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HUDACO INDUSTRIES LIMITED - Abridged audited results for the year ended 30 November 2018 and change in audit firm

Release Date: 31/01/2019 17:45
Code(s): HDC     PDF:  
Wrap Text
Abridged audited results for the year ended 30 November 2018 and change in audit firm

Hudaco Industries Limited
Incorporated in the Republic of South Africa
Registration number: 1985/004617/06
JSE share code: HDC
ISIN code: ZAE000003273

Abridged audited results
For the year ended 30 November 2018 
and change in audit firm

Highlights
Turnover up 8% to R6,4 billion
Operating profit down 3% to R655 million
Headline earnings per share up 3% to 1 289 cents 
Comparable earnings per share down 4% to 1 198 cents 
Final dividend maintained at 380 cents per share
Cash generated from operations R468 million

Commentary
Hudaco Industries is a South African group specialising in the importation and distribution 
of high-quality branded automotive, industrial and electronic consumable products, mainly 
in the southern African region. Hudaco businesses serve markets that fall into two primary 
categories:
* The automotive aftermarket, power tool, battery, security and communication equipment 
  businesses supply products into markets with a bias towards consumer spending.
* The mechanical and electrical power transmission, diesel engine, hydraulics and pneumatics, 
  steel, thermoplastic fittings and bearings businesses supply engineering consumables mainly 
  to mining and manufacturing customers.

Value added includes product specification, technical advice, application and installation 
training and troubleshooting, combined with availability at a fair price.

Results
2018 began with much optimism but by year end hopes were frustrated, for the time being 
at least, by a combination of economic inertia and political rhetoric. We started the year 
with a new president and a new hope for our country and its economy. In his maiden State 
of the Nation Address, the president outlined a recovery plan for South Africa, much of 
which we felt was likely to translate into investment in those sectors of the economy that 
were traditional Hudaco markets. This would have enabled those of our businesses that have 
been in austerity mode for the past few years to thrive once again. Notwithstanding the 
positive steps that have been taken to restore good governance, tackle corruption and boost 
the economy, specifically mining and manufacturing, it is clear that past mismanagement 
means it is going to take longer than anticipated for us to see the benefits. Unfortunately 
this delay had a negative effect on the economy, with the first two quarters showing negative 
growth pushing South Africa into a technical recession, the first since 2009.

The extreme volatility of the Rand in 2018 made pricing exceptionally challenging. The 
currency strengthened in the first four months and subsequently declined in the remaining 
eight months. In the period March to September, the Rand weakened 33% against the US$ from 
R11,67 to R15,54. The last quarter of our year is generally our strongest but this year, 
although we managed to grow sales marginally, the gross margin suffered as the decline in 
the currency was too sharp for us to be able to put through the corresponding increases in 
selling prices. The more the economy came under pressure from the likes of increases in VAT, 
petrol, currency and drought the more pressure was put on prices.

There were two notable changes in turnover from the market sectors we serve. Sales to the 
wholesale and retail sector grew 17% (acquisitions and MiRO) and to the security sector 
shrank 7%.

Annual sales were up 8% to R6,4 billion, whilst operating profit decreased 3% to R655 million. 
Ongoing operations' sales for the group increased 3% to R6 billion, whilst operating profit 
declined 11%, with both segments battling with pricing in a difficult economy and extremely 
volatile exchange rates. Sales from ongoing operations in the consumer-related products 
segment were up 6% while operating profit decreased 1%, whereas engineering consumables' 
sales from ongoing operations increased 1% and its operating profit declined 14%.

Headline earnings per share were up 3% to 1 289 cents, while comparable earnings per share 
fell 4% to 1 198 cents because a positive fair value adjustment on the vendor liability 
(required to be reflected in headline earnings but, in our view, not an item that should 
be in comparable earnings) was deducted. The return on equity was 16%.

The final dividend has been maintained at 380 cents, giving us a total dividend for 2018 
up 1,8% at 570 cents. Comparable earnings cover the full dividend 2,1 times, which falls 
within our long-standing dividend policy range of paying between 40% and 50% of 
comparable earnings.

