Wrap Text
Reviewed Group Results for the six months ended 31 December 2015, Cautionary Announcement and Dividend Declaration
Italtile Limited
Share code: ITE ISIN: ZAE000099123
Registration number: 1955/000558/06
Incorporated in the Republic of South Africa
("Italtile"? or "the Group"? or "the Company"?)
Reviewed Condensed Group Results for the six months ended 31 December 2015,
cautionary announcement and dividend declaration
System-wide turnover
R3,08 billion
2014: R2,72 billion
13% increase
Earnings per share
44,3 cents
2014: 36,7 cents
21% increase
Trading profit
R531 million
2014: R459 million
16% increase
Headline earnings per share
43,4 cents
2014: 35,7 cents
22% increase
Commentary
Overview for the six months ended 31 December 2015
Italtile Limited is a franchisor and retailer of local and imported tiles, sanitaryware, bathware,
laminated flooring and other related home-finishing products. The Group's retail brands are CTM,
Italtile Retail and TopT, represented through a total network of 133 stores, 16 of which are located
in the rest of Africa. The Group's offering targets homeowners in the LSM 4 to 10 categories.
The Group's Retail brand operation is strategically supported by a vertically integrated Supply Chain,
investments in key suppliers, and an extensive property portfolio.
The performance reported by the Group for the six months under review is primarily attributable to:
- management's commitment to instilling retail excellence across the key customer-facing components
of the Group's offering, which resulted in improved levels of customer satisfaction and increased
sales for the period;
- the benefits realised from implementation of the Business Optimisation Programme ("BOP") in the
Group's Supply Chain and Support Services divisions and expansion of the programme into the Retail
brand operations; and
- the Group's strategic investments in its principal local suppliers, Ceramic Industries Proprietary
Limited ("Ceramic"?) and Ezeetile, which delivered pleasing returns and continued to support the
business's growth agenda.
Trading environment
The trading environment in the six months under review remained consistent with recent years, featuring
moderate demand in the renovation and commercial projects markets, with little improvement experienced
in the new build segment as public and private sector spend continued to stall.
The reporting period was characterised by general economic uncertainty, currency volatility and constrained
disposable income, all factors which served to subdue consumer confidence. Price competition among industry
participants intensified.
In this context, consumers gravitated to value for money offerings (consistent availability of high-quality
products, good service and reputable brands). The Group's high profile offering, sound balance sheet and
integrated Supply Chain provided a competitive advantage in retaining and gaining market share.
Results
Financial highlights
- System-wide turnover increased 13% to R3,08 billion (2014: R2,72 billion), while same store revenue
improved 11%. Average selling price inflation was 4,7%. During the period, six new TopT stores and
one CTM store were opened bringing the total network to 133 stores from 126 stores as at 30 June 2015
(2014: 119).
- Reported trading profit rose 16% to R531 million (2014: R459 million), while profit from associates
grew 63% to R44 million (2014: R27 million), translating into a 21% increase in profit after tax to
R430 million (2014: R355 million).
- Basic earnings per share ("EPS"?) increased 21% to 44,3 cents (2014: 36,7 cents per share), while
headline earnings per share ("HEPS") grew 22% to 43,4 cents (2014: 35,7 cents per share).
- Inventories increased 8% to R532 million (2014: R494 million), to support stronger sales growth.
Continued prioritisation of good stock management was reflected by the notable improvement in
availability of high-demand items, enhanced range matrix and increased stock turn. Optimum stock
management across the business remains a key strategic discipline aimed at promoting customer satisfaction.
- Capital expenditure of R242 million (2014: R109 million) was incurred primarily on enhancing the
quality of the property portfolio through an ongoing store upgrade programme and property acquisitions.
Investments were also made in IT requirements related to the BOP.
- Cash and cash equivalent reserves at the end of the period were R351 million (2014: R209 million) after
capital expenditure (discussed above), increased stock holding and provisional tax payments totalling
R109 million.
- The Group's net asset value was 332 cents per share (2014: 271 cents per share).
