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Audited Results For The Year Ended 30 June 2017
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 2017
HIGHLIGHTS
Revenue from continuing operations up by 23% to R20bn
Operating profit from continuing operations up by 25% to R2.5bn
Cash generated from operations of R3bn
Headline earnings per share from continuing operations up by 15.4%
Net asset value per share up by 17%
Dividend per share increased by 17%
OPERATIONAL REVIEW
The group continued to grow through investment in strategically aligned 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. The disciplined execution
of the group’s strategy produced pleasing results for the period.
Following the successful acquisition of Safripol effective 1 January 2017, the results of the group are now reported in three segments
as follows:
Diversified industrial
Integrated timber - Forestry and timber manufacturing operations with primary and secondary processing
Automotive components - Manufacture of components used in new vehicle assembly and retail vehicle accessories
Integrated bedding - Manufacture of foam, fabrics, springs, bases and mattresses
Diversified chemical
Safripol - Manufacture of high-density polyethylene (HDPE) and polypropylene (PP)
Hosaf - Manufacture of polyethylene terephthalate (PET)
Woodchem - Manufacture of urea formaldehyde (UF) resin and impregnated paper
Diversified logistics
Contractual logistics - Specialised contractual supply chain and logistics services
Passenger transport - Personnel, commuter, intercity and tourism transport
Revenue % breakdown by segment
Diversified industrial - 31%
Diversified chemical - 27%
Diversified logistics - 42%
Operating profit % breakdown by segment
Diversified industrial - 38%
Diversified chemical - 27%
Diversified logistics - 35%
Total assets % breakdown by segment
Diversified industrial - 37%
Diversified chemical - 34%
Diversified logistics - 29%
Revenue for the diversified industrial segment increased by 13% to R6.4 billion, while the operating profit of the segment increased
by 33% to R944 million.
The integrated timber division performed well for the period, with revenue growth and margin improvement continuing to be driven by its
recent technology and equipment investments, continued focus on its value-add strategy and further improvement in its forestry, sawmilling
and pole operations.
The automotive components division performed well for the period, with stable vehicle assembly volumes supported by successful new model
introductions and the integration of Autovest into the group. Technology investments and continuous improvement projects supported
operating margin improvement.
The integrated bedding division continued to drive synergies related to raw material integration, the streamlining of corporate
and operational structures and the roll-out of its decentralised model for mattress assembly. This provided operating margin
improvement from a stable revenue base.
Revenue for the diversified chemical segment increased by 79% to R5.5 billion, while the operating profit of the segment increased by more
than 100% to R672 million.
Safripol performed to expectation for the six months ended 30 June 2017, with strong demand for both HDPE (high-density polyethylene)
and PP (polypropylene). Significant progress was also made with the integration of Safripol into the group and the formation of the
diversified chemical segment.
The Hosaf operation continued to operate at full capacity and produced stable results whilst in the process of a major project to
significantly increase PET (polyethylene terephthalate) production capacity.
Resin volumes remained stable, while the recently installed value-add paper impregnation plant at the Woodchem operation resulted
in revenue growth and margin improvement.
Revenue for the diversified logistics segment increased by 10% to R8.7 billion, while the operating profit of the segment decreased
by 9% to R883 million.
In the contractual logistics division, subdued domestic economic activity and resultant lower industry demand in the fuel, cement
and mining sectors weighed on revenue and operating margin. However, activity levels in the food, agriculture and other non-South African
operations supported the underlying momentum of the division. The operations of both Lucerne and Xinergistix, which were acquired during
the year, performed ahead of expectation and continue to provide growth opportunities.
The performance of the passenger transport division was satisfactory, despite lower passenger numbers and operational results from
the operations. Increased activity and contract growth in the commuter, personnel and tourism transport sectors and continued growth
in its Mozambique operations served to support the division’s results.
FINANCIAL REVIEW
These are the provisional audited results for the year ended 30 June 2017.
Revenue and operating profit before capital items
Revenue from continuing operations increased by 23% to R19.8 billion (2016: R16 billion). Operating profit before capital items from
continuing operations increased by 25% to R2.5 billion (2016: R2 billion). Operating margin increased to 12.6% (2016: 12.4%) as a result
of divisional integration efficiencies, continued operational streamlining and recent capital investments and acquisitions.
Headline earnings per share (HEPS)
HEPS from continuing operations increased by 15.4% to 55.6 cents (2016: 48.2 cents).
Tax rate
The effective tax rate decreased to 25.8% (2016: 28.8%), mainly due to incentives in relation to the group’s manufacturing investment
activities during the year.
