Wrap Text
Unaudited Condensed Consolidated Interim Financial Statements for the period ended 30 September 2017
Ansys Limited
("Ansys" or "the company" or "the Group")
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/001222/06)
Share Code: ANS
ISIN: ZAE000097028
Unaudited Condensed Consolidated Interim Financial Statements
for the period ended 30 September 2017
KEY FEATURES
- Revenue decreased from R408.6 million to R314.2 million (down 23.1%)
- Gross profit margin increased from 24.9% to 31.7% (up 6.8%)
- EBITDA decreased from R57.2 million to R47.3 million (down 17.3%)
- Profit after tax decreased from R34.9 million to R28 million (down 19.7%)
- Headline Earnings per share decreased from 7.57 cents to 6.11 cents (down 19.3%)
- Basic Earnings per share decreased from 7.59 cents to 6.08 cents (down 19.9%)
- Tangible Net Asset Value increased from 25.6 cents to 38.8 cents (up 51.3%)
Condensed consolidated statement of financial position
As at 30 September 2017
30 September 30 September 30 September 31 March
2017 2016 2016 2017
(Previously
Notes (Unaudited) (Re-stated) reported) (Audited)
R'000 R'000 R'000 R'000
Assets
Non-current assets 176 787 175 601 183 405 179 010
Property, plant and equipment 51 631 52 107 52 107 53 158
Intangible assets 118 346 118 060 118 060 118 692
Deferred tax asset 5 800 5 434 13 238 6 150
Other financial assets 1 010 - - 1 010
Current assets 276 541 292 657 292 657 304 794
Inventories 6 99 466 91 079 91 079 101 099
Trade and other receivables 7 130 973 146 739 146 739 124 404
Cash and cash equivalents 46 102 54 164 54 164 79 291
Other financial assets - 675 675 -
Total assets 453 328 468 258 476 062 483 804
Equity and liabilities
Equity 297 002 236 131 236 131 269 022
Share capital 212 141 212 141 212 141 212 141
Accumulated profit 84 680 23 763 23 763 56 652
Minority interest 181 229 229 229
Non-current liabilities 36 250 41 334 49 139 38 060
Interest bearing borrowings 34 828 37 462 37 462 36 602
Other financial liabilities - 2 155 2 155 -
Deferred tax liability 1 422 1 718 9 522 1 458
Current liabilities 120 076 190 793 190 793 176 722
Provisions 857 2 377 2 377 1 186
Interest bearing borrowings 4 258 5 858 5 858 5 211
Other financial liabilities - 4 218 4 218 -
Trade and other payables 8 112 219 159 368 159 368 166 467
Current tax payable 2 577 9 615 9 615 3 802
Bank overdrafts 165 9 357 9 357 56
Total equity and liabilities 453 328 468 258 476 062 483 804
Condensed consolidated statement of comprehensive income
For the 6 months ended 30 September 2017
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2017 2016 2017
Note (Unaudited) (Reviewed) (Audited)
R'000 R'000 R'000
Revenue 314 419 408 633 806 019
Cost of sales (214 594) (306 766) (593 887)
Gross profit 99 825 101 867 212 132
Other income 251 1 197 969
Operating costs (62 177) (60 993) (130 304)
Other gains 2 214 8 993 17 409
Operating profit 40 113 51 064 100 206
Finance income 1 104 1 396 3 106
Finance costs (3 006) (3 980) (9 132)
Profit before taxation 38 211 48 480 94 180
Taxation (10 230) (13 618) (26 429)
Net profit for the period 27 981 34 862 67 751
Total comprehensive income
for the period 27 981 34 862 67 751
Attributable to:
Equity holders of the company 28 029 34 987 67 876
Non-controlling interest (48) (125) (125)
27 981 34 862 67 751
Basic and diluted earnings per
share (cents) 4 6.08 7.59 14.72
Condensed consolidated statement of cash flows
For the 6 months ended 30 September 2017
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2017 2016 2017
(Unaudited) (Reviewed) (Audited)
R'000 R'000 R'000
Cash flows from operating
activities
Cash receipts from customers 330 185 383 576 787 654
Cash paid to suppliers and
employees (342 863) (350 568) (679 864)
