Wrap Text
Unaudited Group results for the six months ended 31 December 2016 and cash dividend declaration
Distell Group Limited
Registration number 1988/005808/06
JSE share code: DST ISIN: ZAE000028668
("Distell" or "the Group" or "the Company")
Unaudited Group results for the six months ended 31 December 2016
and cash dividend declaration
SALIENT FEATURES
Revenue up 2,4%
Operating profit
- reported down 5,6%
- normalised for forex up 16,2%
Headline earnings
- reported up 1,1%
- normalised for forex up 20,9%
Interim dividend of 165,0 cents per share
Net cash generated from operating activities up 25,1%
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited Audited
31 December 30 June
2016 2015 2016
R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 5 077 721 4 752 495 5 015 510
Biological assets 88 917 99 966 100 866
Loans and receivables 182 703 186 800 181 195
Available-for-sale financial assets 32 983 119 321 79 708
Investments in associates 268 534 217 480 237 249
Investments in joint ventures 220 205 174 206 213 999
Intangible assets 1 702 678 2 256 788 2 004 191
Retirement benefit assets 243 865 304 915 343 420
Deferred income tax assets 135 749 101 730 136 031
Total non-current assets 7 953 355 8 213 701 8 312 169
Current assets
Inventories 7 346 451 7 998 771 7 900 649
Trade and other receivables 3 838 872 4 006 539 2 659 749
Current income tax assets 65 217 35 697 36 922
Cash and cash equivalents 1 320 390 1 301 132 1 032 402
Total current assets 12 570 930 13 342 139 11 629 722
Total assets 20 524 285 21 555 840 19 941 891
EQUITY AND LIABILITIES
Capital and reserves
Capital and reserves 10 608 954 11 081 219 10 656 997
Non-controlling interest 28 129 15 184 15 262
Total equity 10 637 083 11 096 403 10 672 259
Non-current liabilities
Interest-bearing borrowings 1 200 000 3 494 691 1 200 000
Retirement benefit obligations 29 146 25 876 27 509
Deferred income tax liabilities 762 105 747 932 723 429
Total non-current liabilities 1 991 251 4 268 499 1 950 938
Current liabilities
Trade and other payables 4 438 196 4 437 014 3 234 972
Interest-bearing borrowings 3 185 538 1 255 386 3 726 589
Provisions 126 211 348 272 321 781
Current income tax liabilities 146 006 150 266 35 352
Total current liabilities 7 895 951 6 190 938 7 318 694
Total equity and liabilities 20 524 285 21 555 840 19 941 891
CONDENSED CONSOLIDATED INCOME STATEMENTS
Unaudited Audited
Six months ended Year ended
31 December 30 June
2016 2015 Change 2016
R'000 R'000 % R'000
Revenue 12 516 423 12 222 913 2,4 21 470 120
Operating costs (10 844 815) (10 517 268) 3,1 (19 040 418)
Costs of goods sold (8 332 952) (7 804 675) (13 767 664)
Sales and marketing costs (1 453 367) (1 561 573) (3 211 513)
Distribution costs (602 910) (651 632) (1 087 991)
Administration and other costs (455 586) (499 388) (973 250)
Other losses (61 503) (433) (78 081)
Operating profit 1 610 105 1 705 212 (5,6) 2 351 621
Dividend income 3 391 3 583 7 501
Finance income 9 995 6 342 21 002
Finance costs (111 591) (130 268) (281 790)
Share of equity-accounted earnings 47 433 39 152 58 042
Profit before taxation 1 559 333 1 624 021 (4,0) 2 156 376
Taxation (444 829) (463 702) (624 485)
Profit for the period 1 114 504 1 160 319 (3,9) 1 531 891
Attributable to:
Equity holders of the company 1 115 974 1 163 324 (4,1) 1 531 986
Non-controlling interest (1 470) (3 005) (95)
1 114 504 1 160 319 (3,9) 1 531 891
Per share performance:
Issued number of ordinary shares ('000) 222 382 222 109 222 109
Weighted number of ordinary shares ('000) 219 254 218 920 219 038
Earnings per ordinary share (cents)
- basic earnings basis 509,0 531,4 (4,2) 699,4
- diluted earnings basis 508,2 529,6 (4,0) 697,1
- headline basis 536,8 531,5 1,0 735,3
- diluted headline basis 535,9 529,7 1,2 732,9
Dividends per ordinary share (cents)
- interim 165,0 165,0 - 165,0
- final - - - 214,0
165,0 165,0 - 379,0
Reconciliation of headline earnings:
