Wrap Text
Unaudited results for the six months ended 31 August 2012
Astrapak
Unaudited results for the six months ended 31 August
(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")
Commentary
Business overview and strategy
Astrapak has moved firmly to address its costs and efficiency after facing continued challenges. While reported results for the six month
period ended 31 August 2012 reflect input cost and margin pressures from falling volumes and tighter selling prices, the company has invested
in operating capacity. Input costs across raw materials, distribution, labour and electricity demand that Astrapak re-engineers both its Rigids
and Flexible divisions for greater operating efficiency to move profitability to a sustainably improved base.
The Board of Astrapak took steps to change the trajectory of the performance of the business by embarking on the following initiatives:
- Changes were effected across all senior levels of management, including the pending appointment of a new Chief Executive Officer and a reconfigured executive team.
With reference to the SENS announcement dated 30 May 2012, the Board herewith advises that it is at an advanced stage of appointing a permanent
Chief Executive Officer for the Group and that an announcement will be made in the near future,
- Based on a review of attractiveness and growth prospects of existing and potential markets, Astrapak will align its required competencies
through selected investment, disinvestment, acquisitions or re-deployment of assets, and
- 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.
The review will further be targeted at:
- Client cross-selling and integration of facilities to optimise synergies in the Group,
- Capital expenditure being selectively pursued along with redeployment of existing assets,
- Improved in-bound supply chain management and group procurement processes, and
- Refreshing human resources and skills available to the Group to execute and implement on these initiatives.
The Group is committed to completing this strategic review ahead of its new budget year and simultaneously address the short term profitability
of the business. Management expects to bring some of these benefits to account in this current financial year in addition to realising its
traditionally stronger performance in the second half.
Industry and consumer context
Household spending moderated in the first half of the year due to a slowing of income growth and persistent increases in the prices of basic
items such as food, petrol and electricity. There is evidence of consumers buying down in the face of this lower disposable income and higher
debt levels. Brand owners responded by reducing costs, including that of packaging, to maintain market share and price competitiveness against
imports and private label alternatives.
Financial performance review
Turnover from continuing operations at R1,288 billion (2011: R1,192 billion), increased by 8,0% against the comparative period. The increase in
turnover was mainly as a result of a 6,5% increase in volumes over the prior year, with volumes within the Flexible Division increasing by 4,3%
and the Rigids Division by 8,5%. Volumes in the comparative period where however negatively impacted by industrial action. Selling price increases
accounted for 1,5% of the increase in turnover.
The results of the asset utilisation and available capacity studies completed during the period have been translated into appropriate sales
strategies and the focus over the next six months will be to grow the topline. From an operational and cost perspective the business has benefited
significantly from its World Class Manufacturing programs and the business is now poised to benefit from any volume overlay - much success has
already been achieved through the execution of these sales strategies and a much stronger top line performance is expected during the second half
of the year. The financial results continue to reflect the increased cost of operations, primarily related to energy, labour and distribution costs.
The decline in the gross profit percentage from 20,5% in the comparative period to 19,1% is reflective of continued challenges faced by the business
to recover its increasing cost base through increased selling prices in a highly competitive market. Astrapak has over recent periods therefore
continued to place increased emphasis on managing and removing costs from the business and costs associated with selling, administration ,distribution
and other overheads totaled R175,2 million (2011: R169,7 million) representing an increase of only 3,2% over the comparative period.
Profit from operations decreased by 5,9% from R74,5 million to R70,1 million with operating margins declining from 6,3% to 5,5%. The decline in
operating margin was mainly as a result of the decline in the operating margins in the Rigids Division from 9,5% to 7,8% which was more severely
impacted by under recoveries in selling prices. Operating margins in the Flexible Division improved slightly from 1,5% to 1,9%. The operating
margins in Flexibles were much improved during the second quarter and the continued upward trend is expected to continue over the remainder of the
financial year on the back of new volumes and efficiency improvements.
