Wrap Text
Unaudited Results For The Six Months Ended 31 December 2017
KAP Industrial Holdings Limited
Registration number: 1978/000181/06
Share code: KAP
ISIN: ZAE000171963
(‘KAP’ or ‘the company’ or ‘the group’)
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
HIGHLIGHTS
Revenue from continuing operations up by 29% to R11.5bn
Operating profit from continuing operations up by 25% to R1.4bn
Cash generated from operations before working capital up by 25% to R2bn
Headline earnings per share from continuing operations up by 11%
Net asset value per share up by 9%
OPERATIONAL OVERVIEW
KAP 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.
The results of the group are reported in three segments as follows:
Diversified industrial
Integrated timber - Forestry and timber manufacturing operations with primary and secondary processing
Automotive components - Manufacture of vehicle accessories and components used in new vehicle assembly
Integrated bedding - Manufacture of foam, fabrics, springs, bases and mattresses
Diversified chemical
Polymers - Manufacture of high-density polyethylene (HDPE), polypropylene (PP) and polyethylene terephthalate (PET)
Resins - Manufacture of urea formaldehyde (UF) resins and impregnated paper
Diversified logistics
Contractual logistics - Specialised contractual supply chain and logistics services
Passenger transport - Personnel, commuter, intercity and tourism transport
Revenue
Diversified industrial - 28%
Diversified chemical - 33%
Diversified logistics - 39%
Operating profit
Diversified industrial - 37%
Diversified chemical - 27%
Diversified logistics - 36%
Total assets
Diversified industrial - 37%
Diversified chemical - 34%
Diversified logistics - 29%
Revenue from the diversified industrial segment increased by 4% to R3.4 billion, while the operating profit of the segment increased
by 14% to R519 million.
The integrated timber division performed well for the period. Recent upgrades to the primary manufacturing plant and the addition
of value-adding capacity supported revenue growth and enhanced margins through efficiency improvements and operating cost savings.
The division’s pole operations were negatively impacted by the extended drought in the Western Cape region, while its forestry
and sawmilling operations both continued to show growth.
Increased market share resulting from recent new model introductions provided strong support to the automotive components division,
which achieved healthy growth in spite of lower new vehicle assembly volumes for the industry. A major new model introduction was
successfully commissioned during the period.
The integrated bedding division benefited from increased industry volumes. The fully integrated model provides for added benefit through
the division’s sales of both bedding components and complete mattress and base sets. Operating profit growth and margin improvement were
further supported by the consolidation of the division’s Johannesburg operations and new technology manufacturing equipment commissioned
during the period.
Revenue from the diversified chemical segment increased by 148% to R3.9 billion, while the operating profit of the segment increased
by 106% to R385 million.
Safripol performed ahead of expectation for the period. Operations continued to run at capacity, with strong demand for both HDPE
(high-density polyethylene) and PP (polypropylene). Good progress was made during the period with the integration of this operation
into the group and on various cost-saving initiatives and margin improvement projects.
The performance of Hosaf was disappointing as a result of several weeks’ delay in the commissioning of a major expansion to its PET
(polyethylene terephthalate) plant. Revenue, margin and operating profit were negatively affected as a result. The project is nearing
completion with production ramp-up well advanced. Demand for PET remains strong, which will support the expansion when operating
at full capacity.
Woodchem continued to operate at capacity with stable demand for its formaldehyde, resin and impregnated paper products.
Revenue from the diversified logistics segment increased by 3% to R4.6 billion, while the operating profit of the segment increased
by 4% to R500 million.
The contractual logistics division performed well for the period in the context of subdued market conditions. Recent management
appointments and operating structure changes have resulted in a more focused and efficient business. Margins have stabilised in line
with expectation, while certain key long-term contracts were successfully renewed during the period. Activity levels in all major
sectors of operation showed improvement.
The passenger transport division performed well for the period, with the exception of the intercity business, which continued to feel
the impact of lower passenger numbers and increased competitor activity. The commuter, personnel and tourism businesses showed good growth
for the period, as did the division’s operations in Mozambique.
FINANCIAL OVERVIEW
These are the interim unaudited results for the six months ended 31 December 2017.
Revenue and operating profit before capital items
Revenue from continuing operations increased by 29% to R11.5 billion (H1:17 R8.9 billion). Operating profit before capital items from
continuing operations increased by 25% to R1.4 billion (H1:17 R1.1 billion). Operating margin decreased to 12.2% (H1:17 12.6%), primarily
as a result of the delayed start-up of the Hosaf PET expansion project and the impact thereof on revenue, margin and operating profit.
