Wrap Text
Audited Group Results and Dividend Declarations for the year ended 30 June 2013
Sasfin Holdings Limited
(Incorporated in the Republic of South Africa)
(Company registration number 1987/002097/06)
Ordinary share code: SFN ISIN: ZAE000006565
Preference share code: SFNP ISIN: ZAE000060273
("Sasfin" or "the Group" or "the Company")
AUDITED GROUP RESULTS
AND DIVIDEND DECLARATIONS
FOR THE YEAR ENDED 30 JUNE 2013
HEADLINE
EARNINGS
R135 MILLION
UP 22%
GROSS LOANS
AND ADVANCES
R3,4 BILLION
UP 17%
DIVIDENDS PER
ORDINARY SHARE
168 CENTS
UP 23%
HEADLINE
EARNINGS PER
ORDINARY SHARE
421 CENTS
UP 22%
GROUP CAPITAL
ADEQUACY RATIO
DOWN 26%
400 bps
TOTAL ASSETS
R6,3 BILLION
UP 14%
FUNDING BASE
R4,4 BILLION
UP 12%
RETURN ON
EQUITY 14%
UP 200 bps
FINANCIAL HIGHLIGHTS
30 June 30 June
% 2013 2012
change Audited Audited
Consolidated statement of financial position
Total assets (Rm) 14 6 253 5 472
Total gross loans and advances (Rm) 17 3 416 2 931
Non-performing loans and advances (Rm) 2 193 189
Income statement
Earnings attributable to ordinary shareholders (Rm) 19 136 114
Headline earnings (Rm) 22 135 111
Financial performance
Return on ordinary shareholders' average equity (%) 14 12
Return on total average assets (%) 2 2
Operating performance
Non-interest income to total income (%) 71 69
Efficiency ratio (%)
- Banking Group 62 71
- Group 72 70
Credit loss ratio - Group (bps) 70 60
Non-performing advances to total gross loans and advances (%) 5,6 6,4
Share statistics
Earnings per ordinary share (cents) 19 423 355
Headline earnings per ordinary share (cents) 22 421 344
Diluted earnings per ordinary share (cents) 19 423 355
Diluted headline earnings per ordinary share (cents) 22 421 344
Number of ordinary shares in issue at the end of the period ('000) 32 237 32 237
Weighted average number of ordinary shares in issue ('000) 32 171 32 237
Diluted weighted average ordinary shares in issue ('000) 32 171 32 237
Dividends per ordinary share relating to pro?t for the period (cents) 23 168 137
Preference share dividend number 18 (cents) 347,74 -
Preference share dividend number 17 (cents) 355,65 -
Preference share dividend number 16 (cents) - 351,55
Preference share dividend number 15 (cents) - 340,27
Net asset value per ordinary share (cents) 7 3 187 2 986
Capital adequacy (unaudited)
Group capital to risk weighted assets (%) 26 30
Banking Group (Sas?n Bank Limited and its subsidiaries) capital to risk weighted
assets (%) 22 26
Employees
Permanent staff complement 6 701 664
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June
% 2013 2012
All figures in R'000 change Audited Audited
ASSETS
Cash and cash balances 1 021 186 1 477 648
Short-term negotiable securities 573 898 69 056
Loans and advances to customers 17 3 309 235 2 834 420
Financial assets held for trading 284 372 -
Other receivables 482 668 449 382
Non-current assets held for sale - 50 614
Investment securities 338 247 342 145
Investments in associated companies 107 353 89 898
Property, plant and equipment 53 801 57 392
Taxation 3 114 8 480
Intangible assets and goodwill 71 822 85 506
Deferred tax asset 7 098 7 952
Total assets 14 6 252 794 5 472 493
LIABILITIES
Interbank funding 143 819 137 717
Deposits from customers 21 2 161 141 1 787 300
Financial liabilities held for trading 280 942 -
Debt securities issued 1 378 691 1 297 986
Long-term loans 538 247 538 576
Other payables 455 929 455 357
Taxation 4 626 5 037
Deferred tax liability 62 695 70 305
Total liabilities 17 5 026 090 4 292 278
EQUITY
Ordinary share capital and share premium 144 327 162 732
Reserves 883 099 799 964
Preference share capital and share premium 199 278 199 278
Total equity attributable to equity holders of the Group 1 226 704 1 161 974
Non-controlling interest - 18 241
Total equity 1 226 704 1 180 215
Total liabilities and equity 14 6 252 794 5 472 493
Commitments and contingent liabilities 378 273 287 273
CONSOLIDATED INCOME STATEMENT 30 June 30 June
% 2013 2012
All figures in R'000 change Audited Audited