The impact of low levels of cash generation by operations together with the significant capital expenditure in the prior year - which included
the Flexible special investment of R106,5 million - and poor working capital management disciplines since the last quarter of 2011 was felt by
the Group in the interest line where the net interest paid increased by 28,3% from R13,0 million to R16,6 million. Steps were taken by management
to address the situation and during the last quarter of the period being reported upon and the majority of the items that impacted hereon had
been successfully addressed which resulted in lower net debt levels and therefore a lower interest expense.
Taxation amounted to R14,7 million (2011: R19,9 million) and includes the payment of Secondary Taxation on Companies ("STC") of R0,5 million.
The effective tax rate was 27,5% (2011: 32,2%) due to certain permanent differences and the utilisation of certain remaining tax losses across
the Group. The sustainable effective tax rate remains at 28%.
The loss from discontinued operations represents net losses incurred in respect of the City Pack and Ultrapak which were classified as discontinued
operations by the Group during the prior reporting period.
EPS from continuing operations decreased by 19,9% to 20,9 cents (2011: 26,1 cents), while fully diluted EPS from continuing operations decreased
by 18,4% to 20,9 cents (2011: 25,6 cents). HEPS from continuing operations decreased by 19,4% to 21,2 cents (2011: 26,3 cents), while fully diluted
HEPS from continuing operations decreased by 17,8% to 21,2 cents (2011: 25,8 cents). As per the above the main drivers of this decline in both
earnings and headline earnings has been a reduction in gross margin due to selling price under recoveries and a higher net interest expense due
to higher average levels of debt.
The Group's statement of financial position has improved since the end of its financial year with an improvement seen in both working capital days and gearing.
Gearing, measured by net interest bearing debt to equity, decreased from 46,5% at the end of February 2012 to 39,5%, while net debt decreased to
R430,4 million from R500,3 million as at 28 February 2012, representing a 14,0% reduction. Working capital days improved from 48,5 days at the end
of February 2012 to 43,4 days at the end of the reporting period. The target for the Group remains 37 days despite the more difficult trading
conditions and various strategies have been implemented to reduce actual working capital days even further. The majority of these improvements were
only achieved during the last quarter of the reporting period and the benefits - in the form of an improved interest expense - are therefore not fully
reflected. Management will continue to focus on cash generation as well as improved treasury and working capital management.
The Group has, in terms of IAS 16: Property Plant and Equipment, revalued properties to reflect fair market value. Comparatives have therefore been
restated to reflect this change. Properties owned by the Group with a net book value of R143,2 million as at 31 August 2012 was revalued to R255,1
million based on valuations done by an independent certified valuator. The net asset value of R9,05 (2011: R8,93) per ordinary share now fully reflects
the fair value of the group. The shares of the Group are currently trading at R6,50 which represents a discount of 28,2% to net asset value.
Net cash inflows from operating activities, before distributions to all shareholders, increased by 56,7% to R126,6 million (2011: R80,7 million) mainly
as a result of improved working capital management which resulted in a significant release of cash into the business. Capital expenditure incurred was
R69,9 million (2011: R110,5 million) and included a number of growth projects which will benefit the Group over the second half of the financial year.
Prudent capital allocation will remain a priority for the group over the remainder of the financial year and into the future. The improved cash
generation and more conservative capital expenditure resulted in an increase in cash and cash equivalents compared to net negative outflows over
the last 2 reporting periods.
Prospects
The Group hopes to deliver an acceptable level of profitability and returns within a continued weak
consumer context. This will be achieved through better capacity utilisation and focus on more attractive market niche areas identified as priorities for
expansion and growth, servicing these customers with further commitment. While the full benefits of this are likely to come through in future years,
management are committed to seeing an initial turn recorded in the current year.
Changes to the Board of Directors
Appointments:
Mr. Craig McDougall with significant operational experience was appointed as an independent non-executive director on 1 August 2012.
