| Fri 11 Nov 2011, 8:00 | | CFR - Compagnie Financiere Richemont SA Depositary Receipts - Richemont The |
|
CFR
CFR
CFR - Compagnie Financiere Richemont SA Depositary Receipts - Richemont, The
Swiss Luxury Goods Group, announces its unaudited consolidated results for the
six month period ended 30 September 2011
Compagnie Financiere Richemont SA Depositary Receipts
issued by Richemont Securities SA
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR
RICHEMONT, THE SWISS LUXURY GOODS GROUP, ANNOUNCES ITS UNAUDITED CONSOLIDATED
RESULTS FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2011
Financial highlights
- Sales increased by 29 % to Euro 4 214 million, or by 36 % at constant exchange
rates
- Solid growth across all segments, regions and channels
- Operating profit increased by 41 % to Euro 1 075 million
- Profit for the period increased by 10 % to Euro 709 million, reflecting the
impact of a one-time gain in the comparative period
- Consistent cash flow from operations of Euro 606 million
Key financial data (unaudited) 6 months ended 30 September
In millions of euros, unless 2011 2010 Change
indicated
Sales Euro Euro + 29 %
4 214 m 3 259 m
Gross profit Euro Euro + 26 %
2 665 m 2 113 m
Gross margin 63.2 % 64.8 % - 160 bps
Operating profit Euro Euro + 41 %
1 075 m 760 m
Operating margin 25.5 % 23.3% + 220 bps
Profit for the period Euro Euro + 10 %
709 m 644 m
Earnings per share, diluted Euro 1.266 Euro 1.144 + 11 %
basis
Cash flow generated from Euro Euro + Euro
operations 606 m 598 m 8 m
Net cash position Euro Euro + Euro
2 596 m 1 882 m 714 m
This document contains forward-looking statements as that term is defined in the
United States Private Securities Litigation Reform Act of 1995. Such forward-
looking statements are not guarantees of future performance. Actual results may
differ materially from the forward-looking statements as a result of a number of
risks and uncertainties, many of which are outside the Group`s control.
Richemont does not undertake to update, nor does it have any obligation to
provide updates of, or to revise, any forward-looking statements.
Executive Chairman and Chief Executive Officer`s commentary
We are pleased to report a solid performance in the first half of this year. Our
Maisons were able to benefit from a favourable trading environment to enhance
their positions in jewellery, watchmaking and accessories.
The rate of increase in net profit was lower than the increase in operating
profit primarily due to a one-off gain in the comparable period.
Richemont`s financial position continues to be strong: the Group`s net cash
position is Euro 2.6 billion.
The sales trend of the first six months of the year has continued through to the
end of October; sales for the month were 28 % above those of October 2010 at
actual exchange rates. At constant exchange rates, they were 26 % higher, with
good momentum in both the retail and wholesale sales channels.
For the second half of the financial year, we face both the impact of global
economic problems on the luxury goods industry in general, and the demanding
comparative figures against which Group sales will be measured. Notwithstanding
these challenges and based on the Group`s performance for the year to date,
operating profit for the full year is expected to be significantly higher than
last year. Moreover, the creativity of our Maisons and the responsiveness of our
colleagues, our confidence in our business model and the strength of our balance
sheet will enable us to continue to invest in our businesses for the long-term,
despite the very worrying world economic environment.
Johann Rupert
Executive Chairman and Chief Executive Officer
Compagnie Financiere Richemont SA
Geneva, 11 November 2011
***
Financial Review
Sales
Sales in the six-month period increased by 29 % at actual exchange rates. At
constant exchange rates, sales increased by 36 %. The growth in sales reflected,
in particular, buoyant sales in the Group`s own retail network bolstered by very
strong demand in the Asia-Pacific and Americas regions. Further details of sales
by region, distribution channel and business area are given in the Review of
Operations on pages 5 to 8.
Gross profit
Gross profit rose by 26 %, although the gross margin percentage was 160 basis
points lower at 63.2 % of sales. Several factors caused the decrease in the
gross margin percentage, including adverse currency movements affecting sales,
the strengthening of the Swiss franc and, as expected, the impact of Net-a-
Porter.
