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Abridged Group audited results for the year ended 30 June 2012 and cash dividend declaration
RAINBOW CHICKEN LIMITED
("RCL" or "Group")
Registration number: 1966/004972/06
JSE share code: RBW
ISIN: ZAE000019063
ABRIDGED GROUP AUDITED RESULTS
FOR THE YEAR ENDED 30 JUNE 2012 AND CASH DIVIDEND DECLARATION
SALIENT FEATURES (Compared to the 15 and 12-month periods ended 30 June 2011)
15 months 12 months
REVENUE down 8,9% up 12,8%
HEADLINE EBITDA down 20,1% up 2,3%
HEADLINE EARNINGS PER SHARE down 31,7% down 11,4%
TOTAL DIVIDEND 60,0 CENTS PER SHARE
CONSOLIDATED BALANCE SHEET
30 June 30 June
R'000 2012 2011
ASSETS
Non-current assets
Property, plant and equipment 1 824 072 1 600 008
Intangible assets 29 874
Goodwill 287 444 287 444
2 141 390 1 887 452
Current assets
Inventories 873 040 664 804
Biological assets 476 427 445 226
Trade and other receivables 1 347 671 1 259 552
Derivative financial instruments 20 811
Tax receivable 31 160 41 773
Cash and cash equivalents 305 792 469 496
3 054 901 2 880 851
Total assets 5 196 291 4 768 303
EQUITY
Capital and reserves 2 906 359 2 856 333
LIABILITIES
Non-current liabilities
Interest-bearing debt long-term 65 642
Deferred income tax liabilities 432 655 372 198
Post-retirement medical obligation 108 587 102 162
606 884 474 360
Current liabilities
Trade and other payables 1 648 147 1 433 243
Interest-bearing debt short-term 33 243
Derivative financial instruments 3 3 469
Current income tax liabilities 1 655 898
1 683 048 1 437 610
Total liabilities 2 289 932 1 911 970
Total equity and liabilities 5 196 291 4 768 303
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
12 months 15 months
30 June 30 June
R'000 2012 2011
Revenue 7 855 142 8 621 389
Operating profit before depreciation
and amortisation 614 510 762 617
Depreciation and amortisation (200 286) (210 340)
Operating profit 414 224 552 277
Finance costs (11 358) (1 808)
Finance income 7 370 21 520
Profit before tax 410 236 571 989
Income tax expense (143 469) (188 139)
Profit for the year 266 767 383 850
Total comprehensive income for the year 266 767 383 850
Basic earnings per share (cents) 90,6 131,0
Basic earnings per share diluted (cents) 90,4 130,1
HEADLINE EARNINGS
12 months 15 months
30 June 30 June
R'000 2012 2011
Total comprehensive income for the year 266 767 383 850
Loss on disposal of property, plant
and equipment 307 4 920
Headline earnings 267 074 388 770
Headline earnings per share (cents) 90,7 132,7
Headline earnings per share diluted (cents) 90,5 131,8
CONSOLIDATED CASH FLOW INFORMATION (R'000)
Operating profit 414 224 552 277
Non-cash items 207 564 238 845
Operating profit before working capital
requirements 621 788 791 122
Working capital requirements (115 419) (147 791)
Cash generated by operations 506 369 643 331
Net finance (cost)/income (3 988) 19 712
Tax paid (71 642) (170 448)
Cash available from operating activities 430 739 492 595
Dividends paid (247 246) (222 540)
Cash outflows from investing activities (454 651) (352 253)
Cash inflows from financing activities 107 454 12 627
Net movement in cash and cash equivalents (163 704) (69 571)
Cash and cash equivalents at the beginning
of the year 469 496 539 067
Cash and cash equivalents at the end
of the year 305 792 469 496
SUPPLEMENTARY INFORMATION (R'000)
Capital expenditure contracted and committed 186 831 79 694
Capital expenditure approved but not contracted 73 703 116 858
Contingencies 28 433 24 424
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Share-based Retained
R'000 capital payments earnings Total
Balance at 1 April 2010 1 177 057 116 574 1 366 551 2 660 182
Total comprehensive income
for the year 383 850 383 850
Ordinary dividends paid (222 540) (222 540)
BEE share-based payments charge 4 260 4 260
Employee share option scheme:
Proceeds from shares issued 12 627 12 627
Value of employee services 17 954 17 954
Balance at 1 July 2011 1 189 684 138 788 1 527 861 2 856 333
Total comprehensive income
for the year 266 767 266 767
Ordinary dividends paid (247 246) (247 246)
BEE share-based payments charge 3 383 3 383
Employee share option scheme:
Proceeds from shares issued 8 569 8 569
Value of employee services 18 553 18 553
Balance at 30 June 2012 1 198 253 160 724 1 547 382 2 906 359
