2016 TOBACCO POOL ANNUAL COMPANIES REPORT...Deon Stoltz Snr Valuator Vaalwater (TPD) 014 755 3759...

ANNUALREPORT

2016 TOBACCO POOL

2016

INCLUDES:

OPERATIONAL COMPANIES

SHAREHOLDERS AND RELATED COMPANIES

Southern African Tobacco Producers Holdings Limited

Reg. Number: 2004/012018/06

67 Molen Street, P.O. Box 69, RUSTENBURG, 0300, North -West, South -Africa Tel.: +27 14 596 -5090/91/92/93 Fax: +27 14 596 -6419

LTP HOLDINGS (PTY) LTD

HEAD OFFICE POSITION CONTACT NUMBER: 014 596 5090 E-MAIL

Christo van Staden Managing Director (LTP/LTP Holdings) 082 806 4906 [email protected]

Banie Venter Chief Financial Officer (LTP/TPD) 082 779 1822 [email protected]

MC Dippenaar Chief Operational Officer (LTP) 083 284 4308 [email protected]

Zacharia Motsumi Human Resources Manager/Executive Director (TPD) 083 216 8842 [email protected]

Coenraad Loots Snr Risk Officer (LTP) 072 780 3410 [email protected]

Hennie Buys Relationship Manager (TPD) 082 550 2336 [email protected]

Ben Smit IT Manager (LTP) 082 463 3662 [email protected]

Jan Gebhardt IT System Administrator (LTP) 082 300 7249 [email protected]

Wessel Kok Maintenance Manager (LTP) 079 828 3580 [email protected]

Dirk Lenting Production Manager (LTP) 072 369 4641 [email protected]

Deon Stoltz Snr Valuator Vaalwater (TPD) 014 755 3759 083 289 2662 [email protected]

Sarel Haasbroek Snr Valuator Groblersdal (TPD) 013 262 3087 072 635 1682 [email protected]

MacDonald Mosinki Valuator Rustenburg (TPD) 014 596 5090 071 080 6647 [email protected]

Nellie Nkosi Data Clerk (TPD) 072 642 2488 [email protected]

Christel Willemse Tobacco Admin Manager (Green) (TPD) 082 929 9447 [email protected]

Zelda de Bruin Logistics and Tobacco Administration Manager (LTP) 076 735 9228 [email protected]

Adel Smit Safety Officer (LTP) 074 422 5378 [email protected]

Andries Smal Agronomist (TPD) 082 948 3308 [email protected]

Miemie Smuts Financial Officer (LTP/TPD) 082 719 7079 [email protected]

Karin Prinsloo Head: Creditors (LTP/TPD) 076 379 7776 [email protected]

Danie Stoltz Store Controller (LTP) 079 915 6271 [email protected]

Anske Laas Personal Assistant (LTP) 082 085 9798 [email protected]

Tobacco Agricultural Primary Co-operative Limited (“TAC”)

Corrie Fourie Hail Fund: Administrator 084 871 4132 [email protected]

LARSS (Contracted by TPD)

Anton Scholtz 083 626 8325 [email protected]

Deon Meyer 082 822 2491

Johan Riekert 082 783 1357

Henri du Plessis 082 821 9943

Dawie Geldenhuys 082 805 1283

32016 TOBACCO POOL Annual Report 2016

CONTENTSLTP Holdings (Pty) Ltd 2

Chairman’s Report 2

Message from the Managing Director 4

Limpopo Tobacco Processors (Pty) Ltd 5Directors’ Report 6

Risk and Assurance Committee Report 12

Social and Ethics Committee Report 14

Financial Statements 16

Tobacco Producer Development (Pty) Ltd 19Directors’ Report 20

Financial Statements 25

General 28Awarding of Trophies 29

Statistics 31

Financial Position of Shareholder and Related Companies 35LTP Holdings (Pty) Ltd 36

The Tobacco Producer Development Trust 37

Tobacco Development Investment Holdings (RF) (Pty) Ltd 38

Southern African Tobacco Producers Holdings Ltd 39

Directors and Management 40Limpopo Tobacco Processors (Pty) Ltd 40

Tobacco Producer Development (Pty) Ltd 41

The Tobacco Producer Development Trust 41

Southern African Tobacco Producers Holdings Ltd 42

Administrative Information 44


CHAIRMAN’S REPORT

RW OttermannChairman

The 2015/2016 season will be remembered as a very challenging period in the history of tobacco growing in South Africa. One of the most severe droughts and exceedingly high summer temperatures caused havoc in all the growing areas, seriously affecting quality and yields. These and other challenges are not new to the primary industry, but the positive manner in which they were handled, shows the character of the parties involved.

Globally the attack on the tobacco industry is fierce, and we as LTP group, will not be immune to the consequences of these challenges. Government is currently considering the implementation of plain packaging and retail display restrictions for all tobacco products. If implemented, it will have a severe effect on the local tobacco industry. Both, the primary- and secondary industries, and in particular LTP and BATSA, are working together closely to address this looming crisis.

2016 was the first year after the restructuring of LTP took place. The transition of the Flue Cured tobacco pool from LTP to Tobacco Producer Development (Pty) Ltd went smoothly. Both, the producers and staff, are comfortable with the changes. The exceptional effort of

The Board and Management are committed to continuously position the

Company strategically to ensure that tobacco producers are sustainable.


2016 TOBACCO POOL Annual Report 2016 5

management and staff to make this transition possible, can be applauded.

A pilot project was established in Skuinsdrift to develop emerging black farmers into becoming self-sustained commercial producers. The curing and handling facilities have been put in place and the first harvest was successfully cured and delivered. The drought, however, adversely affected these crops when the Marico dam ran empty during the growing season. The effective use of the limited water resources in this area must be addressed by investing in an irrigation system that is reliable and cost effective. Because of the continued drought, and no irrigation water available, no tobacco could be planted for the 2016/2017 growing season.

The Tobacco Agricultural Primary Co-operative Limited (“TAC”) has been established by tobacco growers, in collaboration with Unigro, to operate a hail protection fund. TAC has been established to reduce the hail insurance costs for producers. Many thanks to the producers participating in this hail protection pool. Although it is not a guaranteed scheme, TAC belongs to its members and they can thus amend the rules in the future. This idea can be used to pool the risks for the other crops, and even assets.

A priority of LTP is the continuous improvement of the profitability of our producers. To achieve this, the quality of tobacco produced needs to be improved and the relative costs of production reduced. LTP, in collaboration with its producers and agronomists, have an enormous task to ensure the continuous improvement of the quality of the crop. This will help to alleviate the pressure on high input costs and ultimately increase every farmer’s return on investments. BATSA has again confirmed their support for the South African industry by placing an order for a substantial portion of the 2016/2017 crop.

