 2013.

Commentary
Performance
The first six months of 2014 were challenging for South Africa?s economy 
as a whole and for the platinum mining sector in particular. This had a 
negative effect on AECI?s results since revenue from customers in this 
sector is significant as the Group pursues its mining solutions growth 
strategy.

AECI nevertheless improved its year-on-year performance. Key in this 
regard was the completion of the bulk surplus property sale at 
Modderfontein. A robust result from the specialty chemicals cluster also 
assisted.

Revenue increased by 11% to R7 987 million (2013: R7 223 million). Revenue 
generated outside South Africa was R2 502 million, 31% of total revenue. 
Profit from operations increased by 33% to R814 million compared to R612 
million in the prior corresponding period. Headline earnings improved by
9% to R436 million (2013: R399 million).

On 20 March 2014, the bulk property sale transaction at Modderfontein 
became effective and thus cash of R1 061 million (including VAT) was 
received. Profit from operations relating to the transaction was R421 
million before tax. This was included in earnings per share (?EPS?). Owing 
to the nature of the property sold, R240 million of the R421 million was 
recognised in headline earnings per share (?HEPS?).

EPS was 537 cents (2013: 356 cents), 51% higher than in 2013, and HEPS
improved by 10% to 390 cents (2013: 356 cents).

The Board has declared an interim cash dividend of 115 cents per ordinary 
share (2013: 105 cents), a 10% year-on-year increase.

Safety
AECI?s 12-month rolling average Total Recordable Injury Rate (?TRIR?) was
0,48 (2013: 0,60). An exceptional performance from AEL Mining Services 
(?AEL?) underpinned the improvement. The TRIR measures the number of 
incidents per 200 000 hours worked.

Explosives
Revenue from AEL was flat at R3 553 million (2013: R3 551 million). The
negative effects of the five-month platinum mining sector strike on 
volumes and profit from operations were partly offset by a weaker ZAR/US$ 
exchange rate. The operating margin declined to 3,4% (2013: 8,8%). 

Explosives volumes to mining customers increased by 1% while those for 
initiating systems decreased by 39%. Profit from operations declined by
62% to R120 million (2013: R312 million). It is estimated that R150
million of the decline was due to the direct impact of the strikes. In 
addition, a further R62 million provision was made for the planned 
restructuring of AEL?s head office at Modderfontein.

The initiating systems optimisation project is nearing completion and the 
targeted savings of R20 million and R60 million in 2014 and 2015, 
respectively, are on track.

In spite of the strikes, the Southern African business performed solidly 
and explosives volumes improved by 1,2%. This was largely attributable to 
growth in the iron ore mining sector.

High rainfall in the first quarter of the year curtailed the performance 
of the surface coal mining sector.

Explosives volumes in the rest of Africa grew by 5,1%. There was a strong 
performance in Central Africa?s copper belt. However, volumes were lower 
in West Africa where customers mined higher-grade ores, at a lower cost, 
owing to the gold price decline.

Volumes in AEL?s Indonesian international business were restricted by poor
thermal coal prices which led to the closure of some smaller thermal coal 
mines in the region. The performance of Kaltim Prima Coal (?KPC?), the 
largest customer in Indonesia, remained solid. Overall volumes declined by
7,4%.

AEL has been invited by some of its customers to partner with them in the 
Australian market. An AECI office has been established in Brisbane and a 
bulk emulsion plant is being shipped to a site in Bajool, Queensland. It 
is anticipated that trial blasts will be conducted before year-end.

The equity investment in PT Black Bear Resources Indonesia (?BBRI?), for
US$23 million, was completed. BBRI?s plant was successfully commissioned
in February 2014 and qualified ammonium nitrate solution is being produced
and supplied to KPC.

Capital investment in the half-year was R225 million, of which R168 
million was replacement capital. Major projects included a statutory 
shutdown of the No. 11 Nitric Acid Plant, a boiler replacement, expansion 
of the ammonia offloading facility and expenditure related to the new 
detonator campus. These investments at Modderfontein will enhance AEL?s 
operations going forward.

Specialty chemicals
The specialty chemicals cluster delivered a pleasing result. Revenue
increased by 11% to R4 062 million (2013: R3 667 million) thanks to 5% 
volume growth and the effects of the ZAR/US$ exchange rate. The volume 
decline in Senmin, due to the strikes, was offset by an increase in traded 
volumes in Chemical Initiatives and Nulandis. The strikes also had an 
effect on the profit from operations and the trading margin of the cluster 
as a whole. It is estimated that R100 million in profit from operations
was lost. Nonetheless, the cluster achieved a 2% improvement, with profit 
from operations of R397 million (2013: R389 million). The operating margin 
was 9,8% compared to 10,6% last year.

There were excellent performances from Chemical Initiatives, ImproChem, 
Lake Specialties and Nulandis. The portfolio restructuring initiatives 
implemented in 2013 and the successful integration of acquisitions 
delivered the expected savings and business enhancements.

The acquisition of Clariant?s African water treatment business
(?Clariant?), announced in February 2014, was finalised in June for a cash
consideration of R400 million. The business has been integrated into 
ImproChem and its financial results will be consolidated from July 2014. 
The acquisition is in line with the Group?s strategy to grow its African 
footprint in the water solutions sector.

Capital expenditure for the cluster totalled R115 million (2013: R93
million) of which R84 million was for expansion. Key projects included a 
new blending plant at SA Premix, in Burgersdorp, installation of a new 
reactor at ImproChem, Umbogintwini and completion of SANS Technical 
Fibers? (?STF?) technology conversion project in the USA. STF?s single 
stage equipment was commissioned in March 2014 and is ramping up.

