| Thu 18 Feb 2010, 16:39 | | TRE/MOB - Trencor Limited/Mobile Industries Limite |
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MOB TRE
MOB TRE
TRE/MOB - Trencor Limited/Mobile Industries Limited - Reviewed Results For The
Year Ended 31 December 2009 And Declaration Of Cash Dividends
TRENCOR LIMITED
REG NO 1955/002869/06
SHARE CODE: TRE
ISIN: ZAE000007506
("Trencor")
MOBILE INDUSTRIES LIMITED
REG NO 1968/014997/06
SHARE CODE: MOB
ISIN: ZAE000091435
("Mobile")
REVIEWED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009 AND DECLARATION OF CASH
DIVIDENDS
HIGHLIGHTS
TRENCOR: GROUP
- Trading profit from continuing operations after net financing costs (but
excluding unrealised gains on interest rate swaps and gains on early
extinguishment of debt in Textainer) decreased by 26% from R932 million in
2008
to R688 million. After accounting for the unrealised gains on these
derivatives, the decrease was 4% from R810 million in 2008 to R781 million in
2009. The gains or losses on derivatives are non-cash, non-operating items and
Textainer intends to hold its interest rate swaps until maturity. Over the
life
of an interest rate swap held to maturity the unrealised gains or losses will
net to zero.
- Headline earnings per share which includes net unrealised foreign exchange
losses and gains as well as the group`s attributable share of unrealised gains
on interest rate swaps in Textainer were 134,8 cents (2008: 420,8 cents).
- Adjusted headline earnings per share, which is the more appropriate measure
of Trencor`s financial performance in that it excludes net unrealised foreign
exchange losses and gains and excludes gains realised by Textainer on the
repurchase and early extinguishment of portion of its own debt, were down 19%
at 203,5 cents (2008: 251,9 cents).
- Net realised and unrealised foreign exchange losses arising on translation
of
net dollar receivables and the related valuation adjustments, included in
headline earnings but not in adjusted headline earnings, were R298 million
(before tax) or 115 cents per share (2008: profit R439 million (before tax) or
169 cents per share).
- These different earnings are better reflected in tabular form:
2009 2008
Cents per share Cents per share
Headline earnings 134,8 420,8
Add/(Deduct):
Unrealised foreign exchange translation
losses/(gains) 114,6 (168,9)
249,4 251,9
Deduct:
Gain realised on the repurchase and
early cancellation of debt by Textainer (45,9) -
Adjusted headline earnings 203,5 251,9
- Consolidated gearing ratio at 31 December 2009 was 88% (2008: 101%). All of
the interest-bearing debt is in Textainer.
- Final dividend of 85 cents per share declared, making a total of 120 cents
per share for the year (2008: total 110 cents per share), an increase of 9%
over the previous year.
TEXTAINER: 62,3% interest
- Net profit for the year excluding net unrealised gains and losses on
interest
rate swaps and, in 2008, impairment of goodwill was US$82,8 million, a 17%
decrease from the US$99,8 million earned in 2008. Unrealised gains and losses
on these interest rate swaps net out to zero over a period of time, if held to
maturity as intended, and have no effect on cash flow. Net profit for the
year,
including net gains on repurchase and extinguishment of debt amounting to
US$15,3 million was US$92,0 million (2008: US$87,7 million).
- Current fleet utilisation is 91%, compared to 86% at 30 June 2009. For
Textainer, based on existing fleet size and current lease rates, every 1%
change in utilisation equates to approximately US$4,4 million change in annual
pre-tax profit.
- Textainer expects to resume buying significant quantities of new standard
dry
freight containers in 2010 and has already ordered 33 370 TEU (20 foot
equivalent units) for delivery by May 2010.
- The proportion of the total container fleet under management that is subject
to long-term leases remains above 70%.
- Textainer`s results may be viewed on its website, www.textainer.com.
DECLARATION OF CASH DIVIDENDS
Final cash dividends in respect of the year ended 31 December 2009 have been
declared as follows:
Trencor No 88 85,0 cents per share
Mobile No 73 6,9 cents per share
The salient dates pertaining to the cash dividend payments are as follows:
Last day to trade cum the dividend Thursday, 18 March 2010
Trading commences ex the dividend Friday, 19 March 2010
Record date Friday, 26 March 2010
Payment date Monday, 29 March 2010
Share certificates may not be dematerialised or rematerialised between Friday,
19 March 2010 and Friday, 26 March 2010, both days inclusive.
REVIEW OPINION
These results, other than the figures stated in US dollars, have been reviewed
by the independent auditors, KPMG Inc, and their unmodified review reports are
available for inspection at the registered office.
