Wrap Text
Unaudited results for the six months ended 30 September 2013
PRIMESERV GROUP LIMITED
(“Primeserv” or “the Group” or “the Company”)
Incorporated in the Republic of South Africa
Registration number: 1997/013448/06
Share code: PMV
ISIN: ZAE000039277
www.primeserv.co.za
e-mail: productivity@primeserv.co.za
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September 2013
Previously
Restated Adjusted Reported
Unaudited Unaudited Unaudited Unaudited
30 Sept 30 Sept 30 Sept 30 Sept
2013 2012 2012 2012
R’000 R’000 R’000 R’000
Revenue 322 925 359 751 19 323 340 428
– Continuing operations 321 465 341 083 19 323 321 760
– Discontinued operations 1 460 18 668 – 18 668
Cost of sales (272 857) (296 037) (16 853) (279 184)
Gross profit 50 068 63 714 2 470 61 244
– Continuing operations 51 370 46 870 2 470 44 400
– Discontinued operations (1 302) 16 844 – 16 844
EBITDA 7 661 6 926 501 6 425
– Continuing operations 9 663 7 058 501 6 557
– Discontinued operations (2 002) (132) – (132)
Depreciation and
amortisation (1 202) (1 470) (13) (1 457)
Operating profit/(loss) 6 459 5 456 488 4 968
– Continuing operations 8 461 5 964 488 5 476
– Discontinued operations (2 002) (508) – (508)
Interest received 725 157 (747) 904
Interest paid (3 204) (2 886) (314) (2 572)
Impairment of assets
– discontinued operations – – – –
Share of profit/(loss)
from associate – – 186 (186)
Profit/(loss) before
taxation 3 980 2 727 (387) 3 114
– Continuing operations 5 982 3 943 (387) 4 330
– Discontinued operations (2 002) (1 216) – (1 216)
Taxation (77) 1 218 – 1 218
Total comprehensive
income/(loss) 3 903 3 945 (387) 4 332
– Continuing operations 5 905 4 820 (387) 5 207
– Discontinued operations (2 002) (875) – (875)
Total comprehensive income
attributable to:
Ordinary shareholders of
the Company 3 655 4 340 – 4 340
– Continuing operations 5 657 5 215 – 5 215
– Discontinued operations (2 002) (875) – (875)
Non-controlling
shareholders’ interest 248 (395) (387) (8)
Total comprehensive
income/(loss) 3 903 3 945 (387) 4 332
Reconciliation of
headline earnings
Net profit/(loss)
attributable to
shareholders 3 655 4 340 – 4 340
After-tax effect of
profit on sale of
fixed assets
– continuing operations – – – –
Impairment of assets
– discontinued operations – – – –
Headline earnings 3 655 4 340 – 4 340
– Continuing operations 5 657 5 215 – 5 215
– Discontinued operations (2 002) (875) – (875)
Weighted average number
of shares ('000) 93 682 93 682 93 682 93 682
Diluted weighted average
number of shares ('000) 93 682 93 682 93 682 93 682
Earnings/(loss) per share
and diluted earnings/(loss)
per share (cents) 3,90 4,63 – 4,63
– Continuing operations 6,04 5,56 – 5,56
– Discontinued operations (2,14) (0,93) – (0,93)
Headline earnings/(loss)
and diluted headline
earnings/(loss) per
share (cents) 3,90 4,63 – 4,63
– Continuing operations 6,04 5,56 – 5,56
– Discontinued operations (2,14) (0,93) – (0,93)
Previously
Restated Adjust- Reported
Unaudited ment Audited
31 March 31 March 31 March
2013 2013 2013
R’000 R’000 R’000
Revenue 704 674 49 781 654 893
– Continuing operations 672 789 49 781 623 008
– Discontinued operations 31 885 – 31 885
Cost of sales (592 364) (43 459) (548 905)
Gross profit 112 310 6 322 105 988
– Continuing operations 90 584 6 322 84 262
– Discontinued operations 21 726 – 21 726
EBITDA 3 201 2 314 887
– Continuing operations 7 478 2 314 5 164
– Discontinued operations (4 277) – (4 277)
Depreciation and amortisation (2 232) (22) (2 210)
Operating profit/(loss) 969 2 292 (1 323)
– Continuing operations 7 234 2 292 4 942
– Discontinued operations (6 265) – (6 265)