Net profit attributable to equity holders
of the company 1 115 974 1 163 324 (4,1) 1 531 986
Adjusted for (net of taxation):
impairment of intangible assets and investments 58 810 - 80 155
net other capital losses 2 113 312 (1 493)
Headline earnings 1 176 897 1 163 636 1,1 1 610 648
Adjusted for (net of taxation):
foreign currency translation differences 63 925 (137 284) -
Normalised headline earnings 1 240 822 1 026 352 20,9 1 610 648
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited Audited
Six months ended Year ended
31 December 30 June
2016 2015 2016
R'000 R'000 R'000
Profit for the period 1 114 504 1 160 319 1 531 891
Other comprehensive income (net of taxation) (677 728) 770 502 306 636
Items that may be reclassified subsequently
to profit or loss:
Fair value adjustments
- available-for-sale financial assets (7 970) 19 559 (17 319)
Currency translation differences (609 340) 721 654 242 494
Items that will not be reclassified
to profit or loss:
Remeasurements of post-employment benefits (60 505) 29 289 82 464
Share of other comprehensive income
of associates 87 - (1 003)
Total comprehensive income for the period 436 776 1 930 821 1 838 527
Attributable to:
Equity holders of the company 437 112 1 933 981 1 838 755
Non-controlling interest (336) (3 160) (228)
436 776 1 930 821 1 838 527
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Unaudited Audited
Six months ended Year ended
31 December 30 June
2016 2015 2016
R'000 R'000 R'000
Attributable to equity holders
Opening balance 10 656 997 9 537 114 9 537 114
Comprehensive income
Profit for the period 1 115 974 1 163 324 1 531 986
Other comprehensive income (net of taxation)
Fair value adjustments:
- available-for-sale financial assets (7 970) 19 559 (17 319)
Currency translation differences (610 474) 721 809 242 627
Remeasurements of post-employment benefits (60 505) 29 289 82 464
Share of other comprehensive income of associates 87 - (1 003)
Total other comprehensive losses (678 862) 770 657 306 769
Total comprehensive income for the period 437 112 1 933 981 1 838 755
Transactions with owners
Employee share scheme:
- shares paid and delivered 2 997 5 508 8 361
- value of employee services 20 776 16 169 46 274
- settlement in cash (38 031) - -
Dividends paid (469 547) (411 553) (773 507)
Changes in ownership interests in subsidiaries (1 350) - -
Total transactions with owners (485 155) (389 876) (718 872)
Attributable to equity holders 10 608 954 11 081 219 10 656 997
Non-controlling interest
Opening balance 15 262 19 283 19 283
Loss for the period (1 470) (3 005) (95)
Dividends paid (814) (939) (3 793)
Sale of interest to non-controlling interests (6 564) - -
Currency translation differences 1 134 (155) (133)
Contribution by non-controlling interests 20 581 - -
Total non-controlling interest 28 129 15 184 15 262
Total equity at the end of the period 10 637 083 11 096 403 10 672 259
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited Audited
Six months ended Year ended
31 December 30 June
2016 2015 2016
R'000 R'000 R'000
Cash flows from operating activities
Operating profit 1 610 105 1 705 212 2 351 621
Non-cash flow items 456 876 352 214 857 954
Working capital changes (117 932) (498 946) (729 136)
Inventories 143 330 23 683 (204 555)
Trade and other receivables (1 297 990) (1 724 957) (491 093)
Trade payables and provisions 1 036 728 1 202 328 (33 488)
Cash generated from operations 1 949 049 1 558 480 2 480 439
Net financing costs (140 332) (118 981) (236 465)
Taxation paid (280 513) (297 054) (617 204)
Net cash generated from operating activities 1 528 204 1 142 445 1 626 770
Net cash outflow from investment activities (440 063) (374 432) (1 091 424)
Net cash outflow from financing activities (95 001) 3 768 77 620
Dividends paid (469 547) (411 553) (773 507)
Increase in net cash, cash equivalents and
bank overdrafts 523 593 360 228 (160 541)
