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Nampak Limited - Restatement Of Financial Information Under IFRS
Nampak Limited
Registration number 1968/008070/06)
Incorporated in the Republic of South Africa)
Share Code: NPK & ISIN: ZAE000071676
Restatement of financial information for the year ended 30 September 2005 and
the six months ended 31 March 2005 under International Financial Reporting
Standards ("IFRS")
Introduction
For the year ended 30 September 2005, Nampak Limited ("the group") prepared its
financial statements in terms of South African Statements of Generally Accepted
Accounting Practice ("SA GAAP"). In accordance with the JSE Limited Listing
requirements, the group will be required to prepare its consolidated financial
statements for the year ending 30 September 2006 in accordance with IFRS.
The requirement applies to financial reporting for all companies with listed
securities for financial periods beginning on or after 1 January 2005 and,
consequently, the first published IFRS results will be for the interim results
for the six months ending 31 March 2006. The group"s first published financial
statements under IFRS will be for the year ending 30 September 2006.
Basis of presentation
The financial information has been prepared in accordance with IFRS statements
that are currently effective together with expected amendments. This may differ
from IFRS in effect at 30 September 2006, as a result of the ongoing review and
possible amendment by interpretive guidance from the International Accounting
Standards Board (IASB) and the International Financial Reporting Interpretations
Committee (IFRIC), and may therefore be subject to change.
There have been no material adjustments to the cash flow statement in respect of
cash utilised by operating activities, cash flow from investing activities and
cash flows from financing activities as a result of the adoption of IFRS.
Transitional arrangements
The date of transition of IFRS for the group is 1 October 2004 and in terms of
IFRS 1 - First-time Adoption of International Financial Reporting Standards
("IFRS1"), the group"s opening balance sheet at 1 October 2004 has been restated
to reflect all existing IFRS statements expected to be applicable at 30
September 2006.
The key principle of IFRS 1 is full retrospective application of IFRS. This
statement however provides exemptions from retrospective application in certain
instances due to cost and practical considerations. The group"s transitional
elections are set out below:
8Cumulative foreign currency translation adjustment: The group has elected that
the cumulative translation differences for all foreign operations are deemed to
be zero at the transition date and transferred to opening accumulated profit.
* Employee benefits: The group has elected to recognise all cumulative actuarial
gains and losses on defined benefit funds in equity at the transition date.
* Property, plant and equipment: The group has elected to measure certain
individual items of property, plant and equipment as fair value at the
transition date, hence fair value is deemed to be cost at that date.
* Business combinations: The group has elected not to retrospectively apply the
requirements of IFRS 3 for business combinations that occurred prior to 1
October 2004. As a result, the carrying amount of goodwill is the depreciated
amount on 1 October 2004 and previously amortised goodwill and goodwill
eliminated against reserves are not re-instated.
* Share-based payments: The group has elected not to apply the provisions of
IFRS 2 - Share-based payments to equity-settled awards granted on or before 7
November 2002, or to awards granted after that date but which had vested prior
to 1 January 2005.
* Other: The group has elected not to restate comparative information in respect
of IFRS 4 - Insurance contracts, IAS 32 - Financial Instruments - Disclosure and
Presentation (amended), IAS 39 - Financial Instruments - Recognition and
Measurement (amended) and IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations.
Significant adjustments
The impact of the significant adjustments, net of the applicable tax impact, as
shown in the following tables:
* reconciliation of assets, liabilities and equity,
* reconciliation of the income statement, and
* reconciliation of changes in shareholders" equity are summarised below:
IFRS restatements
Note 1: Property, plant and equipment
In terms of the transitional election made in terms of IFRS1, certain items of
plant and equipment were recognised at revalued amounts, being the fair value at
the date of transition. The fair value is deemed to be the cost of the assets.
In subsequent periods, the items will be stated at cost less accumulated
depreciation and impairment losses.
In line with the changes to IAS16 - Property, plant and equipment (revised),
items for which the election in terms of IFRS1 was not made, were restated in
terms of IAS 16. The most significant adjustments were as follows:
* Componentisation: Where significant components of an item of property, plant
and equipment have significant different useful lives or residual values, those
components are accounted for as separate items of property, plant and equipment.
Previously, all parts of an item of property, plant and equipment were
depreciated at the same rate.
