Interim Results May 2007

Transcription

1 Interim Results May 2007

2 Salient Features Volume growth in South Africa up 4% Revenue up 11% Costs well-controlled Trading income up 15% HEPS before fair value adjustment up 17%

3 Income Statement Rm % Revenue Trading income before abnormal items Abnormal items Profit from operations Net finance costs Income from investments 4 3 Share of (loss)/profit of associates 1-1 Profit before tax Tax Profit after tax HEPS before fair value adjustment 96.0c 82.3c 17

4 Abnormal Items Rm Africa Europe Metals & Glass Paper Plast Serv Plast Paper Serv Total Retrenchment Share base pmts Sale of props -1-1 Europe strat review Hyperinflation Fair val of fin inst

5 Tax Reconciliation Rm Profit before tax Tax Tax rate reconciliation Effective tax rate Less: STC & withholding tax Share based payments -0.5 Europe strategic review -2.0 Other Standard tax rate

6 Abridged Cash Flow Rm Cash operating profit Working capital -805 Cash from operations 412 Net finance costs -92 Income from investments 4 Tax paid -246 Replacement capex -359 Cash utilised from operations -281 Cash distribution paid -385 Net outflow from operating activities -666 Net outflow from investing activities -128 Net outflow before financing activities -794 Net outflow from financing activities -57 Net decrease in cash -851

7 Working Capital Rm Mar 2007 Sept 2006 ch Inventories* Trade and other receivables* Trade, other payables & provisions* * excluding non-cash items

8 Geographical Analysis Rm Revenue Trading income Margin South Africa Rest of Africa Europe Intergroup

9 Raw Material Costs

10 Tinplate Price Index

11 Aluminium Price /ton 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,

12 Pulp Price R/ton 6,000 5,500 5,000 4,500 4,000 3,500 3,

13 HDPE Price R/ton 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 Source:Platts

14 PET Price R/ton 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,

15 Segmental Performance

16 Africa metals & glass Rm Revenue Trading income Margin Metals & Glass Paper Plastics Group Services

17 South Africa metals & glass volumes Glass bottles Aerosol cans Paint & polish cans Food Cans Beverage cans %

18 Beverage Cans volumes 1, % Millions of cans 1, Local Filled exports Empty exports

19 Glass Cold-end upgrade successfully completed Well-positioned to participate in strong market demand Pack-to-melt ratio improving early 80%

20 Africa paper Rm Revenue Trading income Margin Metals & Glass Paper Plastics Group Services

21 South Africa paper volumes Tissue Cartons & Labels Sacks Corrugated %

22 Africa plastics Rm Revenue Trading income Margin Metals & Glass Paper Plastics Group Services

23 South Africa plastics volumes Rigids Flexibles excludes sale of Flexpak Bellville %

24 South Africa direct exports Rm %

25 Rest of Africa Good performance from metals in Zimbabwe Good growth in plastics in Zambia Nigeria cartons continued to perform well Kenya affected by currency strength

26 Major Capex Projects Project Project cost Spent Rm Prior Current Beverage can 202 end Glass cold-end upgrade furnace New paper mill

27 Africa summary SA Packaging market is growing Nampak experienced good volume growth across most segments Cost increases managed below inflation Good performance from rest of Africa Margin improvement from 11.5% to 12.4% Major capex projects on track

28 Europe

29 Europe segmental analysis m Revenue Trading income Margin Paper % 4.1% Plastics % 9.1% Group Services % 6.5%

30 Europe paper Cartons Hoogerheide/Leeds high capacity utilisation Short Run underutilised Market growth steady in Western Europe Selling prices under pressure in Europe Healthcare Consumption growing Grew market share Selling prices/margin stabilised

31 Europe plastics Volumes relatively static Recovered increase in polymer price Costs reduced Major customer contracts extended

32 Future Growth

33 South Africa non-durable pce %

34 South Africa capacity utilisation Beverage cans Food cans Aerosols Meat cans Glass Corrugated Fast food cartons PET Flexibles Toothpaste tubes Tissue Diapers Seasonal upgrade line speed R18m - new line R34m - new line Productivity improvement Increasing die-cutting R16m Production rationalisation In-plant investments R13m shrink sleeve, R11m pouch R25m new line Productivity improvement Spare capacity capacity constrained no spare capacity

35 Rest of Africa growth projects Nigeria 2 nd folding carton line Angola Beverage can line

36 Europe Strategic Review

37 Europe Strategic Review results of process All options considered Greater understanding & knowledge of our businesses Opportunities for modest growth and areas of efficiency improvement have been identified Strategic position of each business has been re-evaluated

38 Plastics locations Bellshill Consett Trafford Park Newport Pagnall Headquarters Mother sites In-plants Severnside Chadwell Heath Oakthorpe

39 Plastics business strategy Continuous improvement in efficiency Develop product recycling opportunity Organic growth in UK Evaluate expansion in European dairy segment Evaluate other in-plant beverage segments

40 Headquarters Long-run site Short-run site Cartons locations

41 Cartons : Long-Run business strategy Two large, efficient long-run sites at Hoogerheide and Leeds to supply pan-european customers Improve Leeds performance to Hoogerheide benchmark Explore pan-european growth opportunities through alliances, mergers and acquisitions

42 Cartons : Long-Run pan-european opportunities

43 Cartons : Short-Run business strategy Focus on UK retailer market for chilled/convenience food Reduce seasonality/improve customer mix Grow sandwich pack Explore production rationalisation/industry consolidation

44 Healthcare locations Headquarters Cartons Leaflets Labels Foil

45 Healthcare business strategy Continuous improvement in efficiencies Provide customers with multi-territory coverage Grow market share in Europe Alliances, mergers and acquisitions

46 Prospects

47 Prospects On track to deliver a solid set of results for the year

48 THANK YOU