Property
Following the Shanghai Zendai transaction, the property business was 
rebranded as Acacia Real Estate (?Acacia?). The segment?s results were 
driven by the bulk property sale at Modderfontein. This transaction 
contributed R421 million of the R447 million (2013: R50 million) in profit 
from operations.

The transaction became effective on 20 March 2014, when the requisite 
properties were transferred to the purchaser and R1 061 million (inclusive 
of VAT) was received by the Group. In total, R468 million in profit from 
operations will be recognised from the transaction, primarily when
property transfers to the purchaser have been concluded. For the six
months ended 30 June 2014, profits were recognised as already detailed. It
is likely that the balance of the profits will be recognised in 2015.

The rest of Acacia?s revenue and profit from operations were generated by
the leasing and services businesses that are still owned by the Group in
Modderfontein and Umbogintwini.

The Group continues to evaluate alternatives for the disposal of its
surplus land and assets at Somerset West. A bulk disposal remains the 
preferred solution and increased interest from potential purchasers has 
been noted.

Cash utilisation
Capital expenditure totalled R343 million for the period (2013: R216 
million) with R201 million of this invested in replacement projects. Most 
of the expenditure was at AEL, as already outlined. Gearing was at 22% 
from 25% in December 2013. Gearing was impacted by capital spend, the 
acquisition of Clariant, the Modderfontein transaction and the platinum 
mining sector strikes. Net working capital improved to 19,0% of revenue 
(2013: 21,8%) although inventory levels increased due to diminished 
offtake during the strikes.

Cash interest cover improved to 13,4 times (2013: 9,3 times). Net interest 
paid decreased to R74 million (2013: R87 million) as the proceeds from the 
property sale improved the debt position.

Directorate
As announced in February, Mike Leeming retired from the Board on 2 June
2014 after 12 years? service. The Board thanks him for his input and 
guidance. Richard Dunne succeeded Mike as Chairman of the Audit Committee. 
Tak Hiemstra was appointed as a Non-executive Director on the Company?s 
Board with effect from 1 May 2014. AECI welcomes him and looks forward to 
his contribution in years to come.

Outlook
The outlook for the global economy and commodity prices is still 
uncertain, and growth in the South African economy is expected to remain 
weak for the rest of 2014.

Nonetheless, AECI?s growth potential in South Africa?s iron ore and coal 
mining sectors is positive. In platinum mining, uncertainty remains 
regarding the timing and extent of the industry?s recovery from the 
strikes. The negative effects of these have continued into the second 
half-year and it is unlikely that AECI?s businesses serving these 
customers will recover lost profits.

The outlook for the Group?s strategic growth areas of agriculture and 
water solutions in Africa is also positive, as are prospects for 
acquisitions on the continent. Businesses acquired in the last two years 
are delivering the benefits anticipated and the same is expected of the 
recently acquired Clariant water treatment business.

Although labour relations remain of concern in South Africa it is most 
pleasing that settlement of wage increases was reached in July 2014, under 
the auspices of the National Bargaining Council for the Chemical Industry, 
without any industrial action.

AECI will continue to pursue its strategy of expanding into new markets in
Africa and other countries of interest. It will build on the progress made 
to date in Africa, Australasia and Latin America. 

Schalk Engelbrecht                 Mark Dytor
Chairman                           Chief Executive

Woodmead, Sandton
29 July 2014

Directors: S Engelbrecht (Chairman), MA Dytor (Chief Executive)?, 
RMW Dunne*, Z Fuphe, RL Hiemstra, KM Kathan (Financial Director)?, LL Mda, 
AJ Morgan, LM Nyhonyha, R Ramashia.

? Executive * British

Group Company Secretary: EN Rapoo

Notice to shareholders
Interim Ordinary Cash Dividend No. 161
Notice is hereby given that on Monday, 28 July 2014 the Directors of AECI 
declared a gross interim cash dividend of 115 cents per share, in respect 
of the six month period ended 30 June 2014, payable on Monday, 8 September
2014 to ordinary shareholders recorded in the books of the Company at the 
close of business on Friday, 5 September 2014.

The last day to trade cum dividend will be Friday, 29 August 2014 and 
shares will commence trading ex dividend as from Monday, 1 September 2014.

A South African dividend withholding tax of 15% will be applicable to all
shareholders who are not either exempt or entitled to a reduction of the 
withholding tax rate in terms of a relevant Double Taxation Agreement 
resulting in a net dividend of 97,75000 cents per share to those 
shareholders who are not exempt. Application forms for exemption or 
reduction may be obtained from the Transfer Secretaries and must be 
returned to them on or before Friday, 29 August 2014.

The issued share capital at the declaration date is 128 241 140 listed 
ordinary shares and 10 117 951 unlisted redeemable convertible B ordinary 
shares. The dividend has been declared from the income reserves of the 
Company. No Secondary Tax on Companies? credits are available to be used. 

Any change of address or dividend instruction must be received on or 
before Friday, 29 August 2014.

Share certificates may not be dematerialised or rematerialised from 
Monday, 1 September 2014 to Friday, 5 September 2014, both days inclusive.

By order of the Board

EN Rapoo
Group Company Secretary

Woodmead, Sandton
29 July 2014

Transfer Secretaries
Computershare Investor Services Proprietary Limited
70 Marshall Street
Johannesburg
2001

and

Computershare Investor Services PLC
PO Box 82
The Pavilions 
Bridgwater Road 
Bristol BS 99 7NH 
England

Registered Office
1st floor, AECI Place
24 The Woodlands
Woodlands Drive
Woodmead
Sandton

Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited), 1 Merchant
Place, cnr Fredman Drive and Rivonia Road, Sandton, 2196

Date: 29/07/2014 07:05:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.


                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.