Wrap Text
Unaudited Condensed Consolidated Interim Financial Statements for the Six Month Period Ended 31 December 2015
SILVERBRIDGE HOLDINGS LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
(REGISTRATION NUMBER 1995/006315/06)
SHARE CODE: SVB ISIN: ZAE000086229
(“SILVERBRIDGE” OR “THE GROUP”)
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six month period ended 31 December 2015
GROUP PROFILE
SilverBridge offers reliable solutions that support the operations
of companies offering financial products and services. Our
understanding of contract administration processes helps our clients
to improve and simplify their business processes. We achieve this by
implementing our system platforms and customising them to meet
product and process needs. In the last six months we have extended
our services to include cloud hosted solutions. This is a result of
experience gained over many years.
Exergy is our flagship platform that enables core back office policy
administration in the life assurance industry. The Exergy solution
package can be customised to suit the needs of a life assurer’s on-
premise software requirements. We have extended our portfolio to
include group scheme administration, pension fund administration, as
well as elements of medical and short-term insurance. This caters
for clients wanting to offer a wider range of financial services
offerings.
We use a project approach to help our clients translate business
objectives into IT requirements. We then implement sustainable
solutions. Our software products and hosted services are rented to
our customers on a usage basis.
Unaudited Condensed Consolidated Interim Statement of Comprehensive
Income for the six month period ended December 2015
Unaudited Unaudited Audited
six months six months 12 months
ended ended ended
31 December 31 December 30 June Percentage
2015 2014 2015 Change
Notes R’000 R’000 R’000 %
Revenue 39 646 38 342 80 943 3
Other income 88 11 15
Operating
expenses (34 657) (34 440) (69 946) 1
Operating
profit 5 077 3 913 11 012 30
Finance income 634 164 468 287
Finance expense - - (1) -
Profit before
taxation 5 711 4 077 11 479 40
Taxation (1 692) (1 166) (3 136) 45
Profit and
total
comprehensive
income for the
period 4 019 2 911 8 343 38
Number of
shares in issue
(‘000) 1.2 34 871 34 781 34 781
Weighted
average number
of shares in
issue (‘000) 1.2 34 675 34 675 34 675
Diluted
weighted
average number
of shares
(‘000) 1.2 35 610 34 675 35 252
Basic earnings
per share
(cents) 1.2 11.6 8.4 24.1 38
Diluted
earnings per
share (cents) 1.2 11.3 8.4 23.7 35
Unaudited Condensed Consolidated Interim Statement of Financial
Position as at 31 December 2015
Unaudited Unaudited Audited
as at as at as at
31 December 31 December 30 June
2015 2014 2015
Notes R’000 R’000 R’000
ASSETS
Non-Current Assets
Equipment 813 1 133 992
Intangible assets 11 740 10 795 11 286
Deferred tax assets 1 158 423 441
Withholding tax rebates
receivable 2 206 1 968 2 047
Total Non-Current Assets 15 917 14 319 14 766
Current Assets
Withholding tax rebates
receivables 558 1 192 1 511
Revenue recognised not
yet invoiced 1.3 1 022 1 443 2 684
Trade and other
receivables 10 959 12 468 14 782
Cash and cash equivalents 24 471 14 374 18 214
Total Current Assets 37 010 29 477 37 191
Total Assets 52 927 43 796 51 957
EQUITY AND LIABILITIES
Capital and Reserves
Issued capital 348 348 348
Share premium 11 871 11 871 11 871
Treasury shares (197) (197) (197)
Share based payment
reserve 747 959 462
Retained earnings 28 984 20 878 26 704
Total Equity 41 753 33 859 39 188
Non-Current Liabilities
Deferred tax liability 817 - 308
Total Non-Current
Liabilities 817 - 308
Current Liabilities
Deferred revenue 1.3 1 213 834 628
Income tax payable 2 888 1 146 1 785
Trade and other payables 1.4 6 256 7 607 10 048
Provisions - 350 -
Total Current Liabilities 10 357 9 937 12 461
Total Liabilities 11 174 9 937 12 769
Total Equity and
Liabilities 52 927 43 796 51 957
Net asset value per share
(cents) 120.4 97.6 113.0
Net tangible asset value
per share (cents) 86.6 66.5 80.5
Unaudited Condensed Consolidated Interim Statement of Changes in