Working capital
Net working capital increased by R709 million to R682 million, largely as a result of the acquisition of Safripol. Inventories increased
by R499 million and accounts receivable increased by R1 016 million, while accounts payable increased by R806 million.
Cash flow
Cash generated from operations before working capital changes increased by 16.9% to R3 341 million (2016: R2 858 million).
Capital expenditure
Replacement capital expenditure continues to be managed over time in relation to the annual depreciation charge and amounted
to R1.2 billion for the period (net of proceeds on disposal). Expansion capital expenditure of R1 billion resulted from continued
investment in the group’s asset base to drive growth and efficiency benefits. Capital expenditure was mainly directed towards continued
progress on the replacement of the PG Bison Piet Retief particleboard plant, expansion of the Hosaf PET plant, construction of a new
integrated bedding facility and logistics and passenger transport vehicles.
Capital structure
In order to facilitate the various expansion activities of the group, while maintaining a healthy capital structure with longer dated
maturities to facilitate future growth, the following funding activities were concluded during the year:
- R1 500 million equity raised through a fully subscribed rights issue;
- R1 874 million raised through a combination of private and public bond issuances with 3 and 5 year tenures, with a mix of fixed
and floating interest rates;
- R322 million bonds and R1 025 million of existing term facilities settled; and
- R2 800 million new facilities secured as a combination of term debt and revolving credit facilities with 3 and 5 year tenures, with
a mix of fixed and floating interest rates.
Net interest-bearing debt increased by R3 708 million to R5 777 million as a result of the group’s investing activities, while net debt
EBITDA remains at a healthy 1.7 times, despite the fact that Safripol operations are only included for six months. The debt structure
and capacity ratios are reflected as follows:
30 June 2017 30 June 2016
Debt structure and capacity ratios Rm Rm
Interest-bearing long-term liabilities 7 307 4 204
Interest-bearing short-term liabilities 405 431
Bank overdrafts and short-term facilities 74 36
Cash and cash equivalents (2 009) (2 602)
Net interest-bearing debt 5 777 2 069
EBITDA* 3 361 2 797
Net finance charges* 515 312
EBITDA: interest cover (times) 6.5 9.0
Net debt: EBITDA (times) 1.7 0.7
* From continuing operations, Safripol operations only included for six months.
Net asset value (NAV)
The NAV per share increased by 17% to 415 cents from 355 cents.
ACQUISITIONS
The group concluded the following significant transactions during the period, in accordance with its strategy:
Safripol Holdings (Pty) Ltd (Safripol)
The group acquired 100% of the equity in Safripol for R3 925 million, effective 1 January 2017. The fair value of the assets
and liabilities was R3 684 million, consisting of property, plant and equipment of R1 394 million, intangible assets of R2 078 million,
net working capital of R263 million and net debt of R51 million, resulting in goodwill of R241 million. Safripol is engaged in the
manufacture of high-density polyethylene (HDPE) and polypropylene (PP), 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 the group’s other chemical operations
(Hosaf and Woodchem) and manufactures complementary products to those of Hosaf.
Lucerne Transport (Pty) Ltd (Lucerne)
The group acquired 100% of the equity and claims in Lucerne effective 1 September 2016. The fair value of assets and liabilities was
R78 million with a purchase consideration of R177 million, resulting in goodwill of R99 million. Lucerne’s operations are complementary
to those of the contractual logistics division, specifically in terms of bulk liquid tanker transport of chemicals and edible oils.
Xinergistix (Pty) Ltd (Xinergistix)
The group acquired a controlling interest in Xinergistix effective 1 July 2016 (51.4%). Xinergistix operates in the logistics sector,
providing complementary services to those of the contractual logistics division.
OUTLOOK
Management continues to focus on optimising and expanding its existing operations and on growing its market share in all areas of operation
and remains optimistic that these activities will provide continued growth, despite the current challenging economic environment.
The momentum of existing operations in the diversified industrial segment is expected to continue. Key projects, including an upgrade of
the PG Bison Piet Retief particleboard plant, the construction of a new integrated bedding facility and new vehicle model introductions
in the automotive components division, are expected to support revenue and operating profit growth in FY2018.
The formation of the diversified chemical segment and the acquisition of Safripol are expected to bring increased chemical industry focus
to the group, as well as scale benefits with exposure to broader markets and opportunities. The expansion of the Hosaf PET operation, with
significantly enhanced production capacity, will result in revenue and operating profit growth.
