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NPK - Nampak Limited - Audited group results for the year ended 30 september
2010 and renewal of cautionary announcement
NAMPAK LIMITED
Registration number: 1968/008070/06
Share code: NPK ISIN: ZAE000071676
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2010 AND RENEWAL OF
CAUTIONARY ANNOUNCEMENT
Operating profit up 126%
HEPS up 79%
EPS up 303%
Dividend per share up 98% to 83 cents
Successful disposal of 6 underperforming businesses
Cash generation of R2.5 billion
Net gearing reduced from 52% to 33%
Condensed group statement of comprehensive income
2010 2009 %
Notes Rm Rm change
Revenue 18 545.5 19 585.6 (5.3)
Operating profit 2 1 343.7 595.2 125.8
Finance costs (260.0) (441.7)
Finance income 57.4 113.8
Income from investments 6.0 5.5
Share of profit/(loss) of associates 3.6 (0.5)
Profit before tax 1 150.7 272.3 322.6
Income tax 315.8 70.2
Profit for the year 834.9 202.1 313.1
Other comprehensive expenses
Exchange differences on translation (234.3) (426.9)
of foreign operations
Net actuarial losses from retirement (145.2) (135.3)
benefit obligations
Losses on cash flow hedges (0.4) (1.7)
Other comprehensive expenses for the (379.9) (563.9)
year, net of tax
Total comprehensive income/(expense) 455.0 (361.8)
for the year
Profit attributable to:
Owners of Nampak Limited 825.9 204.8 303.3
Non-controlling interest in 9.0 (2.7)
subsidiaries
834.9 202.1
Total comprehensive income/(expense)
attributable to:
Owners of Nampak Limited 450.1 (352.9)
Non-controlling interest in 4.9 (8.9)
subsidiaries
455.0 (361.8)
Basic earnings per share (cents) 140.5 34.9 302.6
Fully diluted earnings per share 138.9 37.8 267.3
(cents)
Headline earnings per ordinary share 149.7 83.8 78.6
(cents)
Fully diluted headline earnings per 147.7 85.3 73.2
share (cents)
Dividend and cash distribution per 83.0 42.0 98.0
share (cents)
Condensed statement of financial position
2010 2009
Notes Rm Rm
ASSETS
Non-current assets
Property, plant and equipment and investment 6 199.9 6 392.9
property
Goodwill and other intangible assets 301.1 389.4
Other non-current financial assets and 408.9 399.1
associates
Deferred tax assets 46.9 200.9
6 956.8 7 382.3
Current assets
Inventories 2 272.6 2 643.8
Trade receivables and other current assets 2 697.3 2 864.3
Tax assets 77.2 11.0
Bank balances, deposits and cash 5 718.6 1 016.1
5 765.7 6 535.2
Assets classified as held for sale 6 202.6 174.9
Total assets 12 925.1 14 092.4
EQUITY AND LIABILITIES
Capital and reserves
Share capital 35.7 35.6
Capital reserves (543.4) (611.6)
Other reserves (755.2) (383.3)
Retained earnings 6 603.7 6 064.3
Shareholders` equity 5 340.8 5 105.0
Non-controlling interest 27.5 24.5
Total equity 5 368.3 5 129.5
Non-current liabilities
Loans and borrowings 1 631.0 2 121.5
Retirement benefit obligation 1 404.5 1 246.2
Other non-current liabilities 15.8 36.5
Deferred tax liabilities 286.9 293.1
3 338.2 3 697.3
Current liabilities
Trade payables, provisions and other current 3 135.7 3 307.0
liabilities
Bank overdrafts 5 455.5 619.3
Loans and borrowings 373.8 1 186.1
Tax liabilities 175.2 73.1
4 140.2 5 185.5
Liabilities directly associated with assets 6 78.4 80.1
classified as held for sale
Total equity and liabilities 12 925.1 14 092.4
Condensed group statement of cash flows
2010 2009
Notes Rm Rm
Cash from operations before working capital 2 296.6 2 021.6
changes
Working capital changes 212.3 198.4
Cash generated from operations 2 508.9 2 220.0
Net interest paid (261.9) (363.9)
Income from investments 6.0 5.5
Retirement benefits, contributions and (48.3) (51.8)
settlements
Tax paid (93.3) (416.4)
Replacement capital expenditure (245.3) (466.4)
Cash retained from operations 1 866.1 927.0
Dividends paid (289.2) (1.7)
Cash distributions paid - (527.1)
Net cash retained from operating activities 1 576.9 398.2
Net cash utilised in investing activities (428.2) (705.4)
