|
LEW
LEW
LEW - Lewis Group Limited - Unaudited Interim Condensed Results for the six
months ended 30 September 2009
LEWIS GROUP LIMITED
Registration number: 2004/009817/06
Share code: LEW
ISIN: ZAE000058236
Unaudited Interim Condensed Results for the six months ended 30 September 2009
- Revenue increased by 7.9%
- Operating margin 21.8%
- Operating profit up by 4.3%
- Headline earnings per share down by 3.9%
- Dividend per share maintained
Trading and financial performance
The improving trend in revenue growth experienced in the latter stages of the
2009 financial year has continued, with revenue for the six-month period
increasing by 7.9% to R1 946 million and merchandise sales growing by 6.8% to
R951 million. The group`s business model has once again proved its resilience
with operating profit increasing by 4.3%.
The credit environment remained challenging with increasing unemployment,
retrenchments and reduced working time impacting on disposable income levels,
resulting in increased debtor costs for the group.
In addition, the 22% strengthening in the value of the Rand during the period
resulted in exchange losses on forward cover contracts of R30 million. This
accounted for the 3.9% decline in headline earnings per share for the
period.
Exclusive value for money offerings continue to differentiate Lewis in the
market and during the period several new furniture ranges were successfully
launched. Furniture and appliances, which contribute 80% of group sales,
increased by 7.8%. Sales of the more discretionary electronic merchandise (20%
of sales) increased by 2.8%.
The flagship Lewis brand, which accounts for 85% of merchandise sales,
increased revenue by 7.9%. Best Home and Electric grew revenue by 10.2%.
Revenue in Lifestyle Living was up 0.8%.
The group`s credit sales mix has increased to 68.5% (2008: 65.8%) on the back
of strongly focused customer retention strategies.
Finance charges earned grew by R50.5 million as a result of extended credit
terms forming a larger proportion of the base on which these charges are
calculated. Insurance revenue declined slightly to R292 million and includes
additional reserves required to cover the higher proportion of longer-term
business. Ancillary services rose by 15.7% to R258 million as a result of
monthly service and initiation fees charged in terms of the National Credit
Act.
Gross margin improved from 33.1% to 33.5% as a result of innovative merchandise
strategies.
The operating margin of 21.8% (2008: 22.6%) was impacted by the higher debtor
costs, with Lewis at 23.0% (23.9%) and Best Home and Electric at 19.3% (20.7%).
The group continued to expand its store base, opening five Lewis stores and
three Best Home and Electric outlets. The small store concept tested by Lewis
in the previous financial year is proving successful. Lewis now has five stores
in this format. These stores are all performing ahead of expectations.
An additional seven to ten stores are planned to be opened in the second half,
including the opening of four small format Lewis stores in November.
Debtor management
Debtor costs increased from 4.5% to 5.0% of net debtors in a tightening
collections environment. The doubtful debt provision for the first half of the
year was 17.9% (2008: 15.5%). This provision is calculated applying the net
present value of the expected cash flows, discounted at the interest rate
applicable to the contract. A detailed debtor payment analysis is shown
in the accompanying table.
Credit scorecards are regularly reviewed to maintain acceptable credit risk
levels. The potential credit loss is weighed up against the revenue potential
using predictive behavioural models. Any variances from the level of risk that
has been adopted is monitored and the credit-granting process aligned where
necessary. The credit application decline rate is now 27.4% compared to 24.5%
in the corresponding period last year.
Cash and capital management
The group has maintained its dividend and shareholders will again receive a
payout of 144 cents per share for the period.
The increasing proportion of longer-term business necessitated further
investment in the debtors book during the period under review. The level of
funding required is expected to slow in the second half as the proportion of
extended term business matures.
Gearing at 27.4% (2008: 24.2%) remains within management`s maximum target of
35%.
Segmental reporting
The basis for reporting segmental financial information has changed following
the adoption of IFRS 8 (Operating Segments). Previously, segmental information
was provided for the group`s retail, risk services and financial services
operations. The group now discloses segmental information for Lewis, Best Home
and Electric, and Lifestyle Living. This is the financial information regularly
reviewed by the chief operating decision makers of the group and reflects the
customer-centric nature of the operations based on the premise that the selling
of furniture and the provision of credit are interdependent. The segmental
report reflects revenue, operating profit and segment assets (inventory and net
trade receivables) for each brand.
