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NAMPAK LIMITED - INTERIM REPORT AND DIVIDEND DECLARATION FOR THE SIX MONTHS
ENDED 31 MARCH 2004
NAMPAK LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1968/008070/06
Share code : NPK
ISIN : ZAE 000004933
Nampak Limited
INTERIM REPORT AND DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED 31 MARCH 2004
HIGHLIGHTS
HEADLINE EARNINGS PER SHARE UP 7%
DIVIDEND INCREASED BY 20%
FURTHER IMPROVEMENT IN GEARING
OVER R300 MILLION INVESTED IN NEW GROWTH PROJECTS
GROUP INCOME STATEMENT
Unaudited
6 months
Unaudited ended
6 months 31 March as Audited
ended previously year
31 March reported ended
Restated 30 Sept
2004 2003 Change 2003 2003
Notes Rm Rm % Rm Rm
Revenue 9 155.5 9 521.9 (3.8) 9 424.1 18 174.0
Continuing 8 839.8 9 197.6 (3.9) 9 099.8 17 494.0
operations
Discontinuing 315.7 324.3 324.3 680.0
operations
Gross profit 4 117.9 3 924.5 3 868.4 8 178.9
Expenses 3 275.5 2 992.3 3 032.6 6 377.3
Profit before 1 842.4 932.2 (9.6) 835.8 1 801.6
abnormal items
Net abnormal 2 (218.4) 102.7 39.4 64.5
(income)/
Expenses
Profit from 3 1 060.8 829.5 27.9 796.4 1 737.1
operations
Continuing 807.7 802.9 0.6 769.8 1 628.2
operations
Discontinuing 253.1 26.6 26.6 108.9
operations
Net finance 4 91.5 153.3 152.6 252.9
costs
Income from 5.9 5.6 5.6 5.7
investments
Profit before 975.2 681.8 43.0 649.4 1 489.9
tax
Income tax 276.1 233.1 209.5 566.9
Profit after 699.1 448.7 55.8 439.9 923.0
tax
Share of
associate
companies`
profits - 0.1 0.1 -
Minority 8.2 11.9 10.8 19.5
interest
Net profit for 690.9 436.9 58.1 429.2 903.5
the period
Number of 640 899 640 400 640 400 640 571
ordinary shares
in issue (000)
Weighted 640 733 640 426 640 426 640 444
average number
of ordinary
shares on which
headline
earnings and
basic earnings
per share are
based (000)
Weighted 643 871 641 986 641 986 642 681
average number
of ordinary
shares on which
diluted
headline
earnings and
diluted basic
earnings per
share are based
(000)
Headline 79.8 74.4 7.3 73.2 145.4
earnings per
ordinary share
(cents)
Basic earnings 107.8 68.2 58.0 67.0 141.1
per share
(cents)
Dividend per 27.0 22.5 20.0 22.5 69.7
share (cents)
Fully diluted 79.5 74.2 7.1 73.0 144.9
headline earnings
per share (cents)
Fully diluted 107.3 68.1 57.7 66.9 140.6
earnings per
share (cents)
Determination of
headline earnings
Net profit for 690.9 436.9 429.2 903.5
the period
Adjusted for:
Impairment losses - - - 9.9
Goodwill 34.0 30.2 30.2 61.3
amortised
Capital - 7.1 7.1 7.9
restructuring
costs
Net profit on (231.4) (3.7) (3.7) (2.9)
sale of
businesses,
property, plant &
equipment
Capital equipment - - - (74.6)
damage profit
Loss on re- - 2.1 2.1 7.8
organisation of
debt
Tax effects 18.1 4.0 4.0 18.4
Headline earnings 511.6 476.6 7.3 468.9 931.3
for the period
GROUP BALANCE SHEET
Unaudited
6 months
Unaudited ended
6 months 31 March as Audited
Ended previously year
31 March reported ended
Restated 30 Sept
2004 2003 2003 2003
Notes Rm Rm Rm Rm
Assets
Non-current 5 516.9 5 610.9 5 618.6 5 430.5
assets
Property, plant 4 466.8 4 287.1 4 258.1 4 255.7
and equipment
Goodwill and 968.8 1 126.9 1 126.9 1 092.3
other
intangibles
Investments 81.3 196.9 233.6 82.5
