| Fri 21 Nov 2008, 14:05 | | NPK - Nampak - Audited Group Results for the year ended 30 September 2008 |
|
NPK
NPK
NPK - Nampak - Audited Group Results for the year ended 30 September 2008
NAMPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/008070/06)
ISIN : ZAE 000071676
Share code : NPK
("Nampak")
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2008
CONDENSED GROUP INCOME STATEMENT
2008 2007 Change
Rm Rm %
Revenue 18 457.5 17 014.4 8.5
Trading income before 1 536.6 1 781.0 (13.7)
abnormal items (note 2)
Abnormal items (note 3) (587.3) (159.8)
Profit from operations 949.3 1 621.2 (41.4)
Finance costs (400.6) (273.0)
Finance income 135.2 82.2
Income from investments 5.1 7.0
Share of profit of associates 8.7 4.3
Profit before tax 697.7 1 441.7 (51.6)
Income tax (note 4) 202.4 385.8
Profit for the year 495.3 1055.9 (53.1)
Attributable to:
Equity holders of the company 516.1 1 054.2 (51.0)
Minority interest (20.8) 1.7
495.3 1 055.9
Basic earnings per share (cents) 88.2 181.0 (51.3)
Fully diluted earnings per share 88.8 172.0 (48.4)
(cents)
Headline earnings per ordinary share 177.3 184.6 (3.9)
(cents)
Fully diluted headline earnings per 174.7 175.4 (0.4)
share (cents)
Cash distribution per share (cents) 100.0 115.3 (13.3)
CONDENSED GROUP BALANCE SHEET
2008 2007
Rm Rm
ASSETS
Non-current assets
Property, plant and equipment and investment 6 746.6 5 666.9
property
Goodwill and other intangible assets 473.1 1 079.3
Other non-current financial assets and 298.6 286.9
associates
Deferred tax assets 11.6 9.6
7 529.9 7 042.7
Current assets
Inventories 2 640.7 2 356.2
Trade receivables and other current assets 3 525.4 2 921.9
Tax assets 38.9 67.0
Bank balances, deposits and cash 1 727.9 603.5
7 932.9 5 948.6
Assets classified as held for sale 52.2 41.3
TOTAL ASSETS 15 515.0 13 032.6
EQUITY AND LIABILITIES
Capital and reserves
Capital reserves (note 5) (76.8) 552.3
Other reserves 176.0 105.1
Retained earnings 5 859.3 5 344.6
Equity attributable to equity 5 958.5 6 002.0
holders of the company
Minority interest 33.4 47.5
Total equity 5 991.9 6 049.5
Non-current liabilities
Loans and borrowings 1 741.1 526.5
Other non-current liabilities 71.1 13.7
Retirement benefit obligation 1 129.1 565.1
Deferred tax liabilities 495.9 742.7
3 437.2 1 848.0
Current liabilities
Trade payables, provisions and 3 366.5 2 807.2
other current liabilities
Bank overdrafts and loans 2 570.3 2 001.8
Tax liabilities 149.1 326.1
6 085.9 5 135.1
TOTAL EQUITY AND LIABILITIES 15 515.0 13 032.6
GROUP STATEMENT OF RECOGNISED
INCOME AND EXPENSE 2008 2007
Rm Rm
Exchange differences on 262.1 (125.8)
translation of foreign operations
Net actuarial (loss)/gain (186.1) 100.6
from retirement benefit obligations
Hyper-inflation capital adjustment - (7.5)
Gain/(loss) on cash flow hedges 7.4 (10.7)
Change in fair value of - (38.9)
available-for-sale investments
Net income /(expense) 83.4 (82.3)
recognised directly in equity
Transfer to plant and (7.4) (16.5)
equipment - cash flow hedges
Transfer to income statement - cash flow hedges 0.1 (2.4)
Profit for the period 495.3 1 055.9
Total recognised income 571.4 954.7
and expense for the year
Attributable to:
Equity holders of the company 585.5 957.3
Minority interest (14.1) (2.6)
571.4 954.7
CONDENSED GROUP CASH FLOW STATEMENT
2008 2007
Rm Rm
Operating profit before working capital 2 303.0 2 459.6
changes
Working capital changes (159.7) (414.3)
