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NPK
NPK
NPK - Nampak Limited - Interim report and dividend declaration for the six
months ended 31 March 2012
Nampak Limited
(Registration number 1968/008070/06)
(Incorporated in the Republic of South Africa)
Share code: NPK
ISIN: ZAE 000071676
Interim report and dividend declaration for the six months ended
31 March 2012
- HEPS from continuing operations up 13%
- EPS from continuing operations up 17%
- Dividend per share up 19%
- Return on net assets 22%
- Profits from rest of Africa up 60%
- Further improvement in trading profit margin
- Nampak Glass now wholly-owned
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.
Condensed group statement of comprehensive income
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31 March 31 March 30 Sept
2012 2011 Change 2011
Notes Rm Rm % Rm
Continuing operations
Revenue 8 783.1 7 985.2 10.0 15 818.6
Operating profit 2 934.3 867.0 7.8 1 497.8
Finance costs (91.6) (61.1) (171.5)
Finance income 26.9 14.0 51.6
Income from investments 5.3 8.3 11.1
Share of profit from 4.5 0.1 1.2
associates
Profit before tax 879.4 828.3 6.2 1 390.2
Taxation 219.2 259.0 456.5
Profit for the period 660.2 569.3 16.0 933.7
from continuing
operations
Discontinued operations
Loss for the period 4 - (300.0) (331.1)
from discontinued
operations
Profit for the period 660.2 269.3 145.2 602.6
Other comprehensive
(expense)/income for
the period, net of tax
Exchange differences on (101.2) (47.2) 322.0
translation of foreign
operations
Net actuarial losses - - (64.9)
from retirement benefit
obligation
Cumulative translation - (4.7) (1.6)
gains reclassified to
profit or loss on
disposal of foreign
subsidiary
(Losses)/gains on cash (7.8) - 6.7
flow hedges
Other comprehensive (109.0) (51.9) 110.0 262.2
(expense)/income for
the period, net of tax
Total comprehensive 551.2 217.4 864.8
income for the period
Profit attributable to:
Owners of Nampak 669.4 267.8 150.0 627.9
Limited
Non-controlling (9.2) 1.5 (25.3)
interest in
subsidiaries
660.2 269.3 602.6
Total comprehensive
income/(expense)
attributable to:
Owners of Nampak 557.7 212.1 896.7
Limited
Non-controlling (6.5) 5.3 (31.9)
interest in
subsidiaries
551.2 217.4 864.8
Continuing operations
Basic earnings per 113.2 96.4 17.4 162.6
share (cents)
Fully diluted earnings 109.1 93.8 16.3 157.4
per share (cents)
Headline earnings per 106.0 93.5 13.4 172.4
ordinary share (cents)
Fully diluted headline 102.3 91.1 12.3 166.7
earnings per share
(cents)
Continuing and
discontinued operations
Basic earnings per 113.2 45.5 148.8 106.5
share (cents)
Fully diluted earnings 109.1 45.2 141.4 103.8
per share (cents)
Headline earnings per 106.0 97.2 9.1 176.0
ordinary share (cents)
Fully diluted headline 102.3 94.6 8.1 170.1
earnings per share
(cents)
Dividend and cash 40.5 34.0 19.1 108.0
distribution per share
(cents)
Condensed group statement of financial position
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31 March 31 March 30 Sept
2012 2011 2011
Notes Rm Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 6 218.6 5 486.3 5 687.3
and investment property
Goodwill and other intangible 698.0 245.3 183.1
assets
Other non-current financial 158.9 398.0 362.8
assets and associates
Deferred tax assets 24.6 37.0 24.5
7 100.1 6 166.6 6 257.7
Current assets
Inventories 3 051.7 2 327.3 2 683.0
Trade receivables and other 2 600.5 2 407.8 2 514.8
current assets
Tax assets 2.2 1.3 1.7
Bank balances, deposits and 6 1 902.2 1 067.0 1 450.8
cash
7 556.6 5 803.4 6 650.3
Assets classified as held for 4 - 104.5 -
sale
Total assets 14 656.7 12 074.5 12 908.0
EQUITY AND LIABILITIES
Capital and reserves
Share capital 35.8 35.7 35.8
Capital reserves (737.5) (523.1) (503.4)
Other reserves (446.2) (660.0) (334.5)
