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APK
APK
APK - Astrapak Limited - Trading Statement - Six Months Ended 31 August 2009
ASTRAPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/009169/06)
ISIN: ZAE000096962
Share Code: APK
("Astrapak" or "the Company" or "the Group")
TRADING STATEMENT - SIX MONTHS ENDED 31 AUGUST 2009
In terms of the Listings Requirements of the JSE, a Company is required to
publish a trading statement as soon as it becomes aware that its financial
results for the next period to be reported will differ by 20% or more from those
of the corresponding reporting period of the previous year ("comparative
period"). The Board of Directors of Astrapak ("the Board") hereby advises
shareholders that the Group is now in the process of finalising the results for
the six months ended 31 August 2009 ("reporting period"). The results in respect
of the reporting period have not been reviewed or reported on by the Group`s
auditors and the following trading statement is based on the available
information at the time of publication.
Shareholders are reminded that the results in the comparative period was
negatively impacted upon by certain once-off items of expenditure and a reversal
of deferred tax assets totalling approximately R20 million. This resulted in a
much lower base being established for comparative purposes and the improvements
in earnings per share ("EPS") and headline earnings per share ("HEPS") as
reported in this announcement should be normalised for these items to determine
the true growth from operational activities.
The results for the reporting period should be influenced by the continued
process of recovery initiated approximately 12 months ago. The strategy of
extracting value by improving internal efficiencies and adopting best practices
across the Group continues to reap rewards. In addition, much improved cost and
working capital management, cash generation and capital allocation, assisted by
a lower interest rate environment, will have a positive impact on the results
for the reporting period.
The Board therefore advises shareholders that HEPS from continuing operations is
expected to be between 810% and 830% higher than that reported in the
comparative period, which will result in anticipated HEPS of between 46.4 cents
and 47.4 cents (2008: 5.04 cents). EPS from continuing operations is expected to
be between 810% and 830% higher than that reported in the comparative period,
which will result in anticipated EPS from continuing operations of between 43.5
cents and 44.5 cents (2008: 4.78 cents) for the reporting period.
HEPS from both continuing and discontinued operations is expected to be between
360% and 380% higher than that reported in the comparative period, which will
result in anticipated HEPS of between 41.4 cents and 43.2 cents (2008: 8.99
cents). EPS from both continuing and discontinued operations is expected to be
between 260% and 280% higher than that reported in the comparative period, which
will result in anticipated EPS from both continuing and discontinued operations
of between 31.3 cents and 33.0 cents (2008: 8.73 cents) for the reporting
period.
The Group`s interim results are expected to be finalised and published on SENS
on 12 October 2009.
Sandton
1 October 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 01/10/2009 17:19:29 Produced by the JSE SENS Department.
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