Equity for the six month period ended 31 December 2015
Share
based
Issued Share Treasury payment Retained Total
capital premium shares reserve earnings equity
R'000 R'000 R'000 R'000 R'000 R'000
Balance at 1
July 2014 348 11 871 (197) 512 17 967 30 501
Total
comprehensive
income for the
period
Profit or loss - - - - 2 911 2 911
Total -
comprehensive
income for the
period - - - 2 911 2 911
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Equity settled 447
share based
payment - - - - 447
Total 447
contributions
by and
distributions
to owners - - - - 447
Total 477
transactions
with owners - - - - 477
Balance at 31 959
December 2014 348 11 871 (197) 20 878 33 859
Total
comprehensive
income for the
period
Profit or loss – – – – 5 432 5 432
Total –
comprehensive – – – 5 432 5 432
income for the
period
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Equity settled (103)
share based
payment
overprovision – – – – (103)
Transfer of (394)
reserve of
share options
that did not
vest – – – 394 –
Total (497)
contributions
by and
distributions
to owners – – – 394 (103)
Changes in
ownership
interests in
subsidiaries
that do not
result in a
loss of control
Total (497)
transactions
with owners – – – 394 (103)
Balance at 30
June 2015 348 11 871 (197) 462 26 704 39 188
Total
comprehensive
income for the
period
Profit or loss - - - - 4 019 4 019
Total -
comprehensive
income for the
period - - - 4 019 4 019
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Dividends paid - - - - (1 739) (1 739)
Equity settled 285
share based
payment - - - - 285
Total 285
contributions
by and
distributions
to owners - - - (1 739) (1 454)
Total 285
transactions
with owners - - - (1 739) (1 454)
Balance at 31 747
December 2015 348 11 871 (197) 28 984 41 753
Unaudited Condensed Consolidated Interim Statement of Cash Flows
for the six month period ended 31 December 2015
Unaudited
Unaudited six months Audited
six months ended 12 months
Ended 31 ended
31 December December 30 June
2015 2014 2015
R’000 R’000 R’000
Cash generated from operations 9 153 7 306 12 817
Interest received 634 164 468
Interest paid - - (1)
Taxation paid (797) (322) (1 362)
Net cash inflow from operating
8 990 7 148 11 922
activities
Cash flows from investing
activities
Equipment acquired to maintain
(117) (246) (476)
operations
Proceeds from disposal of
32 - -
equipment
Cash outflow from
capitalisation of development (909) (462) (1 166)
costs
Net cash outflow from
(994) (708) (1 642)
investing activities
Cash flows from financing
activities
Dividends paid to equity
(1 739) - -
holders
Net cash outflow from
(1 739) - -
financing activities
Net increase in cash and cash
6 257 6 440 10 280
equivalents
Cash and cash equivalents at
18 214 7 934 7 934
the beginning of the period
Cash and cash equivalents at
24 471 14 374 18 214
the end of the period
Unaudited Condensed Consolidated Interim Segment Reports for the
six month period ended 31 December 2015
Reportable Segment Report
As reported at the year ended June 2015, there were changes made
to our segment reporting. The current interim results for the 6
months ended 31 December 2015 are consistent with these changes
and in addition the comparative period (6 months to December 2014)
has been restated to reflect these changes. No further changes to
the segment report has been noted in the current reporting period.
The following is a reminder of the changes that were made and
communicated at the full year to June 2015:
The basis on which costs were allocated to the business segments
was reviewed. The changes that were made provide a more accurate
view of the segment performance and a more accurate comparison
from year to year.
Previously, costs from unutilized capacity were reflected as
indirect costs. These costs are now allocated as direct costs to
the segment where the relevant staff member is allocated.
Previously, indirect costs were allocated to the segments in the
ratio of their direct costs. They are now allocated on a
consumption basis, consistent with the way the business segments
are budgeted and reported on from month to month.