Retained earnings 7 024.3 6 379.6 6 535.2
Shareholders` equity 5 876.4 5 232.2 5 733.1
Non-controlling interest (44.7) 31.2 (38.2)
Total equity 5 831.7 5 263.4 5 694.9
Non-current liabilities
Loans and borrowings 1 579.6 1 360.1 1 358.7
Retirement benefit obligation 1 363.2 1 265.5 1 360.5
Other non-current liabilities 8.0 8.8 7.7
Deferred tax liabilities 494.6 221.3 490.3
3 445.4 2 855.7 3 217.2
Current liabilities
Trade payables, provisions and 3 375.6 2 795.6 3 211.9
other current liabilities
Bank overdrafts 6 1 863.2 860.4 652.9
Loans and borrowings 24.4 33.4 21.3
Tax liabilities 116.4 248.4 109.8
5 379.6 3 937.8 3 995.9
Liabilities directly associated 4 - 17.6 -
with assets classified as held
for sale
Total equity and liabilities 14 656.7 12 074.5 12 908.0
Condensed group statement of cash flows
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31 March 31 March 30 Sept
2012 2011 2011
Notes Rm Rm Rm
Operating profit before working 1 256.0 1 235.0 2 182.5
capital changes
Working capital changes (291.9) (482.1) (548.3)
Cash generated from operations 964.1 752.9 1 634.2
Net interest paid (52.1) (84.7) (162.6)
Income from investments 5.3 8.3 11.1
Tax paid (202.1) (97.5) (188.3)
Replacement capital expenditure (342.6) (149.6) (412.3)
Cash retained from operations 372.6 429.4 882.1
Dividends paid (437.4) (341.6) (543.1)
Net cash (utilised in)/retained (64.8) 87.8 339.0
from operating activities
Net cash (utilised (1 513.3 662.1
in)/generated from investing 083.0)
activities
Net cash (utilised)/retained (1 601.1 1 001.1
before financing activities 147.8)
Net cash generated 441.5 (619.7) (590.5)
from/(utilised in) financing
activities
Net (decrease)/increase in cash (706.3) (18.6) 410.6
and cash equivalents
Cash and cash equivalents at 6 797.9 263.1 263.1
beginning of period
Translation of cash in foreign (52.6) (37.9) 124.2
subsidiaries
Net cash and cash equivalents 6 39.0 206.6 797.9
at end of period
Group statement of changes in equity
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31 March 31 March 30 Sept
2012 2011 2011
Notes Rm Rm Rm
Opening balance 5 694.9 5 368.3 5 368.3
Net shares issued during period 15.2 13.6 32.7
Share-based payment expense 7.8 7.3 13.8
Share grants exercised - - (5.2)
Share of movement in - - (1.0)
associate`s non-distributable
reserve
Non-controlling interest - (1.6) (1.6)
realised on disposal of
subsidiary
Buy-out of non-controlling - - (33.8)
interests in subsidiaries
Total comprehensive income for 551.2 217.4 864.8
the period
Dividends paid (180.3) (341.6) (543.1)
Cash distributions from share (257.1) - -
premium
Closing balance 5 831.7 5 263.4 5 694.9
Comprising:
Share capital 35.8 35.7 35.8
Capital reserves (737.5) (523.1) (503.4)
Share premium 11.1 279.4 298.4
Treasury shares (1 104.3) (1 149.7) (1 149.7)
Share-based payments reserve 355.7 347.2 347.9
Other reserves (446.2) (660.0) (334.5)
Foreign currency translation 19.7 (259.1) 123.6
reserve
Hyperinflation capital (24.3) (24.3) (24.3)
adjustment
Financial instruments hedging 0.6 - 8.4
reserve
Recognised actuarial losses (405.4) (340.6) (405.4)
Share of non-distributable 1.3 2.3 1.3
reserves in associates
Available-for-sale financial (38.3) (38.3) (38.3)
assets revaluation reserve
Other 0.2 - 0.2
Retained earnings 7 024.3 6 379.6 6 535.2
Shareholders` equity 5 876.4 5 232.2 5 733.1
Non-controlling interest (44.7) 31.2 (38.2)
Total equity 5 831.7 5 263.4 5 694.9
Notes
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
31 March 31 March 30 Sept
2012 2011 2011
Rm Rm Rm
1. Basis of preparation and
accounting policies
The condensed interim
consolidated financial
statements have 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 required by IAS 34:
Interim Financial Reporting.
