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NPK - Nampak Limited - Audited group results for the year ended 30 September

Release Date: 23/11/2011 11:51
Code(s): NPK
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NPK - Nampak Limited - Audited group results for the year ended 30 September 2011 NAMPAK LIMITED Registration number: 1968/008070/06 Share code: NPK ISIN: ZAE000071676 * HEPS from continuing operations up 21% * Dividend/distribution per share up 30% to 108 cents * Operating profit from continuing operations up 22% * Net debt reduced from R1.7 billion to R582 million * Net gearing reduced to 10% * Trading margin improved from 9.1% to 9.8% AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2011 Condensed group statement of comprehensive income Restated 2011 2010 %
Notes Rm Rm change Continuing operations Revenue 15 818.6 15 774.2 0.3 Operating profit 2 1 497.8 1 228.7 21.9 Finance costs (171.5) (246.6) Finance income 51.6 56.2 Income from investments 11.1 6.0 Share of profit of associates 1.2 3.6 Profit before tax 1 390.2 1 047.9 32.7 Taxation 456.5 269.4 Profit for the year from 933.7 778.5 19.9 continuing operations Discontinued operations (Loss)/profit for the year from 4 (331.1) 56.4 discontinued operations Profit for the year 602.6 834.9 Other comprehensive income/(expense) for the year, net of tax Exchange differences on 322.0 (234.3) translation of foreign operations Net actuarial losses from (64.9) (145.2) retirement benefit obligations Cumulative translation gains (1.6) - reclassified to profit or loss on disposal of subsidiary Gains/(losses) on cash flow hedges 6.7 (0.4) Other comprehensive 262.2 (379.9) income/(expense) for the year, net of tax Total comprehensive income for the 864.8 455.0 year Profit/(loss) attributable to: Owners of Nampak Limited 627.9 825.9 (24.0) Non-controlling interest in (25.3) 9.0 subsidiaries 602.6 834.9 Total comprehensive income/(expense) attributable to: Owners of Nampak Limited 896.7 450.1 Non-controlling interest in (31.9) 4.9 subsidiaries 864.8 455.0 Continuing operations Basic earnings per share (cents) 162.6 130.9 24.2 Fully diluted earnings per share 157.4 129.6 21.4 (cents) Headline earnings per ordinary 172.4 142.3 21.1 share (cents) Fully diluted headline earnings 166.7 140.6 18.6 per share (cents) Continuing and discontinued operations Basic earnings per share (cents) 106.5 140.5 (24.2) Fully diluted earnings per share 103.8 138.9 (25.2) (cents) Headline earnings per ordinary 176.0 149.7 17.6 share (cents) Fully diluted headline earnings 170.1 147.7 15.2 per share (cents) Dividend/distribution per share 108.0 83.0 30.1 (cents) Condensed group statement of financial position 2011 2010
Notes Rm Rm ASSETS Non-current assets Property, plant and equipment and investment 5 687.3 6 199.9 property Goodwill and other intangible assets 183.1 301.1 Other non-current financial assets and 362.8 408.9 associates Deferred tax assets 24.5 46.9 6 257.7 6 956.8 Current assets Inventories 2 683.0 2 272.6 Trade receivables and other current assets 2 514.8 2 697.3 Tax assets 1.7 77.2 Bank balances, deposits and cash 6 1 450.8 718.6 6 650.3 5 765.7
Assets classified as held for sale 4 - 202.6 Total assets 12 908.0 12 925.1 EQUITY AND LIABILITIES Capital and reserves Share capital 35.8 35.7 Capital reserves (503.4) (543.4) Other reserves (334.5) (755.2) Retained earnings 6 535.2 6 603.7 Shareholders` equity 5 733.1 5 340.8 Non-controlling interest (38.2) 27.5 Total equity 5 694.9 5 368.3 Non-current liabilities Loans and borrowings 1 358.7 1 631.0 Retirement benefit obligation 1 360.5 1 404.5 Other non-current liabilities 7.7 15.8 Deferred tax liabilities 490.3 286.9 3 217.2 3 338.2 Current liabilities Trade payables, provisions and other current 3 211.9 3 135.7 liabilities Bank overdrafts 6 652.9 455.5 Loans and borrowings 21.3 373.8 Tax liabilities 109.8 175.2 3 995.9 4 140.2
Liabilities directly associated with assets 4 - 78.4 classified as held for sale Total equity and liabilities 12 908.0 12 925.1 Condensed group statement of cash flows 2011 2010 Notes Rm Rm Operating profit before working capital 2 273.8 2 296.6 changes Working capital changes (548.3) 212.3 Cash generated from operations 1 725.5 2 508.9 Net interest paid (162.6) (261.9) Income from investments 11.1 6.0 Retirement benefits, contributions and (91.3) (48.3) settlements Tax paid (188.3) (93.3) Replacement capital expenditure (412.3) (245.3) Cash retained from operations 882.1 1 866.1 Dividends paid (543.1) (289.2) Net cash retained from operating activities 339.0 1 576.9 Net cash retained from/(utilised in) 662.1 (428.2) investing activities Net cash retained before financing 1 001.1 1 148.7 activities Net cash utilised in financing activities (590.5) (1 241.4) Net increase/(decrease) in cash and cash 410.6 (92.7) equivalents Cash and cash equivalents at beginning of 6 263.1 397.9 year Translation of cash in foreign subsidiaries 124.2 (42.1) Cash and cash equivalents at end of year 6 797.9 263.1 Condensed group statement of changes in equity 2011 2010
