Wrap Text
Audited group results and dividend declaration
For the year ended 30 September 2015
Nampak Limited
(Registration number 1968/008070/06)
(Incorporated in the Republic of South Africa)
Share code: NPK ISIN: ZAE 000071676
Audited group results and dividend declaration
For the year ended 30 September 2015
Group revenue from continuing operations up 13%
Group trading profit from continuing operations up 10%, in spite of a
disappointing Glass performance in the first half
Revenue and trading profit from the rest of Africa up 43%, rest of
Africa now 49% of group trading profit up from 37% in 2014
Group operating profit from continuing operations down 9%, impacted
by abnormal items of R139 million
Net profit from continuing operations up 2%
Glass fundamentally improved and poised to deliver a strong performance
in FY16
Basic EPS from continuing operations up 3%
HEPS from continuing operations down 6%
Final dividend per share declared at 92.0 cents
Challenging macroeconomic conditions continue in key markets
Comments from the CEO, André de Ruyter
“The 2015 financial year has been a year of mixed fortunes for Nampak.
Our financial year results benefited from the continued growth and strong
performance of our beverage can businesses, in particular Bevcan Nigeria
and Bevcan Angola. Macroeconomic challenges in key markets combined with
the first-half loss made by the Glass division and cost increases
associated with the ramp-up of recently commissioned projects,
impacted results. Foreign currency liquidity issues in key African
countries caused by commodity price fluctuations resulted in forex
losses that also put pressure on performance. Operating challenges at
our Glass facility were substantially resolved by year-end, and the
higher than anticipated spoilage experienced on converted aluminium
beverage can lines in Springs was brought under control. The legacy
of these operational challenges has, however, had a negative impact
on our earnings.
During the year we significantly streamlined our portfolio with the
finalisation of the divestiture of Corrugated, Tissue, Flexible,
Recycling and Sacks divisions. This process was accompanied by a
strong focus on cost management and operational efficiency improvements
within the remaining divisions. Large capital projects were successfully
commissioned, including the first aluminium beverage can line in Rosslyn,
and a second beverage can line in Angola.
Contribution to trading profit from operations in the rest of Africa
increased to 49%, up from 37% in 2014 primarily due to the continuing
ramp-up in production at Bevcan Nigeria as well as another good
performance from Bevcan Angola. The 49% contribution was bolstered
by the underperforming South African operations. Proportions are
expected to re-adjust in 2016 due to improved performance from, in
particular Glass and Bevcan Springs.
We were able to defend our strong market positions with the successful
conclusion of long-term sales agreements in our Bevcan, DivFood and Glass
divisions. Good progress was made in pursuit of our greenfield glass
furnace growth opportunities in Ethiopia and Nigeria.
We continue to navigate a challenging macroeconomic environment in
countries where we operate and currency liquidity issues in Angola
and Nigeria are expected to continue impacting on our ability to
repatriate earnings from these operations. We will continue to
utilise measures at our disposal to address exposure to further
currency depreciation.
Our financial position remains strong, with significant headroom to
our debt covenants. Management remains focused on delivering improved
performance and is making significant progress in unlocking operating
leverage from recent capital investments. Nampak’s key focus areas of
prudent capital allocation, cost management and operational improvement
initiatives are expected to benefit the bottom line during the 2016
financial year.”
Group performance review
Group performance from continuing operations
R million 2015 2014 % change
Revenue 17 291 15 306 13
Trading profit 1 820 1 657 10
Abnormal items (139) 186 —
Operating profit 1 681 1 843 (9)
Basic earnings per share (cents per share) 228.3 221.7 3
Headline earnings per share (cents per share) 208.2 221.9 (6)
Dividend per share (cents per share) 134.0 153.0 (12)
2014 results restated for operations accounted for as held for sale.
Overall group performance for the year benefited from a solid
performance from the rest of Africa beverage can operations as well as
modest growth from DivFood, Closures and Megapak in South Africa.
This resulted in a 13% increase in group revenue and 10% increase in
trading profit. General macroeconomic challenges, the loss made by the
Glass division, as well as cost increases associated with the ramp-up
of recently commissioned projects put pressure on trading margins.
The group recorded a trading margin of 10.5% (2014:10.8%).
The group recorded net abnormal losses from continuing operations of
R139 million compared to R186 million net abnormal profits reported
in 2014, resulting in a R325 million adverse effect on operating profit.
This consisted of impairments of property, plant and equipment of
R121 million (2014: R37 million) largely attributable to the R85 million
impairment of the tinplate beverage can lines that were replaced with
new aluminium can lines. Due to government liquidity restrictions in
Angola and Nigeria, the group experienced difficulties in timeously
converting the bank balances (in local currency) of the operations
into US dollars in order to settle US dollar denominated group
commitments. This, combined with the weakened Angolan and Nigerian
currencies, resulted in total foreign exchange losses for the group
of R141 million (2014: R210 million gain) which was reclassified
to abnormal items. At year-end, Nampak had cash balances of R700
million (2014: R266 million) in those two countries. During the
year more than 50% of ongoing hard currency obligations have been
met with funds secured from Nigerian and Angolan banks. While these
conditions are expected to be temporary, management continues to
address this issue. We cannot guarantee that the situation will
either improve or deteriorate.
The group operating profit for the year was down 9% and headline earnings
per share from continuing operations declined by 6.2% to 208.2 cents
from 221.9 cents in 2014.
Despite marginally increased interest rates in South Africa and the group’s
net interest-bearing debt at year-end exceeding that of the prior year, net
finance costs from continuing operations decreased from R309 million in
2014 to R279 million in 2015. The capitalisation of R71 million interest
to the third glass furnace in South Africa, as a consequence of the
revised timing of the capitalisation, and lower borrowings rates achieved
by Nampak International Ltd contributed to the reduction in net finance costs.
The year was characterised by a weakening in the ZAR exchange rate compared
to its major trading currencies with a significant portion of this
deterioration occurring in the last quarter of the financial year. This
resulted in a foreign currency translation gain, accounted for in equity,
of R775 million (2014: R382 million gain).
Nampak’s 2015 borrowings increased following peak season inventory builds
and strong revenues in August and September, which resulted in increased
trade receivables at year-end. The net debt position was positively impacted
by cash collected from divestitures but capital expenditure outweighed
these inflows. Net borrowings increased to R6.6 billion (2014: R5.7 billion)
with net gearing of 71.8% marginally down from the 72.6% reported in the
prior year. Working capital remained under control with a net investment
in working capital during the year of R2.9 billion (2014: R3.0 billion).