Previous unallocated costs have now been allocated to the segments
as part of indirect costs.
Connect
implemen- Connect Rubix
tation support support
Total services services services
R’000 R’000 R’000 R’000
Unaudited six
months ended
31 December
2015
Total revenue 40 652 4 846 16 722 994
Inter-group
revenue (1 006) - (201) (510)
Net revenue 39 646 4 846 16 521 484
Direct
segment cost (18 991) (2 845) (8 552) (480)
Cost
capitalised 909 - - -
Segment gross
profit 21 564 2 001 7 969 4
Indirect
segment cost (16 487) (2 372) (6 738) (527)
Segment
result 5 077 (371) 1 231 (523)
Finance
income 634
Finance
expense -
Income tax
expense (1 692)
Profit for
the period 4 019
Rubix
Cirrus hosting Rubix software
and research & rental &
Total outsourcing development maintenance
R’000 R’000 R’000 R’000
Unaudited six
months ended
31 December
2015
Total revenue 40 652 175 - 17 915
Inter-group
revenue (1 006) (175) - (120)
Net revenue 39 646 - - 17 795
Direct
segment cost (18 991) (1 013) (2 943) (3 158)
Cost
capitalised 909 - 909 -
Segment gross
profit 21 564 (1 013) (2 034) 14 637
Indirect
segment cost (16 487) (212) (3 378) (3 260)
Segment
result 5 077 (1 225) (5 412) 11 377
Finance
income 634
Finance
expense -
Income tax
expense (1 692)
Profit for
the period 4 019
Rubix Rubix
Connect research software
implemen- Connect Rubix & rental &
tation support support develop- main-
Total services services services ment tenance
R’000 R’000 R’000 R’000 R’000 R’000
Unaudited six
months ended
31 December
2014
Total revenue 39 857 7 293 13 268 2 573 - 16 723
Inter-group
revenue (1 515) - - (1 515) - -
Net revenue 38 342 7 293 13 268 1 058 - 16 723
Direct
segment cost (18 396) (4 965) (5 555) (794) (2 019) (5 063)
Cost
capitalised 462 - - - 462 -
Segment gross
profit 20 408 2 328 7 713 264 (1 557) 11 660
Indirect
segment cost (16 495) (4 600) (4 762) (728) (1 608) (4 797)
Segment
result 3 913 (2 272) 2 951 (464) (3 165) 6 863
Finance
income 164
Finance
expense -
Income tax
expense (1 166)
Profit for
the period 2 911
Rubix Rubix
Connect research software
implemen- Connect Rubix & rental &
tation support support develop- mainte-
Total services services services ment nance
R’000 R’000 R’000 R’000 R’000 R’000
Audited 12
months ending
30 June 2015
Total revenue 84 013 19 678 26 067 4 774 - 33 494
Inter-group
revenue (3 070) - (50) (2 969) - (51)
Net revenue 80 943 19 678 26 017 1 805 - 33 443
Direct
segment cost (39 276) (9 862) (14 004) (1 740) (5 663) (8 007)
Cost
capitalised 1 167 - - - 1 167 -
Segment gross
profit 42 834 9 816 12 013 65 (4 496) 25 436
Indirect
segment cost (31 822) (8 934) (11 772) (1 370) (4 444) (5 302)
Segment
result 11 012 882 241 (1 305) (8 940) 20 134
Finance
income 467
Finance
expense -
Income tax
expense (3 136)
Profit for
the period 8 343
Assets and liabilities
The assets and liabilities of the Group are organised and managed
at a corporate business support level. As the assets and
liabilities contribute at a corporate level, it is not practical
to determine a reasonable allocation of the assets and liabilities
to the business segments.
COMMENTARY
1. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
1.1. Basis of preparation
The condensed consolidated interim financial statements are
prepared in accordance with International Accounting Standard 34
(“IAS 34”), the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards
Council, the Listings Requirements of JSE Limited ("the Listings
Requirements") and the requirements of the Companies Act of South
Africa (Act 71 of 2008) as amended (“the Companies Act”).