Headline earnings per share (HEPS)
HEPS from continuing operations increased by 11% to 28.3 cents (H1:17 25.5 cents).
Tax rate
The effective tax rate decreased to 28.0% (H1:17 29.2%), mainly due to lower withholding taxes in relation to the group’s activities
in the rest of Africa.
Working capital
Net working capital increased by R1 018 million to R2 143 million, largely as a result of the acquisition of Safripol effective
1 January 2017 and elevated inventory levels resulting from the delayed start-up of the Hosaf PET expansion project and port delays
for related imported product. Inventories increased by R739 million and accounts receivable increased by R887 million, while accounts
payable increased by R608 million. Normal seasonal investment in working capital took place due to peak trading, which will normalise
leading up to year-end.
Cash flow
Cash generated from operations before working capital changes increased by 24.6% to R2 billion (H1:17 R1.6 billion).
Capital expenditure
Replacement capital expenditure continues to be managed over time in relation to the annual depreciation charge and amounted
to R486 million for the period (net of proceeds on disposal). Expansion capital expenditure of R483 million resulted from continued
investment in the group’s asset base to drive growth and efficiency benefits. Capital expenditure was mainly directed towards completion
of the Hosaf PET expansion project and the purchase of logistics and passenger transport vehicles.
Capital structure
In order to facilitate the various expansion activities of the group while maintaining a healthy capital structure, R1 500 million
was raised through a fully subscribed rights issue in the prior year (December 2016). This resulted in a 7% increase in the weighted
amount of shares in issue when comparing H1:18 to H1:17. Net interest-bearing debt increased by R4.8 billion to R7.5 billion as a result
of the group’s acquisitions and capital investment activities, which took place in the last 18 months. The net debt: EBITDA ratio remains
at a healthy 2.0 times and the EBITDA: interest cover ratio at 5.7 times, both well within target levels. The debt structure and capacity
ratios are reflected as follows:
Debt structure and capacity ratios Six months Six months
ended ended Year ended
31 Dec 31 Dec 30 Jun
2017 2016 2017
Rm Rm Rm
Interest-bearing long-term liabilities 7 648 6 449 7 307
Interest-bearing short-term liabilities 460 527 405
Bank overdrafts and short-term facilities 1 164 74
Cash and cash equivalents (649) (4 523) (2 009)
Net interest-bearing debt 7 460 2 617 5 777
EBITDA* 1 905 1 559 3 361
Net finance charges* 328 197 515
EBITDA: interest cover (times)** 5.7 8.5 6.5
Net debt: EBITDA (times)** 2.0 0.9 1.7
* From continuing operations
** Rolling 12 months
The following funding activities were concluded during the period in order to facilitate longer dated maturities to accommodate
future growth:
- R2 004 million raised through bond issuances, with 3 and 5 year tenures.
- R1 750 million of existing term loan facilities settled.
- The KAP bond programme increased from R5 billion to R10 billion.
The recent bond issuances and settlements of term facilities have resulted in an extended debt maturity profile.
Net asset value (NAV)
The NAV per share increased by 9% to 420 cents from 387 cents.
ACQUISITIONS
The group concluded the following corporate transactions during the period, in accordance with its strategy:
- Support-a-Paedic (Pty) Ltd and RME Components (Pty) Ltd were acquired effective 1 December 2017 for R48 million, in order to provide
the integrated bedding division with access to new markets and bedding brands.
- On 1 December 2017, Southern Star Logistics (Pty) Ltd (a 50% owned subsidiary) was formed in order to facilitate growth in the Swaziland
territory. Certain assets from KAP-owned subsidiaries Unitrans Swaziland (Pty) Ltd and Unitrans Agricultural Services (Pty) Ltd were
combined with a R92 million contribution of assets from an external party, South Star Investments (Pty) Ltd.
- KAP acquired 45% of minority interests in Crystal Cool Holdings (Pty) Ltd on 1 July 2017 for R10 million, in order to consolidate
and streamline operations.
- The disposal of 23% of Feltex Fehrer (Pty) Ltd to the automotive components division’s technology partner, F.S. Fehrer Automotive GmbH,
was concluded effective 1 July 2017 for R58 million in terms of a call option.
OUTLOOK
Several acquisitions and major expansionary capital projects were concluded during the 2017 calendar year. Management is focused
on the successful integration of these acquisitions and on optimising its expanded operations in order to realise full value for capital
invested. Management remains optimistic that these activities will provide continued growth and momentum to the group and will facilitate
further expansion in time.
