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PPC - Pretoria Portland Cement Company Limited - Reviewed interim results for

Release Date: 17/05/2012 07:07
Code(s): PPC
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PPC - Pretoria Portland Cement Company Limited - Reviewed interim results for the half-year ended 31 March 2012 Pretoria Portland Cement Company Limited (Incorporated in the Republic of South Africa) (Company registration number: 1892/000667/06) JSE code: PPC JSE ISIN: ZAE000125886 ZSE code: PPC ZSE ISIN: ZWE000096475 Reviewed interim results for the half-year ended 31 March 2012 - GROWING DEMAND IN MOST SOUTH AFRICAN REGIONS - GOOD CASH GENERATION - HEADLINE EARNINGS INCREASED BY 8% - INTERIM DIVIDEND INCREASED BY 9% TO 38 CENTS PER SHARE Paul Stuiver, CEO, said: "Our results improved despite being tempered by weak demand in the Western Cape and Botswana and fierce competition on cement prices in all our regions. Administered price increases on electricity and fuel made cost containment difficult. We have made significant progress on African projects but are not yet at a stage where we can disclose details. Overall, cement demand in southern Africa has turned positive and we expect this to continue as the building and construction industries recover." Commentary Cement sales volumes declined 3%, for the period under review, mainly as a result of weak demand in the Western Cape and Botswana markets. Group revenue increased by 8% to R3 529 million (2011: R3 257 million) as a result of favourable pricing on cement and lime products. Costs of sales of R2 347 million were 11% higher than in 2011. The group continues to be significantly impacted by higher energy costs with electricity prices increasing by 30% and diesel prices by 30% compared to last year. These administered price increases were partially offset by successful coal price negotiations and a decrease in salary costs following our staff reduction programmes during 2011. Administration and other operating expenditure increased by 3% to R324 million (2011: R314 million). While there was benefit from the staff reduction programme at our head office during 2011, a 40% appreciation in our share price resulted in additional IFRS 2 charges to the company`s long-term retention schemes and we incurred additional expenditure on our African expansion and other projects. EBITDA increased by 5% to R1 093 million (2011: R1 037 million) and operating profit by 4% to R858 million (2011: R823 million). Our inability to fully recover input cost inflation reduced the group`s EBITDA margin to 31% from 32% achieved during the corresponding period in 2011 and the group`s operating margin to 24% (2011: 25%). These margins however improved from those achieved during the latter part of 2011. Tax of R281 million was in line with the comparable period during 2011 and the group`s effective tax rate improved to 41% (2011: 43%). Included in tax is an STC charge of R53 million, accounting for 8 percentage points of the effective tax rate, that will be eliminated next year following recent changes to tax legislation. Headline earnings per share ended 8% higher at 77.6 cents per share (2011: 71.8 cents per share). The company`s dividend policy is an annual dividend cover of between 1.2 and 1.5 times. The directors have declared an interim dividend of 38 cents per share (2011: 35 cents per share). The group continued to generate strong cash flow with cash generated from operations of R889 million (2011: R897 million) and a conversion from EBITDA to operating cash flow of 81% (2011: 86%). Capital investment during the period amounted to R277 million (2011: R231 million) and the group`s net debt position remains conservative at R3 731 million (2011: R3 759 million). Cement PPC`s South African cement sales volumes lagged increases reported by the overall cement industry over the same period. This was partly due to a continuing decline in cement demand in the Western Cape region and partly due to market share losses in inland regions where competitor pricing was particularly fierce. Volumes in the Eastern Cape which were a concern last year, improved significantly during the reporting period on the back of new infrastructure projects. Although our average cement selling prices increased by 6% compared to the same period last year, margins remained under pressure as selling price increases were inadequate to recover rising input costs. PPC Zimbabwe`s domestic sales continued to increase due to growing demand in the country. A strong performance during the first four months of the financial year was eroded by a major transformer failure during February and March that necessitated clinker imports from South Africa at considerable expense. The