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APK APKP
APK
APK / APKP - Astrapak - Reviewed Results For The Year Ended 29 February 2008
And Cash Dividend Declaration
ASTRAPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/009169/06)
Share code: APK & ISIN: ZAE000096962
Share code: APKP & ISIN: ZAE000087201
- Volume growth of 8%
- Redemption of debenture
- Significant investment made
REVIEWED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008 AND CASH DIVIDEND
DECLARATION
Commentary
Group profile
Astrapak Limited and its subsidiaries ("Astrapak" or "the Comapany" or "the
Group"), headquartered in Sandton, manufactures and distributes an extensive
range of plastic packaging products resulting in annualised revenues in excess
of R2,8 billion. The Group has manufacturing facilities in all the main centres
of South Africa and a joint venture in Mauritius. Astrapak employs
4 100 people in South Africa.
The operations are grouped into four segments - Films, Rigids, Flexibles and
Industrial - and service mainly the food, beverage, personal care and
pharmaceutical, agricultural, industrial and retail markets.
The Group remains focused on innovation-led growth in plastic packaging, which
should continue to gain an increasing share of the overall packaging market, and
plans to continue to seek expansion through organic and acquisitive growth.
Financial results
Turnover for the year increased by 27% over the prior year. Acquisitions
accounted for 10% of the increased turnover whilst 9% was mainly due to sales
price increases related to the recovery of higher raw material costs. Volume
growth of 8% was attributable to market share gains and continued growth in
consumer spending - albeit at a slightly lower rate - and the ongoing shift from
other forms of packaging into plastic.
The main issues affecting the results were a 2% loss of contribution due to the
inability to pass increased input costs through to customers and slower sales in
the second half of the year which was fuelled by rising interest rates and
unusually mild summer temperatures and affected beverage demand. Unscheduled
load shedding of electricity also had a negative impact on production
efficiencies; on customers` ability to receive and fill product; and on
suppliers` ability to produce and supply raw materials.
Profit from operations increased marginally to R229,5 million (R228,0 million),
but the resultant operating margin reduced to 8,1% (10,3%). Operating overheads
increased by 22,0% mainly as a result of the acquisitions but also as a result
of increased capacity, distribution costs associated with increased fuel prices,
wage increases in excess of inflation and a rapidly increasing cost environment.
Net interest paid of R74,7 million (R48,3 million) was significantly higher than
that of the prior year as a consequence of escalating interest rates and
increased borrowings resulting from the utilisation of acquisition funding,
capital expenditure and higher working capital requirements.
Taxation amounted to R43,5 million (R47,2 million) and includes the payment of
Secondary Taxation on Companies. The Group`s effective taxation rate was 28,1%
(26,3%).
Cash flows from the Group`s operations, acquisition financing facilities and the
preference share proceeds were utilised to facilitate the following notable
capital investments:
-The redemption of the debentures in June 2007 for R67,5 million;
-The acquisition of the assets of Ultrapak effective from 1 April
2007;
-The acquisition of the assets of Plusnet/Geotex effective from 1
August 2007;
-The acquisition of 60% of Riverbend Trade and Invest 50 (Pty)
Limited ("Spun Technologies") effective from 1 November 2007;
-The acquisition of various minority interests in Marcom Plastics
(Pty) Limited, Astra Repro (Pty) Limited and Knilam Packaging
(Pty) Limited;
-Share buy backs amounting to R26 million (2 186 837 ordinary
shares); and
-R262,5 million on capital expenditure, mainly for capacity
enhancing projects.
The effect of the capital outflows together with the investment in working
capital (due to high polymer prices and a shortage of materials) resulted in an
increase in net interest bearing debt of R274,4 million to R562,2 million. The
net interest bearing debt to equity ratio increased from 34% to 68%, however
this is expected to reduce in the year ahead.
Headline earnings per share ("HEPS") declined by 35,1% over the year to 69,0
cents (106,3 cents restated). Fully diluted HEPS declined by 33,9%. Profit
attributable to ordinary shareholders of the parent amounted to R87,6 million
(R118,1 million restated).
Prospects
Oil price increases are expected to exert upward pressure on polymer prices in
the first half of the new financial year. In addition, the effect of the higher
interest rate environment and inflationary pressure is likely to lower the rate
of growth in consumer spending during 2008. However, substantial new polymer
production capacity in the Middle East and Asia is due to come on stream in the
fourth quarter of 2008. This is expected to change the supply-demand balance and
result in the reversal of the upward polymer pricing trend that has been
evidenced over the past few years. Electricity supply problems remain a concern.
