Wrap Text
Unaudited condensed consolidated interim financial results for the six months ended 31 August 2013
Afrimat Limited ("Afrimat" or "the company" or "the group")
(Incorporated in the Republic of South Africa)
(Registration number: 2006/022534/06)
Share code: AFT
ISIN code: ZAE000086302
Unaudited condensed consolidated interim financial results
for the six months ended 31 August 2013
Delivering consistent growth
Highlights
- Revenue up 38,8%
- HEPS up 40,9% to 49,3 cents
- Net cash from operating activities up 37,1%
- Net debt: equity ratio 19,0%
- NAV of 538 cents per share
- Interim dividend 11 cents per share
- Acquired 50,7% of Infrasors (1 March 2013)
- Very strong cash flow
www.afrimat.co.za
Condensed consolidated statement of comprehensive income
Unaudited Unaudited
six months six months Audited
ended ended year ended
31 August 31 August 28 February
2013 2012 Change 2013
R'000 R'000 % R'000
Revenue 931 871 671 349 38,8 1 337 585
Cost of sales (702 351) (510 230) (1 023 138)
Gross profit 229 520 161 119 42,5 314 447
Operating expenses (120 187) (85 851) (158 955)
(Loss)/profit on disposal of
plant and equipment (424) 258 (3 009)
Contribution from operations 108 909 75 526 44,2 152 483
Other net gains/(losses) (note 1) - 97 97
Impairment of intangible assets (note 2) - - (4 746)
Operating profit 108 909 75 623 44,0 147 834
Investment revenue 8 280 5 014 10 811
Finance costs (13 874) (7 541) (14 296)
Share of profit of associate 51 33 68
Profit before taxation 103 366 73 129 41,3 144 417
Taxation (28 094) (22 526) 24,7 (40 639)
Profit attributable to shareholders 75 272 50 603 48,8 103 778
Attributable to:
Owners of the parent 70 183 50 182 103 036
Non-controlling interests 5 089 421 742
75 272 50 603 103 778
Other comprehensive income
Net change in fair value of available-for-sale
financial assets 123 394 67
Income tax on other comprehensive income (23) (11) (12)
Other comprehensive income for
the period net of taxation 100 383 55
Total comprehensive income for the period 75 372 50 986 47,8 103 833
Total comprehensive income attributable to:
Owners of the parent 70 283 50 565 103 091
Non-controlling interests 5 089 421 742
75 372 50 986 103 833
Shares in issue:
Total shares in issue 143 262 412 143 262 412 143 262 412
Treasury shares (1 024 792) (104 240) (204 242)
Net shares in issue 142 237 620 143 158 172 143 058 170
Weighted average number of net shares in issue 142 962 390 142 593 027 142 867 266
Diluted weighted average number of shares 148 325 514 146 178 128 146 747 905
Earnings per ordinary share (cents) 49,1 35,2 39,5 72,1
Diluted earnings per ordinary share (cents) 47,3 34,3 37,9 70,2
Reconciliation of headline earnings
Unaudited Unaudited
six months six months Audited
ended ended year ended
31 August 31 August 28 February
2013 2012 Change 2013
R'000 R'000 % R'000
Profit attributable to owners of the parent 70 183 50 182 103 036
Loss/(profit) on disposal of plant
and equipment 424 (258) 3 009
Profit on disposal of financial instruments - (97) (97)
Impairment of goodwill - - 4 746
Total tax effects of adjustments (118) 100 (815)
70 489 49 927 41,2 109 879
Headline earnings per ordinary share
"HEPS" (cents) 49,3 35,0 40,9 76,9
Diluted HEPS (cents) 47,5 34,2 38,9 74,9
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
31 August 31 August 28 February
2013 2012 2013
R'000 R'000 R'000
Assets
Non-current assets
Property, plant and equipment 654 808 498 750 503 615
Investment property 3 040 - -
Intangible assets 22 929 22 046 21 698
Goodwill 134 494 137 452 132 707
Investment in associate 79 43 77
Other financial assets (note 7) 138 742 82 972 115 398
Deferred tax 2 137 2 166 3 009
956 229 743 429 776 504
Current assets
Inventories 103 404 89 444 89 490
Current tax receivable 3 410 3 109 5 220
Trade and other receivables 309 064 231 790 195 788
Cash and cash equivalents 94 278 123 877 134 261
510 156 448 220 424 759
Total assets 1 466 385 1 191 649 1 201 263
Equity and Liabilities
Equity
Ordinary share and stated capital 324 489 1 435 347 661
Share premium - 347 787 -
Business combination adjustment (105 788) (105 788) (105 788)
Treasury shares (9 498) (635) (1 491)