Financial position
The financial position remains healthy but the cash generation was not as good as usual, 
mainly because of an investment in readily saleable inventories that was higher than 
planned. The group had R1 163 million in net bank borrowings at year end, up from 
R860 million in 2017, after R242 million was spent on acquisitions. More importantly, 
interest payments were covered seven times by operating profits, compared with our internal 
benchmark of at least five times. We have significant additional bank borrowing facilities 
available so there is still capacity for acquisitions, and we continue to look for 
businesses in growth areas to further diversify and strengthen our portfolio.

Inventories at year end of R1 822 million are higher than we anticipated because some 
of our businesses turned out to be over ambitious in stocking up for the last quarter. 
Rutherford, Partquip and MiRO have a total of R140 million more stock than last year. 
It is all run-rate stock which will turn into cash in 2019. Inventories in the rest of 
the group are up 8,5%, excluding take-on inventory of acquisitions of R66 million. The 
return on net operating assets including goodwill (RONA) in 2018 is 17,3%.

Consumer-related products
The consumer-related products segment comprises 14 businesses. In 2018, it made up
55% of Hudaco's sales and 65% of operating profit.

The segment increased sales by 14% to R3,5 billion and operating profit by 8% to
R462 million. Operating profit margin was 13,2%.

MiRO, our distributor of wireless connectivity products, achieved another year of 
strong growth as it continued to add to its impressive basket of wireless technology 
products. The automotive spares and accessories businesses, Partquip, A-Line and 
Abes, had another good year. There was good organic growth from our battery businesses 
of SBS, Deltec and Eternity. This mainly in the alternative energy and wholesale and 
retail sectors.

Rutherford, the second largest business in this segment and the main activity of 
which is the distribution of Makita power tools and garden equipment, had a tough 
year, as sales to the big box stores declined. The move at the beginning of the year 
to a larger, more effective distribution centre at City Deep has already started 
paying dividends, including through the very smooth physical integration
of Boltworld, which was acquired to bolster FTS, the fastener division of
Rutherford. The combined business now trades under the name FTS Boltworld.

Unfortunately, we had disappointing results from our security businesses, Elvey and 
Pentagon, and our communications business, SS Telecoms. These businesses have dampened 
what would otherwise have been a good result for the consumer-related products segment.

Engineering consumables
The 21 businesses that constitute engineering consumables made up the other 45% of 
sales and 35% of operating profit.

The segment sales were up 1,7% to R2,9 billion whilst operating profit decreased 
by 9,7% to R246 million. Operating profit margin decreased to 8,4%.

The majority of businesses in this segment distribute mature industrial products 
to mature economic segments (mainly mining and manufacturing). These market 
sectors have been in decline for the last approximately ten years partly due 
to natural boom and bust cyclicality of resources but also in recent years due to
conditions in South Africa not being investment friendly. Whilst Hudaco businesses 
in this segment are now sized correctly for current market conditions, profits 
are not growing. We are modifying the structures of some of these businesses to
extract synergies where it makes sense. It is important to note however that the 
returns in most of these businesses are acceptable and they generate the cash we 
use to diversify and expand our portfolio of businesses.

Deutz Dieselpower and our steel businesses of Ambro, Bosworth and The Dished 
End Company performed well. HERS, supplying automotive drive trains to the 
platinum mining sector, also had a much-improved year. Disappointing results 
came from Astore Keymak (thermoplastic pipes and fittings), Powermite 
(electrical), Ernest Lowe, Berntel and GPM (hydraulic and pneumatic businesses) 
and Joseph Grieveson.

Lawsuit against Bravura and certain associates
We are pleased to report that a court date has now been set for our claim 
against Bravura, Cadiz and certain of their associates for up to R490 million. 
The matter is to be heard in the last quarter of 2019. Hudaco has brought the 
action to recover, inter alia, secret profits made on the financing arrangements 
around the Hudaco BEE transaction that ran from August 2007 to February 2013. 
We note with interest the announcement by another listed company that was also 
advised by Bravura on its BEE structure that it too has settled with SARS.

