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Interim condensed consolidated results for the six months ended 28 February 2019
CLICKS GROUP LIMITED
Registration number: 1996/000645/06
Share code: CLS
ISIN: ZAE000134854
CUSIP: 18682W205
INTERIM CONDENSED CONSOLIDATED RESULTS
For the six months ended 28 February 2019
Group turnover up 6.2%
Health and beauty sales up 8.5%
Diluted HEPS up 13.2%
Interim dividend up 15.1%
COMMENTARY
OVERVIEW
Clicks Group delivered another strong health and beauty sales performance in the six months to
February 2019 in an environment of low inflation, subdued economic growth and constrained
consumer spending.
Retail health and beauty sales grew by 8.5%, with good volume growth and market share gains across
most product categories.
UPD, the group's pharmaceutical distributor, reported a stellar performance by increasing operating
profit by 27.2% and continuing to gain market share.
The group's performance for the half-year resulted in diluted headline earnings per share (HEPS)
increasing by 13.2% to 300.1 cents per share. The interim dividend was increased by 15.1% to
118.0 cents per share.
FINANCIAL PERFORMANCE
Group turnover increased by 6.2% to R15.3 billion. Retail sales grew by 7.7% and by 4.5% in
comparable stores, with selling price inflation of only 1.0%. Distribution turnover increased by
5.1% with price deflation of 0.2% for the six months.
Total income grew by 8.9% to R4.3 billion, with the group's total income margin improving by
60 basis points to 27.7%. The retail margin expanded owing to more customers switching to Clicks
private label products and the positive mix impact from the stronger growth of front shop relative
to pharmacy. UPD's margin benefited mainly from gaining new bulk distribution contracts.
Retail expenses increased by 7.8% as the group invested in 33 new Clicks stores, 35 pharmacies and
space extensions in 25 stores over the past 12 months. Comparable retail costs were contained to
growth of 5.4%. UPD costs were impacted by the new bulk distribution contracts and grew by 12.4%.
Group operating profit grew by 11.3% to R1 billion, with the operating margin expanding by
30 basis points to 6.8%. The retail and distribution businesses both improved operating margins
despite low selling price inflation and challenging trading conditions.
Inventory was tightly managed to an increase of 6.4%. Retail stock days improved from 81 to 79 days.
UPD increased from 43 to 46 days owing to the additional stock bought in during February before
the higher increase in the single exit price (SEP) of medicines. Overall working capital continues
to be efficiently managed and the group's net working capital improved from 41 to 37 days.
Cash generated by operations before working capital changes rose by 13.7% to R1.3 billion for the
six months. Capital expenditure of R264 million was invested mainly in new stores and pharmacies,
store refurbishments, supply chain and information technology.
The group returned R686 million to shareholders in dividends and share buy-backs.
TRADING PERFORMANCE
Retail health and beauty sales, which includes Clicks and the franchise brands of The Body Shop,
GNC and Claire's, increased by 8.5%, driven by competitive pricing and appealing promotions. Sales
in comparable stores increased by 5.2% and showed strong volume growth of 4.5%, with inflation of
only 0.7% for the six months.
Clicks opened 17 stores in the past six months and expanded its store footprint to 680, including
496 convenience stores. A total of 18 new pharmacies were opened to extend the pharmacy network
to 528. Clicks increased its share of the retail pharmacy market from 23.0% to 23.8% at the end
of February 2019.
UPD's total managed turnover, combining wholesale and bulk distribution, increased by 21.9% to
R10.2 billion. The business increased its bulk distribution portfolio to 24 clients by gaining
four new distribution contracts over the past 12 months. UPD increased wholesale turnover by 5.2%,
with market share growing from 25.4% to 26.0%.
OUTLOOK
Macroeconomic conditions are not anticipated to improve in the short to medium term and management
expects the trading environment to remain challenging in the second half of the financial year.
Electricity load shedding continues to have a negative impact on consumer confidence and trading.
However, the group's core health and beauty markets as well as the business model are resilient and
the group's market-leading brands are well positioned to increase market share.
