Wrap Text
Reviewed provisional condensed consolidated results for the year ended 31 August 2016 (“THE YEAR”)
Consolidated Infrastructure Group Limited
(Incorporated in the
Republic of South Africa)
(Registration number 2007/004935/06)
JSE share code: CIL
ISIN: ZAE000153888
("CIG" or "the group" or "the company")
Reviewed provisional condensed consolidated results
for the year ended 31 August 2016 ("the year")
Salient features
- Revenue up 25% to R4,5 billion (2015: R3,6 billion)
- Profit up 19% to R393 million (2015: R331 million)
- HEPS up 15,7% to 255,3 cents per share (2015: 220,7 cents per
share)
- Power order book (excluding R2,3 billion of Round 4 RE projects)
up 22% to R5 billion (2015: R4,1 billion)
- Earnings ex-SA up to 68% (2015: 54%)
- Successfully closed R850 million Conlog acquisition 31 October
2016
Introduction
CIG continued its growth trajectory in the year with solid revenue
and profit growth despite an increasing cost base given the group's
expansion. While business growth outside South Africa was robust, the
South African market remained challenging. Locally projects were
delayed due to political uncertainty and waning business confidence.
Since year-end, the group has successfully concluded the acquisition
of electricity and smart meter provider, Conlog Proprietary Limited
("Conlog"), from Schneider Electrical for up to R850 million and
opened a rights offer to shareholders to fund R750 million of the
purchase price.
Business overview
CIG is a Pan African infrastructure-focused group with a
diversified portfolio of operations including services and materials
in power and electrical, oil and gas, building materials and the
railway sector.
The group's wide footprint spans across South Africa, sub-Saharan
Africa and the Middle East.
Financial overview
Revenue grew by 25% to R4,5 billion from R3,6 billion for FY2015
predominantly due to increased levels of activity within the Power
Division.
Operating expenses increased 34% due to expanded regional investment,
capacity building in the Power and Rail Divisions and continued
investment in pursuing power-related investment initiatives within
CIGenco as well as costs associated with expanding risk management
oversight of the group's top 30 power projects.
Earnings before interest, taxation, depreciation and amortisation
("EBITDA") grew 15% to R475 million from R414 million for the prior
year. EBITDA margins remain within our targeted range of 10,5% to
11,5% (2015: 11,5%).
The net interest charge increased by 90% as a result of substantial
additional investment in working capital.
The implication of winning longer duration, larger contracts impacts
the investment in working capital. This resulted in a disproportionate
increase in amounts due from contract customers relative to turnover
growth. CIG continues to adopt a conservative approach to procurement,
ensuring successful, on time delivery of all projects. These execution
strategies resulted in no claims being lodged in the period for delays
or damages on existing and completed projects, but contributed to the
increased investment in working capital. Amounts due from contract
customers consist of costs incurred plus recognised profits on
contracts at year-end, invoiced amounts receivable on contracts plus
retentions receivable. Due to the successful completion of milestones
towards year-end, amounts due from contract customers contained a
higher percentage of invoiced amounts receivable on contracts in
comparison to the prior year. Although amounts due from contract
customers increased, there was a satisfactory conversion of invoiced
amounts receivable to cash. Collections for Conco, the largest
division within the group, improved by 50% to R3 billion, when
compared to the prior year.
Notwithstanding the increase in operational expenses above, profit
for the year grew 19% to R393 million from the prior year's
R331 million. All of CIG's main divisions reported good bottom
line growth.
Earnings per share of 255,0 cents (2015: 222,5 cents) and headline
earnings per share of 255,3 cents (2015: 220,7 cents) reflect a
15% year-on-year increase, respectively, despite the weighted average
number of shares in issue having increased by 4% in FY2015.
The group's segmental analysis of profit after tax contribution is:
2016 2015
% %
Power 43 45
Oil and Gas 35 33
Building Materials 11 12
Rail 3 3
Corporate 8 7
CIG continues to deliver high growth across its major sectors. To
mitigate the risks inherent therein, extensive executive and
management time is dedicated to risk management. In the year actions
were taken to minimise risk which negatively impacted on project
profitability but at the same time positively impacted on deadlines
and delivery.
Funding strategy
The group focuses on ensuring that it mitigates short-term liquidity
risk by reducing the refinancing risk that arises over the
next 12 months.
