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NPK - Nampak Limited - Interim report and dividend declaration for the six
months ended 31 March 2011
NAMPAK LIMITED
Registration number: 1968/008070/06
(Incorporated in the Republic of South Africa)
Share code: NPK ISIN: ZAE000071676
("Nampak" or "the company")
Interim report and dividend declaration for the six months ended 31 March 2011
HIGHLIGHTS
HEPS from continuing operations up 28%
Operating profit from continuing operations up 16%
Dividend per share up 36% to 34 cents
Net gearing reduced to 23%
Condensed group statement of comprehensive income
Unaudited Unaudited Change % Audited
6 months 6 months year
ended 31 ended 31 ended 30
March 2011 March 2010 Sept 2010
Rm Rm Rm
Continuing operations
Revenue 7 985.2 7 982.7 - 15 774.2
Operating profit (note 3) 867.0 747.8 15.9 1 228.7
Finance costs (61.1) (136.9) (246.6)
Finance income 14.0 15.1 56.2
Income from investments 8.3 4.9 6.0
Share of profit from associates 0.1 0.1 3.6
Profit before tax 828.3 631.0 31.3 1 047.9
Taxation 259.0 185.1 268.7
Profit for the period from 569.3 445.9 27.7 779.2
continuing operations
Discontinued operations
(Loss)/profit for the period (300.0) 29.8 55.7
from discontinued operations
(note 4)
Profit for the period 269.3 475.7 (43.4) 834.9
Other comprehensive
(expenses)/income
Exchange differences on (47.2) (175.3) (234.3)
translation of foreign
operations
Translation reserve released on (4.7) - -
disposal of foreign operations
Net actuarial losses from - - (145.2)
retirement benefit obligation
Gains/(losses) on cash flow - 0.7 (0.4)
hedges
Other comprehensive expenses for (51.9) (174.6) (379.9)
period, net of tax
Total comprehensive income for 217.4 301.1 455.0
the period
Profit/(loss) attributable to:
Owners of Nampak Limited 267.8 476.0 (43.7) 825.9
Non-controlling interest in 1.5 (0.3) 9.0
subsidiaries
269.3 475.7 834.9
Total comprehensive
income/(expense) attributable
to:
Owners of Nampak Limited 212.1 304.0 450.1
Non-controlling interest in 5.3 (2.9) 4.9
subsidiaries
217.4 301.1 455.0
Continuing operations
Basic earnings per share (cents) 96.4 75.9 27.0 131.0
Fully diluted earnings per share 93.8 74.8 25.4 129.8
(cents)
Headline earnings per ordinary 93.5 72.8 28.4 142.5
share (cents)
Fully diluted headline earnings 91.1 71.9 26.7 140.8
per share (cents)
Continuing and discontinued
operations
Basic earnings per share (cents) 45.5 80.9 (43.8) 140.5
Fully diluted earnings per share 45.2 79.7 (43.3) 138.9
(cents)
Headline earnings per ordinary 97.2 77.8 24.9 149.7
share (cents)
Fully diluted headline earnings 94.6 76.7 23.3 147.7
per share (cents)
Dividend per share (cents) 34.0 25.0 36.0 83.0
Condensed statement of financial position
Unaudited 31 Unaudited 31 Audited 30
March 2011 March 2010 Sept 2010 Rm
Rm Rm
ASSETS
Non-current assets
Property, plant and equipment and 5 486.3 6 242.6 6 199.9
investment property
Goodwill and other intangible assets 245.3 362.6 301.1
Other non-current financial assets and 398.0 404.1 408.9
associates
Deferred tax assets 37.0 10.3 46.9
6 166.6 7 019.6 6 956.8
Current assets
Inventories 2 327.3 2 387.3 2 272.6
Trade receivables and other current 2 407.8 2 999.6 2 697.3
assets
Tax assets 1.3 12.6 77.2
Bank balances, deposits and cash (note 1 067.0 437.1 718.6
2)
5 803.4 5 836.6 5 765.7
Assets classified as held for sale 104.5 152.5 202.6
(note 4)
Total assets 12 074.5 13 008.7 12 925.1
EQUITY AND LIABILITIES
Capital and reserves
Share capital 35.7 35.6 35.7
Capital reserves (523.1) (579.9) (543.4)
Other reserves (660.0) (555.3) (755.2)
Retained earnings 6 379.6 6 399.5 6 603.7
Shareholders` equity 5 232.2 5 299.9 5 340.8
Non-controlling interest 31.2 21.6 27.5
