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YRK - York Timber Holdings Limited - Unaudited consol. financial results for the

Release Date: 14/03/2011 16:29
Code(s): YRK
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YRK - York Timber Holdings Limited - Unaudited consol. financial results for the 6 months ended 31 Dec 2010 York Timber Holdings Limited (Incorporated in the Republic of South Africa) (Registration number: 1916/004890/06) JSE Share code: YRK ISIN: ZAE000133450 ("York", "the Company" or "the Group") SALIENT FEATURES - Revenue up by 21% - Operating profit up by 467% - Earnings per share up from a loss of 135c to a profit of 2c - Headline earnings per share up from a loss of 141c to a profit of 6c - Net asset value per share up from 520c to 599c - Cash generated by operations up by R109 million ------------------------------------------------------------------- UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2010 ------------------------------------------------------------------- UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ------------------------------------------------------------------- 31 Dec 31 Dec 30 Jun 2010 2009 2010 Unaudited Unaudited Audited
R`000 R`000 R`000 ASSETS NON-CURRENT ASSETS Biological assets (note 6) 1 610 614 1 414 822 1 562 936 Investment property 24 740 5 020 24 740 Property, plant and equipment 418 023 428 665 420 184 Goodwill 565 442 610 352 565 442 Intangible assets 2 374 2 609 2 691 Other financial assets 881 816 1 345 TOTAL NON-CURRENT ASSETS 2 622 074 2 462 284 2 577 338 CURRENT ASSETS Biological assets (note 6) 320 611 243 216 358 738 Instalment sale receivables - 1 259 606 Inventories 119 441 165 367 138 040 Trade and other receivables 119 980 124 358 104 334 Cash and cash equivalents 84 856 21 754 84 493 Current tax receivable 3 503 - 3 503 Assets of disposal group (note 9) - 3 187 - TOTAL CURRENT ASSETS 648 391 559 141 689 714 TOTAL ASSETS 3 270 465 3 021 425 3 267 052 EQUITY AND LIABILITIES EQUITY Share capital (note 7) 16 562 16 419 16 562 Share premium 1 505 352 1 477 295 1 505 352 Reserves (16 802) (35 350) (26 236) Retained income 479 053 262 563 471 863 TOTAL EQUITY 1 984 165 1 720 927 1 967 541 LIABILITIES NON-CURRENT LIABILITIES Cash settled share based payments (note 8) 5 569 419 2 104 Deferred tax 411 317 364 020 409 510 Retirement benefit obligation 23 222 22 916 22 463 Loans and borrowings 575 868 670 948 626 479 Provisions 55 265 54 643 55 496 TOTAL NON-CURRENT LIABILITIES 1 071 241 1 112 946 1 116 052 CURRENT LIABILITIES Loans and borrowings 78 273 45 553 55 491 Current tax payable 369 2 999 369 Provisions 375 - 285 Trade and other payables 136 042 137 043 127 314 Liabilities of disposal group (note 9) - 1 957 - TOTAL CURRENT LIABILITIES 215 059 187 552 183 459 TOTAL LIABILITIES 1 286 300 1 300 498 1 299 511 TOTAL EQUITY AND LIABILITIES 3 270 465 3 021 425 3 267 052 ------------------------------------------------------------------- UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ------------------------------------------------------------------- Six months Six months Year ended ended ended 31 Dec 31 Dec 30 Jun
2010 2009 2010 Unaudited Unaudited Audited R`000 R`000 R`000 Continuing operations Revenue 491 096 407 333 909 361 Cost of sales (262 066) (260 394) (559 244) Gross profit 229 030 146 939 350 117 Other operating income 2 390 12 619 19 962 Selling, general and administration expenses (163 847) (147 359) (300 815) Operating profit before separately disclosed items 67 573 12 199 69 264 Insurance proceeds - - 8 519 Impairment of operating assets - - (42 598) Operating profit 67 573 12 199 35 185 Restructuring costs - - (333) Loss on non-current assets held for sale (13 126) - - Fair value adjustments 9 551 (80 646) 200 269 Profit/(loss) before finance costs 63 998 (68 447) 235 121 Investment income 1 136 1 298 2 810 Finance costs excl. hedge interest expense (41 723) (69 700) (107 978) Hedge interest expense - paid (9 855) (8 675) (16 791) - ineffective portion (8 238) (15 101) (23 015) - due to early settlement - (29 577) (29 577) Profit/(loss) before taxation 5 318 (190 202) 60 570 Taxation 1 872 49 668 4 056 Profit/(loss) from