Wrap Text
Unaudited consolidated interim results for the six months ended 31 August 2013
ALLIED ELECTRONICS CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1947/024583/06)
Share code: ATN ISIN: ZAE000029658
Share code: ATNP ISIN: ZAE000029666
UNAUDITED CONSOLIDATED
INTERIM RESULTS
for the six months ended 31 August 2013
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months Six months Year
ended ended ended
31 August 31 August 28 February
% 2013 2012 2013
R millions change (Unaudited) (Restated)* (Restated)*
CONTINUING OPERATIONS
Revenue 8 13 443 12 500 24 464
Earnings before interest, tax, depreciation and amortisation (EBITDA) (4) 826 860 1 652
Depreciation and amortisation (212) (226) (453)
Operating profit before capital items (3) 614 634 1 199
Capital items (Note 1) 1 (62) (78)
Result from operating activities 8 615 572 1 121
Finance income 31 29 56
Finance expense (132) (59) (134)
Share of profit from associates 9 9 15
Profit before taxation 523 551 1 058
Taxation (182) (182) (348)
STC (16) (16)
Profit for the period from continuing operations 341 353 694
DISCONTINUED OPERATIONS
Loss for the period from discontinued operations (note 7) (732) (1 636)
Net profit/(loss) for the period 341 (379) (942)
Other comprehensive income
Items that will never be reclassified to profit or loss
Remeasurement of defined benefit obligation 2 10 19
Taxation on items that will never be reclassified to profit or loss (3) (5)
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences in respect of foreign operations 94 79 310
Realisation of negative foreign currency translation reserve on disposal 196
Fair value adjustment on available-for-sale investments 62 (5)
Taxation on items that are or may be reclassified subsequently to
profit or loss (11)
Other comprehensive income for the period, net of taxation 147 86 515
Total comprehensive income for the period 488 (293) (427)
Net profit/(loss) attributable to:
Non-controlling interests 81 (364) (630)
Altron equity holders 260 (15) (312)
Altron equity holders from continuing operations 260 250 484
Altron equity holders from discontinued operations (265) (796)
Net profit/(loss) for the period 341 (379) (942)
Total comprehensive income attributable to:
Non-controlling interests 96 (338) (439)
Altron equity holders 392 45 12
Altron equity holders from continuing operations 392 288 651
Altron equity holders from discontinued operations (243) (639)
Total comprehensive income for the period 488 (293) (427)
Diluted basic
Basic earnings/(loss) per share from total operations (cents) 82 (5) (99)
Diluted basic earnings/(loss) per share from total operations (cents) 81 (6) (90)
NOTES
Six months Six months Year
ended ended ended
31 August 31 August 28 February
% 2013 2012 2013
R millions change (Unaudited) (Restated)* (Restated)*
Headline earnings per share (cents) 4 82 79 132
Normalised headline earnings per share (cents) 15 91 79 132
Diluted headline earnings per share (cents) 6 81 76 129
Normalised diluted headline earnings per share (cents) 18 90 76 129
Basis of preparation
The condensed consolidated unaudited interim financial results have been prepared in accordance with IAS 34 Interim Financial Reporting, the SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listings Requirements and the requirements of the Companies Act
of South Africa. The accounting policies used in the preparation of these interim results are consistent with those used in the annual financial statements
for the year ended 28 February 2013, apart from the adoption of the new accounting standards detailed below. This report was compiled under supervision
of Mr Alex Smith CA, Chief Financial Officer.
*Change in accounting policies
In accordance with IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors, the changes in accounting policies described below have been
applied retrospectively to adjust the statement of comprehensive income, statement of changes in equity, balance sheet and statement of cash flows for the
effects of the following new or amended accounting standards:
IAS 19: Employee Benefits became effective in the interim period ended 31 August 2013. Under its previous accounting policy, Altron elected to apply the
corridor method to account for the recognition of actuarial gains and losses.
Under the amended IAS 19, the calculations of interest cost and expected return on plan assets have been altered and a net interest income or expense will
now be calculated by applying the discount rate used to measure the defined-benefit obligation to the net defined-benefit asset/obligation at the beginning of
the period. Profit from operating activities would now include only the current service cost and the net interest income or expense. Remeasurements of the net
defined-benefit asset/obligation are now recognised in other comprehensive income. Remeasurements include actuarial gains and losses, the return on plan
assets and any change in the effect of the asset ceiling, excluding amounts included in the net interest on the defined benefit asset/obligation.
Altron has also adopted the new suite of consolidation standards:
IFRS 10: Consolidated Financial Statements ("IFRS 10), IFRS 11: Joint Arrangements ("IFRS 11), IFRS 12: Disclosure of Interests in Other Entities,
IAS 27: Separate Financial Statements and IAS 28: Investment in Associates and Joint Ventures which all became effective in the interim period ended 31 August 2013.
As a result of adopting IFRS 10, Altron has changed its accounting policy for evaluating control over its investees. IFRS 10 introduces a new control model
that is applicable to all investees, by focusing on whether Altron has power over an investee, exposure or rights to variable returns from its involvement with
the investee and ability to use its power to affect those returns.
In terms of IFRS 11, proportionate consolidation is no longer permitted. Joint arrangements are now classified as either joint ventures or joint operations.
Joint ventures are required to be equity accounted.
Altron has re-evaluated its involvement in its joint ventures with CBI Electric Aberdare ATC Telecom Cables ("CBI) and Tridonic SA Proprietary Limited
("Tridonic). CBI has been reclassified from a jointly controlled entity that was previously proportionately consolidated to a joint venture that is now equity
accounted. Tridonic has been reclassified from a jointly controlled entity that was previously proportionately consolidated to a subsidiary.