The accounting policies applied in the preparation of these
condensed consolidated interim financial statements, which are
based on reasonable judgment and estimates, are in accordance with
International Financial Reporting Standards (“IFRS”) and are
consistent with those applied in the annual financial statements
for the year ended 30 June 2015.
These condensed consolidated interim financial statements have
been prepared by Petro Mostert CA(SA), Head of Finance and Shared
Services, under the supervision of the Financial Director, Lee
Kuyper CA(SA).
The directors take full responsibility for the preparation of
these interim financial statements and the financial information
has been correctly extracted from the underlying financial
information. These interim results have not been audited or
reviewed by the Group’s auditors.
1.2. Earnings per share
Basic and diluted earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing the
earnings for the period attributable to ordinary equity holders of
the parent by the weighted average number of ordinary shares
outstanding during the period.
Unaudited
Unaudited six months Audited
six months as at 12 months
as at 31 as at
31 December December 30 June
2015 2014 2015
Number Number Number
of shares of shares of shares
'000 '000 '000
Reconciliation of the weighted
average number of shares in
issue
Shares in issue at the beginning
of the period 34 781 34 781 34 781
Effect of treasury shares
acquired on 1 March 2007 (106) (106) (106)
Weighted average number of
shares in issue at the end of
the period 34 675 34 675 34 675
Earnings attributable to
ordinary shareholders (R'000) 4 019 2 911 8 343
Basic earnings per share (cents) 11.6 8.4 24.1
Diluted earnings per ordinary share is calculated by dividing the
diluted earnings for the period attributable to ordinary equity
holders of the parent by the diluted weighted average number of
ordinary shares outstanding during the period.
Unaudited
Unaudited six months Audited
six months as at 12 months
as at 31 as at
31 December December 30 June
2015 2014 2015
Number Number Number
of shares of shares of shares
'000 '000 '000
Reconciliation between weighted
average number of shares in
issue and weighted average
number of shares in issue used
for diluted earnings per share
Weighted average number of
shares in issue 34 675 34 675 34 675
Diluted amount of shares due to
share options in issue 935 - 577
Weighted average number of
shares in issue used for diluted
earnings per share 35 610 34 675 35 252
Earnings attributable to
ordinary shareholders (R'000) 4 019 2 911 8 343
Diluted earnings per share
(cents) 11.3 8.4 23.7
Headline and diluted headline earnings per ordinary share
Headline earnings per ordinary share is calculated by dividing the
headline earnings attributable to ordinary equity holders of the
parent by the weighted average number of ordinary shares
outstanding during the period.
Unaudited Unaudited Audited
six months six months 12 months
as at as at as at
31 December 31 December 30 June
2015 2014 2015
Number Number Number
of shares of shares of shares
'000 '000 '000
Weighted average number of shares 34 675
in issue 34 675 34 675
R’000 R’000 R’000
Reconciliation between basic
earnings and headline earnings
Basic earnings 4 019 2 911 8 343
Adjusted for:
– (Profit)/Loss on disposal of
equipment (23) – 14
Headline earnings 3 996 2 911 8 357
Headline earnings per share
(cents) 11.5 8.4 24.1
Diluted headline earnings per ordinary share is calculated by
dividing the headline earnings attributable to ordinary equity
holders of the parent by the weighted average number of ordinary
shares outstanding during the period.
Unaudited Unaudited Audited
six months six months 12 months
as at as at as at
31 December 31 December 30 June
2015 2014 2015
Number Number Number
of shares of shares of shares
'000 '000 '000
Weighted average number of shares
in issue used for diluted
earnings per share 35 610 34 675 35 252
R’000 R’000 R’000
Diluted headline earnings 3 996 2 911 8 357
Diluted headline earnings per
share (cents) 11.2 8.4 23.7
1.3. Deferred revenue and revenue recognised but not yet invoiced
Deferred revenue and revenue recognised but not yet invoiced
refers to the timing difference between recognition of revenue and
invoicing to the client based on the contracts.
