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2011A n n uA l R e p o R tNational Can Industries Limited

Mayondhi abeysinghe, saM abilo, asiean ace, lucas ada, lusiana adikaususu, nilly agaiby, Ray luis agapay, david agnew, eddiev aholiMa, JeReMiah aikung, JaMes ainswoRth, eliJah aiseM, peata akuila, Melda alach, salaM ali, philip allen, adell allwood, helen alvaRez, kuMaRa aMaRasekeRa, banda aMithaRathane, cRaig andeRson, lJilJana andRic, anna angelis, vishwesh annenahalli lakkanna, Felix anton, kaM ao, tupou apelu, subRaManian aRavendan, JoRaM aRin, alex aRMadass, peteR aRnold, teRRence aRnold, gil aRReza, MaRgaRita aRsova, tua asega, sit aso, RichaRd assen, hettge athuluwage, david atuan, helen au, diego guilleRMo avalos, indiRa awasthi, Rebecca bacci, glenn bacusMo, toMasi bainisaRu, geoFFRey balshaw, iMelda baquiR, steven baRaghini, luigi baRbieRi, eFRen bautista, andRew beauMont, stephen beddows, beRna begue, John bell, Justine bell, andRew bennett, kane benson, paul beResFoRd, caRlo beRnaRdi, John beRRy, Justin biRd, kenneth biudi, cleMent black, elena black, RobeRt blaiR, Jason blaney, laisiasa boginivalu, teRina bowles, duncan boyle, gail bRaddeR, patty bRadFoRd, ateR bRiMo, goRdon bRoad, daRRyl bRoughton, peteR bRown, siRaputsoRn bRown, anthony bRuce, MaRgRet bRyant, neil bucoy, consuelo bulyaki, Jed buRke, stewaRt buRns, MaRisa buskulic, MaRia byRnes, sean calcedo, caRMelito calleJa, gaRy caMpbell, sabatino capRetta, MalcolM caRR, bRadley casey, RaFael casipit, JaMes castRo, bRian cathcaRt, dean catteRall, paul cavanough, niRMala chand, suResh chand, pRavinesh chand pRasad, Jagdish chauhan, eugene chavez, haRish chilla, tRy chou, glenn chuteR, tangi clancy, wayne clancy, adaM claRk, RobeRt claRk, david claRke, Ross coley, luciano coMaR, stephen coRcoRan, andRew coRdeRoy, FRank coRRea, MaRk coRRigall, yolanda coRtez, bRian cosgRove, saM costa, colin couRt, FoRtunato cRea, lucito cRistobal, deboRah cRossMan, Jozo cuRcic, david daRgue, benJaMin david, luke david, gwyn davies, lynette dawson, Jack day, ivan d'cRuz, louis de bono, dennis de leon, Fabio de vito, neMencio dee, gaRy deeRing, chiRag deliwala, angie dellios, eManuel deMetita, Joel dennis, elizabeth diMech, ngoc dinh, oliveR dipia, phuoc do, Ronald doh, onoFRio donghia, andJelka dRagisic, paul dRakeFoRd, alan dRew, bRyan dunn, hiep duong, veleMiR duvnJak, John eccleston, wayne edge, tile ekeRoMa, suzie el hayek, hanna elvey, MasoRi eMaiyo, Michael england, paea enosi, lotoa epati, Jacobus eRasMus, dianne esduMae, kalolo ese, seRgio espina, helen estephan, MaRk evans, eveni eveni, Faisal F,

siupolu Faavaoga, denise FaiRFax, JenniFeR Fala, peka Fala, eMelyn Faldas, nicole FaRRugia, kate Fawcett, teodoRo

Fazon, Minglu Feng, Fedi FeRRis, linda FeRRis, tannous FeRRis, dobRila Filipovic, vesna Filipovic, seMisi

Finau, shane FlitcRoFt, Mathew FloweRs, keReti Foai, desMond FoenandeR, tevita Foliaki, caRl FoRsyth, doMenic Foti, guy FRanklin, susan FRanklin, elona FRonda, david FRuean, zhigang Fu, tiMothy Fuakoko, Joe gaFa, Joseph galea, Jin gao, bRian gaRMonsway, gata gataua, MeletuioFa gataua, lucy giaccotto, wayne gibbons, MavRa gilchRist, gRegoRy gillan, glen gillick, MeRe glanville, guustaaF gleisbeRg, RadoMiR gligoRevic, naRayanasaMy gnanaM, pRince gonzales, phillip gooding, tony goRgievski, stoJna goRgiovski, suak goRo, websteR gough, kuMaR gouRav, siMone gouvoussis, bRanka govedaRica, deanadayalan govendeR, esteRa govic, stacey goweR, RobeRt gRant, MiRko gRbic, bRendan gReig, diane gReig, gaRy gReig, MaRiJa gRgat, FRancis guluM, aMit gupta, do ha, ky ha, asMahan habkouk, nathalie hales, Mavis hall, williaM hall, lavaka haMala, loviana haMala, MaRgaRet haMilton, elissaR hanna, peteR hannan, sheikh haq, John haRRigan, benJaMin haRRis, gReg haRRis, Michael haRRis, teRRence haRt, tRevoR haRvey, debRa hawkins, lee hawkins, guRchaRan hayeR, cindy haywood, daRRen heath, lani heatheR, Jonathan hesingut, RichaRd higgins, John higgs, cRaig hill, peteR hislop-dewaR, Minh ho, Ray hoRsbuRgh, sione huFanga, andRew hughes, keith hughes, cathRyn huiteMa, ashley hunn, peteR hunnibell, oMaR hussein, kieM huynh, long-thanh huynh, My lan huynh, su-ha huynh, taM huynh, aFeReti iakopo, asoFa iakopo, aivale iese, daphne ihaka, david

ikiua, aleksandaR ilic, goRan ilic, nikola ilic, eManuele inivale, daniel isaac, Russell Jacobs,

Milan JakovlJevic, nellie JaMsop, tadeusz JaRoMinek, vesna Jevtic, adaM Jewell, teRRy Jonathan, MaRgaRet

Jones, RobeRt`R Jones, cviJeta Jovanovic, MaRa Jovcevska, Micheal Juain, kellie kalopita, chaMpaka

kandegadaRa, calvin kane, baldev kang, ManJeet kang, chRistina

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national Can Industries LimitedA.C.N. 006 266 799

Financial statements and ReportsJune 30, 2011

Financial summary 2 – 3

chairman’s Review 4

Managing director’s Review 5

directors’ Report 6 – 11

auditor’s independence declaration 12

corporate governance 13 – 15

Five year Financial summary 16

Financial Report 17 – 44

consolidated statement of comprehensive income

for the year ended June 30, 2011 17

consolidated statement of Financial position

as at June 30, 2011 18

consolidated statement of cash Flows


consolidated statements of changes in equity


notes to the Financial statements 21 – 44

directors’ declaration 45

independent audit Report 46

asx additional information 47

shareholder information 48

The front and back covers of this report contain the names of all NCI employees, in recognition of their valuable contribution to the company’s success.

Paper used in this document contains 50% recycled fibre.

Vale

NCI notes with great sadness the passing of Harry Tyrrell, one of the company’s founders, on 6 July, 2011. This front cover is a tribute to Harry’s place in NCI’s history and our respect for him.

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National Can Industries – Annual Report 2011 32

FInAnCIAl SummARy FInAnCIAl SummARy

175.2182.0

173.8

5.3

9.3

17.6

10.1

18.2

10.0

07 08 09 10 11

Sales($M)

Return on Equity(%)

Earnings per Share(cents)

EBIT($M)

0

50

100

150

200

07 08 09 10 11

07 08 09 10 11

0

2

4

6

8

10

12

0

5

10

15

20

25

07 08 09 10 110

5

10

15

20

175.3

8.2

3.8

7.6

6.7

3.6

6.9

161.4

5.1

2.5

4.9

2011 2010 % +/(-)

Sales Revenue $’000 161,439 175,287 ( 7.9)

Earnings before interest, tax, depreciation and amortisation (EBITDA) $’000 15,333 18,904 ( 18.9)

Earnings before interest and tax (EBIT) $’000 5,113 8,150 ( 37.3)

Net profit before tax (PBT) $’000 4,991 8,017 ( 37.7)

Net profit after tax (PAT) $’000 3,239 5,046 ( 35.8)

Total Assets $’000 154,677 159,110 ( 2.8)

Total Liabilities $’000 23,053 27,864 ( 17.3)

Net Assets (Shareholders Equity) $’000 131,624 131,246 0.3

Net Debt $’000 ( 35,403) ( 35,782) ( 1.1)

Depreciation and amortisation expense $’000 10,220 10,754 ( 5.0)

Interest expense $’000 122 133 ( 8.3)

Income tax expense $’000 1,752 2,971 ( 41.0)

performance Ratios & Statistics

EBIT/Sales % 3.2 4.6

PAT/Sales % 2.0 2.9

Return on Equity(PAT/Net Assets) % 2.5 3.8

Gearing (Net Debt/Net Assets) % ( 26.9) ( 27.3)

Shares on issue 000 66,774 66,774

Earnings per share cents 4.9 7.6

Dividend per share total cents 3.0 5.0

Dividend – total $’000 2,003 3,339

Dividend – payout ratio % 61.2 66.2

Net Tangible Assets per share $ 1.92 1.91

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mAnAGInG DIReCtoR’S ReVIeWCHAIRmAn’S ReVIeW

The 2010/11 year was a particularly challenging one for the Australasian manufacturing sector.

The soaring Australian dollar, weaker consumer demand and high material costs all contributed to intensified competition in NCI’s key metal packaging markets. The plastics packaging sector was also adversely affected by supply constraints, exacerbated by external delays in the delivery of new production equipment.

Revenue for the year declined 7% to $163 million whilst profit after tax was 36% lower at $3.2 million after taking up one-off restructuring costs of $ 1.4 million. Earnings per share were 4.9 cents per share while net tangible asset backing at June 30 was $1.92 per share.

The company maintains a strong balance sheet and positive operating cash flows.

Your board is conscious of the company’s inadequate financial returns and our strategy is primarily focussed on lifting performance through tighter cost control, streamlining our operations, maintaining our focus on continuous improvement and lifting our customer engagement to derive mutual benefit from changing market conditions.

In the prevailing trading and economic conditions, Directors believe it will be extremely challenging to achieve improved returns in the year ahead.

DividendThe final fully franked dividend for the year is 2.0 cents per share, making a total payout of 3.0 cents per share, compared to 5.0 cents per share last year.

On behalf of the Board, I would like to thank all employees for their contribution during another challenging year.

Brian noxon Chairman

Review of operationsRevenue for the year ended June 30, 2011 was $ 163 million, 7% below the previous year.

Profit after tax, at $ 3.2 million, decreased 36% on last year. The result includes one-off restructuring costs of $1.4 million after tax, mainly to cover the costs of closing a manufacturing plant.

packaging – AustraliaPackaging – Australia comprises metal can and drum manufacturing, plastic injection moulding and metal sheeting and decoration operations. The business has 7 manufacturing plants and supplies metal and plastic packaging products and services for application in paint, chemical, aerosol, industrial and food packaging markets.

Sales revenues fell 8% to $ 126 million as increased competition from imports and other packaging materials reduced prices and weakened demand for metal packaging products. Plastics packaging sales were also lower due to supply issues and capacity constraints. Operating costs were at a similar level to the previous year whilst interest income was higher.

packaging – new ZealandPackaging – New Zealand comprises metal can, drum and closure manufacturing and metal decoration operations. The business has 2 manufacturing plants and supplies metal and plastic packaging products and services for application in paint, chemical, aerosol, industrial and food packaging markets.

Sales revenues were 10% lower at $ 28 million with the strong local currency adversely impacting on export demand. Earnings were affected by the lower sales level and adverse exchange fluctuations.

packaging - pnGPackaging – Papua New Guinea comprises a steel can, drum and closure manufacturing plant located in Lae, PNG. The business supplies metal packaging products for application in paint, petroleum, chemical, industrial and food packaging markets.

Sales recorded strong growth in local currency terms as economic conditions improved. The sharply weaker currency however reduced earnings on consolidation.

packaging - FijiPackaging – Fiji comprises a steel can and drum manufacturing plant located in Suva, Fiji. The business supplies metal packaging products for application in paint, chemical and industrial packaging markets.

Sales were steady for the year. The stronger Australian dollar increased material costs and reduced earnings on consolidation.

occupational Health & SafetyThe company recorded improved OH&S performance with further progress in reducing injury rates.

Forward outlookRecent volatility on financial markets underscores the risk of slower economic conditions in the company’s markets. Additionally, with raw material cost inputs for steel at near record levels and the Australian dollar also forecast to remain near recent highs, competitive pressures will persist in key packaging markets. The business will be focusing on improving trading performance through deploying new capacity in growing market segments and optimising the size of its manufacturing base.

The outlook for global volatility and restrained consumer demand makes it difficult to provide a considered view on the year ahead.

michael tyrrell managing Director

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Left to Right: Terry O’Brien – Director , Ron Pitcher – Director, Ray Horsburgh – Director, Brian Noxon – Chairman and

Michael Tyrrell – Managing Director.

