| Thu 27 Aug 2009, 7:06 | | GDF - Gold Reef - Interim Financial Results For The Six Months Ended 30 June |
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GDF
GDF
GDF - Gold Reef - Interim Financial Results For The Six Months Ended 30 June
2009
Gold Reef Resorts Limited
(Incorporated in the Republic of South Africa)
Registration number 1989/002108/06
Share Code: GDF
ISIN: ZAE 000028338
("Gold Reef" or "the Company" or "the Group")
INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009 ("the
period")
HIGHLIGHTS
Revenue up 3% to R1,1bn
EBITDAR up 4% to R410m
Gauteng market share increased to 25,6%
Strong balance sheet
In a tough trading environment, Gold Reef produced a good performance for the
six months ended 30 June 2009 with increases in both Revenue and EBITDAR.
Group revenue was up 3% to R1,1bn compared to the same period last year with
a strong performance in Gauteng. Net gaming win increased by 3% while food
and beverage revenue increased by 7% from the prior comparative period. This
was achieved despite a deterioration in footfall as consumers felt the
pressures of high interest rates and the inflationary environment. The
Company`s growth was higher relative to the overall market, with market
shares growing in most provinces.
EBITDAR increased by 4% to R410m. The Company continued its active focus on
cost control, thereby growing the Group EBITDAR margin to 37,7%. Employee
cost pressures were offset somewhat by headcount reductions through natural
attrition and operating costs were reduced by the non-recurrence of pre-
opening expenses at Silverstar Casino and Queens Casino, incurred in the
comparative reporting period.
Depreciation and amortisation increased by 20% to R90m, due mainly to the
capital expenditure incurred at Silverstar Casino, which opened in stages
over a 10 month period to September 2008. Net finance costs increased by 42%
to R68m, due largely to interest on the Silverstar Casino debt, with a
portion of the interest having been capitalised in the prior comparative
period. The finance charges include a R1m fair value adjustment on interest
rate hedges compared to R13m included in finance income in the prior
comparative period. Three of the Company`s interest rate hedges have expired
after period end with a further one due to expire in November 2009. Net Group
debt was R1,3bn on 30 June 2009.
As a result of higher depreciation and finance costs, HEPS fell by 8% to 50,9
cents. If the effects of the interest rate hedge fair value adjustments are
excluded from both periods, HEPS increased by 1% from 50,8 cents to 51,3
cents.
Cash flow remained strong during the period with cash generated from
operations of R406m. Since all properties within the Group will be recently
opened or newly refurbished by the end of 2009, Gold Reef has embarked on the
conversion of all remaining properties to smart card gaming. This is expected
to be completed in the first half of 2010.
As in previous years, the Company has not declared a dividend at the interim
period. The dividend of 65,0 cents declared for the previous financial year
was paid on 20 April 2009.
OPERATIONS
GAUTENG
Total gaming revenue in Gauteng increased by 1% for the period under review
while the Company`s overall market share for Gauteng grew from 24,5% to
25,6%. The markets for Gold Reef City and Silverstar Casino have now
stabilised and going forward, plans are to leverage each casino`s strong
market position with joint marketing promotions.
Gold Reef City
Gold Reef City increased its gaming revenue by 3% from the same period last
year. The casino`s total revenue increased 2% to R482m and, together with
active cost control, there was margin improvement with EBITDAR increasing 2%
to R175m and the EBITDAR margin growing to 36,3%.
With a successful change to its production mix, the theatre performance
showed a marked improvement, with losses substantially reduced from R14m to
R5m for the six-month period ended June 2009.
Trading at the Theme Park was adversely affected by difficult economic
conditions. Revenue experienced no growth from the prior comparative period
while inflationary pressures on costs resulted in losses increasing by R2m. A
refurbishment of the hotel has recently commenced.
Silverstar Casino
Silverstar Casino reported a pleasing performance with revenue up 12% to
R262m. This increase was enhanced by the phased opening of the casino in
2008. Footfall at the casino was up by 38% from the prior comparative period.
Trading has stabilised and is now at predictable base levels going forward.
The increase in the EBITDAR margin from 31,3% to 36,3% has been driven by
improved revenue levels and strict cost controls.
