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NPK
NPK
NPK - Nampak Limited - Interim report and dividend declaration for the six
months ended 31 March 2010
NAMPAK LIMITED
Registration number: 1968/008070/06
(Incorporated in the Republic of South Africa)
Share code: NPK & ISIN: ZAE000071676
INTERIM REPORT AND DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED 31 MARCH 2010
- Operating profit up 13%
- Headline earnings per share up 16%
- Dividend per share up 39%
CONDENSED INCOME STATEMENT
Unaudited Audited
6 months year
ended ended
31 March 30 Sept
2010 2009 Change 2009
Notes Rm Rm % Rm
Revenue 9 433.6 10 091.2 (6.5) 19 585.6
Operating profit 4 799.6 707.0 13.1 595.2
Finance costs (144.1) (226.8) (441.7)
Finance income 15.5 69.6 113.8
Income from 4.9 5.5 5.5
investments
Share of 0.1 2.7 (0.5)
profit/(loss) from
associates
Profit before tax 676.0 558.0 21.1 272.3
Taxation 200.3 169.8 70.2
Profit for the 475.7 388.2 22.5 202.1
period
Attributable to:
Owners of Nampak 476.0 395.2 20.4 204.8
Limited
Non-controlling (0.3) (7.0) (2.7)
interest in
subsidiaries
475.7 388.2 202.1
Basic earnings per 80.9 67.5 19.9 34.9
share (cents)
Fully diluted 79.7 67.2 18.6 37.8
earnings per share
(cents)
Headline earnings 77.8 66.9 16.3 83.8
per ordinary share
(cents)
Fully diluted 76.7 66.7 15.0 85.3
headline earnings
per share (cents)
Dividend and cash 25.0 18.0 38.9 42.0
distribution per
share (cents)
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Audited
6 months year
ended ended
31 March 30 Sept
2010 2009 2009
Rm Rm Rm
Profit for the period 475.7 388.2 202.1
Other comprehensive income
Exchange differences on (175.3) (113.0) (426.9)
translation of foreign
operations
Net actuarial losses from - (116.8) (135.3)
retirement benefit obligations
Gains/(losses) on cash flow 0.7 - (1.7)
hedges
(174.6) (229.8) (563.9)
Total comprehensive 301.1 158.4 (361.8)
income/(expense) for the period
Attributable to:
Owners of Nampak Limited 304.0 163.5 (352.9)
Non-controlling interest in (2.9) (5.1) (8.9)
subsidiaries
301.1 158.4 (361.8)
CONDENSED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
31 March 30 Sept
2010 2009 2009
Notes Rm Rm Rm
ASSETS
Non-current assets
Property, plant and 6 242.6 7 110.8 6 392.9
equipment and investment
property
Goodwill and other 362.6 476.0 389.4
intangible assets
Other non-current 404.1 460.8 399.1
financial assets and
associates
Deferred tax assets 10.3 4.6 200.9
7 019.6 8 052.2 7 382.3
Current assets
Inventories 2 387.3 2 887.3 2 643.8
Trade receivables and 2 999.6 3 317.4 2 864.3
other current assets
Tax assets 12.6 16.9 11.0
Bank balances, deposits 2 437.1 882.3 1 016.1
and cash
5 836.6 7 103.9 6 535.2
Assets classified as held 3 152.5 36.2 174.9
for sale
Total assets 13 008.7 15 192.3 14 092.4
EQUITY AND LIABILITIES
Capital and reserves
Capital reserves (544.3) (473.7) (576.0)
Other reserves (555.3) (55.7) (383.3)
Retained earnings 6 399.5 6 254.5 6 064.3
Shareholders` equity 5 299.9 5 725.1 5 105.0
Non-controlling interest 21.6 28.3 24.5
Total equity 5 321.5 5 753.4 5 129.5
Non-current liabilities
Loans and borrowings 1 954.8 1 978.6 2 121.5
Retirement benefit 1 229.7 1 270.5 1 246.2
obligations
Other non-current 16.2 7.5 36.5
liabilities
Deferred tax liabilities 278.2 442.0 293.1
3 478.9 3 698.6 3 697.3
Current liabilities
Trade payables, 2 939.1 3 416.7 3 307.0
provisions and other
current liabilities
Bank overdrafts 2 543.9 391.5 619.3
Loans and borrowings 608.7 1 872.9 1 186.1
Tax liabilities 45.0 59.2 73.1