The accounting policies applied
are consistent with those
applied for the group`s 2011
annual financial statements.
The interim financial statements
have been prepared under the
supervision of MS Bottyan
CA(SA).
2. Included in operating profit
are:
Depreciation 297.7 269.3 561.8
Amortisation 6.6 11.1 16.9
Reconciliation of operating
profit and trading profit
Operating profit 934.3 867.0 1 497.8
Net abnormal losses/(gains)* 12.6 (14.0) 48.1
Financial instruments fair value 52.8 (17.8) (71.4)
loss/(gain)
Retrenchment and restructuring 3.8 15.5 49.9
costs
Share-based payment expense on - 2.9 -
BEE transaction
Net loss on disposal of - 2.2 5.4
businesses
Net impairment losses on 0.2 - 104.8
goodwill, plant, equipment,
other intangibles and
investments
Net gain on revaluation of (44.0) - -
originally held interest in
business acquired
Impairments of loans to non- - 0.1 0.2
controlling shareholders
Net profit on disposal of (0.2) (16.9) (40.8)
property
Trading profit 946.9 853.0 1 545.9
*Abnormal losses/(gains) are
defined as gains and losses
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.
3. Acquisition of the remaining
interest in joint venture
In line with the group`s
strategy to grow its core
businesses, the group acquired,
with effect from 1 March 2012,
the remaining 50% interest in
Nampak Wiegand Glass (Pty) Ltd
("Glass") which was held by
Wiegand-Glas (SA) (Pty) Ltd for
an amount of R973.3 million paid
in cash.
Assets acquired and liabilities
recognised at the date of
acquisition:
Current assets
Inventories 86.6
Trade and other receivables 78.6
Non-current assets
Property, plant and equipment 456.9
Intangibles 0.2
Current liabilities
Trade and other payables (67.2)
Bank overdraft (3.0)
Non-current liabilities
Loans (17.8)
Retirement benefit obligation (6.9)
Deferred tax (30.6)
496.8
The initial accounting for the
acquisition of Glass has only
been provisionally determined at
the end of March 2012 as the
necessary market valuations and
other calculations have not been
finalised. The assets acquired
and liabilities recognised are
therefore based on their
carrying values as at 1 March
2012, which are provisionally
determined as being the best
estimates of their fair values.
Goodwill arising on acquisition
Consideration transferred 973.3
Plus: net gain on revaluation of 44.0
originally held interest
Less: fair value of identifiable (496.8)
net assets acquired
Goodwill arising on acquisition 520.5
Goodwill arose on the
acquisition of the remaining
interest in Glass as the cost of
the combination included a
control premium. The
consideration paid also included
the expected benefits of revenue
growth and future profitability.
Net cash outflow on acquisition
Consideration paid in cash 973.3
Add: bank overdraft acquired 3.0
Net cash outflow on acquisition 976.3
Impact of the acquisition on the
results of the group
Included in the group net
revenue and profit after tax for
the period are R27.4 million and
R5.5 million respectively
attributable to the remaining
interest acquired in Glass.