The challenges posed by adverse currency movements were partially offset by
price increases at both the retail and wholesale levels, evidencing the Maisons`
pricing power, as well as the benefits of realising a growing proportion of
sales through the Maisons` own boutiques. Additionally, gains recognised as a
result of the hedging programme amounted to Euro 70 million and added 166 basis
points to the gross percentage.
The stronger Swiss franc is of particular importance to the cost of sales as the
majority of the Group`s manufacturing facilities are located in Switzerland.
Compared with the Group`s other Maisons, Net-a-Porter`s gross margin percentage
is well below the average reflecting its distinct business model as an online
retailer of fashion products and accessories. Given its above-average sales
growth, Net-a-Porter has a dilutive impact on the Group`s gross margin
percentage.
Operating profit
Operating profit increased by 41 %, reflecting the significant increase in gross
profit and continuing cost discipline. The year-on-year increase in net
operating expenses has been limited to 18 %, well below the growth in sales:
they now represent 38 % of sales compared to 42 % in the comparative period.
Selling and distribution expenses were 17 % higher, primarily reflecting better
trading and the expansion of the Maisons` own boutique networks. Communication
expenses increased by 29 %, in line with sales, and represented 8 % of sales.
Despite the strength of the Swiss franc, administration costs rose by only 9 %.
As a consequence, operating margin increased by 220 basis points to 25.5 % in
the period under review.
Profit for the period
Profit for the period increased by 10 % to Euro 709 million, reflecting the
following significant items:
- Within net finance costs, Euro 153 million relates to non-cash, mark-to-market
currency losses on net financial assets as a result of the stronger Swiss franc
against the euro. The majority of the Group`s financial assets are euro-
denominated cash and liquid bond funds held by a Swiss franc entity. Upon
translation, there was no effect on the Group`s equity position.
- Also within net finance costs, Euro 113 million of mark-to-market losses have
been recorded in respect of currency hedging activities. The Group ceased
applying hedge accounting to new foreign currency hedges from 1 April 2011.
Changes in the value of new hedging instruments are therefore recognised
immediately in net finance costs. Had hedge accounting continued, Euro 46
million of this amount would have been deferred in equity.
- The non-recurrence of a Euro 102 million non-cash accounting gain recorded in
the comparative period. The gain related to the revaluation of the Group`s
former interest in Net-a-Porter in April 2010 when Richemont acquired control of
that business. This gain was reported within the Group`s share of the post-tax
results of associated companies.
The effective taxation rate was 16.4 %, reflecting the anticipated full-year
rate. The increase in the rate compared to the prior year stems from the impact
of non-cash currency translation losses on net financial assets, which are tax
neutral.
Earnings per share increased by 11 % to Euro 1.266 on a diluted basis. To
comply with the South African practice of providing headline earnings per share
(`HEPS`) data, the relevant figure for headline earnings for the period ended 30
September 2011 would be Euro 713 million (2010: Euro 540 million). Basic HEPS
for the period was Euro 1.303 (2010: Euro 0.979). Diluted HEPS for the period
was Euro 1.273 (2010: Euro 0.956). Further details regarding earnings per share
and HEPS, including an itemised reconciliation, may be found in note 8 of the
Group`s condensed consolidated interim financial statements.
Cash flow
Cash flow generated from operations was Euro 606 million, in line with the prior
period. The additional cash generated from operating profit was absorbed by
working capital increases, in particular inventories and debtor balances.
The net acquisition of tangible fixed assets amounted to Euro 123 million,
reflecting selected investments in the Group`s network of boutiques and
manufacturing facilities.
The 2011 dividend, at CHF 0.45 per share, was paid to shareholders net of
withholding tax in September. The cash outflow in the period amounted to Euro
133 million; the withholding tax was remitted to the Swiss authorities in
October.
During the period, the Group acquired some 8 million `A` shares to hedge
executive stock options. The cost of these purchases was partly offset by
proceeds from the exercise of stock options by executives and other activities
linked to the hedging programme, leading to a net outflow of Euro 205 million.
Financial structure and balance sheet
Fixed assets, including tangible and intangible assets, increased by Euro 99
million during the six-month period. The increase largely reflects the expansion
of the Maisons` boutique networks, particularly in the Asia-Pacific region, and
investments in their European manufacturing facilities.
