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Amalgamated Beverage Industries Limited - Interim results for the six months
ended 30 September 2002
Amalgamated Beverage Industries Limited
(Registration number 1970/006820/06)
ISIN number: ZAE000000048
Share code: ABI
www.abi.co.za
Interim results for the six months ended 30 September 2002
Profit from operations increased by 23%
Adjusted headline earnings per share increased by 24%
Dividends per share increased by 24%
Group balance sheets
2002 2001 2002
30 September 30 September 31 March
Rm Rm Rm
(unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Property, plant and
equipment 1 516 1 389 1 483
Goodwill 1 224 1 302 1 263
Investment in associate 195 171 192
Other financial assets - 22 -
2 935 2 884 2 938
Current assets
Inventories 257 213 183
Trade and other receivables 302 293 393
Prepayments 23 29 20
Cash and cash equivalents 311 102 450
893 637 1 046
Total assets 3 828 3 521 3 984
EQUITY AND LIABILITIES
Capital and reserves
Issued capital and share
premium 1 598 1 598 1 598
Non-distributable reserves 6 1 6
Accumulated profit 1 251 965 1 297
Ordinary shareholders`
funds 2 855 2 564 2 901
Minority interest 17 - 10
Total shareholders` funds 2 872 2 564 2 911
Interest bearing debt - 89 -
Non-current liabilities
Deferred tax 57 110 126
Deferred income 97 112 104
Retirement benefit
obligation 22 24 19
176 246 249
Current liabilities
Trade and other payables 860 645 766
Taxation (80) (23) 58
780 622 824
Total equity and
liabilities 3 828 3 521 3 984
Future capital expenditure
Contracted 78 80 78
Authorised by the directors
but not yet contracted 91 73 202
Group income statements
2002 2001 2002
Half year Half year Year
30 September 30 September % Change 31 March
Rm Rm Rm
(unaudited) (unaudited) (audited)
Revenue 2 068 1 739 19 4 330
Sales revenue 2 031 1 723 18 4 283
Cost of sales (1 309) (1 101) (2 612)
Gross profit 722 622 1 671
Expenses (521) (459) (969)
Profit from
operations 201 163 23 702
Goodwill
amortisation (39) (39) (78)
Net finance income 25 4 23
Income from
associate 15 12 46
Profit before tax 202 140 44 693
Income tax expense (25) (67) (231)
Current taxation (69) (46) (190)
Deferred tax 69 - (16)
Secondary tax on
companies (25) (21) (25)
Profit after tax 177 73 462
Minority interest (7) - (7)
Net profit for the
period 170 73 133 455
Reconciliation of
headline earnings
(Rm)
Net profit for the
period 170 73 455
Loss on disposal
of fixed assets
after tax - - 4
Goodwill
amortisation 39 39 78
Headline earnings 209 112 86 537
Deferred tax
adjustment due to
assessed loss (69) - -
Adjusted headline
earnings 140 112 24 537
Earnings per share
(cents)
Basic earnings 112 48 133 299
Headline earnings 138 74 86 353
Adjusted headline
earnings 92 74 24 353
Dividends per share
(cents) 40,4 32,5 24 174
Number of ordinary
shares in issue
(million) 152 152 152
Group cash flow statements
2002 2001 2002
Half year Half year Year
30 September 30 September 31 March
Rm Rm Rm
(unaudited) (unaudited) (audited)
Profit from operations 201 163 702
Depreciation 86 77 155
Non-cash items (2) 10 6
Decrease in working capital 108 3 41
Cash generated from
operations 393 253 904
Net finance income 25 4 23
Dividend income 12 10 23
Normal tax paid (207) (76) (138)
Secondary tax on
companies paid (25) (20) (25)
Net cash inflow from
operating activities 198 171 787
Dividends paid (216) (177) (227)
Net cash retained (18) (6) 560
Cash flow from
investment activities
Investment to maintain
and upgrade operations (21) 1 (117)
Investment to expand
operations (100) (29) (77)
Net cash invested (121) (28) (194)
Cash effects of financing
activities - 89 28
(Decrease)/increase in cash
and cash equivalents
Balance at the beginning of
the year 450 47 47
Cash and cash equivalents
on acquisition of
subsidiaries - - 9
Balance at the end of
the period 311 102 450
(139) 55 394
Statement of changes in equity
Ordinary Ordinary Non-
share share distributable
capital premium reserves
Rm Rm Rm
Balance at 31 March 2001 1 1 589 1
Premium on issue of share
capital used
for share options - 8 -
Net profit for the period - - -
Dividend - - -
Balance at
30 September 2001 1 1 597 1
Foreign currency
translation differences - - 5
Net profit for the period - - -
Dividend - - -
Balance at 31 March 2002 1 1 597 6
Net profit for the period - - -
Dividend - - -
Balance at
30 September 2002 1 1 597 6
Statement of changes in equity - continued
Ordinary
Accumulated shareholders`
profit funds
Rm Rm
Balance at 31 March 2001 1 069 2 660
Premium on issue of share capital used
for share options - 8
Net profit for the period 73 73
Dividend (177) (177)
Balance at 30 September 2001 965 2 564
Foreign currency translation
differences - 5
Net profit for the period 382 382
Dividend (50) (50)
Balance at 31 March 2002 1 297 2 901
Net profit for the period 170 170
Dividend (216) (216)
Balance at 30 September 2002 1 251 2 855
Statement of changes in equity - continued
Total
Minority shareholders`
interests funds
Rm Rm
Balance at 31 March 2001 - 2 660
Premium on issue of share capital used
for share options - 8
Net profit for the period - 73
Dividend - (177)
Balance at 30 September 2001 - 2 564
Foreign currency translation differences 3 8
Net profit for the period 7 389
Dividend - (50)
Balance at 31 March 2002 10 2 911
Net profit for the period 7 177
Dividend - (216)
Balance at 30 September 2002 17 2 872
Overview
A positive performance has been achieved with beverage volumes growing 7,6% to
reach 4,96 million hectolitres. This includes nine months of operations from
the group`s subsidiaries in Comores and Mayotte, bringing them onto a
coterminous year-end, which added 1,6% to the volume growth. All segments of
our market contributed to growth in the first half.