In this difficult environment Clicks plans to capitalise on opportunities to accelerate its store
expansion programme by opening 41 new stores in the financial year, well ahead of the targeted 25
to 30 stores.
UPD has gained two new bulk distribution contracts which commence late in the second half and will
also benefit from the slightly higher SEP increase granted for 2019.
Capital investment of R437 million is planned for the second half of the year, split across the
store and pharmacy network, and group infrastructure to support the increased scale of the business.
FULL-YEAR EARNINGS FORECAST
The directors forecast that diluted HEPS for the financial year ending 31 August 2019 will increase
by between 10% and 15% over the 2018 financial year.
The forecast is based on the following key assumptions:
- the trading environment will remain constrained in the second half of the financial year and
could be further impacted by electricity load shedding; and
- retail selling price inflation is anticipated to average low single-digit levels for the
financial year.
Shareholders are advised that this forecast has not been reviewed or reported on by the group's
independent auditor.
INTERIM DIVIDEND
The board of directors has approved an interim gross ordinary dividend for the period ended
28 February 2019 of 118.0 cents per share (2018: 102.5 cents per share). The source of the dividend
will be from distributable reserves and it will be paid in cash.
ADDITIONAL INFORMATION
Dividends Tax (DT) of 20% amounting to 23.6 cents per ordinary share will be withheld in terms of
the Income Tax Act. Ordinary shareholders who are not exempt from DT will therefore receive a
dividend of 94.4 cents net of DT.
The company has 262 083 439 ordinary shares in issue. Its income tax reference number is 9061/745/71/8.
Shareholders are advised of the following salient dates in respect of the interim dividend:
Last day of trade "cum" the dividend Tuesday, 25 June 2019
Shares trade "ex" the dividend Wednesday, 26 June 2019
Record date Friday, 28 June 2019
Payment to shareholders Monday, 1 July 2019
Share certificates may not be dematerialised or rematerialised between Wednesday, 26 June 2019 and
Friday, 28 June 2019, both days inclusive.
The board of directors has determined that dividend cheques amounting to R50.00 or less due to any
ordinary shareholder will not be paid unless a written request to the contrary is delivered to the
transfer secretaries, Computershare Investor Services Proprietary Limited, by no later than close of
business on Tuesday, 25 June 2019, being the day the shares trade "cum" the dividend. Unpaid dividend
cheques will be aggregated with other such amounts and donated to a charity to be nominated by
the directors.
By order of the board
Matthew Welz
Company secretary
17 April 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
R'000 Restated Restated
Six months to six months to year to
28 February 28 February 31 August
2019 2018 % 2018
(unaudited) (unaudited) change
Revenue 16 245 459 15 241 562 6.6 30 981 958
Turnover 15 334 139 14 432 573 6.2 29 239 054
Cost of merchandise sold (11 970 087) (11 324 681) 5.7 (23 071 202)
Gross profit 3 364 052 3 107 892 8.2 6 167 852
Other income 887 550 796 650 11.4 1 717 147
Total income 4 251 602 3 904 542 8.9 7 884 999
Expenses (3 207 417) (2 966 136) 8.1 (5 852 575)
Depreciation and amortisation (177 242) (160 500) 10.4 (319 976)
Occupancy costs (498 826) (458 358) 8.8 (927 661)
Employment costs (1 678 429) (1 545 231) 8.6 (3 094 845)
Other costs (852 920) (802 047) 6.3 (1 510 093)
Operating profit 1 044 185 938 406 11.3 2 032 424
Profit/(loss) on disposal of property,
plant and equipment 491 (112) (1 287)
Profit before financing costs 1 044 676 938 294 11.3 2 031 137
Net financing income/(costs) 13 221 (1 129) 2 065
Financial income 23 770 12 339 92.6 25 757
Financial expense (10 549) (13 468) (21.7) (23 692)
Profit before earnings from associate 1 057 897 937 165 12.9 2 033 202
Share of profit of an associate 1 308 1 345 (2.8) 2 541
Profit before taxation 1 059 205 938 510 12.9 2 035 743
Income tax expense (295 518) (262 723) 12.5 (567 375)
Profit for the period 763 687 675 787 13.0 1 468 368
Other comprehensive (loss)/income:
Items that may be subsequently reclassified
to profit or loss
Exchange differences on translation of
foreign subsidiaries (4 980) (405) 9 242
Cash flow hedges (82 950) (13 440) 58 154
Change in fair value of effective portion (115 208) (18 667) 80 770
Deferred tax on movement of effective portion 32 258 5 227 (22 616)
