|
BFS
BFS
BFS - Blue Financial Services - Audited abridged results for the financial
year ended 28 February 2009 and notice of annual general meeting
BLUE FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1996/006595/06
Share code: BFS
ISIN: ZAE000083655
("the group" or "the Company" or "Blue")
AUDITED ABRIDGED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2009 AND
NOTICE OF ANNUAL GENERAL MEETING
Highlights
- Loan book increased by 200% from R482 million to R1 448 million.
- Earnings increased by 92% from R62 million to R119 million.
- Earnings per share increased by 59% from 14,64 cents to 23,30 cents.
CONDENSED CONSOLIDATED INCOME STATEMENT
for the year ended 28 February 2009
Audited Reviewed Audited %
12 months 12 months 12 months change
to 28 Feb to 28 Feb to 29 Feb between
2009 2009 2008 Audited
2009
and
R`000 Audited
R`000 R`000 Change 2008
Interest income 195,282 (*&1)
540,914 531,541 9,373 177
Interest expense
(137,372) (140,778) 3,406 (65,985) 108
Net interest 129,297
income 403,542 390,763 12,779 212
Administration 139,461 (*&2)
and commission 218,217 201,174 17,043 56
income
Other income 16,898 (3)
171,914 144,369 27,545 917
Operating income 285,656
793,673 736,306 57,367 178
Non-loan advances - - - (2)
sales 37,278 (37,278)
Non-loan advances - - - (2)
cost of sales (4,236) 4,236
Impairment of
loan advances (93,186) (93,185) (1) (4,472) 1,984
Operating (*&3)
expenses (545,612) (526,391) (19,221) (203,831) 168
Operating profit 77,353
154,875 149,772 5,103 100
Investment - - - (*&1)
revenue 6,649 (6,649)
Fair value - 6,162
adjustments (1,509) 1,509 (100)
Profit before 83,515
taxation 154,875 154,912 (37) 85
Taxation *
(44,010) (44,047) 37 (21,517) 105
Profit for the 61,998
year 110,865 110,865 - 79
Attributable to 118,958 118,958 - - -
equity holders of
the parent
Minority interest (8,093) (8,093) - - -
(*) - Refer Note 3 Restatements and reclassifications
CONDENSED CONSOLIDATED BALANCE SHEET
for the year ended 28 February 2009
Audited Reviewed Audited %
12 months 12 months 12 months change
to 28 Feb to 28 Feb to 29 Feb between
2009 2009 2008 Audited
2009
and
Audited
R`000 R`000 Change R`000 2008
Assets
Cash and cash ()
equivalents 183,476 177,818 5,658 66,976 174
Loan advances
1,448,148 1,448,100 48 481,941 200
Trade and other (4)
receivables 29,110 44,310 (15,200) 8,362 248
Inventories - - -
3,632 3,632
Other financial
assets 51,751 53,237 (1,486) 122,841 (58)
Property, plant
and equipment 108,099 107,212 887 44,101 145
Current tax
receivable 3,594 5,608 (2,014) 1,496 140
Deferred tax (#)
118,976 106,157 12,819 19,786 501
Intangible assets (*)
59,077 54,779 4,298 70,367 (16)
Goodwill (*&5)
685,906 651,333 34,573 337,328 103
Total assets
2,691,769 2,652,186 39,583 1,153,198 133
Equity and
liabilities
Equity
Share capital
925,992 925,992 - 526,905 76
Reserves (*)
41,629 (966) 42,595 45,661 (9)
Retained income (*)
221,347 221,182 165 93,964 136
Minority interest
36,227 36,227 - (198) (18,396
)
Total equity
1,225,195 1,182,435 42,760 666,332 84
Liabilities
Bank overdraft ()
89,083 89,083 - 12,835 594
Trade and other (4)
payables 102,506 107,729 (5,223) 22,634 353
Current tax (#)
payable 129,317 120,272 9,045 35,748 262
Other financial 826,406 828,681 385,199
liabilities (2,275) 115
Finance lease
obligation 18,181 17,390 791 9,055 101
Loans from - -
shareholders 270,785 270,785 -
Provisions (4&6)
- 8,518 (8,518) 2,355 (100)
Operating lease
liability 1,821 3,824 (2,003) 830 120
Deferred tax (*)
28,475 23,469 5,006 18,210 56
Total liabilities
1,466,574 1,469,751 (3,177) 486,866 201
Total equity and
liabilities 2,691,769 2,652,186 39,583 1,153,198 133
Net asset value
per share in 210.39 203.05 7.34 143.09 47
cents
Tangible net
asset value per 82.46 81.80 0.66 55.54 48
share in cents
(#) - Refer Note 2 Acquisition of businesses
(*) - Refer Note 3 Restatements and reclassifications
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
for the year ended 28 Feb 2009
Audited Reviewed Audited %
12 months 12 months 12 months change
28 Feb to 28 Feb to 28 Feb between
2009 2009 2008 Audited
2009
and
Audited
R`000 R`000 Change R`000 2008
Cash flows from
operating activities (589,889) (578,482) 11,407 (261,868) 125
Cash generated by 7.
