Wrap Text
Summarised audited consolidated results
for the year ended 30 June 2018, dividend announcement and notice of Annual
ARB Holdings Limited
Registration number 1986/002975/06,
Share code: ARH
ISIN: ZAE000109435
("ARB" or "the Company" or "the Group")
Summarised audited consolidated results
for the year ended 30 June 2018, dividend announcement and notice of Annual General Meeting
SALIENT POINTS
- Dividend per share maintained at 25,0 cents
- Special dividend declared again at 10,0 cents a share
- Headline earnings per share ("HEPS") up 15,9% to 71,7 cents
- Cash on hand of R259m, after R106m of capex and a dividend of R119m
- IFRS effect on earnings of 13,13 cents (19,51%) (2017: 1,01 cents)
- Due diligence in process for the acquisition of Radiant Lighting
COMMENTARY
NATURE OF BUSINESS
ARB Holdings Limited ("ARB") is an investment and property holding company which owns investments
in closely-related trading and distribution businesses. Major investment holdings include 74% of
ARB Electrical Wholesalers, a level 2 BEE company which operates 23 electrical branches (2017: 21)
throughout South Africa, and 60% of Eurolux, which imports and distributes light fittings, lamps
and related accessories.
FINANCIAL REVIEW
The most significant reportable element of the Group's financial results revolves around the IFRS
effects of the put option liability relating to the Eurolux minorities. Consequently, the
reported EPS is 14,9% higher than last year's whilst the operating profit for the year is 5,7%
lower than last year's. This report is presented in terms of IFRS, but the table below sets out
the adjustments made as a result of IFRS.
% 2018 2017
change (R000's) (R000's)
Normal earnings attributable to ordinary shareholders (4,6) 137 633 144 223
Put option liability 30 914 2 740
- Change in put option assumptions 26 000 (2 164)
- Dividends paid to non-controlling interests ("NCI") (4 800) (4 800)
- Undiscounting of liability net of NCI share (1 558) (4 333)
- NCIs share of the results 11 272 14 037
Straight-line of leases (51) (371)
Earnings attributable to ordinary shareholders as reported
under IFRS 14,9 168 496 146 592
While the South African economy remains difficult, with no clear momentum, the Group has raised
its revenue by 4,5% to R2,59bn in the current year, of which 2,5% came from the new branch
operations, and the CraigCor acquisition which was effective from 1 February 2018. The Electrical
Division's revenue increased 6,2% but continued to be constrained by the limited government
infrastructure spend during the year and the decline in local mining and manufacturing activities.
The Lighting Division was adversely affected by the decline in retail sales, especially in the
first six-month period of the financial year, when consumer confidence was particularly low.
Gross profit increased by 3,5% reflecting the tough trading environment. Overheads increased by
7,5%, which includes the cost of investment in capacity through the addition of two new branches
in Randburg and Port Elizabeth, the new enlarged East London store, and the acquisition of
CraigCor Distribution Company ("CraigCor").
As a result, operating profit declined 5,7% to R204m. The Group remains cash generative, and
continues to manage its cash resources effectively, resulting in an improvement in interest
income, which together with the IFRS put option adjustment, resulted in an after tax profit
improvement of 11,8% to R191,6m. The Group remains ungeared with R259m cash on hand after
spending R106m on capital expenditure, dividends of R119m and R19,2m for the acquisition of
CraigCor. The capex includes the completion of the East London facility, the purchase
of the vacant land at Lord's View and the initial costs of construction of this distribution
facility. The Group anticipates spending a further R65m to complete construction of the
distribution centre for occupation in December 2018.
DIVISIONAL REVIEWS
Electrical Division (Revenue up 6,2%, operating profit down 3,8%)
The Electrical Division's results reflect the low levels of economic activity in the construction,
mining and manufacturing sectors over the last year. Low infrastructure spend, coupled with a
slowdown in Eskom's electrification efforts, have made for a challenging trading environment
which has been amplified by an increase in business rescue cases that have impacted our customers
and ultimately the Electrical Division's profitability.
Some market share gains were achieved from existing branches, the new enlarged store in East
London and the new branch in Port Elizabeth. The strategic drive to expand the "ARB Connect"
branch network continued with the opening of a new Connect outlet in Randburg.