Current assets 5 921.6 5 875.3 5 827.5 5 643.7
Inventories 2 009.2 2 154.7 2 122.0 2 051.8
Trade and other 2 604.5 2 654.8 2 641.5 2 843.4
receivables
Bank balances, 5 1 307.9 1 065.8 1 064.0 748.5
deposits and
cash
Total assets 11 438.5 11 486.2 11 446.1 11 074.2
Equity and
liabilities
Capital and 5 284.7 4 629.4 4 650.2 4 855.1
reserves
Capital 2 036.6 2 032.7 2 032.7 2 033.7
Non- (256.8) (199.8) (139.2) (294.9)
distributable
reserves
Accumulated 3 504.9 2 796.5 2 756.7 3 116.3
profits
Minority 29.6 147.5 144.2 92.7
interest
Non-current 1 840.1 1 824.0 1 786.4 1 771.8
liabilities
Interest bearing 5 1 305.5 1 281.9 1 281.8 1 289.0
debt
Net long-term 186.3 151.6 119.6 147.8
retirement
benefit
obligation
Net deferred tax 348.3 390.5 385.0 335.0
liabilities
Current 4 284.1 4 885.3 4 865.3 4 354.6
liabilities
Trade and other 2 798.6 3 306.4 3 288.8 3 231.8
payables
Interest bearing 5 1 279.8 1 448.4 1 446.5 768.5
debt
Net tax 205.7 130.5 130.0 354.3
liabilities
Total equity and 11 438.5 11 486.2 11 446.1 11 074.2
liabilities
Total 49% 57% 57% 42%
borrowings:
total
shareholders`
funds
Net borrowings/ 24% 35% 35% 26%
(cash): total
shareholders`
funds
Total 115% 140% 139% 124%
liabilities:
total
shareholders`
funds
Net worth per 825 723 726 758
ordinary share
(cents)
calculated on
number of
ordinary shares
in issue of
640 898 791
(2003:
640 400 391)
Tangible net 673 547 550 587
worth per
ordinary share
(cents)
calculated on
number of
ordinary shares
in issue of 640
898 791 (2003:
640 400 391)
GROUP STATEMENT OF CHANGES IN EQUITY
Unaudited
6 months
Unaudited ended 31
6 months March as Audited
Ended previously year
31 March reported ended
Restated 30 Sept
2004 2003 2003 2003
Rm Rm Rm Rm
Equity at beginning of period 4 855.1 4 785.8 4 814.8 4 785.8
Changes in capital 2.9 1.3 1.3 2.3
Share capital 2.9 1.3 1.3 -
Share premium on new issue net 2.3
of odd-lot buyback
Changes in non-distributable 38.1 (384.8) (324.2) (479.9)
reserves
Decrease in foreign currency (35.3) (355.8) (324.1) (463.8)
translation reserve
Hyperinflation capital 73.4 (28.9) (16.1)
adjustment
Transfer to retained earnings - (0.1) (0.1)
Changes in accumulated profit 388.6 227.1 158.3 546.9
Net profit for the period 690.9 436.9 429.2 903.5
Ordinary shares - dividends (302.3) (262.5) (262.5) (409.4)
Preference shares - dividends - - - (0.1)
Negative goodwill recognised - 71.6 - 71.9
directly in equity
Change in accounting policy - (19.0) (8.5) (19.0)
Transfer from non- - 0.1 0.1 -
distributable reserves
Equity at the end of period 5 284.7 4 629.4 4 650.2 4 855.1
ABRIDGED GROUP CASH FLOW STATEMENT
Unaudited
6 months
Unaudited ended 31
6 months March as Audited
ended previously year
31 March reported ended
Restated 30 Sept
2004 2003 2003 2003
Notes Rm Rm Rm Rm
Cash operating profit 1 251.3 1 186.3 1 176.8 2 588.1
Working capital (192.1) (291.8) (285.2) (625.3)
changes
Cash generated from 1 059.2 894.5 891.6 1 962.8
operations
Net finance costs (91.5) (153.3) (152.6) (252.9)
Income from 5.9 5.6 5.6 5.7
investments
Tax paid (419.2) (236.1) (235.0) (367.9)
Cash available from 554.4 510.7 509.6 1 347.7
operations
Dividends paid (282.3) (263.7) (263.7) (410.8)
Net cash inflow from 272.1 247.0 245.9 936.9