Net cash retained/(utilised) before financing 1 148.7 (307.2)
activities
Net cash utilised in financing activities (1 241.4) (459.3)
Net decrease in cash and cash equivalents (92.7) (766.5)
Cash and cash equivalents at beginning of year 5 397.9 1 221.7
Translation of cash in foreign subsidiaries (42.1) (57.3)
Cash and cash equivalents at end of year 5 263.1 397.9
Group statement of changes in equity
2010 2009
Rm Rm
Opening balance 5 129.5 5 991.9
Net shares issued during the year 19.5 13.7
Treasury shares sold 0.3 -
Share of movement in associate`s non- (1.0) -
distributable reserve
Release of reserves relating to subsidiary 0.5 -
disposed
Share-based payment expense 54.3 17.2
Share grants exercised (3.4) (2.7)
Transfer from hedging reserve to related assets 2.2 -
Gain on available-for-sale financial assets 0.6 -
Total comprehensive income/(expense) for the year 455.0 (361.8)
Dividends paid (289.2) (1.7)
Capital distributions from share premium - (527.1)
Closing balance 5 368.3 5 129.5
Comprising:
Share capital 35.7 35.6
Capital reserves (543.4) (611.6)
Share premium 265.8 246.4
Treasury shares (1 149.7) (1 150.0)
Share-based payments reserve 340.5 292.0
Other reserves (755.2) (383.3)
Foreign currency translation reserve (203.4) 24.7
Hyperinflation capital adjustment (24.3) (24.3)
Financial instruments hedging reserve (0.1) (1.9)
Recognised actuarial losses (491.6) (346.4)
Share of non-distributable reserves in associates 2.3 3.3
Available-for-sale financial assets revaluation (38.3) (38.9)
reserve
Other 0.2 0.2
Retained earnings 6 603.7 6 064.3
Shareholders` equity 5 340.8 5 105.0
Non-controlling interest 27.5 24.5
Total equity 5 368.3 5 129.5
Notes
1. Basis of preparation
The condensed consolidated financial statements have been prepared in compliance
with the Listings Requirements of the JSE Limited, International Financial
Reporting Standards (IFRS), the AC 500 standards as issued by the Accounting
Practices Board, the South African Companies Act, 1973, as amended and the
information as required by IAS 34: Interim Financial Reporting.
The accounting policies applied are consistent with those applied for the
group`s 2009 annual financial statements, except for the following:
IAS 1: Presentation of financial statements (amendments)
The amendments involved terminology changes (including revised titles for the
financial statements) and changes in the format and content of the financial
statements.
IFRS 8: Operating segments
The standard required a redesignation of the group`s reportable segments. The
information reported is that which management uses internally for evaluating
segment performance and for allocation of resources after applying the
aggregation criteria.
The adoption of the above standards did not have a significant impact on the
financial statements and has affected presentation and disclosure only.
2010 2009
Rm Rm
2. Included in operating profit are:
Depreciation 643.6 729.3
Amortisation 65.5 82.0
3. Reconciliation of operating profit and
trading profit
Operating profit 1 343.7 595.2
Abnormal losses/(gains)* 199.5 532.3
Net impairment losses on goodwill,
property, plant, equipment
and investments 108.4 389.8
Retrenchment and restructuring costs 78.8 107.0
Share-based payment expense on BEE 49.0 18.0
transaction
Financial instruments fair value loss 12.0 54.1
Net loss/(profit) on disposal of businesses 2.9 (26.7)
Impairments of loans to non-controlling 1.9 36.9
shareholders
Net profit on disposal of property (38.6) (1.8)
Non-controlling shareholder loan waived (14.9) -
Net onerous lease provisions reversed - (26.1)
Insurance proceeds from Thorpe fire - (18.9)
Trading profit 1 543.2 1 127.5
* Abnormal losses/(gains) are defined as
losses/(gains) which do not arise from
normal trading activities or are of such
size, nature or incidence that their
disclosure is relevant to explain the
performance for the period.