DIReCtoRS’ RepoRtDIReCtoRS’ RepoRt

The Directors present this report on the consolidated entity consisting of National Can Industries Limited and the entities it controlled at the end of, or during, the year ended June 30, 2011.

DirectorsThe following persons were directors of National Can Industries Limited during the whole of the financial year and up to the date of this report:-

R. K. Horsburgh

E. B. Noxon

T. X. O’Brien

R. G. Pitcher

M. W. Tyrrell

principal activitiesDuring the year the principal continuing activities of the group consisted of the manufacture and sale of packaging products and services including metal cans, drums and pails, plastic containers, plastic pails, caps and closures, tinplate and aluminium sheeting and decoration. These products are manufactured in plants throughout Australia, New Zealand, Papua New Guinea and Fiji and are sold for use in a range of markets including paint, aerosol, food, chemical and beverage industries, wholesale merchants, and to export markets in a number of countries.

There were no significant changes in the nature of the activities of the consolidated entity during the year.

Consolidated results and dividendsThe consolidated profit for the year attributed to the members of National Can Industries Limited was:

2011 2010

$’000 $’000

Net profit after income tax 3,239 5,046

earnings per share

Cents per share

Basic earnings per share 4.9 7.6

Diluted earnings per share is not different from basic earnings per share

2011 2010

Weighted average number of Ordinary Shares on issue used in the calculation of basic earnings per share

66,773,572 66,773,572

Dividends

Dividends paid to members during the financial year were as follows:

$’000s

Final ordinary fully franked dividend for the year ended June 30, 2010 of 2.0 cents per share paid on October 28, 2010 1,335

Interim ordinary fully franked divided for the year ended June 30, 2011 of 1.0 cent per share paid on April 20, 2011 668

2,003

In addition to the above dividends, since the end of the financial year, the directors have declared a final ordinary fully franked dividend of 2.0 cents per share ($1,335,471) to be paid on October 27, 2011 out of retained profits at June 30, 2011.

Review of operationsA review of operational performance is included on page 5.

Significant changes in the state of affairsIn the opinion of Directors, there were no significant changes in the state of affairs of the consolidated entity that occurred during the financial year under review not otherwise disclosed in this report or the consolidated accounts.

Significant events after the balance dateThere has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the consolidated entity, the results of these operations, or the state of affairs of the consolidated entity, in subsequent financial years.

likely developmentsThese are summarised in the Managing Director’s Report on page 5.

environmental regulationThe consolidated entity’s operations are conducted under a wide variety of environmental protection Acts and regulations. National Can Industries Limited has in place an environmental policy to ensure its operating divisions comply fully with all applicable regulations. Relevant environmental licences and permits are held at the Company’s manufacturing sites and monitoring procedures are in place to ensure compliance with licence conditions. Over the past year there have been no material breaches of the Company’s licence conditions and the consolidated entity did not experience any significant environmental incident.

The Company has in place environmental management systems designed to minimise pollution and environmental impairment risk. Regular audits are conducted at Company sites and any major environmental risks identified are reported to the consolidated entity’s Board as part the Company’s risk management program, along with other key environmental matters. During the year, no breaches of environmental regulation or legislation were reported and no major non-conformances were advised.

Information on Directors

e. B. noXon, BSc, FIE(Aust), FAIM (Non-executive Chairman)experienceIndependent non-executive director for 10 years and Chairman since 2005. Mr. Noxon has extensive experience in manufacturing industries.

other current directorships Non-executive chairman of Lemarne Corporation Limited (director since 1979).

Former directorships in last 3 yearsNone.

Special responsibilitiesChairman of the BoardChairman of Remuneration CommitteeMember of Audit Committee

Interest in shares and options40,000 ordinary shares in National Can Industries Limited.

R. K. HoRSBuRGH, AM, Hon D Univ, B. Eng (Chem.), FAICD, FIE(Aust) (Non-executive Director) experienceIndependent non-executive director since 2006. Mr. Horsburgh is the former managing director and CEO of Smorgon Steel Ltd. and has extensive experience in steel, transport and glass industries.

other current directorships Non-executive chairman of Toll Holdings Ltd. (director since 2004).

Non-executive director of CSR Ltd. (director since 2006) and Traffic Technologies (director since 2006).


Special responsibilitiesMember of Remuneration CommitteeMember of Audit Committee


t. X. o’BRIen, FCPA (Non-executive Director) experienceIndependent non-executive director since 2004. Mr. O’Brien is currently managing director of Simplot Australia Pty Ltd and has extensive experience in food and textile manufacturing industries.

other current directorships None.


Special responsibilitiesMember of Remuneration CommitteeMember of Audit Committee


R. G. pItCHeR, AM, FCA, FCPA, ACAA (Non-executive Director)

experienceIndependent non-executive director for 17 years. Mr. Pitcher is founder and former principal partner of accounting and advisory firm, Pitcher Partners and has extensive experience in manufacturing industries.

other current directorships Non-executive chairman of Cellestis Limited (director since 2001) and McMillan Shakespeare Limited (director since 2004).

Non-executive director of Reece Australia Limited (director since 2003).


Special responsibilitiesChairman of Audit CommitteeMember of Remuneration Committee

Interest in shares and optionsNone.

m. W. tyRRell (Managing Director) experienceManaging director since 2000 and executive director for 24 years. Mr. Tyrrell has extensive experience in metal and plastic packaging industries.

other current directorships None.


Special responsibilitiesManaging Director.

Interest in shares and options33,538,906 ordinary shares in National Can Industries Limited.

Company SecretaryThe company secretary is Mr. M.R. McDonald who was appointed to the position of company secretary in 2000. Mr. McDonald is also Chief Financial Officer. Mr. McDonald has held senior accounting and finance positions during more than 30 years service with the company.

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meeting of directorsThe number of meetings of the company’s board and of each board committee held during the year ended June 30, 2011, and the numbers of meetings attended by each director were:

Director

Board of Directors meetings

Audit Committee meetings

Remuneration Committee meetings

Held (a)

Attended (b)

Held (a)

Attended (b)

Held (a)

Attended (b)

R.K. Horsburgh 10 7 3 3 2 2

e.B. noxon 10 10 3 3 2 2

t.X. o’Brien 10 8 3 3 2 2

R.G. pitcher 10 9 3 3 2 2

m.W.tyrrell 10 10 - - - -

(a) = Number of meetings held during the time the director was a member of the board/committee during the year(b) = Number of meetings attended

Remuneration reportThe remuneration report is set out under the following main headings:

A Remuneration policy

B Company performance and shareholder wealth

C Details of remuneration

D Service agreements

E Additional information

A Remuneration policy (audited)The Remuneration Committee reviews and sets the salary of the managing director and provides broad guidelines to the managing director for executive salary setting within the National Can Group. Incentive plans for senior executives operate on the basis of achievement of set annual targets directly relating to the performance of the company and executives.

executive RemunerationNCI’s executive remuneration policy is designed to ensure that remuneration packages:-

• are commensurate with the responsibilities and duties of senior executives;

• encourage and recognise the achievement of corporate objectives and targets

• attract and maintain the right personnel for each role and

• are market competitive

In applying the remuneration policy, the Remuneration Committee also gives due consideration to the overall performance of the consolidated entity including the level of earnings and growth in shareholder wealth over financial periods.

Remuneration packages are composed of two elements:- Guaranteed pay

Base remuneration is determined by the executive’s experience, knowledge and individual performance in the role. Packages are reviewed annually with the aim of:-

• maintaining competitiveness in line with market rates

• recognising changes in an executive’s overall value to the company, be it through the acquisition of relevant skills and knowledge, or relevant experience in role

• motivating higher levels of performance

performance payA discretionary incentive payment system (Performance Pay) operates for certain executives with payments dependent on achievement of short-term individual Key Performance Indicators (KPIs). The maximum level of Performance Pay is based on a percentage of the executive’s total remuneration package and is not greater than 25% for any of the company’s executives. KPIs are set annually and are based on and aligned to individual and company performance targets. Targets vary according to the role and areas of responsibility of the individual executive whilst directed towards attainment of common corporate goals such as growth in earnings and shareholder wealth, achievement of workplace safety, working capital and customer service targets. Performance against the KPIs is assessed annually and recommendations for payments determined following the end of the respective financial year.

The Remuneration Committee assesses and approves any Performance Payments for the Managing Director and ratifies the Managing Director’s assessments of Performance Pay for senior executives. In approving Performance Payments for the company’s senior management, consideration is given to the affordability of the payments, relative to the annual targets of the company.

NCI does not offer equity-based remuneration to executives or directors.

Director RemunerationNon-executive directors are remunerated only by way of directors’ fees in the form of cash and superannuation. Apart from annual superannuation contributions, NCI does not provide any other retirement benefits to non-executive directors.

Non-executive directors do not receive equity-based remuneration nor participate in bonus or incentive schemes.

The fees payable to non-executive directors are reviewed annually and recommended by the Remuneration Committee and approved by the Board within the aggregate amount approved by shareholders. The maximum currently stands at $ 500,000 per annum and was approved by shareholders at the Annual General Meeting on October 24, 2006. Directors’ fees are not payable to executive directors.

Directors’ fees are set having regard for the size of the company, the time requirement of directors and market levels for comparable boards. The current base remuneration was set with effect from July 1, 2005 having previously remained unchanged since July 1 2000. The Chairman’s remuneration is inclusive of committee fees while non-executive directors who chair a committee receive additional yearly fees.

The following fees have applied during the year:-

Base fee

Chairman $ 120,000

Other non-executive directors $ 55,000

Additional fees

Audit committee chairman $ 10,000

B Company performance and shareholder wealth (audited)The table below sets out summary information about the consolidated entity’s earnings and movements in shareholder wealth for the 5 years to June 30, 2011:

2011 2010 2009 2008 2007

Net profit after tax ($’000s) 3,239 5,046 4,618 6,702 12,177

Earnings per share (cents) 4.9 7.6 6.9 10.0 18.2

Share price at start of year ($) 1.20 1.00 1.60 1.75 1.89

Share price at end of year ($) 1.02 1.20 1.00 1.60 1.75

Interim dividend per share (cents) 1.0 3.0 3.0 4.0 4.0

Final dividend per share (cents) 2.0 2.0 1.0 2.0 7.0

Total dividend per share (cents) 3.0 5.0 4.0 6.0 11.0

C Details of remuneration (audited)Details of the remuneration of the directors and the key management personnel (as defined in AASB 124 Related Party Disclosures) of National Can Industries Limited and the consolidated entity are set out in the following tables.

The key management personnel of the consolidated entity includes the directors as per page 7 above and the following executive officers who report directly to the managing director:-

M. McDonald – Chief Financial Officer

P. Sloane – Chief Operating Officer

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Key management personnel of the Consolidated entity

2011 PrimaryPost-

emPloymentlong-term benefits

equity

Cash salary

and fees$

Cash Bonus

$

non-monetaryBenefits

$

Super-annuation

$

long service leave

$

options

$

total

$

non-executive directorse.B. noxon Chairman

120,000 - - 13,200 - - 133,200

R. K. Horsburgh 55,000 - - 6,050 - - 61,050

t. X. o’Brien 55,000 - - 6,050 - - 61,050

R.G. pitcher 65,000 - - 7,150 - - 72,150

executive directorm. W. tyrrell Managing director

443,103 - - 49,549 28,424 - 521,076

other key management personnelp. Sloane 370,903 - - 40,799 4,942 - 416,644

m. mcDonald 242,358 - - 26,549 4,919 - 273,826

other highest paid executivesF. Kennedy 188,532 - - 20,889 2,467 - 211,888

G. Chuter 155,797 - 13,132 17,179 3,568 - 189,676

2010

non-executive directorsE.B. Noxon Chairman

120,000 - - 13,200 - - 133,200

R. K. Horsburgh 55,000 - - 6,050 - - 61,050

T. X. O’Brien 55,000 - - 6,050 - - 61,050

R.G. Pitcher 65,000 - - 7,150 - - 72,150

executive directorM. W. Tyrrell Managing director

376,402 79,551 - 41,235 8,921 - 506,109

other key management personnelP. Sloane 363,557 75,573 - 40,164 6,317 - 485,611

M. McDonald 231,811 52,244 - 25,623 5,373 - 315,051other highest paid executivesF. Kennedy 184,278 19,999 8,759 20,211 3,120 - 236,367

G. Chuter 139,625 31,317 27,070 15,372 6,626 - 220,010

D Service Agreements – auditedRemuneration and other terms of employment for the Managing Director and the specified executives are formalised in service agreements. The major provisions of these agreements, are common for these employees and provide for:-

• no defined term of employment

• one (1) month’s notice of termination

• no designated payments upon termination other than for redundancy

• provision of performance-related cash bonuses

e Additional information – unaudited Details of remuneration: cash bonuses

For each cash bonus included in the tables above, the percentage of the available bonus that was paid in the financial year, and the percentage that was forfeited because performance criteria was not met, is set out on page 11. No part of the bonuses is payable in future years.

name

Cash bonus

paid % Forfeited %

m. tyrrell 0% 100%

p. Sloane 0% 100%

m. mcDonald 0% 100%

F. Kennedy 0% 100%

G. Chuter 0% 100%

Insurance of officersIn accordance with Clause 166 of the company’s constitution, the Company has entered into agreements to indemnify all directors of the Company and current and former executive officers of the Company and its controlled entities against all liabilities to persons (other than the Company or a related body corporate) which arise out of the performance of their normal duties as a director or executive officer unless the liability relates to conduct involving a lack of good faith. The Company has agreed to the indemnity of the directors and executive officers against all costs and expenses incurred in defending an action that falls within the scope of the indemnity and any resulting payments. During the financial year a related body corporate paid insurance premiums in respect of directors’ and officers’ liability insurance. The insurance contract prohibits disclosure of the premium paid. The policies do not specify separate premiums for directors or officers either individually or by a group.

non-audit servicesThe Company may decide to employ the auditor on assignments additional to their statutory audit duties where the auditor’s expertise and experience with the company or the consolidated entity are important.

