Wrap Text
GDF - Gold Reef Resorts - Unaudited interim financial results for the six months
ended 30 June 2010 ("the period")
Gold Reef Resorts
(Incorporated in the Republic of South Africa)
Registration number 1989/002108/06
Share Code: GDF
ISIN: ZAE000028338
"Gold Reef" or "the Company" or "the Group"
UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2010
("the period")
Trading conditions remained difficult in the first six months of 2010 with the
economy showing limited signs of recovery. As anticipated, consumers` disposable
income continued to be impacted by high levels of household debt, with
contributing factors being the large increases in utility and municipal charges
as well as job insecurity. As evidence of the quality of the Group`s recently
refurbished property portfolio, most casinos performed in line with or better
than their respective provincial markets. The exception was Gold Reef City
Casino where tables revenue fell significantly in response to a marked decline
in Prive gaming activity in comparison to the prior comparative period.
Group revenue declined by 1,6% to R1,1 billion with food and beverage revenue
increasing by 13,3%. EBITDAR decreased 12,0% to R361 million mainly as a result
of the revenue shortfall, exacerbated by the operational gearing in the
business. Accordingly, the EBITDAR margin fell to 33,7%.
The Company`s response to the economic recession and declining revenues has been
to focus on containing cost increases. Consequently, the Group had limited
opportunities in the current period for further major cost cutting initiatives
that had not already been exploited. Despite this, total costs were well
contained but included non-recurring items of R12 million relating to the
proposed merger with Tsogo Sun Holdings (Proprietary) Limited ("Tsogo Sun").
Further merger costs of approximately R21 million are expected to be incurred in
the second half of the year, should the transaction be successful.
Employee costs were well controlled and again achieved by headcount reductions
through natural attrition. Promotional and marketing costs increased to R78
million, however this increase is distorted by the reallocation of food and
beverage complimentary costs from other operating expenses in order to be
consistent with the accounting treatment applied at the 2009 year-end. This
reallocation has no impact on the Group`s profit for the period. Had the interim
results for 2009 been prepared on the same basis as 2010, promotional and
marketing costs would have increased by 12,0% as opposed to 32,2% while other
operating expenses would have increased by 7,1% as opposed to 0,6%.
Net finance costs were R58 million, a reduction of R10 million compared to the
same period last year. Total net debt reduced by R142 million to R1,1 billion.
Headline earnings per share ("HEPS") decreased 23,0% to 39,2 cents as a result
of the trading conditions referred to above as well as higher depreciation and
amortisation, which increased 10,0% to R99 million due to the recent
refurbishment programme and capital expenditure incurred at the properties.
Excluding the effects of the non-recurring costs relating to the Tsogo Sun
merger, EBITDAR and HEPS fell by 9,2% and 14,9% respectively.
Cashflow from operations remained strong during the period at R371 million.
Total capex was R103 million of which R66 million was operational capex in order
to maintain the high quality of the properties. Developmental capex amounted to
R37 million, which included R24 million incurred at Golden Horse Casino and the
refurbishment of the property is nearing completion.
As in previous years, the Company has not declared a dividend at the interim
period. The dividend of 65c per share declared for the previous financial year
was paid on 26 April 2010.
OPERATIONS
GAUTENG
Total Gross Gaming Revenue ("GGR") in Gauteng was flat for the period with the
second quarter showing some growth, following a contraction of 3,2% in the first
quarter of 2010. The Group`s market share in Gauteng fell to 24,1% due to the
reduced tables revenue at Gold Reef City Casino.
Gold Reef City
Gold Reef City Casino`s revenue fell 7,3% to R447 million compared to the same
period last year. GGR growth from slot machines was in line with the market but
as stated above, tables revenue fell due to much reduced high roller activity.
EBITDAR fell 19,4% to R141 million and the margin reduced to 31,5%, directly as
a result of the lower revenue.
Theme Park revenue increased by 5,9% while EBITDAR fell due to increased costs,
specifically municipal and utility costs as well as employee costs. Due to the
seasonality of this business, the second half of the year normally
significantly outperforms the first. The hotel refurbishment was completed with
R13 million capex incurred on the project during the period.