4. Determination of headline earnings
Profit attributable to equity holders of 825.9 204.8
the company for the year
Less: preference dividend (0.1) (0.1)
Basic earnings 825.8 204.7
Adjusted for:
Net impairment losses on goodwill, plant,
equipment, intangible
assets and investments 107.1 389.8
Net loss/(profit) on disposal of businesses 2.9 (26.7)
and other investments
Net (profit)/loss on disposal of property,
plant, equipment
and intangible assets (23.9) 33.0
Tax effects and non-controlling interest (32.0) (110.1)
Headline earnings for the year 879.9 490.7
5. Cash and cash equivalents
Bank balances, deposits and cash 718.6 1 016.1
Bank overdrafts (455.5) (619.3)
Bank balances, deposits and cash included - 1.1
in assets held for sale
263.1 397.9
6. Assets held for sale
The assets and liabilities attributable to
business units and assets which are
expected to be sold in the next 12 months
have been classified as disposal groups
held for sale and are presented separately
in the balance sheet. The assets and
disposal groups have been measured at fair
value less cost to sell and an impairment
charge of R63.3 million (2009: R52.0
million) has been recognised for the year.
7. Supplementary Information
Capital expenditure 785.7 1 129.3
expansion 529.9 653.5
replacement 245.3 466.4
intangibles 10.5 9.4
Capital commitments 482.3 593.0
contracted 304.8 357.0
approved not contracted 177.5 236.0
Lease commitments 306.1 383.3
land and buildings 232.0 299.6
other 74.1 83.7
Contingent Liabilities 5.5 17.2
customer claims and guarantees 5.5 17.2
8. Share statistics
Ordinary shares in issue (000) 660 778 659 264
Ordinary shares in issue net of treasury 588 338 586 773
shares (000)
Weighted average number of ordinary shares 587 782 585 858
on which headline earnings and basic
earnings per share are based (000)
Weighted average number of ordinary shares 610 574 602 185
on which diluted headline earnings and
diluted basic earnings per share are based
(000)
9. Additional disclosures
Net gearing 33% 52%
Net debt: EBITDA* 0.8 times 1.6 times
EBITDA interest cover* 10.7 times 5.6 times
Total liabilities: equity 141% 175%
Return on equity 16% 4%
Return on net assets 15% 6%
Net worth per ordinary share (cents)** 912 874
Tangible net worth per ordinary share 861 808
(cents)**
*EBITDA is calculated before net impairments
**calculated on ordinary shares in issue net of treasury shares
10.Related party transactions
Group companies, in the ordinary course of business, entered into various
purchase and sale transactions with associates, joint ventures and other related
parties. The effect of these transactions is included in the financial
performance and results of the group. The detailed disclosure is available for
inspection at the registered offices of the company.
11. Independent auditor`s opinion
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 condensed 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.
Comments
NAMPAK PROFILE
Nampak is Africa`s largest packaging manufacturer with operations in Botswana,
Ethiopia, Kenya, Malawi, Mozambique, Namibia, Nigeria, South Africa, Swaziland,
Tanzania, Zambia and Zimbabwe. Nampak`s footprint in Africa will be enhanced in
2011 with the opening of the new beverage can factory in Angola.
Nampak is the major supplier of plastic bottles to the dairy industry in the
United Kingdom.
Collection and recycling of all types of used packaging is of the utmost
importance and is a core strategic activity.
The group`s world-class research and development facility based in Cape Town
provides technical expertise and support to Nampak`s businesses as well as to
its customers.
The corporate office is based in Sandton, South Africa.