4 136.7 5 740.3 5 185.5
Liabilities directly 3 71.6 - 80.1
associated with assets
classified as held for
sale
Total equity and 13 008.7 15 192.3 14 092.4
liabilities
CONDENSED STATEMENT OF CASH FLOWS
Unaudited Audited
6 months year
ended ended
31 March 30 Sept
2010 2009 2009
Notes Rm Rm Rm
Operating profit before 1 177.9 1 176.9 1 969.8
working capital changes
Working capital changes (355.4) (94.0) 198.4
Cash generated from 822.5 1 082.9 2 168.2
operations
Net interest paid (143.1) (199.1) (363.9)
Income from investments 4.9 5.5 5.5
Tax paid (17.1) (228.9) (416.4)
Replacement capital (99.7) (287.1) (466.4)
expenditure
Cash retained from 567.5 373.3 927.0
operations
Dividends and cash (140.8) (421.7) (528.8)
distributions paid
Net cash retained 426.7 (48.4) 398.2
from/(utilised in)
operating activities
Net cash utilised in (187.2) (673.2) (705.4)
investing activities
Net cash 239.5 (721.6) (307.2)
retained/(utilised)
before financing
activities
Net cash (utilised (708.6) 11.9 (459.3)
in)/generated from
financing activities
Net decrease in cash and (469.1) (709.7) (766.5)
cash equivalents
Cash and cash equivalents 2 397.9 1 221.7 1 221.7
at beginning of period
Translation of cash in (32.7) (21.2) (57.3)
foreign subsidiaries
Net (overdrafts)/cash and 2 (103.9) 490.8 397.9
cash equivalents at end
of period
CONDENSED STATEMENT OF CHANGES IN EQUITY
Unaudited Audited
6 months year
ended ended
31 March 30 Sept
2010 2009 2009
Rm Rm Rm
Opening balance 5 129.5 5 991.9 5 991.9
Net shares issued during period 13.3 - 13.7
Share-based payment expense 18.4 24.8 14.5
Total comprehensive income for 301.1 158.4 (361.8)
the period
Dividends paid (140.8) - (0.1)
Dividends paid to non- - - (1.6)
controlling shareholders
Capital distributions from share - (421.7) (527.1)
premium
Closing balance 5 321.5 5 753.4 5 129.5
Comprising:
Capital reserves (544.3) (473.7) (576.0)
Share capital 35.6 35.5 35.6
Share premium 259.7 351.2 246.4
Treasury shares (1 150.0) (1 163.0) (1 150.0)
Share option reserve 310.4 302.6 292.0
Other reserves (555.3) (55.7) (383.3)
Foreign currency translation (148.0) 332.1 24.7
reserve
Hyperinflation capital (24.3) (24.3) (24.3)
adjustment
Financial instruments hedging (1.2) (0.2) (1.9)
reserve
Recognised actuarial losses (346.4) (327.9) (346.4)
Share of non-distributable 3.3 3.3 3.3
reserves in associates
Available for sale financial (38.9) (38.9) (38.9)
assets revaluation reserve
Other 0.2 0.2 0.2
Retained earnings 6 399.5 6 254.5 6 064.3
Shareholders` equity 5 299.9 5 725.1 5 105.0
Non-controlling interest 21.6 28.3 24.5
Total equity 5 321.5 5 753.4 5 129.5
NOTES
Unaudited Audited
6 months year
ended ended
31 March 30 Sept
2010 2009 2009
Rm Rm Rm
1. Basis of preparation and
accounting policies
The condensed interim consolidated
financial statements have been
prepared in compliance with the
Listings Requirements of the JSE
Limited, International Financial
Reporting Standards (IFRS) (in
particular, International
Accounting Standard 34 Interim
Financial Reporting), the AC500
standards as issued by the
Accounting Practices Board and the
South African Companies Act, 1973,
as amended.
The accounting policies applied
are consistent with those applied
for the group`s 2009 annual
financial statements, except for
the following:
- IAS 1: Presentation of financial
statements (amendments)
The amendments involved
terminology changes (including
revised titles for the financial
statements) and changes in the
format and content of the
financial statements.