Total equity 5 263.4 5 321.5 5 368.3
Non-current liabilities
Loans and borrowings 1 360.1 1 954.8 1 631.0
Retirement benefit obligation 1 265.5 1 229.7 1 404.5
Other non-current liabilities 8.8 16.2 15.8
Deferred tax liabilities 221.3 278.2 286.9
2 855.7 3 478.9 3 338.2
Current liabilities
Trade payables, provisions and other 2 795.6 2 939.1 3 135.7
current liabilities
Bank overdrafts (note 2) 860.4 543.9 455.5
Loans and borrowings 33.4 608.7 373.8
Tax liabilities 248.4 45.0 175.2
3 937.8 4 136.7 4 140.2
Liabilities directly associated with 17.6 71.6 78.4
assets classified as held for sale
(note 4)
Total equity and liabilities 12 074.5 13 008.7 12 925.1
Condensed group statement of cash flows
Unaudited 31 Unaudited 31 Audited 30
March 2011 March 2010 Sept 2010 Rm
Rm Rm
Operating profit before working capital 1 235.0 1 177.9 2 248.3
changes
Working capital changes (482.1) (355.4) 212.3
Cash generated from operations 752.9 822.5 2 460.6
Net interest paid (84.7) (143.1) (261.9)
Income from investments 8.3 4.9 6.0
Tax paid (97.5) (17.1) (93.3)
Replacement capital expenditure (149.6) (99.7) (245.3)
Cash retained from operations 429.4 567.5 1 866.1
Dividends paid (341.6) (140.8) (289.2)
Net cash retained from operating 87.8 426.7 1 576.9
activities
Net cash generated from/(utilised in) 513.3 (187.2) (428.2)
investing activities
Net cash retained before financing 601.1 239.5 1 148.7
activities
Net cash utilised in financing (619.7) (708.6) (1 241.4)
activities
Net decrease in cash and cash (18.6) (469.1) (92.7)
equivalents
Cash and cash equivalents at beginning 263.1 397.9 397.9
of period (note 2)
Translation of cash in foreign (37.9) (32.7) (42.1)
subsidiaries
Net cash and cash 206.6 (103.9) 263.1
equivalents/(overdrafts) at end of
period (note 2)
Group statement of changes in equity
Unaudited 31 Unaudited 31 Audited 30
March 2011 March 2010 Sept 2010 Rm
Rm Rm
Opening balance 5 368.3 5 129.5 5 129.5
Net shares issued during period 13.6 13.3 19.5
Treasury shares sold - - 0.3
Share of movement in associate`s non- - - (1.0)
distributable reserve
Release of reserves relating to (1.6) - 0.5
subsidiary disposed
Share-based payment expense 7.3 18.4 54.3
Share grants exercised - - (3.4)
Transfer from hedging reserve to - - 2.2
related assets
Gain on available-for-sale financial - - 0.6
assets
Total comprehensive income for the 217.4 301.1 455.0
period
Dividends paid (341.6) (140.8) (289.2)
Closing balance 5 263.4 5 321.5 5 368.3
Comprising:
Share capital 35.7 35.6 35.7
Capital reserves (523.1) (579.9) (543.4)
Share premium 279.4 259.7 265.8
Treasury shares (1 149.7) (1 150.0) (1 149.7)
Share option reserve 347.2 310.4 340.5
Other reserves (660.0) (555.3) (755.2)
Foreign currency translation reserve (259.1) (148.0) (203.4)
Hyperinflation capital adjustment (24.3) (24.3) (24.3)
Financial instruments hedging reserve - (1.2) (0.1)
Recognised actuarial losses (340.6) (346.4) (491.6)
Share of non-distributable reserves 2.3 3.3 2.3
in associates
Available for sale financial assets (38.3) (38.9) (38.3)
revaluation reserve
Other - 0.2 0.2
Retained earnings 6 379.6 6 399.5 6 603.7
Shareholders` equity 5 232.2 5 299.9 5 340.8
Non-controlling interest 31.2 21.6 27.5
Total equity 5 263.4 5 321.5 5 368.3
Notes
Unaudited 31 Unaudited 31 Audited 30
March 2011 Rm March 2010 Rm Sept 2010
Rm
1. Basis of preparation and
accounting policies
The condensed interim consolidated
financial statements have been
prepared in compliance with the
Listings Requirements of the JSE
Limited, International Financial
Reporting Standards (IFRS) (in
particular, International Accounting
Standard 34 Interim Financial
Reporting) and the South African
Companies Act, 1973, as amended.
