Wrap Text
PPC - Pretoria Portland Cement Company Limited - Audited preliminary report for
the year ended 30 September 2010
Pretoria Portland Cement Company Limited
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
JSE Code: PPC JSE ISIN: ZAE000125886
ZSE Code: PPC ZSE ISIN: ZWE000096475
("PPC" or the "group" or the "company")
AUDITED PRELIMINARY REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2010
-Strong performance from the lime division
-Demand in Zimbabwe remains robust
-Increased operational cost focus as a result of weak cement demand
-Strong operating cashflow maintained
-Final dividend of 130 cents per share
Condensed consolidated statement of comprehensive income
Year ended
30 Sept 30 Sept
2010 2009
Audited Audited %
Rm Rm Change
Revenue 6 807 6 783
Cost of sales 4 067 3 897 4
Gross profit 2 740 2 886 (5)
Administration and other operating 625 468 34
expenditure
Operating profit before items listed 2 115 2 418 (13)
below
BBBEE IFRS 2 charges (10) (490)
Take-on gain arising from - 213
consolidation of PPC Zimbabwe
Operating profit 2 105 2 141 (2)
Fair value losses on financial (20) (6)
instruments
Finance costs 366 357 3
Investment income 39 65 (40)
Profit before exceptional items 1 758 1 843 (5)
Exceptional items (32) -
Share of associates` retained profit 8 7
Profit before taxation 1 734 1 850 (6)
Taxation 622 722 (14)
Net profit for the year 1 112 1 128 (1)
Attributable to:
Ordinary shareholders 1 010 1 024 (1)
Other shareholders (refer note 5) 102 104 (2)
1 112 1 128 (1)
Net profit for the year 1 112 1 128
Other comprehensive income, net of (114) (18)
taxation
Effect of translation of foreign (47) (14)
operations
Effect of cash flow hedges (56) (7)
Revaluation of investment in non- - 213
consolidated subsidiary (refer note
9)
Take-on gain arising from - (213)
consolidation of PPC Zimbabwe
Revaluation of available-for-sale (12) 2
financial investments
Taxation on other comprehensive 1 1
income
Total comprehensive income 998 1 110 (10)
Earnings per share (cents)
- basic 211,1 210,1
- diluted 209,8 209,1
Condensed consolidated statement of financial position
Year ended
30 Sept 30 Sept
2010 2009
Audited Audited
Rm Rm
ASSETS
Non-current assets 4 449 4 195
Property, plant and equipment 4 175 3 941
Intangible assets 78 53
Non-current financial assets 120 135
Investments in associates 76 66
Current assets 1 663 1 624
Inventories 596 557
Trade and other receivables 827 819
Cash and cash equivalents 240 248
Total assets 6 112 5 819
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium (1 091) (1 088)
Other reserves 32 150
Retained profit 1 917 1 853
Total equity 858 915
Non-current liabilities 3 591 3 366
Deferred taxation liabilities 568 469
Long-term borrowings 2 645 2 628
Provisions and other non-current 378 269
liabilities
Current liabilities 1 663 1 538
Short-term borrowings 876 764
Trade and other payables and provisions 787 774
Total equity and liabilities 6 112 5 819
Net asset value per share (cents) 163 174
Condensed consolidated statement of changes in equity
Year ended
30 Sept 30 Sept
2010 2009
Audited Audited
Rm Rm
Total equity
Balance at beginning of the year 915 1 713
Total comprehensive income 998 1 110
Dividends paid (1 062) (1 195)
Treasury shares purchased by consolidated (3) -
Porthold Trust (Private) Limited (refer
note 7)
Treasury shares on consolidation of - (18)
Porthold Trust (Private) Limited
(refer note 7)
Issue of PPC Company Limited shares - 5
Treasury shares held by the consolidated - (1 190)
BBBEE trusts and funding SPVs
(refer note 7)
BBBEE IFRS 2 charges 10 490
Balance at end of the year 858 915
Condensed consolidated statement of cash flows
Year ended
30 Sept 30 Sept
2010 2009
Audited Audited
Rm Rm
Cash flow from operating activities
Operating cash flows before movements in 2 486 2 735
working capital
Net increase in working capital (44) (133)
Cash generated from operations 2 442 2 602
Net finance costs paid (222) (229)
Taxation paid (531) (645)
Cash available from operations 1 689 1 728
Dividends paid (1 062) (1 195)
Net cash inflow from operating activities 627 533
Acquisition of property, plant and (660) (1 018)
equipment and other movements
Consolidated treasury shares held by the - (1 190)
BBBEE trusts and funding SPVs
Acquisition of treasury shares by (3) -
consolidated Porthold Trust (Private)
Limited
Net cash outflow from investing activities (663) (2 208)
Net cash inflow from financing activities 28 1 656
Net decrease in cash and cash equivalents (8) (19)
Cash and cash equivalents at beginning of 248 224
the year
Cash acquired on consolidation of PPC - 43
Zimbabwe
Cash and cash equivalents at end of the 240 248
year
Cash earnings per share (cents)* 320,6 328,6
*Cash earnings per share is calculated using cash available from operations
divided by the weighted average number of shares in issue for the year.
