Wrap Text
WKF - Workforce - Audited Condensed Financial Results for the year ended 31
December 2011
WORKFORCE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2006/018145/06)
JSE code: WKF
ISIN: ZAE000087847
("Workforce" or "the company" or "the Group")
AUDITED CONDENSED FINANCIAL RESULTS
for the year ended 31 December 2011
HIGHLIGHTS
Revenue increase of 17%
Earnings per share increase of 53%
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
Notes Group Group
2011 2010
R`000 R`000
Revenue 8 1,348,561 1,153,842
Cost of sales (1,039,586) (875,289)
Gross profit 308,975 278,553
Operating costs (267,974) (242,570)
Earnings before impairment, 41,001 35,983
depreciation, amortisation,
interest and taxation (EBITDA)
Depreciation and amortisation of (7,694) (7,137)
non-financial assets
Operating profit 8 33,307 28,846
Finance income 3,434 2,240
Finance costs (10,896) (12,721)
Profit before taxation 8 25,845 18,365
Taxation 9 (1,916) (2,359)
Profit for the year 23,929 16,006
Other comprehensive income for
the year, net of tax:
Fair value gains on available-for- 139 92
sale financial assets
Total comprehensive income for 24,068 16,098
the year
Profit for the year attributable
to:
Owners of the parent 23,445 15,342
Non-controlling interests 484 664
23,929 16,006
Total comprehensive income
attributable to:
Owners of the parent 23,584 15,434
Non-controlling interests 484 664
24,068 16,098
Earnings per share (cents per
share)
Basic and fully diluted 10 10.4 6.8
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 December 2011
Group Group
2011 2010
Notes R`000 R`000
Assets
Non-current assets 76,925 72,721
Property, plant and equipment 5 9,187 9,899
Goodwill 6 41,280 41,205
Intangible assets 7 13,165 9,640
Deferred tax assets 11,215 10,038
Other financial assets 2,078 1,939
Current assets 371,317 320,525
Trade and other receivables 351,136 271,352
Inventories 3,343 1,271
Taxation 861 105
Cash and cash equivalents 15,977 47,797
Total assets 448,242 393,246
Equity and liabilities
Equity 197,487 173,804
Share capital and premium 229,251 229,251
IFRS 3 Reverse acquisition adjustment (125,499) (125,499)
Available for sale reserve 231 92
Retained earnings 93,395 69,950
Equity attributable to owners of the 197,378 173,794
parent
Non-controlling interests 109 10
Non-current liabilities 13,091 13,096
Financial liabilities 9,153 10,129
Deferred tax liabilities 3,938 2,967
Current liabilities 237,664 206,346
Trade and other payables 62,521 46,416
Financial liabilities 175,139 159,578
Bank overdraft 4 352
Total equity and liabilities 448,242 393,246
Group net asset value per share 87.5 77.0
(cents per share)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2011
Attributable to owners of the parent
Share Revers Treasu Availa Retain Total Non- Total
capita e ry ble ed R`000 contro equity
l and acquis shares for earnin lling R`000
premiu ition R`000 sale gs intere
m Reserv reserv R`000 sts
R`000 e e R`000
R`000 R`000
Balance at 236,86 (125,4 (7,616 - 54,835 158,58 629 159,216
1 January 7 99) ) 7
2010
Payment of - - - - - (1,010 (1,010)
dividends )
Acquisition - - - (227) (227) (273) (500)
of non-
controlling
interests
Total 92 15,342 15,434 664 16,098
comprehensi
ve income
for the
year
Balance at 236,86 (125,4 (7,616 92 69,950 173,79 10 173,804
1 January 7 99) ) 4
2011
Payment of - - - - (385) (385)
dividends
Total - - 139 23,445 23,584 484 24,068
comprehensi
ve income
for the
year
Balance at 236,86 (125,4 (7,616 231 93,395 197,37 109 197,487
31 December 7 99) ) 8
2011
*
*Fair value gains on available-for-sale financial assets
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
Group 2011 R`000 Group 2010 R`000
Cash generated from 30,428 25,516
operations before
net working capital
changes
Cash generated from 40,932 36,169
operations before
net working capital
changes
Interest received 3,271 1,696
Interest paid (10,896) (12,721)
Taxation paid (2,879) 372
Decrease in net (65,751) (25,999)
working capital
Cash flows from (35,323) (483)
operating activities
Cash flows from (10,349) (7,771)
investing activities
Acquisition of Non- - (500)
controlling interest
in subsidiary
Acquisition (75) -
adjustment to
purchase price of
subsidiary
previously acquired
Dividends received 163 544
Property, plant and
equipment acquired