On behalf of the boards
NI Jowell C Jowell
Chairman Trencor Limited Chairman Mobile Industries Limited
18 February 2010
Condensed consolidated statements of comprehensive income for the year ended
31 December 2009
TRENCOR
Reviewed Restated*
R Million 2009 2008
Revenue (including exchange differences) (Note 2) 1 958 3 299
Continuing operations
Trading profit 885 1 143
Realised and unrealised exchange (losses)/gains on
translation of long-term receivables,
included in revenue, excluding fair value adjustment (442) 630
Net long-term receivable fair value adjustment 130 (179)
Impairment of goodwill - (135)
Impairment of plant and equipment (16) (4)
Net gain on disposal of available-for-sale financial
asset transferred from equity 7 -
Other
Profit from operations 564 1 455
Net finance income/(costs) (Note 3) 71 (333)
Finance expense - Interest expense (95) (211)
- Losses on derivative financial instruments (29) (171)
Finance income - Interest income 20 49
- Gain on extinguishment of debt 175 -
Profit before tax 635 1 122
Income tax credit/(expense) 32 (125)
Profit after tax from continuing operations 667 997
Discontinued operations
Profit/(Loss) for the year from discontinued
operations (net of income tax) (Note 4) 24 (81)
Profit for the year 691 916
Other comprehensive (loss)/income (1 205) 1 345
Foreign currency translation differences (1 196) 1 344
Net change in fair value of available-for-sale
financial asset (2) 1
Net change in fair value of available-for-sale
financial asset transferred to profit or loss (7) -
Total comprehensive (loss)/income for the year (514) 2 261
Total comprehensive income for the year attributable to:
Equity holders of the company (471) 1 459
Non-controlling interest (43) 802
(514) 2 261
Profit attributable to:
Equity holders of the company 259 663
Non-controlling interest 432 253
691 916
Basic earnings/(loss) per share (cents)
Entity as a whole 138,1 353,8
Continuing operations 134,7 379,2
Discontinued operations 3,4 (25,4)
Diluted earnings/(loss) per share (cents)
Entity as a whole 138,0 353,2
Continuing operations 134,6 378,6
Discontinued operations 3,4 (25,4)
*These amounts have previously been audited, but have been restated due
to the amendments to IFRS (Note 1).
Number of shares in issue (million) 187,5 187,4
Weighted average number of shares in issue (million) 187,4 187,3
Year-end rate of exchange: SA rand to US dollar 7,35 9,27
Average rate of exchange for the year: SA rand to US
dollar 8,33 8,12
Condensed consolidated statements of financial position at 31 December 2009
TRENCOR
Reviewed Audited
R Million 2009 2008
ASSETS
Property, plant and equipment 7 858 9 198
Intangible assets 493 591
Investments 272 33
Net investment in finance leases 447 698
Long-term receivables 838 1 339
Deferred tax assets 101 6
Derivative financial instruments 5 -
Restricted cash 48 149
Total non-current assets 10 062 12 014
Inventories 9 15
Trade and other receivables 767 849
Current tax assets 2 2
Assets classified as held for sale (Note 7) 11 139
Cash and cash equivalents 1 104 1 445
Current assets 1 893 2 450
Total assets 11 955 14 464
EQUITY
Share capital and premium 457 456
Reserves 3 384 4 046
Equity attributable to equity holders of the company 3 841 4 502
Non-controlling interest 1 905 2 117
Total equity 5 746 6 619
LIABILITIES
Interest-bearing borrowings 4 538 6 151
Amounts attributable to third par ties in respect of
long-term receivables 204 243
Derivative financial instruments 66 180
Deferred income 83 -
Deferred tax liabilities 230 271
Total non-current liabilities 5 121 6 845
Trade and other payables 389 274
Current tax liability 138 164
Current portion of interest-bearing borrowings 500 538
Deferred income 58 -
Liabilities classified as held for sale (Note 8) 3 24
Current liabilities 1 088 1 000
Total liabilities 6 209 7 845
Total equity and liabilities 11 955 14 464
Capital expenditure incurred during the year 1 496 1 946
Capital expenditure committed and authorised, but not
yet incurred 62 -
Market value of listed investments - 15
Directors` valuation of unlisted investments 272 18
Ratio to aggregate of total equity:
Total liabilities (%) 108,1 118,5
Interest-bearing debt (%) 87,7 101,1
Condensed consolidated statements of cash flows for the year ended
31 December 2009
TRENCOR
Reviewed Restated*
