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KAP INDUSTRIAL HOLDINGS LIMITED - Audited Results For The Year Ended 30 June 2016

Release Date: 15/08/2016 12:15
Code(s): KAP     PDF:  
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Audited Results For The Year Ended 30 June 2016

KAP Industrial Holdings Limited 
Registration number: 1978/000181/06
Share code: KAP
ISIN: ZAE000171963
(‘KAP’ or ‘the company’ or ‘the group’)

AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2016


HIGHLIGHTS

Revenue from continuing operations up by 4% to R16.2bn
Operating profit from continuing operations up by 19% to R2bn
Headline earnings per share from continuing operations up by 18%
Cash generated from operations up by 44%
Dividend per share increased by 20%
R4.1bn Safripol acquisition post 30 June 2016


CORPORATE REVIEW 

The group continued to grow through investment in strategically aligned, established businesses and operations with high barriers 
to entry which enhance the group’s quality of earnings in respect of sustainability, solid margins and strong cash conversion. This 
was achieved during the year through continued focus on optimising existing operations, organic expansion activities and the acquisition 
of complementary businesses. The implementation and execution of the group’s strategy produced pleasing results for the year.

Operational review

Diversified Logistics revenue - 48%
Diversified Industrial revenue - 52%

Revenue breakdown by division:

Contractual logistics - 36%
Specialised contractual supply chain and logistics services

Passenger transport - 12% 
Personnel, commuter, intercity and tourism transport

Integrated timber - 17%
Forestry and timber manufacturing operations with primary and secondary processing

Chemical - 18% 
Manufacture of PET, resin and formaldehyde

Automotive components - 8% 
Manufacture of components used in new vehicle assembly and after-market vehicle accessories

Integrated bedding - 9% 
Manufacture of foam, fabrics, springs, bases and mattresses

Revenue for the Diversified Logistics segment increased marginally to R7 899 million for the period despite the lower average fuel 
price which is contractually passed on to customers and which has the effect of reducing revenue. The operating profit of the Diversified 
Logistics segment increased by 14% to R1 006 million from R880 million.

The consolidation and rationalisation of the Unitrans Supply Chain Solutions ("Unitrans") operations into a single Contractual Logistics 
division was successfully concluded during the year. This facilitated growth within specific industry sectors, further optimising the 
utilisation of assets and infrastructure, resulting in enhanced operating efficiencies. This provided the platform for the reallocation 
of capital towards higher return activities and the reduction in overhead costs which improved operating margins. 

Unitrans produced growth in the food, petrochemical and infrastructure sectors. Subdued activity in the mining and agriculture sectors 
was well managed, with strong focus on cost containment and fleet utilisation.

The Passenger Transport division performed well with the commuter, intercity and Gautrain operations offsetting low passenger activity 
in the mining sector. Activity in the tourism sector showed improvement and operations in Mozambique continued to perform well. The division 
benefited from lower average fuel prices in certain sectors.

Revenue for the Diversified Industrial segment increased by 7% to R8 440 million for the period. The operating profit of the Diversified 
Industrial segment increased by 24% to R978 million from R786 million.

The Integrated Timber division performed well during the period with revenue growth and operating margin improvement resulting from 
its recent MDF expansion, continued focus on its value-add strategy and a significant improvement in its sawmilling operations. 

The Chemical division performed well, showing revenue growth and operating margin improvement. Woodchem showed strong market share 
gains and successfully commissioned its paper impregnation plant. Hosaf continued to operate at full capacity. While revenue remained 
flat, operating margin at Hosaf was supported by stable international PET margins and by improved operational efficiencies and reduced 
operating costs. 

Investments in technology upgrades and continuous improvement projects associated with new model introductions have resulted in 
a good performance by Feltex in the Automotive Components division. The Autovest operations performed well during the three months 
since acquisition, and good progress was made with its integration into the group.

In the Integrated Bedding division operating margin improvement resulted from continued integration efficiency and cost-saving initiatives.
Restonic performed well, while the Vitafoam and DesleeMattex operations both showed strong improvement. The division made significant 
progress in the implementation of its strategy of decentralised mattress assembly and distribution.


FINANCIAL REVIEW

These are provisional audited results for the year ended 30 June 2016.

Revenue and operating profit before capital items

Revenue from continuing operations increased by 4% to R16 232 million from R15 664 million. Operating profit before capital items from 
continuing operations increased by 19% to R1 984 million from R1 666 million. Operating margin increased to 12.2% from 10.6% as a result 
of an improvement in the quality of revenue and the rationalisation of the group’s cost base.