Cash generated from operations 2 143.3 2 045.3
Net interest paid (324.8) (202.4)
Income from investments 14.2 7.0
Retirement benefit contributions and 250.9 (86.7)
settlements
Income tax paid (558.9) (379.3)
Replacement capital expenditure (645.3) (573.9)
Cash retained from operations 879.4 810.0
Dividends paid (1.7) (1.7)
Cash distributions paid (644.8) (577.4)
Net cash retained from operating activities 232.9 230.9
Net cash utilised in investing activities (803.5) (636.6)
Net cash utilised before financing (570.6) (405.7)
activities
Net cash retained from/(utilised) in 2 817.5 (100.1)
financing activities
Net increases/(decrease) in cash and cash 2 246.9 (505.8)
equivalents
Cash and cash equivalents at (1 000.0) (505.1)
beginning of year
Translation of cash in foreign subsidiaries (25.2) 10.9
Cash and cash equivalents at end of year 1 221.7 (1 000.0)
(note 6)
NOTES
2008 2007
Rm Rm
1. Basis of preparation
The condensed consolidated financial
statements have been prepared in accordance
with International Accounting Standard
(IAS) 34. The accounting policies are
consistent with those used for the group`s
2007 annual financial statements, which
were prepared in accordance with
International Financial Reporting
Standards.
2. Included in trading income before
abnormal items are:
Depreciation 674.0 632.3
Amortisation 76.9 69.4
3. Abnormal items
Abnormal items are defined as items of
income and expenditure which do not arise
from normal trading activities or are of
such size, nature or incidence that their
disclosure is relevant to explain the
performance for the period.
Net impairment losses on goodwill, plant 601.7 6.7
and equipment
Retrenchment and restructuring costs 94.4 31.5
Provision for onerous leases 64.7 -
Loss resulting from Thorpe fire 50.8 -
Europe strategic review costs - 50.3
Net monetary adjustment - hyper-inflation - 4.9
Insurance proceeds from Thorpe fire (161.0) -
Financial instruments fair value (25.6) 83.4
(gain)/loss
Net profit on disposal of property (19.5) (20.2)
Share-based payment(reversal)/expense on (12.8) 20.0
BEE transaction
Net profit on disposal of businesses (5.4) (16.8)
587.3 159.8
4. Income tax
Income tax 305.4 385.8
Less provision released 103.0 -
202.4 385.8
5. Capital reserves
Share capital 35.5 35.4
Share premium 825.1 1 526.3
Treasury shares (1 215.2) (1 295.2)
Share option reserve 277.8 285.8
(76.8) 552.3
6. Cash and cash equivalents
Bank overdrafts and loans (2 570.3) (2 001.8)
Less current portion of loans 93.1 398.3
Less short-term loans and commercial paper 1 971.0 -
Less bank balances, deposits and cash 1 727.9 603.5
1 221.7 (1 000.0)
7. Supplementary information
Capital expenditure 1 576.0 1 298.1
- expansion 908.3 656.6
- replacement 645.3 573.9
- intangibles 22.4 67.6
Capital commitments 1 187.7 1 687.6
- contracted 420.1 826.1
- approved not contracted 767.6 861.5
Lease commitments 488.8 431.9
- land and buildings 411.8 380.9
- other 76.8 51.0
Contingent liabilities 18.4 686.7
- customer claims and guarantees 18.4 16.5
- tax contingent liabilities - 670.2
Tax contingent liabilities
In 2007 the group showed a contingent
liability relating to taxation of R670.2
million. Following an agreement with SARS
on a number of tax issues including the
aforementioned contingency, an amount of
R250 million was paid to SARS in full
settlement. Accordingly, a contingent
liability is no longer required.