The group remained comfortably within its borrowing covenants.
The effective tax rate for continuing operations was negative 4.1%,
compared to 9.1% in 2014, as the company continued to benefit from
government grants for capital-related projects in Bevcan (in South Africa,
Nigeria and Angola) and Glass. The group also benefited from lower tax rates
in other tax jurisdictions outside South Africa. Prior year adjustments
include a credit relating to a portion of the section 12I allowance not
accounted for in 2014, but claimed in the tax return. It also includes a
credit relating to a Black Employee Empowerment share scheme expense.
The tax rate is expected to return to previously guided levels in 2016.
The weaker ZAR/USD exchange rate positively impacted the results of foreign
operations on consolidation, with earnings being translated at a higher
ZAR/USD exchange rate. The average ZAR/USD exchange rate for the year
was R12.02 compared to R10.58 for the same period in the prior year, while
the average ZAR/GBP exchange rate was R18.56 compared to the prior year
of R17.54.
Segmental performance review
Segmental report (continuing operations)
Trading Trading
Revenue profit* margin (%)
R million 2015 2014 2015 2014 2015 2014
Metals 9 933 8 429 1 254 1 050 12.6 12.5
Plastics 5 011 4 849 376 325 7.5 6.7
Paper 1 470 1 044 184 204 12.5 19.5
Glass# 877 984 (76) (48) (8.7) (4.9)
Corporate Services — — 82 126 — —
Total (continuing
operations) 17 291 15 306 1 820 1 657 10.5 10.8
2014 results restated for operations accounted for as held for sale.
* Operating profit adjusted for abnormal items.
# Revised 3rd Furnace commissioning time to July 2015 in accordance
with International Financial Reporting Standards (IFRS) — R27 million
operating losses and R71 million finance costs capitalised. R251 million
revenue achieved to the revised commissioning date deducted.
Metals
“volume growth continues, spoilage improving”
This cluster includes all beverage, food and general packaging can divisions
in South Africa and the rest of Africa. Revenue was up 18% mainly due to
continuing beverage can volume growth. Trading profit increased by 19% despite
the challenging macroeconomic conditions in key markets, relatively high
spoilage at Bevcan Springs in South Africa, increased costs associated with
the construction and commissioning of new lines and the disappointing
performance of the Nigerian general metal packaging business. The cluster’s
margin for the year was 12.6% slightly ahead of the margin achieved in 2014.
Contractual US dollar selling prices in Nigeria and Angola protected revenue
against the impacts of local currency devaluation. Exposure to currency
devaluation was limited to working capital valuation as well as foreign
exchange losses resulting from long delays in paying suppliers due to the
limited availability of foreign currency.
Higher spoilage was recorded during the year at the three aluminium lines
in Springs. The lines were commissioned between July 2013 and August 2014
and the new technology combined with higher speed lines highlighted skills
shortages and some operational deficiencies within the factory. Interventions
implemented to address the issues resulted in improved operational efficiencies
and spoilage for all three lines by year-end. Spoilage at the beverage can
lines commissioned during 2015 in Angola and Rosslyn in South Africa was much
improved and the remaining steel lines within the portfolio continue to
operate at good operational efficiencies.
In South Africa, Bevcan revenue for 2015 was ahead of the 2014 financial
year due to increased sales volumes in the local and export markets. Double
digit demand growth continued, supported by the continued increase in the
440ml can market for both alcoholic and non-alcoholic beverages. Trading
profit for 2015 was lower than the prior year following a challenging
start to the financial year, when traditional inventory building activities
for the peak season were compromised by a metal industry strike late in
the 2014 financial year. As a result cans were imported to keep the
market adequately supplied, with negative implications for costs and margins.
Additional depreciation on capital expenditure, incremental employee costs
for new lines, costs related to the commissioning and ramp-up of new production
lines and price decreases passed on to customers in line with previously agreed
and new contracts impacted results. Energy cost savings due to improved energy
efficiency of the aluminium production lines contributed positively to
performance. During the year new long-term sales agreements were signed or
renewed with major customers largely securing volumes for the next
three to five years.
Bevcan is currently the only supplier of beverage cans in South Africa, with
capacity to produce more than five billion cans a year. Volume growth is
expected to remain strong, and opportunities to benefit from further
customer consolidation exist in the medium term. Major capital investments
in recent years were motivated by customer preference for aluminium cans,
technological advances, efforts to reduce costs and to ultimately put
Nampak Bevcan in a strong position to defend its market position and
compete in the years ahead.
Bevcan Angola sales volumes continued to grow as a direct result of filled
product import substitution and also growth in the local beverage market.
The newly commissioned second production line, which has the capacity
to produce up to 1.2 billion aluminium cans a year, contributed to volumes.
Drawing on lessons learned at Bevcan Springs, the new line recorded very
satisfactory spoilage levels from start-up. The steel line also continued
to operate well above design specifications. Trading profit before foreign
exchange losses was higher than 2014 levels, but like other Angolan
enterprises, Nampak continued to experience challenges in sourcing
foreign currency. Bevcan Angola is the only local producer of cans,
and has an estimated 60% market share. This is expected to increase as
the availability of additional capacity from the recently installed
second line and the benefits of local supply attract new customers.
The local beverage can market is also expected to benefit from investments
by customers in additional can filling line capacity, driven by growth
in demand for locally produced
products.
Bevcan Nigeria, acquired in 2014, completed its first full year with Nampak.
Sales volumes increased in line with expectation, supported by growth from
existing and new customers. Operating profit was well up on last year
although the business, like other Nigerian enterprises, continued to
experience challenges sourcing foreign currency. The factory’s current
nameplate capacity is approximately one billion cans, equalling roughly
one-third of the Nigerian beverage can production capacity and has the
footprint to expand to over two billion cans with a relatively low
investment. During the year new sales contracts were signed with large
multinational companies and these new volumes contributed positively to
profit. Although current market growth is slower than anticipated, due
to economic and political uncertainty in Nigeria, the terms of existing
customer agreements specify higher allocations in the years ahead, which
should impact positively on volumes. Nigeria is experiencing increasing
investments in brewing capacity and beer growth rates are expected to be
above GDP growth in the medium to long term, which in turn is expected
to drive increased demand for cans.
