Five-year financial review

Definitions

Treasury shares

Treasury shares represent shares in Nampak Limited held by group subsidiary companies and trusts where the shares are controlled by Nampak Limited from a voting perspective.

Weighted average number of shares

Weighted average number of shares in issue is calculated as the number of shares in issue at the beginning of the year (net of treasury shares), increased by shares issued during the year, weighted on a time basis for the period during which they have participated in the profit of the group.

Dividends declared/cash distributions per ordinary share

Interim dividend/cash distribution paid per ordinary share plus the final dividend/cash distribution declared in respect of the current year's profits.

Trading profit

Operating profit adjusted for abnormal gains/(losses).

Abnormal gains/(losses)

Gains/(losses) which do not arise from normal trading activities or are of such size, nature or incidence that their disclosure is relevant to explain performance for the period.

Net assets

Total assets, excluding current and deferred tax balances, bank balances and deposits, and liquid bonds and other loan receivables, less trade and other current payables, provisions and other non-current liabilities.

EBITDA

Operating profit before depreciation and amortisation.

EBITDA (debt covenants)

Operating profit before depreciation, amortisation and abnormal gains/(losses).

Net debt

Loans and other borrowings, and overdrafts, less bank balances and deposits equivalents, and liquid bonds and other loan receivables.

Net debt (debt covenants)

Loans and other borrowings, and overdrafts, less bank balances and deposits.

Net finance costs (debt covenants)

Finance income and costs, and capitalised finance costs.

Employee numbers used for calculations

Total number of employees adjusted for discontinued operations.

Market capitalisation

Number of ordinary shares in issue multiplied by the year-end market price per share.

Return on equity
Profit attributable to ordinary shareholders
Average shareholders’ equity
Return on net assets
Trading profit, investment income and share of profit in
associates and joint vent
Average net assets
Net asset turn
Revenue
Average net assets
Return on invested capital
Trading profit adjusted for notional taxation
Average net debt and average total equity
Current ratio
Current assets including non-current assets classified
as held for sale
Current liabilities including liabilities directly associated
with assets classified as held for sale
Acid-test ratio
Current assets excluding inventories, including noncurrent
assets classified as held for sale
Current liabilities including liabilities directly associated
with assets classified as held for sale
Net debt to EBITDA (debt covenants)
Net debt (debt covenants)
EBITDA (debt covenants)
EBITDA interest cover
EBITDA
Finance costs and finance income
EBITDA interest cover (debt covenants)
EBITDA (debt covenants)
Net finance costs (debt covenants)
Gross gearing
Loans and other borrowings, and overdrafts
Total equity
Net gearing
Net debt
Total equity
Productivity per employee
EBITDA
Employee numbers used for calculations
Employment cost per employee
Employee benefit expense
Employee numbers used for calculations
Earnings yield
Headline earnings per share
Year-end market price per share
Dividends/cash distributions yield
Dividends/cash distributions per ordinary share
Year-end market price per share
Price/earnings ratio
Year-end market price per share
Headline earnings per share

 

 

