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ESR - Esorfranki Limited - Audited summarised consolidated annual financial

Release Date: 26/05/2011 07:05:02      Code(s): ESR
ESR - Esorfranki Limited - Audited summarised consolidated annual financial     
statements for the year ended 28 February 2011                                  
ESORFRANKI LIMITED                                                              
(Registration number: 1994/000732/06)                                           
Incorporated in the Republic of South Africa                                    
(JSE Code: ESR  ISIN: ZAE000133369)                                             
("Esorfranki" or "the company" or "the group")                                  
AUDITED SUMMARISED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS                     
FOR THE YEAR ENDED 28 FEBRUARY 2011                                             
KEY FINANCIAL FEATURES                                                          
HEADLINE LOSS 118,6% down to R37,9 million                                      
REVENUE 26,5% down to R1,366 billion                                            
EBITDA 87,4% down to R49,1 million                                              
ORDER BOOK R1,456 billion (2010: R1 573 billion)                                
MARKET CAPITALISATION AT YEAR-END R543 million (2010: R864 million)             
CLOSING SHARE PRICE AT YEAR-END 180 cents per share (2010: 286 cents per share) 
COMMENTARY                                                                      
The audited summarised consolidated results of Esorfranki for the year ended 28 
February 2011 ("the year") reflect a struggling construction sector which       
continued to depress group revenue and pressure margins. Esorfranki`s weak      
performance was further impacted by substantial losses incurred on problem      
contracts and unusually inclement weather which hampered project progression.   
Post year-end the group structure was streamlined for greater cost-efficiency   
and resilience in the prevailing economic conditions. This saw the              
divisionalisation of operations and their amalgamation into a single operating  
company effective from 1 March 2011. All group businesses are now housed under  
the re-branded company Esorfranki Construction (Pty) Limited, consolidating and 
strengthening the Esorfranki brand in the market. Esorfranki Geotechnical,      
Esorfranki Civils and Esorfranki Pipelines are therefore divisions of Esorfranki
Construction ("the restructuring"). Most operations are now located centrally at
Esorfranki`s Germiston Head Office, which was extended during the year.         
Esorfranki`s work in hand and future pipeline remain healthy, with a secured    
order book in excess of R1,9 billion at the date of this announcement, and      
awarded work imminently pending of approximately R1,2 billion.                  
Financial results                                                               
Consolidated revenue has reduced to R1,366 billion from R1,858 billion in the   
previous year. Earnings before interest, depreciation, impairments, amortisation
and taxation ("EBITDA") has fallen by 87,4% to R49,1 million from R389,1        
million. Headline earnings per share ("HEPS") also declined by 118,1% to a loss 
of 12,9 cents per share. Net asset value (NAV) per share was down 13,3% to      
238,86 cents from 275,63 cents based on the number of shares in issue at        
year-end, net of treasury shares.                                               
The group incurred once-off restructuring costs of approximately R7 million and 
contract losses for the year of approximately R90 million.                      
Review of operations                                                            
Generally the limping construction market was characterised by increasing       
contract award delays, postponements and cancellations and curtailed tendering  
activity - all exacerbated by the post 2010 Soccer World Cup hiatus - protracted
payment delays and at Government level, administrative bottlenecks. In Africa,  
liquidity constraints also continued to hamper the release to market of new     
contracts and progress on existing contracts underway.                          
As a result of tightened competition and margin squeeze, all of the group`s     
divisions under-recovered on overheads. All expected losses have been recognised
as determined by reference to the latest estimates of contract revenue, costs   
and contract outcome.                                                           
Esorfranki Geotechnical: Revenue was stabilised during the year at R706,7       
million, albeit 25% lower than the R944,9 million for the previous year.        
Operating profit dropped significantly from R164,1 million to R18,7 million.    
Since year-end new contracts have been awarded including a R40 million piling   
contract for the Kalagadi Manganese Project and a R17 million Odex-piling       
contract on the K71/R55 road project, which are already underway. Piling work   
worth R30 million remains at Kusile. The redeployment of available capacity into
sub-Saharan Africa to service fast-growing regions will be a priority in this   
division.                                                                       
Esorfranki Civils: The division curtailed the reduction in revenue to 27%, from 
R715 million in the previous year to R518,8 million. However, more than 50%     
under-utilisation of available capacity pressured costs, and contributed to an  
operating loss of R3,1 million (2010: operating profit R144,5 million).         