continuing operations 7 190 (140 534) 64 626 Discontinued operations Loss from discontinued operations (net of tax) (note 9) - (4 140) - Profit/(loss) for the period 7 190 (144 674) 64 626 Other comprehensive income/(loss): Available-for-sale financial assets adjustments (464) 188 716 Effects of cash flow hedges 13 657 43 740 52 499 Taxation related to components of other comprehensive income (3 759) - 10 273 Other comprehensive income for the period net of taxation (subtotal) 9 434 43 928 63 488 TOTAL COMPREHENSIVE INCOME/(LOSS) 16 624 (100 746) 128 114 Profit/(loss) attributable to owners of the parent 7 190 (144 674) 64 626 Total comprehensive income/(loss) attributable to owners of the parent 16 624 (100 746) 128 114 EARNINGS PER SHARE Basic earnings/(loss) per share (cents) (note 11) 2 (135) 30 Diluted earnings/(loss) per share (cents) (note 11) 2 (129) 30 Headline earnings/(loss) per share (cents) (note 12) 6 (141) 40 Continuing operations Basic earnings/(loss) per share (cents) (note 11) 2 (131) 30 Diluted earnings/(loss) per share (cents) (note 11) 2 (126) 30 ------------------------------------------------------------------ UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ------------------------------------------------------------------ Share Share Retained capital premium income R`000 R`000 R`000 BALANCE AT 1 JULY 2009 3 919 1 026 888 407 237 Profit for the year - - 64 626 Total comprehensive income for the year - - 64 626 Transactions with owners recorded directly in equity Contributions by and distributions to owners Issue of shares through rights issue 12 500 487 500 - Share issue costs written off against share premium - (12 844) - Reversal of share premium due to disposal of treasury shares - (24 266) - Conversion of preference shares into ordinary shares 143 28 074 - Total transactions with owners 12 643 478 464 64 626 BALANCE AT 30 JUNE 2010 16 562 1 505 352 471 863 Profit for the year - - 7 190 Total comprehensive income for the period and total transactions with owners - - 7 190 BALANCE AT 31 DEC 2010 16 562 1 505 352 479 053 Fair value adjustment assets- Share available based
Hedging -for-sale payment TOTAL Reserve reserve reserve EQUITY R`000 R`000 R`000 R`000 BALANCE AT 1 JULY 2009 (89 545) (179) 1 286 1 349 606 Profit for the year - - - 64 626 Other comprehensive income Change in fair value of cash flow hedge, net of tax 62 872 - - 62 872 Change in fair value of available-for-sale financial assets, net of tax - 616 - 616 Total other comprehensive income 62 872 616 - 63 488 Total comprehensive income for the year 62 872 616 - 128 114 Transactions with owners recorded directly in equity Contributions by and distributions to owners Issue of shares through rights issue - - - 500 000 Share issue costs written off against share premium - - - (12 844) Increase in share based payment reserve - - 9 160 9 160 Reversal of share premium due to disposal of treasury shares - - - (24 266) Conversion of preference shares into ordinary shares - - (10 446) (10 446) Total transactions with owners 62 872 616 (1 286) 489 821 BALANCE AT 30 JUNE 2010 (26 673) 437 - 1 967 541 Profit for the year - - - 7 190 Other comprehensive income Change in fair value of cash flow hedge, net of tax 9 833 - - 9 833 Change in fair value of available-for-sale financial assets, net of tax - (399) - (399) Total other comprehensive income 9 833 (399) - 9 434 Total comprehensive income for the period and total transactions with owners 9 833 (399) - 9 434 BALANCE AT 31 DEC 2010 (16 840) 38 - 1 984 165 --------------------------------------------------------- UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS --------------------------------------------------------- Six months Six months Year ended ended ended 31 Dec 31 Dec 30 Jun
