Wrap Text
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2018
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 2018
HIGHLIGHTS
Revenue from continuing operations up by 16% to R23.0bn
Operating profit from continuing operations up by 15% to R2.9bn
Cash generated from operations up by 12% to R3.3bn
Headline earnings per share from continuing operations up by 9%
Net asset value per share up by 9%
OPERATIONAL OVERVIEW
KAP continued to grow its business during the year under review, showing revenue, profit and cash growth while successfully implementing
a number of major expansion projects and concluding the integration of its recent acquisitions. The disciplined execution of the company’s
strategy produced good results for the year.
The results of the company are reported in three segments as follows:
Diversified industrial
Integrated Timber - Integrated forestry and timber manufacturing operations with primary and upgrading processes
Automotive Components - Manufacture of vehicle retail accessories and components used in new vehicle assembly
Integrated Bedding - Manufacture of foam, fabrics, springs, bases and branded mattresses
Diversified chemical
Polymers - Manufacture of polyethylene terephthalate (PET), high-density polyethylene (HDPE) and polypropylene (PP)
Resins - Manufacture of formaldehyde and urea formaldehyde (UF) resins
Diversified logistics
Contractual Logistics - Provision of specialised contractual supply chain and logistics services
Passenger Transport - Provision of personnel, commuter, intercity and tourism transport services
Revenue
Diversified industrial - 29%
Diversified chemical - 34%
Diversified logistics - 37%
Operating profit
Diversified industrial -38%
Diversified chemical - 32%
Diversified logistics - 30%
Total assets
Diversified industrial - 36%
Diversified chemical - 36%
Diversified logistics - 28%
Revenue for the diversified industrial segment increased by 7% to R6 801 million, while the operating profit of the segment increased
by 17% to R1 100 million.
During the year under review:
The Integrated Timber division performed well following recent upgrades to its Piet Retief particleboard plant and continued focus
on its value-add product strategy, which provided revenue growth and margin expansion. A further production capacity expansion project
was successfully completed at its medium-density fibreboard plant in Johannesburg. The division’s forestry, sawmilling and pole operations
performed satisfactorily notwithstanding the operational impact of major fires that affected the southern Cape region during June 2017.
The Automotive Components division successfully completed the industrialisation of two replacement vehicle models being assembled
in the country. The division continued to show growth, albeit modest, in spite of the lower industry vehicle assembly volumes that
are normally associated with replacement model introductions. The increased parts penetration into these replacement models resulted
in market share gains for the division. Autovest performed below expectation in a subdued motor retail environment.
The Integrated Bedding division continued to show strong growth as a result of recent capital investments in infrastructure
and new technology manufacturing equipment and through further integration into the manufacture of its primary bedding-related
component raw materials. The acquisition of Support-a-Paedic provided access to new markets and brands.
Revenue for the diversified chemical segment increased by 47% to R8 018 million, while the operating profit of the segment increased
by 38% to R925 million.
During the year under review:
The Chemical division successfully concluded the integration of Hosaf and Safripol into a single polymers business, which was recently
launched under a reformatted Safripol brand. This resulted in increased operational efficiencies and provided access to broader markets
for the division.
Both the PP and HDPE product streams performed ahead of expectation as a result of strong demand for the products and healthy industry
margins.
The PET product stream produced a disappointing result due to the delayed start-up of a major expansion project at its plant in Durban.
The expansion project was, however, successfully completed and tested to full capacity. Domestic and international demand for PET remains
stable with healthy industry margins.
The division’s resin operation produced a pleasing result, with strong demand for the product.
Revenue for the diversified logistics segment increased by 4% to R8 971 million, while the operating profit of the segment decreased
by 5% to R842 million.
During the year under review:
The Contractual Logistics division produced a disappointing result. After a good first half of the financial year, the division
found economic conditions particularly challenging during the second half with reduced volumes and pricing pressure across its main
areas of operations. The recent acquisitions of this division performed ahead of expectation, while efforts toward operational
efficiencies and cost control continued in the traditional operations. Certain strategic contracts were successfully renewed.
The division successfully concluded a B-BBEE transaction that is detailed below and remains subject to approval by the competition
authority.