* Reassessment of residual values: In calculating the depreciation charge the
group has reduced the depreciable amount of its assets in each period by its
estimated residual value. Previously, the estimated residual value was fixed on
recognition of the asset and was not subject to reassessment. The group now
reassesses the residual values of its property, plant and equipment annually.
The continuous reassessment of the residual value typically leads to a change in
depreciation charges annually. Depreciation continues when the asset is idle.
Depreciation ceases when the carrying amount of an asset equals its residual
value.
* Assessment of useful lives: The group has reassessed the useful lives of all
its property, plant and equipment. In instances where items of property, plant
and equipment were fully depreciated, these assets have now been reinstated to
reflect their appropriate carrying values.
* Subsequent costs: The group recognises in the carrying amount of an item of
property, plant and equipment the cost of replacing a part of such item when
that cost is incurred if it is probable that the future economic benefits
embodied in the item will flow to the group and the cost of the item can be
measured reliably. All other costs are recognised in the income statement as an
expense when incurred.
Certain strategic spares previously classified as inventory, have been
reclassified to plant and equipment where it is estimated that the individual
component has a useful life of longer than one year.
Note 2: Post-employment benefits
Previously the group elected to use the corridor method of recognition of
actuarial gains and losses. Only cumulative gains or losses in excess of 10% of
the surplus or deficit in the funds were amortised in the income statement.
Cumulative gains or losses inside the corridor were carried on the balance sheet
and recognised over the expected remaining working lives of employees.
In terms of IFRS 1 the group has elected to eliminate the pension fund corridor
against opening accumulated profits at the transition date.
The group has also elected to early adopt IAS 19 - Amendment to IAS 19: Employee
Benefits - Actuarial Gains and Losses, Group Plans and Disclosures, which allows
for future actuarial gains or losses on defined benefit funds to be taken
directly to equity.
The recognition of the actuarial gains or losses in the opening balance sheet
has had an impact on certain of the curtailment gains or losses recognised in
terms of SA GAAP for the year ended 30 September 2005.
Note 3: Share-based payments
The group grants share options to employees in terms of employee share incentive
schemes. Other than costs incurred in administering the schemes, which were
expensed as incurred, the schemes did not result in any expense in the income
statement, but rather a dilution in earnings per share when the shares were
issued. In accordance with the transitional provisions of IFRS 2 - Share-based
Payments, the group now recognises an expense in the income statement (for
options issued after 7 November 2002, which options have not yet vested at the
transitional date), with a corresponding credit to equity, representing the fair
value of employee share options granted, recognised on a straight-line basis
over the vesting period of the options.
Following the issue of international interpretation IFRIC 8 - Scope of IFRS 2,
the group is extending the scope of IFRS 2 to include the group"s black economic
empowerment initiative. The statement is applicable to share based payments that
have not vested by 1 January 2005 and, as a result, the ownership of shares
allocated to black managers are amortised over the vesting period. The fair
value of shares granted to employees in terms of the Nampak Employee Share Trust
("NEST") and the fair value of the shares issued at par to Red Coral Investments
23 (Proprietary) Limited, has been expensed in the restated IFRS income
statement. These are one off expenses.
SA GAAP restatements
Note 4: Reclassification of associates
Following the review of the agreements, some of the group"s investments,
previously classified as joint venture companies, were reclassified to associate
companies, as the agreements did not meet the criteria of joint control as per
IAS31 - Interests in joint ventures. These investments were previously
proportionately consolidated. The balance sheets and income statements have been
restated to account for these investments on the equity method.
This reclassification had no effect on attributable earnings or headline
earnings per share.
Note 5: Operating leases
Circular 7/2005 was issued by SAICA on 2 August 2005, providing clarification on
the interpretation of IAS17 - Leases. As a result, leases are now recognised as
an expense on a straight-line basis over the lease term. Previously lease
expenses were recognised on a basis which reflected the cash flows during that
period. The results for March 2005 have been restated to take into account the
effect of this change. The September 2005 results and comparatives have been
restated in previous published results.
Audit opinion
The 31 March 2005 restatements are unaudited.
The restatements of financial information for the opening IFRS balance sheet as
at 1 October 2004, the IFRS balance sheet and income statement as at and for the
year ended 30 September 2005 have been audited by the group"s auditors, Deloitte
& Touche and their audit opinion is available for inspection at the group"s
registered office. Their report includes an emphasis of matter that amendments
to the interpretive guidance issued by the IASB, between the date of this
announcement and the finalisation of the financial statements for the year
ending 30 September 2006, may result in changes to the restatements published.