8. Determination of headline earnings
Profit attributable to equity holders of 516.1 1 054.2
the company for the year
Less: preference dividend (0.1) (0.1)
Basic earnings 516.0 1 054.1
Adjusted for:
Net impairment losses on goodwill, plant, 601.7 6.7
equipment and intangible assets
Net profit on disposal of businesses (5.4) (16.8)
Net profit on disposal of property, plant, (14.3) (19.7)
equipment and intangible assets
Europe strategic review costs - 50.3
Europe loss on assets destroyed in Thorpe 40.2 -
fire
Europe insurance proceeds (125.2) -
Tax effects 30.5 0.6
Minority interest (5.7) -
Headline earnings for the year 1 037.8 1 075.2
9. Share statistics
Number of ordinary shares in issue (000) 658 142 655 972
Number of ordinary shares in issue - net of 585 650 583 481
treasury shares (000)
Weighted average number of ordinary shares 585 301 582 505
on which headline earnings and basic
earnings per share are based (000)
Weighted average number of ordinary shares 607 684 626 903
on which diluted headline earnings and
diluted basic earnings per share are based
(000)
10. Additional disclosures
Net gearing 43% 33%
Interest cover 4 times 9 times
Total liabilities: equity 159% 115%
Return on equity 9% 18%
Return on net assets 10% 18%
Net worth per ordinary share (cents)* 1 023 1 037
Tangible net worth per ordinary share 942 852
(cents)*
* calculated on ordinary shares in issue -
net of treasury shares.
11. Events after balance sheet date
On 8 October 2008 a commercial settlement was reached with the group`s
insurers in respect of the fire in Healthcare Europe for an amount of R271.3
million (GBP18.7 million). Of this, R161.0 million (GBP11.1 million) relating
to fixed assets and stock was considered reasonably certain to be recovered
at year end and has been included in the 2008 results as an abnormal item.
The balance of R110.3 million (GBP7.6 million) relating to business
interruption cover was not considered certain and will only be recorded in
the 2009 financial year.
12. Related party transactions
Group companies, in the ordinary course of business, entered into various
purchase and sale transactions with associates, joint ventures and other
related parties. The effect of these transactions is included in the
financial performance and results of the group. The detailed disclosure is
available for inspection at the registered office of the company.
COMMENTS
NAMPAK PROFILE
Nampak is the largest and most diversified packaging manufacturer in Africa
with extensive manufacturing operations in South Africa and a further 11
countries on the African continent. It produces packaging products from
metal, glass, paper and plastics and is a major manufacturer and marketer of
tissue products.
It is one of the leading suppliers of folding cartons to the food and
healthcare sectors in Europe and it is the major supplier of plastic bottles
to the dairy industry in the United Kingdom.
The group is actively engaged in the collection and recycling of all forms of
used packaging.
GROUP PERFORMANCE
Trading
Revenue income Margin %
Rm 2008 2007 2008 2007 2008 2007
South Africa 12 291 11 466 1 222 1 329 9.9 11.6
Rest of Africa 1 056 991 71 140 6.7 14.1
Europe 5 441 4 887 244 312 4.5 6.4
Intergroup (330) (330)
eliminations
Total 18 458 17 014 1 537 1 781 8.3 10.5
Group
Revenue increased by 8% to R18.5 billion largely as a result of price
increases driven by higher input costs. The group could not recover these
costs in all instances and trading income decreased by 14% to R1.5 billion
and the trading margin deteriorated from 10.5% in 2007 to 8.3% in 2008.
There were a number of abnormal items totaling R587.3 million which reduced
profit from operations. Details are shown in note 3 to the profit
announcement. In addition, there were also some once-off items which impacted
profits including the loss of income from the Zimbabwean operations which are
no longer consolidated, irregularities in the Nigerian metals business, power
cuts and a shortage of carbon dioxide which reduced beverage packaging sales.
Net financing costs increased by 39% to R265.4 million as a result of capital
expenditure, increased working capital and higher interest rates.
During the year, a settlement agreement was reached with the South African
Revenue Service (SARS) on a number of tax issues for an amount of R250.0
million. After deducting the payment of R50.0 million made in March 2006, the
balance of R200.0 million was paid in the current year. A provision of
approximately R353.0 million was held on the balance sheet for the matters in
dispute and consequently R103.0 million was released from the provision.
This, together with a reduction in the South African company tax rate and the
goodwill impairment charges of R568.9 million that are not deductible for
tax, contributed to an effective tax rate of 29.0% for the year.
Headline earnings per share decreased by 4% to 177.3 cents.
The balance sheet and cash flow statement have seen some material changes in
balances. These are discussed below.