Inventories at the end of September amounted to Euro 3 280 million. This figure
represents 16 months of gross inventories and compares with 18 months at
September 2010. The reduction in the rate of stock turn reflects the favourable
trading conditions in particular. In absolute terms, the increase in the value
of inventories reflects the strengthening of the Swiss franc, the build-up of
inventories and the expansion of the boutique network.
At 30 September 2011, the Group`s net cash position amounted to Euro 2 596
million and was in line with the position at 31 March 2011. The Group`s net cash
position includes short-term liquid bond funds as well as cash, cash equivalents
and all borrowings. Liquid bond funds and cash balances were primarily
denominated in euros, whereas borrowings to finance local operating assets are
denominated in the currencies of the countries concerned. Total borrowings,
including bank borrowings and short-term loans, amounted to Euro 139 million.
Richemont`s financial structure remains very strong, with shareholders` equity
representing 71 % of total equity and liabilities.
***
Review of Operations
1. Sales by region
Movement at:
Constant Actual
in Euro millions 30 September 30 September exchange exchange
2011 2010 rates* rates
Europe 1 514 1 260 + 22 % + 20 %
Asia-Pacific 1 718 1 157 + 60 % + 48 %
Americas 602 489 + 35 % + 23 %
Japan 380 353 + 9 % + 8 %
4 214 3 259 + 36 % + 29 %
*Note: movements at constant exchange rates are calculated translating
underlying sales in local currencies into euros in both the current year and
the comparative year at the average exchange rates applicable for the financial
year ended 31 March 2011.
Europe
Europe accounted for 36 % of overall sales.
Solid double-digit organic growth was registered across the region, including
Russia and the Middle East. Travellers to Europe continue to be an important
sales driver.
All Maisons improved their performance in the region versus the comparative
period.
Asia-Pacific
While growth in the Asia-Pacific region was broad-based, it was primarily
driven by mainland China, which is now Richemont`s third largest market after
Hong Kong and the USA. Robust sales across channels and markets there also
benefitted from the Group`s selective expansion of its retail network in
recent years.
Americas
The Americas region reported double-digit growth and represented 14 % of Group
sales.
The performance was specifically driven by significant High Jewellery sales,
although business in general has been very encouraging.
Japan
Sales in Japan increased, despite the dramatic events of last March. Van Cleef
and Arpels and the Specialist Watchmakers performed particularly well.
2. Sales by distribution channel
Movement at:
Constant Actual
in Euro millions 30 September 30 September exchange exchange
2011 2010 rates* rates
Retail 2 083 1 522 + 44 % + 37 %
Wholesale 2 131 1 737 + 29 % + 23 %
4 214 3 259 + 36 % + 29 %
*Note: movements at constant exchange rates are calculated translating
underlying sales in local currencies into euros in both the current year and
the comparative year at the average exchange rates applicable for the financial
year ended 31 March 2011.
Retail
Overall retail sales, comprising directly operated boutiques and
Net-a-Porter, increased by 37 %. This was well above the growth in
wholesale sales and Richemont now generates 49 % of its sales through its own
retail network.
The growth in retail sales partly reflected the good performance of
Net-a-Porter and the expansion of the Maisons` network of boutiques to 919
stores. Openings during the period were primarily in high-growth markets
such as China.
Wholesale
The Group`s wholesale business, including sales to franchise partners,
reported strong growth. This performance reflected a good sell-out and the
optimisation of the network.
This growth was achieved despite the impact of a continuing programme of
planned reductions in the number of points of sale in Western Europe and North
America.
3. Sales and operating results by business area
Jewellery Maisons
in Euro millions 30 September 2011 30 September 2010 Change
Sales 2 165 1 619 + 34 %
Operating results 734 541 + 36 %
Operating margin 33.9 % 33.4 % + 50 bps
The Jewellery Maisons` sales grew by 34 %. Both Cartier and Van Cleef
and Arpels performed exceptionally well.
The Maisons` boutique networks reported higher growth and further benefitted
from new store openings, primarily in the Asia-Pacific region. Demand for
High Jewellery pieces and more accessible jewellery ranges was solid. Demand
for Cartier`s watch collections was also strong, reflecting the policy of
extending its premium and technical watch offerings.
