VOLUNTARY TRADING UPDATE FOR THE FIVE MONTHS TO 28 FEBRUARY 2018
|
|
- April Morgan
- 5 years ago
- Views:
Transcription
1 SENS ANNOUNCEMENT - Nampak Limited (Incorporated in the Republic of South Africa) Registration Number: 1968/008070/06 Share Code: NPK ISIN: ZAE ( Nampak or the "Group") VOLUNTARY TRADING UPDATE FOR THE FIVE MONTHS TO 28 FEBRUARY 2018 Macroeconomic environment in key markets The South African gross domestic product ( GDP ) growth data for 2017 were better than expected and the recent Statistics SA January 2018 manufacturing production results showed an increase on the January 2017 results. The renewed and improving consumer confidence in 2018, together with expected higher growth rates and a stronger Rand, in line with historic trends is expected to have a positive multiplier effect on packaging demand and drive growth in volume and overall performance for the year. The Nigerian economy is displaying an improvement, having emerged from a recession during Whilst overall inflation remains high, wage inflation has now caught up and purchasing power has been restored resulting in stronger consumer demand. The World Bank is forecasting GDP growth of 2.5%. As small shifts in Nigeria s sizeable population of approximately 194 million contribute towards significant changes in demand, Nampak has experienced volume growth substantially in excess of GDP growth for the period to date. Significant improvement in liquidity since the introduction of the Nigerian Autonomous Foreign Exchange Market ( NAFEX ) in April 2017 and the improvement in the oil price have also led to foreign currency reserves doubling to approximately USD44 billion. The Angolan Government introduced a series of foreign currency auctions in late 2017 to devalue the kwanza in order to stimulate liquidity. This followed the new President s shift in monetary policy and focus on attracting foreign investment and diversifying the country s dependence away from the oil industry. Whilst devaluation of the kwanza is proceeding slower than anticipated, this is a positive development by the Central Bank towards increasing foreign exchange reserves. Further devaluations are expected to result in market-determined floating exchange rates. Divisional update METALS Bevcan South Africa has experienced pleasing volume growth in excess of GDP growth for the period. Should this trend continue on the back of improved consumer sentiment, additional capacity by a new entrant in
2 the beverage can market is likely to be absorbed in the medium term. Discussions with a major customer regarding the renewal of an existing supply agreement that comes to an end on 31 March 2018 are in progress and we expect that some volume will be allocated to the new entrant. Bevcan Angola volumes have shown pleasing growth for the period as beverage can demand remains strong. The decision to convert the tin plate line to aluminium is in abeyance pending sustained cash extraction and subject to the Angolan Government agreeing to a kwanza dollar swop to fund the import capital equipment requirements of the expansion project. Bevcan Nigeria has experienced a very robust recovery in demand. Relationships with key customers are strong and the recovery in demand of this market has been pleasing since the easing of the financial crisis. Should the current demand growth trend continue, management will assess the viability of a second line to double existing capacity. DivFood is seeing improved volumes from fish can sales on the back of the imported frozen fish and a higher local allowable catch. Meat can sales are up and there appear to be early signs of improving consumer confidence. General metals packaging in the Rest of Africa is trading to expectations with modest growth in certain categories. PLASTICS Plastics South Africa is enjoying a moderate volume recovery in certain sub-categories, but performance for the period has been impacted by the loss of volume from lower tender allocations by a major customer in late This volume loss has been partially mitigated by higher capacity utilisation initiatives and strong water container demand throughout the country, especially in regions impacted by the drought. The operational turnaround is continuing and individual assets are being optimised. Further structural labour cost saving initiatives including plant closures and/or consolidations will be implemented in the second half of 2018 and in 2019, resulting in cost savings and improved profitability going forward. Demand in Zimbabwe continued to grow, bolstered by new customers and increased market share. The turnaround at Plastics Europe is progressing well and management expects this business to return to profitability during the 2018 financial year, one year earlier than previously guided. Sales volumes continue to be impacted by backward integration by a major customer, but good progress has been made in securing additional volume from second-tier dairies. Satisfactory progress has also been made in addressing the unfunded portion of the defined benefit pension liability in Plastics Europe and it is now considered appropriate to investigate strategic options regarding the portfolio role of this business. GLASS
3 Market demand, driven primarily by substrate substitution into glass, exceeds the operation s current ability to supply given ongoing production limitations. While municipal supply of electricity remains very inconsistent, stable electricity supply to the glass plant has been secured from the operation s rotary uninterruptible power supply system for the second quarter of the financial year. The business is being closely managed by the group executive responsible for Glass, supported by external consultants and the company s technical partner. Progress, however, has not been as fast as desired and this business is expected to make a loss for the half year to March 2018 due to lower than targeted operational efficiencies resulting from insufficient technical skills. PAPER Demand in Zimbabwe has slowed and continues to be impacted by the lack of foreign currency. Cartons volumes in Nigeria were strong, in line with the improving consumer demand currently being experienced in this country. Zambia and Malawi continue to be affected by subdued carton demand owing to a change in the packaging strategy of a major customer, although this trend is expected to be reversed in the second half of the financial year as the sale of this major customer to a local brewer is finalised. Foreign currency movements Nampak has sizeable operations outside of South Africa and is exposed to various foreign currency movements. As a result, Nampak s performance for the five months ended 28 February 2018 has been impacted by foreign currency movements. Since the 2017 year end, there has been no devaluation in the Nigerian naira. In Angola, the kwanza has been devalued through a series of controlled auctions by the Central Bank and has devalued by 27% to the end of February The strengthening of the South African rand ( Rand ) will adversely impact the translation of foreign earnings for all Rest of Africa territories but will benefit the translation of the Group s dollar denominated borrowings. Currency movements for key markets: Average rates Closing rates Currency 28 Feb 2018 (1) 31 Mar % 2017 (2) change 30 Sep 2017 (3) 28 Feb Sep 2017 % change 31 Mar 2017 ZAR/GBP (4)% % ZAR/EUR (7)% % ZAR/USD % % AOA/USD (7)% (27)% NGN/USD (15)% (0)% (1) For the 5 months to 28 February 2018, (2) For the 6 months to 31 March 2017, (3) For the year to 30 September 2017 Currency, liquidity and procurement in Rest of Africa The Rand equivalent of cash balances held in the currently cash restricted areas of Angola and Zimbabwe increased by 21% to R3.4 billion from R2.8 billion at 30 September 2017.
