| Mon 23 Nov 2009, 14:25 | | NPK - Nampak - Audited Group Results for the Year Ended 30 September 2009 |
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NPK
NPK
NPK - Nampak - Audited Group Results for the Year Ended 30 September 2009
NAMPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1968/008070/06)
ISIN: ZAE000071676
Share code: NPK
("Nampak" or "the Company")
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2009
- Revenue increased by 6%
- Cash generated by operations up 4% to R2.2 billion
- Trading income decreased by 27%
- Headline earnings per share decreased by 53%
CONDENSED GROUP INCOME STATEMENT
2009 2008 Change
Notes Rm Rm %
Revenue 19 585.6 18 457.5 6.1
Trading income before 2 1 127.5 1 536.6 (26.6)
abnormal items
Abnormal items 3 (532.3) (587.3)
Profit from operations 595.2 949.3 (37.3)
Finance costs (441.7) (400.6)
Finance income 113.8 135.2
Income from investments 5.5 5.1
Share of (loss)/profit from (0.5) 8.7
associates
Profit before tax 272.3 697.7 (61.0)
Income tax 70.2 202.4
Profit for the year 202.1 495.3 (59.2)
Attributable to:
Equity holders of the company 204.8 516.1 (60.3)
Minority interest (2.7) (20.8)
202.1 495.3
Basic earnings per share 34.9 88.2 (60.4)
(cents)
Fully diluted earnings per 37.8 88.8 (57.4)
share (cents)
Headline earnings per 83.8 177.3 (52.7)
ordinary share (cents)
Fully diluted headline 85.3 174.7 (51.2)
earnings per share (cents)
Dividend and cash 42.0 100.0
distribution per share
(cents)
CONDENSED GROUP BALANCE SHEET
2009 2008
Notes Rm Rm
ASSETS
Non-current assets
Property, plant and equipment and 6 392.9 6 746.6
investment property
Goodwill and other intangible assets 389.4 473.1
Other non-current financial assets and 399.1 298.6
associates
Deferred tax assets 200.9 11.6
7 382.3 7 529.9
Current assets
Inventories 2 643.8 2 640.7
Trade receivables and other current 2 864.3 3 525.4
assets
Tax assets 11.0 38.9
Bank balances, deposits and cash 4 1 016.1 1 727.9
6 535.2 7 932.9
Assets classified as held for sale 5 174.9 52.2
TOTAL ASSETS 14 092.4 15 515.0
EQUITY AND LIABILITIES
Capital and reserves
Capital reserves 6 (576.0) (76.8)
Other reserves 7 (383.3) 176.0
Retained earnings 6 064.3 5 859.3
Equity attributable to equity holders 5 105.0 5 958.5
of the company
Minority interest 24.5 33.4
Total equity 5 129.5 5 991.9
Non-current liabilities
Loans and borrowings 2 121.5 1 741.1
Other non-current liabilities 36.5 71.1
Retirement benefit obligation 1 246.2 1 129.1
Deferred tax liabilities 293.1 495.9
3 697.3 3 437.2
Current liabilities
Trade payables, provisions and other 3 307.0 3 366.5
current liabilities
Bank overdrafts and loans 4 1 805.4 2 570.3
Tax liabilities 73.1 149.1
5 185.5 6 085.9
Liabilities directly associated with 5 80.1 -
assets classified as held for sale
TOTAL EQUITY AND LIABILITIES 14 092.4 15 515.0
CONDENSED GROUP CASH FLOW STATEMENT
2009 2008
Notes Rm Rm
Operating profit before working 2 021.6 2 303.0
capital changes
Working capital changes 198.4 (159.7)
Cash generated from operations 2 220.0 2 143.3
Net interest paid (363.9) (324.8)
Income from investments 5.5 14.2
Retirement benefits, contributions and (51.8) 250.9
settlements
Income tax paid (416.4) (558.9)
Replacement capital expenditure (466.4) (645.3)
Cash retained from operations 927.0 879.4
Dividends paid (1.7) (1.7)
Cash distributions paid (527.1) (644.8)
Net cash retained from operating 398.2 232.9
activities
Net cash utilised in investing (705.4) (803.5)
activities
Net cash utilised before financing (307.2) (570.6)
activities
Net cash (utilised in)/retained from (459.3) 2 817.5
financing activities
Net (decrease)/increase in cash and (766.5) 2 246.9
cash equivalents
Cash and cash equivalents at beginning 1 221.7 (1 000.0)
of year
Translation of cash in foreign (57.3) (25.2)
subsidiaries
Cash and cash equivalents at end of 4 397.9 1 221.7
year
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
2009 2008
Rm Rm
Exchange differences on translation of foreign (426.9) 262.1
operations
Net actuarial loss from retirement benefit (135.3) (186.1)
obligations
(Loss)/gain on cash flow hedges (1.7) 7.4
Net (expense)/income recognised directly in (563.9) 83.4
equity
Transfer to plant and equipment - cash flow - (7.4)
hedges
Transfer to income statement - cash flow hedges - 0.1
Profit for the year 202.1 495.3
Total recognised (expense)/income for the year (361.8) 571.4
Attributable to:
Equity holders of the company (352.9) 585.5
Minority interest (8.9) (14.1)
(361.8) 571.4
NOTES
2009 2008
Rm Rm
1. Basis of preparation
The condensed consolidated financial
statements have been prepared in accordance
with International Accounting Standard (IAS)
34 - Interim Financial Reporting. The
accounting policies are consistent with those
used for the group`s 2008 annual financial
statements, which were prepared in accordance
with International Financial Reporting
Standards.