      2019    2018  2017  2016  2015   
STATISTICS                  
Earnings and dividend data                  
Weighted number of ordinary shares in issue  '000     644 727     643 374  640 496  632 667  629 726    
Headline earnings per share  cents     (19.4)    151.4  123.8  107.6  182.1    
   Continuing operations  cents     54.1     173.3  180.1  101.6  214.8    
   Discontinued operations  cents     (73.5)    (21.9) (56.3) 6.0  (32.7)   
   Change over previous year (continuing operations)    (69)    (4) 77  (53) 52    
Earnings per share  cents     (132.1)    76.0  36.6  254.5  165.6    
   Continuing operations  cents     42.2     176.7  176.5  251.2  235.7    
   Discontinued operations  cents     (174.3)    (100.7) (139.8) 3.4  (70.0)   
   Change over previous year (continuing operations)    (76)    –  (30) 11    
Dividends declared/cash distributions per share  cents     –     –  –  –  134.0    
   Change over previous year     –     –  –  –  (12)   
   Five–year compound annual growth rate     –     –  –  –  (4)   
Dividend cover/cash distribution  times     –     –  –  –  1.5    
Financial data                            
Return on equity                            
   Continuing operations     2.8     11.7  12.2  17.7  17.7    
   Continuing and discontinued operations     (8.8)    5.0  2.5  17.9  12.5    
Return on net assets                            
   Continuing operations     11.3     14.6  15.4  12.8  13.0    
   Continuing and discontinued operations     9.6     12.5  12.3  11.2  11.0    
Net asset turn                            
   Continuing operations  times     1.1     1.2  1.2  1.1  1.0    
   Continuing and discontinued operations  times     1.1     1.2  1.2  1.1  1.2    
Return on invested capital                            
   Continuing operations     7.9     9.9  10.2  8.4  8.4    
   Continuing and discontinued operations     7.7     10.0  10.1  9.2  8.6    
Current ratio  times     1.5     2.2  1.3  1.4  1.0    
Current ratio (including non–current portion of liquid bonds) times     1.6     2.5  1.5  1.5  1.0    
Acid–test ratio  times     1.0     1.6  0.8  0.8  0.6    
Acid–test ratio (including non–current portion of liquid bonds) times     1.1     1.9  1.0  0.9  0.6    
EBITDA interest cover – debt covenants  times     4.5     8.0  7.2  5.4  9.7    
Effective rate of tax                            
   Continuing operations     6 488.5     10.3  19.4  13.0  (1.8)   
   Continuing and discontinued operations     (21.5)    (19.8) 37.5  11.9  (21.5)   
Net debt        5 598.4     3 929.8  4 351.8  4 625.3  6 582.1    
Gross gearing     98.5     84.9  90.7  79.7  90.8    
Net gearing     68.2     37.0  45.0  49.0  71.8    
Net debt to EBITDA – debt covenants  times     2.9     2.3  2.3  1.9  2.3    
Number ordinary shares in issue*  '000     644 730     644 723  640 620  639 884  630 057    
Net asset value per ordinary share  cents     1 385     1 573  1 454  1 438  1 456    
– Change over previous year     (12)    (1) 16    
Employee data                            
Permanent employees        5 766     6 082  6 420  6 678  6 663    
Temporary employees        878     1 502  1 706  1 422  1 328    
Total employees        6 644     7 584  8 126  8 100  7 991    
Employee numbers used for calculations        5 865     6 676  7 353  7 328  7 194    
Revenue per employee  R'000     2 497     2 391  2 171  2 127  2 008    
Employment cost per employee  R'000     395     378  342  341  317    
Productivity per employee  Index     13     23  24  40  25    
OPERATING RESULTS  R million                         
Continuing operations                            
Revenue        14 642.4     15 963.3  15 965.8  15 585.9  14 446.7    
Trading profit        1 557.7     1 968.4  1 988.3  1 732.6  1 828.7    
(Loss)/profit after tax from continuing operations        (389.7)    1 216.7  1 251.5  1 457.0  1 502.2    
Discontinued operations                            
(Loss)/profit from discontinued operations        (1 123.9)    (647.6) (895.5) 21.3  (440.9)   
(Loss)/profit for the year        (1 513.6)    569.1  356.0  1 478.3  1 061.3    
Attributable to:                            