Competition in the civils industry is expected to remain extremely tough.       
Notwithstanding this, the division`s recent contract awards include R200 million
work on the K71/R55 road, an R80 million contract for Road Agency Limpopo (RAL),
R310 million at Kusile and R330 million on the Bakwena N4 Toll Road. In addition
R200 million worth of ongoing and pending work in mining is in hand and a       
cross-border project in Mozambique is expected to commence in August 2011.      
Esorfranki Pipelines: Revenue declined to R169 million from R229,3 million with 
an operating loss of R3,5 million compared to an operating profit of R31,1      
million for the previous year. The division has a R264 million order book in    
hand as at 28 February 2011, including a R60 million project on Phase III of    
Mooihoek. In addition the BG3 contract started full production in April 2011.   
Phase II of the Western Aqueduct for Ethekwini Water and Sanitation Services was
tendered for in February 2010, with the tender validity period extended no less 
than five times. In December 2010 the group received a letter of intent, which  
is now subject to an appeals process. A decision is expected shortly.           
CAPEX                                                                           
In line with its focus on strict financial discipline, Esorfranki`s CAPEX for   
the year of R50,4 million was significantly lower than the R96 million expended 
in the previous year. Esorfranki Civils accounted for the majority with CAPEX of
R18 million. The R12 million investment in Esorfranki Geotechnical followed a   
major re-tooling in the previous years, with CAPEX forecasts in this division   
remaining low and relating to maintenance only. An amount of R6 million was     
spent at Esorfranki Pipelines. A further R14,2 million was spent on properties. 
The board has authorised an anticipated CAPEX requirement of R278,3 million to  
gear up for recently awarded and pending contracts.                             
Black Economic Empowerment                                                      
Esorfranki improved its rating to a `Level 4` contributor (from `Level 5`) in   
terms of the Department of Trade & Industry`s B-BBEE Codes of Good Practice.    
This is a critical differentiator in an environment dependent on Government     
infrastructure spend and defined by intense price competition.                  
Notwithstanding the strengthening of its B-BBEE platform, Esorfranki remains    
focused on continually reviewing and enhancing all areas of scorecarding.       
Incorporating retail shareholders on the open market, direct black ownership    
scored at 29,64% (2010: 29,07%), of which 4,55% (2010: 5,87%) comprised Black   
female equity participation. Included in this is the 4,4% stake in the company  
held by Black staff through the Esor Broad Based Share Ownership Scheme.        
More than 83% of the group`s 3 184 strong workforce is Black and emphasis is    
placed on skills training and development to accelerate promotion into middle   
and senior management.                                                          
Competition Commission update                                                   
As previously announced Esorfranki was named in July 2009 by the Competition    
Commission in an investigation into alleged anti-competitive behaviour in the   
piling and drilling industry. The allegations related to transgressions by      
Franki Africa prior to that company`s acquisition by the group and by the then- 
named Esor (Pty) Limited prior to listing.                                      
Esorfranki has co-operated fully with the Competition Commission and is         
committed to resolving the matter as soon as possible together with the         
Commission. All developments will be communicated to shareholders in due        
course.                                                                         
Post year-end events                                                            
Rights offer                                                                    
The rights offer announced in November 2010 was concluded post year-end in      
March 2011, successfully raising R200 million for the group.                    
The fully underwritten rights offer comprised 93 million shares at a            
subscription price of R2,15 each and was aimed at settling acquisition debt     
and strengthening the statement of financial position.                          
This initiative facilitated the waiver of loan agreement covenants and the      
favourable re-negotiation of facility requirements.                             
Prospects                                                                       
With 3,5% GDP growth in South Africa anticipated in 2011, increasing to 4% in   
2012, a gradual recovery in the economy is evident. Nonetheless market          
conditions are expected to remain challenging in the short-term with a real     
improvement only noticeable in 2012 and more strongly in 2013. Positively,      
Esorfranki has concluded loss-making contracts and secured a number of          
substantial new projects, which affirm the first signs of improving trading     
conditions.                                                                     
Although sub-Saharan Africa offered little respite for the group during the     
year, high GDP growth targets in buoyant regions including Mozambique and Angola
bode well for future growth. Other regions such as Mauritius and Tanzania also  
offer robust prospects and the group has secured a R35 million contract in      
Mozambique and aR27 million contract in Tanzania. Esorfranki is further         
targeting R200 million worth of work in Angola.                                 