Details of the amounts paid or payable to the auditor (Grant Thornton) for audit and non-audit services provided during the year are set out below.

The Board of Directors has considered the position and, in accordance with the advice received from the Audit Committee, is satisfied that the provision of the non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the provision of non-audit services by the auditor, as set out below, did not compromise the auditor independence requirements of the Corporations Act 2001 for the following reasons:-

• all non-audit services have been reviewed by the Audit Committee to ensure they do not impact the impartiality and objectivity of the auditor

• none of the services undermine the general principles relating to auditor independence as set out in APES 110, including reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity for the company, acting as advocate for the company or jointly sharing economic risks and rewards.

During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms:

2011 2010

Assurance services – audit $ $

Grant thornton Australian firm:Audit and review of financial reports and other audit work under the Corporations Act 2001 130,890

131,250

Non-Grant Thornton audit firms 58,170 59,310

total remuneration for assurance services 189,060 190,560

taxation services

Non-Grant Thornton firms 42,657 40,312

total remuneration for taxation services 42,657 40,312

Auditors’ independence declarationA copy of the auditors’ independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 12.

Rounding of amountsThe company is of a kind referred to in Class Order 98/0100 issued by the Australian Securities and Investments Commission, relating to ‘rounding off’ of amounts in the directors’ report. Amounts in the directors’ report have been rounded off in accordance with that Class Order to the nearest thousand dollars in accordance with that Class Order, or in certain cases, to the nearest dollar.

This report is made in accordance with a resolution of directors.

Brian noxonChairman

michael tyrrellManaging Director

Melbourne – September 9, 2011

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AuDItoR’S InDepenDenCe DeClARAtIon

to the Directors of national Can Industries limitedIn accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of National Can Industries Limited for the year ended 30 June 2011, I declare that, to the best of my knowledge and belief, there have been:

• nocontraventionsoftheauditorindependencerequirementsof the Corporations Act 2001 in relation to the audit; and

• no contraventions of any applicable code of professionalconduct in relation to the audit.

GRANT THORNTON AUDIT PTY LTDChartered Accountants

D. A. AshmoreDirector - Audit & Assurance Services

Melbourne, September 9, 2011

ABN 13 871 256 387Level 2, 215 Spring StreetMelbourne, Victoria 3000

Liability limited by a scheme approved under Professional Standards legislation.

The board of National Can Industries Limited recognises the need for the governance of the company to be maintained at standards acceptable to community expectations and in accordance with the requirements of the Australian Stock Exchange’s Corporate Governance Principles and Recommendations.

A description of the Company’s main corporate governance practices is set out below. All these practices, unless otherwise stated, were in place for the entire year.

In June 2010, the ASX Corporate Governance Council released amendments to the 2nd edition of the Corporate Governance Principles and Recommendations to apply from the first financial year commencing on or after January 1, 2011. Accordingly, the Company will report against the Corporate Governance Principles and Recommendations with 2010 Amendments in its Corporate Governance Statement for the year ended June 30, 2012.

principle 1: Board and managementThe NCI Board is accountable to shareholders for the performance of the Company.

The Board operates in accordance with the principles outlined in the Board Charter which is available upon request from the registered office. The charter describes the Board’s composition, functions and responsibilities and designates authority reserved to the Board and that delegated to management.

Board ResponsibilitiesThe Board prescribes the respective roles and responsibilities of board and management.

The Board is generally responsible for business strategies of the Company, overseeing the management of the Company, setting the values and standards of the Company to uphold in dealings with all stakeholders and acting as custodian of the Company’s shareholders’ interests.

The Board’s functions, as set out in the Board Charter, are summarised as follows:

• setting the strategic direction of the Company andapproving its Business Plans, objectives and financial budgets

• reviewing and evaluating the operational and financialperformance of the Company

• overseeing themanagementof theCompany’s capitalincluding approval of major capital expenditure projects, acquisitions and divestments

• ensuring the Company provides reliable and timelydisclosures to shareholders and the financial market of matters materially affecting the Company

• selecting, appointing andwhere appropriate removingthe Managing Director

• annually reviewing the performance and effectivenessof the Board, its committees and individual directors

The Board delegates to the Managing Director the authority and power to manage the Company and its businesses within levels of authority specified by the Board from time to time.

evaluation of senior management performance The Remuneration committee is responsible for reviewing the performance of the Managing Director and senior executives. Senior management performance is formally evaluated on an annual basis and is measured against

achievement of agreed targets set as part of the Business Planning process. During the reporting period, the committee reviewed senior management in accordance with the designated process.

principle 2: Board structureBoard membersThere are four (4) non-executive directors, all of whom are deemed independent under the principles set out below, and one (1) executive director at the date of signing the Directors’ Report. The chairman of the company is an independent non-executive director and the roles of chairman and managing director are not exercised by the same individual.

Details of the members of the Board, their experience, expertise, qualifications, term of office and independent status are set out in the Directors’ Report under the heading “Information on directors”.

The Board keeps under review the balance of skills and experience of its Members, their independence and access to advice and information.

Directors’ IndependenceAs part of the Board Charter, the Board has set out specific principles in relation to directors’ independence. The Board considers all non-executive directors as independent having regard to these principles and having considered the existence of relationships listed in Principle 2 of the Principles and Recommendations.

No non-executive director of the Board had, during the reporting period, any association or relationship with the Company that required materiality assessments of the above independence criteria. Should this situation change in the future, materiality thresholds would be determined.

Independent professional adviceIndividual directors may obtain independent professional advice in relation to their Board and Committee duties and responsibilities, with the costs borne by the Company, subject to prior consultation with, and approval by the Chairman. The Board’s policy requires all Directors to be provided with a copy of such advice and to be notified if the Chairman’s approval is withheld.

The Board has adopted a formalised and structured process of assessing the performance of the Board, its committees and directors.

Evaluation of Board performance is assessed annually in terms of:-

• the current anddesired level ofBoard engagement ineach area of functional responsibility

• the level of expertise in each area of functionalresponsibility

The Chairman has responsibility for evaluating the performance of individual directors on an ongoing basis.

The charter of each Board committee requires the Committee to evaluate the Committee’s own performance, both of individual members and collectively on an annual basis.

During the reporting period, performance assessment was undertaken in accordance with the designated process summarised above.

CoRpoRAte GoVeRnAnCeAuDItoR’S InDepenDenCe DeClARAtIon F

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Remuneration CommitteeThe committee is comprised solely of non-executive directors, all of whom are independent. The committee operates under a written charter, which has been approved by the Board. Copies of this charter are available upon request from the Company’s registered office.

The Committee consists of the following non-executive directors:

E B Noxon (Chairman)

R K Horsburgh

T X O’Brien

R G Pitcher

Details of these directors’ qualifications and attendance at committee meetings are set out in the Directors’ Report on page 7 and 8.

Selection and appointment of new directors A Nomination Committee has not been established. The Board is responsible for selecting and making recommendations on appointments of directors to the Board. The Board undertakes this process through the application of policies and procedures covering the selection and appointment of new directors including engagement of appropriate recruitment consultants to assist in identifying individuals with the requisite skills and experience.

In accordance with the Company’s constitution, a director appointed in the period since the previous annual general meeting can hold office only until the conclusion of the next following annual general meeting of the Company and shall be eligible for election at that meeting.

principle 3: ethical standardsCode of ConductThe Company has in place a Code of Conduct which expresses the values of NCI and the standards by which business is required to be conducted by the Company and its employees. The Code applies to all directors and employees so that all stakeholders can have confidence in the Company’s integrity and ethics in all business dealings.

The Code requires company personnel, among other things, to act with integrity and honesty in all business dealings at all times and to comply with company policies and procedures and the law. Compliance with the Code is monitored by the Board and senior management on an ongoing basis.

A copy of the Code of Conduct is available upon request from the registered office of the Company.

trading in company securitiesThe Company has in place policies and procedures covering the purchase and sale of company shares. The current Share Trading Policy was revised in January 2011 to comply with ASX Listing Rules 12.9, 12.10, 12.11 and 12.12. The policy includes:-

• closedperiods for trading in thecompany’ssharesbydirectors and key management personnel

• restrictionsontradingincompanyshares

• tradingthatisnotsubjecttothesharetradingpolicyand

• exceptional circumstanceswhere trading inprohibitedperiod may be permitted and

• procedures for gaining clearance for trading in suchexceptional circumstances.

Prior to dealing in the company’s shares, a director or senior manager must be satisfied that he or she is not in possession of any price sensitive information and notify

the Chairman of the Board accordingly. No transactions can be undertaken without acknowledgment of the notification by the Chairman.

A copy of the share trading policy is available upon request from the registered office of the Company.

principle 4: Financial reportingStatements from management The Managing Director and Chief Financial Officer state in writing to the Board each reporting period that the company’s financial reports are complete and present a true and fair view, in all material respects, of the financial condition and operational results of the company and are in accordance with relevant accounting standards.

Audit CommitteeThe committee is comprised solely of non-executive directors, all of whom are independent, and is chaired by a director who is not chair of the Board. The committee operates under a written charter, which has been approved by the Board. Copies of this charter are available upon request from the Company’s registered office.

The Committee consists of the following non-executive directors:

R G Pitcher (Chairman)

R K Horsburgh

E B Noxon

T X O’Brien

Details of these directors’ qualifications and attendance at committee meetings are set out in the Directors’ Report on page pages 7 and 8.

The committee has the appropriate financial expertise and all members are financially literate.

external auditorThe Audit Committee has responsibility for the selection and appointment of the external auditors of the Company. The Committee annually makes recommendations to the Board for the appointment, reappointment or termination of the external auditor, having consideration for the independence and performance of the external auditor. The Committee invites the external auditor to attend and address meetings of the Audit Committee.

Grant Thornton was appointed as the external auditors of the company in 2007 following a tender process. It is Grant Thornton’s policy to rotate audit engagement partners on listed companies at least every five (5) years. A declaration of independence has been provided by Grant Thornton to the Audit Committee, stating that independence has been maintained during the reporting period in accordance with applicable provisions of the Corporations Act and relevant professional standards.

principle 5: material disclosureThe Company has in place policies and procedures to ensure that NCI manages the disclosure of price sensitive information effectively and in accordance with the requirements as set out by regulatory bodies. All market disclosures are approved by the Board. The Company Secretary is authorised to release approved disclosures to the Australian Stock Exchange (ASX) and is the appointed person responsible for communications with the ASX.

Each director has entered into an agreement with the Company to inform the Company of any securities trading in the Company.

national Can Industries limited Consolidated entity

directorsE. Brian Noxon

Chairman

Ray K. Horsburgh

Terry X. O’Brien

Ronald G. Pitcher

Michael W. TyrrellManaging Director

secretary and Registered officeMark R. McDonald

National Can Industries Limited24 Groom Street,

Clifton Hill Victoria 3068 Telephone: (03) 9276 9600 Telefax: (03) 9489 3701

auditorsGrant Thornton

Ross Melville P.K.F.

bankersCommonwealth Bank of Australia

Bank of New Zealand

solicitorsRussell Kennedy

Simpson Grierson

share RegistryComputershare Investor Services Pty. Ltd.

Yarra Falls, 452 Johnston StreetAbbotsford VIC 3067

Telephone: Inside Australia 1300 850 505 Outside Australia (613) 9415 4000

stock exchangeThe Company is listed on the

Australian Stock Exchange.The Home Exchange is Melbourne.

principle 6: Shareholder communicationThe Company has adopted a Communication Strategy to provide information to shareholders about the company in a timely and effective manner. All announcements made to the ASX, including annual and half-year financial reports and information regarding general meeting notices and voting results, are placed on the Company’s web site immediately after public release.

The format of general meetings aims to encourage shareholders to actively participate in the meeting through being invited to comment or raise questions of directors and the Company’s auditors on any matter relevant to the performance and operation of the Company.