R Million 2009 2008
Cash generated from operations 1 701 1 837
Acquisition of container leasing equipment (1 359) (2 550)
Finance income received 20 51
Finance expenses paid (199) (248)
Dividends paid to equity holders of the company (206) (174)
Dividends paid to non-controlling interest (139) (132)
Taxation paid (82) (69)
Net cash outflow from operating activities (264) (1 285)
Cash inflow from investing activities 36 368
Cash inflow from financing activities 70 1 339
Net (decrease)/increase in cash and cash equivalents
before exchange rate changes (158) 422
Net cash and cash equivalents at the beginning of the
year 1 526 808
Effects of exchange rate changes on cash and cash
equivalents (253) 296
Net cash and cash equivalents at the end of the year 1 115 1 526
*These amounts have previously been audited, but have been restated due
to the amendments to IFRS (Note 1).
Condensed consolidated statements of changes in equity for the year ended
31 December 2009
TRENCOR
Reviewed Audited
R Million 2009 2008
Balance at the beginning of the year 4 502 3 186
Total comprehensive (loss)/income for the year (471) 1 459
Profit for the year 259 663
Foreign currency translation differences (721) 795
Net change in fair value of available-for-sale
financial asset (2) 1
Net gain on disposal of available-for-sale financial
asset transferred to profit or loss (7) -
Dividends paid (206) (174)
Share-based payments 25 31
Change in holding in subsidiary (10) -
Shares issued 1 -
Shareholders` interest 3 841 4 502
Non-controlling interest in subsidiaries 1 905 2 117
Balance at the beginning of the year 2 117 1 429
Total comprehensive (loss)/income for the year (43) 802
Profit for the year 432 253
Foreign currency translation differences (475) 549
Dividends paid to non-controlling interest (139) (132)
Share-based payments 15 18
Liquidation dividend paid by subsidiary company (55) -
Change in holding in subsidiary 10 -
Equity 5 746 6 619
Notes to the condensed consolidated annual financial statements for the year
ended 31 December 2009
1. These condensed consolidated annual financial statements have been prepared
in accordance with the recognition and measurement criteria of International
Financial Reporting Standards (IFRS), and the presentation and disclosure
requirements of IAS 34 Interim Financial Reporting. Except as stated below the
accounting policies applied in the preparation of these consolidated condensed
financial statements are consistent with those used in the annual financial
statements for the year ended 31 December 2008.
TRENCOR
The group applied IFRS 8 Operating Segments and the revised IAS 1 Presentation
of Financial Statements which became effective for the first time on 1 January
2009. The application of these amendments to IFRS did not significantly impact
the group`s financial results.
As a result of adopting Improvements to IFRS, containers in the leasing fleet
are transferred to inventory at their carrying amounts when they cease to be
rented or become held for sale. Proceeds on the sale of these assets are
recognised in revenue in accordance with IAS 18 Revenue. Profits or losses
arising from the sale of these assets are included in headline earnings for
the
first time during the current year. Due to the change in accounting policy,
cash flows resulting from the purchase and sale of containers are disclosed as
cash flows from operating activities instead of cash flows from investing
activities. Comparative amounts have been restated to account for these
changes.
The group has chosen to early adopt the requirements of the amendments to IAS
27 Consolidated and Separate Financial Statements effective 1 January 2009. As
a result, changes in any group entity`s ownership interest in a subsidiary
after control is obtained are accounted for as equity transactions (i.e.
transactions with owners in their capacity as owners). Accordingly, gains or
losses which arise from acquisitions or disposals of additional non-
controlling
interests are accounted for as equity transactions provided control is
retained
after the conclusion of such transactions. As a result of early adopting IAS
27, the group has early adopted the requirements of IFRS 3 Business
Combinations. The application of these amendments did not impact the group`s
financial results.