Interest received 992 (731) 1 723
Interest paid (5 136) (1 464) (3 672)
Impairment of assets
– discontinued operations (1 203) – 1 203
Share of profit/(loss) from
associate – (31) 31
Profit/(loss) before taxation (4 378) 66 (4 444)
– Continuing operations 2 962 66 2 896
– Discontinued operations (7 340) – (7 340)
Taxation 104 – 104
Total comprehensive income/(loss) (4 274) 66 (4 340)
– Continuing operations 4 731 66 4 665
– Discontinued operations (9 005) – (9 005)
Total comprehensive
income attributable to:
Ordinary shareholders of
the Company (3 991) – (3 991)
– Continuing operations 5 014 – 5 014
– Discontinued operations (9 005) – (9 005)
Non-controlling shareholders’
interest (283) 66 (349)
Total comprehensive income/(loss) (4 274) 66 (4 340)
Reconciliation of headline earnings
Net profit/(loss) attributable
to shareholders (3 991) – (3 991)
After-tax effect of profit on
sale of fixed assets
– continuing operations (65) – (65)
Impairment of assets
– discontinued operations 1 203 – 1 203
Headline earnings (2 853) – (2 853)
– Continuing operations 4 949 – 4 949
– Discontinued operations (7 802) – (7 802)
Weighted average number of
shares ('000) 93 682 93 682 93 682
Diluted weighted average number of
shares ('000) 93 682 93 682 93 682
Earnings/(loss) per share and
diluted earnings/(loss) per
share (cents) (4,26) – (4,26)
– Continuing operations 5,35 – 5,35
– Discontinued operations (9,61) – (9,61)
Headline earnings/(loss) and diluted
headline earnings/(loss) per
share (cents) (3,05) – (3,05)
– Continuing operations 5,28 – 5,28
– Discontinued operations (8,33) – (8,33)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2013
Previously
Restated Adjusted Reported
Unaudited Unaudited Unaudited Unaudited
30 Sept 30 Sept 30 Sept 30 Sept
2013 2012 2012 2012
R’000 R’000 R’000 R’000
Balance at beginning
of the period 66 263 73 530 – 73 530
Adjustment for policy
change – (3 820) (3 820) –
Restated balance at
beginning of period 66 263 69 710 (3 820) 73 530
Attributable earnings 3 655 4 340 – 4 340
Shares disposed – 844 – 844
Non-controlling
shareholders’ interest 248 (395) (387) (8)
Balance at end of period 70 166 74 499 (4 207) 78 706
Previously
Restated Adjust- Reported
Unaudited ment Audited
31 March 31 March 31 March
2013 2013 2013
Balance at beginning of the period 73 530 – 73 530
Adjustment for policy change (3 820) (3 820) –
Restated balance at beginning of
period 69 710 (3 820) 73 530
Attributable earnings (3 991) – (3 991)
Shares disposed 827 – 827
Non-controlling shareholders’
interest (283) 66 (349)
Balance at end of period 66 263 (3 754) 70 017
SEGMENTAL ANALYSIS
for the six months ended 30 September 2013
Previously
Restated Adjusted Reported
Unaudited Unaudited Unaudited Unaudited
30 Sept 30 Sept 30 Sept 30 Sept
2013 2012 2012 2012
R’000 R’000 R’000 R’000
Revenue from external
customers
Human Capital
Outsourcing 306 032 326 904 19 323 307 581
Human Capital Development 16 893 32 847 – 32 847
Total 322 925 359 751 19 323 340 428
Revenue – inter-segment
Human Capital Outsourcing – – – –
Human Capital Development 242 3 757 – 3 757
Total 242 3 757 – 3 757
Business segment operating
profit results
Human Capital Outsourcing 13 794 6 724 488 6 236
Human Capital Development (411) 1 655 – 1 655
– Continuing operations 1 591 2 163 – 2 163
– Discontinued operations (2 002) (508) – (508)
Central Services (6 924) (2 923) – (2 923)
Operating profit/(loss) 6 459 5 456 488 4 968
Interest received 725 157 (747) 904
Interest paid (3 204) (2 886) (314) (2 572)
Impairment of assets
– discontinued operations – – – –
