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Audited Summary Consolidated Results Announcement and Dividend Declaration
Astral Foods Limited
Incorporated in the Republic of South Africa
Registration number 1978/003194/06
Share code: ARL
ISIN: ZAE000029757
AUDITED SUMMARY CONSOLIDATED RESULTS ANNOUNCEMENT
AND DIVIDEND DECLARATION
30 September 2014
13%
Revenue increase
88%
Operating profit increase
99%
Headline earnings per share increase
240c
Final dividend per share
SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Audited Audited
Audited 12 months 12 months
12 months ended ended
ended 30 Sept 2013 30 Sept 2012
30 Sept 2014 Restated* Restated*
R'000 R'000 R'000
Assets
Non-current assets 2 241 407 1 983 204 1 855 349
Property, plant and equipment 2 059 143 1 796 461 1 678 976
Intangible assets 18 601 25 320 17 169
Goodwill 136 135 136 135 136 135
Investment in associates 22 180 19 940 15 303
Investments and loans 3 453 5 348 7 766
Deferred tax asset 1 895
Current assets 2 133 628 1 938 270 1 672 894
Inventories 452 594 440 684 379 433
Biological assets 644 590 592 690 534 806
Trade and other receivables 893 024 806 821 723 569
Current tax asset 12 889 4 614 9 819
Cash and cash equivalents 130 531 93 461 25 267
Assets held for sale 15 303
Total assets 4 375 035 3 921 474 3 543 546
Equity
Capital and reserves attributable to equity holders of the
parent company 1 929 672 1 680 866 1 585 227
Issued capital 67 875 2 044 2 044
Treasury shares (204 435) (204 435) (204 435)
Reserves 2 066 232 1 883 257 1 787 618
Non-controlling interests 15 168 13 954 10 744
Total equity 1 944 840 1 694 820 1 595 971
Liabilities
Non-current liabilities 730 818 693 440 555 458
Borrowings (note 8) 156 000 145 255 14 859
Deferred tax liabilities 438 035 417 646 407 711
Employment benefit obligations 136 783 130 539 132 888
Current liabilities 1 699 377 1 533 214 1 392 117
Trade and other liabilities 1 527 007 1 317 845 1 268 685
Current tax liabilities 22 409 2 040 5 684
Borrowings (note 8) 148 287 211 630 116 091
Shareholders for dividend 1 674 1 699 1 657
Total liabilities 2 430 195 2 226 654 1 947 575
Total equity and liabilities 4 375 035 3 921 474 3 543 546
*Restated – refer notes 5 and 12
SUMMARY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Audited
Audited 12 months
12 months ended
ended 30 Sept 2013
30 Sept 2014 Restated* Change
R'000 R'000 %
Revenue 9 602 376 8 508 853 13
Operating profit (note 6) 492 939 261 867 88
Profit on sale of interest in associate 46 566
Profit before interest and tax 492 939 308 433 60
Finance income 651 880
Finance costs (25 929) (27 839)
Share of profit from associate 2 240 6 474
Profit before income tax 469 901 287 948 63
Tax expense (128 835) (77 122)
Profit for the year 341 066 210 826 62
Other comprehensive income
Remeasurement of post-employment benefit obligations
(net of deferred tax) 4 281 3 613
Change in the value of available-for-sale financial assets 1 367
Foreign currency loss on investment loans to
foreign subsidiaries (859)
Foreign currency translation adjustments 1 113 12 487
Total comprehensive income for the year 346 968 226 926 53
Profit attributable to:
Equity holders of the holding company 337 518 207 537 63
Non-controlling interests 3 548 3 289 8
341 066 210 826 62
Comprehensive income attributable to:
Equity holders of the holding company 343 128 223 060 54
Non-controlling interests 3 840 3 866 (1)
346 968 226 926 53
Earnings per share (cents)
– basic 884 545 62
– diluted 884 545 62
*Restated – refer notes 5 and 12
SUMMARY CONSOLIDATED SEGMENTAL ANALYSIS
Audited
Audited 12 months
12 months ended
ended 30 Sept 2013
30 Sept 2014 Restated* Change
R'000 R'000 %
Revenue
Poultry 6 966 716 6 000 605 16
Feed 5 506 079 4 915 626 12
Other Africa 499 278 442 146 13
Services and ventures