The group reported a net cash balance for the year of R558 million
(August 2015: R482 million) and had unutilised working capital
facilities of R400 million at year-end. The cash balance and
facilities on hand are sufficient to meet the short-term operational
requirements, the settlement of current financial and instalment sale
liabilities of R67 million and the final payment of up to R150 million
for the acquisition of Conlog. The group had unutilised facilities of
R1,5 billion for performance bonds and guarantees at year-end which
is sufficient to meet current requirements.
The group continues to engage with its financiers to periodically
reviewed to ensure that sufficient facilities are in place to meet
operational requirements. The group is currently negotiating a
further increase in facilities in line with an expected increase
in activity levels.
The group had reported a 13,5% net debt-to-equity ratio at year-end
(August 2015: 7,8%). Management is satisfied that a maximum
debt-to-equity ratio of 30% to 40% is an appropriate tolerance level.
Interest cover as measured against EBITDA remained at a satisfactory
level of 4,4 times. The net cash on hand, unutilised facilities and
low levels of net debt provide sufficient comfort on the ability to
fund growth.
Participation continued in our medium-term note programme. On
28 July 2016, CIG part-redeemed note CIG03 for R95 million, scheduled
to mature on 30 June 2017. CIG also issued four further notes in the
year for a combined value of R430 million. To date R960 million of
medium-term notes have been issued as part of the R1 billion
programme. The group will consider increasing the size of the
programme over time, in order to balance its funding requirements
between working capital funding obtained through traditional banking
relationships and the issuing of medium-term notes. The issuing of
additional equity will be considered where appropriate.
The group has maintained a consistent Moody's credit rating of
Baa2.za.
Conlog acquisition
Conlog designs, develops, manufactures, markets and distributes
prepaid and smart electronic metering devices and solutions. The
company provides services to utilities and municipalities such as
revenue management, revenue protection, prepayment with smart load
control and load management. The importance of prepaid meters has
been demonstrated across the African continent with benefits for
revenue certainty for cash-starved utilities.
The purchase consideration comprises an initial payment of
R700 million paid on closing (31 October 2016), together with a
deferred consideration and an earn-out component of between
R50 million and R150 million, depending on Conlog's 2016 adjusted
EBITDA, to be paid in 2017.
The initial payment and guaranteed deferred payment will be funded by
a fully underwritten claw-back rights offer currently underway (see
below). Any purchase consideration in excess of the initial payment
and the guaranteed deferred payment will be funded from CIG's
existing cash resources.
At the general meeting of shareholders on 15 September 2016
shareholders placed an additional 15 million ordinary shares under
the control of CIG's directors for the purposes of giving effect
to the R750 million claw-back rights offer. The offer comprises
38 860 102 rights offer shares at a price of R19,30 in the ratio of
23,80682 rights offer shares for every 100 existing shares.
The audited profit after taxation attributable to Conlog for the year
ended December 2015 was R161 million.
On a pro-forma basis, using Conlog's 2015 audited results and
CIG's 2016 reviewed results, the enhancements on CIG's revenue and
profit after tax would have been an additional 13% and 41%,
respectively, while CIG would have realised a 13% enhancement in
headline earnings per share based on the additional shares to be
issued in terms of the rights offer. However, CIG is of the
opinion that the currency devaluation in 2015 had an extraordinary
impact and enhanced the audited earnings. After eliminating these
foreign exchange gains, the impact on earnings per share would be an
enhancement of between 5% and 10%.
Divisional overview
Power
Revenue up 27% to R3,8 billion
EBITDA up 31% to R364 million
Order book (excluding R2,3 billion of Round 4 RE projects) up 22%
to R5 billion
Consolidated Power Projects Proprietary Limited ("Conco"), a market
leader in the supply of substations and high voltage electrification
work, continued to expand its footprint across the African continent
and generated R1,85 billion of revenue ex-South Africa. The
international order book grew by 92% to R2,3 billion.
Conco's expanded presence is improving its ability to source new
projects and become established as a preferred supplier. Demand for
electrification remained high particularly in East and Southern
Africa.
In South Africa, business performance was adversely affected by the
low level of awards by municipalities and a delay to Round 4
Renewable Energy Programme. On the upside, work obtained from
Eskom increased considerably.