Interest income 473 686 434 000
Interest expense 253 479 231 914
Net interest income 9 220 207 202 086
Non-interest income 19 533 562 448 230
Total income 16 753 769 650 316
Impairment charges on loans and advances 35 22 376 16 594
Net income after impairments 731 393 633 722
Operating costs 18 561 046 474 659
Staff costs 299 244 245 774
Other operating expenses 261 802 228 885
Profit from operations 170 347 159 063
Share of associated companies' income 20 453 15 452
Profit before income tax 190 800 174 515
Income tax expense 38 226 41 561
Profit for the year 15 152 574 132 954
Profit attributable to:
Non-controlling interest 2 860 5 741
Preference shareholders 13 472 12 859
Equity holders of the Group 19 136 242 114 354
Profit for the year 15 152 574 132 954
Earnings per ordinary share (cents) 19 423 355
Diluted earnings per ordinary share (cents) 19 423 355
Headline earnings per ordinary share (cents) 22 421 344
Diluted headline earnings per ordinary share (cents) 22 421 344
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
30 June 30 June
2013 2012
All figures in R'000 Audited Audited
Profit for the year 152 574 132 954
Other comprehensive income for the year, net of income tax 4 337 4 162
Net gains on remeasurement of available-for-sale ?nancial assets 900 -
Derecognition of revaluation reserve upon sale of Property Companies (2 097) -
Foreign exchange differences on translation of foreign operation 33 428 25 875
Net loss on hedge of net investment in foreign operation (27 894) (21 713)
Loss on hedge of net investment in foreign operation (38 742) (30 157)
Income tax effect 10 848 8 444
Total comprehensive income for the year 156 911 137 116
Total comprehensive income attributable to:
Non-controlling interest 2 860 5 741
Preference shareholders 13 472 12 859
Equity holders of the Group 140 579 118 516
Total comprehensive income for the year 156 911 137 116
SUMMARISED HEADLINE EARNINGS RECONCILIATION
30 June 30 June
% 2013 2012
All figures in R'000 change Audited Audited
Earnings are determined as follows:
Earnings attributable to equity holders of the Group 19 136 242 114 354
Headline adjustable items (787) (3 413)
Profit on sale of property and equipment - IAS 16 (14) (76)
Gross (19) (106)
Tax impact 5 30
Profit on disposal of land and buildings - (7 370)
Gross - (10 501)
Tax impact - 3 131
Impairment of goodwill - 3 728
Write down of non-current assets held for sale - 305
Gross - 424
Tax impact - (119)
Gain on the diposal of businesses and divisions - IAS 27 (773) -
Headline earnings 22 135 455 110 941
Headline earnings per ordinary share (cents) 22 421 344
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
30 June 30 June
2013 2012
All figures in R'000 Audited Audited
Opening total shareholders' equity 1 180 215 1 108 871
Total comprehensive income for the year 156 911 137 116
Proit for the year 152 574 132 954
Other comprehensive income for the year
Available-for-sale reserve 900 -
Property revaluation reserve (2 097) -
Foreign currency translation reserve 33 428 25 875
Hedging reserve (27 894) (21 713)
Transactions with owners recorded directly in equity
Movement in non-controlling interest (21 101) (3 936)
Treasury shares (18 405) -
Derecognition of revaluation reserve 2 097 -
Changes in ownership interests in subsidiaries (11 735) (10 498)
Share-based payments reserve movements - (363)
Preference share dividend (13 472) (12 859)
Ordinary share dividend (47 806) (38 116)
Closing balance 1 226 704 1 180 215
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
30 June 30 June
2013 2012
All figures in R'000 Audited Audited
Cash flows from operating activities 88 586 99 457
Movement in operating assets and liabilities (52 790) 358 742
Change in loans and advances (497 191) (518 028)
Change in funding 80 376 297 856
Change in other receivables (6 958) (75 428)
Change in financial assets held for trading (284 372) -
Change in deposits 373 841 571 854
Change in financial liabilities held for trading 280 942 -
Change in other payables 572 82 488