Share of profit/(loss)
from associate – – 186 (186)
Profit/(loss) before
taxation 3 980 2 727 (387) 3 114
Business segment total assets
Human Capital
Outsourcing 123 234 132 492 6 408 126 084
Human Capital Development 25 997 29 443 – 29 443
Central Services 7 885 13 808 – 13 808
Total 157 116 175 743 6 408 169 335
Previously
Restated Adjust- Reported
Unaudited ment Audited
31 March 31 March 31 March
2013 2013 2013
Revenue from external customers
Human Capital Outsourcing 642 622 49 781 592 841
Human Capital Development 62 052 – 62 052
Total 704 674 49 781 654 893
Revenue – inter-segment
Human Capital Outsourcing – – –
Human Capital Development 4 089 – 4 089
Total 4 089 – 4 089
Business segment operating
profit results
Human Capital Outsourcing 22 463 2 292 20 171
Human Capital Development (7 870) – (7 870)
– Continuing operations (1 605) – (1 605)
– Discontinued operations (6 265) – (6 265)
Central Services (13 624) – (13 624)
Operating profit/(loss) 969 2 292 (1 323)
Interest received 992 (731) 1 723
Interest paid (5 136) (1 464) (3 672)
Impairment of assets
– discontinued operations (1 203) – (1 203)
Share of profit/(loss) from associate – (31) 31
Profit/(loss) before taxation (4 378) 66 (4 444)
Business segment total assets
Human Capital Outsourcing 135 182 14 611 120 571
Human Capital Development 26 036 – 26 036
Central Services 5 654 – 5 654
Total 166 872 14 611 152 261
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2013
Previously
Restated Adjusted Reported
Unaudited Unaudited Unaudited Unaudited
30 Sept 30 Sept 30 Sept 30 Sept
2013 2012 2012 2012
R’000 R’000 R’000 R’000
ASSETS
Non-current assets 44 140 49 024 (976) 50 000
Equipment and vehicles 4 027 6 367 73 6 294
Investment property 7 645 7 645 – 7 645
Goodwill 18 170 18 170 4 877 13 293
Intangible assets 2 350 3 962 – 3 962
Long-term receivables 1 050 1 214 – 1 214
Investment and loan in
associate – – (6 912) 6 912
Deferred tax asset 10 898 11 666 986 10 680
Current assets 112 976 126 719 7 384 119 335
Inventories 1 193 750 9 741
Trade receivables 100 813 113 902 7 088 106 814
Other receivables 5 785 4 837 286 4 551
Cash and cash equivalents 5 185 7 230 1 7 229
Non-current assets held
for sale – – – –
Total assets 157 116 175 743 6 408 169 335
EQUITY AND LIABILITIES
Equity 70 166 74 499 (4 207) 78 706
Capital and reserves 74 908 79 561 – 79 561
Non-controlling interest (4 742) (5 062) (4 207) (855)
Current liabilities 86 950 101 244 10 615 90 629
Trade and other payables 33 962 44 563 6 448 38 115
Financial liabilities 4 830 5 369 – 5 369
Taxation payable 1 170 1 363 102 1 261
Bank borrowings 46 988 49 949 4 065 45 884
Total equity and
liabilities 157 116 175 743 6 408 169 335
Number of shares in
issue at end of
the period ('000)
(net of treasury and
share trust shares) 93 682 93 682 93 682 93 682
Net asset value per
share (cents) 75 80 (4) 84
Previously
Restated Adjust- Reported
Unaudited ment Audited
31 March 31 March 31 March
2013 2013 2013
ASSETS
Non-current assets 44 701 (971) 45 672
Equipment and vehicles 4 086 64 4 022
Investment property 7 645 – 7 645
Goodwill 18 170 4 877 13 293
Intangible assets 2 775 – 2 775
Long-term receivables 1 050 – 1 050
Investment and loan in associate – (7 321) 7 321
Deferred tax asset 10 975 1 409 9 566
Current assets 120 532 15 582 104 950
Inventories 857 10 847
Trade receivables 106 624 14 401 92 223
Other receivables 5 227 1 145 4 082
Cash and cash equivalents 7 824 26 7 798
Non-current assets held for sale 1 639 – 1 639
Total assets 166 872 14 611 152 261
EQUITY AND LIABILITIES
Equity 66 263 (3 754) 70 017
