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Trading update and trading statement for the six months ended 31 August 2015
Astrapak Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1995/09169/07
ISIN: ZAE000096962
Share Code: APK
("Astrapak" or “the Group” or “the Company”)
Trading update and trading statement for the six months ended 31 August 2015
Astrapak is currently finalising its financial results for the six months ended 31 August 2015 (“the
reporting period”).
The Group concluded the reporting period with improved gross profit and earnings before interest,
tax, depreciation and amortisation on a reduced turnover as non-core markets are exited in line with
the turnaround strategy. Pricing and margins are broadly as anticipated. The trading environment is
deteriorating, which makes the timeliness of the business reengineering initiatives that much more
appropriate.
Improved cash flow from operations, a decrease in cash applied to working capital, reduced capital
expenditure and the benefit of cash inflows on disposals has enabled the Group to record
considerably reduced gearing. Net interest bearing debt to equity relating to continuing operations is
expected to be in the range of 6% to 7% as at 31 August 2015 compared with 30,5% as at 28
February 2015. Net working capital days continued to improve and should be around the 30 day
mark.
The year ended 28 February 2015 concluded the first phase of the turnaround of Astrapak. As
previously advised, the extensive business reengineering process would continue to affect the results
through the current financial year. Costs deliberately taken on to execute the turnaround are being
steadily curtailed whilst the costs of discontinued operations are being shouldered until such time as
they are transferred to new beneficial owners. Shareholders are reminded of the recent Stock
Exchange News Service (“SENS”) announcements published on 24 April 2015, 19 June 2015 and 2
July 2015 with regards to the businesses of Knilam, Cinqpet and East Rand Plastics respectively.
A voluntary announcement on SENS dated 24 June 2015 alerted shareholders to the multi-year
supply agreement entered into with a large multinational FMCG customer. This agreement is fully
aligned with the strategic purpose of reengineering Astrapak to be a smaller group focused on
relatively defensive categories where strong market positions are held.
In terms of the Listings Requirements of the JSE Limited, companies are required to provide guidance
to the market when they are satisfied that a reasonable degree of certainty exists that the financial
results for the current reporting period will differ by at least 20% from the results of the previous
corresponding reporting period.
The directors therefore anticipate that earnings per share (“EPS”) for the reporting period for both
continuing and discontinued operations will reflect a profit in the range of 16,0 cents and 17,0 cents,
an improvement of 137% to 139% compared to a restated loss per share of 43,3 cents for the six
months ended 31 August 2014 (“prior period”). The directors anticipate that EPS from continuing
operations will reflect a loss in the range of 6,8 cents and 7,1 cents compared to a restated loss of 3,3
cents for the prior period, a decline of between 106% and 115%.
The directors anticipate that headline earnings per share (“HEPS”) from both continuing and
discontinued operations for the reporting period will reflect a loss of between 6,3 cents and 6,5 cents
compared to a restated headline loss per share of 33,1 cents in the prior period, an improvement of
between 80% and 81%. HEPS from continuing operations for the reporting period will reflect a loss of
between 6,2 cents and 6,4 cents compared to a restated headline loss per share of 1,3 cents for the
prior period, a decline of between 377% and 392%.
Astrapak’s financial results for the six months ended 31 August 2015 are scheduled to be released on
SENS on Wednesday 30 September 2015.
The financial information on which this trading statement is based has not been reviewed or reported
on by the Company’s external auditors and represents the best estimates of management.
Denver
23 September 2015
Sponsor:
RAND MERCHANT BANK (A division of First Rand Bank Limited)
Date: 23/09/2015 04:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
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