TRENCOR
Reviewed Audited
2009 2008
R Million
2. Revenue
Goods sold and services rendered 562 773
Leasing income 1 596 1 622
Management fees 210 232
Finance income 32 42
2 400 2 669
Realised and unrealised exchange differences (442) 630
1 958 3 299
3. Net finance (income)/costs
Finance expenses 124 382
Interest expense 95 211
Losses on derivative financial instruments 29 171
Finance income (195) (49)
Interest income (20) (49)
Gain on extinguishment of debt (175) -
(71) 333
The gain on extinguishment of debt arose as a result of
Textainer repurchasing R358 million of its issued bonds.
4. Discontinued operations
The discontinued operations relate to the mobile asset
ownership and management businesses exited
by the group during 2007 and the sale of the plant and
equipment of the tank manufacturing business
which was discontinued during 2003.
Results of discontinued operations:
Revenue - 20
Expenses (4) (30)
Profit on disposal of discontinued operations 26 21
Profit from operations 22 11
Finance expenses - (8)
Finance income 2 2
Profit before tax 24 5
Income tax expense - (86)
Profit/(Loss) for the year 24 (81)
Attributable to:
Equity holders of the company 7 (48)
Non-controlling interest 17 (33)
24 (81)
5. Headline earnings
Profit attributable to equity holders of the company 259 663
Impairment of goodwill - 135
Impairment of plant and equipment 16 4
Net gain on disposal of available-for-sale financial
asset transferred from equity (7) -
Profit on disposal of discontinued operations (26) (21)
Total tax effects of adjustments (1) 86
Total non-controlling interests` share of adjustments 12 ( 79)
Headline earnings 253 788
Weighted average number of shares in issue (million) 187,4 187,3
Headline earnings per share (cents) 134,8 420,8
Diluted headline earnings per share (cents) 134,7 420,1
Adjusted headline earnings
Headline earnings (as above) 253 788
Gain on extinguishment of debt (175) -
Net loss/(gain) on translation of net US dollar
receivables 298 (439)
Total tax effects of adjustments (79) 123
Total non-controlling interests` share of adjustments 84 -
Adjusted headline earnings 381 472
Undiluted adjusted headline earnings per share (cents) 203,5 251,9
Diluted adjusted headline earnings per share (cents) 203,3 251,5
6. Segmental reporting
Revenue
Continuing operations
Containers - finance (including exchange differences) (409) 672
Containers - owning, leasing, management and reselling 2 365 2 625
Other 2 2
1 958 3 299
Segment result
Profit from operations
Continuing operations
Containers - finance (286) 489
Containers - owning, leasing, management and reselling 878 999
Profit before goodwill impairment 878 1 134
Goodwill impairment - (135)
Other (28) (33)
564 1 455
7. Assets classified as held for sale
Cash and cash equivalents 11 81
Investments - 47
Restricted cash - 2
Trade and other receivables - 9
11 139
8. Liabilities classified as held for sale
Derivative financial instruments 3 4
Trade and other payables - 9
Provisions - 11
3 24
In order to provide a better appreciation of the results of the group`s
activities, a condensed consolidated income statement and a consolidated
statement of financial position are also presented in US dollars, as virtually
all of the group`s revenue and assets and much of its expenditure are
denominated in that currency. The amounts stated in US dollars have been
prepared by management and are unaudited.
