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APK APKP
APK
APK/APKP - Astrapak Limited - Reviewed results for the financial year ended 29
February 2012
ASTRAPAK LIMITED
(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 29 FEBRUARY 2012
COMMENTARY
Overview
As was the case in the first half of the financial year market conditions
remained challenging and so performance enhancements over the entire year were
not attained. The Flexible Division and certain PET operations remained under
pressure having a significant negative influence on the results. The Group
remains focused on implementing a strategy that is designed to adapt to
envisaged market conditions.
The main factors contributing to the results for the financial year ended 29
February 2012 were:
- The consumer economy remained under pressure and demand softened in most
markets served by the Group. Faced with these challenges - high material input
costs and margins under pressure - competition amongst converters continued to
be fierce;
- Industry wide strikes during July 2011 affected the majority of the Group`s
operations, followed by industrial action at a number of the Group`s major
customers into August 2011;
- The supply of polymers was problematic and had a negative impact on the
business through stock outs followed by overstocking, in some cases at higher
prices;
- The more rapid introduction of the Group`s strategy to reduce the Flexible
footprint was achieved however at once off significant costs. In total five
operations were either discontinued, merged or reduced in size in the second
half of the financial year; and
- A thorough assessment of the useful life and competitiveness of the Group`s
asset base was conducted. While benefits were recognised as a result of
reworked estimates in certain instances, additional impairments were accounted
for.
Management recognises that much greater effort is required in the areas of;
asset utilisation, anticipating and adapting to the changing market conditions
and working capital management in general. These will become areas of focus
for management during the current financial year.
Financial results
Turnover from continuing operations at R2,518 billion (2011: R2,434 billion),
increased by 3,4% against the comparative period, mainly as a result of a 4,5%
increase in average selling prices. The volume decline of 1,1% was largely
attributable to the factors mentioned above.
The financial results continue to reflect the increased cost of operations,
primarily related to raw materials, energy and labour costs not fully
compensated for in the selling prices to customers. The resulting gross
profit decreased by 4,9% to R515,8 million (2011: R542,3 million).
To this end Astrapak has placed increased emphasis on becoming more productive
with new equipment and utilising efficient formulations as input price
increases are difficult to pass on in this competitive market. Costs
associated with selling, administration and distribution overheads totalled
R352,5 million (2011: R350,3 million) representing a slight increase of 0,6%
over the comparative period. This is a result of a concerted effort by
management to reduce costs in light of top line pressures.
A thorough assessment of the useful life, competitiveness, power consumption
and overall carbon footprint of the Group`s entire asset base was conducted.
Whilst benefits were recognised in some areas as a result of reworked
estimates, a material amount of additional impairments were accounted for in
the results. The results flowing from this assessment of the asset base has
been incorporated into the Group`s strategies and investment plans. Also
flowing from this process was a decision to more rapidly execute on the
Group`s strategy to down size the Flexible footprint. In total five operations
were either discontinued, merged or downsized during the second half of the
financial year. This did however come at a significant once-off cost to the
Group which the Group will hope to recover in future years. The exceptional
items expense of R70,5 million (2011: R5,2 million) relates to costs
associated with continuing operations and includes the impairment of goodwill,
impairment of assets and retrenchment costs. Similar costs totalling R5,2
million, which relate to discontinued operations, has been disclosed as such
in the statement of comprehensive income.
The Group benefited further from improvements to net interest paid which
reduced by a 6,2% to R28,7 million (2011: R30,6 million). This was achieved
despite subdued operational performance, increased capital investment and
difficult working capital conditions.
Taxation amounted to R40,2 million (2011: R51,3 million) and includes the
payment of Secondary Taxation on Companies ("STC") of R4,5 million. The
effective tax rate at 62,8% (2011: 32,9%) includes the STC cost and further
reflects the impact of discontinued operations and various exceptional items
recorded within continuing operations. The sustainable effective tax rate of
the Group remains at 28%.