Net cash, cash equivalents and bank overdrafts
at the beginning of the period 102 402 230 868 230 868
Exchange losses on cash and cash equivalents (15 605) 40 036 32 075
Net cash, cash equivalents and bank overdrafts
at the end of the period 610 390 631 132 102 402
Segmental analysis
Unaudited six months ended 31 December 2016 Rest of Rest of
South Africa BLNS Africa Europe International Corporate Total Change
R' 000 R' 000 R' 000 R' 000 R' 000 R' 000 R' 000 %
Revenue 9 504 211 1 039 063 541 264 699 992 689 164 42 729 12 516 423 2,4
Costs of goods sold (6 308 728) (668 646) (336 137) (477 536) (312 063) (229 842) (8 332 952) 6,8
Material costs and overheads (6 308 728) (668 646) (336 137) (477 536) (312 063) (140 437) (8 243 547) 3,1
Currency conversion gains and losses - - - - - (89 405) (89 405)
Gross profit 3 195 483 370 417 205 127 222 456 377 101 (187 113) 4 183 471 (5,3)
Operating costs (1 151 665) (117 456) (71 669) (171 618) (263 939) (797 019) (2 573 366) (5,1)
Operating profit before allocations 2 043 818 252 961 133 458 50 838 113 162 (984 132) 1 610 105 (5,6)
Equity-accounted earnings and dividend income - - 37 058 - 2 973 10 793 50 824
EBIT before allocations 2 043 818 252 961 170 516 50 838 116 135 (973 339) 1 660 929 (5,0)
Allocations (74 005) (11 850) (5 650) (4 131) (2 998) 98 634 -
EBIT after allocations 1 969 813 241 111 164 866 46 707 113 137 (874 705) 1 660 929 (5,0)
Equity-accounted earnings and dividend income - - (37 058) - (2 973) (10 793) (50 824)
Operating profit 1 969 813 241 111 127 808 46 707 110 164 (885 498) 1 610 105 (5,6)
EBIT before allocations attributable to:
Equity holders of the company 2 044 550 252 229 177 247 50 838 116 135 (978 600) 1 662 399
Non-controlling interest (732) 732 (6 731) - - 5 261 (1 470)
2 043 818 252 961 170 516 50 838 116 135 (973 339) 1 660 929
Non-current assets 5 147 254 76 168 391 351 2 330 624 7 958 - 7 953 355
Unaudited six months ended 31 December 2015 Rest of Rest of
South Africa BLNS Africa Europe International Corporate Total
R' 000 R' 000 R' 000 R' 000 R' 000 R' 000 R' 000
Revenue 9 044 217 1 017 145 699 844 706 362 701 374 53 971 12 222 913
Costs of goods sold (5 945 538) (662 717) (436 117) (451 314) (323 247) 14 258 (7 804 675)
Material costs and overheads (5 945 538) (662 717) (436 117) (451 314) (323 247) (178 017) (7 996 950)
Currency conversion gains and losses - - - - - 192 275 192 275
Gross profit 3 098 679 354 428 263 727 255 048 378 127 68 229 4 418 238
Operating costs (1 242 503) (110 020) (133 151) (167 216) (329 658) (730 478) (2 713 026)
Operating profit before allocations 1 856 176 244 408 130 576 87 832 48 469 (662 249) 1 705 212
Equity-accounted earnings and dividend income - - 32 624 - - 10 111 42 735
EBIT before allocations 1 856 176 244 408 163 200 87 832 48 469 (652 138) 1 747 947
Allocations (169 325) (14 287) (4 677) (7 744) (5 534) 201 567 -
EBIT after allocations 1 686 851 230 121 158 523 80 088 42 935 (450 571) 1 747 947
Equity-accounted earnings and dividend income - - (32 624) - - (10 111) (42 735)
Operating profit 1 686 851 230 121 125 899 80 088 42 935 (460 682) 1 705 212
EBIT before allocations attributable to:
Equity holders of the company 1 856 873 243 711 168 710 87 832 48 469 (654 643) 1 750 952
Non-controlling interest (697) 697 (5 510) - - 2 505 (3 005)
1 856 176 244 408 163 200 87 832 48 469 (652 138) 1 747 947
Non-current assets 4 663 089 68 325 339 390 3 138 218 4 679 - 8 213 701
Note: BLNS = Botswana, Lesotho, Namibia and Swaziland
EBIT = Earnings before interest and tax
Included in "Corporate" are production variances from standard as production facilities service various regions, currency conversion gains
and losses, performance bonusses for the majority of personnel in the Group, and certain centralised functions including ICT, human resources,
corporate finance and governance, quality management, innovation and corporate affairs.
