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PRESS CORPORATION LIMITED (PCL) BACKGROUND, 5-YEAR ANALYSIS, RECENT DEVELOPMENTS

B A C K G R O U N D

Incorporated under Companies Act, 1984. Listed on MSE and LSE thru GDRs in 1998. A well diversified Group of investments comprising of five segments: Financial Services National Bank of Malawi. Telecommunications MTL & TNM. Energy- Puma Energy , Ethanol and Presscane Food & Beverages Maldeco Fisheries & Carlsberg Group Consumer PTC and Macsteel All other reportable segment Tobacco processing Limbe Leaf Real Estates Press Properties Limited Corporate office Slide below shows our involvement in each unit

% SHAREHOLDINGS IN EACH UNIT


B U S I N E S S
Maldeco Fisheries 100% Maldeco Aqua 100% PTC 100%

NBM 52%
Ethanol 66% PUMA Energy 50% Macsteel 50% Carlsberg Group 40%

Limbe Leaf 42%


Presscane 50% MTL 63% TNM 32%

Press Properties 100%

M I X

G O V E R N A N C E I S S U E S

Board comprises professionals of diverse profiles Consists of 6 NonExecutives and 2 Executives The Chairman is nonexecutive & the Board meets quarterly Responsible for policy, strategic guidance and direction Board Committees - 1) Audit & 2) Appointments and Remuneration The Group has adopted strict policies in: Personal equity trading avoid inside trading. Corporate anti fraud (subscribes to Tip Offs Anonymous) Non discriminatory HIV / AIDS policy The Group embraces the following Corporate Governance codes: Code of ethics Business Code of Conduct Business Action Against Corruption Malawi Code II King III The Group also abides by all local & foreign regulations MSE, LSE, Companies Act, 1984 , Taxation etc Below is the representation of the Shareholders structure;

PCL SHAREHOLDERS
P C L S H A R E H O L D E R S
Others-Public 22% Press Trust 45% Deutsche Bank America 21% Old Mutual 12%

B U S I N E S S A N A L Y S I S

160 000
140 000 120 000 100 000 80 000

Trend Analysis

60 000
40 000 20 000 Total assets Total equity Owners' equity Turnover Gross profit

FY2007

FY2008

FY2009

FY2010

FY2011

Group reflects an upward trend in all its key performance indicators. With the foundation in place, this trend is likely to accelerate. However, emerging macroeconomic conditions need to be monitored very closely.

GROWTH ANALYSYS 2007 -2011

B U S I N E S S G R O W T H

18%

50%

9% 25% 12%

13%

23%

Turnover

30%

36% 30% 31% 17%

18%

25%

Gross profit

11%

18%

Total assets

19%
54% 9% FY2007 FY2008 11%

14% 11% FY2010 12% 19% Total equity

FY2009

FY2011

AVRG

An overall growth of about 25% is recorded. Equity & total assets grew by average of 25% and 21% respectively. Whilst revenue grew by 28%, gross profit averaged 26%.

PROFITABILITY TRENDS ANALYSIS

P R O F I T A B I L I T Y

30 000

25 000
20 000 15 000 10 000 5 000

FY2007 Gross profit FY2008 Profit before tax FY2009 Profit for the year FY2010 Owners' profit FY2011

Generally, good upswing in Gross profit. Decline in PBT & PAT in 2011 due to one off write offs in NBM and increase borrowing costs Good divesture decisions between 2003 and 2006 start paying off

P E R F O R M A N C E

INVESTMENT RETURN ANALYSIS


Net Profit margin

11.8%

13.0%

11.9%

13.0%

9.1%

11.8%

Return on equity 15.2% 16.3% 14.8% 18.2% 12.9%

15.5%
Return on assets

4.2% FY2007

5.3% FY2008

4.6% FY2009

5.5% FY2010

3.9% FY2011

4.7%
Average

R E V I E W

ROE at 15.5% was well above average inflation of 7.2%. Net profit margin outperformed average yield of TB at 8.2%.