In South Africa, revenue at DivFood was higher than the prior year mainly
due to volume growth in specific product categories, mostly food packaging.
The division’s performance benefited from a good export fruit season and
growth in vegetable cans supported by the weak rand that made imported
canned products less attractive. Meat cans performed well. Diversified
packaging was negatively impacted by challenging macroeconomic dynamics.
DivFood performed according to expectation recording operational improvements
in key productivity measures. The division is on target to deliver improved
performance in 2016 when the implemented business and operations improvement
initiatives, including business consolidation and replacement of ageing
equipment with energy efficient and technologically advanced machinery,
start contributing to performance. Solid market positions, sound customer
relationships, together with a strong management team committed to the
implementation of the business improvement programme put the division
in a strong position to defend its position and capitalise on opportunities.
During the year long-term agreements were signed with two major customers,
securing long-term fruit and culinary volumes.
The performance of the general metal packaging businesses in the rest of
Africa was influenced by weaker demand, a weaker agricultural harvest
and foreign exchange volatility.
Nigeria’s revenue was lower than the prior year due to generally lower
consumer demand. National elections, the low oil price and political
instability all had an influence. Some growth, however, was seen in
the paint and brake fluid packaging sectors. Trading profit for the
year was lower than the prior year in line with the decreased volumes
and was also impacted by foreign exchange losses which were experienced
in the first half of the year.
The agricultural sector is a key market for Kenya’s metals business and
poor rains and harvests during the year negatively impacted results.
Volumes in general consumer packaging were muted but there was good
growth in metal crowns. The demand for metal packaging is expected to
recover in the short term, provided the agricultural harvests improve.
In Tanzania revenue and trading profit were behind 2014 due to lower
metal crown demand resulting from a general downturn in the beverage
market. Trading profit was also impacted by foreign exchange losses.
In Zimbabwe demand for bottle crowns was muted and sales volumes were flat.
Plastics
“challenging environment, benefitting from initiatives and new
opportunities”
Plastics, a cluster that includes all the South African, rest of Africa
and United Kingdom plastics divisions, produced an improved performance
driven mainly by site consolidation and cost management initiatives and
feedstock benefits resulting from lower oil prices. Revenue for the
cluster was up 3%, while trading profit was up 16%.
Liquid Packaging revenue for the year was behind the prior year due
to a decline in sales volumes driven by lower PET pre-form volumes
as most customers opt for self-manufacture. Additionally, some
contractual volume were lost. This was offset by increased volumes
in Pure-Pak milk and juice cartons as well as in HDPE bottles for
the oil business. Trading profit for the year to date was marginally
higher than the prior year as cost management initiatives, including
site consolidation and closure, reduced overhead costs. The drums
business performed much better than the prior year due to selling
price increases and higher IBC volumes. The trading loss posted in 2014
for this business was reversed supported by savings in overhead costs
achieved through cost control measures implemented during the year.
Revenue for the Closures business was up on the prior year driven by
increased volumes from the growth in the metal closures for the wine
and food industries combined with growth in bottled water and
carbonated soft drinks (CSD) closures. The loss of the sports
drink closure business to imports impacted margins. Trading profit was
lower due to lower margins achieved from the current sales mix combined
with foreign exchange losses resulting from the weakening of the rand.
In the 2016 financial year we expect rationalisation to a new product mix,
investment to support growth in both water and CSD volumes and the
launch of a new generation sports drink closure to deliver improved
results. Tubes supplies the toothpaste sector and had a challenging
year as sales to a major customer were reduced and replaced with filled
product imports. Though the plant remains adequately loaded, capacity
is available to support growth of existing customers in the rest of
Africa. During the year Crates underwent a turnaround aimed at improving
efficiencies through new equipment and moulds and a reduction in waste.
Savings resulting from the turnaround combined with improved demand
contributed positively to performance.
In the year ahead, the South African plastics business will continue
to focus on operational excellence, improving production efficiencies
and driving unit cost down to improve margins. The contribution from
the oil business, combined with delivery on the operational improvement
initiatives, is also expected to contribute to improved performance in
2016.
In Zimbabwe CMB performed well driven by growth in fruit juice and
Mahewu bottle sales. Megapak’s performance was lower than the prior year
due to lower sales to a key customer as demand was impacted by general
lower consumer spending. The businesses are profitable and generate
acceptable margins. Megapak Zimbabwe was fully consolidated from
1 December 2014. The business was previously equity-accounted as
an associate.
Revenue for Plastics UK was behind the prior year as a result of
lower sales volumes and selling prices due to customer consolidation
and changing operating models driven by sluggish milk consumption
growth. Recently signed long-term sales contracts with new customers
replace some of the volume shortfall and will contribute to performance
in 2016. A reduction in overhead costs, resulting from the implementation
of cost management measures, contributed positively to trading profit.
The business remains a cash generator and rand hedge for the group.
The average rand/pound rate for the year was R18.56 from R17.54 a
year earlier. In an effort to improve performance, the business is
evaluating several options aimed at capturing opportunities outside
the milk industry to replace lost volume.
Paper
“margins holding up, recovering from the first half low”
This cluster includes all paper businesses in the rest of Africa. Revenue
for 2015 was up 41% compared to 2014, benefiting from the consolidation
of the Hunyani divisions (previously associates) in Zimbabwe and the
full acquisition of Bullpak (previously a JV) in Kenya. Trading profit,
however, was down 10% impacted by weaker demand, high inflation and
currency depreciation in some markets.
Nigeria Cartons revenue and trading profit were behind the prior
year due to weaker first half cigarette carton sales. These have
recovered in the second half of the year as customers increased stock
on the back of stable market demand. Good growth is still being
experienced in the demand for general fast moving consumer goods
(FMCG) packaging. This trend is expected to continue in the short
term as restrictions on imported products encourage local sourcing
of packaged goods. Currency losses were experienced in the first
half of the year, but recent currency stability and mitigating
interventions limited the impact in the second half of the
financial year.
In Zambia, sorghum beer carton sales volumes for 2015 were down
on 2014 due to a short period of poor demand in the year. Sales
recovered well in the final quarter of the financial year and
this trend is expected to continue as output from a major
customer’s operation increases.
Kenya Bullpak, acquired with effect from 1 September 2014,
had a good year with a steady improvement in profitability,
albeit in a market where demand for self-opening bags in
the milling industry was flat.
Malawi had a disappointing performance due to general poor
demand for conical cartons and tobacco cases. Margins were also
impacted by general in-country inflationary pressure and currency
devaluation.
