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APK APKP
APK
APK/APKP - Astrapak Limited - Unaudited results for the six months ended
31 August 2008
Astrapak Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/009169/06)
Share code: APK ISIN: ZAE000096962
Share code: APKP ISIN: ZAE000087201
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2008
Condensed consolidated income statements
Audited
Unaudited Unaudited Previously
six months six months reported
ended ended year ended
31 August 31 August 29 February
2008 2007 2008
(R`000)
Revenue 1 573 838 1 366 879 2 820 875
Cost of sales 1 240 894 1 051 820 2 220 685
Gross profit 332 944 315 059 600 190
Other operating income 4 904 6 833 18 707
Distribution and selling 108 336 95 600 195 614
costs
Administrative and other 126 007 94 825 195 256
expenses
Share of results of 1 508 667 1 466
associates
Profit from operations 105 013 132 134 229 493
Investment income 13 235 3 968 14 844
Finance costs 59 366 34 511 89 553
Profit before taxation 58 882 101 591 154 784
Taxation 37 385 23 568 43 453
Profit for the year 21 497 78 023 111 331
Attributable to:
Ordinary shareholders of 10 288 66 615 87 573
the parent
Preference shareholders of 9 143 7 849 16 160
the parent
Minority interest 2 066 3 559 7 598
Profit for the year 21 497 78 023 111 331
Earnings per ordinary 8,7 58,7 76,3
share (cents)
Attributable income 8,7 56,8 74,5
Debenture interest - 1,9 1,8
Earnings per ordinary 8,4 55,5 72,8
share - fully diluted
(cents)
Attributable income 8,4 53,6 71,0
Debenture interest - 1,9 1,8
Weighted number of 117 885 117 253 117 524
ordinary shares in issue
(000`s)
Weighted number of 121 980 124 181 123 361
ordinary shares in issue -
fully diluted (000`s)
Total ordinary dividends 19 594* 33 445 19 594*
paid
Ordinary dividend per 14,5* 24,75 14,5*
share (cents)
Preference dividends paid 9 143 7 849 16 160
and accrued
Preference dividend per 609,53 523,27 1 077,33
share (cents)
*Dividends per ordinary share for the year ended 29 February 2008
were declared on 13 May 2008 and were paid on 4 August 2008
Reconciliation between profit attributable to ordinary
shareholders of the parent and headline earnings
Profit attributable to
ordinary shareholders of
the parent 10 288 66 615 87 573
Add debenture interest - 2 083 2 083
Add loss on exercise of 290 410 427
options
Less IAS 16 reversal of
impairment of property,
plant and equipment - (3 000) (3 000)
Less IAS 16 profit on 20 (186) (5 958)
disposal of property,
plant and equipment
Total tax effect of (4) 36 12
adjustments
Total minority interest of - - (63)
adjustments
Headline earnings 10 594 65 958 81 074
Headline earnings per 9,0 56,3 69,0
ordinary share (cents)
Attributable income 9,0 54,4 67,2
Debenture interest - 1,9 1,8
Headline earnings per
ordinary share -
fully diluted (cents) 8,7 53,1 65,7
Attributable income 8,7 51,2 63,9
Debenture interest - 1,9 1,8
Reconciliation between
profit from operations
and EBITDA
Profit from operations 105 013 132 134 229 493
Depreciation 69 496 54 266 119 006
Amortisation of - - 11
intangibles
Earnings before interest, 174 509 186 400 348 510
taxation, depreciation and
amortisation (EBITDA)
Condensed consolidated cash flow statements
Unaudited
Unaudited previously Audited