The loss on discontinued operations of R42,0 million (2011: profit of R4,9
million) is attributed to the divisions of Ultrapak and City Packaging which
were both discontinued during the second half of the financial year. The loss
includes expenses incurred by these divisions in relation to the impairment of
assets, retrenchment costs, onerous leases and normal trading losses incurred
during the shutdown period. These losses are once-off in nature.
Headline earnings per share ("HEPS") from continuing operations are 20,4%
lower than that for the comparative period, resulting in HEPS of 55,5 cents
(2011: 69,7 cents). HEPS from continuing and discontinued operations are
66,3% lower than that for the comparative period, resulting in HEPS of 24,9
cents (2011: 73,8 cents).
Earnings per share ("EPS") from continuing operations are 97,8% lower than
that for the comparative period, resulting in EPS of 1,5 cents (2011: 69,6
cents, this due to the exceptional items of a non-recurring nature and a
higher than normal effective tax rate. EPS from continuing and discontinued
operations are 145,2% lower than that for the comparative period, resulting in
an EPS loss of 33,3 cents (2011: 73,7 cents profit).
The above has had a significant impact on the Group`s statement of financial
position, specifically its gearing position. Gearing, measured by net interest
bearing debt to equity, increased from 33,0% in the prior year to 52,0%, while
net debt increased to R500,3 million (2011: R340,2 million). This increase is
attributable mainly to lower profit generation, significant once-off costs
associated with the Flexible footprint reduction strategy, the R265,9 million
capital investment into growth, dividend distributions of R47,3 million and an
inventory response to combat continuing supply issues. Management will
continue to focus on cash generation and prudent capital allocation as well as
improved treasury and working capital management and is confident that the
position will be normalised as a result in the short term.
Working capital management has been complicated by continued polymer supply
issues and customers continuing to extend payment terms. The investment in net
working capital increased by 6,3% to R347,0 million from R326,4 million at
February 2011. This represents a 50,0 day net working capital cycle compared
to 49 days at February 2011. The target for the Group is 45 days due to the
difficult trading conditions and various strategies have been implemented to
reduce working capital to more acceptable levels.
Capital expenditure incurred was R265,9 million (2011: R223,1 million) and
included investments in the Flexible Division as well as a number of
significant growth projects. The benefits of both, delayed during the past
financial year as a result of delays in start-up and tough market conditions,
will be seen during the current financial year. The Group has engaged in a
comprehensive capacity utilisation exercise over the last few months to
identify underperforming assets and detailed strategic and sales plans are
being formulated and executed upon to maximise returns from the entire asset
base. The systems implemented in the Group will allow for better planning and
tracking of asset utilisation to support planned sales initiatives.
Changes to the Board of Directors
Ms Gugu Pride Duda was appointed as an independent non-executive director to
the Board with effect from 10 October 2011.
Subsequent events
There have been no material subsequent events and no material change in the
Group`s contingent liabilities since 29 February 2012.
Prospects
The Group expects that the challenging market conditions will remain over the
next financial year. As such, management will continue to drive the strategic
objectives, with an immediate focus on extracting value from the investments
in the Flexible Division and improving returns on the entire Group`s asset
base.
Transformation, training and development of staff remain 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
The Board has decided not to declare an ordinary dividend for the financial
year being reported on.
Acknowledgements
The Board would like to express its appreciation to all its stakeholders for
their commitment, efforts and support during the past financial year.