2010 2009 2010 Unaudited Unaudited Audited R`000 R`000 R`000 CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers 470 472 442 009 1 050 337 Cash paid to suppliers & employees (386 674) (466 916) (948 469) Cash generated from/ (utilised in) operations 83 798 (24 907) 101 868 Investment income 1 136 1 298 2 111 Finance costs (48 601) (123 053) (129 665) Tax (paid)/received (81) (2 426) 1 594 Cash flow from discontinued operations - (4 166) - NET CASH FROM OPERATING ACTIVITIES 36 252 (153 254) (24 092) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (11 248) (10 938) (17 095) Sale of property, plant and equipment 194 94 933 Purchase of other intangible assets (65) - (457) Withdrawal from self-insurance fund - - 3 282 NET CASH FROM INVESTING ACTIVITIES (11 119) (10 844) (13 337) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds on share issue - 12 500 12 643 Increase in share premium - 463 251 491 308 Share issue cost deducted from share premium - (12 844) (12 844) Net movement in loans and borrowings (25 376) (402 436) (484 855) Movement in instalment sale receivables 606 595 1 248 NET CASH FROM FINANCING ACTIVITIES (24 770) 61 435 (2 500) TOTAL CASH MOVEMENT FOR THE PERIOD 363 (102 663) (39 929) Cash at beginning of period 84 493 124 422 124 422 CASH AT END OF PERIOD 84 856 21 754 84 493 ------------------------------------------------------------------- NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ------------------------------------------------------------------- 1. STATEMENT OF COMPLIANCE ------------------------------------ The unaudited condensed consolidated financial statements for the six months ended 31 December 2010, have been prepared in accordance with the Listings Requirements of the JSE Limited and the Companies Act of South Africa, 1973 (as amended). The recognition and measurement requirements of International Financial Reporting Standards ("IFRS") and the AC 500 standards as issued by the Accounting Practices Board ("APB") and the presentation and disclosure requirements of International Accounting Standard ("IAS") 34 Interim financial reporting have been applied. These condensed results do not include all the information required for full annual financial statements, and should be read in conjunction with the audited consolidated financial statements as at and for the year ended 30 June 2010. The unaudited condensed consolidated financial results, which have been prepared on the going concern basis, were approved by the Board of Directors on 9 March 2011. The unaudited condensed consolidated financial results have not been reviewed or audited. 2. ESTIMATES ------------------------------------ The preparation of the unaudited condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies, and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing these unaudited condensed consolidated financial results, the significant judgements made by management in applying the Group`s accounting policies and the key sources of estimation uncertainty were the same as those applied in the preparation of the audited consolidated financial statements as at and for the year ended 30 June 2010. 3. ACCOUNTING POLICIES ------------------------------------ The accounting policies and methods of computation are consistent with those used for the year ended 30 June 2010. 4. ADDITIONAL DISCLOSURE ITEMS ------------------------------------ 31 Dec 31 Dec 30 Jun 2010 2009 2010
Unaudited Unaudited Audited R`000 R`000 R`000 Authorised capital commitments: - Contracted, but not provided 4 261 400 2 900 - Not contracted 3 938 8 555 5 894 Depreciation of property, plant & equipment 13 318 11 789 25 931 Amortisation of intangible assets 382 375 750 Reversal of impairment of property, plant & equipment - - 3 184 Impairment/(reversal of impairment) of trade receivables 161 (2 584) (2 912) (Reversal of provision)/provision for restructuring costs - (62) 333 - The Group did not have any litigation settlements during the reporting period and did not have any contingent liabilities at period end. - The Group did not have any covenant defaults or breaches of its loan agreements at the reporting date. - No events occurred between the reporting date and the release of these results which require adjustment of or disclosure in these results. 