operating activities
Expansion capital (384.8) (162.5) (161.5) (442.8)
expenditure
Replacement capital (157.2) (186.3) (186.0) (441.6)
expenditure
Acquisition of (67.3) (41.0) (41.0) (48.8)
businesses
Disposal of business 451.5 - - 149.8
Proceeds on the sale 24.1 147.0 146.9 176.1
of property, plant
and equipment
Net cash outflow from (71.7) (22.2) (22.2) (20.8)
other investing
activities
Net cash 66.7 (18.0) (17.9) 308.8
inflow/(outflow) before
financing activities
Net cash outflow from (51.0) (51.3) (51.3) (290.9)
financing activities
Net increase/(decrease) 15.7 (69.3) (69.2) 17.9
in cash and cash
equivalents
Cash and cash 17.2 121.9 121.9 121.9
equivalents at beginning
of period
Translation of cash in 1.1 (122.4) (122.4) (122.6)
foreign subsidiaries
Cash and cash 5 34.0 (69.8) (69.7) 17.2
equivalents at end of
period
NOTES
Unaudited
6 months
Unaudited ended 31
6 months March as Audited
ended previously year
31 March reported ended
Restated 30 Sept
2004 2003 Change 2003 2003
Rm Rm % Rm Rm
1. Profit before
abnormal items
South Africa* 643.3 694.4 (7.4) 630.1 1 400.5
Africa 84.6 62.0 36.5 30.2 99.4
Europe* 114.5 175.8 (34.9) 175.5 301.7
842.4 932.2 (9.6) 835.8 1 801.6
* The movement
between the
restated March
2003 results and
the previously
reported numbers
is due to the
inclusion of
AC133 adjustments
as abnormal items
in the current
period, in line
with the
treatment adopted
at 30 September
2003.
2. Net abnormal
(income)/expenses
Retrenchment 9.4 15.2 15.2 48.1
costs
Restructuring 17.0 7.3 7.3 10.9
costs
Impairment losses - - - 10.0
Net profit on (8.6) (10.0) (10.0) (13.6)
disposal of
property
Net (216.6) 18.7 24.8 0.9
(profit)/loss
on disposal of
businesses
Loss on re- - 2.1 2.1 7.8
organisation of
debt
Net monetary 3.6 (1.0) - 5.4
adjustment -
hyperinflation
Financial (43.8) 70.4 - 48.5
instruments
fair value
adjustment
FEC costs on 20.6 - - 21.1
plant and
equipment
Capital - - - (74.6)
equipment
damage profit
(218.4) 102.7 39.4 64.5
3. Profit from
operations
South Africa 879.6 627.8 40.1 627.8 1 398.4
Africa 81.0 63.2 28.2 30.1 95.4
Europe 100.2 138.5 (27.7) 138.5 243.3
1 060.8 829.5 27.9 796.4 1 737.1
4. Net finance
costs
Interest paid (119.7) (181.0) (169.4) (316.7)
Interest 28.2 27.7 16.8 63.8
received
(91.5) (153.3) (152.6) (252.9)
5. Cash and
cash
equivalents
Interest (2 585.3) (2 730.2) (2 728.2) (2 057.5)
bearing debt
Less long-term 1 305.5 1 281.9 1 281.8 1 289.0
liabilities
Less short-term 5.9 312.7 312.7 37.2
portion of long-
term
liabilities
Less bank 1 307.9 1 065.8 1 064.0 748.5
balances,
deposits and
cash
34.0 (69.8) (69.7) 17.2
6. Supplementary
information
Depreciation 346.3 362.1 359.6 715.4
Amortisation 36.6 32.9 32.9 66.7
Capital 542.0 348.8 347.5 884.4
expenditure
- expansion 384.8 162.5 161.5 442.8
- replacement 157.2 186.3 186.0 441.6
Capital 275.2 186.3 186.3 459.0
commitments
- contracted 256.7 131.7 131.7 222.2
- approved not 18.5 54.6 54.6 236.8
contracted
Lease 330.2 401.2 401.2 514.6
commitments
- land and 270.4 345.0 345.0 427.9
buildings
- other 59.8 56.2 56.2 86.7
Contingent 16.7 144.4 144.4 146.3
liabilities *
* Includes guarantees in respect of certain property leases of R16 million.