The Passenger Transport division produced a pleasing result in spite of a subdued economic environment and a major industry strike.
The intercity operations continued to perform below expectation due to increased competitor activity and lower passenger numbers.
The personnel, commuter and tourism operations performed well, as did the company’s personnel operations in Mozambique.
FINANCIAL REVIEW
These are the provisional audited results for the year ended 30 June 2018.
Revenue and operating profit before capital items
Revenue from continuing operations increased by 16% to R22 985 million (2017: R19 783 million). Operating profit before capital items from
continuing operations increased by 15% to R2 867 million (2017: R2 499 million). Operating margin remained stable at 12.5% (2017: 12.6%).
Headline earnings per share (HEPS)
HEPS from continuing operations increased by 8.8% to 60.5 cents (2017: 55.6 cents).
Tax rate
The effective tax rate decreased to 23.9% (2017: 25.8%), mainly due to incentives in relation to the group’s investments during the year
in expanding manufacturing capacity.
Working capital
Net working capital increased by R686 million to R1 367 million. Inventories increased by R397 million, mainly due to increased
stockholding associated with the expansion at its PET operation in Durban and accelerated sawlog harvesting following extensive plantation
fires in the southern Cape during June 2017. Accounts receivable increased by R361 million mainly as a result of longer-dated payments
for exports of PET. Accounts payable increased by R72 million.
Cash flow
Cash generated from operations increased by 11.8% to R3 308 million (2017: R2 958 million).
Capital expenditure
Replacement capital expenditure continues to be managed over time in relation to the annual depreciation charge and amounted
to R837 million for the period (net of proceeds on disposal). Expansion capital expenditure of R811 million resulted from continued
investment in the group’s asset base to drive growth and efficiency benefits. Capital expenditure was mainly directed towards expansion
of the PET plant in Durban, replacement vehicle model introductions, logistics long-haul vehicles and passenger transport vehicles.
Net asset value (NAV)
The NAV per share increased by 9.4% to 454 cents from 415 cents.
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 4% increase in the weighted
number of shares in issue when comparing to the prior year. Net interest-bearing debt decreased by R50 million to R5 727 million.
The net debt/EBITDA ratio and the EBITDA/interest cover ratio both remain well within target levels at 1.5 times and 5.5 times
respectively. This positions the company well in terms of funding future growth and expansion activities.
Global Credit Rating Co (Pty) Ltd reviewed KAP’s credit rating in October 2017 and upgraded KAP from A(za) to A+(za) with a stable outlook.
The debt structure and capacity ratios are reflected as follows:
30 Jun 2018 30 Jun 2017
Rm Rm
Interest-bearing long-term liabilities 6 922 7 307
Interest-bearing short-term liabilities 956 405
Bank overdrafts and short-term facilities - 74
Cash and cash equivalents (2 151) (2 009)
Net interest-bearing debt 5 727 5 777
EBITDA* 3 912 3 361
Net finance charges* 706 515
EBITDA: interest cover (times) 5.5 6.5
Net debt: EBITDA (times) 1.5 1.7
Gearing % 47% 52%
* From continuing operations. Safripol operations only included for six months in the prior year.
The following funding activities were concluded during the period to facilitate longer-dated maturities to accommodate future growth:
- R2 004 million raised through bond issuances, with 3 and 5-year tenures;
- R240 million bond settled at maturity;
- R1 750 million of existing term loan facilities settled; and
- the KAP bond programme increased from R5 billion to R10 billion.
The bond issuances and settlements of term facilities have resulted in an extended debt maturity profile.
CORPORATE ACTIVITY
The group concluded the following transactions during the period, in accordance with its strategy:
- The company concluded a series of transactions and funding arrangements in order to facilitate greater than 51% ‘black ownership’
and greater than 30% ‘black women ownership’ of its South African logistics operations, Unitrans Supply Chain Solutions (Pty) Ltd (USCS).
This series of transactions resulted in the following:
- Effective sale of 23.02% of USCS to a wholly owned entity of the FWG Pieters Trust.
- Effective sale of 21.98% of USCS to a wholly owned entity of the Sakhumzi Foundation Empowerment Trust.