Had Glass been acquired with
effect 1 October 2011, the net
revenue of the group from
continuing operations would have
been R8 952.2 million, while the
profit after tax would have been
R676.1 million.
4. Disposal of operations
The L&CP and Tubs businesses,
which had been presented as held
for sale in the prior period,
were disposed during the second
half of the 2011 financial year.
The L&CP business had been
included in the South African
Paper and Flexibles segment,
while the Tubs business was
included in the South Africa
Plastics segment, for segmental
reporting purposes. There were
no such disposal groups at the
end of the current period.
During December 2010, the
operations of Nampak Paper
Holdings were sold in line with
the group`s strategy to focus on
core operations and emerging
markets. The results of these
operations were previously
reported in the Europe Paper
segment for segmental reporting
purposes and were classified as
discontinued operations.
The comparative results and cash
flows from the discontinued
operations are set out below:
Loss for the period from
discontinued operations
Revenue - 1112.9 1112.9
Expenses - (1 082.1) (1 082.1)
Profit before tax - 30.8 30.8
Attributable income tax expense - 9.2 9.5
- 21.6 21.3
Loss on disposal of operations - (321.6) (352.4)
Loss for the period from - (300.0) (331.1)
discontinued operations
Cash flows from discontinued
operations
Net cash flows from operating - (13.5) (13.5)
activities
Net cash flows from investing - (40.5) (40.5)
activities
Net cash flows from financing - 23.2 23.2
activities
Net cash flows - (30.8) (30.8)
5. Determination of headline
earnings
Continuing operations
Profit attributable to equity 669.4 567.8 959.0
holders of the company for the
period
Less: preference dividend - - (0.1)
Basic earnings 669.4 567.8 958.9
Adjusted for:
Net impairment losses on 0.2 - 99.0
goodwill, plant, equipment,
other intangible assets and
investments
Net loss on disposal of - 2.2 5.4
businesses and other investments
Net gain on revaluation of (44.0) - -
originally held interest in
business acquired
Net loss/(profit) on disposal of 2.3 (16.8) (33.4)
property, plant and equipment
and intangible assets
Tax effects (0.7) (2.2) (13.4)
Headline earnings for the period 627.2 551.0 1 016.5
Continuing and discontinued
operations
Profit attributable to equity 669.4 267.8 627.9
holders of the company for the
period
Less: preference dividend - - (0.1)
Basic earnings 669.4 267.8 627.8
Adjusted for:
Net impairment losses on 0.2 - 99.0
goodwill, plant, equipment,
other intangible assets and
investments
Net loss on disposal of - 323.8 357.8
businesses and other investments
Net gain on revaluation of (44.0) - -
originally held interest in
business acquired
Net loss/(profit) on disposal of 2.3 (16.8) (33.4)
property, plant and equipment
and intangible assets
Tax effects (0.7) (2.2) (13.4)
Headline earnings for the period 627.2 572.6 1 037.8
6. Net cash and cash equivalents
Bank balances, deposits and cash 1 902.2 1 067.0 1 450.8
Bank overdrafts (1 863.2) (860.4) (652.9)
39.0 206.6 797.9
7. Supplementary information
Capital expenditure 461.4 348.2 676.2
- expansion 118.8 197.0 259.9
- replacement 342.1 149.6 412.3
- intangibles 0.5 1.6 4.0
Capital commitments 1 380.2 632.3 543.8
- contracted 376.9 192.4 356.4
- approved not contracted 1 003.3 439.9 187.4
Lease commitments 139.6 235.6 270.1
- land and buildings 90.4 172.8 201.5
- other 49.2 62.8 68.6
Contingent liabilities 63.7 6.2 80.2
- customer claims and guarantees 8.4 6.2 8.0
- tax contingent liabilities 55.3 - 72.2
8. Share statistics
Ordinary shares in issue (000) 696 260 693 748 695 199
Ordinary shares in issue - net 591 962 589 451 590 901
of treasury shares (000)
Weighted average number of 591 646 589 250 589 550
ordinary shares on which
headline earnings and basic
earnings per share are based
(000)
Weighted average number of 622 472 616 957 618 170
ordinary shares on which diluted
headline earnings and diluted
basic earnings per share are
based (000)
9. Additional disclosures