To keep future costs in check, it is important that the factory be continuously upgraded and that maintenance of all our assets is up to date. Any reduction in the size of the crop places an additional burden on unit costs of LTP, with interest cost being a special concern. With nearly total reliance on the support of Land Bank to finance its operations, the ever increasing value of tobacco outperforms the value of securities available from LTP. This may, in future, force the Board to reconsider alternative methods of payments to producers.

The Board Committees have in recent years made a huge contribution to ease the task of the Board and also to ensure that the Board obtains assurance that Management functions according to the approved policies and procedures.

The Board and Management are committed to continuously position the Company strategically to ensure that tobacco producers are sustainable.

I wish to thank my fellow directors, management, staff, producers, buyers, service providers and suppliers for your contribution to the successful completion of the 2016 crop.

May 2017 be a blessed season for everybody.


29 March 2017


C van StadenManaging Director

The 2015/2016 tobacco crop was without doubt the most difficult crop to process and to market since the existence of LTP. Extremely unfavourable growing conditions with little rain and very high day temperatures in all the production areas has caused nicotine levels of all plant positions to be outside the prescribed specifications set by the industry. This meant that a significant amount of tobacco produced was not fit for sale. Some cultivars have handled the conditions better than others but the use of too much nitrogen has only worsened the situation.

British American Tobacco South Africa (BATSA) has placed an order for 90% of the crop, but LTP could only manage to sell 70% of the crop to BATSA. Tobacco Traders has bought almost 15% of LTP’s crop, the most in recent times, a trend that will continue in the future with the establishment of alternative markets. The balance of the crop was packed as stock, expecting to market it over the next two years.

These events further more increased the pressure on the economic viability of tobacco production and is reflected in the decline (3,732 – 3,210) of planned hectares for 2016/2017. This drift is a major concern for the Board and Management. Fortunately BATSA has once again confirmed their support for the local industry by approving a 15% increase in sales prices for 2016/2017 with an order of 95% of the total crop, considering a larger global tobacco crop and a weaker US$ against other relevant currencies. With BATSA’s support, coupled with better growing conditions and an increase in dam and river levels, management expects that the 2016/2017 crop year might be a record year for LTP, if producers best utilize the circumstances and produce and deliver a top quality crop.

C van StadenManaging Director29 March 2017

BATSA has once again confirmed their support for the

local industry by approving a 15% increase in sales prices

for 2016/2017 with an order of 95% of the total crop,

considering a larger global tobacco crop and a weaker US$

against other relevant currencies

Message from theMANAGING DIRECTOR



LIMPOPO TOBACCO PROCESSORS (PTY) LTD

DIRECTORS’ REPORT

1. Review of activitiesThe Company is processing and marketing Flue Cured tobacco. The tobacco is procured from Tobacco Producer Development (Pty) Ltd (“TPD”). The Company fills orders received by tobacco buyers and also processes non-pool tobacco.

Limpopo Tobacco Processors (Pty) Ltd (“LTP”) and Tobacco Producer Development (Pty) Ltd (“TPD”) are developing emerging producers. The aim is to have black farmers produce a substantial portion of the South African Flue Cured tobacco crop. The current drought has delayed the project to develop emerging producers with at least one year.

2. Activities of the operating company and holding company

LTP Holdings (Pty) Ltd

This Company is the holding company and also the founder company of The Tobacco Producer Development Trust.

After the successful transformation of LTP, the structure is as follows:

The Directors submit their report for the year ended 31 December 2016.

100%

ordin

ary

shar

es

100%

THE TOBACCO PRODUCER

DEVELOPMENT TRUSTREG NO: IT003829/2015T

TOBACCO DEVELOPMENT INVESTMENT HOLDINGS

(RF) (PTY) LTDREG NO: 2015/427853/07

AFGRI OPERATIONS (PTY) LTD

REG NO: 1995/005872/07

SOUTHERN AFRICAN TOBACCO PRODUCERS

HOLDINGS LTD REG NO: 2004/012018/06


Reg. Number: 2004/012018/06


TOBACCO PRODUCER DEVELOPMENT (PTY) LTD

REG NO: 2015/441055/07LIMPOPO TOBACCO

PROCESSORS (PTY) LTDREG NO: 1998/020096/07

LTP HOLDINGS (PTY) LTDREG NO: 2003/012696/07

13.5%

ordin

ary

shar

es

ordin

ary

shar

es

43.25

%

ordin

ary

shar

es

43.25

%

ordin

ary

shar

es

100%

prefe

rent

ial

shar

es

60%

ordin

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shar

es

40%

prefe

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ial

shar

es


Limpopo Tobacco Processors (Pty) Ltd

The Company is a 60% subsidiary of LTP Holdings (Pty) Ltd.

The Company’s main income source is from the processing of tobacco and the rental of property.

From 2016 TPD facilitates the tobacco pool for the South African Flue Cured tobacco producers.

The tobacco pool is season driven, which commences in January/February of each year after the first tobacco has been delivered.

The pool is finalised as soon as all the tobacco has been sold and the debtors have been recovered, as well as all other transactions of that pool are completed. To finalise a pool, it may be necessary to “sell” surplus tobacco to the next pool. The value of any surplus tobacco is calculated at 90% of the current selling price. Provision for interest cost to carry the stock will also be created against the current pool. Any profits/losses regarding the sales of this surplus tobacco will be for the next pool. The finalisation of the pool usually occurs by the end of February of the following year.

The Company also buys or processes tobacco from other companies and this business is used for creation of reserves, to support the pool and to increase thru-put. The Board of Directors aims to create reserves to the amount of at least 1% of pool turnover.

The Company also processes tobacco (Dark Air Cured tobacco) from Universal Leaf South Africa to increase the thru-put and therefore decreases unit cost.

Social responsibility

The Tobacco Producer Development Trust has received an ex-gratia amount from the tobacco pool through TPD of R226 285. The Trust will use the funds for bursaries and/or training of agricultural students or new emerging producers.

Sun Cured tobacco

LTP’s direct input to previously disadvantage small scale farmers to produce Sun Cured tobacco and other crops total R5 256 742 for 2016 (2015: R7 292 209).

Mentor fees of R280 846 were paid to Mobile Agri Skills Development & Training (NPC) (“MASDT”) to make a contribution to the remuneration of specific persons that gave training to the Sun Cured producers.

LTP’s indirect contribution for 2016 were:

• Interest subsidization: R604 525

• Processing cost subsidization: R297 696

Emerging farmers: Flue Cured tobacco

LTP’s direct cost associated with the establishment of Flue Cured tobacco producers in Skuinsdrift amounts to R2 377 260 (2015: R1 112 957).

Capital expenditure to date is R3 057 384.

Any new plantings and development will take place under the stewardship of TPD.