There were some structural changes in the market during the year with suppliers in the cable
industry quoting directly to larger end customers. While this did impact the sales of this
division, we were able to minimise the effect through our service levels and total package
offering. Eskom's erratic spend was generally less than last year putting increased
pressure on the small contractors in this market.
Working capital remains a top priority and focus. Collections have been adequately managed and
inventory has been well controlled over the course of the year. Cash sales continue to grow in
line with our expectations, and particularly from the contribution of recently opened ARB Connect
branches. Stock levels are closely monitored in an unpredictable supplier performance and foreign
exchange environment.
A 60% share of CraigCor was acquired with effect from 1 February 2018. CraigCor has the
exclusive rights to distribute the Allan Bradley range of Rockwell Automation products in Gauteng,
the Western Cape, Namibia and Zambia. CraigCor also has exclusive distribution rights for the
Honeywell range of sensors and control systems in the SADAC region. Their contribution to revenue
amounted to R46,2m since acquisition.
Lighting Division (Revenue down 1,7%, operating profit down 20,6%)
The 2018 financial year has been one of consolidation and refocusing on core business whilst
investing in our strategies for growth.
This division was negatively affected by the lack of consumer confidence during the initial six
months of this financial year, which impacted sales to our retail customers. Some confidence
returned to this segment in the second half.
The increase in revenue has come mainly from two areas: retail sales and the finalisation of
the assembly and cut wire packaging plant. Our recent focus has been on re-ranging products
in the retail space with our retail partners and assisting these customers with the design and
implementation of store layouts. The benefits of these efforts can be seen in the increased
turnover in the second half of the year.
The assembly and cut wire packaging plant is now in production with new products identified to
grow the product range offered. Continuity of supply of a range of the electrical products
offered has also been enhanced.
Trading margins improved despite the volatile exchange rate and the competitive
trading environment. The new warehouse for the distribution of an extended product range,
including cable and wire products, has contributed to increased operating costs and a reduction
in PBIT of 21% to R45,9m (2017: R57,8m).
Working capital management remains a challenge. While there has been a significant improvement
in the management of receivables, the high stock levels require more attention. The management
of stock is impacted by supplier challenges of long lead times and shipping issues which have to
be balanced with ensuring that we satisfy the on-time delivery targets of the retail customers.
An announcement was made on SENS on 15 August 2018 that ARB, through its subsidiary Eurolux,
had signed agreements with South Ocean Holdings Ltd to acquire 100% of the total issued share
capital of Radiant Group (Pty) Ltd ("Radiant") and the properties from which they operate.
This transaction is set out in more detail under events subsequent to year-end below.
If successful, this transaction will add new product ranges and a new route to market for the
Lighting Division.
Corporate Division (Revenue up 19,5%, operating profit up 13,3%)
The division includes the property portfolio and the ARB IT business. The increase in PBT has
resulted mainly from the increase in dividends received from subsidiaries.
Given the fixed nature of the property rental income, the results are in line with expectations.
During the year, the East London property development was finalised at a total cost of R23m and
the development of the new 42 000 m2 Gauteng distribution centre in Lords View in Midrand
commenced. This latter development is expected to be completed at a total cost of R140m with
completion and occupation expected by the end of December 2018. This development has been
exposed to community action prevalent at many construction sites in South Africa at the moment.
The IT company has been rebranded from "ARB IT" to "Xact ERP Solutions" to enhance its drive to
develop a stand-alone identity relevant to its target market. This division has continued to show
customer gains, but remains a small revenue and profit generator for the division.
CORPORATE ACTIVITY AND EXPANSION
Acquisitions remain an integral part of the Group's growth and expansion strategy. CraigCor was
acquired in February and an announcement was made regarding the agreement to acquire Radiant.
PROSPECTS
Little change is expected in the outlook for the South African economy during the next financial
year and management is focused on leveraging the limited opportunities which exist and is
adjusting existing business models accordingly.
The Electrical Division forecasts another challenging year and will remain focused on improving
the performance of the existing operations, and expanding the number of Connect stores. Any
positive developments in Eskom project expenditure and any other government funding in advance of
the national elections will definitely have a positive effect on the Overhead Line sector of the
business.
