ASTRAPAK LIMITED - Trading Update and Trading Statement for the twelve months ended 29 February 2016

Trading Update and Trading Statement for the twelve months ended 29 February 2016

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 twelve months ended 29 February 2016

Trading Update

The focus for the year ended 29 February 2016 has been on substantially exiting non-core
businesses and surplus assets, executing on major projects aligned to the customer focus and
beginning the process of eliminating expenses incurred to facilitate the recovery.

A multi-year supply agreement was entered into during the year with a large multinational FMCG
customer. Capex for this and other major projects has largely been spent and the largest share of
benefits is expected to flow in the new financial year. Sales were affected by delays in the
commissioning of a new contract and the loss of indirect export volumes for a major customer due to
prevailing economic conditions.

The Group concluded the twelve months with an improved gross contribution margin and gross profit
margin, reflective of improving productivity. Earnings before interest, tax and depreciation is higher on
a like-for-like basis compared to 2015 and higher in the second half than in the first half. Continuing
revenue is in line with the prior year and reflects the refocus as a moulding and forming technologies
packaging manufacturer. An improved average selling price per kilogram has been achieved.

Additional cash was realised in the second half of the year from disposals of non-core assets at fair
values. The statement of financial positon will reflect net realisable assets classified as held for sale.
Net interest bearing debt to equity for continuing operations is expected to be in the range of 10% to
12% as at 29 February 2016 (2015: 19.1%).

Trading Statement

Astrapak is currently finalising its financial results for the twelve months ended 29 February 2016 ("the
period").

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 period for both continuing
and discontinued operations will reflect a loss in the range of 2,6 cents and 2,8 cents, a considerable
improvement of 97.6% to 97.7% compared to a loss per share of 114,4 cents for the twelve months
ended 28 February 2015 ("prior period"). The directors anticipate that EPS from continuing operations
will reflect a loss in the range of 14,5 cents and 14,7 cents compared to a loss of 22,5 cents for the
prior period, an improvement of between 34.7% and 35.6%.

The directors anticipate that headline earnings per share ("HEPS") from both continuing and
discontinued operations for the period will reflect a loss of between 14,0 cents and 14,2 cents
compared to a headline loss per share of 71,5 cents for the prior period, an improvement of between
80.1% and 80.4%. HEPS from continuing operations for the period is anticipated to reflect a loss of
between 9,8 cents and 10,0 cents compared to a headline loss per share of 2,1 cents for the prior
period, an increase in the headline loss per share of between 366.7% and 376.2%.

Astrapak’s financial results for the period are scheduled to be released on SENS on Wednesday 20
April 2016.

The financial information on which this Trading Update and 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

15 April 2016

Sponsor:

RAND MERCHANT BANK (A division of First Rand Bank Limited)

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