Directors’ Report

For personal use only

Interests in the Shares and Options of the Company

As at the date of this report, the relevant interests of the directors in the shares and options of Pro-Pac Packaging
Limited are shown in the table below:

Ordinary Shares Interest in Ordinary Shares

through Directorships of
Corporate Shareholders

David Herlihy Nil Nil

Elliott Kaplan 1,483,096 8,127,252
Hadrian Morrall 12,517,618 -
Brandon Penn 19,561,565 -

Meetings of Directors
Attendances by each director during the year were:

Board Audit committee Remuneration committee

Number of Meetings Number of Meetings Number of Meetings
meetings held attended meetings held attended meetings held attended
while in office while in office while in office

David Herlihy 4 4 1 1 1 1
John Read 7 7 4 3 - -
Elliot Kaplan 10 10 4 4 1 1
Hadrian Morrall 10 10 - - - -
Brandon Penn 10 10 - - - -

Principal Activities
Pro-Pac Packaging Limited is a company limited by
shares that is incorporated and domiciled in Australia.
The principal activities of the consolidated entity during
the year were the manufacture and distribution of
industrial, protective and rigid packaging products.
There have been no significant changes in the nature of
these activities during the year.
Overview of the Company’s Business
Pro-Pac Packaging Limited is a diversified manufacturing
and distribution company, providing innovative, flexible
and rigid packaging solutions for a broad group of
customers. PPG is headquartered in Sydney with
operations in Adelaide, Brisbane, Melbourne and Perth.
Review of Operations
The Directors of Pro-Pac Packaging Limited (ASX:
PPG) are pleased to provide this commentary on the
performance of the company and its controlled
entities (“the Group”) for the financial year ended
30 June 2010.
Results for the Year Ended 30 June 2010
The company continued to deliver strong top and bottom
line growth achieving record revenue and earnings for
the 2010 financial year.
Sales grew 23% to $90.9m with EBITDA of $10.1m
increasing by 77%. Profit before tax was up 133% to
$7.2m and after tax was $5m. Earnings per share were
4.1 cents, a significant increase on the 1.9 cents per
share earned in the 2009 financial year.
Significant investment in working capital required for the
continued growth of the Company resulted in cash flow
from operations being restricted to approximately $3.5m.
The first half of the financial year, leading up to the peak
Christmas trading season, traditionally generates stronger
revenues and profits and while this pattern was repeated
in the 2010 financial year, trading for the second half was
satisfactory and in line with expectations.

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