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CURRO HOLDINGS LIMITED - Results For The Year Ended 31 December 2018 And Dividend Declaration

Release Date: 13/02/2019 07:39
Code(s): COH     PDF:  
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Results For The Year Ended 31 December 2018 And Dividend Declaration

Curro Holdings Limited 
Incorporated in the Republic of South Africa 
Registration number: 1998/025801/06 
JSE share code: COH
ISIN: ZAE000156253 
("Curro" or "the Company" or "the Group")

AUDITED SUMMARY RESULTS FOR THE YEAR
ENDED 31 DECEMBER 2018

HEADLINE EARNINGS*
Increase 23% from R201m to R248m

REVENUE*
Increase 19% from R2 099m to R2 496m

HEPS*
Increase 23% from 49.0 cents to 60.1 cents

EBITDA*
Increase 33% from R473m to R627m

*From continuing operations

SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                                                    Audited         Audited
                                                                31 Dec 2018     31 Dec 2017
                                                      change      R million       R million
Continuing operations
Revenue                                                  19%          2 496           2 099
Operating expenses                                       15%        (1 869)         (1 626)
Earnings before interest, taxation, depreciation
and amortisation (EBITDA)                                33%            627             473
- Schools EBITDA                                         30%            772             594
- Head office EBITDA                                     20%          (145)           (121)
Depreciation and amortisation                            18%          (154)           (131)
Earnings before interest and taxation (EBIT)             38%            473             342
Interest income                                          34%             55              41
Profit on sale of property, plant and equipment                           -              12
Share of (loss)/profit of associate                                     (1)               1
(Loss)/profit on disposal of investment in
associate                                                               (1)               -
Finance costs                                            62%          (193)           (119)
Profit before taxation (PBT)                             20%            333             277
Taxation                                                 21%           (91)            (75)
Profit for the period (PAT) from continuing
operations                                               20%            242             202
Discontinued operations
Loss from discontinued operations                                         -             (4)
Profit for the period (PAT)                              22%            242             198
Other comprehensive income:
Net fair value profit/(loss) on cash-flow hedges                          6            (13)
Foreign currency translation                                            (1)              -
Total comprehensive income                               34%            247             185
Profit attributable to:
Owners of the parent                                     19%            248             209
Non-controlling interest                                                (6)            (11)
                                                         22%            242             198
Total comprehensive income attributable to:
Owners of the parent                                     29%            253             196
Non-controlling interest                                                (6)            (11)
                                                         34%            247             185
Reconciliation of headline earnings:
Profit attributable to owners of the parent                             248             209
Adjusted for:
Profit on sale of property, plant and equipment                           -            (12)
Loss on disposal of investment in associate                               -               -
Headline earnings                                        26%            248             197
- From continuing operations                             23%            248             201
- From discontinued operations                                            -             (4)
EBITDA margin                                                           25%             23%
Schools EBITDA margin                                                   31%             28%
Earnings per share (cents)
- Basic                                                  18%           60.0            51.0
- Diluted                                                18%           59.8            50.8
Headline earnings per share (cents)                      25%           60.1            48.1
- From continuing operations                             23%           60.1            49.0
- From discontinued operations                                            -           (0.9)
Diluted headline earnings per share (cents)              25%           60.0            48.0
- From continuing operations                             23%           60.0            48.9
- From discontinued operations                                            -           (0.9)
Number of shares in issue (millions)
- Basic                                                               412.1           412.1
- Diluted                                                             413.0           413.5
Weighted average number of shares in issue
(millions)
- Basic                                                               412.1           408.9
- Diluted                                                             413.0           410.4

SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                                                    Audited         Audited
                                                                31 Dec 2018     31 Dec 2017
                                                                  R million       R million
ASSETS               
Non-current assets                                                    8 718           7 274
Property, plant and equipment                                         7 937           6 658
Goodwill                                                                520             397
Intangible assets                                                       239             169
Investment in associate                                                   -              12
Other financial assets                                                   14              38
Deferred tax                                                              8               -
Current assets                                                          447             810
Inventories                                                               5               3
Current tax receivable                                                    1               3
Other financial assets                                                   21             125
Trade receivables                                                        89              66
Other receivables                                                       146              42
Investment in money market                                               15               -
Cash and cash equivalents                                               170             571
               