A copy of the Disclosure Management policy and Communication Strategy is available upon request from the registered office of the Company.

principle 7: Risk management oversight of risk management functionThe Board oversees the Company’s risk management and internal control systems. Key financial, business and operational risks are assessed, identified and reviewed by the Board on a monthly basis in conjunction with management. A range of policies and procedures have been adopted, as appropriate, to eliminate, manage or ameliorate the impact of these identified risks. The effectiveness of these risk management policies is reviewed by the Board on an ongoing basis. A summary of the Risk Management policies is available upon request from the registered office of the Company.

The Board monitors the effectiveness of the Company’s internal control system through oversight and review of the internal and external audit programs. The effectiveness of monitoring compliance with laws and regulations is also regularly assessed by the Board.

Information on compliance with significant environmental regulations is set out in the Directors’ Report.

Certification of risk management effectivenessIn conjunction with certification of the financial reports under Principle 4, the Managing Director and Chief Financial Officer state in writing each reporting period that:-

• the statement is founded on a sound system of riskmanagement and internal compliance and control which implements the policies adopted by the Board

• the company’s risk management and internal complianceand control system is operating efficiently and effectively in all material respects.

principle 8: RemunerationThe Remuneration Committee is responsible for the application and review of the Company’s remuneration policies. Policies are set out in the Remuneration Report of the Directors’ Report on page 8.

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ConSolIDAteD StAtement oF CompReHenSIVe InComeFIVe yeAR FInAnCIAl SummARy

Year eNded JuNe 30, 2011Financial Data

2011 2010 2009 2008 2007

Sales Revenue $ 000 161,439 175,287 173,781 175,180 182,003

Earnings before interest, tax, depreciation and amortisation (EBITDA) $ 000 15,333 18,904 17,787 19,590 26,743

Earnings before interest and tax (EBIT) $ 000 5,113 8,150 6,727 10,112 17,588

Net profit before tax (PBT) $ 000 4,991 8,017 6,646 10,034 17,511

Net profit after tax (PAT) $ 000 3,239 5,046 4,618 6,702 12,177

Current Assets $ 000 91,758 94,631 83,777 77,894 94,315

Property, plant & equipment $ 000 54,793 56,191 60,789 67,433 63,372

Intangibles $ 000 3,207 3,530 4,024 1,521 1,535

Other Non-current Assets $ 000 4,919 4,758 5,085 5,216 5,100

Total Assets $ 000 154,677 159,110 153,675 152,064 164,322

Current Liabilities $ 000 21,856 26,801 24,325 24,051 31,080

Non-current Liabilities $ 000 1,197 1,063 851 1,524 2,793

Total Liabilities $ 000 23,053 27,864 25,176 25,575 33,873

Issued Capital $ 000 33,699 33,699 33,699 33,699 33,699

Reserves $ 000 3,066 3,924 3,552 2,818 6,135

Retained Profits $ 000 94,859 93,623 91,248 89,972 90,615

Total Shareholders’ Equity $ 000 131,624 131,246 128,499 126,489 130,449

Depreciation and amortisation expense $ 000 10,220 10,754 11,060 9,478 9,155

Interest expense $ 000 122 133 81 78 77

Income tax $ 000 1,752 2,971 2,028 3,332 5,334

performance Ratios & Statistics

EBIT/Sales % 3.2 4.6 3.9 5.8 9.7

PAT/Sales % 2.0 2.9 2.7 3.8 6.7

Return on Equity (PAT/Net Assests) % 2.5 3.8 3.6 5.3 9.3

Gearing (Net Debt/Net Assets) % ( 26.9) ( 27.3) ( 9.7) ( 10.2) ( 21.7)

Shares on issue 000 66,774 66,774 66,774 66,774 66,774

Earnings per share cents 4.9 7.6 6.9 10.0 18.2

Dividend per share total cents 3.0 5.0 4.0 6.0 11.0

Dividend – total $ 000 2,003 3,339 2,671 4,006 7,345

Dividend – payout ratio % 61.2 66.2 57.8 59.8 60.3

Net Tangible Assets per share $ 1.92 1.91 1.86 1.82 1.93

for the Year eNded JuNe 30, 2011

Notes 2011 2010

$’000 $’000

Revenue from continuing operations 2 163,279 176,227

Other income 2(a) 117 276

Changes in inventories of finished goods and work in progress 1,855 ( 4,051)

raw materials and consumables used ( 67,521) ( 71,836)

employee benefits expense ( 48,555) ( 46,798)

depreciation and amortisation expenses 3 ( 10,220) ( 10,754)

finance costs 3 ( 122) ( 133)

distribution expense ( 9,258) ( 9,728)

repairs and maintenance of property, plant and equipment ( 5,871) ( 5,872)

Insurance ( 2,486) ( 2,626)

rental expense relating to operating lease payments 3 ( 2,558) ( 2,481)

other expenses ( 13,669) ( 14,207)

profit before income tax expense 3 4,991 8,017

Income tax expense 4 ( 1,752) ( 2,971)

net profit attributable to members of nCI 19b 3,239 5,046

other comprehensive income

exchange differences on translation of foreign operations 19a ( 807) 310

Changes in fair value of cash flow hedge taken to equity 19a ( 51) 62

Income tax relating to components of other comprehensive income - -

other comprehensive income for the year, net of tax ( 858) 372

total comprehensive income for the year 2,381 5,418

Cents Cents

Basic earnings per share 20 4.9 7.6

diluted earnings per share 20 4.9 7.6

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

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ConSolIDAteD StAtement oF CASH FloWSConSolIDAteD StAtement oF FInAnCIAl poSItIon

for the Year eNded JuNe 30, 2011

Notes 2011 2010

$’000 $’000

Cash flows from operating activities

Receipts from trade and other debtors (inclusive of GST) 179,883 194,146

Payments to trade and other creditors and employees (inclusive of GST) ( 168,616) ( 160,635)

Income tax paid ( 1,861) ( 2,396)

Interest paid 3 ( 122) ( 133)

Interest received 2 1,574 835

net cash inflows from operating activities 29 10,858 31,817

Cash flows from investing activities

Payments for property, plant and equipment 10(a) ( 8,631) ( 5,443)

Proceeds from sale of property, plant and equipment 124 78

Payments for trademarks and software ( 379) ( 162)

net cash outflows from investing activities ( 8,886) ( 5,527)

Cash flows from financing activities

Dividends paid 5 ( 2,003) ( 2,671)

net cash outflows from financing activities ( 2,003) ( 2,671)

net increase/(decrease) in cash and cash equivalents held ( 31) 23,619

Cash and cash equivalents at beginning of financial year 35,782 12,478

Effect of exchange rate change on cash ( 348) ( 315)

Cash and cash equivalents at the end of the financial year 6 35,403 35,782

Financing arrangements 15

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

as at JuNe 30, 2011

Notes 2011 2010

Assets $’000 $’000

Current assets

Cash and cash equivalents 6 35,403 35,782

Trade and other receivables 7 25,185 26,332

Inventories 8 30,579 32,152

Other 9 591 365

Total current assets 91,758 94,631

non-current assets

Property, plant and equipment 10a 52,907 54,290

Investment properties 10b 1,886 1,901

Deferred tax assets 12 4,919 4,758

Intangible assets 11 3,207 3,530

Total non-current assets 62,919 64,479

total assets 154,677 159,110

liabilities

Current liabilities

Trade and other payables 13 12,161 17,421

Current tax liabilities 709 673

Provisions 14 8,986 8,707

Total current liabilities 21,856 26,801

non-current liabilities

Deferred tax liabilities 16 217 186

Provisions 17 980 877

Total non-current liabilities 1,197 1,063

total liabilities 23,053 27,864

net assets 131,624 131,246

equity

Contributed equity 18 33,699 33,699

Reserves 19a 3,066 3,924

Retained profits 19b 94,859 93,623

total equity 131,624 131,246

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

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ConSolIDAteD StAtement oF CHAnGeS In equIty

for the Year eNded JuNe 30, 2011 Notes 2011 2010

$’000 $’000

total equity at the beginning of the financial year 131,246 128,499

Other comprehensive income for the year 19a ( 858) 372

Profit for the year 3,239 5,046

total comprehensive income for the year 2,381 5,418

Dividends provided for or paid 5 ( 2,003) ( 2,671)

total equity at the end of the financial year 131,624 131,246

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

noteS to tHe FInAnCIAl StAtementS

1. summary of significant accounting policiesThe financial report is a general purpose financial report that has been prepared in accordance with Accounting Standards ( including Australian Accounting Interpretations), other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.

The financial statements cover National Can Industries Limited and its controlled entities as a Consolidated Entity.

statement of complianceCompliance with Australian Accounting Standards ensures that the financial statements and notes of National Can Industries Limited and its controlled entities comply with International Financial Reporting Standards (IFRS).

The financial statements were authorised for issue by the directors on September 9, 2011.

adoption of new and revised accounting standardsDuring the current year, the Consolidated Entity adopted all of the new and revised Australian Accounting Standards and Interpretations applicable to its operations which became mandatory. The adoption did not result in any changes to the financial report.

New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 July 2011, and have not been applied in preparing these consolidated financial statements. None of these are expected to have a significant effect on the consolidated financial statements of the Consolidated Entity. The Consolidated Entity does not plan to adopt these standards early and the extent of the impact has not been determined.

a) basis of preparation The financial statements are presented in Australian Dollars.

The accounting policies have been applied consistently throughout the Consolidated Entity for the purposes of the financial statements.

Historical cost convention

These financial statements have been prepared under the historical cost convention.

Critical accounting estimates

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group’s accounting policies. There were no areas involving a higher degree of judgement or complexity, and no areas where assumptions and estimates were significant to the financial statements.

b) principles of consolidation The consolidated financial statements incorporate the assets and liabilities of National Can Industries Limited and its controlled entities as at 30 June 2011 and the results of the Consolidated Entity for the year then ended.

A controlled entity is any entity that National Can Industries Limited has the power to govern the financial and operating policies of the entity so as to obtain the benefits from its activities. In assessing the power to govern, the existence and effect of holdings of actual and potential voting rights are considered.

Controlled entities are fully consolidated from the date on which control is transferred to the Consolidated Entity. They are de-consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of controlled entities by the Consolidated Entity (refer to note 1(h)).

Intercompany transactions, balances and unrealised gains on transactions between consolidated entity companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of controlled entities have been changed where necessary to ensure consistency with the policies adopted by the Consolidated Entity. The financial statements of the controlled entities are prepared for the same period as the Company, using consistent accounting policies.

c) segment reportingAn operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assesses its performance, and for which discrete financial information is available.

Operating segments have been identified based on the information provided to the chief operating decision maker, being the Managing Director.

The Group aggregates two or more operating segments when they have similar economic characteristics, and the segments are similar in each of the following respects:

• nature of the products and services;

• type or class of customer for the products and services;

• methods used to distribute the products or provide the services; and

• nature of the regulatory environment.

Intersegment transactions are conducted on an arms length basis.

d) Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of the Consolidated Entity are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian dollars, which is National Can Industries Limited’s functional and presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges.

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noteS to tHe FInAnCIAl StAtementSnoteS to tHe FInAnCIAl StAtementS

(iii) Consolidated entity companies

The results and financial position of foreign operations whose functional currency is different from the presentation currency are translated into the presentation currency as follows:

• assets and liabilities are translated at year-end exchange rates prevailing at reporting date;

• income and expenses are translated at average exchange rates for the period, where this approximates the rate at the transaction date; and

• all resulting exchange differences are recognised as a separate component of equity.

On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders’ equity.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

e) Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances and duties and taxes paid. A sale is recorded when goods have been despatched and the associated risks passed to the customer. Interest income is recognised on a time proportion basis using the actual interest rate applicable to the deposit.

f) income tax The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the notional income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.

National Can Industries Limited and its wholly-owned Australian controlled entities have implemented the tax consolidation legislation.

g) leases Controlled entities lease property and vehicles where all the risks and benefits of ownership are effectively retained by the lessor and thus these leases are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. Lease income from operating leases is recognised in income over the lease term.

h) acquisitions of assetsThe purchase method of accounting is used to account for all acquisitions of assets (including business combinations) regardless of whether equity instruments or other assets are acquired. Cost is measured as the fair value of the assets given at the date of exchange plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Consolidated Entity’s share of the identifiable net assets acquired is recorded as goodwill (refer to note 1(q)i). If the cost of acquisition is less than the fair value of the net assets of the controlled entity acquired, the difference is recognised directly in the statement of comprehensive income, but only after a reassessment of the identification and measurement of the net assets acquired.

i) impairment of assetsAssets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of that impairment at each reporting date.

j) cash and cash equivalentsCash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statement of financial position.

k) trade receivablesTrade accounts receivable are carried at amounts receivable at settlement. Collectibility of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. A provision for doubtful receivables is established when there is objective evidence that the Consolidated Entity will not be able to collect all amounts due according to the original terms of receivables. The amount of the provision is recognised in the statement of comprehensive income.

l) inventoriesRaw materials and stores, work in progress and finished goods are stated at the lower of cost and net realisable value. Cost comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items of inventory on the first in first out basis. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.

m) derivativesDerivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Consolidated Entity designates certain derivatives as either; (a) hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or (b) hedges of highly probable forecast transactions (cash flow hedges).