General

The processing results of LTP and the pool results of TPD will be reflected in the Directors’ report and the operating results will be reflected in the financial statement.

The consolidated FCV tobacco pool will not be finalised, due to the reporting date of 31 December 2016.

The outstanding price adjustment (LTP) and outstanding deferred payments will be reflected as a pool creditor in the annual financial statements of TPD. The costs to finalise the pool will also be reflected as pool creditors in either LTP’s or TPD’s annual financial statements.

The 2015 pool was finalised and closed on 29 February 2016.


3. Accountsreflectingthepoolresultsinthedifferentcompanies2016 Flue Cured consolidated pool:

2016 Flue Cured Pool (willbefinalised28February2017)

2016 POOL2015 POOL

(FINAL)31 Dec 2016

R

28 Feb 2017

R

29 Feb 2016

R

Turnover R 453 372 375 R 563 767 591 R 568 215 897Inventory - BATSA R 110 395 216 - -Inventory – Surplus inventory carried over to 2017 / 2016 pool R 97 112 038 R 97 112 038 R 34 689 809Total expected pool turnover R 660 879 629 R 660 879 629 R 602 905 706

Minus : Payments and costs R 621 542 405 R 660 879 629 R 602 905 706 - Advance payments and direct pool costs R 518 301 683 R 518 301 683 R 463 721 133 - Processing costs R 63 903 498 R 63 903 498 R 59 887 111 - Deferred payments settled before year-end R 39 337 224 R 78 674 448 R 79 297 462Provision for additional deferred payments R 39 337 224 - -

Statistics

Tobacco received 2016 2015Producers 11 314 244 kg 10 952 058 kgExternal companies 1 676 610 kg 1 327 201 kgTotal thru-put 12 990 854 kg 12 279 259 kg

Unit cost R/kg % R/kg %Advance payments 36,35 34,93Expected deferred payments 6,95 19,20% 7,24 20,73%Processing costs 4,92 4,88

Total payment to producers R R/kg R R/kgAdvance payments 411 262 093 36,35 382 547 927 34,93Deferred payments 78 674 448 6,95 79 297 340 7,24Total payments 489 936 541 43,30 397 122 382 42,17

LIMPOPO TOBACCO PROCESSORS (PTY) LTDDIRECTORS’ REPORT (continued)


2016 Sun Cured Tobacco Pool kg R31 Dec 2016

RSales SCV (Sun Cured) R6 685 674Recovery costs R 645 880Total income R7 331 554less :Advance payments 140 423 R 26,33 R3 696 857Deferred payments R1 655 627Shortfall on loans R 869 643Processing fees R 526 587Mentorship fees/ training R 280 846Direct pool cost R 301 994Total expenses R 7 331 554Net profit/(loss) -

The SCV growing project is a project between Limpopo Tobacco Processors (Pty) Ltd (LTP), MASDT and British American Tobacco South Africa (Pty) Ltd (BATSA) to assist small scale farmers to become commercial farmers.

All 2016 loans to Sun Cured producers are paid after the sales of the tobacco and receiving funds from debtors.

4. Tobacco receiving statistics: Flue Cured tobacco poolTobacco received in 2016 per region

Region Hectares kg Advance value R/kgLoskop 2 025 5 728 798 R 194 152 079 R 33,89Lowveld 143 401 282 R 14 930 613 R 37,21Waterberg 1 237 4 257 514 R 171 084 270 R 40,18North West 372 926 650 R 31 095 131 R 33,56Total 3 777 11 314 244 R 411 262 093 R 36,35

Tobacco received in 2015 per region

Region Hectares kg Advance value R/kgLoskop 2 041 5 615 639 R 186 463 234 R 33,20Lowveld 152 440 429 R 16 256 112 R 36,91Waterberg 1 377 4 233 399 R 157 799 793 R 37,27North West 256 662 591 R 22 028 788 R 33,25Total 3 826 10 952 058 R 382 547 927 R 34,93


2016 Flue Cured Pool – LTP price adjustment statement. (as per agreement between TPD and LTP)

(willbefinalised28February2017)

2016 Price adjustment statement

31 Dec 2016

R

29 Feb 2016

R

Turnover R 453 353 991 R 563 749 207Payment from TPD R 16 450 484 R 16 450 484Inventory - BATSA R 110 395 216 -Inventory – Surplus inventory carried over to 2017 pool R 97 112 038 R 97 112 038Total expected turnover R 677 311 729 R 677 311 729

Minus : Payments and costs R 643 311 729 R 677 311 729 - Cost of sales R 556 323 677 R 556 323 677 - Processing costs R 52 988 052 R 52 988 052 - Price adjustments settled before year-end R 34 000 000 R 68 000 000Provision for additional price adjustments R 34 000 000 -

5. Events after the reporting period

The Directors are not aware of any matter or circumstance arising since the end of the financial year.

6. Share capitalNo additional shares were issued.

LTP Holdings (Pty) Ltd’s shareholding:

LTP Holdings (Pty) Ltd has an authorized share capital of 200 000 000 shares of non-par value.

Both AFGRI Operations (Pty) Ltd (AFGRI) and Southern African Tobacco Producers Holdings Ltd (SATPH) hold 43 025 100 ordinary shares of non-par value in LTP Holdings (Pty) Ltd (43.25% each).

Tobacco Development Investment Holdings (RF) (Pty) Ltd (“TDIH”) holds 13 424 400 ordinary shares of non-par value (13.5%).

LTP Holdings (Pty) Ltd has issued 99 474 600 of their authorised shares of 200 000 000.

Limpopo Tobacco Processors (Pty) Ltd’s shareholding:

Limpopo Tobacco Processors (Pty) Ltd’s authorized ordinary shares are in total 100 000 000 ordinary shares of non-par value.

LTP Holdings (Pty) Ltd currently holds 18 000 000 shares (60%) of the issued 30 000 000 shares.

TDIH holds 12 000 000 (40%) of the issued shares in Limpopo Tobacco Processors (Pty) Ltd.

Limpopo Tobacco Processors (Pty) Ltd authorized 100 000 preferred shares with non-par value.

1 000 Preferred shares of Limpopo Tobacco Processors (Pty) Ltd at R86 034.38 each were issued to LTP Holdings (Pty) Ltd.

Currently Limpopo Tobacco Processors (Pty) Ltd’s black shareholding is 54.95%.

LIMPOPO TOBACCO PROCESSORS (PTY) LTDDIRECTORS’ REPORT (continued)


The percentage of black shareholding is calculated as follows:

Since AFGRI Operations (Pty) Ltd currently has a 26.39% black shareholding according to B-BBEE certificate, it contributes 6.85% to LTP’s black shareholding (43.25% x 60% x 26.39%).

The 13.5% shareholding of TDIH in LTP Holdings (Pty) Ltd, contributes 8.10% to LTP’s black shareholding (13.5% x 60%).