Headline earnings per share (HEPS)

HEPS from continuing operations increased by 18% to 47.8 cents from 40.6 cents in the comparative period. HEPS including discontinued 
operations increased by 19% to 47.8 cents from 40.2 cents in the comparative period. 

Tax rate

The effective tax rate increased to 29.2% from 27.2% as a result of withholding taxes emanating from the repatriation of funds from 
non-South African territories. 

Cash flow

Cash generated from operations increased by 44% to R3 285 million from R2 275 million, supported by strong working capital management.

Working capital 

Net working capital decreased by R379 million to negative R27 million. Inventories increased by R107 million; accounts receivable 
increased by R138 million while accounts payable increased by R624 million. The net working capital of the prior period did not include 
Autovest Limited, which was acquired effective 1 April 2016.

Capital expenditure

Replacement capital expenditure continues to be managed in relation to the annual depreciation charge, and amounted to R965 million 
for the period.

Expansionary capital expenditure of R752 million resulted from various growth opportunities in the group, which include certain 
new logistics contracts, a high-gloss finishing line in PG Bison’s Boksburg plant, a paper impregnation plant at the Woodchem operation 
and progress payments on the expansion of the Hosaf PET plant and the upgrade of the Piet Retief particleboard plant.

Debt structure and finance costs

Despite the various expansion initiatives highlighted above, net interest-bearing debt reduced to R2 069 million from R2 089 million. 
This reduction was due to strong profit and cash generation which resulted in a further reduction in the gearing ratio to 24% from 27% 
in the previous year. The net interest-bearing debt maturity profile of the company was also improved during the year by the replacement
of certain lines of credit with longer dated facilities. The debt structure and cover ratios are reflected as follows:

                                                30 June 2016              30 June 2015
Debt structure                                            Rm                        Rm
Interest-bearing long-term liabilities                 4 204                     3 129
Interest-bearing short-term liabilities                  431                       327
Bank overdrafts and short-term facilities                 36                         3
Cash and cash equivalents                             (2 602)                   (1 370)
Net interest-bearing debt                              2 069                     2 089
Total equity (excluding non-controlling interests)     8 667                     7 761
Net interest-bearing debt: equity                        24%                       27%
EBITDA*                                                2 790                     2 450
Net finance charges*                                     313                       289
EBITDA: interest cover (times)                           8.9                       8.5
Net debt: EBITDA (times)                                 0.7                       0.9

*From continuing operations

Net asset value (NAV) 

The NAV per share increased to 355 cents from 320 cents in the comparative period.

Business combinations

The group acquired the business of Autovest Limited effective 1 April 2016. The fair value of the assets and liabilities 
of Autovest Limited was R163 million with a purchase price of R560 million, resulting in goodwill of R397 million.

Outlook

Management continues to focus on optimising and expanding its existing operations and on growing its market share in all areas of operation.
Management remains optimistic that these activities will provide a solid platform for continued growth of the group, despite the current 
challenging economic environment.

In the Diversified Logistics segment, certain key contracts were renewed during the year and a healthy volume of new contracts was 
secured, providing strong momentum for FY2017. It is expected that improved efficiencies and significantly reduced costs resulting 
from the rationalisation of this division will result in further contract renewals, extensions and the procurement of additional contracts 
in the sectors within which the group operates. 

In the Diversified Industrial segment, the momentum of existing operations is expected to continue during FY2017. This will be supported 
by the acquisition of Autovest Limited and certain expansion projects implemented during FY2016, which include the PG Bison high-gloss 
line and the Woodchem impregnation plant. Certain key projects, including amongst others the expansion of the Hosaf PET operation, 
the upgrade of the PG Bison Piet Retief particleboard line and the construction of the new Integrated Bedding factory are progressing 
on schedule, and will provide revenue and operating profit growth in FY2018.

Acquisitions concluded after 30 June 2016

The group continues to pursue acquisition opportunities in accordance with its strategy. 

To this end, the group has concluded the following transactions subsequent to 30 June 2016:

Safripol Holdings (Pty) Ltd (Safripol)
The group concluded a transaction, subject to certain conditions precedent, to acquire 100% of the equity and claims in Safripol 
for R4.1 billion, effective 1 January 2017. Safripol is engaged in the manufacture of polypropylene and high-density polyethylene, 
which are used in the manufacture of a broad range of plastic injection and blow-moulded products. This business operates with 
a similar business model to that of Hosaf, and produces products that are complementary to those of Hosaf.

