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Unaudited Group interim report for the 26 weeks ended 28 December 2014
TRUWORTHS INTERNATIONAL LTD
REGISTRATION NUMBER: 1944/017491/06
JSE CODE: TRU
NSX CODE: TRW
ISIN: ZAE000028296
UNAUDITED GROUP INTERIM REPORT
FOR THE 26 WEEKS ENDED 28 DECEMBER 2014
HIGHLIGHTS
Revenue up 6%
Sale of merchandise up 5%
Gross margin at 55.3%
Operating margin at 31.8%
Diluted headline and basic earnings per share up 1%
Cash from operations of R1.7 billion
Interim dividend per share up 9%
GROUP PROFILE
Truworths International Ltd is an investment holding and management company listed
on the JSE and the Namibian Stock Exchange (NSX). Its principal trading entities,
Truworths Ltd and Young Designers Emporium (Pty) Ltd, are engaged either directly or
through agencies, franchises or subsidiaries, in the retailing of fashion apparel
and related merchandise. Truworths International Ltd and its subsidiaries
(the Group) operate primarily in South Africa, and elsewhere in sub-Saharan Africa.
TRADING AND FINANCIAL PERFORMANCE
Group retail sales increased by 5.2% to R6.2 billion for the 26-week period ended
28 December 2014 (the period) compared to the prior corresponding 26-week period
ended 29 December 2013 (the prior period). Comparable store retail sales decreased
by 0.8% (2013: increased by 1.1%) while product inflation averaged 6% (2013: 7%).
Group sale of merchandise, which comprises Group retail sales and franchise sales
less accounting adjustments, grew 5% to R6.1 billion (2013: R5.8 billion).
Group revenue, comprising group sale of merchandise, interest received and other
income (principally commission, display fees and financial services income),
increased 6% to R6.7 billion for the period compared to the prior period as a
result of interest received and other income increasing 19% and 13% respectively.
Trading space increased by 6.9% over the prior period-end following the opening
of a net 33 stores across the Group. At the end of the period the Group had
662 stores (2013: 629), including 40 stores in the rest of Africa (2013: 40).
Divisional sales 28 Dec 29 Dec % change
2014 2013 on prior
Rm Rm period
Truworths ladieswear 2 057 1 998 3
Truworths menswear 1 304 1 213 8
Identity 1 047 945 11
Daniel Hechter 689 697 (1)
LTD 358 305 17
Elements and MAC 326 301 8
Inwear 249 278 (10)
Other* 202 190 6
Retail sales 6 232 5 927 5
Franchise sales 5 4 25
Accounting adjustments (187) (165) 13
Sale of merchandise 6 050 5 766 5
YDE agency sales 165 165 -
* includes Cellular and Truworths Jewellery divisions
The gross margin decreased to 55.3% (2013: 56.3%) as a result of increased markdowns,
however it remains within the group's targeted range of 54% to 57%. Trading expenses
increased 10% to R2.1 billion (2013: R1.9 billion) and constituted 34.2% of sale of
merchandise (2013: 32.6%). Interest received increased 19% to R508 million
(2013: R427 million). Operating profit decreased 1% to R1.9 billion and the operating
margin decreased to 31.8% (2013: 33.8%).
The interim dividend has been increased 9% to 236 cents per share (2013: 216 cents
per share) resulting from a reduction in the dividend cover to 1.4 times
(2013: 1.6 times). Headline earnings per share (HEPS) were 334.5 cents, a
decrease of 0.4% over the prior period's 335.8 cents. Diluted HEPS of 333.4 cents
(2013: 330.7 cents) were 0.8% higher than the prior period.
The net asset value per share increased by 5% to 1 762 cents (2013: 1 671 cents).
The annualised returns on equity and assets were 40% (2013: 42%) and 40% (2013: 43%)
respectively. Asset turnover was at 1.3 times (2013: 1.3 times).
CREDIT MANAGEMENT
Gross trade receivables grew by 8.5% to R5.4 billion. The growth in the trade
receivables book is attributable to Group credit sales growing by 5.4% over the prior
period (3% and 18% higher in Truworths and Identity respectively) and a continuing
shift from 6 months interest-free to 12 months interest-bearing payment plans. Credit
sales contributed 71% (2013: 71%) to Group retail sales for the period. At period-end
86% (2013: 85%) of the Group's active account holders were able to purchase.