The new distribution centre in Lords View will improve the Electrical Division's stock holding
and management model with a reduction in total stock as the stores in the region will be
replenished as and when required. Initially this will increase the operating costs of the business
but in time this will be recovered through reduced stock levels and partially funded by supplier
rebates.
The Lighting Division's strategy is to grow market share and to introduce new product ranges to
its existing customer base. Furthermore, the Euro Nouveau range and project lighting segment,
which are still a small contributor to this division, are expected to show growth in the new year.
Should the Radiant transaction be consummated, there will initially be merging and right-sizing
costs, but the new product range and new market sectors will add to the business's profitability.
SUMMARISED GROUP STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
year to year to
30 June 30 June
% 2018 2017
change (R000's) (R000's)
Revenue 4,5 2 590 150 2 479 418
Cost of sales 4,8 1 974 964 1 885 006
Gross profit 3,5 615 186 594 412
Other income (39,2) 5 987 9 848
Selling, administration and distribution expenses 7,5 (416 847) (387 641)
Operating profit (5,7) 204 326 216 619
Change in put option valuation 26 000 (2 164)
Profit before interest and taxation 230 326 214 455
Net interest received 13,3 24 541 21 665
Profit before taxation 7,9 254 867 236 120
Taxation (2,2) 63 220 64 654
Profit for the year 11,8 191 647 171 466
Items that will not be recycled into profit or loss
- Revaluation of property, plant and equipment
(net of taxation) 2 429 4 945
Total comprehensive income for the year 10,0 194 076 176 411
Profit for the period attributable to: 191 647 171 466
- Non-controlling interests (6,9) 23 151 24 874
- Ordinary shareholders 14,9 168 496 146 592
Total comprehensive income attributable to: 194 076 176 411
- Non-controlling interests (6,9) 23 151 24 874
- Ordinary shareholders 12,8 170 925 151 537
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Audited Audited
year to year to
30 June 30 June
% 2018 2017
change (R000's) (R000's)
Profit for the period attributable to ordinary shareholders 168 496 146 592
Loss on disposal of property, plant and equipment
(net of tax and NCI) 3 (1 150)
Headline earnings 168 499 145 442
Number of ordinary shares in issue (000's) 235 000 235 000
Weighted average number of ordinary shares in
issue (000's) 235 000 235 000
Diluted number of ordinary shares (000's)* 235 000 235 000
Basic earnings per share (cents)* 14,9 71,70 62,38
Headline earnings per share (cents)* 15,9 71,70 61,89
* There are no dilutive instruments in issue.
SUMMARISED GROUP STATEMENT OF FINANCIAL POSITION
Audited at Audited at
30 June 30 June
% 2018 2017
change (R000's) (R000's)
ASSETS
Property, plant and equipment 39,6 331 323 237 380
Intangible assets 22,9 95 638 77 848
Investment in joint venture (100,0) - 3 233
Deferred taxation 8 218 5 797
Total non-current assets 435 179 324 258
Current assets 1 161 501 1 198 311
Inventory 7,7 508 174 471 992
Trade and other receivables (6,1) 393 907 419 677
Cash resources (15,4) 259 420 306 642
Total assets 1 596 680 1 522 569
EQUITY AND LIABILITIES
Share capital and premium 116 174 116 174
Revaluation reserve 72 909 70 480
Accumulated profits 778 393 712 286
Attributable to ordinary shareholders 967 476 898 940
Non-controlling interests 150 543 170 868
Total shareholders' funds 1 118 019 1 069 808
Non-current liabilities 76 028 41 148
Put option liability 33 475 -
Deferred lease liability 631 677
Deferred taxation 3,6 41 922 40 471
Current liabilities (2,2) 402 633 411 613
Trade and other payables 5,6 332 011 314 295
Put option liability (28,6) 65 007 91 007
Taxation payable (11,0) 5 615 6 311
Total equity and liabilities 1 596 680 1 522 569
Net asset value per share (cents) 411,69 382,53
Net tangible asset value per share (cents) 374,47 353,90
