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AFR
AFR
AFR - Afgri - Reviewed preliminary consolidated financial results for the
sixteen months ended 30 June 2008 and special dividend declaration
AFGRI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1995/004030/06)
ISIN number: ZAE000040549
Share code: AFR
Reviewed preliminary consolidated financial results for the sixteen months ended
30 June 2008 and special dividend declaration
- Results not comparable to prior year due to extended reporting period arising
from year-end change
- Loss from discontinued operations R58 million (prior year R78 million)
- Headline earnings per share, including a R20 million tax benefit,
up 18,7% for the 16 months
- Exit from non-core businesses
Consolidated balance sheet (R`millions)
Note 30 June 28 February
2008 2007
ASSETS
Non-current assets 1 804 1 478
Property, plant and equipment 2 1 175 1 018
Goodwill 2 45 26
Other intangible assets 2 220 145
Investments in associates 3 7
Available for sale financial assets 37 -
Financial receivables 165 152
Deferred income tax assets 159 130
Current assets 7 363 5 642
Inventories 1 102 1 010
Biological assets 61 39
Trade and other receivables 904 896
Trade receivables financed by Land Bank 6 2 698 2 724
Trade receivables financed by other banks 6 965 -
Derivative financial instruments 274 176
Current income tax assets 65 95
Cash and cash equivalents and cash 1 294 702
collateral deposits
Cash collateral deposits 554 397
Cash and cash equivalents 740 305
Non-current assets classified as held-for- 7 -
sale
Total assets 9 174 7 120
EQUITY
Capital and reserves attributable to 1 379 1 231
equity holders
Share capital - -
Treasury shares (155) (155)
Incentive trust shares (124) (151)
Share premium - -
Fair value and other reserves 80 10
Retained earnings 1 578 1 527
Minority interest 612 589
Total equity 1 991 1 820
LIABILITIES
Non-current liabilities 322 299
Borrowings 129 109
Deferred income tax liabilities 193 178
Provisions for other liabilities and - 12
charges
Current liabilities 6 861 5 001
Trade and other payables 2 015 1 680
Derivative financial instruments 75 146
Current income tax liabilities 10 20
Short-term borrowings 15 16
Call loans and bank overdrafts 1 083 446
Land Bank borrowings to finance trade 6 2 698 2 693
receivables
Other bank borrowings to finance trade 6 965 -
receivables
Total liabilities 7 183 5 300
Total equity and liabilities 9 174 7 120
Net asset value per share attributable to 404 361
equity holders (cents)
Consolidated income statement (R`millions)
Note 16-months Year ended
ended 28 February
30 June 2007
2008
Continuing operations
Sales of goods and services 9 858 6 062
Interest on trade receivables financed by 587 246
banks
Interest earned on other trade 132 66
receivables
Total sales 10 577 6 374
Cost of sales (8 109) (4 697)
Gross profit 2 468 1 677
Other operating income 132 92
Other operating expenses (1 577) (1 088)
Operating profit 1 023 681
Negative goodwill from business 1 47
combinations
Share of losses of associates - 1
Finance costs 3 (645) (302)
Profit before income tax 379 427
Income tax expense (22) (73)
Profit for the period from continuing 357 354
operations
Discontinued operations
Loss for the period from discontinued (58) (78)
operations
Profit for the period 299 276
Profit for the period attributable to:
Equity holders of the Company 221 190
Minority interest - BEE partners 74 79
- Other minorities 4 7
Profit for the period 299 276
Weighted average number of shares in 317,4 317,2
issue (millions)
Diluted weighted average number of shares 341,2 341,2
in issue (millions)
Earnings per share from continuing 82,9 78,5
operations (cents)
Earnings per share from discontinued (13,4) (18,6)
operations (cents)
Earnings per share from all operations 69,5 59,9
(cents)
Diluted earnings per share from 77,1 73,0
continuing operations (cents)
Diluted earnings per share from (12,5) (17,3)
discontinued operations (cents)
Diluted earnings per share from all 64,6 55,7