MALAWI STOCK EXCHANEG COUNTERS

P C L A T M A R K E T

1 2 3 4 5 6 7 8 9 10 11 12 13

Counter PCL NBM TNM NICO ILLOVO STANDARD MPICO SUNBIRD FMB NBS NITL REAL OML

Price % Yield (Div) % Yield (E) P/E (x) P/BV (x) 188.00 2.52 27.54 3.63 56.00 8.04 13.61 7.35 1.75 3.78 7.31 13.67 15.00 2.67 18.87 5.3 150.00 4.20 6 16.66 120.00 11.82 14.45 6.92 2.40 6.40 88.7 1.13 7.00 4.57 18.97 5.27 6.50 4.57 12.32 8.12 12.50 6.12 15.76 6.34 17.50 5.43 6.73 14.85 1.20 8.66 11.55 550.00 2.03 12.36 8.09

Market cap (mln) 0.7 22,247.33 1.67 26,147.88 2.26 249,486.33 1.13 13,038.00 6.23 107,016.66 1.98 24,533.42 0.36 2,872.56 0.36 1,831.08 1.9 16,353.75 1.64 10,696.36 0.89 2,362.50 1.67 300.00 1.9 2,532,994.73

No of shares 120,255,820 466,926,438 10,040,450,000 1,043,041,096 713,444,391 213,334,084 1,149,023,730 261,582,580 2,336,250,000 727,643,339 135,000,000 250,000,000 4,871,143,719

highest earnings and lowest div yields amongst MSE listed companies. This implies huge retention rate for reinvestments and future growth. 2nd lowest P/E (x) implies cheapest in MK terms per expected earning unit. Both P/BV & P/E (x) point in the same direction of a cheap stock in Mkt. AT MK 188.00 PCL shares are still undervalued vis a vis its NAV, P/BV, & expected Sustainable future growth.

2011 Financial highlights


Key ratios Revenue up by 13% Profit before tax down by 16% Earnings per share down by 35% Return on assets down to 6% from 8% in 2010 Return on Equity 20% down from 26% Net Asset value up by 12 %

Overview of Group results


120 000 100 000 80 000 60 000 40 000 20 000 (20 000) Actual Prior year % increase Turnover 110 357 98 589 12% Gross Profit 41 619 35 635 17% O/HEADS 33 009 27 103 22% Finance Charges (2 449) 904 -371% Other income 4 657 3 993 17% Associate s 873 247 254% PAT 7 710 9 429 -18%

Overview continued..
Results affected by MK1.7b Fair value loss on newly constructed National Bank of Malawi Business Centre and Office Complex Challenging macro-economic environment characterized by severe foreign currency shortages and the attendant fuel supply shortages Increase borrowing costs following a 10% devaluation of the Kwacha

Segmental performance
40 000 000 35 000 000 30 000 000 25 000 000 20 000 000 15 000 000 10 000 000 5 000 000 (5 000 000) Financial services 11 715 206 10 759 397 8 691 732 Telecom munications 19 363 444 12 837 658 12 015 014 The Foods & Beverage segment 20 918 160 8 968 440 5 854 083 Energy Segment 38 405 386 5 501 396 3 068 453 Consumer Goods Segment 18 945 990 2 902 344 2 305 895 Investment in Associates The all other Segment 1 009 307 649 272 1 073 542

Turnover

G Profit
O/Heads PAT % of Group PAT

3 557 686
46%

188 669
2%

1 482 230
19%

1 934 569
25%

457 354
6%

873 499
11%

(784 364)
-10%

Segmental performance continued..


Group results driven by the financial services segment followed by the energy, and food and beverage segments Overall performance dampened by foreign currency shortages and the attendant erratic fuel supply

SEGMENTAL REVENUE

G R O U P

Consumer Goods , 9 403 , 14%

All other segments , 498 , 1%

Financial Services, 11 280 , 17%

R E V E N U E

Foods & Beverage , 8 410 , 12%

Energy , 19 287 , 29%

Telecommunication , 18 279 , 27%

G R O U P E A R N I N G S

SEGMENTAL EARNINGS - 2011


Consumer Goods , 233 , All other segments , 73 , 1% 4% Foods & Beverage , 554 , 9%

Energy , 1 519 , 25%

Financial Services, 3 558 , 58%

Telecommunicatio n , 192 , 3%

GROUP ASSETS - Dec 2011

G R O U P

Energy 8 141 6%

Foods & Beverage 8 734 6%

All other segments 5 308 4%

A S S E T S

Telecommunication 36 451 26%

Financial Services 80 394 57%

Consumer Goods 2 436 1%

The slides below provide insights on the individual business units

NATIONAL BANK OF MALAWI


Shareholding structure
Public 22% Staff 2%

National Bank has the biggest customer

Base with a 45% market share


The core services are: Personal & Business Banking

Old Mutual Mw 25%


Leases 5% Fees/ commn 28%

Press Corp 52%

Corporate & Institutional Banking


Leasing & Asset Finance Customer & Transactional

Income spread - Dec 2011

Treasury
International Trade Finance Asset / Fund Management Equity Trading Brokerage Transfer Secretariat & Custody Operations