TDIH’s direct shareholding in LTP is 40%.

7. DividendsNo dividends were declared to shareholders in LTP Holdings (Pty) Ltd.

8. DirectorsThe Directors of both companies during the year and to the date of this report are as follows:

RepresentAppointment

dateRW Ottermann (Chairman)

SATPH 25/09/2008

MJ Prinsloo AFGRI 25/09/2008GJ Geel AFGRI 27/02/2012NP Kok SATPH 19/06/2015ZF van der Merwe Independent

Director25/09/2008

MD Shikwinya Independent Director

20/11/2015

JJ Heshu TDIH 25/11/2016C van Staden Managing

Director25/09/2008

Mr. F Koor resigned on 8 August 2016 as Director. Mr. JJ Heshu replaced Mr. Koor and represents TDIH.

9. Company Secretary and Chief FinancialOfficer

The Company Secretary and Chief Financial Officer is BJ de W Venter.

10. Holding companyLTP Holdings (Pty) Ltd is not a subsidiary of a holding company.

11. AuditorsMazars Gauteng will continue to be the auditors according to Section 90 of the Companies Act 71 of 2008.

12. Liquidity and solvencyThe Directors have performed the required liquidity and solvency tests required by the Companies Act 71 of 2008.

Rustenburg29 March 2017


This report by the Risk and Assurance Committee (the RA Committee), as appointed by the Board of LTP Holdings (Pty) Ltd in respect of the year under review, is prepared in accordance with the recommendations of King III and the requirements of the Companies Act (No 71 of 2008) and describes how the committee has discharged its statutory duties in terms of the Companies Act in respect of the financial year ended 31 December 2016.

COMMITTEE MEMBERS AND ATTENDANCE OF MEETINGS

The committee comprises of one non-executive director, Mr Johan Geel, who is appointed as Chairman, the Managing Director, Chief Financial Officer, Snr Risk Officer, IT Manager and IT System Administrator.

In terms of the Committee’s charter, at least two meetings should be held annually.

Composition of the Committee

Committee member

Number of

meetings held

Number of

meetings attended

Johan Geel (Chairman) 2 2Christo van Staden 2 2Banie Venter 2 2Coenraad Loots 2 2Ben Smit 2 2Jan Gebhardt 2 2

Representatives of WMW (internal auditors) and Mazars Gauteng (external auditors) attended both meetings.

The Chairman of the Board also attended the meeting held on 10 November 2016 on invitation.

ROLE AND RESPONSIBILITIES

The primary objective of the committee is to provide assurance to the Board of Directors on the total LTP Group of Companies’ risk, control and compliance framework, and each company’s financial statement responsibilities.

The committee has the responsibility for ensuring the integrity of the financial reporting process, the risk management control process, internal reporting and control, management of strategic, financial and operational risks and the external audit process based on sound principles of accountability, transparency and responsibility.

To coordinate the audits, risk management and assurance activities.

The committee is satisfied that it has fulfilled all of its duties during the financial year under review, as further below.

Statutory duties

In the conduct of its duties, the committee has performed the following statutory duties:

LIMPOPO TOBACCO PROCESSORS (PTY) LTDRISK AND ASSURANCE COMMITTEE REPORTto the Board of LTP Holdings (Pty) Ltd

GJ GeelChairman of the Risk and

Assurance Committee


- ensured that the appointment of the external and internal auditors comply with the provisions of the Companies Act and any other legislation relating to the appointment of auditors;

- determined the nature and extent of the internal auditor ‘s scope;

- determined the fees to be paid to both the internal and external auditors and their terms of engagement.

External audit

The committee is satisfied that the external auditor, Mazars Gauteng, is independent of the Companies and is thereby able to conduct their audit functions without any influence from the Companies. Partners in Mazars Gauteng rotated during the year as per new legislation.

Internalfinancialcontrolandaccountingsystems

The committee is responsible for assessing the systems of internal financial controls and accounting systems of all the Companies. In this regard the committee has evaluated reports on the effectiveness of the systems of internal financial controls conducted by the internal auditor WMW, considered information provided by management and received feedback from the external auditors after the audit which took place.

The committee is of the opinion that the systems of internal financial controls are effective and that the internal auditors in future concentrate more on PAYE, VAT and specific internal financial controls.

ExpertiseandexperienceofChiefFinancialOfficerandfinancefunction

The committee has satisfied itself that the Company’s CFO has appropriate expertise and experience to fulfill his role. The committee is further satisfied with the appropriateness of the expertise and the adequacy of resources of the Company’s finance function and its experience.

Financial statements and ongoing concern

The committee has reviewed the financial statements of the Companies and is satisfied that they comply with International Financial Reporting Standards and the Companies Act, and that the accounting policies used are appropriate.

Management confirms that orders received, financing from Land Bank and contracts with producers (with TPD) are in place and therefore the Companies will all be ongoing concerns in the foreseeable future.

Risk Management

A comprehensive risk evaluation of all the Companies’ risks was done. Action plans were drawn up and are monitored by the committee.

Additional risks that emerged after the analysis conducted in August 2016, was brought to the attention of the board and the necessary action plans is set up.

Internal audit

WMW executes the internal audit functions for the Companies.

IT Steering Committee

This committee is a sub-committee of the Risk and Assurance Committee and discusses IT policy, audits and service level agreements. Cybercrime increases worldwide and therefor penetration tests will again be conducted in 2017.

Recommendationofthefinancialstatementsforapproval by the Board

The committee has reviewed and considered the financial statements of all the companies, and has recommended it for approval by the Board.

GJ GeelChairman of the Risk and Assurance Committee


MJ PrinslooChairman of the Social and Ethics Committee

The Social and Ethics Committee (the SE Committee) assists the Board in monitoring LTP Group of Companies’ performance as a good and responsible corporate citizens. This report by the SE Committee is prepared in accordance with the requirements of the Companies Act (No 71 of 2008) and describes how the committee has discharged its statutory duties in terms of the Companies Act in respect of the financial year ended 31 December 2016.

COMMITTEE MEMBERS AND ATTENDANCE OF MEETINGS

The committee comprises of one non-executive director, Mr Tinus Prinsloo, which is appointed as Chairman, the Managing Director, Chief Operational Officer, Snr Risk Officer, Safety Officer, Executive Director – TPD, Relations Manager, Tobacco Admin Manager (Green) - TPD and Chief Agronomist.

In terms of the Committee’s charter, at least two meetings should be held annually.

Composition of the Committee

Committee member

Number of

meetings held

Number of

meetings attended

Tinus Prinsloo (Chairman) 2 2Christo van Staden 2 2MC Dippenaar 2 2Coenraad Loots 2 2Adel Smit 2 2Zacharia Motsumi 2 2Christel Willemse 2 2Hennie Buys 2 2Anton Scholtz 2 2

The Chief Financial Officer, Banie Venter, attended the meetings as per invitation.