A recent rationalisation of the contractual logistics division, with a resultant improvement in management focus, operational efficiencies
and cost management, will support the competitiveness of the division in FY2018 in terms of contract renewals, extensions and the
procurement of new contracts. The acquisition and integration of Lucerne and Xinergistix have produced opportunities for growth in
new markets.
The diverse nature of the group’s operations, with exposure to various sectors, business models and currencies, continues to provide
underlying support through the current economic cycle.
DIVIDEND
The board of directors is pleased to announce that a gross dividend of 21 cents per share (2016: 18 cents per share) for the year ended
30 June 2017 has been approved and declared.
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 GN Chaplin FH Olivier
Independent non-executive chairman Chief executive officer Chief financial officer
14 August 2017
SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS
Summarised consolidated income statement
Year ended Year ended
30 June 2017 30 June 2016
Audited Audited* %
Notes Rm Rm change
Revenue 19 783 16 047 23
Operating profit before depreciation, amortisation
and capital items 3 361 2 797 20
Depreciation and amortisation (862) (800)
Operating profit before capital items 2 499 1 997 25
Capital items 1 (34) (19)
Earnings before interest, dividend income, associate
and joint-venture earnings and taxation 2 465 1 978 25
Net finance charges (515) (312)
Share of profit of associate and joint-venture companies 15 24
Profit before taxation 1 965 1 690 16
Taxation (510) (487)
Profit for the year from continuing operations 1 455 1 203 21
Loss for the year from discontinued operations 2 (62) (10)
Profit for the year 1 393 1 193 17
Attributable to:
Owners of the parent 1 343 1 147 17
Non-controlling interests 50 46
Profit for the year 1 393 1 193 17
From continuing and discontinued operations
Basic earnings per ordinary share (cents) 52.2 47.1 11
Fully diluted earnings per ordinary share (cents) 51.7 46.5 11
From continuing operations:
Basic earnings per ordinary share (cents) 54.6 47.6 15
Fully diluted earnings per ordinary share (cents) 54.1 46.9 15
Additional information
Year ended Year ended
30 June 2017 30 June 2016
Audited Audited*
Rm Rm
Note 1: Capital items
From continuing operations:
Loss on disposal of property, plant and equipment and investment property (36) (7)
Gain on bargain purchase 4 -
Impairments (2) (12)
(34) (19)
From discontinued operations:
Loss on disposal of property, plant and equipment and investment property (1) (1)
Impairments (34) -
(35) (1)
(69) (20)
Note 2: Loss for the year from discontinued operations
Revenue 227 202
Operating loss before depreciation, amortisation and capital items (44) (7)
Depreciation and amortisation (6) (6)
Operating loss before capital items (50) (13)
Capital items (35) (1)
Deficit before interest, dividend income, associate and joint-venture
earnings and taxation (85) (14)
Net finance charges (3) (1)
Loss before taxation (88) (15)
Taxation 26 5
Loss for the year from discontinued operations (62) (10)
Note 3: Headline earnings attributable to ordinary shareholders
Earnings attributable to owners of the parent 1 343 1 147
Adjusted for:
Capital items (note 1) 69 20
Taxation effects of capital items (19) (3)
Non-controlling interests’ portion of capital items (net of taxation) 1 -
Capital items of associate and joint-venture companies (net of taxation) - (1)
1 394 1 163
Note 4: Headline earnings per ordinary share
From continuing and discontinued operations
Headline earnings per ordinary share (cents) 54.2 47.8
Fully diluted headline earnings per ordinary share (cents) 53.6 47.2
From continuing operations:
Headline earnings per ordinary share (cents) 55.6 48.2
Fully diluted headline earnings per ordinary share (cents) 55.1 47.5
Number of ordinary shares in issue (m) 2 662 2 441
Weighted average number of ordinary shares in issue (m) 2 574 2 433
Summarised consolidated statement of comprehensive income
Year ended Year ended
30 June 2017 30 June 2016
Audited Audited
Rm Rm
Profit for the year 1 393 1 193
Other comprehensive (loss)/income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign subsidiaries (75) 53
Total comprehensive income for the year 1 318 1 246
Total comprehensive income attributable to:
Owners of the parent 1 269 1 198
Non-controlling interests 49 48
Total comprehensive income for the year 1 318 1 246
Summarised consolidated statement of changes in equity
Year ended Year ended
30 June 2017 30 June 2016
Audited Audited
Rm Rm
Balance at beginning of the year 8 862 7 930
Changes in ordinary stated share capital
Net shares issued 1 456 -
Changes in reserves
Total comprehensive income for the year attributable to owners of the parent 1 269 1 198
Dividends paid (442) (363)
Share-based payments 85 71
Changes in non-controlling interests