Prospects
Prospects for Hudaco will depend largely on how the economy performs and, 
in 2019, that is bound to be influenced by the lead-up to and outcome of the 
national elections in May. We expect that in the first half we will experience 
more of the same inertia as business adopts a wait and see approach. We are 
hoping for a positive electoral outcome coupled with some meaningful action 
and implementation from the government on the economic front. This should 
kick-start the economy and will hopefully translate into investment in those 
sectors that are traditional Hudaco markets. Our businesses are well placed 
to benefit immediately from such a scenario. We expect a stronger year in cash 
generation as the excess stock in our mainly growth industry businesses is sold. 
We look forward to the contribution from the new senior management we have brought 
on board to strengthen our team, as well as the synergies to be gained from the 
planned restructure of the engineering consumables portfolio and the bolt-on 
acquisitions in the consumer-related products segment.

Declaration of final dividend no 64
Final dividend number 64 of 380 cents per share (2017: 380 cents per share) 
is declared payable on Monday, 4 March 2019 to ordinary shareholders recorded 
in the register at the close of business on Friday, 1 March 2019.

The timetable for the payment of the dividend is as follows:

Last day to trade cum dividend                 Tuesday, 26 February 2019
Trading ex dividend commences                  Wednesday, 27 February 2019
Record date                                    Friday, 1 March 2019
Payment date                                   Monday, 4 March 2019

Share certificates may not be dematerialised or rematerialised between 
Wednesday, 27 February 2019 and Friday, 1 March 2019, both days inclusive. 
The certificated register will be closed for this period.

In terms of the Listings Requirements of the JSE Limited regarding 
Dividends Tax, the following additional information is disclosed:
* The dividend has been declared from income reserves;
* The dividend withholding tax rate is 20%;
* The net local dividend amount is 304 cents per share for shareholders 
  liable to pay Dividends Tax and 380 cents per share for shareholders 
  exempt from Dividends Tax;
* Hudaco Industries Limited has 34 153 531 shares in issue (which includes 
  2 507 828 treasury shares); and
* Hudaco Industries Limited's income tax reference number is 9400/159/71/2.

Directorate
Royden Vice, who was an independent non-executive director from June 2007 
and served as chairman of the board from March 2008, retired from the 
board on 5 April 2018 after the annual general meeting. He was a great 
asset to the group and his contribution will be missed both personally 
and professionally. We wish him well in his retirement. On Royden's 
retirement, Stephen Connelly assumed the role of non-executive chairman 
and Daisy Naidoo was appointed lead independent non- executive director.

We welcome Louis Meiring as an executive director with effect from 
14 January 2019. Louis, an electrical engineer, was with the Zest WEG 
Group for the past 27 years and served as its Group CEO from 2012. 
His extensive experience of the engineering consumables industry will 
significantly enhance the skills, capacity and leadership capability 
of the Hudaco executive team.

Results presentation and annual general meeting
Hudaco will host presentations on the financial results in Johannesburg 
and Cape Town on Friday, 1 February 2019 and Monday, 4 February 2019, 
respectively. Anyone wishing to attend should contact Sebolla 
Masekwameng at +27 11 657 5000.

The slides which form part of the presentation will be available on 
the company's website from Friday, 1 February 2019.

The company's 34th annual general meeting will be held at Hudaco's 
corporate office situated at Building 9, Greenstone Hill Office Park, 
Emerald Boulevard, Greenstone Hill, Edenvale at 11:00 on Tuesday, 
19 March 2019. The notice and proxy form for the company's annual 
general meeting will be posted to shareholders during the last week 
of February 2019 and will be included in the integrated report that 
will be published on Hudaco's website during February 2019.

Approval of financial statements
The financial statements have been approved by the board and 
abridged for purposes of this report. Grant Thornton has signed 
an unqualified audit opinion on the annual financial statements. 
Both the financial statements and the auditor's report are 
available for inspection at the company's registered office.

This abridged report is extracted from audited information, but 
is not itself audited.

The auditors' report does not necessarily cover all of the 
information contained in this announcement. Shareholders are 
therefore advised that, in order to obtain a full understanding 
of the nature of the auditors' work, they should obtain a copy 
of the report together with the accompanying financial information 
from the registered office of the company.

Announcement regarding change in audit firm due to merger
Shareholders are advised in terms of paragraph 3.75 of the JSE 
Listings Requirements that the Johannesburg office of Hudaco's 
audit firm, Grant Thornton, merged with BDO South Africa Inc. 
(BDO) during the conduct of the Hudaco audit. Because the audit 
commenced before the merger, it was completed on 31 January 2019 
under the auspices of Grant Thornton and BDO became Hudaco's 
auditors immediately thereafter.