The significant increase in sales and continuing cost discipline generated
an operating margin of 34 %.
Specialist Watchmakers
in Euro millions 30 September 2011 30 September 2010 Change
Sales 1 171 901 + 30 %
Operating results 312 259 + 20 %
Operating margin 26.6 % 28.8 % - 220 bps
The Specialist Watchmakers` sales increased by 30 %. All Maisons performed
well worldwide, reflecting the strong demand for haute horlogerie.
Despite higher input costs and the strength of the Swiss Franc, the contribution
margin was 27 %, reflecting the Maisons` pricing power and operating leverage.
Montblanc Maison
in Euro millions 30 September 2011 30 September 2010 Change
Sales 334 303 + 10 %
Operating result 54 48 + 13 %
Operating margin 16.2 % 15.8 % + 40 bps
Montblanc`s sales increased by 10 %, reflecting good demand for its range of
watches and accessories in particular in the Asia-Pacific region. During the
period under review, Montblanc continued to upgrade both its retail and
wholesale distribution networks.
The Maison maintained an operating margin of 16 %.
3. Sales and operating results by business area, continued
Other businesses
in Euro millions 30 September 30 September Change
2011 2010
Sales 544 436 + 25 %
Operating results (17) (19) + 10 %
Operating margin (3.1) % (4.4) % + 130 bps
The `Other` segment includes the Group`s Fashion and Accessories
businesses, Net-a-Porter and the Group`s watch component manufacturing
activities.Richemont`s Fashion & Accessories Maisons saw double-digit
sales growth and generated improved profits of Euro 23 million (2010:
profits of Euro 7 million). Alfred Dunhill and Chloe performed particularly
well.Sales growth at Net-a-Porter was once again well above the Group`s
average. Net-a-Porter incurred losses during the period amounting to Euro
22 million, resulting from the amortisation of intangibles and the costs
associated with the continued expansion of its platforms in the UK and the
USA.Losses at the Group`s watch component manufacturing facilities were
contained and were broadly in line with the comparative period.
Corporate costs
in Euro millions 30 September 2011 30 September 2010 Change
Corporate costs (8) (69) - 88 %
Central support services (69) (75) - 8 %
Other operating 61 6 n/a
income/(expense), net
Corporate costs represent the costs of central management, marketing support
and other central functions, known as central support services, as well as other
expenses and income which are not allocated to specific business areas,
including foreign exchange hedging gains and losses. Central support service
expenses decreased: the negative impact of stronger Swiss franc was more than
offset by credits linked to the Group`s stock option plan. Other operating
income/(expense) included gains of Euro 70 million relating to the Group`s
exchange rate hedging programme, which are reported within gross profit. In
the comparative period, equivalent exchange rate hedging gains amounted to Euro
13 million.
***
The Group`s condensed consolidated statements of comprehensive income, of
cash flows and of financial position are presented in Appendix 1. Richemont`s
unaudited condensed consolidated interim financial statements for the period
may be found on the Group`s website at http://www.richemont.com/investor-
relations/results-presentations.html
Richard Lepeu, Deputy Chief Gary Saage, Chief Financial
Executive Officer Officer
Presentation
The results will be presented via a live internet webcast on 11 November 2011,
starting at 09:00 (CET). The direct link will be available from 08:00 (CET) at:
http://www.richemont.com
- Live listen-only telephone connection: call one of these numbers 10 minutes
before the start of the presentation:
- Europe: +41 91 610 56 00
- USA: +1 866 291 4166
- UK: +44 203 059 5862
- South Africa: 0800 992 635 (toll free)
- An archived video webcast of the presentation will be available from:
http://www.richemont.com/investor-relations/results-presentations.html
- A transcript of the presentation will be available from:
http://www.richemont.com/investor-relations/results-presentations.html
Interim Report
The Richemont 2011 Interim Report will be published on 29 November 2011 and
will be available for download from the Group`s website; copies may be obtained
from the Company`s registered office or by contacting the Company via the
website at http://www.richemont.com/contact.html
Compagnie Financiere Richemont SA
Registered office:
50 chemin de la Chenaie
CP30, 1293 Bellevue Geneva
Switzerland
Tel: +41 22 721 3500
Fax: +41 22 721 3550
Internet: www.richemont.com
Media contact
Alan Grieve
Director of Corporate Affairs
Tel: +41 22 721 3507
E-mail: pressoffice@cfrinfo.net
Investor contact
Sophie Cagnard
Head of Investor Relations
Tel +33 1 58 18 25 97
E-mail: investor.relations@cfrinfo.net
Statutory Information
Primary listing
SIX Swiss Exchange (Reuters "CFR.VX" / Bloomberg "CFR:VX" / ISIN CH0045039655).