Operational review
The Group's BOP and management's parallel focus on inculcating attention to retail detail across the offering
delivered good results. These initiatives are centred on creating an exceptional customer experience across
all key customer contact points. During the period sound progress was made in:
- enhancing insight into and understanding of customer expectations, and establishing defined benchmarks and
measurements to gauge and improve the retail experience. Regular and frequent surveys demonstrate
consistently improving levels of customer satisfaction;
- investment in increasing operational capacity and improving competencies and capability of personnel
at all levels, which has resulted in higher levels of staff morale and motivation, and impacted
positively on the quality of customer engagement;
- upgrading IT systems, in-store devices and the online retail offering to support the drive for improved
customer service and a seamless shopping experience across sales platforms; and
- improved use of business information to facilitate better stock management and logistics to ensure
consistent levels of the right product, at the right time, place and price.
Retail brands
All three of the Group's brands, Italtile Retail, CTM and TopT, grew turnover and profit, and gained market
share across most of their merchandise categories. Stores in the coastal markets and Limpopo province
outperformed their counterparts: the coastal stores, well stocked with local product, enjoyed a competitive
advantage over importers who had to contend with the deteriorating currency, while in the Limpopo region
the improved performance was achieved through better execution of all key disciplines in-store.
Once again stronger growth was reported in the lower LSM segment of the business than the top end.
- Italtile Retail: homeowners in the high-end LSM categories adopted a measured approach to investment
in their properties based on their concerns about economic stability in this country. In contrast,
the brand's Commercial Projects division continued to deliver growth, gaining further market share
in its non-residential market segment.
- Standardisation and improved execution of best practice disciplines in-store underpinned continued
growth in the CTM business. Enhanced marketing of the brand's value for money proposition and
tailored promotional activity, centred on private-label brands, served to entrench CTM's top-of-mind
awareness as the sector market leader.
- TopT continued to gain traction in its market, opening six (2014: four) new stores in the review
period, bringing the total network to 41 stores. Given consumers' positive response to this offering,
management is optimistic that the brand's goal of opening five to ten new stores per year is achievable.
Supply Chain
The Group's Retail brand operation is underpinned by its vertically integrated Supply Chain businesses:
International Tap Distributors, Distribution Centre and Cedar Point.
Each of these businesses recorded improved sales, although margin pressure was experienced as a result of the
deliberate strategy to contain price increases to the stores to support their value offering to customers.
This impact was offset by efficiencies achieved through substantially improved stock management and cost
containment derived from the BOP.
Investment in associates
The total contribution from associates to Group profits for the period rose 63% to R44 million
(2014: R27 million).
Ceramic, a manufacturer of tiles, sanitaryware and baths, reported double-digit growth in both
its South African and Australian operations, contributing R36 million (2014: R21 million) to Group
profit for the six months. This improved performance is attributable to higher production volumes
(buoyed in the local operation by Rand weakness), which resulted in enhanced capacity utilisation
and consequent efficiencies.
Ceramic's new tile plant, Gryphon, was commissioned in December 2015 and is expected to provide a
significant alternative offering in the local market to imported large format glazed porcelain tiles.
Ezeetile, a manufacturer of grout, adhesive, paint and related products, grew sales to Italtile's store
network as well as independent customers, contributing R8 million (2014: R6 million) to Group profit
for the period.
Global property investment
The Retail brand operation gains strategic benefit from the Group's property investment portfolio which
comprises high visibility, easily accessible sites and well-maintained, aesthetically pleasing stores
designed to enhance the customer shopping experience.
The market value of this portfolio is in excess of R2,20 billion (2014: R1,90 billion), with a carrying
value of R1,50 billion (2014: R1,20 billion). Investments of R200 million (2014: R74 million) were incurred
on store refurbishments, new build and acquisition of properties during the six months.
Staff share scheme
The Group's equity-settled Staff share scheme is structured to foster partnership with its employees
and incentivise them to participate in the growth and profitability of the business. In the period
under review, an allotment of 3,1 million shares (2014: 3,6 million) was made to 161 eligible local
and foreign employees and franchisees.
Prospects
Historically, the Group has delivered a stronger performance in the first six months of the financial
year than the latter half. This is a function of robust trading in the second quarter, based on consumers
having access to additional funds from bonuses and stokvel pay-outs and capitalising on in-store festive
season promotional activity. In the context of continued socio-economic uncertainty and further constraints
on discretionary spend anticipated in the forthcoming period, it is highly likely that this trend will persist,
with the second half proving increasingly challenging for all participants in the sector.