SEGMENTAL ANALYSIS
12 months 15 months
30 June 30 June
R'000 2012 2011
Revenue 7 855 142 8 621 389
Rainbow 7 196 632 7 903 823
Vector 1 339 580 1 467 941
Sales between segments:
Vector to Rainbow (681 070) (750 375)
Operating profit:
Rainbow 245 487 343 048
Vector 168 737 209 229
Operating profit 414 224 552 277
Finance costs (11 358) (1 808)
Finance income 7 370 21 520
Profit before tax 410 236 571 989
STATISTICS
Ordinary shares in issue (000's) 294 992 293 926
Weighted average ordinary shares in issue (000's) 294 389 293 075
Diluted weighted average ordinary
shares in issue (000's) 295 072 295 018
Net asset value per share (cents) 985,2 971,8
Ordinary dividends per share:
Interim dividend paid (cents) 28,0 28,0
Final dividend declared/paid (cents) 32,0 56,0
Total dividends (cents) 60,0 84,0
BASIS OF PREPARATION
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS), and the information
required by IAS 34: Interim Financial Reporting, and in compliance with the
Companies Act of South Africa and the Listings Requirements of the JSE
Limited, under the supervision of the Chief Financial Officer, Robert Field,
CA(SA). The accounting policies comply with IFRS and are consistent with those
applied in the previous period, except for amendments to the standards noted
below that became effective for financial periods beginning after 1 January 2011:
IAS 24 (Related Party Disclosures), IAS 34 (Interim Financial Reporting) and
IFRS 7 (Financial instruments: Disclosures). The adoption of these standards
has no effect on the results, nor has it required any restatement of the results.
FINANCIAL YEAR-END CHANGE
During 2011 RCL changed its financial year-end from 31 March to 30 June
so as to align with that of its holding company, Remgro Limited. The results
for the 2012 financial year will be compared to the 15-month period ended
30 June 2011 and are therefore not directly comparable. However, unaudited
comparatives of certain key financial features for the 12 months to 30 June 2011
have been extracted from the management accounts with no adjustments made
thereto, and included in the commentary section.
SEGMENTAL REPORTING
The business restructure on 1 January 2011 resulted in the Group now having
two operating segments, namely Rainbow and Vector. Key financial reporting
systems for the charging of services between Rainbow and Vector were
established using an activity-based costing system and implemented with effect
from July 2011. This basis of charging was not available in prior years and
consequently the reflection of the segmental results will only be meaningful with
effect from the 2012 financial year.
RCL FINANCIAL PERFORMANCE SUMMARY
RCL remains committed to its strategic focus of adding value through its
consumer and service brands. Rainbow's added value chicken brands and
differentiated customer offerings in foodservice as well as Vector's distribution
services have all demonstrated growth over the past period. However RCL's
operating results have recently been negatively impacted by poor retail pricing
of commodity chicken lines as the industry struggled to resolve significant
overstocks, mainly attributable to the high level of imports. Record maize and
soyameal costs, exacerbated by the rand's depreciation, as well as the high
electricity tariff increases, have all adversely affected Rainbow's operating margin.
RCL's revenue decreased by 8,9% to R7,9 billion largely as a consequence of
the additional April to June trading quarter included in the 15 months ended
30 June 2011. Headline earnings of R267,1 million decreased by 31,3%
compared to the 15-month comparative but by a lower 11,0% compared to the
12-month comparative.
The table below depicts headline EBITDA from a statutory perspective and
adjusted for unrealised gains or losses on financial instruments used in the feed
raw material procurement strategy. Reporting in terms of IAS 39 the financial
effects of certain financial instruments used in the feed raw material procurement
strategy introduces volatility to the Group's financial results. For the period
under review, the pre-taxation impact on the Group's results of these unrealised
positions is a positive impact of R13,2 million (2011: R59,6 million positive
impact).