(utilised in) (426,197) (433,220) (7,023) (172,620) 147
operations
Interest expense
(137,372) (140,778) (3,406) (65,985) 108
Investment revenue - - 1.
6,649 6,649
Taxation paid 7.
(26,320) (11,133) 15,187 (23,869) 10
Non cash items - - -
606 (100)
Cash flows from 18,352
investing activities 94,962 76,610 (113,043) (184)
Property, plant and
equipment acquired (64,089) (65,933) 1,844 (32,186) 99
Proceeds on disposal
of property, plant 3,534 470 3,064 6,063 (42)
and equipment
Proceeds on disposal - - -
of investment (1,500) (1,500)
property
Acquisition of 8.
businesses (65,864) (29,665) (36,199) (41,988) 57
Proceeds on disposal 7.
of financial assets 84,759 71,315 13,444 (44,932) (289)
Proceeds of disposal - 8.
of investment 138,122 101,923 36,199
Cash flows from (1,286)
financing activities 535,180 536,466 449,525 19
Proceeds on issue of -
ordinary shares 75,016 75,016 84,233 (11)
Proceeds on issue of -
redeemable 37,426 37,426 35,000 7
preference shares
Finance lease
repayments 3,696 2,904 792 (2,938) (226)
Proceeds/(Repayment) 9.
of shareholders loan (6,215) 36,786 (43,001) (328) 1,795
Financial 9.
liabilities raised / 425,257 384,334 40,923 333,558 27
(repaid)
Increase / 5,659
(decrease) in cash 40,253 34,594 74,614 (46)
and cash equivalents
Cash and cash -
equivalents at 54,140 54,140 (20,474) (364)
beginning of the
period
Cash and cash
equivalents at end 94,393 88,734 5,659 54,140 74
of the period
- The group`s net cash position has improved from R54,1 million to R94,4
million, without having any significant impact on the movement in earnings
per share
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 29 February 2009
Total
Share Foreign attributable
capital currency Re- to equity
and translation valuation Retained holders of
premium reserve reserve income the group
R `000 R `000 R `000 R `000 R `000
Balance at 1 Mar 399,894 - 431,935
2007 as (16) 32,057
previously
reported
Errors affecting - 23,112 - 23,021
equity (91)
Balance at 1 Mar 399,894 23,096 - 454,956
2007 as restated 31,966
Currency - 22,565 - 22,565
translation -
differences
Profit for the - - - 61,998
period 61,998
Issue of ordinary 123,657 - - 123,657
shares -
Purchase of own / 5,121 - - 5,121
treasury ordinary -
shares
Redemption of - - (35,200)
preference shares (35,200) -
Issue of 35,000 - - 35,000
preference shares -
Share issue costs - - (1,567)
(1,567) -
Purchase of - - - -
minority interest -
Balance at 29 Feb 526,905 45,661 - 666,530
2008 as restated 93,964
Currency - - (8,196)
translation (8,196) -
differences
Revaluation net - - 4,164
of tax 4,164 -
Share based 2,362 - - 10,787
payment to 8,425
employees
Profit for the - - - 118,958
period 118,958
Issue of ordinary 394,298 - - 394,298
shares -
Redemption of - - (35,000)
preference shares (35,000) -
Issue of 37,426 - - 37,426
preference shares -
Acquired through - - - -
business -
combinations
Balance at 28 925,991 37,465 1,188,967
February 2009 4,164 221,347
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 28
February 2009
(contd.)