Cost of hedging reserve (7 421) (10 194) (18 409)
Cost of hedging recognised (10 307) (14 159) (25 568)
Deferred tax on cost of hedging 2 886 3 965 7 159
Other comprehensive (loss)/income for the
period, net of tax (95 351) (24 039) 48 987
Total comprehensive income for the period 668 336 651 748 1 517 355
Earnings per share (cents) 311.0 284.3 9.4 609.1
Diluted earnings per share (cents) 300.2 265.2 13.2 575.0
HEADLINE EARNINGS RECONCILIATION
R'000 Restated Restated
Six months to six months to year to
28 February 28 February 31 August
2019 2018 % 2018
(unaudited) (unaudited) change
Total profit for the period 763 687 675 787 1 468 368
Adjusted for:
(Profit)/loss net of tax on disposal of
property, plant and equipment (353) 81 927
Headline earnings 763 334 675 868 12.9 1 469 295
Headline earnings per share (cents) 310.8 284.4 9.3 609.5
Diluted headline earnings per share (cents) 300.1 265.2 13.2 575.3
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
R'000 Restated Restated
As at as at as at
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited)
Non-current assets 3 014 091 2 954 987 3 233 920
Property, plant and equipment 1 930 401 1 640 482 1 843 402
Intangible assets 461 714 451 356 476 761
Goodwill 103 510 103 510 103 510
Deferred tax assets 293 978 610 756 478 608
Investment in associate 20 320 20 665 20 044
Loans receivable 14 491 8 572 15 003
Financial assets at fair value through profit or loss 73 518 25 265 82 482
Derivative financial assets 116 159 94 381 214 110
Current assets 8 986 742 7 855 888 8 354 984
Inventories 4 835 256 4 544 782 4 250 907
Trade and other receivables 2 626 468 2 244 047 2 331 531
Loans receivable 691 9 000 9 675
Cash and cash equivalents 1 452 400 886 543 1 523 815
Derivative financial assets 71 927 171 516 239 056
Total assets 12 000 833 10 810 875 11 588 904
Equity and liabilities
Total equity 4 388 327 3 703 753 4 424 007
Non-current liabilities 380 916 357 086 447 546
Employee benefits 181 987 158 396 245 407
Operating lease liability 198 929 198 690 202 139
Current liabilities 7 231 590 6 750 036 6 717 351
Trade and other payables 6 911 605 6 383 803 6 227 123
Employee benefits 276 374 280 950 418 216
Provisions 6 937 4 993 4 993
Income tax payable 35 939 53 624 67 019
Derivative financial liabilities 735 26 666 -
Total equity and liabilities 12 000 833 10 810 875 11 588 904
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
R'000 Restated Restated
Six months to six months to year to
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited)
Operating profit before working capital changes 1 263 051 1 110 552 2 264 349
Working capital changes (412 635) (52 983) 191 206
Net interest received 20 959 6 093 16 301
Taxation paid (136 409) (173 973) (267 341)
Cash inflow from operating activities before dividends paid 734 966 889 689 2 204 515
Dividends paid to shareholders (682 486) (559 324) (811 578)
Net cash effects from operating activities 52 480 330 365 1 392 937
Net cash effects from investing activities (253 523) (272 871) (726 900)
Capital expenditure (263 956) (269 405) (671 233)
Other investing activities 10 433 (3 466) (55 667)
Net cash effects from financing activities 129 628 128 576 157 305
Acquisition of derivative financial asset (66 313) (62 272) (83 115)
Settlement of derivative financial asset 199 816 190 848 190 848
Proceeds from sale of treasury shares - - 49 855
Purchase of treasury shares (3 875) - -
Transaction cost on issue of shares - - (283)
Net (decrease)/increase in cash and cash equivalents (71 415) 186 070 823 342
Cash and cash equivalents at the beginning of the period 1 523 815 700 473 700 473
Cash and cash equivalents at the end of the period 1 452 400 886 543 1 523 815
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
R'000 Restated Restated
Six months to six months to year to
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited)
Opening balance 4 424 007 3 296 894 3 296 894
Dividends paid to shareholders (682 486) (559 324) (811 578)
Total comprehensive income for the period 668 336 651 748 1 517 355
Transaction cost on share issue (299) (283) (283)
Share-based payment reserve movement (26 699) 251 906 341 284
Net treasury share movement (3 875) 49 855 49 855
Transfer of reserves to inventory 9 343 12 957 24 846
Withholding tax on distribution to shareholders* - - 5 634
Total 4 388 327 3 703 753 4 424 007
Dividend per share (cents)
Interim declared/paid 118.0 102.5 102.5
Final paid - - 277.5
118.0 102.5 380.0
* Related to retrospective withholding tax overprovision on the 2012 interim dividend.