ROLE AND RESPONSIBILITIES

The SE Committee’s role and responsibilities are governed by a formal charter as approved by the Board. The charter is subject to an annual review by the Board.

The purpose of the SE Committee is to monitor LTP Group of Companies’ activities with regards to the following four pillars of STP:

- Environment

- People

- Crop

- Facilities

Governance is the foundation of these pillars and incorporates the management processes that must be put in place to successfully implement Sustainable Tobacco Programme (STP).

LIMPOPO TOBACCO PROCESSORS (PTY) LTDSOCIAL AND ETHICS COMMITTEE REPORT


ACTIVITIES OF THE COMMITTEE

The meetings that were held, focused on STP that replaced SRTP.

The meetings also focused on the following:

• Amendment of the charter;

• Skuinsdrift pilot project – capital, drought and planning of next crop;

• Developing of black emerging farmers;

• Possible out-phasing of Sun Cured tobacco and migration to Flue Cured tobacco;

• BEE Roadmap;

• STP;

• EE plan; and

• Restructuring of the LTP group.

Minutes of the meetings are available on request.

MJ PrinslooChairman of the Social and Ethics Committee


Statement of Financial Position as at 31 December 2016Figures in Rand 2016 2015

AssetsNon-Current AssetsProperty, plant and equipment 141,476,328 141,983,963 Investment property 4,075,000 4,075,000

145,551,328 146,058,963

Current AssetsInventories 211,459,928 271,915,357 Trade and other receivables 17,304,259 6,128,660 Other financial assets 1,014,265 - Cash and cash equivalents 142,774,236 29,805,683

372,552,688 307,849,700 Total Assets 518,104,016 453,908,663

Equity and LiabilitiesEquityShare capital 87,198,797 87,198,797 Reserves 663,636 1,327,272 Retained income 3,559,449 1,750,326

91,421,882 90,276,395

LiabilitiesNon-Current LiabilitiesLoans from group companies 55,079,432 55,082,916 Finance lease liabilities 469,176 599,236 Deferred tax 25,313,083 19,589,957

80,861,691 75,272,109 Current LiabilitiesTrade and other payables 44,185,959 46,532,554 Other financial liabilities 301,500,115 241,705,958 Finance lease liabilities 134,369 121,647

345,820,443 288,360,159 Total Liabilities 426,682,134 363,632,268 Total Equity and Liabilities 518,104,016 453,908,663

LIMPOPO TOBACCO PROCESSORS (PTY) LTDFINANCIAL STATEMENTSfor the year ended 31 December 2016


StatementofProfitorLossandOtherComprehensiveIncomeFigures in Rand 2016 2015

Revenue 692,858,323 616,652,393 Cost of sales (653,553,688) (552,773,365)Grossprofit 39,304,635 63,879,028

Other income 42,725,403 20,421,895 Operating expenses (60,110,647) (67,883,535)Operatingprofit 21,919,391 16,417,388

Investment revenue 3,340,281 2,136,220 Finance costs (18,391,059) (14,302,143)Profitbeforetaxation 6,868,613 4,251,465 Taxation (5,723,126) (27,992)Profitfortheyear 1,145,487 4,223,473

Other comprehensive income:Itemsthatwillnotbereclassifiedtoprofitorloss:Gains and losses on property revaluation 12,656,427 Other comprehensive income for the year net of taxation - 12,656,427 Total comprehensive income for the year 1,145,487 16,879,900


Statement of Cash FlowsFigures in Rand 2016 2015

CashflowsfromoperatingactivitiesCash receipts from customers 681,685,755 611,810,766 Cash paid to suppliers and employees (609,219,459) (611,398,641)

Cash generated from operations 72,466,296 412,125

Interest income 3,340,281 2,136,220 Finance costs (18,319,238) (14,288,913)Net cash from operating activities 57,487,339 (11,740,568)

CashflowsfrominvestingactivitiesPurchase of property, plant and equipment (3,106,035) (5,492,909)Sale of property, plant and equipment - 267,405 Loans advanced to group companies (3,484) (22,541)Loan advanced (1,014,265) - Net cash from investing activities (4,123,784) (5,248,045)

CashflowsfromfinancingactivitiesProceeds on share issue - 18,541 Loans received 59,794,157 - Loans repaid - (42,217,244)Finance lease payments (189,159) (13,231)Netcashfromfinancingactivities 59,604,998 (42,211,934)

Total cash movement for the year 112,968,553 (59,200,547)Cash at the beginning of the year 29,805,683 89,006,230 Total cash at end of the year 142,774,236 29,805,683

LIMPOPO TOBACCO PROCESSORS (PTY) LTDFINANCIAL STATEMENTSfor the year ended 31 December 2016 (continued)


The Directors submit their report for the year ended 31 December 2016.

1. Review of activitiesThe Company is engaged in obtaining Flue Cured tobacco from producers, where after the tobacco is processed and marketed by Limpopo Tobacco Processors (Pty) Ltd.

Furthermore, Tobacco Producer Development (Pty) Ltd (“TPD”) and Limpopo Tobacco Processors (Pty) Ltd (“LTP”) are committed to develop emerging producers up to the level of commercial producers, so that within the next decade, a substantial portion of the South African Flue Cured tobacco will be delivered by black producers.

The current drought has postponed the project to develop emerging producers with at least one year.

2. Activities of the operating, holding entity (Trust) and founder company

LTP Holdings (Pty) Ltd

This Company is the founder company of The Tobacco Producer Development Trust (“TPD Trust”).

After the successful transformation of LTP, the structure is as follows:

100%

ordin

ary

shar

es

100%

THE TOBACCO PRODUCER

DEVELOPMENT TRUSTREG NO: IT003829/2015T

TOBACCO DEVELOPMENT INVESTMENT HOLDINGS

(RF) (PTY) LTDREG NO: 2015/427853/07

AFGRI OPERATIONS (PTY) LTD

REG NO: 1995/005872/07

SOUTHERN AFRICAN TOBACCO PRODUCERS

HOLDINGS LTD REG NO: 2004/012018/06


Reg. Number: 2004/012018/06



REG NO: 2015/441055/07LIMPOPO TOBACCO

PROCESSORS (PTY) LTDREG NO: 1998/020096/07

LTP HOLDINGS (PTY) LTDREG NO: 2003/012696/07

13.5%

ordin

ary

shar

es

ordin

ary

shar

es

43.25

%

ordin

ary

shar

es

43.25

%

ordin

ary

shar

es

100%

prefe

rent

ial

shar

es

60%

ordin

ary

shar

es

40%

prefe

rent

ial

shar

es


DIRECTORS’ REPORT


The Tobacco Producer Development Trust

The Tobacco Producer Development Trust (“TPD Trust”) is the holding entity of Tobacco Development Investment Holdings (RF) (Pty) Ltd (“TDIH”) and Tobacco Producer Development (Pty) Ltd (“TPD”). The TPD Trust receives an ex-gratia amount from TPD to assist agronomy students or emerging farmers with bursaries and/or training.