The Swiss `Valorennummer` is 4503965. Richemont `A` bearer shares are included
in the Swiss Market Index (`SMI`) of leading stocks.
Secondary listing
Johannesburg stock exchange operated by JSE Limited (Reuters "CFRJ.J" /
Bloomberg "CFR:SJ" / ISIN CH0045159024). South African depository receipts in
respect of Richemont `A` shares.
The closing price of the Richemont `A` share on 30 September 2011 was CHF 40.95
and the market capitalisation of the Group`s `A` shares on that date was CHF 21
376 million. Over the preceding six month period, the highest closing price of
the `A` share was CHF 57.40 (7 July) and the lowest closing price of the `A`
share was CHF 38.51 (10 August).
Copyright Richemont 2011
Appendix 1
Condensed consolidated statement of comprehensive income
Six months to Six months to
30 September 2011 30 September 2010
Euro m Euro m
Sales 4 214 3 259
Cost of sales (1 549) (1 146)
Gross profit 2 665 2 113
Selling and distribution (891) ( 761)
expenses
Communication expenses (340) ( 264)
Administrative expenses (342) ( 314)
Other operating (expense) / (17) ( 14)
income
Operating profit 1 075 760
Finance costs (287) ( 160)
Finance income 61 40
Share of post-tax (1) 102
(loss)/profit of associated
undertakings
Profit before taxation 848 742
Taxation (139) ( 98)
Profit for the period 709 644
Other comprehensive income:
Currency translation 427 327
adjustments
- movement in the period
- reclassification to profit 1 -
or loss
Cash flow hedges 20 41
- net gains
- reclassification to profit (70) ( 13)
or loss
Other comprehensive income, 378 355
net of tax
Total comprehensive income 1 087 999
Profit attributable to:
Owners of the parent company 709 646
Non-controlling interest - ( 2)
709 644
Total comprehensive income
attributable to:
Owners of the parent company 1 086 1 000
Non-controlling interest 1 ( 1)
1 087 999
Earnings per share attributable to owners of the parent company during
the period (expressed in Euro per share)
Basic 1.295 1.171
Diluted 1.266 1.144
Condensed consolidated statement of cash flows
Six months to Six months to
30 September 2011 30 September 2010
Euro m Euro m
Operating profit 1 075 760
Depreciation and impairment of 119 99
property, plant and equipment
Amortisation and impairment of 43 40
other intangible assets
Increase in provisions 26 41
Decrease in retirement benefit ( 3) -
obligations
Non-cash items ( 55) 6
Increase in inventories ( 340) ( 144)
Increase in trade debtors ( 288) ( 134)
Increase in other receivables ( 27) ( 84)
and prepayments
Increase in current and long- 56 14
term operating liabilities
Cash flow generated from 606 598
operations
Interest received 17 7
Interest paid ( 13) ( 12)
Other investment income 3 4
Taxation paid ( 129) ( 112)
Net cash generated from 484 485
operating activities
Cash flows from investing
activities
Acquisition of subsidiary
undertakings and
other businesses, net of cash ( 3) ( 227)
acquired
Proceeds from disposal of
subsidiary undertakings and
other businesses, net of cash - ( 3)
disposed
Acquisition of associated ( 1) -
undertakings
Acquisition of property, plant ( 140) ( 75)
and equipment
Proceeds from disposal of 17 1
property, plant and equipment
Acquisition of intangible ( 29) ( 21)
assets
Investment in short-term bond ( 151) ( 939)
funds
Proceeds from disposal of short- 143 937
term bond funds
Acquisition of other non- ( 16) ( 8)
current assets
Proceeds from disposal of other 9 17
non-current assets
Net cash used in investing ( 171) ( 318)
activities
Cash flows from financing
activities
Proceeds from borrowings 10 66
Repayment of borrowings ( 101) ( 207)
Dividends paid ( 133) ( 92)
Payment for treasury shares ( 279) ( 108)
Proceeds from sale of treasury 74 17
shares
Capital element of finance ( 1) ( 2)