Cash (utilised in)/generated
from operations (12 678) 33 008 107 790
Interest paid (3 006) (3 980) (9 132)
Interest received 1 104 1 396 3 106
Taxation paid (10 671) (6 455) (26 765)
Net cash flow (utilised
in)/generated from
operating activities (25 251) 23 969 74 999
Cash flows from investing
activities
Purchase of property, plant and
equipment (1 944) (11 533) (15 371)
Proceeds from disposal of
property, plant and equipment 23 128 612
Cash payment for acquisition of
subsidiary net of cash acquired - (2 070) -
Movement in intangible assets (3 397) (1 447) (6 482)
Increase in other financial
assets - - (335)
Net cash flow (utilised
in)/generated from
investing activities (5 318) (14 923) (21 576)
Cash flows from financing
activities
Settlement of other financial
liabilities - - (8 442)
(Repayment of)/proceeds from
interest bearing borrowings (2 728) 8 109 6 601
Net cash flow (utilised
in)/generated from
financing activities (2 728) 8 109 (1 841)
Net (decrease)/increase in cash,
cash equivalents and bank
overdrafts (33 297) 17 155 51 582
Cash, cash equivalents and
bank overdrafts at beginning of period 79 234 27 653 27 653
Cash, cash equivalents and
bank overdrafts at end of period 45 937 44 808 79 234
Condensed consolidated statement of changes in equity
For the 6 months ended 30 September 2017
Accumu
Issued lated
share profit/(loss Minority
capital es) interest Total
R'000 R'000 R'000 R'000
Balance as at 1 March
2016 (Audited) 212 141 (11 224) 354 201 271
Movements during the period
Profit for the period - 34 987 (125) 34 862
Balance as at 30
September 2016
(Reviewed) 212 141 23 763 229 236 133
Movements during the period
Profit for the period - 32 889 - 32 889
Balance as at 31 March
2017 (Audited) 212 141 56 652 229 269 022
Movements during the period
Profit for the period - 28 029 (48) 27 981
Balance as at 30
September 2017
(Unaudited) 212 141 84 680 181 297 002
Condensed consolidated segment report
For the 6 months ended 30 September 2017
6 months 6 months 6 months Year
ended ended ended ended
30 September September 30 September 30 31 March
2017 2016 2016 2017
(Unaudited) (Re-stated) (Previously (Audited)
Notes reported)
R'000 R'000 R'000 R'000
Segment revenue
Rail 36 849 65 549 65 549 100 240
Defence and Cyber Security 58 310 115 230 115 230 187 623
Mining and Industrial 47 545 45 186 45 186 89 320
Telecommunications 171 715 182 668 182 668 428 836
Total 314 419 408 633 408 633 806 019
Segment profit
Rail (538) 6 937 6 937 5 530
Defence and Cyber Security 8 426 13 642 13 642 14 721
Mining and Industrial 7 713 6 071 6 071 7 734
Telecommunications 28 781 29 297 29 297 82 248
Sub total 44 382 55 947 55 947 110 233
Corporate costs (4 269) (4 883) (4 883) (10 027)
Finance costs (3 006) (3 980) (3 980) (9 132)
Finance income 1 104 1 396 1 396 3 106
Profit before taxation 38 211 48 480 48 480 94 180
Financial position
Assets 453 325 468 258 476 062 483 804
Rail 82 462 71 115 100 469 80 748
Defence and Cyber Security 139 983 166 087 156 148 142 045
Mining and Industrial 71 923 77 001 74 571 61 511
Telecommunications 158 128 149 152 139 971 198 290
Corporate assets 829 4 903 4 903 1 211
Liabilities 156 325 232 128 239 932 214 782
Rail 17 694 12 175 12 981 12 090
Defence and Cyber Security 49 947 102 449 107 257 61 872
Mining and Industrial 31 868 26 706 28 866 22 753
Telecommunications 55 791 89 197 89 227 114 977
Corporate liabilities 1 025 1 601 1 601 3 090
COMMENTARY
GROUP PROFILE
Ansys Limited is a diversified digital technology solutions provider. Through leveraging off its own
IP and that of its partners, Ansys develops, produces, distributes and integrates technology
solutions to enhance customer and consumer safety and productivity, connectivity, cyber security
and digital defence.