Unreviewed Trencor condensed consolidated income statement in US dollars
for the year ended 31 December 2009
Unaudited Unaudited
US$ Million 2009 2008
Revenue 282,2 278,5
Continuing operations
Trading profit 106,1 141,3
Unrealised exchange losses/arising on
translation (5,8) -
Net long-term receivables fair value adjustment (4,7) 12,3
Impairment of goodwill - (14,5)
Impairment of plant and equipment (2,0) (0,5)
Other 1,0 -
Profit from operations 94,6 138,6
Net finance costs 7,0 (41,0)
Finance expense - Interest expense (11,4) (26,0)
- Losses on derivative financial instruments (3,5) (21,1)
Finance income - Interest income 2,4 -
- Gain on extinguishment of debt 19,5 6,1
Profit before tax 101,6 97,6
Income tax expense (3,5) (3,9)
Profit after tax from continuing operations 98,1 93,7
Discontinued operations
Profit/(Loss) for the year from discontinued
operations (net of income tax) 3,1 (10,6)
Profit for the year 101,2 83,1
Attributable to:
Equity holders of the company 49,8 51,4
Non-controlling interest 51,4 31,7
101,2 83,1
Number of shares in issue (million) 187,5 187,4
Weighted average number of shares in issue (million) 187,4 187,3
Basic earnings/(loss) per share (US cents)
Entity as a whole 26,6 27,4
Continuing operations 26,1 30,7
Discontinued operations 0,5 (3,3)
Diluted earnings/(loss) per share (US cents)
Entity as a whole 26,6 27,4
Continuing operations 26,1 30,7
Discontinued operations 0,5 (3,3)
Headline earnings per share (US cents) 26,0 35,2
Diluted headline earnings per share (US cents) 26,0 35,1
Adjusted headline earnings per share (US cents) 23,2 31,3
Diluted adjusted headline earnings per share (US cents) 23,1 31,2
Year-end rate of exchange: SA rand to US dollar 7,35 9,27
Average rate of exchange for the year: SA rand to
US dollar 8,33 8,12
Trading profit from continuing operations comprises:
Textainer 107,4 140,1
Other (1,3) 1,2
106,1 141,3
Unreviewed Trencor condensed consolidated statement of financial position in
US dollars at 31 December 2009
Unaudited Unaudited
US$ Million 2009 2008
ASSETS
Property, plant and equipment 1 069,1 992,3
Long-term receivables 114,0 144,5
Other non-current assets 186,0 159,4
Non-current assets 1 369,1 1 296,2
Current assets 257,5 264,3
Inventories 1,3 1,6
Trade and other receivables 104,4 91,6
Current tax assets 0,2 0,2
Assets classified as held for sale 1,5 15,0
Cash and cash equivalents 150,1 155,9
Total assets 1 626,6 1 560,5
Equity and liabilities
Equity attributable to equity holders of the company 522,7 485,7
Non-controlling interest 259,1 228,4
Total equity 781,8 714,1
Liabilities
Interest-bearing borrowings 617,4 663,6
Amounts attributable to third par ties in respect
of long-term receivables 27,8 26,2
Derivative financial instruments 9,0 19,4
Deferred income 11,3 -
Deferred tax liabilities 31,3 29,2
Total non-current liabilities 696,8 738,4
Current liabilities 148,0 108,0
Trade and other payables 53,9 29,6
Current tax liability 17,8 17,7
Current portion of interest-bearing borrowings 68,0 58,0
Deferred income 7,9 -
Liabilities classified as held for sale 0,4 2,7
Total liabilities 844,8 846,4
Total equity and liabilities 1 626,6 1 560,5
Ratio to aggregate of total equity:
Total liabilities (%) 108,1 118,5
Interest-bearing debt (%) 87,7 101,1
Condensed consolidated statements of comprehensive income for the year ended
31
December 2009
MOBILE
Reviewed Audited
R Million 2009 2008
Revenue (Note 2) 0,6 0,9
Trading profit/(loss) (1,1) (0,9)
Other (0,6) (0,6)
Profit/(Loss) from operations (1,7) (1,5)
Share of profit of associate 119,7 306,6
Profit before tax 118,0 305,1
Income tax credit/(expense) 0,1 (0,1)
Profit for the year 118,1 305,0
Other comprehensive (loss)/income (336,7) 368,4
Share of other comprehensive (loss)/income of associate (336,7) 368,4
Total comprehensive (loss)/income for the year (218,6) 673,4
Basic earnings per share (cents) 11,1 28,6
Number of shares in issue (million) 1 068,0 1 068,0
Weighted average number of shares in issue (million) 1 068,0 1 068,0
Condensed consolidated statements of financial position at 31 December 2009
MOBILE
Reviewed Audited
R Million 2009 2008
ASSETS
Goodwill - 0,2