Unaudited Unaudited Audited
six months six months 12 months
Ended ended ended
31 December 31 December 30 June
2015 2014 2015
R’000 R’000 R’000
Current asset
Revenue recognised not yet
invoiced 1 022 1 443 2 684
Current liability
Deferred revenue (1 213) (834) (628)
Net asset/(liability) (191) 609 2 056
1.4. Trade and other payables
Trade and other payables comprised of the following:
Unaudited Unaudited Audited
six months six months 12 months
as at as at as at
31 December 31 December 30 June
2015 2014 2015
R’000 R’000 R’000
Trade payables 732 809 671
Leave accrual 1 727 1 744 2 445
Incentive accrual 2 500 1 400 3 182
Other payables (accruals) 1 297 3 654 3 750
Total 6 256 7 607 10 048
1.5 Revenue per geographical region
South Other African
Total Africa countries*
R’000 R’000 R’000
6 Months ended 31 December 2015 39 646 23 916 15 730
6 Months ended 31 December 2014 38 342 16 919 21 423
12 Months ended 30 June 2015 80 943 36 153 44 790
* Other African countries include Angola, Botswana, Kenya, Malawi,
Mauritius, Nigeria, Ghana, Namibia, Lesotho and Zimbabwe
2. CORPORATE ACTIVITY
2.1 Dividends and capital distribution
No dividend was declared for the period under review.
2.2 Rubix Digital Solutions
SilverBridge Software Solutions was rebranded and renamed as Rubix
Digital Solutions in the current reporting period.
2.3 Subsequent events
No events occurred subsequent to the period end that would require
the interim financial statements to be adjusted.
2.4 Changes to the board of directors
No changes to the board of directors took place during the current
reporting period.
3. FINANCIAL RESULTS AND PERFORMANCE
We are pleased to report a continued improvement with net profit
increasing 38% compared to the comparative period. Revenue was up
3% with good growth in the annuity areas of Support and Software
Rental making up for a decline in Implementation. The gross profit
margin was slightly higher from continued focus on efficient
delivery. Overhead costs were kept stable. Operating profit was up
by 30%. Net profit was further assisted by higher finance income
from healthier cash balances. HEPS was up 37% to 11.5c from 8.4c
in the comparative period.
Cash flow from operations improved to R9 million from R7.1 million
in the comparative period. This was a function of the operating
performance combined with careful working capital management,
which will continue to be a priority. Net cash flow of R6.3
million was similar to the comparative period but included the
dividend payment of R1.7 million. The cash position of the Group
improved to R24.5 million compared to R18.2 million at the June
2015 year end. The balance sheet remains healthy and debt free.
Our client relationships remain healthy. We have invested further
efforts into higher value-added offerings for our existing clients
and this is starting to show signs of success. We are also making
progress with new offerings, particularly in the managed services
and cloud space.
Overall, we are pleased with the performance and remain focused on
efforts to enable ongoing growth.
SEGMENTAL REVIEW
Connect implementation services
This segment implements our solutions for clients and is project
based.
Although revenue declined by 34%, the gross profit declined by 14%
and the segment result improved significantly to a small loss of
R0.4 million compared to a loss of R2.3 million in the comparative
period.
The transition to smaller projects has impacted revenue. However,
we are now implementing projects faster and more efficiently to
enable better growth in the support and software rental segments.
To an extent there has also been a slight slowdown in spend on
financial services software.
Connect support services
Support services are contracted on a monthly basis and is annuity
based.
Revenue increased by 25% from new clients as well as selling
additional value-added offerings to existing clients. The gross
profit margin declined since we invested significant effort in our
existing client base to position favourably for the value-added
offerings. The additional effort led to this segment carrying more
of the indirect costs, which impacted the segment result. The
segment posted a profit of R1.2 million compared to R3.0 million
in the comparative period.
Nevertheless, we are pleased with the progress so far and believe
that the transition toward more value-added support offerings is
progressing well.
Rubix support services
This remains a relatively small segment that provides expert level
software support and training services to clients and partners,
including Connect.
The segment posted a loss of R0.5 million for the reporting
period.