Minority interest Total equity
R `000 R `000
Balance at 1 Mar 2007 as 540 432,475
previously reported
Errors affecting equity - 23,021
Balance at 1 Mar 2007 as 540 455,496
restated
Currency translation - 22,565
differences
Profit for the period - 61,998
Issue of ordinary shares - 123,657
Purchase of own / - 5,121
treasury ordinary shares
Redemption of preference - (35,200)
shares
Issue of preference - 35,000
shares
Share issue costs - (1,567)
Purchase of minority (738) (738)
interest
Balance at 29 Feb 2008 (198) 666,332
as restated
Currency translation - (8,196)
differences
Revaluation net of tax - 4,164
Share based payment to - 10,787
employees
Profit for the period (8,093) 110,865
Issue of ordinary shares - 394,298
Redemption of preference - (35,000)
shares
Issue of preference - 37,426
shares
Acquired through 44,519 44,519
business combinations
Balance at 28 February 36,228 1,225,195
2009
GROUP SEGMENTAL ANALYSIS
for the year ended 28 February 2009(contd.)
Southern Africa East Africa
Audited Audited 12 Audited Audited 12
12 months months to 12 months months to
to 28 Feb 29 Feb to 28 Feb 29 Feb
2009 2008 2009 2008
R `000 R `000 R `000 R `000
Interest income
365,415 158,964 189,154 36,319
Operating income 492,137 199,657 329,476 104,149
Segment result:
profit before 39,558 47,738 137,756 42,254
taxation
West Africa Eliminated
Audited Audited Audited Audited 12
12 months 12 months 12 months months to
to 28 Feb to 29 Feb to 28 Feb 29 Feb
2009 2008 2009 2008
R `000 R `000 R `000 R `000
Interest income (20,039)
6,384 - -
Operating income 5,248 310 (33,186) (18,460)
Segment result: -
profit before (22,439) 272 (6,749)
taxation
Consolidated
Audited Audited 12 months to
12 months to 28 Feb 29 Feb 2008
2009
R `000 R `000
Interest income 540,914 195,283
Operating income 793,674 285,656
Segment result: profit 154,876 83,515
before taxation
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
The audited financial results of the company at and for the year ended 28
February 2009 comprise the company and its subsidiaries (together referred to
as the "group"). The group`s principal accounting policies have been applied
consistently over the current and prior financial years. These audited
financial results have been prepared in accordance with the recognition and
measurement criteria of International Financial Reporting Standards,
interpretations issued by the International Financial Reporting
Interpretations Committee (IFRIC), and the presentation and disclosure
requirements of International Accounting Standards: Interim Financial
Reporting (IAS34), the Listings Requirements of the JSE Limited and the South
African Companies Act 61 of 1973, as amended. In the preparation of these
financial results the group has applied key assumptions concerning the future
and other indeterminate sources in recording various assets and liabilities.
These assumptions were applied consistently to both the company and group
financial statements for the year ended 28 February 2009. These assumptions
are subject to ongoing review and possible amendments.