Mr. Sandile Ngwabi is appointed company secretary with effect from 1 October 2012.
Resignations:
Mr. Marco Baglione resigned as an executive director on 31 May 2012.
Mr. David Noko resigned as an independent non-executive director on 30 June 2012.
Ms. Xolisa Vabaza has resigned as company secretary with effect from 30 September 2012.
Subsequent events
There have been no material subsequent events and no material change in the Group's contingent liabilities since the 31 August 2012.
Acknowledgements
The Board would like to express its appreciation to all its stakeholders for their commitment, efforts and support during the period under review.
For and on behalf of the Board
Manley Diedloff Gene Lapan
Chief Executive Officer (Acting) Chief Financial Officer (Acting)
Denver
28 September 2012
Condensed consolidated statement of comprehensive income
Unaudited Unaudited Audited
six months six months financial year
ended ended ended
% 31 August 31 August 29 February
(R'000) Notes change 2012 20111 2012
CONTINUING OPERATIONS
Revenue 9 8,0 1 287 776 1 192 133 2 517 754
Cost of sales (1 042 452) (947 883) (2 001 993)
Gross profit 0,4 245 324 244 250 515 761
Distribution and selling costs (99 314) (91 042) (191 260)
Administrative and other expenses (83 918) (81 345) (166 104)
Other items of income and expenditure 8 047 2 674 4 855
Profit from operations before exceptional items (5,9) 70 139 74 537 163 252
Exceptional items 10 - - (70 540)
Profit from operations 11 (5,9) 70 139 74 537 92 712
Investment income 3 858 3 833 7 882
Finance costs (20 492) (16 799) (36 617)
Profit before taxation (13,1) 53 505 61 571 63 977
Taxation (14 693) (19 855) (40 163)
Profit for the period from continuing operations (7,0) 38 812 41 716 23 814
DISCONTINUED OPERATIONS
Loss for the period from discontinued operations 12 116,8 (4 838) (2 232) (41 948)
Profit/(loss) for the period (14,0) 33 974 39 484 (18 134)
Other comprehensive (loss)/income (6 324) 2 504 6 908
CONTINUING OPERATIONS
Revaluation of properties (net of tax) (6 324) 2 504 6 908
Total comprehensive income/(loss) for the period 27 650 41 988 (11 226)
Attributable to:
Ordinary shareholders of the parent (55,6) 14 038 31 639 (33 286)
- Profit for the period from continuing operations 25 200 31 367 1 754
Profit for the period from continuing operations
before exceptional items 25 200 31 367 72 294
Exceptional items - - (70 540)
- Loss for the period from discontinued operations (4 838) (2 232) (41 948)
- Other comprehensive (loss)/income for the period (6 324) 2 504 6 908
Preference shareholders of the parent 5 374 5 444 10 830
Non-controlling interest 8 238 4 905 11 230
Total comprehensive income/(loss) for the period (34,1) 27 650 41 988 (11 226)
Earnings/(loss) per ordinary share (cents) 13 (30,2) 16,9 24,2 (33,3)
- continuing operations (19,9) 20,9 26,1 1,5
- discontinued operations 110,5 (4,0) (1,9) (34,8)
Fully diluted earnings/(loss) per ordinary share (cents) 13 (29,0) 16,9 23,8 (33,1)
- continuing operations (18,4) 20,9 25,6 1,4
- discontinued operations 122,2 (4,0) (1,8) (34,5)
Preference dividend paid and accrued 5 374 5 444 10 830
Preference dividend per preference share (cents) 358,30 362,90 722,00
1Reclassified as a result of discontinued operations.