The proposed acquisition of an equity interest in the Conco South
Africa business by our highly experienced team of black engineers and
managers - led by the operation's managing director Mr Slu Gesha -
remains a key objective. This should be concluded in FY2017.
Consolidated Energy Solutions provides protection and automation
schemes, motor control systems and solar PV projects and performed
well, with growth in revenue and EBITDA. The division won a number of
long-term annuity contracts in the year, which will boost revenue and
profit from 2017.
Consolidated Power Maintenance maintains renewable energy sites and
transmission substations. The business underperformed and reported a
loss for the year due to insufficient new contract wins,
over-investment in resources and an inadequate response to the soft
market conditions. In order to improve the performance going forward,
the business has refined its tendering model and ramped up tender
submissions to municipalities for transmission and distribution
maintenance work. In addition, the business increased its business
development outside South Africa in order to target projects in the
renewable energy sector as well as traditional transmission and
distribution projects. CIG remains confident that the business will
be able to gain further traction in the South African renewable
energy sector once the initial maintenance warranty periods on
existing projects reach their expiry dates over the next few years.
CIGenco invests in medium-sized Independent Power Producers. It
secured two small solar PV projects in Namibia during the year and
has further established a pipeline of other renewable energy projects
across the continent. Two of the potential projects are currently in
the financing phase and the intention is to secure funding for
approximately 75% of the project costs from export credit agencies
and commercial banks. The division did not generate revenue in 2016.
Building Materials
Revenue down 3% to R485 million
EBITDA up 11% to R96 million
Building Materials mines and manufactures a range of aggregates, clay
bricks and concrete roof tiles. The division delivered outstanding
results in a weak environment. It managed to sustain pricing and
delivered a favourable product sales weighting of higher margin
products. Cost containment was excellent and allowed the division to
deliver profit growth despite a decline in volumes.
Oil and Gas services
Profit attributable to joint venture up 24% to R136 million
AES is a service provider to the oil and gas rigs located off the
coast of Angola. The primary service is to collect, recycle and
dispose of waste generated in the oil drilling process.
Profits from AES were bolstered by higher volumes processed following
the zero discharge law brought into effect on 1 January 2016 and
foreign currency devaluation.
While it has been challenging to remit foreign currency from Angola,
remittances nonetheless improved by 30% for the eight months to
August 2016 compared to the same period in 2015. CIG is currently
earning a USD 23% cash return on its original invested cost and a
return of 26% on the average carrying value of the investment.
Rail
Revenue up 91% to R292 million
EBITDA UP 9% to R22 million
Order book up to R550 million
Tension Overhead Electrification Proprietary Limited ("Tractionel")
specialises in the electrification of railways and the installation
of overhead traction equipment.
Despite the year-on-year increase in performance, the business
performed below expectations as Transnet cut its capex budget on the
back of weaker commodity prices and slowdown in activity at Prasa.
The transformation of the business is well on track for it to deliver
on an expanded order book.
Prospects
Prospects remain positive in the Power Division, across South
Africa and into sub-Saharan Africa.
The order book has continued to grow substantially in absolute terms
as well as in the average size of projects, demonstrating Conco's
reputation for providing innovative, large scale technical solutions
on time and on budget. Conco's improved focus across multiple sectors
and diversified geographic base further enable the business to
mitigate the risk of a sector or region specific downturn.
The South African market is difficult to assess, with the Eskom spend
increasing substantially while the municipalities have curtailed
expenditure despite the backlog of almost R39 billion.
Conco has previously won contract awards of R2,3 billion from Rounds
4 and 4,5 of the Renewable Energy Feed-In Tariff Programme. Despite
announced commitments by both government and Eskom to proceed, the
commencement dates have been delayed by months. We have therefore
excluded these contracts from the reported order book.
The group has competence in the provision of electrical Balance of
Plant in the renewable wind sector and is working to expand its
offerings to the solar PV market. It is pleasing that renewables work
ex-South Africa is gaining increasing momentum and the group
currently has orders of R350 million and has submitted 21
proposals in this regard. In the event South Africa continues to
slow or begins to curtail the roll-out of its Renewable Energy
Programme, the impact on CIG will be mitigated by work from outside
South Africa.