The PG Bison Piet Retief phase one particleboard upgrade in the integrated timber division, the new vehicle model introductions
in the automotive components division and the new technology investments in the integrated bedding division will be the primary
drivers of growth for the diversified industrial segment. The expansion of the Hosaf PET facility in the diversified chemical segment
will enhance revenue, margin and operating profit growth. Recent contract renewals and the pending conclusion of a B-BBEE transaction
in the contractual logistics division provide a solid platform for continued growth in the diversified logistics segment.
The diverse nature of the group’s operations, with exposure to various sectors, business models and currencies and continued investment
in organic and acquisitive expansion, underpins the continued growth of the group.
INTERIM DIVIDEND
In line with historic policy the board of directors has not declared an interim dividend.
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
12 February 2018
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Condensed consolidated income statement Notes Six months Six months
ended ended Year ended
31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited* % Audited
Rm Rm change Rm
Revenue 11 478 8 915 29 19 783
Operating profit before depreciation, amortisation
and capital items 1 905 1 559 22 3 361
Depreciation and amortisation (501) (437) (862)
Operating profit before capital items 1 404 1 122 25 2 499
Capital items 1 (26) 4 (34)
Earnings before interest, dividend income, associate
and joint venture earnings and taxation 1 378 1 126 22 2 465
Net finance charges (328) (197) (515)
Share of profit of associate and joint venture companies 13 10 15
Profit before taxation 1 063 939 13 1 965
Taxation (297) (274) (510)
Profit for the period from continuing operations 766 665 15 1 455
Loss for the period from discontinued operations 2 (14) (8) (62)
Profit for the period 752 657 14 1 393
Attributable to:
Owners of the parent 720 629 14 1 343
Non-controlling interests 32 28 50
Profit for the period 752 657 14 1 393
From continuing and discontinued operations
Basic earnings per ordinary share (cents) 27.0 25.3 7 52.2
Fully diluted earnings per ordinary share (cents) 26.8 25.1 7 51.7
From continuing operations:
Basic earnings per ordinary share (cents) 27.6 25.6 8 54.6
Fully diluted earnings per ordinary share (cents) 27.4 25.4 8 54.1
Additional information Six months Six months
ended ended Year ended
31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited* Audited
Rm Rm Rm
Note 1: Capital items
From continuing operations:
Loss on disposal of property, plant and equipment and investment property (7) - (36)
Gain on bargain purchase - 4 4
Impairments (19) - (2)
(26) 4 (34)
From discontinued operations:
Profit/(loss) on disposal of property, plant and equipment and investment property 4 - (1)
Impairments - - (34)
4 - (35)
(22) 4 (69)
Note 2: Loss for the period from discontinued operations
Revenue 37 127 227
Operating loss before depreciation, amortisation and capital items (17) (7) (44)
Depreciation and amortisation (4) (3) (6)
Operating loss before capital items (21) (10) (50)
Capital items 4 - (35)
Deficit before interest, dividend income, associate and joint venture
earnings and taxation (17) (10) (85)
Net finance charges (1) (1) (3)
Loss before taxation (18) (11) (88)
Taxation 4 3 26
Loss for the period from discontinued operations (14) (8) (62)
Note 3: Headline earnings attributable to ordinary shareholders
Earnings attributable to owners of the parent 720 629 1 343
Adjusted for:
Capital items (note 1) 22 (4) 69
Taxation effects of capital items (6) - (19)
Non-controlling interests’ portion of capital items (net of taxation) 2 1 1
738 626 1 394
Note 4: Headline earnings per ordinary share
From continuing and discontinued operations
Headline earnings per ordinary share (cents) 27.7 25.2 54.2
Fully diluted headline earnings per ordinary share (cents) 27.5 25.0 53.6
From continuing operations:
Headline earnings per ordinary share (cents) 28.3 25.5 55.6
Fully diluted headline earnings per ordinary share (cents) 28.1 25.3 55.1
Number of ordinary shares in issue (m) 2 678 2 662 2 662
Weighted average number of ordinary shares in issue (m) 2 664 2 487 2 574
Condensed consolidated statement of comprehensive income Six months Six months
ended ended Year ended
31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited Audited
Rm Rm Rm
Profit for the period 752 657 1 393
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign subsidiaries (21) (55) (75)
Total comprehensive income for the period 731 602 1 318
Total comprehensive income attributable to:
Owners of the parent 700 575 1 269
Non-controlling interests 31 27 49
Total comprehensive income for the period 731 602 1 318
Condensed consolidated statement of changes in equity Six months Six months
ended ended Year ended
