The directors present the strategic report for the year ended 31 December 2025.

The principal activity of the company continued to be the provision of warehousing, distribution, onsite logistics and value-added services.

During the year ended 31 December 2025, the company continued to operate in a challenging trading environment across the logistics sector. Turnover decreased during the year reflecting continued softness in customer demand and wider economic pressures affecting activity levels across a number of key sectors.

In response to these conditions, the company remained focused on operational efficiency, customer service and long-term sustainability. Significant actions were undertaken during the year to restructure the business and align the operational cost base with current trading levels and future strategic objectives.

A substantial reorganisation of the management structure was completed during the year to strengthen leadership capability and support improved operational performance. In addition, the company reviewed its operational footprint to improve utilisation and efficiency across the network. As part of this process, operations at one site ceased and a further site was placed into temporary non-operational use in order to maximise utilisation across the remaining active locations.

These actions formed part of a broader strategic transformation programme designed to improve long-term profitability, increase operational flexibility and better align resources with customer demand.

The restructuring initiatives undertaken during the year contributed to reductions in overheads and administrative costs, with management headcount reducing year-on-year. As a result, the company reported a reduced loss before taxation of £2.7m compared with £4.5m in 2024.

The directors remain focused on improving operational performance, strengthening customer relationships and driving efficiencies throughout the business. Investment continues in systems, operational processes and customer service capabilities to support future opportunities and maintain the company’s competitive position within the logistics sector.

Despite the continued losses incurred during the year, the company maintained a solid balance sheet and positive cash position at the year end, supported by the ongoing backing of the wider Elanders Group.

The company operates within a highly competitive logistics market which remains subject to economic uncertainty, inflationary pressures, labour market challenges and changing customer demand patterns.

Pressure on customer volumes and pricing continues to represent the principal risk to profitability, alongside increases in employment-related costs, utilities and fixed property overheads. The logistics sector also continues to experience challenges associated with recruitment, retention and wage inflation.

Management continues to review the operational structure of the business, including property utilisation, organisational structure and the overall cost base, in order to improve efficiency and support long-term sustainability.

The company continues to benefit from being part of the Elanders Group through access to wider operational expertise, procurement benefits and strategic support across the group.

The directors regularly review trading performance, cash flow forecasts and operational risks to ensure that the business remains appropriately positioned to respond to changing market conditions and customer requirements.

Financial risk management

The company’s operations expose it to a variety of financial risks including credit risk, liquidity risk, interest rate risk and foreign exchange risk.

Credit risk

The company mitigates credit risk through the use of credit checks on new and existing customers together with active credit control procedures.

Price risk

The company continues to benefit from group purchasing arrangements and remains focused on investment in operational efficiencies to maintain competitiveness within the marketplace.

Interest rate risk

The company is exposed to interest rate movements in relation to loans from group undertakings.

Liquidity risk

The company finances its operations through support from Elanders AB (publ). The directors regularly monitor liquidity, forecast cash requirements and maintain ongoing dialogue with the wider group regarding funding requirements.

Foreign exchange risk

The company undertakes minimal transactions in foreign currencies and therefore exposure to foreign exchange risk is considered limited.

The company’s success continues to be driven by its ability to work closely with customers and respond effectively to their operational requirements, including short lead times and changing demand patterns.

Investment in people, systems, innovation and technology remains important in supporting operational performance, retaining existing business and developing new customer relationships.

Customer contracts are regularly reviewed and operating costs are continually monitored, including through benchmarking exercises, to support service quality, operational efficiency and best practice across the business.

The directors acknowledge their duty under section 172 of the Companies Act 2006 to act in the way they consider, in good faith, most likely to promote the success of the company for the benefit of its members as a whole, whilst having regard to the interests of stakeholders and the long-term consequences of decisions.

Long-term decision making

The Board regularly reviews the company’s strategy and long-term objectives to ensure that the business remains appropriately positioned within the logistics sector. The annual budgeting and forecasting process supports both short-term operational planning and the wider long-term strategy of the company. Performance is monitored regularly against budget and strategic objectives to support effective decision making.

Employees

The company recognises that its employees are fundamental to the long-term success of the business. The company seeks to recruit, retain and develop skilled employees across all operational locations and continues to invest in training and development initiatives, including apprenticeship programmes and internal development activities.

Employee engagement remains an important focus and the company continues to promote a culture of operational excellence, collaboration and continuous improvement.

Customers, suppliers and stakeholders

Maintaining strong relationships with customers, suppliers and other stakeholders is central to the company’s operations and long-term success. Management maintains regular dialogue with customers and suppliers to support service delivery, operational performance and effective communication.

The company seeks to maintain fair and responsible relationships with suppliers and aims to meet its obligations in a timely and professional manner.

Community and environment

The company seeks to operate responsibly within the communities in which it operates and aims to conduct its activities with integrity and respect.

