Transpaco Limited
Registration number 1951/000799/06
ISIN: ZAE000007480
JSE Share code: TPC
("Transpaco" or "the company")

UNAUDITED CONDENSED INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2022 AND DECLARATION OF DIVIDEND

‐ NET ASSET VALUE PER SHARE 2 788 CENTS
‐ HEADLINE EARNINGS PER SHARE up 45% to 316,7 CENTS
‐ DIVIDEND PER SHARE 85 CENTS

FINANCIAL RESULTS

                                                                             Unaudited    Unaudited
                                                          Unaudited         six months     restated     Audited
                                                         six months           December   six months   12 months
                                                           December               2022     December        June
                                                               2022           % change         2021        2022
Continuing operations
Revenue (R'000)                                               1 442,1            19,8      1 204,2     2 338,0
Operating profit (R' million)                                   144,0            33,0        108,3       222,8
Profit before taxation (R' million)                             136,4            35,8        100,4       207,8
Earnings and diluted earnings per share (cents)                 316,1            39,0        227,4       482,6
Headline and diluted headline earnings per share (cents)        316,7            44,8        218,8       475,5
Total gross dividend per share (cents)                           85,0            41,7         60,0       215,0
Net asset value per share (cents)                             2 788,0            14,6      2 432,0     2 627,0
Operating margin %                                               10,0            11,1          9,0         9,6
Net interest‐bearing debt: equity ratio (%)                       8,9            23,9         11,7         9,3

INTRODUCTION
Transpaco's results for the six months ended 31 December 2022 ("the period") reflect a 44,8% increase in headline
earnings per share (HEPS) to 316,7 cents (December 2021: 218,8 cents). Revenue increased by 19,8% to R1,44 billion
(December 2021: R1,20 billion) with operating profit up 33,0% to R144,0 million (December 2021: R108,3 million).
Revenue grew by 22,7% in the Plastics Division and by 16,2% in the Paper and Board Division, which were both ahead
of expectations. Notably, revenue in the first six months of the financial year is traditionally greater than in the
second six months due to the seasonal nature of the business. The group's gross profit margins grew marginally, while
our operating expenses were well contained. The operating margin increased to 10,0% (December 2021: 9,0%) resulting
in the group's operating profit increasing by 33,0%. The net interest‐bearing debt‐to‐equity (gearing) position improved
to 8,9% (December 2021: 11,7%).

DIVIDEND
The board has declared an   interim gross cash dividend out of income reserves of 85,0 cents per share (December 2021:
60,0 cents per share) for   the six months ended 31 December 2022. After applying the dividend withholding tax of 20%,
a net interim dividend of   68,0 cents per share will be paid to those shareholders who are not exempt from the dividends
tax. The issued shares at   the date of declaration is 31 499 388 ordinary shares. The Income Tax reference number is
9975/112/71/6.

The salient dates for the dividend are as follows:
Last date to trade shares cum dividend       Tuesday,   14   March   2023
Shares trade ex‐dividend                   Wednesday,   15   March   2023
Record date                                   Friday,   17   March   2023
Payment date                                  Monday,   20   March   2023
Share certificates may not be dematerialised or rematerialised between Wednesday, 15 March 2023
and Friday, 17 March 2023, both days inclusive.

ADMINISTRATIVE INFORMATION

This short‐form announcement is the responsibility of the directors and is only a summary of the information in the
full announcement. The full announcement was released on SENS on 21 February 2023, and can be found on the company's
website at www.transpaco.co.za and on the following JSE link:
https://senspdf.jse.co.za/documents/2023/jse/isse/TPC/Interims.pdf

Any investment decision should be based on the full announcement published on SENS and on the company's website.

Copies of the full announcement may be requested from the company secretary at Hendrik@transpaco.co.za.

On behalf of the board

DJJ Thomas                           PN Abelheim                                  L Weinberg
Non‐executive Chairman               Chief Executive Officer                      Chief Financial Officer

21 February 2023

DIRECTORS
DJJ Thomas (Chairman)*; PN Abelheim (Chief Executive); L Weinberg (Chief Financial Officer);
HA Botha**; SR Bouzaglou; SY Mahlangu**; SP van der Linde (Lead Independent Director)**
* Non‐executive ** Independent non‐executive

Transpaco Limited Registration number: 1951/000799/06, Share code: TPC, ISIN: ZAE000007480
Auditors BDO South Africa: Incorporated Company Secretary HJ van Niekerk

Sponsor Investec: Bank Limited
Registered office: 331 6th Street, Wynberg, Sandton Transfer secretaries Computershare Investor Services (Pty) Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg

Website www.transpaco.co.za