Notes
1. Basis of preparation
The condensed financial information has been prepared in
accordance with the framework concepts and the measurement
and recognition requirements of International Financial
Reporting Standards (IFRS), the AC 500 standards as issued by
the Accounting Practices Board, the JSE listing requirements
and the South African Companies Act. The report has been
prepared using accounting policies that comply with IFRS
which are consistent with those applied in the financial
statements for the year ended 30 September 2009, except for
the following revised accounting standards and amendments,
which did not have a material impact on the reported results:
IFRS 2 Share-based Payments (Scope of IFRS 2 and revised
IFRS 3)
IFRIC 9 Reassessment of Embedded Derivatives (Scope of
IFRIC 9 and revised IFRS 3)
IFRIC 16 Hedges of a Net Investment in a Foreign Operation
(Amendment to the restriction on the entity that can hold
hedging instruments)
For a better understanding of the group`s financial position,
the results of its operations and cash flows for the year,
this summarised preliminary report of annual results should
be read in conjunction with the annual financial statements
from which this summarised preliminary announcement of annual
results was derived.
30 Sept 30 Sept
2010 2009
Audited Audited
Rm Rm
2. Profit before taxation
Included in profit before taxation
are:
Amortisation of intangible assets 9 6
Depreciation 359 309
Impairment of plant and equipment and (33) -
financial assets
Dividends paid to BBBEE trusts treated 6 7
as an expense
BBBEE consultation fees expensed - 9
3. Finance costs
Bank and other borrowings 241 264
BBBEE funding transaction 113 91
- dividends on redeemable preference 13 12
shares
- dividends on redeemable preference 45 39
shares*
- long-term borrowings 55 40
Finance lease interest 7 8
Unwinding of discount on 18 11
rehabilitation provisions
379 374
Capitalised to plant and equipment (13) (17)
366 357
Relates to PPC Black Managers Trust Funding SPV (Pty)
Limited, a subsidiary company of Pretoria Portland Cement
Company Limited.
*Relates to PPC Community Trust Funding SPV (Pty) Limited,
PPC Construction Industry Associations Trust Funding SPV
(Pty) Limited, PPC Education Trust Funding SPV (Pty) Limited
and PPC Team Benefit Trust Funding SPV (Pty) Limited (refer
note 7).
4. Earnings per share and headline earnings per share
Earnings per share (cents) (excluding BBBEE IFRS 2 charges
and take-on gain arising from consolidation of PPC Zimbabwe)
- basic 212,9 257,3
- diluted 211,6 256,1
Headline earnings per share (cents)
- basic 216,9 169,9
- diluted 215,6 169,1
Headline earnings per share (cents)
(excluding BBBEE IFRS 2 charges)
- basic 218,7 256,8
- diluted 217,4 255,6
Determination of headline earnings per
share (cents)
Earnings per share 211,1 210,1
Adjusted for:
- Impairment losses on plant and 6,4 -
equipment and financial assets
- Profit on disposal of property, (0,7) (0,9)
plant and equipment and intangible
assets
- Taxation on profit on disposal of 0,1 0,2
property, plant and equipment and
intangible assets
- Take-on gain arising from - (39,5)
consolidation of PPC Zimbabwe
Headline earnings per share 216,9 169,9
BBBEE IFRS 2 charges 1,9 91,1
Taxation on BBBEE IFRS 2 charges (0,1) (4,2)
Headline earnings per share (excluding 218,7 256,8
BBBEE IFRS 2 charges)
Headline earnings attributable to
ordinary shareholders (Rm)
Profit for the year attributable to 1 010 1 024
ordinary shareholders
Impairment losses on plant and 30 -
