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PPC
PPC
PPC - Pretoria Portland Cement Company Limited - Reviewed interim results for
the half-year ended 31 March 2012
Pretoria Portland Cement Company Limited
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
JSE code: PPC JSE ISIN: ZAE000125886
ZSE code: PPC ZSE ISIN: ZWE000096475
Reviewed interim results for the half-year ended 31 March 2012
- GROWING DEMAND IN MOST SOUTH AFRICAN REGIONS
- GOOD CASH GENERATION
- HEADLINE EARNINGS INCREASED BY 8%
- INTERIM DIVIDEND INCREASED BY 9% TO 38 CENTS PER SHARE
Paul Stuiver, CEO, said: "Our results improved despite being tempered by weak
demand in the Western Cape and Botswana and fierce competition on cement prices
in all our regions. Administered price increases on electricity and fuel made
cost containment difficult. We have made significant progress on African
projects but are not yet at a stage where we can disclose details. Overall,
cement demand in southern Africa has turned positive and we expect this to
continue as the building and construction industries recover."
Commentary
Cement sales volumes declined 3%, for the period under review, mainly as a
result of weak demand in the Western Cape and Botswana markets. Group revenue
increased by 8% to R3 529 million (2011: R3 257 million) as a result of
favourable pricing on cement and lime products.
Costs of sales of R2 347 million were 11% higher than in 2011. The group
continues to be significantly impacted by higher energy costs with electricity
prices increasing by 30% and diesel prices by 30% compared to last year. These
administered price increases were partially offset by successful coal price
negotiations and a decrease in salary costs following our staff reduction
programmes during 2011.
Administration and other operating expenditure increased by 3% to R324 million
(2011: R314 million). While there was benefit from the staff reduction programme
at our head office during 2011, a 40% appreciation in our share price resulted
in additional IFRS 2 charges to the company`s long-term retention schemes and we
incurred additional expenditure on our African expansion and other projects.
EBITDA increased by 5% to R1 093 million (2011: R1 037 million) and operating
profit by 4% to R858 million (2011: R823 million). Our inability to fully
recover input cost inflation reduced the group`s EBITDA margin to 31% from 32%
achieved during the corresponding period in 2011 and the group`s operating
margin to 24% (2011: 25%). These margins however improved from those achieved
during the latter part of 2011.
Tax of R281 million was in line with the comparable period during 2011 and the
group`s effective tax rate improved to 41% (2011: 43%). Included in tax is an
STC charge of R53 million, accounting for 8 percentage points of the effective
tax rate, that will be eliminated next year following recent changes to tax
legislation.
Headline earnings per share ended 8% higher at 77.6 cents per share (2011: 71.8
cents per share). The company`s dividend policy is an annual dividend cover of
between 1.2 and 1.5 times. The directors have declared an interim dividend of 38
cents per share (2011: 35 cents per share).
The group continued to generate strong cash flow with cash generated from
operations of R889 million (2011: R897 million) and a conversion from EBITDA to
operating cash flow of 81% (2011: 86%). Capital investment during the period
amounted to R277 million (2011: R231 million) and the group`s net debt position
remains conservative at R3 731 million (2011: R3 759 million).
Cement
PPC`s South African cement sales volumes lagged increases reported by the
overall cement industry over the same period. This was partly due to a
continuing decline in cement demand in the Western Cape region and partly due to
market share losses in inland regions where competitor pricing was particularly
fierce. Volumes in the Eastern Cape which were a concern last year, improved
significantly during the reporting period on the back of new infrastructure
projects.
Although our average cement selling prices increased by 6% compared to the same
period last year, margins remained under pressure as selling price increases
were inadequate to recover rising input costs.
PPC Zimbabwe`s domestic sales continued to increase due to growing demand in the
country. A strong performance during the first four months of the financial year
was eroded by a major transformer failure during February and March that
necessitated clinker imports from South Africa at considerable expense. The
Zimbabwean operation has also been experiencing similar energy price pressures
as in South Africa.
PPC cement sales in Botswana declined significantly compared to last year,
mainly as a result of a substantial reduction in government expenditure on
infrastructure projects but also due to the impact of a prolonged civil service
strike and increased competitor activity.
Exports to Mozambique were also impacted by increased competition, largely due
to cement originating out of Asia being imported into the Mozambique market.
