About our report


Our integrated report is our primary report to shareholders and other Nampak stakeholders. In it, we aim to provide a balanced and accurate assessment of our financial, economic, social, governance and environmental issues. It provides information on our operating context, strategy, business model, operational and financial performance, risks and opportunities and corporate governance.

We report on the six capitals on which we rely, the stakeholders with whom we engage and the material issues that have the potential to affect the delivery of strategy and the group’s ability to create value in the short, medium and long term.

In addition to the integrated report, we have published audited annual financial statements, as well as comprehensive sustainability and remuneration reports which are available on our website www.nampak.com.


The following icons provide links to additional information:

  •    This icon tells you where you can find more information online and on our website: www.nampak.com.
  •    These icons are for our material issues.


This report covers the period from 1 October 2016 to 30 September 2017. Where there have been any significant events after year-end and before the approval date of this report, these have also been included. The content covers all Nampak’s businesses in all territories in which it operates, except where specifically noted.

We report on our operations by packaging substrate, being metals, glass, plastics and paper and also by geographical region, being South Africa, Rest of Africa, the United Kingdom and the Republic of Ireland.

All significant items are reported on a comparable basis.


Nampak provided R569 million to eligible pensioners to enable them to fund their own post-retirement medical aid. Although this had an immediate negative impact on cash resources, it resulted in a reduction of Nampak’s post-retirement medical aid liability. R433 million was funded using 25% of the proceeds from the property sale and leaseback transaction in 2016. We impaired assets amounting to R668 million, mainly in the Plastics business in Europe and in the Glass packaging business where goodwill was written off. The group incurred foreign exchange losses of R160 million, mainly in the Nigerian business. See  the CFO review. Intangible assets amounting to R114 million were impaired in the Glass business.


We define material issues as those which have the potential to significantly affect our ability to create stakeholder value and contribute to future sustainability for the group. These form the anchor of this report and are detailed here.


Nampak assesses risks based on material risks that will impede the performance against the six capitals. The current combined assurance model in place is representative of how the risks are currently being managed between four lines of defence, the fourth line being the board and its committees.

The coordination, integration and alignment of assurance activities are under refinement. The aim is to ensure that a robust combined assurance framework is adopted to provide the governing body with a holistic view of risks and controls and whether the mitigations are effective. This will enable the combined assurance model to be further entrenched across the group.

The board, supported by the audit committee, ensures an effective control environment which supports the integrity of our information. Our systems of internal control are designed to provide reasonable assurance against material misstatement. The audit committee on behalf of the board assessed the adequacy and the effectiveness of controls as adequate through the confirmation of management and reports from the internal and external auditors.

Financial information

The financial information in this report has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS). These summarised financial statements have been derived from the consolidated financial statements and are consistent in all material respects. Copies of the independent auditor’s report are available for inspection at the company’s registered office.

Other information

We considered the following main standards in providing other information:

  • JSE Listings Requirements
  • The Companies Act
  • King III and King IV
  • The IIRC’s International Framework
  • The FTSE/JSE Responsible Investment Index Series
  • GRI G4 guidelines and CDP standard


The board acknowledges its responsibility for ensuring the integrity of the integrated report and has applied its collective mind in the preparation and presentation of this report. In our opinion, the 2017 integrated report addresses all material matters, fairly represents Nampak’s performance and is presented in accordance with the framework of the IIRC.

Tito Mboweni

André de Ruyter
Chief executive officer


We strive to improve our reporting and welcome any comments that will assist us in doing so. Please contact lynne.kidd@nampak.com.

Forward-looking information
This integrated report contains forward-looking statements that, unless otherwise indicated, reflect the group’s expectations at year-end. Actual results may differ materially from the group’s expectations. The group cannot guarantee that any forward-looking statements will materialise and, accordingly, readers are cautioned not to place undue reliance on them. The group disclaims any intention and assumes no obligation to revise any forward-looking statement, even if new information becomes available, other than as required by the JSE Limited Listings Requirements or any other applicable regulations.