The Consolidated Entity documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Consolidated Entity also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions have been and will continue to be highly effective in offsetting changes in fair values or cash flows of hedged items.

(i) Fair value hedge

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the statement of comprehensive income, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

(ii) Cash flow hedge

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in equity in the hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the statement of comprehensive income.

Amounts accumulated in equity are recycled in the statement of comprehensive income in the periods when the hedged item will affect profit or loss. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset (for example, inventory) or a non-financial liability, the gains and losses previously deferred in equity are transferred from equity and included in the measurement of the initial cost or carrying amount of the asset or liability.

When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the statement of comprehensive income. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the statement of comprehensive income.

(iii) Derivatives that do not qualify for hedge accounting

Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in the statement of comprehensive income.

n) Fair value estimation The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. The fair value of forward exchange contracts is determined using forward exchange market rates at reporting date. The nominal value less estimated credit adjustments of trade receivables and payables are assumed to approximate their fair values.

o) property, plant and equipmentThe consolidated entity has adopted the provisions available under AASB116, which allows the carrying value at 30 June 2004 under AGAAP to become the opening deemed cost for IFRS at 1 July 2004.

All property, plant and equipment are stated at deemed cost less depreciation. Deemed cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Consolidated Entity and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred. Land is not depreciated.

Depreciation on other assets is calculated using the straight line method to allocate their cost, net of their residual values, over their estimated useful lives, as follows:

– Buildings 25 - 40 years

– Plant and equipment 3 - 12 years

– Vehicles 5 years

– Software 3 - 5 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 1(i)).

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the statement of comprehensive income.

p) investment property Investment property, principally comprising freehold factory buildings and residential houses, is held for rental yields and is not occupied by the Consolidated Entity. Investment properties are carried using the cost model.

Depreciation on investment properties is calculated using the straight line method to allocate cost, net of residual value, over their estimated useful lives, as follows:

– Buildings 25-40 yearsFor

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2. Revenue2011 2010

$’000 $’000

Revenue from continuing operations

Sale of Goods 161,439 175,287

other revenue

Rent received 193 64

Interest received from other persons 1,574 835

Other revenues 73 41

1,840 940

163,279 176,227

2a. other incomeNet foreign exchange gains 112 222

Net gain on disposal property, plant and equipment 5 54

117 276

3. expensesProfit before income tax includes the following specific expenses:

Depreciation

Buildings 680 690

Plant and equipment 8,815 9,290

Leasehold improvements 35 42

Total depreciation 9,530 10,022

Amortisation

Patents and trademarks 9 9

Computer software 681 650

Technical service fee 73

Total amortisation 690 732

Finance costs

Interest and finance charges paid/payable 122 133

Rental expense relating to operating lease payments 2,558 2,481

Research and development 101 238

Bad debt expense 51 ( 95)

noteS to tHe FInAnCIAl StAtementSnoteS to tHe FInAnCIAl StAtementS

q) intangible assets (i) Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the Consolidated Entity’s share of the net identifiable assets of the acquired controlled entity at the date of acquisition. Goodwill on acquisitions of controlled entities is included in intangible assets.

Goodwill acquired in business combinations is not amortised. Instead, goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each of those cash-generating units represents the Consolidated Entity’s investment in each country of operation.

(ii) Patents designs and trademarks

Patents, trademarks and designs have a finite useful life and are carried at cost less accumulated amortisation and impairment losses. Amortisation is calculated using the straight line method to allocate the cost of patents, trademarks and designs over their estimated useful lives, which vary from 8 to 16 years.

(iii) Research and development

Expenditure on research and development activities, undertaken with the prospect of obtaining new technical knowledge and understanding, is recognised in the statement of comprehensive income as an expense when it is incurred.

r) trade and other payablesThese amounts represent liabilities for goods and services provided to the Consolidated Entity prior to the end of the year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.

s) provisionsProvisions are recognised when the Consolidated Entity has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.

Provisions are measured using the best estimate of amounts required to settle the obligation at the end of the reporting period.

t) employee benefits(i) Wages and salaries, annual leave and sick leave

Liabilities for wages and salaries are recognised in Other Payables in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for annual leave expected to be settled within 12 months of the reporting date are recognised in provisions in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

(ii) Long service leave

The liability for long service leave is recognised in the provision for employee benefits and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

(iii) Profit-sharing and bonus plans

The Consolidated Entity recognises a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit attributable to the company’s shareholders after certain adjustments. The Consolidated Entity recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.

u) contributed equityOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options, or for the acquisition of a business, are included in the cost of the acquisition as part of the purchase consideration.

v) dividends Provision is made for the amount of any dividend declared on or before the end of the year but not distributed at reporting date.

w) earnings per share(i) Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

x) Rounding of amounts The company is of a kind referred to in Class order 98/0100, issued by the Australian Securities and Investments Commission, relating to the ‘’rounding off’’ of amounts in the financial report. Amounts in the financial report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, the nearest dollar.

y) borrowing costs Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed.

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5. dividends2011 2010

$’000 $’000

ordinary shares

Final dividend for the year ended June 30, 2010

2.0 cents (2009 – 1.0 cent) per fully paid share

Fully franked based on tax paid @30% 1,335 668

Interim dividend for the year ended June 30, 2011 1.0 cent (2010 - 3.0 cents) per fully paid share

Fully franked based on tax paid @30% 668 2,003

Total dividends provided for or paid 2,003 2,671

Paid in cash in the current year 2,003 2,671

Dividends not recognised at year end

In addition to the above dividends, since the year end, the directors have declared a final dividend of 2.0 cents per fully paid ordinary share, fully franked based on tax paid at 30%. The aggregate amount of the proposed dividend expected to be paid on October 27, 2011 out of retained profits at June 30, 2011, but not recognised as a liability at year end is: 1,335 1,335

Franked dividends

Balance of franking account at year end adjusted for franking credits arising from:

- payment of provision for income tax

- dividends recognised as receivables and franking debits arising from payment of proposed dividends, and franking credits that may be prevented from distribution in subsequent financial years 9,045 8,378

Subsequent to year-end, the franking account would be reduced by the declared dividend by (572) (572)

8,473 7,806

The consolidated amounts include franking credits that would be available to the parent entity if distributable profits of controlled entities were paid as dividends.

6. current assets – cash and cash equivalents2011 2010

$’000 $’000

Cash at bank and in hand 3,310 3,221

Deposits at call 32,093 32,561

Balances per statement of cash flows 35,403 35,782

(a) Cash at bank and on hand

Cash at bank is bearing floating interest rates of 2.3%. (2010 - 2.0%).

(b) Deposits at call

The deposits are bearing floating interest rates of 4.5%. (2010 - 4.8%)

4. income tax2011 2010

$’000 $’000

(a) Income tax expense

Current tax 1,846 2,839

Deferred tax ( 130) 319

Under/(over) provided in prior years 36 ( 187)

1,752 2,971

Income tax expense is attributable to:

Profit from continuing operations 1,752 2,971

Deferred income tax included in income tax expense comprises:

Decrease/(increase) in deferred tax assets ( 161) 327

Increase/(decrease) in deferred tax liabilities 31 ( 8)

( 130) 319

(b) numerical reconciliation of income tax expense to prima facie tax payable

Profit from continuing operations before income tax expense 4,991 8,017

Tax at the Australian tax rate of 30% (2010 30%) 1,497 2,405

Tax effect of amounts which are not deductible (taxable) in calculating taxable income:

Research and development ( 42) ( 57)

Sundry items 212 166

1,667 2,514

Difference in overseas tax rates ( 4) 7

Under/(over) provision in prior years 36 ( 187)

Deferred tax liability recognition on non allowable building depreciation 637

Change in 2011/12 tax rates in New Zealand from 30% to 28% 53

Income tax expense 1,752 2,971

Income tax relating to components of other comprehensive income 0 0

(c) tax consolidation legislation

National Can Industries Limited and its wholly-owned Australian controlled entities implemented the tax consolidation legislation as of 1 July 2003. The accounting policy in relation to this legislation is set out in note 1(f).

On adoption of the tax consolidation legislation, the entities in the tax consolidated group entered into a tax sharing agreement which, in the opinion of the directors, limits the joint and several liability of the wholly-owned entities in the case of a default by the head entity, National Can Industries Limited.

The entities also entered into a tax funding agreement under which the wholly-owned entities fully compensate National Can Industries Limited for any current tax payable assumed and are compensated by National Can Industries Limited for any current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred to National Can Industries Limited under the tax consolidation legislation. The funding amounts are determined by reference to the amounts recognised in the wholly-owned entities’ financial statements.

The amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice from the head entity, which is issued as soon as practicable after the end of each financial year. The head entity may also require payment of interim funding amounts to assist with its obligations to pay tax instalments. The funding amounts are recognised as current intercompany receivables or payables (see note 7).

(d) Deferred tax assets and liabilities

In the 2010 Budget Statement, the New Zealand government announced legislation to remove tax deductions for depreciation on buildings with expected lives of 50 years or more as from 2011/12. Application of the requirements of the prevailing accounting standards required the additional future tax obligation to be recognised at June 30, 2010 as an increase in deferred tax liability of $ 0.637 million with a corresponding increase in tax expense for the 2009/10 financial year.

Note 12 provides information on the entity’s deferrred tax assets and liabilities including the amounts recognised directly in other comprehensive income.

(e) taxation of financial arrangements (toFA)

Legislation is in place which changes the tax treatment of financial arrangements. The Group is currently assessing the potential impact of these changes on the Group’s tax position. Based on the work performed to date no impact has been recognised and no adjustments have been made to the deferred tax and income tax balances at 30 June 2011 (2010: $Nil).

noteS to tHe FInAnCIAl StAtementSnoteS to tHe FInAnCIAl StAtementSF

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7. current assets – Receivables2011 2010

$’000 $’000

Trade receivables 24,872 25,866

Provision for impairment of receivables ( 84) ( 28)

24,788 25,838

Receivable from tax authorities 292 305

Other receivables 105 189

25,185 26,332

provision for Impairment of Receivables

Current trade receivables are non-interest bearing loans and generally on 30 day terms. Trade receivables are reviewed for impairment at balance date and a provision for impairment is recognised when there is objective evidence that an individual trade or term receivable is impaired. These amounts have been included in Other Expenses.

Movements in provision for doubtful receivables:

opening balance at 1 July 28 159

Charge for the year 55 (122)

Amounts written off 0 (8)

Net exchange differences 1 (1)

Closing balance at 30 June 84 28

The following table details trade and other receivables exposed to credit risk with aging analysis and impairment provided thereon. Amounts are considered as “past due” when the debt has not been settled within the terms agreed between the Consolidated Entity and the customer or counter party to the transaction. Receivables that are past due are assessed for impairment by ascertaining solvency of debtors and are provided for where there are specific circumstances indicating that the debt may not be fully repaid.

2011

Aged trade and other receivables Gross Impairment net

$’000 $’000 $’000

not past due 22,928 ( 17) 22,911

past due 1 - 30 days 1,446 (3) 1,443

past due 31 - 60 days 359 0 359

past due 61 days or more 536 ( 64) 472

total 25,269 ( 84) 25,185

2010

Aged trade and other receivables Gross Impairment Net

$’000 $’000 $’000

Not past due 25,353 0 25,353

Past due 1 - 30 days 57 0 57

Past due 31 - 60 days 632 (8) 624

Past due 61 days or more 318 (20) 298

Total 26,360 (28) 26,332

8. current assets – inventories2011 2010

$’000 $’000

Raw materials and stores 10,694 12,937

Work in progress 11,929 12,721

Finished goods 9,679 7,927

32,302 33,585

Provision for obsolescence (1,723) (1,433)

30,579 32,152

9. current assets – otherPrepayments 591 365

10a. non-current assets – property, plant and equipment

freehold land buildingsleasehold

improvementsPlant &

equipment

Plant & equipment

in course of construction

total

$’000 $’000 $’000 $’000 $’000 $’000

At 1 July 2009

Cost 8,591 19,397 1,029 153,330 2,633 184,980

Accumulated depreciation ( 7,178) ( 734) ( 118,194) ( 126,106)

Net book amount 8,591 12,219 295 35,136 2,633 58,874

year ended 30 June 2010

Opening net book amount 8,591 12,219 295 35,136 2,633 58,874

Additions 65 5,903 ( 525) 5,443

Disposals ( 23) ( 23)

Depreciation charge ( 676) ( 42) ( 9,290) ( 10,008)

Exchange differences 12 4 1 ( 19) 6 4

Closing net book amount 8,603 11,612 254 31,707 2,114 54,290

At 30 June 2010

Cost 8,603 19,464 1,029 156,657 2,114 187,867


Net book amount 8,603 11,612 254 31,707 2,114 54,290


Opening net book amount 8,603 11,612 254 31,707 2,114 54,290

Additions 39 4,915 3,677 8,631

Disposals ( 119) ( 119)

Depreciation charge ( 665) ( 35) ( 8,815) ( 9,515)

Exchange differences ( 67) ( 123) ( 1) ( 186) ( 3) ( 380)

Closing net book amount 8,536 10,863 218 27,502 5,788 52,907

At 30 June 2011

Cost 8,536 19,317 1,028 158,399 5,788 193,068


Net book amount 8,536 10,863 218 27,502 5,788 52,907

Valuations for land and buildings

The Directors obtained independent valuations of all land and buildings owned and used by the consolidated entity as at June 30, 2009. The independent valuations were carried out by the firm of property valuers, C.B. Richard Ellis, on the basis of fair value, being the amounts for which the assets could be exchanged between willing parties in an arm’s length transaction, based on current prices in an active market for similar properties in the same location and condition.