As previously reported 30 246
Restatement (30 246)
Inter-group (3 369 697) (2 849 524)
Feed to poultry (3 201 796) (2 702 755)
Other (167 901) (161 892)
Restatement 15 123
9 602 376 8 508 853 13
Operating profit
Poultry 104 400 (112 526) 193
As previously reported (109 412)
Restatement (3 114)
Feed 353 728 329 372 7
As previously reported 331 276
Restatement (1 904)
Other Africa 34 811 45 021 (23)
Services and ventures
As previously reported 4 673
Restatement (4 673)
492 939 261 867 88
Capital expenditure
Poultry 286 329 59 995
Feed 98 732 151 314
Other Africa 19 020 29 991
Corporate office 135 106
404 216 241 406
Depreciation, amortisation and impairment
Poultry 105 211 97 628
Feed 17 847 20 153
Other Africa 11 080 8 287
Corporate office 354 358
134 492 126 426
Total assets
Poultry 3 137 235 2 940 901
Feed 1 533 958 993 517
Other Africa 253 104 247 190
Corporate office 150 309 90 130
Set-off of intra-group balances (699 571) (350 264)
4 375 035 3 921 474
Total liabilities
Poultry 1 630 061 1 263 916
Feed 1 048 002 888 053
Other Africa 94 917 103 812
Corporate office 356 786 321 137
Set-off of intra-group balances (699 571) (350 264)
2 430 195 2 226 654
*Restated – refer notes 5 and 12
SUMMARY CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Audited
Audited 12 months
12 months ended
ended 30 Sept 2013
30 Sept 2014 Restated*
R'000 R'000
Balance beginning of year 1 694 820 1 595 971
Total comprehensive income for the period 346 968 226 926
Dividends to the company's shareholders (160 615) (127 882)
Payments to non-controlling interest holders (2 617) (660)
Proceeds on shares issued 65 831
Option value of share options granted 453 465
Balance at end of period 1 944 840 1 694 820
*Restated – refer notes 5 and 12
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
Audited
Audited 12 months
12 months ended
ended 30 Sept 2013
30 Sept 2014 Restated*
R'000 R'000
Cash operating profit 671 225 388 463
Changes in working capital 32 897 (150 736)
Cash generated from operating activities 704 122 237 727
Income tax paid (100 232) (66 705)
Cash flows from operating activities 603 890 171 022
Cash used in investing activities (382 645) (160 418)
Capital expenditure (394 982) (234 802)
Finance income 651 880
Decrease in loans 3 262 1 983
Proceeds on disposal of investments 66 627
Proceeds on disposal of property, plant and equipment 8 424 4 894
Cash flows from financing activities (110 822) (7 609)
Net increase in borrowings 24 099 155 334
Proceeds from shares issued 65 831
Interest paid (37 495) (34 443)
Dividends paid (163 257) (128 500)
Net movement in cash and cash equivalents 110 423 2 995
Effects of exchange rate changes (4) (3 688)
Cash and cash equivalent balances at beginning of year (78 028) (77 335)
Cash and cash equivalent balances at end of year (note 9) 32 391 (78 028)
*Restated – refer notes 5 and 12
ADDITIONAL INFORMATION
Audited Audited
12 months 12 months
ended ended %
30 Sept 2014 30 Sept 2013 change
Headline earnings (R'000) – (note 7) 329 740 165 070* 100
Headline earnings per share (cents)
– basic 864 434* 99
– diluted 864 434* 99
Dividends per share (cents) 440 222
Number of ordinary shares
– Issued net of treasury shares 38 634 108 38 060 308
– Weighted average 38 171 021 38 060 308
– Diluted weighted average 38 176 737 38 065 338
Net debt (borrowings less cash and cash equivalents (R'000) 173 756 263 424
Net debt to equity percentage 8,9% 15,5%*
Net asset value per share (Rand) 49,95 44,16*
*Restated
NOTES
1. Nature of business
Astral is a leading South African integrated poultry producer. Key activities consist of manufacturing of animal feeds, broiler
genetics, production and sale of day-old chicks and hatching eggs, integrated breeder and broiler production operations,
abattoirs and sale and distribution of various key poultry brands.