Capital and reserves 71 213 – 71 213
Non-controlling interest (4 950) (3 754) (1 196)
Current liabilities 100 609 18 365 82 244
Trade and other payables 43 823 9 551 34 272
Financial liabilities 5 031 – 5 031
Taxation payable 1 180 14 1 166
Bank borrowings 50 575 8 800 41 775
Total equity and liabilities 166 872 14 611 152 261
Number of shares in issue at
end of the period ('000)
(net of treasury and share
trust shares) 93 682 93 682 93 682
Net asset value per share (cents) 71 (4) 75
CONDENSED CONSOLIDATED CASH FLOWS
for the six months ended 30 September 2013
Previously
Restated Adjusted Reported
Unaudited Unaudited Unaudited Unaudited
30 Sept 30 Sept 30 Sept 30 Sept
2013 2012 2012 2012
R’000 R’000 R’000 R’000
Profit/(loss) before
taxation 3 980 2 541 (573) 3 114
Adjusted for non-cash
items 1 202 1 470 13 1 457
Operating cash flows
before working
capital changes 5 182 4 011 (560) 4 571
Net working capital
changes (4 944) (10 276) (1) (10 275)
Taxation (paid)/received (10) 59 – 59
Cash flows generated by/
(utilised in) operating
activities 228 (6 206) (561) (5 645)
– Continuing operations 1 158 (4 851) (561) (4 290)
– Discontinued operations (930) (1 355) – (1 355)
Cash flows generated by/
(utilised in) investing
activities 921 (1 126) 1 269 (2 395)
– Continuing operations 76 (2 761) 1 269 (4 030)
– Discontinued operations 845 1 635 – 1 635
Cash flows from financing
activities (201) (40) – (40)
– Continuing operations (201) (40) – (40)
– Discontinued operations – – – –
Net increase/(decrease)
in cash and cash
equivalents 948 (7 372) 708 (8 080)
Cash and cash equivalents
at beginning of period (42 751) (33 822) (4 772) (29 050)
Cash and cash
equivalents at end of
period (41 803) (41 194) (4 064) (37 130)
Previously
Restated Adjust- Reported
Unaudited ment Audited
31 March 31 March 31 March
2013 2013 2013
Profit/(loss) before taxation (4 347) 97 (4 444)
Adjusted for non-cash items 3 340 23 3 317
Operating cash flows before working
capital changes (1 007) 120 (1 127)
Net working capital changes (6 001) (5 313) (688)
Taxation (paid)/received (36) – (36)
Cash flows generated by/(utilised in)
operating activities (7 044) (5 193) (1 851)
– Continuing operations (7 000) (5 193) (1 807)
– Discontinued operations (44) – (44)
Cash flows generated by/(utilised in)
investing activities (1 207) 1 191 (2 398)
– Continuing operations (1 195) 1 191 (2 386)
– Discontinued operations (12) – (12)
Cash flows from financing activities (678) – (678)
– Continuing operations (678) – (678)
– Discontinued operations – – –
Net increase/(decrease) in cash and
cash equivalents (8 929) (4 002) (4 927)
Cash and cash equivalents at
beginning of period (33 822) (4 772) (29 050)
Cash and cash equivalents at
end of period (42 751) (8 774) (33 977)
COMMENTARY
PROFILE
Primeserv Group Limited is an investment holding company focusing
on the delivery of human resources (HR) products, services and
solutions through its operating pillar, Primeserv HR Services.
This incorporates two main areas of specialisation: Human Capital
Development operating as Primeserv HR Solutions; and Human
Capital Outsourcing operating as Primeserv Outsourcing.
These divisions provide a comprehensive HR value chain that can
be applied through Primeserv’s IntHRgrate™ Model in its entirety
or in modular form. These divisions encompass an extensive range
of HR consulting solutions and services, corporate and vocational
training programmes, technical skills training centres, as well
as resourcing and flexible staffing services, supported by wage
bureaus and HR logistics outsourcing operations.