12 months 15 months
30 June 30 June
2012 2011 % var
Headline EBITDA (Rm)
Statutory 614,9 769,5 (20,1)
Pre- IAS 39 601,7 709,9 (15,2)
Headline EBITDA margin (%)
Statutory 7,8 8,9 (1,1)
Pre- IAS 39 7,7 8,2 (0,5)
The effective taxation rate has increased from 32,9% to 35,0%. Excluding the
impact of Secondary Tax on Companies, the effective taxation rate remains
unchanged.
Cash flow and working capital
Cash generated by operations decreased by 21,3% or R137,0 million over the
15-month period ended 30 June 2011. The reduction in cash generation is
partly explained by the extended 15-month trading period included in the prior
reporting period.
The decrease in working capital funding requirements of R32,4 million (2011:
R9,4 million increase) is largely a function of management's continued efforts
to improve working capital levels. Receivables have been consistently well
managed with debtor days of 30 reflecting an improvement on the 35 days
recorded in June 2011.The R239,4 million increase in inventories and biological
assets was mainly impacted by Vector's take-on of a new CSD (Customer
Secondary Distribution) customer. The higher feed commodity prices also
impacted the valuation of feed raw materials and biological assets. Offsetting
the inventory increase, trade and other payables were R214,9 million higher than
the comparative period.
The lower net tax outflow of R98,8 million is a function of the lower 2012 taxable
profit base in relation to the extended 2011 (15 month) taxable base. The increase
in net finance cost of R23,7 million is mainly a consequence of the difficult trading
conditions experienced and continued investment in the business.
The R102,4 million increase in cash outflows from investing activities is mainly
attributable to the R92,5 million Bushvalley Chickens acquisition. This acquisition
was funded externally and hence the increase in cash inflows from financing
activities.
Capital expenditure
Capital expenditure for the 12-month period was R481,0 million (2011:
R360,0 million). In addition to the Bushvalley Chickens acquisition, other
significant individual capex initiatives included the new plant-based cold storage
facility at Rustenburg (R65,0 million) and investment in additional freezing and
chilling capacity in Rustenburg and Worcester (R66,5 million). An amount of
R186,8 million (2011: R79,7 million) has been contracted and committed,
but not spent, whilst a further R73,7 million (2011: R116,9 million) has been
approved, but not contracted. The capital contracted and committed includes
the completion of the Rustenburg processing facility expansion and upgrade
with the remaining commitments relating to capex replacement projects.
Return on equity decreased to 9,3% (2011: 13,9%) being impacted by
Rainbow's low operating margin.
COMPARATIVE TO THE TRADING 12 MONTHS ENDED 30 JUNE 2011
The pro forma information for the 12 months ended 30 June 2011, is presented
for comparative purposes. The pro forma detail and the accountants' report
have been published on SENS and will be included in the annual report.
In comparison to the 12 months ended 30 June 2011, revenue and headline
EBITDA increased by 12,8% and 2,3% respectively, while headline earnings
decreased by 11,0%.
12 months 12 months
30 June 30 June
2012 2011 % var
Revenue (Rm) 7 855,1 6 962,8 12,8
Headline EBITDA (Rm) 614,9 601,1 2,3
Headline EBITDA margin (%) 7,8 8,6 (0,8)
Headline earnings (Rm) 267,1 300,2 (11,0)
Headline earnings per share (cents) 90,7 102,4 (11,4)
RAINBOW MARKET CONDITIONS AND REVIEW OF OPERATIONS
Poultry industry
From a macro-economic perspective the global economic slowdown
experienced post the 2008 credit crisis continues to impact negatively on
consumer spending. Globally and in South Africa, poultry producers are posting
profit declines. At no point in the last five years has market pressures on the
poultry industry been as tough as they are at present.
Locally there are two major issues which have compounded the crisis in the
industry. These are:
- Imports reaching record levels
- Escalating feed raw material costs
Imports reaching record levels
The local chicken market is estimated to have grown by 13% to R27,8 billion
over the past year, a combination of a 4% volume growth and a 9% realisation
increase. Total chicken imports (excluding turkey and mechanically deboned
meat) increased by 41% for the year ended 30 June 2012, and are now
estimated to constitute 12% of the local market.
