| Wed 23 Nov 2011, 11:51 | | NPK - Nampak Limited - Audited group results for the year ended 30 September |
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NPK
NPK
NPK - Nampak Limited - Audited group results for the year ended 30 September
2011
NAMPAK LIMITED
Registration number: 1968/008070/06
Share code: NPK
ISIN: ZAE000071676
* HEPS from continuing operations up 21%
* Dividend/distribution per share up 30% to 108 cents
* Operating profit from continuing operations up 22%
* Net debt reduced from R1.7 billion to R582 million
* Net gearing reduced to 10%
* Trading margin improved from 9.1% to 9.8%
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2011
Condensed group statement of comprehensive income
Restated
2011 2010 %
Notes Rm Rm change
Continuing operations
Revenue 15 818.6 15 774.2 0.3
Operating profit 2 1 497.8 1 228.7 21.9
Finance costs (171.5) (246.6)
Finance income 51.6 56.2
Income from investments 11.1 6.0
Share of profit of associates 1.2 3.6
Profit before tax 1 390.2 1 047.9 32.7
Taxation 456.5 269.4
Profit for the year from 933.7 778.5 19.9
continuing operations
Discontinued operations
(Loss)/profit for the year from 4 (331.1) 56.4
discontinued operations
Profit for the year 602.6 834.9
Other comprehensive
income/(expense) for the year, net
of tax
Exchange differences on 322.0 (234.3)
translation of foreign operations
Net actuarial losses from (64.9) (145.2)
retirement benefit obligations
Cumulative translation gains (1.6) -
reclassified to profit or loss on
disposal of subsidiary
Gains/(losses) on cash flow hedges 6.7 (0.4)
Other comprehensive 262.2 (379.9)
income/(expense) for the year, net
of tax
Total comprehensive income for the 864.8 455.0
year
Profit/(loss) attributable to:
Owners of Nampak Limited 627.9 825.9 (24.0)
Non-controlling interest in (25.3) 9.0
subsidiaries
602.6 834.9
Total comprehensive
income/(expense) attributable to:
Owners of Nampak Limited 896.7 450.1
Non-controlling interest in (31.9) 4.9
subsidiaries
864.8 455.0
Continuing operations
Basic earnings per share (cents) 162.6 130.9 24.2
Fully diluted earnings per share 157.4 129.6 21.4
(cents)
Headline earnings per ordinary 172.4 142.3 21.1
share (cents)
Fully diluted headline earnings 166.7 140.6 18.6
per share (cents)
Continuing and discontinued
operations
Basic earnings per share (cents) 106.5 140.5 (24.2)
Fully diluted earnings per share 103.8 138.9 (25.2)
(cents)
Headline earnings per ordinary 176.0 149.7 17.6
share (cents)
Fully diluted headline earnings 170.1 147.7 15.2
per share (cents)
Dividend/distribution per share 108.0 83.0 30.1
(cents)
Condensed group statement of financial position
2011 2010
Notes Rm Rm
ASSETS
Non-current assets
Property, plant and equipment and investment 5 687.3 6 199.9
property
Goodwill and other intangible assets 183.1 301.1
Other non-current financial assets and 362.8 408.9
associates
Deferred tax assets 24.5 46.9
6 257.7 6 956.8
Current assets
Inventories 2 683.0 2 272.6
Trade receivables and other current assets 2 514.8 2 697.3
Tax assets 1.7 77.2
Bank balances, deposits and cash 6 1 450.8 718.6
6 650.3 5 765.7
Assets classified as held for sale 4 - 202.6
Total assets 12 908.0 12 925.1
EQUITY AND LIABILITIES
Capital and reserves
Share capital 35.8 35.7
Capital reserves (503.4) (543.4)
Other reserves (334.5) (755.2)
Retained earnings 6 535.2 6 603.7
Shareholders` equity 5 733.1 5 340.8
Non-controlling interest (38.2) 27.5