Net issued share capital 209 203 242 799 240 382
Other reserves 4 155 7 578 6 929
Retained income 552 355 467 236 510 611
Attributable to equity holders of parent 765 713 717 613 757 922
Non-controlling interests 29 805 4 030 3 931
Total equity 795 518 721 643 761 853
Liabilities
Non-current liabilities
Borrowings long term 115 709 79 938 58 678
Deferred tax 92 314 82 549 80 610
Provisions 60 416 32 510 33 725
268 439 194 997 173 013
Current liabilities
Borrowings short term 72 164 64 819 62 006
Current tax payable 7 032 18 455 3 289
Trade and other payables 265 376 174 300 151 983
Bank overdraft 57 856 17 435 49 119
402 428 275 009 266 397
Total liabilities 670 867 470 006 439 410
Total equity and liabilities 1 466 385 1 191 649 1 201 263
Net asset value per share (cents) 538 501 530
Net tangible asset value per share (cents) 428 390 422
Condensed consolidated statement of cash flows
Unaudited Unaudited
six months six months Audited
ended ended year ended
31 August 31 August 28 February
2013 2012 2013
R'000 R'000 R'000
Cash flows from operating activities
Cash generated from operations 144 861 94 261 216 421
Interest income 10 012 6 085 10 940
Dividends received 49 35 35
Finance costs (12 211) (6 887) (12 853)
Tax paid (23 631) (6 634) (44 779)
Net cash from operating activities 119 080 86 860 169 764
Acquisition of property, plant and equipment (50 530) (45 165) (82 934)
Proceeds on sale of property,
plant and equipment 3 589 4 342 7 345
Purchase of financial asset (3 300) (47) (31 858)
Proceeds on sale of financial asset - - 97
Acquisition of businesses (note 9) (32 904) (85 762) (86 716)
Net cash from investing activities (83 145) (126 632) (194 066)
Purchase of treasury shares (22 690) (5 714) (6 569)
Net movement in borrowings (note 6) (33 526) 56 028 31 955
Dividends paid (note 3) (28 439) (18 510) (30 352)
Net cash from financing activities (84 655) 31 804 (4 966)
Total cash movement for the period (48 720) (7 968) (29 268)
Cash/(overdraft) at the beginning of the period 85 142 114 410 114 410
Total cash/(overdraft) at the end of the period 36 422 106 442 85 142
Condensed consolidated statement of changes in equity
Business
Stated combi-
and nation
share Share adjust- Treasury
capital premium ment shares
R'000 R'000 R'000 R'000
Balance at 1 March 2012 1 435 352 150 (105 788) (20 559)
Changes:
Share-based payments - - - -
Purchase of treasury shares - - - (5 713)
Settlement of employee Share
Appreciation Rights exercised - (8 607) - 5 050
Treasury shares used for acquisitions - 4 244 - 20 587
Profit for the period - - - -
Other comprehensive income for the
period - - - -
Net change in fair value of
available-for-sale financial assets - - - -
Income tax effect - - - -
Dividends paid - - - -
Balance at 31 August 2012 1 435 347 787 (105 788) (635)
Balance at 1 March 2012 1 435 352 150 (105 788) (20 559)
Changes:
Conversion to no-par value shares
(note 12) 352 150 (352 150) - -
Movements in non-controlling interests - - - -
Share-based payments - - - -
Purchase of treasury shares - - - (6 569)
Settlement of employee Share
Appreciation Rights exercised
and reserve transfer (10 168) - - 5 050
Treasury shares used for acquisitions 4 244 - - 20 587
Profit for the period - - - -
Other comprehensive income for the
period - - - -
Net change in fair value of
available-for-sale financial assets - - - -
Income tax effect - - - -
Dividends paid - - - -
Balance at 28 February 2013 347 661 - (105 788) (1 491)
Changes:
Movements in non-controlling interests - - - -
Share-based payments - - - -
Purchase of treasury shares - - - (22 690)
Settlement of employee Share
Appreciation Rights exercised (23 172) - - 14 683
Profit for the period - - - -
Total comprehensive income for the period - - - -
Net change in fair value of
available-for-sale financial assets - - - -
Income tax effect - - - -
Dividends paid - - - -
Balance at 31 August 2013 324 489 - (105 788) (9 498)
Condensed consolidated statement of changes in equity
Non-
control-
Other Retained ling Total
reserves income interests equity
R'000 R'000 R'000 R'000
Balance at 1 March 2012 5 495 435 564 3 609 671 906
Changes:
Share-based payments 1 700 - - 1 700
Purchase of treasury shares - - - (5 713)
Settlement of employee Share
Appreciation Rights exercised - - - (3 557)
Treasury shares used for acquisitions - - - 24 831
Profit for the period - 50 182 421 50 603
Other comprehensive income for the
period 383 - - 383
Net change in fair value of
available-for-sale financial assets 394 - - 394
Income tax effect (11) - - (11)
Dividends paid - (18 510) - (18 510)
Balance at 31 August 2012 7 578 467 236 4 030 721 643
Balance at 1 March 2012 5 495 435 564 3 609 671 906
Changes:
Conversion to no-par value shares (note
12) - - - -
Movements in non-controlling interests - - (32) (32)
Share-based payments 3 354 - - 3 354
Purchase of treasury shares - - - (6 569)
Settlement of employee Share
Appreciation Rights exercised
and reserve transfer (1 975) 1 975 - (5 118)
Treasury shares used for acquisitions - - - 24 831
Profit for the period - 103 036 742 103 778
Other comprehensive income for the
period 55 - - 55
Net change in fair value of
available-for-sale financial assets 67 - - 67
Income tax effect (12) - - (12)
Dividends paid - (29 964) (388) (30 352)
Balance at 28 February 2013 6 929 510 611 3 931 761 853
Changes:
Movements in non-controlling interests - - 20 785 20 785
Share-based payments (2 874) - - (2 874)
Purchase of treasury shares - - - (22 690)
Settlement of employee Share
Appreciation Rights exercised - - - (8 489)
Profit for the period - 70 183 5 089 75 272
Total comprehensive income for the period 100 - - 100
Net change in fair value of
available-for-sale financial assets 123 - - 123
Income tax effect (23) - - (23)
Dividends paid - (28 439) - (28 439)
Balance at 31 August 2013 4 155 552 355 29 805 795 518
Condensed consolidated segment report
Split six Unaudited Split six
months six months months
ended ended ended
31 August 31 August 31 August
2013 2013 2012
% R'000 %
Revenue
External sales
Mining & Aggregates 70 650 061 66
Concrete Based Products 30 281 810 34
100 931 871 100
Intersegment sales
Mining & Aggregates 88 39 816 85
Concrete Based Products 12 5 255 15
100 45 071 100
Total revenue
Mining & Aggregates 71 689 877 67
Concrete Based Products 29 287 065 33
100 976 942 100
Contribution from operations
Mining & Aggregates 86 92 310 79
Concrete Based Products 11 13 434 21
Other 3 3 165 -
100 108 909 100
Contribution from operations
margins on external revenue (%)
Mining & Aggregates 14,2
Concrete Based Products 4,8
11,7
Other Information
Assets
Mining & Aggregates 888 390
Concrete Based Products 193 888
Other 384 107
1 466 385
Liabilities
Mining & Aggregates 346 925
Concrete Based Products 65 735
Other 258 207
670 867
Condensed consolidated segment report
Unaudited Audited
six months Split year year
ended ended ended
31 August 28 February 28 February
2012 2013 2013
R'000 % R'000
Revenue
External sales
Mining & Aggregates 439 942 63 846 388
Concrete Based Products 231 407 37 491 197
671 349 100 1 337 585
Intersegment sales
Mining & Aggregates 32 576 86 67 821
Concrete Based Products 5 548 14 11 023
38 124 100 78 844
Total revenue
Mining & Aggregates 472 518 65 914 209
Concrete Based Products 236 955 35 502 220
709 473 100 1 416 429
Contribution from operations
Mining & Aggregates 59 301 78 117 480
Concrete Based Products 16 575 24 37 291
Other (350) (2) (2 288)
75 526 100 152 483
Contribution from operations
margins on external revenue (%)
Mining & Aggregates 13,5 13,9
Concrete Based Products 7,2 7,6
11,2 11,4
Other Information
Assets
Mining & Aggregates 654 555 615 211
Concrete Based Products 179 557 187 977
Other 357 537 398 075
1 191 649 1 201 263
Liabilities
Mining & Aggregates 206 212 168 720
Concrete Based Products 58 997 54 819
Other 204 797 215 871
470 006 439 410
Notes
Unaudited Unaudited
six months six months Audited
ended ended year ended
31 August 31 August 28 February
2013 2012 2013
R'000 R'000 R'000
1. Other net gains/(losses)
Profit on disposal of assets - 97 97
2. Impairment of intangible assets
Impairment of intangible assets - - 4 746
A portion of the goodwill of Afrimat Aggregates
Trading (Pty) Limited was impaired during the
previous period due to declining reserves and
resources.
