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TRANSPACO LIMITED
(registration number 1951/000799/06)
("Transpaco")
ANNOUNCEMENT
Despite difficult trading conditions being experienced by the packaging
industry, all Transpaco's divisions except Plastafrica Wynberg and Perana
Plastics (which have incurred losses) continue to trade profitably.
In conjunction with Transpaco's auditors Ernst & Young, the investigation
into the incorrect accounting of values for certain assets and liabilities
in Plastafrica Wynberg referred to in the announcement of 30 March 2001 has
been completed. It has been determined that the director responsible for
that division misstated certain assets and liabilities. The necessary
adjustments to rectify the misstatements have been made. The adjustments
total R13,5 million of which R4,8 million relates to years prior to the
current financial year. Of the remaining R8,7 million, R6,0 million applies
to the six months ended 31 December 2000 and R2,7 million applies to the
three months ended 31 March 2001.
Transpaco has now ascertained that stock valued at R1 258 000 by the former
management of Perana Plastics at the date of acquisition is unrealisable. A
further amount of R349 000 relating to prior year development costs have
been written off as the project did not materialise.
The effect of the adjustments and write-offs on Transpaco's income statement
and balance sheet reflecting the earnings and net asset value per share are
as follows -
INCOME STATEMENT
Year ended Six Months ended
30 June 2000 31 December 2000
R'000 Announced Restated Announced Restated
Flexible division (Including
Plastafrica Wynberg) 7 393 2 610 3 611 (2 412)
Other divisions 15 971 14 364 6 409 6 409
Income before taxation 23 364 16 974 10 020 3 997
Taxation 6 818 5 571 2 385 1 401
Income after taxation 16 546 11 403 7 635 2 596
Exceptional item 14 468 14 468 - -
Net income 31 014 25 871 7 635 2 596
Number of ordinary shares in issue
on which earnings per share are
based (000's) 32 711 32 711 31 410 31 410
Earnings per share
- Basic (cents) 94 79 24 8
- Headline (cents) 50 34 24 8
ABRIDGED BALANCE SHEET
30 June 2000 31 December 2000
R'000 Announced Restated Announced Restated
ASSETS
Non-current assets 57 087 56 505 64 008 64 187
Current assets 85 584 79 976 117 323 105 692
TOTAL ASSETS 142 671 136 481 181 331 169 879
EQUITY AND LIABILITIES
Shareholders funds 71 919 66 776 75 129 64 947
Non-current liabilities 17 509 17 509 24 099 23 657
Current liabilities 53 243 52 196 82 103 81 275
TOTAL EQUITY AND LIABILITIES 142 671 136 481 181 331 169 879
Number of ordinary shares in issue
(000's) 32 711 32 711 30 109 30 109
Net asset value per share (cents) 220 204 249 215
CASH FLOW There are no material cash flow changes.
In order to restore the profitability of Plastafrica Wynberg and Perana
Plastics, the following corrective action has been implemented -
- restructure of their operations
- appointment of new management and key personnel
- extensive cost reductions
- review of pricing structure
- consolidation of facilities
The losses of Plastafrica Wynberg and Perana Plastics together with the
adjustments and write-offs referred to above will result in the group's
consolidated profit for the year ending 30 June 2001 being substantially
less than for the preceding financial year. However, the profitable
divisions within Transpaco, together with the corrective action at
Plastafrica Wynberg and Perana Plastics, should result in a material
improvement in the earnings per share for the financial year 1 July 2001 to
30 June 2002.
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