The Audit and Risk Management Committee of Hudaco has followed the 
process detailed in paragraph 3.84(g)(iii) of the JSE Listings 
Requirements and has recommended to the Hudaco board that the 
appointment by shareholders of BDO as auditors be submitted for 
approval at the next annual general meeting of the company on 
19 March 2019. The designated audit partner, Vanessa de Villiers, 
will remain unchanged.

For and on behalf of the board
SJ Connelly                               GR Dunford
Non-executive chairman                    Chief executive

31 January 2019

Nedbank Corporate and Investment Banking Sponsor
These results are available on the internet: http://www.hudaco.co.za

Group statement of financial position


                                                    30 Nov    30 Nov
R million                                             2018      2017
Assets
Non-current assets                                   1 875     1 843
Property, plant and equipment                          277       270
Investment in joint venture                              9         9
Goodwill                                             1 505     1 480
Intangible assets                                       49        70
Deferred taxation                                       35        14
Current assets                                       3 167     2 777
Inventories                                          1 822     1 538
Trade and other receivables                          1 278     1 156
Taxation                                                 4         2
Bank deposits and balances                              63        81
TOTAL ASSETS                                         5 042     4 620
Equity and liabilities
Equity                                               2 579     2 376
Equity holders of the parent                         2 509     2 295
Non-controlling interest                                70        81
Non-current liabilities                              1 124       891
Amounts due to bankers                               1 014       675
Amounts due to vendors of businesses acquired          109       215
Deferred taxation                                        1         1
Current liabilities                                  1 339     1 353
Trade and other payables                               989       943
Bank overdraft                                         212       266
Amounts due to vendors of businesses acquired          105       116
Taxation                                                33        28
Total equity and liabilities                         5 042     4 620


Group statement of comprehensive income

                                             30 Nov       %   30 Nov
R million                                      2018  change     2017

Turnover                                      6 381     8,1    5 902
- Ongoing operations                          5 967     3,2    5 784
- Operations acquired after December 2016       414              118
Cost of sales                                 4 060            3 704
Gross profit                                  2 321     5,6    2 198
Operating expenses                            1 666     9,5    1 522
- Ongoing operations                          1 576     5,1    1 499
- Operations acquired after December 2016        90               23
Operating profit                                655    (3,0)     676
- Ongoing operations                            589   (10,7)     660
- Operations acquired after December 2016        66               16
Impairment of goodwill and intangible
assets                                          (34) 
Adjustment to fair value of amounts due
to vendors of businesses acquired                11              (20)
- Adjustment to estimated capital amounts
due                                              34                2
- Adjustment for time-value of money            (23)             (22) 
Profit before interest                          632    (3,5)     656
Finance costs                                    91               81
Profit before taxation                          541    (5,7)     575
Taxation                                        144              156
Profit after taxation                           397    (5,2)     419
Income from joint venture                         3                3 
Profit for the year                             400    (5,2)     422
Other comprehensive income (loss)                 3               (2) 
Movement on fair value of cash flow
hedges                                                             2
Exchange gain (loss) on translation of
foreign operations                                3               (4)
Total comprehensive income for
the year                                        403    (3,9)     420
Profit attributable to:
- Equity holders of the parent                  381    (4,1)     397
- Non-controlling shareholders                   19               25
                                                400    (5,2)     422
Total comprehensive income attributable to:
- Equity holders of the parent                  383    (3,0)     396
- Non-controlling shareholders                   20               24
                                                403    (3,9)     420
Earnings per share (cents)
- Basic                                       1 202    (4,1)   1 254
- Headline                                    1 289     2,6    1 256
- Comparable                                  1 198    (4,2)   1 251
Diluted earnings per share (cents)
- Basic                                       1 173    (5,5)   1 241
- Headline                                    1 258     1,2    1 243
- Comparable                                  1 168    (5,6)   1 237