The Group's active account base has grown by 1% to over 2.6 million accounts, in part
as a result of the new account acceptance rate increasing from 26% in the prior
period to 31%.
The doubtful debt allowance as a percentage of gross trade receivables has increased
to 13.0% (2013: 12.0%) and net bad debt as a percentage of gross trade receivables
increased to 13.3% (2013: 13.2%). The increase in the doubtful debt allowance
contributed to trade receivable costs increasing by 9% to R578 million
(2013: R531 million).
CAPITAL MANAGEMENT
During the period the Group generated R1.7 billion in cash from operations and
this funded, inter alia, dividend payments (R708 million) and capital expenditure
(R189 million). Cash and cash equivalents decreased 5% to R2.4 billion at the
period-end.
Capital expenditure of R259 million has been committed for the remainder of the
2015 financial period.
ACQUISITIONS
Earthchild
During October 2014 the Group advised that it had signed a letter of intent with the
shareholders of Earthchild Clothing (Waterfront) (Pty) Ltd (Earthchild) to acquire
100% of their shares in Earthchild, subject to certain conditions precedent. A number
of these conditions have been met, including the satisfactory conclusion of a due
diligence investigation and the execution of all transaction agreements. The
application for Competition Commission approval has been submitted. The effective
date of the acquisition is expected to be in the first quarter of 2015, subject to
Competition Commission approval being granted.
Naartjie
During November 2014 the Group advised that it had entered into an agreement with
ZA One (Pty) Ltd (Naartjie) and its USA holding company to acquire the SA-based
Naartjie business as a going concern, together with certain trademarks, subject to
certain conditions precedent. The agreement has been formally sanctioned by the USA
courts, given that the holding company is in the course of bankruptcy proceedings.
The application for Competition Commission approval has been submitted. The effective
date of the acquisition is expected to be in the first quarter of 2015, subject to
Competition Commission approval being granted.
OUTLOOK
The trading environment is expected to remain difficult for the remainder of the
2015 financial period and the Group will continue to utilise its extensive experience
to manage the risk of fashion through its proven merchandise design and buying processes,
and manage credit risk through the ongoing application of strategies to ensure the
health of the debtors' book. The Group expects to begin to benefit from the intended
acquisitions and the ongoing expansion into the rest of Africa.
Retail sales for the first seven weeks of the second half of the 2015 financial period
increased by 10% over those for the comparable period in 2014.
The board remains committed to investing appropriately for longer-term growth, with
trading space planned to increase approximately 6% for the 2015 financial period, and
by approximately 5% in the 2016 financial period.
H Saven MS Mark
Chairman Chief Executive Officer
19 February 2015
DIVIDEND
The directors of the company have resolved to declare a gross cash dividend from
retained earnings in respect of the 26-week period ended 28 December 2014 in the
amount of 236 cents (2013: 216 cents) per share to shareholders reflected in the
company's register on the record date, being Friday, 13 March 2015.
The last day to trade in the company's shares cum dividend is Friday, 6 March 2015.
Trading in the company's share ex dividend will commence on Monday, 9 March 2015.
Consequently no dematerialisation or rematerialisation of the company's shares may
take place over the period from Monday, 9 March 2015 to Friday, 13 March 2015, both
days inclusive. The dividend is scheduled to be payable in South African Rand on
Monday, 16 March 2015.
Dividends will be paid net of dividends tax of 15%, to be withheld and paid to the
South African Revenue Service. Such tax must be withheld unless beneficial owners of
the dividend have provided the necessary documentary proof to the relevant regulated
intermediary (being a broker, CSD participant, nominee company or the company's
transfer secretaries, Computershare Investor Services (Pty) Ltd, PO Box 61051,
Marshalltown, 2107 South Africa) that they are exempt therefrom, or entitled to a
reduced rate, as a result of a double taxation agreement between South Africa and
the country of tax domicile of such owner.
The withholding tax, if applicable at the rate of 15%, will result in a net cash
dividend per share of 200.60 cents. No secondary tax on companies (STC) credits were
utilised when determining the net dividend. The company has 427 834 464 ordinary
shares in issue on 19 February 2015.