Total assets                                                          9 165           8 084
EQUITY AND LIABILITIES               
Equity attributable to equity holders of parent                       5 238           5 019
Share capital                                                         4 733           4 733
Reserves                                                                  9              14
Retained income                                                         496             272
Non-controlling interest                                                 34            (23)
Total equity                                                          5 272           4 996
LIABILITIES               
Non-current liabilities                                               3 400           2 717
Loans and other financial liabilities                                 2 853           2 342
Deferred tax                                                            533             375
Contract liability                                                       14               -
Current liabilities                                                     493             371
Loans and other financial liabilities                                    49              40
Trade and other payables                                                143             169
Contract liability                                                      197             135
Development and acquisitions payables                                    26              27
Bank overdraft                                                           78               -
               
Total liabilities                                                     3 893           3 088
               
Total equity and liabilities                                          9 165           8 084
Net asset value per share (cents)                                     1 277           1 226

SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                                                                    Audited         Audited
                                                                31 Dec 2018     31 Dec 2017
                                                                  R million       R million
Balance at the beginning of the period                                4 996           4 964
Total comprehensive income                                              247             185
Issue of shares                                                           -             177
Share issue costs                                                         -             (1)
Stadio unbundling                                                         -           (345)
Other                                                                    29              16
Balance at the end of the period                                      5 272           4 996

SUMMARY CONSOLIDATED SEGMENTAL REPORT
             
                                                                    Audited         Audited  
                                                      change    31 Dec 2018     31 Dec 2017  
Learner numbers                                          12%         51 305          45 870
- Curro                                                  16%         41 992          36 205
- Meridian                                              (4%)          9 313           9 665
Revenue (R million)                                      19%          2 496           2 099
- Curro                                                  22%          2 222           1 828
- Meridian                                                1%            274             271
Schools EBITDA (R million)                               30%            772             594
- Curro                                                  32%            714             540
- Meridian                                                7%             58              54
Net head office expenditure (R million)                  20%          (145)           (121)
- Curro                                                  21%          (133)           (110)
- Meridian                                                9%           (12)            (11)
EBITDA margin                                                           25%             23%
- Curro                                                                 26%             24%
- Meridian                                                              17%             16%
Headline earnings (R million)                            26%            248             197
Schools                                                  23%            248             201
- Curro                                                  14%            265             232
- Meridian                                               N/a           (17)            (31)
Stadio                                                                    -             (4)
Headline earnings per share (cents)                      25%           60.1            48.1
Schools                                                  23%           60.1            49.0
- Curro                                                  14%           64.3            56.6
- Meridian                                               N/a          (4.2)           (7.6)
Stadio                                                                    -           (0.9)
Earnings per share (cents)                               18%           60.0            51.0
Schools                                                  16%           60.0            51.9
- Curro                                                   8%           64.2            59.5
- Meridian                                               N/a          (4.2)           (7.6)
Stadio                                                                    -           (0.9)
Total assets (R million)                                 13%          9 165           8 084
Schools                                                  13%          9 165           8 084
- Curro                                                  15%          8 473           7 381
- Meridian                                              (2%)            692             703
             
Total liabilities (R million)                            26%          3 893           3 088
Schools                                                  26%          3 893           3 088
- Curro                                                  41%          3 267           2 315
- Meridian                                             (19%)            626             773
              
Net asset value per share (cents)                                     1 277           1 226

SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS

                                                                    Audited         Audited
                                                                31 Dec 2018     31 Dec 2017
                                                      change      R million       R million
Cash generated from operations                           29%            632             489
Tax paid                                                125%           (18)             (8)
Net finance costs                                        79%          (138)            (77)
Working capital movements - operations                   N/a           (10)            (27)
Working capital movements - investments                  N/a           (78)            (64)
Net cash flow generated from operating activities        24%            388             313
Net cash flow utilised in investing activities           15%        (1 373)         (1 192)
Net cash flow from financing activities                  N/a            506             891
Net cash flow from Stadio unbundling                     N/a              -           (147)
Net decrease in cash and cash equivalents                             (479)           (135)
Cash and cash equivalents at the beginning of the 
period                                                                  571             706
Cash and cash equivalents at the end of the 
period                                                                   92             571

