Wrap Text
APK - Astrapak - Reviewed results for the financial year ended 28 February 2011
and cash dividend declaration
ASTRAPAK LIMITED
A world of opportunities
(Incorporated in the Republic of South Africa)
(Registration number 1995/009169/06)
Share code: APK ISIN: ZAE000096962 Share code: APKP
ISIN: ZAE000087201
("Astrapak" or "the Group")
REVIEWED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2011 AND CASH DIVIDEND
DECLARATION
Commentary
Group Profile
The Group is a manufacturer and distributor of an extensive range of rigid and
flexible plastic packaging products, producing annualised revenues in excess of
R2,7 billion. The operations are grouped into two segments - Rigids and
Flexibles - servicing mainly the food, beverage, personal care, pharmaceutical,
agricultural, industrial and retail markets. Manufacturing facilities are
located in all the main centres of South Africa and the Group employs 4 450
people.
Strategic Issues
The Group continues to make good progress on its strategy to unlock value by
becoming the lowest cost producer and preferred supplier to all of the markets
that we serve. This is being driven through a combination of the following
strategies:
- Investment in technologically advanced equipment;
- Implementation of World Class Manufacturing principles;
- Implementation and utilisation of systems to provide a competitive advantage;
and
- Cost optimisation: Supply Chain Management.
The Group also continues to review and identify opportunities to optimise its
various structures, operations, target markets, distribution channels and
product offerings.
The above has led to the Group committing to a capital investment programme of
R106,0 million to ensure that its Flexible Division, which accounts for nearly
half of the Group`s turnover, is able to make significant and rapid progress
towards being able to deliver against these strategies. It is anticipated that
the benefits derived from this investment will be seen in the latter half of the
2012 financial year. We are confident that this investment will significantly
improve the prospects for the Flexible Division and the Group as a whole.
Financial Results
Executive summary
As expected, difficult trading conditions persisted into the second half of the
financial year with consumer disposable income negatively impacted by high
levels of household debt and increased education, utility and municipal charges.
Further issues that impacted significantly on the Group during the reporting
period were:
- Industrial action within certain operations, which included the largest
flexible operation within the Group, reduced reported EBITDA by an estimated
R35,0 million in the first half of the financial year and continued to impact
negatively on the Group`s results in the second half of the financial year;
- Retrenchment costs resulted in a non-recurring amount of R10,0 million being
expensed during the financial year;
- The retraction in consumer markets resulted in increased competition,
aggressive pricing from competitors, and pricing pressure from customers;
- As a result it was difficult to pass on price increases to customers timeously
and numerous essential increases had to be delayed which led to a significant
under recovery of costs related to raw material price increases and energy
increases for prolonged periods; and
- The cost base increased significantly during the financial year and management
has been tasked to urgently realign the structural cost base of the Group.
Notwithstanding these challenging trading conditions the Group has managed to
grow its overall market share. Whilst the factors affecting consumers,
competitors and customers are not expected to change significantly in the short
term, the Group will continue to focus on the objectives set out in its
strategic plan and address the short-term issues identified during a critical
review of its performance. Management has implemented corrective measures to
deal with the issues within its control and are confident that these issues will
be satisfactorily addressed in an aggressive manner.
Financial performance
Turnover, at R2,71 billion (2010: R2,61 billion) increased by 3,5% against the
comparative period. The increase in turnover was as a result of a 4,9% increase
in volumes and a 1,4% decrease in average selling prices, illustrating the
difficulties experienced in timeously passing on price increases in a very
competitive market.
The financial results reflect the increased cost of operations, primarily
energy, labour, distribution costs and depreciation. The depreciation charge was
not fully matched by the related revenues during the financial year as a result
of depressed consumer demand within certain markets, but this situation will be
rectified as economic activity and consumer spending improves into the future.
We are confident that the strategy of continuing to invest through the down
cycle will position the business well for the future.