African utilities are expected to continue providing strong growth
prospects and while awards in the oil exporting countries are
slow, the majority of the countries on the continent are oil
importers and remain committed to the expansion of infrastructure.
As a result, Conco International should be able to leverage the
increasing number of quality opportunities particularly in East
Africa, Ethiopia and Southern Africa to deliver growth.
In order to reduce the cost of funding, CIG is exploring funding
opportunities of matching international revenues with either USD or
Euro funding. It is anticipated that the cost of funding would be
lower than current funding rates obtained in South Africa.
The recently acquired Conlog business is on track to exceed the
warranted profits estimate for 2016 and the introduction to the
company of some of Conco's clients will in the medium term enhance
performance. Expansion of Conlog's prepaid services offering will be
a priority going forward.
Building Materials has seen a moderate pickup in demand post
municipal elections and the division is particularly innovative in
sourcing new opportunities for growth. The growing trend amongst
cement manufacturers to explore alternative strategies to deliver
future growth could be advantageous.
The market for Oil and Gas services in the short term will remain
flat. AES will continue to process high volumes of materials but
rental utilisation, currently just above 50%, will be stagnant. In
the medium term, we are encouraged that the sector seems to have
stabilised and that the oil majors are planning increased exploration
from 2017.
The private equity partner in AES continues to explore a strategy
with regard to the disposal of their 16,5% interest in the business.
However this is not expected to have an impact on AES and CIG.
The recent order book gains in the Rail Division will drive growth in
Tractionel in the short term. While further delays are expected from
Prasa, the eventual roll-out of the new locomotive programme will
substantially enhance the potential for new work.
In conclusion, the Group enter the new financial year with optimism
that our geographic and sector strategies are yielding results and
that sufficient capital is at its disposal to take advantage of
opportunities.
Condensed consolidated statements of comprehensive income
Reviewed Audited
Year ended Year ended
31 August 31 August
2016 2015
R'000 R'000
Revenue 4 531 640 3 603 953
Cost of sales (3 545 385) (2 818 381)
Gross profit 986 255 785 572
Other income 60 268 62 088
Operating expenses (588 174) (439 098)
Foreign exchange gain 17 183 5 899
Earnings before interest, taxation,
depreciation and amortisation ("EBITDA") 475 532 414 461
Depreciation (72 617) (56 249)
Profit before interest and taxation 402 915 358 212
Interest received 45 714 33 268
Interest paid (153 560) (90 250)
Profit before taxation 295 069 301 230
Taxation (37 973) (79 341)
Equity accounted income from joint
arrangement 135 789 109 517
Profit for the year 392 885 331 406
Total profit for the period
attributable to:
Equity holders of the parent 395 023 330 226
Non-controlling interest (2 138) 1 180
Other comprehensive income: Recyclable
in profit and loss:
Exchange rate differences on
translating foreign operations 62 982 112 502
Total comprehensive income 455 867 443 908
Total comprehensive income attributable to:
Equity holders of company 458 733 436 945
Non-controlling interest (2 866) 2 133
Basic earnings per share (cents) 255,0 222,5
Diluted earnings per share (cents) 248,1 216,3
Reconciliation of headline earnings:
Profit attributable to ordinary
shareholders 395 023 330 226
Adjusted for:
Profit on disposal of property, plant
and equipment (849) (3 770)
Impairment of fixed assets 1 502 -
Tax effect on adjustments (183) 1 055
Headline earnings attributable to
ordinary shareholders 395 493 327 511
Weighted average number of shares in
issue (000's) 154 912 148 407
Diluted weighted average number of
shares in issue (000's) 159 194 152 654
Headline earnings per share (cents) 255,3 220,7
Diluted headline earnings per share
(cents) 248,4 214,5
Condensed consolidated statements of financial position
Reviewed Audited
As at As at
31 August 31 August
2016 2015