In Zimbabwe, Hunyani divisions performed well, driven by improved
market share in the tobacco market and the implementation of cost
containment initiatives during the year. The divisions were only
fully consolidated from 1 October 2014 and overall consumer demand
in the country remains muted.
Glass
“Glass has recovered”
Glass had a difficult start to the 2015 financial year, characterised
by disappointing operational performance due to the late commissioning
of the third glass furnace which coincided with the seasonal peak period.
Following a number of interventions, the issues were fundamentally
resolved during the year. The new furnace has been stabilised,
production ramped up during the year and the division had a
significantly improved second half of the financial year.
Initially, the third glass furnace did not meet the investment
and operational expectations on which management’s investment
decision were predicated. Operating losses of R27 million and finance
costs of R71 million relating to the third furnace incurred to July 2015
were capitalised to the cost of the furnace due to the revised timing of
the commissioning of the furnace in accordance with International Financial
Reporting Standards (IFRS). Revenue for the year achieved up to the revised
commissioning date amounts to R251 million and has been excluded
from the total revenue achieved by the segment for the year.
Glass revenue increased by 15% year-on-year before taking into account the
reduction in revenue attributed to the additional testing phase. The
capitalisation of the project in terms of International Financial Reporting
Standards was completed on 31 July 2015.
The second half is typically a period of subdued demand with stock building
for the peak and as a result the division was not able to fully recover
financially. The operation returned to profitability in the latter months of
the financial year and the improved performance is expected to continue going
forward. The uninterrupted power supply, a first in South Africa, was
invaluable in mitigating the problems experienced nationwide with disruption
in the supply of electricity.
Corporate Services
Group corporate services includes group property rentals of owned properties,
research and development services, treasury services and other corporate
activity costs. The trading profit decrease relates to declined rentals
due to the effect of the divestitures, and the externally charged technical
fees related to entities previously equity accounted are now eliminated
following consolidation.
Geographical update (continuing operations)
Trading Trading
Revenue profit* margin (%)
R million 2015 2014 2015 2014 2015 2014
South Africa 10 599 9 798 736 768 6.9 7.8
Rest of Africa 4 724 3 294 884 617 18.7 18.7
United Kingdom 1 968 2 214 118 146 6.0 6.6
Corporate Services — — 82 126 — —
Total 17 291 15 306 1 820 1 657 10.5 10.8
* Operating profit adjusted for abnormal items.
2014 results restated for operations accounted for as held for sale.
South Africa
During the year, South Africa, like most emerging markets, experienced
adverse economic conditions. Manufacturing production declined and both
business and consumer confidence were impacted negatively by an
unfavourable exchange rate and load shedding which offset the benefits
of lower oil prices. The impact of load shedding on Nampak operations,
however, was not significant and the recent stability in electricity
supply is encouraging. Despite the challenging environment, revenue from
South African businesses increased by 8% as a result of volume growth
and a keen focus on Stock Key Units (SKU) rationalisation. Trading
profit was down 4% reflecting the impact of operational difficulties
experienced during the first half. As a result Nampak’s home business
contribution to trading profit reduced to 40% in 2015 from 46% in 2014.
Rest of Africa
During 2015, Nampak recorded sales of R4.7 billion in the rest of
Africa up from R3.3 billion in 2014, and recorded operating profit of
R884 million. The 2015 financial year results were, however impacted
by significant currency depreciation against the US dollar, mainly
due to the impact of the sharp decline in commodity prices, including
the oil price. Key market GDP growth rate estimates were revised
downwards and inflation increased. Severe liquidity constraints were
experienced in Angola and Nigeria. Despite these trends, the rest of
Africa increased revenue by 43% and trading profit by 43% due mainly
to continued strong performances from Bevcan Nigeria, Bevcan Angola
and the inclusion of Zimbabwean entities previously accounted for as
associates.
In light of the external macroeconomic and related currency
challenges faced by Nampak in the region, management is focused on
delivering improved performance by implementing mitigating initiatives
to navigate through this temporary period. The current challenges
do not change the overall investment rationale in key markets
where consumption of, in particular, packaged beer and carbonated
soft drinks, is driven by sustainable trends. The rest of Africa
now contributes 49% to trading profit, up from 37% in 2014.
United Kingdom
The UK economy continues to show slow GDP growth while the plastics
packaging market faces pricing and industry pressures from a low
inflation UK economy. Trading profit decreased by 25% to £6.3 million.
In Rand terms the trading profit decreased by 19% while the average
rand/pound rate was R18.56 from R17.54 a year earlier. The
division’s contribution to group trading profit for the period was 6%.
Update on key projects
During 2015 the group made project management and execution one of the
key focus areas for all divisions. As a result a new stage-gate project
management and execution model was implemented throughout the group to
improve project evaluation and management. This is expected to assist
Nampak in effectively managing its pipeline of projects and ensuring
that investments are made prudently and only in projects that will yield
superior returns.
Total capital expenditure for the year amounted to R2.2 billion compared
to R2.6 billion in 2014. R920 million was spent on the installation of
aluminium can lines at Bevcan Springs and Rosslyn sites, while R494 million
was spent on the completion and commissioning of Bevcan Angola’s second
beverage can line and a new warehouse.
Aluminium conversion on track, Rosslyn line commissioned
In South Africa, the Bevcan recapitalisation programme is nearing
completion. The latest technology equipment, combined with recently
renewed long-term sales contracts with large customers, cements Bevcan’s
leading market position.
In July 2015, a new one billion aluminium beverage can line was commissioned
in Rosslyn, making use of the key learnings from the Springs plant. The new
line started up with acceptable levels of spoilage and is ramping up in line
with expectations. The installation of a second aluminium line at this facility
has begun and is expected to be commissioned in the second half of the 2016
financial year. The conversion of the Cape Town plant from steel to aluminium
has been delayed, given improved competitiveness in tinplate prices as well
as capacity considerations.
Angola second aluminium beverage can line
The construction of the second line which uses aluminium as a substrate was
completed and the line was commissioned in May 2015. The line is ramping
up utilisation and is anticipated to reach close to full capacity in the
short term. The existing tinplate line will be kept operational due to
high market demand and will only be considered for conversion to aluminium
in the medium term.
Bevcan Springs’ new beverage can ends facility
The expansion of the existing beverage can ends manufacturing facility
in Springs to produce a further four billion ends is progressing well.
