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APK
APK
APK - Astrapak - Unaudited results for the six months ended 31 August 2007
ASTRAPAK
(Incorporated in the Republic of South Africa)
(Registration number 1995/009169/06)
Share code APK
ISIN ZAE000096962
www.astrapak.co.za
Revenue up 40%
EBITDA up 19%
Headline earnings per share sustained
Debentures redeemed (50 cents returned to shareholders)
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2007
Condensed Consolidated Income Statements
Unaudited Restated
Unaudited restated Unaudited audited
six months six months previously 12 months
ended ended reported ended
31 August 31 August 31 August 28 February
(R`000) 2007 2006 2006 2007
Revenue 1 366 879 978 371 996 745 2 223 131
Cost of sales 1 051 820 731 357 736 296 1 673 781
Gross profit 315 059 247 014 260 449 549 350
Other 6 833 3 917 9 048 11 474
operating
income
Distribution 95 600 69 484 83 689 156 200
and selling
costs
Administrative 94 825 78 222 82 583 160 235
and other
expenses
Share of 667 1 534 1 534 1 984
results of
associates
Profit from 132 134 104 759 104 759 246 373
operations
Investment 3 968 368 368 2 835
income
Finance costs 34 511 19 799 19 799 51 130
Profit before 101 591 85 328 85 328 198 078
taxation
Taxation 23 568 19 651 18 268 52 408
Profit for the 78 023 65 677 67 060 145 670
period
Attributable
to:
Ordinary 66 615 61 447 62 830 131 236
shareholders
(2006: linked
unitholders)
of the parent
Preference 7 849 - - 4 595
shareholders
of the parent
Minority 3 559 4 230 4 230 9 839
interest
Profit for the 78 023 65 677 67 060 145 670
period
Earnings per 58,7 53,5 54,6 116,4
ordinary share
(2006: linked
unit) (cents)
56,8 50,8 51,9 109,9
Attributable
income
Debenture 1,9 2,7 2,7 6,5
interest
Earnings per 55,5 49,5 50,6 109,2
ordinary share
(2006: linked
unit) - fully
diluted
(cents)
53,6 46,8 47,9 102,7
Attributable
income
Debenture 1,9 2,7 2,7 6,5
interest
Weighted
number of
ordinary
shares
(2006: linked 117 253 121 065 121 065 119 390
units) in
issue (000`s)
Weighted 124 181 131 284 131 284 127 745
number of
ordinary
shares (2006:
linked units)
in issue -
fully diluted
(000`s)
Ordinary 33 445** 33 445* 33 445* 33 445**
dividends paid
Ordinary 24,75** 24,75* 24,75* 24,75**
dividend per
share (2006:
linked unit)
Preference 7 849 - - 4 595
dividends
accrued
Preference 441,096 - - 306,333
dividend per
share
* - dividends per linked unit for the year ended 28 February 2006
were paid on 5 June 2006.
** - dividends per share for the year ended 28 February 2007 were
paid on 4 June 2007.
Reconciliation between profit attributable to ordinary
shareholders (2006: linked unitholders) of the parent and headline
earnings
Profit 66 615 61 447 62 830 131 236
attributable
to ordinary
shareholders
(2006: linked
unitholders)
of the parent
Add 2 083 3 458 3 458 6 808
debenture
interest
Add loss on 410 3 217 3 217 3 658
exercise of
options
Less IAS 16 (3 000) - - -
reversal of
impairment of
property,
plant and
equipment -
sinkhole
Less IAS 16 (186) (173) (173) (1 717)
profit on
disposal of
property,
plant and
equipment
Total tax 36 50 50 61
effect of
adjustments
Total minority - 10 10 42
interest of
adjustments
Headline 65 958 68 009 69 392 140 088
earnings
Headline 56,3 56,2 57,3 117,3
earnings per
ordinary share
(2006: linked
unit) (cents)
54,4 53,5 54,6 110,8
Attributable
income
Debenture 1,9 2,7 2,7 6,5
interest
Headline 53,1 51,8 52,8 109,7
earnings per
ordinary share
(2006: linked
unit) - fully
diluted
(cents)
51,2 49,1 50,1 103,2
Attributable
income
Debenture 1,9 2,7 2,7 6,5
interest
Reconciliation
between profit
from