4 As indicated at the year-end presentation in November 2017, there are currently no further constraints to extracting cash from Nigeria. Nampak has successfully extracted R567 million (USD48 million) from that country for the five months. Cash balances in Nigeria reduced to R586 million as at end February 2018 from R828 million at the 2017 year end. Cash from Nigeria will be used to repay outstanding loan balances with the Group s procurement and treasury operations. Angolan cash balances have grown from R2.2 billion at 30 September 2017 to R2.6 billion as a result of continuing strong can demand in Angola and a continued in country shortage of US dollars. Initiatives to alleviate the rate at which cash is accumulating have been implemented with the cash extraction rate increasing to 68% from 47% achieved in the prior financial year. One of these initiatives is that can ends are now being supplied directly to customers from Bevcan South Africa. The Group continues to engage in high level discussions with authorities on liquidity and the allocation of foreign currency, to improve Nampak s operating ability and funding model in Angola. Some progress has been made in repatriating cash from Angola with R239 million (USD20 million) being extracted for the five months ended 28 February Cash balances in Zimbabwe have grown to R841 million from R654 million at 30 September Following intensive engagements with customers and the Zimbabwe Central Bank, Nampak expects to be allocated foreign currency on a monthly basis beginning in the second half of the 2018 financial year. These funds will be utilised to continue operations in Zimbabwe as well as to repay monies advanced by the Rest of Africa procurement hub. Cash balances and extraction rates in Angola, Zimbabwe and Nigeria are as follows: 28 FEBRUARY 2018 RESTRICTED NON-RESTRICTED Angola Zimbabwe Total Nigeria Cash on hand R2 598m R841m R3 439m R586m Hedged cash R2 598m (2) R2 589m (3) % cash hedged 100% (2) 75% (3) Cash extraction rate (1) 68% 1% 37% 133% 30 SEPTEMBER 2017 RESTRICTED NON-RESTRICTED Angola Zimbabwe Total Nigeria Cash on hand R2 188m R654m R2 842m R828m Hedged cash R1 954m (2) R1 954m (3) % cash hedged 89% (2) 69% (3) Cash extraction rate (1) 47% 40% 47% 93% (1) Liquidity ratio of invoices presented for payment in the period. (2) There are currently no appropriate hedges available in Zimbabwe. (3) Cash balances in Nigeria are no longer considered restricted as a consequence of the liquidity that has been provided by the introduction of the NAFEX.