Board of directors
Alan Smart retired as the chief executive officer on 30 September 2009 after
40 years` service and 18 years at the helm of the group. The board expresses its
appreciation to Alan for his exceptional contribution. He will remain on the
board in a non-executive capacity which will enable the group to retain his
extensive knowledge and experience of the credit retail sector.
Johan Enslin was appointed chief executive officer and as an executive director
with effect from 1 October 2009.
The board composition was further strengthened with the appointments of
Zarina Bassa and Sizakele Marutlulle as independent non-executive directors with
effect from 1 October 2009.
Prospects
While lower interest rates, stabilising food prices and higher real wage
increases are positive for consumers, short time and retrenchments remain a
risk for sustained improvement. The festive season trading period will be
strongly supported by merchandise and promotional campaigns to maximise sales
opportunities.
Dividend declaration
Notice is hereby given that an interim cash dividend of 144 cents per share in
respect of the six months ended 30 September 2009 has been declared payable to
holders of ordinary shares.
The following dates are applicable:
Last date of trade "cum" dividend Friday, 15 January 2010
Date trading commences "ex" dividend Monday, 18 January 2010
Record date Friday, 22 January 2010
Date of payment Monday, 25 January 2010
Share certificates may not be dematerialised or rematerialised between Monday,
18 January 2010 and Friday, 22 January 2010.
For and on behalf of the board
David Nurek Johan Enslin
Chairman Chief Executive Officer
Cape Town
9 November 2009
INCOME STATEMENT
6 months
ended
30 Sept
2009
Rm
Unaudited %
Notes change
Revenue 1 946.0 7.9%
Merchandise sales 951.3
Finance charges earned 445.3
Insurance premiums earned 291.8
Ancillary services 257.6
Cost of merchandise sales (632.4)
Operating costs (889.4)
Employment costs (295.7)
Administration and IT (92.2)
Debtor costs 2 (188.5)
Marketing (71.2)
Occupancy costs (78.3)
Transport and travel (64.3)
Depreciation (26.9)
Other operating costs (72.3)
Operating profit 424.2 4.3%
Investment income 31.5
Profit before finance costs 455.7
Net finance costs 3 (69.1)
Profit before taxation 386.6
Taxation (125.3)
Net profit attributable to ordinary
shareholders 261.3 (3.3%)
Reconciliation of headline earnings
Net profit attributable to ordinary
shareholders 261.3
Adjusted for
Surplus on disposal of property,
plant and equipment (3.0)
Surplus on disposal of
available-for-sale assets (3.8)
Taxation 1.0
Headline earnings 255.5 (4.6%)
Number of ordinary shares (000)
In issue 98 058
Weighted average 87 951
Fully diluted weighted average 87 951
Earnings per share (cents) 297.1 (2.6%)
Headline earnings per share (cents) 290.5 (3.9%)
Fully diluted earnings per share (cents) 297.1
Fully diluted headline earnings per
share (cents) 290.5
6 months 12 months
ended ended
30 Sept 31 March
2008 2009
Rm Rm
Unaudited Audited
Restated Restated
Revenue 1 803.4 3 807.1
Merchandise sales 890.3 1 919.9
Finance charges earned 394.8 826.6
Insurance premiums earned 295.7 581.4
Ancillary services 222.6 479.2
Cost of merchandise sales (595.8) (1 318.3)
Operating costs (800.9) (1 656.5)
Employment costs (270.0) (542.0)
Administration and IT (86.5) (176.0)
Debtor costs (142.6) (338.8)
Marketing (67.2) (124.0)
Occupancy costs (71.8) (150.5)
Transport and travel (71.1) (138.8)
Depreciation (28.3) (47.3)
Other operating costs (63.4) (139.1)
Operating profit 406.7 832.3
Investment income 32.4 76.9
Profit before finance costs 439.1 909.2
Net finance costs (38.4) (86.5)
Profit before taxation 400.7 822.7
Taxation (130.5) (261.5)
Net profit attributable to ordinary shareholders 270.2 561.2
Reconciliation of headline earnings
Net profit attributable to ordinary shareholders 270.2 561.2
Adjusted for