operations and
EBITDA
Profit from 132 134 104 759 104 759 246 373
operations
Depreciation 54 266 52 262 52 262 115 116
Amortisation - - - 66
of intangibles
Earnings 186 400 157 021 157 021 361 555
before
interest,
taxation,
depreciation
and
amortisation
(EBITDA)
Condensed Consolidated Balance Sheets
Unaudited Restated
Unaudited restated Unaudited audited
six months six months previously 12 months
ended ended reported ended
31 August 31 August 31 August 28 February
(R`000) 2007 2006 2006 2007
Assets
Non-current 1 093 496 853 407 865 444 942 160
assets
Property, 888 633 698 152 698 152 778 529
plant and
equipment
Deferred 44 798 38 831 50 868 36 315
taxation
Goodwill and 141 972 97 500 97 500 110 248
trademarks
Loans and 18 093 18 924 18 924 17 068
investments
Currents 898 468 827 279 827 279 866 558
assets
381 665 314 732 314 732 317 801
Inventories(1)
Trade and 489 583 395 731 395 731 421 693
other
receivables
Cash resources 27 220 116 816 116 816 127 064
Total assets 1 991 964 1 680 686 1 692 723 1 808 718
Equity and
liabilities
Total equity 873 070 724 780 740 575 892 347
Ordinary share 199 502 199 502 199 502 199 502
capital and
share premium
Retained 646 082 539 982 555 729 608 740
income
Non- (1 269) (653) (653) (1 269)
distributable
reserves
Capital 9 773 6 911 6 911 8 490
reserve(2)
Treasury (153 574) (106 772) (106 772) (154 872)
shares
Ordinary 700 514 638 970 654 717 660 591
shareholders`
funds
Debentures - 59 708 59 708 58 005
Equity
attributable
to ordinary
shareholders
(2006: linked 700 514 698 678 714 425 718 596
unitholders)
Preference 142 590 - - 142 602
share capital
and share
premium
Minority 29 966 26 102 26 150 31 149
interest
Non-current 315 724 301 513 301 020 256 653
liabilities
Long term 214 113 205 326 205 326 158 637
interest-
bearing debt
Deferred 101 611 96 187 95 694 98 016
taxation
Current 803 170 654 393 651 128 659 718
liabilities
Trade and 489 194 422 864 419 599 392 286
other payables
Linked - 3 235 3 235 6 646
unitholders
for debenture
interest
6 616 - - 4 595
Shareholders
for preference
dividends
Short term 307 360 228 294 228 294 256 191
interest-
bearing debt
Total equity 1 991 964 1 680 686 1 692 723 1 808 718
and
liabilities
(1) 1 056 762 762 680
Inventories
carried at net
realisable
value
(2) Capital
reserve
The capital
reserve
relates to
employee share
options valued
using the
Black Scholes
method.
Additional
information
Capital 162 298 72 023 72 023 173 139
expenditure
Capital
commitments
- contracted 38 941 78 031 78 031 65 334
not spent
- authorised 16 781 4 757 4 757 17 505
not contracted
Net asset 597 577 590 602
value per
linked unit
(cents)
Net tangible 476 497 510 510
asset value
per linked
unit (cents)
Net interest- 59 45 44 33
bearing debt
as a
percentage of
equity (%)
Net interest- 494 253 316 804 316 804 287 764
bearing debt
Long term 214 113 205 326 205 326 158 637
interest-
bearing debt
Short term 307 360 228 294 228 294 256 191
interest-
bearing debt
Cash (27 220) (116 816) (116 816) (127 064)
resources
Contingent 2 010 1 490 1 490 4 782
liabilities
Number of 135 131 135 131 135 131 135 131
linked units 250 250 250 250
in issue
Property,
plant and
equipment
Opening 778 529 615 821 615 821 615 821
balance - net
book value
Additions 162 298 72 023 72 023 173 139
Acquisition of 3 588 66 595 66 595 108 126
subsidiaries
Depreciation (54 266) (52 262) (52 262) (115 116)
Disposals - (1 516) (4 025) (4 025) (3 441)
book value
Closing 888 633 698 152 698 152 778 529
balance - net
book value
Condensed Consolidated Cash Flow Statements
Unaudited Restated
Unaudited restated Unaudited audited