Production is expected to start in the second half of 2016 and will enable
full supply to the growing demand in South Africa, Angola and Nigeria,
which is driven by the growth in beverage can demand and Nampak capacity
expansions.
Rest of Africa glass projects
Significant progress was made in evaluating glass projects in Ethiopia,
Angola and Nigeria. The feasibility study in Nigeria is in progress and
the due diligence in Ethiopia is in the final stages of completion.
Active portfolio management
In March 2015 Nampak gave an update on a series of transactions, which
included the completion of the sale of the Corrugated and Tissue divisions
to Ethos Private Equity, for R1.53 billion; an agreement on the sale of
Nampak Recycling, also to Ethos Private Equity, for R76.3 million and
an agreement to sell Nampak Flexible to Amcor Flexibles South Africa
Proprietary Limited (Amcor) for a maximum target price of R300 million.
These divisions are accounted for as discontinued in financial statements.
All transactions were subject to a number of conditions precedent,
including approval by the Competition Commission. Subsequent to the
fulfilment of all conditions precedent the Corrugated and Tissue
transaction became effective on 1 April 2015, while the sale of Nampak
Flexible to Amcor and the sale of Nampak Recycling to Ethos Private
Equity became effective on 30 June 2015.
Nampak also concluded the sale of the Nampak Sacks division to Sacks
Packaging on 29 September 2015. In line with Nampak’s strategy of
fostering economic empowerment of previously disadvantaged South Africans,
Sacks was sold to a black entrepreneur with the support of the
Industrial Development Corporation of South Africa (IDC).
Outlook
External macroeconomic headwinds in key markets are expected to
prevail in the year ahead. Management is focused on ensuring this risk
is adequately managed by utilising measures at its disposal, where possible,
to address exposure to further currency depreciation, but cannot rule out
foreign exchange losses during the 2016 financial year.
We expect continued volume growth in beverage cans, gains from improved
performance of the Glass and Bevcan Springs operations and efficiency gains
from business improvement initiatives at DivFood to contribute to
earnings in the medium term. The rest of Africa is an important market
for Nampak and the group’s operations in this region are expected to
continue generating growth in revenue and profit supported by expected
growth in demand for beverages.
A key driver for Nampak’s major decisions related to divestitures and
capital re-investment has been to improve competitiveness and to ensure
sustainable profitability putting the businesses in the best possible
position to defend markets and leverage opportunities. In markets where
Nampak operates, capital investments, strong customer relationships,
recently signed long-term customer contracts, and a well-established
footprint with in-depth knowledge of local market dynamics sustain its
competitive advantage.
Capital expenditure for 2016 is expected to be between R1.2 billion and
R1.5 billion, excluding any greenfield projects.
The current lower tax rate is not expected to be sustained going forward.
The dividend cover for the year has been maintained at 1.55 times
in line with the prior year resulting in a final dividend of 92.0 cents
bringing the total dividend for the year to 134.0 cents.
Nampak is strategically well-positioned in South Africa and has a good
foundation in the rest of Africa to take advantage of existing and future
opportunities.
Declaration of Ordinary Dividend Number 87
Notice is hereby given that a gross final ordinary dividend number 87
of 92.0 cents per share (2014: 107.0 cents per share) has been declared
in respect of the financial year ended 30 September 2015, payable to
shareholders recorded as such in the register of the company at the close
of business on the record date, Friday 15 January 2016. The last day to
trade to participate in the dividend is Friday 8 January 2016. Shares
will commence trading ex dividend from Monday 11 January 2016.
The important dates pertaining to this dividend are as follows:
Last day to trade ordinary shares cum dividend Friday, 8 January 2016
Ordinary shares trade ex dividend Monday, 11 January 2016
Record date Friday, 15 January 2016
Payment date Monday, 18 January 2016
Ordinary share certificates may not be de-materialised or re- materialised
between Monday 11 January 2016 and Friday 15 January 2016, both days inclusive.
In accordance with the JSE Listings Requirements, the following additional
information is disclosed for purposes of Dividends Tax:
The dividend has been declared from income reserves; The dividend
withholding tax rate is 15%;
The net local dividend amount is 78.2 cents per share for shareholders
liable to pay the Dividends Tax and 92.0 cents per share for shareholders
exempt from paying the Dividends Tax;
The issued number of ordinary shares at the declaration date is
702 496 655; and
Nampak Limited’s tax number is 9875081714.
On behalf of the board
T T Mboweni AM de Ruyter
Chairman Chief executive officer
26 November 2015
Summarised consolidated statement of comprehensive income
for the year ended 30 September
Restated
R million Notes 2015 2014
Continuing operations
Revenue 17 291.3 15 305.6
Operating profit 3 1 681.4 1 842.8
Finance costs (316.6) (353.1)
Finance income 37.6 44.6
Income from investments — 0.1
Share of (loss)/profit of joint ventures
and associates (3.8) 33.5
Profit before tax 1 398.6 1 567.9
Tax benefit/(expense) 57.5 (141.9)
Profit for the year from continuing
operations 1 456.1 1 426.0
Discontinued operations
Loss for the year from discontinued
operations 5 (394.8) (222.4)
Profit for the year 1 061.3 1 203.6
Other comprehensive (expense)/income, net
of tax
Items that will not be reclassified to profit
or loss
Net actuarial (loss)/gain from retirement
benefit obligations (9.6) 10.2
Items that may be reclassified subsequently
to profit or loss
Exchange differences on translation of
foreign operations 774.6 381.9
Gains on cash flow hedges 56.8 1.1
Other comprehensive income for the year, net
of tax 821.8 393.2
Total comprehensive income for the year 1 883.1 1 596.8
Profit attributable to:
Owners of Nampak Ltd 1 043.2 1 169.4
Non-controlling interest in subsidiaries 18.1 34.2
1 061.3 1 203.6