2. Basis of preparation
The summary consolidated financial statements are prepared in accordance with the requirements of the JSE Limited
Listings Requirements for preliminary reports, and the requirements of the Companies Act applicable to summary financial
statements. The Listings Requirements require preliminary reports to be prepared in accordance with the framework
concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and
the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as
issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34:
Interim Financial Reporting.
The financial statements have been prepared by the chief financial officer, DD Ferreira CA(SA), and were approved by the
board on 12 November 2014.
3. Accounting policies
The accounting policies applied in these summary consolidated financial statements comply with IFRS and are consistent
with those applied in the preparation of the Group's annual financial statements for the year ended 30 September 2013,
except for changes as required by the mandatory adoption of IFRS 11 and IAS 19R (refer to notes 5 and 12), and the
reclassification of long-term retention benefits payable to employees.
4. Independent audit by the auditors
These summary consolidated financial statements for the year ended 30 September 2014 have been audited by
PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The auditor also expressed an unmodified
opinion on the annual financial statements from which these summary consolidated financial statements were derived.
A copy of the auditor's report on the summary consolidated financial statements and of the auditor's report on the annual
consolidated financial statements are available for inspection at the company's registered office, together with the financial
statements identified in the respective auditors' reports.
The auditor's report does not necessarily report on all of the information contained in this announcement/financial results.
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement
they should obtain a copy of the auditor's report together with the accompanying financial information from the issuer's
registered office.
5. Restatement of comparative amounts for prior periods
The Group adopted IFRS 11 (Joint Arrangements) and the revised IAS 19R (Employee Benefits) with effect from its financial
year starting 1 October 2013. The impact of these standards on the comparative amounts for prior periods is as follows:
– IFRS 11 (Joint Arrangements)
In terms of IFRS 11 which superseded IAS 31, interests in joint ventures must be reported on the equity accounted
basis. The Group disposed of 25% of its interest in a 50% held joint venture during the previous year. The requirement
to remeasure the retained portion of an equity accounted investment in the event of a disposal of a portion of the
investment has been removed. The Group has accordingly reversed items previously proportionally consolidated, as well
as a remeasurement profit of R32 860 000 previously recognised in profit and loss.
– IAS 19R (Employee Benefits)
In terms of the revised IAS 19R, remeasurements of post-employment benefits have to be recognised in other
comprehensive income, previously being recognised in profit and loss.
Remeasurements are determined and assessed once a year in September by the Group, and an amount of R5 018 000
(R3 613 000 after tax) has now been excluded from profit and loss for the 12 months ended 30 September 2013 and
reflected in other comprehensive income.
– Reclassification of long-term retention benefits
The portion of the provision for long-term retention benefits payable to employees later than 12 months has been
reclassified to non-current liabilities.
Refer to note 12 for details of the impact on the comparative amounts for prior periods.