Equity holders of Nampak Limited        (851.6)    489.2  234.8  1 610.4  1 043.2    
Non–controlling interests        (662.0)    79.9  121.2  (132.1) 18.1    
Total        (1 513.6)    569.1  356.0  1 478.3  1 061.3    
EBITDA        (279.8)    1 557.4  1 792.4  3 074.5  1 989.4    
   Continuing operations        739.1     2 105.3  2 334.3  2 603.8  2 274.6    
   Discontinued operations        (1 018.9)    (547.9) (541.9) 470.7  (285.2)   
EBITDA (adjusted for impairments)       1 286.0     2 241.7  2 460.2  3 434.9  2 188.5    
   Continuing operations        1 606.1     2 091.2  2 402.2  2 962.9  2 396.0    
   Discontinued operations        (320.1)    150.5  58.0  472.0  (207.5)   
Statements of financial position  R million                         
Total shareholders' funds        8 209.9     10 612.5  9 681.1  9 444.5  9 172.4    
Retirement benefit obligation        923.9     1 478.4  1 558.0  1 855.7  2 008.4    
Non–current loans and borrowings        6 132.8     8 023.1  6 007.2  6 202.1  4 212.0    
Deferred tax and other non–current liabilities        546.1     266.7  359.3  267.1  390.8    
Current liabilities        6 646.9     5 533.4  7 624.3  6 334.4  8 623.9    
Total equity and liabilities        22 459.6     25 914.1  25 229.9  24 103.8  24 407.5    
Property, plant and equipment        7 195.2     8 177.0  10 151.4  10 573.4  11 025.7    
Intangible assets        3 904.3     3 708.0  3 568.8  4 043.4  4 118.6    
Other non–current financial assets and deferred tax        1 312.5     1 996.7  1 235.1  772.2  222.4    
Current assets        10 047.6     12 032.4  10 274.6  8 714.8  9 040.8    
Total assets        22 459.6     25 914.1  25 229.9  24 103.8  24 407.5    
Cash flow  R million                         
Cash generated from operations before working capital changes        1 846.7     2 272.2  2 395.1  2 264.0  2 395.1    
Cash generated from operations        1 141.4     1 595.3  2 068.3  2 825.3  1 726.5    
Cash generated from/(utilised in) operating activities        263.4     821.1  1 390.6  1 366.1  (1 457.8)   
Additions to property, plant, equipment and intangibles        (734.8)    (536.4) (735.3) (1 443.6) (2 195.2)   
Net increase/(decrease) in cash        532.8     1 983.5  (1 419.0) 3 545.0  (1 535.2)   
Share performance                            
Market price per share                            
   Highest  cents     1 617     1 930  2 361  2 820  4 885    
   Lowest  cents     833     1 288  1 551  1 635  2 572    
   Year–end  cents     949     1 534  1 760  1 944  2 580    
Number of ordinary shares in issue  '000     689 812     689 812  689 404  688 668  702 497    
Market capitalisation  R million     6 546     10 582  12 134  13 388  18 124    
Volume of shares traded  '000     206 123     416 939  539 937  523 826  437 360    
Value of shares traded  R million     2 519.0     6656.3  9 814.4  9 520.0  13 055.2    
Volume of shares traded as a percentage of total issued shares     29.9     60.4  78.3  76.1  62.3    
Earnings yield     (2.0)    9.9  7.0  5.5  7.1    
Dividend/cash distribution yield     –     –  –  –  5.2    
Price/earnings ratio  times     (49.0)    10.1  14.2  18.1  14.2    
Exchange rates                            
Rand/UK pound                            
   Average        18.30     17.61  16.96  21.07  18.56    
   Closing        18.65     18.43  18.17  17.80  20.97    
Rand/Euro                            
   Average        16.18     15.58  14.78  16.43  13.77    
   Closing        16.54     16.41  15.98  15.42  15.50    
Rand/US dollar                            
   Average        14.35     13.11  13.38  14.79  12.02    
   Closing        15.17     14.14  13.56  13.72  13.86    
Naira/US dollar                            
   Average        361.55     360.61  321.90  229.60  191.21    
   Closing        362.04     362.79  358.99  315.00  199.00    
Kwanza/US dollar                            
   Average        333.94     222.09  171.74  161.57  114.52    
   Closing        389.49     300.72  171.75  171.72  140.06    
RTGS/US dollar                            
   Average        5.01     –  –  –  –    
   Closing        15.20     –  –  –  –    

* Net of treasury shares