Net cash flows from operating activities 35 796 458 199
Net cash flows from investing activities 19 416 129 124
Net cash flows from financing activities (18 405) -
Net increase in cash and cash equivalents 36 807 587 323
Cash and cash equivalents at beginning of the year 1 408 987 817 185
Effect of exchange rate fluctuations on cash held 5 471 4 479
Cash and cash equivalents at the end of the year 1 451 265 1 408 987
Cash and cash equivalents comprise:
Cash and cash balances 1 021 186 1 477 648
Short-term negotiable securities 573 898 69 056
Interbank funding (143 819) (137 717)
Cash and cash equivalents at the end of the year 1 451 265 1 408 987
SUMMARISED SEGMENTAL ANALYSIS 30 June 30 June
2013 2012
All figures in R'000 Audited Audited
Segment result
Business Banking 89 844 90 561
Capital 9 422 60
Treasury 10 006 5 856
Wealth Management 46 155 31 518
Commercial Solutions 33 798 19 246
Group and Inter-segment eliminations (36 651) (14 287)*
Profit for the year 152 574 132 954
Segment revenue
Business Banking 523 186 475 264
Capital 76 695 62 153
Treasury 188 398 160 465
Wealth Management 168 485 137 007
Commercial Solutions 182 545 138 069
Group and Inter-segment eliminations (111 608) (75 276)
Total segment revenue 1 027 701 897 682
Segment assets
Business Banking 3 603 255 3 122 870
Capital 470 097 418 578
Treasury 2 640 345 2 280 610
Wealth Management 537 888 309 796
Commercial Solutions 244 489 220 122
Group and Inter-segment eliminations (1 243 280) (879 483)
Total segment assets 6 252 794 5 472 493
Segment liabilities
Business Banking 3 275 444 2 844 863
Capital 395 516 369 906
Treasury 2 630 338 2 272 593
Wealth Management 457 083 216 033
Commercial Solutions 109 610 113 884
Group and Inter-segment eliminations (1 823 901) (1 525 001)
Total segment liabilities 5 026 090 4 292 278
*Prior year numbers include certain once-off gains to the value of R18 million.
COMMENTARY
NATURE OF BUSINESS
Sasfin is a bank-controlling company listed in the "Financials: Investment Services" sector of the JSE Limited ("the JSE"). Sasfin's subsidiaries
provide a wide range of complementary banking, financial and related services.
BUSINESS REVIEW: GROUP PERFORMANCE
Business environment:
- South African commerce and industry faced a challenging economic environment, with continued high levels of global weakness
and labour unrest across many sectors. Coupled with escalating energy prices, South Africa's competitive edge is being undermined.
These factors materially affected the domestic markets and heightened concerns of the growth needed to stimulate the employment
levels, whilst consumer borrowing levels have reached unsustainable levels.
- Notwithstanding the negative and uncertain global banking environment, the South African banking industry remains in good shape
when compared to the rest of the world, due to the sound regulatory and supervisory framework and strong capital levels of the local
banks.
Group overview:
- Sasfin has delivered a positive set of results with a profit of R153 million (2012: R133 million) for the year and significantly strengthened
its balance sheet.
- Total assets grew by 14% to R6,3 billion year on year, underpinned by further growth in the Business Banking division, where loans and
advances reached R3,4 billion, a 17% increase over 2012.
- The Group enhanced its financial position by expanding and lengthening its funding base, which reflected a healthy surplus liquidity
position of R1,6 billion (2012: R1,5 billion).
- A combination of strong revenue growth, tightened cost control and a lower tax charge, helped Group headline earnings to grow by
22% to R135 million (2012: 16% to R111 million), and headline earnings per share came in at 421 cents (2012: 344 cents) showing a
similar increase.
- The Group benefited from a lower tax charge of 20% (2012: 24%) in the current year largely attributable to changes in secondary tax
on companies, prior year overprovisions and some revenue streams at lower tax rates.