EBITDA* 1 239 904 1 907
Net gearing 27% 23% 10%
Net debt: EBITDA* 0.6 times 0.5 times 0.6 times
Interest cover 14.8 times 12.2 times 12.8 times
EBITDA: interest cover* 19.1 times 26.0 times 15.4 times
Total liabilities: equity 151% 129% 127%
Return on equity - continuing 24% 23% 19%
operations
Return on equity - continuing 24% 10% 11%
and discontinued operations
Return on net assets - 22% 21% 20%
continuing operations ***
Return on net assets - 22% 13% 19%
continuing and discontinued
operations***
Net worth per ordinary share 985 893 964
(cents)**
Tangible net worth per ordinary 867 851 933
share (cents)**
*EBITDA is calculated before net
impairments
**calculated on ordinary shares
in issue - net of treasury
shares
*** Return on net assets was
calculated on trading profit.
In previous years the return was
based on operating income. Prior
year numbers were restated.
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.
Group performance
Revenue grew by 10% with South Africa increasing by 4%, the rest of Africa by
71% and Europe by 16%.
Trading profit increased by 11% and the trading margin improved to 10.8% from
10.7%. This was mainly due to improved results from the diversified can,
corrugated, plastics and African operations. Africa trading profits increased
from R89 million to R142 million and represent 15% of the total group.
Operating profit from continuing operations increased by 8% and was affected
by a loss of R53 million on the fair value of financial instruments (last
year gain of R18 million) due to exchange rate fluctuations.
In addition, a profit of R44 million was recognised relating to the
acquisition of the balance of the shareholding in Nampak Wiegand Glass, in
accordance with IFRS 3: Business combinations.
Headline earnings per share from continuing operations increased by 13% to
106.0 cents as a result of the improvement in operating profit and a
reduction in the tax charge. Earnings per share from continuing operations
increased by 17%. Headline earnings per share from continuing and
discontinued operations increased by 9% whilst earnings per share on
continuing and discontinued operations increased by 149% as a result of the
loss incurred on discontinued operations in 2011.
Net finance costs increased by 37% to R65 million as a result of higher debt.
Net debt to equity increased to 27% from 10% in September last year mainly as
a result of the acquisition of Wiegand-Glas` 50% shareholding in the glass
business. Net debt increased to R1.5 billion at the end of March 2012 from
R0.6 billion at the end of September 2011.
The effective tax rate was 24.9% compared to 31.3% in 2011. The gain on the
disposal of businesses together with a portion of the 2011 final dividend not
attracting STC, contributed to the lower effective tax rate.
The interim gross dividend has been increased by 19.1% to 40.5 cents per
share.
Total capital expenditure amounted to R461 million compared to R348 million
in 2011 with R304 million spent on the refurbishment of the glass furnace.
Working capital, excluding disposals and foreign exchange translation
differences, increased by R292 million (last year increase of R482 million)
due mainly to higher levels of inventories and receivables. Raw material
stocks rose due to higher prices and additional safety stocks. Higher trading
activity and supply chain logistics in the rest of Africa also contributed to
the increase in working capital.
Segmental review
Revenue Trading Margin
profit*
2012 2011 2012 2011 2012 2011
Rm Rm Rm Rm % %
South Africa 6 915 6 660 711 693 10.3 10.4
Rest of Africa 1 036 607 142 89 13.7 14.7
Europe 832 718 63 39 7.6 5.4
Other - - 31 32
Total 8 783 7 985 947 853 10.8 10.7
*Operating profit before abnormal items
South Africa
Trading profit increased by 3% with the margin decreasing to 10.3% from
10.4%. An improvement in Plastics was partially offset by a flat performance
in Metals and Glass and softer performances from Tissue and from Paper and
Flexibles. Trading profit in 2011 included profit from disposed or closed
businesses.