After due consideration of these independent valuations, the directors determined a valuation of $ 43.894 million for all land and buildings owned and used by the consolidated entity as at June 30, 2011.


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10b. non-current assets – investment properties$’000

At 1 July 2009

Cost 2,141

Accumulated depreciation 226

Net book amount 1,915


Opening net book amount 1,915

Depreciation charge 14

Closing net book amount 1,901

At 30 June 2010

Cost 2,141




Opening net book amount 1,901

Depreciation charge 15

Closing net book amount 1,886

At 30 June 2011

Cost 2,141



Valuations for investment properties

The Directors obtained independent valuations of all investment properties owned by the consolidated entity as at June 30, 2009. The independent valuations were carried out by the firm of property valuers, C.B. Richard Ellis, on the basis of fair value, being the amounts for which the assets could be exchanged between willing parties in an arm’s length transaction, based on current prices in an active market for similar properties in the same location and condition.

After due consideration of these independent valuations, the directors determined a valuation of $5.858 million for all investment properties owned by the consolidated entity as at June 30, 2011.

11. non-current assets – intangible assets

Goodwillpatents and trademarks

Computer software total

$’000 $’000 $’000 $’000

At 1 July 2009

Cost 9,810 187 4,214 14,211

Accumulated amortisation and impairment ( 8,387) ( 89) ( 1,711) ( 10,187)

Net book amount 1,423 98 2,503 4,024


Opening net book amount 1,423 98 2,503 4,024

Additions 7 155 162

Amortisation charge * ( 9) ( 650) ( 659)

Exchange differences 2 1 3

Closing net book amount 1,425 96 2,009 3,530

At 30 June 2010

Cost 9,757 194 4,373 14,324


Net book amount 1,425 96 2,009 3,530


Opening net book amount 1,425 96 2,009 3,530

Additions 10 369 379

Amortisation charge * ( 9) ( 681) ( 690)

Exchange differences ( 12) ( 12)

Closing net book amount 1,413 97 1,697 3,207

At 30 June 2011

Cost 9,697 204 4,321 14,222


Net book amount 1,413 97 1,697 3,207

* Amortisation of $690,551 (2010: $659,548) is included in depreciation and amortisation expense in the income statement.

Impairment Disclosures

The recoverable amount of each cash generating unit is determined based on fair value less costs to sell, which is calculated using the discounted cash flow approach. This approach utilises cash flow forecasts that are principally based upon Board approved business plans. These cash flows are then discounted using a relevant long term pre- tax discount rate.

Key assumptions

The following describes the key assumptions on which management based its cash flow projections when determining fair value less costs to sell to undertake impairment testing of goodwill and intangibles:

i. Cash flow forecasts

The cash flow forecasts are based upon the Board approved business plan for each cash generating unit. The terminal growth rate used is in line with the forecast long term underlying growth rate in CPI.

ii. Discount rates

Discount rates applied are based on the pre-tax weighted average cost of capital applicable to the relevant cash generating unit.

The key estimates and assumptions used to determine the fair value less costs to sell of a cash generating unit are based on management’s current expectations after considering past experience and external information, and are considered to be reasonably achievable. However significant changes in any of these key estimates and assumptions may result in a cash generating unit’s carrying value exceeding its recoverable value requiring an impairment charge to be recognised at a future date.


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Financing arrangementsUnrestricted access was available at balance date to the following lines of credit:

Bank overdrafts

Total facilities 935 1,460

Used at balance date 0 0

Unused at balance date 935 1,460

Bank loan facilities

Total facilities 11,321 19,056

Used at balance date 0 0

Unused at balance date 11,321 19,056

The bank overdraft facilities may be drawn at any time are payable on demand and are subject to an annual review. The bank loan facilities may be drawn at any time and have an average maturity of 2 years (2010 – 2 years).

The interest rates are 10.64% (2010 – 10.39%) on the overdraft and there are nil bank loans at June 30 2011.

16. non-current liabilities – deferred tax liabilities2011 2010

$’000 $’000

The balance comprises temporary differences attributable to:

Amounts recognised in profit and loss:

Depreciation 94 48

Patents and trademarks amortisation 29 29

Accrued foreign exchange gains 5 1

Cash flow hedges 5 27

Prepaid rates and taxes 51 48

184 153

Amounts recognised directly in equity:

Post CGT revalued land and buildings 33 33

net deferred tax liabilities 217 186

movements:

Opening balance at 1 July 186 194

Charged/(credited) to the income statement (note 4) 31 ( 8)

Closing balance at 30 June 217 186

17. non-current liabilities – provisionsEmployee benefits 830 727

Decommissioning costs 150 150

980 877

employee Benefits Decommissioning

2011 2010 2011 2010

$’000 $’000 $’000 $’000

movements:

Opening balance at 1 July 727 507 150 150

Charged to the statement of comprehensive income 103 220 0 0

Closing balance at 30 June 830 727 150 150

Decommissioning costs

Provision is made for the estimated future decommissioning costs in respect of certain properties.

12. non-current assets – deferred tax assets2011 2010

$’000 $’000

the balance comprises temporary differences attributable to:

Amounts recognised in profit and loss:

Doubtful debts 24 8

Employee benefits 2,920 3,111

Provision for redundancy and relocation 51

Legal costs 30 64

Provision for audit fees 32 20

Patents amortisation 58 62

Workers compensation insurance accrual 20 27

Inventory and engineering spares adjustments 260 279

Superannuation accrual 47 39

Customer claims 130 74

Impairment accrual 56

Capital losses 156 156

Tax loss 166

Property, plant and equipment depreciation 1,191 696

Net deferred tax assets 4,919 4,758

movements:

Opening balance at 1 July 4,758 5,085

Credited/(charged) to the income statement (note 4) 161 ( 327)

Closing balance at 30 June 4,919 4,758

13. current liabilities - payablesTrade and other payables - unsecured 12,161 17,421

14. current liabilities – provisionsEmployee entitlements 8,816 8,707

Restructuring 170

8,986 8,707

Restructuring Provision is made for the estimated costs in respect of announced production line closures.

Movements in each class of provision during the financial year, other than employee benefits, are set out below:-

Carrying amount at start of year 0

Amounts paid/charged 0

Additional provisions recognised 170

Carrying amount at end of year 170

15. non-current liabilities – interest bearing liabilitiesThe bank loans and overdraft are secured by a negative pledge that imposes certain covenants on the consolidated entity. The negative pledge states that (subject to certain exceptions) the consolidated entity will not provide any other security over its assets, and will ensure that certain financial ratios meet the required levels.

As at June 30, 2011 the consolidated entity fully satisfied the requirements of the specified financial ratios.


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18. contributed equity 2011 2010 2011 2010

’000 ’000 $’000 $’000

(a) Share capital

Ordinary shares Fully Paid 66,774 66,774 33,699 33,699

(b) movements in ordinary share capital: Share Issue

Date Details number Price $’000 $’000

30 June 2009 Opening balance 66,774 $0.50 33,699 33,699

30 June 2010 Balance 66,774 $0.50 33,699 33,699

30 June 2011 Balance 66,774 $0.50 33,699 33,699

(c) ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Parent entity in proportion to the number of and amounts paid on the shares held.

19. Reserves and retained profits2011 2010

$’000 $’000

(a) Reserves

Foreign currency translation reserve ( 3,787) ( 2,980)

Capital profits reserve 6,842 6,842

Cash flow hedge reserve 11 62

3,066 3,924

movements:

Foreign currency translation reserve

Balance 1 July ( 2,980) ( 3,290)

Currency translation differences arising during the year ( 807) 310

Balance 30 June ( 3,787) ( 2,980)

Capital profits reserve

Opening Balance 6,842 6,842

Transfer from retained profits

Closing Balance 6,842 6,842

Cash flow hedge reserve

Opening Balance 62 0

Transfer to inventories and property, plant and equipment ( 51) 62

Closing Balance 11 62

(b) Retained profits

Retained profits at the beginning of the financial year 93,623 91,248

Net profit attributable to members of NCI 3,239 5,046

Dividends provided for or paid (Note 5) ( 2,003) ( 2,671)

Retained profits at the end of the financial year 94,859 93,623

(c) nature and purpose of reserves

(i) Foreign currency translation reserve

Exchange differences arising on translation of the foreign controlled entities, New Zealand, PNG, Fiji and Thailand are taken to the foreign currency translation reserve, as described in accounting policy note 1(d) Foreign Currency.

(ii) Capital Profits Reserve

The capital profits reserve is used to record capital gains realised from the sale of non-current assets. These gains are transferred from retained profits.

(iii) Hedging reserve - Cash flow hedges

The hedging reserve is used to record gains or losses on hedging instruments in cash flow hedges that are recognised directly in equity. Amounts are recognised in profit and loss when the associated hedged transactions affect profit and loss.

20. earnings per share2011 2010

Cents Cents

Basic earnings per share 4.9 7.6

There are no differences between the basic and dilutive earnings per share as disclosed above. Both the basic and dilutive earnings per share have been calculated using Net Profit attributable to members of NCI.

Shares Shares

000 000

Weighted average number of shares used as the denominator in calculating basic earnings per share. 66,774 66,774

$’000 $’000

Reconciliation of earnings used in calculating earnings per share

Net profit 3,239 5,046

Earnings used in calculating basic earnings per share 3,239 5,046

21. Financial instruments Financial Risk management policies

The Board of Directors approves and delegates authority to company management to act on matters within set authority limits and in accordance with agreed policies including matters pertaining to management of the consolidated entity’s risk from its financial instruments. The objectives of deploying these financial risk management measures and controls are to ensure exposures are managed in accordance with agreed limits and for business purposes only, to limit fluctuations from known transactions and to avoid to the extent possible any losses from impairment of financial instruments. The financial instruments of the consolidated entity comprise term and call deposits with banks, accounts receivables and payables and financial derivatives. Financial Risk exposures Through its financial instruments, the consolidated entity primary exposures are to credit risk, liquidity risk and market risk. Credit risk Credit risk refers to the risk that customers or financial institutions are unable to fulfill their contractual obligations with regard to the consolidated entity’s trade receivables, deposits and derivatives. The maximum exposure to credit risk on financial assets of the consolidated entity which have been recognised in the balance sheet, other than investments in shares, is generally the carrying amount, net of any provisions for doubtful debts. a) trade receivables The consolidated entity is exposed to credit risk primarily through trade receivables from customers. Domestic sales transactions, representing the predominant portion of the consolidated entity’s sales, are generally conducted on 30 days credit terms for approved customers. Credit worthiness is assessed for all new customers and credit limits applied commensurate with the applicant’s financial capacity and account usage requirements. Customers not meeting the requisite credit worthiness standards trade only on a cash sale basis. Credit account arrangements are reviewed on an ongoing basis by reference to payment patterns, account usage and other risk factors. Credit facilities are suspended or withdrawn for breaches of agreed trading terms by customers. Export sales are generally conducted on a prepayment or bank secured basis. The consolidated entity’s conditions of sale provide for title to goods to be retained until full payment of the goods has been received from the customer. A summary of overdue trade receivables is reported to the Board on a monthly basis. Debts adjudged to be uncollectible are periodically submitted to the Board for approval to write-off as bad debts.

At half-year and year-end, trade receivables are reviewed by management for impairment and specific provisions taken up in the accounts.

b) deposits and derivatives with financial institutionsThe consolidated entity is exposed to credit risk from transactions with financial institutions relating to deposits and financial derivatives. The risk is managed by restricting the placement of deposits and derivative transactions with financial institutions approved by the Board. A summary of deposits and financial derivatives with financial institutions is provided to the Board on a monthly basis.


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liquidity riskLiquidity risk refers to the risk that the consolidated entity is unable to meet its financial obligations when they fall due.

The consolidated entity ensures that has sufficient liquidity at all times to be able to meet its financial obligations as and when they fall due through monitoring of monthly cashflows and maintaining committed and standby borrowing facilities in excess of anticipated requirements.

market RiskMarket risk refers to the risk that changes in the prices for foreign exchange and interest rates will affect the consolidated entity’s income or value of financial instruments.

a) Foreign currency riskThe consolidated entity is exposed to foreign currency risk through sales and purchases denominated in foreign currencies.

Financial derivatives are entered into to protect against exchange rate movements and are mainly used for significant capital expenditure purchases. Foreign exchange contracts are only entered into where the consolidated entity has committed obligations or known transactions involving foreign currencies and are timed to mature when such commitments fall due.