equipment and financial assets
Profit on disposal of property, plant (4) (4)
and equipment and intangible assets
Taxation on profit on disposal of 1 1
property, plant and equipment and
intangible assets
Take-on gain arising from - (193)
consolidation of PPC Zimbabwe
Headline earnings attributable to 1 037 828
ordinary shareholders
BBBEE IFRS 2 charges 10 444
Taxation on BBBEE IFRS 2 charges (1) (21)
Headline earnings (excluding BBBEE 1 046 1 251
IFRS 2 charges) attributable to
ordinary shareholders
5. Reconciliation of weighted average number of ordinary shares
in issue (000)
Number of shares in issue, net of treasury shares purchased
in 2008 in terms of
share buy-back 517 472 517 472
Less: Weighted average number of
shares held by consolidated BBBEE
trusts and
trust funding SPVs (37 991) (30 185)
Less: Weighted average number of (1 259) -
shares held by consolidated Porthold
Trust (Private) Limited
Add: Weighted average number of shares 48 558 38 580
issued to the BBBEE CSG and SBP
funding SPVs
Weighted average number of shares used 526 780 525 867
for cash earnings per share
Less: Weighted average number of (48 558) (38 580)
shares issued to the BBBEE CSG and SBP
funding SPVs*
Weighted average number of ordinary 478 222 487 287
shares used for basic earnings per
share calculation
Add: Dilutive adjustment for potential 3 007 2 342
ordinary shares
Weighted average number of ordinary 481 229 489 629
shares used for dilutive earnings per
share calculation
For additional information refer note 7.
*Treated as a separate class of shares for earnings per share
calculations as these shares have restrictions on
transferability, and are subject to a call option by PPC to
purchase these shares at par on 15 December 2016.
Relates to share-based payment grants made to BBBEE trusts
and trust funding SPVs which is treated in a manner similar
to an option.
CSG: Community Service Groups; SBP: Strategic Black Partners;
Also refer note 7.
6. Dividend per share (cents)
- final 130 155
- interim 45 45
175 200
7. Share capital and premium
Issued share capital
- Ordinary
517 471 989 (2009: 517 471 989) shares 52 52
net of treasury shares purchased in
2008 in terms of share buy-back
37 991 204 (2009: 37 991 204) treasury
shares held by the consolidated BBBEE
trusts and trust funding SPVs* (4) (4)
1 284 556 (2009: 1 149 256) treasury - -
shares held by consolidated Porthold
Trust (Private) Limited
478 196 229 (2009: 478 331 529) shares 48 48
in issue at end of the year
- Other
48 557 982 (2009: 48 557 982) shares 5 5
issued to the BBBEE CSG and SBP
funding SPVs
Total share capital 53 53
Share premium (1 144) (1 141)
Balance at beginning of the year (1 141) 63
Adjustment for treasury shares held in - (1 186)
respect of the BBBEE transaction*
Treasury shares held by consolidated (3) (18)
Porthold Trust (Private) Limited
Total issued share capital and premium (1 091) (1 088)
*In terms of IFRS SIC Interpretation 12 (Consolidation -
Special Purpose Entities), The PPC Black Managers Trust, The
Current PPC Team Trust, The Future PPC Team Trust, The PPC
Black Independent Non-executive Directors Trust and the trust
funding SPVs are consolidated, and as a result, shares owned
by these entities are carried as treasury shares on
consolidation.
Following PPC gaining effective control of PPC Zimbabwe with
effect from 30 September 2009, the PPC shares owned by
Porthold Trust (Private) Limited have been carried as
treasury shares on consolidation. The trust purchased an
additional 135 300 shares during the current year.