Audited Audited
12 months 12 months
ended ended
30 Sept 2014 30 Sept 2013
R'000 R'000
6. Operating profit
The following items have been accounted for in operating profit:
Directors' remuneration 30 555 23 572
Biological assets – fair value gain/(loss) 2 725 (3 116)
Amortisation of intangible assets 9 848 3 305
Depreciation on property, plant and equipment 124 797 119 424
(Reversal of impairment)/Impairment charge on property, plant and
equipment (153) 3 697
Profit on sale of property, plant and equipment 5 225 1 926
Assets scrapped 8 585
Insurance recoveries 15 977
Profit on sale of unlisted investments 2 485
Foreign exchange profits/(losses) 1 109 (146)
7. Reconciliation to headline earnings
Profit attributable to shareholders 337 518 207 537*
Profit on sale of property, plant and equipment (net of tax) (3 981) (2 759)
Insurance recovery on damaged assets (net of tax) (6 441) (6 415)
Loss on assets scrapped (net of tax) 6 157 1 055
(Reversal of impairment)/Impairment charge on property, plant and
equipment (net of tax) (110) 2 661
Profit on disposal of interest in associate (net of tax) (34 988)*
Profit on disposal of unlisted investments (2 021)
Adjustment to prior year tax provision on sale of investment (3 403)
Headline earnings for the period 329 740 165 070*
8. Borrowings
Non-current
Secured loans 16 945 37 229
Unsecured loan 189 202 148 167
Less: Portion payable within 12 months included in current liabilities (50 147) (40 141)
156 000 145 255
Current
Bank overdrafts 98 140 171 489
Portion of non-current secured loans payable within 12 months 50 147 40 141
148 287 211 630
9. Cash and cash equivalents per statements of cash flows
Bank overdrafts (included in current borrowings) (98 140) (171 489)
Cash at bank and in hand 130 531 93 461
Cash and cash equivalents per cash flow statement 32 391 (78 028)
10. Capital commitments
Capital expenditure approved not contracted 12 956 108 270
Capital expenditure contracted not recognised in financial statements 43 521 72 069
*Restated – refer notes 5 and 12
Audited Audited
12 months 12 months
ended ended
30 Sept 2014 30 Sept 2013
R'000 R'000
11. Related party transactions – with associate
Sales 7 874 457
Purchases 206 357 228 412
Receivables 6 395 1 897
Trade payables 25 508 19 923
Audited Audited
12. Effect of restatement on comparative amounts 12 months 12 months
12.1 Summary consolidated statements of financial position ended ended
Investment in associate Sept 2013 Sept 2012
As previously reported 52 800
Restatement – IFRS 11 (32 860) 15 303
Restated 19 940 15 303
Reserves
As previously reported 1 916 117
Restatement – IFRS 11 (32 860)
Restated 1 883 257
Non-current liabilities
Employee benefit obligations
As previously reported 92 889 93 797
Reclassification 37 650 39 091
Restated 130 539 132 888
Current liabilities
Trade and other payables
As previously reported 1 355 495 1 307 776
Reclassification (37 650) ( 39 091)
Restated 1 317 845 1 268 685
12.2 Summary consolidated statement of comprehensive income for the year ended 30 September 2013
Audited
12 months Audited
ended 12 months
30 Sept 2013 ended
As previously IFRS 11 IAS 19R 30 Sept 2013
reported Restatement Restatement Restated
R'000 R'000 R'000 R'000
Revenue 8 523 976 (15 123) 8 508 853
Operating profit 271 558 (4 673) (5 018) 261 867
Profit on sale of interest in associate 79 426 (32 860) 46 566
Profit before interest and tax 350 984 (37 533) (5 018) 308 433
Finance income 937 (57) 880
Finance expense (27 839) (27 839)
Share of profit from associate 2 800 3 674 6 474
Profit before income tax 326 882 (33 916) (5 018) 287 948
Tax expense (79 583) 1 056 1 405 (77 122)
Profit for the year 247 299 (32 860) (3 613) 210 826
Other comprehensive income:
Foreign currency translation adjustments 12 487 12 487
Remeasurement of post-retirement
benefit obligations 3 613 3 613
Total comprehensive income for the year 259 786 (32 860) 226 926
Profit attributable to:
Equity holders of the company 244 010 (32 860) (3 613) 207 537
Non-controlling interest 3 289 3 289
Profit for the year 247 299 (32 860) (3 613) 210 826
Total comprehensive income attributable to:
Equity holders of the company 255 920 (32 860) 223 060
Non-controlling interest 3 866 3 866
Total comprehensive income for the year 259 786 (32 860) 226 926
12.3 Summary consolidated statements of cash flow
Cash operating profit 388 406 57 388 463
Finance income 937 (57) 880
Proceeds on disposal of investments 50 473 16 154 66 627
Net movement in cash and cash equivalents (13 159) 16 154 2 995
Cash and cash equivalent balances at
beginning of year (61 181) (16 154) (77 335)
FINANCIAL OVERVIEW
The increase in headline earnings from R165,1 million for the previous year, to R329,7 million for the 2014 financial year, is attributable to the continuation
of the turnaround to profitability of the Poultry division which started in the second half of the previous financial year.
Revenue increased by 13% to R9 602 million, contributed by a 16% increase in poultry revenue and a 4% increase in Feed external revenue.