Silverstar Casino
Silverstar Casino continued to perform well with revenue up 3,1% to R270 million
and EBITDAR flat at R95 million. The casino also achieved a small growth in its
market share in Gauteng as footfall increased by 2,5% from the prior comparative
period. Total debt at Silverstar Casino fell to R1,2 billion at 30 June 2010
from R1,3 billion at 30 June 2009 and is repayable over the next nine years.
KWAZULU NATAL
Golden Horse Casino
Golden Horse Casino underperformed the market slightly due, in part, to
disruptions caused by the renovation. Revenues increased by 1,7% to R123 million
but EBITDAR fell slightly to R50 million due primarily to operational gearing.
The final phase of the casino`s refurbishment, being the hotel rooms and
exterior, is expected to be completed in the third quarter of 2010.
WESTERN CAPE
Trends have shown that the economic recession impacted the Western Cape market
more than any other province. Even though the market showed signs of growth
during the first quarter of 2010, albeit off a lower base, the performance
during the second quarter saw GGR decline marginally compared to the same
reporting period last year. In spite of these tough trading conditions, the
casinos performed well and the Group`s market share in the Western Cape
increased from 12,6% to 13,1%.
The Provincial Government of the Western Cape has informed the Company that it
intends to permit an existing Western Cape casino license to relocate to an area
in the Cape Metropole. No further information is currently available regarding
this development but Gold Reef considers this to be a potential strategic growth
opportunity.
Mykonos Casino
Mykonos Casino had a good six months and outperformed the Western Cape market
with revenue increasing by 7,3% to R59 million while the EBITDAR margin fell
slightly, mainly due to costs associated with the introduction of smart-card
gaming.
Garden Route Casino
Performance at Garden Route Casino was in line with the province. Revenues were
flat with the EBITDAR margin declining due to inflationary cost pressures.
FREE STATE
Goldfields Casino
Goldfields Casino outperformed the market with revenues up 1,8% to R58 million.
The EBITDAR margin was also impacted by the cost of the introduction of smart-
card gaming during the six month period. The adjacent shopping centre
development is progressing well and the footfall generated by this development
should have a positive impact on the casino.
EASTERN CAPE
Queens Casino
There was a small growth in revenue at Queens Casino to R25 million and a
significant improvement in the margin, with EBITDAR up 25,0% to R5 million
following a major cost restructure during the second half of 2009. Capex has
been allocated to improving road access to the casino which will hopefully
improve footfall to the complex.
BOTSWANA
Gold Reef has a 50% interest in a new gaming operation in Gaborone, Botswana.
The casino will form part of a larger development which includes a hotel, food
and beverage facilities as well as retail outlets and is anticipated to open
before the end of the year. Gold Reef`s investment is expected to be less than
R30 million.
MERGER OF GOLD REEF AND TSOGO SUN
Shareholders of Gold Reef approved the proposed merger with Tsogo Sun on 26
April 2010. Outstanding conditions precedent include approvals from the
Competition Authorities and the relevant Gambling Boards.
Application to the Competition Commission for approval of the Company`s merger
with Tsogo Sun was submitted on 17 May 2010 and continues to be evaluated. The
Competition Commission has requested additional time to consider the proposed
merger following which it will be referred to the Competition Tribunal.
Applications have also been submitted to the Gambling Boards of all the relevant
provinces.
PROSPECTS
Economic conditions in South Africa remain difficult with limited signs of
improvement during the first half of 2010. Relief provided to consumers through
interest rate cuts in 2009 is only expected to show its effects in the final
quarter of 2010.
With its portfolio of refurbished properties, Gold Reef is poised to take
advantage of such an improvement in economic conditions and consumer confidence.
The Group`s lean cost structure will also ensure that any improvement in trading
activities will flow directly to EBITDAR and HEPS, benefiting the Company`s
stakeholders.