operations (cents)
Headline earnings per share from all 4 73,7 62,1
operations (cents)
Diluted headline earnings per share from 68,5 57,7
all operations (cents)
Consolidated cash flow statement (R`millions)
16-months Year ended
ended 28 February
30 June 2007
2008
Operating activities
Net profit before tax 340 338
Changes in working capital (477) 333
Other non-cash flow items 1 (41)
Tax paid (7) (25)
Net cash (utilised in)/generated from operating (143) 605
activities
Net cash utilised in investing activities (425) (212)
Net cash generated from/(utilised in) financing 366 (236)
activities
Net (decrease)/increase in cash and cash (202) 157
equivalents
Cash and cash equivalents at the beginning of (141) (298)
year
Cash and cash equivalents at the end of the (343) (141)
period
Cash collateral deposits 554 397
Cash and cash equivalents and cash collateral 211 256
deposits
Consolidated statement of changes in equity (R`millions)
Share Share Fair Retained Treasury
capital premium value earnings shares
and
other
reserves
Balance 28 February 2006 - 73 8 1 370 (155)
Net profit - - - 190 -
Currency translation - - (5) - -
differences
Disposal of incentive - - - - -
shares
Shares purchased by share - - - - -
incentive trust
Capital distribution - (73) - - -
Dividends paid - - - (33) -
Payment to minorities - - - - -
Minorities with business - - - - -
combinations
Share-based payments - - 7 - -
Balance 28 February 2007 - - 10 1 527 (155)
Net profit - - - 221 -
Payment to minorities - - - - -
Currency translation - - 61 - -
differences
Share-based payments - - 9 - -
Dividends paid - - - (170) -
Disposal of incentive - - - - -
shares
Balance 30 June 2008 - - 80 1 578 (155)
Consolidated statement of changes in equity (R`millions) continued
Incentive BEE Other Total
trust partners minorities
share
Balance 28 February 2006 (122) 531 - 1 705
Net profit - 79 7 276
Currency translation - - - (5)
differences
Disposal of incentive shares 35 - - 35
Shares purchased by (64) - - (64)
share incentive trust
Capital distribution - - - (73)
Dividends paid - - - (33)
Payment to minorities - (46) - (46)
Minorities with business - - 18 18
combinations
Share-based payments - - - 7
Balance 28 February 2007 (151) 564 25 1 820
Net profit - 74 4 299
Payment to minorities - (44) (11) (55)
Currency translation - - - 61
differences
Share-based payments - - - 9
Dividends paid - - - (170)
Disposal of incentive shares 27 - - 27
Balance 30 June 2008 (124) 594 18 1 991
Business segment results (R`millions)
Sixteen months ended 30 June Sales Headline Net
2008 operating interest
profit before and
interest dividends
and
dividends
AFGRI Services 7 292 226 (28)
Producer Services 5 710 72 (40)
Primary inputs 1 694 27 (19)
Retail 4 016 45 (21)
Financial Services 1 309 80 14
Logistics Services 273 74 (2)
AFGRI Products 3 284 186 (16)
Foods 543 28 (2)
Protein 2 741 158 (14)
Other 1 - 1
Continuing operations 10 577 412 (43)
Discontinued operations 113 (38) -
Consolidated 10 690 374 (43)
Business segment results (R`millions) continued
Sixteen months ended 30 June Headline Assets Liabilities
2008 operating
profit
after
interest
and
dividends
AFGRI Services 198 7 058 (5 771)
Producer Services 32 1 481 (889)
Primary inputs 8 364 (226)
Retail 24 1 117 (663)
Financial Services 94 5 232 (4 831)
Logistics Services 72 345 (51)
AFGRI Products 170 1 612 (798)
Foods 26 434 (168)
Protein 144 1 178 (630)
Other 1 544 (589)
Continuing operations 369 9 214 (7 158)
Discontinued operations (38) (40) (25)
Consolidated 331 9 174 (7 183)
Capital Depreciation Amortisation
expenditure
AFGRI Services 119 35 13
Producer Services 73 21 11
Primary inputs 16 4 6
Retail 57 17 5
Financial Services 3 3 2
Logistics Services 43 11 -
AFGRI Products 174 50 12
Foods 11 7 -
Protein 163 43 12
Other 1 2 4
Continuing operations 294 87 29
Discontinued operations 2 2 -
Consolidated 296 89 29
Year ended 28 February 2007 Sales Headline Net
operating interest
profit and
before dividends
interest
and
dividends