5. OPERATING SEGMENTS ------------------------------------ Timber products 31 Dec 31 Dec 30 Jun 2010 2009 2010 R`000 R`000 R`000 Revenue: external sales 459 721 398 238 872 741 Revenue: inter-segment sales 66 803 34 668 55 683 Total revenue 526 524 432 906 928 424 Depreciation and amortisation (9 653) (8 874) (22 307) Reportable segment profit/(loss)* 14 453 (17 093) 1 550 Reportable segment assets 198 780 232 995 236 697 Capital expenditure 4 511 10 938 10 364 Reportable segment liabilities - - - Forestry 31 Dec 31 Dec 30 Jun 2010 2009 2010 R`000 R`000 R`000 Revenue: external sales 30 451 27 867 34 747 Revenue: inter-segment sales 214 118 164 807 375 104 Total revenue 244 569 195 674 409 851 Depreciation and amortisation (2 943) (2 037) (4 374) Reportable segment profit/(loss)* 78 637 39 920 103 255 Reportable segment assets 1 937 947 1 669 428 1 942 707 Capital expenditure 5 383 - 5 360 Reportable segment liabilities - - - Total for reportable segments 31 Dec 31 Dec 30 Jun 2010 2009 2010
R`000 R`000 R`000 Revenue: external sales 490 172 426 105 907 488 Revenue: inter-segment sales 280 921 199 475 430 787 Total revenue 771 093 625 580 1 338 275 Depreciation and amortisation (12 596) (10 911) (26 681) Reportable segment profit/(loss)* 93 090 22 827 104 805 Reportable segment assets 2 136 727 1 902 424 2 179 404 Capital expenditure 9 894 10 938 15 724 Reportable segment liabilities - - - * being the earnings before interest, taxation, depreciation & amortisation ("EBITDA") 31 Dec 31 Dec 30 Jun
2010 2009 2010 Unaudited Unaudited Audited R`000 R`000 R`000 Reconciliation of reportable segment profit or loss Total EBITDA for reportable segments 93 090 22 827 104 805 Depreciation, amortisation and impairment (13 700) (16 664) (66 093) Unallocated amounts (11 817) 6 037 (3 527) Operating profit 67 573 12 199 35 185 6. BIOLOGICAL ASSETS ------------------------------------ 31 Dec 31 Dec 30 Jun 2010 2009 2010 Unaudited Unaudited Audited R`000 R`000 R`000
Reconciliation of biological assets Opening balance 1 921 674 1 738 371 1 738 371 Fair value adjustment: - Increase due to growth 181 308 71 748 326 846 - Decrease due to harvesting (227 289) (124 460) (308 633) - Adjustment to standing timber values to reflect fair value less point of sale cost at period end 55 532 (27 621) 165 090 Closing balance 1 931 225 1 658 038 1 921 674 Classified as non-current assets 1 610 614 1 414 822 1 562 936 Classified as current assets* 320 611 243 216 358 738 1 931 225 1 658 038 1 921 674
* Being the biological assets to be harvested and sold in the 12 months after the reporting date. Key assumptions used Long term inflation rate 5.5% # 6% Cost of equity 12.3% # 13% Pre-tax cost of debt 9.0% # 10% Target debt:equity ratio 30:70 # 30:70 # During the six months ended 31 December 2009 the Group used the net standing valuation method and therefore no discount rate was applicable. The other key assumptions have been updated as follows: - Volumes: Forecast volumes were updated at the reporting date using a merchandising model. - Timber prices: The market selling prices are unchanged from those used in the year ending 30 June 2010. - Operating costs: The costs are based on unit cost of the forest management activities required to enable the trees to reach the age of felling. These costs have been reviewed and updated to the latest applicable amounts. 7. SHARE CAPITAL ------------------------------------ 31 Dec 31 Dec 30 Jun 2010 2009 2010 `000 `000 `000
Reconciliation of the number of shares issued Opening balance 331 241 78 370 78 370 Issue of shares through rights offer - 250 000 250 000 Conversion of preference shares into ordinary shares - - 2 871 Closing balance 331 241 328 370 331 241 8. SHARE BASED PAYMENTS ------------------------------------ The Group offers its key employees an employee share appreciation rights scheme. In addition to the allotment reported for the year ended 30 June 2010, the Group made a second allotment on 1 July 2010. The details of the allotments are as follows: Allotment made on 17 Nov 2009 1 Jul 2010 Outstanding at period end (`000) 6 601 5 695 Weighted exercise price R2.74 R3.19 Vesting portions in 3 equal trenches annually commencing on 17 Nov 2012 1 Jul 2013 Expiry date 17 Nov 2015 1 Jul 2016 The fair value was determined using the Black-Scholes model. Key assumptions used 31 Dec 31 Dec 30 Jun 2010 2009 2010