Gross profit decreased by 11,9% to R575,5 million (2010: R653,5 million) mainly
due to the issues referred to in the executive summary. Other costs, consisting
of selling, administration and distribution overheads totalled R383,7 million
(2010: R376,5 million) representing an increase of only 1,9% over that of the
comparative period.
The Group has continued to benefit from lower average interest rates and vastly
improved treasury, cash management and working capital disciplines. Despite the
subdued operational performance, increased capital investment, rising polymer
prices and customers exceeding average credit terms, net interest paid reduced
by 24,3% to R31,8 million (2010: R 42,0 million).
Taxation amounted to R49,1 million (2010: R75,9 million) and includes the
payment of Secondary Taxation on Companies ("STC") of R5,2 million. The
effective tax rate is 31,0% (2010: 33,6%) and this approximates the company
income tax rate of 28% plus the STC of R5,2 million on the ordinary and
preference dividends paid.
HEPS from continuing operations decreased by 37,1% to 73,5 cents (2010: 116,9
cents). Fully diluted HEPS decreased by 37,2% to 71,7 cents (2010: 114,1 cents).
No new acquisitions were completed but the Group did acquire the remaining
minority interests in the Plastech group of companies during the period under
review.
The Group`s balance sheet has remained strong and has weathered the cycle well
with capacity to fund current and future expansion activities.
Capital expenditure incurred was R223,1 million (2010: R227,5 million) and
included the investment into significant projects of which the benefits will
only be seen during the 2012 financial year. This amount excludes the investment
of R106,0 million into the Flexible Division as this will only be incurred
during the first half of the new financial year as and when the plant is
delivered and commissioned.
Net debt increased to R330,2 million (2010: R287,8 million) resulting in the
ratio of net interest bearing debt to equity increasing from 30,0% in the prior
year to 32,7%. Management will continue to focus on cash generation and prudent
capital allocation as well as improved treasury and working capital management.
As a result of anticipated polymer price increases and potential supply
shortages, the Group increased inventory levels towards the end of the financial
year. This strategy, together with increased polymer prices and an extension in
receivable collections, impacted significantly on the reported working capital
position when compared to that of the prior year. The investment in net working
capital increased by 15,4% to R304,3 million from R263,5 million at the end of
February 2010. This level of working capital investment represents a 41,5 day
net working capital cycle compared to a 36,8 day cycle at the end of February
2010. The net working capital cycle target for the Group remains 37 days and the
Group anticipates a return to such levels during the next financial year.
Changes to the Board of Directors
The following changes to the Board occurred during the period:
Resignations:
Mr G Lapan resigned as company secretary on 28 February 2011.
Appointments:
Ms X Vabaza was appointed company secretary on 28 February 2011.
Prospects
The Group remains optimistic about its prospects, but cautions that higher oil
prices and anticipated interest rate increases will exert pressure on the
economy, consumers and the industry as a whole over the next 12 months.
Management are however confident that the achievement of our strategic
objectives will enable us to weather the storm and will allow us to accelerate
and then sustain improved financial performance to the benefit of all
stakeholders.
Transformation, training and development of staff remains fundamental to
achieving our objectives and this, together with cost competitiveness, volume
growth, mix improvement, optimal capital allocation and working capital controls
will remain a core focus.
Dividend declaration
Ordinary dividend to ordinary shareholders of the parent
Astrapak has declared a final ordinary dividend of 26.4 cents per share (2010:
26,4 cents) in respect of the financial year ended 28 February 2011 which
results in a total distribution value to ordinary shareholders of the parent of
R35.7 million. The anticipated STC obligation in respect of such dividends will
be R 3.57 million.
Set out below are the salient dates applicable to the dividend declaration:
Last date to trade "cum" dividend Friday, 24 June 2011
Trading commences "ex" dividend Monday, 27 June 2011
Record date Friday, 1 July 2011
Payment date Monday, 4 July 2011
Share certificates may not be dematerialised or rematerialised between Monday,
27 June 2011 and Friday, 1 July 2011, both days inclusive.
Acknowledgements
The Board would like to express its appreciation to all its stakeholders for
their commitment, efforts and support during what has been a challenging and
testing time for the Group.