1. Capital items
CONTINUING OPERATIONS
Net gain on disposal of property, plant and equipment 1 1 14
Impairment of property, plant and equipment (7)
Impairment of intangible assets (9)
Net loss on disposal of businesses and investments (1) (5)
Loss on disposal of held-for sale disposal group (42)
Impairment of held-for-sale disposal group assets (62) (29)
1 (62) (78)
DISCONTINUED OPERATIONS
Impairment of property, plant and equipment (308) (328)
Impairment of goodwill (13) (13)
Impairment of intangible assets (294) (300)
Loss on disposal of discontinued operations (730)
(615) (1 371)
Total 1 (677) (1 449)
2. Reconciliation between attributable earnings and headline earnings
Attributable to Altron equity holders 260 (15) (312)
Capital items gross (1) 677 1 449
Tax effect of capital items
Non-controlling interests in capital items 1 (413) (720)
Headline earnings 260 249 417
3. Reconciliation between attributable earnings and diluted earnings
Attributable to Altron equity holders 260 (15) (312)
Dilutive earnings attributable to B-BBEE non-controlling interests in subsidiaries (5)
Dilutive earnings attributable to dilutive options at subsidiary level 42
Non-controlling interest in adjustments (18)
Diluted earnings 260 (20) (288)
4. Reconciliation between headline earnings and diluted headline earnings
Headline earnings 260 249 417
Dilutive earnings attributable to B-BBEE non-controlling interests in subsidiaries (5)
Dilutive earnings attributable to dilutive options at subsidiary level (3) (11)
Non-controlling interests in adjustments 1 4
Diluted headline earnings 260 242 410
5. Reconciliation between headline earnings and normalised headline earnings
Normalised headline earnings have been presented to demonstrate the impact of
material, non-operational once-off costs relating to foreign exchange losses and
breakage costs on transaction funding on the headline earnings of the group.
The presentation of normalised headline earnings is not an IFRS requirement.
Headline earnings are reconciled to normalised headline earnings as follows:
Headline earnings 260 249 417
Foreign currency losses on transaction funding 40
Breakage costs on transaction funding 5
Tax effect of adjustments
Non-controlling interests in adjustments (17)
Normalised headline earnings 288 249 417
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2013 2012 2013
(Unaudited) (Restated)* (Restated)*
6. Reconciliation between diluted headline earnings and normalised diluted
headline earnings
Diluted headline earnings 260 242 410
Foreign currency losses on bank loan 40
Breakage costs 5
Tax effect of adjustments
Non-controlling interests in adjustments (17)
Normalised diluted headline earnings 288 242 410
Fully diluted earnings, diluted headline earnings and normalised diluted headline earnings have been calculated in accordance with IAS 33 Earnings per
Share, on the basis that:
The recognition of the deferred sale of a 30% interest in Aberdare Cables to the Izingwe Consortium based on the assumption that the outstanding
purchase price will be settled in cash for R32 million, adjusted for the dilutive effect of the option price at the Aberdare level and after taking into account
the 16.5% investment in the Izingwe Consortium by Power Technologies (Pty) Ltd.
7. Discontinued operations
The disposals of Altech's Telecommunication Network interests in East Africa resulted in the operations being classified as a discontinued operation in the
previous financial year. The comparative consolidated statements of comprehensive income and cash flows have been re-presented.
Revenue 140 280
Earnings before interest, tax, depreciation, amortisation and capital items
(EBITDA before capital items) (33) (113)
Depreciation and amortisation (36) (52)
Operating loss before capital items (69) (165)
Capital items (Note 1) (615) (1 371)
Result from operating activities (684) (1 536)
Finance income 2 2
Finance expense (49) (92)
Loss before taxation (731) (1 626)
Taxation (1) (10)
Loss for the period from discontinued operations (732) (1 636)
8. Acquisitions of subsidiary
Acquisition of Brand New Technologies
Effective 1 March 2013 the Bytes Group acquired the business of Brand New Technologies Proprietary Limited ("BNTechC) for a total estimated
consideration of R63.3 million of which R49 million is deferred and payable on the achievement of certain earn-outs over the next three years. BNTech is
a leading provider of identity management products and solutions, specialising in protecting, securing and validating identities. The acquisition of BNTech
complements existing Bytes offerings and allows the group to offer and provide a holistic identity management solution on a turnkey basis, both in South
Africa and into Africa.
The acquired business contributed revenues of R11.6 million and net profit after tax of R1.6 million to the group for the six months since acquisition.
These amounts have been calculated using the group's accounting policies.
Management is still finalising the full purchase price allocation and this will be accounted for in the second half of the 2014 financial year.
The acquired balances of BNTech at the effective date were as follows:
Recognised Fair value Carrying
values adjustments amount
Current assets 5 5
Net identifiable assets and liabilities 5 5
Goodwill arising on acquisition 51
Total consideration 56
less deferred purchase consideration (42)
Cash outflow from the group on acquisition 14
9. Buy-back of non-controlling interests in Altech
Altron, through its wholly owned subsidiary Altron Finance, acquired the Altech non-controlling shareholders' shares in Altech effective 1 August 2013. This
brought Altron's shareholding in Altech to 100% and will enable it to integrate and initiate synergies between Altech and Bytes, through the creation of the
Altron TMT division.
The total cash consideration paid to the Altech non-controlling shareholders equalled R1.63 billion (91% of Altech non-controlling interests) and was funded
by debt, while 9% of the Altech non-controlling shareholders elected to be settled in Altron participating preference shares.
Once-off directly attributable transaction costs of R15 million were capitalised to equity.
The excess of the consideration paid to Altech shareholders over the non-controlling interest in Altech amounts to R1 449 million, and has,
been deducted directly from the equity attributable to Altron Shareholders.
CONDENSED CONSOLIDATED BALANCE SHEET
31 August 31 August 28 February
2013 2012 2013
R millions (Unaudited) (Restated)* (Restated)*
Assets
Non-current assets 5 236 4 353 4 863
Property, plant and equipment 1 890 1 996 1 765
Intangible assets including goodwill 1 694 1 528 1 597
Associates 256 251 250
Other investments 731 191 673
Rental finance advances 40 56 45
Non-current receivables and other assets 521 183 414
Deferred taxation 104 148 119
Current assets 9 233 8 070 8 080
Inventories 2 885 2 650 2 586
Trade and other receivables, including derivatives 5 054 4 220 4 219
Assets classified as held-for-sale 85 -
Cash and cash equivalents 1 294 1 115 1 275
Total assets 14 469 12 423 12 943
Equity and liabilities
Total equity 3 868 5 124 5 229
Non-current liabilities 2 030 1 042 782
Loans 1 878 818 609
Empowerment funding obligation 33 17
Provisions 5 6 25
Deferred income 55
Deferred taxation 147 130 131
Current liabilities 8 571 6 257 6 932
Loans 1 743 730 1 308
Empowerment funding obligation 32 27 29
Bank overdraft 976 825 385
Trade and other payables, including derivatives 5 709 4 366 5 072
Provisions 70 121 100
Liabilities classified as held-for-sale 85
Taxation payable 41 103 38
Total equity and liabilities 14 469 12 423 12 943
Net asset value per share (cents) 1 131 1 509 1 497
SEGMENT ANALYSIS - Continuing operations
The segment information has been prepared in accordance with IFRS 8: Operating Segments, which defines the requirements for the disclosure of financial
information of an entity's operating segments.