They further note that the scope of the audit engagement did not include the
presentation and disclosure of the IFRS financial information in a set of
consolidated annual financial statements and was limited to the recognition and
measurement requirements of IFRS and the disclosures of the conversion
information as required by IFRS 1.
Group Income Statement
Restated in accordance with IFRS Audited Unaudited
year ended 6 months
ended
30 September 31 March
2005 2005
Rm Rm
Revenue 15 481.1 7 909.6
Profit before abnormal items 1 311.0 733.6
Abnormal items (63.8) 217.0
Profit from operations 1 247.2 950.6
Finance costs (200.6) (105.2)
Finance income 93.2 53.5
Income from investments 33.8 3.5
Share of profit of associates 4.1 15.3
Profit before tax 1 177.7 917.7
Income tax 519.4 308.4
Profit for the period 658.3 609.3
Attributable to:
Equity holders of the company 654.5 606.1
Minority interest 3.8 3.2
658.3 609.3
Number of ordinary shares in issue 707 171 645 126
(000)
641 888 641 316
Weighted average number of ordinary 638 262 638 155
shares on which headline earnings and
basic earnings per share are based
(000)
Weighted average number of ordinary 642 385 642 670
shares on which diluted headline
earnings and diluted basic earnings
per share are based (000)
Basic earnings per share (cents) 102.5 95.0
Dividend per share (cents) 83.6 27.0
Fully diluted earnings per share 101.9 94.3
(cents)
Determination of headline earnings
Headline earnings per ordinary share 88.5 74.8
(cents)
Fully diluted headline earnings per 87.9 74.2
share (cents)
Profit attributable to ordinary 654.5 606.1
shareholders for the period
Less: preference dividend (0.1) -
Adjusted for:
Impairment losses 205.0 113.3
Reversal of impairment losses (5.0) -
Net loss/(profit) on disposal of 26.6 (0.4)
businesses
Net profit on disposal of property, (410.3) (344.5)
plant and equipment
Pension fund curtailment gain on (17.6) (8.8)
disposal of business
Write off of due diligence costs 5.7 -
Tax effects 105.8 111.4
Headline earnings for the period 564.6 477.1
Analysis of abnormal items
Retrenchment costs 104.9 19.4
Restructuring costs 45.1 2.4
Impairment losses on goodwill, plant 205.0 113.3
and equipment
Reversal of impairment losses on plant (5.0) -
and equipment
Net profit on disposal of property (397.5) (340.9)
Net loss/(profit) on disposal of 26.6 (0.4)
businesses
Pension fund curtailment gain on (17.6) (8.8)
disposal of business
Net monetary adjustment - 2.2 (3.3)
hyper-inflation
Financial instruments fair value 9.8 1.1
adjustment
FEC costs on plant and equipment 0.7 0.2
Pension fund curtailment gain on (70.2) -
restructure
Share based payment expense on BEE 219.5 -
transaction*
Change in estimates - provisions (59.7) -
63.8 (217.0)
*This is a once off expense relating
to the BEE transaction
Group Balance Sheet
Restated in accordance with Audited Unaudited Audited
IFRS
30 September 31 March 01 October
2005 2005 2004
Rm Rm Rm
Assets
Non-current assets 6 095.9 6 305.6 6 521.1
Property, plant and 4 819.5 4 960.6 5 109.3
equipment
Goodwill and other 1 062.3 1 076.7 1 243.5
intangibles
Non-current financial 206.5 266.6 158.8
assets and associates
Deferred tax assets 7.6 1.7 9.5
Current assets 5 186.8 4 890.3 5 446.6
Inventories 2 001.8 1 941.8 1 998.5
Trade and other receivables 2 504.1 2 417.1 2 651.0
Tax assets 60.7 3.2 111.4
Bank balances, deposits and 620.2 528.2 685.7
cash
Total assets 11 282.7 11 195.9 11 967.7
Equity and liabilities
Total equity 5 654.8 5 763.6 5 734.4
Capital reserves 2 156.6 1 940.8 2 046.3
Other reserves (296.3) (102.8) 73.9
Accumulated profits 3 762.1 3 889.0 3 578.0
Equity attributable to 5 622.4 5 727.0 5 698.2
equity holders of the
parent
Minority interest 32.4 36.6 36.2