The following foreign exchange contracts were outstanding at balance date:-

Sell Australian Dollars Average exchange

Rate

2011 2010 2011 2010

Buy Swiss francs $’000 $’000

Maturity 0-6 Months 180 0.95

Buy uSD



Buy euR



Exposure limits have been established by the Board of Directors and details of current financial derivatives are reported to and reviewed by the Board on a monthly basis. The level of sales and non-capital expenditure purchases in foreign currencies does not represent a material exposure to foreign currency risk and these exposures are not hedged.

b) interest rate riskThe consolidated entity is exposed to interest rate risk through its deposits with financial institutions. Deposits are made at call to maintain sufficient liquidity for short-term obligations and the balance of funds deposited for terms ranging from 30 to 90 days.

The consolidated entity’s exposure to interest rate risk and effective weighted average interest rate by maturity period is set out below. For interest rates applicable to each class of financial instrument, refer to individual notes in the financial statements.

Floating interest

rate

non-interest bearing

total

2011 $’000 $’000 $’000

Financial assets

Cash and deposits (note 6) 35,403 35,403

Receivables (note 7) 25,285 25,285

35,403 25,285 60,688

Weighted average interest rates 4.50%

Financial liabilities

Bank overdrafts and loans (note 15)

trade and other creditors (note 13) 12,161 12,161

12,161 12,161

net financial assets (liabilities) 35,403 13,124 48,527

2010

Financial assets

Cash and deposits (note 6) 35,782 35,782

Receivables (note 7) 26,332 26,332

35,782 26,332 62,114

Weighted average interest rates 4.50%

Financial Liabilities

Bank overdrafts and loans (note 15)

Trade and other creditors (note 13) 17,421 17,421

17,421 17,421

Net financial assets (liabilities) 35,782 8,911 44,693

Sensitivity analysisThe consolidated entity has performed a sensitivity analysis on its exposures to foreign currency risk and interest rate risk on its financial instruments at balance date.

Foreign currency risk sensitivity analysis The effect on profit and equity as a result of a change in the value of the Australian Dollar to the US Dollar on financial instruments held at balance date, with all other variables remaining constant, is set out below. Management believes that the level of change used is a reasonably possible movement in exchange rate.

2011 2010

$'000 $’000

Change in profit

Improvement in AUD to USD by 10% (139)

Decline in AUD to USD by 10% 139

Improvement in AUD to CHF by 10% (16)

Decline in AUD to CHF by 10% 16

Improvement in AUD to EUR by 10% (68)

Decline in AUD to EUR by 10% 68

Change in equity

Improvement in AUD to USD by 10% (139)

Decline in AUD to USD by 10% 139

Improvement in AUD to CHF by 10% (16)

Decline in AUD to CHF by 10% 16

Improvement in AUD to EUR by 10% (68)

Decline in AUD to EUR by 10% 68

interest rate risk sensitivity analysis

The effect on profit and equity as a result of changes in the interest rate on financial instruments held at balance date, with all other variables remaining constant, is set out below. Management believes that the level of change to be a reasonably possible movement in interest rates.

Change in profit

Increase in interest rate by 100 basis points 354 358

Decrease in interest rate by 100 basis points (354) (358)

Change in equity

Increase in interest rate by 100 basis points 354 358

Decrease in interest rate by 100 basis points (354) (358)


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22. Remuneration of auditors2011 2010

$ $

The auditor of the Company and its controlled entities is Grant Thornton. From time to time, Grant Thornton provides other services to the Group, which are subject to strict corporate governance procedures encompassing the selection of service providers and the setting of their remuneration.During the year, the following services were paid to the auditor of the parent entity, its related practices and non-related audit firms.

(a) Assurance services

Grant Thornton Australian firm:

Audit and review of financial reports and other audit work under the Corporations Act 2001 130,890 131,250

Non-Grant Thornton audit firms for the audit and review of financial reports of any entity in the consolidated entity 58,170 59,310

Total remuneration for assurance services 189,060 190,560

(b) taxation services

Non-Grant Thornton audit firms 42,657 40,312

Total remuneration for taxation services 42,657 40,312

23. deed of cross guaranteeNational Can Industries Limited, NCI Holdings Pty Ltd, National Can Australia Pty Ltd (formerly NCI Packaging Pty Ltd), NCI Specialty Metal Products Pty Ltd and NCI Diversified Products Pty Ltd (formerly Pacmetal Services Pty Ltd) are parties to a deed of cross guarantee under which each company guarantees the debts of the others. By entering the deed, the wholly-owned entities have been relieved from the requirement to prepare a financial report and directors’ report under Class Order 98/1418 (as amended by Class Orders 98/2017, 00/0321, 01/1087, 02/0248 and 02/1017) issued by the Australian Securities & Investments Commission.

(a) Condensed consolidated statement of comprehensive income and a summary of movements in consolidated retained profits

The above companies represent a “Closed Group” for the purposes of the Class Order, and as there are no other parties to the Deed of Cross Guarantee that are controlled by National Can Industries Limited, they also represent the “Extended Closed Group”.

Set out below is a condensed consolidated statement of comprehensive income and a summary of movements in consolidated retained profits for the year ended 30 June 2011 of the Closed Group consisting of National Can Industries Limited, NCI Holdings Pty Ltd, National Can Australia Pty Ltd (formerly NCI Packaging Pty Ltd), NCI Speciality Products Pty Ltd and NCI Diversified Products Pty Ltd (formerly Pacmetal Services Pty Ltd)

2011 2010

$’000 $’000

Condensed consolidated statement of comprehensive incomeprofit before income tax expense 2,154 6,371

Income tax expense 484 971

net profit for the year 1,670 5,400

other comprehensive income

Changes in fair value of cash flow hedge taken to equity ( 51) 62

Income tax relating to components of other comprehensive income 0 0

Other comprehensive income for the year, net of tax (51) 62

Total comprehensive income for the year 1,619 5,462

Summary of movements in consolidated retained profitsRetained profits at the beginning of the financial year 71,281 68,552


Dividends provided for or paid ( 2,003) ( 2,671)

Retained profits at the end of the financial year 70,948 71,281

(b) Condensed consolidated statement of financial position

Set out below is a condensed consolidated statement of financial position as at 30 June 2011 of the Closed Group consisting of National Can Industries Limited, NCI Holdings Pty Ltd, National Can Australia Pty Ltd (formerly NCI Packaging Pty Ltd), NCI Specialty Metal Products Pty Ltd and NCI Diversified Products Pty Ltd (formerly Pacmetal Services Pty Ltd).

2011 2010

$’000 $’000

Current assets

Cash and cash equivalents 22,806 27,233

Receivables 20,772 21,110

Inventories 22,283 22,999

Other 568 285

total current assets 66,429 71,627

non-current assets

Investments in subsidiaries 5,569 5,411

Investment properties 1,886 1,901

Property, plant and equipment 45,852 46,276

Deferred tax assets 4,716 4,179

Intangible assets 2,330 2,639

total non-current assets 60,353 60,406

total assets 126,782 132,033

Current liabilities

Payables 9,784 15,277

Provisions 8,248 7,697

total current liabilities 18,032 22,974

non-current liabilities

Deferred tax liabilities 118 137

Provisions 811 716

total non-current liabilities 929 853

total liabilities 18,961 23,827

net assets 107,821 108,206

equity

Contributed equity 33,699 33,699

Reserves 3,174 3,226

Retained profits 70,948 71,281

total equity 107,821 108,206

24. commitments2011 2010

Capital commitments $’000 $’000

Capital expenditure contracted for at the reporting date but not recognised as liabilities is as follows:

Payable no later than one year 5,761 1,700

lease Commitments

Commitment in relation to leases contracted for at the reporting dates but not recognised as liabilities, payable:

Within one year 1,673 2,454

Later than one year and not later than five years 1,709 1,610

Later than five years 5 6

Representing non-cancellable operating leases 3,387 4,070


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25. employee entitlements2011 2010

provision for employee entitlements $’000 $’000

Current (note 14) 8,816 8,707

Non-current (note 17) 830 727

Aggregate employee entitlement liability 9,646 9,434

26. Related party transactions2011 2010

$ $

(a) parent entity

National Can Industries Ltd is the ultimate parent entity.

(b) Subsidiaries

Interests in subsidiaries are set out in note 27

(c) transactions with related parties

The following transactions occurred with related parties:

Remuneration paid to directors of the ultimate parent entity 295,000 295,000

Contributions to superannuation funds on behalf of employees 3,091,402 3,020,535

(d) transactions within consolidated entity

Transactions between Consolidated Entity companies arise from the sale and purchase of goods and services, and loans and borrowings of funds. All transactions are conducted on normal terms and conditions and at market rates.

27. investments in controlled entitiesCountry of

Incorpparent entity beneficial

interest %

2011 2010

NCI Holdings Pty Ltd * Aust. 100 100

National Can Australia Pty Ltd (formerly NCI Packaging Pty Ltd) Aust. 100 100

NCI Specialty Metal Products Pty. Ltd. Aust. 100 100

NCI Diversified Products Pty Ltd (formerly Pacmetal Services Pty Ltd) Aust. 100 100

NCI (N.Z.) Limited nZ 100 100

NCI Packaging (N.Z.) Limited. nZ 100 100

NCI Packaging (PNG) Ltd pnG 100 100

NCI Packaging (Thailand) Ltd thailand 100 100

* Part of the business is carried on in Fiji

NCI Holdings Pty Ltd owns 100% of the issued ordinary shares of all the controlled Australian entities and 100% of the issued ordinary and redeemable preference shares of NCI (N.Z.) Limited which in turn owns 99.2% of the issued ordinary shares of NCI Packaging (N.Z.) Limited. NCI Holdings Pty Ltd owns the remaining 0.8% of shares in NCI Packaging (NZ) Ltd. NCI Holdings Pty Ltd also owns 100% of the issued ordinary shares of NCI Packaging (PNG) Ltd. and 100% of the issued ordinary shares of NCI Packaging (Thailand) Ltd.

28. segment information

australia new Zealand otherintersegment eliminations Consolidated

$’000 $’000 $’000 $’000 $’000

2011

Sales to customers outside

the consolidated entity 126,475 28,276 6,688 161,439

Intersegment sales 5,136 3,730 ( 8,866) 0

total sales revenue 131,611 32,006 6,688 ( 8,866) 161,439

other revenue 1,690 138 129 1,957

total segment revenue 133,301 32,144 6,817 ( 8,866) 163,396

Segment result 1,932 1,647 1,534 5,113

unallocated revenue less expenses ( 122)

Income tax expense ( 1,752)

net profit after tax 3,239

Segment assets 116,644 25,954 7,628 ( 468) 149,758

unallocated assets 4,919

total assets 154,677

Segment liabilities 18,819 3,327 449 ( 468) 22,127

unallocated liabilities 926

total liabilities 23,053

Acquisitions of property, plant and equipment,intangibles and other non current assets

8,551 290 169 9,010

Depreciation and amortisation expense

9,240 848 132 10,220

other non - cash items ( 5) 60 55

2010

Sales to customers outside

the consolidated entity 137,190 31,494 6,603 175,287

Intersegment sales 4,797 3,484 ( 8,281) 0

Total sales revenue 141,987 34,978 6,603 ( 8,281) 175,287

Other revenue 801 233 182 1,216

Total segment revenue 142,788 35,211 6,785 ( 8,281) 176,503

Segment result 3,720 2,748 1,682 8,150

Unallocated revenue less expenses ( 133)

Income tax expense ( 2,971)

Net profit after tax 5,046

Segment assets 122,819 25,244 6,678 ( 389) 154,352

Unallocated assets 4,758

Total assets 159,110

Segment liabilities 23,715 3,206 473 ( 389) 27,005

Unallocated liabilities 859

Total liabilities 27,864

Acquisitions of property, plant and equipment,intangibles and other non current assets

4,921 409 275 5,605

Depreciation and amortisation expense 9,610 1,022 122 10,754

Other non - cash items ( 46) ( 76) ( 122)

The entity’s operating segments have been determined based on the internal management reporting structure and the nature of products and services provided by the consolidated entity. They reflect the business level at which financial information is provided to management for decision making regarding resource allocation and performance assessment. The segment information presented is consistent with internal management reporting. The entity has three operating segments Australia, New Zealand and Other (Papua New Guinea and Fiji), each of which operate predominantly in packaging material processing and packaging manufacture which represents a single industry.