The standard requires segmentation based on the group's internal organisation and reporting of revenue and EBITDA based upon internal accounting
presentation.
Altron commenced to equity account for its stake in CBi Electric Aberdare ATC Telecom Cables (CBI) effective 1 March 2013 where previously it was
proportionally consolidated. The change in accounting policy has resulted in a restatement of the Powertech Cables Group's revenue and EBITDA.
The segment revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) generated by each of the group's reportable segments are
summarised as follows:
Revenue Normalised EBITDA
Six months to Six months to 12 months to Six months to Six months to 12 months to
31 August 31 August 28 February 31 August 31 August 28 February
R millions 2013 2012 2013 2013 2012 2013
Altech Autopage Cellular 2 907 3 032 6 027 139 122 253
Altech UEC Group 966 803 1 802 83 62 180
Altech Netstar Group 538 518 1 045 143 160 291
Other Altech Segments 729 664 1 287 52 61 154
Altech Group 5 140 5 017 10 161 417 605 878
Bytes Technology Group UK Software 1 041 878 1 541 47 30 45
Bytes Document Solutions Group 1 167 1 064 2 216 52 70 142
Bytes Managed Solutions 644 585 1 205 74 65 150
Bytes Systems Integration 747 531 1 145 41 38 85
Other Bytes Segments 535 453 897 50 41 109
Bytes Group 4 134 3 511 7 004 264 244 531
Altron TMT 9 274 8 528 17 165 681 649 1 409
Powertech Cables Group 2 505 2 363 4 426 47 74 33
Powertech Transformers Group 835 824 1 459 84 94 138
Powertech Battery Group 401 345 680 47 54 82
Powertech Services Group 430 409 752 19 28 43
Other Powertech Segments 22 52 19 (4) (15) (29)
Powertech Group 4 196 3 993 7 336 193 232 267
Corporate and financial services 3 14 18 (3) (21) (24)
Inter-segment revenue (30) (35) (55)
Altron Group 13 443 12 500 24 464 871 860 1 652
Segment EBITDA can be reconciled
to group operating profit before Six months to Six months to 12 months to
capital items as follows: 31 August 31 August 28 February
R millions 2013 2012 2013
Segment EBITDA 871 860 1 652
Reconciling items:
Depreciation (161) (153) (303)
Amortisation (51) (73) (150)
Foreign currency losses on
transaction funding (40)
Breakage costs on transaction
funding (5)
Group operating profit before
capital items 614 634 1 199
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2013 2012 2013
R millions (Unaudited) (Restated)* (Restated)*
Continuing operations
Cash flows from/(utilised in) operating activities 200 (108) 1 138
Cash generated by operations 959 809 1 862
Changes in working capital (279) (280) 172
Net finance expense (101) (31) (95)
Taxation paid (160) (180) (368)
Cash available from operating activities 419 318 1 571
Dividends paid, including to non-controlling interests (219) (426) (433)
Cash flows utilised in investing activities (2 484) (377) (1 132)
Cash flows from financing activities 1 694 238 1 005
Cash flows utilised in discontinued operations (30) (687)
Net (decrease)/increase in cash and cash equivalents (590) (277) 324
Net cash and cash equivalents at the beginning of the period 890 533 533
Effect of exchange rate fluctuations on cash held 18 20 33
Cash classified as held-for-sale 14
Net cash and cash equivalents at the end of the period 318 290 890
OPERATIONAL CONTRIBUTION FROM CONTINUED OPERATIONS
Six months Six months Year
ended ended ended
% 31 August 31 August 28 February
change 2013 % 2012 % 2013 %
R millions (Unaudited) (Restated)* (Restated)*
Revenue
Altech 2 5 140 38 5 017 40 10 161 42
Bytes 18 4 134 31 3 511 28 7 004 29
Altron TMT 9 9 274 8 528 17 165
Powertech 5 4 196 31 3 993 32 7 336 29
Corporate, financial services and
eliminations (27) 0 (21) 0 (37) 0
Altron 8 13 443 100 12 500 100 24 464 100
Normalised operating profit*
Altech 5 340 51 325 51 713 59
Bytes 13 213 32 189 30 423 35
Altron TMT 8 553 514 1 136
Powertech (23) 109 17 142 22 94 9
Corporate and financial
services (3) 0 (22) (3) (31) (3)
Altron 4 659 100 634 100 1 199 100
% held at % held at % held at
31 August 31 August 28 February
Normalised headline earnings** 2013 2012 2013
Altech 100,0 50 114 40 61,4 76 31 61,4 160 38
Bytes 100,0 14 133 46 100,0 117 47 100,0 253 61
Powertech 100,0 (45) 33 11 100,0 60 24 100,0 1 0
Corporate and financial services 100,0 8 3 100,0 (4) (2) 100,0 3 1
Altron 15 288 100 249 100 417 100
* Normalised operating profit is stated before capital items and non-operational once-off costs relating to foreign exchange losses and breakage costs on
transaction funding.
** Normalised headline earnings is stated before non-operational once-off costs relating to foreign exchange losses and breakage costs on transaction funding.