Unaudited restated reported Previously
six months six months six months reported
ended ended ended year ended
31 August 31 August 31 August 29 February
2008 2007 2007 2008
(R `000)
Cash generated from 175 765 186 643 186 643 319 377
operations
Decrease/(Increase) 30 946 (31 168) (29 560) (65 531)
in working capital
Non-cash
transactions -
(loss)/profit on
disposal of
property, plant
and equipment (20) 186 186 5 958
Net financing costs (66 670) (47 754) (49 362) (101 975)
and taxation paid
Net cash inflow 140 021 107 907 107 907 157 829
before
distributions to
shareholders
Debenture interest (25 797) (44 230) (44 230) (50 122)
and dividend
distribution to
shareholders
Net cash inflow 114 224 63 677 63 677 107 707
from operating
activities
Capital expenditure (107 067) (162 298) (162 298) (262 531)
Acquisition of (21 470) (49 652) (49 652) (61 670)
investments,
subsidiaries and
minority interests
Proceeds on the 1 636 1 702 1 702 12 277
disposal of
property, plant and
equipment
Net cash outflow (126 901) (210 248) (210 248) (311 924)
from investing
activities
Net cash 74 193 (90 622) (90 622) 136 417
inflow/(outflow)
from financing
activities
Net increase/ 61 516 (237 193) (237 193) (67 800)
(decrease) in cash
and cash
equivalents
Net cash and cash (41 791) 26 009 26 009 26 009
equivalents at the
beginning of the
year
Net cash and cash 19 725 (211 184) (211 184) (41 791)
equivalents at the
end of the year
Condensed consolidated balance sheets
Unaudited
Unaudited previously Audited
Unaudited restated reported Previously
six months six months six months reported
ended ended ended year ended
31 August 31 August 31 August 29 February
(R `000) 2008 2007 2007 2008
Assets
Non-current 1 192 605 1 079 849 1 093 496 1 151 470
assets
Property, plant 962 007 874 986 888 633 926 092
and equipment
Deferred 47 438 44 798 44 798 57 610
taxation
Goodwill and 165 539 141 972 141 972 149 140
trademarks
Loans and 17 621 18 093 18 093 18 628
investments
Currents assets 1 020 223 893 762 898 468 953 483
Inventories(1) 363 974 376 959 381 665 372 476
Trade and other 551 171 489 583 489 583 524 358
receivables
Cash resources 105 078 27 220 27 220 56 649
Total assets 2 212 828 1 973 611 1 991 964 2 104 953
Equity and
liabilities
Total equity 853 792 852 971 873 070 862 212
Ordinary share 199 502 199 502 199 502 199 502
capital and
share premium
Retained income 640 105 625 983 646 082 646 940
Non- 814 (1 269) (1 269) 814
distributable
reserves
Capital (6 619) 9 773 9 773 (9 343)
reserve(2)
Treasury shares (152 958) (153 574) (153 574) (154 168)
Ordinary 680 844 680 415 700 514 683 745
shareholders`
funds
Preference 142 590 142 590 142 590 142 590
share capital
and share
premium
Minority 30 358 29 966 29 966 35 877
interest
Non-current 460 913 317 332 315 724 503 643
liabilities
Long-term 325 072 214 113 214 113 376 947
interest-
bearing debt
Deferred 135 841 103 219 101 611 126 696
taxation
Current 898 123 803 308 803 170 739 098
liabilities
Trade and other 536 643 489 332 489 194 489 855
payables
Shareholders 7 803 6 616 6 616 7 335
for preference
dividends
Short-term 353 677 307 360 307 360 241 908
interest-
bearing debt
Total equity 2 212 828 1 973 611 1 991 964 2 104 953
and liabilities
(1) Inventories
