Sharenet Sites 
Sharenet Sites
Updated Trading Statement For The Year Ended 30 June 2023
KAP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1978/000181/06)
Share code: KAP
ISIN: ZAE000171963
LEI code: 3789001F51BC0045FD42
(‘KAP’ or ‘the Company’ or ‘the group’)
UPDATED TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2023
On 15 May 2023, the Company published a trading statement in which it advised shareholders that a reasonable
degree of certainty existed, that if trading conditions persisted, the Company’s earnings from continuing
operations would decrease by at least 30% compared to the prior financial year. The Company therefore advised
that headline earnings per share (‘HEPS’) from continuing operations were expected to decrease by at least
22.3 cents to not more than 52.1 cents (FY22: 74.4 cents) and earnings per share (‘EPS’) from continuing
operations were expected to decrease by at least 21.1 cents to not more than 49.2 cents (FY22: 70.3 cents).
The Company is in the process of finalising its results for the year ended 30 June 2023. While the Company
was able to grow revenue, with a moderate decline in earnings before interest, tax, depreciation and amortisation
(‘EBITDA’), its HEPS and EPS were further impacted by a higher effective tax rate and higher interest rates.
The Company therefore confirms that a reasonable degree of certainty now exists, that for the year ended
30 June 2023:
From continuing operations:
- HEPS will be between 39.2 cents and 46.6 cents, representing a decrease of between 47% and 37%
compared to the HEPS of 74.4 cents reported for the year ended 30 June 2022; and
- EPS will be between 13.0 cents and 20.4 cents, representing a decrease of between 82% and 71%
compared to the EPS of 70.3 cents reported for the year ended 30 June 2022.
From continuing and discontinued operations:
- HEPS will be between 39.2 cents and 46.6 cents, representing a decrease of between 48% and 38%
compared to the HEPS of 75.1 cents reported for the year ended 30 June 2022; and
- EPS will be between 13.0 cents and 20.4 cents, representing a decrease of between 81% and 71%
compared to the EPS of 70.2 cents reported for the year ended 30 June 2022.
Due to the muted outlook for South African economic growth, structural changes in the South African logistics
industry, the loss of a major food retail contract and the resultant decline in Unitrans’ performance, the
trademarks and goodwill relating to Unitrans have been impaired in terms of International Financial Reporting
Standards. These non-cash impairments contributed to the decrease in group earnings for the year ended
30 June 2023 and resulted in EPS for the year decreasing by a larger amount than HEPS.
The group succeeded in bringing the elevated working capital levels as at 31 December 2022 back in line with
historical levels, which resulted in a reduction in debt levels from the same date. The group remained within its
financial covenant ratios for the year ended 30 June 2023.
The Company’s results for the year ended 30 June 2023 are expected to be announced on the Stock Exchange
News Service of the JSE Limited on or about 30 August 2023.
Shareholders are advised that the Company’s auditors have not yet finalised their audit, review and reporting
requirements of the financial information on which this trading statement is based.
Stellenbosch
15 August 2023
Sponsor
PSG Capital
Date: 15-08-2023 04:00:00
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.