SUPPLEMENTARY INFORMATION
31 August 31 August 28 February
2013 2012 2013
R millions (Unaudited) (Restated)* (Restated)*
Borrowings 3 653 1 608 1 963
interest bearing 3 621 1 316 1 917
non-interest bearing 232
B-BBEE funding obligation 32 60 46
Depreciation 161 180 345
Amortisation 51 82 160
Net foreign exchange (losses)/profits (24) 28 (18)
Capital expenditure 356 229 672
Additions to contract fulfilment costs 197 133 430
Capital commitments 77 183 124
Lease commitments 845 944 953
Payable within the next 12 months: 233 229 232
Payable thereafter: 612 715 721
Weighted average number of shares (millions) 318 316 316
Diluted average number of shares (millions) 322 318 319
Shares in issue at end of period (millions) 324 316 317
Ratios
EBITDA margin (%) 6,1 6,5 6,2
ROCE (%) 16,3* 16,8* 14,4
ROE (%) 15,1* 10,2* 9,1
ROA (%) 10,6* 10,7* 10,1
RONA (%) 16,5* 16,9* 14,6
Current ratio 1,1:1 1,3:1 1,2:1
Acid test ratio 0,7:1 0,9:1 0,8:1
* Annualised
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to Altron equity holders
Share
capital Non-
and Treasury Retained controlling Total
R millions premium shares Reserves earnings Total interests equity
Balance at 29 February 2012 (Restated)* 2 244 (299) (1 100) 4 158 5 003 820 5 823
Total comprehensive income for the period
Loss for the period (15) (15) (364) (379)
Other comprehensive income
Foreign currency translation differences in respect
of foreign operations 53 53 26 79
Remeasurement of defined benefit obligation 7 7 7
Total other comprehensive income 60 60 26 86
Total comprehensive income for the period 60 (15) 45 (338) (293)
Transactions with owners, recorded directly
in equity
Contributions by and distributions to owners
Dividends to equity holders (291) (291) (135) (426)
Issue of share capital 1 1 1
Share-based payment transactions 12 12 3 15
Total contributions by and distributions to owners 1 12 (291) (278) (132) (410)
Changes in ownership interests in subsidiaries
Change in shareholding of subsidiaries 1 1 3 4
Total changes in ownership interests in subsidiaries 1 1 3 4
Total transactions with owners 1 13 (291) (277) (129) (406)
Balance at 31 August 2012 (Restated)* 2 245 (299) (1 027) 3 852 4 771 353 5 124
Total comprehensive income for the period
Loss for the period (297) (297) (266) (563)
Other comprehensive income
Foreign currency translation differences in respect
of foreign operations 139 139 92 231
Realisation of negative foreign currency translation
reserve on disposal 120 120 76 196
Fair value adjustment on available-for-sale
investments (3) (3) (2) (5)
Remeasurement of defined benifit obligation - - 7 - 7 - 7
Total other comprehensive income 263 263 166 429
Total comprehensive income for the period 263 (297) (34) (100) (134)
Transactions with owners, recorded directly
in equity
Contributions by and distributions to owners
Dividends to equity holders (7) (7)
Issue of share capital 9 (10) (1) (1)
Share-based payment transactions 5 5 1 6
Total contributions by and distributions to owners 9 (5) 4 (6) (2)
Changes in ownership interests in subsidiaries
Change in shareholding of subsidiaries (1) (1) (3) (4)
Introduction of non-controlling interests 3 3
Disposal of operations 242 242
Total changes in ownership interests in subsidiaries (1) (1) 242 241
Total transactions with owners 9 (6) 3 236 239
Balance at 28 February 2013 (Restated)* 2 254 (299) (770) 3 555 4 740 489 5 229
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY continued
Attributable to Altron equity holders
Share
capital Non-
and Treasury Retained controlling Total
R millions premium shares Reserves earnings Total interests equity
Total comprehensive income for the period
Profit for the period 260 260 81 341
Other comprehensive income
Foreign currency translation differences in respect
of foreign operations 92 92 2 94
Fair value adjustment on available-for-sale
investments 38 38 13 51
Remeasurement of defined benefit obligation 2 2 2
Total other comprehensive income 132 132 15 147
Total comprehensive income for the period 132 260 392 96 488
Transactions with owners, recorded directly
in equity
Contributions by and distributions to owners
Dividends to equity holders (190) (190) (29) (219)
Share-based payment transactions 13 13 3 16
Total contributions by and distributions to owners 13 (190) (177) (26) (203)
Changes in ownership interests in subsidiaries
Buy-back of non-controlling interest 158 (1 449) (1 291) (355) (1 646)
Total changes in ownership interests in subsidiaries 158 (1 449) (1 291) (355) (1 646)
Total transactions with owners 158 (1 436) (190) (1 468) (381) (1 849)
Balance at 31 August 2013 (unaudited) 2 412 (299) (2 074) 3 625 3 664 204 3 868
*CHANGE IN ACCOUNTING POLICIES:
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months Six months Six months Year Year Year
ended ended ended ended ended ended
31 August 31 August 31 August 28 February 28 February 28 February
2012 2012 2012 2013 2013 2013
R millions (Unaudited) (Adjustments) (Restated)* (Audited) (Adjustments) (Restated)*
CONTINUING OPERATIONS
Revenue 12 662 (162) 12 500 24 769 (305) 24 464
Earnings before interest, tax, depreciation and
amortisation (EBITDA) 885 (25) 860 1 692 (40) 1 652
Depreciation and amortisation (230) 4 (226) (461) 8 (453)
Operating profit before capital items 655 (21) 634 1 231 (32) 1 199
Capital items (Note 1) (62) (62) (78) (78)
Result from operating activities 593 (21) 572 1 153 (32) 1 121
Finance income 29 29 57 (1) 56
Finance expense (59) (59) (134) (134)
Share of profit from associates 1 8 9 5 10 15
Profit before taxation 564 (13) 551 1 081 (23) 1 058
Taxation (188) 6 (182) (358) 10 (348)
STC (16) (16) - (16) (16)
Profit for the period from continuing
operations 360 (7) 353 707 (13) 694
*CHANGE IN ACCOUNTING POLICIES:
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months Six months Six months Year Year Year
ended ended ended ended ended ended
31 August 31 August 31 August 28 February 28 February 28 February
2012 2012 2012 2013 2013 2013
R millions (Unaudited) (Adjustments) (Restated)* (Audited) (Adjustments) (Restated)*
DISCONTINUED OPERATIONS
Loss for the period from discontinued
operations (732) (732) (1 636) (1 636)
Net profit/(loss) for the period (372) (7) (379) (929) (13) (942)
Other comprehensive income
Items that will never be reclassified to
profit or loss
Remeasurement of defined benefit obligation 10 10 19 19
Taxation on items that will never be reclassified
to profit or loss (3) (3) (5) (5)