Property, plant and equipment
Capital expenditure for the year 106 299 33 894
Capital commitments - contracted for 44 526 53 448
Capital commitments - not contracted for 27 106 64 500
Depreciation and amortisation 13 695 13 828
SUMMARISED GROUP STATEMENT OF CASH FLOWS
Audited at Audited at
30 June 30 June
2018 2017
(R000's) (R000's)
Cash generated by trading activities 217 053 226 167
Increase in net working capital 8 286 (19 146)
Cash generated by operating activities 225 339 207 021
Net interest received 26 099 25 998
Dividends paid (118 650) (93 385)
Taxation paid (65 039) (62 486)
Cash flows from operating activities 67 749 77 148
Cash flows from investing activities (114 971) (13 775)
Cash flows from financing activities - -
Increase in cash resources (47 222) 63 373
Cash resources at the beginning of the year 306 642 243 269
Cash resources at the end of the year 259 420 306 642
SUMMARISED GROUP STATEMENT OF CHANGES IN EQUITY
Share
capital Revalu- Accumu- Non-
and ation lated controlling
premium reserve profit interests Total
(R000's) (R000's) (R000's) (R000's) (R000's)
Balance at 30 June 2016 116 174 71 002 638 012 161 594 986 782
Total comprehensive income - 4 945 146 592 24 874 176 411
Transfer of reserve realised on
sale of property (5 467) 5 467 - -
Dividends paid - - (77 785) (15 600) (93 385)
Balance at 30 June 2017 116 174 70 480 712 286 170 868 1 069 808
Total comprehensive income 2 429 168 496 23 151 194 076
Shortfall on derecognition of NCI (20 139) (7 076) (27 215)
Dividends paid (82 250) (36 400) (118 650)
Balance at 30 June 2018 116 174 72 909 778 393 150 543 1 118 019
SUMMARISED GROUP SEGMENT REPORT
Inter-
Electrical Lighting Corporate company Total
(R000's) (R000's) (R000's) (R000's) (R000's)
Audited year to
30 June 2018
- Segment revenue 2 119 913 501 876 45 882 (77 521) 2 590 150
- Operating profit 129 036 45 891 33 698 (4 299) 204 326
- Profit before interest
and tax 134 036 45 891 59 288 (8 889) 230 326
- Profit before tax 149 841 37 153 193 472 (125 599) 254 867
- Segment assets 948 957 346 540 707 199 (406 016) 1 596 680
- Segment liabilities 341 195 161 238 252 883 (276 655) 478 661
- Net segment assets 607 762 185 302 454 316 (129 361) 1 118 019
Audited year to
30 June 2017
- Segment revenue 1 996 374 510 802 38 379 (66 137) 2 479 418
- Operating profit 134 199 57 822 29 723 (5 125) 216 619
- Profit before interest
and tax 134 199 57 822 29 723 (7 289) 214 455
- Profit before tax 154 275 48 238 112 427 (78 820) 236 120
- Segment assets 976 043 284 690 603 927 (342 091) 1 522 569
- Segment liabilities 298 071 114 277 244 459 (204 046) 452 761
- Net segment assets 677 972 170 413 359 468 (138 045) 1 069 808
NOTES TO THE FINANCIAL STATEMENTS
BASIS OF PREPARATION
The summarised audited consolidated annual financial statements for the year ended 30 June 2018
have been 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, Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the
South African Companies Act, and the JSE Listings Requirements. These summarised financial
results do not include all the disclosures required by IFRS, but contain the minimum information
required by IAS 34 interim financial reporting.
The accounting policies used in the preparation of these results are in accordance with IFRS and
are consistent, in all material respects, with those applied in the prior year.
These summarised financial statements have been extracted from the consolidated financial
statements for the year ended 30 June 2018 which have been audited by PKF Durban, whose
unqualified audit opinion on these consolidated financial statements is available for inspection
at the Company's registered office, together with the financial statements which will be utilised
in preparation of the integrated report for circulation to the shareholders together with the
notice for the Annual General Meeting. This summarised report is extracted from audited
information, but is not itself audited.