Tobacco Producer Development (Pty) Ltd (“TPD”)

The Company is a 100% subsidiary of The Tobacco Producer Development Trust.

The Company’s main income source is from the purchasing of tobacco from both commercial and emerging producers. TPD facilitates since 2016 the tobacco pool for the South African Flue Cured tobacco producers. The tobacco pool is season driven, which commences in January/February of each year after the first tobacco has been delivered.

The pool is finalised as soon as all the tobacco has been sold and the debtors have been recovered, as well as all other transactions of that pool. A price adjustment according to the rules stated in the contracts between the two companies is then paid from Limpopo Tobacco Processors (Pty) Ltd (“LTP”) to Tobacco Producer Development (Pty) Ltd (“TPD”). The finalisation of the pool usually occurs by the end of February of the following year.

Social responsibility

The Tobacco Producer Development Trust has received an ex-gratia amount from the tobacco pool through TPD of R226 285. The TPD Trust will use the funds for bursaries and/or training of agricultural students or new emerging producers.

Emerging farmers: Flue Cured tobacco

TPD’s direct cost associated with the establishment of Flue Cured tobacco producers in Skuinsdrift amounts to R126 738.

R1 144 500 will be spend in 2017 on stabilising the irrigation needs on the project.

Agronomy services: all producers

R2 604 167 was spend on agronomy services. Most of the agronomist’s time were used in training farm workers.

General

The pool results of consolidated FCV 2016 tobacco pool will be reflected in the Directors’ report and the operating results will be reflected in the financial statement.

The pool will not be finalised, due to the reporting date of 31 December 2016.

The outstanding price adjustment from LTP will be reflected as a pool debtor and outstanding deferred payments will be reflected as a pool creditor on the annual financial statements of TPD. The costs to finalise the pool will also be reflected as pool creditors in either LTP’s or TPD’s annual financial statements.


3. Accountsreflectingthepoolresultsinthedifferentcompanies2016 Flue Cured pool:

2016 Flue Cured Pool (willbefinalised28February2017)

2016 POOL2015 POOL

(FINAL)31 Dec 2016

R

28 Feb 2017

R

29 Feb 2016

R

Turnover R 453 372 375 R 563 767 591 R 568 215 897Inventory - BATSA R 110 395 216 - -Inventory – Surplus inventory carried over to 2017 / 2016 pool

R 97 112 038 R 97 112 038 R 34 689 809

Total expected pool turnover R 660 879 629 R 660 879 629 R 602 905 706

Minus : Payments and costs R 621 542 405 R 660 879 629 R 602 905 706 - Advance payments and direct pool costs R 518 301 683 R 518 301 683 R 463 721 133 - Processing costs R 63 903 498 R 63 903 498 R 59 887 111 - Deferred payments settled before year-end R 39 337 224 R 78 674 448 R 79 297 462Provision for additional deferred payments R 39 337 224 - -

Statistics

Tobacco received 2016 2015Producers 11 314 244 kg 10 952 058 kgExternal companies 1 676 610 kg 1 327 201 kgTotal thru-put 12 990 854 kg 12 279 259 kg

Unit cost R/kg % R/kg %Advance payments 36,35 34,93Expected deferred payments 6,95 19,20% 7,24 20,73%Processing costs 4,92 4,88

Total payment to producers R R/kg R R/kgAdvance payments 411 262 093 36,35 382 547 927 34,93Deferred payments 78 674 448 6,95 79 297 340 7,24Total payments 489 936 541 43,30 397 122 382 42,17

TOBACCO PRODUCER DEVELOPMENT (PTY) LTDDIRECTORS’ REPORT(continued)


4. Tobacco receiving statistics: Flue Cured tobacco poolTobacco received in 2016 per region

Region Hectares kgAdvance

value R/kgLoskop 2 025 5 728 798 R 194 152 079 R 33,89Lowveld 143 401 282 R 14 930 613 R 37,21Waterberg 1 237 4 257 514 R 171 084 270 R 40,18North West 372 926 650 R 31 095 131 R 33,56Total 3 777 11 314 244 R 411 262 093 R 36,35

Tobacco received in 2015 per region

Region Hectares kgAdvance

value R/kgLoskop 2 041 5 615 639 R 186 463 234 R 33,20Lowveld 152 440 429 R 16 256 112 R 36,91Waterberg 1 377 4 233 399 R 157 799 793 R 37,27North West 256 662 591 R 22 028 788 R 33,25Total 3 826 10 952 058 R 382 547 927 R 34,93

5. Events after the reporting period

The Directors are not aware of any matter or circumstance arising since the end of the financial year.

6. Share capitalNo additional shares were issued.

LTP Holdings (Pty) Ltd.’s (as founder) shareholding:

LTP Holdings (Pty) Ltd has an authorized share capital of 200 000 000 shares of non-par value.

TDIH holds 13 424 400 (13.5%) and SATPH and AFGRI Operations (Pty) Ltd each 43 025 100 (43.25%) of the issued ordinary shares of non-par value in LTP Holdings (Pty) Ltd.

LTP Holdings (Pty) Ltd has issued 99 474 600 of their authorised shares of 200 000 000.

Tobacco Development Investment Holdings (RF) (Pty) Ltd.’s (“TDIH”) shareholding:

TDIH holds 13 424 400 (13.5%) of the issued ordinary shares of non-par value in LTP Holdings (Pty) Ltd.

TDIH holds 12 000 000 (40%) of the issued shares in Limpopo Tobacco Processors (Pty) Ltd.

7. DividendsNo dividends were declared to The Tobacco Producer Development Trust or Tobacco Development Investments Holdings (RF) (Pty) Ltd.


8. DirectorsThe Directors of the company during the year and to the date of this report are as follows:

RepresentAppointment

dateZP Motsumi (Executive Director)

TPD Trust 09/12/2015

J Mashishi-Ntsime (Non-Executive Director)

TPD Trust 10/12/2015

9. Company Secretary and Chief FinancialOfficer

The Company Secretary and Chief Financial Officer is BJ de W Venter.

10. Holding entityThe Tobacco Producer Development Trust is the holding entity of Tobacco Producers Development (Pty) Ltd and Tobacco Development Investment Holdings (RF) (Pty) Ltd.

11. AuditorsMazars Gauteng will continue in office with Section 90 of the Companies Act 71 of 2008.

12. Liquidity and solvencyThe Directors have performed the required liquidity and solvency tests required by the Companies Act 71 of 2008.