six months six months previously 12 months
ended ended reported ended
31 August 31 August 31 August 28 February
(R`000) 2007 2006 2006 2007
Cash generated 186 643 156 893 156 893 359 349
from operations
Increase in (29 560) (77 066) (77 066) (98 060)
working capital
Non-cash 186 139 139 1 717
transactions
Net financing (49 362) (40 601) (40 601) (91 301)
costs and
taxation paid
Net cash inflow 107 907 39 365 39 365 171 705
before
distribution to
shareholders
Interest and (44 230) (39 881) (39 881) (37 595)
dividend
distribution to
shareholders
Net cash 63 677 (516) (516) 134 110
inflow/(outflow)
from operating
activities
Capital (162 298) (72 023) (72 023) (173 139)
expenditure
Acquisition of (49 652) (71 260) (71 260) (158 128)
investments,
subsidiaries and
minority
interests
Proceeds on the 1 702 4 092 4 092 5 158
disposal of
property, plant
and equipment
Cash outflow (210 248) (139 191) (139 191) (326 109)
from investing
activities
Net cash (90 622) 34 506 34 506 98 040
(outflow)/inflow
from financing
activities
Net decrease in (237 193) (105 201) (105 201) (93 959)
cash equivalents
Net cash and 26 009 119 969 119 969 119 968
cash equivalents
at the beginning
of the period
Net cash and (211 184) 14 768 14 768 26 009
cash equivalents
at the end of
the period
Acquisition of Subsidiaries
Effective date of acquisition 1 April 2007
(R`000) Ultrapak
Fair value of assets acquired
Property plant and equipment 3 588
Long term liabilities (2 014)
Accounts receivable 23 582
Cash resources 5
Inventory 3 018
Accounts payable (15 640)
12 539
Cash and cash equivalents acquired (5)
Goodwill on acquisition 26 729
Net cash effect of purchase of subsidiaries 39 263
Profit after tax since the date of acquisition 5 365
included in the Group`s results for the six months
ended 31 August 2007
No entities were disposed of as a result of this business combination.
Goodwill on acquisition arose due to the present value of future profits (cost
of the acquisition) exceeding the Group`s interest in the fair value of the
identifiable assets and liabilties of the subsidiary at the date of acquisition.
The transactions above were accounted for using the purchase method.
The above amounts have been determined using the most recent unaudited
management accounts.
Reconciliation of Prior Period Balances and Movements
Balances as Restated balances
previously
stated 31 August Adjustment 31 August
(R `000) 2006 2006
Deferred taxation 50 868 (12 037) 38 831
- asset
Retained earnings 555 729 (15 810) 539 919
Deferred taxation 95 694 493 96 187
- liability
Trade and other 419 599 3 265 422 864
payables
Minority interest 26 150 (48) 26 102
Taxation expense 18 268 (1 383) 16 885
The restatements
above are due to
a reassessment of
income tax for
Astrapak Limited
for 2003 and 2004
and the estimated
effect on
subsequent years.
Revenue 996 745 (18 374) 978 371
Cost of sales 736 296 (4 939) 731 357
Other operating 9 048 (5 131) 3 917
income
Distribution and 83 689 (14 205) 69 484
selling costs
Administrative 82 583 (4 361) 78 222
and other
expenses
The restatements
above are due to
corrections
required to
comply with
Circular 9/2006
issued by the
South African
Institute of
Chartered
Accountants in
respect of the
classification of
discounts.
Balances as Restated balances
previously
stated 28 Adjustment 28 February
February
(R `000) 2007 2006
Retained earnings 610 426 (1 686) 608 740
Trade and other 391 568 718 392 286
payables
Deferred taxation 97 048 968 98 016
- liability
Taxation expense 51 690 718 52 408
The restatements above are due to an error in the February 2007 tax calculation.