Investment in associate 2 036,0 2 342,2
Participation in export partnerships 2,0 2,2
Total non-current assets 2 038,0 2 344,6
Trade and other receivables 0,4 0,5
Cash and cash equivalents 6,9 8,0
Current assets 7,3 8,5
Total assets 2 045,3 2 353,1
EQUITY
Share capital and premium 192,7 192,7
Reserves 1 849,7 2 156,0
Equity attributable to equity holders of the company 2 042,4 2 348,7
Total equity 2 042,4 2 348,7
LIABILITIES
Deferred tax liabilities 2,0 2,2
Total non-current liabilities 2,0 2,2
Trade and other payables 0,9 0,7
Current tax liability - 0,3
Amount due to subsidiary of associate - 1,2
Current liabilities 0,9 2,2
Total liabilities 2,9 4,4
Total equity and liabilities 2 045,3 2 353,1
Market value of listed investments 2 275,8 1 699,2
Condensed consolidated statements of cash flows for the year ended
31 December 2009
MOBILE
Reviewed Audited
R Million 2009 2008
Cash utilised by operations (2,2) (2,0)
Finance income received 0,6 0,9
Dividends received 95,4 80,6
Dividends paid to equity holders of the company (94,5) (80,1)
Taxation paid (0,4) (0,5)
Net cash outflow from operating activities (1,1) (1,1)
Cash outflow from investing activities - (0,2)
Net decrease in cash and cash equivalents (1,1) (1,3)
Net cash and cash equivalents at the beginning of the year 8,0 9,3
Net cash and cash equivalents at the end of the year 6,9 8,0
Condensed consolidated statements of changes in equity
for the year ended 31 December 2009
MOBILE
Reviewed Audited
R Million 2009 2008
Balance at the beginning of the year 2 348,7 1 741,2
Total comprehensive (loss)/income for the year (218,6) 673,4
Profit for the year 118,1 305,0
Share of other comprehensive (loss)/income of associate (336,7) 368,4
Dividends paid (94,5) (80,1)
Share of net increase in non-distributable reserves of
associate 6,8 14,2
Shareholders` interest 2 042,4 2 348,7
Equity 2 042,4 2 348,7
Notes to the condensed consolidated annual financial statements for the year
ended 31 December 2009
1. These condensed consolidated annual financial statements have been prepared
in accordance with the recognition and measurement criteria of International
Financial Reporting Standards (IFRS), and the presentation and disclosure
requirements of IAS 34 Interim Financial Reporting. Except as stated below the
accounting policies applied in the preparation of these consolidated condensed
financial statements are consistent with those used in the annual financial
statements for the year ended 31 December 2008.
MOBILE
The group applied the revised IAS 1 Presentation of Financial Statements which
became effective for the first time on 1 January 2009. The application of this
amendment to IFRS did not significantly impact the group`s financial results.
As a result of Trencor adopting Improvements to IFRS, the calculation of
headline earnings has been adjusted accordingly
MOBILE
Reviewed Audited
2009 2008
R Million
2. Revenue
Finance income 0,6 0,9
0,6 0,9
5. Headline earnings
Profit attributable to equity holders of the company 118,1 305,0
Net loss on dilution of investment in associate 0,6 0,6
Attributable share of headline earnings adjustments of
associate (2,9) 58,1
Headline earnings 115,8 363,7
Weighted average number of shares in issue (million) 1 068,0 1 068,0
Headline earnings per share (cents) 10,8 34,1
Diluted headline earnings per share (cents) 10,8 34,1
Directors:
Trencor: NI Jowell* (Chairman), HR van der Merwe* (Managing), JE Hoelter
(USA),
C Jowell, JE McQueen*, DM Nurek, E Oblowitz, RJA Sparks (* executive)
Mobile: C Jowell (Chairman), NI Jowell, DM Nurek, E Oblowitz
(all non-executive)
Secretaries to Trencor and Mobile: Trencor Services (Pty) Ltd
Registered office: 1313 Main Tower, Standard Bank Centre, Heerengracht,
Cape Town 8001
Transfer secretaries: Computershare Investor Services (Pty) Ltd,
70 Marshall Street, Johannesburg 2001 (PO Box 61051, Marshalltown 2107)
Sponsors: Rand Merchant Bank (A division of FirstRand Bank Ltd)
These results can be viewed on the websites
www.trencor.net
www.mobile-industries.net
Date: 18/02/2010 15:53:01 Produced by the JSE SENS Department.
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