ASTRAPAK LIMITED - Trading overview Six Months ended 31 August 2012

Trading overview – Six Months ended 31 August 2012

Astrapak Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1995/009169/06)
Share Code: APK
ISIN: ZAE000096962
("Astrapak" or “the company” or “the Group”)

Trading overview – Six Months ended 31 August 2012

Under difficult circumstances Astrapak has moved firmly to address its cost
base and efficiency. While reported results for the six month period ended
31 August 2012 will reflect input cost and margin pressures and tighter
selling prices, the company has invested in operating capacity and is re-
engineering both its Rigids and Flexible divisions for greater operating
efficiency to move profitability to a sustainably improved base. A review
of the asset base of the business and current levels of utilisation has
been advanced and sales strategies devised for improved utilisation levels
and required returns from each business.


Trading Statement – Six months ended 31 August 2012

In terms of the Listings Requirements of the JSE, a company is required to
publish a trading statement as soon as the company is satisfied that a
reasonable degree of certainty exists that the financial results for the
period to be reported upon next will differ by at least 20% or more from
those of the corresponding reporting period of the previous year
("comparative period"). The estimates in respect of the reporting period
ended 31 August 2012, on which the trading statement is based, will not be
reviewed, audited and reported on by the Group's auditors and the following
trading statement is therefore based on the information available at the
time of this announcement.

The Board therefore advises shareholders of Astrapak that:

  -   Net asset value per share (“NAVPS”) is expected to be between 4% and
      5% higher than that reported for the comparative period, which will
      result in anticipated NAVPS of between R9.00 and R9.05 (2011: R8.62).
      The restated comparative NAVPS is R8.93 due to a change in the
      accounting policy. The Group has, in terms of IAS 16: Property Plant
      and Equipment, revalued properties to reflect fair market value of
      owned properties. Comparatives have therefore been restated to reflect
      this change as this represents a change in accounting policy.
      Properties owned by the company with a net book value of R143.2m as at
      31 August 2012 were revalued at R255.1m based on valuations done by an
      independent certified valuator. The shares of the Group are currently
      trading at R6.50 on the JSE, a substantial discount to expected net
      asset value.

  -   Earnings per share (“EPS”) from continuing operations is expected to
      be between 15% and 20% lower than that reported in the comparative
      period, which will result in anticipated EPS of between 20.9 cents and
      22.2 cents (2011: 26.1 cents).
  -   Headline earnings per share ("HEPS") from continuing operations is
      expected to be between 15% and 20% lower than that reported for the
      comparative period, which will result in anticipated HEPS of between
      21.0 cents and 22.4 cents(2011: 26.3 cents);

  -   EPS from both continuing and discontinued operations is expected to be
      between 30% and 35% lower than that reported in the comparative
      period, which will result in anticipated EPS from continuing
      operations of between 15.7 cents and 16.9 cents (2011: 24.2 cents);


  -   HEPS from continuing and discontinued operations is expected to be
      between 25% and 30% lower than that reported for the comparative
      period, which will result in anticipated HEPS of between 17.1 cents
      and 18.3 cents(2011: 24.4 cents);

The Group's results for the six months ended 31 August 2012 are expected to
be finalised and published on SENS on or about 28 September 2012.

Appointment of Chief Executive Officer

Pursuant to the SENS announcement dated 30 May 2012, the Board wishes to
advise that it is at an advanced stage of appointing a permanent CEO for
the Group and that an announcement will be made in the near future.

Denver
21 September 2012

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 21/09/2012 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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