For and on behalf of the Board
Marco Baglione Manley Diedloff
(Chief Executive Officer) (Chief Financial Officer)
Denver
9 May 2011
Condensed consolidated statement of comprehensive income
Reviewed Audited
financial financial
year year
ended ended
% 28 February 28 February
(R`000) Notes change 2011 2010
CONTINUING OPERATIONS
Revenue 8 3,5 2 705 377 2 613 000
Cost of sales (2 129 876) (1 959 502)
Gross profit (11,9) 575 501 653 498
Distribution and (205 688) (188 388)
selling costs
Administrative and (177 990) (188 100)
other expenses
Other items of income (1 527) -
and expenditure
Profit from operations (31,3) 190 297 277 010
before exceptional
items
Exceptional items 9 - (9 250)
Profit from operations 10 (28,9) 190 297 267 760
Investment income 24 531 21 262
Finance costs (56 306) (63 215)
Profit before taxation (29,8) 158 522 225 807
Taxation (49 080) (75 884)
Profit for the year (27,0) 109 442 149 923
from continuing
operations
DISCONTINUED OPERATIONS
Profit/(loss) for the 11 (101,7) 360 (21 394)
year from discontinued
operations
Profit for the year (14,6) 109 802 128 529
DISCONTINUED OPERATIONS
Effect of foreign - 805
currency translations
Total comprehensive (15,1) 109 802 129 334
income for the year
Attributable to:
Ordinary shareholders (18,0) 88 340 107 695
of the parent
- Profit for the year 87 980 129 399
from continuing
operations
- Profit/(loss) for the 360 (22 509)
year from discontinued
operations
- Other comprehensive - 805
income for the year
Preference shareholders 11 526 13 483
of the parent
Non-controlling 9 935 8 156
interest
- Profit for the year 9 935 7 041
from continuing
operations
- Profit for the year - 1 115
from discontinued
operations
Total comprehensive (15,1) 109 802 129 334
income for the year
Earnings per ordinary 12 (18,2) 73,7 90,1
share (cents)
- Continuing operations (32,7) 73,4 109,1
- Discontinued (101,6) 0,3 (19,0)
operations
Fully diluted earnings 12 (18,2) 71,9 87,9
per ordinary share
(cents)
- Continuing operations (32,7) 71,6 106,4
- Discontinued (101,6) 0,3 (18,5)
operations
Preference dividend 11 526 13 483
paid and accrued
Preference dividend per 768,40 898,87
preference share
(cents)
Reconciliation of headline earnings
Reviewed Audited
financial financial
year year
ended ended
% 28 February 28 February
(R`000) Notes change 2011 2010
Profit for the year (17,4) 88 340 106 890
contributable to
ordinary shareholders
- Continuing operations 87 980 129 399
- Discontinued 360 (22 509)
operations
Headline earnings
adjustments
- IAS 39: Loss on
exercise of options 190 1 837
- IAS 27: Profit on (27) -
disposal of subsidiary
- IFRS 5: Measurement - 6 383
to fair value of assets
held for sale
- IAS 36: Impairment of - 9 250
property, plant and
equipment
- IFRS 5: Profit on - (452)
disposal of assets out
of Flexible operations
- IAS 16: (Profit)/loss (98) 690
on disposal of
property, plant and
equipment
- Total tax effect of 28 7 076
adjustments
- Total non-controlling 61 (2 457)
interest share of
adjustments
Headline earnings (31,5) 88 494 129 217
attributable to
ordinary shareholders
- Continuing operations (36,5) 88 134 138 685
- Discontinued (103,8) 360 (9 468)
operations
Headline earnings per 12 (32,2) 73,8 108,9
ordinary share (cents)
- Continuing operations (37,1) 73,5 116,9
- Discontinued (103,8) 0,3 (8,0)
operations
Fully diluted headline 12 (32,3) 72,0 106,3
earnings per ordinary
share (cents)
- Continuing operations (37,2) 71,7 114,1
- Discontinued (103,8) 0,3 (7,8)
operations
Condensed consolidated statement of financial position
Reviewed Audited
financial financial
year year
ended ended
% 28 February 28 February
(R`000) Notes change 2011 2010
Assets
Non-current assets 7 1 262 666 1 177 094
Property, plant and 2 1 053 330 974 331