- Acquisition by USCS of the remaining shares of Xinergistix (Pty) Ltd, resulting in it being a wholly owned subsidiary of USCS.
The details of this series of transactions were published on the Stock Exchange News Service (SENS) on 18 May 2018 and a related circular
was published on 8 June 2018. The series of transactions remain subject to approval of the competition authorities.
- 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 brands. The fair value of the assets and liabilities was R16 million,
resulting in goodwill of R32 million.
- 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% minority interests in Crystal Cool Holdings (Pty) Ltd on 1 July 2017 for R10 million in order to consolidate
and streamline operations in the contractual logistics division.
- 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
The diverse nature of the group’s operations, with exposure to various sectors, business models and currencies, and the recent investments
in organic and acquisitive expansion support the continued growth of the company.
During the last 24 months KAP has made significant investments in the expansion of its operations and concluded several acquisitions.
In addition, the company recently concluded a B-BBEE transaction in its Contractual Logistics division, which remains subject
to competition authority approval. The primary focus of management in the year ahead will therefore be on optimising its expanded
operations and growing its market share in all areas of operation in order to extract full value from these recent investments
and transactions.
Management remains optimistic that this focus will provide continued operational growth, and will result in a strong balance sheet,
sustainable earnings and good cash generation in order to facilitate future expansion activities and acquisition opportunities in terms
of its strategy.
DIVIDEND
The board of directors is pleased to announce that a gross dividend of 23 cents per share (2017: 21 cents per share) for the year
ended 30 June 2018 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 2018
SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS
Summarised consolidated income statement
Year ended Year ended
30 Jun 2018 30 Jun 2017
Audited Audited %
Notes Rm Rm change
Revenue 22 985 19 783 16
Operating profit before depreciation, amortisation
and capital items 3 912 3 361 16
Depreciation and amortisation (1 045) (862)
Operating profit before capital items 2 867 2 499 15
Capital items 1 (66) (34)
Earnings before interest, dividend income, associate
and joint venture earnings and taxation 2 801 2 465 14
Net finance charges (706) (515)
Share of profit of associate and joint venture companies 23 15
Profit before taxation 2 118 1 965 8
Taxation (508) (510)
Profit for the year from continuing operations 1 610 1 455 11
Loss for the year from discontinued operations 2 (19) (62)
Profit for the year 1 591 1 393 14
Attributable to:
Owners of the parent 1 540 1 343 15
Non-controlling interests 51 50
Profit for the year 1 591 1 393 14
From continuing and discontinued operations:
Basic earnings per ordinary share (cents) 57.7 52.2 11
Fully diluted earnings per ordinary share (cents) 57.2 51.7 11
From continuing operations:
Basic earnings per ordinary share (cents) 58.4 54.6 7
Fully diluted earnings per ordinary share (cents) 58.0 54.1 7
Additional information
Year ended Year ended
30 Jun 2018 30 Jun 2017
Audited Audited %
Rm Rm change
Note 1: Capital items
From continuing operations:
Loss on disposal of intangible assets (1) -
Loss on disposal of property, plant and equipment
and investment property (3) (36)
Gain on bargain purchase - 4
Impairments (62) (2)
(66) (34)
From discontinued operations:
Loss on disposal of property, plant and equipment
and investment property - (1)
Impairments - (34)
- (35)
(66) (69)
Note 2: Loss for the year from discontinued operations
Revenue 57 227
Operating loss before depreciation, amortisation and capital items (25) (44)
Depreciation and amortisation - (6)
Operating loss before capital items (25) (50)
Capital items - (35)
Loss before interest, dividend income, associate and joint venture
earnings and taxation (25) (85)
Net finance charges (1) (3)
Loss before taxation (26) (88)
Taxation 7 26
Loss for the year from discontinued operations (19) (62)
Note 3: Headline earnings attributable to ordinary shareholders
Earnings attributable to owners of the parent 1 540 1 343 15