GROUP PERFORMANCE
Operating profit increased by 126%. The trading margin improved from 5.8% to
8.3% with turnarounds in the paper businesses in both South Africa and Europe
and the disposal of underperforming businesses contributing to this improvement.
Headline earnings per share increased by 79% from 83.8 cents to 149.7 cents as a
result of the improvement in operating profit and the reduction in finance
costs. Earnings per share increased by 303% due to significantly lower abnormal
items than the previous year.
Revenue decreased by 5% due partly to lower volumes in South Africa and the
effect of a stronger rand on translated revenue from Europe and the rest of
Africa.
Net finance costs decreased by 38% to R203 million as a result of lower interest
rates and lower levels of debt.
The effective tax rate was 27.4% compared to 25.8% in 2009.
Total capital expenditure amounted to R786 million compared to R1 129 million in
2009 with R195 million spent on the Angolan beverage can factory and R54 million
on the completion of the glass cullet plant.
Working capital decreased by R212 million due to the continued focus on reducing
our investment in this area. Inventories and accounts receivable showed
significant reductions.
Net debt to equity decreased to 33% from 52% last year mainly as a result of the
repayment of debt and the increase in cash generated from operations, and
reductions in both capital expenditure and working capital.
BEE RATING
In 2010 Nampak achieved a BBBEE rating of level 4, up from level 6 in 2009 as a
result of various initiatives across all seven legs of the Black Empowerment
Scorecard as certified by independent ratings agency Empowerdex.
SEGMENTAL REVIEW
Revenue Trading profit* Margin
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm % %
South Africa 13 293 13 357 1 138 842 8.6 6.3
Rest of Africa 1 214 1 403 83 67 6.8 4.8
Europe 4 039 4 825 219 170 5.4 3.5
Other 103 49
Total 18 546 19 585 1 543 1 128 8.3 5.8
*operating profit before abnormal items
South Africa
Sales volumes were flat. Although there was increased demand for some products
during the 2010 FIFA World Cup tournament, consumer demand was generally weak
for most of the year. A stronger performance by the food and general can
business and a reduced loss in the corrugated business contributed to the 35%
increase in trading profit. The margin increased from 6.3% to 8.6%.
Rest of Africa
Trading profit increased by 66% in US dollar terms and by 24% in rand terms to
R83 million. This amount includes start-up costs of R15 million for the new
beverage can plant in Angola. The metals and paper businesses in Nigeria
achieved very good results as did the businesses in most other territories.
Zambia performed below expectations and incurred a loss.
Europe
Revenue of GBP347 million was at a similar level to last year whilst trading
profit increased by 56% from GBP12.1 million to GBP18.9 million as a result of
the turnaround in the folding cartons business. The average exchange rate to the
pound was R11.64 compared to R13.94 last year.
Other
This segment comprises corporate services, procurement, treasury and property
rentals. The increase in trading income is due mainly to lower corporate costs
and a reduction in the provision for bad debts.
Metals and Glass
Revenue Trading profit* Margin
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm % %
South Africa 5 263 5 350 743 737 14.1 13.8
Rest of Africa 526 617 15 (11) 2.9 (1.8)
Total 5 789 5 967 758 726 13.1 12.2
*operating profit before abnormal items
South Africa
Revenue decreased by 2% due to a reduction of 6% in the demand for beverage
cans. Good performances from the food, general can and glass businesses
contributed to maintaining trading profit at a similar level to last year.
Food can volumes decreased by 12% with all categories except for milk cans being
lower than last year. There was higher demand for aerosol, polish and other
diversified cans.
There was moderate demand for glass bottles which together with the investment
in manufacturing technology contributed to an improvement in performance and
margins. A new cullet plant costing R160 million was commissioned in March 2010.
This will enable greater quantities of recycled glass to be used.
Rest of Africa
Both the Kenyan and Nigerian businesses performed well. The trading profit was
impacted by start-up costs of R15 million in Angola.
Equipment is currently being installed in the new beverage can factory in Angola
with production due to commence in the first half of 2011.