STEVEN JOFFE JARROD FRIEDMAN
CHIEF EXECUTIVE OFFICER FINANCIAL DIRECTOR
On behalf of the board
1 September 2010
CONDENSED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited for
for the 6 for the 6 the year
months months ended 31
ended 30 ended 30 Dec 2009
June 2010 June 2009
% Rm Rm Rm
Revenue (1,6) 1 070 1 087 2 229
Net gaming win (2,3) 994 1 017 2 065
Theme Park 7,1 30 28 72
Food and beverage 13,3 17 15 35
Other 7,4 29 27 57
Other income 1 1 15
1 071 1 088 2 244
Gaming levies and VAT (200) (204) (412)
Employee costs (265) (249) (480)
Promotional and marketing
costs (78) (59) (140)
Depreciation and amortisation (99) (90) (185)
Other operating expenses (176) (175) (336)
Operating profit (18,6) 253 311 691
Finance income 16 28 38
Finance costs (74) (96) (171)
Profit before equity
accounted earnings 195 243 558
Share of loss of associate (2) (3) (5)
Profit before taxation (19,6) 193 240 553
Taxation expense (80) (94) (180)
Profit for the period (22,6) 113 146 373
Profit attributable to:
Equity holders of Gold Reef (22,9) 108 140 360
Minority interest 5 6 13
113 146 373
Number of shares in issue
(000) 292 344 291 990 291 990
Weighted average number of
shares in issue (000) 276 186 274 859 275 291
Earnings per share (cents) (23,4) 39,0 50,9 131,0
Diluted earnings per share (23,4)
(cents) 39,0 50,9 131,0
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Reviewed
for the 6 for the 6 for the
months months year ended
ended 30 ended 30 31 Dec 2009
June 2010 June 2009
Rm Rm Rm
Profit for the period 113 146 373
Other comprehensive income for the
period, net of tax (2) (1) 15
Fair value (loss)/gain on interest
rate hedge (3) (1) 7
Fair value gain/(loss) on foreign
exchange hedge * * *
Income tax relating to components of
other comprehensive income 1 * 8
Total comprehensive income for the
period 111 145 388
Total comprehensive income
attributable to:
Equity holders of Gold Reef 106 139 375
Minority interest 5 6 13
111 145 388
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited
at 30 June at 30 June Audited at
2010 2009 31 Dec 2009
Rm Rm Rm
Assets
Non-current assets
Property, plant and equipment 2 531 2 506 2 547
Leasehold improvements 160 153 138
Intangible assets 1 184 1 186 1 185
Deferred income tax assets 5 6 13
Investment in associate 24 25 23
Share scheme 42 27 47
3 946 3 903 3 953
Current assets
Inventories 19 18 19
Trade and other receivables 50 38 42
Current tax assets 9 13 2
Amounts owing by related parties 1 * *
Cash and cash equivalents 283 326 440
362 395 503
Total assets 4 308 4 298 4 456
Equity and liabilities
Capital and reserves
Share capital 6 6 6
Share premium 1 866 1 860 1 860
Treasury shares (64) (72) (58)
1 808 1 794 1 808
Share-based payment reserve 392 385 389
Other reserves (547) (566) (545)
Retained earnings 906 759 979
2 559 2 372 2 631
Minority interest 43 38 45
Total equity 2 602 2 410 2 676
Non-current liabilities
Interest-bearing borrowings 1 231 1 418 1 325
Deferred income tax liabilities 57 58 64
Derivative financial instruments 2 26 9
Cash-settled share incentive scheme
liability 5 1 4
1 295 1 503 1 402
Current liabilities
Trade and other payables 164 136 153
Provisions 57 60 34
Current portion of interest-bearing
borrowings 187 188 187
Current income tax liabilities * 1 4
Amounts owing to related parties * * *
Bank overdraft 3 - *
411 385 378
Total equity and liabilities 4 308 4 298 4 456
*Amount less than R1 million
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share
Retained Total
capital net Reserves earnings attributable
of treasury to equity
shares holders of
Gold Reef
Rm Rm Rm Rm
Balance at 1 January 2009 1 795 (183) 799 2 411
Total comprehensive income - (1) 140 139
