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Astrapak - Increase in headline earnings per linked unit
Astrapak Limited
(Registration number 1995/009169/06)
ISIN : ZAE000030938
Share Code : APK
("Astrapak")
Increase in headline earnings per linked unit
Astrapak has restated its audited results for the years ended 28 February 2002
and 2001. Headline earnings per linked unit for the year ended 28 February 2002
have been increased by 2,5 cents from the 56,5 cents previously reported to 59,0
cents. Headline earnings per linked unit for the year ended 28 February 2001
have been decreased by 1,6 cents from 47,1 cents to 45,5 cents. The opening
retained income at 1 March 2000 has been increased by R 4,8 million. The
restated income statement, balance sheet and statement of changes in equity
together with the previously reported income statement, balance sheet and
statement of changes in equity for the financial year ended February 2002 are
set out below.
The need to restate the financial results arose as a consequence of inadequate
stock take procedures at one of the group`s divisions. The stock count
procedures have now been revised and appropriate remedial action has been taken.
The Astrapak annual report for the 2002 financial year will be posted to
shareholders before 31 August 2002 and sets out the restated audited figures.
The audit opinion prepared by Deloitte & Touche for the 2002 annual report,
which sets out these restated figures, is available for inspection at the
registered offices of Astrapak.
Sandton
22 August 2002
CONSOLIDATED INCOME STATEMENTS
- 28 FEBRUARY 2002
Restated Previously Change
R 000`s results reported (%)
Revenue 816247 816247 -
Cost of sales 568653 572098 -1%
Gross profit 247594 244149 1%
Net operating expenses 164259 164259 -
Operating profit before 83335 79890 4%
interest and taxation
Net interest paid 13942 13942 -
Profit before debenture 69393 65948 5%
interest
Distribution to linked 7607 7607 -
unitholders - debenture
interest
Profit before taxation 61786 58341 6%
Taxation 12631 11597 9%
Profit after taxation 49155 46744 5%
Share of associates net income 2286 2286 -
after taxation
Profit attributable to minority 3569 3569 -
shareholders
Attributable income for the 47872 45461 5%
year
Headline income for the year 57179 54768 4%
Earnings per linked unit 57.2 54.7 5%
(cents)
Attributable income (cents) 49.4 46.9 5%
Debenture interest (cents) 7.8 7.8 -
Headline earnings per linked 59.0 56.5 4%
unit (cents)
Attributable income (cents) 51.1 48.6 5%
Debenture interest (cents) 7.8 7.8 -
Weighted average number of 96953 96953 -
linked units in issue (000`s)
Reconciliation between
attributable income and
headline income
Attributable income 47872 45461 5%
Debenture interest 7607 7607 -
Loss on disposal of fixed 560 560 -
property
Amortisation of goodwill 1140 1140 -
Headline income 57179 54768 4%
CONSOLIDATED BALANCE SHEETS -
28 FEBRUARY 2002
Restated Previously Change
R000`s results reported (%)
Assets
Non-current assets 219656 222072 -1%
Property, plant and equipment 191632 191632 -
Deferred taxation 14111 16527 -15%
Goodwill 9080 9080 -
Loans and investments 4833 4833 -
Currents assets 289719 281665 3%
Inventories 103651 95597 8%
Trade and other receivables 138977 138977 -
Cash resources 47091 47091 -
Total assets 509375 503737 1%
Equity and liabilities
Capital and reserves (Equity) 152248 146610 4%
Share capital 108 108 -
Retained income 164355 158717 4%
Non-distributable reserves 6684 6684 -
Dividends reserve 3442 3442 -
Treasury shares -22341 -22341 -
Debentures 47804 47804 -
Linked unitholders` funds 200052 194414 3%
Minority interest 18659 18659 -
Non-current liabilities 89225 89225 -
Long-term interest-bearing debt 68367 68367 -
Deferred taxation 20858 20858 -
Current liabilities 201439 201439 -
Trade and other payables 162508 162508 -
Linked unitholders for 7607 7607 -
debenture interest
Short-term interest-bearing 31324 31324 -
debt
Total equity and liabilities 509375 503737 1%
STATEMENT OF CHANGES IN EQUITY - 28 FEBRUARY 2002
Restated Previously Change
results reported (%)
R 000`s
Equity as at 1 March 110378 107151 3%
Non-distributable reserve -1336 -1336 0%
Attributable income for the year 47872 45461 5%
Acquisition of treasury shares -4453 -4453 0%
Net ordinary dividends paid -213 -213 0%
Equity as at 28 February 152248 146610 4%
Sponsor
RMB Corporate Finance
Date: 23/08/2002 07:34:17 AM Produced by the JSE SENS Department
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