Paper and Flexibles
Revenue Trading profit* Margin
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm % %
South Africa 4 313 4 399 59 (237) 1.4 (5.4)
Rest of Africa 688 786 68 78 9.9 9.9
Europe 2 771 3 317 118 77 4.3 2.3
Total 7 772 8 502 245 (82) 3.2 (1.0)
*operating profit before abnormal items
South Africa
Revenue decreased by 2% due to lower sales in the flexible and sacks businesses.
A substantially reduced loss in the corrugated business and a strong performance
by the flexibles business contributed to the turnaround in trading profit.
Sales volumes of corrugated boxes increased by 7%, as a result of improved
demand from the agriculture sector and the regaining of market share in the
commercial sector. Production efficiencies at the Rosslyn paper mill showed
steady improvement as the year progressed and the converting operations
performed well.
Demand for folding cartons was weak across all sectors with only fast-food
packaging registering any growth supported by increased demand during the 2010
FIFA World Cup tournament. The conversion of detergent cartons to flexible
packaging also impacted on volumes.
The flexible business achieved a much improved performance with both volume
growth and higher margins contributing to the better results. There was stronger
demand from key customers and higher sales of detergent bags which have
converted from folding cartons. A major contributor to the improved results was
the sale and closure respectively in 2009 of the loss-making Flexpak and Foam
businesses.
The paper sacks business performed well despite depressed demand for cement and
milling packaging. Exports to Africa grew year on year.
Rest of Africa
The folding cartons business in Nigeria had an excellent year with strong demand
for cigarette cartons as well as further penetration into the general carton
market. The good results from Nigeria and Malawi were negatively impacted by a
loss in Zambia.
Europe
Revenue remained constant at GBP238 million whilst trading profit increased by
90% to GBP10.2 million.
Sales volumes in the healthcare packaging business were higher than last year
but weak economic conditions resulted in volumes of folding cartons for the food
sector being similar to a year ago. The benefits of the rationalisation
undertaken at Leeds towards the end of 2009 contributed to the substantial
increase in profitability.
Plastics
Revenue Trading profit* Margin
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm % %
South Africa 2 142 2 075 152 184 7.1 8.9
Europe 1 268 1 508 101 93 8.0 6.2
Total 3 410 3 583 253 277 7.4 7.7
*operating profit before abnormal items
South Africa
Revenue increased by 3% whilst trading profit fell by 17% due to an increased
loss in the tubes and tubs business.
There was marginal volume growth in plastic bottles for milk and juice. Sales of
multi-layer bottles for long-life milk were expanded to a broader range of
retailers. There was good demand from the beverage industry for plastic crates.
Sales of PET bottles for carbonated soft drinks were affected by the unseasonal
wet summer as well as the loss of business in Bloemfontein following the award
of a new in-plant to a competitor.
There was reduced demand for tubes. Due to poor profitability and weak
prospects, the plastic industrial container business was sold and for similar
reasons the tubs business is in the process of being sold.
Sales of metal closures for food containers were lower due to imports and
depressed consumer demand. Screw cap closures for wine bottles continued to
grow.
Europe
Revenue was 2% higher at GBP109 million whilst trading profit increased by 30%
to GBP8.7million. Sales volumes were lower due to the insolvency of a major
customer in the middle of 2009 but the profit improvement programme implemented
to counter the loss of this business contributed to an improvement in
performance. A competitor acquired effective October 2010 will assist in
restoring some of the lost volumes.
Tissue
Revenue Trading profit* Margin
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm % %
South Africa 1 575 1 533 184 158 11.7 10.3
*operating profit before abnormal items
Revenue increased by 3% and trading profit by 16%.
Demand from the retail sector was soft although there was an improvement in the
latter part of the year. Toilet tissue volumes were down. Diapers and feminine
hygiene products both showed positive growth.
CORPORATE ACTIVITY
In line with the stated strategy to fix, close or sell underperforming
businesses, the following businesses were sold: the Durban and Cape Town
operations of Redibox (other operations were closed); Disaki Cores & Tubes;
Carmoc; the containers business and L&CP which is subject to approval by the
Competition Commission. Interpak Books was sold subsequent to 30 September 2010.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement published on 4 October
2010 when the company advised that it was in discussions which, if successfully
concluded, could have an effect on the price of the company`s securities.