7. Restatement of comparatives
Comparative financial information to 31 March has been restated following a
decision taken by the directors in September 2003 to consolidate Zimbabwe
operations with effect 1 October 2002. Opening reserves were restated by
additional amounts identified under AC133 - Financial Instruments Recognition
and Measurement and for the inclusion of retirement benefit funds not previously
recognised. These amounts were all consolidated in the audited annual financial
statements at 30 September 2003. The comparative interim results and balance
sheet have been restated by the following amounts:
Retirement
benefit
Zimbabwe AC133 funds Total
Rm Rm Rm Rm
Income statement
Revenue 97.8 - - 97.8
Profit from 33.1 - - 33.1
operations
Net profit for the 7.7 - - 7.7
year
Balance sheet
Non-current assets (7.7) - - (7.7)
Current assets 47.8 - - 47.8
Total assets 40.1 - - 40.1
Capital and 11.8 (10.4) (22.2) (20.8)
reserves
Minority interests 3.3 - - 3.3
Non-current 15.4 - 22.2 37.6
liabilities
Current liabilities 9.6 10.4 - 20.0
Total equity and 40.1 - - 40.1
liabilities
COMMENTS
NAMPAK PROFILE
Nampak is the largest and most diversified packaging manufacturer in Africa and
also has operations in the United Kingdom and Europe. It produces packaging
products from metal, glass, paper and plastics, is a major manufacturer and
marketer of tissue products and has a share of the paper merchanting market.
The group is actively engaged in the collection and recycling of all forms of
used packaging.
The group operates from manufacturing sites in South Africa, Ethiopia, Kenya,
Malawi, Mozambique, Namibia, Nigeria, Swaziland, Tanzania, Zambia, Zimbabwe, the
United Kingdom, Belgium, France, Germany, Holland, Ireland, Italy and
Luxembourg, and also exports to many countries worldwide.
KEY INVESTMENT ACTIVITIES IN 2004
On 5 February 2004, Nampak announced that it had received approval from the
Competition Tribunal to sell its interest in NamITech Holdings to Altech for a
total consideration of R451 million. The transaction has been implemented with
effect from 29 February 2004.
On 11 March 2004, M.Y. Holdings acquired the Diehl group for Euro12.4 million.
Diehl, with operations in France, Germany and Luxembourg, is a leading European
producer of patient information leaflets supplying the pharmaceutical industry.
GROUP FINANCIAL REVIEW
The past six months have been characterised by rand strength which, in South
Africa, has resulted in pressure on margins on direct and indirect exports. In
addition demand in some market sectors was negatively affected by the
importation of finished products.
Results from the group`s foreign operations were affected by a 16% strengthening
in the average exchange rate resulting in a lower rand translation.
Revenue from continuing operations declined by 4% to R8.8 billion mainly as a
result of the lower translation from foreign operations and the sale of the
Spanish and protective clothing businesses at the prior period end. On a
constant currency basis, comparable sales were R9.4 billion. Profit from
continuing operations increased by 1% to R808 million whilst the operating
margin improved from 8.7% to 9.1% mainly as a result of the favourable impact of
fair value of financial instruments in terms of AC 133.
NamITech which was included in the results for 5 months realised a profit on
disposal of R213 million.
Abnormal items include retrenchment and restructuring costs of R21 million
arising from the closure of the Tring factory in M.Y. Cartons UK, R21 million
forward exchange costs on imported capital equipment and a R44 million gain on
the fair value of financial instruments.