Net interest 60%

Forex 7%

NBM PERFORMANCE TREND ANALYSIS


F Y F Y F Y 15 696 13 577 11 945 9 765 Equity 3 558 3 429 3 802 3154 Profit after tax 8 160 6 841 6 777 5598 Net interest income 13 721 11 280 11 249 9278 Net income

Returns Analysis
5% 33% 8% 32% 5% 4% 32% 25% 4% 23% 26% ROA ROE NPM

30%

34%

34%

30%

FY 2007

FY 2008

FY 2009

FY 2010

FY 2011

A declining trend in the last two years due to Economic turmoil that engulfed the country. With recovery in sight, the trend reversal is likely from 2012.

Business activities as at 31 Dec 2011

100 000 80 000 60 000 40 000 20 000 NBM SBM FMB NBS Assets Advances Deposits

Profitability amongst peers - Dec 2011

3 558.00

3 546.00

2 015.00

1 686.00

13 721.00

10 521.00

6 706.00

6 756.00

8 160.00

4 980.00

4 269.00

4 128.00

NBM

SBM
Net interest income

FMB
Net income

NBS
Profit after tax

Cost to income ratio amongst peers


61% 43% 55% 60% FY2011 56% 58% 54% 61% FY2010

51%

53%

54%

67% FY2009

NBM

SBM

FMB NBS

Telecom Networks Limited- Mobile lines


TNM Shareholders
Old Mutual 10% Public & minotiries 22% MTL 44%

Livingstone Holdings 13%

PCL 11%

PCL has an additional 22% ownership of TNM through MTL which essentially makes PCL the majority shareholder with 33%
Market share Prepaid subscribers Post paid suncribers ARPU Mk ARPU US$ Yr 2007 29% 323,900 10,078 1,445 10.30 Yr 2008 33% 617,662 9,949 1,032 7.37 Yr 2009 33% 816,920 11,158 1,017 6.90 Yr 2010 37% 1,129,870 10,130 841 7.20

TNM has seen a consistent growth in its market share for the past 3 years. TNM has both corporate and individual customers offering the both Post paid and prepaid packages with the following services: Voice Local International Broadband and Data Internet SMS , MMS Value added services Call conference Yr 2011 Caller tunes 42% 1,533,000 Call waiting 6,000 Call holding 761
4.65

Telekom Networks Limited


Financial highlights
12 000 10 000

Key Ratios
Gross profit Margin

58%

Net profit Margin % Return on Equity %

MK' million

8 000 6 000 4 000 2 000 -

Return on Capital

25%

58%

46% 23% 33% 65% 34% Yr 2007 Yr 2008

63%
59% 15% 19% 23% Yr 2009 61%

Revenue EBITDA Profit After Tax

Yr 2007 5 771 2 171 1 453

Yr 2008 6 702 2 184 1 530

Yr 2009 8 205 2 920 1 215

Yr 2010 10 873 3 647 1 175

Yr 2011 12 814 4 698 1 358

11% 16% 19% Yr 2010

11% 17% 17% Yr 2011

Revenue Mk' million Postpaid Revenue Prepaid revenue International Roaming Interconnect revenue

Yr 2007 764 4,213 119 675

Yr 2008 797 5,157 109 639

Yr 2009 779 6,449 178 797

Yr 2010 742 7,996 132 989

Yr 2011 656 10,305 163 1,132

Malawi Telecommunications Ltd- Fixed lines


MTLs products and services PCL owns through THL 63% of MTL
Average Revenue Per User
10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 -

ARPU 'MK

1.