SEGMENTAL ANALYSIS
The group's reportable segments under IFRS 8 are Retail and Distribution.
R'000 Profit
before Total Capital Total
Turnover taxation assets expenditure liabilities
Six months to 28 February 2019
(unaudited)
Retail 11 329 682 863 673 5 634 855 231 716 3 531 254
Distribution 6 650 524 194 330 6 926 771 12 587 4 831 130
Inter-segmental (2 646 067) (13 818) (3 217 839) - (3 142 010)
Total reportable segmental balance 15 334 139 1 044 185 9 343 787 244 303 5 220 374
Non-reportable segmental balance - 15 020 2 657 046 19 653 2 392 132
Total group balance 15 334 139 1 059 205 12 000 833 263 956 7 612 506
Six months to 28 February 2018
(restated)*
Retail 10 522 153 789 265 5 343 626 215 787 3 454 413
Distribution 6 327 735 152 729 6 029 589 41 689 4 305 983
Inter-segmental (2 417 315) (3 588) (2 879 516) - (2 839 112)
Total reportable segmental balance 14 432 573 938 406 8 493 699 257 476 4 921 284
Non-reportable segmental balance - 104 2 317 176 11 929 2 185 838
Total group balance 14 432 573 938 510 10 810 875 269 405 7 107 122
Twelve months to 31 August 2018
(restated)*
Retail 21 062 318 1 695 304 5 194 332 539 775 3 264 053
Distribution 13 376 110 362 314 6 316 781 74 512 4 409 593
Inter-segmental (5 199 374) (25 194) (3 227 746) - (3 165 735)
Total reportable segmental balance 29 239 054 2 032 424 8 283 367 614 287 4 507 911
Non-reportable segmental balance - 3 319 3 305 537 56 946 2 656 986
Total group balance 29 239 054 2 035 743 11 588 904 671 233 7 164 897
* Retrospective adjustment relating to the adoption of IFRS 15 and IFRS 9
R'000 As at As at As at
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited)
Non-reportable segmental profit before taxation consists of:
Profit/(loss) on disposal of property, plant and equipment 491 (112) (1 287)
Financial income 23 770 12 339 25 757
Financial expense (10 549) (13 468) (23 692)
Share of profit of an associate 1 308 1 345 2 541
15 020 104 3 319
SUPPLEMENTARY INFORMATION
Restated Restated
As at as at as at
28 February 28 February 31 August
2019 2018 2018
(unaudited) (unaudited)
Number of ordinary shares in issue (gross) ('000) 262 083 253 948 253 948
Number of ordinary shares in issue including
"A" shares issued in terms of employee share
ownership programme (gross) ('000) 262 083 268 525 268 525
Number of ordinary shares in issue
(net of treasury shares) ('000) 252 355 244 505 244 505
Weighted average number of shares in issue
(net of treasury shares) ('000) 245 582 237 678 241 073
Weighted average diluted number of shares in issue
(net of treasury shares) ('000) 254 394 254 833 255 385
Net asset value per share (cents) 1 739 1 515 1 809
Net tangible asset value per share (cents) 1 515 1 288 1 572
Depreciation and amortisation (R'000) 191 062 167 959 339 142
Capital expenditure (R'000) 263 956 269 405 671 233
Capital commitments (R'000) 436 617 434 447 698 949
ACCOUNTING POLICIES AND NOTES
1.1 These condensed consolidated financial statements for the six months ended 28 February 2019
have been prepared in accordance with the requirements of the JSE Limited Listings Requirements
for interim reports and the requirements of the Companies Act of South Africa. The Listings
Requirements require interim 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 information contained in the interim report has neither been audited nor reviewed by the
group's external auditors. These condensed consolidated financial results have been prepared
under the supervision of M Fleming CA (SA), the chief financial officer of the group.