Zimbabwean operation has also been experiencing similar energy price pressures as in South Africa. PPC cement sales in Botswana declined significantly compared to last year, mainly as a result of a substantial reduction in government expenditure on infrastructure projects but also due to the impact of a prolonged civil service strike and increased competitor activity. Exports to Mozambique were also impacted by increased competition, largely due to cement originating out of Asia being imported into the Mozambique market. The modernisation of our Western Cape factories is progressing well. Following the R280 million upgrade we expect to re-commission De Hoek Kiln 6 during June 2012. Initial feedback from the authorities has also been received on the EIA report for the Riebeeck Kiln upgrade and we are addressing the items raised. Lime and aggregates Lime volume increased 6% following higher demand from the local steel and alloys industries and increased exports to Zambia and the DRC. This, together with increased selling prices and good cost control, resulted in operating profit increasing to R95 million (2011: R61 million). The aggregates division experienced growth in sales volumes in South Africa and Botswana but pricing remained very competitive. The integration of Quarries of Botswana, acquired in October 2011, was completed during the period and we expect a normalised contribution going forward. This acquisition resulted in increased aggregate sales volumes in Botswana despite challenging trading conditions. Board changes As a representative of the PPC consortium of strategic black partners, Mr Sydney Mhlarhi was appointed to the board on 1 March 2012 as a non-executive director and as a member of the deal and remuneration committees. Mr Mhlarhi replaces Mr Jerry Vilakazi whose three year term as a representative of the PPC consortium of strategic black partners ended on 1 March 2012. The nominations committee of the board is currently engaged in the process of finding a successor for the current CEO, Mr Paul Stuiver, who has agreed to continue in his current role until 31 December 2012. Prospects In-line with our strategy to increase revenue from the rest of the African continent, we have made significant progress on some projects. The acquisition of Pronto Holdings that was approved by the Competition Commission is being finalised. Due to the timing and structure of the transaction it will make a modest contribution to results during the remainder of the financial year. We expect the positive trend in South African cement demand to continue in the near to medium term. The South African government`s continued commitment to increase infrastructure spend and their initiatives to unlock delivery constraints, are encouraging. Having complied with the Department of Mineral Resources 2009 empowerment requirements, PPC is currently in discussions to meet the 2014 HDSA ownership requirements in order to secure its mining rights. PPC will communicate with shareholders as soon as key terms have been finalised. Cement demand in Zimbabwe continues to grow and our operations there should make an improved contribution to the group in the second half. We have made good progress towards finalisation of our indigenisation plan. On behalf of the board BL Sibiya P Stuiver Chairman Chief executive officer 17 May 2012 Dividend announcement Notice is hereby given that an interim ordinary gross dividend of 38 cents per share has been declared payable to ordinary shareholders in respect of the six months ended 31 March 2012. This dividend will be paid out of profits as determined by the directors. In terms of the dividends tax, effective 1 April 2012, the following additional information is disclosed: - the dividend will be subject to a local dividend tax rate of 15% - no STC credits have been utilised in this declaration and accordingly the dividend to utilise in determining the dividends tax is 38 cents per share - the dividends tax to be withheld by the company amounts to 5.7 cents per share where no exemption is applicable - the net dividend payable to shareholders who are not exempt from dividends tax amounts to 32.3 cents per share - the issued share capital of the company at the declaration date comprises of 586 170 372 shares - the company`s income tax number is 9460015606 The important dates pertaining to this dividend for shareholders trading on the JSE Limited are as follows: Declaration date Thursday, 17 May 2012 Last day to trade Friday, 1 June 2012 Shares trade Ex dividend Monday, 4 June 2012 Record date Friday, 8 June 2012 Payment date Monday, 11 June 2012 Share certificates may not be dematerialised or rematerialised between Monday, 4 June 2012 and Friday, 8 June 2012, both dates