In addition, the Group`s focus on margins, improved capital allocation, cost
reduction and the improvement in underperforming operations should all
contribute favourably to the results for the year ahead.
JSE Limited ("JSE") Listings Requirements
The directors of the Company ensured compliance with the JSE Listings
Requirements during the year under review.
Basis of preparation
This abridged report complies with International Accounting Standard 34 -
Interim Financial Reporting as well as with Schedule 4 of the South African
Companies Act and the disclosure requirements of the JSE Limited`s Listings
Requirements. The financial information has been prepared using accounting
policies that comply with International Financial Reporting Standards. The
accounting policies are consistent with those applied in the financial
statements for the year ended 28 February 2007, except for the adoption of IFRS
7 Financial Instruments: Disclosures. This is a disclosure standard which has no
impact on recognition, measurement and presentation of financial instruments and
consequently has no impact on profit or loss or equity for the year.
Comparative figures
The comparative figures have been restated, as disclosed in the SENS
announcement on 13 December 2007, to account for the overstatement of profits
and assets in one of its subsidiaries, namely Astraflex (Pty) Limited, which
occurred during the financial year ended February 2007.
During the finalisation of the current year-end audit it was determined that one
of Astrapak`s subsidiaries had not previously provided for deferred tax due to a
tax holiday. An amount of R8,7 million has been adjusted to opening retained
earnings to rectify this matter.
Review by independent auditors
The Group`s auditors, Deloitte & Touche, have reviewed these year end results.
Their unmodified review report is available for inspection at the Group`s
registered offices during normal office hours.
Distribution to ordinary shareholders
Notice is hereby given that Astrapak will be paying an ordinary dividend of 14,5
cents (2007: 24,75 cents excluding debenture interest) per ordinary share (2007:
linked unit) totalling R19,6 million (R33,4 million) for the year ended 28
February 2008. The dividend cover ratio is therefore maintained at 4.8.
The dividend will be payable on Monday, 4 August 2008 to ordinary shareholders
recorded in the register on Friday, 1 August 2008. The last day to trade cum-
distribution will be Friday, 25 July 2008 and the ordinary shares will commence
trading ex-distribution on Monday, 28 July 2008. Ordinary share certificates may
not be dematerialised or rematerialised between Monday 28 July 2008 and Monday,
4 August 2008 inclusive.
Changes to the Board of Directors
Mr R T Dalais resigned from the Board on 13 November 2007 and on 28 February
2008 Dr M P Mandela resigned from the Board. Astrapak thanks them for their
services as non-executive directors.
Acknowledgements
The Board would like to express its appreciation to management and staff for
their efforts during the year.
For and on behalf of the Board
R Crewe-Brown H A Todd
(Chief Executive Officer) (Financial Director)
Sandton
13 May 2008
Condensed Consolidated Income Statements
Audited
Reviewed Previously
Reviewed Restated reported
year ended year ended year ended
29 Feb 28 Feb 28 Feb
(R`000) 2008 2007 2007
Revenue 2 820 875 2 223 131 2 223 131
Cost of sales 2 220 685 1 692 134 1 673 781
Gross profit 600 190 530 997 549 350
Other operating income 18 707 11 474 11 474
Distribution and selling 195 614 156 200 156 200
costs
Administrative and other 195 256 160 235 160 235
expenses
Share of results of 1 466 1 984 1 984
associates
Profit from operations 229 493 228 020 246 373
Investment income 14 844 2 835 2 835
Finance costs 89 553 51 130 51 130
Profit before taxation 154 784 179 725 198 078
Taxation 43 453 47 224 51 690
Profit for the year 111 331 132 501 146 388
Attributable to:
Ordinary shareholders
(2007: linked
unitholders)
of the parent 87 573 118 067 131 954
Preference shareholders 16 160 4 595 4 595
of the parent
Minority interest 7 598 9 839 9 839
Profit for the year 111 331 132 501 146 388
Earnings per ordinary 76,3 105,4 117,0
share (2007: linked unit)
(cents)
Attributable income 74,5 98,9 110,5
Debenture interest 1,8 6,5 6,5
Earnings per ordinary
share (2007: linked unit)
- fully diluted (cents) 72,8 98,9 109,8
Attributable income 71,0 92,4 103,3
Debenture interest 1,8 6,5 6,5
Weighted number of 117 524 119 390 119 390
ordinary shares (2007:
linked units) in issue
(000`s)
Weighted number of
ordinary shares (2007:
linked units)
in issue - fully diluted 123 361 127 745 127 745
(000`s)
Total ordinary dividends 19 594** 33 445* 33 445*
paid
Ordinary dividend per 14,5** 24,75* 24,75*
share (2007: linked
unit)(cents)
Preference dividends paid 16 160 4 595 4 595
and accrued
Preference dividend per 996,00 306,33 306,33
share
*Dividends per linked
unit for the year ended
28 February 2007 were
declared on 7 May 2007
and were paid on 4 June
2007.