equipment
Deferred taxation 17 144 12 465
Goodwill and trademarks 149 700 149 712
Loans and investments 3 42 492 40 586
Current assets 6 885 655 838 882
Inventories 4 290 003 252 971
Trade and other 511 007 434 108
receivables
Cash and cash 5 84 645 140 422
equivalents
Assets classified as 6 - 11 381
held for sale
Total assets 7 2 148 321 2 015 976
Equity and liabilities
Total equity 9 1 080 543 991 335
Equity attributable to 898 083 815 797
ordinary shareholders
of the parent
Preference share 142 590 142 590
capital and share
premium
Non-controlling 39 871 32 948
interest
Non-current liabilities (4) 417 195 434 073
Long-term interest- 257 892 278 972
bearing debt
Long-term financial 1 671 20 044
liabilities
Deferred taxation 157 632 135 057
Current liabilities 10 650 583 590 568
Trade and other 474 580 423 612
payables
Shareholders for 8 994 9 668
preference dividends
Short-term interest- 167 009 149 212
bearing debt
Liabilities relating to 6 - 8 076
assets held for sale
Total equity and 7 2 148 321 2 015 976
liabilities
Condensed consolidated statement of changes in equity
Reviewed Audited
financial financial
year year
ended ended
28 February 28 February
(R`000) Notes 2011 2010
Opening balance 991 335 869 482
Comprising of:
Ordinary share capital and 199 502 199 502
premium
Retained income 778 704 671 814
Non-distributable reserves - 1 449
Capital reserve 7 9 832 339
Non-controlling put options (20 044) (18 887)
Treasury shares (152 197) (156 697)
Equity attributable to ordinary 815 797 697 520
shareholders of the parent
Preference share capital and 142 590 142 590
premium
Non-controlling interest 32 948 29 372
Movements:
Total comprehensive income 109 802 129 334
Ordinary dividends paid (31 855) -
Preference dividends paid (11 526) (13 483)
Ordinary dividends paid to non- (4 789) (4 386)
controlling interest
Contributions made by minorities 11 236 392
Acquisition of non-controlling (9 457) (586)
interest
Transaction with equity holders (914) -
Exercise of put options by non- 10 000 1 091
controlling shareholders
Adjustment to fair value of put 8 373 (2 248)
options
Reversal of foreign currency - (2 254)
translation reserve on disposal
of investment
Reduction in treasury shares due 1 655 5 703
to exercise of options
Incentive scheme movements (191) (1 203)
Share based expense for the year 6 874 9 493
Closing balance 1 080 543 991 335
Comprising of:
Ordinary share capital and 199 502 199 502
premium
Retained income 834 275 778 704
Capital reserve 7 16 706 9 832
Non-controlling put options (1 671) (20 044)
Treasury shares (150 733) (152 197)
Equity attributable to ordinary 898 079 815 797
shareholders of the parent
Preference share capital and 142 590 142 590
premium
Non-controlling interest 39 873 32 948
Total equity 1 080 543 991 335
Condensed consolidated statement of cash flows
Reviewed Audited
financial financial
year year
ended ended
% 28 February 28 February
(R`000) Notes change 2011 2010
Cash generated from (18) 338 461 412 267
operations
Increase in working
capital (51 938) (37 932)
Non-cash transactions 98 (14 689)
Net financing costs and (73 924) (121 497)
taxation paid
Net cash inflow before 212 697 238 149
distributions to
shareholders
Dividend distribution to (44 055) (15 705)
shareholders
Net cash inflow from (24) 168 642 222 444
operating activities
Capital expenditure (223 144) (227 502)
Net movement of (3 411) 2 149
investments,
subsidiaries and non-
controlling interests
Proceeds on the disposal - 144 645
of assets held for sale
Proceeds on the disposal 3 559 8 040
of property, plant and
equipment
Net cash outflow from (222 996) (72 668)
investing activities
Net cash outflow from (1 423) (119 416)
financing activities
Net (decrease)/increase (55 777) 30 359