The modernisation of our Western Cape factories is progressing well. Following
the R280 million upgrade we expect to re-commission De Hoek Kiln 6 during June
2012. Initial feedback from the authorities has also been received on the EIA
report for the Riebeeck Kiln upgrade and we are addressing the items raised.
Lime and aggregates
Lime volume increased 6% following higher demand from the local steel and alloys
industries and increased exports to Zambia and the DRC. This, together with
increased selling prices and good cost control, resulted in operating profit
increasing to R95 million (2011: R61 million).
The aggregates division experienced growth in sales volumes in South Africa and
Botswana but pricing remained very competitive. The integration of Quarries of
Botswana, acquired in October 2011, was completed during the period and we
expect a normalised contribution going forward. This acquisition resulted in
increased aggregate sales volumes in Botswana despite challenging trading
conditions.
Board changes
As a representative of the PPC consortium of strategic black partners, Mr Sydney
Mhlarhi was appointed to the board on 1 March 2012 as a non-executive director
and as a member of the deal and remuneration committees. Mr Mhlarhi replaces Mr
Jerry Vilakazi whose three year term as a representative of the PPC consortium
of strategic black partners ended on 1 March 2012.
The nominations committee of the board is currently engaged in the process of
finding a successor for the current CEO, Mr Paul Stuiver, who has agreed to
continue in his current role until 31 December 2012.
Prospects
In-line with our strategy to increase revenue from the rest of the African
continent, we have made significant progress on some projects.
The acquisition of Pronto Holdings that was approved by the Competition
Commission is being finalised. Due to the timing and structure of the
transaction it will make a modest contribution to results during the remainder
of the financial year.
We expect the positive trend in South African cement demand to continue in the
near to medium term. The South African government`s continued commitment to
increase infrastructure spend and their initiatives to unlock delivery
constraints, are encouraging.
Having complied with the Department of Mineral Resources 2009 empowerment
requirements, PPC is currently in discussions to meet the 2014 HDSA ownership
requirements in order to secure its mining rights. PPC will communicate with
shareholders as soon as key terms have been finalised.
Cement demand in Zimbabwe continues to grow and our operations there should make
an improved contribution to the group in the second half. We have made good
progress towards finalisation of our indigenisation plan.
On behalf of the board
BL Sibiya P Stuiver
Chairman Chief executive officer
17 May 2012
Dividend announcement
Notice is hereby given that an interim ordinary gross dividend of 38 cents per
share has been declared payable to ordinary shareholders in respect of the six
months ended 31 March 2012. This dividend will be paid out of profits as
determined by the directors.
In terms of the dividends tax, effective 1 April 2012, the following additional
information is disclosed:
- the dividend will be subject to a local dividend tax rate of 15%
- no STC credits have been utilised in this declaration and accordingly the
dividend to utilise in determining the dividends tax is 38 cents per share
- the dividends tax to be withheld by the company amounts to 5.7 cents per share
where no exemption is applicable
- the net dividend payable to shareholders who are not exempt from dividends tax
amounts to 32.3 cents per share
- the issued share capital of the company at the declaration date comprises of
586 170 372 shares
- the company`s income tax number is 9460015606
The important dates pertaining to this dividend for shareholders trading on the
JSE Limited are as follows:
Declaration date Thursday, 17 May 2012
Last day to trade Friday, 1 June 2012
Shares trade Ex dividend Monday, 4 June 2012
Record date Friday, 8 June 2012
Payment date Monday, 11 June 2012
Share certificates may not be dematerialised or rematerialised between Monday, 4
June 2012 and Friday, 8 June 2012, both dates inclusive. Transfers between the
South African and Zimbabwean registers may not take place between Monday, 4 June
and Friday, 8 June 2012.
Zimbabwe
The important dates pertaining to this dividend for shareholders trading on the
Zimbabwe Stock Exchange are as follows:
Shares trade Ex dividend Monday, 4 June 2012
Record date Friday, 8 June 2012
Payment date, on or shortly after Monday, 11 June 2012
The register of members in Zimbabwe will be closed from Monday,
4 June 2012 to Friday, 8 June 2012, both days inclusive, for the purpose of
determining those shareholders to whom the dividend will be paid. The dividend
payable to shareholders registered in Zimbabwe will be paid in South African
rand.