2. Acquisition of businesses
Audited 12 Reviewed 12 Audited 12
months to 28 months to months to
Feb 2009 28 Feb 2009 29 Feb 2008
R`000 R`000 Change R`000
Fair value of net
assets acquired
Property, plant and 17,557 11,948 5,609
equipment 506
Intangible assets 25,162 21,157 4,005 15,589
Other financial 17,250 1,046 16,204 288
assets
Deferred tax 40,229 34,201 6,028 (663)
Trade and other 22,728 29,368 (6,640) 10,862
receivables
Inventory 4,457 4,457 - 14
Other financial (292,950) (290,973) (1,977) (10,779)
liabilities
Cash and cash 31,455 31,455 - (2,954)
equivalents
Loans and advances 239,215 252,679 (13,464) -
Operating lease (351) (351) - -
liability
Provisions (15,840) (15,840) - (151)
Taxation (21,117) 4,534 (25,651) (65)
Trade and other (37,054) (36,743) (311) (1,094)
payables
Finance lease (5,431) (5,431) - -
obligations
Outside - (44,519) 44,519 738
shareholders
Fair value of net 25,310 (3,012) 28,320
assets acquired 12,292
Goodwill 356,292 348,415 7,877 30,273
381,602 345,403 36,199 42,564
Consideration paid
Cash (97,320) (61,121) (36,199) (39,035)
Ordinary shares (284,282) (284,282) - (2,658)
Deferred payments - - - (871)
(381,602) (345,403) (36,199) (42,564)
Net cash outflow on
acquisition
Cash consideration (97,320) (61,121) (36,199) (39,035)
paid
Cash acquired 31,456 31,455 - (2,954)
(65,864) (29,665) (36,199)
(41,989)
3. Restatement and reclassifications
The group has reviewed its interpretation of IAS 21 "The Effects of Changes
in Foreign Exchange Rates", and as result has amended the treatment of
goodwill and intangible assets recognised on consolidation of foreign
operations. According to IAS 21 paragraph 47, the goodwill and intangible
assets are to be accounted for as assets of the foreign subsidiaries and
translated at the spot rate of that particular currency. The amortisation and
reversal of the deferred tax liability attached to the intangible assets
should be translated at the average rate for the reporting period of that
particular currency. The amendment resulted in the following adjustment:
Feb 2009 Feb 2008
R`000 R`000
Balance Sheet
Goodwill 41,615 22,297
Intangible assets 2,852 1,179
Deferred tax (699) (456)
Foreign currency translation reserve (43,603) (23,112)
Retained earnings (165) 92
Feb 2008 Feb 2007
R`000 R`000
Income Statement
Amortisation of intangibles 76 118
Deferred tax (332) (26)
Certain comparative figures have been reclassified to improve quality of
disclosure. These changes did not impact the group`s results or cashflow
information for the year ended 28 February 2008. The effects of the
reclassifications are as follows:
Feb 2008
R`000
Income Statement
Interest income 12,563
Administration and commission income (8,878)
Operating expenses 8,878
Investment revenue (12,563)
Operating segments
The group has re-defined its operating segments to a regional segmentation,
instead of a country based approach. The new segmentation does however still
follow the geographical location.
4. Headline earnings per ordinary share
Audited
12 Reviewed Audited
months 12 12 % change
to 28 months months between
Feb 2009 to 28 to 29 Audited
Feb 2009 Feb 2008 2009 and
Audited
R`000 R`000 Change R`000 2008
Reconciliation of
earnings to headline
earnings:
Profit after taxation
110,865 110,865 - 61,998 79
Less minority interest - -
8,093 8,093 -
Earnings
118,958 118,958 - 61,998 92
Less: Negative goodwill -
- - (419) (100)
Less: Profit on sale of
property, plant and (471) - (471) (3,162) (85)
equipment
Less: Fair value - (100)
adjustments 2,917 (2,917) (6,162)
Less: Profit on sale of - -
Nigeria shares (80,499) (80,499) -
Add: Impairment of - -
goodwill 7,039 4,039 3,000
Add: Impairment of - -
intangible assets 19,464 21,514 (2,050)
Headline earnings
64,491 66,929 (2,438) 52,255 23
Number of shares in (7)
issue (net of treasury 582,331 582,338 465,659 25
shares)in million
Weighted number of
shares in issue in 510,654 516,428 (5,774) 423,520 21
million
Fully diluted number of
shares in issue in 559,427 556,305 3122 470,548 19
million
Earnings per share in
cents 23.30 23.03 0.27 14.64 59
Fully diluted earnings
per share in cents 21.91 21.82 0.09 13.98 57
Headline earnings per
share 12.63 12.96 (0.33) 12.34 2
Fully diluted headline
earnings per share in 12.17 12.47 (0.30) 11.91 2
cents
AMENDMENTS FROM REVIEWED TO AUDITED FINANCIAL RESULTS FOR THE 12 MONTHS ENDED
28 FEBRUARY 2009
From the Reviewed Financial Statements to the Audited Financial Statements
certain amendments were proposed and adopted to ensure more appropriate,
comprehensive and improved financial presentation. The material amendments
are detailed below:
1. Investment income of R6,6 million comprising interest on bank
balances has been reclassified as part of interest income, as it is
deemed part of interest earning assets and in line with the
disclosure of our peers.