Net financing costs have reduced by 40% to R91.5 million due to improved gearing
and lower interest rates in South Africa and improved translation of offshore
interest charges. Interest cover is strong at 12 times (9 times excluding
discontinued operations). Notwithstanding investment of R385 million in new
projects the balance sheet has strengthened further from September 2003 with net
gearing improving to 24%.
The group`s effective tax rate has been reduced to 28% by the lower capital
gains tax rate on the profit on the sale of NamITech.
Net profit rose by 58% and headline earnings per share have increased by 7% to
79.8 cents per share.
SEGMENTAL REVIEW
Profit from
Revenue Operations Margin
Rm Rm %
2004 2003 2004 2003 2004 2003
Continuing Operations
South Africa 6 147 6 144 627 601 10.2 9.8
Rest of Africa 452 376 81 63 17.9 16.8
Europe 2 443 2 862 100 139 4.1 4.9
Intergroup eliminations (202) (184)
8 840 9 198 808 803 9.1 8.7
Discontinuing Operations
South Africa 316 324 253 27 80.1 8.3
Total 9 156 9 522 1 061 830 11.6 8.7
GEOGRAPHICAL ANALYSIS
South Africa
Non-durable retail sales improved, aided by lower interest rates. Strong demand
for beverages had a positive impact on those businesses supplying this market
sector. The stronger rand however negatively affected margins on both direct
and indirect exports, whilst imports of confectionery reduced the demand for
locally produced flexible packaging.
Packaging volumes excluding retail plastic bags and glass bottles were up 1% on
the same period last year. Despite the stronger rand, exports grew but at lower
margins.
Revenue remained virtually constant in an environment of minimal raw material
price increases.
The new ERP system was successfully implemented at Megapak with further
implementations expected to proceed according to plan.
Growth projects valued at over R300 million are being completed which will
enable the businesses to take advantage of new sales opportunities as well as
enhance their innovative capabilities.
Rest of Africa
Most operations generally performed better than expected with increases in both
revenue and profit. Notwithstanding difficult conditions the operations in
Zimbabwe performed satisfactorily.
The group`s presence in Nigeria is being expanded by a R155 million investment
in a new folding carton plant. This facility will supply cartons and labels to
both multinational and local customers.
Europe
Low interest rates continue to fuel strong retail sales in the United Kingdom
but rates have recently begun rising in response to high house-price inflation.
The enlarged European Union is, in time, expected to have a positive influence
on consumer spending and consumption of packaged goods.
Although the packaging industry remains very competitive, sales revenues in
pounds were ahead of expectations following market share gains. They were
however lower in rand terms as a result of the exchange rate.
SEGMENTAL ANALYSIS
Metals and Glass
Profit from
Revenue operations Margin
Rm Rm %
2004 2003 2004 2003 2004 2003
Africa 2 485 2 410 325 302 13.1 12.5
Africa
Direct exports to Angola and indirect exports by customers increased the demand
for beverage cans. A feasibility study of establishing a beverage can
manufacturing line in Angola is well underway whilst the new slimline can is
expected to reach the South African market before the next summer season. Paint
and aerosol can sales improved and strong demand continued for food cans from
the fish and vegetable markets offset to some extent by lower demand for
deciduous fruit packaging.
Following the fire in April 2003, the new glass furnace was commissioned in
October 2003 as planned, but manufacturing performance has been below acceptable
levels. In addition, some customers were overstocked with imported bottles and
sales were affected as a result.
In US dollar terms operations in the rest of Africa performed ahead of
expectations, with the Nigerian business beginning to realise its potential.
Paper
Profit from
Revenue operations Margin
Rm Rm %
2004 2003 2004 2003 2004 2003
Africa 2 768 2 703 232 221 8.4 8.2
Europe 1 406 1 569 50 115 3.6 7.3
Total 4 174 4 272 282 336 6.8 7.9
Africa
Demand for corrugated boxes improved marginally but profitability was lower due
to a favourable long-term paper supply contract coming to an end. Paper sack
export business was lost due to the stronger rand. Sales volumes of cartons and
labels grew strongly in the second quarter but were down in the first quarter.
The two cartons and labels factories in KwaZulu-Natal are being consolidated on
the Pinetown site and will lead to savings in the next financial year. A number
of projects are underway that will introduce new and innovative products to the
market.