OPERATING ENVIRONMENT
The national economy remains vulnerable to both internal and
external factors with the growth rate remaining sluggish and
unemployment at very high levels.
OVERVIEW OF RESULTS
As a consequence of the adoption of IFRS10: Consolidated
Financial Statements, the results of Bathusi Staffing Services
Proprietary Limited (“Bathusi”), previously accounted for as an
associate company, have now been incorporated into the financial
statements as a subsidiary company. The commentary presented
below deals with Bathusi in terms of the new standard.
The results for the six-month period under review show a return
to overall profitability from the prior year loss of R4,3
million.
Total revenue for the six months has decreased by 10% from R359,8
million to R322,9 million primarily due to the reduction in
revenue attributable to the discontinued operation. Revenue
attributable to continuing operations decreased by 6% from R341,1
million to R321,5 million. The gross profit from continuing
operations has increased by 10% from R46,9 million to R51,4
million with the overall gross profit percentage from continuing
operations increasing from 13,7% to 16,0%. This improvement is a
consequence of improved trading with higher margin clients and
the reduction in volume of some lower margin business which had
benefited the revenue line whilst delivering less than optimal
returns.
EBITDA has increased by 11% from R6,9 million to R7,7 million
with EBITDA from continuing operations improving by 37% from R7,1
million to R9,7 million. The EBITDA loss pertaining to the
discontinued Colleges unit has increased over that of the
comparable six-month period from a loss of R0,1 million to a loss
of R2,0 million. The loss of R2,0 million relating to the final
month of trading and discontinuance of the business must be seen
in the context of the prior year loss of R9,0 million for the
full financial year. The overall operating profit has increased
by 18% from R5,5 million to R6,5 million with that from
continuing operations improving by 42% from R6,0 million to R8,5
million. The net interest cost has reduced from a net cost of
R2,7 million to a net cost of R2,5 million. Profit before tax has
increased by 46% from R2,7 million to R4,0 million. Profit before
tax from continuing operations has increased by 52% from R3,9
million to R6,0 million. Total comprehensive income attributable
to shareholders of the Company has decreased from R4,3 million to
R3,7 million. Earnings per share and headline earnings per share
have decreased by 16% from 4,63 cents per share to 3,90 cents per
share with earnings per share and headline earnings per share
from continuing operations increasing by 9% from 5,56 cents per
share to 6,04 cents per share.
Trade receivables have decreased from R113,9 million at the end
of September 2012 to R100,8 million at the end of September 2013.
The average days sales outstanding (“DSO”) has improved from 55
days to 52 days for the period under review. Trade payables have
decreased by R10,6 million from R44,6 million to R34,0 million.
Cash flow from operations improved by R1,2 million from R4,0
million to R5,2 million, while cash invested in working capital
improved from an outflow of R10,3 million for the comparable
period to an outflow of R4,9 million in the current review
period. Cash and cash equivalents turned around from an outflow
of R7,4 million for the 6 months ended September 2012, to cash
generated of R0,9 million for the current period.
HUMAN CAPITAL OUTSOURCING
Trading in the division was positive albeit that revenue
decreased by 6% from R326,9 million to R306,0 million as a
consequence of a change in client mix and the impact of
industrial action in the motor industry over the course of August
and September. Operating profit for the segment showed an
improvement over the prior period. The DSO has improved from 54
days at the end of September 2012, to 49 days at the end of the
current reporting period. Gross profit and profitability improved
with certain low margin business reducing and being substituted
with higher margin business. The trading across the blue collar
unit was positive. The white collar unit delivered stable
revenues in what remained a sluggish operating environment.
The amendments to the Labour Relations Act in regard to Temporary
Employment Service providers have been passed by the National
Council of Provinces. It is therefore anticipated that the
amendments will become law in 2014. Aside from an increased
administrative burden, the amendments are not expected to have a
material impact on the Group’s HR business. Direct employment is
increasingly pressured due to ongoing weak economic conditions,
resulting in a lack of new job opportunities, excessive wage
demands and industrial action. These factors tend to favour the
flexible labour solutions and integrated HR services offered by
established and compliant providers such as Primeserv.