Rm Rm Opening balance 5 368.3 5 129.5 Net shares issued during the year 32.7 19.5 Share-based payment expense 13.8 54.3 Share grants exercised (5.2) (3.4) Disposal of treasury shares - 0.3 Share of movement in associate`s non- (1.0) (1.0) distributable reserve Non-controlling interest realised on disposal (1.6) 0.5 of subsidiary Buy-out of non-controlling interests in (33.8) - subsidiaries Transfer from hedging reserve to related - 2.2 assets Gain on available-for-sale financial assets - 0.6 Total comprehensive income for the year 864.8 455.0 Dividends paid (543.1) (289.2) Closing balance 5 694.9 5 368.3 Comprising: Share capital 35.8 35.7 Capital reserves (503.4) (543.4) Share premium 298.4 265.8 Treasury shares (1 149.7) (1 149.7) Share-based payments reserve 347.9 340.5 Other reserves (334.5) (755.2) Foreign currency translation reserve 123.6 (203.4) Hyperinflation capital adjustment (24.3) (24.3) Financial instruments hedging reserve 8.4 (0.1) Recognised actuarial losses (405.4) (491.6) Share of non-distributable reserves in 1.3 2.3 associates Available-for-sale financial assets (38.3) (38.3) revaluation reserve Other 0.2 0.2 Retained earnings 6 535.2 6 603.7 Shareholders` equity 5 733.1 5 340.8 Non-controlling interest (38.2) 27.5 Total equity 5 694.9 5 368.3 Notes 2011 2010
Rm Rm 1. Basis of preparation The condensed consolidated information has been prepared in accordance 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 Companies Act, No. 71 of 2008 (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 2010 annual financial statements. 2. Included in operating profit are: Depreciation 561.8 535.8 Amortisation 16.9 61.9 3. Reconciliation of operating profit and trading profit Operating profit 1 497.8 1 228.7 Net abnormal loss* 48.1 205.5 Net impairment losses on investments, loans, goodwill, property, plant and equipment, loans and other intangible assets 104.8 108.4 Retrenchment and restructuring costs 49.9 72.2 Share-based payment expense on BEE transaction - 49.0 Net loss on disposal of businesses 5.4 2.9 Impairment of loans to non-controlling 0.2 1.9 shareholders Financial instruments fair value (gain)/loss (71.4) 12.0 Net profit on disposal of property (40.8) (26.0) Non-controlling shareholder loan waived - (14.9) Trading profit 1 545.9 1 434.2 * 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. Disposal of operations The Interpak, Disaki, L&CP and Tubs businesses, which had been presented as held for sale in the prior year, were disposed during the year. The Interpak, Disaki and L&CP businesses were included in the South Africa Paper and Flexibles segment, while the Tubs disposal group was included in the South Africa Plastics segment, for segmental reporting purposes. In addition to the above businesses, the operations of Nampak Paper Holdings were sold in line with the group`s strategy to focus on core operations and emerging markets effective 28 February 2011. 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 statement of comprehensive income 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 year from discontinued operations Revenue 1 112.9 2 771.3 Expenses (1 082.1) (2 668.5) Profit before tax 30.8 102.8 Attributable income tax expense 9.5 46.4 21.3 56.4 Loss on disposal of operations (352.4) - (Loss)/profit for the period from discontinued (331.1) 56.4 operations Cash flows from discontinued operations Net cash flows from operating activities (13.5) 121.2 Net cash flows from investing activities (40.5) 37.7 Net cash flows from financing activities 23.2 (148.1) Net cash flows (30.8) 10.8 5. Determination of headline earnings Continuing operations Profit attributable to equity holders of the 959.0 769.5 company for the year Less: preference dividend (0.1) (0.1) Basic earnings 958.9 769.4 Adjusted for: Net impairment losses on goodwill, property, 99.0 107.1 plant and equipment, and other intangible assets Net loss on disposal of businesses and other 5.4 2.9 investments Net profit on disposal of property, plant, (33.4) (10.8) equipment and intangible assets Tax effects and non-controlling interest (13.4) (31.9) Headline earnings for the year 1 016.5 836.7 Continuing and discontinued operations Profit attributable to equity holders of the 627.9 825.9 company for the year Less: preference dividend (0.1) (0.1) Basic earnings 627.8 825.8 Adjusted for: Net impairment losses on goodwill, property, 99.0 107.1 plant and equipment, and other intangible assets Net loss on disposal of businesses and other 357.8 2.9 investments Net profit on disposal of property, plant, (33.4) (23.9) equipment and intangible assets Tax effects and non-controlling interest (13.4) (32.0) Headline earnings for the year 1 