Shareholders are advised that discussions are at an advanced stage in regard to
the sale of the company`s Cartons and Healthcare businesses in Europe.
Accordingly, shareholders are advised to continue to exercise caution when
dealing in the company`s securities until a further announcement is made.
PROSPECTS
The group has successfully fixed or sold most of its underperforming businesses.
The strategy of investing and growing our core profitable businesses will
continue and we remain focused on fixing or exiting the remaining
underperforming businesses. Capex and working capital will continue to be
tightly controlled.
As a result, the group will be more focused and we expect to be able to continue
delivering improvements in profitability, trading margins and reduced debt.
CHANGES IN THE DIRECTORATE
Mr T Evans retired as chairman and as a non-executive director on 31 May 2010.
Mr T T Mboweni was appointed chairman and a non-executive director on 1 June
2010.
Mr M H Visser resigned as a non-executive director on 5 August 2010.
DECLARATION OF ORDINARY DIVIDEND NUMBER 77
Notice is hereby given that a final dividend number 77 of 58.0 cents per share
(2010: 24.0 cents per share) has been declared in respect of the year ended 30
September 2010, payable to shareholders recorded as such in the register of the
company at the close of business on the record date, Friday 14 January 2011. The
last day to trade to participate in the dividend is Friday 7 January 2011.
Shares will commence trading ex dividend from Monday 10 January 2011.
The important dates pertaining to this dividend are as follows:
Last day to trade ordinary shares cum dividend Friday 7 January 2011
Ordinary shares trade ex dividend Monday 10 January 2011
Record date Friday 14 January 2011
Payment date Monday 17 January 2011
Ordinary share certificates may not be de-materialised or re-materialised
between Monday 10 January 2011 and Friday 14 January 2011, both days inclusive.
On behalf of the board
T T Mboweni Chairman
A B Marshall Chief executive officer
22 November 2010
NAMPAK LIMITED
Independent non-executive directors:
T T Mboweni (Chairman), R C Andersen, R J Khoza, P M Madi, D C Moephuli, C W N
Molope, R V Smither, P M Surgey.
Executive directors:
A B Marshall (Chief executive officer), G Griffiths (Chief financial officer), F
V Tshiqi (Group human resources).
Secretary:
N P O`Brien
Registered office: Share registrar:
Nampak Centre, 114 Dennis Road Computershare Investor
Atholl Gardens, Sandton 2196 Services (Pty) Limited
South Africa 70 Marshall Street
(PO Box 784324, Sandton 2146 Johannesburg 2001, South Africa
South Africa) (PO Box 61051, Marshalltown 2107
Telephone: +27 11 719 6300 South Africa)
Telephone: +27 11 370 5000
Sponsor:
UBS South Africa (Pty) Limited
Disclaimer
We may make statements that are not historical facts and relate to analyses and
other information based on forecasts of future results and estimates of amounts
not yet determinable. These are forward-looking statements as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Words such as believe,
anticipate, expect, intend, seek, will, plan, could, may, endeavour and project
and similar expressions are intended to identify such forward-looking
statements, but are not the exclusive means of identifying such statements. By
their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and there are risks that predictions,
forecasts, projections and other forward-looking statements will not be
achieved.
If one or more of these risks materialise, or should underlying assumptions
prove incorrect, actual results may be very different from those anticipated.
The factors that could cause our actual results to differ materially from the
plans, objectives, expectations, estimates and intentions in such forward-
looking statement are discussed in each year`s annual report.
Forward-looking statements apply only as of the date on which they are made, and
we do not undertake other than in terms of the Listings Requirements of the JSE
Limited, to update or revise any statement, whether as a result of new
information, future events or otherwise. All profit forecasts published in this
report are unaudited. Investors are cautioned not to place undue reliance on any
forward-looking statements contained herein.
Date: 22/11/2010 12:25:18 Supplied by www.sharenet.co.za
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