5 Currency volatility and liquidity constraints are expected to remain in the short to medium term in Angola. The Angolan Government has signaled its intention to allow the kwanza to devalue against the dollar through controlled auction processes in an attempt to find a more appropriate exchange rate that is expected to stimulate trade and attract foreign investment. Accordingly, the Group has increased its hedging of its kwanza cash balances through US dollar indexed kwanza bonds from 89% at 30 September 2017 to 100% at 28 February % of US dollar linked kwanza bonds mature after September 2019, 19% mature after September 2018 and the remaining 14% mature during the next six months. Alternative hedging instruments are being considered to mitigate further foreign exchange risks. As there are currently no appropriate hedging instruments in Zimbabwe, interventions with the authorities and customers will continue. In addition, consideration is being given to the potential alternative uses of the cash balances in order to limit the amount of cash accumulation in Zimbabwe to strengthen the Group s position. Taxation The pioneer status in Nigeria ended on 31 December 2017 resulting in Bevcan Nigeria becoming a taxable entity from 1 January The Bevcan Nigerian effective tax rate will be reduced through the deduction of accumulated wear and tear allowances brought forward from the five year pioneer period as well as other allowable tax deductions, thereby reducing the effective tax rate that is applicable in the commencement year. The tax holiday in Angola will end on 31 December The group tax rate will accordingly be affected by the respective contributions to earnings from Angola and Nigeria for the Group s financial year ending 30 September Capital expenditure Guidance post the release of the 2017 financial results for capital expenditure was between R1.0 and R1.2 billion for the 2018 financial year. As a result of stringent capital allocation processes, capital expenditure for 2018 is expected to be lower than the initial guidance and more in line with the 2017 full year spend of R735 million. Debt restructuring and gearing As indicated to investors in 2017, Nampak is in the process of restructuring a portion of its debt obligations to committed term revolving credit facilities with its banking partners in order to further strengthen the group statement of financial position and address the group s debt maturity profile. To the extent that Nampak Limited will be required to extend direct or indirect financial assistance to related or inter-related corporate entities as part of the debt restructuring process, shareholders approval will be sought for intra-group financial assistance in terms of section 45 of the Companies Act 71. A shareholders meeting will be called for this purpose before the 2018 financial year end. Taking into account the Group s current shareholders equity, gearing for the half year to March 2018 and the full year is expected to remain
6 within the target range of 40-60% with comfortable headroom in key covenant ratios. Structural changes The Board has decided to dispose of the Glass business. To ensure the long term profitability of Glass and to address the operational skills gap, the Board has resolved to approach packaging industry players to invite proposals for the sale of the Glass business. Exploratory discussions have been held with a number of strategic players with a formal corporate finance disposal process currently in progress. Outlook for the remainder of the year With renewed consumer confidence and increasing spending expected in South Africa, demand for packaging is expected to improve. Gains from improved operating efficiencies and cost savings from a reduced manufacturing footprint are expected to mitigate the impact of the new entrant in the beverage can market. The Group s operations in the Rest of Africa are anticipated to continue generating cash as demand in Angola and the recovering economy in Nigeria drive increased demand for packaging products. Overall performance will however, be impacted by macroeconomic dynamics. Despite measures having been put in place already, if liquidity in Zimbabwe does not improve in the second half, performance will be subdued as more stringent requirements for customers have been put in place to limit exposure in that country. US dollar shortages in Angola and Zimbabwe and a series of expected currency devaluations in Angola may result in potential foreign currency translation impacts. Shareholders are advised that the financial information contained in this announcement has not been audited, reviewed or reported upon by Nampak s external auditors. The Group s interim results for the six month period ended 31 March 2018 are scheduled to be announced on the Stock Exchange News Service on or about 30 May Bryanston 29 March 2018 Sponsor: UBS South Africa (Pty) Ltd Forward-looking statements: Certain statements in this document are not reported financial results or historical information, but forward-looking statements. These statements are predictions of or indicate future events, trends, future prospects, objectives, earnings, savings or plans. Examples of such forward-looking statements include, but are not limited to, statements regarding volume growth, increases in market share, exchange rate fluctuations, shareholder return and cost reductions. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as believe, continue, anticipate, ongoing, expect, will, could, may, intend, plan, could, may, and endeavour. By their nature, forward-looking statements are inherently predictive, speculative and involve inherent risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to: changes in economic or political conditions and changes to the
7 associated legal, regulatory and tax environments; lower than expected performance of existing or new products and the impact thereof on the Group s future revenue, cost structure and capital expenditure; the Group s ability to expand its portfolio; skills shortage; changes in foreign exchange rates and a lack of market liquidity which holds up the repatriation of earnings; increased competition, slower than expected customer growth and reduced customer retention; acquisitions and divestments of Group businesses and assets and the pursuit of new, unexpected strategic opportunities; the extent of any future writedowns or impairment charges on the Group s assets; the impact of legal or other proceedings against the Group; uncontrollable increases to legacy defined benefit liabilities and higher than expected costs or capital expenditures. When relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
Summarised consolidated financial results
Summarised consolidated financial results For the six months ended 31 March 2018 Revenue increased to Trading profit increased to HEPS increased by R8.8 bn R1.2 bn 10% up by 2 % up by 7% to 132.0 cents
More informationInterim Results 2018
Interim Results 2018 Forward looking statements 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