037.8 879.9 6. Cash and cash equivalents Bank balances, deposits and cash 1 450.8 718.6 Bank overdrafts (652.9) (455.5) 797.9 263.1 7. Supplementary information Capital expenditure 676.2 785.7 - expansion 259.9 529.9 - replacement 412.3 245.3 - intangibles 4.0 10.5 Capital commitments 543.8 482.3 - contracted 356.4 304.8 - approved not contracted 187.4 177.5 Lease commitments 270.1 306.1 - land and buildings 201.5 232.0 - other 68.6 74.1 Contingent liabilities 80.2 5.5 - customer claims and guarantees 8.0 5.5 - tax contingent liabilities* 72.2 - *Subsequent to year-end, the Malawi Revenue authority issued additional assessments for the 2001 to 2010 years of assessment on Packaging Industries Malawi Limited relating to transfer pricing to the value of R16.9 million with penalties and interest of R55.3 million. No provision has been raised as management believes that the matter is highly defendable. The timing of the resolution of the matter is uncertain. 8. Share statistics Ordinary shares in issue (000) 695 199 660 778 Ordinary shares in issue - net of treasury 590 901 588 338 shares (000) Weighted average number of ordinary shares on 589 550 587 782 which headline earnings and basic earnings per share are based (000) Weighted average number of ordinary shares on 618 170 610 574 which diluted headline earnings and diluted basic earnings per share are based (000)
9. Additional disclosures Net gearing 10% 32% Net debt: EBITDA* 0.6 times 1.1 times Interest cover 12.8 times 7.6 times EBITDA: Interest cover* 15.4 10.7 times times Total liabilities: equity 127% 141% Return on equity - continuing operations 19% 17% Return on equity - continuing and discontinued 11% 16% operations Return on net assets - continuing operations 20% 19% Return on net assets - continuing and 19% 17% discontinued operations Net worth per ordinary share (cents)** 964 912 Tangible net worth per ordinary share (cents)** 933 861 *EBITDA is calculated before net impairments **calculated on ordinary shares in issue - net of treasury shares 10. Translation revenue movement Due to the weakening of the rand towards the end of the financial year, the translation gain of R322.0 million (2010: R234.3 million loss) was realised for the year. The closing exchange rate at 30 September was GBP1: R12.58 (2010: GBP1: R10.98). 11. 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. 12. Independent auditor`s opinion The auditors, Deloitte & Touche, have issued their opinion on the group`s financial statements for the year ended 30 September 2011. 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 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 4 BBBEE 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 22%. The trading margin improved from 9.1% to 9.8% due mainly to improved results from the diversified canning, corrugated and flexible divisions as well as the sale of underperforming businesses. Net finance costs decreased by 37% to R120 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 21% from 142.3 cents to 172.4 cents as a result of the improvement in operating profit and the reduction in finance costs. The final dividend/distribution has been increased by 28% to 74 cents per share making a total of 108 cents for the year (2010: 83 cents), an increase of 30%. Revenue in South Africa declined marginally due to the disposal of a number of smaller underperforming businesses and weak consumer demand. The new beverage can operation in Angola contributed to the 11% growth in revenue in the rest of Africa which grew to R1.3 billion during the year. The acquisition of FourFourTwo contributed to the 19% increase in revenue in Europe. The effective tax rate from continuing operations was 32.8% compared to 25.7% in 2010. The increase is due to start-up losses in Angola which cannot be claimed for tax purposes as a result of the special tax status granted in that country as well as increased secondary tax on companies. Total capital expenditure amounted to R676 million compared to R786 million in 2010 with R157 million being spent on the completion of the Angolan beverage can factory and R27 million on the glass furnace rebuild which will be completed in 2012. Working capital increased by R548 million mainly due to an increase in inventories as a result of the initial stock requirements for Angola, higher priced imported raw material in the South African metals businesses and higher stock holdings in Tissue which were exceptionally low in 2010. Net debt to equity decreased to 10% from 32% in September last year mainly as a result of the receipt of disposal proceeds as well as strong operating cash flows. Net debt declined from R1.7 billion at the end of September 2010 to R582 million at the end of September 2011. The European folding cartons and healthcare businesses were sold effective 28 February 2011 at a loss of R352 million and have