Loans and other borrowings increased by R1.2 billion following the conclusion
of a R1.0 billion 5-year term bank facility on 30 September 2008. The
proceeds of the facility have been shown under bank balances, deposits and
cash that have increased by R1.1 billion.
Retirement benefit obligations increased from R565.5 million to
R1 129.1 million due to the cancellation of the post retirement medical aid
policy that housed the plan asset relating to this liability as part of the
tax settlement with SARS. The cash amount is no longer permitted to be shown
as a plan asset and has reduced the bank overdrafts and loans on the balance
sheet at year end. The liability is now reflected on a gross basis.
Cash generated from operations was R2.1 billion. Working capital increased by
R160 million mainly due to higher raw material prices and greater holdings of
strategic stocks. Capital expenditure amounted to R1.6 billion with the major
items being the new recycled paper mill at Rosslyn, the refurbishment of a
glass furnace and expenditure incurred in respect of the new beverage can
plant in Angola. Net debt increased to R2.6 billion whilst the net debt to
equity ratio increased from 33% to 43%.
South Africa
Volumes declined by 1% mainly due to a shortage of carbon dioxide which
prevailed for most of the year and which lowered the demand for beverage
packaging whilst lower fish catches and a reduced pineapple crop decreased
the demand for food cans.
The global boom in commodities resulted in the prices of virtually all
packaging raw materials increasing throughout the year. Higher oil prices in
particular resulted in substantial and frequent increases in the price of
polymer causing a lag in recovering the additional costs from customers.
Revenue increased by 7% to R12.3 billion. Trading income decreased by 8% to
R1.2 billion due mainly to the lower volumes and difficulty in recovering
cost increases. The trading margin deteriorated to 9.9% from 11.6% in 2007.
Rest of Africa
Accounting irregularities at the metals business in Nigeria resulted in a
loss of R20 million. Additional controls have been implemented including a
revision of the management governance structures relating to businesses in
the rest of Africa. The folding cartons business in Nigeria continued to
perform well but was affected by lower sales of cigarette cartons due to de-
stocking by the major customer.
Trading income for the region decreased from R140 million to R71 million and
the trading margin decreased from 14.1% to 6.7%. The results from Zimbabwe
which were no longer consolidated as from June 2007 contributed R32 million
to trading income in 2007.
Europe
Sales were 7% higher in pounds than last year mainly as a result of the
strengthening of the euro against the pound as well as higher selling prices
associated with the increase in polymer prices. However, due to lower margins
in the paper segment and increased costs following a fire at the healthcare
packaging factory in Thorpe, trading income declined with margins reducing
from 6.4% in 2007 to 4.5% in 2008.
Segmental Analysis
Metals and Glass
Trading
Revenue income Margin %
Rm 2008 2007 2008 2007 2008 2007
Africa 5 061 4 728 751 805 14.8 17.0
Africa
Sales increased by 7% but trading income decreased by 7%.
Sales volumes of beverage cans increased by 2%, mainly as a result of exports
to Angola. Sales for local consumption were lower than last year due to
cooler summer weather and a shortage of carbon dioxide.
Food can volumes fell by 5% following a substantial drop in the sales of fish
cans as a result of poor pilchard catches. Soil contamination in the Eastern
Cape resulted in a much-reduced pineapple crop. Aerosol can sales continued
at the good levels of the past whereas paint can sales continued to be
affected by the conversion to plastic and weaker demand.
There was strong demand for glass bottles but due to the furnace rebuild,
sales volumes were lower than last year. The rebuild has provided additional
capacity as well as enabling a further improvement in manufacturing
efficiencies.
The Kenyan operation was affected by the late picking of pineapples and R20
million was written-off in Nigeria following the irregularities reported in
the first half.
Paper
Trading
Revenue income Margin %
Rm 2008 2007 2008 2007 2008 2007
Africa 5 121 4 818 253 337 4.9 7.0
Europe 3 312 3 050 41 112 1.2 3.7
Total 8 433 7 868 294 449 3.5 5.7
Africa
Revenue increased by 6% but trading income decreased by 25%.
Closure costs of an East London factory, loss of detergent business to
flexible packaging and the absence of trading income from Zimbabwe where the
results are no longer consolidated were some of the main factors contributing
to the lower trading income.