31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited Audited
Rm Rm Rm
Balance at beginning of the period 11 348 8 862 8 862
Changes in stated share capital
Net shares issued 17 1 456 1 456
Changes in reserves
Total comprehensive income for the period attributable to owners of the parent 700 575 1 269
Dividends paid (559) (439) (442)
Share-based payments 30 35 85
Other reserve movements 22 - -
Changes in non-controlling interests
Total comprehensive income for the period attributable to non-controlling interests 31 27 49
Dividends paid (46) (12) (37)
Shares issued to non-controlling interests 31 - 3
Shares bought from non-controlling interests (3) - -
Introduced and acquired on acquisition of subsidiaries - 104 103
Balance at end of the period 11 571 10 608 11 348
Comprising:
Stated share capital 8 791 8 774 8 774
Reverse acquisition reserve (3 952) (3 952) (3 952)
Distributable reserves 6 074 5 208 5 915
Share-based payment reserve 304 234 274
Other reserves 28 30 24
Non-controlling interests 326 314 313
11 571 10 608 11 348
Condensed consolidated statement of financial position 31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited Audited
Rm Rm Rm
ASSETS
Non-current assets
Goodwill and intangible assets 5 392 2 204 5 333
Property, plant and equipment and investment property 12 384 9 404 11 832
Consumable biological assets 1 926 1 971 1 978
Investments in associate and joint venture companies 70 74 67
Investments and loans 8 3 11
Deferred taxation assets 100 99 130
Other receivables - - 40
19 880 13 755 19 391
Current assets
Inventories 2 103 1 364 1 727
Accounts receivable and other current assets 4 059 3 172 3 652
Short-term loans receivable 61 4 3
Taxation receivable 112 50 93
Cash and cash equivalents 649 4 523 2 009
Assets classified as held for sale 95 - 103
7 079 9 113 7 587
Total assets 26 959 22 868 26 978
EQUITY AND LIABILITIES
Capital and reserves
Stated share capital 8 791 8 774 8 774
Reserves 2 454 1 520 2 261
11 245 10 294 11 035
Non-controlling interests 326 314 313
Total equity 11 571 10 608 11 348
Non-current liabilities
Interest-bearing long-term liabilities 7 648 6 449 7 307
Deferred taxation liabilities 3 067 1 614 2 928
Other long-term liabilities and provisions 116 130 112
10 831 8 193 10 347
Current liabilities
Accounts payable, provisions and other current liabilities 4 051 3 333 4 736
Interest-bearing short-term liabilities 460 527 405
Taxation payable 45 43 68
Bank overdrafts and short-term facilities 1 164 74
4 557 4 067 5 283
Total equity and liabilities 26 959 22 868 26 978
Net asset value per ordinary share (cents) 420 387 415
Net interest-bearing debt to equity (%) 66% 25% 52%
Fair values of financial instruments Fair value Fair value Fair value
as at as at as at
31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited Audited Fair value
Rm Rm Rm hierarchy
Derivative financial assets - 2 6 Level 2
Derivative financial liabilities (67) (59) (11) 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.
Condensed consolidated statement of cash flows Six months Six months
ended ended Year ended
31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited* Audited
Rm Rm Rm
Operating profit before capital items 1 404 1 122 2 499
Depreciation and amortisation 501 437 862
Operating loss before depreciation, amortisation and capital items from discontinued operations (17) (7) (44)
Net fair value adjustments of consumable biological assets and decrease
due to harvesting and sale of livestock 56 (4) (4)
Other non-cash adjustments 30 36 28
Cash generated before working capital changes 1 974 1 584 3 341
Increase in inventories (363) (74) (41)
Increase in receivables (296) (296) (334)
Decrease in payables (836) (719) (8)
Changes in working capital (1 495) (1 089) (383)
Cash generated from operations 479 495 2 958
Dividends received - - 10
Dividends paid (576) (452) (479)
Net finance charges (384) (225) (596)
Taxation paid (165) (120) (295)
Net cash (outflow)/inflow from operating activities (646) (302) 1 598
Additions to property, plant and equipment and investment property (969) (1 194) (2 240)
Acquisition of investments (121) (227) (3 781)
Other investing activities (54) (25) (62)
Net cash outflow from investing activities (1 144) (1 446) (6 083)
Net cash outflow from operating and investing activities (1 790) (1 748) (4 485)
Net cash inflow from financing activities 436 3 686 3 911
Net (decrease)/increase in cash and cash equivalents (1 354) 1 938 (574)
Effects of exchange rate translations on cash and cash equivalents (6) (17) (19)
Cash and cash equivalents at beginning of period 2 009 2 602 2 602
Cash and cash equivalents at end of period 649 4 523 2 009
Segmental analysis Six months Six months
ended ended Year ended
31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited* % Audited
Rm Rm change Rm
Revenue from continuing operations
Diversified industrial 3 363 3 233 4 6 385
Diversified chemical 3 901 1 575 148 5 467