KEY RATIOS
                                         31 Dec       31 Dec         31 Dec          31 Jan
                                           2016         2017           2018            2019
Number of campuses                           48           51             58              68
Number of schools                           114          127            138             164
Number of learners                       42 343       45 870         51 305          57 276
Average number of learners per  
campus                                      882          899            885             842
Number of employees                       4 723        5 369          5 628           6 175
Number of teachers                        2 546        2 778          2 945           3 301
Learner/teacher ratio                        17           17             17              17
Building size (m2)                      540 799      598 194        656 081
Land size (ha)                              423          444            514
Capital investment (R million)            1 700        1 192          1 373
- Current campuses (R million)              571          652            590
- New campuses (R million)                  649          472            534
- Acquisitions (R million)                  266           12            369
- Stadio (R million)                        214           56           (120)

J-CURVE (UNAUDITED)
The table below illustrates the J-curve effect from the newly established schools to more mature schools by age. All figures and amounts are as at 31 December.

                                                                                     EBITDA**
                      Number at 31 Dec 2018   Learner numbers      Growth          (R million)         Growth       EBITDA   margin      Built capacity        Eventual capacity
                      Campuses    Schools      2017      2018   16/17   17/18    2017      2018    16/17    17/18     2017     2018    2016    2017    2018    2016    2017    2018
Developed schools           41         98    28 315    31 798     15%     12%     342       464      33%      36%      27%      32%     60%     64%     63%     42%     45%     47%
2009 and before*             4          9     3 443     3 874    (1%)     13%      55        64      25%      16%      26%      30%     82%     83%     82%     88%     87%     71%
2010                         2          6     2 254     2 205      1%    (2%)      37        39      19%       5%      35%      35%     79%     79%     75%     69%     70%     55%
2011                         5         15     4 552     4 166      0%    (8%)      53        65       2%      23%      28%      31%     63%     62%     59%     47%     47%     50%
2012                         2          6     1 904     1 977      6%      4%      25        34      32%      36%      28%      33%     68%     72%     75%     53%     57%     59%
2013                         4         12     6 149     6 427      7%      5%     104       127      12%      22%      39%      42%     66%     71%     74%     59%     63%     64%
2014                         4          8     1 833     2 148     20%     17%       6        17     100%     183%       9%      20%     41%     47%     55%     22%     27%     44%
2015                         8         19     5 748     6 193     21%      8%      38        52     124%      37%      21%      24%     55%     66%     63%     31%     37%     47%
2016                         4          8     1 179     1 682    101%     43%      15        37      N/a     147%      22%      37%     17%     35%     45%     10%     20%     32%
2017                         3          8     1 253     2 485      0%     98%       9        38        -     322%      18%      37%       -     41%     72%       -     23%     40%
2018                         5          7         -       641       -      0%       -       (9)        -       0%        -    (37%)       -       -     19%       -       -     10%
Acquired schools            17         40    17 555    19 507    (1%)     11%     268       324      15%      21%      30%      33%     86%     84%     76%     73%     73%     68%
2012 and before              7         17     6 919     6 985      1%      1%     142       153       9%       8%      37%      41%     77%     77%     73%     72%     72%     61%
2013***                      2          2     4 233     3 837   (10%)    (9%)      35        30    (17%)    (14%)      25%      23%     95%     85%     64%     78%     70%     78%
2014                         2          6     2 618     2 744      7%      5%      56        70      30%      25%      33%      36%     99%     91%     96%     85%     92%     80%
2015 and 2016                4         11     3 785     4 142      5%      9%      35        47      94%      34%      20%      24%     88%     92%    100%     69%     72%     74%
2018                         2          4         -     1 799       -      0%       -        24        -       0%        -      37%       -       -     79%       -       -     86%
Property rental and     
royalties                                                                        (16)      (16)  
Total                       58        138    45 870    51 305      8%     12%     594       772      22%      30%      28%      31%     69%     70%     69%     52%     53%     53%

Note:

Acquired schools indicates the year the school was incorporated into Curro. All acquired schools have been established for at least seven years.
*   2009 and before schools have a maximum of 20 learners per class, which has a direct impact on the EBITDA. Other schools have a maximum of 25 learners for Curro and Select 
    or 35 for Meridian and Academy schools.
**  Schools EBITDA
*** Learner number losses at Northern Academy.