Items that are or may be reclassified
subsequently to profit or loss
Foreign currency translation differences in
respect of foreign operations 79 79 310 310
Realisation of negative foreign currency
translation reserve on disposal 196 196
Fair value adjustment on available-for-sale
investments (5) (5)
Other comprehensive income for the period,
net of taxation 79 7 86 501 14 515
Total comprehensive income for the period (293) (293) (428) 1 (427)
Net profit/(loss) attributable to:
Non-controlling interests (364) (364) (631) 1 (630)
Altron equity holders (8) (7) (15) (298) (14) (312)
Altron equity holders from continuing
operations 257 (7) 250 498 (14) 484
Altron equity holders from discontinued
operations (265) (265) (796) (796)
Net profit/(loss) for the period (372) (7) (379) (929) (13) (942)
Total comprehensive income attributable to:
Non-controlling interests (338) (338) (439) (439)
Altron equity holders 45 45 11 1 12
Altron equity holders from continuing
operations 288 288 650 1 651
Altron equity holders from discontinued
operations (243) (243) (639) (639)
Total comprehensive income for the period (293) (293) (428) 1 (427)
Basic earnings/(loss) per share from
total operations (cents) (3) (2) (5) (94) (5) (99)
Diluted basic earnings/(loss) per share
from total operations (cents) (4) (2) (6) (86) (5) (91)
Headline earnings per share (cents) 81 (2) 79 136 (4) 132
Diluted headline earnings per share (cents) 78 (2) 76 133 (4) 129
HEADLINE EARNINGS ARE DERIVED FROM:
Profit attributable to Altron equity holders (8) (7) (15) (298) (14) (312)
Capital items gross 677 677 1 449 1 449
Non-controlling interests in capital items (413) (413) (720) 720
Headline earnings 256 (7) 249 431 (14) 417
*CHANGE IN ACCOUNTING POLICIES:
CONDENSED CONSOLIDATED BALANCE SHEET
31 August 31 August 31 August 28 February 28 February 28 February
2012 2012 2012 2013 2013 2013
R millions (Unaudited) (Adjustments) (Restated)* (Audited) (Adjustments) (Restated)*
Assets
Non-current assets 4 251 102 4 353 4 757 106 4 863
Property, plant and equipment 2 054 (58) 1 996 1 822 (57) 1 765
Intangible assets including goodwill 1 544 (16) 1 528 1 613 (16) 1 597
Associates 83 168 251 80 170 250
Other investments 191 191 673 673
Rental finance advances 56 56 45 45
Non-current receivables and other assets 183 183 414 414
Deferred taxation 140 8 148 110 9 119
Current assets 8 208 (138) 8 070 8 210 (130) 8 080
Inventories 2 718 (68) 2 650 2 653 (67) 2 586
Trade and other receivables, including
derivatives 4 271 (51) 4 220 4 255 (36) 4 219
Assets classified as held-for-sale 85 85
Cash and cash equivalents 1 134 (19) 1 115 1 302 (27) 1 275
Total assets 12 459 (36) 12 423 12 967 (24) 12 943
Equity and liabilities
Total equity 5 114 10 5 124 5 220 9 5 229
Non-current liabilities 1 039 3 1 042 787 (5) 782
Loans 818 818 609 609
Empowerment funding obligation 33 33 17 17
Provisions 6 6 25 25
Deferred income 55 55
Deferred taxation 127 3 130 136 (5) 131
Current liabilities 6 306 (49) 6 257 6 960 (28) 6 932
Loans 730 730 1 308 1 308
Empowerment funding obligation 27 27 29 29
Bank overdraft 825 825 385 385
Trade and other payables, including derivatives 4 410 (44) 4 366 5 105 (33) 5 072
Provisions 121 121 100 100
Liabilities classified as held-for-sale 85 85
Taxation payable 108 (5) 103 33 5 38
Total equity and liabilities 12 459 (36) 12 423 12 967 (24) 12 943
Net asset value per share (cents) 1 509 1 509 1 498 (1) 1 497
*CHANGE IN ACCOUNTING POLICIES:
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Six months Six months Year Year Year
ended ended ended ended ended ended
31 August 31 August 31 August 28 February 28 February 28 February
2012 2012 2012 2013 2013 2013
R millions (Unaudited) (Adjustments) (Restated)* (Audited) (Adjustments) (Restated)*
Continuing operations
Cash flows from/(utilised in) operating
activities (107) (1) (108) 1 150 (12) 1 138
Cash generated by operations 825 (16) 809 1 878 (16) 1 862
Changes in working capital (292) 12 (280) (94) 266 172
Net finance expense (30) (1) (31) 174 (269) (95)
Taxation paid (184) 4 (180) (375) 7 (368)
Cash available from operating activities 319 (1) 318 1 583 (12) 1 571
Dividends paid, including to non-controlling
interests (426) _ (426) (433) (433)
Cash flows utilised in investing activities (379) 2 (377) (1 137) 5 (1 132)
Cash flows from financing activities 238 238 1 005 1 005
Cash flows utilised in discontinued
operations (30) (30) (687) (687)
Net (decrease)/increase in cash and cash
equivalents (278) 1 (277) 331 (7) 324
Net cash and cash equivalents at the
beginning of the period 553 (20) 533 553 (20) 533
Effect of exchange rate fluctuations on
cash held 20 20 33 33
Cash classified as held-for-sale 14 14
Net cash and cash equivalents at the
end of the period 309 (19) 290 917 (27) 890
*CHANGE IN ACCOUNTING POLICIES:
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
31 August 31 August 31 August 28 February 28 February 28 February
2012 2012 2012 2013 2013 2013
R millions (Unaudited) (Adjustments) (Restated)* (Audited) (Adjustments) (Restated)*
Loss for the period (372) (7) (379) (929) (13) (942)
Foreign currency translation differences in
respect of foreign operations 79 79 310 310
Remeasurement of defined benefit obligation 7 7 14 14
Realisation of negative foreign currency
translation reserve on disposal 196 196
Fair value adjustment on available-for-sale
investments (5) (5)
Dividends to equity holders (426) (426) (433) (433)
Issue of share capital 1 1
Share-based payment transactions 15 15 23 (2) 21
Change in shareholding of subsidiaries 4 4
Introduction of non-controlling
interests 3 3
Disposal of operations 242 242
Equity at the beginning of the period 5 813 10 5 823 5 813 10 5 823
Equity at the end of the period 5 114 10 5 124 5 220 9 5 229
Made up as follows:
Share capital and premium 2 245 2 245 2 254 2 254
Treasury shares (299) (299) (299) (299)
Reserves (1 034) 7 (1 027) (784) 14 (770)
Retained earnings 3 859 (7) 3 852 3 570 (15) 3 555
Non-controlling interests 343 10 353 479 10 489
5 114 10 5 124 5 220 9 5 229
Message to shareholders
The Altron financial results for the six month period ended 31 August 2013 are reported in an
integrated manner in accordance with the G3 Guidelines of the Global Reporting Initiative (GRI)
as recommended by King III, reflecting those issues that are applicable and which materially
affect or contribute to the sustainable development of Altron in terms of its financial and non-
financial performance.