With its excellence in digital technology and extensive technical and business experience, the
group creates value by offering integrated research, design and manufacturing of customer-
designed solutions or by acting as a distributor or system integrator of technology-based products
which are generally geared towards withstanding harsh environments.
FINANCIAL RESULTS HIGHLIGHTS
Ansys revenues have been growing since 2015 at a compound annual growth rate of 57%, with the
2017 interim period reporting a growth figure of more than 160% (year-to-year) which was due to
exceptional orders in the defence and telcommunications businesses in excess of R150 million.
Constrained trading conditions have resulted that revenue for this reporting period reduced by
23.1% to R314.4 million (2017: R408.6 million). As a result, EBITDA slowed from R57.2 million to
R47.3 million, representing a decrease of 17.3%.
Our gross profit margin increased from 24.9% to 31.7%, which can be attributed to improved
supply chain measures. Profit after tax decreased by 19.7% to R28 million from R34.9 million. A
reduction in foreign exchange gains, as well as a 1.9% increase in operating costs related to
investments also contributed to a decrease in profit after tax.
Headline earnings slowed to R28.2 million from a profit of R34.9 million (decrease of 19.3%)
translating into a decrease of 19.3% in headline earnings per share from 7.57 to 6.11 cents.
Ansys' net asset value per share nevertheless increased from 51.2 cents per share to 64.4 cents
per share - an increase of 25.8% - while our tangible net asset value per share increased from
25.6 cents per share to 38.8 cents per share, representing an increase of 51.3%. The increases
are due to continued operating profits generated by the group during the period under review.
OUR OPERATIONS
We are repositioning ourselves for future growth and have made investments in human capital and
new IP that will contribute towards this growth. This has negatively impacted our profits for the
short term, but is key to our objective of creating a more sustainable business capable of
exploiting additional market segments and opportunities presented by digitisation.
Telecommunications
The telecommunication segment experienced an upsurge in the previous reporting period, with
high growth driven by the FTTH (fibre-to-the-home) roll out. A subsequent slowdown by some of
the network operators in the FTTH roll out impacted negatively on this, resulting in revenue of
R171.7 million in the current period, which is 6% down from R182 million in the previous interim
period. Segment profit decreased from R29.3 million to R28.8 million, down by 1.8%.
Defence and Cyber Security
Exports to international markets account for 67% of Ansys defence and cyber security revenue.
With large component orders not achieving the same levels as reported in the previous interim
period, revenues decreased by 49.4% from R115.2 million to R58.3 million. Segment profit went
down by 38.2%, however margins showed an improvement of 14.5% (R8.4 million) if compared to
11.8% (R13.6 million) as reported in the comparative period.
Local expenditure in defence remained subdued throughout the reporting period, prompting the
defence industry to intensify their exports to international markets, where defence-related
investment remains high. The segment was therefore able to leverage off ODM (original design
and manufacturing) services for local companies with export contracts, and to increase direct
exports of cyber security products and ODM services.
Mining and Industrial
The industry's stringent adherence to high safety standards and the move towards digitising
mining operations led to revenue growth in this segment, which increased marginally by 5.2%
from R45.2 million to R47.5 million during the reporting period.
Profit also increased by 27% to R7.7 million, with margins going up to 16.2%. This was due to
growth in sales from own IP, which had a positive impact on the overall margin.
Rail
As was expected during the previous reporting period the revenues decreased due to a delay in
orders. This has had a negative impact on the mid-year revenue for the segment, which dropped
43.8% from R65.5 million in the comparable period last year to R36.8 million this year. Margins
were also under pressure and profits therefore dropped from R6.9 million in the comparable period
last year to a loss of R0.5 million this year.
OUTLOOK
Ansys is actively repositioning for future growth in the short to medium term, which is expected to
arise from the digitisation of operations, in all of the sectors in which the group operates. The
repositioning of the business towards offering digital technology solutions is expected to yield
benefits as major clients continue to digitise their operations.
In the telecommunications sector, we expect the market growth trend to continue, albeit at a
slower rate than previously. Current investments made in expanding our offering beyond passive
connectivity to include active equipment, are expected to improve earnings.
We also envisage that there will be increased activity in certain segments of the mining and
industrial sectors, especially as clients increase their investments in digitising operations. Mining
clients, in particular, are embracing digital mining, which offers the potential for new sustainable
opportunities. Further, demand related to making mining operations safer is expected to continue
with the introduction of stricter regulations, which augurs well for the group.