Rustenburg29 March 2017

TOBACCO PRODUCER DEVELOPMENT (PTY) LTDDIRECTORS’ REPORT(continued)


Statement of Financial Position as at 31 December 2016Figures in Rand 2016

Assets

Non-Current AssetsIntangible assets 10,000 Deferred tax 75,470 85,470

Current AssetsTrade and other receivables 34,638,183 Other financial assets 836,423 Cash and cash equivalents 4,815,424 40,290,030 Total Assets 40,375,500

Equity and Liabilities

EquityShare capital 10 Retained income 81,463

81,473

Liabilities

Current LiabilitiesTrade and other payables 40,186,878 Current tax payable 107,149

40,294,027 Total Equity and Liabilities 40,375,500

FINANCIAL STATEMENTSfor the year ended 31 December 2016



StatementofProfitorLossandOtherComprehensiveIncomeFigures in Rand 2016

Revenue 575,696,067 Cost of sales (545,940,019)Grossprofit 29,756,048 Other operating income 831,203 Other operating expenses (30,484,179)Operatingprofit 103,072

Investment income 11,428 Finance costs (1,358)Profitbeforetaxation 113,142 Taxation (31,679)Profitfortheyear 81,463 Other comprehensive income - Total comprehensive income for the year 81,463

FINANCIAL STATEMENTSfor the year ended 31 December 2016 (continued)


Statement of Cash FlowsFigures in Rand 2016

Cashflowsfromoperatingactivities Cash generated from operations 5,651,767 Interest income 11,428 Finance costs (1,358)Net cash from operating activities 5,661,837 Cashflowsfrominvestingactivities Purchase of other intangible assets (10,000)Loan advanced (836,423)Net cash from investing activities (846,423) CashflowsfromfinancingactivitiesProceeds on share issue 10

Total cash movement for the year 4,815,424 Total cash at end of the year 4,815,424


GENERAL


Agronomy Trophy

Uitval Landgoed (WA Stegmann)

Left to right: Christo van Staden, Elsabé Stegmann, Willie Stegmann and Anton Scholtz

Left to right: René Stegmann, Willie Stegmann and Elsabé Stegmann

This farm was used by the Agronomy Department for many years

to do tobacco research work

GENERALAwarding ofTROPHIES


Special Awardto

Banie Venter

for his leadership role in the successful restructuring of LTP

Left to right: Christo van Staden and Banie Venter.

GENERALAwarding ofTROPHIES (continued)


TOBACCO PURCHASING: PRODUCERSkg R/kg

2012 13,459,765 R 24.68Lowveld 1,047,474 R 26.42Loskop 6,164,435 R 22.40North West 1,346,722 R 23.56Waterberg 4,901,134 R 27.49

kg R/kg

2013 12,342,168 R 28.97Lowveld 816,029 R 31.34Loskop 5,857,050 R 25.46North West 888,168 R 27.95Waterberg 4,780,921 R 33.06

kg R/kg


kg R/kg


kg R/kg


STATISTICS


UNIT COSTSYEAR THRU-PUT (kg) COSTS (R) COST/kg

2012 14,695,325 R 60,608,796 R 4.12 2013 13,705,218 R 62,149,803 R 4.53 2014 12,206,640 R 53,359,016 R 4.37 2015 12,279,259 R 59,887,233 R 4.88 2016 12,990,854 R 63,903,498 R 4.92

AVERAGE INCOME PER HECTARE* *Hail damage claims not included

YEAR TOTAL VALUE (R) AVERAGE INCOME/ha (R)

2012 R 416,153,524 R 98,943 2013 R 432,040,612 R 106,914 2014 R 397,122,381 R 103,850 2015 R 461,845,267 R 120,712 2016 R 489,936,541 R 129,716

TOTAL VALUE RECEIVED BY PRODUCERSYEAR TOTAL VALUE (R) AVERAGE PRICE/kg (R)

2012 R 416,153,524 R 30.92 2013 R 432,040,612 R 35.01 2014 R 397,122,381 R 38.18 2015 R 461,845,267 R 42.17 2016 R 489,936,541 R 43.30

STANDARD GRADES DELIVEREDYEAR % OF CROP AVERAGE PRICE/kg (R)

2012 75.14% R 37.09 2013 71.26% R 43.21 2014 69.35% R 47.78 2015 69.98% R 52.15 2016 63.47% R 56.24

GENERALSTATISTICS (continued)


POOL TURNOVERYEAR VALUE SALES (kg) AVERAGE PRICE/kg

2012 R 542,411,643 14,695,325 R 36.91 2013 R 564,177,549 13,705,218 R 41.17 2014 R 611,322,385 12,800,640 R 47.76 2015 R 602,905,706 12,279,259 R 49.10 2016 R 660,879,629 12,990,854 R 50.87

Note: 2014 - 594 000kg processed tobacco was bought from ULSA and sold to BATSA

AVERAGE R/US$ RATE (TOTAL CROP)YEAR R/$ RATE $ GREEN PRICE / kg

2012 R 8.17 $3.78 2013 R 9.61 $3.64 2014 R 10.85 $3.52 2015 R 12.77 $3.39 2016 R 14.78 $2.93

AVERAGE R/US$ RATE (STD GRADES)YEAR R/$ RATE $ GREEN PRICE / kg

2012 R 8.17 $4.54 2013 R 9.61 $4.50 2014 R 10.85 $4.40 2015 R 12.77 $4.08 2016 R 14.78 $3.81


Summary

2012 2013 2014 2015 2016

Total crop (kg) 13 459 765 12 342 168 10 401 490 10 952 058 11 314 244

Hectares planted 4 206 4 041 3 824 3 826 3 777

Average yield (kg/ha) 3 200 3 054 2 720 2 863 2 996

Advances paid / kg R 24.68 R 28.97 R 31.03 R 34.93 R 36.35

Total value received: Producers R 416 153 524 R 432 040 612 R 397 122 381 R 461 845 267 R 489 936 541

Total Producer price / kg R 30.92 R 35.01 R 38.18 R 42.17 R 43.30

Deferred payment % 25.26% 20.84% 23.02% 20.73% 19.20%

Average income / ha * R 98 943 R 106 914 R 103 850 R 120 712 R 129 716

Total thru-put (kg) R 14 695 325 R 13 705 218 R 12 206 640 R 12 279 259 R 12 990 854

Processing fee R 60 608 796 R 62 149 803 R 53 359 016 R 59 887 233 R 63 903 498

Unit costs / kg R 4.12 R 4.53 R 4.37 R 4.88 R 4.92

Surplus / tobacco purchase and cost R 65 649 323 R 69 535 104 R 110 071 541 R 81 173 206 R 93 122 043