Total equity 5 694.9 5 368.3
Non-current liabilities
Loans and borrowings 1 358.7 1 631.0
Retirement benefit obligation 1 360.5 1 404.5
Other non-current liabilities 7.7 15.8
Deferred tax liabilities 490.3 286.9
3 217.2 3 338.2
Current liabilities
Trade payables, provisions and other current 3 211.9 3 135.7
liabilities
Bank overdrafts 6 652.9 455.5
Loans and borrowings 21.3 373.8
Tax liabilities 109.8 175.2
3 995.9 4 140.2
Liabilities directly associated with assets 4 - 78.4
classified as held for sale
Total equity and liabilities 12 908.0 12 925.1
Condensed group statement of cash flows
2011 2010
Notes Rm Rm
Operating profit before working capital 2 273.8 2 296.6
changes
Working capital changes (548.3) 212.3
Cash generated from operations 1 725.5 2 508.9
Net interest paid (162.6) (261.9)
Income from investments 11.1 6.0
Retirement benefits, contributions and (91.3) (48.3)
settlements
Tax paid (188.3) (93.3)
Replacement capital expenditure (412.3) (245.3)
Cash retained from operations 882.1 1 866.1
Dividends paid (543.1) (289.2)
Net cash retained from operating activities 339.0 1 576.9
Net cash retained from/(utilised in) 662.1 (428.2)
investing activities
Net cash retained before financing 1 001.1 1 148.7
activities
Net cash utilised in financing activities (590.5) (1 241.4)
Net increase/(decrease) in cash and cash 410.6 (92.7)
equivalents
Cash and cash equivalents at beginning of 6 263.1 397.9
year
Translation of cash in foreign subsidiaries 124.2 (42.1)
Cash and cash equivalents at end of year 6 797.9 263.1
Condensed group statement of changes in equity
2011 2010
Rm Rm
Opening balance 5 368.3 5 129.5
Net shares issued during the year 32.7 19.5
Share-based payment expense 13.8 54.3
Share grants exercised (5.2) (3.4)
Disposal of treasury shares - 0.3
Share of movement in associate`s non- (1.0) (1.0)
distributable reserve
Non-controlling interest realised on disposal (1.6) 0.5
of subsidiary
Buy-out of non-controlling interests in (33.8) -
subsidiaries
Transfer from hedging reserve to related - 2.2
assets
Gain on available-for-sale financial assets - 0.6
Total comprehensive income for the year 864.8 455.0
Dividends paid (543.1) (289.2)
Closing balance 5 694.9 5 368.3
Comprising:
Share capital 35.8 35.7
Capital reserves (503.4) (543.4)
Share premium 298.4 265.8
Treasury shares (1 149.7) (1 149.7)
Share-based payments reserve 347.9 340.5
Other reserves (334.5) (755.2)
Foreign currency translation reserve 123.6 (203.4)
Hyperinflation capital adjustment (24.3) (24.3)
Financial instruments hedging reserve 8.4 (0.1)
Recognised actuarial losses (405.4) (491.6)
Share of non-distributable reserves in 1.3 2.3
associates
Available-for-sale financial assets (38.3) (38.3)
revaluation reserve
Other 0.2 0.2
Retained earnings 6 535.2 6 603.7
Shareholders` equity 5 733.1 5 340.8
Non-controlling interest (38.2) 27.5
Total equity 5 694.9 5 368.3
Notes
2011 2010
Rm Rm
1. Basis of preparation
The condensed consolidated information has been
prepared in accordance with the Listings
Requirements of the JSE Limited, International
Financial Reporting Standards (IFRS), the AC
500 standards as issued by the Accounting
Practices Board, the Companies Act, No. 71 of
2008 (as amended) and the information as
required by IAS 34: Interim Financial
Reporting.
The accounting policies applied are consistent
with those applied for the group`s 2010 annual
financial statements.