3. Dividends
3.1 Afrimat Limited dividends paid/declared
in respect of the current year profits
Interim dividend declared/paid 15 759 11 461 11 461
Final dividend declared - - 28 652
15 759 11 461 40 113
3.2 Dividends cash flow
Current year interim dividend paid - - 11 461
Previous year final dividend paid 28 652 18 624 18 624
Dividends received on treasury shares (213) (114) (121)
28 439 18 510 29 964
Dividends paid by subsidiaries to
non-controlling shareholders - - 388
28 439 18 510 30 352
4. Capital commitments
Approved capital expenditure for
the full year to be funded from surplus
cash and bank financing 118 779 112 779 112 779
5. Depreciation 46 190 28 913 55 450
6. Net movement in borrowings
Opening balance 120 684 81 590 81 590
New borrowings 22 070 80 758 94 854
Acquired through acquisitions 100 715 7 139 7 139
Repayments (55 596) (24 730) (62 899)
Closing balance 187 873 144 757 120 684
Borrowings acquired, reflect the
Infrasors debt owing to ABSA Bank Limited
and Industrial Development Corporation of
South Africa Limited.
7. Other financial assets
Funding provided to Afrimat employees
(BEE share purchase scheme) 100 143 69 238 101 656
Rehabilitation fund trusts and other 38 599 13 734 13 742
138 742 82 972 115 398
Number of shares
31 August 31 August 28 February
2013 2012 2013
8. Movement in treasury shares
Opening balance 204 242 6 145 174 6 145 174
Utilised for acquisition of Clinker Group - (5 932 306) (5 932 306)
Utilised for share appreciation
rights scheme (1 683 578) (1 116 963) (1 116 963)
Purchased during the year 2 504 128 1 008 335 1 108 337
Closing balance 1 024 792 104 240 204 242
9. Business acquisitions
The company acquired 94 171 108 Infrasors shares, representing 50,7% of the issued share capital of Infrasors Holdings Limited ("Infrasors"), from Hanchurch Asset Managers and certain retiring management of Infrasors, with effect from 1 March 2013 for cash of R33 million (35 cents per share).
As a result of Afrimat's holding in Infrasors surpassing 35% of the issued ordinary share capital of Infrasors, Afrimat is required, in terms of section 123 of the Companies Act, No. 71 of 2008, as amended, to extend a mandatory offer to the remaining Infrasors ordinary shareholders. As announced on 4 March 2013, an unconditional mandatory offer was made to the minority shareholders of Infrasors for Afrimat to purchase Infrasors shares held by them at 35 cents per ordinary share and a circular to this effect was posted to Infrasors shareholders on 22 April 2013.
A further announcement was made on 7 June 2013 extending the period of the unconditional mandatory offer and increasing the offer consideration to 65 cents per ordinary share in order to encourage Infrasors minority shareholders to accept the revised offer consideration and simplify the incorporation of Infrasors into the Afrimat stable.
As a result of the above mentioned mandatory offers, the company acquired a further 16 724 139 Infrasors shares, representing a further 9,1% shareholding, bringing the total shareholding in Infrasors to 59,8%.