- Total income grew by an encouraging 16% for the year, driven by the Group's increasing top-line growth initiatives and expansion
of the non-interest revenue base, which achieved a 19% increase over the corresponding period in 2012 largely due to improved
performance in the non-banking activities of the Group.
- Group costs reflect an 18% increase over 2012, largely due to the cost base of IQuad Group Limited having been consolidated into the
Group for the full financial year, increased software amortisation costs and staff growth. Excluding the IQuad cost base, a cost increase
of 11% year on year was recorded to support the growth initiatives of the Group. The cost-to-revenue ratio in the Banking Group has
shown a positive downward trend from 71% to 62% and is now within the Bank's target range of below 65%.
Segmental overview:
- The Business Banking division delivered a solid set of results, with profits for the year of R90 million, albeit marginally lower than 2012
at R91 million. The key factors behind this performance were strong growth in loans and advances, margin retention and a below-
budget impairment charge. This unit's profitability, which accounts for 59% of the Group's profit, was impacted by a higher credit loss
ratio that crept up by 35 bps to 58 bps for the year and due to growth in the lending book coming in at the tail-end of the financial
year. Non-performing loans showed a downward trend to 5,6% at June 2013 from 6,4% in June 2012. Following the investments made
in this division, the unit is poised for sustained growth in the 2014 financial year and beyond.
- The Wealth Management division achieved impressive profit growth from R31 million to R46 million, an improvement of 46% year on
year. The Stockbroking unit experienced an increase in local and global managed portfolios resulting in improved annuity income.
The Asset Management unit developed a fully-fledged offering with an effective distribution channel. The Wealth Management
division, which recently brought on board an experienced fixed income and bond trading team, is well positioned to become a key
profit driver for the Group. Funds under advisement and management now amount to R72 billion (2012: R55 billion), an increase of
31% from 2012.
- The Treasury division, whilst growing its deposit base by a satisfactory 21% to R2,2 billion, continued to grow its foreign exchange
business through an expanded regional footprint and new sales channels. These combined efforts resulted in the division achieving a
positive contribution to Group profits.
- The Capital division, following two years of disappointing results, is showing signs of recovery, having addressed its legacy private
equity issues. The division showed an increase in earnings to R9,4 million from a break-even position in 2012, aided by an improved
performance from the Corporate Finance unit.
- The Commercial Solutions division, which comprises the logistics, foreign exchange risk management, short-term insurance,
healthcare consulting and business advisory activities of the Group, produced an outstanding set of results with earnings growing
by 75% to R34 million. This was primarily due to a strong performance from the wholly-owned IQuad Group Limited, renamed
Sasfin Commercial Solutions Limited, which has been fully integrated into the Group. This segment is growing encouragingly and
achieving scale, and has become a meaningful contributor to the Group's earnings.
Statement of Financial Position, Capital and Liquidity:
- The Group's deposit and funding base continued to grow, with an improved deposit mix and maturity profile. Overall, the Group's
funding position remains healthy with a diversified funding base of R4,4 billion, up from R3,9 billion of last year.
- This funding base enhances the ability of Sasfin Bank Limited ("the Bank") to meet the stringent Basel III liquidity requirements of
liquidity coverage ratio and the net stable funding ratio in a sustainable manner. The Group's liquidity position remains very healthy
with adequate liquidity buffers held for stress situations that may arise.
- Sasfin's securitisation vehicle, a leader in its market, continues to perform well and has refinanced R240 million of maturing notes
at favourable terms during the financial year, and post year end a further R362 million. Both issues of refinance were
oversubscribed in excess of three times. The Group is building on its debt capital market capabilities and is exploring various
structured debt products to take to market.
- Whilst the Group's capital adequacy ratio has declined by 400 bps to 26% (2012: 30%) due to the new capital requirements of
Basel III and growth in assets, the Group remains well capitalised per Basel III which came into effect in January 2013, with a primary
tier I capital ratio of 23% (2012: 25.5%), which is the main measure of capital strength.