With debt having peaked in the final quarter of 2008, external debt amounted
to R1,2bn at 30 June 2009 and is repayable over 10 years.
KWA-ZULU NATAL
Golden Horse Casino
Golden Horse Casino revenue grew 3% to R121m, in line with the growth in
gaming revenue for Kwazulu-Natal. Performance was impacted by the tough
consumer environment and also by a major refurbishment of the gaming floor,
food and beverage facilities, conferencing and the hotel. In addition, smart
card gaming has been introduced. The refurbishment is expected be completed
within the current quarter and remains within the budget of R81m.
EBITDAR fell by 6% to R51m and the EBITDAR margin decreased to 42,1% as a
result of inflationary pressures on costs.
WESTERN CAPE
The economy in the Western Cape was one of the hardest hit, with the property
and tourism sectors most significantly affected. Gaming revenue in the
province fell 8%.
Mykonos Casino
Revenue at Mykonos Casino fell 2% to R55m, an acceptable achievement
considering the difficult market conditions as well as a decline in footfall
of 15%. The refurbishment of the casino has been completed and 22 slot
machines have been added to the gaming floor.
Costs were well managed but EBITDAR fell by 8% to R22m due to the high level
of fixed costs, impacted by inflation. The EBITDAR margin reduced to 40,0%.
Garden Route Casino
The casino faced tough trading conditions with revenue decreasing by 6% to
R76m, perpetuated by a 5% decline in footfall from the previous comparative
period.
The casino is due to undergo a refurbishment in the second half of the year
to include 36 new slot machines and improvements to the gaming floor as well
as the food and beverage facilities. Additionally, the casino will also
convert to smart card gaming. In this regard, capex of R37m will be funded
out of cash resources.
EBITDAR fell by 15% to R34m, reducing the EBITDAR margin to 44,7%.
FREE STATE
Goldfields Casino
The fall in revenue at this casino was contained to 2% at R57m as footfall
fell 8% from the prior comparative period. This compared to a market decline
of 1% in the province.
EBITDAR fell by 12% to R23m and the EBITDAR margin was lower at 40,4% despite
a strong focus on cost control. The casino is expected to benefit from an
upgrade to the adjacent shopping complex which is planned to commence
shortly.
EASTERN CAPE
Queens Casino
Gaming revenue in the Eastern Cape was down 4%. Queens Casino revenue was up
20% to R24m, due largely to the phased opening of the casino in the prior
comparative period.
EBITDAR grew by R3m to R4m with an EBITDAR margin of 16,7% achieved.
BLACK ECONOMIC EMPOWERMENT
All of the relevant gaming boards have now approved the application for the
acquisition by Main Street 581 (Proprietary) Limited (an indirect, wholly
owned subsidiary of Tsogo Sun Holdings (Proprietary) Limited ("Tsogo Sun"))
of the shares of certain empowerment shareholders of Gold Reef, although the
Eastern Cape Gambling and Betting Board is yet to give reasons for its
approval.
The acquisition will mean that Tsogo Sun will control the BEE voting pool and
an aggregate 34,8% stake in Gold Reef. Gold Reef is engaging with Tsogo Sun
and the relevant gaming boards to ensure that Gold Reef continues to comply
with its objectives of ensuring sufficient empowerment in Gold Reef for
commercial, strategic and regulatory reasons, including complying with all
license conditions.
DIRECTORATE
M Krok resigned on 2 July 2009 as chairman and director of Gold Reef for
personal reasons. As a result of Casinos Austria`s disinvestment in Gold
Reef, J Leutgeb also resigned as a director of the company on 2 July 2009. In
accordance with the board of directors` ("the board") age retirement policy,
AJ Aaron retired as a director on 8 July 2009. The board thanks them for
their commitment and valuable contribution.
Dr EN Banda has been appointed independent non-executive chairman of Gold
Reef by the board. On 25 August 2009 P Vallet was appointed as a non-
executive director of Gold Reef by the board.
PROSPECTS
The tough trading conditions are expected to persist into the second half of
the financial year with consumer activity remaining subdued. However, with
interest rates having decreased 5% since December last year, consumer spend
is expected to improve with time.