Lucerne Transport (Pty) Ltd (Lucerne)
The group also concluded a transaction, subject to certain conditions precedent, to acquire 100% of the equity and claims in Lucerne, 
effective 1 September 2016. Lucerne’s operations are complementary to those of Unitrans, specifically in terms of bulk liquid tanker 
transport of chemicals and edible oils.

Dividend

The board of directors is pleased to announce that a gross dividend of 18 cents per share (2015: 15 cents per share) for the year 
ended 30 June 2016 has been approved.

Appreciation

The board of directors records its appreciation for the continued support and loyalty of the group’s employees, shareholders, 
customers and suppliers. 

On behalf of the board

J de V du Toit                                 KJ Grové                              GN Chaplin
Independent non-executive chairman             Executive deputy chairman             Chief executive officer

15 August 2016


SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS

Summarised consolidated income statement                                     Year ended         Year ended
                                                                           30 June 2016       30 June 2015
                                                                                Audited            Audited                % 
                                                                 Notes               Rm                 Rm           change
Revenue                                                                          16 232             15 664                4
Operating profit before depreciation, amortisation 
and capital items                                                                 2 790              2 450               14
Depreciation and amortisation                                                      (806)              (784)    
Operating profit before capital items                                             1 984              1 666               19
Capital items                                                        1              (20)               (35)    
Earnings before interest, dividend income, associate 
and joint-venture earnings and taxation                                           1 964              1 631               20
Net finance charges                                                                (313)              (289)    
Share of profit of associate and joint-venture companies                             24                  -   
Profit before taxation                                                            1 675              1 342               25
Taxation                                                                           (482)              (361)      
Profit for the year from continuing operations                                    1 193                981               22
Loss for the year from discontinued operations                       2                -                (51)    
Profit for the year                                                               1 193                930               28
Attributable to:                
Owners of the parent                                                              1 147                888               29
Non-controlling interests                                                            46                 42    
Profit for the year                                                               1 193                930               28
From continuing and discontinued operations:                
Headline earnings per ordinary share (cents)                                       47.8               40.2               19
Fully diluted headline earnings per ordinary share (cents)                         47.2               39.6               19
Basic earnings per ordinary share (cents)                                          47.1               37.2               27
Fully diluted earnings per ordinary share (cents)                                  46.5               36.7               27
From continuing operations:                
Headline earnings per ordinary share (cents)                                       47.8               40.6               18
Fully diluted headline earnings per ordinary share (cents)                         47.2               40.1               18
Basic earnings per ordinary share (cents)                                          47.1               39.4               20
Fully diluted earnings per ordinary share (cents)                                  46.5               38.8               20
Number of ordinary shares in issue (m)                                            2 441              2 423                1
Weighted average number of ordinary shares in issue (m)                           2 433              2 384                2
Earnings attributable to ordinary shareholders (Rm)                               1 147                888               29
Headline earnings attributable to ordinary shareholders (Rm)         3            1 163                959               21


Additional information                                                                          Year ended       Year ended
                                                                                              30 June 2016     30 June 2015
                                                                                                   Audited          Audited
                                                                                                        Rm               Rm
Note 1: Capital items        
From continuing operations:        
Loss on disposal of property, plant and equipment and investment property                               (8)              (1)
Loss on disposal of investments and impairments                                                        (12)             (34)
                                                                                                       (20)             (35)
From discontinued operations:        
Loss on disposal of property, plant and equipment and investment property                                -               (6)
Loss on disposal of investments and impairments                                                          -              (51)
                                                                                                         -              (57)
                                                                                                       (20)             (92)
Note 2: Loss for the year from discontinued operations        
Revenue                                                                                                  -              474
Loss before depreciation, amortisation and capital items                                                 -               (1)
Depreciation and amortisation                                                                            -               (7)
Loss before capital items                                                                                -               (8)
Capital items                                                                                            -              (57)
Loss before interest, dividend income, associate and joint-venture earnings and taxation                 -              (65)
Net finance charges                                                                                      -                -
Loss before taxation                                                                                     -              (65)
Taxation                                                                                                 -               14
Loss for the year from discontinued operations                                                           -              (51)
Note 3: Headline earnings attributable to ordinary shareholders        
Earnings attributable to owners of the parent                                                        1 147              888
Adjusted for:        
Capital items (note 1)                                                                                  20               92
Taxation effects of capital items                                                                       (3)             (21)
Non-controlling interests’ portion of capital items (net of taxation)                                    -                1
Capital items of associate and joint-venture companies (net of taxation)                                (1)              (1)
                                                                                                     1 163              959