NOTES TO THE FINANCIAL STATEMENTS

1.   STATEMENT OF COMPLIANCE
     The summary consolidated financial statements are prepared in accordance with the
     requirements of the JSE Limited Listings Requirements for provisional reports, and
     the requirements of the Companies Act applicable to summary financial statements.
     The Listings Requirements require provisional reports to be prepared in accordance
     with the framework concepts and the measurement and recognition requirements of
     International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting
     Guides as issued by the Accounting Practices Committee and Financial Pronouncements
     as issued by the Financial Reporting Standards Council, and to also, as a minimum,
     contain the information required by IAS 34 Interim Financial Reporting. The accounting
     policies applied in the preparation of the consolidated financial statements from which
     the summary consolidated financial statements were derived are in terms of IFRS and
     are consistent with those accounting policies applied in the preparation of the previous
     consolidated annual financial statements. The summary consolidated results have been
     prepared internally under the supervision of the Chief Financial Officer, B van der
     Linde, CA(SA) CFA.

2.   AUDIT OPINION
     These summary consolidated financial statements for the year ended 31 December
     2018 have been audited by PricewaterhouseCoopers Inc., who expressed an
     unmodified opinion thereon. The auditor also expressed an unmodified opinion on
     the annual financial statements from which these summary consolidated financial
     statements were derived.

     Copies of the auditor's reports on the summary consolidated financial statements,
     appears at the end of this report. A copy of the auditor's report on the annual
     consolidated financial statements are available for inspection at the company's
     registered office, together with the financial statements identified in the respective
     auditor's reports.

     The auditor does not necessarily report on all the information contained in this
     announcement/financial results. Shareholders are therefore advised that, in order to
     obtain a full understanding of the nature of the auditor's engagement, they should obtain
     a copy of the auditor's report, together with the accompanying financial information
     from the issuer's registered office.

3.   ACCOUNTING POLICIES
     The accounting policies applied in the preparation of the consolidated financial
     statements are consistent with those of the annual financial statements for the year
     ended 31 December 2017, except for the mandatory adoption of IFRS 9 Financial
     Instruments and IFRS 15 Revenue from Contracts with Customers which became
     effective 1 January 2018. For a comprehensive list of standards and interpretations that
     have been adopted, we refer you to our 31 December 2018 annual financial statements.

4.   BUSINESS COMBINATIONS
     Effective 1 March 2018, Curro acquired Dot's Learning Centre and on 1 April 2018,
     Curro acquired Cooper College including Magic Beings. Effective 1 July 2018, Curro
     acquired Baobab School (Gaborone, Botswana) and on 1 December 2018, Curro
     acquired Northriding College.
                                                                                  R million
     The following assets and liabilities were recognised:
     Property, plant and equipment                                                      313
     Intangible assets                                                                   43
     Trade and other receivables                                                          6
     Cash and cash equivalents                                                           11
     Deferred tax liabilities                                                          (90)
     Trade and other payables                                                          (14)
     Non-controlling interest                                                           (8)
     Total identifiable net assets                                                      261
     Goodwill                                                                           123
                                                                                        384
     Total purchase consideration
     Cash consideration paid                                                          (380)
     Deferred purchase consideration                                                    (4)
                                                                                      (384)
     Net cash outflow on acquisition
     Cash consideration paid                                                          (380)
     Cash acquired                                                                       11
                                                                                      (369)
5.   CASH-FLOW HEDGES
     R million                                                      Dec 2018       Dec 2017
     Fixed-for-variable interest rate swap
     liabilities                                                           9             17

     The interest rate swap agreements are measured using mark-to-market rates by the
     issuer of the instruments, representing a Level 2 fair value measurement for financial
     reporting purposes.

6.   EVENTS AFTER THE REPORTING PERIOD
     Effective 1 January 2019, Curro acquired Creston College in KwaZulu-Natal and
     Sagewood School in Gauteng.