Notwithstanding these tough conditions, Gold Reef remains well-positioned and
is conservatively geared. Focus on costs will remain a priority. The joint
marketing initiatives in Gauteng are also expected to benefit the business
going forward.
Gold Reef remains well placed to benefit from an improvement in economic
conditions and will continue to pursue development initiatives of its casino
portfolio.
STEVEN JOFFE JARROD FRIEDMAN
CHIEF EXECUTIVE OFFICER FINANCIAL DIRECTOR
On behalf of the board
27 August 2009
CONDENSED CONSOLIDATED INCOME STATEMENT
Unaudited Restated Audited for
for the for the the
6 months 6 months 12 months
ended ended ended 31
30 June 30 June December
2009 2008 2008
% Rm Rm Rm
change
Revenue 3 1 087 1 054 2 197
Net gaming win 3 1 017 984 2 042
Theme Park - 28 28 67
Food and beverage 7 15 14 32
Other (4) 27 28 56
Other income 1 * 1
1 088 1 054 2 198
Gaming levies and VAT (204) (198) (410)
Employee costs (249) (240) (463)
Promotional and marketing (133)
costs (59) (61)
Depreciation and amortisation (90) (75) (161)
Other operating expenses (175) (173) (326)
Operating profit 1 311 307 705
Finance income 28 46 80
Finance costs (96) (94) (214)
Profit before equity accounted 571
earnings 243 259
Share of loss of associate (3) (4) (8)
Profit before taxation (6) 240 255 563
Taxation expense (94) (95) (188)
Profit for the period (9) 146 160 375
Profit attributable to:
Equity holders of Gold Reef (8) 140 152 358
Minority interest 6 8 17
146 160 375
Number of shares in issue 291 990
(000) 291 990 291 990
Weighted average number of 274 006
shares in issue (000) 274 859 273 715
Earnings per share (cents) (8) 50,9 55,5 130,7
Diluted earnings per share (8) 130,7
(cents) 50,9 55,5
* Amount less than R1million
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Restated Audited for
for the for the the
6 months 6 months 12 months
ended ended ended 31
30 June 30 June December
2009 2008 2008
Rm Rm Rm
Profit for the period 146 160 375
Other comprehensive income for the (67)
period, net of tax (1) 52
Fair value (loss)/gain on interest (93)
rate hedge (1) 73
Fair value loss on foreign -
exchange hedge * -
Income tax relating to components 26
of other comprehensive income * (21)
Total comprehensive income for the
period 145 212 308
Total comprehensive income
attributable to:
Equity holders of Gold Reef 139 204 291
Minority interest 6 8 17
145 212 308
* Amount less than R1million
CONDENSED CONSOLIDATED BALANCE SHEET
Audited at
Unaudited Restated at 31
at 30 June 30 June December
2009 2008 2008
Rm Rm Rm
Assets
Non-current assets
Property, plant and equipment 2 506 2 484 2 545
Leasehold improvements 153 105 123
Intangible assets 1 186 1 189 1 187
Deferred tax assets 6 33 5
Investment in associate 25 48 31
Derivative financial instruments - 106 -
Share scheme 27 41 33
3 903 4 006 3 924
Current assets
Inventories 18 20 19
Receivables and prepayments 38 72 30
Current tax assets 13 2 7
Cash and cash equivalents 326 231 443
Amounts owing by related parties * * *
395 325 499
Total assets 4 298 4 331 4 423
Equity and liabilities
Capital and reserves
Ordinary share capital 6 6 6
Share premium 1 860 1 860 1 860
Treasury shares (72) (71) (71)
1 794 1 795 1 795
Share-based payment reserve 385 383 382
Other reserves (566) (441) (565)
Retained earnings 759 593 799
2 372 2 330 2 411
Minority interest 37 34 43
Total equity 2 409 2 364 2 454
Non-current liabilities
Interest-bearing borrowings 1 418 1 501 1 506
Deferred tax liabilities 58 55 54
Derivative financial instruments 26 - 21
Other non-current liabilities 1 - -
1 503 1 556 1 581
Current liabilities
Trade and other payables 137 139 135
Provisions 60 64 57
Bank overdraft - 25 *
Current tax liabilities 1 20 8
Current portion of interest-
bearing borrowings 188 163 188
Amounts owing to related parties * * *
386 411 388
Total equity and liabilities 4 298 4 331 4 423
*Amount less than R1million
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Reserves Retained Minority Total
capital net ** earnings interest equity
of treasury
shares
Rm Rm Rm Rm Rm
Restated balance at 1 1 767 (116) 718 32 2 401
January 2008
Total comprehensive income - 52 152 8 212
for the period ended 30
June 2008
Profit for the period - - 152 8 160
Fair value gain on - 52 - - 52
interest rate hedge, net
of tax
Net movement between share 28 - - - 28
scheme and participants