Rest of Africa
Trading profit increased by 60% mainly due to improved performances from
Angola and Zambia. Socio-political factors in Nigeria negatively affected
volumes and profitability. Margins in the rest of Africa were nevertheless at
an acceptable 13.7% compared to 14.7% in 2011.
Europe
Higher selling prices based on the increased cost of polymer contributed to
the increase in revenue. Trading profit increased by 41% to GBP5.1 million as
a result of lower overheads following the benefits of the integration of the
Four Four Two business which was acquired last year. The trading margin
improved to 7.6% from 5.4%.
Metals and Glass
Revenue Trading Margin
profit*
2012 2011 2012 2011 2012 2011
Rm Rm Rm Rm % %
South Africa 2 865 2 674 407 396 14.2 14.8
Rest of Africa 640 271 55 38 8.6 14.0
Total 3 505 2 945 462 434 13.2 14.7
*Operating profit before abnormal items
South Africa
Trading profit improved marginally with a good performance from the
diversified can business. Sales volumes of beverage cans for domestic
consumption grew but profitability of the beverage can business was adversely
affected by lower average selling prices. Discussions are being held with
major customers on converting from tinplate to aluminium beverage cans.
Demand for aluminium aerosol cans increased significantly. Strong demand for
fish and fruit cans was offset by weaker demand for vegetable cans leaving
the overall volume of food cans flat compared to last year.
Reduced demand for returnable beer bottles and flavoured alcoholic beverage
bottles combined with reduced output as a result of the furnace rebuild
resulted in a decline in overall glass sales volumes. The furnace
refurbishment was completed on time and within budget. Production commenced
as planned during April. The group now owns 100% of the glass business
following the acquisition of Wiegand-Glas` 50% share effective 1 March 2012.
Rest of Africa
Demand for beverage cans in Angola was strong and contributed to the improved
result. Both Kenya and Nigeria were negatively affected by lower off-take
from major customers.
Paper and Flexibles
Revenue Trading Margin
profit*
2012 2011 2012 2011 2012 2011
Rm Rm Rm Rm % %
South Africa 2 052 2 099 84 92 4.1 4.4
Rest of Africa 396 336 87 51 22.0 15.2
Total 2 448 2 435 171 143 7.0 5.9
*Operating profit before abnormal items
South Africa
Trading profit in 2011 included R24 million in respect of businesses that
were sold or closed. The like-for-like increase in trading profit in 2012 was
44%.
The corrugated business continued its improvement assisted by gains in market
share, a better performance from the paper mill and generally higher
operating efficiencies in the converting plants.
The flexible business continued to perform well although some weakness in
demand from major customers has been evident in recent months.
The cartons and labels rationalisation has now been completed, the costs of
which had an adverse impact on profitability in the period. There has been an
improvement in performance in recent months with the benefits of the
rationalisation now being realised. The cartons market remains competitive
with subdued demand.
Increased export sales of cement sacks and higher demand for milling sacks
contributed to an improved performance from the paper sacks business. Demand
from the local market remains depressed.
Rest of Africa
In 2011 sales of cigarette cartons in Nigeria were boosted by increased
offtake ahead of the Nigerian elections and although sales in 2012 were
weaker, the business nevertheless achieved a good result.
The Zambian businesses performed substantially better than last year. Malawi
continued to suffer from a shortage of foreign currency which impacted on
performance.
Plastics
Revenue Trading Margin
profit*
2012 2011 2012 2011 2012 2011
Rm Rm Rm Rm % %
South Africa 1 192 1 116 168 143 14.1 12.8
Europe 832 718 63 39 7.6 5.4
Total 2 024 1 834 231 182 11.4 9.9
*Operating profit before abnormal items
South Africa
Trading profit increased by 17% with good performances in most businesses.