Inventories amounting to R696 874 (2007: R1 046 954) 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 107 067 162 298 162 298 262 531
expenditure
Capital
commitments
- contracted 52 425 38 941 38 941 38 186
not spent
- authorised 37 245 16 781 16 781 55 864
not
contracted
Net asset 578 580 597 582
value per
ordinary
share
(cents)
Net tangible 437 459 476 455
asset value
per ordinary
share
(cents)
Net interest- 70 60 59 68
bearing debt
as a
percentage
of equity
(%)
Net interest- 573 671 494 253 494 253 562 206
bearing debt
Long-term 325 072 214 113 214 113 376 947
interest-
bearing debt
Short-term 353 677 307 360 307 360 241 908
interest-
bearing debt
Cash (105 078) (27 220) (27 220) (56 649)
resources
Contingent 37 354 2 010 2 010 44 035
liabilities
(increase
mainly due
to
additional
guarantees
provided in
subsidiary
companies)
Number of 135 131 250 135 131 250 135 131 250 135 131 250
ordinary
shares in
issue
Property,
plant and
equipment
Opening 926 092 764 882 778 529 764 882
balance -
net book
value
Additions 107 067 162 298 162 298 262 531
Acquisition - 3 588 3 588 24 004
of
subsidiaries
Depreciation (69 496) (54 266) (54 266) (119 006)
Disposals - (1 656) (1 516) (1 516) (6 319)
book value
Closing 962 007 874 986 888 633 926 092
balance -
net book
value
Segmental analysis
(R `000) Films Rigids Flexibles Indus- Total
trial
Revenue for 653 524 657 933 324 400 44 632 1 680 489
the segment
- 2008
Transactions (20 999) (50 593) (30 530) (4 529) (106 651)
with other
operating
segments of
the Group -
2008
External 632 525 607 340 293 870 40 103 1 573 838
customers -
2008
Revenue for 571 730 572 506 298 053 20 725 1 463 014
the segment
- 2007
Transactions (41 013) (23 269) (27 988) (3 865) (96 135)
with other
operating
segments of
the Group -
2007
External 530 717 549 237 270 065 16 860 1 366 879
customers -
2007
Profit from
operations
(segment 36 293 64 363 2 082 2 275 105 013
result) -
2008
Profit from
operations
(segment 36 630 76 538 17 456 1 510 132 134
result) -
2007
Depreciation 12 963 46 068 9 453 1 012 69 496
- 2008
Depreciation 10 076 35 440 8 153 597 54 266
- 2007
Capital 18 546 81 261 2 419 4 840 107 066
expenditure
- 2008
Capital 32 728 92 694 34 282 2 594 162 298
expenditure
- 2007
Total assets 747 346 1 026 467 377 720 61 295 2 212 828
- 2008
Total assets 714 067 855 739 378 268 25 537 1 973 611
- 2007
(restated)
Total 658 301 469 491 205 275 25 969 1 359 036
liabilities
- 2008
Total 573 339 329 478 204 802 13 021 1 120 640
liabilities
- 2007
(restated)
Reconciliation of prior year balance and movements
Unaudited
Balance as
Pre- Restatement to
viously accounts in prior
reported periods impacting on Unaudited
Restated
balance sheet as 31 August
31 August reported at 2007
2007 31 August 2007
Adjust- Adjust- Adjust-
ment(1) ment(2) ment(3)
Retained 646 082 (8 754) (13 031) 1 686 625 983
earnings
Property, 888 633 - (13 647) - 874 986
plant and
equipment
Inventories 381 665 - (4 706) - 376 959
Deferred tax 101 611 7 898 (5 322) (968) 103 219
liabilities
Trade and 489 194 856 - (718) 489 332
other
payables
(1) The restatements above was 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 were 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.
(3) The restatement was due to an error in the February 2007 tax
calculation.