AFGRI Services 4 669 241 (20)
Producer Services 3 779 55 (19)
Primary inputs 1 133 30 (8)
Retail 2 646 25 (11)
Financial Services 657 73 (1)
Logistics Services 233 113 -
AFGRI Products 1 704 146 (9)
Foods 311 17 (2)
Protein 1 393 129 (7)
Other 1 - -
Continuing operations 6 374 387 (29)
Discontinued operations 156 (17) 3
Consolidated 6 530 370 (26)
Year ended 28 February 2007 Headline Assets Liabilities
operating
profit
after
interest
and
dividends
AFGRI Services 221 5 483 (4 243)
Producer Services 36 1 196 (676)
Primary inputs 22 266 (150)
Retail 14 930 (526)
Financial Services 72 3 975 (3 529)
Logistics Services 113 312 (38)
AFGRI Products 137 1 018 (487)
Foods 15 179 (36)
Protein 122 839 (451)
Other - 521 (511)
Continuing operations 358 7 022 (5 241)
Discontinued operations (14) 98 (59)
Consolidated 344 7 120 (5 300)
Capital Depreciation Amortisation
expenditure
AFGRI Services 95 24 5
Producer Services 88 10 4
Primary inputs 10 4 2
Retail 78 6 2
Financial Services 6 4 1
Logistics Services 1 10 -
AFGRI Products 41 33 6
Foods 9 5 -
Protein 32 28 6
Other 1 3 3
Continuing operations 137 60 14
Discontinued operations - - -
Consolidated 137 60 14
Note A:
The pre-tax business segment results are presented after taking into
account the pre-tax headline earnings adjustments before allocation
of the minority (including BEE) share in profits. Operating profits
after net interest and dividends are shown after the allocation of
cost of capital based on each division`s net assets.
Note B:
Although the interest paid to Land Bank and other banks for the
financing of debtors is disclosed as finance cost in the income
statement, it is disclosed as cost of sales in the business segment
results and is deducted from headline operating profit before
interest. The increase/decrease in Land Bank and other banks`
interest paid relates directly to the interest received on the
related debtors book and the net margin provides a better comparison
of operating profit. The reconciliation of net interest and dividends
per the business segment results and the finance cost per the income
statement is as follows:
(R`millions) 16-months ended Year ended
30 June 28 February
2008 2007
Finance cost per income statement - refer (645) (302)
note 3
Land Bank interest disclosed as cost of 402 199
sales in business segment results
Other banks` interest disclosed as cost 81 -
of sales in business segment results
Finance cost excluding Land Bank and (162) (103)
other banks` interest
Discontinued interest per the income (13) (9)
statement
Dividend income and interest received - 132 86
included in other operating income and
other operating expenses
Net interest and dividends per business (43) (26)
segment results
Note C:
The reconciliation of operating profit
per the income statement with business
segment headline operating profit before
interest and dividends is as follows:
Operating profit per income statement 1 023 681
Negative goodwill from business 1 47
combinations
Share of losses of associates - 1
Discontinued loss before interest (58) (77)
Interest income and dividends disclosed (132) (86)
as net interest - refer note B
Land Bank interest paid disclosed as cost (402) (199)
of sales - refer note B
Other banks` interest paid disclosed as (81) -
cost of sales - refer note B
Headline earnings adjustments before tax 23 3
Headline operating profit before interest 374 370
and dividends per business segment
results
Notes to the preliminary consolidated financial results
1. Basis of preparation and accounting policies
The preliminary consolidated financial results for the 16 months
ended 30 June 2008 have been prepared in accordance with
International Financial Reporting Standards ("IFRS") IAS 34, the
Listings Requirements of the JSE Limited and the South African
Companies Act, on a basis consistent with that of prior periods
except for the adoption of IFRS 7 which has no impact on the
results but will result in additional disclosure in the annual
financial statements.