Notes
Unaudited Audited
31 December 30 June
2016 2015 2016
R'000 R'000 R'000
1. Sales volumes (litres '000) 385 144 397 668 671 844
2. Net interest-bearing borrowings
Interest-bearing borrowings
Non-current 1 200 000 3 494 691 1 200 000
Current 3 185 538 1 255 386 3 726 589
4 385 538 4 750 077 4 926 589
Cash and cash equivalents (1 320 390) (1 301 132) (1 032 402)
3 065 148 3 448 945 3 894 187
3. Cash outflow from investment activities
Purchases of property, plant and equipment (PPE)
to maintain operations (108 176) (172 025) (425 686)
Purchases of PPE to expand operations (324 692) (239 600) (612 867)
Proceeds from sale of PPE 11 603 3 460 19 787
Purchases of financial assets, associates and
joint ventures (2 107) - (52 957)
Proceeds from financial assets 204 47 774 63 346
Purchases of intangible assets (35 436) (14 041) (83 047)
Proceeds from disposal of interest in
subsidiaries, net of cash 18 541 - -
(440 063) (374 432) (1 091 424)
4. Capital commitments
Contracted 958 468 641 354 893 322
Authorised, but not contracted 727 057 698 007 1 163 271
1 685 525 1 339 361 2 056 593
5. Depreciation of property, plant and
equipment 185 221 155 963 343 581
6. Net asset value per share (cents) 4 783 4 996 4 805
7. Segment report
Operating segments were identified based on financial information reviewed regularly by management for the purpose of assessing performance and
allocating resources to these segments. Revenue includes excise duty. Segment information, including the comparative figures, have been restated
to align with the current year segmentation as reported by management.
8. Financial risk management and financial instruments
Financial risk factors
The Group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow
interest rate risk and price risk), credit risk and liquidity risk.
The condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual
financial statements; they should be read in conjunction with the Group's annual financial statements as at 30 June 2016. There have been no material
changes in the Group's credit, liquidity and market risk or key inputs in measuring fair value since 30 June 2016.
Fair value estimation
Items carried at fair value are classified according to the fair value hierarchy, by valuation method. The different levels have been defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices)
or indirectly (that is, derived from prices)
Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
Available-for-sale financial assets are classified as level 1, 2 or 3 and derivative financial assets and liabilities are classified as level 2.
There have been no transfers between level 1, 2 or 3 during the period, nor were there any significant changes to the valuation techniques and inputs
used to determine fair values. However, biological assets are now stated at historical cost less depreciation following from amendments to IAS 16,
'Property, plant and equipment' and IAS 41, 'Agriculture' that became effective for this financial year.
The fair values of all other financial assets and liabilities approximate their carrying amounts.
OPERATING PERFORMANCE
Group revenue grew by 2,4% to R12,5 billion on a sales volume decline of 3,1%.
Domestic market revenue increased by 5,1% with sales volumes down by 1,1%, in a market environment of curtailed consumer spending and increased competition.