Condensed consolidated statement of changes in equity
Ordinary Non-
share distri-
capital and Retained butable Capital
premium income reserve reserve
Audited balance as 199 502 588 641 (1 269) 8 490
at 28 February
2007
Net income for the 74 464
six months
Net ordinary (29 274)
dividends paid
Preference (7 849)
dividend paid
Adjustments to
minority interest
Acquisition of
treasury shares
Redemption of
debentures
Expensing of share- 1 283
based payments for
the year
Share issue
expenses written
off
Unaudited balance 199 502 625 982 (1 269) 9 773
as at 31 August
2007
As previously 199 502 646 082 (1 269) 9 773
reported
Restatements to - (20 100) - -
results as at 28
February 2007 as
previously
reported
Net income for the 29 269
six months
Net ordinary -
dividends paid
Preference (8 311)
dividend paid
Adjustments to
minority interest
Increase in 2 083
foreign currency
reserve
Redemption of
debentures
Expensing of share- (19 116)
based payments for
the year
Audited balance as 199 502 646 940 814 (9 343)
at 29 February
2008
Net income for the 19 431
six months
Net ordinary (17 122)
dividends paid
Preference (9 143)
dividend paid
Adjustments to
minority interest
Reduction in
treasury shares as
a result of share
option exercises
Expensing of share- 2 724
based payments for
the year
Unaudited balance 199 502 640 105 814 (6 619)
as at 31 August
2008
Condensed consolidated statement of changes in equity (continued)
Attributable
to ordinary
shareholders
Treasury De- of the
shares bentures parent
Audited balance as at 28 (154 872) 58 005 698 497
February 2007
Net income for the six 74 464
months
Net ordinary dividends paid (29 274)
Preference dividend paid (7 849)
Adjustments to minority -
interest
Acquisition of treasury 1 298 (998) 300
shares
Redemption of debentures (57 007) (57 007)
Expensing of share-based 1 283
payments for the year
Share issue expenses written -
off
Unaudited balance as at 31 (153 574) - 680 414
August 2007
As previously reported (153 574) - 700 514
Restatements to results as - - (20 100)
at 28 February 2007 as
previously reported
Net income for the six 29 269
months
Net ordinary dividends paid -
Preference dividend paid (8 311)
Adjustments to minority -
interest
Increase in foreign currency 2 083
reserve
Redemption of debentures (594) (594)
Expensing of share-based (19 116)
payments for the year
Audited balance as at 29 (154 168) - 683 745
February 2008
Net income for the six 19 431
months
Net ordinary dividends paid (17 122)
Preference dividend paid (9 143)
Adjustments to minority -
interest
Reduction in treasury shares 1 210 1 210
as a result of share option
exercises
Expensing of share-based 2 724
payments for the year
Unaudited balance as at 31 (152 958) - 680 844
August 2008
Condensed consolidated statement of changes in equity (continued)
Preference
share
capital
and Minority Total
premium interests equity
Audited balance as at 28 142 602 31 149 872 248
February 2007
Net income for the six months 3 559 78 023
Net ordinary dividends paid (250) (29 524)
Preference dividend paid (7 849)
Adjustments to minority (4 492) (4 492)
interest
Acquisition of treasury shares 300
Redemption of debentures (57 007)
Expensing of share-based 1 283
payments for the year
Share issue expenses written (12) (12)
off
Unaudited balance as at 31 142 590 29 966 852 970
August 2007
As previously reported 142 590 29 966 873 070
Restatements to results as at - - (20 100)
28 February 2007 as previously
reported
Net income for the six months 4 039 33 308
Net ordinary dividends paid (1 950) (1 950)
Preference dividend paid (8 311)
Adjustments to minority 3 822 3 822
interest
Increase in foreign currency 2 083
reserve
Redemption of debentures (594)
Expensing of share-based (19 116)
payments for the year
Audited balance as at 29 142 590 35 877 862 212
February 2008
Net income for the six months 2 066 21 497
Net ordinary dividends paid (300) (17 422)
Preference dividend paid (9 143)
Adjustments to minority (7 285) (7 285)
interest
Reduction in treasury shares 1 210
as a result of share option
exercises
Expensing of share-based 2 724
payments for the year
Unaudited balance as at 31 142 590 30 358 853 792
August 2008
Commentary
Group Profile
Astrapak Limited and its subsidiaries ("the Group"), manufactures and
distributes an extensive range of plastic packaging products resulting in
annualised revenues in excess of R3 billion. The Group has manufacturing
facilities in all the main centres of South Africa and a joint venture in
Mauritius. The Group employs 4 238 people in South Africa.