- maintaining (4,245) (2,955)
operations
- expanding (151) (613)
operations
Proceeds on disposal 593 555
of property, plant
and equipment
Intangible assets (6,634) (4,802)
acquired
Cash flows from 14,200 (14,252)
financing activities
Proceeds from 14,585 (866)
borrowings
Payment of amounts - (12,376)
due to vendors
Dividends paid to (385) (1,010)
shareholder in
subsidiary
Net change in cash (31,472) (22,506)
and cash equivalents
Cash and cash 47,445 69,951
equivalents at the
beginning of the
year
Cash and cash 15,973 47,445
equivalents at the
end of the year
NOTES TO THE CONDENSDED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2011
1. Nature of operations and general information
The principle activities of Workforce Holdings Limited and its
subsidiaries are staff outsourcing, recruitment and specialist
staffing, human resources support services as well as the supply of
Financial and lifestyle products.
The condensed group financial statements are presented in South
African Rand (ZAR), which is also the functional currency of the
parent company.
The condensed group financial statements were approved for issue by
the Board of Directors on 22 March 2012.
2. The condensed group financial statements for the year ended 31
December 2011, have been prepared in accordance with the framework
concepts and the measurement and recognition of International
Financial Reporting Standards, the Listing Requirements of the JSE
Limited ("JSE"), International Accounting Standard (IAS) 34, Interim
Financial Reporting and the South African Companies Act. No 71 of
2008, as well as AC 500 Standards as issued by the Accounting
Practices Board or its successor.
The condensed group financial statements for the year ended 31
December 2011 were compiled under the supervision of WP Van Wyk CA
(SA), The Group Financial Director. The accounting policies have been
consistent with those of the most recent financial statements.
During the 2011 financial year the following accounting
pronouncements became effective:
- Amended IFRS 1: First-time Adoption of International Financial
Reporting
- Amended IFRS 7: Financial Instruments: Disclosures
- Amended IAS 1: Presentation of Financial Statements
- Amended IAS 24: Related Party Disclosures
- Amended IAS 34: Interim Financial Reporting
These pronouncements had no material impact on the accounting of
transactions or disclosures.
3. Events after reporting date
No material events occurred between the reporting date and the date
of approval of these condensed group financial statements.
4. Auditor report
The external independent auditor, Horwath Leveton Boner, have issued
their opinion on the group financial statements for the year ended 31
December 2011. The audit was conducted in accordance with
International Standards of Auditing. The auditor has issued an
unqualified audit opinion. A copy of the audit report is available
for inspection at the company`s registered offices. These condensed
financial statements have been derived from the group financial
statements and are consistent, in all material respects, with the
group financial statements.
5. Additions and disposals of property, plant and equipment
Motor Computer Indu- Office Lease- Trai- Total
vehicle equi- strial equi- hold ning R`000
s pment equi- pment impro- manuals
R`000 R`000 pment R`000 vement R`000
R`000 s
R`000
Carrying value 1,948 1,694 206 3,245 56 2,938 10,087
at 1 January
2010
Additions 1,968 1,613 165 1,082 170 350 5,348
Disposals (164) (4) - (20) - - (188)
Depreciation (1,032) (1,574) (50) (1,796) (24) (872) (5,348)
Carrying value 2,720 1,729 321 2,511 202 2,416 9,899
at 31 December
2010
Additions 672 1,734 1,170 258 562 4,396
Disposals (470) (1) - (51) - (1) (523)
Reclassficatio 594 (80) (514) -
ns
Depreciation (1,061) (1,130) (59) (1,306) (80) (949) (4,585)
Carrying value 1,861 2,926 182 1,810 380 2,028 9,187
at 31 December
2011
6. Goodwill
2011 2010
R`000 R`000
Carrying value at beginning of the year 41,205 40,657
Adjustment of purchase price 75 548
Carrying value at end of the year 41,280 41,205
An additional R75 000 (2010: R548 000) was paid during the year, relating to
the acquisition of Telebest Holdings (Proprietary) Limited as an adjustment of
the purchase price. The adjusted amount falls under the previous IFRS 3.