STRATEGIC UPDATE
The Group continues to focus on its growth strategy in response to the changing banking and regulatory landscape with a view to
broadening its franchise value. In this regard, the Group has implemented and embarked on the following initiatives:
- to continue to increase funding through both term deposits and debt capital market instruments to facilitate Sasfin's ongoing growth;
- to profitably grow its existing divisions, thereby benefiting from economies of scale as each unit approaches optimal levels of critical
mass, without compromising its standards of quality or risk, thereby improving efficiency and return on equity ratios;
- to investigate prospective products and markets with a view to expanding Sasfin's product range and penetrating new markets;
- to improve its BEE status, which due to revised targets under the generic codes, has slipped from level four to level six;
- to continue to upgrade its IT infrastructure to improve efficiency and client service; and
- to set up a new division to provide a focused transactional banking service offering.
PROSPECTS
- Sasfin is well positioned to grow its franchise value and enhance its value proposition to its target markets of entrepreneurial, private,
business, corporate and institutional clients.
- Despite the prevailing levels of uncertainty and constrained growth in the economy, the Group expects to see improved levels of
business activity across all segments based on current market conditions.
- Sasfin's growth trajectory is indeed sustainable on the back of its strong infrastructure and capital position, improved liquidity,
diversified funding base and high-touch banking and financial services model.
BASIS OF PREPARATION AND PRESENTATION OF ANNUAL FINANCIAL STATEMENTS
Basis of preparation
The summarised audited consolidated financial statements are prepared in accordance with the recognition and measurement
principles of International Financial Reporting Standards and presented in accordance with the minimum content, including disclosures,
prescribed by IAS 34 Interim Financial Reporting applied to year-end reporting, SAICA Financial Reporting Guides and the JSE Listings
Requirements.
These summarised audited results are a summary of the consolidated annual financial statements that are prepared in thousands of
South African Rand ("R'000") on the historical cost basis, in accordance with International Financial Reporting Standards ("IFRS") and the
Companies Act, No. 71 of 2008, as amended ("the Companies Act"), except for certain financial assets and liabilities which are recognised
at fair value.
The accounting policies are those presented in the annual financial statements for the year ended 30 June 2013 and have been applied
consistently to the periods presented in these audited summarised consolidated financial statements and with those of the previous
financial year, and by all Group entities.
The summarised audited consolidated financial statements comprise a consolidated statement of financial position at 30 June 2013, a
consolidated income statement, a consolidated statement of comprehensive income, a summarised statement of changes in equity,
a summarised cash flow statement and summarised segmental analysis reports for the year ended 30 June 2013.
In terms of section 29(1)(e)(ii) of the Companies Act, it is confirmed that the preparation of these financial statements is done under the
supervision of the Group's Financial Director, Tyrone Soondarjee, CA (SA).
Reports of the independent auditors
The unmodified audit reports of KPMG Inc. and Grant Thornton (Jhb) Inc., the independent auditors, on the annual financial statements
and the summarised provisional financial statements contained herein for the year ended 30 June 2013 dated 11 September 2013, are
available for inspection at the Company's registered office.
PREFERENCE SHARE CASH DIVIDEND
Notice is hereby given that the directors have declared a gross cash preference dividend number 18 amounting to 347,74320 cents per
share, 295,58172 cents per share net of 15% dividend withholding tax (2012: 351,5500 cents per share, 298,8175 cents per share net of
15% dividend withholding tax) ("preference dividend") for the period 1 January 2013 to 30 June 2013, on 1 000 000 preference shares
issued at R100,00 each, and on 905 000 preference shares issued at R110,49 each. The dividends have been declared from income
reserves and no secondary taxes on companies' credits have been used. The preference dividend is payable to holders of preference
shares recorded in the register of the Company at the close of business of Friday, 4 October 2013. Sasfin's tax reference number is
9300/204/71/7.
The salient dates relating to the preference dividend are as follows:
Last day to trade cum the preference dividend Friday, 27 September 2013
Preference shares commence trading ex the preference dividend Monday, 30 September 2013
Preference dividend record date Friday, 4 October 2013
Payment date of preference dividend Monday, 7 October 2013
Preference share certificates may not be dematerialised or rematerialised between Monday, 30 September 2013 and Friday,
4 October 2013, both days inclusive.
FINAL ORDINARY SHARE CASH DIVIDEND
Notice is hereby given that a final ordinary share cash dividend for the financial year ended 30 June 2013, amounting to 108 cents per
share (2012: 88 cents per share) ("ordinary dividend"), has been declared.