The operations are grouped into four segments - Films, Rigids, Flexibles
and Industrial - and service mainly the food, beverage, personal care,
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 an appropriate
balance of organic and acquisitive growth.
Financial Results
Notwithstanding the challenging trading conditions which prevailed
throughout the period under review, the directors are disappointed with the
results achieved. The downward pressure on margins has remained a feature
of the results, again being caused by relentless increases in polymer
prices, the difficulty in timeously negociating price increases with
customers and a general slowdown in consumer spending, especially in the
higher-end markets in which some of the Group`s companies operate. Higher
interest rates during the period under review had a material impact on the
Group as it affected consumer spending, the cost of servicing debt and the
cost of servicing preference shareholders. The average interest rate during
the period under review was 2,3% higher than during the comparative period.
Sales price increases accounted for 15% of the increased turnover, whilst
the 2% increase in turnover due to acquisitions was offset by a 2% decline
in turnover as a result of reduced consumer spending.
The main issues affecting the results were a 2% loss of margin due to the
difficulty in timeously negotiating input price increases with customers,
slower sales in the higher-end markets and issues specific to certain
industries such as the dairy industry where a shortage in the supply of
milk impacted negatively on the results of businesses such as Marcom
Plastics (Pty) Limited, Plastform and Ultrapak (both divisions of Astrapak
Western Cape (Pty) Limited).
Profit from operations decreased by 20,5% to R105 million (R129,1 million)
and the resultant operating margin reduced to 6,6% (9,6%). Operating
overheads increased by 24,6% as a result of the acquisitions that were not
included in the results for the full comparative six month period, an
increase in capacity due to increased capital investment, increases in
distribution costs associated with increased fuel prices, wage increases in
excess of inflation, material increases in the cost of electricity and a
rapidly increasing cost environment. Once-off expenses of approximately R5
million have been incurred during the period. The Group has introduced
measures to address increasing costs and benefits from these measures have
already materialised.
Net interest paid of R46,1 million (R30,5 million) was significantly higher
than that of the prior year as a consequence of higher interest rates,
increased borrowings utilised for acquisition funding and capital
expenditure and increased working capital requirements. A lot of attention
has gone into working capital management and the Group has managed to
reduce its working capital investment by R30,9 million since the end of its
financial year - a significant achievement during a period when polymer
prices has continued its upward trend. Management is committed to reduce
this number even further.
Taxation amounted to R37,4 million (R23,6 million) and includes the payment
of Secondary Taxation on Companies. The Group`s effective taxation rate was
63,5% (23,2%). The high effective tax rate is mainly due to the reversal of
certain deferred tax assets, totalling R15 million, raised in subsidiary
companies during prior financial periods. In terms of International
Accounting Standards, once the Group takes a decision to reverse deferred
tax assets, the Group is required to reverse those assets in full against
current period earnings, although the deferred tax assets might have been
created in prior reporting periods or acquired upon acquisition of the
relevant subsidiary. The reversal of these deferred tax assets has no cash
flow impact and the related tax losses, against which these assets were
originally raised, is still available for utilisation within the relevant
subsidiaries in future years.
No acquisitions or major investments were made by the Group during the
period under review. Capital expenditure incurred was R107,1 million and
the Group acquired minority interests in the Plastech group of companies
and Consupaq (Pty) Limited for a total purchase consideration of R24,0
million. The lower capital investment, together with the release of R30,9
million from working capital, meant that the Group was able to keep its net
debt position nearly unchanged from that of the financial year-end at
R573,7 million. The net interest bearing debt to equity ratio increased
from 68% at year-end to 70%, however this is expected to reduce during the
remainder of the financial year ahead.
The result of all of the above is a decline in headline earnings per share
("HEPS") by 84% to 9,0 cents (56,3 cents) against the comparative period.