The auditor's report does not necessarily cover all the information included in this
announcement. The Board of Directors of ARB takes full responsibility for the preparation of
these summarised audited consolidated financial results for the year ended 30 June 2018 and for
ensuring that the summarised financial information has been correctly extracted from the
underlying audited annual financial statements. Statements contained in this announcement,
regarding the prospects of the Group, have not been reviewed or audited by the Group's
external auditors.
This report and the summarised audited consolidated annual financial statements have been
prepared and compiled under the supervision of Grant Scrutton CA(SA) (Chief Financial Officer).
ACQUISITION OF SUBSIDIARIES
Effective from 1 February 2018, the Group acquired a 60% controlling interest in CraigCor
Distribution Company (Pty) Ltd, to gain access to an exclusive distributor of Rockwell Automation
(Allan Bradley) products in Gauteng, Western Cape, Namibia and Zambia and Honeywell products in
the SADAC region. Goodwill primarily relates to growth expectations, expected future
profitability and the skill and expertise of the workforce. The purchase consideration is subject
to a maximum of R30,0m of which R19,2m was settled with cash on the effective date with the
balance to be paid in two tranches in November 2018 and November 2019 based on average levels of
profitability to 31 September 2017, 31 September 2018 and 31 September 2019. The Group has also
entered into put options to purchase the remaining 40% from February 2023.
The Group acquired R30,1m of net assets. In derecognising the NCIs, a put option liability of
R31,9m was recognised and a shortfall on derecognition of NCI and recognition of put option of
R20,1m charged to accumulated profits via the statement of change in equity, after attributing
the NCIs, at the next level, their share of the shortfall.
Fair value of financial instruments
Financial liabilities measured at fair value in the statement of financial position are
categorised in its entirety into the three levels of the fair value hierarchy based on the basis
of the lowest level input that is significant to the fair value measurement in its
entirety: Put option liabilities.
2018 2017
Level (R000's) (R000's)
CraigCor - non current 3 33 475 -
Eurolux - current 3 65 007 91 007
3 98 412 91 007
There have been no transfers between levels. The fair value of the put option financial liability
disclosed under level 3 has been determined in accordance with the predetermined contractual
valuation method. In the contractual valuation formula the only input which is unobservable from
market data is the subsidiaries historic profits.
COMMITMENTS AND CONTINGENCIES
As previously reported, ARB Electrical Wholesalers (Pty) Ltd received a summons from a major
listed construction company, as third respondent (after their insurance company and insurance
broker), in terms of a professional indemnity claim totalling R76,4m "as a result of the incorrect
cable being procured or incorrect cables being installed incorrectly". The Board believes that the
cable specified on their order was correctly supplied and delivered. Counsel have been appointed
to defend the matter which is set down to go to trial in November 2018. No provision has been made
as the Board believes that there is no justification for this claim.
DIVIDENDS
In view of the Group's continued strong cash generation and its ungeared balance sheet, the Board
has resolved to declare a dividend of 25,0 cents per share (2017: 25,0 cents per share) for the year
ended 30 June 2018, representing the maximum pay-out in terms of the Company's dividend policy.
In addition, the Board has resolved to again declare a special dividend of 10,0 cents per share
(2017: 10,0 cents) in order to return excess cash to shareholders.
The relevant dates for the dividends are as follows:
Event Date
Declaration date Thursday, 16 August 2018
Last day to trade cum dividend Tuesday, 11 September 2018
Shares commence trading ex dividend Wednesday, 12 September 2018
Record date Friday, 14 September 2018
Payment date Monday, 17 September 2018
Share certificates may not be dematerialised or rematerialised between Wednesday, 12 September 2018
and Friday, 14 September 2018, both days inclusive.
In compliance with the JSE Listings Requirements, the following additional information
is disclosed:
1. the dividend and special dividend have been declared out of income reserves;
2. the local Dividend Withholding Tax rate is 20%;
3. the gross local dividend amount is 25,00000 cents per share for shareholders exempt from paying
Dividend Withholding Tax;
4. the gross local special dividend amount is 10,00000 cents per share for shareholders exempt from
paying Dividend Withholding Tax;
5. the net local dividend amount is 20,00000 cents per share for shareholders liable to pay
Dividend Withholding Tax;
6. the net local special dividend amount is 8,00000 cents per share for shareholders liable to
pay Dividend Withholding Tax;
7. the issued share capital of ARB is 235 000 000 ordinary shares of 0,01 cent each; and
8. ARB's income tax reference number is 9010/138/20/5.
Exchange control approval has been applied for from the South African Reserve Bank to give effect
to the payment of the special dividend noted above. Payment of the special dividend to foreign
holders can only be made once this approval has been given.