The Group's operating profit increased by 88% to R492,9 million. The Poultry division's reported operating profit of R104,4 million, compared to the loss of
R112,5 million for the previous year, is the main driver for the improvement in the Group's operating profit. Profitability of the Feed division at R353,7 million
represents an increase of 7% on the previous year's operating profit. The Africa division's operating profit at R34,8 million is down on the previous year's
R45,0 million following the disappointing results reported for the first six months of this financial year.
Net finance cost at R25,3 million was marginally lower than the previous year. Interest of R14,2 million on finance raised to fund major capital expenditure
items has been capitalised. Going forward this finance cost will no longer be capitalised to property, plant and equipment but will be charged against
operating profit in the statement of comprehensive income.
Profit before tax at R469,9 million is 63% higher than the previous year's R287,9 million which includes a profit of R46,6 million on the sale of a portion of
an interest in an associate. This amount has been restated (previously reported at R79,4 million) following the mandatory adoption of a new accounting
policy in terms of IFRS 11 (refer to notes 5 and 12).
The cash generated from operating activities at R704,1 million represents a substantial increase on the previous year's R237,7 million. The main driver was
the improvement in the operating profit as well as an inflow from reduced working capital funding. Capital expenditure at R391,7 million is higher than the
previous year due to the ongoing expenditure on the new feed mill, costs incurred to accommodate increased volumes at the County Fair abattoir, and
other specific expenditure on efficiency improvements. A net inflow of R24 million has been received from additional financing for the new feed mill whilst
an inflow of R65,8 million was received from shares issued in respect of share options exercised. The net movement in cash and cash equivalents was an
inflow of R110,4 million. The net debt equity ratio including the funding of the new feed mill at 8,9% is down from the 15,5% as at 30 September 2013.
The board has declared a final dividend of 240 cents per share. The distribution is supported by the low debt to equity level and the underlying liquidity
capabilities of the Group.
OPERATIONAL OVERVIEW
Poultry Division
Revenue for the division increased by 16% to R7,0 billion (2013: R6,0 billion) on the back of higher volumes (up 7%) and higher poultry selling prices (up 8%).
Profitability improved significantly to a positive R104 million off a loss of R112 million in 2013, resulting in a net margin for the division of 1,5% (2013: –1,9%).
The average broiler feed price increased by 2% year-on-year. Due to extremely low maize stocks following injudicious exports, local prices peaked towards
the end of March 2014 directly impacting feed prices in the first six months of the reporting period. Following perfect conditions a record local maize crop
topping 14 million tons was harvested, resulting in the price of maize decreasing substantially in the latter half of F2014.
In the last quarter of the reporting period lower maize prices were offset by higher soya prices. The lower maize prices will only be realised in the new
financial year due to the lag brought about by forward procurement of soft commodities. It is envisaged that soya prices could soften on the back of good
global crops.
Broiler production performances improved for the period in line with continued focus in this area, delivering value in improved feed efficiencies and better
bird growth rates. An improvement in product mix was realised with Astral further reducing its exposure to Individually Quick Frozen (IQF) portions.
An increase in the proportion of fresh sales and value added products was achieved off higher total sales volumes for the year versus the comparable
period in the prior year.
Feed Division
Revenue for the division increased by 12% to R5,5 billion (2013: R4,9 billion) as a direct result of the higher raw material and feed pricing, whilst sales
volumes increased by 5% assisted by higher inter-group volumes as a result and of higher bird placements compared to the prior year and the take-on of
the Afgri feed volumes. Operating profit increased by 7% to R354 million (2013: R329 million).
Total volumes increased year-on-year to 1,27 million tons per annum, with the increase in feed sales to Astral 's poultry operations offset by a drop in sales
to the external market due to a contraction in demand from the independent poultry market.
The new feed mill in Standerton was officially opened and commissioned during the last quarter of F2014. All the feed volumes previously manufactured
by Afgri for Astral's Goldi broiler operation in Standerton were moved into the new facility, with the income stream of these volumes accruing to Astral in
the last two months of the period under review.