In accordance with the company's memorandum of incorporation:
- the dividend will only be paid by electronic funds transfer, and no cheque
payments will be made. Accordingly, shareholders who have not yet provided their
bank account details should do so to the company's transfer secretaries; and
- the directors have determined that gross dividends amounting to less than
1 000 cents, due to any one shareholder of the company's shares held in
certificated form, will not be paid, unless otherwise requested in writing, but
the net amount thereof will be aggregated with other such net amounts and donated
to a charity to be nominated by the directors.
By order of the board
C Durham
Company Secretary
Cape Town
19 February 2015
CONDENSED GROUP STATEMENTS OF FINANCIAL POSITION
at 28 Dec at 29 Dec at 29 Jun
2014 2013 2014
Unaudited Unaudited Audited
Note Rm Rm Rm
ASSETS
Non-current assets 1 427 1 332 1 360
Property, plant and equipment 1 001 920 934
Goodwill 90 90 90
Intangible assets 116 105 106
Derivative financial assets - 7 6
Available-for-sale assets 11 6 9
Loans and receivables 93 110 99
Deferred tax 116 94 116
Current assets 8 075 7 787 6 716
Inventories 954 844 863
Trade and other receivables 4 657 4 347 4 182
Derivative financial assets 26 16 5
Prepayments 15 15 78
Cash and cash equivalents 2 423 2 565 1 588
Total assets 9 502 9 119 8 076
EQUITY AND LIABILITIES
Total equity 7 382 6 998 6 642
Share capital and premium 453 316 368
Treasury shares 5 (699) (179) (652)
Retained earnings 7 451 6 720 6 774
Non-distributable reserves 177 141 152
Non-current liabilities 88 99 88
Post-retirement medical benefit obligation 54 51 51
Leave pay obligation 3 3 3
Cash-settled compensation obligation - 9 4
Straight-line operating lease obligation 31 36 30
Current liabilities 2 032 2 022 1 346
Trade and other payables 1 457 1 435 1 134
Provisions 38 42 47
Derivative financial liability - - 8
Tax payable 537 545 157
Total liabilities 2 120 2 121 1 434
Total equity and liabilities 9 502 9 119 8 076
Number of shares in issue
(net of treasury shares) (millions) 419.0 418.9 413.8
Net asset value per share (cents) 1 761.8 1 670.6 1 605.1
Key ratios
Return on equity* (%) 40 42 37
Return on capital* (%) 55 59 52
Return on assets* (%) 40 43 42
Inventory turn* (times) 5.7 6.0 5.3
Asset turnover* (times) 1.3 1.3 1.3
* Ratios for December have been annualised
CONDENSED GROUP STATEMENTS OF COMPREHENSIVE INCOME
26 weeks 26 weeks 52 weeks
to 28 Dec to 29 Dec to 29 Jun
2014 2013 2014
Unaudited Unaudited % Audited
Note Rm Rm change Rm
Revenue 4 6 697 6 343 6 11 642
Sale of merchandise 6 050 5 766 5 10 458
Cost of sales (2 706) (2 517) (4 617)
Gross profit 3 344 3 249 3 5 841
Other income 136 120 13 235
Trading expenses (2 068) (1 878) 10 (3 668)
Depreciation and amortisation (99) (84) (184)
Employment costs (566) (510) (1 024)
Occupancy costs (530) (477) (954)
Trade receivable costs (578) (531) (916)
Other operating costs (295) (276) (590)
Trading profit 1 412 1 491 (5) 2 408
Interest received 508 427 19 917
Dividends received 3 30 32
Profit before tax 1 923 1 948 (1) 3 357
Tax expense (538) (545) (951)
Profit for the period, fully
attributable to owners
of the parent 1 385 1 403 (1) 2 406
Other comprehensive income/(loss)
to be reclassified to profit or
loss in subsequent periods 3 (2) (3)
Movement in effective cash flow hedge 1 (2) (2)
Fair value adjustment on personal
lines insurance business arrangement - - 1
Deferred tax on movement in effective
cash flow hedge - 1 (2)
Movement in foreign currency
translation reserve 2 (1) -
Other comprehensive income not
to be reclassified to profit or
loss in subsequent periods - - 3
Remeasurement gains on defined