The Group's wine portfolio again delivered strong revenue and volume growth, while the spirits portfolio showed good overall volume growth. The cider and
ready-to-drink portfolio reflected an improved sales mix while total volumes were lower due to the higher base of the previous year following two price
increases that impacted a strong December 2015 trade buy-in and the impact of recent new entrants to the category.
Sub-Saharan African markets, outside South Africa, delivered mixed results as commodity prices remained constrained amid the slower economic growth in the
region, including Angola, historically the Group's largest market on the continent. As a result, Sub-Saharan revenue decreased by 8,0% on 12,8% lower volumes.
The region contributed 53,2% to foreign revenue.
Revenue derived from the sale of the Group's brands in international markets beyond Africa was impacted by a stronger rand, declining marginally by 1,3%,
while volumes grew by 0,9% in persistent challenging trading conditions. The cider portfolio delivered encouraging revenue growth of 20,0%, albeit from a
relatively low base. Brands from the wine portfolio showed mixed results with overall volumes 1,0% lower than the comparative period.
The financial results for the period, which were supported by further efficiency improvements and cost containment initiatives across the business, were also
negatively impacted by a stronger rand - particularly against the British pound - compared to the corresponding period of the previous year. Foreign currency
translation losses amounted to R89,4 million (2015: R192,3 million gain). As a result operating costs rose by 3,1%. With the foreign currency translation
movements excluded, operating costs rose by 0,4%.
The Group wrote down R58,8 million of the R86,7 million book value of the industrial property rights held by its Angolan subsidiary and of its investment in
a British wine broking company. These impairments are reflected as part of 'other losses' in the income statement.
Normalised operating profit, which excludes the impact of the impairments this year, decreased by 2,1%. Normalised operating profit, excluding the foreign
currency translation movements referred to above, increased by 16,2%.
Net finance costs includes the reversal of a R41,9 million provision for interest payable after reaching a settlement with the South African Revenue Service
following an extended excise duty dispute. Net finance costs, excluding the reversal, increased from R123,9 million to R143,5 million.
The effective tax rate was 28,5% (2015: 28,6%).
Headline earnings increased by 1,1% to R1,2 billion and headline earnings per share increased by 1,0% to 536,8 cents. Excluding the currency conversion
movements referred to above, headline earnings increased by 20,9%.
INVESTMENT AND FUNDING
Total assets increased by 2,9% to R20,5 billion.
Investment in net working capital decreased by 8,3% to R6,6 billion, which was driven to a large extent by the conversion of foreign assets to the reporting
currency. Inventory decreased by 8,2% to R7,3 billion. If foreign currency movements are excluded, inventory increased by 0,8%. Of this, bulk spirits in
maturation, which are planned for in accordance with the Group's longer-term demand projections, grew 1,4% to R3,0 billion. Continued focus on working
capital improvement initiatives resulted in bottled stock and packaging materials reflecting a decrease of 6,7% compared to the previous year.
Capital expenditure for the period amounted to R432,9 million (2015: R411,6 million) of which R108,2 million was spent on the replacement of assets. A further
R324,7 million was directed to the expansion of capacity, mainly in relation to the Group's cider and wine manufacturing facilities.
Net cash generated before financing activities increased by 41,7% to R1,1 billion. The Group remains in a strong financial position, as is demonstrated by
a debt to debt-plus-equity ratio of 22,4% (2015: 23,7%) and a debt-equity ratio of 28,8% (2015: 31,1%) at the end of the reporting period.
PROSPECTS
The outlook for global economic growth remains lacklustre amid mounting economic and political uncertainty and African GDP growth is still being impacted
by the commodity price slump. On the domestic front competition is intensifying and growth is nearing recession levels as consumer confidence remains low
and exchange rates continue to be volatile. We expect that the challenging trading conditions in many of our markets will persist for the remainder of the
year, and that a modest recovery in economic growth can only be expected next year.
The Group is phasing the level of investment in priority markets in light of the prevailing economic conditions. However, the strength, appeal and diversity
of our brands, our enhanced capacity to trade across a spectrum of markets and the security of our financial position will allow us to continue pursuing
our strategic ambitions.