in cash and cash
equivalents
Net cash and cash 140 422 110 063
equivalents at the
beginning of the year
Net cash and cash 5 (40) 84 645 140 422
equivalents at the end
of the year
Condensed consolidated segmental analysis
(R`000) Rigids Flexibles
Revenue for the segment 2011 1 570 177 1 385 306
2010 1 444 038 1 359 563
Transactions with other 2011 (136 867) (113 239)
operating segments of the Group
2010 (99 872) (90 729)
Revenue for external customers 2011 1 433 310 1 272 067
2010 1 344 166 1 268 834
Profit from operations (segment 2011 185 595 4 702
result)
2010 206 109 70 901
Total assets 2011 1 210 886 937 435
2010 1 142 591 862 004
Total liabilities 2011 551 005 516 773
2010 578 163 438 402
Capex 2011 141 376 81 768
2010 113 953 110 116
Depreciation 2011 94 835 45 849
2010 84 458 35 328
Condensed consolidated segmental analysis (continued)
Total Discon-
continuing tinued Total
(R`000) operations operations Group
Revenue for the segment 2011 2 955 484 21 338 2 976 822
2010 2 803 601 252 351 3 055 952
Transactions with other 2011 (250 106) (3 921) (254 027)
operating segments of
the Group
2010 (190 601) (27 227) (217 828)
Revenue for external 2011 2 705 377 17 417 2 722 794
customers
2010 2 613 000 225 124 2 838 124
Profit from operations 2011 190 297 303 190 600
(segment result)
2010 277 010 (8 266) 268 744
Total assets 2011 2 148 321 - 2 148 321
2010 2 004 595 11 381 2 015 976
Total liabilities 2011 1 067 778 - 1 067 778
2010 1 016 565 8 076 1 024 641
Capex 2011 223 144 - 223 144
2010 224 069 3 433 227 502
Depreciation 2011 140 684 - 140 684
2010 119 786 490 120 276
Supplementary information
Reviewed Audited
financial financial
year ended year ended
% 28 February 28 February
(R`000) change 2011 2010
Number of ordinary shares in 135 131 135 131
issue (`000)
Weighted average number of 119 928 118 618
ordinary shares in issue (`000)
Fully diluted weighted average 122 909 121 590
number of ordinary shares in
issue (`000)
Number of preference shares in 1 500 1 500
issue (`000)
Net asset value per share 7 868 808
(cents)
Net tangible asset value per 9 743 682
share (cents)
Closing share price (cents) (11) 890 1 001
Closing price to net asset value (17) 1,0 1,2
per ordinary share
Closing price to net tangible (20) 1,2 1,5
asset value per ordinary share
Market capitalisation (R (11) 1 202,7 1 352,7
million)
Net interest-bearing debt as a 33 30
percentage of equity (%)
Net debt 18 340 256 287 762
Long-term interest-bearing debt 257 892 278 972
Short-term interest-bearing debt 167 009 149 212
Cash resources (84 645) (140 422)
Interest cover 6,0 6,4
Net working capital days 41,5 36,8
Contingent liabilities 8 077 24 133
Number of employees 5 4 450 4 249
- Continuing operations 4 450 4 185
- Discontinued operations - 64
Earnings before interest, (17) 331 118 396 802
taxation, depreciation and
amortisation and exceptional
items ("EBITDA") - continuing
operations
Earnings before interest, 331 783 389 026
taxation, depreciation and
amortisation and exceptional
items ("EBITDA") - total Group
Earnings before interest, 665 (7 776)
taxation, depreciation and
amortisation and exceptional
items ("EBITDA") - discontinued
operations
Abbreviated notes for the year ended 28 February 2011
1. Basis of preparation and accounting policies
The condensed financial information has been prepared in accordance with the
framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards (IFRS), the AC 500 standards as
issued by the Accounting Practices Board and the information as required by IAS
34: Interim Financial Reporting. The report has been prepared using accounting
policies that comply with IFRS which are consistent with those applied in the
financial statements for the year ended 28 February 2010.