More informationAnnual Results November 2015
Annual Results 2015 November 2015 Forward looking statements We may make statements that are not historical facts and relate to analyses and other information based on forecasts of future results and estimates
More information31/05/2017 SENS Article
NAMPAK LIMITED Unaudited group results and ordin 30 May 2017 Close NPK 201705300042A Unaudited group results and ordinary dividend announcement for the half year ended 31 March 2017 Nampak Limited (Registration
More informationAnnual Results November 2016
Annual Results 2016 November 2016 Forward looking statements We may make statements that are not historical facts and relate to analyses and other information based on forecasts of future results and estimates
More informationNampak Limited (Registration number 1968/008070/06) (Incorporated in the Republic of South Africa) Share code: NPK SIN: ZAE
Nampak Limited (Registration number 1968/008070/06) (Incorporated in the Republic of South Africa) Share code: NPK SIN: ZAE 000071676 Summarised consolidated financial results for the year ended 30 September
More informationSummarised consolidated financial results
Summarised consolidated financial results For the year ended 30 September 2017 Group revenue of Trading profit increased to R18.8 bn R2.0 bn HEPS increased by 15% to 123.8 cents per share down by 2 % up
More informationFirst-half Results June 2016
First-half Results 2016 June 2016 Forward looking statements We may make statements that are not historical facts and relate to analyses and other information based on forecasts of future results and estimates
More informationINTERIM REPORT and. cash DISTRIBUTION
INTERIM REPORT and cash DISTRIBUTION FOR THE SIX MONTHS ENDED 31 MARCH 2008 nampak limited (Registration number 1968/008070/06) (Incorporated in the Republic of South Africa) Share code: NPK ISIN: ZAE
More informationAUDITED GROUP RESULTS AND DIVIDEND DECLARATION. For the year ended 30 September 2015
AUDITED GROUP RESULTS AND DIVIDEND DECLARATION For the year ended 30 September 2015 GROUP REVENUE FROM CONTINUING OPERATIONS UP 13% GROUP TRADING PROFIT FROM CONTINUING OPERATIONS UP 10%, IN SPITE OF A
More informationUNAUDITED GROUP RESULTS AND DIVIDEND DECLARATION
UNAUDITED GROUP RESULTS AND DIVIDEND DECLARATION For the half year ended 31 March 2015 GROUP REVENUE FROM CONTINUING OPERATIONS UP 16% GROUP OPERATING PROFIT FROM CONTINUING OPERATIONS DOWN 9%, FOLLOWING
More information2010 Annual Results. November 2010
2010 Annual Results November 2010 1 Agenda Highlights Group results Operational review Strategic Update 2 Highlights Operating profit up 126% Trading margin improved from 5.8% to 8.3% Sale/closure of under-performers
More informationNampak Overview March 2016
Nampak Overview March 2016 Forward looking statements We may make statements that are not historical facts and relate to analyses and other information based on forecasts of future results and estimates
More information+13% Nampak enriches peoples lives every day through the provision of. HEPS from continuing operations. EPS from continuing operations +17%
Interim report and dividend declaration for the six months ended 31 March 2012 Nampak enriches peoples lives every day through the provision of wine bottles flavoured alcoholic beverages tissue products
More informationInterim Results May 2006
Interim Results May 2006 Agenda Group results Segmental performance Growth prospects Income Statement Rm 2006 2005 % Comments Revenue 7 845 7 910-1 + 4% ex Peters Papers Profit before abnormal items 798
More information2011 Annual Results. November 2011
2011 Annual Results November 2011 1 Agenda Highlights Group results Operational review Strategic review 2 Highlights HEPS from continuing operations up 21% Dividend increased by 30% to 108 cents per share
More informationAgenda. Salient features. Group financial results. Operational review. The way forward
2009 Group Results Agenda Salient features Group financial results Operational review The way forward 2 Salient Features Turnover up 6% Volumes down 6% Trading income down 27% Cash from operations R2.2bn
More informationNampak 2013 Interim Results
Nampak 2013 Interim Results May 2013 1 Agenda Salient features Group results Operational review Strategic update Outlook 2 Salient Features Revenue up 7%, Africa up 19% Trading profit up 6% Profits from
More informationNampak Limited Audited Group results and dividend declaration for the year ended 30 September 2013
AUDITED GROUP RESULTS AND DIVIDEND DECLARATION FOR THE YEAR ENDED 30 SEPTEMBER 2013 Nampak Limited Audited Group results and dividend declaration for the year ended 30 September 2013 1 Highlights Trading
More informationAUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2007
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2007 Revenue up 12% Trading income up 18% Headline earnings per share up 22% Cash distribution up 20% CONDENSED GROUP INCOME STATEMENT 2007 2006 Change
More informationAVENG LIMITED STRATEGIC ACTION PLAN EXECUTION AND TRADING STATEMENT. Salient features
AVENG LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1944/018119/06) ISIN: ZAE000111829 SHARE CODE: AEG JSE 2019 Convertible Bond Code: AEGCB JSE 2019 Convertible Bond ISIN:
More informationNampak 2013 Annual Results
Nampak 2013 Annual Results November 2013 Summary of Results HEPS up 8% EPS up 13% Operating profit up 8% Africa trading profit up 60% Improvement in working capital management ROE 22% Dividend up 8% to
More informationManagement Consulting Group PLC Half-year report 2016
provides professional services across a wide range of industries and sectors. Strategic report 01 Highlights 02 Chairman s statement 03 Operating and financial review Financials 08 Directors responsibility
More informationNampak 2012 Annual Results
Nampak 2012 Annual Results November 2012 1 Highlights cents 250 Headline Earnings per Share continuing operations 200 150 142.3 172.4 200.8 100 73.9 50 0 2009 2010 2011 2012 2 Highlights Rm 1,800 1,600
More informationChief Financial Officer s review
Chief Financial Officer s review A summary income statement with explanatory discussion of the key items is provided below: 2018 2017 Revenue 2,224.5 2,070.6 Underlying operating profit 96.6 108.7 Underlying
More informationInterim Results May 2007
Interim Results May 2007 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% Income Statement Rm 2007
More informationInterim Report. For the three and six month periods ended 30 June Ardagh Packaging Holdings Limited
Interim Report For the three and six month periods ended Ardagh Holdings Limited TABLE OF CONTENTS Selected Financial Information 2 Operating and Financial Review 3 Page UNAUDITED CONDENSED CONSOLIDATED
More informationCompany No U. PELIKAN INTERNATIONAL CORPORATION BERHAD (Incorporated in Malaysia) INTERIM FINANCIAL REPORT. 31 March 2017
INTERIM FINANCIAL REPORT 31 March 2017 (63611-U) CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Interim report for the financial period ended 31 March 2017 The figures have not been audited.