2. Property, plant and equipment
and intangible assets
(R`millions)
Property, plant Intangible assets
and equipment and goodwill
Carrying value beginning of 1 018 171
year
Additions 296 103
Disposals at book value (61) 2
Foreign currency differences 15 4
Depreciation/amortisation (89) (29)
Purchase of subsidiaries 12 14
Net sale of subsidiary (6) -
(including assets held for
sale)
Impairment (10) -
Carrying value end of period 1 175 265
3. Finance costs (R`millions)
16-months ended Year ended
30 June 28 February
2008 2007
Interest paid on Land Bank (402) (199)
borrowings used to finance
debtors
Interest paid on other banks` (81) -
borrowings used to finance
debtors
Other interest paid to (162) (103)
financial institutions
Finance cost - Continued (645) (302)
operations (per income
statement)
Finance cost - Discontinued (13) (9)
operations
Finance cost - Total (658) (311)
4. Reconciliation of headline
earnings per share (cents)
Earnings 69,5 59,9
Loss from discontinued 3,2 15,9
operations
Impairment of assets 2,2 1,3
Negative goodwill (0,1) (10,9)
Profit on disposal of assets (1,1) (1,1)
Headline earnings previously 73,7 65,1
reported
Impact of SAICA Circular - (3,0)
8/2007 - operating losses from
discontinued operations
73,7 62,1
5. Agency agreements
The Group manages agri debtors on behalf of third party financial
institutions to the amount of R938 million (2007: R633 million).
Management fees are paid by these third parties. The Group is
liable for bad debts to a maximum of between 5% and 10% of the
value of debtors administered.
The Group receives a fee for the handling, grading, storing and
administration of commodities on behalf of third parties. The
value of these commodities at 30 June 2008 is R4 440 million
(2007: R1 622 million).
6. Financed trade receivables
6.1 Trade receivables financed by Land Bank (R`millions)
The only security for the liability is the trade receivables and
the intention and practice are to settle the liability
simultaneously with the ealization of the asset. The Group bears
the risk of losses on these debtors.
30 June 28 February
2008 2007
Assets - Trade receivables 2 698 2 724
Liability - Land Bank 2 698 2 693
6.2 Trade receivables financed by other banks
(R`millions)
The opportunity to grow the debtor
financing business combined with the
strategy to diversify funding lines and
generate capacity for further growth
resulted in the need for alternative
financing structures. As a result, R423
million of debtor specific and R542
million of general working capital
facilities were negotiated with other
banks. The Group bears 10% risk on the
debtor specific facility. The Group is in
the process of restructuring the
facilities to reduce the cost of funding,
the risk and the reliance on individual
lenders.
Assets - Trade receivables 965 -
Liability - other banks 965 -
?7. Corporate governance and JSE Limited (JSE) compliance
The principles of good corporate governance are adhered to. The
Group complies with the JSE Listings Requirements regarding the
contents of the preliminary condensed consolidated financial
results.
8. Change in year-end
The Board of Directors resolved to change the year-end of the
Group from 28 February to 30 June. This has aligned the Group`s
year-end with the major (summer) grain season. The necessary
approvals were obtained to move the current year-end from 29
February to 30 June 2008. This final report is for the sixteen
months ended 30 June 2008, being the new financial year-end. As
such the prior period figures, being for the year ended 28
February 2007 are not comparable.
9. Going concern
The Board of Directors is satisfied that, after taking into
account the current bank facilities, its tilization thereof and
the budgeted profit for the year ending 30 June 2009, the working
capital available to AFGRI will be sufficient to meet its
requirements for the next 12 months.
10. Business combinations
On 1 April 2007 the Group acquired the remaining 50% that it did
not own of two companies in the Daybreak group. Daybreak Superior
Marketing (Pty) Ltd and Superior Foods (Pty) Ltd, for a purchase
consideration of R5 million. The assessment of the impact of IFRS
3 resulted in an increase in the fair value of the debtor
relations list of R3 million and a fair value of a favorable
marketing contract of R4 million.
AFGRI acquired the remaining 50% of the issued share capital of
AFGRI ECAC (Pty) Ltd for R8 million on 1 September 2007. The
assessment of the impact of IFRS 3 resulted in no further
intangible assets with no impact on goodwill.
The insurance broking business of Mallac Hearle was acquired by
the Group on 1 June 2008 for a consideration of R14 million. The
entire purchase price has been recorded as goodwill at the year-
end. The Group will revisit the assumptions and the impact of
IFRS 3 in the forthcoming year.