- IFRS 8: Operating segments
The standard required a
redesignation of the group`s
reportable segments. Generally,
the information reported is that
which management uses internally
for evaluating segment performance
and deciding how to allocate
resources to operating segments.
Revenue reported represents
external revenue.
The adoption of the above
standards did not have a
significant impact on the
financial statements and has
affected presentation only.
2. Net (overdrafts)/cash and cash
equivalents
Bank overdrafts (543.9) (391.5) (619.3)
Bank balances, deposits and cash 437.1 882.3 1 016.1
Bank balances, deposits and cash 2.9 - 1.1
included in assets held for sale
(103.9) 490.8 397.9
3. 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. No impairment
charge has been recognised in the
current period (2009 full year:
R52.0m).
4. Included in operating profit
are:
Depreciation 328.3 368.1 729.3
Amortisation 32.1 41.5 82.0
5. Reconciliation of operating
profit and trading profit
Operating profit 799.6 707.0 595.2
Abnormal losses/(gains)* 9.4 74.4 532.3
Share-based payment expense on BEE 14.8 10.2 18.0
transaction
Financial instruments fair value 10.5 63.3 54.1
adjustment
Retrenchment and restructuring 9.6 4.1 107.0
costs
Net impairment losses/(gains) on 1.1 (3.2) 389.8
goodwill, plant, property and
equipment and intangible assets
Net profit on disposal of property (26.6) - (1.8)
Net profit on disposal of - - (26.7)
businesses
Impairments of loans to minority - - 36.9
shareholders
Insurance proceeds from Thorpe - - (18.9)
fire
Net onerous lease provisions - - (26.1)
reversed
Trading profit 809.0 781.4 1 127.5
*Abnormal losses/(gains) are
defined as losses and gains which
do not arise from normal trading
activities or are of such a size,
nature or incidence that their
disclosure is relevant to explain
the performance for the period.
6. Determination of headline
earnings
Profit attributable to equity 476.0 395.2 204.8
holders of the company for the
period
Less: preference dividend - - (0.1)
Basic earnings 476.0 395.2 204.7
Adjusted for :
Net impairment losses/(gains) on 1.1 (3.2) 389.8
goodwill, plant, property and
equipment and intangible assets
Net (profit)/loss on disposal of (20.3) (1.5) 33.0
property, plant and equipment and
intangible assets
Net profit on disposal of - - (26.7)
businesses and other investments
Tax effects 0.8 1.3 (110.1)
Headline earnings for the period 457.6 391.8 490.7
7. Supplementary information
Capital expenditure 345.9 759.1 1,129.3
- expansion 243.3 472.0 653.5
- replacement 99.7 287.1 466.4
- intangibles 2.9 - 9.4
Capital commitments 501.6 756.7 593.0
- contracted 289.9 462.6 357.0
- approved not contracted 211.7 294.1 236.0
Lease commitments 276.9 411.7 383.3
- land and buildings 189.4 325.3 299.6
- other 87.5 86.4 83.7
Contingent liabilities 2.9 3.4 17.2
- customer claims and guarantees 2.9 3.4 17.2
8. Share statistics
Ordinary shares in issue (000) 660 338 658 142 659 264
Ordinary shares in issue - net of 587 846 585 650 586 773
treasury shares (000)
Weighted average number of 588 165 585 650 585 858
ordinary shares on which headline
earnings and basic earnings per
share are based (000)
Weighted average number of 611 148 605 188 602 185
ordinary shares on which diluted
headline earnings and diluted
basic earnings per share are based
(000)
9. Additional disclosures
Net gearing 50% 58% 52%
Net debt: EBITDA* 1.1 times 1.5 times 1.6 times
EBITDA: interest cover* 9.0 times 7.1 times 5.6 times
Total liabilities: equity 143% 166% 173%
Return on equity 18% 14% 4%
Return on net assets 17% 13% 6%
Net worth per ordinary share 905 982 884
(cents)**
* EBITDA is calculated before net
impairments
** calculated on ordinary shares
in issue - net of treasury shares
10. Related party transactions
Group companies, in the ordinary course of business, entered into various
purchase and sale transactions with associates, joint ventures and other
related parties. The effect of these transactions is included in the financial
performance and results of the group.