R'000 R'000
Non-current assets 1 885 690 1 676 514
Property, plant and equipment 466 802 450 076
Goodwill 536 343 534 272
Intangible assets 18 271 21 419
Deferred tax 66 768 75 070
Investment in joint arrangement 782 854 584 170
Financial assets 14 652 11 507
Current assets 4 870 408 3 550 357
Inventories 135 252 109 050
Trade and other receivables 381 452 245 101
Amounts due from contract customers 3 734 851 2 707 486
Taxation receivable 22 702 6 243
Cash and cash equivalents 596 151 482 477
Total assets 6 756 098 5 226 871
Equity and liabilities
Equity 3 393 272 2 675 244
Stated capital 1 606 059 1 356 130
Share-based payment reserve 42 875 30 643
Foreign currency translation reserve 178 834 115 124
Accumulated profits 1 564 406 1 169 383
Non-controlling interest 1 098 3 964
Non-current liabilities 1 109 866 846 901
Other financial liabilities -
interest bearing 928 321 635 514
Other financial liabilities - non-
interest bearing 98 183 89 677
Provisions 8 166 8 166
Instalment sale liabilities 19 401 22 729
Deferred tax 55 795 90 815
Current liabilities 2 252 960 1 704 726
Other financial liabilities 48 311 8 892
Trade and other payables 1 952 588 1 427 761
Amounts received in advance 114 075 172 645
Amounts due to contract customers 75 912 66 611
Instalment sale liabilities 18 747 23 364
Bank overdraft 38 226 -
Taxation payable 5 101 5 443
Total equity and liabilities 6 756 098 5 226 871
Number of shares in issue (000's) 156 966 148 884
Net asset value per share (cents) 2 162 1 797
Net tangible asset value per share(cents) 1 808 1 423
Condensed consolidated statements of cash flow
Reviewed Audited
Year ended Year ended
31 August 31 August
2016 2015
R'000 R'000
Cash flows from operating activities (418 513) (260 203)
Cash flows from investing activities (72 707) (122 152)
Cash flows from financing activities 563 925 (89 167)
Net increase/(decrease)in cash and
cash equivalents 72 705 (471 522)
Effect on foreign currency translation
reserve movement on cash balances 2 743 5 015
Cash and cash equivalents at
beginning of the year 482 477 948 984
Cash and cash equivalents at end of
the year 557 925 482 477
Condensed consolidated statements of changes in equity
Reviewed Audited
Year ended Year ended
31 August 31 August
2016 2015
R'000 R'000
Balance at beginning of the year 2 675 244 2 178 496
Issue of share capital and share
issue expenses 249 929 45 991
Share-based payment reserve 12 232 6 849
Total comprehensive income for the year 458 733 441 775
Non-controlling interest (2 866) 2 133
Balance at end of the year 3 393 272 2 675 244
Segmental analysis
Reviewed Audited Reviewed Audited
31 August 31 August 31 August 31 August
2016 2015 % of % of
R'000 R'000 total total
Revenue
Building Materials 485 306 499 807 11 14
Power 3 754 730 2 951 149 83 82
Rail 291 604 152 996 6 4
Total 4 531 640 3 603 953 100 100
EBITDA
Building Materials 96 214 86 017 20 19
Power 364 301 300 698 77 73
Rail 21 930 20 048 4 5
Corporate (6 913) 7 698 (1) 3
Total 475 532 414 461 100 100
Profit after tax
Building Materials 44 950 39 346 11 12
Power 169 063 146 879 43 44
Oil and Gas 135 789 109 517 35 33
Rail 11 179 11 253 3 3
Corporate 31 904 24 410 8 7
Total 392 885 331 406 100 100
Reviewed Audited
31 August 31 August
2016 2015
R'000 R'000
Assets
Building Materials 625 348 599 983
Power 3 042 585 2 394 459
Oil and Gas 782 850 584 170
Rail 171 783 96 600
Corporate 3 024 872 2 447 727
Total assets including group loan
accounts 7 647 438 6 122 939
Inter-group elimination (891 340) (896 070)
Total 6 756 098 5 226 871
Liabilities
Building materials 448 749 460 653
Power 2 032 872 1 581 365
Oil and Gas 98 183 89 677
Rail 97 028 33 764
Corporate 1 028 320 694 573
Total liabilities including group
loan accounts 3 705 152 2 860 032
Inter-group elimination (342 326) (308 405)
Total 3 362 826 2 551 627
Dividend
The dividend policy was reviewed by the board. After taking into
account prevailing circumstances and future cash requirements, all
earnings generated by the group will be utilised to fund the
anticipated growth in the coming year, to settle the additional
payment due on the Conlog acquisition as well as investment
opportunities within CIGenco. Accordingly, no dividend has been
recommended for the year.