for the period ended 30
June 2009
Profit for the period - - 140 140
Fair value loss on - (1) - (1)
interest rate hedge, net
of tax
Fair value loss on foreign * - *
exchange hedge, net of tax -
Net movement between share (1) - - (1)
scheme and participants
Recognition of share-based - 3 - 3
payments
Dividend paid - - (180) (180)
Dividend paid to - - - -
minorities by subsidiaries
Balance at 30 June 2009 1 794 (181) 759 2 372
Total comprehensive income - 16 220 236
for the period ended 31
December 2009
Profit for the period - - 220 220
Fair value gain on
interest rate hedge, net - 16 - 16
of tax
Fair value loss on foreign
exchange hedge, net of tax - * - *
Net movement between share 14 6 - 20
scheme and participants
Recognition of share-based
payments - 3 - 3
Balance at 31 December 1 808 (156) 979 2 631
2009
Total comprehensive income - (2) 108 106
for the period ended 30
June 2010
Profit for the period - - 108 108
Fair value loss on - (2) - (2)
interest rate hedge, net
of tax
Fair value gain on foreign - * - *
exchange hedge, net of tax
Issue of shares 6 - - 6
Net movement between share (6) - - (6)
scheme and participants
Recognition of share-based - 3 - 3
payments
Dividend paid - - (181) (181)
Dividend paid to - - - -
minorities by subsidiaries
Balance at 30 June 2010 1 808 (155) 906 2 559
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
Minority Total equity
interest
Rm Rm
Balance at 1 January 2009 43 2 454
Total comprehensive income for the period 6 145
ended 30 June 2009
Profit for the period 6 146
Fair value loss on interest rate hedge, net - (1)
of tax
Fair value loss on foreign exchange hedge, *
net of tax -
Net movement between share scheme and - (1)
participants
Recognition of share-based payments - 3
Dividend paid - (180)
Dividend paid to minorities by subsidiaries (11) (11)
Balance at 30 June 2009 38 2 410
Total comprehensive income for the period 7 243
ended 31 December 2009
Profit for the period 7 227
Fair value gain on interest rate hedge, net
of tax - 16
Fair value loss on foreign exchange hedge,
net of tax - *
Net movement between share scheme and - 20
participants
Recognition of share-based payments
- 3
Balance at 31 December 2009 45 2 676
Total comprehensive income for the period 5 111
ended 30 June 2010
Profit for the period 5 113
Fair value loss on interest rate hedge, net - (2)
of tax
Fair value gain on foreign exchange hedge, - *
net of tax
Issue of shares - 6
Net movement between share scheme and - (6)
participants
Recognition of share-based payments - 3
Dividend paid - (181)
Dividend paid to minorities by subsidiaries (7) (7)
Balance at 30 June 2010 43 2 602
"Reserves" comprise of "Share-based payment reserve" and "Other reserves".
These reserves are disclosed separately on the balance sheet.
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited for
for the 6 for the 6 the year
months months ended 31
ended 30 ended 30 Dec 2009
June 2010 June 2009
Rm Rm Rm
Cash flow from operating activities
Profit before taxation 193 240 553
Non-cash items and other adjustments 163 166 335
356 406 888
Decrease/(increase) in net current
assets 15 (1) (37)
Cash flow from operating activities 371 405 851
Finance income 16 31 39
Finance costs (74) (96) (156)
Taxation paid (90) (104) (168)
Dividend paid (181) (180) (180)
Net cash generated in operating
activities 42 56 386
Cash flow from investing activities
Additions to property, plant and
equipment (79) (48) (186)
Additions to leasehold improvements (24) (33) (20)
Investment in intangibles - - *
Proceeds from disposal of property,
plant and equipment 1 * 2
Loans (advanced to)/repaid by
associate (3) 3 3
Loans (advanced to)/ repaid by related
parties (1) * 1