Good growth of 4,8% was achieved in mainstream carbonated soft drinks in South
Africa. Other soft drinks grew strongly and improved their market share. These
products now comprise 4,3% of total volume, up from 3,5% at the end of the
previous financial year.
Taxation matters
Tax losses in the group`s wholly owned subsidiary, New Age Beverages (Pty) Ltd,
have been assessed up to 31 March 2001 and accordingly, in terms of South
African Generally Accepted Accounting Practice, a deferred tax asset of R69
million has now been recognised. To reflect the operational performance of the
group, the impact has been excluded in the calculation of adjusted headline
earnings.
A payment to the South African Revenue Service (SARS) has been made on account
of a tax assessment on certain capital amounts received by ABI. ABI`s legal
advice is that these amounts should not be subject to taxation and, pending the
outcome of a legal process, an amount of R70 million has been disclosed as a
prepayment of taxation.
Financial performance
Adjusted headline earnings grew by 24% compared to the prior period. This was
boosted by the inclusion of the Comores and Mayotte islands referred to above.
The growth achieved in the South African operations over the comparable period
was 19%. This favourable outcome is principally due to strong volume growth,
moderated by significant increases in raw material costs.
Management of working capital has continued to deliver benefits and the balance
sheet remains strong.
Outlook
The decline in the value of the Rand will continue to have a significant effect
on input costs, most notably raw materials. Sales are expected to continue on a
positive trend for the remainder of the year. This, together with the
realisation of overhead productivity, should result in real earnings growth for
the full year.
Accounting policies
The financial statements are prepared in accordance with the historic cost
convention and conform to the South African Statements of Generally Accepted
Accounting Practice as well as the requirements of the South African Companies
Act. The principal accounting policies, which were adopted in the preparation of
these financial statements, correspond with those applied previously.
Revenue comprises sales revenue, interest received and dividends received.
Declaration of dividend number 54
Notice is hereby given that on 29 October 2002, the board of directors declared
in respect of the half-year ended 30 September 2002 an interim dividend of 40,4
cents per share (2001: 32,5 cents). This dividend will be paid out of reserves
as determined by the directors, to ordinary shareholders recorded as such in the
register at the close of business on the record date, Friday, 27 December 2002.
The last date to trade to participate in the dividend is Wednesday, 18 December
2002. Shares will commence trading ex-dividend from Thursday, 19 December 2002.
The important dates pertaining to this dividend are as follows:
Last day to trade "cum" dividend Wednesday, 18 December 2002
Shares trade "ex" dividend Thursday, 19 December 2002
Record date Friday, 27 December 2002
Payment date Monday, 30 December 2002
Share certificates may not be dematerialised or rematerialised between Thursday,
19 December 2002 and Friday, 27 December 2002, both days inclusive.
By order of the board
S Pienaar
Company secretary
29 October 2002
Amalgamated Beverage Industries Limited
(Reg. No. 1970/006820/06)
Directorate and administration
Chairman E A G Mackay
Non-executive directors N J Adami M P Adonisi P M Bester J A Mabuza M I Wyman
(British)
Executive directors A J Clark (Managing Director) E M Borcherds G S Brockett T K
Gibbon M J Hoy H B B Lloyd A J Parker A T W Pickerell
Company secretary S Pienaar
Registered office
ABI House 14 Pongola Crescent Eastgate Extension 17 Sandton 2199
P O Box 76202 Wendywood 2144 South Africa
Transfer secretaries
Computershare Investor Services Limited 70 Marshall Street Johannesburg 2001 PO
Box 61051 Marshalltown 2107 South Africa
Date: 30/10/2002 10:00:00 AM Produced by the JSE SENS Department
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