Total comprehensive income attributable to:
Owners of Nampak Ltd 1 794.0 1 567.7
Non-controlling interest in subsidiaries 89.1 29.1
1 883.1 1 596.8
Continuing operations
Basic earnings per share (cents) 228.3 221.7
Fully diluted basic earnings per share
(cents) 225.6 214.2
Headline earnings per ordinary share (cents) 208.2 221.9
Fully diluted headline earnings per share
(cents) 205.7 214.3
Continuing and discontinued operations
Basic earnings per share (cents) 165.6 186.3
Fully diluted basic earnings per share
(cents) 163.7 179.9
Headline earnings per ordinary share (cents) 182.1 234.7
Fully diluted headline earnings per share
(cents) 179.9 226.7
Dividend per share (cents) 134.0 153.0
Summarised consolidated statement of financial position
at 30 September
R million Notes 2015 2014
Assets
Non-current assets
Property, plant and equipment and investment
property 11 025.7 9 864.3
Goodwill and other intangible assets 4 118.6 3 419.5
Joint ventures, associates and other
investments 44.1 213.3
Deferred tax assets 145.3 135.7
Other non-current assets 33.0 65.0
15 366.7 13 697.8
Current assets
Inventories 3 890.6 3 518.4
Trade receivables and other current assets 3 404.4 3 538.9
Tax assets 12.0 8.5
Bank balances, deposits and cash 7 1 587.4 1 127.5
8 894.4 8 193.3
Assets classified as held for sale 146.4 —
Total assets 24 407.5 21 891.1
Equity and liabilities
Capital and reserves
Share capital 36.1 36.1
Capital reserves (405.0) (402.3)
Other reserves 1 061.7 315.2
Retained earnings 8 109.6 7 985.1
Shareholders’ equity 8 802.4 7 934.1
Non-controlling interest 370.0 (51.0)
Total equity 9 172.4 7 883.1
Non-current liabilities
Loans and borrowings 4 212.0 4 753.3
Retirement benefit obligation 2 008.4 2 173.0
Deferred tax liabilities 329.2 444.9
Other non-current liabilities 61.6 58.6
6 611.2 7 429.8
Current liabilities
Trade payables, provisions and other current
liabilities 4 418.6 4 054.9
Bank overdrafts 7 3 672.3 1 808.5
Loans and borrowings 446.8 519.5
Tax liabilities 86.2 195.3
8 623.9 6 578.2
Total equity and liabilities 24 407.5 21 891.1
Summarised consolidated statement of cash flows
for the year ended 30 September
R million Notes 2015 2014
Operating profit before working capital
changes 2 395.1 2 929.2
Working capital changes (668.6) (189.1)
Cash generated from operations 1 726.5 2 740.1
Net interest paid (376.4) (361.9)
Income from investments 7.4 7.2
Retirement benefits, contributions and
settlements (364.9) (132.7)
Tax paid (151.6) (95.3)
Replacement capital expenditure (1 352.6) (833.5)
Cash (utilised in)/retained from operations (511.6) 1 323.9
Dividends paid (946.2) (904.4)
Net cash (utilised in)/retained from
operating activities (1 457.8) 419.5
Expansion capital expenditure (771.0) (1 771.7)
Acquisition of businesses 4 — (3 491.1)
Proceeds on the disposal of business 5 1 982.7 308.3
Other investing activities 124.7 (15.4)
Net cash utilised before financing
activities (121.4) (4 550.4)
Net cash (repaid in)/raised from financing
activities (1 413.8) 897.3
Net decrease in cash and cash equivalents (1 535.2) (3 653.1)
(Net overdraft)/cash and cash equivalents at
beginning of year 7 (681.0) 2 613.2
Cash acquired on reconsolidation of Zimbabwe
subsidiary 44.1 —
Translation of cash in foreign subsidiaries 87.2 358.9
Net overdraft at end of year 7 (2 084.9) (681.0)
Summarised consolidated statement of changes in equity
for the year ended 30 September
R million 2015 2014
Opening balance 7 883.1 7 190.6
Net shares issued during the year 74.9 101.5
Share-based payment expense (2.6) 17.0
Share grants exercised (75.0) (97.1)
Share of movement in associate's and joint ventures'
non-distributable reserve 0.6 1.3
Non-controlling interest realised on disposal of
subsidiary 2.6 —
Transfer from hedging reserve to related assets (4.9) (4.3)
Increase in non-controlling interest on consolidation
of Zimbabwe associates 356.8 —
Reclassification of available-for-sale financial asset — (18.3)
Total comprehensive income for the year 1 883.1 1 596.8
Dividends paid (946.2) (904.4)
Closing balance 9 172.4 7 883.1
Comprising:
Share capital 36.1 36.1
Capital reserves (405.0) (402.3)
Share premium 221.9 147.0
Treasury shares (827.6) (827.6)
Share-based payments reserve 200.7 278.3
Other reserves 1 061.7 315.2
Foreign currency translation reserve 2 017.8 1 314.2
Financial instruments hedging reserve 53.1 1.2
Recognised actuarial losses (975.6) (966.0)
Share of non-distributable reserves in associates and
joint ventures 4.5 3.9
Available-for-sale financial assets revaluation reserve (38.3) (38.3)
Other 0.2 0.2
Retained earnings 8 109.6 7 985.1
Shareholders' equity 8 802.4 7 934.1
Non-controlling interest 370.0 (51.0)
Total equity 9 172.4 7 883.1
Notes
1. Basis of preparation
The summarised consolidated financial statements are prepared in accordance
with the requirements of the JSE Limited Listings Requirements for
preliminary reports, and the requirements of the Companies Act of South
Africa applicable to summarised financial statements. The Listings
Requirements require preliminary reports to be prepared in accordance
with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (IFRS),
the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and the Financial Pronouncements as issued by the
Financial Reporting Standards Council, and to also, as a minimum,
contain the information required by IAS 34, Interim Financial Reporting.
The summarised preliminary financial statements have been prepared under
the supervision of the chief financial officer, G Fullerton CA (SA).
2. Accounting policies and restated comparatives
The accounting policies applied in the preparation of the consolidated
financial statements for 2015, from which the summarised financial
statements were derived, are in terms of IFRS and are consistent with
the accounting policies applied in the preparation of the previous year’s
consolidated financial statements other than where the group has
adopted new or revised accounting standards.
The group has adopted all the new, revised or amended accounting
pronouncements as issued by the IASB which became effective to the
group on 1 October 2014.
The comparative information for the statement of comprehensive
income has been restated for the impact of the additional discontinued
operations recognised during the year ended September 2015 (see note 5
below), whereby the results of these operations have been presented
separately.