Net cash utilised in investing
activities (106) (78) (200)
Cash flow from financing activities
Issue of shares 6 - -
Shares (repurchased)/issued by share
scheme - (1) 19
Net movement between share scheme and
participants (6) - -
Decrease/(increase) in share scheme
loans 5 6 (14)
Dividend and loan repayments to
outside shareholders (7) (11) (11)
Decrease in interest-bearing
borrowings (94) (89) (183)
Net cash utilised in financing
activities (96) (95) (189)
Net decrease in cash and cash
equivalents (160) (117) (3)
Cash and cash equivalents at beginning
of period 440 443 443
Cash and cash equivalents at end of
period 280 326 440
SUPPLEMENTARY INFORMATION
Unaudited Unaudited Audited for
for the 6 for the 6 the year
months months ended 31
ended 30 ended 30 Dec 2009
June 2010 June 2009
% Rm Rm Rm
EBITDAR reconciliation
Operating profit 253 311 691
Property and equipment rental 9 9 21
Depreciation and amortisation 99 90 185
EBITDAR (12,0) 361 410 897
Weighted average number of
shares in issue (000) 276 186 274 859 275 291
EBITDAR per share (cents) (12,5) 130,6 149,2 326,0
EBITDAR margin (%) 33,7 37,7 40,3
Headline earnings reconciliation
Attributable profit for the
period 108 140 360
Profit on sale of financial
instruments - - *
Impairment of property, plant
and equipment - - 1
Loss/(profit) on sale of
property, plant and equipment * * 2
Headline earnings (22,9) 108 140 363
Weighted average number of
shares in issue (000) 276 186 274 859 275 291
Headline earnings per share (23,0)
(cents) 39,2 50,9 131,9
Diluted headline earnings per (23,0)
share (cents) 39,2 50,9 131,9
CONDENSED NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 30 JUNE 2010
1. Basis of preparation
The unaudited condensed consolidated interim financial statements for the six
months ended 30 June 2010 have been prepared in accordance with IAS 34 - Interim
financial reporting, AC500 Standards as issued by the Accounting Practices Board
or its successor and the requirements of Schedule 4 Part (iv) of the South
African Companies Act, 1973. The condensed consolidated interim financial
statements should be read in conjunction with the annual financial statements
for the year ended 31 December 2009, which have been prepared in accordance with
International Financial Reporting Standards ("IFRS"). This interim report has
not been audited or reviewed by Gold Reef`s auditors.
2. Accounting policies
The accounting policies applied are consistent with those of the annual
financial statements for the year ended 31 December 2009, as described in those
annual financial statements and are in line with IFRS.
3. Segment information
The chief operating decision-maker has been identified as the Group executive
directors. These individuals review the Group`s internal reporting in order to
assess performance and allocate resources and have determined the operating
segments based on these reports.
The executive directors consider the business from both a geographic and
operational perspective and assess the performance of the operating segments
based on a measure of Revenue and Earnings before interest, tax, depreciation,
amortisation and rentals ("EBITDAR").
SEGMENTAL ANALYSIS
Revenue Revenue Revenue EBITDAR EBITDAR EBITDAR
June June June June
2010 2009 2010 2009
Rm Rm % Rm Rm %
Gold Reef City Casino 447 482 (7,3) 141 175 (19,4)
Gold Reef City Theme 36 34 5,9 (4) (3) (33,3)
Park
Silverstar Casino 270 262 3,1 95 95 -
Golden Horse Casino 123 121 1,7 50 51 (2,0)
Mykonos Casino 59 55 7,3 22 22 -
Garden Route Casino 77 76 1,3 32 34 (5,9)
Goldfields Casino 58 57 1,8 22 23 (4,3)
Queens Casino 25 24 4,2 5 4 25,0
Gold Reef Management 31 34 (8,8) (6) 4 (250,0)
Gold Reef Resorts - - - 7 5 40,0