8. Group segment analysis
Revenue
Cement 5 806 5 948
Lime 711 544
Aggregates 296 296
6 813 6 788
Less: Inter-segment revenue (6) (5)
Total revenue 6 807 6 783
EBITDA
Cement 2 226 2 536
Lime 190 121
Aggregates 74 84
BBBEE trusts and trust funding SPVs (7) (8)
EBITDA (excluding BBBEE IFRS 2 charges 2 483 2 733
and take-on gain arising from
consolidation of PPC Zimbabwe)
Operating profit
Cement 1 902 2 263
Lime 159 91
Aggregates 61 72
BBBEE trusts and trust funding SPVs (7) (8)
Operating profit (excluding BBBEE IFRS 2 115 2 418
2 charges and take-on gain arising
from consolidation of PPC Zimbabwe)
BBBEE IFRS 2 charges (10) (490)
Take-on gain arising from - 213
consolidation of PPC Zimbabwe
Operating profit 2 105 2 141
Assets
Cement 5 450 5 227
Lime 452 392
Aggregates 208 196
BBBEE trusts and trust funding SPVs 2 4
Total assets 6 112 5 819
9. Consolidation of Portland Holdings
Limited (PPC Zimbabwe)
Property, plant and equipment and - 510
intangibles
Investment in PPC shares listed on - 18
Zimbabwe Stock Exchange
Current assets - 165
Long-term provisions and deferred - (181)
taxation
Trade and other payables - (39)
- 473
Carrying value before consolidation - 260
Take-on gain arising from - 213
consolidation of PPC Zimbabwe
Following the improvements in the Zimbabwean macroeconomic
conditions in 2009, the directors of PPC were of the opinion
that the requirements for effective control over PPC
Zimbabwe, in terms of the definition and requirements of IAS
27 (Consolidated and Separate Financial Statements) were met,
and accordingly PPC Zimbabwe was consolidated from 30
September 2009, the effective date. Changes made by the
Zimbabwean government removed many of the distortions that
existed in the Zimbabwean economy, which included unrealistic
local market cement price realisations, not receiving the
full benefit of export proceeds, exchange rate uncertainty
and foreign currency restrictions, shortage of inputs and the
effects of extreme hyperinflation.
The carrying value of the investment in PPC Zimbabwe at the
effective date was R260 million. In terms of IFRS 3 (revised
2008), (Business Combinations) the effective date fair value
of PPC Zimbabwe was determined at R473 million, and the
appropriate statement of financial position values of PPC
Zimbabwe was included in the group consolidated statement of
financial position from the effective date. The resultant
take-on gain of R213 million was recognised in the statement
of comprehensive income and has been excluded from headline
earnings.
The impact of the consolidation of PPC Zimbabwe on the
group`s results is:
Earnings and headline earnings per 14,8 -
share (cents)
10. Borrowings
- Long term* 1 517 1 517
- Finance lease liability 28 42
- Preference shares 130 143
1 675 1 702
BBBEE funding transaction
970 926
Long-term borrowings 2 645 2 628
Short-term borrowings and short-term 876 764
portion of long-term borrowings
Total borrowings 3 521 3 392
*Comprises a bullet loan, bearing interest at a fixed rate of
10,86% p.a., and is repayable on 15 December 2016, with
interest payable semi-annually.
Redeemable preference shares bearing semi-annual dividends,
with variable interest rates linked to prime and fixed rates
between 8,34% to 9,37% p.a. and repayment dates varying
between 5 - 8 years.
Redeemable preference shares bearing semi-annual dividends,
with variable interest rates linked to prime and fixed rates
between 8,91% to 9,62% p.a. and repayment dates varying
between 5 - 8 years, and loans bearing interest, after giving
effect to fixed-for-variable interest rate swaps, at a rate
of 11,20% p.a., with interest and capital repayable on 15
December 2013.
In terms of IFRS, these long-term borrowings have been
consolidated as PPC has provided guarantees for funding that
had an outstanding balance of R940 million as at 30 September
2010 (2009: R879 million).
The company`s borrowing powers are not
restricted.
11. Commitments
- Contracted capital commitments 176 189
- Approved capital commitments 317 250
Capital commitments 493 439
Operating lease commitments 25 29
518 468
Commitments for capital expenditure are stated in current
values which, together with expected price escalations, will
be financed from surplus cash generated from operations and
borrowing facilities available to the group. The company`s
capacity upgrades in the Western Cape are expected to
approximate R3 billion and expenditure will be phased over a
six-year period ending 2016. The project is still in the
feasibility phase and yet to be formally approved by the
board.
12. Events after the reporting date
There are no events that occurred after the reporting date
that may have an impact on the group`s reported financial
position at 30 September 2010.
13. Auditors` review
The auditors, Deloitte & Touche, have issued their opinion on
the group`s financial statements for the year ended
30 September 2010. The audit was conducted in accordance with
International Standards on Auditing. They have issued an
unmodified audit opinion. These summarised provisional
financial statements have been derived from the group
financial statements and are consistent in all material
respects, with the group financial statements. A copy of
their audit report is available for inspection at the
company`s registered office. Any reference to future
financial performance included in this announcement, has not
been reviewed or reported on by the company`s auditors.