Total comprehensive income for the year attributable to non-controlling interests 49 48
Dividends paid (37) (22)
Shares issued to non-controlling interests 3 -
Introduced and acquired on acquisition of subsidiaries 103 -
Balance at end of the year 11 348 8 862
Comprising:
Ordinary stated share capital 8 774 7 318
Reverse acquisition reserve (3 952) (3 952)
Distributable reserves 5 915 5 018
Share-based payment reserve 274 199
Other reserves 24 84
Non-controlling interests 313 195
11 348 8 862
Summarised consolidated statement of financial position
30 June 2017 30 June 2016
Audited Audited
Rm Rm
ASSETS
Non-current assets
Goodwill and intangible assets 5 333 2 078
Property, plant and equipment and investment properties 11 832 8 128
Consumable biological assets 1 978 1 890
Investments in associate and joint-venture companies 67 124
Investments and loans 11 3
Deferred taxation assets 130 105
Other receivables 40 -
19 391 12 328
Current assets
Inventories 1 727 1 286
Accounts receivable and other current assets 3 652 2 677
Short-term loans 3 2
Taxation receivable 93 44
Cash and cash equivalents 2 009 2 602
Assets classified as held for sale 103 -
7 587 6 611
Total assets 26 978 18 939
EQUITY AND LIABILITIES
Capital and reserves
Ordinary stated share capital 8 774 7 318
Reserves 2 261 1 349
11 035 8 667
Non-controlling interests 313 195
Total equity 11 348 8 862
Non-current liabilities
Interest-bearing long-term liabilities 7 307 4 204
Deferred taxation liabilities 2 928 1 368
Other long-term liabilities and provisions 112 93
10 347 5 665
Current liabilities
Accounts payable, provisions and other current liabilities 4 736 3 899
Interest-bearing short-term liabilities 405 431
Taxation payable 68 46
Bank overdrafts and short-term facilities 74 36
5 283 4 412
Total equity and liabilities 26 978 18 939
Net asset value per ordinary share (cents) 415 355
Net interest-bearing debt to equity (%) 52% 24%
Fair values of financial instruments
Fair value Fair value
as at as at
30 June 2017 30 June 2016 Fair value
Rm Rm hierarchy
Derivative financial assets 6 15 Level 2
Derivative financial liabilities (11) (26) Level 2
Level 2 financial instruments consist of foreign exchange contracts that 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 foreign exchange rates.
Summarised consolidated statement of cash flows
Year ended Year ended
30 June 2017 30 June 2016
Audited Audited*
Rm Rm
Operating profit before capital items 2 499 1 997
Depreciation and amortisation 862 800
Operating loss before depreciation, amortisation and capital items
from discontinued operations (44) (7)
Net fair value adjustments of consumable biological assets and decrease due to harvesting (4) (43)
Other non-cash adjustments 28 111
Cash generated before working capital changes 3 341 2 858
Increase in inventories (41) (73)
Increase in receivables (334) (21)
(Decrease)/increase in payables (8) 521
Changes in working capital (383) 427
Cash generated from operations 2 958 3 285
Dividends received 10 13
Dividends paid (479) (385)
Net finance charges (596) (330)
Taxation paid (295) (266)
Net cash inflow from operating activities 1 598 2 317
Additions to property, plant and equipment and investment properties (2 240) (1 700)
Acquisition of investments (3 781) (573)
Other investing activities (62) (12)
Net cash outflow from investing activities (6 083) (2 285)
Net cash (outflow)/inflow from operating and investing activities (4 485) 32
Net cash inflow from financing activities 3 911 1 174
Net (decrease)/increase in cash and cash equivalents (574) 1 206
Effects of exchange rate changes on cash and cash equivalents (19) 26
Cash and cash equivalents at beginning of year 2 602 1 370
Cash and cash equivalents at end of year 2 009 2 602
Segmental analysis
Year ended Year ended
30 June 2017 30 June 2016
Audited Audited* %
Rm Rm change
Revenue from continuing operations
Diversified industrial 6 385 5 632 13
Diversified chemical 5 467 3 060 79
Diversified logistics 8 656 7 899 10
20 508 16 591 24
Intersegment revenue eliminations (725) (544)
19 783 16 047 23
Operating profit before capital items from continuing operations
Diversified industrial 944 709 33
Diversified chemical 672 319 111
Diversified logistics 883 969 (9)
2 499 1 997 25
30 June 2017 30 June 2016
Audited Audited*
Rm % Rm %
Total assets
Diversified industrial 9 149 37 8 325 52
Diversified chemical 8 354 34 1 509 9
Diversified logistics 7 070 29 6 228 39
24 573 100 16 062 100
Reconciliation of total assets per statement of financial position
to total assets per segmental analysis
30 June 2017 30 June 2016
Audited Audited*
Rm Rm
Total assets per statement of financial position 26 978 18 939
Less: Investments in associate and joint-venture companies (67) (124)
Less: Interest-bearing long-term loans receivable (2) (2)
Less: Deferred taxation assets (130) (105)
Less: Interest-bearing short-term loans receivable (1) -