The company also recognises its environmental responsibilities and continues to seek ways to minimise the environmental impact of its operations. Further information is included within the Energy and Carbon Report contained in the financial statements.

Business conduct

The company is committed to maintaining high standards of business conduct and ethics. Policies relating to anti-bribery, modern slavery, equal opportunities and business ethics are regularly reviewed and communicated throughout the organisation. Appropriate training is provided to relevant employees where necessary.

Acting fairly between members

The directors seek to ensure that all shareholders are treated fairly and that decisions are made in a transparent manner consistent with the long-term success of the company.

Corporate and social responsibility

The company recognises its responsibilities towards employees, customers, suppliers and the wider community. Consideration is given to ethical standards, employee welfare, equality and environmental responsibilities in the operation and management of the business.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The results for the year are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

In line with the Streamlined Energy and Carbon Reporting legislation, the company is required to report its energy consumption and greenhouse gas emissions arising in the UK. All scope 1 & 2 sources of energy and emissions have been disclosed as well as mandatory scope 3 sources of energy and emissions.

In comparison with our previous financial period, our overall energy consumption has decreased by 19% or 6,085 MWh, and our total (market based) greenhouse gas emissions have decreased by 16% or 1,085 tCO2e. Most sites are now supplied by renewable electricity and there has been a significant reduction in diesel consumption in the last 12 months. Notable energy efficiency actions in the past 12 months:

> Renewable electricity contracts at over 75% of sites.

> Zero waste to landfill.

> Mission 2020: Zero Emissions Road Map published.

> Over 85% of employees are now part of the Go Green Team.

> Several scope three categories are now included in the SECR Reporting.

All conversion factors and fuel properties used in this disclosure have been taken from the 2025 “UK Government Greenhouse Gas Conversion Factors for Company Reporting” published by the Department for Energy Security & Net Zero (DESNZ) and the Department for Environment, Food & Rural Affairs (DEFRA). All greenhouse gas emissions have been expressed in terms of their carbon dioxide equivalence. A full list of conversion factors can be viewed overleaf.

Utilities                        

Where possible, energy consumption expressed in kilowatt-hours has been taken from suppliers' invoices. During 2025 Kammac moved more sites into a renewable REGO backed electricity contract and the emissions have been adjusted accordingly.

Transport                        

Diesel and HVO Fuels delivered to site were used during the period. The conversion factors for forecourt blends have been used to calculate greenhouse gas emissions and underlying energy use.                        

Other Fuels & Emissions:                        

Two types of refrigerant have been identified for 2025 - R410A and R449A.                        

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Kammac Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined below, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting such are detailed below.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

• Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations;

• Challenging assumptions and judgements made by management in its significant accounting estimates in particular:

• Depreciation - we carried out a review and recalculation of depreciation to assess its appropriateness for inclusion within the financial statements

• Accruals and Prepayments - we reviewed a sample of accruals and prepayments in the year to determine that these were applied correctly.

• Tax Provisions - we carried out a review of the tax computations and ensured it was applied correctly.

• Deferred income - we carried out a review of deferred income calculations to assess the appropriateness for inclusion within the financial statements.

• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Kammac Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

• the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, in the normal course of business, and is shown net of Value Added Tax and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The main revenue streams of the company are warehousing, distribution, onsite logistics and value added services.

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Depreciation is charged to administration expenses in the statement of comprehensive income.

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete stock.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss. Reversals of impairment losses are also recognised in the profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including trade, group and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, which ever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expenses over the lease term, on a straight-line basis.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The turnover and loss before taxation are attributable to the one principal activity of the company.

Exceptional items in the year of (£982,504) (2024: £2,779,309) relate to the movement in the onerous lease accrual. 2024 also included the reversal of the dilapidations accrual in a warehouse no longer leased for (£4,025,284)

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

More information on impairment movements in the year is given in note 12.

Amounts owed to group companies attract no interest and are repayable on demand

Included within creditors falling due after more than one year are dilapidation provisions relating to leased property totalling £2,035,602 (2024: £2,333,756) and have been quantified by a chartered surveyor at the year ended 31 December 2025

The interest payable on future hire purchase contract commitments is £169 (2024 £3,373)

The obligations under the finance leases are secured on the items to which the finance leases relate.

The following are the major deferred tax liabilities and assets recognised by the company:

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

At the end of the financial year 31 December 2025 Kammac Limited owed it's parent company, Elanders Holding UK Limited, £649,575 (2024: £649,575).

Kammac Limited also owed £75,043 (2024 £nil) to Elanders Limited, a fellow subsidiary under common control, in respect of group recharges.

The company is a subsidiary undertaking of Elanders Holding UK Limited, a company registered in England and Wales.

Elanders Holding UK Limited is the smallest company and Elanders AB is the largest company for which consolidated accounts including Kammac Limited are prepared. Elanders AB have full ownership of Elanders Holdings UK Limited.

The ultimate controlling party is Carl Bennet by virtue of his shareholding in the parent company, Elanders AB.