BusinessPLUS BusinessNET BusinessCONNECT CarrierNET BusinessMAIL WebHOST

2. HomeLINK MiNET LibertyNET


Yr 2008 2 114
5 715 2 787

Yr 2007 ARPU Pre-paid MK 3 192 ARPU Postpaid MK 5 371 ARPU overall MK 3 663

Yr 2009 1 711
6 414 2 412

Yr 2010 1 622
8 150 2 413

Yr 2011 1 425
10 549 2 317

Major customers Internet service providers, Telecommunication companies Banks Corporate


9 64 14

ARPU in dollars ARPU Post-paid US$ ARPU Pre-paid US$ ARPU overall US$

Yr 2007 Yr 2008 Yr 2009 Yr 2010 Yr 2011

23 39 27

15 41 20

12 44 17

11 54 16

Route to Tanzania

In 2009 MTL launched the first ever Optical fibre backbone in Malawi of approximately 1500km across Malawi

Songwe

Karonga

MZUZU

LEGEND Regional capital Main backbone node Minor Backbone Node Optical fibre backbone Planned optical fibre links Microwave backbone route Microwave repeater

Mzimba

Dwangwa

Kasungu

Future route to Zambia


Salima LILONGWE

Dedza
Mangochi Balaka

Route to Mozambique via Zobue

Zomba Mwanza BLANTYRE


Route to Mozambique via Milange

Page 27

MTLs Revenue
Yr 2007 Post paid revenue Prepaid revenue Internet revenue Yr 2008 Yr 2009

IP Data Revenue
CPE and CDMA Revenue Interconnection revenue

47.6% 22.1% 0.0% 8.6% 2.0% 19.6%

38% 24% 1% 9% 3% 25%

40% 26% 2% 9% 2% 21%

yr 2010 yr 2011 38% 36% 26% 28% 4% 10% 11% 10% 3% 3% 19% 13%

MTLs revenue picked up from 2010 and 2011 with the biggest growth in LibertyPHONE

Trend analysis
Percentage growth
23 000
100.0% 80.0% 60.0% 40.0% 20.0% 0.0%

Key Ratios

MK'million

18 000 13 000 8 000 3 000 (2 000)

-20.0%

Total Assets Total Equity Revenue EBIT Profit After Tax

Yr 2007 22 012 11 340

Yr 2008 20 077 11 051

Yr 2009 20 394 10 838

Yr 2010 22 583 11 694

Yr 2011 22 855 10 835

-40.0%

Gross profit Margin Net profit Margin % Return on Equity % ROIC

Yr 2007 58%

Yr 2008 41%

Yr 2009 41%

yr 2010 39%

yr 2011 28%

5 854
741 826

5 642
(1 266) (279)

5 362
(702) (212)

6 367
(205) (3)

6 725
(1 205) (1 129)

14%
10% 7.6%

-5%
-7% -5.1%

-4%
-4% -2.9%

0%
-1% -0.9%

-17%
-13% -9.3%

Ethanol Business
The Ethanol companies are situated in Dwangwa and Nchalo

Ethanol Company
Indetrust 26%

Presscane Limited
Press corporation Limited 50.1%

Illovo Dwangwa 8%

PCL 66%

Cane Products Limited 49.9%

Ethanol sales
Fuel Ethanol Portable Alcohol Rectified Alcohol Total sales Total export Plant Capacity per yr

Yr 2007 '000 ltrs 5,919 3,229 4,901 14,049 37% 27,800

Yr 2008 '000 ltrs 5,740 4,583 9,694 20,017 49.6% 27,800

Yr 2009 Yr 2010 '000 ltrs '000 ltrs 6,632 7,332 4,664 5,087 5,089 3,850 16,385 16,269 48% 29% 27,800 31,800

Yr 2011 '000 ltrs 13,197 7,251 1,185 21,633 21% 31,800

Plant capacity under utilized due to limited supply of raw material

5 500 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 Yr 2007 Yr 2008 Yr 2009 Yr 2010 Yr 2011

Trend Analysis
64% growth

Mk million

Increase in earnings in 2011 was a result of an increase in petrol/ethanol blending ratio from 10% to 20%. Major local customers Puma Malawi Carlsberg- MDL Total Oil Malawi AGA Trading Petroda Engen Energem Dulux paint Major export customers Chevron Varibo LDA Mozambique Farsha General Suppliers Uganda Tatti and Sons Tanzania

85%

Revenue

1 357
2 101 2 041 2 528 4 157

Profit before tax 219 886 680 932 1 726

Total Assets

Equity

2 547
3 277 3 488 4 202 5 170

779
1 699 1 839 2 427 3 300

Key ratios
13% 26% 71% 68% 38% 44% 60% 41% 31% 28% 42% Return on capital % Return on Equity % Gross profit Margin % Net profit margin %