Notwithstanding this subdued trading environment, management is satisfied that there is clarity of strategy and
structure across the company, which will enable the Group to capitalise on growth opportunities both within
the business and in the marketplace. In the forthcoming period, the BOP will be further embedded in the Retail
brand operations and should deliver improvements in line with management's expectations. In addition,
subject to availability of suitable sites and operators, the store roll-out programme will continue apace.
Further investment will be made in expanding the business to achieve the Group's strategic growth goals, including
expenditure on systems, technology and human resources. Italtile's cash reserves will support this strategy.
Subsequent events
No events have occurred subsequent to the reporting period that require any additional disclosures or adjustments.
Cautionary announcement
Italtile shareholders are advised that the Company has entered into discussions regarding potential corporate
actions, which, if successful, may have a material effect on the price of the Company's securities.
Accordingly, shareholders are advised to exercise caution when dealing in Italtile's securities until a further
announcement in this regard is made.
Cash dividend
The Group has maintained its dividend cover of three times. The Board has declared an interim gross cash
dividend of 14,0 cents per share (2014: 12,0 cents), an increase of 17%.
Dividend announcement
The Board has declared an interim gross cash dividend (number 99) for the six months ended 31 December 2015
of 14,0 cents per ordinary share to all shareholders recorded in the shareholder register of the Company.
In accordance with paragraphs 11.17(a)(i) to (x) and 11.17(c) of the JSE Listings Requirements, the following
additional information is provided:
- The dividend has been declared out of income reserves.
- The local dividend withholding tax rate is 15% (fifteen percent).
- The gross local dividend amount is 14,00000 cents per share for shareholders exempt from the dividends tax.
- The net local dividend amount is 11,90000 cents per share for shareholders liable to pay the dividends tax.
- The local dividend withholding tax amount is 2,10000 cents per share for shareholders liable to pay the
dividend tax.
- Italtile's income tax reference number is 9050182717.
- Italtile has 1 033 332 822 shares in issue including 19 533 492 shares held by the Share Incentive Trust
and 88 000 000 shares held as BEE treasury shares.
The cash dividend timetable is structured as follows: the last day to trade cum dividend in order to participate
in the dividend will be Friday, 26 February 2016. The shares will commence trading ex dividend from the
commencement of business on Monday, 29 February 2016 and the record date will be Friday, 4 March 2016.
The dividend will be paid on Monday, 7 March 2016. Share certificates may not be dematerialised or rematerialised
between Monday, 29 February 2016 and Friday, 4 March 2016, both days inclusive.
This Reviewed Condensed Group Results Announcement has been released on SENS and is available for viewing on the
Company's website (www.italtile.com); furthermore, it is available for inspection at the registered offices of
Italtile and its sponsors, Merchantec Capital, during business hours. Copies of the full announcement are
available at no cost on request and may be obtained from the Company Secretary who is contactable on:
+27 11 882 8200 or: lizw@rootginger.co.za
For and on behalf of the Board
N Booth B Wood
Chief Executive Officer Chief Financial Officer
The Reviewed Condensed Group Results Announcement for the six months ended 31 December 2015 has been reviewed
by Ernst & Young Inc. ("EY"?). EY's unmodified review conclusion does not necessarily report on all of the
information contained in this Condensed Group Results Announcement. Shareholders are therefore advised that
in order to obtain a full understanding of the nature of auditors' engagement, they should obtain a copy of
EY's unmodfiied review opinion together with the accompanying financial information from the Company
Secretary at the Company's registered office.
Johannesburg
10 February 2016
System-wide turnover analysis
For the six months ended 31 December 2015
(Rand millions unless otherwise stated)
Reviewed Reviewed Audited
six months to six months to year to
% 31 December 31 December 30 June
increase 2015 2014 2015
Group and franchised turnover
- By Group owned stores and entities 1 798 1 611 3 115
- By franchise owned stores (unaudited) 1 279 1 111 2 109
Total 13 3 077 2 722 5 224
Store network
At 31 December 2015 At 30 June 2015
2016 2015
Region Franchise Corporate Total Franchise Corporate Total
South Africa
- Italtile - 9* 9 - 9* 9
- CTM 31 36* 67 32 34* 66
- TopT 32 9 41 29 6 35
Rest of Africa 10 6 16 10 6 16
73 60 133 71 55 126
*Includes webstore.