There has been much media coverage over the past few months on the state of
the poultry industry and the allegations of dumping by other countries, particularly
Brazil. The International Trade Administration Commission (ITAC) initiated an
investigation to assess whether any Brazilian poultry products are being dumped
in South Africa. The initial findings proved dumping of whole chickens and
chicken breasts and additional duties were imposed by government on these
products. The South African Poultry Association (SAPA) continues to investigate
allegations of dumping of leg quarters.
The consequence of the glut of chicken in the market has meant that the pricing
of chicken in retail bears no reference to its cost of production, and together with
input cost pressures has resulted in a significant reduction in chicken margins.
Escalating feed raw material costs
Feed prices have continued to escalate, and with the drought conditions
in the US worsening in the past few months, record pricing levels have been
reached on CBOT for both maize and soya. The extent of these cost increases
is unprecedented, exacerbating the pressure on the poultry industry in South
Africa.
Feed raw material cost is the most significant cost of production differentiator to
other countries like Brazil. South American maize and soya crop yields are higher
than in South Africa and their agriculture sector enjoys government support.
Consequently their raw material costs are significantly lower which makes it
difficult for the poultry industry in South Africa to compete with these countries.
Local maize prices have demonstrated significant volatility over the past financial
year. The year commenced with a market price of R1 670/ton, increasing to
R3 000/ton and closing on 30 June 2012 at R2 128/ton. The average market
price for maize over the 2012 financial year was R2 241/ton compared to the
average market price of R1 412/ton over the previous 15-month period, an
increase of 59%.
Local raw material prices were further impacted by the weaker rand. The R/US$
exchange rate deteriorated by 21,6% from R6,84 at the end of June 2011 to
R8,32 at the end of June 2012, thereby increasing the landed cost of both
imported and local protein sources. The international (CBOT) price of soymeal
increased by 29% from US$332/ton at the end of June 2011 to US$427/ton at
the end of June 2012.
Rainbow's total cost of feed for the 2012 financial year was R2,5 billion, a 20,4%
increase over the comparable 12 months in 2011, and double the cost in 2007
prior to the global financial crisis.
For Rainbow, the improved trading conditions in the quarter to December 2011
were followed by two quarters of low demand. Chicken prices have remained
under significant pressure due to a fragile consumer in tandem with the higher
level of imports. Although operational efficiencies were in line with expectation,
the above factors meant Rainbow's operating margin for the 12 months to
30 June 2012 was 3,4%, down from the 6,2% reported in the interim results.
Injection cap proposed by government
The much publicised topic of poultry meat injection and government's proposal
to introduce a cap is another issue facing the local industry. Rainbow welcomes
the principle of an injection cap and supported by consumer research and
international best practice, seeks an appropriate level to be defined and
regulated. Rainbow acknowledges that there have been a number of legitimate
customer and consumer concerns around the issue of injection, however when
done responsibly the practice of injection adds value for the consumer by
restoring moisture lost during defrosting and creating a more succulent product.
Rainbow is playing an active role in working with government and the industry in
order to adopt a responsible approach to the injection of poultry meat.
Chicken brands
Rainbow's focus on added value has seen its contribution to total chicken
revenue increasing from 48% in June 2011 to 53% in June 2012.
In the added value sector Rainbow's categories have performed well, with
growth continuing at double digit numbers. Rainbow's existing retail added value
footprint, represented mainly in the Chilled Processed Meats (CPM) and Freezer
to Fryer categories, experienced good volume growth. Successful new launches
included Rainbow Individually Quick Frozen Russians, Rainbow French Polony
and Red Vienna's. The growth in CPM has been facilitated by the acquisition of
the Wolwehoek processing facility which still has significant additional capacity
for growth over the next few years.
Rainbow FoodSolutions delivered positive growth mainly due to new store
openings across all the major Quick Service Restaurants.
Supply chain
The financial year has been characterised by above inflation cost increases in
electricity, gas, coal and diesel. The supply chain, through improved efficiencies
and capital investment, has made significant progress in limiting its overall c/kg
cost increase (excluding feed) to only 8,9%.