**Dividends per ordinary
share for the year ended
29 February 2008 were
declared on 12 May 2008
and are payable on 4
August 2008.
Reconciliation between
profit attributable to
ordinary shareholders
(2007: linked
unitholders) of the
parent and headline
earnings
Profit attributable to 87 573 118 067 131 954
ordinary shareholders
(2007: linked
unitholders) of the
parent
Add debenture interest 2 083 6 808 6 808
Add loss on exercise of 427 3 658 3 658
options
Less IAS 16 reversal of (3 000) - -
impairment of property,
plant and equipment
Less IAS 16 profit on (5 958) (1 717) (1 717)
disposal of property,
plant and equipment
Total tax effect of 12 61 61
adjustments
Total minority interest (63) 42 42
of adjustments
Headline earnings 81 074 126 919 140 806
Headline earnings per
ordinary share
(2007: linked unit) 69,0 106,3 117,9
(cents)
Attributable income 67,2 99,8 111,4
Debenture interest 1,8 6,5 6,5
Headline earnings per
ordinary share
(2007: linked unit) - 65,7 99,4 110,2
fully diluted (cents)
Attributable income 63,9 92,9 103,7
Debenture interest 1,8 6,5 6,5
Reconciliation between
profit from operations
and EBITDA
Profit from operations 229 493 228 020 246 373
Depreciation 119 006 115 116 115 116
Amortisation of 11 66 66
intangibles
Earnings before interest, 348 510 343 202 361 555
taxation, depreciation
and amortisation (EBITDA)
Acquisition of Subsidiaries
Spun Plusnet/
(R`000) Technologies Ultrapak Geotex Total
Fair value of
assets acquired
Property, plant 7 221 3 285 13 498 24 004
and equipment
Shareholders` (4 229) (4 229)
loans
Long-term (3 583) (1 608) (415) (5 606)
liabilities
Accounts 1 196 23 582 5 590 30 368
receivable
Cash resources (801) 5 (1 471) (2 267)
Inventory 421 3 018 2 566 6 005
Accounts payable (9 478) (15 639) (2 588) (27 705)
Short-term (1 267) (406) (913) (2 586)
interest-bearing
debt
(6 291) 12 237 12 038 17 984
Cash and cash 801 (5) 1 471 2 267
equivalents
acquired
Goodwill on 6 316 26 819 30 33 165
acquisition
Net cash effect 826 39 051 13 539 53 416
of purchase of
subsidiaries
% interest 60 100 74
Effective date 1 Nov 2007 1 Apr 2007 1 Aug 2007
Profit/(loss) (2 211) 10 085 702 8 576
after tax since
the date of
acquisition
included in the
Group`s results
for the year
ended 29 February
2008
It is not practical to establish the revenue and profit after tax of the
combined entity should the above business combinations have been included for
the entire financial year ended 29 February 2008.
No entities were disposed of as a result of these business combinations.
Goodwill on acquisition arose due to the present value of future profits (cost
of the acquisition) exceeding the Group`s interest in the fair value of the
identifiable assets and liabilties of the subsidiaries at the date of
acquisition.
The transactions above were accounted for using the purchase method.