Calculation of headline earnings
Profit attributable to equity holders of
the parent                                      381    (4,1)     397
Adjusted for:
Impairment of goodwill and intangible
assets                                           34
(Profit) loss on disposal of plant and
equipment                                        (2)               1
Non-controlling interest and tax                 (5)
Headline earnings                               408     2,6      398
Calculation of comparable earnings
Headline earnings                               408     2,6      398
Adjusted for:
Fair value adjustment on capital amounts
due to vendors of businesses acquired           (34)              (2)
Non-controlling interest                          5
Comparable earnings                             379    (4,2)     396
Dividends
- Per share (cents)                             570              560
- Amount (Rm)                                   180              177
Shares in issue (000)                        31 646           31 646
- Total (000)                                34 154           34 154
- Held by subsidiary (000)                   (2 508)          (2 508) 
Weighted average shares in issue
- Total (000)                                31 646           31 646
- Diluted (000)                              32 435           31 981

Group statement of cash flows

                                                     30 Nov   30 Nov
R million                                              2018     2017
Cash generated from trading                             760      772
Increase in working capital                            (292)     (61) 
Cash generated from operations                          468      711
Taxation paid                                          (164)    (131) 
Net cash from operating activities                      304      580
Net investment in new operations                       (242)    (210) 
Net investment in property, plant and equipment         (51)     (47)
Dividend received                                         4
Net cash from investing activities                     (289)    (257)
Increase (decrease) in non-current amounts due
to bankers                                              339      (35) 
Share-based payments                                    (18)     (16) 
Finance costs paid                                      (91)     (81) 
Dividends paid                                         (211)    (177) 
Net cash from financing activities                       19     (309) 
Decrease in net bank overdraft                           34       14
Foreign exchange translation gain (loss)                  2       (4)
Net bank overdraft at beginning of the year            (185)    (195) 
Net bank overdraft at end of the year                  (149)    (185)


Group statement of changes in equity

                                        Share        Non- 
                                      capital  distribut-
                                          and        able   Retained
R million                             premium    reserves     income

Balance at 1 December 2016                 55          64      1 965
Comprehensive income for the year                      (2)       398
Movement in equity compensation
reserve                                                16        (13)
Dividends                                                       (169) 
Balance at 30 November 2017                55          78      2 181
Less: Shares held by subsidiary
company                                                          (19)
Net balance at 30 November 2017            55          78      2 162
Balance at 1 December 2017                 55          78      2 181
Comprehensive income for the year                       3        380
Movement in equity compensation
reserve                                                18         (7) 
Dividends                                                       (180) 
Balance at 30 November 2018                55          99      2 374
Less: Shares held by subsidiary
company                                                          (19) 
Net balance at 30 November 2018            55          99      2 355

                                       Equity        Non- 
                                      holders    control- 
                                       of the        ling
R million                              parent    interest     Equity

Balance at 1 December 2016              2 084          65      2 149
Comprehensive income for the year         396          24        420
Movement in equity compensation
reserve                                     3                      3
Dividends                                (169)         (8)      (177) 
Balance at 30 November 2017             2 314          81      2 395
Less: Shares held by subsidiary
company                                   (19)                   (19)
Net balance at 30 November 2017         2 295          81      2 376
Balance at 1 December 2017              2 314          81      2 395
Comprehensive income for the year         383          20        403
Movement in equity compensation
reserve                                    11                     11
Dividends                                (180)        (31)      (211) 
Balance at 30 November 2018             2 528          70      2 598
Less: Shares held by subsidiary
company                                   (19)                   (19) 
Net balance at 30 November 2018         2 509          70      2 579

Supplementary information
The consolidated financial statements have been prepared in accordance
with IAS 34: Interim Financial Reporting, International Financial Reporting 
Standards (IFRS) as issued by the International Accounting Standards Board 
(IASB), SAICA Financial Reporting Guides as issued by the Accounting 
Practices Committee, the requirements of the South African Companies Act 
and the JSE Listings Requirements. Except for the adoption of the amendments 
to IAS 7: Statement of Cash Flows, IAS 12: Income Tax and IFRS 12: Disclosure 
of Interest in Other Entities, the same accounting policies, presentation 
and measurement principles have been followed in the preparation of this 
abridged report as were applied in the preparation of the group's annual 
financial statements for the year ended 30 November 2017. In addition, 
interest imputed on amounts due to vendors in 2017 has been reclassified 
from finance costs to adjustment to fair value of amounts due to vendors 
of businesses acquired. These results have been compiled under the supervision 
of the financial director, CV Amoils, CA (SA). The directors of Hudaco take 
full responsibility for the preparation of the abridged report and ensuring 
that the financial information has been correctly extracted from the 
underlying financial statements.