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29. Reconciliation of net cash flows from operating activities to operating profit after income tax

2011 2010

$’000 $ ‘000

operating profit after income tax 3,239 5,046

Depreciation and amortisation 10,220 10,754

Amounts credited to sundry provisions 55 ( 122)

Net (gain) loss on sale of non-current assets ( 5) ( 54)

Net exchange differences ( 117) 597

Change in operating assets and liabilities net of effect of acquisition of entities:

(Increase) decrease in future tax benefits ( 161) 327

(Decrease) increase in deferred tax payable 31 ( 8)

(Decrease) increase in income tax payable 36 ( 431)

(Increase) decrease in trade debtors and other receivable 1,091 1,401

(Increase) decrease in prepayments ( 226) 24

(Increase) decrease in inventories 1,573 11,156

(Decrease) increase in trade and other creditors and employee entitlements ( 4,878) 3,127

net cash inflows from operating activities 10,858 31,817

30. key management personnel disclosures Directors The following persons were directors of National Can Industries Limited during the financial year: Chairman – non-executive E B Noxon executive director M W Tyrrell, Managing Director non-executive directors R K Horsburgh T X O’Brien R G Pitcher other key management personnel The following persons also had authority and responsibility for planning, directing and controlling the activitives of the consolidated entity, directly or indirectly, during the financial year. name position employer M McDonald Chief Financial Officer NCI Holdings Pty Ltd P Sloane Chief Operating Officer NCI Holdings Pty Ltd

Key management personnel compensation 2011 2010

$ $

Short-term employee benefits 1,351,364 1,474,138

Post-employment benefits 149,347 139,472

Long-term employee benefits 38,285 20,611

Total 1,538,996 1,634,221

equity instrument disclosures relating to key management personnel.

Share holdings The number of shares in the company held during the financial year by each director of NATIONAL CAN INDUSTRIES LIMITED and other key management personnel of the consolidated entity, including their personally-related entities, are set out below. There were no shares granted during the reporting period as compensation.

2011

Balance at the start of

the year

Received during the

year on exercise of

options

other changes

during the year

Balance at the end of

the yearDirectors of national Can Industries limitedordinary shares

R. K. Horsburgh 11,220 - - 11,220e.B. noxon 40,000 - - 40,000t.X. o’Brien 60,000 - - 60,000R.G. pitcher - - - -m. W. tyrrell 33,538,906 - - 33,538,906

other key management personnel of the consolidated entity

ordinary sharesm. mcDonald 20,000 - - 20,000p. Sloane - - - -

2010

Directors of national Can Industries limited

ordinary shares

R.K. Horsburgh 11,220 - - 11,220

E.B. Noxon 40,000 - - 40,000

T.X. O’Brien 60,000 - - 60,000

R.G. Pitcher - - - -

M. W. Tyrrell 33,538,906 - - 33,538,906

other key management personnel of the consolidated entity

ordinary shares

M. McDonald 20,000 - - 20,000

P. Sloane - - - -

other transactions with key management personnelA director, Mr. M W Tyrrell, is a director and shareholder in Tyrrell (1984) Nominees Pty Ltd. A subsidiary of National Can Industries Limited leases a factory from Tyrrell (1984) Nominees Pty Ltd. The lease is based on normal commercial terms and conditions.


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DIReCtoRS’ DeClARAtIon

In the directors’ opinion:

a) the financial statements and notes set out on pages 17 to 44 are in accordance with the Corporations Act 2001, including:

(i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

(ii) giving a true and fair view of the company’s and consolidated entity’s financial position as at 30 June 2011 and of their performance for the financial year ended on that date; and

(iii) complying with International Financial Reporting Standards as disclosed in note 1;

b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; and

c) the audited remuneration disclosures set out in of the directors’ report on pages 8 to 11 comply with Accounting Standards AASB 124 Related Party Disclosures and the Corporations Regulations 2001; and

d) at the date of this declaration, there are reasonable grounds to believe that the members of the Extended Closed Group identified in note 23 will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross guarantee described in note 23.

The directors have been given the declarations by the chief executive officer and chief financial officer required by section 295A of the Corporations Act 2001.

This declaration is made in accordance with a resolution of the directors.

Brian noxonChairman

michael tyrrellManaging Director

MelbourneSeptember 9, 2011

noteS to tHe FInAnCIAl StAtementS

31. parent company information2011 2010

$’000 ‘000

Assets

Current assets 6,631 6,557

Non-current assets 28,287 28,287

Total assets 34,918 34,844

liabilities

Current liabilities 391 415

Non-current liabilities 0 0

Total liabilities 391 415

equity

Contributed equity 33,699 33,699

Retained profits 828 730

Total equity 34,527 34,429

Financial performance


Other comprehensive income 0 0

Total comprehensive income 2,102 2,671

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ASX ADDItIonAl InFoRmAtIonInDepenDent AuDItoR’S RepoRt

shareholdings

Voting RightsOn a show of hands, one vote for every registered holder and on a poll, one vote for each share held by registered holders.

Issued CapitalThe company’s issued capital at August 30, 2011 consisted of 66,773,572 ordinary shares (2010: 66,773,572)

Distribution of Shareholdings at August 30, 2011

Range no. of Shareholders no. of Shares

1 – 1,000 78 49,037

1,001 – 5,000 210 576,608

5,001 – 10,000 71 554,513

10,001 – 100,000 98 2,768,397

100,001 and over 22 62,825,017

Total 479 66,773,572

Number of holders of a less than marketable parcel: 25 4,941

notification of substantial shareholdingsno. of Shares %

Tyrrell Investments and related corporations and associates 33,993,451 50.91

Salvage Pty Ltd and related corporations 13,348,037 19.99

Hunter Hall Investment Management Ltd 5,845,454 8.75

top 20 ordinary shareholders (August 30, 2011)Tyrrell Investments Pty Ltd 33,273,946 49.83

Bennamon Pty Ltd 8,938,261 13.39

J P Morgan Nominees Australia Ltd 5,487,014 8.22

Geminder Holdings Pty Ltd 4,409,776 6.60

RBC Dexia Investor Services Australia Nominees Pty Ltd (PIPOOLED a/c) 2,416,662 3.62

Mr. R.R. Slack & Mr. J.E. Slack (Estate C.R.Mitchell a/c) 2,019,238 3.02

O’Halloran Investments Pty Ltd 1,901,673 2.85

Mr. A.J. Pitman 910,655 1.36

Mrs P. Thomas 531,000 0.80

Angueline Investments Pty Ltd (Angueline a/c) 525,000 0.79

Munitus Pty Ltd (H G & A G Stevens a/c) 463,868 0.70

Mr I. Alexander 406,404 0.61

Mrs K.P. Tyrrell 343,613 0.51

Mr M.W. Tyrrell 264,960 0.40

Citicorp Nominees Pty Ltd 222,087 0.33

Atkins Consulting Group (Atkins Super Fund a/c) 200,000 0.30

Mrs B. Hughes 143,179 0.21

Mrs M. Atkins & Mr. B. Atkins (M.A. Atkins Super Fund a/c) 140,625 0.21

Ms F. Tyrrell 125,000 0.19

Estate of H.M. Tyrrell 102,056 0.15

62,825,017 94.09

InDepenDent AuDItoR’S RepoRt to the members of national Can Industries limitedReport on the financial statementsWe have audited the accompanying financial statements of National Can Industries Limited (the “Company”), which comprises the statement of financial position as at 30 June 2011, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that date, a summary of significant accounting policies, other explanatory notes to the financial statements and the directors’ declaration of the consolidated entity comprising the Company and the entities it controlled at the year’s end or from time to time during the financial year.

Directors’ responsibility for the financial statementsThe directors of the Company are responsible for the preparation and fair presentation of the financial statements in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. The directors also state, in the notes to the financial statements, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that compliance with the Australian equivalents to International Financial Reporting Standards ensures that the financial statements, comprising the financial statements and notes, complies with International Financial Reporting Standards.

Auditor’s responsibilityOur responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with Australian Auditing Standards which require us to comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

electronic presentation of audited financial statementsThis auditor’s report relates to the financial statements of National Can Industries Limited and controlled entities for the year ended 30 June 2011 included on National Can Industries Limited’s web site. The Company’s directors

are responsible for the integrity of National Can Industries Limited’s web site. We have not been engaged to report on the integrity of National Can Industries Limited’s web site. The auditor’s report refers only to the statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these statements. If users of this report are concerned with the inherent risks arising from electronic data communications they are advised to refer to the hard copy of the audited financial statements to confirm the information included in the audited financial statements presented on this web site.

IndependenceIn conducting our audit, we complied with applicable independence requirements of the Corporations Act 2001.

Auditor’s opinionIn our opinion,:

a) the financial statements of National Can Industries Limited are in accordance with the Corporations Act 2001, including:

i) giving a true and fair view of the Company’s and consolidated entity’s financial position as at 30 June 2011 and of their performance for the year ended on that date; and

ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and

b) the financial statements also comply with International Financial Reporting Standards as disclosed in the notes to the financial statements.

Report on the remuneration reportWe have audited the Remuneration Report included in pages 8 to 11 of the directors’ report for the year ended 30 June 2011. The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

Auditor’s opinion on the remuneration reportIn our opinion, the Remuneration Report of National Can Industries Limited for the year ended 30 June 2011, complies with section 300A of the Corporations Act 2001.

GRANT THORNTON AUDIT PTY LTDChartered Accountants

D. A. AshmoreDirector - Audit & Assurance Services

Melbourne, September 9, 2011

ABN 13 871 256 387Level 2, 215 Spring Street, Melbourne, Victoria 3000

Liability limited by a scheme approved under Professional Standards legislation.

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SHAReHolDeR InFoRmAtIon

Shareholder enquiries

Shareholders with enquiries about their shareholdings should contact the company’s share registry, Computershare Investor Services Pty. Ltd.

Contact details are set out below.

Computershare Investor Services Pty. Ltd. Yarra Falls, 452 Johnston Street Abbotsford VIC 3067 GPO Box 2975EE Melbourne VIC 3000

Investor enquiries

Within Australia: 1300 850 505Outside Australia: (613) 9415 4000Facsimile: (613) 9473 2500Email: [email protected]: www.computershare.com

Change of Address

Shareholders should notify the share registry in writing, immediately upon any change in their registered address.

Removal from the Annual Report mailing list

Shareholders who do not want to receive an Annual Report, or who are receiving more than one copy, should advise the share registry in writing. These shareholders will continue to receive all other shareholder information.

Consolidation of Shareholdings

Shareholders who wish to consolidate their separate shareholdings into one account should advise the share registry in writing.

tax File number

Shareholders wishing to record their tax file number or exemption details in relation to their shareholding in NCI should advise the share registry by telephone or in writing.

Dividends

Dividends may be paid directly to any Australian bank, building society or credit union that participates in the direct debit system. Payments are electronically credited on the dividend date and confirmed by mailed payment advice. Shareholders who want their dividends to be paid in this way should advise the share registry in writing.

NCI Head Officewww.nci-ltd.com [email protected] Hill 24 Groom Street Ph. (03) 9276 9600

nCI packagingwww.nci-packaging.com [email protected]

VictoriaPreston 90–92ChifleyDrive Ph.(03)92906800

Tullamarine 76–80 Lambeck Drive Ph. (03) 9335 6155

Bayswater 31–35 Burgess Road Ph. (03) 9729 7933

Northcote 219 Separation Street Ph. (03) 9488 9200

new South WalesThornleigh Whitcroft Place Ph. (02) 9910 8500

queenslandRocklea 51 Reginald Street Ph. (07) 3277 4377

South AustraliaGepps Cross 15–17 Waldaree Street Ph. (08) 8359 5656

Western AustraliaKewdale 3 Miles Road Ph. (08) 9353 6125

new ZealandPanmure 80 Mt Wellington Highway Ph. (+64 9) 914 9444

Upper Hutt 62–66 Montgomery Crescent Ph. (+64 9) 914 9444

papua new GuineaLae, Taraka Orion Road, Morobe Province Ph. (+675) 475 7110

FijiLami Suva Lot 18 Wailada Industrial Estate Ph. (+679) 362 944

thailandBangkok Level 32 Interchange 21 Ph. (+66) 2660 3700 399 Sukhumvit Road North Klongtoey, Wattana

pacmetal Serviceswww.pacmetal-services.com [email protected]

new South WalesGlendenning 194 Power Street Ph. (02) 9208 6800

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lualiMa sio, keni sitaleni, vicky skevis, sebastian skRzela, williaM sloane, siMon sMith, Jason sMyth, ngov leng sok, saReth sok, alicia sokol, peteR soubalis, khaM soukbandith, khaMphout soukbandith, phetsaMone souvannavong, peteR spassopoulos, adRian spenceR, sokole spiRkoski, JaRoslav spisJak, chaRles spiteRi, shivachandRa sReeRaMaReddy, RichaRd standaaR, phil staniland, MiloRad stankovic, baRRy stanley, david stephens, eRato steRgiadis, daRRen stevenson, sandRina stobbie, dRagan stoJanovski, MaRilyn stoRey, bRent stoves, keRRi stuaRt, luke suidgeest, cRaig sullivan, saM sundaR, gRant sutton, Robinson swaMy, FaRooq syed, FRank tabone, Makalea takau, otenili takau, MeRe taleMaicolo, baytoon tallo, eseRanaaMa taMasoni, chi tang, alF tanti, david taRa, latai tauFa, Mele tauFa, bRighaM tauFalele, david tauFeR, RobeRt taveRneR, Maihe Reweti tawa, daniel tayloR, RobeRt tayloR, paul te whata, Manu tekoRonga, ana teleni, henRi telkes, chi lan thach, caMille thoMas, RogeR thoMas, haRawe 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