Less: Taxation receivable (93) (44)
Less: Cash and cash equivalents (2 009) (2 602)
Less: Assets classified as held for sale (103) -
Total assets per segmental analysis 24 573 16 062
Geographical information
Year ended Year ended
30 June 2017 30 June 2016
Audited Audited*
Rm % Rm %
Revenue
South Africa 17 978 91 14 130 88
Rest of Africa 1 805 9 1 917 12
19 783 100 16 047 100
Non-current assets
South Africa 18 179 94 11 112 90
Rest of Africa 1 212 6 1 216 10
19 391 100 12 328 100
*Prior year disclosure has been restated to reflect discontinued operations, as well as the new segments in which the group
is now structured, i.e. diversified industrial, diversified chemical and diversified logistics. The prior year segmental
operating profit before capital items has been restated by allocating head office costs to the different segments in line
with the current year. The prior year segmental assets have been restated to more accurately reflect the assets that generate
operating profit.
Selected explanatory notes
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 2016.
2. Basis of preparation
The summarised consolidated financial statements are prepared in millions of South African rand (Rm) on the historical cost basis, except
for certain assets and liabilities that are carried at amortised cost, and derivative financial instruments and biological assets that are
stated at their fair values. The preparation of the summarised consolidated financial statements for the year ended 30 June 2017 was
supervised by Frans Olivier CA(SA), the group’s chief financial officer.
3. Changes to comparative results
The prior year’s income statement has been restated to reflect the discontinued operations of Glodina, a division of KAP Homeware
Proprietary Limited. The comparative cash flow has been represented to include interest capitalised in accordance with IAS 23: Borrowing
Costs, in net finance charges, previously included in additions to property, plant and equipment and investment properties. With the
acquisition of Safripol in the chemical division, the comparative information in the segmental analysis was restated in the new segments
in which the group is now structured, i.e. diversified industrial, diversified chemical and diversified logistics. The prior year segmental
operating profit before capital items has been restated by allocating head office costs to the different segments in line with the current
year. The segmental assets have also been restated to more accurately reflect the assets that generate operating profit.
4. Financial statements
The consolidated financial statements for the year, which 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, are 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
office upon request. The auditor’s report does not necessarily report on all the information contained in this announcement. 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. The results were approved
by the board of directors on 14 August 2017.
5. Accounting policies
The accounting policies of the group have been applied consistently to the periods presented in the summarised consolidated financial
statements.
6. Post-balance sheet events
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 1 January 2017 Mr KJ (Jo) Grové retired and as a result will now fulfil the position of non-executive deputy chairman.
There were no other changes to the board of directors during the period under review.
8. Dividend timetable
The timetable in respect of the dividend is as follows:
Day Event
Tuesday, 19 September 2017 Last day to trade
Wednesday, 20 September 2017 Shares trade ex dividend
Friday, 22 September 2017 Date to be recorded in the register to receive the dividend
Tuesday, 26 September 2017 Payment date
Share certificates may not be dematerialised or rematerialised between Wednesday, 20 September 2017 and Friday, 22 September 2017.
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 20%.
(2) Dividends are to be paid from income reserves.
(3) The withholding tax, if applicable at the rate of 20%, will result in a net cash dividend per share of 16.8 cents.
(4) The issued ordinary share capital of KAP Industrial Holdings Limited is 2 662 199 369 shares at 14 August 2017.
(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)*, KJ Grové (Deputy chairman), MJ Jooste, AB la Grange, IN Mkhari*, SH Müller*,
SH Nomvete*, PK Quarmby*, DM van der Merwe, CJH van Niekerk*
Executive directors: GN Chaplin (Chief executive officer), FH Olivier (Chief financial officer)
*Independent
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, Rosebank Towers, 15 Bierman Avenue, Rosebank, 2196
Company secretary
Steinhoff Secretarial Services Proprietary Limited
Auditors
Deloitte & Touche
Sponsor
PSG Capital Proprietary Limited
Date: 14/08/2017 12:42:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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