2. Included in operating profit are:
Depreciation 561.8 535.8
Amortisation 16.9 61.9
3. Reconciliation of operating profit and
trading profit
Operating profit 1 497.8 1 228.7
Net abnormal loss* 48.1 205.5
Net impairment losses on investments, loans,
goodwill, property, plant and equipment, loans
and other intangible assets 104.8 108.4
Retrenchment and restructuring costs 49.9 72.2
Share-based payment expense on BEE transaction - 49.0
Net loss on disposal of businesses 5.4 2.9
Impairment of loans to non-controlling 0.2 1.9
shareholders
Financial instruments fair value (gain)/loss (71.4) 12.0
Net profit on disposal of property (40.8) (26.0)
Non-controlling shareholder loan waived - (14.9)
Trading profit 1 545.9 1 434.2
* Abnormal losses/(gains) are defined as
losses/(gains) which do not arise from normal
trading activities or are of such size, nature
or incidence that their disclosure is relevant
to explain the performance for the period.
4. Disposal of operations
The Interpak, Disaki, L&CP and Tubs businesses,
which had been presented as held for sale in
the prior year, were disposed during the year.
The Interpak, Disaki and L&CP businesses were
included in the South Africa Paper and
Flexibles segment, while the Tubs disposal
group was included in the South Africa Plastics
segment, for segmental reporting purposes.
In addition to the above businesses, the
operations of Nampak Paper Holdings were sold
in line with the group`s strategy to focus on
core operations and emerging markets effective
28 February 2011. The results of these
operations were previously reported in the
Europe Paper segment for segmental reporting
purposes and have been classified as
discontinued operations. The only material
change to the total assets as disclosed for the
year-ended 30 September 2010 arose as a result
of this transaction.
The results of the discontinued operations
included in the statement of comprehensive
income are set out below. The comparative
(loss)/profit and cash flows from the
discontinued operations have been re-
represented to include the operations
classified as discontinued in the current
period.
(Loss)/profit for the year from discontinued
operations
Revenue 1 112.9 2 771.3
Expenses (1 082.1) (2 668.5)
Profit before tax 30.8 102.8
Attributable income tax expense 9.5 46.4
21.3 56.4
Loss on disposal of operations (352.4) -
(Loss)/profit for the period from discontinued (331.1) 56.4
operations
Cash flows from discontinued operations
Net cash flows from operating activities (13.5) 121.2
Net cash flows from investing activities (40.5) 37.7
Net cash flows from financing activities 23.2 (148.1)
Net cash flows (30.8) 10.8
5. Determination of headline earnings
Continuing operations
Profit attributable to equity holders of the 959.0 769.5
company for the year
Less: preference dividend (0.1) (0.1)
Basic earnings 958.9 769.4
Adjusted for:
Net impairment losses on goodwill, property, 99.0 107.1
plant and equipment, and other intangible
assets
Net loss on disposal of businesses and other 5.4 2.9
investments
Net profit on disposal of property, plant, (33.4) (10.8)
equipment and intangible assets
Tax effects and non-controlling interest (13.4) (31.9)
Headline earnings for the year 1 016.5 836.7
Continuing and discontinued operations
Profit attributable to equity holders of the 627.9 825.9
company for the year
Less: preference dividend (0.1) (0.1)
Basic earnings 627.8 825.8
Adjusted for:
Net impairment losses on goodwill, property, 99.0 107.1
plant and equipment, and other intangible
assets
Net loss on disposal of businesses and other 357.8 2.9
investments
Net profit on disposal of property, plant, (33.4) (23.9)
equipment and intangible assets
Tax effects and non-controlling interest (13.4) (32.0)
Headline earnings for the year 1 037.8 879.9
6. Cash and cash equivalents
Bank balances, deposits and cash 1 450.8 718.6
Bank overdrafts (652.9) (455.5)
797.9 263.1
7. Supplementary information
Capital expenditure 676.2 785.7
- expansion 259.9 529.9
- replacement 412.3 245.3
- intangibles 4.0 10.5
Capital commitments 543.8 482.3
- contracted 356.4 304.8
- approved not contracted 187.4 177.5
Lease commitments 270.1 306.1
- land and buildings 201.5 232.0
- other 68.6 74.1
Contingent liabilities 80.2 5.5
- customer claims and guarantees 8.0 5.5
- tax contingent liabilities* 72.2 -
*Subsequent to year-end, the Malawi Revenue
authority issued additional assessments for the
2001 to 2010 years of assessment on Packaging
Industries Malawi Limited relating to transfer
pricing to the value of R16.9 million with
penalties and interest of R55.3 million. No
provision has been raised as management
believes that the matter is highly defendable.