Adjusted for:
Capital items (note 1) 66 69
Taxation effects of capital items (10) (19)
Non-controlling interests' portion of capital items (net of taxation) - 1
1 596 1 394 14
Note 4: Headline earnings per ordinary share
From continuing and discontinued operations:
Headline earnings per ordinary share (cents) 59.8 54.2 10
Fully diluted headline earnings per ordinary share (cents) 59.3 53.6 11
From continuing operations:
Headline earnings per ordinary share (cents) 60.5 55.6 9
Fully diluted headline earnings per ordinary share (cents) 60.0 55.1 9
Number of ordinary shares in issue (m) 2 678 2 662
Weighted average number of ordinary shares in issue (m) 2 671 2 574 4
Summarised consolidated statement of comprehensive income
Year ended Year ended
30 Jun 2018 30 Jun 2017
Audited Audited %
Rm Rm change
Profit for the year 1 591 1 393 14
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 27 (75)
Deferred taxation 12 -
Other comprehensive income/(loss) for the year 39 (75)
Total comprehensive income for the year 1 630 1 318 24
Total comprehensive income attributable to:
Owners of the parent 1 579 1 269
Non-controlling interests 51 49
Total comprehensive income for the year 1 630 1 318 24
Summarised consolidated statement of changes in equity
Year ended Year ended
30 Jun 2018 30 Jun 2017
Audited Audited
Rm Rm
Balance at beginning of the year 11 348 8 862
Changes in stated share capital
Net shares issued 17 1 456
Changes in reserves
Total comprehensive income for the year attributable to owners of the parent 1 579 1 269
Dividends paid (559) (442)
Share-based payments 61 85
Other reserve movements 22 -
Changes in non-controlling interests
Total comprehensive income for the year attributable to non-controlling interests 51 49
Dividends paid (71) (37)
Shares issued to non-controlling interests 31 3
Shares bought from non-controlling interests (2) -
Introduced and acquired on acquisition of subsidiaries - 103
Balance at end of the year 12 477 11 348
Comprising:
Stated share capital 8 791 8 774
Reverse acquisition reserve (3 952) (3 952)
Distributable reserves 6 905 5 915
Share-based payment reserve 292 274
Other reserves 119 24
Non-controlling interests 322 313
12 477 11 348
Summarised consolidated statement of financial position
30 Jun 2018 30 Jun 2017
Audited Audited
Rm Rm
ASSETS
Non-current assets
Goodwill and intangible assets 5 392 5 333
Property, plant and equipment and investment properties 12 513 11 832
Consumable biological assets 1 919 1 978
Investments in associate and joint venture companies 75 67
Investments and loans 13 11
Deferred taxation assets 68 130
Other receivables - 40
19 980 19 391
Current assets
Inventories 2 145 1 727
Accounts receivable and other current assets 4 053 3 652
Short-term loans receivable 6 3
Taxation receivable 87 93
Cash and cash equivalents 2 151 2 009
Assets classified as held for sale 82 103
8 524 7 587
Total assets 28 504 26 978
EQUITY AND LIABILITIES
Capital and reserves
Stated share capital 8 791 8 774
Reserves 3 364 2 261
12 155 11 035
Non-controlling interests 322 313
Total equity 12 477 11 348
Non-current liabilities
Interest-bearing long-term liabilities 6 922 7 307
Deferred taxation liabilities 3 141 2 928
Other long-term liabilities and provisions 113 112
10 176 10 347
Current liabilities
Accounts payable, provisions and other current liabilities 4 844 4 736
Interest-bearing short-term liabilities 956 405
Taxation payable 51 68
Bank overdrafts and short-term facilities - 74
5 851 5 283
Total equity and liabilities 28 504 26 978
Net asset value per ordinary share (cents) 454 415
Net interest-bearing debt to equity (%) 47% 52%
Fair values of financial instruments
Fair value Fair value
as at as at
30 Jun 2018 30 Jun 2017
Fair value Audited Audited
hierarchy Rm Rm
Derivative financial assets Level 2 58 6
Derivative financial liabilities Level 2 (2) (11)
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 Jun 2018 30 Jun 2017
Audited Audited
Rm Rm
Operating profit before capital items 2 867 2 499
Depreciation and amortisation 1 045 862
Operating loss before depreciation, amortisation and capital items
from discontinued operations (25) (44)
Net fair value adjustments of consumable biological assets and decrease
due to harvesting and sale of livestock 64 (4)
Other non-cash adjustments 38 28
Cash generated before working capital changes 3 989 3 341
Increase in inventories (389) (41)