By order of the board
JHDLR Snyman 17 May 2012
Group company secretary Sandton
Consolidated income statement
Six months ended Year ended
31 March 31 March 30 Sept
2012 2011 2011
Reviewed Unaudited % Audited
Rm Rm Change Rm
Revenue 3 529 3 257 8 6 826
Cost of sales 2 347 2 120 (11) 4 500
Gross profit 1 182 1 137 4 2 326
Administration and other 324 314 (3) 627
operating expenditure
Operating profit 858 823 4 1 699
Finance costs 186 184 (1) 353
Investment income 14 14 28
Profit before exceptional 686 653 5 1 374
items
Exceptional items - - (4)
Share of associates` 2 7 15
retained profit
Profit before taxation 688 660 4 1 385
Taxation 281 282 520
Profit for the period 407 378 8 865
Attributable to
:
Ordinary shareholders 369 343 8 785
Other shareholders 38 35 8 80
407 378 8 865
Earnings per share (cents)
- basic 77,6 71,8 8 164,4
- diluted 76,7 71,3 8 163,3
Consolidated statement of
comprehensive income
Profit for the period 407 378 865
Other comprehensive (28) 6 97
income, net of taxation
Effect of translation of (43) (15) 95
foreign operations
Effect of cash flow hedges 14 21 (1)
Revaluation of available- - - 4
for-sale financial
investments
Taxation on other 1 - (1)
comprehensive income
Total comprehensive income 379 384 962
Profit for the period is apportioned between ordinary and other
shareholders based on the number of shares held by each category of
shareholders as a ratio of total shares issued (Refer note 5).
Consolidated statement of financial position
31 March 31 March 30 Sept
2012 2011 2011
Reviewed Unaudited Audited
Rm Rm Rm
ASSETS
Non-current assets 4 655 4 482 4 585
Property, plant and equipment 4 318 4 182 4 287
Intangible assets 129 96 94
Non-current financial assets 117 117 115
Investments in associates 91 87 89
Current assets 1 819 1 787 1 834
Inventories 802 660 709
Trade and other receivables 896 867 901
Cash and cash equivalents 121 260 224
Total assets 6 474 6 269 6 419
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium (1 180) (1 091) (1 091)
Other reserves 147 62 125
Retained profit 1 784 1 581 1 921
Total equity 751 552 955
Non-current liabilities 3 853 3 670 3 837
Deferred taxation liabilities 754 635 740
Long-term borrowings 2 686 2 641 2 699
Provisions and other non-current 413 394 398
liabilities
Current liabilities 1 870 2 047 1 627
Short-term borrowings 1 166 1 378 811
Trade and other payables and 704 669 816
provisions
Total equity and liabilities 6 474 6 269 6 419
Net asset value per share (cents) 144 105 181
Condensed consolidated statement of changes in equity
Six months ended Year ended
31 March 31 March 30 Sept
2012 2011 2011
Reviewed Unaudited Audited
Rm Rm Rm
Total equity
Balance at beginning of the 955 858 858
period
Total comprehensive income 379 384 962
Purchase of treasury shares in (89) - -
terms of the FSP share scheme*
Dividends paid (505) (695) (876)
IFRS 2 charges 11 5 11
Balance at end of the period 751 552 955
*Refer note 5.
Condensed consolidated statement of cash flows
Six months ended Year ended
31 March 31 March 30 Sept
2012 2011 2011
Reviewed Unaudited Audited
Rm Rm Rm
Cash flow from operating
activities
Operating cash flows before 1 091 1 054 2 127
movements in working capital
Net increase in working capital (202) (157) (25)
Cash generated from operations 889 897 2 102
Net finance costs paid (105) (109) (226)
Taxation paid (261) (284) (441)
Cash available from operations 523 504 1 435
Dividends paid (505) (695) (876)
Net cash inflow/(outflow) from 18 (191) 559
operating activities
Acquisition of property, plant (277) (231) (483)
and equipment and other
movements
Purchase of shares in terms of (89) - -
the FSP share scheme (refer note
5)
Acquisition of quarries in (42) - -
Botswana (refer note 8)
Other investing movements - - (21)
Net cash outflow from investing (408) (231) (504)
activities
Net cash inflow/(outflow) from 287 442 (71)
financing activities
Net (decrease)/increase in cash (103) 20 (16)
and cash equivalents
Cash and cash equivalents at 224 240 240
beginning of the period
Cash and cash equivalents at end 121 260 224
of the period
Cash earnings per share (cents)* 100 96 272
*Cash earnings per share is calculated using cash available from operations
divided by the weighted average number of shares in issue for the period.