The accounting policies applied are
consistent with those applied for the
group`s 2010 annual financial
statements.
2. Net cash and cash
equivalents/(overdrafts)
Bank balances, deposits and cash 1 067.0 437.1 718.6
Bank overdrafts (860.4) (543.9) (455.5)
Bank balances, deposits and cash
included in assets held for sale - 2.9 -
206.6 (103.9) 263.1
3. Included in operating profit are:
Depreciation 269.3 270.5 535.8
Amortisation 11.1 30.2 61.9
4. Assets held for sale and
discontinued operations
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. No
impairment charge has been recognised
in the current period (2010 full
year: R63.3m).
Effective 28 February 2011, the
operations of Nampak Paper Holdings
were sold in line with the group`s
strategy to focus on core operations
and emerging markets. The results of
these operations were previously
reported in the Europe Paper segment
for segmental reporting purposes and
have been classified as discontinued
operations. The only material change
to the total assets as disclosed for
the year-ended 30 September 2010
arose as a result of this
transaction.
The results of the discontinued
operations included in the income
statement are set out below. The
comparative (loss)/profit and cash
flows from the discontinued
operations have been re-represented
to include the operations classified
as discontinued in the current
period.
(Loss)/profit for the period from
discontinued operations
Revenue 1 112.9 1 450.9 2771.3
Expenses (1 082.1) (1 405.9) (2 668.5)
Profit before tax 30.8 45.0 102.8
Attributable income tax expense 9.2 15.2 47.1
21.6 29.8 55.7
Loss on disposal of operations (321.6) - -
(Loss)/profit for the period from (300.0) 29.8 55.7
discontinued operations
Cash flows from discontinued
operations
Net cash flows from operating (13.5) 28.9 121.2
activities
Net cash flows from investing (40.5) (20.7) 37.7
activities
Net cash flows from financing 23.2 (21.5) (148.1)
activities
Net cash flows (30.8) (13.3) 10.8
5. Reconciliation of operating profit
and trading profit
Operating profit 867.0 747.8 1 228.7
Abnormal (gains)/losses* (14.0) 9.3 205.5
Retrenchment and restructuring costs 15.5 8.8 72.2
Share-based payment expense on BEE 2.9 14.8 49.0
transaction
Net loss on disposal of businesses 2.2 - 2.9
Impairments of loans to non- 0.1 - 1.9
controlling shareholders
Financial instruments fair value (17.8) 10.5 12.0
(gain)/loss
Net profit on disposal of property (16.9) (25.9) (26.0)
Net impairment losses on goodwill, - 1.1 108.4
plant, equipment and investments
Non-controlling shareholder loan - - (14.9)
waived
Trading profit 853.0 757.1 1 434.2
* Abnormal (gains)/losses are defined
as gains and losses which do not
arise from normal trading activities
or are of such a size, nature or
incidence that their disclosure is
relevant to explain the performance
for the period.