Condensed Segmental Analysis
(R `000) Films Rigids Flexibles Total
Revenue for the 592 455 572 506 298 053 1 463 014
segment - 2007
Transactions with (44 878) (23 269) (27 988) (96 135)
other operating
segments of the
Group
External 547 577 549 237 270 065 1 366 879
customers
Revenue for the 456 490 387 365 223 613 1 067 468
segment - 2006
(restated)
Transactions with (39 518) (26 847) (22 732) (89 097)
other operating
segments of the
Group
External 416 972 360 518 200 881 978 371
customers
Profit from 38 140 76 538 17 456 132 134
operations
(segment result) -
2007
Profit from 32 217 51 111 21 431 104 759
operations
(segment result) -
2006
Depreciation - 10 673 35 440 8 153 54 266
2007
Depreciation - 12 700 31 746 7 816 52 262
2006
Capital 35 322 92 694 34 282 162 298
expenditure - 2007
Capital 12 772 56 852 2 399 72 023
expenditure - 2006
Total assets - 739 604 855 739 396 621 1 991 964
2007
Total assets - 668 786 686 323 325 577 1 680 686
2006 (restated)
Total liabilities 586 360 327 732 204 802 1 118 894
- 2007
Total liabilities 537 704 170 468 247 734 955 906
- 2006 (restated)
Condensed Consolidated Statement of Changes in Equity
Ordinary Non-
share capital Retained distributable Capital
(R `000) and premium income reserve reserve
Balances as at 199 502 523 109 17 5 331
28 February
2006 as
previously
stated
Adjustments to (14 364)
taxation and
deferred tax
asset/liability
Restated 199 502 508 745 17 5 331
balances as at
28 February
2006
Net income for 62 830
the six months
as previously
stated
Adjustments to (1 383)
taxation and
deferred tax
asset/liability
Net ordinary (30 273)
dividends paid
Adjustments to
minority
interest
Transfer to (669)
deferred tax
asset
Acquisition of
treasury
shares(1)
Expensing of 1 579
share based
payments for
the six months
Restated 199 502 539 919 (652) 6 910
balances as at
31 August 2006
Net income for 75 102
the six months
Adjustments to (1 686)
taxation and
deferred tax
asset/liability
Net ordinary
dividends paid
Preference (4 595)
dividends paid
Increase in 52
foreign
currency
translation
reserve
Transfer to (669)
deferred tax
asset
Acquisition of
treasury
shares(1)
Expensing of 1 580
share based
payments for
the six months
Issue of
preference
shares at a
premium
Balances at 28 199 502 608 740 (1 269) 8 490
February 2007
Net income for 74 464
the six months
Net ordinary (29 273)
dividends paid
Preference (7 849)
dividends paid
Adjustments to
minority
interest
Acquisition of
treasury
shares(1)
Expensing of 1 283
share based
payments for
the six months
Redemption of
debentures
Share issue
expenses
written off
Unaudited 199 502 646 082 (1 269) 9 773
balances as at
31 August 2007
Note 1: This movement is net of the movement in treasury shares
held by the Astrapak Linked Unit Trust for share options.
Condensed Consolidated Statement of Changes in Equity
Attributable to
Treasury linked
(R `000) shares Debentures unitholders
Balances as at 28 (79 450) 59 616 708 125
February 2006 as
previously stated
Adjustments to taxation (14 364)
and deferred tax
asset/liability
Restated balances as at (79 450) 59 616 693 761
28 February 2006
Net income for the six 62 830
months as previously
stated
Adjustments to taxation (1 383)
and deferred tax
asset/liability
Net ordinary dividends (30 273)
paid
Adjustments to minority -
interest
Transfer to deferred (669)
tax asset
Acquisition of treasury (27 322) 92 (27 230)
shares(1)
Expensing of share 1 579
based payments for the
six months
Restated balances as at (106 772) 59 708 698 615
31 August 2006
Net income for the six 75 102
months
Adjustments to taxation (1 686)
and deferred tax
asset/liability
Net ordinary dividends -
paid
Preference dividends (4 595)
paid
Increase in foreign 52
currency translation
reserve
Transfer to deferred (669)
tax asset
Acquisition of treasury (48 100) (1 703) (49 803)
shares(1)
Expensing of share 1 580
based payments for the
six months
Issue of preference -
shares at a premium
Balances at 28 February (154 872) 58 005 718 596
2007
Net income for the six 74 464
months
Net ordinary dividends (29 273)
paid
Preference dividends (7 849)
paid
Adjustments to minority -
interest
Acquisition of treasury 1 298 (998) 300
shares(1)
Expensing of share 1 283
based payments for the
six months
Redemption of (57 007) (57 007)
debentures
Share issue expenses -
written off
Unaudited balances as (153 574) (0) 700 514
at 31 August 2007
Note 1: This movement is net of the movement in treasury shares
held by the Astrapak Linked Unit Trust for share options.