More informationTrading statement for the six months ended 31 December 2015
Sasol Limited (Incorporated in the Republic of South Africa) (Registration number 1979/003231/06) Sasol Ordinary Share codes: JSE: SOL NYSE: SSL Sasol Ordinary ISIN codes: ZAE000006896 US8038663006 Sasol
More informationWelcome to Nampak s Investor Day
Welcome to Nampak s Investor Day Durban: 11 September 2013 1 Programme for the Day Beverage Cans and Glass - Charles Bromley Africa growth Rob Morris Nampak Flexible Clinton Farndell Aerosol investment
More informationINTERIM RESULTS PRESENTATION
INTERIM RESULTS PRESENTATION for the six months ended 31 March 2016 Agenda Strategic Update Financial Performance Divisional Performance Outlook and Imperatives 1 Strategic Update Phil Roux CEO 2 Environmental
More informationUNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
CAXTON AND CTP PUBLISHERS AND PRINTERS LIMITED Incorporated in the Republic of South Africa Registration number 1947/026616/06 Share code: CAT ISIN code: ZAE000043345 Preference share code:catp ISIN code:zae000043352
More informationThe Development Bank of Southern Africa Limited: Reviewed results for the period ended 30 September 2017
Development Bank of Southern Africa Limited Registration number: 1600157FN JSE Company Code: BIDBS The Development Bank of Southern Africa Limited: results for the period 30 September 2017 Overview Development
More informationFinancial Results 2016
Financial Results 2016 March 29 th, 2017 Website: www.dairibord.com Presentation Outline Operating Environment A Mandiwanza Performance Highlights Volumes and Revenue Review Financials M Ndoro Outlook
More informationBarloworld Limited. Audited results for the year ended 30 September 2003
Barloworld Limited Audited results for the year ended 30 September 2003 Barloworld is an international industrial brand management company 23 000 people... in 32 countries providing business solutions
More informationGroup finance director s report
Group finance director s report Revenue increased by 9,2% on subscriber growth of 28% to 116 million users... Had there been no change in currency rates during the year, revenue growth would have been
More informationMuch improved results lay strong foundations for the future
30 Laird PLC Annual Report & Financial Statements Chief Financial Officer s report Much improved results lay strong foundations for the future The commercial strategy of the business is supported by taxaware,
More informationanalyst book sasol limited forward-looking statements for the half-year ended 31 December 2010
sasol limited forward-looking statements analyst book Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on
More informationKAP INDUSTRIAL HOLDINGS LIMITED UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
KAP INDUSTRIAL HOLDINGS LIMITED INTEGRATED INTO EVERY DAY INTRODUCTION JAAP DU TOIT CHAIRMAN AGENDA INTRODUCTION JAAP DU TOIT UNAUDITED INTERIM RESULTS FOR THE SIX STRATEGY MONTHS IMPLEMENTATION ENDED
More informationMonetary Policy Guidelines for the Year 2004
Monetary Policy Guidelines for the Year 2004 Warsaw, September 2003 Design: Oliwka s.c. Cover photo: Janusz Czerniak Translated by: Sigillum Layout and print: Printshop NBP Published by: National Bank
More informationInterim Results. Six months ended 31 August 2016
Interim Results Six months ended 31 August 2016 Stefanutti Stocks City A multi-disciplinary construction group (Vision) (Mission) 2 www.stefanuttistocks.com y 2 Agenda Six month overview Operational Overview
More informationTRADING UPDATE. Sandton 28 March 2018 INVESTEC PROPERTY FUND LIMITED
TRADING UPDATE Sandton 28 March 2018 INVESTEC PROPERTY FUND LIMITED Approved as a REIT by the JSE (Incorporated in the Republic of South Africa) (Registration Number 2008/011366/06) Share code: IPF ISIN:
More informationPRELIMINARY AUDITED SUMMARISED CONSOLIDATED RESULTS AND CASH DIVIDEND DECLARATION FOR THE YEAR ENDED 30 SEPTEMBER 2018 KEY FEATURES
RHODES FOOD GROUP HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number: 2012/074392/06 JSE share code: RFG ISIN: ZAE000191979 PRELIMINARY AUDITED SUMMARISED CONSOLIDATED
More informationRisk category Category description Risk appetite
V. RISK MANAGEMENT Doing business inherently involves taking risks. By managing these risks, TNT strives to secure a sustainable performance. Therefore, TNT operates a risk management framework that allows
More informationAnnual Financial Results for the financial year ended 31 March 2018
PRESENTATION JUNE 2018 Annual Financial Results for the financial year ended 31 March 2018 Contents EXECUTIVE OVERVIEW FINANCIAL REVIEW OPERATING REVIEW OUTLOOK PRESENTED BY: Neil Birch Chief Executive
More informationFacts Behind the Figures. 3 rd August 2016
Facts Behind the Figures 3 rd August 2016 Highlights for H1 2016 Financial results Revenue up 20.6% to 292.2B EBITDA down 10.2% to 132.5B at 45.4% margin, on lower selling price, higher fuel costs in Nigeria
More informationEtika International Holdings Ltd
