Interim Results

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
4
Abnormal Items
5
Tax Reconciliation
6
Abridged Cash Flow
7
Working Capital
excluding non-cash items
8
Geographical Analysis
9
Raw Material Costs
10
Tinplate Price
Index
11
Aluminium Price
/ton
12
Pulp Price
R/ton
13
HDPE Price
R/ton
SourcePlatts
14
PET Price
R/ton
15
Segmental Performance
16
Africametals glass
17
South Africametals glass volumes

18
Beverage Cansvolumes
1 470
3
1 421
1 376
Millions of cans
19
Glass

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

20
Africapaper
21
South Africapaper volumes

22
Africaplastics
23
South Africaplastics volumes
excludes sale of Flexpak Bellville

24
South Africadirect exports
Rm
14
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
27
Africasummary

• 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
Europesegmental analysis
30
Europepaper

• 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
Europeplastics

• Volumes relatively static
• Recovered increase in polymer price
• Costs reduced
• Major customer contracts extended

32
Future Growth
33
South Africanon-durable pce

34
South Africacapacity utilisation
Spare capacity
capacity constrained
no spare capacity
35
Rest of Africagrowth projects
Nigeria 2nd folding carton line
Angola Beverage can line
36
Europe Strategic Review
37
Europe Strategic Reviewresults 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
Plasticslocations
Bellshill
Consett
Trafford Park
Newport Pagnall
Chadwell Heath
Headquarters Mother sites In-plants
Oakthorpe
Severnside
39
Plasticsbusiness 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
Cartonslocations
Headquarters Long-run site Short-run site
41
Cartons Long-Runbusiness 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-Runpan-european opportunities
43
Cartons Short-Runbusiness strategy

• Focus on UK retailer market for
  chilled/convenience food
• Reduce seasonality/improve customer mix
• Grow sandwich pack
• Explore production rationalisation/industry
  consolidation

44
Healthcarelocations
Headquarters Cartons Leaflets Labels Foil
45
Healthcarebusiness 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