For and on behalf of the Board
Marco Baglione M Diedloff
(Chief Executive Officer) (Chief Financial Officer)
Denver
24 April 2012
Condensed consolidated statement of comprehensive income
Reviewed Audited
financial financial
year year
Ended ended
% 29 February 28 February
(R`000) Notes change 2012 2011 1
CONTINUING OPERATIONS
Revenue 9 3,4 2 517 754 2 434 233
Cost of sales (2 001 993) (1 891 897)
Gross profit (4,9) 515 761 542 336
Distribution and selling costs (191 260) (186 293)
Administrative and other (166 104) (162 643)
expenses
Other items of income and 4 855 (1 392)
expenditure
Profit from operations before (15,0) 163 252 192 008
exceptional items
Exceptional items 10 (70 540) (5 185)
Profit from operations 11 (50,4) 92 712 186 823
Investment income 7 882 24 531
Finance costs (36 617) (55 094)
Profit before taxation (59,1) 63 977 156 260
Taxation (40 163) (51 336)
Profit for the period from (77,3) 23 814 104 924
continuing operations
DISCONTINUED OPERATIONS
(Loss)/profit for the period 12 (959,9) (41 948) 4 878
from discontinued operations
Total comprehensive (116,5) (18 134) 109 802
(loss)/income for the period
Attributable to:
Ordinary shareholders of the (145,5) (40 194) 88 340
parent
- Profit for the period from 1 754 83 462
continuing operations
?Profit for the period from 72 294 88 647
continuing operations before
exceptional items
?Exceptional items (70 540) (5 185)
- (Loss)/profit for the (41 948) 4 878
period from discontinued
operations
Preference shareholders of the 10 830 11 527
parent
Non-controlling interest 11 230 9 935
Total comprehensive (116,5) (18 134) 109 802
(loss)/income for the period
(Loss)/earnings per ordinary 13 (145,2) (33,3) 73,7
share (cents)
- continuing operations (97,8) 1,5 69,6
- discontinued operations (948,8) (34,8) 4,1
Fully diluted (loss)/earnings 13 (146,0) (33,1) 71,9
per ordinary share (cents)
- continuing operations (97,9) 1,4 67,9
- discontinued operations (962,5) (34,5) 4,0
Preference dividend paid and
accrued 10 830 11 527
Preference dividend per 722,00 768,50
preference share (cents)
1 Reclassified as a result of discontinued operations
Reconciliation of headline earnings
Reviewed Audited
financial financial
year year
Ended ended
% 29 February 28 February
(R`000) Notes change 2012 2011
(Loss)/profit for the period (145,5) (40 194) 88 340
contributable to ordinary
shareholders
- continuing operations 1 754 83 462
- discontinued operations (41 948) 4 878
Headline earnings adjustments
- IAS 39: Loss on exercise of 60 190
options
- IAS 27: Loss/(profit) on 375 (27)
disposal of subsidiary
- IAS 36: Impairment of 37 787 -
property, plant and equipment
- IAS 36: Impairment of 32 168 -
goodwill
- IAS 16: Profit on disposal (624) (98)
of property, plant and
equipment
- Total tax effect of 175 28
adjustments
- Total non-controlling 163 61
interest share of adjustments
Headline (loss)/earnings (66,2) 29 910 88 494
attributable to ordinary
shareholders
- continuing operations (20,1) 66 782 83 616
- discontinued operations (855,9) (36 872) 4 878
Headline (loss)/earnings per 13 (66,3) 24,9 73,8
ordinary share (cents)
- continuing operations (20.4) 55,5 69,7
- discontinued operations (846,3) (30,6) 4,1
Fully diluted headline 13 (65,8) 24,6 72,0
(loss)/earnings per ordinary
share (cents)
- continuing operations (19,3) 54,9 68,0
- discontinued operations (857,5) (30,3) 4,0
Condensed consolidated statement of financial position
Reviewed Audited
financial Financial
year year
ended ended
% 29 February 28 February
(R`000) Notes change 2012 2011
Assets
Non-current assets 6,8 1 348 955 1 262 666
Property, plant and equipment 3 1 140 169 1 053 330
Deferred taxation assets 44 010 17 144
Goodwill 117 118 149 700
Loans and investments 4 47 658 42 492
Current assets (4,1) 849 079 885 654
Inventories 5 309 024 290 003
Trade and other receivables 532 980 511 007
Cash and cash equivalents 6 - 84 644
Assets classified as held for 7 7 075 -
sale
Total assets 2,3 2 198 034 2 148 320
Equity and liabilities