Cirrus management services
This is a new segment, which provides a range of complementary
managed services to our clients. The services include cloud based
hosting, outsourced technical services and full business process
outsourcing.
This segment represents a new initiative for the group. It enables
us to offer additional services to existing clients as well as
make our offerings appeal to a wider range of potential clients.
It will also help keep our offerings relevant with regard to
technology trends.
For the period under review to December 2015, no revenue was
reported. It is expected to start flowing through in the second
half to June 2016. The segment had direct costs of R1 million and
carried R0.2 million of indirect costs.
Rubix software rental
Software rental is annuity based. It depends on usage, increasing
with the number of contracts or policies administered.
We are pleased with the 6% revenue growth. It came from new
clients and additional complimentary products that were previously
developed. The gross profit margin improved and the net result
improved significantly to R11.4 million from R6.9 million in the
comparative period.
Our software and the growth of our annuity rental stream remain a
core focus going forward.
Rubix research and development (“R&D”)
Our R&D efforts continued with ongoing development of the Eco-
Suite and keeping existing assets relevant in terms of technology
and market trends.
We also continue to develop new products that can generate future
revenue.
During the period, total direct R&D costs were R2.9 million, of
which R0.9 million was capitalised.
4. GROUP OUTLOOK
Overall we remain positive about the outlook for the group. We
continue to build our core annuity revenue and we are making
progress with new areas for revenue growth.
We have made progress in adjacent vertical market segments and
have commenced with our additional managed services offerings. We
are also moving into more value-added offerings in our support
area, which has progressed well thus far. We will continue to
invest effort in these areas to help sustain future growth.
The financial services industry continues to adapt to meet their
customers’ changing needs in an increasingly digital world.
Financial services providers are driving change in their business.
They are differentiating their products and services in order to
remain relevant in a rapidly changing world. SilverBridge remains
well positioned to meet these needs. It presents us with
opportunities to create platforms that can help the industry to
adapt and is guiding our new product development initiatives.
On behalf of the board of directors
Robert Emslie Jaco Swanepoel
Chairman Chief Executive Officer
Pretoria
15 February 2016
CORPORATE INFORMATION
SILVERBRIDGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1995/006315/06)
JSE SHARE CODE: “SVB” ISIN CODE: ZAE000086229
(“SilverBridge” or “the Group”)
DIRECTORS OF SILVERBRIDGE HOLDINGS
Robert Emslie (Chairman)**, Jaco Swanepoel (CEO), Jeremy de
Villiers **, Jacobeth Chikaonda*, Hasheel Govind *, Tyrrel
Murray*, Lee Kuyper (Financial Director), Stuart Blyth
(All the directors are South African citizens)
* Non-executive
**Independent non-executive
REGISTERED OFFICES
First Floor, Castle View North
495 Prieska Street, Erasmuskloof,
Pretoria, 0048
(PO Box 11799, Erasmuskloof, 0048)
COMPANY SECRETARY
Fusion Corporate Secretarial Services Proprietary Limited
represented by
Melinda Gous
First Floor, The Greens Office Park
Charles de Gaulle Avenue, Highveld
Centurion, Gauteng
(PO Box 68528, Highveld, 0169)
LEGAL ADVISERS
Gildenhuys Malatji Attorneys Inc.
(Registration number: 1997/002114/21)
GLMI House
Harlequins Office Park,
164 Totius Street,
Groenkloof
(PO Box 619, Pretoria, 0001)
GROUP AUDITORS:
PricewaterhouseCoopers Inc.
(Registration number: 1998/012055/21)
Eglin Road, Sunninghill
Johannesburg
(Private Bag X36
Sunninghill, Johannesburg, 2157)
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
(Registration number: 2004/003647/07)
70 Marshall Street,
Johannesburg,
(Call centre: 0861 100 634)
(PO Box 61051, Marshalltown, 2107)
DESIGNATED ADVISER
PSG Capital
(Registration number: 2006/015817/07)
First Floor, Building 8,
Inanda Greens Business Park,
54 Wierda Road West, Wierda Valley, Sandton, 2196
(PO Box 650957, Benmore, 2010)
Date: 15/02/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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