Except for the Western Cape, agriculture performance has remained consistently
good. The challenges in the Cape region, being mainly higher mortalities and
lower average daily gain, all continue to receive significant management focus
with winter performance historically being difficult. Overall the key performance
indicators of mortality, average daily gain and feed conversion ratio have been
maintained at the improved levels achieved in the prior year.
Work conducted by local and international teams aimed at realising the full
potential of the Cobb bird is delivering benefits in terms of improved breeder
performance. Cobb is gaining market share locally and internationally. Rainbow
has experienced a meaningful improvement in chick quality which will translate
into improved broiler performance.
The processing plants and feed mills continue to achieve efficiency improvements
and enhanced production mix flexibility. The impact of the nation-wide strike
and specific Rustenburg plant water and electricity supply issues reported over
the previous year-end were offset in this financial year by efficiency and cost
containment initiatives. Overall processing yields have also improved marginally.
Rainbow remains committed to its long-term strategic growth plan despite
the current crisis in the industry. As such the Worcester, Hammarsdale and
Rustenburg processing plants are all in the process of expanding capacities
which will enable higher bird volumes and enhanced production flexibility. During
September 2011 Rainbow concluded an agreement to acquire the poultry
processing operations of Bushvalley Chickens, located near Tzaneen in the
Limpopo Province, for a purchase consideration of R92,5 million. Following
Competition Commission approval and the fulfilment of all suspensive conditions
Rainbow took ownership on 12 March 2012. Capacity expansion of this
operation is currently under way.
Creating space for growth
The business made significant progress on the "Creating Space for Growth"
strategic thrust. The process was designed to position the business for future
growth by reviewing and aligning structures and revisiting business processes.
The implementation of SAP on 1 July 2012 is seen as a key enabler and
demanded a significant restructure of the commercial and finance teams. The
output of the Space for Growth initiative is leaner, more focused structures
across the entire business which necessitated a R14 million retrenchment cost
being charged against the 2012 results.
VECTOR MARKET CONDITIONS AND REVIEW OF OPERATIONS
Vector is a business investing for growth and despite the significant cost
pressures in the form of fuel and electricity rate increases, it has delivered an
operating margin of 12,6% for the year ended 30 June 2012.
The distribution market remains challenged with high oil prices and a weaker
rand driving the local cost of diesel above CPI increases. The cost of distribution
could be further impacted by the proposed tolls across many national and
regional routes.
Vector has continued to leverage its fully integrated outbound supply chain platform
through its well-established core services of primary distribution, secondary
distribution, sales solutions and supply chain planning. Despite the depressed
economic conditions, Vector's performance was pleasing, with good growth in its
external business which now accounts for 52% of total revenue. This growth was
largely a function of a 19% increase in bulk storage revenue and a 17% increase
in secondary distribution revenue. The latter was attributable to the take-on of
Pick n Pay's inland frozen distribution business which was previously distributed
from their Longmeadow Distribution Centre.
The expansion and upgrade of the Roodepoort operation during 2011 and the
opening of a new bulk facility in Midrand are delivering improved operational
efficiencies and customer service. Although stock shrinkage remains a challenge
in the inland region, the implementation of new business processes and security
measures have contributed to reducing losses to more acceptable levels.
In May 2012 Vector commenced management of a new 5 200 pallet plant-
based cold storage facility at Rainbow's Rustenburg processing plant. This
new facility not only adds further capacity to accommodate Rainbow's future
growth but will deliver significant transportation efficiencies through a reduction
in the double handling of inventory. Further initiatives are under way to optimise
the distribution network which will unlock additional capacity and improve
efficiencies. Implementation of new demand and supply planning tools are an
example of such which will reduce inventory and further improve service levels.
The second phase of this particular project which deals with inventory and
distribution planning is expected to be completed during the 2013 financial year.
INFORMATION TECHNOLOGY (IT)
During this reporting period Rainbow initiated step-change investments in the
replacement of its remaining legacy Enterprise Resource Planning systems with
SAP software. Rainbow went live with SAP on 1 July 2012. This investment
also includes further integration between the Feed, Agriculture and Processing
areas through the use of specialised global poultry-based applications. Extended
focus has also been placed on the optimisation of the outbound supply chain
through the Vector system solutions. The implementation of global best practice
processes and shared services will enable the delivery of significant business
benefits into the future. The leveraging of the Group's IT systems and optimised
business processes remains a key enabler within the business.