Total equity (5,5) 1 020 615 1 080 544
Equity attributable to 825 423 898 083
ordinary shareholders of the
parent
Preference share capital and 142 590 142 590
share premium
Non-controlling interest 52 602 39 871
Non-current liabilities 18,7 495 004 417 195
Long-term interest-bearing 317 290 257 892
debt
Long-term financial 4 937 1 671
liabilities
Deferred taxation liabilities 172 777 157 632
Current liabilities 4,9 682 415 650 581
Trade and other payables 494 962 474 578
Shareholders for preference 4 420 8 994
dividends
Short-term interest-bearing 179 903 167 009
debt
Bank overdrafts 6 3 130 -
Total equity and liabilities 2,3 2 198 034 2 148 320
Condensed consolidated statement of changes in equity
Reviewed Audited
financial financial
year year
Ended ended
29 February 28 February
(R`000) Notes 2012 2011
Opening balance 1 080 544 991 335
Comprising:
Ordinary share capital and premium 199 502 199 502
Retained income 834 278 778 704
Capital reserve 8 16 707 9 832
Non-controlling put options (1 671) (20 044)
Treasury shares (150 733) (152 197)
Equity attributable to ordinary 898 083 815 797
shareholders of the parent
Preference share capital and premium 142 590 142 590
Non-controlling interest 39 871 32 948
Movements:
Total comprehensive (loss)/income (18 134) 109 802
Ordinary dividends paid (31 863) (31 855)
Preference dividends paid (10 830) (11 527)
Ordinary dividends paid to non- - (4 789)
controlling interest
Contributions made by non-controlling
interest 1 501 11 236
Retained income acquired on purchase of
non-controlling interest - (911)
Acquisition of non-controlling interest - (9 459)
Exercise of put options by non- - 10 000
controlling interest shareholders
Adjustment of fair value of put options (3 266) 8 373
Reduction in treasury shares due to 623 1 655
exercise of options
Incentive scheme movements (10) (191)
Share-based expense for the period 2 050 6 875
Closing balance 1 020 615 1 080 544
Comprising:
Ordinary share capital and premium 199 502 199 502
Retained income 762 221 834 278
Capital reserve 8 18 757 16 707
Non-controlling put options (4 937) (1 671)
Treasury shares (150 120) (150 733)
Equity attributable to ordinary 825 423 898 083
shareholders of the parent
Preference share capital and premium 142 590 142 590
Non-controlling interest 52 602 39 871
Total equity 1 020 615 1 080 544
Condensed consolidated statement of cash flows
Reviewed Audited
financial financial
year year
Ended ended
% 29 February 28 February
(R`000) Notes change 2012 2011
Cash generated from (30,9) 233 431 337 757
operations
Increase in working capital (17 271) (51 942)
Net financing costs and (74 913) (73 982)
taxation paid
Net cash inflow from (33,3) 141 247 211 833
activities before
distributions to shareholders
Dividend distribution to all (47 267) (44 055)
shareholders
Net cash inflow from (44,0) 93 980 167 778
operating activities
Capital expenditure (265 861) (223 146)
Net movement of investments, 1 915 (2 546)
subsidiaries and non-
controlling interests
Proceeds on the disposal of 9 287 3 559
property, plant and equipment
Net cash outflow from
investing activities (254 659) (222 133)
Net cash inflow/(outflow) 72 905 (1 423)
from financing activities
Net decrease in cash and cash (87 774) (55 778)
equivalents
Net cash and cash equivalents
at the beginning of the
period 84 644 140 422
Net cash and cash equivalents 6 (103,7) (3 130) 84 644
at the end of the period
Condensed consolidated segmental analysis
Total Discon-
continuing tinued Total
(R`000) Rigids Flexibles operations operations Group
Revenue for 2012 1 740 362 994 915 2 735 277 202 665 2 937
segment 942
2011 1 570 177 1 096 984 2 667 161 309 660 2 976 821
Transactions 2012 (140 (77 030) (217 523) (14 819) (232
with other 493) 342)
operating
segments of
the Group
2011 (136 867) (96 061) (232 928) (21 099) (254 027)
Revenue for 2012 1 599 869 917 885 2 517 754 187 846 2 705
external 600
customers
2011 1 433 310 1 000 923 2 434 233 288 561 2 722 794
Profit from 2012 177 688 (14 436) 163 252 (49 055) 114 197