2. Included in trading income before abnormal
items are:
Depreciation 729.3 674.0
Amortisation 82.0 76.9
3. Abnormal items
Abnormal items are defined as items of income
and expenditure 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
Net impairment losses on goodwill, plant, 389.8 601.7
property and investments
Retrenchment and restructuring costs 107.0 94.4
Financial instruments fair value loss/(gain) 54.1 (25.6)
Impairments of loans to minority shareholders 36.9 -
Share-based payment expense/(reversal) on BEE 18.0 (12.8)
transaction
Net profit on disposal of property (1.8) (19.5)
Net profit on disposal of businesses (26.7) (5.4)
Loss resulting from Thorpe fire - 50.8
Net onerous lease provisions (26.1) 64.7
(reversed)/raised
Insurance proceeds from Thorpe fire (18.9) (161.0)
532.3 587.3
4. Cash and cash equivalents
Bank overdrafts and loans (1 805.4) (2 570.3)
Less: current portion of loans 53.1 93.1
Less: short-term loans and commercial paper 1 133.0 1 971.0
(619.3) (506.2)
Add: bank balances, deposits and cash 1 016.1 1 727.9
Add: bank balances, deposits and cash 1.1 -
included in assets held for sale
397.9 1 221.7
5. Assets held for sale
The assets and liabilities attributable to
business units and assets which are expected
to be sold in the next 12 months have been
classified as disposal groups held for sale
and are presented separately in the balance
sheet. The assets and disposal groups have
been measured at fair value less
cost to sell and an impairment charge of
R52.0 million (2008: R12.5 million) has
been recognised.
6. Capital reserves
Share capital 35.6 35.5
Share premium 246.4 825.1
Treasury shares (1 150.0) (1 215.2)
Share option reserve 292.0 277.8
(576.0) (76.8)
7. Other reserves
Foreign currency translation reserve 24.7 447.0
Net recognised actuarial losses (346.4) (211.1)
Other (61.6) (59.9)
(383.3) 176.0
8. Supplementary information
Capital expenditure 1 129.3 1 576.0
- expansion 653.5 908.3
- replacement 466.4 645.3
- intangibles 9.4 22.4
Capital commitments 593.0 1 187.7
- contracted 357.0 420.1
- approved not contracted 236.0 767.6
Lease commitments 383.3 488.6
- land and buildings 299.6 411.8
- other 83.7 76.8
Contingent liabilities 17.2 18.4
- customer claims and guarantees 17.2 18.4
9. Determination of headline earnings
Profit attributable to equity holders of the 204.8 516.1
company for the year
Less: preference dividend (0.1) (0.1)
Basic earnings 204.7 516.0
Adjusted for:
Net impairment losses on goodwill, plant, 389.8 601.7
equipment and intangible assets
Net profit on disposal of businesses and (26.7) (5.4)
other investments
Net loss/(profit) on disposal of property, 33.0 (14.3)
plant, equipment and intangible assets
Europe loss on assets destroyed in the Thorpe - 40.2
fire*
Europe insurance proceeds on fixed assets** - (125.2)
Tax effects (110.1) 30.5
Minority interest - (5.7)
Headline earnings for the year 490.7 1 037.8
* The total loss from the Thorpe fire in the prior year was R50.8 million of
which R40.2 million related to fixed assets written off.
** The total insurance proceeds in the prior year were R161.0 million of
which R125.2 million related to proceeds for fixed assets written off.