Fully diluted HEPS declined by 83,6%. Profit attributable to ordinary
shareholders of the parent amounted to R10,3 million (R66,7 million).
Prospects
The difficult trading conditions are expected to remain until at least the
second quarter of 2009. International markets remain volatile and the
effects will continue to spill over into the local economy. The weakening
local currency has been exacerbated by the uncertainty around current
economic issues and will continue to impact on consumer confidence.
The weakening local currency could offset any expected benefits resulting
from the potential reduction in international oil and polymer prices, the
latter is expected as a result of capacity increases coming on-stream
during 2009. In addition, the effect of the high interest rate environment
and inflationary pressure is likely to continue to impact on consumer
spending during the remainder of this financial year.
The steep increase in the cost of electricity and the level of increases
forecast for the next financial year is of further concern.
Capital allocation and cost reduction programs, tighter financial
disciplines, together with the introduction of plant level productivity
initiatives, will ensure that the Group remains focussed on improving
margins and, therefore, profitability and returns to shareholders.
In addition, the Group is currently reviewing all of its operations and
target markets to fully assess each business in order to derive a strategy
or action plan for each operation and the Group as a whole. Underperforming
assets will be identified during the review process and the Group will
derive a strategy on how to best deal with such assets in the shortest
possible timeframe so as to minimise the impact on shareholder value.
The Group expects improved results for the second half of the financial
year.
Comparative Figures
The comparative figures for August 2007 have been restated to account for
the restatements made by the Group for the financial year ended 28 February
2007, as reported on previously. These restatements do not impact on the
income statement for the comparative period, but the restatements to the
results for the financial year ended 28 February 2007 impact on the opening
balances in the balance sheet of the comparative period. Further details
can be found in the reconciliation of prior year balances and movements
statement.
Basis of Preparation
This abridged report complies with International Accounting Standard 34 -
Interim Financial Reporting, Schedule 4 of the South African Companies Act
and the Listings Requirements of the JSE Limited. 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
29 February 2008.
Changes to the Board of Directors ("Board")
Mr Raymond Crewe-Brown retired from the Board on 6 June 2008 and Mr Marco
Baglione was appointed as Chief Executive Officer on the same date.
We would like to thank Ray for his significant contribution to the Group
over the past 11 years and wish him well in his retirement.
Mr Paul Botha was appointed to the Board on 30 July 2008 as a non-executive
director.
Mr Gary King resigned as Company Secretary on 31 August 2008. Mr Manley
Diedloff has assumed the role of Company Secretary until such time as the
vacancy is filled.
It has been resolved to re-align the strategic focus of the board and to
further comply with the King Code of Good Corporate Governance. As a
consequence the following Divisional Chief Executives who served as
executive directors on the board will step down with effect from 1 December
2008 and will continue to serve on the Group Executive Committee: Mr Greg
Petzer (Flexible Division) and Mr Johan Venter (Films Divisions).
Mr Harry Todd has resigned as Financial Director with effect from 1
December 2008 and Mr Manley Diedloff will take over as Chief Financial
Officer on that date.
Acknowledgements
The Board would like to express its appreciation to all its management and
staff for their efforts during the year.
Investor presentation
An investor presentation has been prepared and can be accessed on the
investor relations segment of the Astrapak website (www. astrapak.co.za).
For and on behalf of the Board
Marco Baglione H A Todd
(Chief Executive Officer) (Financial Director)
Sandton
22 October 2008
Board of Directors:
K P Seopela* (Acting Chairman), M Baglione (Chief Executive Officer), P C
Botha*, T Kgage*,
D C Noko*, J F Buchanan*, M Diedloff, G Petzer, H A Todd,
W J Venter
*Non-executive
Company Secretary: M Diedloff
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) Limited Ground Floor, 70
Marshall Street,
Johannesburg, 2001 PO 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 Asatrapak 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: 22/10/2008 13:13:11 Produced by the JSE SENS Department.
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