The accounting policies used in the preparation of the financial results for the six months
ended 28 February 2019 are in terms of IFRS and are consistent with those applied in the
audited annual financial statements for the year ended 31 August 2018, with the exception of
the adoption of IFRS 15 and IFRS 9 for which the accounting policies were changed from
1 September 2018.
1.2 The segmental analysis for the period ended 28 February 2018 and the year ended 31 August 2018
have been restated with the adoption of IFRS 15 and IFRS 9. The restatements have been outlined
in note 1.8.
1.3 Related party transactions for the current period are similar to those disclosed in the group's
annual financial statements for the year ended 31 August 2018. During the period Clicks Group
Limited issued 261 396 ordinary shares to The New Clicks Foundation Trust arising from the
unwind of the final 50% of the employee share ownership scheme. No other significant related
party transactions arose during the current period.
1.4 In terms of the unwind of the final 50% of the Clicks Group Employee Share Ownership Scheme,
8 135 087 ordinary shares were issued to beneficiaries of the scheme and 14 576 648 ordinary
"A" shares were repurchased by Clicks Group Limited from the Employee Share Ownership Trust.
The New Clicks Foundation Trust acquired 261 396 ordinary shares from the vesting of the ESOP
scheme as at 28 February 2019.
1.5 During the period, the group acquired 23 850 Clicks Group Limited ordinary shares.
1.6 The carrying value of all financial instruments approximates fair value. All financial instruments
are held at amortised cost, with the exception of derivative instruments, the investment in
Guardrisk Insurance Company Limited and investments held by The New Clicks Foundation Trust
which are accounted for at fair value through profit or loss. The fair value of financial
instruments that are not traded in active markets are determined by using valuation techniques;
if all significant inputs required to fair value an instrument are observable, the instrument
is included in level 2. All financial instruments accounted for at fair value through profit or
loss are considered to be level 2 investments, with the exception of investments held by
The New Clicks Foundation Trust which are considered to be level 1 instruments. There have been
no transfers between levels 1, 2 and 3 during the period.
1.7 The majority of the current and non-current derivative financial assets are to hedge obligations
under the cash-settled share compensation scheme.
1.8 The statements of financial position at 28 February 2018 and 31 August 2018, the statements of
comprehensive income, changes in equity and cash flows for the period and year then ended
respectively have been restated.
IFRS 15
The IFRS 15 restatement applies to the revenue as disclosed below:
R'000 Restated
2019 2018
Revenue from contracts with customers
Goods sold to customers 15 334 139 14 432 573
Other income 887 550 796 650
Distribution and logistics fees 413 751 357 792
Cost recoveries and other 473 799 438 858
16 221 689 15 229 223
The group adopted IFRS 15 - Revenue from Contracts with Customers, which provides a five-step
model for the recognition, measurement and disclosure of revenue arising from contracts with
customers. The group has elected to apply the new standard on a full retrospective basis.
The group recognises revenue when goods are sold to the customer at the consideration received.
The sale of certain items provides customers with a right of return. When contracts provide
customers with a right to return goods, the group recognises a refund liability in trade and
other payables and an asset for the right to recover products from a customer in inventories
with the difference recognised in retained earnings. The movement in the refund liability was
recognised in sales and the right of return asset in cost of sales in the comparative periods.
The adjustments resulted in a deferred tax asset being raised.