The timing of the resolution of the matter is
uncertain.
8. Share statistics
Ordinary shares in issue (000) 695 199 660 778
Ordinary shares in issue - net of treasury 590 901 588 338
shares (000)
Weighted average number of ordinary shares on 589 550 587 782
which headline earnings and basic earnings per
share are based (000)
Weighted average number of ordinary shares on 618 170 610 574
which diluted headline earnings and diluted
basic earnings per share are based (000)
9. Additional disclosures
Net gearing 10% 32%
Net debt: EBITDA* 0.6 times 1.1 times
Interest cover 12.8 times 7.6 times
EBITDA: Interest cover* 15.4 10.7 times
times
Total liabilities: equity 127% 141%
Return on equity - continuing operations 19% 17%
Return on equity - continuing and discontinued 11% 16%
operations
Return on net assets - continuing operations 20% 19%
Return on net assets - continuing and 19% 17%
discontinued operations
Net worth per ordinary share (cents)** 964 912
Tangible net worth per ordinary share (cents)** 933 861
*EBITDA is calculated before net impairments
**calculated on ordinary shares in issue - net of treasury shares
10. Translation revenue movement
Due to the weakening of the rand towards the end of the financial year, the
translation gain of R322.0 million (2010: R234.3 million loss) was realised
for the year.
The closing exchange rate at 30 September was GBP1: R12.58 (2010: GBP1:
R10.98).
11. Related party transactions
Group companies, in the ordinary course of business, entered into various
purchase and sale transactions with associates, joint ventures and other
related parties. The effect of these transactions is included in the
financial performance and results of the group.
12. Independent auditor`s opinion
The auditors, Deloitte & Touche, have issued their opinion on the group`s
financial statements for the year ended 30 September 2011. The audit was
conducted in accordance with International Standards on Auditing. They have
issued an unmodified audit opinion. These condensed financial statements have
been derived from the group financial statements and are consistent in all
material respects with the group financial statements. A copy of their audit
report is available for inspection at the company`s registered office. Any
reference to future financial performance included in this announcement, has
not been reviewed or reported on by the company`s auditors.
Comments
NAMPAK PROFILE
Nampak is Africa`s largest packaging manufacturer with operations in Angola,
Botswana, Ethiopia, Kenya, Malawi, Mozambique, Namibia, Nigeria, South
Africa, Swaziland, Tanzania, Zambia and Zimbabwe.
Nampak is the major supplier of plastic bottles to the dairy industry in the
United Kingdom.
Collection and recycling of all types of used packaging is of the utmost
importance and is a core strategic activity.
The group`s world-class research and development facility based in Cape Town
provides technical expertise and support to Nampak`s businesses as well as to
its customers.
Nampak has a level 4 BBBEE rating as certified by independent ratings agency,
Empowerdex.
The corporate office is based in Sandton, South Africa.
GROUP PERFORMANCE
Operating profit from continuing operations increased by 22%. The trading
margin improved from 9.1% to 9.8% due mainly to improved results from the
diversified canning, corrugated and flexible divisions as well as the sale of
underperforming businesses.
Net finance costs decreased by 37% to R120 million as a result of lower
interest rates and reduced debt following the receipt of the proceeds from
the disposal of businesses.
Headline earnings per share from continuing operations increased by 21% from
142.3 cents to 172.4 cents as a result of the improvement in operating profit
and the reduction in finance costs.
The final dividend/distribution has been increased by 28% to 74 cents per
share making a total of 108 cents for the year (2010: 83 cents), an increase
of 30%.
Revenue in South Africa declined marginally due to the disposal of a number
of smaller underperforming businesses and weak consumer demand. The new
beverage can operation in Angola contributed to the 11% growth in revenue in
the rest of Africa which grew to R1.3 billion during the year. The
acquisition of FourFourTwo contributed to the 19% increase in revenue in
Europe.