7. Additions and disposals of intangible assets
Computer software
R`000
Carrying value at 1 January 2010 6,627
Additions 4,802
Amortisation (1,789)
Carrying value at 31 December 2010 9,640
Additions 6,634
Amortisation (3,109)
Carrying value at 31 December 2011 13,165
8. Segment reporting
The group`s segmental analysis is based on the following four core business
segments:
Staff outsourcing, which provides human resources to clients on both a short-
and long-term basis.
Recruitment and specialist staffing, which includes permanent and temporary
placements, ad-response handling, executive search, call centre staffing and
importing and exporting of skills.
Human resources support services, which can be integrated with staffing
solutions to optimise employee performance.
Financial and Lifestyle products, provided mostly to staff and contractors.
These operating segments are monitored and strategic decisions are made on the
basis of adjusted segment operating results. The format in which segmental
information is presented to the chief operating decision maker was changed,
hence the format of the prior period numbers was changed. Furthermore income
and expenses not previously allocated have now been allocated across segments.
Segment information can be analysed as follows for the reporting periods under
review:
2011 Staff out- Recruitme Human Financi Central Consoli Total
sourcing nt and resourc al and Cost dation R`000
R`000 specialis es Lifesty R`000 Entries
t support le R`000
staffing service Product
R`000 s s
R`000 R`000
Segment 1,096,783 166,685 50,081 45,389 - (10,377 1,348,56
revenues ) 1
Cost of (895,711) (115,917) (15,692 (12,266 - - (1,039,5
sales ) ) 86)
Operating (144,991) (43,952) (32,453 (14,543 (42,412 10,377 (267,974
costs ) ) ) )
EBITDA 56,081 6,816 1,936 18,580 (42,412 - 41,001
)
Depreciat (2,441) (390) (1,434) (1,334) (2,095) (7,694)
ion and
amortisat
ion of
non-
financial
assets
Segment 53,640 6,426 502 17,246 (44,507 - 33,307
operating )
profit
Capital 2,648 126 683 3,971 3,602 - 11,030
Expenditu
re
Segment 234,783 20,546 11,746 75,194 105,973 - 448,242
Total
Assets
Segment (57,551) (8,770) (2,347) (2,131) (179,95 - (250,755
Total 6) )
Liabiliti
es
Net 177,232 11,776 9,399 73,063 (73,983 - 197,487
Segment )
Assets
2010 Staff Recruitm Human Financia Central Consolid Total
outsour ent and resource l and Cost ation R`000
cing speciali s Lifestyl R`000 Entries
R`000 st support e R`000
staffing services Products
R`000 R`000 R`000
Segment 946,751 136,020 43,046 34,103 - (6,078) 1,153,8
revenues 42
Cost of (763,73 (89,811) (14,213) (7,532) - - (875,28
sales 3) 9)
Operating (122,38 (40,561) (32,693) (15,376) (37,631) 6,078 (242,57
costs 7) 0)
EBITDA 60,631 5,648 (3,860) 11,195 (37,631) - 35,983
Depreciatio (2,712) (438) (1,395) (911) (1,681) - (7,137)
n and
amortisatio
n of non-
financial
assets
Segment 57,919 5,210 (5,255) 10,284 (39,312) - 28,846
operating
profit
Capital 3,458 44 941 1,565 2,362 - 8,370
Expenditure
Segment 194,361 18,983 11,890 44,733 123,279 - 393,246
Total
Assets
Segment (61,509 (5,920) (1,668) (386) (149,959 - (219,44
Total ) ) 2)
Liabilities
Net Segment 132,852 13,063 10,222 44,347 (26,680) - 173,804
Assets
9. Taxation
The tax rate for the year can be reconciled as follows:
2011 2010
% %
Standard corporate tax rate 28.00 28.00
Adjusted for:
Non-deductible expenses 0.13 (0.74)
Tax allowances (23.37) (14.70)
Prior year tax losses now recognised - (2.93)
Prior year tax adjustments 0.36 -
STC 0.29 1.01
Unused tax losses 2.00 2.20
Effective tax rate 7.41 12.84
10. Earnings per share
Basic earnings per share
The earnings and weighted average number of ordinary shares used in the
calculation of basic earnings per share are as follows:
2011 2010
Profit attributable to equity shareholders of the 23,445 15,342
parent company (R`000)
Weighted average number of ordinary shares in 225,630 225,630
issue (`000)
Basic earnings per share (cents) 10.4 6.8
Diluted earnings per share
There are no potential dilutive shares therefore diluted earnings per share
equates to basic earnings per share.