Sales volumes of corrugated boxes decreased marginally due to lower demand
from the commercial sector as well as a relinquishing of market share where
certain selling prices were deemed to be unprofitable. There was good demand
from the agricultural sector. Delays in the commissioning of the new paper
mill which is due to commence production in December 2008 added significant
costs to the business.
Demand for folding cartons was weaker due to the ongoing conversion of
detergent packaging to flexible packs. Cigarette packaging volumes were lower
whilst there was good demand from the fast food sector.
Reduced activity in residential building resulted in lower demand for cement
sacks.
Strong demand for toilet tissue and disposable diapers as well as improved
manufacturing efficiencies together with higher selling prices contributed to
a good improvement in the tissue business. The new diaper line was
successfully commissioned.
Although the Nigerian folding cartons operation continued to perform well
sales were affected by reduced off-take from BAT Nigeria following a stock-
reduction programme. Volumes are expected to recover in 2009. The business in
Malawi benefited from increased sales of tobacco boxes.
Europe
Sales in pounds increased by 5% as a result of the stronger euro: pound
exchange rate. Trading income however, decreased due to continued losses in
the short-run folding cartons business and increased costs in the healthcare
packaging business as a result of the fire at the Thorpe factory. A decision
was taken to close the short-run factory at Crewkerne.
Plastics
Trading
Revenue income Margin %
Rm 2008 2007 2008 2007 2008 2007
Africa 3 165 2 910 161 247 5.1 8.5
Europe 1 769 1 556 164 157 9.4 10.1
Total 4 934 4 466 325 404 6.6 9.0
Africa
Sales increased by 9% but trading income decreased by 35%.
Frequent polymer price increases caused a lag in recovering the additional
raw material costs and resulted in margin erosion. Loss of market share in
beverage closures and operational difficulties in the tubes and tubs business
contributed to the decline in profitability.
A shortage of carbon dioxide affected sales of PET bottles whilst the move by
the bottling industry to in-plant manufacture reduced profit margins. Demand
for high density plastic bottles for milk and juice weakened towards the end
of the year. Market share previously lost in crates was regained and there
was good demand for large drums.
The flexible packaging sector continued to be highly competitive with both
volumes and selling prices under pressure. The foil factory in
Pietermaritzburg was closed during the year and absorbed into the Pinetown
operation.
Europe
Sales in pounds were 9% higher and trading income 3% higher. The increase in
sales revenue was due to higher polymer prices although these could not
immediately be recovered and resulted in a compression of the trading margin.
Group services
Trading
Revenue income
Rm 2008 2007 2008 2007
Africa - - 128 79
Europe 359 281 39 44
Total 359 281 167 123
Group services include head office activities, procurement, treasury and
property rentals. The increase in trading income is due to the release of the
unbundling provision related to Malbak companies that is no longer required.
Strategy
The three-year plan was developed further during the year and involved a
detailed portfolio analysis and a review of capital expenditure. In addition,
there will be a higher focus on cash management.
The revised strategic plan indicates an annual growth in trading income ahead
of the South African rate of inflation and a group return on net assets of
20% within three years.
Portfolio Review
A comprehensive portfolio review was undertaken which identified those
operations that fit with the longer term objective of the group which is to
generate appropriate and sustainable returns on invested capital. These
businesses are characterised by high entry barriers or have other competitive
advantages and account for approximately 55% of group turnover. Further
expansion capital will be allocated to these businesses.
The strategic review also focused on businesses which are considered to have
potential, but are currently underperforming. These account for approximately
20% of group turnover. The group intends to turn these businesses around with
the objective of moving them into the core performing business category,
which, in total, will then account for 75% of turnover.
A further aspect of the review was to consider businesses which are either
non-core or underperforming. These businesses have been identified for
potential divestment. Given the prevailing economic and financial
constraints, it is likely that it could take some time to dispose of these
businesses for the required value. In the meantime, the focus will be on
improving performance in order to increase their exit value.
This portfolio restructure is expected to generate cash, increase returns and
improve the quality of earnings.