Surplus on disposal of property, plant and equipment (2.0) (3.6)
Surplus on disposal of available-for-sale assets (1.2) (2.6)
Taxation 0.7 1.2
Headline earnings 267.7 556.2
Number of ordinary shares (000)
In issue 98 058 98 058
Weighted average 88 595 88 209
Fully diluted weighted average 88 880 88 633
Earnings per share (cents) 305.0 636.2
Headline earnings per share (cents) 302.2 630.5
Fully diluted earnings per share (cents) 304.0 633.2
Fully diluted headline earnings per share (cents) 301.2 627.5
STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2009 2008 2009
Rm Rm Rm
Unaudited Unaudited Audited
Restated Restated
Net profit for the period 261.3 270.2 561.2
Fair value adjustments of
available-for-sale investments 46.1 (11.7) (40.0)
Fair value adjustments of
available-for-sale investments 52.6 (12.8) (47.6)
Tax effect (6.5) 1.1 7.6
Disposal of available-for-sale
investments recognised (3.7) (1.0) 2.4
Disposal of available-for-sale
investments (3.8) (1.2) 2.6
Tax effect 0.1 0.2 (0.2)
Foreign currency translation reserve (3.6) 0.7 4.4
Total comprehensive income for the
period 300.1 258.2 528.0
BALANCE SHEET
30 Sept
2009
Rm
Unaudited
Notes
ASSETS
Non-current assets
Property, plant and equipment 231.6
Investments - insurance business 624.5
856.1
Current assets
Investments - insurance business 178.1
Inventories 305.9
Trade and other receivables 4 3 147.8
Taxation -
Cash on hand and deposits 67.4
3 699.2
Total assets 4 555.3
EQUITY AND LIABILITIES
Capital and reserves
Shareholders` equity and reserves 3 049.3
Non-current liabilities
Interest-bearing borrowings 350.0
Deferred taxation 58.7
Retirement benefits 54.7
463.4
Current liabilities
Trade and other payables 5 485.1
Taxation 5.0
Overdrafts and short-term interest-bearing borrowings 552.5
1 042.6
Total equity and liabilities 4 555.3
30 Sept 31 March
2008 2009
Rm Rm
Unaudited Audited
Restated Restated
ASSETS
Non-current assets
Property, plant and equipment 206.8 225.1
Investments - insurance business 529.1 535.1
735.9 760.2
Current assets
Investments - insurance business 178.0 199.1
Inventories 269.2 228.0
Trade and other receivables 2 704.7 2 893.4
Taxation 11.2 -
Cash on hand and deposits 98.8 54.8
3 261.9 3 375.3
Total assets 3 997.8 4 135.5
EQUITY AND LIABILITIES
Capital and reserves
Shareholders` equity and reserves 2 751.0 2 900.3
Non-current liabilities
Interest-bearing borrowings 100.0 100.0
Deferred taxation 6.8 37.7
Retirement benefits 60.5 53.9
167.3 191.6
Current liabilities
Trade and other payables 415.0 404.1
Taxation - 2.5
Overdrafts and short-term interest-bearing borrowings 664.5 637.0
1 079.5 1 043.6
Total equity and liabilities 3 997.8 4 135.5
STATEMENT OF CHANGES IN EQUITY
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2009 2008 2009
Rm Rm Rm
Unaudited Unaudited Audited
Restated Restated
Share capital and premium 97.8 97.8 97.8
Opening balance 97.8 149.1 149.1
Cost of own shares acquired - (51.3) (51.3)
Other reserves 142.4 123.4 107.4
Opening balance 107.4 128.4 128.4
Other comprehensive income:
Fair value adjustments of
available-for-sale investments 46.1 (11.7) (40.0)
Disposal of available-for-sale
investments recognised (3.7) (1.0) 2.4
Foreign currency translation reserve (3.6) 0.7 4.4
Share-based payment 5.0 4.6 10.6
Transfer from share-based payment
reserve to retained income on vesting (11.3) - (0.2)
Transfer to contingency reserve from
retained earnings 2.5 2.4 1.8
Retained earnings 2 809.1 2 529.8 2 695.1
Opening balance 2 695.1 2 418.7 2 418.7
As previously reported 2 452.5 2 452.5
Prior year adjustment (33.8) (33.8)
Net profit attributable to ordinary
shareholders 261.3 270.2 561.2
Profit on sale of own shares 1.4 1.1 1.1
Transfer of share-based payment
reserve on vesting 11.3 - 0.2
Transfer to contingency reserve (2.5) (2.4) (1.8)
Distribution to shareholders (157.5) (157.8) (284.3)
Balance at end of period 3 049.3 2 751.0 2 900.3