inclusive. Transfers between the South African and Zimbabwean registers may not take place between Monday, 4 June and Friday, 8 June 2012. Zimbabwe The important dates pertaining to this dividend for shareholders trading on the Zimbabwe Stock Exchange are as follows: Shares trade Ex dividend Monday, 4 June 2012 Record date Friday, 8 June 2012 Payment date, on or shortly after Monday, 11 June 2012 The register of members in Zimbabwe will be closed from Monday, 4 June 2012 to Friday, 8 June 2012, both days inclusive, for the purpose of determining those shareholders to whom the dividend will be paid. The dividend payable to shareholders registered in Zimbabwe will be paid in South African rand. By order of the board JHDLR Snyman 17 May 2012 Group company secretary Sandton Consolidated income statement Six months ended Year ended
31 March 31 March 30 Sept 2012 2011 2011 Reviewed Unaudited % Audited Rm Rm Change Rm
Revenue 3 529 3 257 8 6 826 Cost of sales 2 347 2 120 (11) 4 500 Gross profit 1 182 1 137 4 2 326 Administration and other 324 314 (3) 627 operating expenditure Operating profit 858 823 4 1 699 Finance costs 186 184 (1) 353 Investment income 14 14 28 Profit before exceptional 686 653 5 1 374 items Exceptional items - - (4) Share of associates` 2 7 15 retained profit Profit before taxation 688 660 4 1 385 Taxation 281 282 520 Profit for the period 407 378 8 865 Attributable to
:
Ordinary shareholders 369 343 8 785 Other shareholders 38 35 8 80 407 378 8 865
Earnings per share (cents) - basic 77,6 71,8 8 164,4 - diluted 76,7 71,3 8 163,3 Consolidated statement of comprehensive income Profit for the period 407 378 865 Other comprehensive (28) 6 97 income, net of taxation Effect of translation of (43) (15) 95 foreign operations Effect of cash flow hedges 14 21 (1) Revaluation of available- - - 4 for-sale financial investments Taxation on other 1 - (1) comprehensive income Total comprehensive income 379 384 962
Profit for the period is apportioned between ordinary and other shareholders based on the number of shares held by each category of shareholders as a ratio of total shares issued (Refer note 5). Consolidated statement of financial position 31 March 31 March 30 Sept 2012 2011 2011 Reviewed Unaudited Audited
Rm Rm Rm ASSETS Non-current assets 4 655 4 482 4 585 Property, plant and equipment 4 318 4 182 4 287 Intangible assets 129 96 94 Non-current financial assets 117 117 115 Investments in associates 91 87 89 Current assets 1 819 1 787 1 834 Inventories 802 660 709 Trade and other receivables 896 867 901 Cash and cash equivalents 121 260 224 Total assets 6 474 6 269 6 419 EQUITY AND LIABILITIES Capital and reserves Share capital and premium (1 180) (1 091) (1 091) Other reserves 147 62 125 Retained profit 1 784 1 581 1 921 Total equity 751 552 955 Non-current liabilities 3 853 3 670 3 837 Deferred taxation liabilities 754 635 740 Long-term borrowings 2 686 2 641 2 699 Provisions and other non-current 413 394 398 liabilities Current liabilities 1 870 2 047 1 627 Short-term borrowings 1 166 1 378 811 Trade and other payables and 704 669 816 provisions Total equity and liabilities 6 474 6 269 6 419 Net asset value per share (cents) 144 105 181 Condensed consolidated statement of changes in equity Six months ended Year ended 31 March 31 March 30 Sept
2012 2011 2011 Reviewed Unaudited Audited Rm Rm Rm Total equity Balance at beginning of the 955 858 858 period Total comprehensive income 379 384 962 Purchase of treasury shares in (89) - - terms of the FSP share scheme* Dividends paid (505) (695) (876) IFRS 2 charges 11 5 11 Balance at end of the period 751 552 955 *Refer note 5. Condensed consolidated statement of cash flows Six months ended Year ended 31 March 31 March 30 Sept
2012 2011 2011 Reviewed Unaudited Audited Rm Rm Rm Cash flow from operating activities Operating cash flows before 1 091 1 054 2 127 movements in working capital Net increase in working capital (202) (157) (25) Cash generated from operations 889 897 2 102 Net finance costs paid (105) (109) (226) Taxation paid (261) (284) (441) Cash available from operations 523 504 1 435 Dividends paid (505) (695) (876) Net cash inflow/(outflow) from 18 (191) 559 operating activities Acquisition of property, plant (277) (231) (483) and equipment and other movements Purchase of shares in terms of (89) - - the FSP share scheme (refer note 5) Acquisition of quarries in (42) - - Botswana (refer note 8) Other investing movements - - (21) Net cash outflow from investing (408) (231) (504) activities Net cash inflow/(outflow) from 287 442 (71) financing activities Net (decrease)/increase in cash (103) 20 (16) and cash equivalents Cash and cash equivalents at 224 240 240 beginning of the period Cash and cash equivalents at end 121 260 