Total pool turnover R 542 411 643 R 564 177 549 R 611 322 385 R 602 905 706 R 660 879 629

* Hail damage claims excluded


FINANCIAL POSITION OF SHAREHOLDERS

AND RELATED COMPANIES


FINANCIAL POSITION OF SHAREHOLDERS AND RELATED COMPANIES

LTP HOLDINGS PROPRIETARY LIMITED AND SUBSIDIARY

Group CompanyFigures in Rand 2016 2015 2016 2015

Assets

Non-Current AssetsProperty, plant and equipment 141,476,328 141,983,963 - -Investment property 4,075,000 4,075,000 - -Investments in subsidiaries - - 86,040,922 86,040,922Loans to group companies 564 994 55,079,996 55,083,910

145,551,892 146,059,957 141,120,918 141,124,832

Current AssetsInventories 211,459,928 271,915,357 - -Trade and other receivables 17,304,251 6,128,665 - -Other financial assets 1,014,265 - - -Cash and cash equivalents 142,774,236 29,805,683 - -

372,552,680 307,849,705 - -Total Assets 518,104,572 453,909,662 141,120,918 141,124,832


Equity

Equity Attributable to Equity Holders of ParentShare capital 1,194 1,194 1,194 1,194Reserves 12,758,606 25,517,213 - -Retained income 133,251,884 119,809,898 141,099,724 141,103,638

146,011,684 145,328,305 141,100,918 141,104,832Non-controlling interest 470,194 12,000 - -

146,481,878 145,340,305 141,100,918 141,104,832

Liabilities

Non-Current LiabilitiesLoans from group companies 20,000 20,000 20,000 20,000Finance lease liabilities 469,176 599,236 - -Deferred tax 25,313,083 19,589,957 - -

25,802,259 20,209,193 20,000 20,000

Current LiabilitiesTrade and other payables 44,185,951 46,532,559 - -Other financial liabilities 301,500,115 241,705,958 - -Finance lease liabilities 134,369 121,647 - -

345,820,435 288,360,164 - -Total Liabilities 371,622,694 308,569,357 20,000 20,000Total Equity and Liabilities 518,104,572 453,909,662 141,120,918 141,124,832

7

Statement of Financial Position as at 31 December 2016


LTP HOLDINGS PROPRIETARY LIMITED AND SUBSIDIARY

Figures in Rand 2016

Assets

Non-Current AssetsInvestments in subsidiaries 310Loans to group companies 20,000

20,310

Current AssetsCash and cash equivalents 229,556Total Assets 249,866


EquityRetained income 10,969

Liabilities

Non-Current LiabilitiesLoans from group companies 300

Current LiabilitiesTrade and other payables 226,285Other financial liabilities 5,000Current tax payable 7,312

238,597Total Liabilities 238,897Total Equity and Liabilities 249,866

7


THE TOBACCO PRODUCER DEVELOPMENT TRUST


FINANCIAL POSITION OF SHAREHOLDERS AND RELATED COMPANIES

TOBACCO DEVELOPMENT INVESTMENT HOLDINGS (RF) (PTY) LTD

Figures in Rand 2016

Assets

Non-Current AssetsInvestments in associates 171,246Loans to group companies 300

171,546


EquityShare capital 300Retained income 116,573

116,873

Liabilities

Non-Current LiabilitiesLoans from group companies 20,152Deferred tax 34,521

54,673Total Equity and Liabilities 171,546

8



TOBACCO DEVELOPMENT INVESTMENT HOLDINGS (RF) (PTY) LTD

Figures in Rand 2016 2015 2014

Assets

Non-Current AssetsInvestments in associates 66,841,725 66,345,144 64,242,975Loans to group companies 1,601 1,601 601

66,843,326 66,346,745 64,243,576Total Assets 66,843,326 66,346,745 64,243,576


EquityShare capital 2,000 2,000 1,000Retained income 51,868,444 53,960,317 52,250,513

51,870,444 53,962,317 52,251,513

Liabilities

Non-Current LiabilitiesLoans from group companies 430 430 -Deferred tax 14,972,452 12,383,998 11,992,063

14,972,882 12,384,428 11,992,063Total Equity and Liabilities 66,843,326 66,346,745 64,243,576

8


SOUTHERN AFRICAN TOBACCO PRODUCERS HOLDINGS LTD


C van StadenManaging Director

NP KokDirector

GJ GeelDirector; Chairman of

the Risk and Assurance Committee


ZF van der MerweDirector

MJ PrinslooDirector; Chairman of the Social and Ethics Committee and the

Remuneration Committee

J J HeshuDirector

MD ShikwinyaDirector

DIRECTORS AND MANAGEMENT

BJ de W VenterChief Financial Officer Company Secretary

MC DippenaarChief Operational Officer

ZP MotsumiHuman Resources Manager


ZP MotsumiExecutive Director

BJ de W VenterCompany Secretary;

Chief Financial Officer

JH BuysRelationship Manager

JI Mashishi-NtsimeNon-Executive Director

A ScholtzHead: Agronomy

Christel WillemseTobacco Admin Manager

(Green)

JJ HeshuTrustee

ZP MotsumiTrustee

JH BuysTrust Administrator

JI Mashishi-NtsimeTrustee

BJ de W VenterTrustee



Reg. Number: 2004/012018/06


DIRECTORS AND MANAGEMENT

NP KokDirector


LP MaraisDirector

J KloppersDirector

BJ de W VenterChief Executive Officer


ADMINISTRATIVE INFORMATION

Address Limpopo Tobacco Processors (Pty) Ltd67 Molen StreetPO Box 69Rustenburg 0300

Telephone 014 596 5090/1/2/3/4

Facsimile 014 596 6419

External Auditors Mazars Gauteng (Attention: Mr Gerhard de Beer)Erasmus Forum A434 Rigel AvenueErasmusrand SouthPretoria0181Tel: 012 347 3820

Internal Auditors WMW (Attention: Mr Jacques Malan)144 Kerk StreetRustenburg, 0299Tel: 014 813 0211

Bankers ABSA – Rustenburg (Attention: Mr Chris Jacobs)C/o Beyers Naude Drive and Nelson Mandela DriveRustenburg 0299Tel: 014 590 1000

Financier Land Bank (Attention: Mr Theuns Coetzee)Block D, Eco Glades Office Park420 Witch Hazel AvenueEco ParkCenturionTel: 012 686 0500

E-mail Address [email protected] (Anske Laas)

Web Address www.ltp.co.za

2016 TOBACCO POOL ANNUAL COMPANIES REPORT...Deon Stoltz Snr Valuator Vaalwater (TPD) 014 755 3759...

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Transcript of 2016 TOBACCO POOL ANNUAL COMPANIES REPORT...Deon Stoltz Snr Valuator Vaalwater (TPD) 014 755 3759...