The main impact of these restatements on the comparative information
is as follows:
R million
Revenue — decrease (4 664.9)
Operating profit — increase 228.3
Profit for the year from continuing operations — increase 190.3
Basic earnings per share (continuing operations) — increase
(cents) 30.3
Headline earnings per share (continuing operations) —
decrease (cents) (15.2)
3. Included in operating profit are:
R million 2015 2014
Depreciation 758.7 658.6
Amortisation 43.6 36.6
Reconciliation of operating profit and trading profit
Operating profit 1 681.4 1 842.8
Net abnormal loss/(gain)* 139.1 (185.6)
Retrenchment and restructuring costs 77.3 14.0
Net impairment losses on property, plant and equipment 121.4 37.3
Cash flow hedge ineffectiveness — (0.1)
Net profit on disposal of property (102.5) (23.7)
Loss/(gain) on financial instruments 141.4 (210.5)
Gain on revaluation and consolidation of Zimbabwe
associates (124.2) —
Gain on revaluation of original interest in joint
venture acquired — (9.4)
Business acquisition-related costs 25.7 6.8
Trading profit 1 820.5 1 657.2
* 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 year.
4. Business combinations
4.1 Nampak Zimbabwe Ltd
The group consolidated Hunyani Holdings Ltd (Hunyani) and Megapak Zimbabwe
(Pvt) Ltd (Megapak) with effect from 1 December 2014. These entities,
situated in Zimbabwe, were previously recognised as associates and equity
accounted as such. The revaluation of the group’s original interest in
Hunyani and Megapak resulted in gains of R14.2 million and R9.3 million
respectively.
As part of this process, the group restructured its subsidiary,
CarnaudMetalbox Zimbabwe Ltd, and Megapak under Hunyani, and Hunyani
was renamed Nampak Zimbabwe Ltd. The transaction also involved the group
increasing its effective interest in the Nampak Zimbabwe Ltd group
to 51.43%.
R million 2015 2014
Assets acquired and liabilities recognised at
the date of acquisition
Current assets
Inventories 169.7 —
Trade and other receivables 192.3 —
Cash 44.1 —
Non-current assets
Property, plant and equipment 414.1 —
Intangible assets 63.3 —
Investments 7.6 —
Current liabilities
Trade and other payables (142.8) —
Tax liabilities (2.9) —
Loans (26.8) —
Non-current liabilities
Loans (0.7) —
Deferred tax (75.5) —
Fair value of identifiable net assets acquired 642.4 —
Gain arising on consolidation
Fair value of previously held interests 184.9 —
Plus: non-controlling interests recognised 356.8 —
Less: fair value of identifiable net assets acquired (642.4) —
Gain arising on consolidation (100.7) —
Impact of the consolidation on the results of the group (current year)
Included in the group net revenue and profit after tax from continuing
operations for the year is R801.8 million and R37.7 million, respectively,
which are attributable to the consolidation of Hunyani and Megapak.
Had Hunyani and Megapak been consolidated with effect 1 October 2014, the
net revenue from continuing operations would have been R17 469.2 million,
while the profit after tax from continuing operations would have been
R1 461.6 million.
4.2 Alucan Investments Ltd
In the previous year, the group acquired with effect from 1 March 2014
the entire equity of Alucan Investments Limited (AIL) for an amount of
R3 508.0 million paid in cash. The sole investment of this group was
Nampak Bevcan Ltd (formerly Alucan Packaging Ltd), a beverage can
manufacturing operation in Nigeria.
R million 2015 2014
Assets acquired and liabilities recognised at the
date of acquisition
Current assets
Inventories — 130.6
Trade and other receivables — 108.4
Cash — 43.2
Non-current assets
Property, plant and equipment — 807.6
Deferred tax — 29.5
Current liabilities
Trade and other payables — (88.2)
Fair value of identifiable net assets acquired — 1 031.1
Goodwill arising on acquisition
Consideration transferred — 3 508.0
Less: fair value of identifiable net assets acquired — (1 031.1)
Goodwill arising on acquisition — 2 476.9
Cash flow impact of the acquisitions
Consideration paid in cash — 3 508.0
Cash balances acquired — (43.2)
Net cash outflow on acquisition — 3 464.8
4.3 Bullpak Ltd
In the previous year, the group acquired with effect from 1 September
2014 the remaining 51% interest in Bullpak Ltd from Unga Ltd for an
amount of R42.0 million paid in cash. The revaluation of the group’s
original interest in Bullpak resulted in a gain of R9.4 million.
R million 2015 2014
Assets acquired and liabilities recognised at the
date of acquisition
Current assets
Inventories — 14.2
Trade and other receivables — 25.8
Cash — 15.7
Non-current assets
Property, plant and equipment — 6.9
Retirement benefit asset — 0.3
Current liabilities
Trade and other payables — (19.2)
Non-current liabilities
Deferred tax — (1.3)
Fair value of identifiable net assets acquired — 42.4
Goodwill arising on acquisition
Consideration transferred — 42.0
Plus: fair value of previously held interest — 30.2
Less: fair value of identifiable net assets acquired — (42.4)
Goodwill arising on acquisition — 29.8
Cash flow impact of the acquisitions
Consideration paid in cash — 42.0
Cash balances acquired — (15.7)
Net cash outflow on acquisition — 26.3
5. Disposal of operations
During October 2014, the directors of the group approved of a plan to
dispose of the Nampak Corrugated, Nampak Sacks, Nampak Tissue and
Sancella S.A. (Pty) Ltd businesses. On 20 November 2014, the group
entered into a sale agreement for the disposal of the Nampak Corrugated
and Nampak Tissue businesses and completed the transaction on 1 April
2015, the effective date of the disposal of these businesses.
In addition, the directors of the group approved of a plan to dispose
of the Nampak Recycling and Nampak Flexibles businesses during March 2015,
and entered into sale agreements for the disposal of these businesses on
11 March 2015 and 25 March 2015 respectively. The transactions were both
completed on 1 July, the effective date of these transactions.
Agreements of sale for the Sancella S.A. (Pty) Ltd and Nampak Sacks
businesses were entered into on 21 July 2015 and 21 September 2015
respectively. The transaction for the Nampak Sacks business was
completed on 29 September 2015, while it is expected that the
transaction for the Sancella S.A (Pty) Ltd business will be completed
during the first quarter of the 2016 financial year.
During the previous year, the Nampak Cartons and Labels business was
disposed with an effective date of 1 August 2014.
The above disposals are consistent with the group’s strategy of exiting
its non-core and underperforming businesses.
The results of the discontinued operations included in the statement of
comprehensive income are set out below.