During the period under review, the group achieved revenue growth as well as a pleasing
increase in normalised headline earnings per share, with margins generally being maintained.
As previously reported, Altron, through its wholly owned subsidiary Altron Finance, acquired the
Altech minorities' shares in Altech effective 1 August 2013. This brought Altron's shareholding
in Altech to 100% and will enable it to integrate and initiate synergies between Altech and Bytes,
through the creation of the Altron TMT division. Given the effective date, the benefit of these
synergies is not yet evident in the results for this period but it is anticipated they will have an
effect from the next reporting period. For the six months ended 31 August 2013, Altech showed
a good recovery with Altech Autopage and Altech UEC performing above expectation. Bytes
continued its strong performance across most divisions with Bytes Universal Systems and the
UK businesses contributing significantly, and positive inroads being made into the public sector
coupled with good progress in its Africa strategy. Powertech experienced 5% revenue growth
but earnings were negatively impacted by reduced margins primarily as a result of
underperformance from the Aberdare Cables business albeit that this division showed a marked
improvement when compared to the second half of the prior year. Overall, the Powertech
group's performance is also much improved from the second half of the prior financial year.
Financial overview
Income
In accordance with the treatment of East Africa as a discontinued operation at the last year
end, the comparative period has been restated to separate out those operations. There have
also been restatements in order to implement various accounting standard changes that are
effective this year and which have to be retrospectively applied. In some cases reference is
made to normalised results which excludes the once-off non-operational forex and breakage
costs associated with the repatriation of the East Africa loan.
Continuing operations
While Altron's revenue increased by 8% to R13.4 billion from R12.5 billion in the comparative
period, EBITDA declined by 4% from R860 million to R826 million. Normalised EBITDA equalled
R871 million, up 1%, which excludes the effect of once-off, non-operational forex losses and
breakage costs totalling R45 million following the repatriation of a loan pertaining to Altech East
Africa. Normalised EBITDA margin was 6.5% compared to the prior period's 6.9%.
The non-recurrence of the impairments of the prior period as well as a lower depreciation
charge, related to the disposal of Altech's West African operation, resulted in a profit of R615
million from operating activities, 8% higher than last year's R572 million. Net finance costs have
increased from R30 million to R101 million as average borrowings have increased significantly
due to various loans taken on to fund the cash requirements associated with the disposal of
Altech's East African operations. The borrowings taken out to acquire the Altech minorities had
virtually no impact on the results for this period.
Total operations
The effective tax rate remains high at 34.7% due to some interest deductibility issues as well as
the inability to raise deferred tax assets in certain loss making operations, though it is lower than
the 36.7% experienced in the prior period. This resulted in a profit after tax of R341 million
compared to the loss of R379 million experienced in the prior period.
Headline earnings per share is up 4% at 82 cents while normalised HEPS increased 15% to 91
cents.
Cash management
Cash generated by operations of R959 million was up 19% on the prior period but R279 million
was absorbed into working capital. Despite continued focus on working capital there has been
a 7 day increase in the net investment when compared to February 2013, all coming out of
debtors. The comparison to August 2012 shows an improvement from 29 days to 20 days of
net investment. This increase is primarily due to significantly higher activity levels in the last two
months of the period. A significant reduction in dividends paid, mainly as a result of Altech not
paying a dividend, resulted in R200 million cash flow being generated from operating activities.
Investing activities increased to R838 million, excluding the effects of the R1.6 billion invested
as a result of the acquisition of the Altech minorities. A significant portion of the increase was
due to the continued investment into capitalised subscriber acquisition costs of R281 million in
the Altech group, which are recovered over the term of their contracts. Capital expenditure
amounted to R356 million in both property, plant and equipment and capitalised research and
development costs, with the latter reflecting the group's focus on generating its own intellectual
property.
Subsidiary review
Subsidiary income and growth
Altron TMT Division
The acquisition of the Altech minorities' shares in Altech has enabled Altron to reorganise its
telecommunications, multi-media and IT businesses in a more efficient way in order to increase
revenue growth, enable effective business cross-sell and achieve cost savings going forward.
Significant successes have already been achieved and, although it is early in the process,
management is pleased with the progress made to date. On a consolidated total operations
level, the Altron TMT Division consisting of Altech and Bytes, increased revenue by 7% from
R8.7 billion to R9.3 billion and normalised EBITDA by 11% from R616 million to R681 million.
The EBITDA margin improved from 7.1% to 7.3%. Normalised headline earnings improved
18% to R284 million.
Altech maintained revenue at R5.1 billion compared to the prior period, while normalised
EBITDA increased by 12% to R417 million with the normalised EBITDA margin increasing from
7.2% to 8.1%. Normalised headline earnings increased by 22% to R151 million.
Revenue at Altech Autopage was marginally down as a result of a decline in the voice
environment and a clean-up of the subscriber base, but the business increased EBITDA by 14%
showing the benefits of its strategy of bundling products and value adding services along with
the traditional voice product. The Average Revenue Per User (ARPU) has continued to decline,
although ARPUs on new subscribers are encouraging, while churn is being maintained at
industry leading levels. Valued-added services and data sales were up and the number of
subscribers increased to approximately 1.1 million.