Non-current liabilities 2 154.4 1 857.5 2 239.9
Interest bearing debt 929.7 690.8 1 090.8
Retirement benefit 540.7 621.2 606.8
obligation
Non-current financial 26.7 23.6 26.6
liabilities
Deferred tax liabilities 657.3 521.9 515.7
Current liabilities 3 473.5 3 574.8 3 993.4
Trade, other payables and 3 002.0 2 325.1 2 972.5
provisions
Interest bearing debt 279.3 1 051.1 749.8
Tax liabilities 192.2 198.6 271.1
Total equity and 11 282.7 11 195.9 11 967.7
liabilities
Additional balance sheet
disclosures
Total borrowings: total 21% 30% 32%
shareholders" funds
Net borrowings/(cash): 10% 21% 20%
total shareholders" funds
Total liabilities: total 99% 102% 108%
shareholders" funds
Net worth per ordinary 876 893 890
share (cents) calculated on
number of ordinary shares
in issue - net of treasury
shares of 641 887 632
(2004: 641 574 291)
Tangible net worth per 710 725 694
ordinary share (cents)
calculated on number of
ordinary shares in issue -
net of treasury shares of
641 887 632 (2004: 641 574
291)
Statement of Recognised Income and Expense
Prepared in accordance with IFRS Audited Unaudited
Year ended 6 months
ended
30 September 31 March
2005 2005
Rm Rm
Exchange differences on translation of (102.9) (10.4)
foreign operations
Net actuarial (losses)/gains taken to (33.5) 2.4
equity (net of tax)
Hyper-inflation capital adjustment (89.7) (19.6)
Net expense recognised directly in (226.1) (27.6)
equity
Transfer to profit or loss from equity 1.4 1.3
on cash flow hedges
Profit for the period 658.4 609.3
Total recognised income and expense 433.7 583.0
for the period
Attributable to:
Equity holders of the parent 433.0 579.0
Minority interest 0.7 4.0
433.7 583.0
Abridged Group Cash Flow Statement
Restated in accordance with IFRS Audited Unaudited
Year ended 6 months
ended
30 September 31 March
2005 2005
Rm Rm
Cash generated from operations 1 911.3 651.4
Net interest paid (100.3) 53.5
Income from investments 37.4 3.5
Tax paid (418.7) (276.0)
Replacement capital expenditure (331.7) (199.1)
Cash flows from operations 1 098.0 233.3
Dividends paid (536.1) (363.5)
Net cash inflow/(outflow) from 561.9 (130.2)
operating activities
Net cash inflow from investing 168.2 279.5
activities
Net cash inflow before financing 730.1 149.3
activities
Net cash outflow from financing (306.4) (505.6)
activities
Net increase/(decrease) in cash and 423.7 (356.3)
cash equivalents
Cash and cash equivalents at beginning (38.9) (38.9)
of period
Translation of cash in foreign (20.0) (2.1)
subsidiaries
Cash and cash equivalents at end of 364.8 (397.3)
period
Segmental Analysis
Restated in accordance with IFRS
Revenue Profit from operations
Audited Unaudited Audited Unaudited
Year ended 6 months Year ended 6 months
ended ended
30 September 31 March 30 September 31 March
2005 2005 2005 2005
Rm Rm Rm Rm
Metals and Glass
Africa 4 488.0 2 294.5 636.8 362.1
Paper
Africa 4 700.9 2 465.7 225.8 123.2
Europe 2 585.1 1 309.5 (120.1) (77.6)
Plastics
Africa 2 660.5 1 337.7 175.3 109.9
Europe 1 073.5 508.6 448.6 372.4
Group Services
Africa - - (195.7) 42.3
Europe 172.3 89.3 76.5 18.3
Intergroup (199.2) (95.7) - -
eliminations
TOTAL 15 481.1 7 909.6 1 247.2 950.6
Reconciliation of the Income Statement
Profit attributable to
equity holders of parent
Audited Unaudited
Year ended 6 months ended
30 September 31 March
2005 2005
Notes Rm Rm
As previously reported 781.1 494.1
Adjustments for:
IFRS restatements
Property, plant and equipment 1 (20.2) (2.6)
Share based payments 2 (225.1) (2.6)
Post employment benefits 3 111.8 110.3
Deferred tax rate adjustment 6.9 6.9
As reported under IFRS 654.5 606.1
Reconciliation of Assets, Liabilities and Equity
Assets
Audited Unaudited Audited
30 September 31 March 01 October
2005 2005 2004
Notes Rm Rm Rm