2. Non-loan advances sales of R37,3 million and related cost of sales
of R4,2 million from mobile activities has been reclassified, R11,8
million to administration and commission income, R24,7 million to
other operating income and R3,5 million to operating expenses.
3. Operating costs comprising R10,0 million advertising costs included
under administration and commission income, have been reclassified
as part of operating expenditure.
4. Trade and other receivables have reduced by R15,2 million, mainly
due to additional intergroup eliminations on the balance sheet
against trade and other payables.
5. Goodwill on acquisition of the Kenya operations was impaired by
R3,0 million based on finalization of impairment reviews on cash-
generating units, over and above the initial R4,0 million
impairment recorded in the Kenyan annual financial statements.
6. Provisions comprising expenditure of R8,5 million, were
reclassified as part of accruals within trade and other payables.
7. Purchase price allocation on business combinations during the
current year has been adjusted to amend the allocated fair value of
net assets per category. Refer note 2 Acquisition of Business.
8. Reclassification between proceeds on disposal of investment and
acquisition of business of R36.2 million, is to reflect the gross
cash flows as opposed to net cash flows on the establishment and
subsequent disposal of a portion of the investment in Nigeria.
9. Reclassification between proceeds of shareholders loans and
financial liabilities of R43,0 million, to reflect the gross
repayment of Credit-U shareholder loans.
10. Headline earnings per share have been amended for the following
changes (refer note 4 Headline earnings per ordinary share):
- Deduction for R0,5 million profit on sale of property, plant
and equipment of a capital nature, not previously included in
headline earnings
- An impairment charge of R2,9 million erroneously reflected as
an adjustment to headline earnings
- Additional R3,0 million impairment on Kenyan goodwill
- Intangible asset amortization amendment of R2,1 million for
appropriate deferred tax effect, not previously included in
headline earnings
- Decrease in the weighted average number of shares in issue by
5,8 million, to reflect the actual date of issue.
RESULTS COMMENTARY
Nature of business:
Blue is a Pan African financial services supplier, providing ethical,
innovative and affordable credit solutions to people within Africa. Blue
currently operates in Botswana, Cameroon, Kenya, Lesotho, Namibia, Nigeria,
Malawi, Mauritius, Rwanda, South Africa, Swaziland, Tanzania, Uganda and
Zambia. The Group employs 3,199 permanent and temporary staff and has 314
outlets in fourteen countries in Africa.
Key features:
The key features of the audited results for the year ended 29 February 2009
are as follows:
- Loan book increased by 200% from R482 million to R1 448 million.
- Earnings increased by 92% from R62 million to R119 million.
- Earnings per share increased by 59% from 14,64 cents to 23,30 cents.
Financial overview:
Blue generated earnings of R118,9 million for the year ended 28 February 2009
(2008: R62,0 million), up 92% on the prior year. The loan book increased by
200% to R1 448,1 million (2008: R481,9 million) on the back of acquisitions,
new operations and organic growth.
Notable items:
- Blue incurred foreign exchange losses of R47 million, mainly on unhedged
US dollar loans.. Blue has subsequently implemented a hedging strategy
to reduce the group`s exposure and minimize the impact on future
earnings.Share based payment costs to staff amounted to R10,7 million
after tax.Blue made an after tax profit of R80.5 million on the sale of
a 10% interest in its Nigerian operation to American Insurance Group
("AIG").
- Goodwill of R7.0 million related to the Kenyan operation was impaired.
- Intangible assets, comprising brand names of R21,5 million were impaired
in South Africa and Kenya.