The effective tax rate from continuing operations was 32.8% compared to 25.7%
in 2010. The increase is due to start-up losses in Angola which cannot be
claimed for tax purposes as a result of the special tax status granted in
that country as well as increased secondary tax on companies.
Total capital expenditure amounted to R676 million compared to R786 million
in 2010 with R157 million being spent on the completion of the Angolan
beverage can factory and R27 million on the glass furnace rebuild which will
be completed in 2012.
Working capital increased by R548 million mainly due to an increase in
inventories as a result of the initial stock requirements for Angola, higher
priced imported raw material in the South African metals businesses and
higher stock holdings in Tissue which were exceptionally low in 2010.
Net debt to equity decreased to 10% from 32% in September last year mainly as
a result of the receipt of disposal proceeds as well as strong operating cash
flows. Net debt declined from
R1.7 billion at the end of September 2010 to R582 million at the end of
September 2011.
The European folding cartons and healthcare businesses were sold effective 28
February 2011 at a loss of R352 million and have been disclosed as
discontinued operations.
Headline earnings per share from continuing and discontinued operations
increased by 18% from 149.7 cents to 176.0 cents.
SEGMENTAL REVIEW (continuing operations)
The 2010 comparatives have been reclassified in accordance with management
reporting.
Revenue Trading profit* Margin
2011 2010 2011 2010 2011 2010
Rm Rm Rm Rm % %
South 12 958 13 293 1 257 1 138 9.7 8.6
Africa
Rest of 1 350 1 214 122 83 9.2 6.8
Africa
Europe 1 511 1 268 96 101 6.4 8.0
Other 71 113
Total 15 819 15 775 1 546 1 435 9.8 9.1
*operating profit before abnormal items
South Africa
Trading profit increased by 10% despite a 3% drop in revenue following weak
consumer demand and the sale of underperforming businesses. The margin
improved from 8.6% to 9.7% due to the sale of these underperforming
businesses, a further improvement in corrugated and a good performance by the
flexible packaging business.
Rest of Africa
Trading profit increased by 2% with start-up costs of the new Angolan
beverage can factory detracting from an otherwise good performance. The
margin in the region improved from 6.8% to 9.2%. Excluding Angola it
increased to 13.6%.
Europe
Revenue of GBP135 million was 24% higher than last year mainly due to the
acquisition of the FourFourTwo business. Trading profit remained virtually
unchanged at GBP8.6 million and was impacted by integration costs of the
acquisition. The average exchange rate to the pound was R11.18 compared to
R11.64 last year.
Metals and Glass
Revenue Trading profit* Margin
2011 2010 2011 2010 2011 2010
Rm Rm Rm Rm % %
South 5 126 5 263 736 743 14.4 14.1
Africa
Rest of 652 526 37 15 5.7 2.9
Africa
Total 5 778 5 789 773 758 13.4 13.1
*operating profit before abnormal items
South Africa
A good performance from the diversified canning business was offset by lower
sales of beverage cans and reduced demand for glass bottles. Sales volumes of
beverage cans for local consumption were at a similar level to last year but
exports were lower following the start-up of the factory in Angola.
There was good demand for aerosol, polish and paint cans. Sales of vegetable
cans improved but fish can volumes were impacted by lower catches. Sales of
fruit cans were also lower than last year.
The market for glass bottles was affected by the stronger rand which resulted
in higher imports of bottles and lower exports of bottled wine.
Rest of Africa
The beverage can operation in Angola commenced production in April 2011 and
is operating at expected efficiency levels. It incurred a trading loss of R48
million during the year. A strong agricultural season contributed to a good
result in Kenya whilst Nigeria also performed well with increased demand
across most market sectors. The minority shareholding in the Nigerian company
was acquired and the company was delisted from the Nigerian Stock Exchange.
Paper and Flexibles
Revenue Trading profit* Margin
2011 2010 2011 2010 2011 2010
Rm Rm Rm Rm % %
South 4 099 4 313 161 59 3.9 1.4
Africa
Rest of 698 688 85 68 12.2 9.9
Africa
Total 4 797 5 001 246 127 5.1 2.5
*operating profit before abnormal items
South Africa
Trading profit increased by 173% and was due to a further improvement in the
performance of the corrugated business which returned to profitability as
well as an excellent performance from the flexible business.