Investment Programme
Capital expenditure totaling over R2 billion has been committed to enhance
the group`s growth prospects and includes:
A R1 billion new beverage can manufacturing plant in Angola with a planned
capacity of some 700 million cans per annum;
The new R550 million corrugated paper mill in Rosslyn to be commissioned in
December 2008 is expected to reduce the cost of waste-based raw material
thereby significantly enhancing its competitive position;
The R300 million upgrade of the glass factory furnace completed in July 2008
has increased overall capacity and is expected to deliver increased
profitability.
Further expansion capital has been identified for the Glass and Tissue
businesses.
Improving Operational Performance
The group`s "Packaging Excellence" programme will drive improved performance
with a specific focus on customer service, process excellence and people
growth.
AUDITED RESULTS
The consolidated financial statements for the year have been audited by
Deloitte & Touche and their accompanying unmodified audit report, as well as
their unmodified audit report on this set of condensed financial information
are available for inspection at the registered office of the company. The
annual report will be posted to shareholders in December 2008.
PROSPECTS AND TRADING STATEMENT
The effects of the global economic crisis on the economies in which the group
operates are uncertain and make forecasting difficult. Whilst an improvement
in trading income is expected, this will be negated by a higher interest cost
and tax charge.
CHANGES IN THE DIRECTORATE
Mr N Cumming decided to leave the group after 22 years` service and resigned
as a director on 27 March 2008.
Mr GE Bortolan, as announced, will be retiring after 28 years` service and
will be leaving the group on 31 March 2009. He will relinquish his
responsibilities as chief executive officer on 28 February 2009.Mr AB
Marshall has been appointed an executive director and chief executive officer
to take effect on 1 March 2009.
Mr R A Williams has, after 18 years on the board, decided to retire with
effect from 21 November 2008.
Messrs RC Andersen and PM Madi were appointed non-executive directors with
effect from 21 November 2008.
CAPITAL REDUCTION
At the release of the 2008 interim results, the group reduced its cash
distribution. The cover ratio (1.6 times in 2007) could be justified during
the years when there were limited growth opportunities. However, with
substantial funds already allocated to growth projects and the deterioration
in economic conditions, it is considered appropriate to adopt a more prudent
approach to the payment of cash distributions. It is the board`s intention to
restore over time the cover to 2 times.
Notice is hereby given that the share premium will be reduced by payment of a
capital reduction No. 6 of 72.0 cents (2007: 82.3 cents) per ordinary share
in respect of the year ended 30 September 2008, payable to shareholders
recorded as such in the register at the close of business on the record date,
Friday 16 January 2009, making a total distribution for the year of 100.0
cents (2007: 115.3 cents). The last day to trade to participate in the cash
distribution is Friday 9 January 2009. Shares will commence trading "ex"
distribution from Monday 12 January 2009.
The important dates pertaining to this cash distribution are as follows:
Last day to trade ordinary Friday 9 January 2009
shares "cum" distribution
Ordinary shares trade "ex" distribution Monday 12 January 2009
Record date Friday 16 January 2009
Payment date Monday 19 January 2009
Ordinary share certificates may not be dematerialised or re-materialised
between Monday 12 January 2009 and Friday 16 January 2009, both days
inclusive.
On behalf of the board
T Evans GE Bortolan Sandton
Chairman Chief executive officer 21 November 2008
NAMPAK LIMITED
Non-executive directors:
T Evans* (Chairman), DA Hawton*, MM Katz*, RJ Khoza,
KM Mokoape*, CWN Molope*, ML Ndlovu*, RV Smither*,
MH Visser, RA Williams*.
*Independent
Executive directors:
GE Bortolan (Chief executive officer),
TN Jacobs (Chief financial officer).
Secretary: NP O`Brien.
Registered office: Share registrar:
Nampak Centre, 114 Dennis Road Computershare Investor
Atholl Gardens, Sandton 2196 Services (Pty) Limited
South Africa 70 Marshall Street
(PO Box 784324, Sandton 2146 Johannesburg 2001, South Africa
South Africa) (PO Box 61051, Marshalltown 2107
Telephone: +27 11 719 6300 South Africa)
Telephone: +27 11 370 5000
Registration number:
1968/008070/06
Share code: NPK Sponsor:
ISIN: ZAE000071676 UBS South Africa (Pty) Limited
Date: 21/11/2008 14:05:15 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.