A key growth driver in sub-Saharan Africa is expected to be the increasing      
demand for beneficiated resources. In addition the desperate need for           
infrastructure development in power, water, transport and resources should      
result in inevitable investment, especially given the South African             
Government`s recently-reiterated commitment in this regard. Esorfranki is       
well-positioned to take advantage of new projects coming to market.             
Dividend declaration                                                            
The board has resolved not to declare a dividend in respect of this financial   
year (2010: 15 cents per share). It remains the policy of the company to review 
the dividend annually in light of solvency, liquidity, cash flow, gearing and   
capital requirements.                                                           
Statement of compliance                                                         
The audited summarised consolidated results for the year have been prepared     
in accordance with the recognition and the measurement requirements of          
International Financial Reporting Standards, the presentation and disclosure    
requirements of IAS 34: Interim Financial Reporting, the AC 500 standards and   
the JSE Listings Requirements and in the manner required by the South African   
Companies Act, 71 of 2008. The accounting policies applied in preparation of    
the audited summarised consolidated annual financial statements are consistent  
with those applied in the group`s audited consolidated annual financial         
statements for the year ended 28 February 2010, which comply with International 
Financial Reporting Standards.                                                  
Audit opinion                                                                   
The auditors, KPMG Inc., have issued an unmodified audit opinion on the group`s 
financial statements for the year ended 28 February 2011. The audit was         
conducted in accordance with International Standards on Auditing. A copy of     
their audit report is available for inspection at the company`s registered      
office. These audited summarised annual financial statements have been derived  
from the group audited annual financial statements and are consistent in all    
material respects.                                                              
Annual general meeting                                                          
The annual general meeting of the company will be held at the company`s offices,
30 Activia Road, Activia Park, Germiston on 24 June 2011 at 10h00.              
On behalf of the board.                                                         
Bernard Krone                     Wayne van Houten                              
Chief Executive Officer           Chief Financial Officer                       
26 May 2011                                                                     
Summarised consolidated statement of comprehensive income                       
                                              2011          2010                
R`000         R`000               
Revenue                                        1 366 433     1 857 817          
Cost of sales                                  (1 204 988)   (1 361 041)        
Gross profit                                   161 445       496 776            
Other income                                   3 654         3 937              
Operating expenses                             (116 033)     (111 661)          
Profit before interest, tax, amortisation,     49 066        389 052            
impairments and depreciation                                                    
Depreciation, impairments and amortisation     (65 489)      (83 478)           
Results from operating activities              (16 423)      305 574            
Finance costs                                  (54 371)      (93 106)           
Finance income                                 23 703        63 281             
(Loss)/profit before income tax                (47 091)      275 749            
Income tax expense                             6 330         (78 108)           
(Loss)/profit after tax                        (40 761)      197 641            
Other comprehensive income                                                      
Foreign currency translation differences for   (21 333)      (32 630)           
foreign operations                                                              
Actuarial loss on post-retirement benefit      (261)         (28)               
Income tax on translation differences          2 441         3 683              
Other comprehensive loss for the period, net   (19 153)      (28 975)           
of tax                                                                          
Total comprehensive (loss)/income                                               
attributable to:                                                                
Owners of the company                          (59 914)      168 666            
Basic (loss)/earnings per share (cents)        (13,9)        69,4               
Diluted (loss)/earnings per share (cents)      (13,8)        68,6               
Headline (loss)/earnings per share (cents)     (12,9)        71,3               
Diluted headline (loss)/earnings per share     (12,8)        70,5               
(cents)                                                                         
Reconciliation of headline (loss)/earnings                                      
(Loss)/profit attributable to ordinary         (40 761)      197 641            
shareholders                                                                    
Adjusted for:                                                                   
Loss on disposal of property, plant and        4 609         5 396              
equipment                                                                       
Gain on disposal of subsidiary                 (3 654)       -                  
Impairment of assets                           2 032         -                  
Headline (loss)/earnings attributable to       (37 774)      203 037            
ordinary shareholders                                                           
Number of ordinary shares (`000)                                                
in issue                                       302 162       302 162            
diluted weighted average                       294 555       288 038            
weighted average                               293 763       284 743            
Summarised consolidated statement of financial position                         
                                              2011          2010                
                                              R`000         R`000               
ASSETS                                                                          
Non-current assets                             966 187       999 551            
Property, plant and equipment                  565 775       596 429            