Headline earnings per share
The earnings used in the calculation of headline earnings per share are as
follows:
2011 2010
Profit attributable to equity shareholders of 23,445 15,342
the parent company (R`000)
Headline earnings adjustment (R`000) (50) (264)
Gain on disposal of property, plant and (69) (366)
equipment
Tax effects of adjustments 19 102
Total headline earnings (R`000) 23,395 15,078
Weighted average number of shares in issue 225,630 225,630
(`000)
Headline earnings per share (cents) 10.4 6.7
11. Dividends
No dividends were declared relating to the period under review (2010: Nil).
12 Business combinations
No business combinations occurred during the period under review.
13 Related party transactions
The group, in the ordinary course of business, entered into various sale and
purchase transactions on an arm`s length basis at market rates with related
parties.
13.1 Transactions with related parties
During the year the group entities entered into the following trading
transactions with related parties that are not members of the group:
2011 2010
R`000 R`000
11 Wellington Street Investments (Proprietary) Limited 4,063 3,476
Relationship: Director has significant influence
Type of transaction: Operating lease rentals paid
Vunani Capital (Proprietary) Limited 121 120
Relationship: Shareholder
Type of transaction: Designated advisors` fees
Hunts Attorneys 2,391 1,980
Relationship: Director with an interest in a legal
practice - R S Katz
Type of transaction: Disbursements for advocates` fees
paid
14. Adjustments to the notes to the group financial statements at 31 December
2010
Balance at Adjustment Balance at
31 R`000 31 December
December 2010 after
2010 Adjustment
R`000 R`000
Note 24: Financial instruments
Trade and other receivables 270,791 (16,253) 254,538
Trade and other payables 46,416 (26,177) 20,239
The directors have re-considered the categorisation of certain financial
instruments and have made the necessary adjustments to the 2010 figures
Note 6: Trade and other receivables
Impairment provisions
The movement in impairment provisions has been corrected
The adjustments to the notes at 31 December 2010 has no effect on the results,
earnings per share nor the statement of financial position for the year ended
31 December 2010
15. Contingent liabilities
Third party claims
Various legal claims were brought against the group during the year. Unless
recognised as a liability, the directors consider these claims to be
unjustified and the probability that they will require settlement at the
group`s expense to be remote, since the claims are not in accordance with
either the contracts with the customers or normal business practices in the
industry. This evaluation is consistent with external independent legal
advice.
Potential claims by third parties amount to R 1 739 248 (2010: R 826 157). The
directors believe, based on past history, that the likelihood of such claims
being successful are minimal.
16. Directors` Commentary
Operational and Financial Review
The year under review produced favourable operating and financial results
which are in line with management`s growth and profitability expectations.
Group revenue of R1.348 Billion (FY2010: R1.153 Billion) increased with 17%
compared to the prior year and earnings per share of 10.4 cents (FY2010: 6.8
cents) increased with 53% compared to last year. Operating costs increased by
11%, primarily as a result of continued investment in people in order to
strengthen sales and operational capability. EBITDA increased to R41 million
(FY2010: R35.9 million), representing a 14% increase compared to the prior
year.