Paul Stuiver, CEO said "South African cement demand declined for a third
consecutive year. Despite this, PPC has performed well operationally which is
reflected by our strong cash flows. We remain concerned about the outlook for
cement demand in the short term, but the company is well positioned to benefit
from the medium to long-term recovery. The lime division has performed well on
the back of the recovery in the steel and alloys industry and we believe this
will be maintained."
Commentary
PPC`s cement volumes for South Africa, Botswana and Zimbabwe declined 7% for the
year. Demand in South Africa and Botswana continued to decline, following the
slowdown in the construction sector in the second half and continuing low levels
of activity in the residential sector. Demand in Zimbabwe increased and improved
South African export volumes were achieved but at lower margins. The aggregates
division was also affected by the slowdown in the construction sector. In
contrast, the lime division experienced good volume growth during the year under
review.
Group revenue increased marginally to R6 807 million (2009: R6 783 million).
EBITDA decreased by 9% to R2 483 million (2009: R2 733 million) and cash
generated from operations reduced by 6% to R2 442 million (2009: R2 602 million)
reflecting the difficult operating environment.
Operating profit, excluding the BBBEE IFRS 2 charges and take-on gain arising
from the consolidation of PPC Zimbabwe last year, decreased 13% to R2 115
million (2009: R2 418 million).
Administration and operating expenditure ended 34% higher than in 2009 at R625
million (2009: R468 million). The increase was mainly attributable to increased
spending on cement marketing activities, the consolidation of PPC Zimbabwe`s
overheads and the SAP ERP implementation.
The results also include an impairment charge of R31 million for feasibility
costs associated with the original Western Cape project which cannot be utilised
in the revised project.
Headline earnings per share increased by 28% to 217 cents per share (2009: 170
cents per share). Excluding the IFRS 2 charges arising from the 2009 BBBEE
transaction, headline earnings per share reduced by 15% to 219 cents per share
(2009: 257 cents per share).
The directors have declared a final dividend of 130 cents per share (2009: 155
cents per share). Dividends declared for the
year total 175 cents per share (2009: 200 cents per share), within the group`s
stated dividend policy of 1,2 to 1,5 times cover.
Capital expenditure amounted to R658 million (2009: R921 million) with key
projects completed being the Hercules mill and the SAP ERP implementation.
Depreciation increased over the previous year following the completion of
capital projects and the impact of consolidating PPC Zimbabwe.
The company`s total borrowings remain conservative at R3 521 million (2009: R3
392 million), representing a debt to EBITDA ratio of 1.4. Finance charges of
R366 million were 3% higher than the previous period reflecting a full year
impact of the BBBEE transaction, partially offset by lower interest rates.
Cement
PPC`s cement volumes in South Africa and Botswana declined 13% due primarily to
the decline in construction activity and the lack of recovery in the residential
sector. The Western Cape and Gauteng provinces continued to be the worst
affected while provinces with predominantly rural demand have proved to be more
resilient to the downturn.
As a result of lower levels of utilisation, the company has stopped a number of
older less efficient kilns across its operations. PPC has taken the opportunity
to ensure that all optimisation opportunities have been utilised, which included
running machinery at night during off-peak electricity tariffs and stopping
plant during the higher winter electricity tariffs. Transport and production
costs were well contained during the period.
While growth in Zimbabwean cement demand for 2010 exceeded 100%, sales volumes
in the second half of the year were down compared with the first half.
Operations in Zimbabwe during the second half were affected by extensive
electricity load-shedding and the clinker cooler upgrade at the Colleen Bawn
factory taking longer than anticipated. As a result, clinker needed to be
imported from South Africa in an attempt to keep the market supplied, although
this had a negative impact on operating margins in the second half.
The Hercules vertical roller mill was commissioned during the year, and is
achieving a significant reduction in electricity
consumption at the plant. The project`s final estimated costs remain within
budget of R700 million.
In August 2010, PPC announced a review of its Western Cape capacity expansion
programme and the resultant withdrawal
of its environmental application for the original programme. The review of the
project was due to a 40% decrease in provincial demand since the peak in 2007
and changes to environmental legislation, which would have made it more onerous
to withdraw environmental authorisations in the future.
The revised plan will see PPC upgrading and increasing capacity at both its
existing Riebeeck and De Hoek operations in the Western Cape resulting in a 50%
increase in capacity. Capital expenditure of R3 billion will be phased over six
years compared to the original project`s R4,5 billion over four years. The
revised plan is expected to be sufficient for the next 10 to 15 years.
The leniency agreement between PPC and the Competition Commission remains
intact. The company continues to co-operate fully with the Commission.