CASH FLOW STATEMENT
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2009 2008 2009
Rm Rm Rm
Unaudited Unaudited Audited
Notes Restated Restated
Cash generated from
operations 6 199.0 382.0 669.7
Dividends and interest received 30.4 35.4 96.3
Finance costs (71.8) (42.6) (108.5)
Taxation paid (108.2) (105.4) (185.6)
Cash retained from
operating activities 49.4 269.4 471.9
Net cash outflow from
investing activities (46.2) (90.5) (183.0)
Net cash inflow/(outflow)
from financing activities 7 93.9 (108.0) (234.5)
Net increase in cash and
cash equivalents 97.1 70.9 54.4
Cash and cash equivalents
at the beginning of the period (582.2) (636.6) (636.6)
Cash and cash equivalents
at the end of the period (485.1) (565.7) (582.2)
SEGMENTAL REPORT
Best Home
Lewis and Electric
Operating Segments Rm Rm
For six months ended 30 September 2009
(unaudited):
Revenue 1 644.6 238.7
Segment operating profit 377.5 46.0
Segment assets 2 913.5 383.9
For six months ended 30 September 2008
(unaudited):
Revenue 1 524.7 216.5
Segment operating profit/(loss) 364.1 44.9
Segment assets 2 529.4 328.8
For twelve months ended 31 March 2009
(audited):
Revenue 3 204.5 454.3
Segment operating profit 737.0 91.2
Segment assets 2 671.9 341.5
Lifestyle
Living Total
Operating Segments Rm Rm
For six months ended 30 September 2009
unaudited):
Revenue 62.7 1 946.0
Segment operating profit 0.7 424.2
Segment assets 77.9 3 375.3
For six months ended 30 September 2008
(unaudited):
Revenue 62.2 1 803.4
Segment operating profit/(loss) (2.3) 406.7
Segment assets 77.0 2 935.2
For twelve months ended 31 March 2009
(audited):
Revenue 148.3 3 807.1
Segment operating profit 4.1 832.3
Segment assets 69.7 3 083.1
Refer 1.3 of the Notes to the Financial Statements.
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of accounting
The group`s interim consolidated financial statements are prepared in
accordance with IAS 34 (Interim Financial Reporting) and International
Financial Reporting Standards ("IFRS"). The accounting policies applied are
consistent with those applied in the preparation of previous annual financial
statements except as noted below:
1.1 Change in accounting for deferred costs on initiation fees
The group previously deferred costs on the basis that the costs were
directly related to the initiation fee earned. An amendment to IAS 18 (Revenue
Recognition) replaced the term "direct costs" with "transaction costs" as
defined in paragraph 9 of IAS 39. This later definition requires costs to be
incremental, i.e. costs that would not have been incurred, had the financial
asset not been acquired.
In accordance with the amendment to IAS 18, the group`s accounting policy for
deferred costs on initiation fees has been changed. In terms of IAS 8
(Accounting Policies), the relevant comparative information has been restated
and the effect on the financial statements is as follows:
30 Sept 30 Sept 31 March
2009 2008 2009
Rm Rm Rm
Unaudited Unaudited Audited
Restated Restated
Decrease in profit before taxation 2.2 4.3 8.0
Decrease in taxation (0.6) (1.2) (2.2)
Effect on net profit after taxation 1.6 3.1 5.8
Decrease in earnings per share (cents) 1.8 3.5 6.6
Decrease in diluted earnings per share
(cents) 1.8 3.5 6.5
Decrease in opening retained earnings 39.6 33.8 33.8
Decrease in property, plant and
equipment 5.0 3.9 4.6
Decrease in trade and other receivables 52.1 47.3 50.3
Decrease in deferred taxation 15.9 14.3 15.3
1.2 Adoption of revised IAS 1 (Presentation of Financial Statements)
The presentation of the financial statements has been amended in line with the
revised IAS 1 to include a Statement of Comprehensive Income. In addition to the
net profit, the Statement of Comprehensive Income includes fair value
adjustments on insurance investments and movements in foreign currency
translation reserve. These were previously reflected in the Statement of Changes
in Equity.