Intangible assets                              90 117        93 737             
Goodwill                                       305 715       305 715            
Deferred tax assets                            4 580         3 670              
Current assets                                 498 164       648 273            
Inventories                                    16 983        14 827             
Other investments                              420           6 762              
Taxation                                       3 855         9 952              
Trade and other receivables                    413 768       499 869            
Cash and cash equivalents                      63 138        116 863            
Total assets                                   1 464 351     1 647 824          
EQUITY AND LIABILITIES                                                          
Share capital and reserves                     703 156       808 028            
Share capital and premium                      389 449       396 956            
Equity compensation reserve                    14 444        8 253              
Foreign currency translation reserve           (33 188)      (14 296)           
Retained earnings                              332 451       417 115            
Non-current liabilities                        195 562       405 711            
Secured borrowings*                            84 516        275 031            
Post-retirement benefits                       1 657         1 665              
Deferred tax liabilities                       109 389       129 015            
Current liabilities                            565 633       434 085            
Current portion of secured borrowings*         241 527       121 677            
Taxation                                       9 953         6 644              
Provisions                                     3 213         21 087             
Trade and other payables                       310 940       284 677            
Total equity and liabilities                   1 464 351     1 647 824          
Net asset value per share (cents)              238,9         275,6              
Tangible net asset value per share (cents)**   142,1         177,5              
*Interest-bearing debt                                                          
** (Net asset value less intangible assets, net of tax)/(shares in issue less   
treasury shares)                                                                
Summarised consolidated statement of cash flows                                 
                                              2011          2010                
                                              R`000         R`000               
Cash flows from operating activities           58 074        159 635            
Cash receipts from customers                   1 464 009     1 930 748          
Cash paid to suppliers and employees           (1 330 934)   (1 572 090)        
Cash generated from operations                 133 074       358 658            
Dividends paid                                 (43 642)      (42 429)           
Finance income                                 23 703        63 281             
Finance cost                                   (54 224)      (92 977)           
Taxation paid                                  (837)         (126 898)          
Cash flows from investing activities           (41 979)      (199 270)          
Proceeds from sale of property, plant and      3 032         3 085              
equipment                                                                       
Disposal/acquisition of business, net of cash  (980)         (113 828)          
acquired                                                                        
Acquisition of property, plant and equipment   (50 373)      (96 034)           
Disposal of investments                        6 342         7 507              
Cash flows from financing activities           (69 820)      (116 327)          
Proceeds from the issue of share capital       1 261         5 311              
Decrease in secured borrowings                 (70 665)      (121 559)          
Post-retirement benefits paid                  (416)         (79)               
Net (decrease)/increase in cash and cash       (53 725)      (155 962)          
equivalents                                                                     
Cash and cash equivalents at beginning of      116 863       272 825            
period                                                                          
Cash and cash equivalents at end of period     63 138        116 863            
Summarised consolidated statement of changes in equity                          
                                                           Equity               
                                 Share        Share        compensation         
                                 capital      premium      reserve              
R`000        R`000        R`000                
Balance at 1 March 2009           278          338 800      3 917               
Profit for the year               -            -            -                   
Other comprehensive income                                                      
Foreign currency translation      -            -            -                   
differences from foreign                                                        
operations                                                                      
Post-retirement benefit           -            -            -                   
adjustment                                                                      
Total other comprehensive loss    -            -            -                   
Total comprehensive               -            -            -                   
(loss)/income for the year                                                      
Transactions with owners,                                                       
recorded directly in equity                                                     
Contributions by and                                                            
distributions to owners                                                         
Issue of ordinary shares related  13           57 869       -                   
to business combinations                                                        
Share issue expenses              -            (5)          -                   
Dividends to equity holders       -            -            -                   
Share-based payment transactions  -            -            4 336               
Treasury shares                   1            -            -                   
Total contributions by and        14           57 864       4 336               
distributions to owners                                                         
Balance at 1 March 2010           292          396 664      8 253               
Loss for the year                 -            -            -                   
Other comprehensive income                                                      