Condensed Consolidated Statement of Changes in Equity
Preference
share capital Minority Total
(R `000) and premium interests equity
Balances as at 28 February - 23 614 731 739
2006 as previously stated
Adjustments to taxation and (48) (14 412)
deferred tax
asset/liability
Restated balances as at 28 - 23 566 717 327
February 2006
Net income for the six 4 230 67 060
months as previously stated
Adjustments to taxation and (1 383)
deferred tax
asset/liability
Net ordinary dividends paid (250) (30 523)
Adjustments to minority (1 444) (1 444)
interest
Transfer to deferred tax (669)
asset
Acquisition of treasury (27 230)
shares(1)
Expensing of share based 1 579
payments for the six months
Restated balances as at 31 - 26 102 724 717
August 2006
Net income for the six 5 609 80 711
months
Adjustments to taxation and (1 686)
deferred tax
asset/liability
Net ordinary dividends paid (2 400) (2 400)
Preference dividends paid 1 838 (2 757)
Increase in foreign 52
currency translation
reserve
Transfer to deferred tax (669)
asset
Acquisition of treasury (49 803)
shares(1)
Expensing of share based 1 580
payments for the six months
Issue of preference shares 142 602 142 602
at a premium
Balances at 28 February 142 602 31 149 892 347
2007
Net income for the six 3 559 78 023
months
Net ordinary dividends paid (250) (29 523)
Preference dividends paid (7 849)
Adjustments to minority (4 492) (4 492)
interest
Acquisition of treasury 300
shares(1)
Expensing of share based 1 283
payments for the six months
Redemption of debentures (57 007)
Share issue expenses (12) (12)
written off
Unaudited balances as at 31 142 590 29 966 873 070
August 2007
Note 1: This movement is net of the movement in treasury shares held by the
Astrapak Linked Unit Trust for share options.
Commentary
Group profile
Astrapak Limited and its subsidiaries ("Astrapak" or "the Company" or "the
Group"), headquartered in Sandton, manufactures and distributes an extensive
range of plastic packaging products achieving annualised revenues in excess of
R2,8 billion. The Group has manufacturing facilities in all the main centres of
South Africa and a joint venture in Mauritius and employs 4 400 people in South
Africa.
The operations are grouped into three segments - Films, Rigids and Flexibles -
and service principally the food, beverage, personal care and pharmaceutical,
agricultural, industrial and retail markets.
Astrapak has, since inception, invested in businesses that are market leaders or
have significant technological advantages to benefit from the global move
towards plastic packaging. The Group focuses on service, innovation and
technology in order to achieve superior returns and growth in earnings for
shareholders.
The Group remains focused on innovation-led growth in plastic packaging, which
should continue to gain an increasing share of the packaging market, and plans
to expand through continued organic and acquisitive growth.
Financial results
Turnover for the period increased by 40% over the prior year. The acquisition of
Ultrapak, a division of Durban Bag (Pty) Limited, ("Ultrapak") effective from 1
April 2007, and Alex White, Plastform and Plastech (effective subsequent to the
comparative reporting period) accounted for 13% of the increased turnover whilst
11% was due to sales price increases related to the recovery of higher raw
material costs. Volume growth of 15% was attributable to market share gains,
continued growth in consumer spending - albeit at a slightly lower rate - and
the ongoing shift from other forms of packaging into plastic.
Profit from operations increased to R132,1 million (R104,8 million), an increase
of 26,1% and an operating margin of 9,7% (10,7%). The operating results for the
period were negatively influenced by the continued pressure on margins caused by
the high level of raw material input prices.
Net interest paid of R30,5 million (R19,4 million) was higher than the prior
year as a result of increased borrowings resulting from the utilisation of
acquisition funding, capital expenditure and higher working capital
requirements. Interest costs were also higher as a result of rate increases
during the period.
Taxation amounted to R23,6 million (R19,7 million) and includes the payment of
Secondary Taxation on Companies. The Group`s effective taxation rate was 23,2%
(23,0%). The prior year figures include the restatement of the taxation expense
as reported in the SENS announcement dated 23 February 2007. The adjustment
required for the comparative 2006 reporting period amounted to a reduction of
profit of R1,4 million or 1,1 cents per linked unit.
