APK - Astrapak - Trading Statement and Company Tax
APK
APK
APK - Astrapak - Trading Statement and Company Taxation Re-Assessment
Astrapak Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/009169/06)
ISIN: ZAE000030938
Share Code: APK
("Astrapak" or "the Company")
TRADING STATEMENT AND COMPANY TAXATION RE-ASSESSMENT
Trading statement
Astrapak is currently finalising its results for the financial year ending 28
February 2007 which will be released on SENS or about 9 May 2007.
Linked unitholders are advised that headline earnings per linked unit is
expected to be in line with that reported for the previous financial year ended
28 February 2006.
Although revenue growth has been good, exceptionally high oil prices and strong
international polymer demand has resulted in raw material prices remaining high
and in many cases increasing further during the latter half of the financial
year. These increases were not entirely absorbed by customers, resulting in
lower than anticipated operating margins over the period.
Company taxation re-assessment
Based on assessments received by the Company from the South African Revenue
Services ("SARS") for the tax years ended 28 February 2003 and 29 February 2004,
a deferred tax asset was raised by the Company for these years. SARS has now re-
assessed the Company for these specific periods and has disallowed certain items
of expenditure that were previously allowed as a deduction. The Company is
currently reviewing these revised assessments.
Should the revised assessments be accepted or unsuccessfully challenged by the
Company, the estimated effect on headline earnings per linked unit for the
financial year ended 28 February 2006 would be a decrease of 8,24 cents per
linked unit from the 125,83 cents per linked unit previously reported. The
impact on the current year`s forecast earnings of the Company, given the trading
statement above, will be a decrease in anticipated headline earnings per linked
unit of 6,34 cents.
In terms of the balance sheet, a cumulative deferred tax asset of R12,0 million
reflected in the Company`s results as at 28 February 2006 will be written back
over the respective reporting periods in which it was raised and a cumulative
taxation liability of R9,5 million would have to be raised as at 28 February
2006.
The financial information on which the above announcements are based has not
been reviewed and reported on by the Company`s auditors.
Sandton
23 February 2007
Sponsor
RAND MERCHANT BANK (A division of First Rand Bank Limited)
Date: 23/02/2007 17:02:22 Produced by the JSE SENS Department.
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