Amounts included are as follows:
Infrasors
Group
R'000
Carrying amount/fair value of net assets
Plant and equipment 150 866
Intangible assets 2 690
Trade and other receivables 38 593
Cash 11 156
Other assets 41 552
Assets 244 857
Deferred tax 12 909
Borrowings 100 715
Trade and other payables 40 693
Other liabilities 27 481
Liabilities 181 798
Non-controlling interest 20 786
Net assets 42 273
Gross trade and other receivables
before provision for impairment 39 208
Goodwill 1 787
Purchase consideration settled in cash 44 060
Profit after tax included in results 9 174
Revenue included in results 164 540
Acquisition costs included in Afrimat's operating
expenses for the period 923
Net cash outflow from acquisition of business 32 904
10. Events after reporting date
No material events occurred between the reporting date and the date of this announcements.
11. Contingencies
Additional guarantees to the value of R2,6 million by Standard Bank and R3,4 million by FirstRand Bank Limited were supplied to Eskom and the Department of Mineral Resources, respectively during the year under review.
On 25 June 2013 SARS issued an adjusted income tax assessment claiming R9,7 million additional tax, R7,3 million penalties and R2,4 million interest, relating to the activities of a subsidiary of Infrasors Holdings Limited for the tax years 2010, 2011 and 2012 based on the premise that the company is not a mining entity. The company has submitted an objection to SARS and is of the opinion that the activities are of a mining nature.
12. Conversion to no-par value shares
The share capital of the group have been converted to no-par value shares during the previous period.
Commentary
BASIS OF PREPERATION
The unaudited condensed consolidated interim financial statements ("the financial statements") for the six months ended 31 August 2013 ("the period") have been prepared in accordance with the framework concepts, the recognition and measurement requirements of International Financial Reporting Standards ("IFRS"), the disclosure and presentation requirements of IAS 34: Interim Financial Reporting, the SAICA financial reporting guides as issued by the Accounting Practices Committee, the Listings Requirements of the JSE Limited and in the manner required by the South African Companies Act. The accounting policies and method of computation applied in preparation of the financial statements are in accordance with IFRS and are consistent with those applied in the audited annual financial statements for the year ended 28 February 2013. The above information has not been reviewed or reported on by Afrimat's auditors.
The unaudited condensed consolidated interim financial statements have been prepared under the supervision of the Financial Director, HP Verreynne B Compt (Hons) CA(SA).
INTRODUCTION
The unaudited condensed consolidated interim financial results for the period reflect the group's success in achieving its strategic objective of "growth from diversification" and the benefits of prior year initiatives in this regard, as well as the successful acquisition of a controlling stake in Infrasors Holdings Limited ("Infrasors").
FINANCIAL RESULTS
Revenue for the period increased by 38,8% to R931,9 million from R671,3 million. Headline earnings grew by 41,2%, translating into headline earnings per share of 49,3 cents (August 2012: 35,0 cents).
The results of Infrasors are included from 1 March 2013.
SEGMENTAL REPORTING CHANGE
Afrimat previously reported results across three segments. Going forward Afrimat will report results across two segments namely:
- Mining & Aggregates - comprising Industrial Minerals, Aggregates and Contracting Services; and
- Concrete Based Products - comprising Concrete Products and Readymix.
The rationale for the change is that these two segments better reflect the business. Over the years the Readymix business has become an integral part of Concrete Products and its contribution to the group results is insignificant.
OPERATIONAL REVIEW
The Mining & Aggregates segment generated excellent profits due to improved market conditions and the inclusion of the results of Infrasors for the first time. Unusually high once-off mining costs were incurred in the KwaZulu-Natal region to ensure long term compliance to Department of Mineral Resources requirements. Industrial minerals operations performed strongly with the turnaround of Infrasors progressing as planned and with positive results achieved.
All processing plants are fully operational and well placed to supply market demand, which should assist in sustaining revenue going forward. Afrimat's flexible service delivery model, supplemented by mobile equipment, positions the group to take advantage of opportunities as they arise.
The Concrete Based Products segment achieved a satisfactory increase in both sales volumes and prices. However, a strike at the Gauteng operation coupled with high cost increases resulted in lower profits for the period.
BUSINESS EXPANSION AND ACQUISITIONS
New business development remains a key component of the group's growth strategy. The dedicated business development team continues to successfully identify and pursue opportunities in existing markets, as well as in areas where high growth is projected.
