Nampak's key executives need to box clever

7 Jan 2016

Diversified packaging maker Nampak has released the quantum of incentive share awards for eight key executives over the next three years, amounting to a tidy R36m.

Nampak's key executives need to box clever

But the group directorate has a steep hill to climb to financial 2018 after steady growth from mid-2009 led to the company's ordinary shares peaking at nearly R460 a share in late 2014, only to decline to about R230 now.

Divided into a share appreciation rights plan worth R11m and a performance share plan worth R25m, the awards cover the achievement of agreed financial and non-financial performance targets over three years. These include headline earnings per share and return on equity, and targets for employment equity and operational safety.

The group said on Wednesday the targets were outlined in its annual integrated report.

Nampak's financial year ended-September was one of mixed fortunes. Africa's biggest maker of beverage, food and nonperishable packaging had restructuring charges of R224m including retrenchment costs and once-off charges related to writing off redundant assets. It had benefited from continued growth of its tin and aluminium beverage can businesses in Nigeria and Angola, it said.

But foreign currency liquidity issues in the countries, caused by commodity price fluctuations, had resulted in foreign exchange losses that put pressure on the bottom line.

Source: Business Day

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