Favourable weather conditions contributed to increased demand for 2 litre PET
bottles for carbonated soft drinks with sales being well up on last year.
Sales of plastic bottles for milk and juice were flat whereas the conversion
from bulk packaging resulted in substantially higher sales of sorghum beer
cartons.
Demand for crates was weak and although large-drum sales volumes improved,
lower margins impacted profitability.
Sales of plastic closures for carbonated soft drinks improved and were
assisted by the conversion to the short-neck closure. Demand for sports-
drinks closures remained strong. Sales of toothpaste tubes were steady and
performance of the business continued to improve.
Europe
Trading profit increased by 41% to GBP5.1 million as a result of lower
overheads following the benefits of the integration of the Four Four Two
business which was acquired last year and higher selling prices. Volumes
showed a marginal decline.
Tissue
Revenue Trading Margin
profit*
2012 2011 2012 2011 2012 2011
Rm Rm Rm Rm % %
South Africa 806 772 52 62 6.5 8.0
*Operating profit before abnormal items
The toilet tissue market remained highly competitive on generally weaker
volume growth. Pricing pressure on disposable diapers and the insurance
excess on waste paper destroyed in a fire at the Bellville mill contributed
to a lower trading profit and margin.
Prospects
Steady growth in profits in South Africa is expected to continue; benefits
from the investments in the rest of Africa are expected to continue
contributing to an improvement in profitability for the full year.
Declaration of ordinary dividend number 80
Notice is hereby given that a gross interim ordinary dividend number 80 of
40.5 cents per share (2011: 34.0 cents per share) has been declared in
respect of the six months ended 31 March 2012, payable to shareholders
recorded as such in the register of the company at the close of business on
the record date, Friday 6 July 2012. The last day to trade to participate in
the dividend is Friday 29 June 2012. Shares will commence trading "ex"
dividend from Monday 2 July 2012.
The important dates pertaining to this dividend are as follows:
Last day to trade ordinary shares "cum" dividend Friday 29 June 2012
Ordinary shares trade "ex" dividend Monday 2 July 2012
Record date Friday 6 July 2012
Payment date Monday 9 July 2012
Ordinary share certificates may not be de-materialised or re-materialised
between Monday 2 July 2012 and Friday 6 July 2012, both days inclusive.
In terms of the new Dividends Tax effective from 1 April 2012, the following
additional information is disclosed:
The dividend has been declared from income reserves;
The dividend withholding tax rate is 15%;
The company will utilise the credits in terms of Secondary Tax on Companies
("STC"). The STC credits utilised as part of this declaration amount to R22
094 222.00, being 3.17326 cents per share;
The net local dividend amount is 34.90099 cents per share for shareholders
liable to pay the new Dividends Tax and 40.5 cents per share for shareholders
exempt from paying the new Dividends Tax;
The issued number of ordinary shares at the declaration date is
696 261 746; and
Nampak Limited`s tax number is 9875081714.
On behalf of the board
TT Mboweni AB Marshall
Chairman Chief executive officer
29 May 2012
Corporate information
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: Nampak Centre, 114 Dennis Road, Atholl Gardens, Sandton
2196, South Africa. (PO Box 784324 Sandton 2146, South Africa)
Telephone: +27 11 719 6300.
Share registrar: Computershare Investor Services (Pty) Ltd, 70 Marshall
Street, Johannesburg 2001, South Africa. (PO Box 61051 Marshalltown 2107,
South Africa).
Telephone: +27 11 370 5000
Sponsor: UBS South Africa (Pty) Ltd
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.
Sandton
29 May 2012
Sponsor: UBS South Africa (Pty) Ltd
www.nampak.com
Date: 29/05/2012 12:58:01 Produced by the JSE SENS Department.
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