REVIEW OF RESULTS
The Board is pleased with the financial results as well as the progress made in widening access
to quality school education in South Africa and beyond.

Due to both organic and acquisitive growth, more than 57 000 learners across 68 campuses are
attending a Curro school in 2019, its 21st year of existence.

In addition, Curro extended its brand offering with the opening of Curro Foreshore (Cape Town),
with a new tech-focused schooling model. This provides a progressive curriculum focused on
Mathematics, Science, Robotics and Coding - essential subjects for learners to operate in the
Fourth Industrial Revolution era.

Curro also opened the doors to Curro Private College Rivonia (Gauteng). This educational
facility is the first in our stable to offer the National Certificate Vocational (NCV) as an alternative
to the National Senior Certificate. Its focus in 2019 is on a NCV programme for Information
Technology and Computer Sciences.

Learner numbers

                                   Dec 2017   Dec 2018   % increase   Jan 2019   % increase
Existing schools                     45 870     51 305                  54 291           6%
New schools                                                              1 674
Organic growth                       45 870     51 305                  55 965           9%
Acquisitions                                                             1 311
Total                                45 870     51 305          12%     57 276          12%

Financial results
For the period ended 31 December 2018, learner numbers increased by 12% from 45 870 to
51 305, increasing revenue by 19% from R2 099 million in 2017 to R2 496 million.

Schools EBITDA increased by 30% from R594 million in 2017 to R772 million for the period
under review, with group EBITDA increasing by 33% from R473 million to R627 million.
The major improvement in the EBITDA margin from 23% to 25% is due to increased efficiencies,
capacity utilisation and a lower bad debt expense.

The net bad debt expense as a percentage of revenue decreased from 1.5% in 2017 to 0.8%
under the adoption of IFRS 9 as a result of the significant recoveries on outstanding debtors post
year-end. Had IFRS 9 been applied in 2017, the bad debt expense as a percentage of revenue
would have been 0.7%.

Finance costs increased by 62% from R119 million to R193 million as a result of long-term
interest-bearing debt increasing from R2 342 million to R2 853 million to fund expansion
and growth.

Headline earnings from continuing operations increased by 23% from R201 million to
R248 million during the reporting period. Headline earnings per share from continuing
operations increased by 23% from 49.0 cents to 60.1 cents.

Headline earnings increased by 26% from R197 million to R248 million and Headline earnings
per share increased by 25% from 48.1 to 60.1 cents, respectively.

Matric results
2018 marked an exceptional year for Curro Holdings' IEB schools, with an overall pass rate of
99.7% for its grade 12 learners. The results revealed an increase in the number of students with
university exemption, growing from 85% to 88%; the number of A candidates improving from
9.8% to 11.5%; and candidates with an average C or above rising from 70.3% to 73.2%.

The pass rate for all Curro Holdings' NSC schools in 2018 was 94.3%. Complimenting this was
an increase in the number of learners with university exemption, from 42% to 52.1%, while the
number of A candidates doubled from 1.1% to 2.2%.

Investments
During 2018, R1.7 billion was invested in the business. The capital was deployed as follows:

Construction of six new campuses to the value of R416 million. These campuses include Curro
Vanderbijlpark and Edenvale (both in Gauteng), Curro Academies at Parkdene (Boksburg),
Protea Glen (Soweto) and Savanna City (Johannesburg), as well as a Curro Castle at Burgundy
Estate (Cape Town). A further, R118 million was invested in land banking.

R590 million invested in the expansion of existing campuses, significantly so at Curro
Roodeplaat, Curro Academy Wilgeheuwel, Windhoek Gymnasium (Namibia), Curro Midrand
(previously Building Blocks) and Curro Heritage House (previously Curro Embury).

Meridian was capitalised with R390 million, Curro's portion as a 65% shareholder amounted to
R253 million. This investment was used to reduce senior and mezzanine debt.

Dividend
The board has agreed to pay a maiden dividend of 12c per share from income reserves for the
year ended 31 December 2018. This constitutes 20% of the 2018 Headline earnings per share.