The good profit improvement in the corrugated business was achieved despite
lower demand for corrugated boxes. The Rosslyn paper mill continued to
improve and contributed significantly to the overall performance.
The flexible business performed very well with good volume growth at major
customers. Volumes improved across most sectors with stronger demand for
detergent and snack food packaging.
Apart from the fast-foods sector, demand for folding cartons was weak across
all market sectors and as a result margins came under pressure. The Pinetown
factory was closed and production was consolidated into the Johannesburg and
Cape Town factories.
The paper sacks business had a difficult year with the major market segments
of cement, sugar and milling, being depressed.
Rest of Africa
There was strong demand for self-opening bags in Kenya and for cigarette
cartons in Nigeria. Nigeria was however negatively affected by start-up
operational problems with the take-on of new commercial carton and labels
business. Zambia benefitted from a new sugar sack manufacturing line. The
minority shareholding in Packaging Industries Malawi was acquired and was
delisted from the Malawi Stock Exchange.
Plastics
Revenue Trading profit* Margin
2011 2010 2011 2010 2011 2010
Rm Rm Rm Rm % %
South 2 114 2 142 231 152 10.9 7.1
Africa
Europe 1 511 1 268 96 101 6.4 8.0
Total 3 625 3 410 327 253 9.0 7.4
*operating profit before abnormal items
South Africa
Trading profit increased by 52% following improvements in all the businesses
and in particular due to a break-even in the tubes and tubs business which
lost R46 million in 2010.
There was steady demand for plastic bottles for milk and juice and sales of
multi-layer bottles for long-life milk continued to grow with more retailers
carrying this product. There was reduced demand from the beverage industry
for plastic crates but sales of general packaging crates increased. Drum
sales improved.
There was a marginal increase in the sales of PET bottles for carbonated soft
drinks.
There was moderate demand for tubes which has been relocated to a new
dedicated manufacturing facility. The loss-making tubs business was sold
effective 1 May 2011.
Plastic closure sales improved following the introduction of a new beverage
bottle closure but sales of wine bottle closures declined due to reduced
exports of bottled wine.
Europe
Revenue of GBP135 million was 24% higher than last year mainly due to the
acquisition of the FourFourTwo business. Trading profit remained virtually
unchanged at GBP8.6 million and was affected by integration costs of the
acquisition.
Tissue
Revenue Trading profit* Margin
2011 2010 2011 2010 2011 2010
Rm Rm Rm Rm % %
South 1 619 1 575 129 184 8.0 11.7
Africa
*operating profit before abnormal items
Demand for one-ply toilet tissue was weaker due to financial pressure on
lower-income consumers. Sales of two-ply toilet tissue grew although selling
price reductions in both products resulted in lower trading margins. Market
share was gained in the diaper market but margins fell due to an extremely
competitive environment. Lifestyle continued to be the brand leader in the
liners category of the feminine hygiene market. Revenue increased by 3% but
the pressure on margins caused a 30% drop in trading profit.
CORPORATE ACTIVITY
In furtherance of the stated strategy to fix, close or sell underperforming
businesses, the following were sold during the year:
The cartons and healthcare packaging businesses in Europe;
Interpak Books;
Disaki Cores and Tubes;
The Laminated & Coated Products business; and
The Tubs business.
In support of the strategy to grow in the rest of Africa the minority
interest in the Nigerian metals business, Nampak Nigeria Plc, and Packaging
Industries Malawi were acquired.
EVENT SUBSEQUENT TO 30 SEPTEMBER 2011
In line with the group`s strategy to grow its core businesses, the group has
acquired with effect from 1 October 2011, the remaining 50% interest in
Nampak Wiegand Glass (Pty) Limited which is held by Wiegand-Glas (SA) (Pty)
Limited. The transaction is subject to the approval by the Competition
authorities.