The international defence market is expected to continue on its current growth path, whilst the
local defence market is expected to remain subdued in the short to medium term. The current
exchange rate allows us to be more competitive in terms of our ODM offering. We also expect
increased demand for our high end computing systems.
Demand for cyber security solutions remains strong in both the local and international markets as
clients become more security-conscious due to the massive increase in cybercrime. In addition,
the more the world becomes more digitally connected, the more demand for cyber security
solutions is expected to grow. Investments made in growing the group's cyber security solutions
are envisaged to provide opportunities for growth.
In the rail sector, challenging market conditions are expected to continue in the near term, with an
improvement resulting from current promising commodity prices and growth in general freight
volumes expected towards the end of the financial year and beyond. The on-going digitisation of
the rail operation offers significant opportunities for growth, and will see us move aggressively into
expanding our offering in health monitoring sytems and the maintenance thereof, which we expect
to bring annuity income.
FINANCIAL RESULTS COMMENTARY
In this reporting period the group's results have decreased to levels within its historial growth
trajectory, if compared to the exceptional growth experienced in the previous reporting period.
This directly impacted on movements in the cash flow statement, the statement of comprehensive
income, and the statement of financial position.
When comparing the period ending 30 September 2017 with the period ending 30 September
2016, significant movements include the following:
CASH FLOW STATEMENT
The group's liquidity ratio increased from 1.53 in the previous comparative period to 2.3 in the
current period (an increase of 50%). Net working capital increased from R78.5 million in the
previous comparative period to R118.2 million in the period under review, which directly affected
the cash-flow from operations and was the main driver for the decrease in cash balance which
came down by R33.3 million during the period under review. The contributors to the increase in
net working capital was inventory, which increased from the previous comparative period by 9%,
trade and other receivables which decreased by 11%, and trade and other payables which
decreased by 30%.
Cash balances were also influenced by delayed customer payments at the end of the period. Most
of these outstanding payments were received subsequent to the end of the period. The group is
still experiencing slow refunds on outstanding VAT payments due to the group, which has also
influenced the period-end cash balance.
Management is continually managing the group's inventory, as well as payment terms with key
customers and suppliers, to improve on the net working capital and cash position.
STATEMENT OF COMPREHENSIVE INCOME
In the previous comparative period, the group recorded a foreign exchange gain of R8.9 million,
compared to the R2.2 million recorded for the current reporting period. The gain in the previous
period was aided by the continued strengthening of the rand during that period. In contrast, the
rand weakened considerably during the current interim period. This directly contributed to a lower
net profit than in the previous period.
The taxation expense of R10.2 million comprises deferred tax of R0.3 million and current taxation
of R9.9 million. The effective tax rate has come down from 28.1% in the previous comparative
period to 26.8% due to the group's effective utilisation of tax incentives.
STATEMENT OF FINANCIAL POSITION
Some of the line items on the statement of financial position show significant changes when
compared to the September 2016 period. Commentary to this effect has been included in notes 6
to 8 to the financial information in order to provide context and an explanation for these
movements, as well as of the impact they had on the cash flow. These include inventories, trade
and other receivables, and trade and other payables.
Other financial liabilities of R6.4 million in the previous comparative period related to the
outstanding balance of the cash consideration payable for the Parsec Holdings acquisition. The
total outstanding amount was settled during February 2017.
NOTES TO THE FINANCIAL INFORMATION
1. Restatement of reviewed results for the 6 months ended 30 September 2016
The reviewed financial results for the 6 months ended 30 September 2016, which was
released on SENS on 29 November 2016, have been restated due to the following items:
- The re-classification of deferred tax assets and deferred tax liabilities to reflect the net
amounts that relate to the same tax authority.
- The re-classification of deferred tax assets and deferred tax liabilities also had an
impact on the segment assets and liabilities which has been adjusted accordingly.
- In the segment assets, the re-classification of Goodwill allocated as part of the Parsec
transaction to the relevant segments.
The effect of the restatement applies to the reviewed 30 September 2016 figures only.