Recognition of share-based - 6 - - 6
payments
Dividend paid - - (277) - (277)
Dividend paid to - - - (6) (6)
minorities by subsidiaries
Restated balance at 30 1 795 (58) 593 34 2 364
June 2008
Total comprehensive income - (119) 206 9 96
for the period ended 31
December 2008
Profit for the period - - 206 9 215
Fair value loss on (119)
interest rate hedge, net - (119) - -
of tax
Net movement between share - (5) - - (5)
scheme and participants
Reversal of share based - (1) - - (1)
payments
Balance at 31 December 1 795 (183) 799 43 2 454
2008
Total comprehensive income - (1) 140 6 145
for the period ended 30
June 2009
Profit for the period - - 140 6 146
Fair value loss on - (1) - - (1)
interest rate hedge, net
of tax
Fair value loss on foreign - * - - *
exchange hedge, net of tax
Net movement between share (1) - - - (1)
scheme and participants
Recognition of share-based - 3 - - 3
payments
Dividend paid - - (180) - (180)
Dividend paid to - - - (12) (12)
minorities by subsidiaries
Balance at 30 June 2009 1 794 (181) 759 37 2 409
** "Reserves" comprise of "Share-based payment reserve" and "Other reserves".
These reserves are disclosed separately on the Balance Sheet.
* Amount less than R1million
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Restated Audited
for the for the for the
6 months 6 months 12 months
ended ended ended 31
30 June 30 June December
2009 2008 2008
Rm Rm Rm
Cash flow from operating activities
Profit before taxation 240 255 563
Non-cash items and other adjustments 167 146 339
407 401 902
(Increase)/decrease in net current assets (1) 13 45
Cash flow from operating activities 406 414 947
Finance income 31 20 45
Finance costs (96) (94) (214)
Taxation paid (104) (103) (186)
Dividend paid (180) (277) (277)
Net cash generated/(utilised) in operating 57 (40) 315
activities
Cash flow from investing activities
Additions to property, plant and equipment (48) (277) (422)
Additions to leasehold improvements (33) (3) (23)
Proceeds from disposal of property, plant 3
and equipment * 1
Investment in available-for-sale financial *
instruments - -
Investment in intangibles - * -
Loans repaid by/(advanced to) associate 3 (10) 3
Loans repaid by/(advanced to) related * (1) (2)
parties
Net cash utilised in investing activities (78) (290) (441)
Cash flow from financing activities
Shares repurchased by share scheme (1) * (34)
Decrease in share scheme loans 6 9 46
Dividend and loan repayments to outside (12) (6) (6)
shareholders
(Decrease)/increase in interest-bearing 246
borrowings (89) 216
Net cash (utilised)/generated by financing 252
activities (96) 219
Net (decrease)/increase in cash and cash 126
equivalents (117) (111)
Cash and cash equivalents at beginning of 317
period 443 317
Cash and cash equivalents at end of period 326 206 443
* Amount less than R1million
SUPPLEMENTARY INFORMATION
Unaudited Restated Audited
for the for the for the
6 months 6 months 12 months
ended ended ended 31
30 June 30 June December
2009 2008 2008
% Rm
change Rm Rm
EBITDAR reconciliation
Operating profit 311 307 705
Property and equipment rental 9 11 20
Depreciation and amortisation 90 75 161
EBITDAR 4 410 393 886
Weighted average number of shares in 274 006
issue (000) 274 859 273 715
EBITDAR per share (cents) 4 149,2 143,6 323,4
EBITDAR margin % 37,7 37,3 40,3
Headline earnings reconciliation
Attributable profit for the period 140 152 358
Impairment of intangible - - *
Profit on sale of property, plant *
and equipment * *
Headline earnings (8) 140 152 358
Weighted average number of shares in 274 006
issue (000) 274 859 273 715
Headline earnings per share (cents) (8) 50,9 55,5 130,7
Diluted headline earnings per share (8) 130,7
(cents) 50,9 55,5
* Amounts less than R1million
Notes to the interim financial results
1. Basis of preparation
The unaudited condensed consolidated interim financial results for the six
months ended 30 June 2009 have been prepared in accordance with IAS 34 -
Interim financial reporting, AC500 Standards as issued by the Accounting
Practices Board and the results of the South African Companies Act, 1973. The
condensed consolidated interim financial results should be read in
conjunction with the annual financial results for the year ended 31 December
2008, which have been prepared in accordance with International Financial
Reporting Standards ("IFRS").