224 of the period Cash earnings per share (cents)* 100 96 272 *Cash earnings per share is calculated using cash available from operations divided by the weighted average number of shares in issue for the period. Notes to the reviewed half-year results 1. Basis of preparation The condensed interim financial report has been prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (in particular International Accounting Standard 34 Interim Financial Reporting), the AC 500 standards as issued by the Accounting Practices Board, the JSE Limited`s listing requirements and the requirements of the South African Companies Act, 2008, as amended. This report was compiled under the supervision of the chief financial officer, MMT Ramano. The accounting policies and methods of computation used are consistent with those applied in the preparation of the annual financial statements for the year ended 30 September 2011, except for the following revised accounting standards and interpretations that were adopted during the period, and which did not have an impact on the reported results: IFRS 7 Financial Instruments: Disclosures (Clarification of disclosures) IFRS 7 (amendment) Financial Instruments: Disclosures about transfers of financial assets
IAS 1 Presentation of Financial Statements (Clarification of statement of changes in equity) IAS 19 (amendment) The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interactions IAS 24 Related Parties Disclosures (Revised definition of related parties)
IAS 34 (amendment) Interim Financial Reporting (Significant events and transactions) IFRIC 13 (amendment) Customer Loyalty Programmes (Fair value of award credit) IASB Improvements to IFRS 2010
The condensed interim financial information for the period ended 31 March 2012 has been reviewed by the group`s auditors, Deloitte & Touche. The review was conducted in accordance with International Standard on Review Engagement 2410 `Review of Interim Financial Information performed by the Independent Auditor of the Entity`. A copy of their unmodified review report is available for inspection at the company`s registered office. Any reference to future financial performance included in this announcement, has not been reviewed or reported on by the group`s auditors. 31 March 31 March 30 Sept 2012 2011 2011
Reviewed Unaudited Audited Rm Rm Rm 2. Profit before taxation Included in profit before taxation are: Amortisation of intangible 11 9 19 assets Depreciation 219 200 417 IFRS 2 charges: - BBBEE IFRS 2 charges 5 5 11 - FSP IFRS 2 charges 6 - - Impairment losses on financial - - (4) assets Restructuring costs - 13 31 3. Finance costs Bank and other borrowings 24 29 55 Long-term loans 83 82 166 BBBEE funding transaction 62 58 118 - dividends on redeemable 29 29 57 preference shares - long-term borrowings 33 29 61 Finance lease interest 2 2 5 Fair value losses/(gains) on 5 4 (9) financial instruments Unwinding of discount on 11 9 18 rehabilitation provisions 187 184 353 Capitalised to plant and (1) - - equipment 186 184 353 4. Earnings per share and headline earnings per share Earnings per share (cents) - basic 77,6 71,8 164,4 - diluted 76,7 71,3 163,3 Headline earnings per share (cents) - basic 77,6 71,8 164,8 - diluted 76,7 71,3 163,8 Determination of headline earnings per share (cents) Earnings per share 77,6 71,8 164,4 Adjusted for: - Impairment losses on financial - - 0,7 assets - Profit on disposal of - - (0,3) property, plant and equipment and intangible assets Headline earnings per share 77,6 71,8 164,8 (cents) Headline earnings attributable to ordinary shareholders (Rm) Profit for the period 369 343 785 attributable to ordinary shareholders Impairment losses on financial - - 4 assets Profit on disposal of property, - - (1) plant and equipment and intangible assets Headline earnings attributable 369 343 788 to ordinary shareholders (Rm) 5. Share capital and premium Number of shares and weighted Shares Shares Shares average number of shares (000) (000) (000) Number of shares Total shares in issue 586 170 586 170 586 170 Less: Treasury shares owned by (20 140) (20 140) (20 140) wholly-owned group subsidiary company Less: Shares held by (37 991) (37 991) (37 991) consolidated BBBEE trusts and funding SPVs treated as treasury shares* Less: Shares held by (1 285) (1 285) (1 285) consolidated Porthold Trust (Private) Limited treated as treasury shares@ Less: Shares purchased in terms (3 080) - - of the FSP share incentive scheme treated as treasury shares# Total shares in issue (net of 523 674 526 754 526 754 treasury shares) - Ordinary 475 116 478 196 478 196 - Other 48 558 48 558 48 558 Weighted average number of shares - Used for earnings and headline 476 914 478 196 478 196 earnings per share - Used for dilutive earnings and 482 371 481 090 481 269 headline earning per share - Used for cash earnings per 523 674 526 754 526 754 share Rm Rm Rm