Closing share price at period end R4.00 R2.90 R3.07 Dividend yield 0% 0% 0% Bootstrapped zero coupon perfect fit swap curve 5.82-7.30% 7.96-8.66% 6.89-7.81% 9. DISCONTINUED OPERATIONS ------------------------------------ In September 2009 the Group discontinued certain of its less efficient sawmilling operations as part of a restructuring exercise. A third plant was mothballed and set aside for possible future use. The start-up cost relating to the third mill becoming operational again has not been included in the current figures and will be expensed if and when the start-up occurs. The sawmill plants that were affected are: a) Roburnia Sawmill Closed b) Golden Rhino Lumber Mothballed c) Madiba Mill Closed These plants were still operational at 30 June 2009 and closure of these operations occurred in the 2010 financial year. The assets and liabilities of the disposal group are set out below. Six months ended
31 Dec 2009 R`000 ASSETS AND LIABILITIES Assets of disposal group 3 187 Inventories 207 Trade and other receivables 2 980 Liabilities of disposal group Trade and other payables 1 957 RESULTS FROM OPERATIONS Revenue 19 712 Cost of sales (21 601) Gross profit (1 889) Other operating income 20 Selling, general and administration expenses (2 333) Operating loss (4 202) Restructure costs 62 Net loss before taxation (4 140) Taxation - Loss for the period from discontinued operations (4 140) 10. COMPARATIVE FIGURES ------------------------------------ The Group previously disclosed other financial liabilities, finance lease obligations and installment sale liabilities separately on the face of the statement of financial position. During the current reporting period these categories have been consolidated and presented as loans and borrowings. The effects of the reclassification of line items are as follows: Non-current liabilities 31 Dec 30 Jun 2009 2010 R`000 R`000
Other financial liabilities 628 752 612 317 Finance lease obligation 40 523 13 245 Installment sale liability 1 673 917 Total disclosed as loans and borrowings 670 948 626 479 Current liabilities 31 Dec 30 Jun 2009 2010 R`000 R`000 Other financial liabilities 38 999 51 698 Finance lease obligation 5 031 2 278 Installment sale liability 1 523 1 515 Total disclosed as loans and borrowings 45 553 55 491 11. EARNINGS PER SHARE ------------------------------------ The calculation of basic earnings per share is based on: 31 Dec 31 Dec 30 Jun 2010 2009 2010
Unaudited Unaudited Audited Profit/(loss) attributable to ordinary shareholders (`000) - from all operations R 7 190 R (144 674) R 64 626 - from continuing operations R 7 190 R (140 534) R 64 626 Reconciliation of weighted average number of ordinary shares `000 `000 `000 Issued number of shares 331 241 78 370 78 370 Effect of shares issued in Dec 2009 - 28 533 138 356 Effect of conversion of preference shares - - 55 Weighted average number of ordinary shares 331 241 106 903 216 781 During the six months ended 31 December 2010 and the year ended 30 June 2010, there were no instruments that had a dilutive effect. At 31 December 2009, 109.774 million convertible preference shares were outstanding, which had a dilutive effect. These preference shares were converted into 2.871 million ordinary shares on 24 June 2010. The weighted average number of ordinary shares, after the effect of the conversion was 109.774 million. The loss attributable to ordinary shareholders was adjusted by preference dividends of R2.64 million, resulting in a diluted loss of R142.03 million and a diluted loss from continuing operations of R137.90 million. 12. HEADLINE EARNINGS PER SHARE ------------------------------------ The calculation of headline earnings per share is based on: 31 Dec 31 Dec 30 Jun 2010 2009 2010