Notes to the reviewed half-year results
1. Basis of preparation
The condensed interim financial report has been prepared in
accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting
Standards (IFRS), as issued by the International Accounting
Standards Board (in particular International Accounting
Standard 34 Interim Financial Reporting), the AC 500 standards
as issued by the Accounting Practices Board, the JSE Limited`s
listing requirements and the requirements of the South African
Companies Act, 2008, as amended. This report was compiled
under the supervision of the chief financial officer, MMT
Ramano.
The accounting policies and methods of computation used are
consistent with those applied in the preparation of the annual
financial statements for the year ended 30 September 2011,
except for the following revised accounting standards and
interpretations that were adopted during the period, and which
did not have an impact on the reported results:
IFRS 7 Financial Instruments: Disclosures (Clarification of
disclosures)
IFRS 7 (amendment) Financial Instruments: Disclosures about
transfers of financial assets
IAS 1 Presentation of Financial Statements (Clarification of
statement of changes in equity)
IAS 19 (amendment) The Limit on a Defined Benefit Asset,
Minimum Funding Requirements and their Interactions
IAS 24 Related Parties Disclosures (Revised definition of
related parties)
IAS 34 (amendment) Interim Financial Reporting (Significant
events and transactions)
IFRIC 13 (amendment) Customer Loyalty Programmes (Fair value
of award credit)
IASB Improvements to IFRS 2010
The condensed interim financial information for the period
ended 31 March 2012 has been reviewed by the group`s auditors,
Deloitte & Touche. The review was conducted in accordance with
International Standard on Review Engagement 2410 `Review of
Interim Financial Information performed by the Independent
Auditor of the Entity`. A copy of their unmodified review
report is available for inspection at the company`s registered
office. Any reference to future financial performance included
in this announcement, has not been reviewed or reported on by
the group`s auditors.
31 March 31 March 30 Sept
2012 2011 2011
Reviewed Unaudited Audited
Rm Rm Rm
2. Profit before taxation
Included in profit before
taxation are:
Amortisation of intangible 11 9 19
assets
Depreciation 219 200 417
IFRS 2 charges:
- BBBEE IFRS 2 charges 5 5 11
- FSP IFRS 2 charges 6 - -
Impairment losses on financial - - (4)
assets
Restructuring costs - 13 31
3. Finance costs
Bank and other borrowings 24 29 55
Long-term loans 83 82 166
BBBEE funding transaction 62 58 118
- dividends on redeemable 29 29 57
preference shares
- long-term borrowings 33 29 61
Finance lease interest 2 2 5
Fair value losses/(gains) on 5 4 (9)
financial instruments
Unwinding of discount on 11 9 18
rehabilitation provisions
187 184 353
Capitalised to plant and (1) - -
equipment
186 184 353
4. Earnings per share and headline
earnings per share
Earnings per share (cents)
- basic 77,6 71,8 164,4
- diluted 76,7 71,3 163,3
Headline earnings per share
(cents)
- basic 77,6 71,8 164,8
- diluted 76,7 71,3 163,8
Determination of headline
earnings per share (cents)
Earnings per share 77,6 71,8 164,4
Adjusted for:
- Impairment losses on financial - - 0,7
assets
- Profit on disposal of - - (0,3)
property, plant and equipment
and intangible assets
Headline earnings per share 77,6 71,8 164,8
(cents)
Headline earnings attributable
to ordinary shareholders (Rm)
Profit for the period 369 343 785
attributable to ordinary
shareholders
Impairment losses on financial - - 4
assets
Profit on disposal of property, - - (1)
plant and equipment and
intangible assets
Headline earnings attributable 369 343 788
to ordinary shareholders (Rm)
5. Share capital and premium
Number of shares and weighted Shares Shares Shares
average number of shares (000) (000) (000)