Issued share capital Balance at beginning of the 53 53 53 period Shares purchased in terms of the - - - FSP share incentive scheme treated as treasury shares# Balance at end of the period 53 53 53 Share premium Balance at beginning of the (1 144) (1 144) (1 144) period Shares purchased in terms of the (89) - - FSP share incentive scheme treated as treasury shares# Balance at end of the period (1 233) (1 144) (1 144) Total issued share capital and (1 180) (1 091) (1 091) premium * In terms of IFRS SIC Interpretation 12 (Consolidation - Special Purpose Entities), certain of the BBBEE trusts and trust funding SPVs are consolidated, and as a result, shares owned by these entities are carried as treasury shares on consolidation. @ Shares owned by a Zimbabwean employee trust company treated as treasury shares in terms of SIC Interpretation 12. # In 2011 and 2012, shareholders approved the forfeitable share plan (FSP) to retain and incentivise employees of PPC. During the period, the company acquired 3 079 853 shares on the open market and these shares are carried as treasury shares. For further details on the scheme, refer to the PPC 2011 integrated report. 6. Dividend per share(cents) - final - - 95 - interim 38 35 35 38 35 130 7. Borrowings - Long-term loan* 1 517 1 517 1 517 - Finance lease 14 28 14 liability@ - Preference shares 110 122 126 1 641 1 667 1 657 BBBEE funding 1 045 974 1 042 transaction

- Preference shares 473 446 494 - Long-term loan 572 528 548 Long-term borrowings 2 686 2 641 2 699 Short-term borrowings and 1 166 1 378 811 short-term portion of long-term borrowings Total borrowings 3 852 4 019 3 510 *Comprises a bullet loan, bearing interest at a fixed rate of 10,86% p.a., and is repayable in December 2016, with interest payable semi-annually. @Bears interest at a fixed rate of 13,1% with interest and capital repayable annually with the last payment payable in April 2013. Redeemable preference shares bearing semi-annual dividends, with variable interest rates linked to prime and fixed rates between 8,93% to 9,37% p.a. and compulsory annual redemptions from January 2012 to December 2016.
Redeemable preference shares bearing semi-annual dividends, with variable interest rates linked to prime and fixed rates of 9,54% p.a. with compulsory annual redemptions from January 2012 to December 2016, and loans bearing interest, after giving effect to fixed-for-variable interest rates swaps, at a rate of 11,36% p.a., with interest and capital repayable on December 2013. In terms of IFRS, these long-term borrowings have been consolidated as Pretoria Portland Cement Company Limited has provided guarantees for funding that had an outstanding balance of R1 015 million as at 31 March 2012 (March 2011: R961 million and September 2011: R999 million). The company`s borrowing powers are not restricted. 8. Quarry acquisition in Botswana
In October 2011 all conditions precedent with regards to the transaction to acquire three quarries in Botswana were met. The transaction value amounted to R52 million of which R42 million was paid during the period under review. The purchase consideration outstanding is payable in equal instalments on the first and second anniversaries of the transaction. The purchase price is allocated as follows: Property, plant and 26 - - equipment Intangible assets 28 - - Current assets 5 - - Long-term provisions and (7) - - deferred taxation Total consideration 52 - - Consideration paid during 42 - - the period Consideration payable 10 - - Impact of the transaction on the results for the six months ended March 2012: Revenue 9 - - Operating loss (3) - - Loss attributable to (4) - - shareholder Impact on EPS and HEPS (1) - - (cents per share) 9. Commitments - Contracted capital 180 183 275 commitments - Approved capital 307 521 364 commitments Capital commitments* 487 704 639 Operating lease 17 24 17 commitments 504 728 656
*Excludes the following: During March 2012, PPC`s acquisition of Pronto Holdings (Pty) Limited (Pronto) was unconditionally approved by the Competition Commission. The purchase consideration will be calculated as 5,6 times Pronto`s EBITDA less net debt. A first tranche of 25% will be paid at initiation, a second tranche of 25% after one year and the remaining 50% at the conclusion of the second year. Based on Pronto`s unaudited results, the initial tranche will be approximately R70 million. During October 2011, the company made a US$44 million conditional offer for a 58% stake in Cimenterie Nationale, a cement producer in the Democratic Republic of Congo. At the date of this report, the company awaits the outcome of its bid.