benefit plans - - 3
Total comprehensive income for the
period, fully attributable to
owners of the parent 1 388 1 401 (1) 2 406
Basic earnings
per share (cents) 334.5 335.8 (0.4) 575.9
Headline earnings
per share (cents) 334.5 335.8 (0.4) 576.8
Fully diluted basic
earnings per share (cents) 333.4 330.7 0.8 568.4
Fully diluted
headline earnings
per share (cents) 333.4 330.7 0.8 569.3
Weighted average
number of shares (millions) 414.1 417.8 417.8
Key ratios
Gross margin (%) 55.3 56.3 55.9
Trading expenses to
sale of merchandise (%) 34.2 32.6 35.1
Trading margin (%) 23.3 25.9 23.0
Operating margin (%) 31.8 33.8 32.1
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
Share Non-
capital distribut-
and Treasury Retained able Total
premium shares earnings reserve equity
Rm Rm Rm Rm Rm
2014
Balance at the
beginning of
the period 368 (652) 6 774 152 6 642
Profit for the period - - 1 385 - 1 385
Other comprehensive
income for
the period - - - 3 3
Dividends - - (708) - (708)
Premium on shares issued 38 - - - 38
Shares issued in
terms of the
restricted share
scheme 47 (47) - - -
Share-based payments - - - 22 22
Balance at
December 2014 453 (699) 7 451 177 7 382
2013
Balance at the
beginning of
the period 293 (2 028) 7 830 129 6 224
Profit for the period - - 1 403 - 1 403
Other comprehensive
loss for
the period - - - (2) (2)
Dividends - - (662) - (662)
Shares repurchased - (2) - - (2)
Premium on shares issued 23 - - - 23
Cancellation of
treasury shares - 1 851 (1 851) - -
Share-based payments - - - 14 14
Balance at
December 2013 316 (179) 6 720 141 6 998
Cents per share: 2014 2013
Dividends declared in respect of the period 236 216
CONDENSED GROUP STATEMENTS OF CASH FLOWS
26 weeks 26 weeks 52 weeks
to 28 Dec to 29 Dec to 29 Jun
2014 2013 2014
Unaudited Unaudited Audited
Rm Rm Rm
CASH FLOWS FROM OPERATING ACTIVITIES
Cash flow from trading and cash EBITDA* 1 521 1 633 2 682
Working capital movements (186) 112 (105)
Cash generated from operations 1 335 1 745 2 577
Interest received 508 427 917
Dividends received 3 30 32
Tax paid (158) (170) (984)
Cash inflow from operations 1 688 2 032 2 542
Dividends paid (708) (661) (1 566)
Net cash from operating activities 980 1 371 976
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and
equipment to expand operations (138) (122) (221)
Acquisition of plant and equipment
to maintain operations (35) (31) (54)
Acquisition of computer software (16) (6) (14)
Proceeds on disposal of plant and equipment - - 2
Loans repaid 6 8 21
Acquisition of mutual fund units - - (1)
Net cash used in investing activities (183) (151) (267)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on shares issued 38 23 44
Shares repurchased by subsidiaries - (2) (490)
Net cash used in financing activities 38 21 (446)
Net increase in cash and cash equivalents 835 1 241 263
Cash and cash equivalents at the
beginning of the period 1 588 1 325 1 325
Net foreign exchange difference - (1) -
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD 2 423 2 566 1 588
Key ratios
Cash flow per share (cents) 407.6 486.4 608.4
Cash equivalent earnings per share (cents) 360.8 367.9 634.8
Cash realisation rate (%) 113 132 96
* Earnings before interest received, tax, depreciation and amortisation
SELECTED EXPLANATORY NOTES
1 STATEMENT OF COMPLIANCE
The condensed Group financial statements for the 26-week period ended
28 December 2014 (interim report) have been prepared in compliance with
International Financial Reporting Standards (IFRS), the Financial Reporting Guides
as issued by the Accounting Practices Board, IAS 34: Interim Financial Reporting,
the Companies Act (71 of 2008, as amended) of South Africa and the JSE
Listings Requirements.