Lime and aggregates
The lime division posted a 75% increase in operating profit to R159 million
(2009: R91 million). Lime sales volumes improved 23% compared to last year, due
mainly to a recovery in the local steel and alloys industry and increased
exports.
Aggregates sales volume was 7% down, and operating profit ended 15% lower than
the prior year. This was due to decreased demand from Gauteng construction
projects, partially offset by increased demand in Botswana.
Board changes
Mr. Salim Abdul Kader, was appointed as managing director Cement, South Africa
while Mr. Sello Helepi was appointed to the position of executive director
responsible for organisational performance and transformation. Both appointments
were effective from 1 December 2009.
Mr. Harley Dent resigned as a director of the company and its associated boards
with effect from 1 November 2010 and will retire from the company on 31 December
2010.
Outlook
The outlook for the global and South African economies remains uncertain in the
short term. Consequently the outlook for South African cement and aggregate
demand remains subdued. PPC will continue to focus on operational performance
and service efficiencies, whilst pursuing opportunities to expand the business
into other emerging markets.
Record low lending rates and the government`s commitment to infrastructure
development and job creation bode well for medium- and long-term cement and
aggregate demand in South Africa.
The company`s ability to generate cash remains strong.
On behalf of the board
BL Sibiya P Stuiver
Chairman Chief executive officer
8 November 2010
Dividend announcement
Notice is hereby given that final ordinary dividend No. 214 of 130 cents per
share has been declared in respect of the year ended 30 September 2010.
This dividend will be paid out of profits as determined by the directors.
The important dates pertaining to this dividend for shareholders trading on the
JSE Limited are as follows:
Last day to trade "CUM" dividend Friday, 7 January 2011
Shares trade "EX" dividend Monday, 10 January 2011
Record date Friday, 14 January 2011
Payment date Monday, 17 January 2011
Share certificates may not be dematerialised or rematerialised between Monday,
10 January 2011 and Friday, 14 January 2011, both days inclusive.
Zimbabwe
The important dates pertaining to this dividend for shareholders trading on the
Zimbabwe Stock Exchange are as follows:
Shares trade "EX" dividend Monday, 10 January 2011
Last day to register to receive the
dividend Friday, 7 January 2011
Payment date Monday, 17 January 2011
The register of members in Zimbabwe will be closed from Monday,
10 January 2011 to Friday, 14 January 2011, both days inclusive, for the purpose
of determining those shareholders to whom the dividend will be paid.
The dividend payable to shareholders registered in Zimbabwe will be paid in SA
rand.
By order of the board
JHDLR Snyman
Group company secretary
8 November 2010
Directors: BL Sibiya (Chairman),
P Stuiver* (Chief executive officer), S Abdul Kader,
P Esterhuysen, SG Helepi, ZJ Kganyago, AJ Lamprecht,
NB Langa-Royds, MP Malungani, TDA Ross, J Shibambo, JS Vilakazi *Dutch
Registered Office: 180 Katherine Street, Sandton, South Africa
(PO Box 787416, Sandton, 2146, South Africa)
Transfer Secretaries: Link Market Services SA (Pty) Limited,
11 Diagonal Street, Johannesburg, South Africa
(PO Box 4844, Johannesburg, 2000, South Africa)
Transfer Secretaries Zimbabwe: Corpserve (Private) Limited,
4th Floor, Intermarket Centre, Corner 1st Street/Kwame Nkrumah Avenue, Harare,
Zimbabwe (PO Box 2208, Harare, Zimbabwe)
Disclaimer
This document including, without limitation, those statements concerning the
demand outlook, PPC`s expansion projects and its capital resources and
expenditure, contain certain forward-looking views. By their nature, forward-
looking statements involve risk and uncertainty and although PPC believes that
the expectations reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the forward-
looking statements as a result of, among other factors, changes in economic and
market conditions, success of business and operating initiatives, changes in the
regulatory environment and other government action and business and operational
risk management. While PPC takes reasonable care to ensure the accuracy of the
information presented, PPC accepts no responsibility for any consequential,
indirect, special or incidental damages, whether foreseeable or unforeseeable,
based on claims arising out of misrepresentation or negligence arising in
connection with a forward-looking statement. This document is not intended to
contain any profit forecasts or profit estimates. The information published in
this report has been audited.
These results and other information are available on our website:
www.ppc.co.za
9 November 2010
Sponsor:
Merrill Lynch SA (Pty) Limited
Date: 09/11/2010 07:05:17 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