operations
before
exceptional
items
2011 189 614 2 394 192 008 3 834 195 482
Total assets 2012 1 115 454 1 082 580 2 198 034 - 2 198 034
2011 1 210 885 937 435 2 148 320 - 2 148 320
Total 2012 496 739 680 679 1 177 418 - 1 177 418
liabilities
2011 551 003 516 773 1 067 776 - 1 067 776
Capex 2012 132 577 133 284 265 861 - 265 861
2011 141 376 81 768 223 144 - 223 144
Depreciation 2012 82 374 39 181 121 555 3 942 125 497
2011 94 835 38 559 133 394 7 289 140 683
Supplementary information
Reviewed Audited
financial financial
year year
Ended ended
29 February 28
February
2012 2011
Number of ordinary shares in issue (`000) 135 131 135 131
Weighted average number of ordinary shares in 120 404 119 928
issue (`000)
Fully diluted weighted average number of
ordinary shares in issue (`000) 121 600 122 909
Number of preference shares in issue (`000) 1 500 1 500
Net asset value per share (cents) 804 868
Net asset value per share recognising properties 944 972
at fair market value(cents)
Net tangible asset value per share (cents) 707 743
Net tangible asset value per share recognising
properties at fair market value (cents) 847 847
Closing share price (cents) 665 890
Closing price to net asset value per ordinary 0,7 0,9
share recognising properties at fair market
value
Closing price to net tangible asset value per 0,8 1,1
ordinary share recognising properties at fair
market value
Market capitalisation (R million) 898,7 1 202,7
Net interest-bearing debt as a percentage of 52 33
equity (%)
Net debt 500 323 340 256
Long-term interest-bearing debt 317 290 257 892
Short-term interest-bearing debt 179 903 167 009
Bank overdraft/(Cash and cash equivalents) 3 130 (84 645)
Interest cover (before exceptional items) 5,7 6,3
Net working capital days 50,0 49,0
Contingent liabilities 5 026 8 077
Number of employees 4 168 4 450
- continuing operations 4 053 4 104
- discontinued operations 115 346
Earnings before interest, taxation, 284 807 325 402
depreciation, amortization and exceptional items
("EBITDA") - continuing operations
Earnings before interest, taxation, 239 694 336 525
depreciation, amortization and exceptional items
("EBITDA") - total Group
(Loss)/earnings before interest, taxation, (45 113) 11 123
depreciation, amortization and exceptional items
("EBITDA") - discontinued operations
Abbreviated notes for the year ended 29 February 2012
1. Basis of preparation and accounting policies
These condensed consolidated annual financial statements for the
year ended 29 February 2012 have 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 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 M Diedloff, Chief Financial Officer.
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 28 February 2011.
This review has been conducted in accordance with International
Standards on Review Engagements 2410, Review of Interim Financial
Information Performed by the Independent Auditor, Deloitte & Touche,
and their unmodified review opinion is available for inspection at
the Company`s registered office. Any reference to future financial
performance included in this announcement has not been reviewed or
reported on by the Group`s auditors.
2. Comparative figures
Comparative figures, relating to exceptional items were restated for
comparability purposes and where necessary comparative figures have
also been changed because of discontinued operations.
Reviewed Audited
financial financial
year year
ended ended
29 February 28 February
(R`000) 2012 2011
3. Property, plant and equipment
Opening net carrying amount 1 053 330 974 331
Additions 265 861 223 146
Classified as assets held for sale (7 075) -
Disposals (8 663) (3 464)
Impairment (37 787) -
Depreciation (125 497) (140 683)
Closing net carrying amount 1 140 169 1 053 330
Capital expenditure for the period 265 861 223 146
Capital commitments
- contracted not spent 8 940 92 060
- authorised not contracted 2 500 22 921
The Group`s property portfolio has a
carrying value of R119 million and a
current market value of R287 million.