Diversified logistics 4 605 4 473 3 8 656
11 869 9 281 28 20 508
Intersegment revenue eliminations (391) (366) (725)
11 478 8 915 29 19 783
Operating profit before capital items from continuing operations
Diversified industrial 519 455 14 944
Diversified chemical 385 187 106 672
Diversified logistics 500 480 4 883
1 404 1 122 25 2 499
31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited* Audited
Rm % Rm % Rm %
Total assets
Diversified industrial 9 478 37 9 038 50 9 149 37
Diversified chemical 8 854 34 1 982 11 8 354 34
Diversified logistics 7 600 29 7 099 39 7 070 29
25 932 100 18 119 100 24 573 100
Reconciliation of total assets per statement of financial position
to total assets per segmental analysis 31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited* Audited
Rm Rm Rm
Total assets per statement of financial position 26 959 22 868 26 978
Less: Investments in associate and joint venture companies (70) (74) (67)
Less: Interest-bearing long-term loans receivable - (2) (2)
Less: Deferred taxation assets (100) (99) (130)
Less: Interest-bearing short-term loans receivable (1) (1) (1)
Less: Taxation receivable (112) (50) (93)
Less: Cash and cash equivalents (649) (4 523) (2 009)
Less: Assets classified as held for sale (95) - (103)
Total assets per segmental analysis 25 932 18 119 24 573
Geographical information Six months Six months
ended ended Year ended
31 Dec 2017 31 Dec 2016 30 Jun 2017
Unaudited Unaudited* Audited
Rm % Rm % Rm %
Revenue
South Africa 10 400 91 7 911 89 17 978 91
Rest of Africa 1 078 9 1 004 11 1 805 9
11 478 100 8 915 100 19 783 100
Non-current assets
South Africa 18 592 94 12 609 92 18 179 94
Rest of Africa 1 288 6 1 146 8 1 212 6
19 880 100 13 755 100 19 391 100
* 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 period segmental assets have been restated to more accurately
reflect the assets that generate operating profit.
SELECTED EXPLANATORY NOTES
1. Statement of compliance
The condensed consolidated interim financial information has 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, the financial pronouncements as issued by the Financial Reporting Standards
Council, the Listings Requirements of the JSE Limited, the information as required by IAS 34: Interim Financial Reporting and the
requirements of the South African Companies Act, No. 71 of 2008. The consolidated interim financial information has 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 2017.
2. Basis of preparation
The condensed consolidated interim financial statements are prepared in millions of South African rand (Rm) on the historical-cost
basis, except for certain assets and liabilities, which are carried at amortised cost, and derivative financial instruments and
consumable biological assets, which are stated at their fair values. The preparation of the condensed consolidated interim financial
statements for the six months ended 31 December 2017 was supervised by Frans Olivier CA(SA), the group’s chief financial officer.
3. Changes to comparative results
The prior period’s income statement has been restated to reflect the discontinued operations of Glodina, a division of KAP Homeware
(Pty) Ltd. 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 property. 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 period segmental
operating profit before capital items has been restated by allocating head office costs to the different segments in line with the
current period. The segmental assets have also been restated to more accurately reflect the assets that generate operating profit.
All of the aforementioned changes have already been applied in the 30 June 2017 results.
4. Accounting policies
The accounting policies utilised in the preparation of the condensed consolidated interim financial information are consistent with
those of the audited consolidated financial statements for the year ended 30 June 2017.
5. Financial statements
These results have not been reviewed or reported on by the group’s auditors. The results were approved by the board of directors
on 12 February 2018.
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 October 2017 Mr MJ Jooste and Mr AB la Grange resigned as non-executive directors. On the same date Mr TLR de Klerk
and Mr LJ du Preez were appointed as non-executive directors. There were no other changes to the board of directors during the period
under review.
KAP Industrial Holdings Limited (‘KAP’ or ‘the company’ or ‘the group’)
Non-executive directors: J de V du Toit (Chairman)*, KJ Grové (Deputy chairman), TLR de Klerk, LJ du Preez, 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 Biermann Avenue, Rosebank, 2196
Company secretary
Steinhoff Secretarial Services Proprietary Limited
Auditors
Deloitte & Touche
Sponsor
PSG Capital Proprietary Limited
Date: 12/02/2018 11:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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