Condensed Group statements of comprehensive income
For the six months ended 31 December 2015
(Rand millions unless otherwise stated)
Reviewed Reviewed Audited
six months to six months to year to
% 31 December 31 December 30 June
increase 2015 2014 2015
Turnover 1 798 1 611 3 115
Cost of sales (1 094) (984) (1 911)
Gross profit 12 704 627 1 204
Other operating income 182 157 330
Operating expenses (366) (336) (636)
Profit on sale of property, plant and equipment 11 11 7
Trading profit 16 531 459 905
Financial revenue 12 7 17
Financial cost (1) (5) (6)
Profit from associates - after tax 44 27 62
Profit before taxation 20 586 488 978
Taxation (156) (133) (247)
Profit for the period 21 430 355 731
OTHER COMPREHENSIVE INCOME
Items that may be re-classified subsequently to
profit or loss:
Foreign currency translation difference 25 5 21
Other comprehensive income from associates 10 (2) (3)
Total comprehensive income for the period 30 465 358 749
PROFIT ATTRIBUTABLE TO:
- Equity shareholders 410 338 700
- Non-controlling interests 20 17 31
21 430 355 731
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
- Equity shareholders 445 341 718
- Non-controlling interests 20 17 31
30 465 358 749
EARNINGS PER SHARE (all figures in cents):
- Earnings per share 21 44,3 36,7 75,9
- Headline earnings per share 22 43,4 35,7 71,6
- Diluted earnings per share 21 43,8 36,3 75,0
- Diluted headline earnings per share 21 42,8 35,4 70,8
- Dividends per share 17 14,0 12,0 25,0
Condensed Group statements of financial position
As at 31 December 2015
(Rand millions unless otherwise stated)
Reviewed Reviewed Audited
six months to six months to year to
31 December 31 December 30 June
2015 2014 2015
ASSETS
Non-current assets 2 288 1 934 2 023
Property, plant and equipment 1 500 1 354 1 296
Investment property 115 - 97
Investments in associates 634 543 591
Long-term assets 15 15 15
Goodwill 6 6 6
Deferred taxation 18 16 18
Current assets 1 176 953 1 079
Inventories 532 494 479
Trade and other receivables 287 248 202
Cash and cash equivalents 351 209 392
Taxation receivable 6 2 6
TOTAL ASSETS 3 464 2 887 3 102
EQUITY AND LIABILITIES
Share capital and reserves 3 068 2 496 2 734
Stated capital 818 818 818
Non-distributable reserves 124 105 89
Treasury shares (457) (465) (461)
Share option reserve 88 68 72
Retained earnings 2 441 1 917 2 154
Non-controlling interests 54 53 62
Non-current liabilities 15 44 44
Interest-bearing loans - 30 29
Deferred taxation 15 14 15
Current liabilities 381 347 324
Trade and other payables 263 269 277
Provisions 47 37 43
Interest-bearing loans 35 33 -
Taxation 36 8 4
TOTAL EQUITY AND LIABILITIES 3 464 2 887 3 102
Net asset value per share (cents) 332 271 296
Group statement of changes in equity
For the six months ended 31 December 2014
(Rand millions unless otherwise stated)
Non- Non-
distri- Share con-
Stated butable Treasury option Retained trolling Total
capital reserves shares reserve earnings Total interest equity
AUDITED BALANCE AT 30 JUNE 2014 818 102 (472) 55 1 676 2 179 51 2 230
Profit for the year 338 338 17 355
Other comprehensive income for the year 3 3 3
Total comprehensive income for the year - 3 - - 338 341 17 358
Dividends paid (89) (89) (3) (92)
Transactions with non-controlling interests - (12) (12)
Share incentive costs (including vesting
settlement) 7 13 (8) 12 12
REVIEWED BALANCE AT 31 DECEMBER 2014 818 105 (465) 68 1 917 2 443 53 2 496
For the six months ended 31 December 2015
AUDITED BALANCE AT 30 JUNE 2015 818 89 (461) 72 2 154 2 672 62 2 734
Profit for the year 410 410 20 430
Other comprehensive income for the year 35 35 35
Total comprehensive income for the year - 35 - - 410 445 20 465
Dividends paid (120) (120) (21) (141)
Transactions with non-controlling interests - (7) (7)
Share incentive costs (including
vesting settlement) 4 16 (3) 17 17