There were no changes to the Statement of Comprehensive Income and hence there was no
change to any of the key indicators that relate to this, including the Earnings per Share and
Headline Earnings per share. The effect on the individual line items are contained in the notes
below:
2. Deferred tax asset and liabilities
30 September 30 September
2016 2016
(Previously
(Re-stated) reported) Difference
R'000 R'000 R'000
Deferred tax assets 5 434 13 238 (7 804)
Deferred tax liability 1 718 9 522 (7 804)
The movement in the deferred tax asset and liabilities relate to the re-classification of deferred
tax assets and liabilities to show then net deferred tax asset or liability position that relate
to the same tax authority.
3. Segment assets/liabilities
Goodwill from the acquisition of the Parsec transaction was previously allocated to all segments
in which the Ansys Group operates, whilst it should only have been allocated to the segments in
which the Parsec business relate. This was corrected as follows:
30 September 30 September
2016 2016
(Previously
(Re-stated) reported) Difference
R'000 R'000 R'000
Rail - 28 546 (28 546)
Defence and Cyber Security 40 299 25 553 14 746
Mining and Industrial 12 543 7 953 4 590
Telecoms 25 171 15 961 9 210
Total 78 013 78 013 -
4. Headline earnings per share
for the 6 months ended 30 September 2017
6 months 6 months 13 months
ended ended ended
30 September 30 September 31 March
2017 2016 2017
(Unaudited) (Reviewed) (Audited)
R'000 R'000 R'000
Profit attributable to ordinary
shareholders 28 029 34 987 67 876
Basic earnings per share
(cents) 6.08 7.59 14.72
Diluted basic earnings per
share (cents) 6.08 7.59 14.72
Reconciliation of headline
earnings:
Profit attributable to ordinary
shareholders 28 029 34 987 67 876
Loss/(profit) on disposal of
property, plant and
equipment 192 (117) (111)
Total tax effect of
adjustments (54) 33 31
Headline earnings
attributable to ordinary
shareholders 28 167 34 903 67 796
Headline earnings per share
(cents) 6.11 7.57 14.71
Diluted headline earnings per
share (cents) 6.11 7.57 14.71
Weighted average number of
shares in issue 461 038 321 461 038 321 461 038 321
Net asset value per share
(cents) 64.4 51.2 58.4
Tangible net asset value per
share (cents) 38.8 25.6 32.6
5. Earnings before interest, taxation, depreciation and amortisation (EBITDA)
for the 6 months ended 30 September 2017
6 months 6 months Year
Ended Ended ended
30 September 30 September 31 March
2017 2016 2017
(Unaudited) (Reviewed) (Audited)
R'000 R'000 R'000
Operating profit 40 113 51 064 100 206
Depreciation and amortisation 7 190 6 154 12 876
EBITDA 47 303 57 218 113 082
6. Inventories
30 September 30 September 30 September 31 March
2017 2016 2016 2017
(Previously
(Unaudited) (Re-stated) reported) (Audited)
R'000 R'000 R'000 R'000
Inventories comprise:
- Finished goods 76 126 52 903 52 903 82 036
- Work in progress 23 340 38 176 38 176 19 063
99 466 91 079 91 079 101 099
The current level of inventory shows an increase since our prior comparative period. This increase,
on the back of lower revenues for the current period, has directly influenced our cash balance at
the end of our current interim period. The increase in finished stock holding is to enable us to
execute on forecast orders timeously. R 23.3 million of the inventory is Work in Progress that is
committed to current projects and the risk on this portion of stock is therefore low.
7. Trade and other receivables
30 September 30 September 30 September 31 March
2017 2016 2016 2017
(Unaudited) (Re-stated) (Previously (Audited)
reported)
Name R'000 R'000 R'000 R'000
- Trade debtors 103 526 126 054 126 054 111 991
- Sundry debtors and 925 926 926 1 018
deposits
- Retention debtors 197 409 409 348
- Prepayments 824 4 142 4 142 1 456
- Value added tax 9 791 13 433 13 433 7 802
- Project receivables 15 710 1 775 1 775 1 789
(Work-in-progress)
130 973 146 739 146 739 124 404
In line with decreased revenue during the first 6 months, trade debtors have decreased from the
previous interim reporting period. It is however in line with year-end 31 March 2017 trade debtors,
taking into account that the group had some delayed customer payments at the end of the
September 2017 reporting period. Most of these outstanding payments have been received
subsequent to September 2017. Project receivables also increased significantly from prior periods
due to increased work on projects to be invoiced in the near future.