Together with the interim ordinary dividend of 60 cents declared on 11 March 2013, the total ordinary dividends for the financial year
amount to 168 cents per share (2012: 137 cents per share).
The following further information is provided to shareholders in respect of the new dividends tax:
- the dividend has been declared from income reserves;
- the dividend withholding rate is 15%, and a net dividend of 91,80 cents per share is paid to those shareholders who are not exempt
from dividend withholding tax;
- Sasfin's tax reference number is 9300/204/71/7; and
- the issued number of ordinary shares as at declaration date is 32 301 441.
The ordinary dividend is payable to holders of ordinary shares recorded in the register of the Company at the close of business on
Friday, 11 October 2013.
The salient dates relating to the ordinary dividend are as follows:
Last day to trade cum the ordinary dividend Friday, 4 October 2013
Ordinary shares commence trading ex the ordinary dividend Monday, 7 October 2013
Ordinary dividend record date Friday, 11 October 2013
Payment date of ordinary dividend Monday, 14 October 2013
Ordinary share certificates may not be dematerialised or rematerialised between Monday, 7 October 2013 and Friday, 11 October 2013,
both days inclusive.
The above dates and times are subject to amendment. Any such amendment will be released on SENS and published in the press.
CHANGES TO THE BOARD
As recently announced, Mr Norman Axten will be retiring as independent non-executive chairman and director of the Group and its
subsidiary, Sasfin Bank Limited, with effect from 28 November 2013.
Mr Roy Andersen, an independent non-executive director, has been appointed as Chairman of the Group and its subsidiary, Sasfin Bank
Limited, with effect from 28 November 2013.
NOTICE OF ANNUAL GENERAL MEETING AND POSTING OF INTEGRATED ANNUAL REPORT
The annual general meeting of Sasfin will be held at 29 Scott Street, Waverley, Johannesburg, on Thursday, 28 November 2013 at 14:00.
The integrated report will be posted to shareholders on or about 28 October 2013. The audited Group Annual Financial Statements will
be available on the Company's website on or about 28 October 2013.
For and on behalf of the board
CN Axten RDEB Sassoon 11 September 2013
Chairman Chief Executive Officer
This announcement and additional information is available on the website www.sasfin.com
Registered office Group company secretary
29 Scott Street, Waverley, Johannesburg, 2090 H Brown
Tel: +27 11 809 7500 Fax: +27 11 887 6167/2489 Transfer secretaries
Website: www.sasfin.com Computershare Investor Services (Pty) Limited
Independent non-executive chairman 70 Marshall Street, Johannesburg, 2001
CN Axten# (PO Box 61051, Marshalltown, 2107)
Executive directors Joint auditors
RDEB Sassoon (Chief Executive Officer) KPMG Inc. and Grant Thornton (Jhb) Inc.
TD Soondarjee (Financial Director) Lead sponsor
Non-executive directors KPMG Services (Pty) Limited
R Andersen#, ETB Blight#, GC Dunnington#, Joint sponsor
DD Mokgatle#, J Moses#, MS Rylands #Independent Sasfin Capital (a division of Sasfin Bank Limited)
DISCLAIMER
The Group has in good faith made reasonable effort to ensure the accuracy and completeness of the information contained in this document, including all
information that may be regarded as "forward-looking statements".
Forward-looking statements may be identified by words such as "believe", "anticipate", "expect", "plan", "estimate", "intend", "project", and "target".
Forward-looking state ments are not statements of fact, but statements by the management of the Group based on its current estimates, projections,
expectations, beliefs and assumptions regarding the Group's future performance and no assurance can be given to this effect.
The risks and uncertainties inherent in the forward-looking statements contained in this document include but are not limited to changes to IFRS and the
interpretations, applications and practices subject thereto as they apply to past, present and future periods; domestic and international business and market
conditions such as exchange rate and interest rate movements; changes in the domestic and international regulatory and legislative environments; changes to
domestic and international operational, social, economic and political risks; and the effects of both current and future litigation.
The Group does not undertake to update any forward-looking statements contained in this document and does not assume responsibility for any loss or damage
and however arising as a result of the reliance by any party thereon, including, but not limited to, loss of earnings, profits or consequential loss or damage.
Date: 11/09/2013 09:45:00 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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