The Altech Netstar group achieved revenue growth of 4%. However EBITDA declined by 11%
with margins impacted by inflationary increases linked to cost of sales, a competitive
environment and resultant lower monthly Average Revenue Per Vehicle (ARPV). Significant
focus is being directed to cost controls and internal efficiencies. Recent wins in the fleet
management business and the installation of over 30 000 telematics units for insurance
companies to monitor driver behaviour should assist in reversing some of this margin decline
going forward.
Altech Multimedia again performed exceptionally well, with revenue increasing by 20%, and
EBITDA increasing by 34%. This significant improvement in performance can be attributed to,
amongst other reasons, increased sales to MultiChoice for digital migration in Africa. The
continued international diversification of the customer base which includes Angola, the Middle
East, Turkey and Australia has led to an improvement in the product mix. The business has
initiated the production of flat panel televisions for Samsung, which has increased recoveries in
the manufacturing facilities. Additional capacity has been added to the manufacturing facility in
Mount Edgecombe in KwaZulu Natal and a record number of five million set-top-boxes are
expected to be manufactured during this financial year.
The Altech Information Technology group's revenue decreased by 7% and EBITDA increased
by 21%, with the profitability improvement mainly related to the disposal of Altech West Africa.
Altech Isis performed well but Altech Card Solutions experienced a challenging market. Altech
NuPay delivered excellent results while Swisttech performed satisfactorily. Going forward most
of the IT assets in Altech will be operationally managed by Bytes, streamlining the group's IT
products and service offerings.
Altech's return on equity was 21.8% while its return on capital employed was 34.31%.
Altech is focussed on maximising returns from its existing assets while also looking ahead at
how these businesses must be developed for future relevance and growth. Three new business
development areas are being focussed on and invested in which could generate extensive new
revenue streams in the future. Partnerships such as the one with Huawei are also key to the
future of the group.
Bytes reported a pleasing 18% increase in revenue and an 8% increase in EBITDA. The
EBITDA margin declined from 6.9% to 6.4%. Headline earnings for the Bytes group was up 14%
to R133 million.
Bytes Document Solutions (South Africa and UK) reported a 10% increase in revenue but a
decrease of 25% in EBITDA. EBITDA was impacted through the concerted effort to increase
machines in the field which will have a positive impact on future service revenue. The Xerox
business experienced difficult market conditions in both South African and UK markets and was
negatively affected by a materially weaker Rand. Lasercom and Nor Paper performed
satisfactorily.
Bytes Managed Solutions again posted pleasing results, increasing revenue by 10% and
EBITDA by 13%, with improved sales of NCR Automated Teller Machines and Point of Sale
devices. The business won a three year contract to the value of approximately R400m from
Absa/Barclays for IMAC/Break-fix services in Africa.
Bytes Systems Integration achieved an exceptional 41% growth in revenue, but saw EBITDA
grow by only 7%. The decline in EBITDA margins in this business is indicative of some of the
margin pressure in the industry, particularly in commoditised products and services. The local
operations experienced a competitive pricing environment, but were assisted by good margins
in the African business.
Bytes Healthcare Solutions performed well, increasing revenue by 7% and EBITDA by 8%
which was well ahead of expectations given the mature state of their market and their strong
market position.
Bytes Universal Systems, a division formed in April 2012 as a result of the acquisition of Unisys
Africa, had an excellent six months, increasing revenue by 29% and increasing EBITDA by
52%. The business performed particularly well in the public sector, an area that Bytes has
specifically been targeting for growth. An example of this is a R250 million contract recently
awarded by a major public sector client.
The Bytes International operations returned pleasing results, increasing revenue by 20% and
EBITDA by 50% in Rand terms. The UK Software Services side of the business performed
excellently by diversifying the business away from the core Microsoft business and increasing
revenue by 19%. The overall profitability of the International businesses was assisted by
Security Partnerships Limited which performed ahead of expectations.
Bytes' return on equity was 21.1%, while return on capital employed was 21.5%.
Bytes' prospects are viewed as positive as it builds on the momentum created over the last few
years and on-going IT spend by corporates. However, a competitive pricing environment is
expected to continue. With the Altech IT businesses now being managed under Bytes and the
creation of the Altron TMT division, significant cross-sell and up-sell opportunities are likely to
emerge.
Altron Power Electronics Division
Powertech revenue increased by 5% to R4.2 billion, while EBITDA reduced by 17% to R193
million and the EBITDA margin declined from 5.8% to 4.6%. Headline earnings for the
Powertech group decreased by 45% to R33 million with a higher interest cost and an increased
effective tax rate.
The Powertech Cables group experienced a 6% increase in revenue, but lower margins
resulting in a 37% decline in EBITDA. Although these results are disappointing, there are
indications of a recovery when compared to the second half of the prior period. Pricing
continues to be an issue in the market, while product mix has also been suboptimal, with
increased volumes in lower margin products. Benefits from the restructuring, announced at the
year-end, have been limited in the first half, but will be more significant in the second half.
Formal sector demand is expected to pick up after the award of certain tenders and significant
opportunities exist in the renewables and rail sectors, where some success has already been
achieved. The international cables operations in Iberia are operating in a depressed economy.
Although Portugal has returned to profitability, Spain remains an area of concern. The local
electric cables order book is strong at R685 million.
The Powertech Transformers group maintained revenue but EBITDA decreased by 11%. The
Pretoria West power transformer plant struggled with under recoveries due to manufacturing
inefficiencies although test-failure rates have improved. The significant investment in a new
small power transformer manufacturing line is now complete and started operating in
September 2013. The Johannesburg distribution transformer business recovered to a profitable
position and the distribution transformer manufacturing facility in Cape Town performed
excellently, recently receiving a R350 million enabling contract from Eskom for miniature
substations.
In the Powertech Batteries group revenue increased by 16% while EBITDA declined by 12%.
The automotive battery business performed well over the winter months but margins have
declined as a result of cost pressures, most notably from the increasing Rand lead price.
Powertech System Integrators' revenue increased by 5% compared to the prior period while
EBITDA levels declined by 31%. A new contributor to the business, namely Powertech
QuadPro, has built a strong order book for turnkey electrical substations in Africa which bodes
well for future profitability of this business, even though it is currently working through some
legacy low margin projects. The remaining operations in Powertech System Integrators, namely
Strike Technologies, TIS and Powertech IST, saw continuing margin pressure and a lower
revenue performance.