Delays in receiving Value Added Tax refunds from the South African Revenue Services also
negatively affected our cash flow for the period under review.
8. Trade and other payables
30 September 30 September 31 March September
2017 2016 2016 2017
(Previously
(Unaudited) (Re-stated) reported) (Audited)
Name R'000 R'000 R'000 R'000
- Trade creditors 82 322 102 050 102 050 131 729
- Accrued leave 4 362 3 607 3 607 3 346
- Sundry creditors - 52 52 284
- Value added tax 184 812 812 1 146
- Advance payments 15 325 41 462 41 462 13 852
- Accruals 10 026 11 385 11 385 16 110
112 219 159 368 159 368 166 467
In general, the trade and other payables have decreased from the previous interim period (down
by 27%). This whilst we have managed to keep our trade and other receivables only 11% lower
that the corresponding period. This also contributed to a direct impact on our cash balance.
STATEMENT OF COMPLIANCE, BASIS OF PREPARATION AND AUDIT REPORT
The condensed consolidated interim financial statements are prepared in accordance with
International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA
Financial Reporting Guides as issued by Accounting Practices Committee and Financial
Pronouncements as issued by Financial Reporting Standards Council and the requirements of the
Companies Act of South Africa. The accounting policies applied in the preparation of these interim
financial statements are in terms of International Financial Reporting Standards and are consistent
with those applied in the previous annual financial statements. The directors take full responsibility
for the preparation of the condensed interim financial statements.
PREPARER
These unaudited Condensed Consolidated Interim Financial Statements results were prepared
under the supervision of Burt Lamprecht CA (SA), the Chief Financial Officer.
GOING CONCERN
The directors have reviewed the group's budget and cash flow forecast for the year to September
2018. On this basis and in light of the group's current financial position, the directors are satisfied
that the group will continue to operate for the foreseeable future and have adopted the going
concern basis in preparing these reviewed provisional financial results.
DIRECTORATE
No changes have occurred to the Board of Directors in the past interim period.
EVENTS SUBSEQUENT TO PERIOD END
Business Combination
The directors refer to the SENS announcement released on 30 October 2017 regarding the Letter
of Intent it entered into with LAWTrust Third Party Services (Pty) Ltd ("LAWTrust") to acquire
100% of the issued share capital of the company. Ansys shall make a maximum payment of
R108.5 million for 100% of the issued share capital and shareholder claims (if any) of LAWtrust
using cash and Ansys shares.
The cash portion shall be R88.4 million and the share portion shall be R20.1 million. The Ansys
shares to be issued in terms of the share portion shall be issued at a price equal to the 30-day
value weighted average price of the Ansys shares with such 30-day period ending on the effective
date of the transaction.
The formulation of the transaction was based on the audited financial results for the period ended
31 March 2017. Grant Thornton used IFRS for SMEs as the accounting framework for the audit.
LAWtrust is an information technology developer and provider of cyber / information security
solutions.
The acquisition of LAWtrust will enhance Ansys' current cyber security business by introducing
strategically aligned products and by providing access to new markets which, in turn will provide
significant annuity revenue. The incorporation of LAWtrust's technical team into the Ansys team
will allow Ansys to develop and provide an expanded range of solutions to a combined client base.
By order of the board
Teddy Daka Burt Lamprecht
Chief Executive Officer Chief Financial Officer
29 November 2017
Directors
CP Bester; T Daka (CEO)*; Dr. SJ Khoza; BC Lamprecht* (CFO); N Medupe; NS Mjoli-Mncube
(Non-Executive Chairperson); SP Mzimela, AR van der Watt*
*Executive
Company secretary
M van den Berg
Telephone: +27 12 749 1800
Facsimile: +27 12 665 2767
Website: www.ansys.co.za
Registered office: 85 Regency Drive, Route 21 Corporate Park, Irene, 0157 (PO Box 95361,
Waterkloof, Pretoria)
Designated adviser: Exchange Sponsors (2008) (Pty) Ltd
Transfer secretaries: Computershare Investor Services (Pty) Ltd
Date: 29/11/2017 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.
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