Acquisition: Infrasors
As announced on 8 February 2013, the acquisition of 50,7% of Infrasors became unconditional. This was followed by two offers to minorities at 35 cents per share and 65 cents per share, respectively. Afrimat's stake in Infrasors now stands at 59,8%.
Through this acquisition Afrimat's foothold in the industrial minerals sector strengthened and its geographical reach across South Africa has expanded. Together with Afrimat's management expertise and marketing input, opportunities exist to leverage the strength of Infrasors' assets for more effective distribution of a wider range of products to identified marketing channels.
BEE
Existing BEE shareholders and Afrimat's black employees together hold in aggregate 26,12% of Afrimat's issued shares. Notwithstanding a fully empowered ownership platform, the group remains dedicated to enhancing all aspects of B-BBEE on an ongoing basis.
DIVIDEND
An interim dividend of 11,0 cents per share (2012: 8,0 cents) was declared for the period on 30 October 2013 in line with the group's dividend policy. The dividend payable to shareholders who are subject to dividend tax is 9,35 cents per share (2012: 7,14320 cents per share).
PROSPECTS
The group is well positioned to capitalise on its strategic investments in industrial minerals through the Glen Douglas Dolomite and Infrasors operations, as well as the Clinker Group.
Initiatives aimed at expanding volumes, reducing costs, improving efficiencies and developing the required skill levels of our employees will be a key focus in all operations. These moves, supported by ongoing product diversification in attractive growth sectors such as industrial minerals and open cast mining, should see volumes increase.
The recent improvement reflected in confidence indices relating to the construction industry as published by the Bureau for Economic Research, together with improved market conditions being experienced, bode well for the future.
On behalf of the board
MW von Wielligh
Chairman
AJ van Heerden
Chief Executive Officer
31 October 2013
DIVIDEND DECLARATION
Notice is hereby given that an interim gross dividend, No. 13 of 11 cents per share, in respect of the six months ended 31 August 2013, was declared on Wednesday, 30 October 2013.
There are 143 262 412 shares in issue at announcement date, of which 1 024 792 are held in treasury and the total interim dividend payable (excluding treasury shares) is R15 646 138 (2012: R11 452 654).
The board has confirmed by resolution that the solvency and liquidity test as contemplated by the Companies Act, No. 71 of 2008 (as amended), has been duly considered, applied and satisfied. This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The South African dividend tax rate is 15% and no STC credit is available to be utilised by shareholders. The dividend payable to shareholders who are subject to dividend tax and shareholders who are exempt from dividend tax is 9,35 cents and 11 cents per share, respectively. The income tax number of the company is 9568738158.
Relevant dates to the final dividend are as follows:
Last day to trade cum dividend Friday, 29 November 2013
Commence trading ex dividend Monday, 2 December 2013
Record date Friday, 6 December 2013
Dividend payable Monday, 9 December 2013
Share certificates may not be dematerialised or rematerialised between Monday, 2 December 2013 and Friday, 6 December 2013, both dates inclusive.
DIRECTORS
MW von Wielligh*^ (Chairman)
AJ van Heerden (CEO)
HP Verreynne (Financial Director)
GJ Coffee
L Dotwana*
F du Toit*
PRE Tsukudu*^
HJE van Wyk*^
* Non-executive director
^Independent
REGISTERED OFFICE
Tyger Valley Office Park
No. 2, Corner Willie van Schoor Avenue
and Old Oak Road
Tyger Valley, 7530
PO Box 5278
Tyger Valley, 7536
SPONSOR
Bridge Capital Advisors (Pty) Limited
27 Fricker Road
Illovo, 2196
PO Box 651010
Benmore, 2010
AUDITORS
Mazars, Mazars House
Rialto Road,
Grand Moorings Precinct
Century City, 7441
PO Box 134
Century City, 7446
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Limited
70 Marshall Street
Johannesburg, 2001
PO Box 61051
Marshalltown, 2107
COMPANY SECRETARY
PGS de Wit
Tyger Valley Office Park
No. 2, Corner Willie van Schoor Avenue
and Old Oak Road
Tyger Valley, 7530
PO Box 5278
Tyger Valley, 7536
Date: 31/10/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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