11. Audit opinion
The preliminary condensed consolidated financial results for the
16 months ended 30 June 2008 have been reviewed by the Group`s
external auditors PricewaterhouseCoopers Inc., in accordance with
the guidelines laid down by the International Standards for
Review Engagements 2410 and their review opinion is available for
inspection at the Company`s registered office.
The audited annual financial statements are expected to be
distributed to shareholders on 30 September 2008.
Commentary
The directors of AFGRI Limited ("AFGRI") present the reviewed preliminary
condensed consolidated financial results of the AFGRI group of companies ("the
Group") for the sixteen months ended 30 June 2008. Due to the change in the
Group`s financial year-end these results are for a 16-month reporting period and
are therefore not directly comparable to the reported prior year results. Unless
otherwise stated, comparative figures and percentage changes have been
determined based on the published results of the Group for the year ended 28
February 2007. Shareholders are referred to the reviewed second interim results
published on 7 May 2008 which show results directly comparable to the reported
prior year figures.
The consolidated headline earnings for the 16-month period reflect a 18,7%
increase compared to the year ended 28 February 2007. The impact of the drought
conditions during the 2007 growing season, resulting in a small maize crop for
the second year in a row, is reflected in the results for the 16 months. Low
carry-in silo stock levels, a smaller 2007 summer grain crop and tighter
interest margins impacted negatively on trading conditions for the Financial and
Logistics Services businesses. This situation has begun to reverse: good
seasonal rains and an anticipated record maize crop of approximately 12 million
tons for the 2008 summer season have seen key indicators in the Group`s core
businesses begin to turn around.
During the final four months of AFGRI`s extended financial reporting period,
demand for inputs, credit and storage capacity have all shown significant
increases resulting in performances better than anticipated in headline
operating profits from both Financial and Logistics Services.
The performance of the Group`s continuing operations during the four-month
period ended 30 June 2008 has been most satisfactory.
To compensate shareholders for the change in year-end, the Board approved a
special dividend of 8,0 cents per share.
Operational review
Revenue
Sales from continuing operations increased by 65,9% compared to the year ended
28 February 2007. The main contributors to this increase were Products (92,7%)
as a result of increased raw material prices and volumes, Financial Services
(99,2%) due to increased interest rates and a larger debtors` book and Producer
Services (51,1%) due to higher equipment and primary input sales.
Headline earnings
Headline earnings per share for the period under review were 73,7 cents, 18,7%
higher than that achieved for the year ended 28 February 2007. Diluted headline
earnings per share were 68,5 cents, also 18,7% higher than for the year ended 28
February 2007. As indicated in the interim results for 31 August 2007 and 29
February 2008, headline earnings include the recognition of a R20 million
foreign deferred tax asset.
Segmental headline operating profit after dividends received and interest
Continuing operations
The Producer Services business was negatively impacted by stock write-offs in
the Seed business. In total, this business unit reported a reduction in headline
operating profits for the sixteen months of 11,1% when compared to the year
ended 28 February 2007. However, within Producer Services, the retail business
reported improved headline operating profits of 71,4%. This improvement was
bolstered by improved results from Australia due to farmers anticipating an end
of two years of drought. In South Africa a positive agricultural outlook and
operational efficiencies contributed to this improvement.
In the Animal Feeds business increased selling prices and volumes, combined with
effective procurement and operational efficiencies saw the Protein division
improve headline operating profits over the prior year by 18,0%, despite
significant margin pressure being experienced at the Group`s poultry operation
from increasing feed prices and market surpluses.
In a period of rising interest rates and tightening international credit markets
the Financial Services business was positively impacted by increased demand for
credit, high commodity prices and a turn around in the Africa business. This
business grew its headline operating profits by 129,3%, excluding the effects of
a prior year once-off foreign exchange gain of R31 million.
The Logistics Services business was adversely affected by the drought, which
resulted in a second year of low maize production. As a result headline
operating profit reduced by 36,3% compared to the prior year.
Discontinued operations
The Group either sold or discontinued several under-performing or non-core
businesses during the reporting period. Also discontinued was the Group`s
farming activities. This programme to develop previously disadvantaged black
farmers, through farming with local communities, was difficult to manage and
over?extended. Whilst the Group remains committed to the development of black
farmers, the structure of this programme will be revisited in the coming year in
order to limit the Group`s exposure to losses. In total, discontinued operations
reported a loss of R58 million.
