Half Year 2023 Nampak Ltd Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Rowan Goeller - Chronux Research - Analyst : Thank you very much. It's Rowan Goeller from Chronux Research. Just to jump back to Nigeria and not go into the mechanism in detail, but just maybe simply, you take currency risk on behalf of your customers. You take in real dollars. And when it comes to trying to get money out, you're actually losing half of that value on the parallel exchange rate. So when you're talking of a new pricing structure, I mean, effectively, does that mean you double your prices in Nigeria? So that you're doubling the local currency, you can then get out hard dollars, but you're not losing. Is that what you're looking at effectively in saying that you -- second half you're going to get rid of that imbalance. This is purely on the parallel exchange rate. And there will be a volume impact, but you absorb it. Is that what we're talking about when you talk new pricing?

Question: Rowan Goeller - Chronux Research - Analyst : Thank you. And if I may a second question. Do food -- remember going on a site visit to fund about seven, eight years ago, there was a work in progress to fix the food. It's still work in progress. What is the issue there? Why is it so difficult to fix a business? And can you maybe explain what's been done before that hasn't worked? But it really has been a long process in fixing.