Fair values of financial instruments                                         Fair value         Fair value
                                                                                  as at              as at
                                                                           30 June 2016       30 June 2015       Fair value
                                                                                Audited            Audited        hierarchy
                                                                                     Rm                 Rm          Audited
Derivative financial assets                                                          15                  3          Level 2
Derivative financial liabilities                                                    (26)                (3)         Level 2

Level 2 financial instruments are valued using techniques where all of the inputs that have a significant effect 
on the valuation are directly or indirectly based on observable market data. These inputs include published interest 
rate yield curves and foreign exchange rates.


Summarised consolidated statement of financial position                                       30 June 2016     30 June 2015
                                                                                                   Audited          Audited
                                                                                                        Rm               Rm
ASSETS        
Non-current assets        
Goodwill and intangible assets                                                                       2 078            1 598
Property, plant and equipment and investment properties                                              8 128            7 129
Consumable biological assets                                                                         1 890            1 824
Investments in associate and joint-venture companies                                                   124              140
Investments and loans                                                                                    3                1
Deferred taxation assets                                                                               105               85 
                                                                                                    12 328           10 777
Current assets        
Inventories                                                                                          1 286            1 179
Accounts receivable and other current assets                                                         2 677            2 539
Short-term loans                                                                                         2               23
Taxation receivable                                                                                     44               36
Cash and cash equivalents                                                                            2 602            1 370
                                                                                                     6 611            5 147
Total assets                                                                                        18 939           15 924
EQUITY AND LIABILITIES        
Capital and reserves        
Ordinary stated share capital                                                                        7 318            7 318
Reserves                                                                                             1 349              443
                                                                                                     8 667            7 761
Non-controlling interests                                                                              195              169
Total equity                                                                                         8 862            7 930
Non-current liabilities        
Interest-bearing long-term liabilities                                                               4 204            3 129
Deferred taxation liabilities                                                                        1 368            1 086
Other long-term liabilities and provisions                                                              93               93
                                                                                                     5 665            4 308
Current liabilities        
Accounts payable, provisions and other current liabilities                                           3 899            3 279
Interest-bearing short-term liabilities                                                                431              327
Taxation payable                                                                                        46               77
Bank overdrafts and short-term facilities                                                               36                3
                                                                                                     4 412            3 686
Total equity and liabilities                                                                        18 939           15 924
Net asset value per ordinary share (cents)                                                             355              320
Net interest-bearing debt to equity (%)                                                                24%              27%


Summarised consolidated statement of comprehensive income                                       Year ended       Year ended
                                                                                              30 June 2016     30 June 2015
                                                                                                   Audited          Audited
                                                                                                        Rm               Rm
Profit for the year                                                                                  1 193              930
Other comprehensive income           
Items that may be reclassified subsequently to profit or loss:        
Exchange differences on translation of foreign subsidiaries                                             53               27
Total comprehensive income for the year                                                              1 246              957
Total comprehensive income attributable to:        
Owners of the parent                                                                                 1 198              916
Non-controlling interests                                                                               48               41
Total comprehensive income for the year                                                              1 246              957


Summarised consolidated statement of changes in equity                                          Year ended       Year ended
                                                                                              30 June 2016     30 June 2015
                                                                                                   Audited          Audited
                                                                                                        Rm               Rm
Balance at beginning of the year                                                                     7 930            6 859
Changes in ordinary stated share capital        
Net shares issued                                                                                        -              348
Changes in reserves        
Total comprehensive income for the year attributable to owners of the parent                         1 198              916
Dividends and capital distributions paid                                                              (363)            (286)
Share-based payments                                                                                    71               71
Other reserve movements                                                                                  -                3
Changes in non-controlling interests             
Total comprehensive income for the year attributable to non-controlling interests                       48               41
Dividends and capital distributions paid                                                               (22)             (22)
Balance at end of the year                                                                           8 862            7 930
Comprising:        
Ordinary stated share capital                                                                        7 318            7 318
Reverse acquisition reserve                                                                         (3 952)          (3 952)
Distributable reserves                                                                               5 018            4 212
Share-based payment reserve                                                                            199              128
Other reserves                                                                                          84               55
Non-controlling interests                                                                              195              169
                                                                                                     8 862            7 930