Foreign currency translation      -            -            -                   
differences from foreign                                                        
operations                                                                      
Post-retirement benefit           -            -            -                   
adjustment                                                                      
Total other comprehensive loss    -            -            -                   
Total comprehensive loss for the  -            -            -                   
year                                                                            
Transactions with owners,                                                       
recorded directly in equity                                                     
Contributions by and                                                            
distributions to owners                                                         
Share issue expenses              -            (8 768)      -                   
Dividends to equity holders       -            -            -                   
Share-based payment transactions  -            -            6 191               
Treasury shares                   2            1 259        -                   
Total contributions by and        2            (7 509)      6 191               
distributions to owners                                                         
Balance at 28 February 2011       294          389 155      14 444              
                                                                                
                                 Translation  Retained     Total                
reserve      earnings     equity               
                                 R`000        R`000        R`000                
Balance at 1 March 2009           14 651       261 931      619 577             
Profit for the year               -            197 641      197 641             
Other comprehensive income                                                      
Foreign currency translation      (28 947)     -            (28 947)            
differences from foreign                                                        
operations                                                                      
Post-retirement benefit           -            (28)         (28)                
adjustment                                                                      
Total other comprehensive loss    (28 947)     (28)         (28 975)            
Total comprehensive               (28 947)     197 613      168 666             
(loss)/income for the year                                                      
Transactions with owners,                                                       
recorded directly in equity                                                     
Contributions by and                                                            
distributions to owners                                                         
Issue of ordinary shares related  -            -            57 882              
to business combinations                                                        
Share issue expenses              -            -            (5)                 
Dividends to equity holders       -            (42 429)     (42 429)            
Share-based payment transactions  -            -            4 336               
Treasury shares                   -            -            1                   
Total contributions by and        -            (42 429)     19 785              
distributions to owners                                                         
Balance at 1 March 2010           (14 296)     417 115      808 028             
Loss for the year                 -            (40 761)     (40 761)            
Other comprehensive income                                                      
Foreign currency translation      (18 892)     -            (18 892)            
differences from foreign                                                        
operations                                                                      
Post-retirement benefit           -            (261)        (261)               
adjustment                                                                      
Total other comprehensive loss    (18 892)     (261)        (19 153)            
Total comprehensive loss for the  (18 892)     (41 022)     (59 914)            
year                                                                            
Transactions with owners,                                                       
recorded directly in equity                                                     
Contributions by and                                                            
distributions to owners                                                         
Share issue expenses              -            -            (8 768)             
Dividends to equity holders       -            (43 642)     (43 642)            
Share-based payment transactions  -            -            6 191               
Treasury shares                   -            -            1 261               
Total contributions by and        -            (43 642)     (44 958)            
distributions to owners                                                         
Balance at 28 February 2011       (33 188)     332 451      703 156             
                                 2011         2010                              
Dividends per ordinary share      -            15,0                             
(cents)                                                                         
Segmental report                                                                
                             EsorfrankiGeotechnical  Esorfranki Civils          
2011        2010        2011        2010           
                             R`000       R`000       R`000       R`000          
 Segment revenue             706 672     944 862     518 787     715 033        
 Segment result                                                                 
(Loss)/profit before        18 747      164 147     (3 113)     144 520        
 interest and taxation                                                          
 Finance cost                (53 608)    (95 345)    (9 286)     (8 530)        
 Finance income              24 858      63 956      4 168       4 805          
Taxation                    7 773       (36 724)    (3 014)     (40 278)       
 Segment (loss)/profit       (2 230)     96 034      (11 245)    100 517        
 Segment assets              662 228     754 541     454 761     442 162        
 Segment liabilities         643 020     717 460     219 261     197 009        
Capital and non-cash items                                                     
 Additions to property,      11 794      52 844      17 964      49 711         
 plant and equipment                                                            
 Depreciation                23 183      32 226      21 039      19 430         