The various improvements made to our business since we revised our strategy in 2014 have also enabled us to become more resilient and better equipped to respond
to an ever-changing global landscape. As part of this strategic journey, we have begun introducing a number of initiatives across the Group which are aimed at building an
agile and sustainable organisation.
To support this, we have identified the following three key priorities:
- Focus on growth
- Improve productivity
- Simplify the way we work
Implementing these priorities will allow us to respond effectively to the changing macro environment.
To ensure that we are able to address current market dynamics succesfully, we are evaluating our operating model with a view to reducing our cost base and further
enhancing efficiencies in the business as we continue to pursue growth domestically and in selected international markets. These measures and strategic priorities
will result in an efficient and more focused business.
DIRECTORATE
Mr DM Nurek retired as independent non-executive director and chairman of the board with effect from 24 November 2016. Mr JJ Durand succeeded Mr Nurek as chairman
and Mr AC Parker was appointed as lead independent director, both with effect from 24 November 2016. Mr KA Hedderwick resigned as an independent non-executive director
with effect from 14 February 2017.
CASH DIVIDEND DECLARATION
The directors have resolved to declare a gross cash dividend, number 57, of 165,0 cents (2015: 165,0 cents) per share for the interim period ended 31 December 2016.
The dividend has been declared from income reserves. The dividend withholding tax, levied at 15%, will amount to 24,75 cents per ordinary share. As a result,
ordinary shareholders who are liable to pay dividends tax will receive a net dividend amount of 140,25 cents per share. Shareholders exempt from paying dividends
tax will receive 165,0 cents per share. The issued ordinary share capital as at 22 February 2017 is 222 382 356 (2016: 222 109 356) ordinary shares. The company's
income tax reference number is 9115001712.
The dividend will be payable to shareholders on record on Friday, 17 March 2017, and will be paid on Monday, 20 March 2017. The last day to trade cum dividend
will be on Tuesday, 14 March 2017, and shares commence trading ex dividend from Wednesday, 15 March 2017. Share certificates may not be dematerialised or
rematerialised between Wednesday, 15 March 2017, and Friday, 17 March 2017, both days inclusive.
BASIS OF PREPARATION, ACCOUNTING POLICY AND COMPARATIVE FIGURES
The condensed consolidated interim financial statements as at and for the six months ended 31 December 2016 have been prepared in accordance with the Listings
Requirements of the JSE Limited (JSE) and the requirements of the Companies Act, No. 71 of 2008, as amended, as applicable to condensed financial statements.
The JSE requires condensed financial statements to be prepared in accordance with the framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, and Financial
Pronouncements as issued by the Financial Reporting Standards Council and, to also, as a minimum, contain the information required by IAS 34 - Interim Financial
Reporting. The directors are responsible for the preparation of the condensed consolidated interim financial statements, prepared under supervision of the
Group finance director, LC Verwey CA(SA).
The accounting policies applied in the preparation of the condensed consolidated interim financial statements are consistent with the accounting policies applied in the
preparation of the previous consolidated annual financial statements.
The Group has adopted all new as well as amended accounting pronouncements issued by the International Accounting Standards Board (IASB) that are effective for
financial years commencing 1 July 2016. None of the new or amended accounting pronouncements that are effective for the financial year commencing 1 July 2016 has a
material impact on the consolidated results of the Group.
Signed on behalf of the board
JJ Durand RM Rushton
Chairman Group managing director
Stellenbosch
22 February 2017
Directors: JJ Durand (chairman), PE Beyers, GP Dingaan (alternate), DP du Plessis, PR Louw (alternate), MJ Madungandaba, EG Matenge-Sebesho, LM Mojela,
CA Otto, AC Parker, RM Rushton (Group managing director), CE Sevillano-Barredo, BJ van der Ross, LC Verwey (Group finance director)
Company secretary: L Malan
Registered office: Aan-de-Wagenweg, Stellenbosch 7600
Transfer secretaries: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited), 1 Merchant Place, c/o Rivonia Road and Fredman Drive, Sandton 2196
www.distell.co.za
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Date: 23/02/2017 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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