HUMAN CAPITAL DEVELOPMENT
Revenue from continuing operations improved by 9% from R14,2
million to R15,4 million. The overall revenue values are not
directly comparable due to the results of the discontinued
Colleges operation being included for the full 6 months in the
prior reporting period compared with a single month in the
current review period. The Group disposed of its investment in
the Colleges business with effect from 1 May 2013 thereby
mitigating the losses and future operational risk from this unit.
Operating profit from continuing operations has decreased by 26%
from R2,2 million to R1,6 million due to project revenues being
deferred while certain costs have already been expensed. This
division continues to provide both strategic and profit-
generating benefits to the Group.
EVENTS AFTER THE REPORTING DATE
Management is not aware of any material events which have
occurred subsequent to the end of September 2013.
BASIS OF PREPARATION
The results for the Group for the six months ended 30 September
2013 have been prepared in accordance with the recognition and
measurement principles of International Financial Reporting
Standards (“IFRS”), the presentation and disclosure requirements
of IAS 34 (as revised): Interim Financial Reporting, the
Companies Act of 2008, the JSE Listings Requirements and the
SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee. Except as recorded below, the accounting
policies are consistent with those described and applied in the
annual financial statements for the year ended 31 March 2013. The
results were prepared by the Group Financial Director, Mr R Sack
CA (SA). The results have not been reviewed or audited by the
Group’s external auditors.
ADOPTION OF NEW STANDARD – IFRS 10: CONSOLIDATED FINANCIAL
STATEMENTS
IFRS 10: Consolidated Financial Statements, was issued in August
2012 and replaces the guidance on control and consolidation in
IAS 27: Consolidated and Separate Financial Statements, and SIC
12: Consolidation – Special Purpose Entities. The Group concluded
a BBBEE transaction in January 2005 whereby Bathusi was
deconsolidated and thereafter accounted for as an associate
company, in which the Group held 45% of the equity with the
balance held by a number of BBBEE shareholders. The Group has
determined that while it did not have control over the Company in
terms of the principles of IAS 27, it does have control over the
entity in terms of IFRS 10 given that the Group is able to
control the activities of the Company and to earn variable
returns. Consequently, Bathusi has been consolidated in the
financial results of the Group.
As required by IFRS 10, this change has been applied
retrospectively and the comparative periods have been adjusted
accordingly.
DIVIDEND
No interim dividend is proposed for the period under review. The
Group will consider the resumption of dividend payments at the
close of its next reporting period.
Outlook
Ongoing focus on new sales and other growth and value enhancing
opportunities should improve the Group’s trading performance.
Any forward-looking statements contained herein have not been
reviewed nor reported on by the Company’s auditors.
On behalf of the Board
JM Judin M Abel
Independent Non-Executive Chairman Chief Executive Officer
R Sack
Financial Director
15 November 2013
Bryanston
PRIMESERV GROUP LIMITED
(“Primeserv” or “the Group” or “the Company”)
Incorporated in the Republic of South Africa
Registration number: 1997/013448/06
Share code: PMV
ISIN: ZAE000039277
www.primeserv.co.za
e-mail: productivity@primeserv.co.za
Directors: JM Judin# (Chairman), M Abel (Chief Executive
Officer), Prof S Klein# (American), LM Maisela*, DL Rose#, R Sack
(Financial Director), DC Seaton, CS Shiceka#
# Independent Non-Executive * Non-Executive
Company secretary: ER Goodman Secretarial Services cc
(represented by E Goodman)
Registered address: Venture House, Peter Place Park, 54 Peter
Place, Bryanston, 2021
(PO Box 3008, Saxonwold, 2132)
Transfer secretaries: Computershare Investor Services (Pty) Ltd,
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Auditors: Baker Tilly SVG, Third Floor, 3 Melrose Boulevard,
Melrose Arch, 2076
(PO Box 355, Melrose Arch, 2076)
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd, The
Woodlands, Woodlands Drive, Woodmead, 2196
(Private Bag X6, Gallo Manor, 2052)
Date: 15/11/2013 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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