Commitments for capital expenditure are stated in current values which, together with expected price escalations, will be financed from surplus cash generated from operations and borrowing facilities available to the group. The company`s capacity upgrades in the Western Cape are expected to approximate R3 billion and will take place, with expenditure for phases two and three to be incurred over a six-year period. These two phases are still in the feasibility stage and yet to be formally approved by the board. 10. Segment analysis The group discloses its segments according to the business units which are managed by the group executive committee. These segments comprise cement, lime, aggregates and BBBEE. Revenue Cement 2 975 2 795 5 814 Lime 433 362 772 Aggregates 138 118 271 3 546 3 275 6 857 Less: Inter-segment (17) (18) (31) revenue Total revenue 3 529 3 257 6 826 - South Africa 2 847 2 615 5 633 - Other Africa 682 642 1 193 EBITDA Cement 965 946 1 942 Lime 113 77 154 Aggregates 18 18 56 BBBEE trust and trust (3) (4) (6) funding SPVs EBITDA 1 093 1 037 2 146 Operating profit Cement 758 755 1 541 Lime 95 61 121 Aggregates 8 11 43 BBBEE trust and trust (3) (4) (6) funding SPVs Operating profit 858 823 1 699 Assets Cement 5 722 5 678 5 768 Lime 478 429 440 Aggregates 272 160 210 BBBEE trust and trust 2 2 1 funding SPVs Total assets 6 474 6 269 6 419 11. Events after the reporting date There are no events that occurred after the reporting date that had a material impact on the reported financial position at 31 March 2012. Directors BL Sibiya (Chairman), P Stuiver (Chief executive officer), S Abdul Kader, P Esterhuysen, SG Helepi, ZJ Kganyago, AJ Lamprecht, NB Langa-Royds, MP Malungani, S Mhlarhi, B Modise, MMT Ramano, TDA Ross, J Shibambo Dutch Registered office 180 Katherine Street, Sandton, South Africa (PO Box 787416, Sandton, 2146, South Africa) Transfer secretaries Link Market Services SA (Pty) Limited11 Diagonal Street, Johannesburg, South Africa (PO Box 4844, Johannesburg, 2000, South Africa) Transfer secretaries: Zimbabwe Corpserve (Private) Limited4th Floor, Intermarket Centre, Corner First Street/Kwame Nkrumah Avenue, Harare, Zimbabwe (PO Box 2208, Harare, Zimbabwe) Sponsor: Merrill Lynch South Africa (Pty) Ltd These results and other information is available on the PPC website: www.ppc.co.za Disclaimer This document including, without limitation, those statements concerning the demand outlook, PPC`s expansion projects and its capital resources and expenditure, contain certain forward-looking views. By their nature, forward- looking statements involve risk and uncertainty and although PPC believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward- looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government action and business and operational risk management. While PPC takes reasonable care to ensure the accuracy of the information presented, PPC accepts no responsibility for any consequential, indirect, special or incidental damages, whether foreseeable or unforeseeable, based on claims arising out of misrepresentation or negligence arising in connection with a forward-looking statement. This document is not intended to contain any profit forecasts or profit estimates. Date: 17/05/2012 07:07:33 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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