Basis of preparation
The reviewed provisional condensed consolidated financial statements
for the year ended 31 August 2016 are prepared in accordance with the
requirements of the JSE Listings Requirements for provisional reports
and the requirements of the Companies Act of South Africa. The JSE
Listings Requirements require provisional 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 Financial Reporting Standards Council and to also, as a
minimum, contain the information required by IAS 34 Interim Financial
Reporting. The accounting policies applied in the preparation of the
provisional condensed consolidated financial statements are in terms
of IFRS and are consistent with those applied in the previous
consolidated annual financial statements, except for the adoption of
new standards and interpretations which became effective in the
current year.
The group will adopt the following new standards with effect from
1 September 2016:
i) IFRS 5 Non-current Assets Held for Sale
ii) IFRS 7 Financial Instruments Disclosure
iii)IFRS 9 Financial Instruments - Recognition and Measurement
iv) IFRS 10 Consolidated Financial Statements
v) IFRS 11 Joint Arrangements
vi) IFRS 15 Revenue from Contracts with Customers
vii)IFRS 16 Leases
The impact of these new standards on group results has not yet been
determined.
These reviewed provisional results have been prepared under the
supervision of the group financial director, I Klitzner CA(SA). These
provisional condensed consolidated financial statements for the year
ended 31 August 2016 have been reviewed by the external auditor,
Grant Thornton Johannesburg Partnership, who expressed an unmodified
review conclusion thereon. A copy of the auditor's review report is
available for inspection at the company's registered office together
with the financial information identified in the auditor's report.
The auditor's review report does not necessarily report on all the
information contained in these 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 review report together with the accompanying financial
information from the company's registered office.
The directors take full responsibility for the preparation of
these financial results and confirm that the financial information
has been correctly extracted from the underlying financial
statements.
Appreciation
The directors and management of CIG wish to thank all staff for their
focused efforts and loyalty. We also thank our customers, business
partners, advisors, suppliers and our shareholders for their ongoing
support.
By order of the board
Frank Boner Raoul Gamsu
Chairman CEO
9 November 2016
Independent non-executive directors:
F Boner (Chairman), K Bucknor*, A Darko*, AD Dixon, R Horton,
J Nwokedi, K Kariuki**^
Executive directors: RD Gamsu, IM Klitzner
*Ghanaian
** Kenyan
^Kevin Kariuki was appointed to the board on 15 August 2016
Registration number: 2007/004935/06
Business address:
Commerce Square, Building 2, 39 Rivonia Road, Sandhurst
Telephone: 011 280 4040
Facsimile: 086 748 9169
Business postal address:
PO Box 651455, Benmore, Johannesburg 2010
Company secretary:
CIS Company Secretaries Proprietary Limited
Transfer secretaries:
Computershare Investor Services Proprietary Limited
Sponsor
Java Capital
Auditors
Grant Thornton Johannesburg Partnership
Investor Relations
Singular Systems IR
Visit our website: www.ciglimited.co.za
Disclaimer
The group has in good faith made reasonable effort to ensure the
accuracy and completeness of the information contained in this
document, including all information that may be regarded as
"forward-looking statements". Forward-looking statements may be
identified by words such as "believe", "anticipate", "expect",
"plan", "estimate", "intend", "project", "target". Forward-looking
statements are not statements of fact, but statements by the
management of the group based on its current estimates, projections,
expectations, beliefs and assumptions regarding the group's future
performance and no assurance can be given to this effect. The risks
and uncertainties inherent in the forward- looking statements
contained in this document include but are not limited to changes to
IFRS and the interpretations, applications and practices subject
thereto as they apply to past, present and future periods; domestic
and international business and market conditions such as exchange
rate and interest rate movements; changes in the domestic and
international regulatory and legislative environments; changes to
domestic and international operational, social, economic and
political risks; and the effects of both current and future
litigation. The group does not undertake to update any forward-looking
statements contained in this document and does not assume responsibility
for any loss or damage and howsoever arising as a result of the reliance by
any party thereon, including, but not limited to, loss of earnings,
profits or consequential loss or damage.
Date: 09/11/2016 07:30:00 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.
Sharenet Sites 