COMMENTS
NAMPAK PROFILE
Nampak is the largest and most diversified packaging manufacturer in Africa
with extensive manufacturing operations in South Africa and in 11 other
African countries. It produces packaging products from metal, glass, paper and
plastics and is 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 United Kingdom.
The group is actively engaged in the collection and recycling of all forms of
used packaging.
Nampak recently achieved a BBBEE rating of Level 4, up from Level 6 in 2009 as
a result of various initiatives across all seven legs of the Black Empowerment
Scorecard as certified by independent ratings agency Empowerdex.
GROUP PERFORMANCE
Operating profit increased by 13% whilst the operating margin improved from
7.0% to 8.5%. Turnarounds in the paper businesses in both South Africa and
Europe contributed to this improvement.
Headline earnings per share increased by 16.3% from 66.9 cents to 77.8 cents
as a result of the improvement in operating profit and the reduction in
finance costs.
Revenue decreased by 7% due partly to lower volumes in South Africa and the
effect of a stronger rand on translated revenue from Europe and the rest of
Africa. On a constant exchange rate basis revenue would have been similar to
2009.
Net finance costs decreased by 18% to R129 million as a result of lower
interest rates, reduced capital expenditure and lower dividends paid.
The effective tax rate was 29.6% compared to 30.4% in 2009.
Total capital expenditure amounted to R346 million compared to R759 million in
2009 with R76 million spent on the completion of the glass cullet plant and
R97 million on the Angolan beverage can factory.
Working capital increased mainly due to the timing of payments to creditors
and an increase in receivables. This resulted in cash generated from
operations decreasing by R260 million to R823 million.
Net debt to equity decreased from 52% in September 2009 to 50% in March 2010
mainly as a result of the reduction in capital expenditure and dividends,
partly offset by the increase in working capital.
Revenue Trading Margin
profit*
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm % %
South Africa 6 748 6 641 573 536 8.5 8.1
Rest of Africa 595 821 50 58 8.4 7.1
Europe 2 091 2 629 106 101 5.1 3.8
Other - - 80 86 - -
Total 9 434 10 091 809 781 8.6 7.7
*operating profit before abnormal items
South Africa
Sales volumes declined by 2.5%. Demand for beverage packaging was adversely
affected by the wetter conditions in the summer rainfall region of the
country. There was acceptable demand for diversified and fish cans but lower
sales of all other food cans. Paper packaging sales were generally lower but
there was good demand for a number of plastic and flexible packaging products.
Trading profit increased by 7% to R573 million with the margin increasing from
8.1% to 8.5%.
Rest of Africa
Trading profit decreased by 14% to R50 million mainly due to the strength of
the rand and lower sales of tobacco packaging in Nigeria as a result of
destocking by the major customer. The Nigerian metals business achieved a good
turnaround in performance. The margin in the region improved from 7.1% to
8.4%.
Europe
Sales of GBP175 million were at a similar level to last year whilst trading
profit increased from GBP6.7 million to GBP8.9 million. The average exchange
rate to the pound was R11.99 compared to R14.93 last year.
SEGMENTAL REVIEW
Metals and Glass
Revenue Trading Margin
profit*
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm % %
South Africa 2 745 2 533 344 395 12.5 15.6
Rest of Africa 272 367 18 4 6.6 1 .1
Total 3 017 2 900 362 399 12.0 13.8
*operating profit before abnormal items
South Africa
Sales increased by 11% due largely to the tinplate price increase in April
2009. Although the price decreased in October 2009, the price in the first
half of 2010 was nevertheless substantially higher than in 2009. Trading
profit decreased by 12%.
Weak demand for beverage cans resulted in sales volumes decreasing by 8%.
Exports to Angola were lower as a result of a full supply chain at customers.
Construction of the new beverage can factory building in Angola is complete
and final project approval was granted on 21 May 2010. Shipping of the plant
and equipment has commenced and commissioning is expected in the first quarter
of 2011.
Food can volumes decreased by 11%. There was improved demand for fish cans
which benefited from the canning of fish caught outside South African waters.