The interim report does not include all the information and disclosures required
in the annual financial statements, and should be read in conjunction with the
Group's annual financial statements as at 29 June 2014.
The information contained in the interim report has neither been audited nor
reviewed by the Group's external auditors. The interim report has been prepared
under the supervision of DB Pfaff CA(SA), the Chief Financial Officer of the Group.
2 BASIS OF PREPARATION
The interim report has been prepared in accordance with the going concern and
historical cost bases, unless otherwise indicated. The accounting policies are
applied consistently throughout the Group. The presentation and functional
currency used in the preparation of the interim report is the South African
Rand (ZAR) (Rand) and all amounts are rounded to the nearest million, unless
otherwise indicated.
3 ACCOUNTING POLICIES AND METHODS OF COMPUTATION
The accounting policies and methods of computation applied in the preparation of the
interim report are consistent with those applied in the preparation of the Group's
annual financial statements for the period ended 29 June 2014.
IFRS, amendments and International Financial Reporting Interpretations Committee
(IFRIC) interpretations not applicable to Group activities
Various new and amended IFRS and IFRIC interpretations have been issued and
are effective, however they are not applicable to the Group's activities.
26 weeks 26 weeks 52 weeks
to 28 Dec to 29 Dec to 29 Jun
2014 2013 2014
Unaudited Unaudited % Audited
Rm Rm change Rm
4 REVENUE
Sale of merchandise 6 050 5 766 5 10 458
Retail sales 6 232 5 927 10 762
Accounting adjustments* (187) (165) (312)
Franchise sales 5 4 8
Interest received 508 427 19 917
Trade receivables interest 459 384 828
Investment interest 49 43 89
Other income 136 120 13 235
Commission 65 63 118
Financial services income 31 23 50
Display fees 29 25 53
Lease rental income 4 5 7
Other 6 3 6
Royalties 1 1 1
Dividends received 3 30 32
Dividend received from
dissolution of an
insurance cell captive - 29 29
Dividend received from
insurance business
arrangement 3 1 3
Total revenue 6 697 6 343 6 11 642
* Accounting adjustments made in terms of IFRS and generally accepted accounting
practice relating to promotional vouchers, staff discounts on merchandise
purchased, cellular retail sales, notional interest on non-interest-bearing
trade receivables and the sales returns provision.
26 weeks 26 weeks 52 weeks
to 28 Dec to 29 Dec to 29 Jun
2014 2013 2014
Unaudited Unaudited Audited
Rm Rm Rm
5 TREASURY SHARES
Opening balance 652 2 028 2 028
Shares repurchased in accordance
with general repurchase programme - 2 490
Shares cancelled - (1 851) (1 897)
Shares issued and held under the
restricted share scheme 47 - 31
Closing balance 699 179 652
On 20 December 2013 the Group cancelled and applied for the delisting from the
JSE of approximately 44 million of its issued ordinary shares. The shares had been
acquired in the open market by wholly-owned subsidiary companies over the period
from 2004 to 2013, in accordance with the Group's general share repurchase
programme. This had the effect of reducing the number of treasury shares held
by the Group.
6 SEGMENT REPORTING
The Group's reportable segments have been identified as the Truworths and
Young Designers Emporium (YDE) business units. The Truworths business unit
comprises all the retailing activities conducted by the Group, through which
the Group retails fashion apparel comprising clothing, footwear and other
fashion products to women, men and children, other than by the YDE business unit.
The YDE business unit comprises the agency activities through which the Group
retails clothing, footwear and related products on behalf of emerging
South African designers.
Management monitors the operating results of the business segments separately for
the purpose of making decisions about resources to be allocated and of assessing
performance. Segment performance is reported on an IFRS basis and evaluated based
on revenue and profit before tax.
