Annual Results 2010Financial year ended 28 February 2010

AGENDA

Highlights

Financial Summary

Prospects

HIGHLIGHTS

SALIENT FEAUTURESConcluded Disposal of underperforming and non-core assets:

Flexible Operations - R 153.5m gross proceeds (R 118.5m net)- Sale of Mauritian JV and Properties completed R 30m- Vendor loan of R 35m

Disposed of equity interest in Izakhamzi Plastics and International Tube Technology and International Edgeboard Technology

Acquired within core chosen competencies:

Nampak Flexpak AssetsConsol Plastics Assets

Improved margins – greater manufacturing efficiencies:Operating profit increased by 13% WCM now embarked upon by all companies in the group;SYSPRO base implementation to be concluded and phase 2 now in progress;Plans underway to address scrap levels, automation and cost base

SALIENT FEAUTURES (continued)

Least cost philosophy:Increase in cost base limited to 5.8% increase year-on-yearNot satisfied with cost extraction to date5 Point cost reduction plan implemented within operations

Working capital levels: Net working capital investment as a result of increased exposure to exports and

extension of terms by major debtorsNet working capital days increased to 37 days (35 days target) –focused plan to pull

back to target

Reduced levels of gearing:Gearing at 30%Improved cash position – R 140m positive as at 28 Feb 2010Significantly lower finance cost – down 51% on comparative periodCapacity created to expand and invest – numerous projects

Areas of focus:Cost extractionPerformance of Flexible operations in tough market segments

FINANCIAL SUMMARY

R million Feb 10 Feb 09 % Change

Continuing Operations

Turnover 2 613 2 750 (5%)

EBITDA 396 379 5%

Profit from Operations 268 237 13%

Operating margin 10.6% 9.1%

Headline Income 129 85 52%

HEPS (cents) 116.9 62.3 88%

FINANCIAL SUMMARY

Discontinued Operations

Loss from discontinued operations

21 4 491%

R million Feb 10 Feb 09 % Change

Total equity 991 869 14%

Cash and cash equivalents

140 110 27%

Net debt 288 442 (35%)

Gearing 30% 53%

Net working capital 263 220 20%

Working capital days 37 29

FINANCIAL SUMMARY

Discontinued Operations

Assets classified as held for sale

11 318

Liabilities relating to assets held for sale

8 153

KEY INFLUENCING FACTORMarket conditions:

Non-durable real household consumption expenditure

6.3

5.6 5.7

4.3

3.61

2.48

0.15

-1.05

-3.70 -4.29

-5.09

-4.50

-1.37

-6

-4

-2

0

2

4

6

8

% ch

ange

(qua

rter

on

quar

ter o

f pre

viou

s yea

r)

2010

Source: Econometrix

ABRIDGED INCOME STATEMENT

Continuing operationsRevenue 2 613 2 750 (5%)EBITDA 397 379 5%Profit from operations 268 237 13%Net interest paid 42 86 (51%)Profit before tax 226 151 49%Taxation 76 83 (8%)Profit after tax from continuing Operations 150 69 119%

Discontinued operationsLoss on discontinued Operations 21 4 491%Profit for the period 129 65 97%

R m's Feb 10 Feb 09 % Change

ABRIDGED INCOME STATEMENT

No of shares in issue (‘000) 135,131 135,131Weighted Average no of shares 118,618 118,037Weighted Average no of shares (fully diluted) 121 590 121 669

Feb 10 Feb 09 % Change

(cents)EPS - Continuing 109.1 38.6 183% EPS - Discontinued (19.0) (3.1) (513%)EPS – Total 90.1 35.5 154%

(cents)HEPS - Continuing 116.9 62.3 88% HEPS - Discontinued (8.0) 9.8 (182%)HEPS – Total 108.9 72.1 51%

DIVISIONAL PERFORMANCE

ABRIDGED BALANCE SHEET

Non-current assets 1,177 1,033 14%

Current assets 828 728

Assets classified held for sale 11 318

Total assets 2,016 2,079 (3%)

Shareholders funds 816 697 17%

Preference share capital 143 143

Minorities’ interest 33 29

Non-current liabilities 434 499

Current liabilities 582 556

Liabilities relating assets 8 153 classified as held for sale

Total equity and liabilities 2,016 2,079 (3%)

R m’s Feb 10 Feb 09 % Change

Cash resources 140 110

Long term interest-bearing debt (279) (341)

Short term interest-bearing debt (149) (211)

Net interest-bearing debt (288) (442) -35%

Net debt : equity ratio 30% 53%

BALANCE SHEETNET INTEREST BEARING DEBT

R ms Feb 10 Feb 09 % Change

BALANCE SHEETNET DEBT MOVEMENT

-288

153

2

-228

-16

-87

-44

-38

412

-442

Closing Feb 10

Proceeds on disposal

Acquisitions

Capex

Dividends

Taxation

Interest

Working capital

Cash from operations

Opening 1 Mar 09

GEARING HISTORY

Inventories 253 230 10%

Debtors (Trade & other) 434 389 12%

Creditors (Trade & other) 424 399 6%

Net working capital 263 220 20%

BALANCE SHEETNET WORKING CAPITAL

R m's Feb 10 Feb 09 % Change

ABRIDGED CASH FLOW

Cash generated by operations 412 468

Decrease/(increase) working capital (38) 81

Non-cash transactions (15) (42)

Net financing costs and tax (121) (141)

Dividends (16) (35)

Cash inflow operating activities 222 331

Capital expenditure (228) (189)

Acquisition of minorities’ interests 2 (29)

Proceeds on disposals 153 9

Cash outflow investing activities (73) (209)

Cash inflow from financing activities (119) 30

Net increase/(decrease) cash and

cash equivalents 30 152

R m’s Feb 10 Feb 09

Prospects

Astrapak Plan of Action

Review of current operations / group strategy

Implement turnaround plan in under-performing operations

Increase market share and volumes

Improve margins

Obsessed with a least cost philosophy

Reduce working capital

Improved capital allocation

Enhanced Financial Disciplines

International alignment

INPUT COSTS

Raw materials:

New polymer capacity still on hold due to current economic climate

R/$ exchange rate – import price parity

Supply and demand will continue to determine price

Other inputs:

Electricity and distribution costs

Labour costs

RESULTS: KEY INFLUENCING FACTORSMarket conditions:

Non-durable real household consumption expenditure

6.3

5.6 5.7

4.3

3.61

2.48

0.15

-1.05

-3.70 -4.29

-5.09

-4.50

2.98 2.54

-1.37

-6

-4

-2

0

2

4

6

8

% c

hang

e(q

uart

er o

n qu

arte

r of p

revi

ous y

ear) Forecast to end

Q4 2010

Source: Econometrix

Negative factors State of economy worldwide still of concern Consumer spending to remain under pressure for most of the 2011 financial

year Electricity and labour costs Economic recovery not yet sustainable

Positive factors: Continued stability in polymer prices

– Improved demand/supply balance in world polymer market Significant project growth opportunities

– Preferred supplier to blue chip customers– Number of projects coming on stream

Remain focused on core competencies Professionalised business – world class systems, operations and people Capacity created to expand and invest Extract value from recent asset investments International Alignment Competitive advantages

– Continued product substitution and successful product innovation

FY 2010 onwards