Fruit, vegetable, meat and other food can sales were lower. Demand for
aerosol, polish and other diversified cans was generally up on last year, but
still at a low level.
There was reasonable demand for glass bottles and, together with the
investment in manufacturing technology, contributed to an improvement in
performance. The new state-of-the-art cullet plant costing R160 million, which
was commissioned in March 2010, will enable greater quantities of recycled
glass to be used.
Rest of Africa
A strong turnaround in the Nigerian operation and steady contributions from
other countries resulted in the substantial improvement in trading profit from
R4 million to R18 million.
Paper and Flexibles
Revenue Trading Margin
profit*
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm % %
South Africa 2 115 2 241 37 (39) 1.7 (1.7)
Rest of Africa 323 454 32 54 9.9 11.9
Europe 1 451 1 768 53 48 3.7 2.7
Total 3 889 4 463 122 63 3.1 1.4
*operating profit before abnormal items
South Africa
Sales decreased by 6% but there was a substantial increase in segment profit
as a result of a reduced loss in the corrugated business.
Sales volumes of corrugated boxes increased by 6% as a result of improved
demand from the agriculture sector together with higher sales to key
customers. Although production efficiencies at the new Rosslyn paper mill
continue to improve they are still erratic and not yet at a consistently
acceptable level. Tighter management controls and higher factory efficiencies
in the converting business contributed to an improvement in performance of the
corrugated business as a whole.
Demand for folding cartons was weak across most sectors and volumes were also
affected by the continued substitution of detergent cartons for flexible
packaging. Cigarette packaging sales were flat whilst there was continued good
demand for fast-food packaging.
The flexible business continued to improve and was assisted by stronger demand
from key customers as well as the benefit of higher sales of detergent bags
which have converted from folding cartons. The loss-making Flexpak and Foam
businesses were sold or closed in 2009.
The paper sacks business performed well although sales remained depressed on
weak demand for cement packaging.
Rest of Africa
The folding cartons business in Nigeria was adversely affected by lower sales
due to destocking in the first quarter at the major customer. Demand has since
recovered. There was good demand for liquid cartons in Zambia, and Malawi
continued to perform well.
Europe
Sales increased by 2% to GBP121 million whilst trading profit increased by 41%
to GBP4.5 million.
Folding cartons volumes were marginally lower than last year but demand for
healthcare packaging improved. The Leeds factory, which recorded a loss in
2009, showed a pleasing turnaround in performance following realisation of the
benefits of the cost reduction programme towards the end of last year.
Plastics
Revenue Trading Margin
profit*
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm % %
South Africa 1 125 1 124 101 110 9.0 9.8
Europe 640 861 53 52 8.3 6.0
Total 1 765 1 985 154 162 8.7 8.2
*operating profit before abnormal items
South Africa
Sales were flat whilst trading profit fell by 8%.
Sales of PET bottles for carbonated soft drinks (CSD) were affected by the
unusually wet summer as well as the loss of business in Bloemfontein following
the award of a new CSD in-plant contract to a competitor.
Demand for most products in the tubes, tubs and containers business remained
weak with plastic, paint and chemical containers experiencing especially poor
sales. The business continued to perform poorly and is currently being
restructured.
There was marginal volume growth in plastic bottles for milk and juice. Demand
from the beverage, food and agricultural sectors for crates was well up on
last year and contributed to a good overall performance of the business.
Sales of metal closures for food jars and wine bottles increased as did
plastic closures for energy drinks bottles.
Europe
Sales were 7% lower at GBP53 million whilst trading profit increased by 26% to
GBP4.4 million. Volumes were negatively impacted by the insolvency of a major
customer last year but the profit improvement programme implemented to counter
the loss of this business contributed to an improvement in performance.
Tissue
Revenue Trading Margin
profit*
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm % %
South Africa 763 743 91 71 11.9 9.6
*operating profit before abnormal items
There was weaker demand for toilet tissue and disposable diapers but improved
margins, good cost management and higher efficiencies at the diaper factory
contributed to an improvement in performance.
Other
Revenue Trading profit
2010 2009 2010 2009
Rm Rm Rm Rm
Total - - 80 86
This segment comprises corporate services, procurement, treasury and property
rentals.