been disclosed as discontinued operations. Headline earnings per share from continuing and discontinued operations increased by 18% from 149.7 cents to 176.0 cents. SEGMENTAL REVIEW (continuing operations) 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 12 958 13 293 1 257 1 138 9.7 8.6 Africa Rest of 1 350 1 214 122 83 9.2 6.8 Africa Europe 1 511 1 268 96 101 6.4 8.0 Other 71 113 Total 15 819 15 775 1 546 1 435 9.8 9.1 *operating profit before abnormal items South Africa Trading profit increased by 10% despite a 3% drop in revenue following weak consumer demand and the sale of underperforming businesses. The margin improved from 8.6% to 9.7% due to the sale of these underperforming businesses, a further improvement in corrugated and a good performance by the flexible packaging business. Rest of Africa Trading profit increased by 2% with start-up costs of the new Angolan beverage can factory detracting from an otherwise good performance. The margin in the region improved from 6.8% to 9.2%. Excluding Angola it increased to 13.6%. Europe Revenue of GBP135 million was 24% higher than last year mainly due to the acquisition of the FourFourTwo business. Trading profit remained virtually unchanged at GBP8.6 million and was impacted by integration costs of the acquisition. The average exchange rate to the pound was R11.18 compared to R11.64 last year. Metals and Glass Revenue Trading profit* Margin 2011 2010 2011 2010 2011 2010 Rm Rm Rm Rm % % South 5 126 5 263 736 743 14.4 14.1 Africa Rest of 652 526 37 15 5.7 2.9 Africa Total 5 778 5 789 773 758 13.4 13.1 *operating profit before abnormal items South Africa A good performance from the diversified canning business was offset by lower sales of beverage cans and reduced demand for glass bottles. Sales volumes of beverage cans for local consumption were at a similar level to last year but exports were lower following the start-up of the factory in Angola. There was good demand for aerosol, polish and paint cans. Sales of vegetable cans improved but fish can volumes were impacted by lower catches. Sales of fruit cans were also lower than last year. The market for glass bottles was affected by the stronger rand which resulted in higher imports of bottles and lower exports of bottled wine. Rest of Africa The beverage can operation in Angola commenced production in April 2011 and is operating at expected efficiency levels. It incurred a trading loss of R48 million during the year. A strong agricultural season contributed to a good result in Kenya whilst Nigeria also performed well with increased demand across most market sectors. The minority shareholding in the Nigerian company was acquired and the company was delisted from the Nigerian Stock Exchange. Paper and Flexibles Revenue Trading profit* Margin 2011 2010 2011 2010 2011 2010 Rm Rm Rm Rm % % South 4 099 4 313 161 59 3.9 1.4 Africa Rest of 698 688 85 68 12.2 9.9 Africa Total 4 797 5 001 246 127 5.1 2.5 *operating profit before abnormal items South Africa Trading profit increased by 173% and was due to a further improvement in the performance of the corrugated business which returned to profitability as well as an excellent performance from the flexible business. The good profit improvement in the corrugated business was achieved despite lower demand for corrugated boxes. The Rosslyn paper mill continued to improve and contributed significantly to the overall performance. The flexible business performed very well with good volume growth at major customers. Volumes improved across most sectors with stronger demand for detergent and snack food packaging. Apart from the fast-foods sector, demand for folding cartons was weak across all market sectors and as a result margins came under pressure. The Pinetown factory was closed and production was consolidated into the Johannesburg and Cape Town factories. The paper sacks business had a difficult year with the major market segments of cement, sugar and milling, being depressed. Rest of Africa There was strong demand for self-opening bags in Kenya and for cigarette cartons in Nigeria. Nigeria was however negatively affected by start-up operational problems with the take-on of new commercial carton and labels business. Zambia benefitted from a new sugar sack manufacturing line. The minority shareholding in Packaging Industries Malawi was acquired and was delisted from the Malawi Stock Exchange. Plastics Revenue Trading profit* Margin 2011 2010 2011 2010 2011 2010 Rm Rm Rm Rm % % South 2 114 2 142 231 152 10.9 7.1 Africa Europe 1 511 1 268 96 101 6.4 8.0 Total 3 625 3 410 327 253 9.0 7.4 *operating profit before abnormal items South Africa Trading profit increased by 52% following improvements in all the businesses and in particular due to a break-even in the tubes and tubs business which lost R46 million in 2010. There was steady demand for plastic bottles for