61%
39%

62%
20%

64% 25%

69% 26%

16%

Yr 2007 Yr 2008 Yr 2009 Yr 2010 Yr 2011

PUMA
Shareholding structure
PCL 50%
PUMA ENERGY 50%

Trend Analysis
35 000 30 000 25 000 20 000 15 000 10 000 5 000 -

Yr 2007 Revenue 18 839 Profit befire tax 983 Total Assets 5 644 Total Equity 1 892

Yr 2008 26 939 1 094 7 023 2 271

Yr 2009 25 978 1 328 6 422 2 270

Yr 2010 31 604 1 986 9 211 3 727

Yr 2011 34 240 1 172 8 358 4 256

Ratio Analysis

Registered a growth a profit in 2011 despite the acute fuel scarcity

10% 4% 46%

8% 3% 42%

9% 4% 61%

9% 4% 49%

8% 2% 26%

Gross profit Margin % Net profit Margin % Return on capital %

17% 39%

16%
31%

21% 42%

22%

14% 19% Yr 2011

Return on Assets %
Return on Equity %

37%

Yr 2007

Yr 2008

Yr 2009

Yr 2010

Market share

2011 sales split

Engen 8%

Petroda 17%

Puma Energy 46%

1% 9%

1% 33%

Petrol Diesel Aviation

Total 29%

56%

Paraffin Lubricants

Puma Energy has 156 retail outlets country wide Regained its market share from 30% to 46% due to revamping of some service stations Sole supplier of aviation fuel in Malawi Supplier of major customers in Malawi in the mining, construction and engineering sectors

The Foods company


Maldeco Fisheries- Trawl Fishing

Maldeco Aquaculture
Feedmill production in tones
2084

Fish production-Fisheries division


3735 Production in tones 3523 3049

2686

2210 Tones 225 2007

1374

1589

1427

2007

2008

2009

2010

2011

2008

2009

2010

2011

Located in the southern part of Lake Malawi Has 5 fishing vessels The biggest supplier of fish in Malawi Declining production due to changing weather patterns and reducing fish population in the lake

Has a total capacity of 9,984 tones, Big growth potential currently production under 30% Produces the whole range of animal feed Sole producer of fish feed in Malawi

Aqua Fish Production


624 Tones 338 159

70% 60%

Maldeco Fisheries- Ratio analysis

531

501

50% 40% 30% 20%

2007

2008

2009

2010

2011

10% 0% Gross profit Margin Yr 2007 Net profit Margin Yr 2008 Return on Assets Yr 2009 Return on Equity Yr 2010 Return on capital Yr 2011

Aqua fish farming has got the hatchery with 44 Breeding ponds 1200 square meter that produce fingerlings 53 cages on lake Malawi of 1200 cubic meters, capacity 40 tons/yr per cage 21 Growing out ponds of 1200 square meters An Integrated Aquaculture Agriculture project to have a full farm with fish and livestock is in progress. 200 1 hectare ponds currently under constructed This will increase production by 2000 tons per year at significantly lower production costs

800 600 400 200 (200) (400) (600) (800)

Aquacuture Trend Analysis

Mk'million

Revenue Operating profit/(loss) Profit(loss) After Tax Shareholders equity

Yr 2007 50 (96) (124) 212

Yr 2008 121 (88) (4) 208

Yr 2009 304 (33) (116) 118

Yr 2010 253 (76) (130) 389

Yr 2011 259 (325) (408) 13

Carlsberg Malawi
Has a 3 plants situated in all the three regions in Malawi. Enjoys 97% market share for clear beer and 91% for non alcoholic beverages.

Sales flow in million litres


131 102 71 95 127 95

133
96

140 103 Total sales Beer Minerals &Squash Spirits & wines

31 1.4 Yr 2007

35 1.6 Yr 2008

30 1.9 Yr 2009

34 2.7 Yr 2010

35 1.9 Yr 2011

Trend analysis

Shareholding structure
Mk' million Carlsber g Internati onal 60%

50 000 40 000

30 000
20 000 10 000 Yr 2007 9 087 505 343 9 105 4 389 Yr 2008 13 545 1 158 1 071 13 129 6 599 Yr 2009 14 527 1 488 1 026 14 084 7 525 Yr 2010 17 677 2 599 1 788 17 106 9 296 Yr 2011 19 897 2 805 1 857 18 796 9 296