Consolidation
Truworths YDE entries Group
Rm Rm Rm Rm
2014
Total third party revenue 6 655 67 (25) 6 697
Third party 6 639 67 (9) 6 697
Inter-segment 16 - (16) -
Depreciation and amortisation 97 2 - 99
Interest received 507 1 - 508
Profit for the period 1 363 22 - 1 385
Profit before tax 1 893 30 - 1 923
Tax expense (530) (8) - (538)
Capital expenditure 186 3 - 189
Gross margin (%) 55.3 - - 55.3
Trading margin (%) 22.9 42.2 - 23.3
Operating margin (%) 31.3 44.3 - 31.8
Inventory turn (times) 5.7 - - 5.7
Credit:cash sales mix (%) 71:29 25:75 - 71:29
2013
Total third party revenue 6 274 63 6 6 343
Third party 6 259 63 21 6 343
Inter-segment 15 - (15) -
Depreciation and amortisation 82 2 - 84
Interest received 426 1 - 427
Profit for the period 1 383 20 - 1 403
Profit before tax 1 920 28 - 1 948
Tax expense (537) (8) - (545)
Capital expenditure 153 6 - 159
Gross margin (%) 56.3 - - 56.3
Trading margin (%) 25.3 43.4 - 25.9
Operating margin (%) 32.7 44.7 - 33.8
Inventory turn (times) 6.0 - - 6.0
Credit:cash sales mix (%) 71:29 24:76 - 71:29
Contribution to revenue Contribution to revenue
2014 2014 2013 2013
Rm % Rm %
Third party revenue
South Africa 6 460 96.5 6 124 96.6
Namibia 114 1.7 103 1.6
Botswana 38 0.6 32 0.5
Swaziland 36 0.5 36 0.5
Zambia 13 0.2 10 0.2
Nigeria 7 0.1 10 0.2
Ghana 10 0.1 9 0.1
Mauritius 7 0.1 6 0.1
Lesotho 7 0.1 9 0.1
Franchise sales 5 0.1 4 0.1
Total third party revenue 6 697 100 6 343 100
28 Dec 29 Dec 29 Jun
2014 2013 2014
Unaudited Unaudited Audited
Rm Rm Rm
7 CAPITAL COMMITMENTS
Capital expenditure authorised but not contracted:
Store renovations and development 206 125 356
Computer infrastructure 41 45 65
Head office refurbishment 12 - 7
Motor vehicles 4 2 3
Distribution facilities - 57 17
Total capital commitments 263 229 448
The capital commitments will be financed from cash generated from operations and
available cash resources and are expected to be incurred in the remainder of
the 2015 reporting period.
8 EVENTS AFTER THE END OF THE REPORTING PERIOD
No event, material to the understanding of this interim report, has occurred
between the end of the interim period and the date of approval.
9 SEASONALITY
Historically retail sales in the first half of the financial period have exceeded
those of the second half, because of the inclusion in the former of the Christmas
trading period. In the past five years, the Group's first half retail sales have
ranged between approximately 53% and 55% of annual retail sales.
10 RELATED PARTY TRANSACTIONS
Related party transactions similar to those disclosed in the Group's annual
financial statements for the period ended 29 June 2014 took place during the period.
CORPORATE INFORMATION
Truworths International Ltd: Registration number: 1944/017491/06
Tax reference number: 9875/145/71/7
JSE code: TRU
NSX code: TRW
ISIN: ZAE000028296
Registered office: No. 1 Mostert Street, Cape Town, 8001, South Africa;
PO Box 600, Cape Town, 8000, South Africa
Sponsor in South Africa: One Capital Sponsor Services (Pty) Ltd
Sponsor in Namibia: Old Mutual Investment Services (Namibia) (Pty) Ltd
Auditors: Ernst & Young Inc.
Transfer secretaries:
In South Africa: Computershare Investor Services (Pty) Ltd,
70 Marshall Street, Johannesburg, 2001, South Africa;
PO Box 61051, Marshalltown, 2107, South Africa
In Namibia: Transfer Secretaries (Pty) Ltd,
Robert Mugabe Avenue No. 4, Windhoek, Namibia;
PO Box 2401, Windhoek, Namibia
Company secretary: C Durham
Directors: H Saven (Chairman)^#, MS Mark (CEO)*, DB Pfaff (CFO)*, RG Dow^#,
KI Mampeule^#, CT Ndlovu^#, RJA Sparks^#, AJ Taylor^# and MA Thompson^#
* Executive ^ Non-executive # Independent
Website: www.truworths.co.za
Date: 19/02/2015 01:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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