In line with IAS18-Revenue, the Group has amended the accounting treatment
applied to promotional allowances for complimentary beverages, meals and
accommodation. The revenue and related expenses previously recognised as part
of food and beverage and hotel revenue are now eliminated against the
corresponding promotional costs recognised in gaming expenses. The June 2008
comparatives have been restated accordingly.
Had this accounting policy been applied in the previous comparative period,
revenue would have amounted to R1,05m, 2% lower than the R1,08m then
reported. All revenue values reported for the prior comparative period have
been restated to show the effect of the change in accounting policy. This
restatement has no effect on earnings per share ("EPS"), headline earnings
per share("HEPS") or earnings before interest, tax, depreciation,
amortisation and rental ("EBITDAR").
Gold Reef has previously reported Adjusted EBITDAR and Adjusted HEPS in both
the December 2008 annual financial statements as well as in the interim
financial results for the period ended 30 June 2008. Both Adjusted EBITDAR
and Adjusted HEPS were arrived at after adjusting for charges relating to
corporate activity and various non-recurring items. Since these charges are
no longer considered to be material, Adjusted EBITDAR and Adjusted HEPS have
not been reported for the interim period ended 30 June 2009.
2. Accounting policies
Except as described below, the accounting policies applied are consistent
with those of the annual financial statements for the year ended 31 December
2008, as described in those annual financial statements.
The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning 1 January 2009.
IAS 1 (revised), `Presentation of financial statements`. The revised standard
prohibits the presentation of items of income and expenses (that is `non-
owner changes in equity`) in the statement of changes in equity, requiring
`non-owner changes in equity` to be presented separately from owner changes
in equity. All `non-owner changes in equity` are required to be shown in a
performance statement. Entities can choose whether to present one performance
statement (the statement of comprehensive income) or two statements (the
income statement and statement of comprehensive income). The Group has
elected to present two statements: an income statement and a statement of
comprehensive income. The interim financial results have been prepared under
the revised disclosure requirements.
IFRS 8, `Operating segments`. IFRS 8 replaces IAS 14, `Segment reporting`.
The standard requires a `management approach` under which segment information
is presented on the same basis as that used for internal reporting purposes.
This has resulted in an increase in the number of reportable segments
presented, as previously the Company only reported one business segment,
being casino operations. Operating segments are reported in a manner
consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker has been identified as the
Group executive directors who are responsible for making strategic decisions.
3. Segment information
The chief operating decision-maker has been identified as the Group executive
directors. These individuals review the Group`s internal reporting in order
to assess performance and allocate resources and have determined the
operating segments based on these reports.
The Group executive directors consider the business from both a geographic
and operational perspective and assess the performance of the operating
segments based on a measure of Revenue and EBITDAR.