2QFY13 Results Update 17 May 2013 Outperform Current Price S$0.415 Fair Value S$0.465 Up / (downside) +12.0% Stock Statistics Market cap S$254.2m 52-low S$0.175 52-high S$0.505 Avg daily vol 2,183,012
More informationUAC of Nigeria PLC H Earnings
UAC of Nigeria PLC H1 2018 Earnings Mr Abdul Bello (Group CEO) Mrs Adeniun Taiwo (CFO) 7 August 2018 DISCLAIMER This presentation contains forward-looking statements which reflect management's expectations
More informationINTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 Forward looking statements Certain statements contained in this document including, without limitation, those concerning the economic outlook for
More informationMonetary Policy Council. Monetary Policy Guidelines for 2019
Monetary Policy Council Monetary Policy Guidelines for 2019 Monetary Policy Guidelines for 2019 Warsaw, 2018 r. In setting the Monetary Policy Guidelines for 2019, the Monetary Policy Council fulfils
More informationPBT Group Limited (Incorporated in the Republic of South Africa) Registration Number: 1936/008278/06 JSE share code:
PBT Group Limited (Incorporated in the Republic of South Africa) Registration Number: 1936/008278/06 JSE share code: PBG ISIN: ZAE000227781 Condensed consolidated provisional financial results for the
More informationSTRUCTURED PRODUCTS GROUP 11 February 2015
PRODUCT SUMMARY 5 YEAR USD NOTE 100% PRINCIPAL PROTECTED AT MATURITY* LINKED TO THE EUROSTOXX 50 PRICE INDEX ISSUER: CITIGROUP INC. *The principal protection is subject to the credit risk of the Issuer.
More informationArcelorMittal South Africa Achieving profit in a challenging market. Nonkululeko Nyembezi-Heita, CEO 31 May 2013
ArcelorMittal South Africa Achieving profit in a challenging market Nonkululeko Nyembezi-Heita, CEO 31 May 2013 Disclaimer Forward-Looking Statements This presentation may contain forward-looking information
More informationFinancial results presentation For the period ended 30 June External structural and cyclical impacts on results
212 Financial results presentation For the period ended 3 June 212 External structural and cyclical impacts on results Macro factor Developing versus developed world Consequence SA and Africa relatively
More informationAudited results for the year ended 28 February Sum-of-the-parts value per share up 26,7% to R3,99
Zeder Investments Limited Incorporated in the Republic of South Africa (Registration number: 2006/019240/06) JSE share code: ZED ISIN number: ZAE000088431 ("Zeder" or "the Group" or "the Company") Audited
More informationAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 AGENDA 2 1 Opening remarks / market update 2 Financial results 3 Operational review 4 Strategy update 5 Outlook 1 2 3 4 5 OPENING REMARKS / MARKET UPDATE
More informationSummary of the June 2010 Financial Stability RevieW
Summary of the June 21 Financial Stability RevieW The primary objective of the s Financial Stability Review (FSR) is to identify the main sources of risk to the stability of the euro area financial system
More informationAn emerging cement major building shareholder value and prosperity in Africa
An emerging cement major building shareholder value and prosperity in Africa Audited results for the year ended 31 st December 2015 1 st March 2016 Disclaimer This document is not an offer of securities
More informationA fiscally viable stimulus package
A fiscally viable stimulus package V1. July 2018 Neva Makgetla, TIPS 1 Problem statement As the following graph shows, both the GDP and jobs growth have slowed substantially since the end of the commodity
More informationSIX MONTHS ENDED 30 SEPTEMBER 2018
PRESENTATION TUESDAY, 20 NOVEMBER 2018 SIX MONTHS ENDED 30 SEPTEMBER 2018 CONTENTS PRESENTED BY Neil Birch Chief Executive Officer Harry Todd Chief Financial Officer 2 EXECUTIVE OVERVIEW 3 RESULTS SUMMARY
More informationT R U S T F U N D P E N S I O N S P L C
MARKET AND ECONOMIC COMMENTARY NOVEMBER 31, 2014 T R U S T F U N D P E N S I O N S P L C Investment Research MACROS EQUITIES BONDS MONEY MARKET ALTERNATIVE INVESTMENTS Outline Key Macro Variables Growth
More informationANNUAL FINANCIAL STATEMENTS - YEAR ENDED 30 JUNE 2018 CONTENTS
ANNUAL FINANCIAL STATEMENTS - YEAR ENDED 30 JUNE 2018 CONTENTS Directors Responsibility Statement 1 Independent Auditor s Report 2 Income Statement 8 Statement of Comprehensive Income 9 Statement of Changes
More informationSUMMARY (1) ECONOMIC ENVIRONMENT
Page ix SUMMARY 1. During the period under review, India has continued to reap benefits from the process of trade liberalization and structural reform initiated in the early 1990s. This contributed to
More informationSector Assessment: Finance (Summary) 1
Country Partnership Strategy: Kazakhstan 2012 2016 Sector Assessment: Finance (Summary) 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities 1. Financial sector participants. The financial
More informationanalyst book sasol limited forward-looking statements for the year ended 30 June 2010
sasol limited forward-looking statements analyst book In this document we make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts
More informationShare capital and premium Other non-distributable reserves Retained earnings
COMPANY STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2013 Notes ASSETS Non-current assets 21 247 21 358 Investments in subsidiaries 2 6 530 5 453 Loans to subsidiaries 3 14 302 15 497 Property, plant and
More informationGROUP HIGHLIGHTS. Innovative Solutions. Endless Possibilities. Preliminary Audited Results for the year ended 28 February 2015
GROUP HIGHLIGHTS Innovative Solutions. Endless Possibilities. Preliminary Audited Results for the year ended 28 February 2015 Santova Limited Preliminary audited results for the year ended 28 February
More informationSasol Gas (Pty) Ltd. (Registration number 1964/006005/07)
Unaudited financial information for the year ended 30 June 2017 Unaudited financial information for the year ended 30 June 2017 Contents Page Statement of financial position Income statement Statement
More informationCEVA Holdings LLC Investor Call First quarter May 2017
CEVA Holdings LLC Investor Call First quarter 2017 3 May 2017 1Executive Summary Good growth with revenue up 5% YoY in constant currency, both in Freight Management and Contract Logistics Continued profitability
More informationBotswana s exchange rate policy
BIS Botswana s exchange rate policy Kealeboga Masalila and Oduetse Motshidisi 1. Introduction In the construction of a market-based development strategy, a key policy consideration is the selection of
More informationGroup results and dividend declaration for the six months ended 31 March 2011
Tiger Brands Limited Registration number 1944/017881/06 (Incorporated in the Republic of South Africa) Share code: TBS ISIN: ZAE000071080 Group results and dividend declaration for the six months ended
More informationSABMiller plc. Full year results Twelve months ended 31 March Graham Mackay, Chief Executive Jamie Wilson, Chief Financial Officer.
SABMiller plc Full year results Twelve months ended 31 March 2012 Graham Mackay, Chief Executive Jamie Wilson, Chief Financial Officer 24 May 2012 Forward looking statements This presentation includes
More informationUnaudited Interim results
Unaudited Interim results for the six months ended 30 June 2017 CORPORATE INFORMATION Sea Harvest Group Limited (Formerly Sea Harvest Holdings Proprietary Limited) (Incorporated in the Republic of South
More informationMID-TERM REVIEW OF THE 2013 MONETARY POLICY STATEMENT
MID-TERM REVIEW OF THE MONETARY POLICY STATEMENT. INTRODUCTION. The Mid-Term Review (MTR) of the Monetary Policy Statement (MPS) evaluates progress in achieving the percent medium-term inflation objective.
More informationUnaudited condensed consolidated financial results
PSV HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number 1998/004365/06) Share code: PSV ISIN: ZAE000078705 ( PSV or the Company or the Group ) Unaudited condensed consolidated
More informationRegus Group plc Interim Report Six months ended June 2005
Regus Group plc Interim Report Six months ended June 2005 Financial Highlights (a) 216.0m TURNOVER (2004: 124.9m) 48.7m CENTRE CONTRIBUTION (2004: 17.5m) 22.3m ADJUSTED EBITA (b) (2004: 1.9m LOSS) 37.4m
More informationJSE Limited Audited Abridged Financial Statements For The Year Ended 31 December 2008 and cash dividend declaration
JSE Limited Audited Abridged Financial Statements For The Year Ended 31 December 2008 and cash dividend declaration JSE LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2005/022939/06)
More informationBarloworld Limited. Reviewed interim results to 31 March May 15, 2006
Barloworld Limited Reviewed interim results to 31 March 2006 May 15, 2006 BARLOWORLD IS A DIVERSIFIED INDUSTRIAL COMPANY Over 26 000 people in 31 countries Barloworld s way of doing business - market-leading
More informationUNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2014 RESULTS HIGHLIGHTS REVENUE 257% to R562.4m EBITDA 276% to R87.2m HEPS 118% to 14.4 cents DPS 3.5 cents 01 UNAUDITED
More informationMinutes of the Monetary Policy Council decision-making meeting held on 2 September 2015
Minutes of the Monetary Policy Council decision-making meeting held on 2 September 2015 Members of the Monetary Policy Council discussed monetary policy against the background of the current and expected
More informationanalyst book sasol limited forward-looking statements for the year ended 30 June 2011
sasol limited forward-looking statements analyst book Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on
More informationSecond Quarter 2017 Report to Shareholders
Second Quarter 2017 Report to Shareholders BMO Financial Group Reports Net Income of $1.25 Billion for Second Quarter of 2017 Financial Results Highlights: Second Quarter 2017 Compared with Second Quarter
More informationArdagh Group S.A. Citi 2017 Basic Materials Conference. November 29, 2017
Ardagh Group S.A. Citi 2017 Basic Materials Conference November 29, 2017 1 Disclaimer Forward-Looking Statements This presentation may contain "forward-looking" statements within the meaning of Section