Reconciliation of headline earnings
Unaudited Unaudited Audited
six months six months financial year
ended ended ended
% 31 August 31 August 29 February
(R'000) Notes change 2012 2011 2012
Profit/(loss) for the period contributable to
ordinary shareholders (30,1) 20 362 29 135 (40 194)
- continuing operations 25 200 31 367 1 754
- discontinued operations (4 838) (2 232) (41 948)
Headline earnings adjustments
- IAS 39: Loss on exercise of options - 20 60
- IAS 27: Loss on disposal of subsidiary - - 375
- IAS 36: Impairment of property, plant and equipment - - 37 787
- IAS 36: Impairment of goodwill - - 32 168
- IAS 16: Loss/(profit) on disposal of property,
plant and equipment 507 420 (624)
- Total tax effect of adjustments (143) (116) 175
- Total non-controlling interest share of adjustments - (52) 163
Headline earnings attributable to ordinary shareholders (29,5) 20 726 29 407 29 910
- continuing operations (19,2) 25 564 31 639 66 782
- discontinued operations 116,8 (4 838) (2 232) (36 872)
Headline earnings per ordinary share (cents) 13 (29,5) 17,2 24,4 24,9
- continuing operations (19,4) 21,2 26,3 55,5
- discontinued operations 110,5 (4,0) (1,9) (30,6)
Fully diluted headline earnings per ordinary share (cents) 13 (28,3) 17,2 24,0 24,6
- continuing operations (17,8) 21,2 25,8 54,9
- discontinued operations 122,2 (4,0) (1,8) (30,3)
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
six months six months financial year
ended ended ended
% 31 August 31 August 29 February
(R'000) Notes change 2012 2011 2012
Assets
Non-current assets 2,9 1 461 895 1 421 157 1 473 917
Property, plant and equipment 3 1 251 337 1 209 746 1 265 131
Deferred taxation assets 42 952 16 696 44 010
Goodwill and trademarks 117 118 149 700 117 118
Loans and investments 4 50 488 45 015 47 658
Current assets (4,7) 815 914 856 273 849 079
Inventories 5 318 294 294 720 309 024
Trade and other receivables 444 526 479 075 505 202
Taxation receivable 28 222 32 039 27 778
Cash and cash equivalents 6 11 097 50 439 -
Assets classified as held for sale 7 13 775 - 7 075
Total assets 0,0 2 277 809 2 277 430 2 322 996
Equity and liabilities
Total equity (2,1) 1 161 320 1 185 844 1 128 083
Equity attributable to ordinary shareholders of the parent 947 759 997 715 932 891
Preference share capital and share premium 142 590 142 590 142 590
Non-controlling interest 70 971 45 539 52 602
Non-current liabilities 12,4 518 500 461 483 512 498
Long-term interest-bearing debt 316 962 285 423 317 290
Long-term financial liabilities 6 644 3 261 4 937
Deferred taxation liabilities 194 894 172 799 190 271
Current liabilities (5,1) 597 989 630 103 682 415
Trade and other payables 456 740 435 365 479 360
Taxation payable 18 768 19 167 15 602
Shareholders for preference dividends 4 527 4 509 4 420
Short-term interest-bearing debt 117 954 171 062 179 903
Bank overdrafts 6 - - 3 130
Total equity and liabilities 0,0 2 277 809 2 277 430 2 322 996
Condensed consolidated statement of changes in equity
Unaudited Unaudited Audited
six months six months financial year
ended ended ended
31 August 31 August 29 February
(R'000) Notes 2012 2011 2012
Opening balance 1 128 083 1 181 104 1 181 104
Comprising:
Ordinary share capital and premium 199 502 199 502 199 502
Retained income 753 609 825 666 825 666
Capital reserve 8 18 757 16 707 16 707
Non-controlling put options (4 937) (1 671) (1 671)
Revaluation reserve 116 080 109 172 109 172
Treasury shares (150 120) (150 733) (150 733)
Equity attributable to ordinary shareholders of the parent 932 891 998 643 998 643
Preference share capital and premium 142 590 142 590 142 590
Non-controlling interest 52 602 39 871 39 871
Movements:
Total comprehensive income/(loss) 33 974 39 484 (18 134)
Ordinary dividends paid - (31 864) (31 863)
Preference dividends paid (5 374) (5 444) (10 830)
Contributions made by non-controlling interest 10 131 763 1 501
Revaluation of properties (net of tax) (6 324) 2 504 6 908
Adjustment of fair value of put options (1 707) (1 590) (3 266)
Reduction in treasury shares due to exercise of options - 1 603 623
Incentive scheme movements - - (10)
Share-based payment expense for the period 2 537 (716) 2 050
Closing balance 1 161 320 1 185 844 1 128 083
Comprising:
Ordinary share capital and premium 199 502 199 502 199 502
Retained income 773 971 822 936 753 609
Capital reserve 8 21 294 16 875 18 757
Non-controlling put options (6 644) (3 261) (4 937)
Revaluation reserve 109 756 111 676 116 080
Treasury shares (150 120) (150 013) (150 120)
Equity attributable to ordinary shareholders of the parent 947 759 997 715 932 891
Preference share capital and premium 142 590 142 590 142 590
Non-controlling interest 70 971 45 539 52 602
Total equity 1 161 320 1 185 844 1 128 083
Condensed consolidated statement of cash flows
Unaudited Unaudited Audited
six months six months financial year
ended ended ended
% 31 August 31 August 29 February
(R'000) Notes change 2 012 2 011 2 012
Cash generated from operations (8,4) 126 667 138 316 233 431
Decrease/(increase) in working capital 26 348 (17 614) (17 271)
Non-cash transactions 5 512 420 -
Net financing costs and taxation paid (32 011) (40 400) (74 913)
Net cash inflow from activities before
distributions to shareholder 56,7 126 516 80 722 141 247
Dividend distribution to all shareholders (5 267) (41 792) (47 267)
Net cash inflow from operating activities 211,5 121 249 38 930 93 980
Capital expenditure (69 855) (110 496) (265 861)
Net movement of investments, subsidiaries
and non-controlling interests 10 131 (1 760) 1 915
Proceeds on the disposal of property, plant and equipment 14 979 6 647 9 287
Net cash outflow from investing activities (44 745) (105 609) (254 659)
Net cash outflow from financing activities (62 277) 32 474 72 905
Net increase/(decrease) in cash and cash equivalents 14 227 (34 205) (87 774)
Net cash and cash equivalents at the beginning of the period (3 130) 84 644 84 644
Net cash and cash equivalents at the end of the period 6 (78,0) 11 097 50 439 (3 130)
Condensed consolidated segmental analysis
Total Discon-
continuing tinued Total
(R'000) Rigids Flexibles operations operations Group
Revenue for segment 2012 843 142 550 188 1 393 330 28 235 1 421 565
2011 771 574 515 759 1 287 333 116 697 1 404 030
Transactions with other operating segments of the group 2012 (66 238) (39 316) (105 554) (7 334) (112 888)
2011 (62 121) (33 079) (95 200) (8 393) (103 593)
Revenue for external customers 2012 776 904 510 872 1 287 776 20 901 1 308 677
2011 709 453 482 680 1 192 133 108 304 1 300 437
Profit/(loss) from operations (segment result) 2012 60 506 9 634 70 139 (5 966) 64 173
2011 67 239 7 298 74 537 (3 072) 71 465
Total assets 2012 1 287 274 990 535 2 277 809 - 2 277 809
2011 1 251 367 1 026 063 2 277 430 - 2 277 430
Total liabilities 2012 541 841 574 648 1 116 489 - 1 116 489
2011 520 649 570 937 1 091 586 - 1 091 586
Capex 2012 62 291 7 564 69 855 - 69 855
2011 70 430 40 066 110 496 - 110 496
Depreciation 2012 40 591 19 583 60 174 686 60 860
2011 44 961 19 373 64 334 2 521 66 855
Supplementary information
Unaudited Unaudited Audited
six months six months financial year
ended ended ended
31 August 31 August 29 February
2012 2011 2012
Number of ordinary shares in issue ('000) 135 131 135 131 135 131
Weighted average number of ordinary shares in issue ('000) 120 475 120 333 120 404