The dividend amount, net of South African dividends tax of 20%, is 9.6 cents per share.
The number of ordinary shares in issue at the declaration date is 412 087 989, and the income
tax number of the Company is 915/907/00/29.

The salient dates for this dividend distribution are:

Last day to trade cum dividend Tuesday, 5 March 2019

Trading ex-dividend commences Wednesday, 6 March 2019

Record date Friday, 8 March 2019

Payment date Monday, 11 March 2019

Share certificates may not be dematerialised or rematerialised between Wednesday, 6 March
2019 and Friday, 8 March 2019, both days inclusive.

Prospects
The board remains optimistic about the future growth prospects of Curro.

On behalf of the board
                                                            
SL Botha                                                   AJF Greyling
Chairperson                                                Chief Executive Officer

13 February 2019

STATUTORY AND ADMINISTRATION
Directors: SL Botha** (Chairperson), ZL Combi**, AJF Greyling (CEO), HG Louw (CIO),
ZN Mankai**, PJ Mouton*, SWF Muthwa**, B Petersen**, D Ramaphosa**,
B van der Linde (CFO), CR van der Merwe*

* Non-executive
** Independent non-executive

Registered office: 38 Oxford Street, Durbanville, Cape Town, 7550

Transfer secretaries: Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196

Corporate adviser and sponsor: PSG Capital

Company Secretary: IWM Isdale

INDEPENDENT AUDITOR'S REPORT ON THE SUMMARY CONSOLIDATED FINANCIAL STATEMENTS

To the Shareholders of Curro Holdings Limited

Opinion
The summary consolidated financial statements of Curro Holdings Limited, contained in the
accompanying provisional report, which comprise the summary consolidated statement
of financial position as at 31 December 2018, the summary consolidated statements of
comprehensive income, changes in equity and cash flows for the year then ended, and related
notes, are derived from the audited consolidated financial statements of Curro Holdings Limited
for the year ended 31 December 2018.

In our opinion, the accompanying summary consolidated financial statements are consistent,
in all material respects, with the audited consolidated financial statements, in accordance
with the requirements of the JSE Limited Listings Requirements for provisional reports, as set
out in note 1 to the summary consolidated financial statements, and the requirements of the
Companies Act of South Africa as applicable to summary financial statements.

Summary Consolidated Financial Statements
The summary consolidated financial statements do not contain all the disclosures required by
International Financial Reporting Standards and the requirements of the Companies Act of
South Africa as applicable to annual financial statements. Reading the summary consolidated
financial statements and the auditor's report thereon, therefore, is not a substitute for reading
the audited consolidated financial statements and the auditor's report thereon.

The Audited Consolidated Financial Statements and Our Report Thereon
We expressed an unmodified audit opinion on the audited consolidated financial statements
in our report dated 13 February 2019. That report also includes communication of key audit
matters. Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the consolidated financial statements of the current period.

Director's Responsibility for the Summary Consolidated Financial Statements
The directors are responsible for the preparation of the summary consolidated financial
statements in accordance with the requirements of the JSE Limited Listings Requirements for
provisional reports, set out in note 1 to the summary consolidated financial statements, and
the requirements of the Companies Act of South Africa as applicable to summary financial
statements.

Auditor's Responsibility
Our responsibility is to express an opinion on whether the summary consolidated
financial statements are consistent, in all material respects, with the audited consolidated
financial statements based on our procedures, which were conducted in accordance with
International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary
Financial Statements.

PricewaterhouseCoopers Inc.
Director: D de Jager
Registered Auditor
Stellenbosch

13 February 2019

PricewaterhouseCoopers
Capital Place, 15-21 Neutron Avenue, Techno Park, Stellenbosch, 7600, P O Box 57, Stellenbosch, 7599
T: +27 (0) 21 815 3000, F: +27 (0) 21 815 3100, www.pwc.co.za

Chief Executive Officer: T D Shango
Management Committee: S N Madikane, J S Masondo, P J Mothibe, C Richardson, F Tonelli, C Volschenk
The Firm's principal place of business is at 4 Lisbon Lane, Waterfall City, Jukskei View, where a list of the partners'
names is available for inspection.
VAT reg.no. 4070182128

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