Summarised consolidated statement of cash flows                                                 Year ended       Year ended 
                                                                                              30 June 2016     30 June 2015
                                                                                                   Audited          Audited
                                                                                                        Rm               Rm   
Operating profit before capital items                                                                1 984            1 666
Depreciation and amortisation                                                                          806              784
Operating loss before depreciation, amortisation 
and capital items from discontinued operations                                                           -               (1)
Net fair value adjustments of consumable biological assets 
and decrease due to harvesting                                                                         (43)             (86)
Other non-cash adjustments                                                                             111              114 
Cash generated before working capital changes                                                        2 858            2 477 
(Increase)/decrease in inventories                                                                     (73)               1 
Increase in receivables                                                                                (21)             (17)
Increase/(decrease) in payables                                                                        521             (186)
Changes in working capital                                                                             427             (202)
Cash generated from operations                                                                       3 285            2 275 
Dividends received                                                                                      13                2 
Dividends paid                                                                                        (385)            (304)
Net finance charges                                                                                   (313)            (290)
Taxation paid                                                                                         (266)            (200)
Net cash inflow from operating activities                                                            2 334            1 483
Additions to property, plant and equipment and investment properties                                (1 717)          (1 195)
Proceeds on disposal of investments                                                                      -              470
Acquisition of investments                                                                            (573)            (142)
Other investing activities                                                                             (12)              (7)
Net cash outflow from investing activities                                                          (2 302)            (874)
Net cash inflow from operating and investing activities                                                 32              609 
Net cash inflow/(outflow) from financing activities                                                  1 174             (602)
Net increase in cash and cash equivalents                                                            1 206                7
Effects of exchange rate changes on cash and cash equivalents                                           26               15
Cash and cash equivalents at beginning of year                                                       1 370            1 348
Cash and cash equivalents at end of year                                                             2 602            1 370


Segmental analysis                                                           Year ended         Year ended
                                                                           30 June 2016       30 June 2015
                                                                                Audited            Audited                % 
                                                                                     Rm                 Rm           change
Revenue from continuing operations                 
Diversified Logistics                                                             7 899              7 863                -
Diversified Industrial                                                            8 440              7 885                7
                                                                                 16 339             15 748                4
Intersegment revenue eliminations                                                  (107)               (84)    
                                                                                 16 232             15 664                4
Operating profit before capital items from continuing operations            
Diversified Logistics                                                             1 006                880               14
Diversified Industrial                                                              978                786               24
                                                                                  1 984              1 666               19

                
                                                          30 June 2016                        30 June 2015
                                                               Audited                             Audited
                                                                    Rm                %                 Rm                %
Total assets                
Diversified Logistics                                            6 267               39              5 624               39
Diversified Industrial                                           9 814               61              8 616               61
                                                                16 081              100             14 240              100


Reconciliation of total assets per statement                                                  30 June 2016     30 June 2015 
of financial position to total assets per segmental analysis                                       Audited          Audited    
                                                                                                        Rm               Rm                                                                
Total assets per statement of financial position                                                    18 939           15 924
Less: Cash and cash equivalents                                                                     (2 602)          (1 370)
Less: Investments in associate and joint-venture companies                                            (124)            (140)
Less: Interest-bearing long-term loans receivable                                                       (2)               -
Less: Interest-bearing short-term loans receivable                                                       -              (23)
Less: Related party receivables                                                                       (130)            (151)
Total assets per segmental analysis                                                                 16 081           14 240


Geographical information                                    Year ended                          Year ended
                                                          30 June 2016                        30 June 2015
                                                               Audited                             Audited  
                                                                    Rm                %                 Rm                %   
Revenue             
South Africa                                                    14 315               88             13 856               88
Rest of Africa                                                   1 917               12              1 808               12
                                                                16 232              100             15 664              100

Non-current assets            
South Africa                                                    11 112               90              9 720               90
Rest of Africa                                                   1 216               10              1 057               10
                                                                12 328              100             10 777              100
 
Notes to the financial statements

1. Statement of compliance
The provisional summarised consolidated financial statements have been prepared and presented in accordance with the framework concepts 
and the measurement and recognition requirements of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting 
Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting 
Standards Council, the Listings Requirements of the JSE Limited, the information at a minimum as required by IAS 34: Interim Financial 
Reporting and the requirements of the South African Companies Act, No. 71 of 2008. The summarised consolidated financial statements have 
been prepared using accounting policies that comply with IFRS which are consistent with those applied in the consolidated financial 
statements for the year ended 30 June 2015, except for the changes mentioned in note 4 below.