NOTES (continued)
2009 2008
10. Share statistics
Ordinary shares in issue (000) 659 264 658 142
Ordinary shares in issue - net of treasury 586 773 585 650
shares (000)
Weighted average number of ordinary shares
on which headline earnings and basic
earnings
per share are based (000) 585 858 585 301
Weighted average number of ordinary shares
on which diluted headline earnings and
diluted
basic earnings per share are based (000) 602 185 607 684
11. Additional disclosures
Net gearing 52% 43%
Net debt: EBITDA* 1.6 times 1.1 times
EBITDA: interest cover* 5.6 times 8.7 times
Total liabilities:equity 173% 159%
Return on equity 4% 9%
Return on net assets 6% 10%
Net worth per ordinary share (cents)** 874 1 023
Tangible net worth per ordinary share 808 942
(cents)**
* EBITDA is calculated before net impairments
**calculated on ordinary shares in issue - net of treasury shares
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. The detailed disclosure is
available for inspection at the registered office of the company.
COMMENTS
NAMPAK PROFILE
Nampak is the largest packaging manufacturer in Africa with manufacturing
operations in South Africa and in eleven other countries on the African
continent. It produces packaging products from metal, glass, paper and
plastics and is also a major manufacturer and marketer of tissue products.
It is one of the leading suppliers of folding cartons to the food and
healthcare sectors in Europe and is the major supplier of plastic bottles to
the dairy industry in the UK.
The group is actively engaged in the collection and recycling of all forms of
used packaging.
GROUP PERFORMANCE
Revenue Trading income Margin
2009 2008 2009 2008 2009 2008
Rm Rm Rm Rm % %
South Africa 13 307 12 291 843 1 222 6.3 9.9
Rest of Africa 1 403 1 056 69 71 4.9 6.7
Europe 5 220 5 441 216 244 4.1 4.5
Intergroup (344) (330) - -
eliminations
Total 19 586 18 458 1 128 1 537 5.7 8.3
Group
Revenue grew by 6% due mainly to the recovery of raw material cost increases
and an improvement in trading activity in the rest of Africa. Volumes were
lower in both South Africa and Europe, but higher in the rest of Africa.
Trading income decreased by 27% primarily as a result of a substantial loss
in the Corrugated business (partly due to the late commissioning of the new
Rosslyn paper mill) and a decline of 6% in volumes across the group. Losses
at the Leeds folding cartons operation and in some smaller businesses in
South Africa also impacted trading income negatively. Despite these
challenges, trading income in many of the group`s core businesses was similar
to last year. There were pleasing improvements in the performance of the
rigid plastics and tissue businesses.
Profit from operations decreased by 37% due mainly to impairments of assets,
the most significant of which relates to the Corrugated business (R274
million), a loss on the fair valuation of financial instruments, as well as
retrenchment and restructuring costs.
Net finance costs increased by 24% to R328 million following the completion
of several large capital projects in the prior year and the ongoing funding
of the Angolan beverage can factory.
The effective tax rate was 25.8% and is mainly attributed to government
incentives and deferred tax assets raised in the current year, offset by
disallowable expenses and impairments.
Headline earnings per share decreased by 53% to 84 cents from 177 cents in
the prior year.
Total capital expenditure was R1 129 million, with the most significant spend
being R118 million on the completion of the Rosslyn paper mill, R370 million
on the Angolan beverage can factory and R48 million on the glass cullet
plant.
Despite the disappointing trading performance, cash generated from operations
increased by 4% to R2 220 million with the net investment in working capital
reducing by R198 million.
Net borrowings increased by R326 million to R2 910 million, with net debt to
equity increasing from 43% to 52%.
South Africa
The weaker economy had a major impact with sales volumes down by 6% year on
year. Demand for food and beverage packaging held up relatively well but
demand for household and industrial packaging fell substantially.
Due to the difficult market conditions, additional provisions for receivables
and inventory were necessitated.Provisions for claims were also increased in
the year.
A trading loss of R250 million in Corrugated and losses in other smaller
businesses resulted in a decrease in trading income from R1 222 million to
R843 million. The trading margin fell from 9.9% to 6.3%.
Rest of Africa
There was pleasing volume growth in the region. Overall, trading income was
in line with last year, with good performances from Nigeria and Zambia, but
Kenya made a small loss. Foreign currency translation losses contributed to
trading income decreasing marginally from R71 million to R69 million.
Europe
Despite softer volumes, sales in pounds were unchanged from last year at ?346
million whilst trading income decreased from ?11.5 million to ?7.6 million.
The average exchange rate to the pound was R13.94 compared to R14.71 last
year. Trading income was impacted by higher imported polymer costs, the
liquidation of a major customer and a loss at the Leeds folding cartons
operation. A major restructuring at the Newport Pagnell plastics factory was
successfully undertaken.