Increase in receivables (352) (334)
Increase/(decrease) in payables 60 (8)
Changes in working capital (681) (383)
Cash generated from operations 3 308 2 958
Dividends received 10 10
Dividends paid (630) (479)
Net finance charges (764) (596)
Taxation paid (237) (295)
Net cash inflow from operating activities 1 687 1 598
Additions to property, plant and equipment and investment property (1 648) (2 240)
Acquisition of investments (29) (3 781)
Other investing activities (46) (62)
Net cash outflow from investing activities (1 723) (6 083)
Net cash outflow from operating and investing activities (36) (4 485)
Net cash inflow from financing activities 178 3 911
Net increase/(decrease) in cash and cash equivalents 142 (574)
Effects of exchange rate translations on cash and cash equivalents - (19)
Cash and cash equivalents at beginning of year 2 009 2 602
Cash and cash equivalents at end of year 2 151 2 009
Reconciliation of total assets per statement of financial position
to total assets per segmental analysis
30 Jun 2018 30 Jun 2017
Audited Audited
Rm Rm
Total assets per statement of financial position 28 504 26 978
Less: Investments in associate and joint venture companies (75) (67)
Less: Interest-bearing long-term loans receivable (6) (2)
Less: Deferred taxation assets (68) (130)
Less: Interest-bearing short-term loans receivable (5) (1)
Less: Taxation receivable (87) (93)
Less: Cash and cash equivalents (2 151) (2 009)
Less: Assets classified as held for sale (82) (103)
Total assets per segmental analysis 26 030 24 573
Segmental analysis
Year ended Year ended
30 Jun 2018 30 Jun 2017
Audited Audited %
Rm Rm change
Total assets
Diversified industrial 9 458 9 149 3
Diversified chemical 9 292 8 354 11
Diversified logistics 7 280 7 070 3
26 030 24 573 6
Revenue from continuing operations
Diversified industrial 6 801 6 385 7
Diversified chemical 8 018 5 467 47
Diversified logistics 8 971 8 656 4
23 790 20 508 16
Intersegment revenue eliminations (805) (725)
22 985 19 783 16
Operating profit before depreciation, amortisation and capital
items from continuing operations
Diversified industrial 1 314 1 095 20
Diversified chemical 1 061 732 45
Diversified logistics 1 537 1 534 -
3 912 3 361 16
Operating profit before capital items from continuing operations
Diversified industrial 1 100 944 17
Diversified chemical 925 672 38
Diversified logistics 842 883 (5)
2 867 2 499 15
Geographical information
Year ended Year ended
30 Jun 2018 30 Jun 2017
Audited Audited
Rm % Rm
Non-current assets
South Africa 18 685 94 18 179
Rest of Africa 1 295 6 1 212
19 980 100 19 391
Revenue from continuing operations
South Africa 20 971 91 17 978
Rest of Africa 2 014 9 1 805
22 985 100 19 783
SELECTED EXPLANATORY NOTES
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 2017.
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, 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 summarised consolidated financial statements and the full set
of consolidated financial statements for the year ended 30 June 2018 was supervised by Frans Olivier CA(SA), the group’s chief financial
officer.
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 overview’ and any reference
to future financial information included in the summarised financial information, has not been audited or reviewed. 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 2018.
Accounting policies
The accounting policies and methods of computation of the group have been applied consistently to the periods presented in the summarised
consolidated financial statements.
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.
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.
Dividend timetable
The timetable in respect of the dividend is as follows:
Day Event
Tuesday, 18 September 2018 Last day to trade
Wednesday, 19 September 2018 Shares trade ex dividend
Friday, 21 September 2018 Record date
Tuesday, 25 September 2018 Payment date
Share certificates may not be demateralised or remateralised between Wednesday, 19 September 2018 and Friday, 21 September 2018.
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 18.4 cents.
(4) The issued ordinary share capital of KAP Industrial Holdings Limited is 2 677 874 340 shares at 14 August 2018.
(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), 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: 14/08/2018 12:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