CHANGES TO THE BOARD OF DIRECTORS
Mr NP Kanabar (Tanzania) resigned as non-executive director with effect from
22 September 2008. Mr JC Maritz resigned as an executive director of Blue
with effect from 27 June 2008. Mr G Chittenden was appointed as executive
director with effect from 27 June 2008 and resigned on 31 July 2009. Mr CB
Klopper was appointed as an executive director and Mr MG Meehan as
independent non-executive director with effect from 26 February 2009. Me GL
Sangudi was appointed as non-executive director with effect from 20 May 2008
and retires effective 1 September 2009. Mr S Strydom was appointed as an
executive director with effect from 4 June 2009 and CFO on 28 July 2009. Me A
Aime was appointed as non-executive director effective 1 September 2009.
DIVIDENDS
No dividend has been declared for the period.
POST BALANCE SHEET EVENTS
After balance sheet date, Blue has successfully hedged a US$ 10 million
lending facility.
PROSPECTS
Blue remains well-positioned to capitalise on the scalability of its business
underpinned by its geographic footprint, branch network, IT systems and
recognised brand.
The acquisition of Credit U has now been fully integrated providing a more
comprehensive distribution model and footprint to capitalize on the
opportunity in the South African market.
Outside of South Africa, the markets continue to develop and with credit
extension generally lower than in South Africa, the prospects for continued
growth in all markets where Blue operates remain intact. The entry into
Nigeria specifically is now starting to show healthy growth.
The business however remains reliant on sustainable and predictable funding
lines which have been negatively impacted by the lack of liquidity in the
markets as a consequence of the global economic crisis. Blue continues to
identify new sources of funding both locally and internally whilst building
on its existing funding relationships.
The business will focus on driving organic growth and operational
efficiencies in order to extract value from its current operations whilst
exercising prudence in any other expansion opportunity.
UNMODIFIED AUDIT REPORT
KPMG Inc, the group`s independent auditors, have audited the consolidated
financial statements that comprise the balance sheet at 28 February 2009,
income statement, statement of changes in equity and cashflow statement for
the financial year then ended, and explanatory notes, and have expressed an
unmodified audit report on these financial statements. Their audit report is
available for inspection at Blue`s registered office.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of shareholders will
be held at 10h00 on 30 September 2009 at the Michelangelo Hotel, 135 West
Street, Nelson Mandela Square, Sandton, Gauteng to transact the business
stated in the notice of the Annual General Meeting contained in the Annual
Report, which Annual Report is in the process of being prepared and which
will be posted to shareholders as detailed below.
POSSIBLE DELAY IN POSTING OF ANNUAL REPORT
In light of the current Post Office strike, the posting of the Annual Report
to all shareholders may be delayed. Accordingly, the Annual Report,
incorporating the annual financial statements for the year ended 28 February
2009, will be published on Monday 31st August 2009 on the Company`s website
under the heading "Annual Report 2009" and "Investor Centre". An
announcement will be released on SENS once the Annual Report has been posted
to shareholders.
For and on behalf of the Board
D van Niekerk WJ Smit
Chairman and CEO Legal Director
28 August 2009
Directors: D van Niekerk (Chairman and CEO); S Strydom (Chief Financial
Officer); WJ Smit (Legal Director); CB Klopper (Operations Director); MJ
Sondiyazi*#,A Steyn*; A Couloubis*; G Sangudi*+; and MG Meehan*#
*non-executive +Kenyan #independent
Registered Office:
Blue Building, 10 Boardwalk Office Park, 107 Haymeadow Street, Faerie Glen,
Pretoria, 0081 (PO Box 72041, Lynnwood Ridge, 0040)
Auditors: KPMG Inc.
Registration number: 1992/021543/21
Designated Advisor: PSG Capital (Pty) Limited
Registration number: 2006/015817/07
Transfer Secretaries:
Link Market Services (Pty) Ltd, 11 Diagonal Street, Johannesburg, 2001(PO Box
4844, Johannesburg, 2000)
Company Secretary:
Mr. Reynier van der Westhuizen 10 Boardwalk Office Park, 107 Haymeadow
Street, Faerie Glen, Pretoria, 0081
reynier@blue.co.za
Tel: (012) 990 8400
Group head office: Tel: +27 12 990 8400 Fax: +27 86 637 6033
E-mail: blue@blue.co.za
Date: 31/08/2009 07:14:04 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