milk and juice and sales of multi-layer bottles for long-life milk continued to grow with more retailers carrying this product. There was reduced demand from the beverage industry for plastic crates but sales of general packaging crates increased. Drum sales improved. There was a marginal increase in the sales of PET bottles for carbonated soft drinks. There was moderate demand for tubes which has been relocated to a new dedicated manufacturing facility. The loss-making tubs business was sold effective 1 May 2011. Plastic closure sales improved following the introduction of a new beverage bottle closure but sales of wine bottle closures declined due to reduced exports of bottled wine. Europe Revenue of GBP135 million was 24% higher than last year mainly due to the acquisition of the FourFourTwo business. Trading profit remained virtually unchanged at GBP8.6 million and was affected by integration costs of the acquisition. Tissue Revenue Trading profit* Margin 2011 2010 2011 2010 2011 2010 Rm Rm Rm Rm % % South 1 619 1 575 129 184 8.0 11.7 Africa *operating profit before abnormal items Demand for one-ply toilet tissue was weaker due to financial pressure on lower-income consumers. Sales of two-ply toilet tissue grew although selling price reductions in both products resulted in lower trading margins. Market share was gained in the diaper market but margins fell due to an extremely competitive environment. Lifestyle continued to be the brand leader in the liners category of the feminine hygiene market. Revenue increased by 3% but the pressure on margins caused a 30% drop in trading profit. CORPORATE ACTIVITY In furtherance of the stated strategy to fix, close or sell underperforming businesses, the following were sold during the year: The cartons and healthcare packaging businesses in Europe; Interpak Books; Disaki Cores and Tubes; The Laminated & Coated Products business; and The Tubs business. In support of the strategy to grow in the rest of Africa the minority interest in the Nigerian metals business, Nampak Nigeria Plc, and Packaging Industries Malawi were acquired. EVENT SUBSEQUENT TO 30 SEPTEMBER 2011 In line with the group`s strategy to grow its core businesses, the group has acquired with effect from 1 October 2011, the remaining 50% interest in Nampak Wiegand Glass (Pty) Limited which is held by Wiegand-Glas (SA) (Pty) Limited. The transaction is subject to the approval by the Competition authorities. PROSPECTS The group is now more focused and appropriately structured to benefit from the growing South African economy and its investments in the rest of Africa are expected to contribute to an ongoing improvement in profitability and trading margins. CHANGES IN THE DIRECTORATE Mrs VN Magwentshu was appointed an independent, non-executive director on 3 February 2011. DECLARATION OF ORDINARY DIVIDEND AND CAPITAL REDUCTION 1. Notice is hereby given that a final ordinary dividend number 79 of 30.5 cents per share (2010: 58.0 cents per share) has been declared in respect of the year ended 30 September 2011, payable to shareholders recorded as such in the register of the company at the close of business on the record date, Friday 20 January 2012. The last day to trade to participate in the dividend is Friday 13 January 2012. Shares will commence trading "ex" dividend from Monday 16 January 2012. 2. Notice is hereby given that share premium will be reduced by payment of capital reduction ("cash distribution") number 8 of 43.5 cents (2010: Nil) per ordinary share in respect of the year ended 30 September 2011, payable to shareholders recorded as such in the register of the company at the close of business on the record date, Friday 20 January 2012. The last day to trade to participate in the distribution is Friday 13 January 2012. Shares will commence trading "ex" distribution from Monday 16 January 2012. The important dates pertaining to this dividend and distribution are as follows: Last day to trade ordinary shares Friday 13 January 2012 "cum" dividend/distribution Ordinary shares trade "ex" Monday 16 January 2012 dividend/distribution Record date Friday 20 January 2012 Payment date Monday 23 January 2012 Ordinary share certificates may not be de-materialised or re-materialised between Monday 16 January 2012 and Friday 20 January 2012, both days inclusive. On behalf of the board TT Mboweni Chairman AB Marshall Chief executive officer 23 November 2011 NAMPAK LIMITED 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
Registration number: 1968/008070/06 Sponsor: UBS South Africa (Pty) Limited These results and a presentation to analysts and shareholders will be available on the group`s website at www.nampak.com 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. Date: 23/11/2011 11:51:43 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.

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