PROSPECTS
The group is now more focused and appropriately structured to benefit from
the growing South African economy and its investments in the rest of Africa
are expected to contribute to an ongoing improvement in profitability and
trading margins.
CHANGES IN THE DIRECTORATE
Mrs VN Magwentshu was appointed an independent, non-executive director on 3
February 2011.
DECLARATION OF ORDINARY DIVIDEND AND CAPITAL REDUCTION
1. Notice is hereby given that a final ordinary dividend number 79 of 30.5
cents per share (2010: 58.0 cents per share) has been declared in respect of
the year ended 30 September 2011, payable to shareholders recorded as such in
the register of the company at the close of business on the record date,
Friday 20 January 2012. The last day to trade to participate in the dividend
is Friday 13 January 2012. Shares will commence trading "ex" dividend from
Monday 16 January 2012.
2. Notice is hereby given that share premium will be reduced by payment of
capital reduction ("cash distribution") number 8 of 43.5 cents (2010: Nil)
per ordinary share in respect of the year ended
30 September 2011, payable to shareholders recorded as such in the register
of the company at the close of business on the record date, Friday 20 January
2012. The last day to trade to participate in the distribution is Friday 13
January 2012. Shares will commence trading "ex" distribution from Monday 16
January 2012.
The important dates pertaining to this dividend and distribution are as
follows:
Last day to trade ordinary shares Friday 13 January 2012
"cum" dividend/distribution
Ordinary shares trade "ex" Monday 16 January 2012
dividend/distribution
Record date Friday 20 January 2012
Payment date Monday 23 January 2012
Ordinary share certificates may not be de-materialised or re-materialised
between Monday 16 January 2012 and Friday 20 January 2012, both days
inclusive.
On behalf of the board
TT Mboweni Chairman
AB Marshall Chief executive officer
23 November 2011
NAMPAK LIMITED
Independent non-executive directors:
TT Mboweni (Chairman), RC Andersen, RJ Khoza, PM Madi,
VN Magwentshu, DC Moephuli,CWN Molope, RV Smither, PM Surgey.
Executive directors:
AB Marshall (Chief executive officer), G Griffiths (Chief financial officer),
FV Tshiqi (Group human resources director).
Secretary:
NP O`Brien.
Registered office: Share registrar:
Nampak Centre, 114 Dennis Road Computershare Investor
Atholl Gardens, Sandton 2196 Services (Pty) Limited
South Africa 70 Marshall Street
(PO Box 784324, Sandton 2146 Johannesburg 2001, South Africa
South Africa) (PO Box 61051, Marshalltown 2107
Telephone: +27 11 719 6300 South Africa)
Telephone: +27 11 370 5000
Registration number: 1968/008070/06
Sponsor:
UBS South Africa (Pty) Limited
These results and a presentation to analysts and shareholders will be
available on the group`s website at www.nampak.com
Disclaimer
We may make statements that are not historical facts and relate to analyses
and other information based on forecasts of future results and estimates of
amounts not yet determinable. These are forward-looking statements as defined
in the U.S. Private Securities Litigation Reform Act of 1995. Words such as
"believe","anticipate", "expect", "intend", "seek", "will", "plan", "could",
"may","endeavour" and "project" and similar expressions are intended to
identify such forward-looking statements, but are not the exclusive means of
identifying such statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and specific, and
there are risks that predictions, forecasts, projections and other forward-
looking statements will not be achieved.
If one or more of these risks materialise, or should underlying assumptions
prove incorrect, actual results may be very different from those anticipated.
The factors that could cause our actual results to differ materially from the
plans, objectives, expectations, estimates and intentions in such forward-
looking statements are discussed in each year`s annual report. Forward-
looking statements apply only as of the date on which they are made, and we
do not undertake other than in terms of the Listings Requirements of the JSE
Limited, to update or revise any statement, whether as a result of new
information, future events or otherwise. All profit forecasts published in
this report are unaudited. Investors are cautioned not to place undue
reliance on any forward-looking statements contained herein.
Date: 23/11/2011 11:51:43 Produced by the JSE SENS Department.
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