6. Determination of headline earnings
Continuing operations
Profit attributable to equity holders 567.8 446.2 770.2
of the company for the period
Less: preference dividend - - (0.1)
Basic earnings 567.8 446.2 770.1
Adjusted for :
Net impairment losses on goodwill, - 1.1 107.1
plant, equipment and investments
Net loss on disposal of businesses 2.2 - 2.9
Net profit on disposal of property, (16.8) (19.6) (10.8)
plant and equipment and intangible
assets
Tax effects (2.2) 0.6 (31.9)
Headline earnings for the period 551.0 428.3 837.4
Continuing and discontinued
operations
Profit attributable to equity holders 267.8 476.0 825.9
of the company for the period
Less: preference dividend - - (0.1)
Basic earnings 267.8 476.0 825.8
Adjusted for :
Net impairment losses on goodwill, - 1.1 107.1
plant, equipment and investments
Net loss on disposal of businesses 323.8 - 2.9
and other investments
Net profit on disposal of property, (16.8) (20.3) (23.9)
plant and equipment and intangible
assets
Tax effects (2.2) 0.8 (32.0)
Headline earnings for the period 572.6 457.6 879.9
7. Supplementary information
Capital expenditure 348.2 345.9 785.7
- expansion 197.0 243.3 529.9
- replacement 149.6 99.7 245.3
- intangibles 1.6 2.9 10.5
Capital commitments 632.3 501.6 482.3
- contracted 192.4 289.9 304.8
- approved not contracted 439.9 211.7 177.5
Lease commitments 235.6 276.9 306.1
- land and buildings 172.8 189.4 232.0
- other 62.8 87.5 74.1
Contingent liabilities 6.2 2.9 5.5
- customer claims and guarantees 6.2 2.9 5.5
8. Share statistics
Ordinary shares in issue (000) 693 748 660 338 660 778
Ordinary shares in issue - net of 589 451 587 846 588 338
treasury shares (000)
Weighted average number of ordinary 589 250 588 165 587 782
shares on which headline earnings and
basic earnings per share are based
(000)
Weighted average number of ordinary 616 957 611 148 610 574
shares on which diluted headline
earnings and diluted basic earnings
per share are based (000)
9. Additional disclosures
Net gearing 23% 50% 33%
Net debt: EBITDA* 0.5 times 1.1 times 0.8 times
EBITDA interest cover* 26.0 times 9.0 times 10.7 times
Total liabilities: equity 129% 143% 141%
Return on equity - continuing 23% 20% 17%
operations
Return on equity 10% 18% 16%
Return on net
assets - continuing
operations 21% 18% 17%
Return on net assets 13% 17% 15%
Net worth per ordinary share 893 905 912
(cents)**
Tangible net worth per ordinary share 851 844 861
(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.
Comments
NAMPAK PROFILE
Nampak is Africa`s largest packaging manufacturer with operations in Angola,
Botswana, Ethiopia, Kenya, Malawi, Mozambique, Namibia, Nigeria, South Africa,
Swaziland, Tanzania, Zambia and Zimbabwe.
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.
Nampak has a level 4BBBEE rating as certified by independent ratings agency
Empowerdex.
The corporate office is based in Sandton, South Africa.
GROUP PERFORMANCE
Operating profit from continuing operations increased by 16%. The trading margin
improved from 9.5% to 10.7%. This was mainly due to improved results from the
flexible, diversified canning and African operations as well as the turnaround
or sale of underperforming businesses.
Net finance costs decreased by 61% to R47 million as a result of lower interest
rates and reduced debt following the receipt of the proceeds from the disposal
of businesses.
Headline earnings per share from continuing operations increased by 28% from
72.8 cents to 93.5 cents as a result of the improvement in operating profit and
the reduction in finance costs.
The interim dividend has been increased by 36% to 34 cents per share. In view of
the group`s improved performance and low gearing, the board has resolved to
reduce the annual dividend cover to 1.6 on continuing operations which is within
the 1.6 to 1.8 policy range. The interim dividend has been set at a percentage
of the expected full-year earnings.
Revenue growth in the South African businesses was flat due to the disposal of a
number of smaller underperforming businesses. The rest of Africa and Europe
showed pleasing growth in local currencies.
The effective tax rate was 31.3% compared to 29.3% in 2010.
Total capital expenditure amounted to R348 million compared to R346 million in
2010 with R120 million spent on the completion of the Angolan beverage can
factory.
Working capital, excluding disposals and foreign exchange translation
differences, increased by R482 million (last year R355 million) due primarily to
the seasonal extension in receivable collections, increased investment in
inventories in Africa, particularly Nigeria and the buildup of inventories in
Angola in advance of the opening of the beverage can line.
Net debt to equity decreased to 23% from 33% in September last year mainly as a
result of the receipt of disposal proceeds which were used to repay debt as well
as strong operating cash flows. Net debt declined from R1.7 billion at the end
of September 2010 to R1.2 billion at the end of March 2011.