Condensed Consolidated Balance Sheets
Audited
Reviewed Previously
Reviewed Restated reported
year ended year ended year ended
29 Feb 28 Feb 28 Feb
(R`000) 2008 2007 2007
Assets
Non-current assets 1 151 470 928 513 942 160
Property, plant and 926 092 764 882 778 529
equipment
Deferred taxation 57 610 36 315 36 315
Goodwill and trademarks 149 140 110 248 110 248
Loans and investments 18 628 17 068 17 068
Currents assets 953 483 861 852 866 558
Inventories (1) 372 476 313 095 317 801
Trade and other 524 358 421 693 421 693
receivables
Cash resources 56 649 127 064 127 064
Total assets 2 104 953 1 790 365 1 808 718
Equity and liabilities
Total equity 862 212 872 248 894 033
Ordinary share capital 199 502 199 502 199 502
and share premium
Retained income 646 940 588 641 610 426
Non-distributable 814 (1 269) (1 269)
reserves
Capital reserve (2) (9 343) 8 490 8 490
Treasury shares (154 168) (154 872) (154 872)
Ordinary shareholders` 683 745 640 492 662 277
funds
Debentures - 58 005 58 005
Equity attributable to
ordinary shareholders
(2007: linked 683 745 698 497 720 282
unitholders)
Preference share capital 142 590 142 602 142 602
and share premium
Minority interest 35 877 31 149 31 149
Non-current liabilities 503 643 258 261 255 685
Long-term interest- 376 947 158 637 158 637
bearing debt
Deferred taxation 126 696 99 624 97 048
Current liabilities 739 098 659 856 659 000
Trade and other payables 489 855 392 424 391 568
Linked unitholders for - 6 646 6 646
debenture interest
Shareholders for 7 335 4 595 4 595
preference dividends
Short-term interest- 241 908 256 191 256 191
bearing debt
Total equity and 2 104 953 1 790 365 1 808 718
liabilities
(1) Inventories
Inventories amounting to
R713 153 (2007: R679
939) are carried at net
realisable value.
(2) Capital reserve
The capital reserve
relates to employee
share options valued
using the Black Scholes
method and the cash
financed stock plan.
Additional information
Capital expenditure 262 531 159 493 173 140
Capital commitments
- contracted not spent 38 186 65 334 65 334
- authorised not 55 864 17 505 17 505
contracted
Net asset value per 582 585 603
ordinary share (2007:
linked unit) (cents)
Net tangible asset value
per ordinary share
(2007: linked unit) 455 493 511
(cents)
Net interest-bearing 68 34 33
debt as a percentage of
equity (%)
Net interest-bearing 562 206 287 764 287 764
debt
Long-term interest- 376 947 158 637 158 637
bearing debt
Short-term interest- 241 908 256 191 256 191
bearing debt
Cash resources (56 649) (127 064) (127 064)
Contingent liabilities 44 035 33 005 4 782
(increase mainly due to
additional guarantees
provided in subsidiary
companies)
Number of ordinary 135 131 250 135 131 250 135 131 250
shares (2007: linked
units) in issue
Property, plant and
equipment
Opening balance - net 764 882 615 821 615 821
book value
Additions 262 531 159 493 173 140
Acquisition of 24 004 108 125 108 125
subsidiaries
Depreciation (119 006) (115 116) (115 116)
Disposals - book value (6 319) (3 441) (3 441)
Closing balance - net 926 092 764 882 778 529
book value
Condensed Consolidated Statement of Changes in Equity
Ordinary Non-
share distribut-
capital and Retained able
(R`000) premium income reserve
Balances as at 28 February 199 502 508 745 17
2006
Net income for the year as 136 549
previously stated
Adjustments to cost of sales (18 353)
Adjustments to taxation and (3 432)
deferred tax liability
Net ordinary dividends paid (30 273)
Preference dividends paid (4 595)
Adjustments to minority
interest
Increase in foreign currency 52
translation reserve
Transfer to deferred tax (1 338)
asset
Acquisition of treasury
shares (1)
Expensing of share based
payments for the year
Issue of preference shares
at a premium
Restated balances at 28 199 502 588 641 (1 269)
February 2007
Net income for the year 103 733
Net ordinary dividends paid (29 274)
Preference dividends paid (16 160)
Adjustments to minority
interest
Increase in foreign currency 2 083
translation reserve
Acquisition of treasury
shares (1)
Redemption of debentures
Expensing of share-based
payments for the year
Share issue expenses