Fully diluted weighted average number of ordinary 120 475 122 520 121 600
Number of preference shares in issue ('000) 1 500 1 500 1 500
Net asset value per share (cents) 905 948 893
Net tangible asset value per share (cents) 808 823 797
Closing share price (cents) 677 837 665
Closing price to net asset value per ordinary share 0,7 0,9 0,7
Closing price to net tangible asset value per ordinary share 0,8 1,0 0,8
Market capitalisation (R million) 914,8 1 131,0 898,7
Net interest-bearing debt as a percentage of equity (%) 39,5 35,6 46,5
Net debt 430 463 406 046 500 323
Long-term interest-bearing debt 323 606 285 423 317 290
Short-term interest-bearing debt 117 954 171 062 179 903
(Cash resources)/bank overdrafts (11 097) (50 439) 3 130
Interest cover (before exceptional items) 4,2 5,7 5,7
Net working capital days 43,4 51,8 48,5
Contingent liabilities 6 085 6 564 5 026
Number of employees 3 931 4 484 4 168
- continuing operations 3 931 4 086 4 053
- discontinued operations - 398 115
Earnings before interest, taxation, depreciation
and amortisation ("EBITDA") - continuing operations 130 312 138 870 284 807
Earnings before interest, taxation, depreciation
and amortisation ("EBITDA") - total Group 125 032 129 320 239 694
Loss before interest, taxation, depreciation and
amortisation ("EBITDA") - discontinued operations (5 280) (9 550) (45 113)
Abbreviated notes for the six months ended 31 August 2012
1 Basis of preparation and accounting policies
These condensed consolidated annual financial statements for the six months ended 31 August 2012 have been prepared in accordance with the
framework concepts and the recognition and measurement requirements of International Financial Reporting Standards ("IFRS"), the AC 500
standards as issued by the Accounting Practices Board or its successor, IAS 34: Interim Financial Reporting and in compliance with the
requirements of the Companies Act, No. 71 of 2008 of South Africa. This report was compiled under the supervision of Acting Chief Financial
Officer, G Lapan.
The accounting policies used in the preparation of these results are in accordance with IFRS and are consistent in all material respects
with those used in the audited annual financial statements for the year ended 29 February 2012 except as stated in note 2.
2 Comparative figures
During the year the company changed its accounting policy of accounting for Land and Buildings using the Cost model to a Revalution model
in terms of IAS 16 : Property, Plant and Equipment. Where necessary comparative figures have been restated, to reflect the revaluation of
properties to fair value.
Unaudited Unaudited Unaudited
six months six months financial year
ended ended ended
31 August 31 August 29 February
(R'000) 2012 2011 2012
3 Property, plant and equipment
Opening net carrying amount 1 265 131 1 170 259 1 170 259
Additions 69 855 110 496 265 861
Classified as assets held for sale (6 700) - (7 075)
Disposals (15 485) (7 068) (8 663)
Impairment - - (37 787)
Depreciation (60 860) (66 855) (125 497)
Revaluation of properties (604) 2 914 8 033
Closing net carrying amount 1 251 337 1 209 746 1 265 131
Capital expenditure for the period 69 855 110 496 265 861
Capital commitments
- contracted not spent 49 893 46 525 8 940
- authorised not contracted 17 326 6 132 2 500
4 Loans and investments
Vendor loan to Afripack Consumer Flexibles (Pty) Limited
in terms of Flexibles disposal transaction 50 476 45 003 47 646
Unlisted investments 12 12 12
Loans and investments at the end of the period 50 488 45 015 47 658
5 Inventories
Inventories amounting to R2 417 040 (Feb 2012: R992 000) are carried at net realisable value.