The European folding cartons and healthcare businesses were sold effective 28
February 2011 at a loss of R300 million and have been disclosed as discontinued
operations.
SEGMENTAL REVIEW
The 2010 comparatives have been reclassified in accordance with management
reporting.
Revenue Trading profit* Margin
2011 2010 2011 2010 2011 2010
Rm Rm Rm Rm % %
South 6 660 6 748 693 580 10.4 8.6
Africa
Rest of 607 595 89 56 14.7 9.4
Africa
Europe 718 640 39 53 5.4 8.3
Other - - 32 68
Total 7 985 7 983 853 757 10.7 9.5
*operating profit before abnormal items
South Africa
Trading profit increased by 19% with the margin increasing from 8.6% to 10.4%.
This was achieved despite virtually flat revenue which was impacted by reduced
consumer demand and the sale of underperforming businesses.
Rest of Africa
Trading profit increased by 59% mainly due to an improved performance from the
Nigerian folding cartons business. The margin in the region improved from 9.4%
to 14.7%.
Europe
Revenue of GBP64 million was 21% higher than last year but higher polymer prices
which could not be fully recovered as well as integration costs on the
acquisition of the Four Four Two business resulted in trading profit decreasing
by 23% from GBP4.4 million to GBP3.4 million. The average exchange rate to the
pound was R11.07 compared to R11.99 last year.
Metals and Glass
Revenue Trading profit* Margin
2011 2010 2011 2010 2011 2010
Rm Rm Rm Rm % %
South 2 674 2 745 396 352 14.8 12.8
Africa
Rest of 271 272 38 21 14.0 7.7
Africa
Total 2 945 3 017 434 373 14.7 12.4
*operating profit before abnormal items
South Africa
Trading profit improved by 13% with a good performance from the diversified
canning business. Sales volumes of beverage cans were impacted by the decline in
exports to Angola. This was due to a customer undertaking a destocking exercise
in advance of the start-up of the new Angolan beverage can factory.
Demand for aerosol, polish and other diversified cans improved by 8% but food
can volumes decreased with fish can sales being substantially lower than last
year as a result of reduced imported frozen fish which is packaged locally.
Sales of fruit and vegetable cans also declined but to a lesser extent.
Demand for glass bottles increased by 1% with improved sales of beer and soft
drink bottles. Sales of spirit bottles however, were well below expectations. A
project totaling R480 million for the rebuild and expansion of furnace 2 has
been approved and will be completed in the first half of 2012.
Rest of Africa
The Nigerian and East African businesses continued to perform well. The trading
profit was impacted by start-up costs of the new beverage can line in Angola.
This factory commenced production at the beginning of April and manufacturing
processes are currently being optimised.
Paper and Flexibles
Revenue Trading profit* Margin
2011 2010 2011 2010 2011 2010
Rm Rm Rm Rm % %
South 2 099 2 115 92 37 4.4 1.7
Africa
Rest of 336 323 51 35 15.2 10.8
Africa
Total 2 435 2 438 143 72 5.9 3.0
*operating profit before abnormal items
South Africa
Trading profit more than doubled primarily as a result of a further improvement
in the performance of the corrugated business which returned to profitability as
well as a good performance from the flexible business.
The good profit improvement in the corrugated business was achieved despite
lower demand for corrugated boxes and sales to export-orientated customers being
impacted by the stronger rand. The paper mill performed better than last year
with higher efficiencies and lower costs.
The flexible business continued to perform well with overall volume growth of 5%
contributing to the improvement. Demand for detergent and snack food packaging
was particularly strong.
The market for folding cartons was highly competitive and this together with
weak demand across all sectors placed pressure on margins. The Pinetown factory
is being closed and production rationalised into Johannesburg and Cape Town.
Demand for cement sacks was well down on last year and was severely impacted by
the depressed construction sector. Milling sacks demand was weak and the poor
South African sugar crop also affected paper sack demand. Higher exports,
however, partially compensated for the reduced domestic demand.
Rest of Africa
The folding cartons business in Nigeria achieved another excellent result with
strong demand for cigarette cartons buoyed by increased sales ahead of the
Nigerian elections in April. Sales of beer labels have commenced and sales of
foiled toothpaste cartons will begin in the second half of this year. Both
Malawi and Zambia performed at similar levels to last year.