Balances as at 29 February 199 502 646 940 814
2008
Condensed Consolidated Statement of Changes in Equity (continued)
Capital Treasury Deben-
(R`000) reserve shares tures
Balances as at 28 February 5 331 (79 450) 59 616
2006
Net income for the year as
previously stated
Adjustments to cost of sales
Adjustments to taxation and
deferred tax liability
Net ordinary dividends paid
Preference dividends paid
Adjustments to minority
interest
Increase in foreign currency
translation reserve
Transfer to deferred tax asset
Acquisition of treasury shares (75 422) (1 611)
(1)
Expensing of share based 3 159
payments for the year
Issue of preference shares at
a premium
Restated balances at 28 8 490 (154 872) 58 005
February 2007
Net income for the year
Net ordinary dividends paid
Preference dividends paid
Adjustments to minority
interest
Increase in foreign currency
translation reserve
Acquisition of treasury shares 704
(1)
Redemption of debentures (58 005)
Expensing of share-based (17 833)
payments for the year
Share issue expenses
Balances as at 29 February (9 343) (154 168) -
2008
Condensed Consolidated Statement of Changes in Equity (continued)
Attributable
to linked Preference
ordinary
shareholders Share
(2007: linked capital
unitholders) and Minority Total
(R`000) of the parent premium interests equity
Balances as at 693 761 - 23 566 717 327
28 February
2006
Net income for 136 549 9 839 146 388
the year as
previously
stated
Adjustments to (18 353) (18 353)
cost of sales
Adjustments to (3 432) (3 432)
taxation and
deferred tax
liability
Net ordinary (30 273) (2 650) (32 923)
dividends paid
Preference (4 595) (4 595)
dividends paid
Adjustments to - 394 394
minority
interest
Increase in 52 52
foreign
currency
translation
reserve
Transfer to (1 338) (1 338)
deferred tax
asset
Acquisition of (77 033) (77 033)
treasury shares
(1)
Expensing of 3 159 3 159
share based
payments for
the year
Issue of - 142 602 142 602
preference
shares at a
premium
Restated 698 497 142 602 31 149 872 248
balances at 28
February 2007
Net income for 103 733 7 598 111 331
the year
Net ordinary (29 274) (2 200) (31 474)
dividends paid
Preference (16 160) (16 160)
dividends paid
Adjustments to - (670) (670)
minority
interest
Increase in 2 083 2 083
foreign
currency
translation
reserve
Acquisition of 704 704
treasury shares
(1)
Redemption of (58 005) (58 005)
debentures
Expensing of (17 833) (17 833)
share-based
payments for
the year
Share issue - (12) (12)
expenses
Balances as at 683 745 142 590 35 877 862 212
29 February
2008
Note 1: This movement is net of the movement in treasury shares held by the
Astrapak Linked Unit Trust for share options.
Condensed Consolidated Cash Flow Statements
Audited
Reviewed Previously
Reviewed Restated reported
year ended year ended year ended
29 Feb 28 Feb 28 Feb
(R`000) 2008 2007 2007
Cash generated from 319 377 340 993 359 346
operations
Increase in working capital (65 531) (93 354) (98 060)
Non-cash transactions - 5 958 1 717 1 717
profit on disposal of
property, plant and
equipment
Net financing costs and (101 975) (91 296) (91 296)
taxation paid
Net cash inflow before 157 829 158 060 171 707
distribution to ordinary
shareholders (2007: linked
unitholders)
Debenture interest and (50 122) (37 595) (37 595)
dividend distribution to
ordinary shareholders (2007:
linked unitholders)
Net cash inflow from 107 707 120 465 134 112
operating activities
Capital expenditure (262 531) (159 493) (173 140)
Acquisition of investments, (61 670) (158 460) (158 460)
subsidiaries and minority
interests
Proceeds on the disposal of 12 277 5 158 5 158
property, plant and
equipment
Net cash outflow from (311 924) (312 795) (326 442)
investing activities
Net cash inflow from 136 417 98 372 98 372
financing activities
Net decrease in cash and (67 800) (93 958) (93 958)
cash equivalents
Net cash and cash
equivalents at the beginning
of the year 26 009 119 967 119 967
Net cash and cash (41 791) 26 009 26 009
equivalents at the end of
the year
Segmental Analysis
(R`000) Films Rigids Flexibles
Revenue for the segment - 2008 1 200 491 1 172 860 610 473