Other Africa Division
Revenue for the division increased by 13% to R499 million (2013: R442 million) supported by higher volumes (up 4%) as a result of the expansion in capacity
at the broiler breeder and hatchery operations in both Zambia and Mozambique. The operating profit for the division decreased by 23% to R35 million
(2013: R45 million).
The profitability at Tiger Animal Feeds in Zambia was impacted negatively through unfavourable raw material positions and the management thereof
in the first half of the reporting period. A turnaround in the performance of this business unit in the second half of the year was delivered in line with
expected returns.
PROSPECTS
The slowing level of growth in the economy and higher unemployment levels will continue to depress consumer spending, and there is strong evidence
that the average household will have to make ends meet off a reduced discretionary budget.
Through the South African Poultry Association an anti-dumping application was submitted to International Trade and Administration Commission of South
Africa (ITAC) against three EU member countries. ITAC implemented provisional anti-dumping duties against poultry imports from the UK, the Netherlands
and Germany until the 2nd January 2015. It is of paramount importance that these measures are sanctioned on a more permanent basis by the Minister of
Trade and Industry in order to stem the tide of dumped poultry products into South Africa.
The recent South African harvest produced a record maize crop, and together with healthy global maize and soya crops the softening of grain prices will at
least benefit feed prices and livestock production costs in the first half of the new reporting period.
Astral has engaged in an expansion drive over the past year, with sizeable investments in various value enhancing projects. The "bedding down" of these
investments and achieving the projected returns will be a key focus area in the new financial year.
APPRECIATION
The Chief Executive Officer on behalf of the board, Astral Executive Management and staff, would like to express his sincere gratitude to Mr Jurie
Geldenhuys who retired as Chairperson and board member in the past year, for his sterling contribution to Astral over the past 13 years.
DECLARATION OF ORDINARY DIVIDEND No. 27
The board has approved a final dividend of 240 cents per ordinary share (gross) in respect of the year ended 30 September 2014.
The dividend will be subject to Dividends Tax that was introduced with effect from 1 April 2012. In accordance with paragraphs 11.17(a)(i) to (x) and 11.17(c)
of the JSE Listings Requirements the following information is disclosed:
– The dividend has been declared out of income reserves;
– The local Dividend Tax is 15% (fifteen per centum);
– There are no Secondary Tax on Companies (STC) credits utilised;
– The gross local dividend is 240 cents per ordinary share for shareholders exempt from the Dividend Tax;
– The net local dividend is 204 cents per ordinary share for shareholders liable to pay Dividend Tax;
- Astral Foods Limited has currently 42 722 685 ordinary shares in issue (which includes 4 088 577 treasury shares held by a subsidiary); and
– Astral Foods Limited's income tax reference number is 9125190711.
Shareholders are advised of the following dates in respect of the interim dividend:
– Last date to trade cum-dividend Friday, 16 January 2015
– Shares commence trading ex-dividend Monday,19 January 2015
– Record date Friday, 23 January 2015
– Payment of dividend Monday, 26 January 2015
Share certificates may not be dematerialised or rematerialised between Monday, 19 January 2015 and Friday, 23 January 2015, both days inclusive.
On behalf of the board
T Eloff Chairman CE Schutte Chief Executive Officer
Pretoria
17 November 2014
Registered office 92 Koranna Avenue, Doringkloof, Centurion, 0157, South Africa, Postnet Suite 278, Private Bag X1028, Doringkloof, 0140,
Telephone: +27 (0)12 667 5468
Directors Dr T Eloff (Chairman), *CE Schutte (Chief Executive Officer), *GD Arnold, *T Delport, *DD Ferreira (Chief Financial Officer), IS Fourie,
*Dr OM Lukhele, M Macdonald,
TP Maumela, TM Shabangu, Dr N Tsengwa (*Executive director)
Company secretary MA Eloff - Transfer secretaries Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg,
2001, PO Box 61051, Marshalltown, 2107
Telephone: +27 (0)11 370 5000
Sponsor JPMorgan Equities South Africa (Pty) Limited, 1 Fricker Road, Illovo, Johannesburg, 2196, Private Bag X9936, Sandton, 2146,
Telephone: +27 (0)11 507 0430
www.astralfoods.com
Date: 17/11/2014 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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