Deloitte & Touche, the Group`s independent auditor, has reviewed the condensed
consolidated results contained in this preliminary report and their unmodified
report is available for inspection at the Company`s registered office.
Reviewed Audited
financial financial
year ended year ended
28 February 28 February
(R`000) 2011 2010
2. Property, plant and equipment
Opening net carrying amount 974 331 845 307
Additions 223 144 227 502
Classified as assets held for sale - (741)
Re-classified from assets held for sale - 48 466
Disposal of subsidiaries - (1 565)
Disposals (3 461) (8 730)
Impairment - (15 632)
Depreciation (140 684) (120 276)
- Continuing operations (140 684) (119 786)
- Discontinued operations - (490)
Closing net carrying amount 1 053 330 974 331
Capital expenditure for the year 223 144 227 502
Capital commitments
- contracted not spent 92 060 21 881
- authorised not contracted 22 921 11 483
The Group`s property portfolio has a
carrying value of R145 million and an
approximate current market value of R270
million. These properties are of
strategic value to the Group due to
their locations.
3. Loans and investments
Investment in Really Useful Investments - 2 934
(Pty) Ltd
Vendor loan to Afripack Consumer 42 480 37 640
Flexibles (Pty) Ltd in terms of
Flexibles disposal transaction
Unlisted investments 12 12
Loans and investments at end of the year 42 492 40 586
4. Inventories
Inventories amounting to R1 604 652 (Feb
2010: R1 934 110) are carried at net
realisable value.
5. Cash and cash equivalents
Cash and cash equivalents in continuing 102 898 140 422
operations
Bank overdrafts (18 253) -
Net cash and cash equivalents at the end 84 645 140 422
of the year
6. Assets held for sale and liabilities
relating to assets held for sale
The sale of International Tube
Technology (Pty) Limited and
International Edgeboard Technology (Pty)
Limited was concluded on the 23 July
2010.
The comparatives consist of the
Flexibles disposal group.
Assets held for sale/sold consists of
the following:
Opening balance as at 1 March 11 381 317 529
Assets of Flexible disposal group - (251 535)
Assets of ITT disposal group disposed (11 381) (17 528)
(effective date of transaction 23 July
2010)
Properties classified from held for sale - (48 466)
(refer note 2 for reclassification)
International Tube Technology (Pty) - 11 381
Limited
Assets held for sale at the end of the - 11 381
year
Liabilities relating to assets held for
sale/sold consists of the following:
Opening balance as at 1 March 8 076 153 081
Repayment of liabilities - (60 888)
Liabilities relating to disposal group (8 076) -
classified to held for sale
Movements in values of liabilities - (18 533)
relating to assets held for sale
Liabilities relating to assets of - (73 660)
Flexible disposal group disposed
International Tube Technology (Pty) - 8 076
Limited
Liabilities relating to assets held for - 8 076
sale at the end of the year
7. Capital reserve
The capital reserve relates to employee
share options valued using the Black
Scholes method and the cash financed
stock plan.
Included in administrative and other
expenses is IFRS 2 - "Share Based
Payments" charges of R6,9 million (2010:
R9,5 million).