Powertech Africa is making good progress with the recent win of a $20 million order for medium
voltage cables and a $3.5 million order for transformers from Ghana. Other contracts include a
$6.7 million contract to Powertech QuadPro for turnkey substations in Zambia and a $2.6 million
order for low voltage cable in Mozambique.
Powertech's return on equity was 2.6% while return on capital employed was 7.9%.
The various restructuring projects which were undertaken by Powertech during the period under
review should have a positive impact on the second half of the year's performance.
Powertech's medium term prospects appear encouraging considering that there is continued
emphasis on infrastructure spend in the country and support from State-owned entities for local
manufacturing operations. The building and construction industry is also showing tangible initial
signs of a gradual recovery. Continued focus will be placed on the renewable energy sector
where in excess of R300 million in orders have already been won, as well as rail projects which
are about to go out to tender or nearing adjudication. A number of initiatives are underway to
balance the group's exposure to the building and construction sector, expand sales into Africa
and reduce reliance on pure manufacturing operations.
Corporate activity
The following transactions were concluded during the period under review:
- Effective 1 March 2013, Bytes Technology Group South Africa acquired Brand New
Technologies Proprietary Limited ("BNTech") for a total estimated purchase price of
R63.3 million of which, R49 million is deferred and payable on the achievement of
certain earn-outs over the next three years. BNTech is a leading provider of identity
management products and solutions, specialising in protecting, securing and validating
identities. The acquisition of BNTech compliments existing Bytes offerings and allows
the group to offer and provide a holistic identity management solution on a turnkey
basis, both in South Africa and into Africa.
- Effective 1 August 2013, Altron Finance purchased the remaining Altech ordinary
shares that the Altron group did not already own from Altech's minority shareholders.
The total cash consideration paid to 91% of the Altech minority shareholders equalled
R1.6 billion, while 9% of the Altech minority shareholders elected to be settled in Altron
participating preference shares.
Human capital
Altron continues to focus on transformation as a competitive advantage and as a social
responsibility imperative within the socio-economic environment. In this regard, economic
benefit accrues to the black and/or female shareholders at the Powertech group, Bytes group,
Altech Netstar, Altech Multimedia and Altech Radio Holdings.
With regards to business development, several small to medium sized sustainable enterprises
have been developed at Aberdare Cables, the Powertech Batteries group and Powertech
Transformers.
Over the last 48 months in excess of R30 million has been invested in health infrastructure
development and education through the various social empowerment programs which the
group has committed itself to supporting.
Altron has maintained its level 3 Broad Based Black Economic Empowerment rating, whilst
Powertech has dropped to a level 4 contribution from level 3 in respect of the dti Broad Based
Black Economic Empowerment Codes. Bytes and Altech have been rated under the ICT
Charter and have both achieved level 2 ratings.
Altron has continued with the implementation of its group-wide Human Capital and
Transformation Strategy BEYOND 2012 adopted in July 2012. The internal metrics versus
each divisional goal and industry show a positive trend. The challenge remains attraction and
retention of black professionals at the managerial and executive levels. The former Altech
Academy will be converted to an Altron corporate university for execution of this strategy
within the current financial year.
Sustainability
Altron continues to build on the group's four core themes and objectives as identified in its 2012
Integrated Annual Report. The recent acquisition of the Altech minorities' shares in Altech and
the establishment of the Altron TMT division is evidence of the group's commitment to improve
profitable revenue growth, invest in its people, lead through innovation and build and maintain
strategic alliances.
Altron disclosed its first comparable data for electricity use and waste disposal in its 2013
Integrated Annual Report. Water data had to be restated due to system improvements which
resulted in more accurate data being available. Altron's annual sustainability workshop took
place in September 2013 and re-enforced the importance of reporting correct data on a regular
basis. The workshop also highlighted environmental cost saving initiatives implemented
throughout the group and increased the overall awareness of Altron's 'green agenda'. Altron
successfully submitted its third Carbon Disclosure Programme (CDP) as well as its second
voluntary Water CDP project during the period under review.
Corporate governance
The Altron group continues to embrace and implement the recommendations of the King
Report on Governance for South Africa 2009, as well as the King Code of Governance
Principles for South Africa 2009 (the Code) and has satisfied itself that Altron has complied
throughout the period under review in all material aspects with the Code and the Listings
Requirements of the JSE.
Outlook
The recent long-planned acquisition of the Altech minorities' shares in Altech marks
the beginning of a new era for the group. It is believed that the combination of Altron's
telecommunications, multi-media and IT businesses under the Altron TMT division, will help
unlock new revenue streams, result in efficiencies and pool talent from the Bytes and Altech
entities which will result in new innovations and growth opportunities.
A recovery and increase in activity seems to be emerging in the building and construction sector
which will positively affect the power electronics side of the group. The first phase of the
National Rail Projects should come to fruition in the second half of the year as well as phase two
of the REIPPP renewable energy projects.
Altron intends continuing to focus on the basics of rigorous cost control, working capital
management and extracting efficiencies from its existing businesses. Margin erosion will be
countered by expanding the group's product portfolio, implementing shared services and
lowering its cost base.
Acknowledgements
The board would like to once again express its appreciation to all of its customers, staff,
business partners, shareholders and other stakeholders for their support during the past year
and for their continued belief in the future sustainability of the group and its strong underlying
businesses.
On behalf of the board
Dr Bill Venter Robert Venter Alex Smith
Non-Executive Chairman Chief Executive Chief Financial Officer
7 October 2013
Board of directors
Independent non-executive:
Mr NJ Adami, Mr GG Gelink, Mr MJ Leeming, Dr PM Maduna, Ms DNM Mokhobo, Mr JRD
Modise, Mr SN Susman
Non-executive:
Dr WP Venter (Chairman), Mr MC Berzack,
Executive:
Mr RE Venter (Chief Executive), Mr RJ Abraham, Mr AMR Smith*, Mr CG Venter
* British
Secretaries:
Altron Management Services (Pty) Ltd Mr AG Johnston (Group Company Secretary)
Sponsor:
Investec Bank
www.altron.com
Date: 08/10/2013 07:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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