The toilet tissue market remains highly competitive and although volumes grew
selling prices were under pressure. Demand for printing papers improved but
rand strength and imports placed pressure on both selling prices and margins.
The Zimbabwean operations were negatively affected by the substantial fall-off
in the local economy whilst a much lower tobacco crop led to reduced demand for
corrugated boxes.
Europe
Carton sales were marginally higher in the United Kingdom than those achieved
last year and were substantially better on the Continent following gains in
market share. As part of a restructuring and cost-cutting programme, the Tring
factory in the United Kingdom was closed with R21 million of redundancy costs.
Increased volumes were achieved in the Healthcare sector as a result of market
growth and gains in market share but pricing pressures affected overall revenue.
The acquisition of Diehl will extend the footprint and strengthen the position
of Healthcare in the European marketplace.
Plastics
Profit from
Revenue operations Margin
Rm Rm %
2004 2003 2004 2003 2004 2003
Africa 1 346 1 407 137 146 10.2 10.4
Europe 923 1 168 42 11 4.6 0.9
Total 2 269 2 575 179 157 7.8 6.1
Africa
Good demand from the soft drinks market resulted in strong volume growth for PET
bottles, crates and closures. Some fall-off in the growth of large drum sales
was experienced as a result of the stronger rand whilst tubes and tubs
experienced some loss of market share. Significantly increased sales of milk
and juice bottles were achieved and resulted in improved operational
performance.
The continuing strength of the rand resulted in both lower margin exports of
flexible packaging and higher imports of finished goods particularly in the
confectionery market. Profits were negatively affected and the business is
being reconfigured to enable it to compete more effectively in a stronger
currency environment. Although there will be some additional restructuring
costs, the business will be in a better position to deliver improved results in
the future.
Operations in the rest of Africa performed better than expected.
Europe
Sales of milk and juice bottles held up satisfactorily assisted by continued
additional sales in the earlier months following the fire at a competitor`s
premises, which was reported last year. Consolidation in our dairy customer
base is continuing.
Demand for industrial containers was lower than expected and the strength of the
euro relative to the dollar caused volatility in raw material costs. The
market, particularly on the Continent, remains highly competitive.
NamITech
Profit from
Revenue operations Margin
Rm Rm %
2004 2003 2004 2003 2004 2003
Africa 316 324 253 27 80.1 8.3
Results to end March include five months` trading compared to 6 months in the
prior period. Notwithstanding the shorter trading period, operating profit was
44% up. Included in operating profit is an abnormal profit on disposal of
NamITech of R213 million.
Group services
Profit from
Revenue operations
Rm Rm
2004 2003 2004 2003
Africa 13 (5)
Europe 114 125 9 13
Intergroup eliminations (202) (184)
Total (88) (59) 22 8
Group services include head office activities, procurement, treasury and
property rental.
African services predominantly consist of property and treasury operations. The
movement in operating profit is due to realised foreign exchange losses in the
prior period.
Income from European services declined as a result of the stronger rand.
ACCOUNTING POLICIES
The group prepares its annual financial statements in accordance with South
African Statements of Generally Accepted Accounting Practice and as such are
consistent with the previous year. This interim statement complies with AC127:
Interim Financial Reporting.
COMPARATIVE FIGURES
Comparative figures have been restated to show the effect of consolidating
Zimbabwe operations with effect 1 October 2002.
BLACK ECONOMIC EMPOWERMENT
Nampak acknowledges the importance of broad-based Black Economic Empowerment in
the transformation of South Africa.
A comprehensive BEE Charter has been approved by the board covering all seven
factors laid out by the Department of Trade and Industry and setting out the
framework for the implementation of BEE initiatives in Nampak.
DIVIDEND
The group continues to generate strong operational cash flows and, given the
strength of the balance sheet, the board has elected to increase the payment to
shareholders.
Consequently, the interim dividend for 2004 has been increased by 20% to 27
cents per share.
PROSPECTS
Trading conditions in the second half are expected to be similar to those in the
first half. On the assumption that there will be stability in the exchange rate
over the next six months headline earnings per share in 2004 are expected to be
marginally higher than in 2003.