lease payments
Net cash used in financing ( 430) ( 326)
activities
Net change in cash and cash ( 117) ( 159)
equivalents
Cash and cash equivalents at 657 940
beginning of period
Exchange gains on cash and cash 32 33
equivalents
Cash and cash equivalents at 572 814
end of period
Condensed consolidated statement of financial position
30 September 2011 31 March 2011
Assets Euro m Euro m
Non-current assets
Property, plant and equipment 1 341 1 267
Goodwill 459 441
Other intangible assets 319 314
Investments in associated 9 7
undertakings
Deferred income tax assets 309 349
Financial assets held at fair 71 70
value through profit or loss
Other non-current assets 233 211
2 741 2 659
Current assets
Inventories 3 280 2 789
Trade and other receivables 934 597
Derivative financial instruments 36 148
Prepayments 120 119
Financial assets held at fair 2 163 2 154
value through profit or loss
Cash at bank and on hand 1 432 1 227
7 965 7 034
Total assets 10 706 9 693
Equity and liabilities
Equity attributable to owners of
the parent company
Share capital 334 334
Treasury shares (530) ( 325)
Hedge and share option reserves 233 305
Cumulative translation 1 319 892
adjustment reserve
Retained earnings 6 287 5 774
7 643 6 980
Non-controlling interest 13 12
Total equity 7 656 6 992
Liabilities
Non-current liabilities
Borrowings 23 120
Deferred income tax liabilities 30 35
Retirement benefit obligations 36 38
Provisions 150 137
Other long-term financial 120 158
liabilities
359 488
Current liabilities
Trade and other payables 811 825
Current income tax liabilities 275 260
Borrowings 63 1
Derivative financial instruments 146 36
Provisions 139 126
Accruals and deferred income 344 294
Short-term loans 53 101
Bank overdrafts 860 570
2 691 2 213
Total liabilities 3 050 2 701
Total equity and liabilities 10 706 9 693
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Compagnie Financiere Richemont SA
50, Chemin de la Chenaie CH-1293 Bellevue - Geneva Switzerland
Telephone +41 (0)22 721 3500 Telefax +41 (0)22 721 3550
www.richemont.com
11 November 2011
Notes for South African editors
Acknowledging the interest in Richemont`s results on the part of South African
investors, set out below are key figures from the results expressed in rand.
The average euro/rand exchange rate prevailing during the period ended 30
September 2011 was 9.9383; this compares with a rate of 9.4966 during the prior
period.
in ZAR millions 30 September 30 September
2011 2010
Sales 41 880 30 949 + 35 %
Operating profit 10 684 7 217 + 48 %
Profit for the period 7 046 6 116 + 15 %
Profit attributable to:
Owners of the parent company 7 046 6 135
Non-controlling interest - (19)
7 046 6 116
Earnings per depository receipt - ZAR 1.2582 ZAR 1.0864 + 16 %
diluted basis
Headline earnings per depository ZAR 1.2651 ZAR 0.9079 + 39 %
receipt - diluted basis
Headline earnings per depository receipt exclude the impact of impairment and
currency exchange losses amounting to ZAR 40 million (Euro 4 million). In the
comparative period, one-off gains amounted to ZAR 1 007 million (Euro 106
million). Further details of these losses and gains, which conform to the JSE
listing requirements, are presented in note 8.3 of the unaudited condensed
consolidated interim financial statements.
Richemont Securities SA Depository Receipts are issued subject to the terms of
the Deposit Agreement entered into on 18 December 1992, most recently amended
on 16 December 2010. By holding Depository Receipts, investors acknowledge that
they are bound by the terms of the Deposit Agreement. Copies of the Deposit
Agreement may be obtained by investors from Richemont Securities SA or
Computershare Limited.
Date: 11/11/2011 08:00:00 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.