2. Basis of preparation
The summarised consolidated financial statements are prepared in millions of South African Rands (Rm) on the historical cost basis, 
except for certain assets and liabilities which are carried at amortised cost, and derivative financial instruments and biological assets 
which are stated at their fair values. The preparation of the summarised consolidated financial statements for the year ended 30 June 2016 
was supervised by Frans Olivier, the group’s chief financial officer.

3. Financial statements
The consolidated financial statements for the year have been audited by Deloitte & Touche, and their accompanying unmodified audit report 
as well as their unmodified audit report on this set of summarised financial information is available for inspection at the company’s 
registered office. Information included under the headings "Outlook" and "Operational review" and any reference to future financial 
information included in the summarised financial information has not been audited or reviewed. This announcement does not include the 
information required pursuant to paragraph 16A(j) of IAS 34. The full consolidated financial statements are available at the issuer’s 
registered office and upon request. 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 their report on this set of summarised consolidated financial statements with 
the accompanying financial information from the company’s registered office. Full details of the group’s business combinations for the year, 
additions and disposals of property, plant and equipment as well as commitments and contingent liabilities are included in the consolidated 
financial statements. The results were approved by the board of directors on 15 August 2016.

4. Accounting policies
The accounting policies of the group have been applied consistently to the periods presented in the summarised consolidated financial 
statements.

5. Change in accounting estimate
In Unitrans Supply Chain Solutions Proprietary Limited, the residual value assessment of hazardous good tankers changed. The tankers, 
which were previously sold as scrap at the end of their useful lives, are now being disposed of at market value, which has required 
a reassessment of the residual value.

6. Post-balance sheet events
Other than the acquisitions disclosed under the "Financial review", no significant events have occurred in the period between the end 
of the period under review and the date of this report.

7. Changes to the board/board committees
With effect from 15 April 2016, Mr JP Haveman resigned as chief financial officer. Mr FH Olivier replaced Mr Haveman as chief financial 
officer and as a member of the social and ethics committee on this date.

8. Dividend timetable
The timetable in respect of the dividend is as follows:

Day                             Event
Tuesday, 4 October 2016         Last day to trade
Wednesday, 5 October 2016       Shares trade ex dividend
Friday, 7 October 2016          Date to be recorded in the register to receive the dividend
Monday, 10 October 2016         Payment date

Share certificates may not be demateralised or remateralised between Wednesday, 5 October 2016 and Friday, 7 October 2016.

In terms of the taxation on dividends and the amendments to section 11.17 of the JSE Listings Requirements, the following additional 
information is disclosed:

(1) Local dividend tax rate is 15%.
(2) Dividends are to be paid from income reserves.
(3) The withholding tax, if applicable at the rate of 15%, will result in a net cash dividend per share of 15.3 cents.
(4) The issued ordinary share capital of KAP Industrial Holdings Limited is 2 440 936 305 shares as at 15 August 2016.
(5) KAP Industrial Holdings Limited’s tax reference number is 9999/509/71/5.


KAP Industrial Holdings Limited ("KAP" or "the company" or "the group")
Non-executive directors: J de V du Toit (Chairman)*, MJ Jooste, AB la Grange, IN Mkhari*, SH Müller*, SH Nomvete*, PK Quarmby*, 
DM van der Merwe, CJH van Niekerk 
Executive directors: KJ Grové (Executive deputy chairman), GN Chaplin (Chief executive officer), FH Olivier (Chief financial officer) 
*Independent non-executive directors

Registered address
28 6th Street, Wynberg, Sandton, 2090 

Postal address
PO Box 18, Stellenbosch, 7599 

Telephone: 021 808 0900 
Facsimile: 021 808 0901 
E-mail: info@kap.co.za 
www.kap.co.za

Transfer secretaries
Computershare Investor Services Proprietary Limited, 70 Marshall Street, Johannesburg, 2001 

Company secretary
Steinhoff Africa Secretarial Services Proprietary Limited 

Auditors
Deloitte & Touche 

Sponsor
PSG Capital Proprietary Limited

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