Number of shares
Total shares in issue 586 170 586 170 586 170
Less: Treasury shares owned by (20 140) (20 140) (20 140)
wholly-owned group subsidiary
company
Less: Shares held by (37 991) (37 991) (37 991)
consolidated BBBEE trusts and
funding SPVs treated as treasury
shares*
Less: Shares held by (1 285) (1 285) (1 285)
consolidated Porthold Trust
(Private) Limited treated as
treasury shares@
Less: Shares purchased in terms (3 080) - -
of the FSP share incentive
scheme treated as treasury
shares#
Total shares in issue (net of 523 674 526 754 526 754
treasury shares)
- Ordinary 475 116 478 196 478 196
- Other 48 558 48 558 48 558
Weighted average number of
shares
- Used for earnings and headline 476 914 478 196 478 196
earnings per share
- Used for dilutive earnings and 482 371 481 090 481 269
headline earning per share
- Used for cash earnings per 523 674 526 754 526 754
share
Rm Rm
Rm
Issued share capital
Balance at beginning of the 53 53 53
period
Shares purchased in terms of the - - -
FSP share incentive scheme
treated as treasury shares#
Balance at end of the period 53 53 53
Share premium
Balance at beginning of the (1 144) (1 144) (1 144)
period
Shares purchased in terms of the (89) - -
FSP share incentive scheme
treated as treasury shares#
Balance at end of the period (1 233) (1 144) (1 144)
Total issued share capital and (1 180) (1 091) (1 091)
premium
* In terms of IFRS SIC Interpretation 12 (Consolidation -
Special Purpose Entities), certain of the BBBEE trusts and
trust funding SPVs are consolidated, and as a result, shares
owned by these entities are carried as treasury shares on
consolidation.
@ Shares owned by a Zimbabwean employee trust company treated
as treasury shares in terms of SIC Interpretation 12.
# In 2011 and 2012, shareholders approved the forfeitable
share plan (FSP) to retain and incentivise employees of PPC.
During the period, the company acquired 3 079 853 shares on
the open market and these shares are carried as treasury
shares. For further details on the scheme, refer to the PPC
2011 integrated report.
6. Dividend per share(cents)
- final - - 95
- interim 38 35 35
38 35 130
7. Borrowings
- Long-term loan* 1 517 1 517 1 517
- Finance lease 14 28 14
liability@
- Preference shares 110 122 126
1 641 1 667 1 657
BBBEE funding 1 045 974 1 042
transaction
- Preference shares 473 446 494
- Long-term loan 572 528 548
Long-term borrowings 2 686 2 641 2 699
Short-term borrowings and 1 166 1 378 811
short-term portion of
long-term borrowings
Total borrowings 3 852 4 019 3 510
*Comprises a bullet loan, bearing interest at a fixed rate of
10,86% p.a., and is repayable in December 2016, with interest
payable semi-annually.
@Bears interest at a fixed rate of 13,1% with interest and
capital repayable annually with the last payment payable in
April 2013.
Redeemable preference shares bearing semi-annual dividends,
with variable interest rates linked to prime and fixed rates
between 8,93% to 9,37% p.a. and compulsory annual redemptions
from January 2012 to December 2016.
Redeemable preference shares bearing semi-annual dividends,
with variable interest rates linked to prime and fixed rates
of 9,54% p.a. with compulsory annual redemptions from January
2012 to December 2016, and loans bearing interest, after
giving effect to fixed-for-variable interest rates swaps, at a
rate of 11,36% p.a., with interest and capital repayable on
December 2013.
In terms of IFRS, these long-term borrowings have been
consolidated as Pretoria Portland Cement Company Limited has
provided guarantees for funding that had an outstanding
balance of R1 015 million as at 31 March 2012 (March 2011:
R961 million and September 2011: R999 million).
The company`s borrowing powers are not restricted.
8. Quarry acquisition in Botswana
In October 2011 all conditions precedent with regards to the
transaction to acquire three quarries in Botswana were met.