These properties are of strategic value
to the Group due to their locations.
4. Loans and investments
Vendor loan to Afripack Consumer 47 646 42 480
Flexibles (Pty) Ltd in terms of Flexibles
disposal transaction
Unlisted investments 12 12
Loans and investments at end of the 47 658 42 492
period
5. Inventories
Inventories amounting to R992 000 (2011:
R1 604 652) are carried at net realisable
value.
6. Cash and cash equivalents
Cash and cash equivalents 112 892 102 897
Bank overdrafts (116 022) (18 253)
Net cash and cash equivalents at the end (3 130) 84 644
of the year
7. Assets held for sale and liabilities
relating to assets held for sale
The assets held for sale relates to the
assets for the divisions that are being
rationalised or discontinued. The prior
year discontinued operations relates to
International Tube Technology (Pty) Ltd
and International Edgeboard Technology
(Pty) Ltd.
Assets held for sale/sold consists of the
following:
Opening balance as at 1 March - 11 381
Assets of ITT disposal group disposed
(effective date of transaction 23 July
2010) - (11 381)
Property, plant and equipment classified 7 075 -
to held for sale
Assets held for sale at the end of the 7 075 -
period
Liabilities relating to assets held for
sale/sold consists of the following:
Opening balance as at 1 March - 8 076
Liabilities relating to disposal group - (8 076)
classified to held for sale
Liabilities relating to assets held for - -
sale at the end of the period
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 R2.1 million
(2011: R6.9 million).
9. Revenue
Revenue for the Group 2 735 277 2 667 161
Transactions with other entities within (217 523) (232 928)
the Group
Revenue for external customers 2 517 754 2 434 233
Volume (in `000 tons) 85 569 86 524
10. Exceptional items
Impairment of property, plant and 32 627 -
equipment
Impairment of goodwill 32 168 -
Retrenchment costs 5 745 5 185
Exceptional items 70 540 5 185
11. Profit from operations
Profit from operations are arrived at
after taking the following into account:
Profit on disposal of property, plant and (508) (80)
equipment
Depreciation 121 555 133 394
Net loss on exercise of share options 60 190
IFRS 2 - Share Based Payment expenses 489 4 125
12. Loss for the period from discontinued
operations
The Group classified City Packaging and
Ultrapak Packaging as discontinued
operations as part of its strategy to
rationalise the Group. In the prior year
the Group disposed of International Tube
Technology (Pty) Ltd and International
Edgeboard Technology (Pty) Ltd.
The results of discontinued operations
are 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 187 846 288 561
Cost of sales (207 989) (250 742)
Gross (loss)/profit (20 143) 37 819
Distribution and selling costs (18 412) (20 932)
Administrative and other operating (10 500) (13 053)
expenses
(Loss)/profit from operations before (49 055) 3 834
exceptional items from discontinued
operations
Exceptional items (5 160) -
(Loss)/profit from operations from (54 215) 3 834
discontinued operations
Investment income 27 -
Finance costs (655) (1 213)
(Loss)/profit before taxation from (54 843) 2 621
discontinued operations
Taxation 12 895 2 257
(Loss)/profit for the period from (41 948) 4 878
discontinued operations
The net cash flows incurred by
discontinued operations for the period
are represented below:
Operating cash (outflow)/inflow (49 149) 5 733
Investing cash inflow/(outflow) 35 379 (4 385)
Financing cash inflow/(outflow) 6 006 (3 347)
Net decrease in cash and cash equivalents (7 764) (1 999)
from discontinued operations
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 29 February 2012 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*, G P Duda* *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
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
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 24/04/2012 16:49:01 Produced by the JSE SENS Department.
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