SEGMENTAL ANALYSIS
Revenue Revenue Revenue EBITDAR EBITDAR EBITDAR
June Restated June June
2009 June 2008 2009 2008
Rm Rm % Rm Rm %
Gold Reef City Casino 482 474 2 175 171 2
Gold Reef City Theme 34 34 - (3) (1) (200)
Park
Silverstar Casino 262 233 12 95 73 30
Golden Horse Casino 121 117 3 51 54 (6)
Mykonos Casino 55 56 (2) 22 24 (8)
Garden Route Casino 76 81 (6) 34 40 (15)
Goldfields Casino 57 58 (2) 23 26 (12)
Queens Casino 24 20 20 4 1 300
Gold Reef Management 34 30 13 4 (3)
Gold Reef Resorts - - - 5 11 (55)
Consolidation and (58) (49) * (3)
other group
companies>
1 087 1 054 3 410 393 4
SEGMENTAL ANALYSIS (CONTINUED)
EBITDAR EBITDAR Cash on Cash on
Margin Margin Hand Hand
June June 2008 June June
2009 2009 2008
% % Rm Rm
Gold Reef City Casino 36,3 36,1 18 21
Gold Reef City Theme (8,8) (2,9) (2) (2)
Park
Silverstar Casino 36,3 31,3 238 120
Golden Horse Casino 42,1 46,2 8 17
Mykonos Casino 40,0 42,9 5 9
Garden Route Casino 44,7 49,4 34 29
Goldfields Casino 40,4 44,8 6 7
Queens Casino 16,7 5,0 3 4
Gold Reef Management 11,8 (10,0) 11 (4)
Gold Reef Resorts 4 2
Consolidation and 1 3
other group
companies>
37,7 37,3 326 206
SEGMENTAL ANALYSIS (CONTINUED)
Debt Debt Debt Net Net
Debt Debt Debt
Non- Non- Current
Current Current Current
June June June June June June
2009 2008 2009 2008 2009 2008
Rm Rm Rm Rm Rm Rm
Gold Reef City (160) (218) (58) (255)
Casino (58) (200)
Gold Reef City - - - (2)
Theme Park - (2)
Silverstar Casino (1 163) (1 161) (96) (71) (1 021) (1 112)
Golden Horse Casino (35) (42) (13) (13) (40) (38)
Mykonos Casino - - - - 5 9
Garden Route Casino (21) (29) (8) (8) 5 (8)
Goldfields Casino (39) (51) (13) (13) (46) (57)
Queens Casino (42) - (8) - (47) 4
Gold Reef - - - - 11 (4)
Management
Gold Reef Resorts - - - - 4 2
Consolidation and 42 - 8 3
other group
companies> - 51
(1 418) (1 501) (188) (163) (1 280) (1 458)
SEGMENTAL ANALYSIS (CONTINUED)
Capex Capex Capex Capex Total Total
Develop- Develop- Operat- Operat- Capex Capex
mental mental ional ional
June June 2008 June June June June
2009 2009 2008 2009 2008
Rm Rm Rm Rm Rm Rm
Gold Reef City Casino - 48 7 - 7 48
Gold Reef City Theme 2 - 3 3
Park 5 3
Silverstar Casino 1 202 5 11 6 213
Golden Horse Casino 33 3 13 6 46 9
Mykonos Casino 3 - 4 2 7 2
Garden Route Casino 8 - 1 2 9 2
Goldfields Casino - - 1 3 1 3
Queens Casino * 26 * 1 * 27
Gold Reef Management - - * * * *
Gold Reef Resorts - - - - - -
Consolidation and * (26) * (1)
other group
companies> * (27)
47 253 34 27 81 280
Revenue figures have been restated for the effects of the elimination of the
inter-departmental charges in terms of IAS 18 - Revenue.
> Included in "Consolidation and other group companies" is the elimination of
Queens Casino`s results due to it being equity accounted.
* Amount less that R1million
Directors: EN Banda (Chairman)>; MG Diliza>; JC Farrant>; JS Friedman;
SB Joffe (Chief Executive Officer); MZ Krok>; S Krok**; ZJ Matlala>;
C Neuberger#; TM Sadiki; PCM September*; P Vallet*
*Non-Executive Director
>Independent Director
**Alternate Director
#Austrian Citizen
Company secretary: JS Friedman
Registered office: Gold Reef City, Gate 4, Northern Parkway, Ormonde, 2091.
Transfer secretaries: Link Market Services South Africa (Pty) Limited, 5th
Floor, 11 Diagonal Street, Johannesburg, 2001
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Investor relations: College Hill (Proprietary) Limited
Date: 27/08/2009 07:06:01 Produced by the JSE SENS Department.
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