Consolidation and (56) (58) (3) *
other Group
companies>
1 070 1 087 (1,6) 361 410 (12,0)
SEGMENTAL ANALYSIS (CONTINUED)
EBITDAR EBITDAR Assets Assets Assets Assets
Margin Margin Non- Non-
Current Current Current Current
June June June June June June
2010 2009 2010 2009 2010 2009
% % Rm Rm Rm Rm
Gold Reef City 31,5 36,3 1 066 1 050
Casino 59 69
Gold Reef City (12,7) (8,8) 35 37
Theme Park 8 9
Silverstar Casino 35,2 36,3 1 013 1 049 204 256
Golden Horse Casino 40,4 42,1 224 198 34 15
Mykonos Casino 37,5 40,0 59 57 19 7
Garden Route Casino 42,2 44,7 122 87 24 41
Goldfields Casino 38,7 40,4 121 120 13 12
Queens Casino 21,0 16,7 99 110 8 7
Gold Reef (20,0) 11,8 1 1
Management 107 89
Gold Reef Resorts 2 818 2 817 179 174
Consolidation and (1 612) (1 623)
other Group
companies> (293) (284)
33,7 37,7 3 946 3 903 362 395
SEGMENTAL ANALYSIS (CONTINUED)
Total assets Total assets Cash on hand Cash on hand
June 2010 June 2009 June 2010 June 2009
Rm Rm Rm Rm
Gold Reef City 1 125 1 119 13 18
Casino
Gold Reef City 43 46 1 (2)
Theme Park
Silverstar Casino 1 217 1 305 184 238
Golden Horse Casino 258 213 11 8
Mykonos Casino 78 64 14 5
Garden Route Casino 146 128 19 34
Goldfields Casino 134 132 6 6
Queens Casino 107 117 4 3
Gold Reef 108 90 17 11
Management
Gold Reef Resorts 2 997 2 991 14 4
Consolidation and (1 905) (1 907) (3) 1
other Group
companies>
4 308 4 298 280 326
SEGMENTAL ANALYSIS (CONTINUED)
Debt Debt Debt Total Total
debt debt
net of net of
Debt cash cash
Non- Non- Current
Current Current Current
June June June June June June
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm Rm Rm
Gold Reef City (102) (160) (58) (200)
Casino (58) (147)
Gold Reef City - - - (2)
Theme Park - 1
Silverstar Casino (1 067) (1 163) (96) (96) (979) (1 021)
Golden Horse Casino (23) (35) (12) (13) (24) (40)
Mykonos Casino - - - - 14 5
Garden Route Casino (13) (21) (8) (8) (2) 5
Goldfields Casino (26) (39) (13) (13) (33) (46)
Queens Casino (43) (42) (4) (8) (43) (47)
Gold Reef - - - 11
Management - 17
Gold Reef Resorts - - - - 14 4
Consolidation and
other Group
companies> 43 42 4 8 44 51
(1 231) (1 418) (187) (188) (1 138) (1 280)
SEGMENTAL ANALYSIS (CONTINUED)
Capex Capex Capex Capex Total Total
Develop- Develop- Operat- Operat- Capex Capex
mental mental ional ional
June June June June June June
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm Rm Rm
Gold Reef City Casino - - 28 7 28 7
Gold Reef City Theme 13 2 4 3
Park 17 5
Silverstar Casino - 1 5 5 5 6
Golden Horse Casino 24 33 10 13 34 46
Mykonos Casino - 3 8 4 8 7
Garden Route Casino - 8 6 1 6 9
Goldfields Casino - - 5 1 5 1
Queens Casino * * 1 * 1 *
Gold Reef Management - - * * * *
Gold Reef Resorts - - - - - -
Consolidation and * * (1) *
other Group
companies> (1) *
37 47 66 34 103 81
> Included in "Consolidation and other Group companies" is the elimination of
Queens Casino due to it being equity accounted.
* Amount less than R1 million
Directors: EN Banda (Chairman)>; MG Diliza>; JC Farrant>; JS Friedman;
SB Joffe (Chief Executive Officer); MZ Krok>; S Krok**; ZJ Matlala>;
C Neuberger#; TM Sadiki; PCM September*; P Vallet*
*Non-Executive Director
>Independent Director
**Alternate Director
#Austrian Citizen
Company secretary: L Fick
Registered office: Gold Reef City, Gate 4, Northern Parkway, Ormonde, 2091.
Transfer secretaries: Link Market Services South Africa (Pty) Limited, 16th
Floor, 11 Diagonal Street, Johannesburg, 2001.
Investor relations: College Hill (Proprietary) Limited
Johannesburg
2 September 2010
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 02/09/2010 09:23:43 Supplied by www.sharenet.co.za
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