Unaudited Unaudited Audited Reconciliation of basic earnings to headline earnings R`000 R`000 R`000 Basic earnings attributable to ordinary shareholders 7 190 (144 674) 64 626 Profit on sale of assets and liabilities (net of tax) (72) (5 745) (7 872) Loss on non-current assets held for sale 13 126 - - Fair value adjustment on investment property (net of tax) - - (12 216) Impairment of plant, equipment and vehicles (net of tax) - - (2 292) Impairment of goodwill - - 44 910 Headline earnings for the period 20 244 (150 419) 87 156 Weighted average number of ordinary shares (`000) 331 241 106 903 216 781 ----------------------------------------------------------------- COMMENTARY TO THE FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2010 ----------------------------------------------------------------- COMPANY DESCRIPTION ------------------------------------ York Timber Holdings Limited is an integrated timber company with operations in Mpumalanga in South Africa. York processes its own timber, grown on 67 000 hectares of plantations, through its five processing plants. RESULTS ------------------------------------ In the period under review York produced solid operating results and made satisfactory progress on the achievement of its goals, as set out in the 2010 annual report. In a challenging market environment, York worked to stabilise operations and its restructuring plans are now implemented. - Revenue increased by 21% - Operating profit increased from R12 million for the six months ended December 2009 to R68 million - Cash generated from operations was R84 million for the six month period - Earnings per share increased from a loss of 135 cents to a profit of 2 cents - Headline earnings per share of 6 cents (2009: loss of 141 cents) - Net asset value per share of 599 cents (2009: 520 cents) A focus on optimisation across the organisation and the streamlining of the various cost structures were the key drivers in achieving these results. York is driven to further reduce costs to ensure that the Company remains competitive. York has invested in enhancing the skill set within the organisation and continues to look for further expertise to support the growth strategy of the Company. York maintained its status as a level 4 BBBEE contributor. YORK`S PLANTATION ASSET ------------------------------------ York adopted the discounted cashflow method in calculating the fair value of its biological assets. This method incorporates forward looking assumptions to illustrate the underlying plantation value. York manages the biological asset according to a high level of compliance to environmental standards. All York`s plantations are Forest Stewardship Council certified. Despite the number of fire incidents being higher than the previous period, no major losses were experienced. The actual number of hectares affected was significantly lower due to the implementation of more stringent fire prevention methods. The sustainability of the plantation is being enhanced through accelerated replanting of the 2007/2008 fire damaged areas. Temporary unplanted areas decreased by 1 868 hectares. PROSPECTS ------------------------------------ York believes that the performance during the first six months of the 2011 financial year can be sustained. This prospect is not a forecast and has not been reviewed or reported on by York`s auditors. CORPORATE GOVERNANCE ------------------------------------ The Board is in the process of reviewing and, where relevant, implementing the King III Code. BOARD OF DIRECTORS ------------------------------------ Dr Azar Jammine was appointed as an independent non-executive director to the Board on 5 October 2010. Mr Paul Botha and Mr Shakeel Meer were reappointed to the Board in the Shareholders meeting held 16 November 2010. On behalf of the Board of Directors PIET VAN ZYL (Chief Executive Officer) DUNCAN ERSKINE (Chief Financial Officer) Sabie, Mpumalanga 14 March 2011 -------------------------------------------------------------------- COMPANY INFORMATION: -------------------------------------------------------------------- Executive directors: Piet van Zyl (CEO) and Duncan Erskine (CFO) Non-executive directors: Jim Myers* (Chairman, USA), Paul Botha, Dr Azar Jammine*, Shakeel Meer*,
Gavin Tipper* (* independent) Registered office: York Corporate Office, 3 Main Street, Sabie, 1260 Postal address: PO Box 1191, Sabie, 1260 Company secretary: Fusion Corporate Secretarial Services (Pty) Ltd Transfer secretaries: Computershare Investor Services (Pty) Ltd Sponsor: One Capital Auditors: KPMG Incorporated www.york.co.za Date: 14/03/2011 16:29:25 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.

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