PCL 40%

Revenue Profit before tax Profit After Tax Total Assets Total Equity

Carlsberg Malawi conti


250 200 150 100 50 Total Minerals, Quench, Squash Beer Spirits & wines 35 40 1.9 4
Quench 3%

223

Production capacity
180 2011 Sales

2011 Product contribution

140 103

Beer 25%

Spirits 1% Minerals 58%

Squash 13%

Actual production and sales are at 63% of capacity with the biggest lag from Minerals water and squashes Expansion of the brewery capacity in in progress

Macsteel
Supplies steel and roofing materials. 25% market share in Malawi
Shareholding
Press Corporation Ltd 80

Trends Analysis

2 116 2 052 1 550


31

2 425

2 076 Revenue EBIT Profit After Tax Total Equity

390 248

186 105

255 166

311 217

300 Yr 2007

568 Yr 2008

580 Yr 2009

604 Yr 2010

681 Yr 2011

50%

50%

Macsteel Service Cencres SA (PTY) Ltd

Ratio Analysis
50% 40% Yr 2007 Yr 2008 Yr 2009 Yr 2010 10% 0% Yr 2011
Gross profit margin Net profit Return on Return on Return on margin% assets % equity % capital

Sales volume in Tonnage


8 000 6 000 4 000 2 000 Yr Yr Yr Yr Yr Yr 2006 2007 2008 2009 2010 2011

30% 20%

PTC
A retail chain formally jointly owned by PCL and Metro SA until recently when PCL bought out Metro SA.

Trend Analysis
16 000 14 000 12 000 10 000 8 000 6 000 Revenue Gross profit Profit After Tax Total Assets Equity

4 000
2 000 Yr 2007 Yr 2008 Yr 2009 Yr 2010 Yr 2011

Has 89 outlets countrywide selling fast moving consumable and other non consumable goods. Adversely affected by poor macroeconomicenvironment

16% 4%

16% 4%

15% 3%

15% 3%

14% 2%

Gross profit Margin %


EBT Margin %

64%

106%

79%

63%

37%

Return on Equity % Return on Assets %

15% 10%

18% 13%

14% 9%

14% 9%

11% 7%

Return on capital %

Yr 2007 Yr 2008 Yr 2009 Yr 2010 Yr 2011

Press Properties Limited


PPL , a second largest property company in Malawi is a wholly owned subsidiary of PCL PPL portfolio comprises of properties for rent and for sale all over Malawi as follows 1. Residential properties 2. Commercial properties 3. Retails Shops 4. Vacant plots for sale
6 000 5 000 4 000

Key Ratios and statistics

Mk'million

Revenue Profit After Tax Total Assets Shareholders equity

3 000
2 000 1 000 Yr 2008 (1 000) Yr 2009 Yr 2010 Yr 2011

300.0% 200.0% percentage 100.0% 0.0% -100.0% -200.0% Net profit Margin % Yr 2008 -174% 49% 0% 1% 0.4% Yr 2009 175% 23% 14% 21% 16.7% Yr 2010 61% 29% 12% 21% 14.1% Yr 2011 58% 34% 10% 16% 11.7%

Gross profit Margin Return on Assets % Return on Equity % Return in capital %

LIMBE LEAF TOBACCO COMPANY


Shareholding structure
year 2011
PCL 42%

Trend analysis
31 262 32 080 30 823 19 586 20 513 Revenue 2 929 6 328 5 630 4 703 2 958 14 128 13 385 13 941 13 648 20 572 Equity 3 821 1 569 1 367 278 1 095

Continent al Tobaco Ltd 58%

Year 2010 Year 2009 Year 2008 Year 2007

Market share
Pemium Tama 13% Malawi Leaf 7%

Gross Profit

Total Assets

Alliance one 30%

Production in Kgs
90 000 000

Africa Leaf 19% Limbe Leaf 31%

80 000 000
70 000 000 60 000 000 50 000 000 Year 2006 Year 2007 Year 2008 Year 2009 Year 2010 year 2011 Year 2012

This presentation might contain forward looking statements. These


D I S C L A I M E R statements, which reflect Press Corporations historical assessment and future expectations with regard to the development of the business, the timings and the benefits, maybe influenced by a number of risks and uncertainties that could cause actual results to differ materially from expectations. Press Corporation Limited is under no obligation to update or amend forward looking statements based on new information, future events or for any other reason.

T H E

THANK YOU

E N D

FOR

ATTENTION.

PCL MANAGEMENT