CASH DIVIDEND DECLARATION
The directors have resolved to declare a final gross cash dividend (number 78) of
32,0 cents per share for the period ended 30 June 2012 (2011: 56,0 cents). This
lower final dividend has been declared taking into consideration the reversion to
a 12 month reporting period as well as the lower earnings in 2012. As such the
total dividend for the 2012 financial year is 60,0 cents (2011: 84,0 cents) per
share, representing a dividend cover of 1,5 times (2011: 1,6 times).
The dividend has been declared from income reserves. There are no STC credits
available for utilisation. Dividend tax will amount to 4,8 cents per share and
consequently shareholders will receive a net dividend amount of 27,2 cents per
share. The issued share capital as at 28 August 2012 is 294 991 606 shares. The
company's income tax reference number is 9950019712.
The salient dates of the declaration and payment of the final dividend are as
follows:
Last date to trade ordinary shares cum dividend Friday, 12 October 2012
Ordinary shares trade ex dividend Monday, 15 October 2012
Record date Friday, 19 October 2012
Payment date Monday, 22 October 2012
Share certificates may not be dematerialised or rematerialised between Monday,
15 October 2012 and Friday, 19 October 2012 (both dates inclusive).
PASSING OF THE CHAIRMAN
It was with deep sadness that the RCL Board announced the death of its
Chairman, Mr Thys Visser. Thys passed away following a car accident on
26 April 2012.
Thys was a very special person, a devoted family man, an inspirational leader
and a highly astute businessman who led with humility and fairness, a man of
integrity in every sense of the word.
Thys joined the RCL Board in 1989 and became Chairman in 1998. He was
a constant source of support to both management and the Board but more
particularly during the difficult times the business has been through, when his
wisdom and guidance were much appreciated.
The Board and employees of RCL wish to honour Thys for his leadership and
contribution to the Group, and to extend their heartfelt condolences to his wife
and children.
AUDIT OPINION
The annual financial statements, from which the abridged Group results
contained herein are derived, have been audited by PricewaterhouseCoopers
Inc. Their unmodified Audit Reports on the annual financial statements and the
abridged Group results are available for inspection at the company's registered
office.
DIRECTORATE
Following his appointment as Chief Executive Officer of Remgro, Mr Jannie
Durand was appointed as the Chairman of the Board of RCL with effect from
12 June 2012. Jannie has had a long association with Rainbow and was already
a director of RCL prior to this appointment.
Mr Chris van den Heever was also appointed as a non-executive director of
the Board with effect from 12 June 2012. Chris is an Investment Executive of
Remgro and is also a director of Mediclinic Corporation, TSB Sugar Holdings
and Wispeco Holdings.
PROSPECTS
The volatile state of the global and local economy means a sustainable
improvement in consumer sentiment and spending is difficult to predict in the
near future. Raw material commodity prices are at record levels and together
with the local supply and demand imbalance affecting chicken realisations,
margins are likely to remain under pressure.
Despite these factors, growth opportunities continue to be explored to meet the
Group's long-term strategic aspirations.
For and on behalf of the Board
JJ Durand M Dally
Non-executive Chairman Chief Executive Officer
Durban
28 August 2012
Directors: JJ Durand (Non-executive Chairman), M Dally (CEO)*, RH Field*,
M Griessel, PR Louw, NP Mageza, JB Magwaza, MM Nhlanhla, RV Smither,
CM van den Heever, GC Zondi. *Executive Directors
Company secretary: JMJ Maher
Registration number: 1966/004972/06
JSE share code: RBW
ISIN: ZAE000019063
Registered office: Rainbow Chicken Limited, One The Boulevard, Westway
Office Park, Westville, 3629
Transfer secretaries: Computershare Investor Services (Proprietary) Limited,
70 Marshall Street, Johannesburg, 2001
Auditors: PricewaterhouseCoopers Inc
Sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Bankers: ABSA Bank Limited
Website: www.rainbowchicken.co.za
Date: 28/08/2012 05:15:00 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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