Cash management remains a core management focus. Average group debtors` days
for the second half of the year improved from 55 days in 2010 to 53 in 2011
(excluding financial and lending products). Closing days` sales outstanding
were marginally higher at 58 days, primarily as a result of some debtors
taking extended terms over the December period. Management have identified
numerous initiatives to further reduce debtors days including both process and
system enhancements which will be implemented in 2012. The group`s balance
sheet remained strong with a debt/equity ratio of 0.9 and current ratio of
1.56. Further improvements in the group`s balance sheet are envisaged by the
directors as a result of the continued focus on cash generation and
sustainable growth.
Staff Outsourcing
The staff outsourcing segment showed strong revenue and market share growth
specifically within the Gauteng and Northern regions, where broader regional
decentralised management structures, implemented in 2009, started to gain
traction and yield positive results. Continued focus on strengthening sales
and operational management supported by the implementation of enhanced
processes and systems, resulted in growth in our share of existing client
spend and entry into new markets. Substantial inroads have also been made in
the retail, wholesale and logistics sectors.
Workforce Staffing opened a total of five new branches bringing our national
footprint within the industrial segment to 46 branches. In addition to this,
offices have been opened in Mozambique, specifically in Maputo and Tete on the
back of orders received from within these territories. Plans are currently
under way to further extend this footprint into neighbouring African states.
More specifically Botswana, Angola and Zimbabwe.
The staff outsourcing businesses grew revenue by 17% to R1,096 billion, with
the major contribution to this coming from the Gauteng region which
contributed growth of 33%. The Kwa-Zulu Natal region continued to show strong
sustainable growth, whilst the Cape region battled with the loss of larger
contracts resulting in lower than expected returns. During 2012 these
divisions will continue to tackle the market aggressively while at the same
time focusing on achieving operational cost efficiencies.
Recruitment and specialist staffing
Sourcing, engaging and retaining skills remain the single most important
challenge for employers today. In this regard the group has multiple entry
points for our clients to engage with us through our niche specialist
recruitment businesses. Our focus on developing these niche businesses through
the provision of scarce skills continues. Technical, financial, senior
management, artisan categories, office support, nurses and care-givers are
serviced through our brands, Only the Best, Fempower, Albrecht Nursing,
Accotech and Teleresources. Each of these businesses` experienced increased
order books and resultant conversion ratios. The divisions in this segment are
well positioned within their respective markets and further growth is
expected. Cross-selling initiatives across brands will also serve as a major
focus area in order to capture a greater portion of existing client`s spend
accross categories. For the year under review, this segment`s revenue
increased by 22.5% to R166 million (FY2010: R136 million), resulting in
increases in EBITDA of 20.7% to R6.8 million (FY2010: R5.6 million).
Financial and Lifestyle products
The group`s wholly-owned subsidiary Babereki Employee Support Services and its
trading division Dreams Direct, provide a range of lifestyle products and
support services to employees. The provision of lifestyle benefits to
employees is increasingly being sought by employers to engender staff loyalty,
committment and motivation. Babereki has become an important contributor to
the group`s earnings and it is envisaged that this business will become a
major focus area for growth. Products and services include financial loans -
focusing on cash `till payday, study loans and debt consolidation. In
addition, lifestyle products are provided specific to employee requirement and
credit profile. The business is reliant on extensive system integration and
development and 2011 saw the initial roll-out of our 2nd generation systems,
streamlining contract origination, administration and collection processes. A
total of 5391 contracts were originated during 2011, an increase of 56% on the
previous year. Advances increased to R65 million, compared to R29 million in
the previous period. External sales of loans through secured employer bases
outside of the Group, amounted to an additional R4.6 million. Babereki`s
contribution to Group EBITDA increased by 66% to R18,5 million (FY2010: R11.19
million).
Human Resource Support Services
The Human Resources Support Services cluster of business performed well
displaying a material turnaround in EBITDA R1.9 million profit (2010: R 3.9
million loss) which represents a R 5.8 million turnaround from the previous
year.
The macro economic challenges of skills development, training and job creation
are central to the government`s goals. Businesses are the conduit for
achieving targets in these areas and require specialist assistance in order to
deliver on them.
The group`s Training Force division positioned itself to capitalise on these
opportunities by linking its training interventions to industry needs. The
scope of Training Force`s courses are nationally recognised qualifications.