CORPORATE ACTIVITY
In line with the stated strategy to fix, close or sell underperforming
businesses, a number of operations have been sold or closed:
- The Durban and Cape Town operations of Redibox were sold to their management
and the other operations were closed.
- Disaki Cores & Tubes was sold to Transpaco Limited subject to fulfillment of
a number of conditions precedent, including approval by the Competition
Commission.
- An offer for L & CP has been accepted and the necessary contracts are in the
process of finalisation.
- An agreement for the sale of the containers business of the Tubes & Tubs
division is expected to be signed in the near future.
- The 55% shareholding in Cartonagens de Mocambique (Carmoc), was sold to the
other shareholder, Mopac.
PROSPECTS
Last year`s results were severely impacted by significant losses in the
corrugated division, the major impairment of assets as well as losses in the
Leeds, UK cartons business, most of which occurred in the second half of the
2009 financial year. These losses are not expected to recur in the second half
of the 2010 financial year. As a consequence the board expects a considerable
improvement in earnings for the year ending September 2010. Further guidance
will be given following the board meeting in July 2010.
This statement has not been reviewed by the group`s auditors.
CHANGES IN THE DIRECTORATE
Mr T Evans will step down as chairman and retire as a non-executive director
on 31 May 2010.
Mr TT Mboweni has been appointed chairman and an independent non-executive
director effective 1 June 2010.
DECLARATION OF ORDINARY DIVIDEND NUMBER 76
Notice is hereby given that an interim dividend number 76 of 25.0 cents per
share (2009:capital reduction of 18.0 cents per share) has been declared in
respect of the six months ended 31 March 2010, payable to shareholders
recorded as such in the register of the company at the close of business on
the record date, Friday 9 July 2010. The last day to trade to participate in
the dividend is Friday 2 July 2010. Shares will commence trading "ex" dividend
from Monday 5 July 2010.
The important dates pertaining to this dividend are as follows:
Last day to trade ordinary shares "cum" Friday 2 July 2010
dividend
Ordinary shares trade "ex" dividend Monday 5 July 2010
Record date Friday 9 July 2010
Payment date Monday 12 July 2010
Ordinary share certificates may not be de-materialised or re-materialised
between Monday 5 July 2010 and Friday 9 July 2010, both days inclusive.
On behalf of the board
T Evans
Chairman
AB Marshall
Chief executive officer
27 May 2010
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 director).
Secretary: NP O`Brien.
Registered office: Share registrar:
Nampak Centre, 114 Dennis Road Computershare Investor
Atholl Gardens, Sandton 2196 Services (Pty) Limited
South Africa 70 Marshall Street
(PO Box 784324 Sandton 2146 Johannesburg 2001, South Africa
South Africa) (PO Box 61051 Marshalltown 2107
Telephone: +27 11 719 6300 South Africa)
Telephone: +27 11 370 5000
Sponsor:
UBS South Africa (Pty) Limited
Disclaimer
We may make statements that are not historical facts and relate to analyses
and other information based on forecasts of future results and estimates of
amounts not yet determinable. These are forward-looking statements as defined
in the U.S. Private Securities Litigation Reform Act of 1995. Words such as
"believe","anticipate", "expect", "intend", "seek", "will", "plan", "could",
"may","endeavour" and "project" and similar expressions are intended to
identify such forward-looking statements, but are not the exclusive means of
identifying such statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and specific, and there
are risks that predictions, forecasts, projections and other forward-looking
statements will not be achieved.
If one or more of these risks materialise, or should underlying assumptions
prove incorrect, actual results may be very different from those anticipated.
The factors that could cause our actual results to differ materially from the
plans, objectives, expectations, estimates and intentions in such forward-
looking statements are discussed in each year`s annual report. Forward-looking
statements apply only as of the date on which they are made, and we do not
undertake other than in terms of the Listings Requirements of the JSE Limited,
to update or revise any statement, whether as a result of new information,
future events or otherwise. All profit forecasts published in this report are
unaudited. Investors are cautioned not to place undue reliance on any forward-
looking statements contained herein.
These results and a presentation to analysts and shareholders will be
available on the group`s website at www.nampak.com
Date: 27/05/2010 13:01:07 Produced by the JSE SENS Department.
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