Net decrease in cash collateral deposits and cash and cash equivalents - R45
million (2007: R171 million increase)
In the period under review the Group`s debtor financing business grew by 26,2%.
AFGRI arranged new funding lines in excess of R1,7 billion to fund this growth.
This is in line with the Group`s strategy to diversify funding and reduce the
cost of financing.
Cash utilised by the business during the period of R45 million is due to
significant capital expenditure. The net cash position, after including cash
collateral deposits, is a positive R211 million compared to R256 million at 28
February 2007.
Changes to the board of directors and executive management
Dr MI Mogari joined the AFGRI board of directors as an executive director with
effect from 1 February 2008.
The Financial Director, Mr I de W Goosen retired from the Group on 31 May 2008,
having reached AFGRI`s mandatory retirement age. He was succeeded by Mr JA van
der Schyff as Group Chief Financial Officer from 1 June 2008 and who was
appointed as Financial Director to the Board with effect from 15 September 2008.
Mr JD Wright resigned with effect from 30 June 2008 and was replaced by Mr JH
Mooney as interim Chief Executive Officer from 1 July 2008.
Prospects
Higher grain prices and the anticipated record maize crop will have a positive
impact on the Logistics Services business. Continued good performances are
expected from Financial and Producers Services and the Protein and Food
businesses. The discontinuance or sale of certain smaller operations will allow
an increased focus on the Group`s core businesses.
By order of the Board
DD de Beer (Non-Executive Chairman) JH Mooney (Chief Executive Officer)
16 September 2008
Declaration of special dividend
Notice is hereby given that the directors of AFGRI have declared a
special dividend of 8,0 cents per share for the period ended 30 June
2008. In accordance with settlement procedures of STRATE, the
following dates will apply to the final dividend:
Last day to trade cum the dividend Friday, 17 October 2008
Trading ex dividend commences Monday, 20 October 2008
Record date Friday, 24 October 2008
Dividend payment date Monday, 27 October 2008
There will be no dematerialisation or rematerialisation of AFGRI
shares between 20 October 2008 and 24 October 2008, both dates
inclusive.
By order of the Board
SL Reynolds
Group Company Secretary
Johannesburg
16 September 2008
Directorate
Non-executive: DD de Beer, CA(SA), Chairman; CA Apsey, BSc, MBA; JJ
Claassen, Joint Vice-Chairman; JJ Ferreira, BSc (Hons) (Civ Eng);
JPR Mbau, Diploma in Banking and Business Management, Joint Vice-
Chairman; MM Moloele, Diploma in Business Management; KL Thoka,
B&Admin, Hons (B&A), MBA; FJ van der Merwe, LLB, MA Executive: MI
Mogari (Dr), MBChB, BSc (Med)(Hons), CPFA, EDP; JA van der Schyff,
BCom (Hons), CA(SA), Financial Director Executive management: JH
Mooney, BCom, CA(SA), Chief Executive Officer
Administration
Business address and registered office: 33 Sloane Street,
Knightsbridge Manor, Block B2, Bryanston, Tel (+27 11) 549-0600, Fax
(+27 11) 463-4139 Company Secretary: Ms SL Reynolds, BA, LLB, PO Box
3559, Cramerview, 2060 Bankers: ABSA Bank Limited, FirstRand Bank
Limited, Land and Agricultural Development Bank of SA Limited, Nedcor
Limited, Standard Bank of SA Limited, The Hongkong and Shanghai
Banking Corporation, Cooperatieve Centrale Raiffeisen-Boerenleenbank
B.A. trading as Rabo Bank Auditors: PricewaterhouseCoopers
Incorporated Transfer secretaries: Computershare Investor Services
(Proprietary) Limited, 70 Marshall Street, Johannesburg, 2001, PO Box
61051, Marshalltown, 2107, Tel (+27 11) 370-5000 Sponsor: Rand
Merchant Bank, (a division of FirstRand Bank Limited), 1 Merchant
Place, Cnr Fredman Drive and Rivonia Road, Sandton, 2196, PO Box
786273, Sandton, 2146
This announcement is available on SENS and Afgri`s website at www.afgri.co.za
Date: 16/09/2008 12:00:02 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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