Cash flows from the Group`s operations, acquisition financing facilities and the
preference share proceeds were utilised to facilitate the following notable
capital investments:
* The acquisition of Ultrapak for a consideration of R40 million paid in April
2007;
* The redemption of the debentures in June 2007 for R67,5 million; and
* R162,3 million on capital expenditure, mainly for capacity enhancing projects.
The effect of the capital outflows together with the investment in inventories
(due to high polymer prices and a shortage of materials) resulted in an increase
in net interest bearing debt of R177,5 million to R494,3 million. The net
interest bearing debt to equity ratio increased from 45% to 59%.
Headline earnings per share ("HEPS") increased by 0,2% over the period to 56,3
cents (56,2 cents restated). Fully diluted HEPS increased by 2,5%. Profit
attributable to ordinary shareholders of the parent amounted to R66,6 million
(R61,4 million).
Prospects
Oil price increases are expected to exert upward pressure on polymer prices. In
addition, the effect of the changing interest rate environment is likely to slow
consumer spending growth in the second half of 2007.
Offset against this is the fact that the Group traditionally enjoys a stronger
second half and is anticipating that benefits will continue to come through from
recent capital expenditure.
The Group continues to focus on margin improvement, cost reduction and cash
flow.
Basis of presentation and accounting policies
The financial results are prepared in accordance with IAS 34 (Interim Financial
Reporting), and the Listing Requirements of the JSE Limited in a manner
consistent with the annual results for the year ended 28 February 2007. The
2006 comparative figures have been restated to comply with the requirements of
Circular 9/2006 issued by the South African Institute of Chartered Accountants
("SAICA") in respect of the treatment of discounts allowed and received.
Headline earnings have been calculated in terms of Circular 8/2007 issued by
SAICA for all the periods presented; no change to the previously calculated
headline earnings was required as a result of this circular.
Comparative figures
The comparative figures have also been restated to account for the revised
taxation assessments received from SARS for the 2003, 2004 and 2005 tax years
and the estimated effect on 2006. An error in the 2007 tax computation has
resulted in the restatement of the 2007 comparative figures.
Changes to the Board of Directors
On 27 September 2007 Mr P C Botha resigned from the Board; Mr J F Buchanan, Dr M
P Mandela and Mr D C Noko were appointed as independent non-executive directors
on the same day. Astrapak thanks Mr Botha for his service as non-executive board
member and welcomes the new appointees to the Board.
Acknowledgements
The Board would like to express its appreciation to management and staff for
their efforts during the period under review.
For and on behalf of the Board
R Crewe-Brown H A Todd Sandton
(Chief Executive Officer) (Financial Director) 25 October 2007
Board of Directors: R T Dalais* (Acting Chairman), R Crewe-Brown (Chief
Executive Officer), J F Buchanan*, T Kgage*, M P Mandela*, D C Noko*, K
Seopela*, M Baglione, M Diedloff, G Petzer, H A Todd, W J Venter *Non-
executive Company Secretary: G A S King
Registered Office: 1st Floor, Wierda Court, Johan Avenue, Wierda Valley, Sandton
* P O Box 652740, Benmore, 2010, South Africa * Tel +27 11 784 5577/8/9 * Fax
+27 11 784 1569 Registrar: Computershare Investor Services 2004 (Pty)
Limited * Ground Floor, 70 Marshall Street, Johannesburg, 2001 * P O Box 61051,
Marshalltown, 2107
Operating entities
Films Division: Barrier Film Converters * City Packaging * East Rand Plastics *
International Edgeboard Technologies * International Tube Technologies *
Packaging Consultants * Pack-Line Holdings * Peninsula Packaging 8 Tristar
Plastics * Ultrapak Rigids Division: Cinqpet * Consupaq * Hilfort * JJ
Precision Plastics * Marcom Plastics * PAK 2000 * Plastech * Plastform * Plas-
top * Plastop (KwaZulu-Natal) * Thermopac Flexibles Division: Alex
White * Astrapak Flexible * Astraflex * Astra Repro * Cape Wrappers * Diverse
Labelling Consultants * Knilam Packaging * Saflite * Standard Labels (Mauritius)
* Tamperpak
Date: 24/10/2007 17:30:27 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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