More informationGroup turnover* R15,9 billion 9% Group operating income* R2,1 billion 7% cents 7% HEPS* unchanged at. 978 cents. Interim dividend per share
group results and dividend declaration for the 2016 Highlights Continuing operations deliver a solid underlying performance * From continuing operations. Group turnover* R15,9 billion 9% Group operating
More informationThe changing landscape of cement in sub-saharan Africa Written by: Ielhaam Ismail, Equity Analyst at Prudential Investment Managers
FUNDS ON FRIDAY b y G l a c i e r R e s e a r c h 08 J u n e 2 0 1 8 V o l u m e 9 61 The changing landscape of cement in sub-saharan Africa Written by: Ielhaam Ismail, Equity Analyst at Prudential Investment
More informationWestpac Banking Corporation
Westpac Banking Corporation David Morgan Chief Executive Officer March 2007 Westpac Banking Corporation at a glance Australia s first bank est. 1817 Top 50 bank globally 1 Consistent earnings growth Strong
More informationNigeria Power Series - Part 2: Unlocking Financing for Developing Independent Power Projects in Nigeria
dentons.com Nigeria Power Series - Part 2: Unlocking Financing for Developing Independent Power Projects in Nigeria Briefing Note: December 2016 Contacts Dominic Spacie Partner Dentons UKMEA LLP One Fleet
More informationInvestec (comprising Investec plc and Investec Limited) pre-close briefing statement
Investec Limited Incorporated in the Republic of South Africa Registration number 1925/002833/06 JSE share code: INL NSX share code: IVD BSE share code: INVESTEC ISIN: ZAE000081949 Investec plc Incorporated
More informationSysco 2Q16 Earnings Results. February 1, 2016
Sysco 2Q16 Earnings Results February 1, 2016 Forward-Looking Statements Statements made in this presentation or in our earnings call for the second quarter of fiscal 2016 that look forward in time or that
More informationRMB MORGAN STANLEY BIG FIVE CONFERENCE
1 RMB MORGAN STANLEY BIG FIVE CONFERENCE 26 27 SEPTEMBER 2017 Further supplementary information can be found in our PPC investor day presentation on our website: www.ppc.co.za KEY MESSAGES 2 Quality Leadership
More informationImplementation Status & Results Nigeria Nigeria Edo State First Development Policy Operation (P123353)
Public Disclosure Authorized Public Disclosure Authorized Project Name: Implementation Status & Results Nigeria Nigeria Edo State First Development Policy Operation (P123353) Nigeria Edo State First Development
More informationSUMMARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2015
SUMMARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2015 PIONEER FOOD GROUP LIMITED Incorporated in the Republic of South Africa REGISTRATION NUMBER: 1996/017676/06 TAX REGISTRATION
More informationPRO FORMA FINANCIAL EFFECTS
WESTONARIA 17 December 2015: Sibanye Gold Limited ("Sibanye" or the "Group") presents the pro forma financial effects of the acquisitions of Bathopele, Siphumelele (including Khomanani) and Thembelani
More informationGroup Results Presentation for the six months ended 31 March 2016
Group Results Presentation for the six months ended 31 March 2016 Index Overview Financial performance Operational performance Outlook 2 Overview Noel Doyle Chief Operating Officer Disclaimer Forward-looking
More informationUnaudited results. for the six months ended 30 November ISIN: ZAE Share code: ARH. ARB Holdings Limited
www.arbhold.co.za ARB Holdings Limited Registration number: 1986/002975/06 Share code: ARH ISIN: ZAE000109435 ( ARB or the Company or the Group ) for the six months ended 30 November 2016 Unaudited results
More informationSub Saharan Africa Financial Services Report, & Cytonn Weekly #46/2017
Sub Saharan Africa Financial Services Report, & Cytonn Weekly #46/2017 Focus of the Week Having established a strong research team and delivery framework in Kenya, we have now launched a Sub Saharan Africa
More informationMANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains an analysis of our financial condition and results of operations for the nine months
More informationUnaudited interim financial results for the six months ended 31 August 2014
METMAR LIMITED Incorporated in the Republic of South Africa (Registration number 1998/007269/06) Share code: MML ISIN code: ZAE000078747 ( Metmar or the Company or the Group ) interim financial results
More informationINTERIM RESULTS ANNOUNCEMENT MONDAY, 25 FEBRUARY 2019 AT 10H00 JOHANNESBURG MEDIA PRESENTATION SPEAKER NOTES SASOL CFO PAUL VICTOR
INTERIM RESULTS ANNOUNCEMENT MONDAY, 25 FEBRUARY 2019 AT 10H00 JOHANNESBURG MEDIA PRESENTATION SPEAKER NOTES SASOL CFO PAUL VICTOR SLIDE 12: TITLE SLIDE Thank you Steve and Bongani, and good morning ladies
More informationStandard Bank Group financial results presentation for the year ended 31 December 2015
Standard Bank Group financial results presentation for the year ended 31 December 215 standardbank.com Financial results presentation Standard Bank Group 215 Macroeconomic environment 17 16 15 14 13 12
More information