Transactions with other (92 290) (69 878) (57 746)
operating segments of the
Group - 2008
External customers - 2008 1 108 201 1 102 982 552 727
Revenue for the segment - 2007 929 748 902 024 541 292
Transactions with other (61 435) (55 830) (71 952)
operating segments of the
Group - 2007
External customers - 2007 868 313 846 194 469 340
Profit from operations
(segment result) - 2008 52 182 149 616 22 246
Profit from operations 63 056 126 489 33 601
(segment result) - 2007
(restated)
Depreciation - 2008 23 344 80 107 13 774
Depreciation - 2007 24 140 72 917 17 032
Capital expenditure - 2008 54 552 163 734 40 572
Capital expenditure - 2007 45 578 100 107 13 122
(restated)
Total assets - 2008 773 686 889 450 393 583
Total assets - 2007 (restated) 658 953 789 488 317 486
Total liabilities - 2008 650 058 350 253 225 620
Total liabilities - 2007 551 957 175 704 177 450
(restated)
Segmental Analysis (continued)
(R`000) Industrial Total
Revenue for the segment - 2008 64 776 3 048 600
Transactions with other operating (7 811) (227 725)
segments of the Group - 2008
External customers - 2008 56 965 2 820 875
Revenue for the segment - 2007 47 351 2 420 415
Transactions with other operating (8 067) (197 284)
segments of the Group - 2007
External customers - 2007 39 284 2 223 131
Profit from operations
(segment result) - 2008 5 449 229 493
Profit from operations (segment result) 4 874 228 020
- 2007 (restated)
Depreciation - 2008 1 781 119 006
Depreciation - 2007 1 027 115 116
Capital expenditure - 2008 3 673 262 531
Capital expenditure - 2007 (restated) 686 159 493
Total assets - 2008 48 234 2 104 953
Total assets - 2007 (restated) 24 438 1 790 365
Total liabilities - 2008 16 810 1 242 741
Total liabilities - 2007 (restated) 13 006 918 117
Reconciliation of Prior Year Balances and Movements
Balances as
previously Restated
stated balances
28 Feb Adjust- Adjust- 28 Feb
(R`000) 2007 ment(1) ment(2) 2007
Retained income 610 426 (8 754) (13 031) 588 641
Property, plant 778 529 - (13 647) 764 882
and equipment
Inventories 317 801 - (4 706) 313 095
Deferred tax 97 048 7 898 (5 322) 99 624
liabilities
Taxation payable 21 743 856 - 22 599
Cost of sales 1 673 781 - 18 353 1 692 134
Taxation charge 51 690 856 (5 322) 47 224
(1) The restatements above are due to errors in the February 2007 tax
calculation, mainly due to the incorrect treatment of a tax holiday in terms of
section 37(H) of the Income Tax Act.
(2) The restatements are due to overstatement of profits and assets by an
employee in one of the Group`s subsidiaries during the period September 2006 to
February 2007. Such overstatement arose through an intentional misstatement of
the assets in the subsidiary.
Board of Directors: K P Seopela* (Acting Chairman), R Crewe-Brown (Chief
Executive Officer), T Kgage*, D C Noko*, J F Buchanan*, M Baglione, M Diedloff,
G Petzer, H A Todd, W J Venter
*Non-executive
Company Secretary: G A S King
Registered Office: 1st Floor Wierda Court, Johan Avenue, Wierda Valley, Sandton
* P O Box 652740, Benmore, 2010, South Africa
Tel +27 11 784 5577/8/9
Fax +27 11 784 1569
Registrar: Computershare Investor Services (Pty) Ltd
Ground Floor, 70 Marshall Street, Johannesburg, 2001
P O Box 61051, Marshalltown, 2107
Operating entities
Films Division: Barrier Film Converters
City Packaging
* East Rand Plastics
Packaging Consultants
Pack-Line Holdings
Peninsula Packaging
Spun Technologies
Tristar Plastics
* Ultrapak
Rigids Division: Cinqpet
Consupaq
Hilfort
* JJ Precision Plastics
Marcom Plastics
PAK 2000
Plastech
* Plastform
Plas-top
Plastop (KwaZulu-Natal)
Thermopac Flexibles Division: Alex White
Astrapak Flexible
Astraflex
* Astra Repro
Cape Wrappers
Diverse Labelling Consultants
* Knilam Packaging
Saflite
Standard Labels (Mauritius)
* Tamperpak
Industrial: International Edgeboard Technologies
* International Tube Technologies
Plusnet/Geotex
Date: 13/05/2008 07:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
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,
information disseminated through SENS.
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