The group will continue to pursue its growth strategy in Europe and selected
emerging markets. The recent acquisition of Diehl in Europe, the planned
investment in a carton plant in Nigeria together with new capital projects in
South Africa will contribute to the achievement of this strategy.
DECLARATION OF ORDINARY DIVIDEND NO. 71
Notice is hereby given that an interim ordinary dividend No. 71 of 27.0 cents
per share (2003: 22.5 cents) has been declared in respect of the six months
ended 31 March 2004, payable to shareholders recorded as such in the register at
the close of business on the record date, Friday, 2 July 2004. The last day to
trade to participate in the dividend is Friday, 25 June 2004. Shares will
commence trading `ex` dividend from Monday, 28 June 2004.
The important dates pertaining to this dividend are as follows:
Last day to trade ordinary shares
`cum` dividend Friday, 25 June 2004
Ordinary shares trade `ex` dividend Monday, 28 June 2004
Record date Friday, 2 July 2004
Payment date Monday, 5 July 2004
Ordinary share certificates may not be dematerialised or rematerialised between
Monday, 28 June 2004 and Friday, 2 July 2004, both days inclusive.
On behalf of the board
T Evans Chairman
GE Bortolan Chief Executive Officer
21 May 2004
Directors:
T Evans* (Chairman), GE Bortolan (Chief Executive Officer),
RP Becker, PL Campbell*, BP Connellan*, N Cumming, DA Hawton*,
MM Katz*, AS Lang (British), AM Marthinusen, KM Mokoape*, JA Monks (British), ML
Ndlovu*, RG Tomlinson, MH Visser*, RA Williams*.
*Non-executive
Secretary: NP O`Brien.
Registered office: Transfer secretaries:
Nampak Centre, 114 Dennis Road Computershare Investor
Atholl Gardens, Sandton 2196, Services 2004 (Pty) Limited
South Africa 70 Marshall Street
(PO Box 784324, Sandton 2146 Johannesburg 2001, South Africa
South Africa) (PO Box 1053, Johannesburg 2000
Telephone: +27 11 719 6300 South Africa)
Telephone: +27 11 370 5000
Joint sponsors
Lead sponsor
UBS
Sponsor
Cazenove
These results and further information including the BEE Charter are available on
the group`s website www.nampak.com
SUPPLEMENTARY INFORMATION
AC 133 has impacted on the group results through the fair value of financial
instruments and the cost of forward cover on fixed assets purchased during the
year. The application of this standard resulted in the reporting of headline
earnings per share moving from negative 8.8% to a growth of 7.3%.
Operating profit Abnormal
as reported Items
Impact on segmental Rm Rm Rm Rm
information 2004 2003 2004 2003
Metals & Glass
Africa 325 302 4 3
Paper
Africa 232 221 8 7
Europe 50 115 21 3
Plastics
Africa 137 146 (5) (9)
Europe 42 11 (5) 34
NamITech
Africa 253 27 (213)
Group services
Africa 13 (5) (5) (6)
Europe 9 13
Total 1 061 830 (195) 32
FEC Operating
AC 133 costs profit Margins
Fair on before before
Value fixed abnormal abnormal
adjustments assets items items
Rm Rm Rm Rm Rm % %
2004 2003 2004 2004 2003 2004 2003
Metals & Glass
Africa (23) 27 20 326 332 13.1 13.8
Paper
Africa (13) 27 227 255 8.2 9.4
Europe - - 71 118 5.0 7.5
Plastics
Africa (5) 9 1 128 146 9.5 10.4
Europe - 37 45 4.0 3.9
NamITech
Africa (2) 7 38 34 12.0 10.5
Group services
Africa - 8 (11)
Europe (1) 8 13
Total (44) 70 21 843 932 9.2 9.8
Basis of calculation
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.
The fair value adjustments under AC 133 are all calculated using the `mark-to-
market` methodology.
Forward exchange contract costs on fixed assets are calculated as the difference
between the spot rate on the date risks and rewards of ownership on the
underlying transaction pass and the forward rate per the financial instrument.
Date: 21/05/2004 02:14:28 PM Produced by the JSE SENS Department
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