As previously 10 436.2 10 389.9 11 185.6
reported
Adjustments for:
IFRS restatements
Property, plant and 1 871.6 878.7 970.6
equipment
Post employment 3 - - (107.1)
benefits
SA GAAP restatements
Reclassifications of 4 (25.1) (72.7) (81.4)
associates
Operating leases 5 - - -
As reported under 11 282.7 11 195.9 11 967.7
IFRS
Liabilities
Audited Unaudited Audited
30 September 31 March 01 October
2005 2005 2004
Notes Rm Rm Rm
As previously 5 171.2 5 045.4 5 769.7
reported
Adjustments for:
IFRS restatements
Property, plant and 1 255.3 247.0 340.7
equipment
Post employment 3 226.5 195.9 204.3
benefits
SA GAAP restatements
Reclassifications of 4 (25.1) (72.7) (81.4)
associates
Operating leases 5 - 16.7 -
As reported under 5 627.9 5 432.3 6 233.3
IFRS
Equity
Audited Unaudited Audited
30 September 31 March 01 October
2005 2005 2004
Notes Rm Rm Rm
As previously 5 265.0 5 344.5 5 415.9
reported
Adjustments for:
IFRS restatements
Property, plant and 1 616.3 631.7 629.9
equipment
Post employment 3 (226.5) (195.9) (311.4)
benefits
SA GAAP restatements
Reclassifications of 4 - - -
associates
Operating leases 5 - (16.7) -
As reported under 5 654.8 5 763.6 5 734.4
IFRS
Reconciliation of Changes in Shareholders" Equity
Capital Reserves
Share Share Treasury
capital premium shares
Notes Rm Rm Rm
At 1 October 2004
As previously reported 33.1 2 009.8 (0.5)
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - - -
Share based payments 2 - - -
Post employment benefits 3 - - -
Foreign currency translation 4 - - -
reserve
As reported under IFRS 33.1 2 009.8 (0.5)
At 31 March 2005
As previously reported 33.3 2 053.5 (152.5)
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - - -
Share based payments 2 - - -
Post employment benefits 3 - - -
Foreign currency translation 4 - - -
reserve
SA GAAP restatements
Operating leases 5 - - -
As reported under IFRS 33.3 2 053.5 (152.5)
At 30 September 2005
As previously reported 36.0 2 596.7 (705.1)
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - - -
Share based payments 2 - - -
Post employment benefits 3 - - -
Foreign currency translation 4 - - -
reserve
As reported under IFRS 36.0 2 596.7 (705.1)
Foreign
Share currency
option translation
reserve reserve
Notes Rm Rm
At 1 October 2004
As previously reported - (320.8)
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - -
Share based payments 2 3.9 -
Post employment benefits 3 - -
Foreign currency translation reserve 4 - 320.8
As reported under IFRS 3.9 -
At 31 March 2005
As previously reported - (482.4)
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - 0.8
Share based payments 2 6.5 -
Post employment benefits 3 - -
Foreign currency translation reserve 4 - 320.8
SA GAAP restatements
Operating leases 5 - -
As reported under IFRS 6.5 (160.8)
At 30 September 2005
As previously reported - (579.7)
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - 4.9
Share based payments 2 229.0 -
Post employment benefits 3 - 3.8
Foreign currency translation reserve 4 - 320.8
As reported under IFRS 229.0 (250.2)
Other Reserves
Hyper inflation Financial
capital instruments
adjustment hedging
Notes Rm Rm
At 1 October 2004
As previously reported 72.6 (1.6)
Adjustments for:
IFRS restatements
Property, plant and equipment 1 2.7 -
Share based payments 2 - -
Post employment benefits 3 - -
Foreign currency translation 4
reserve
As reported under IFRS 75.3 (1.6)
At 31 March 2005
As previously reported 53.5 (0.3)
Adjustments for:
IFRS restatements
Property, plant and equipment 1 2.2 -
Share based payments 2 - -
Post employment benefits 3 - -
Foreign currency translation 4 - -
reserve
SA GAAP restatements
Operating leases 5
As reported under IFRS 55.7 (0.3)
At 30 September 2005
As previously reported (15.1) (0.2)
Adjustments for:
IFRS restatements
Property, plant and equipment 1 0.7 -
Share based payments 2 - -
Post employment benefits 3 - -
Foreign currency translation 4 - -
reserve
As reported under IFRS (14.4) (0.2)
Share of non-
Recognised distributable
actuarial reserves in
(losses)/gains associate
Notes Rm Rm
At 1 October 2004
As previously reported - -
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - -
Share based payments 2 - -
Post employment benefits 3 - -
Foreign currency translation reserve 4 - -
As reported under IFRS - -
At 31 March 2005
As previously reported - -
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - -
Share based payments 2 - -
Post employment benefits 3 2.4 -
Foreign currency translation reserve 4 - -
SA GAAP restatements
Operating leases 5
As reported under IFRS 2.4 -
At 30 September 2005
As previously reported - 1.8
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - -
Share based payments 2 - -
Post employment benefits 3 (33.5) -
Foreign currency translation reserve 4 - -
As reported under IFRS (33.5) 1.8
Accumulated Total
attributable
profits equity holders
of parent
Other
Notes Rm Rm Rm
At 1 October 2004
As previously reported 0.2 3 590.3 5 383.1
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - 623.8 626.5
Share based payments 2 - (3.9) -
Post employment benefits 3 - (311.4) (311.4)
Foreign currency translation 4 - (320.8) -
reserve
As reported under IFRS 0.2 3 578.0 5 698.2
At 31 March 2005
As previously reported 0.2 3 805.8 5 311.1
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - 625.5 628.5
Share based payments 2 - (6.5) -
Post employment benefits 3 - (198.3) (195.9)
Foreign currency translation 4 - (320.8) -
reserve
SA GAAP restatements -
Operating leases 5 (16.7) (16.7)
As reported under IFRS 0.2 3 889.0 5 727.0
At 30 September 2005
As previously reported 0.2 3 901.0 5 235.6
Adjustments for:
IFRS restatements
Property, plant and equipment 1 - 607.7 613.3
Share based payments 2 - (229.0) -
Post employment benefits 3 - (196.8) (226.5)
Foreign currency translation reserve 4 - (320.8) -
As reported under IFRS 0.2 3 762.1 5 622.4
Minority Total equity
interest
Notes Rm Rm
At 1 October 2004
As previously reported 32.8 5 415.9
Adjustments for:
IFRS restatements
Property, plant and equipment 1 3.4 629.9
Share based payments 2 - -
Post employment benefits 3 - (311.4)
Foreign currency translation 4 - -
reserve
As reported under IFRS 36.2 5 734.4
At 31 March 2005
As previously reported 33.4 5 344.5
Adjustments for:
IFRS restatements
Property, plant and equipment 1 3.2 631.7
Share based payments 2 - -
Post employment benefits 3 - (195.9)
Foreign currency translation 4 - -
reserve
SA GAAP restatements
Operating leases 5 - (16.7)
As reported under IFRS 36.6 5 763.6
At 30 September 2005
As previously reported 29.4 5 265.0
Adjustments for:
IFRS restatements
Property, plant and equipment 1 3.0 616.3
Share based payments 2 - -
Post employment benefits 3 - (226.5)
Foreign currency translation 4 - -
reserve
As reported under IFRS 32.4 5 654.8
Non-executive directors:
T Evans (Chairman), PL Campbell*, DA Hawton*, MM Katz*, RJ KhozaKM Mokoape*, ML
Ndlovu*, MH Visser*, RA Williams*
*Independent
Executive directors:
GE Bortolan (Chief Executive Officer), N Cumming, TN Jacobs, AS Lang (British)
Secretary: NP O"Brien
Registered office:
Nampak Centre
114 Dennis Road
Atholl Gardens
Sandton 2196
South Africa
(PO Box 784324 Sandton 2146, South Africa)
Telephone +27 11 719 6300
Share registrars:
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg 2001
South Africa
(PO Box 61051 Marshalltown 2107, South Africa)
Telephone +27 11 370 5000
Sponsor:
UBS South Africa (Pty) Limited
Website: www.nampak.com
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