                                                   30 Nov     30 Nov
                                                     2018       2017
Average net operating assets (NOA) (Rm)             3 781      3 411
Operating profit margin (%)                          10,3       11,5
Average NOA turn (times)                              1,7        1,7
Return on average NOA (%)                            17,3       19,8
Average net tangible operating assets (NTOA)
(Rm)                                                2 211      1 970
PBITA margin (%)                                     10,7       11,9
Average NTOA turn (times)                             2,9        3,0
Return on average NTOA (%)                           31,0       35,7
Net asset value per share (cents)                   7 927      7 252
Return on average equity (%)                         16,3       18,7
Operating profit has been determined after taking 
into account the following charges (Rm)
- Depreciation                                         49         46
- Amortisation                                         30         28
Capital expenditure (Rm)
- Incurred during the period                           56         52
- Authorised but not yet contracted for                76         66
Commitments
- Operating lease commitments on properties
(Rm)                                                  300        301

Acquisition of businesses
On 1 June 2018 the group acquired 100% of the business of Boltworld 
and on 1 September 2018 100% of the business of TPA Security Distributors. 
The total consideration paid was R136 million.

Plant and equipment of R3 million, inventories of R66 million, trade and 
other receivables of R16 million, trade and other payables of R16 million, 
cash of R1 million, intangible assets of R8 million and goodwill of 
R58 million were recognised at dates of acquisition. These values approximate 
the fair values as determined under IFRS 3.

Had these acquisitions been made at the beginning of the year, additional 
turnover of R148 million and profit after interest and tax of R7 million 
would have been included in the group results and the turnover and profit 
after interest and tax for the group would have been R6 529 million and 
R404 million, respectively.

SEGMENT INFORMATION


                                         30 Nov        %   30 Nov
R million                                  2018   change     2017
Turnover
Consumer-related products                 3 491     14,4    3 051
- Ongoing operations                      3 128      5,7    2 958
- Operations acquired after
December 2016                               363                93
Engineering consumables                   2 910      1,7    2 861
- Ongoing operations                      2 859      0,8    2 836
- Operations acquired after
December 2016                                51                25
Total operating segments                  6 401      8,3    5 912
Head office, shared services and
eliminations                                (20)              (10) 
Total group                               6 381      8,1    5 902

Operating profit

                                         30 Nov        %   30 Nov
R million                                  2018   change     2017
Consumer-related products                   462      7,9      428
- Ongoing operations                        414     (1,3)     419
- Operations acquired after
December 2016                                48                 9
Engineering consumables                     246     (9,7)     272
- Ongoing operations                        228    (14,1)     265
- Operations acquired after
December 2016                                18                 7
Total operating segments                    708      1,0      700
Head office, shared services and
eliminations                                (53)              (24) 
Total group                                 655     (3,0)     676


Average net operating assets

                                         30 Nov        %   30 Nov
R million                                  2018   change     2017
Consumer-related products                 1 935     21,6    1 592
- Ongoing operations                      1 649      7,8    1 528
- Operations acquired after
December 2016                               286                64
Engineering consumables                   1 821      6,5    1 710
- Ongoing operations                      1 748      4,7    1 670
- Operations acquired after
December 2016                                73                40
Total operating segments                  3 756     13,7    3 302
Head office, shared services and
eliminations                                 25               109
Total group                               3 781     10,9    3 411


Hudaco Industries Limited
Registered office
1st Floor, Building 9
Greenstone Hill Office Park
Emerald Boulevard, Greenstone Hill, Edenvale
Tel +27 11 657 5000
Email: info@hudaco.co.za

Directors
SJ Connelly (Chairman)*
GR Dunford (Chief executive)
CV Amoils (Financial director) N Mandindi*
LFJ Meiring
D Naidoo*
MR Thompson*
* Non-executive

Group secretary
R van Zyl

Transfer secretaries
Computershare Investor Services Proprietary Limited
PO Box 61051
Marshalltown, 2107

Sponsor
Nedbank Corporate and Investment Banking 
http://www.hudaco.co.za


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