R million 2015 2014
Results of the discontinued operations for the year
Revenue 3 385.7 5 694.8
Expenses (3 560.7) (5 974.4)
Loss before tax (175.0) (279.6)
Attributable income tax benefit 8.1 73.5
(166.9) (206.1)
Loss on disposal of operations (350.2) (33.7)
Attributable income tax benefit 122.3 17.4
(227.9) (16.3)
Loss for the year from discontinued operations (394.8) (222.4)
Proceeds on disposal of the discontinued operations
The fair values of assets and liabilities
disposed of were as follows:
Current assets
Inventory 756.5 243.1
Trade and other receivables 958.9 215.2
Non-current assets
Property, plant and equipment 1 275.8 159.4
Other intangible assets 12.0 —
Investments 9.0 —
Loans and receivables 25.8 —
Current liabilities
Trade and other payables (699.8) (216.1)
Non-current liabilities
Post-retirement benefit liability — (35.3)
Deferred income (6.9) —
Net assets disposed 2 331.3 366.3
Non-controlling interest released 2.6 —
Goodwill disposed 34.0 —
Loss on disposal of businesses (350.2) (33.7)
Total disposal consideration 2 017.7 332.6
Less: deferred sales proceeds (35.0) (24.3)
Net inflow on disposal 1 982.7 308.3
6. Determination of headline earnings
R million 2015 2014
Continuing operations
Profit attributable to equity holders of the company
for the year 1 438.0 1 391.8
Less: preference dividend (0.1) (0.1)
Basic earnings 1 437.9 1 391.7
Adjusted for:
Net impairment losses on property, plant and equipment 121.4 37.3
Gain on revaluation of original interest in business
acquired — (9.4)
Gain on revaluation and consolidation of Zimbabwe
associates (124.2) —
Net profit on disposal of property, plant, equipment
and intangible assets (102.8) (20.2)
Tax effects and non-controlling interests (21.2) (6.8)
Headline earnings for the year 1 311.1 1 392.6
Continuing and discontinued operations
Profit attributable to equity holders of the company
for the year 1 043.2 1 169.4
Less: preference dividend (0.1) (0.1)
Basic earnings 1 043.1 1 169.3
Adjusted for:
Net impairment losses on property, plant, equipment
and intangible assets 121.4 431.5
Net loss on disposal of businesses 350.2 33.7
Gain on revaluation of original interest in business
acquired — (9.4)
Gain on revaluation and consolidation of Zimbabwe
associates (124.2) —
Net profit on disposal of property, plant, equipment
and intangible assets (99.2) (18.1)
Tax effects and non-controlling interests (144.4) (134.0)
Headline earnings for the year 1 146.9 1 473.0
7. Net overdraft
R million 2015 2014
Bank balances, deposits and cash 1 587.4 1 127.5
Bank overdrafts (3 672.3) (1 808.5)
(2 084.9) (681.0)
8. Supplementary Information
R million 2015 2014
Capital expenditure 2 195.2 2 620.1
— expansion 771.0 1 771.7
— replacement 1 352.6 833.5
— intangibles 71.6 14.9
Capital commitments 1 500.1 2 017.9
— contracted 727.2 623.2
— approved not contracted 772.9 1 394.7
Lease commitments 175.6 274.9
— land and buildings 150.6 206.2
— other 25.0 68.7
Contingent liabilities 64.2 38.6
— customer claims and guarantees 14.8 38.6
— tax contingent liabilities 49.4 —
9. Share statistics
R million 2015 2014
Ordinary shares in issue (000) 702 497 700 708
Ordinary shares in issue — net of treasury shares (000) 630 057 628 267
Weighted average number of ordinary shares on which
basic earnings and headline earnings per share are
based (000) 629 726 627 728
Weighted average number of ordinary shares on which
diluted basic earnings and diluted headline earnings
per share are based (000) 637 369 649 808
10. Additional disclosures
R million 2015 2014
Net gearing (%) 72 73
EBITDA* 2 605.1 2 575.2
Net debt: EBITDA (times)* 2.3 2.2
Interest cover (times) 5.5 5.5
EBITDA*: Interest cover (times) 9.3 8.3
Return on equity — continuing operations (%) 19 24
Return on equity — continuing and discontinued
operations (%) 12 15
Return on net assets — continuing operations (%) 11 15
Return on net assets — continuing and discontinued
operations (%) 11 13
Net worth per ordinary share (cents)** 1 456 1 255
Tangible net worth per ordinary share (cents)** 802 710
* EBITDA is calculated before net impairments.
** Calculated on ordinary shares in issue — net of treasury shares.
11. Translation reserve movement
Due to the weakening of the rand towards the end of the financial year, a
translation gain of R774.6 million (2014: R381.9 million gain) was
recognised for the year. The key closing exchange rates at 30 September
were $1:R13.86 (2014: $1:R11.30) and £1:R20.97 (2014: £1:R18.33).
12. 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.
13. Independent auditor’s opinion
The auditors, Deloitte & Touche, have issued their opinion on the
consolidated financial statements for the year ended 30 September 2015.
The audit was conducted in accordance with International Standards on
Auditing. They have issued an unmodified audit opinion. These summarised
financial statements have been derived from the consolidated financial
statements and are consistent in all material respects with the
consolidated financial statements. Copies of their audit reports are
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.
The auditor's report does not necessarily report on all of the information
contained in this announcement/financial results. Shareholders are
therefore advised that in order to obtain a full understanding of the
nature of the auditor's engagement they should obtain a copy of that report
together with the accompanying financial information from the issuer's
registered office.
Administration
Independent non-executive directors
TT Mboweni (Chairman), RC Andersen, E Ikazoboh, NV Lila, PM Madi, IN Mkhari,
RJ Khoza, CWN Molope, DC Moephuli, PM Surgey.
Executive directors
AM de Ruyter (Chief executive officer), GR Fullerton (Chief financial officer),
FV Tshiqi (Group human resources director).
Secretary
NP O’Brien
Registered office
Nampak House, Hampton Office Park, 20 Georgian Crescent East , Bryanston,
Sandton, 2191, South Africa
(PO Box 69983, Bryanston, 2021, South Africa) Telephone +27 11 719 6300
Share registrar
Computershare Investor Services (Pty) Limited, 70 Marshall Street,
Johannesburg 2001, South Africa
(PO Box 61051 Marshalltown 2107 South Africa) Telephone +27 11 370 5000
Sponsor
UBS South Africa (Pty) Limited
Website www.nampak.com
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: 26/11/2015 02:43:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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