Impairment loss             1 624       -           -           -              
 Number of employees         1 287       1 562       1 453       1 228          
                             EsorfrankiPipelines   Corporate &                  
                                                   Eliminations                 
2011        2010      2011         2010            
                             R`000       R`000     R`000        R`000           
 Segment revenue             169 005     229 231   (28 031)     (31 309)        
 Segment result                                                                 
(Loss)/profit before        (3 548)     31 068    (28 509)     (34 161)        
 interest and taxation                                                          
 Finance cost                (79)        -         8 602        10 769          
 Finance income              3 361       5 404     (8 684)      (10 884)        
Taxation                    (794)       (11 885)  2 365        10 779          
 Segment (loss)/profit       (1 060)     24 587    (26 226)     (23 497)        
 Segment assets              87 092      167 121   260 270      284 000         
 Segment liabilities         54 024      127 733   (155 109)    (202 406)       
Capital and non-cash items                                                     
 Additions to property,      6 104       3 096     14 512       (9 617)         
 plant and equipment                                                            
 Depreciation                1 640       3 120     14 807       9 417           
Impairment loss             -           -         1 200        -               
 Number of employees         434         427       10           8               
                             Consolidated                                       
                             2011        2010                                   
R`000       R`000                                  
 Segment revenue             1 366 433   1 857 817                              
 Segment result                                                                 
 (Loss)/profit before        (16 423)    305 574                                
interest and taxation                                                          
 Finance cost                (54 371)    (93 106)                               
 Finance income              23 703      63 281                                 
 Taxation                    6 330       (78 108)                               
Segment (loss)/profit       (40 761)    197 641                                
 Segment assets              1 464 351   1 647 824                              
 Segment liabilities         761 196     839 796                                
 Capital and non-cash items                                                     
Additions to property,      50 374      96 034                                 
 plant and equipment                                                            
 Depreciation                60 669      64 193                                 
 Impairment loss             2 824       -                                      
Number of employees         3 184       3 225                                  
Geographical information                                                        
                         South Africa              Other regions                
                         2011         2010         2011       2010              
R`000        R`000        R`000      R`000             
 Total revenue           1 162 814    1 600 070    203 619    257 747           
 Property, plant and     463 705      494 531      102 070    101 898           
 equipment                                                                      
Consolidated                                           
                         2011         2010                                      
                         R`000        R`000                                     
 Total revenue           1 366 433    1 857 817                                 
Property, plant and     565 775      596 429                                   
 equipment                                                                      
DIRECTORS:                                                                      
DM Thompson* (Chairman)                                                         
B Krone (CEO)                                                                   
W van Houten (CFO)                                                              
EG Dube*                                                                        
MB Mathabathe*                                                                  
Dr FA Sonn*                                                                     
*Independent non-executive                                                      
REGISTERED OFFICE:                                                              
30 Activia Road, Activia Park, Germiston, 1401                                  
(PO Box 6478, Dunswart, 1508)                                                   
Telephone: +27 11 822 3906                                                      
Fax: +27 11 822 3112                                                            
SPONSOR:                                                                        
Vunani Corporate Finance                                                        
Vunani House                                                                    
Athol Ridge Office Park                                                         
151 Katherine Street, Sandton, 2196                                             
(PO Box 652419, Benmore, 2010)                                                  
TRANSFER SECRETARIES:                                                           
Computershare Investor Services (Pty) Limited                                   
70 Marshall Street, Johannesburg, 2001                                          
(PO Box 61051, Marshalltown, 2107)                                              
COMPANY SECRETARY:                                                              
iThemba Governance and Statutory Solutions (Pty) Limited                        
Monument Office Park                                                            
Suite 5 - 102, 79 Steenbok Avenue, Monument Park                                
(PO Box 25160, Monument Park, 0105)                                             
AUDITORS:                                                                       
KPMG Inc.                                                                       
KPMG Crescent                                                                   
85 Empire Road, Parktown, 2193                                                  
(Private Bag 9, Parkview, 2122)                                                 
www.esorfranki.co.za                                                            
Date: 26/05/2011 07:05:01 Supplied by www.sharenet.co.za                     
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