SEGMENTAL REVIEW
Metals & Glass
Revenue Trading Margin
income
2009 2008 2009 2008 2009 2008
Rm Rm Rm Rm % %
Africa 6 003 5 061 742 807 12.4 15.9
Africa
Revenue increased by 19%, mainly as a result of the tinplate price increase,
whilst trading income decreased by 8.1%.
Demand for beverage cans from South African customers declined by 4%. Exports
were slightly below last year resulting in total beverage can sales falling
by 3%.
Construction of the new beverage can factory in Angola is progressing well,
however final regulatory approval is still awaited. Commissioning is now
expected in the latter part of 2010. In the meantime, cans will continue
being exported from South Africa.
Food can volumes increased by 5% with stronger sales of fish cans and to a
lesser extent vegetable cans but weaker sales of fruit, milk and pet food
cans. Lower household discretionary income resulted in demand for aerosol,
paint, polish and other industrial cans being well down on last year.
There was continued good demand for glass bottles. A new cullet plant, which
will enable greater quantities of recycled glass to be used, will be
commissioned in the first half of 2010.
Paper
Revenue Trading income Margin
2009 2008 2009 2008 2009 2008
Rm Rm Rm Rm % %
Africa 5 460 5 121 (14) 253 (0.3) 4.9
Europe 3 317 3 312 77 41 2.3 1.2
Total 8 777 8 433 63 294 0.7 3.5
Africa
Revenue increased by 7% but a substantial loss in the Corrugated business
negated an otherwise acceptable performance from the other major businesses
in this segment.
Poor demand from both the agricultural and commercial sectors resulted in
sales volumes of corrugated boxes being well down on last year. The new
Rosslyn paper mill was commissioned in March, some six months later than
expected. There was a substantial overrun of the approved capital expenditure
of R504 million. The final costs were R798 million. An improvement in
performance of the business is expected in 2010.
Demand for folding cartons was generally weak across all market segments
although sales to the fast-food sector showed continued good growth.
Good sales volumes of toilet tissue and diapers and improved selling prices
contributed to an improvement in overall performance of the tissue business.
The folding cartons business in Nigeria continued to perform well although
results in rand were adversely affected by the depreciation of the naira.
Europe
In pounds, sales increased by 6% to ?238 million whilst trading income
increased from ?2.5 million to ?5.5 million, which includes insurance
proceeds from the fire at the Thorpe factory.
The folding cartons market remains highly competitive in depressed economies
and the Leeds operation incurred a loss. Sales in healthcare packaging were
higher than last year and trading income increased, supplemented by the
insurance proceeds.
Plastics
Revenue Trading Margin
income
2009 2008 2009 2008 2009 2008
Rm Rm Rm Rm % %
Africa 3 247 3 165 163 161 5.0 5.1
Europe 1 508 1 769 93 164 6.2 9.3
Total 4 755 4 934 256 325 5.4 6.6
Africa
Revenue increased by 3% and trading income by 1%. A reduction in the cost of
polymer raw material which had risen substantially in 2008, contributed to
the preservation of the trading margin.
There was volume growth in plastic milk bottles which benefited from the
introduction of a multi-layer bottle for long-life milk. Demand for PET
bottles for juice and carbonated soft drinks remained firm. In Zambia, there
was good growth for sorghum beer cartons but lower sales of plastic bottles.
Sales volumes of plastic crates to the beverage industry were lower but were
partially compensated for by higher sales of general-use crates. Demand for
plastic drums declined.
The tubes and tubs factory in Durban was closed and the production equipment
relocated to Johannesburg. The plastic industrial container market was very
depressed with demand for paint buckets particularly impacted.
Demand for metal closures for food containers was flat but there was strong
demand for wine screw-closures. Sales volumes of plastic closures used on
milk and juice bottles were at a similar level to last year.
Margins in the flexible packaging business improved. Overall demand was
depressed but market share was gained at major customers. The Flexpak
business was sold and the expanded polyethylene foam business was closed due
to poor profitability.
Europe
Revenue in pounds decreased by 11%. Due to the liquidation of a major
customer and the closure of three other dairies, trading income declined by
42% to ?6.7 million.
Group services
Trading
Revenue income
2009 2008 2009 2008
Rm Rm Rm Rm
Africa - - 21 73
Europe 394 359 46 38
Intergroup eliminations - - - -
Total 394 359 67 111
Group services comprise corporate functions, procurement, treasury and
property rentals. The decrease in trading income is mainly due to the costs
of restructuring in South Africa.