Training Force is a registered FET (private further education and training)
provider, its courses are aligned with SAQA (South African Qualifications
Authority) standards and it is accredited with various SETA`s. Its service
capability includes technical trades across industries, soft skills,
assessments, apprenticeships, skills planning and analysis and learnership
management. These services are provided through a network of nine training
centres throughout South Africa, in addition to a newly established training
centre in Mozambique. Training contracts have also been concluded in Swaziland
and Zambia and more recently in Saudi Arabia and the United Arab Emirates.
Substantial progress has been made with the roll-out of learnerships both
internally within the Workforce group and externally to clients. The net
effect of the learnership roll-out programme has impacted positively on our
tax line with an effective tax rate of 7.41%. The group is well positioned to
scale up the roll-out of this value proposition and expects further traction
in this area in 2012.
As an accredited training provider with extensive project management
experience and expertise, Training Force is well positioned to deliver on many
job creation projects currently being implemented nationally to achieve
Government`s Growth Path targets.
Additional consulting services have been included to the value-proposition
offered by the group in order to assist employers with pending legislative
changes in the areas of labour legislation, industrial relations, human
resources administration and B-BBEE scorecard compliance and optimization. The
directors believe this segment will realise positive results in the next
reporting period.
Workforce Healthcare continued to make in-roads in the employee wellness
market. Organisations are becoming more sensitized to the importance of
workplace wellness and the impact that early identification and management of
risk has on increasing productivity, reducing absenteeism and positively
influencing the overall wellbeing of their employees when managed correctly.
Employee wellness and assistance programmes are currently provided to
approximately 25 000 employees nationally. In addition this division provides
employers with a comprehensive range of occupational and primary health
management services and conducted 51 200 medicals during 2011 through its
network of 42 on-site clinics and 7 mobile clinics.
Workforce Healthcare continued to make in-roads in the employee wellness
market. Organisations are becoming more sensitized to the importance of
workplace wellness and the impact that early identification and management of
risk has on increasing productivity, reducing absenteeism and positively
influencing the overall wellbeing of their employees when managed correctly.
Employee wellness and assistance programmes are currently provided to
approximately 25 000 employees nationally. In addition to this, this division
also provides employers with a comprehensive range of occupational and primary
health management services and conducted 51 200 medicals during 2011 through
its network of 42 on-site clinics and 7 mobile clinics.
Workforce Superdata, the group`s automated time and attendance and data
collection division focused on stabilising its software, and at the same time
acquired numerous national contracts. The business is now in a position to
actively market its services to the external market. Other notable progress in
this segment of the group`s businesses was made by Programmed Construction,
the group`s turnkey project specialists. The directors envisage that this
division will show steady growth during 2012 as the business matures and
further entrenches itself in the delivery of transmissions services for the
tele-communications sector and turnkey project solutions for the civil and
construction industry.
Prospects
The Group will continue to aggressively protect and grow its core businesses
and simultaneously explore horizontal diversification opportunities. While at
the face of it, the labour market appears stagnant coupled with legislative
uncertainty, the group has managed to grow its share of the market. This we
believe is as a result of an increasing need for flexibility of input costs by
our clients and a focus on achieving productivity gains in highly competitive
markets. The increasingly complex nature of the labour environment favours a
group such as Workforce, which has over the past 40 years developed the
operational and technical know-how to assist clients in this ever-changing
multi-faceted environment.
Annual General Meeting
The company`s annual general meeting will be held at 11 Wellington Road,
Parktown, Johannesburg on Thursday, 17 May 2012 at 10:00
For and on behalf of the board
RS Katz LH Diamond WP van Wyk
(Chairman) (Chief Executive Officer) (Group Financial Director)
Johannesburg
26 March 2012
Executive directors
RS Katz, LH Diamond, WP van Wyk
Non-executive directors
NM Anderson, JR Macey, L Letlape, K Vundla
Designated adviser
Vunani Corporate Finance
Company secretary
Sirkien Van Schalkwyk
Registered office
The registered office, which is also its principal place of business, is 11
Wellington Road, Parktown, 2193
Transfer secretaries
Link Market Services South Africa (Proprietary) Limited
19 Ameshoff Street, Braamfontein, 2001
Date: 26/03/2012 11:25:01 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.
Sharenet Sites 