REVIEWED BALANCE AT 31 DECEMBER 2015 818 124 (457) 88 2 441 3 014 54 3 068
Condensed Group cash flow statement
For the six months ended 31 December 2015
(Rand millions unless otherwise stated)
Reviewed Reviewed Audited
six months to six months to year to
31 December 31 December 30 June
2015 2014 2015
Cash generated by operations 426 340 864
Dividends paid (141) (92) (212)
Taxation paid (124) (98) (220)
Other 11 2 11
Cash flow from operating activities 172 152 443
Additions to property, plant and equipment (242) (109) (219)
Proceeds on disposal of property, plant and equipment 14 26 49
Other 5 (7) (5)
Cash flow from investing activities (223) (90) (175)
Increase/(decrease) in loans and borrowings 6 (102) (136)
Other 4 - 11
Cash flow from financing activities 10 (102) (125)
Net movement in cash and cash equivalents for the period (41) (40) 143
Cash and cash equivalents at the beginning of the period 392 249 249
Cash and cash equivalents at the end of the period 351 209 392
Segmental report
For the six months ended 31 December 2015
(Rand millions unless otherwise stated)
TURNOVER GROSS MARGIN NET PROFIT BEFORE TAX
Reviewed Reviewed Reviewed Reviewed Reviewed Reviewed
period to period to period to period to period to period to
December December % December December % December December %
2015 2014 change 2015 2014 change 2015 2014 change
Retail 2 799 2 450 14 539 472 14 140 109 28
Franchising 165 146 13
Properties 136 126 8
Supply and Support Services 947 888 7 86 84 2 111 90 23
Associates 44 27 63
Total 3 746 3 338 12 625 556 12 596 498 20
Franchise stores (1 279) (1 111) 15
Consolidation entries (669) (616) 9 (10) (10) - (10) (10) -
Total Group 1 798 1 611 12 615 546 13 586 488 20
Audited year to 30 June 2015
Gross Net
Turnover margin profit
Retail 4 650 904 232
Franchising - - 190
Properties - - 223
Supply and Support Services 1 638 143 276
Associates 62
Total 6 288 1 047 983
Franchise stores (2 109) - -
Consolidation entries (1 064) (5) (5)
Total Group 3 115 1 042 978
Geographical analysis (Rand millions unless otherwise stated)
Inter-
South Rest of group
Africa Africa Other* entries Group
Reviewed period to 31 December 2015
Turnover 2 273 194 - (669) 1 798
Non-current assets 2 682 103 116 (631) 2 270
Reviewed period to 31 December 2014
Turnover 2 101 125 - (615) 1 611
Non-current assets 2 369 91 142 (684) 1 918
Audited year to 30 June 2015
Turnover 3 863 246 70 (1 064) 3 115
Non-current assets 2 461 92 97 (645) 2 005
* Australia and Italy (Effective 1 July 2015 comprises only Australia).
As a result of the change in the executive and the chief operating decision maker, the Group has updated
the disclosures of the previously aggregated segments to align with the information reviewed by them regularly
for the purpose of allocating resources.
In line with the Integrated Annual Report for the year ended 30 June 2015, the Group has disclosed two additional
segments, associates and franchise stores, which had previously not been included in the segmental report. The prior
year segmental reporting has been restated and is presented above.
Notes
1. Basis of preparation and changes in accounting policy
Basis of preparation
The Interim Condensed Consolidated Financial Statements for the six months ended 31 December 2015 have
been prepared in accordance with IAS 34 Interim Financial Reporting, the Companies Act, 2008 (Act 71 of 2008),
as amended, the SAICA Financial Reporting Guides, as issued by the Financial Reporting Standards Council and
the Listings Requirements of the JSE. The Interim Condensed Consolidated Financial Statements do not include
all information on disclosures required in the Annual Financial Statements and should be read in conjunction
with the Group's Annual Financial Statements as at 30 June 2015. These results have been prepared under the
supervision of Chief Financial Officer, Mr B Wood CA(SA).