EVENTS SUBSEQUENT TO THE YEAR-END
As announced on SENS on 15 August 2018, ARB has signed definitive agreements with South Ocean
Holdings Ltd ("South Ocean") to acquire 100% of the total issued share capital of Radiant Group
(Pty) Ltd ("Radiant") and the properties from which they operate out of. This transaction is still
subject to several conditions precedent, including the approval of the transaction by the
directors of ARB, the shareholders of South Ocean and the Competition Commission. If successful,
this transaction will add a product range that Eurolux was not previously involved in and add to
the operational capacity of the Lighting Division.
The purchase price for the sale equity is calculated linked to the tangible net asset value
("TNAV") of Radiant to be determined as at the effective date. The maximum purchase amount
is R117m.
The purchase price for the five properties (being Erven 445 and 446 Wynberg, Erf 539 Wynberg,
Erven 1111 and 1112 Marlboro) is R88m, subject to receipt of a structural engineer's report,
electrical compliance certificate and an entomologist's report.
The purchase considerations will be settled in cash by Eurolux, with 40% of the funding coming
from Eurolux's minority shareholders and the balance from ARB. It is anticipated that no third-
party financing will be required to fund the transaction.
FINANCIAL ASSISTANCE TO RELATED OR INTER-RELATED COMPANIES AND CORPORATIONS (S45)
The holding company has provided financial guarantees and cessions of loan accounts to the
Group's bankers on behalf of the subsidiary companies as security for facilities granted to the
subsidiary companies.
B-BBEE STATUS
The group holding company does not trade and has no B-BBEE score. The Group's empowerment
is at the operational level and is specific to the requirements of the operation. ARB Electrical
Wholesalers is a level 2 value-adding contributor.
CHANGES TO THE BOARD
There have been no changes to the Board during the period under review.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of shareholders of ARB will be held at
10:00 on Tuesday, 6 November 2018, at the Company's registered office located at 10 Mack Road,
Prospecton, Durban. The notice of Annual General Meeting will be contained in the integrated
report which will be posted to shareholders by no later than Friday, 28 September 2018.
The record date, for purposes of determining which shareholders are entitled to receive the
notice of Annual General Meeting, will be Friday, 21 September 2018.
The last day to trade and the record date, in order for shareholders to be eligible to
participate in and vote at the Annual General Meeting, will be Tuesday, 23 October 2018 and
Friday, 26 October 2018, respectively.
APPRECIATION
We would like to acknowledge and thank our customers, suppliers, business partners, advisors,
shareholders, management and staff for their continued support in another tough trading year.
Alan R Burke William R Neasham
Chairman Chief Executive Officer
16 August 2018
CORPORATE INFORMATION
Directors
AR Burke (Chairman)*
JS Dixon#*
ST Downes#*
WR Neasham (CEO)
RB Patmore^#*
GM Scrutton (CFO)
* Non-executive
# Independent
^ Lead independent
Registered office and telephone numbers
10 Mack Road
Prospecton
Durban
PO Box 26426
Isipingo
Beach
4115
Tel: +27 31 9100 100
Auditors
PKF Durban
12 on Palm Boulevard
Gateway
4319
Tel: +27 31 573 5000
Sponsor
Grindrod Bank
Grindrod Tower
8a Protea Place
Sandton
Tel: +27 11 459 1873
Transfer secretaries
Computershare Investor Services
Rosebank Towers
15 Biermann Avenue
Rosebank
Johannesburg
2001
Investor relations
Keyter Rech Investor Solutions
Number 5, 2nd Road
Hyde Park
2196
Company Secretary
M Louw
11 Larch Close
Centurion
0046
Tel: +27 12 663 7989
www.arbhold.co.za
Date: 16/08/2018 08:00:00 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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