Plastics
Revenue Trading profit* Margin
2011 2010 2011 2010 2011 2010
Rm Rm Rm Rm % %
South 1 116 1 125 143 101 12.8 9.0
Africa
Europe 718 640 39 53 5.4 8.3
Total 1 834 1 765 182 154 9.9 8.7
*operating profit before abnormal items
South Africa
Trading profit increased by 42% due mainly to a break-even in the tubes and tubs
business which lost R30 million in 2010.
There was good demand for plastic bottles for milk and juice. Demand for
beverage crates was weak and sales of large drums came under pressure due to a
shortage of alcohol for export following a poor sugar crop.
Sales of PET bottles for carbonated soft drinks were at a similar level to last
year.
There was moderate demand for tubes. The loss-making tubs business was sold
effective 1 May 2011.
Plastic closure sales improved in line with the increased demand for PET juice
bottles but sales of wine bottle closures were lower due to increased bulk wine
exports.
Europe
Revenue of GBP64 million was 21% higher than last year as a result of the
inclusion of volumes from the acquisition of Four Four Two on 1 October 2010.
Trading profit however decreased by 23% from GBP4.4 million to GBP3.4 million
due to a significant lag in recovering higher polymer prices and the integration
costs of the Four Four Two acquisition. Results in rand were affected by the
stronger exchange rate.
Tissue
Revenue Trading profit* Margin
2011 2010 2011 2010 2011 2010
Rm Rm Rm Rm % %
South 772 764 62 91 8.0 11.9
Africa
*operating profit before abnormal items
The one-ply toilet tissue market declined by 10% due to financial pressure on
lower-income consumers. The two-ply market continued to grow but a shortage of
wadding caused by production constraints at the Kliprivier mill following a mill
upgrade, resulted in reduced sales. A competitive market also saw a drop in
margins. The diaper market grew by 8% but was characterized by intense
competition which negatively impacted profitability. As a consequence, there was
minimal growth in revenue and trading profit decreased by 32%.
CORPORATE ACTIVITY
In furtherance of the stated strategy to fix, close or sell underperforming
businesses, the following businesses were sold:
Europe cartons and healthcare packaging;
Interpak Books;
Disaki Manufacturing;
L & CP;
Tubs.
PROSPECTS
Demand from South African consumers has been moderate and no significant
improvement is expected in the next six months. However, the benefits of the
disposal and closure of underperforming businesses and increased profits from
the rest of Africa are expected to contribute to an overall improvement in
performance for the full year albeit at a lower rate than that achieved in the
first six months.
CHANGES IN THE DIRECTORATE
Mrs. VN Magwentshu was appointed as an independent non-executive director on 3
February 2011.
DECLARATION OF ORDINARY DIVIDEND NUMBER 78
Notice is hereby given that an interim dividend number 78 of 34 cents per share
(2010:25 cents per share) has been declared in respect of the six months ended
31 March 2011, payable to shareholders recorded as such in the register of the
company at the close of business on the record date, Friday 8 July 2011. The
last day to trade to participate in the dividend is Friday 1 July 2011. Shares
will commence trading "ex" dividend from Monday 4 July 2011.
The important dates pertaining to this dividend are as follows:
Last day to trade ordinary shares "cum" Friday 1 July 2011
dividend
Ordinary shares trade "ex" dividend Monday 4 July 2011
Record date Friday 8 July 2011
Payment date Monday 11 July 2011
Ordinary share certificates may not be de-materialised or re-materialised
between Monday 4 July 2011 and Friday 8 July 2011, both days inclusive.
On behalf of the board
TT Mboweni Chairman
AB Marshall Chief executive officer
25 May 2011
Independent non-executive directors:
TT Mboweni (Chairman), RC Andersen, RJ Khoza, PM Madi, VN Magwentshu,
DC Moephuli, CWN Molope, RV Smither, PM Surgey.
Executive directors:
AB Marshall (Chief executive officer), G Griffiths (Chief financial officer), FV
Tshiqi (Group human resources director).
Secretary: NP 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 statements 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.
These results and a presentation to analysts and shareholders are available on
the group`s website at www.nampak.com
Date: 25/05/2011 11:29:01 Supplied by www.sharenet.co.za
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