8. Revenue
Revenue for the Group 2 955 483 2 803 601
Transactions with other entities within (250 106) (190 601)
the Group
Revenue for external customers 2 705 377 2 613 000
Volume (in `000 tons) 99 366 94 738
9. Exceptional items
Impairment of property, plant and - (9 250)
equipment
Exceptional items - (9 250)
10. Profits from operations
Profits from operations are arrived at
after taking the following into account:
Net (profit)/loss on disposal of (98) 690
property, plant and equipment
Impairment of property, plant and - 9 250
equipment
Depreciation 140 684 119 786
Retrenchment costs 10 000 -
Net loss on exercise of share options 190 1 837
IFRS 2 - Share Based Payments expenses 6 874 9 493
11. Profit/(loss) for the period from
discontinued operations
The Group disposed of International Tube
Technology (Pty) Limited and
International Edgeboard Technology (Pty)
Limited on 23 July 2010.
The results of discontinued operations
is therefore represented by the trading
results of these entities for the period
being reported upon, the loss realised
upon the disposal of the disposal group
and any losses recognised on the
remeasurement of assets held for sale.
Revenue 17 417 225 124
Expenses (17 057) (234 073)
Profit/(loss) for period from 360 (8 949)
discontinued operations
Profit on disposal of discontinued - 452
operations
Profit/(loss) before taxation from 360 (8 497)
discontinuing operations
Taxation - (6 514)
Profit/(loss) after taxation of 360 (15 011)
discontinued operations
Loss recognised on the measurement of - (6 383)
assets of the disposal group
Profit/(loss) for the period from 360 (21 394)
discontinued operations
The net cash flows incurred by
discontinued operations for the period
are represented below:
Operating cash outflows (3 842) (70 211)
Investing cash inflows 397 103 367
Financing cash in/(outflows) 1 082 (49 378)
Net decrease in cash and cash (2 363) (16 222)
equivalents from discontinued operations
12. Earnings per ordinary share and headline earnings per ordinary share - basic
and fully diluted
Earnings per ordinary share is calculated by dividing the profit attributable to
ordinary shareholders of the parent by the weighted average number of shares in
issue over the period that the attributable profit was generated.
Headline earnings per ordinary share is calculated by dividing the headline
earnings attributable to ordinary shareholders of the parent by the weighted
average number of shares in issue over the period that the headline earnings was
generated.
Fully diluted earnings and headline earnings per ordinary share is determined by
adjusting the weighted average number of shares in issue over the period to
assume conversion of all dilutive ordinary shares, being shares issued in terms
of the share incentive trust and the cash financed stock plan.
13. Subsequent events
No fact or circumstance material to the appreciation of this report has occurred
between 28 February 2011 and the date of this report.
Board of Directors: P Langeni* (Chair), M Baglione (Chief Executive Officer), M
Diedloff (Chief Financial Officer),
P C Botha*, D C Noko*, K P Shongwe*, G Z Steffens* *Non-executive
Company Secretary: X Vabaza
Registered Office: 5 Kruger Street, Denver, 2011. PO Box 75769, Gardenview,
2047, South Africa. Tel +27 11 615 8011. Fax +27 11 615 9790
Registrar: Computershare Investor Services (Pty) Ltd. Ground Floor, 70 Marshall
Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107
Operating entities
Flexibles Division: Alex White. Barrier Film Converters. City Packaging. East
Rand Plastics. Knilam Packaging. Packaging Consultants. Pack-Line Holdings.
Peninsula Packaging. Plusnet/Geotex. Saflite. Tristar Plastics. Ultrapak
Rigids Division: Cinqpet. Consupaq. Hilfort. J J Precision Plastics. Marcom
Plastics. PAK 2000. Plastech. Plastform.
Plas-top. Plastop (KwaZulu-Natal). Thermopac
www.astrapak.co.za
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 09/05/2011 14:41:01 Supplied by www.sharenet.co.za
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