AUDITED RESULTS
The consolidated financial statements for the year have been audited by
Deloitte & Touche and their accompanying unmodified audit report on the
annual financial statements, as well as their unmodified audit report on this
set of condensed financial information is available for inspection at the
registered office of the company. The annual report will be posted to
shareholders in December 2009.
TRADING UPDATE
Basic earnings per share for 2009, at 34.9 cents, are 60.4% less than the
previous year. The decrease is greater than the range indicated in the
trading update dated 28 October 2009 and was impacted by the impairment
charge, which was only finalised at the board meeting of today`s date.
PROSPECTS
The state of the economies in which we operate is still a cause for concern
and there has been no noticeable improvement in volumes since year end. The
strength of the rand will continue to hamper an improvement in trading
conditions in the South African businesses. Volatility of input costs may
negatively impact trading income in the early part of the year.
The expected turnarounds in the South African corrugated and UK Leeds cartons
business as well as the exiting of some of our underperforming businesses,
should enable the group to improve profitability for the year ahead.
An update on trading conditions will be provided at the annual general
meeting to be held on 3 February 2010.
The financial information on which this prospects statement is based, has not
been audited or reviewed by the group`s auditors.
CHANGES IN THE DIRECTORATE
As previously reported Mr AB Marshall was appointed an executive director and
chief executive officer with effect from 1 March 2009. Mr GE Bortolan retired
as an executive director on 31 March 2009.
On 21 November 2008, Messrs RC Andersen and PM Madi were appointed non-
executive directors and Mr RA Williams retired.
On 29 July 2009, Messrs DA Hawton and MM Katz resigned as non-executive
directors and Mr PM Surgey was appointed a non-executive director. Mr FV
Tshiqi was appointed an executive director on 29 July 2009.
Mr TN Jacobs resigned as an executive director and chief financial officer on
31 August 2009 and Mr G Griffiths was appointed an executive director and
chief financial officer on 1 September 2009.
Subsequent to 30 September 2009, Messrs ML Ndlovu and KM Mokoape resigned as
non-executive directors on 16 October 2009 and 23 October 2009 respectively.
Ms DC Moephuli was appointed a non-executive director on 23 November 2009.
Mr T Evans has announced his intention to step down as chairman in the new
year and a replacement process has started.
DECLARATION OF ORDINARY DIVIDEND NUMBER 75
Notice is hereby given that final dividend No. 75 of 24.0 cents per share
(2008: capital reduction of 72.0 cents per share), has been declared in
respect of the year ended 30 September 2009, payable to shareholders recorded
as such in the register at the close of business on the record date, Friday
15 January 2010, making a total distribution for the year of 42.0 cents
(2008:100.0 cents). The last day to trade to participate in the dividend is
Friday 8 January 2010. Shares will commence trading "ex" dividend from Monday
11 January 2010.
The important dates pertaining to this dividend are as follows:
Last day to trade ordinary shares "cum" Friday 8 January 2010
dividend
Ordinary shares trade "ex" dividend Monday 11 January 2010
Record date Friday 15 January 2010
Payment date Monday 18 January 2010
Ordinary share certificates may not be de-materialised or re-materialised
between Monday 11 January 2010 and Friday 15 January 2010, both days
inclusive.
On behalf of the board
T Evans
Chairman
AB Marshall
Chief executive officer
23 November 2009
NAMPAK LIMITED
Non-executive directors:
T Evans* (Chairman), RC Andersen*, RJ Khoza, PM Madi*, DC Moephuli, CWN
Molope*, RV Smither*, PM Surgey*, MH Visser.
*Independent
Executive directors:
AB Marshall (Chief executive officer), G Griffiths (Chief financial officer),
FV Tshiqi (Group human resources).
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
Supplementary information
Profit from Abnormal Trading Margin before
operations items income abnormal
before items
abnormal
items
2009 2008 2009 2008 2009 2008 2009 2008
Rm Rm Rm Rm Rm Rm % %
Adjusted
segmental
information
Metals and
Glass
Africa 730 812 (12) 5 742 807* 12.4 15.9*
Paper
Africa (392) 229 (378) (23) (14) 253 (0.3) 4.9
Europe 87 (526) 10 (567) 77 41 2.3 1.2
Plastics
Africa 141 104 (22) (57) 163 161 5.0 5.1
Europe 60 166 (33) 2 93 164 6.2 9.3
Group
services
Africa (75) 122 (96) 49 21 73*
Europe 44 42 (1) 4 46 38
Total 595 949 (532) (587) 1 128 1 537 5.8 8.3
* Restated to reflect the re-allocation of rebates.
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 US 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: 23/11/2009 14:25:01 Produced by the JSE SENS Department.
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