1.3 Adoption of IFRS 8 (Operating Segments)
In terms of IFRS 8 which replaced IAS 14 (Segment Reporting), operating
segments are components of the group about which separate financial information
is available and evaluated regularly by the chief operating decision makers
(identified as the Chief Executive Officer and the Chief Financial Officer) for
the purpose of allocating resources and evaluating performance.
Accordingly, the group now discloses segmental information for the three
brands, namely Lewis, Best Home and Electric and Lifestyle Living.
Previously, the segmental information was presented on the basis of retail,
finance and risk segments.
In addition, an amendment to IFRS 8 has been adopted which permits disclosure
of the assets regularly reported to the chief operating decision makers.
Accordingly, segment assets reflect net trade receivables and inventory for
each of the brands.
2. Debtor costs
Bad debts, bad debt recoveries and
repossession losses 53.0 50.7 201.9
Movement in doubtful debts provision 135.5 91.9 136.9
188.5 142.6 338.8
3. Net finance costs
Interest paid 42.0 45.2 108.5
Interest earned (2.7) (4.2) (11.5)
Losses/(gains) on forward exchange contracts 29.8 (2.6) (10.5)
69.1 38.4 86.5
4. Trade and other receivables
Instalment sale and loan receivables 4 409.9 3 738.1 4 007.2
Provision for unearned finance charges and
unearned maintenance charges (192.5) (214.8) (181.1)
Provision for unearned initiation fees (81.9) (51.2) (78.3)
Provision for unearned insurance premiums (397.9) (318.4) (360.0)
Net instalment sale and loan receivables 3 737.6 3 153.7 3 387.8
Provision for doubtful debts (668.2) (487.7) (532.7)
Net trade receivables 3 069.4 2 666.0 2 855.1
Other receivables 78.4 38.7 38.3
3 147.8 2 704.7 2 893.4
The credit terms of instalment sale and loan receivables range from 6 to 36
months (2008: 6 to 36 months). Amounts due from instalment sale and loan
receivables after one year are reflected as current, as they form part of the
normal operating cycle.
5. Trade and other payables
Trade payables 132.0 152.3 84.8
Accruals and other payables 155.9 119.7 142.9
Due to re-insurers 112.4 108.6 105.3
Insurance provisions 84.8 34.4 71.1
485.1 415.0 404.1
6. Cash generated from operations
Operating profit 424.2 406.7 832.3
Adjusted for:
Share-based payment 5.0 4.6 10.6
Depreciation 26.9 28.3 47.3
Surplus on disposal of property, plant and
equipment (3.0) (2.0) (3.6)
Movement in provision for doubtful debts 135.5 91.9 136.9
Movement in retirement benefits provision 0.8 2.8 (3.8)
Movement in other provisions 23.1 3.4 30.4
612.5 535.7 1 050.1
Changes in working capital: (413.5) (153.7) (380.4)
(Increase)/decrease in inventories (85.0) (39.0) 4.1
Increase in trade and other receivables (393.5) (224.1) (454.1)
Increase in trade and other payables 65.0 109.4 69.6
199.0 382.0 669.7
7. Net cash inflow/(outflow) from
financing activities
Purchase of own shares - (51.3) (51.3)
Distribution to shareholders (157.5) (157.8) (284.3)
Proceeds on sale of own shares 1.4 1.1 1.1
Increase in long-term interest-bearing
borrowings 250.0 100.0 100.0
93.9 (108.0) (234.5)
TRADE RECEIVABLE ANALYSIS
The company applies a payment rating assessment to each customer individually,
which categorises customers into 13 payment categories. This assessment is
integral to the calculation of doubtful debts. The 13 payment categories have
been summarised into four main summary categories.