New standards, interpretations and amendments adopted
The accounting policies adopted and methods of computation are in terms of International Financial Reporting
Standards ("IFRS"?) and consistent with those of the previous financial year except for the adoption of new
and amended IFRS and IFRIC interpretations which became effective during the current financial year.
The application of these standards and interpretations did not have a significant impact on the Group's
reported results and cash flows for the six months ended 31 December 2015 and the financial position
at 31 December 2015.
2. Commitments and contingencies
There are no material contingent assets or liabilities at 31 December 2015.
31 December 31 December 30 June
Capital commitments (Rand millions) 2015 2014 2015
- Contracted 32 22 176
- Authorised but not contracted for 148 114 197
TOTAL 180 136 373
3. Fair values of financial instruments
The Group does not fair value its financial assets or liabilities in accordance with quoted prices
in active markets or market observables, as there is no difference between their fair value and
carrying value due to the short-term nature of these items, and/or existing terms are equivalent
to market observables. There were no transfers into or out of Level 3 during the period.
4. TopT Ceramics Proprietary Limited
The Group sold a 10% stake in TopT Ceramics Proprietary Limited at the beginning of the period
under review, to a new business partner identified during the previous financial year. This stake
was sold at a cost of R7 million, and reduces the Group's interest in this entity to 90%.
5. Cedar point trading 326 proprietary limited
The Group acquired a 10% non-controlling stake held by one of the previous business partners of
Cedar Point Trading 326 Proprietary Limited at a cost of R12 million at the end of November 2015,
and increases the Group's interest in this entity to 90%. An additional business partner has since
been identified.
6. Reclassification of Australian property
Given that the Group's property in Australia is now leased to third parties, it has been reclassified
from property, plant and equipment to investment property. The carrying value of this property is
determined using the cost model per IAS 40 Investment Property, and was R115 million at 31 December 2015.
7. Staff Share Scheme
During the 2014 financial year, the Group implemented a share incentive scheme for all employees of
the Group and its franchisees that had been in the employ of the Group and/or franchise network for
a period of three uninterrupted years at each allotment date in August every year from implementation date.
As a result, 16,3 million of the Group's shares net of forfeitures were held by qualifying staff members at
31 December 2015 (2014: 15 million). Until vesting, the shares will continue to be accounted for as
treasury shares and have an impact on the diluted weighted average number of shares.
The scheme is classified as an equity-settled scheme in terms of IFRS 2 Share-based Payment, and has
resulted in a charge of R11 million (2014: R10 million) to the Group's income; R9 million
(2014: R7 million) of this charge is a once-off accelerated expense for franchise staff.
8. Earnings per share
Reviewed Reviewed Audited
six months to six months to year to
31 December 31 December 30 June
2015 2014 2015
Reconciliation of shares in issue (all figures in millions):
- Total number of share issued 1 033 1 033 1 033
- Shares held by Share Incentive Trust (19) (22) (21)
- BEE treasury shares (88) (88) (88)
Shares in issue to external parties 926 923 924
Reconciliation of share numbers used for earnings per share
calculations (all figures in millions):
Weighted average number of shares 925 921 923
- Dilution effect of share awards 12 12 11
Diluted weighted average number of shares 937 933 934
Reconciliation of headline earnings (Rand millions):
- Profit attributable to equity shareholders 410 338 700
- Profit on sale of property, plant and equipment (9) (9) (6)
- Fair value gain on SER-Export part disposal - - (14)
- Reclassification of exchange difference to income - - (19)
Headline earnings 401 329 661
No adjustments to earnings are required for diluted earnings per share calculations, as the share
awards do not have an impact on diluted earnings.
Registered office: The Italtile Building, cnr William Nicol Drive and Peter Place, Bryanston
(PO Box 1689, Randburg 2125)
Transfer secretaries: Computershare Investor Services Proprietary Limited, 70 Marshall Street, Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
Executive directors: N Booth (Chief Executive Officer), B G Wood (Chief Financial Officer), J N Potgieter (Chief Operating Officer)
Non-executive directors: G A M Ravazzotti (Non-executive Chairman), S M du Toit, S I Gama, N Medupe, S G Pretorius, A Zannoni* (*Italian)
Company Secretary: E J Willis
Sponsor: Merchantec Capital
Auditors: Ernst & Young Inc.
www.italtile.com
Date: 11/02/2016 07:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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