6 Cash and cash equivalents
Cash and cash equivalents 131 487 112 856 112 892
Bank overdrafts (120 390) (62 417) (116 022)
Net cash and cash equivalents at the end of the year 11 097 50 439 (3 130)
7 Assets held for sale
The assets held for sale relate to the assets for divisions that are being rationalised or discontinued.
There are no liabilities relating to assets held for sale.
Assets held for sale/sold consists of the following:
Opening balance as at 1 March 7 075 - -
Property, plant and equipment classified as held for sale 6 700 - 7 075
Assets held for sale at the end of the period 13 775 - 7 075
8 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
R2,5 million (2012: R2,1 million).
9 Revenue
Revenue for the Group 1 393 330 1 287 333 2 735 277
Transactions with other entities within the Group (105 554) (95 200) (217 523)
Revenue for external customers 1 287 776 1 192 133 2 517 754
Volume (in '000 tons) 42 381 39 812 85 569
10 Exceptional items
Impairment of property, plant and equipment - - 32 627
Impairment of goodwill - - 32 168
Retrenchment costs - - 5 745
Exceptional items - - 70 540
11 Profit from operations
Profit from operations are arrived at after taking the following into account:
Net loss/(profit) on disposal of property, plant and equipment 507 161 (624)
Depreciation 60 173 64 333 121 555
Net loss on exercise of share options - 20 60
IFRS 2 - Share Based Payment expenses/(reversal) 1 810 (747) 489
12 Loss for the period from discontinued operations
During the prior year the Board decided to classify City Packaging and Ultrapak Packaging (both divisions
of Astrapak Manufacturing Holdings (Pty) Ltd) as discontinued operations.
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 20 901 108 304 187 846
Cost of sales (23 581) (95 477) (207 989)
Gross (loss)/profit (2 680) 12 827 (20 143)
Distribution and selling costs (1 872) (8 738) (18 412)
Administrative and other operating expenses (26 867) (7 161) (10 500)
Loss from operations before exceptional items
from discontinued operations (5 966) (3 072) (49 055)
Exceptional items - - (5 160)
Loss from operations from discontinued operations (5 966) (3 072) (54 215)
Investment income 14 4 27
Finance costs (852) (417) (655)
Loss before taxation from discontinued operations (6 804) (3 485) (54 843)
Taxation 1 966 1 253 12 895
Loss for the period from discontinued operations (4 838) (2 232) (41 948)
The net cash flows incurred by discontinued operations for the period are represented below:
Operating cash outflow (11 585) (3 842) (49 149)
Investing cash inflow 8 296 397 35 379
Financing cash inflow 7 405 1 082 6 006
Net increase/(decrease) in cash and cash equivalents
from discontinued operations 4 116 (2 363) (7 764)
13 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.
14 Subsequent events
No fact or circumstance material to the appreciation of this report has occurred between 31 August 2012 and
the date of this report.
Board of Directors: P Langeni* (Chair), M Diedloff (Chief Executive Officer - Acting), G Lapan (Chief Financial Officer - Acting), P C Botha*,
C McDougall*, K P Shongwe*, G Z Steffens*, G P Duda* *Non-executive
Company Secretary: X Vabaza
Registered Office: 5 Kruger Street, Denver, 2012 - 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
Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)
OPERATING ENTITIES
Flexibles Division: Alex White - Barrier Film Converters - East Rand Plastics - Knilam Packaging - Packaging Consultants - Peninsula
Packaging - Plusnet/Geotex - Saflite - Tristar Plastics
Rigids Division: Cinqpet - Consupaq - Hilfort - JJ Precision Plastics - Marcom Plastics - PAK 2000 - Plastech - Plastform - Plastop -
Plastop (KwaZulu-Natal) - Thermopac - Weener - Plastop
www.astrapak.co.za
Date: 28/09/2012 04:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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