IFRS 9
The group adopted IFRS 9 - Financial Instruments. The standard covers the recognition,
derecognition, classification and measurement of financial instruments, provides guidance on
hedge accounting and provides an expected credit loss model to determine the impairment provision
of financial assets. The group has elected to apply the new standard on a full retrospective
basis. Costs of hedging (forward element) related to forward exchange contracts on foreign
purchases previously recognised at fair value through profit or loss are now recognised in other
comprehensive income and are recognised in a separate reserve; cost of hedging reserve.
The basis adjustment is subsequently reclassified directly from equity. Consequently, cost of
sales is increased for the period ended 28 February 2018 and year ended 31 August 2018,
since the costs of hedging were previously recognised in cost of sales.
Classification and measurement
IFRS 9 requires all financial assets to be classified and measured on the basis of the group's
business model for managing the financial assets and the contractual cash flow characteristics
of the financial assets. Management has assessed the business models which apply to the financial
assets held by the group and the financial instruments have been classified into the appropriate
IFRS 9 categories.
Hedge accounting
The group has elected to adopt hedge accounting in accordance with IFRS 9 at the date of the
initial application. The group applied hedge accounting prospectively, except as stated below.
Since the adoption of IFRS 9 the group recognises changes in the fair value of foreign currency
forwards attributable to forward points in the costs of hedging reserve within equity.
The deferred costs of hedging are included within the initial cost of the related hedged item
(inventory) when it is recognised. This change has been applied retrospectively for foreign
currency forwards in cash flow hedge relationships resulting in the adjustments as per the
table noted below.
R'000 28 February 28 February
2018 2018
(unaudited) IFRS 15 IFRS 9 restated
Consolidated statement of financial position
Non-current assets
Deferred tax asset 609 422 1 334 - 610 756
Current assets
Inventory 4 522 197 22 585 - 4 544 782
Equity
Distributable reserve 3 403 837 (3 502) 8 156 3 408 491
Cost of hedging reserve - - (8 156) (8 156)
Current liabilities
Trade and other payables 6 356 382 27 421 - 6 383 803
Consolidated statement of comprehensive income
Turnover 14 432 648 (75) - 14 432 573
Cost of merchandise sold 11 320 882 (39) 3 838 11 324 681
Income tax expense (263 788) (10) 1 075 (262 723)
Consolidated cash flow statement
Operating cash flow before working
capital changes 1 114 426 (36) (3 838) 1 110 552
Increase in working capital (56 857) 36 3 838 (52 983)
R'000 31 August 31 August
2018 2018
(audited) IFRS 15 IFRS 9 Restated
Consolidated statement of financial position
Non-current assets
Deferred tax asset 477 352 1 256 - 478 608
Current assets
Inventory 4 227 336 23 571 - 4 250 907
Equity
Distributable reserve 3 953 831 (3 861) 4 482 3 954 452
Cost of hedging reserve - - (4 482) (4 482)
Current liabilities
Trade and other payables 6 198 435 28 688 - 6 227 123
Consolidated statement of comprehensive income
Turnover 29 239 688 (634) - 29 239 054
Cost of sales (23 062 579) 318 (8 941) (23 071 202)
Income tax expense (569 790) (88) 2 503 (567 375)
Consolidated cash flow statement
Operating cash flow before working
capital changes 2 273 606 (316) (8 941) 2 264 349
Increase in working capital 181 949 316 8 941 191 206
Registered address: Cnr Searle and Pontac Streets, Cape Town 8001. PO Box 5142, Cape Town 8000
Directors: DM Nurek* (Chairman), F Abrahams*, JA Bester*, F Daniels*, BD Engelbrecht, M Fleming
(Chief Financial Officer), NN Gobodo*, V Ramsunder (Chief Executive Officer), M Rosen*
* Independent non-executive
Company secretary: M Welz
Registration number: 1996/000645/06
Share code: CLS ISIN: ZAE000134854 CUSIP: 18682W205
Transfer secretaries: Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196. PO Box 61051, Marshalltown 2107
Sponsor: Investec Bank Limited
http://www.clicksgroup.co.za
Date: 17/04/2019 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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