The transaction value amounted to R52 million of which R42
million was paid during the period under review. The purchase
consideration outstanding is payable in equal instalments on
the first and second anniversaries of the transaction. The
purchase price is allocated as follows:
Property, plant and 26 - -
equipment
Intangible assets 28 - -
Current assets 5 - -
Long-term provisions and (7) - -
deferred taxation
Total consideration 52 - -
Consideration paid during 42 - -
the period
Consideration payable 10 - -
Impact of the transaction
on the results for the
six months ended March
2012:
Revenue 9 - -
Operating loss (3) - -
Loss attributable to (4) - -
shareholder
Impact on EPS and HEPS (1) - -
(cents per share)
9. Commitments
- Contracted capital 180 183 275
commitments
- Approved capital 307 521 364
commitments
Capital commitments* 487 704 639
Operating lease 17 24 17
commitments
504 728 656
*Excludes the following:
During March 2012, PPC`s acquisition of Pronto Holdings (Pty)
Limited (Pronto) was unconditionally approved by the
Competition Commission. The purchase consideration will be
calculated as 5,6 times Pronto`s EBITDA less net debt. A first
tranche of 25% will be paid at initiation, a second tranche of
25% after one year and the remaining 50% at the conclusion of
the second year. Based on Pronto`s unaudited results, the
initial tranche will be approximately R70 million.
During October 2011, the company made a US$44 million
conditional offer for a 58% stake in Cimenterie Nationale, a
cement producer in the Democratic Republic of Congo. At the
date of this report, the company awaits the outcome of its
bid.
Commitments for capital expenditure are stated in current
values which, together with expected price escalations, will
be financed from surplus cash generated from operations and
borrowing facilities available to the group. The company`s
capacity upgrades in the Western Cape are expected to
approximate R3 billion and will take place, with expenditure
for phases two and three to be incurred over a six-year
period. These two phases are still in the feasibility stage
and yet to be formally approved by the board.
10. Segment analysis
The group discloses its segments according to the business
units which are managed by the group executive committee.
These segments comprise cement, lime, aggregates and BBBEE.
Revenue
Cement 2 975 2 795 5 814
Lime 433 362 772
Aggregates 138 118 271
3 546 3 275 6 857
Less: Inter-segment (17) (18) (31)
revenue
Total revenue 3 529 3 257 6 826
- South Africa 2 847 2 615 5 633
- Other Africa 682 642 1 193
EBITDA
Cement 965 946 1 942
Lime 113 77 154
Aggregates 18 18 56
BBBEE trust and trust (3) (4) (6)
funding SPVs
EBITDA 1 093 1 037 2 146
Operating profit
Cement 758 755 1 541
Lime 95 61 121
Aggregates 8 11 43
BBBEE trust and trust (3) (4) (6)
funding SPVs
Operating profit 858 823 1 699
Assets
Cement 5 722 5 678 5 768
Lime 478 429 440
Aggregates 272 160 210
BBBEE trust and trust 2 2 1
funding SPVs
Total assets 6 474 6 269 6 419
11. Events after the reporting date
There are no events that occurred after the reporting date
that had a material impact on the reported financial position
at 31 March 2012.
Directors
BL Sibiya (Chairman), P Stuiver (Chief executive officer),
S Abdul Kader, P Esterhuysen, SG Helepi, ZJ Kganyago,
AJ Lamprecht, NB Langa-Royds, MP Malungani, S Mhlarhi, B Modise, MMT Ramano, TDA
Ross, J Shibambo
Dutch
Registered office
180 Katherine Street, Sandton, South Africa
(PO Box 787416, Sandton, 2146, South Africa)
Transfer secretaries
Link Market Services SA (Pty) Limited11 Diagonal Street, Johannesburg, South
Africa
(PO Box 4844, Johannesburg, 2000, South Africa)
Transfer secretaries: Zimbabwe
Corpserve (Private) Limited4th Floor, Intermarket Centre, Corner First
Street/Kwame Nkrumah Avenue, Harare, Zimbabwe
(PO Box 2208, Harare, Zimbabwe)
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
These results and other information is available on the PPC website:
www.ppc.co.za
Disclaimer
This document including, without limitation, those statements concerning the
demand outlook, PPC`s expansion projects and its capital resources and
expenditure, contain certain forward-looking views. By their nature, forward-
looking statements involve risk and uncertainty and although PPC believes that
the expectations reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the forward-
looking statements as a result of, among other factors, changes in economic and
market conditions, success of business and operating initiatives, changes in the
regulatory environment and other government action and business and operational
risk management. While PPC takes reasonable care to ensure the accuracy of the
information presented, PPC accepts no responsibility for any consequential,
indirect, special or incidental damages, whether foreseeable or unforeseeable,
based on claims arising out of misrepresentation or negligence arising in
connection with a forward-looking statement. This document is not intended to
contain any profit forecasts or profit estimates.
Date: 17/05/2012 07:07:33 Produced by the JSE SENS Department.
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