An analysis of the debtors book based on the payment ratings is set out below:
Number of customers
Debtors payment categories Sept 2009 Sept 2008
Satisfactory paid
Customers fully paid up to date No. 491 614 515 471
including those who have paid 70% % 69.6% 72.5%
or more of amounts due over the
contract period.
Slow payers
Customers who have paid between No. 57 539 52 899
65% and 70% of amounts due over % 8.2% 7.4%
the contract period.
Non-performing customers
Customers who have paid between No. 52 949 48 683
55% and 65% of amounts due over % 7.5% 6.9%
the contract period.
Non-performing customers
Customers who have paid 55% No. 103 795 93 497
or less of amounts due over the % 14.7% 13.2%
contract period.
705 897 710 550
Doubtful debt provision %
Debtors payment categories Sept 2009 Sept 2008 Mar 2009
Satisfactory paid
Customers fully paid up to date
including those who have paid 70% 0% 0% 0%
or more of amounts due over the
contract period.
Slow payers
Customers who have paid between
65% and 70% of amounts due over 21% 18% 20%
the contract period.
Non-performing customers
Customers who have paid between
55% and 65% of amounts due over 41% 42% 42%
the contract period.
Non-performing customers
Customers who have paid 55%
or less of amounts due over the 89% 85% 88%
contract period.
17.9% 15.5% 15.7%
The total doubtful debt provision is allocated to the summary categories based
on the number of customers.
KEY RATIOS
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2009 2008 2009
Operating efficiency ratios
Merchandise gross profit % 33.5% 33.1% 31.3%
Operating margin % 21.8% 22.6% 21.9%
Number of stores 539 529 535
Number of employees (average) 6 652 6 420 6 480
Trading space (sqm) 223 993 221 284 223 102
Inventory turn 4.4 4.7 5.8
Current ratios 3.5 3.0 3.2
Credit ratios
Cash and short-term credit
sales as a % of total sales 31.5% 34.2% 35.7%
Debtor costs as a % of
the net debtors book 5.0% 4.5% 10.0%
Doubtful debt provision as a % of net
debtors book 17.9% 15.5% 15.7%
Arrear instalments on satisfactory
accounts as a percentage of net debtors 8.8% 10.2% 9.5%
Arrear instalments on slow paying and
non-performing accounts as a percentage
of net debtors 23.0% 21.7% 20.9%
Doubtful debt provision on
non-performing accounts 72.9% 70.4% 71.3%
Credit applications decline rate 27.4% 24.5% 25.4%
Shareholder ratios
Net asset value per share (cents) 3 461 3 133 3 303
Gearing ratio 27.4% 24.2% 23.5%
Dividend cover 1.9 2.0 1.8
Return on average equity (after tax) 17.6% 19.8% 20.1%
Return on average capital employed
(after tax) 16.4% 17.2% 17.7%
Return on average assets managed
(before tax) 21.0% 22.6% 23.0%
Notes:
1. All ratios are based on figures at the end of the period unless otherwise
disclosed.
2. The ratios for the prior periods have been restated for the change in the
accounting policy.
3. The net asset value has been calculated using 88 100 000 shares
(2008: 87 819 000).
9 November 2009
Executive directors: Johan Enslin (Chief Executive Officer), LA Davies
(Chief Financial Officer)
Non-executive directors: DM Nurek (Chairman) (Ind.), H Saven (Ind.),
BJ van der Ross (Ind.), Professor F Abrahams (Ind.), Z Bassa (Ind.),
S Marutlulle (Ind.), AJ Smart
Company secretary: MG McConnell
Registered office: 53A Victoria Road, Woodstock, 7925
Registration number: 2004/009817/06
Share code: LEW
ISIN: ZAE000058236
Transfer secretaries: Computershare Investor Services (Pty) Ltd,
70 Marshall Street, Johannesburg, 2001; PO Box 61051, Marshalltown, 2107
Auditors: PricewaterhouseCoopers Inc.
Sponsor: UBS South Africa (Pty) Ltd
These results are also available on our website: www.lewisgroup.co.za
Date: 09/11/2009 07:05:08 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 ] | |||||||||||||
|
|||||||||||||
