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Amalgamated Beverage Industries Limited
("ABI")
(Registration number 1970/006820/06)
ISIN number: ZAE000000048
Share code: ABI
A member of the SABMiller Group of Companies
www.abi.co.za
Preliminary reviewed group results for the year ended 31 March 2003
Profit from operations increased by 23%
Headline earnings per share increased by 32%
Adjusted headline earnings per share increased by 19%
Dividends per share increased by 32%
Group balance sheet
31 March 31 March
2003 2002
Rm Rm
(Preliminary) (Audited)
ASSETS
Non-current assets 2 983 2 938
Property, plant and equipment 1 514 1 483
Goodwill 1 184 1 263
Investment in an associate 216 192
Deferred tax 69 -
Current assets 1 370 1 046
Inventories 270 183
Trade and other receivables 298 393
Prepayments 29 20
Cash and cash equivalents 773 450
Total assets 4 353 3 984
EQUITY AND LIABILITIES
Capital and reserves
Issued capital and share premium 1 599 1 599
Non-distributable reserves 2 5
Accumulated profit 1 652 1 297
Ordinary shareholders" funds 3 253 2 901
Minority interest 21 10
Total shareholders" funds 3 274 2 911
Interest bearing debt 11 -
Non-current liabilities 245 249
Deferred tax 131 126
Deferred income 89 104
Retirement benefit obligation 25 19
Current liabilities 823 824
Trade and other payables 756 766
Taxation 67 58
Total equity and liabilities 4 353 3 984
Future capital expenditure
Contracted 76 78
Authorised by the directors but
not yet contracted 401 202
Statement of changes in equity
Non-
Ordinary Ordinary distri- Accu-
share share butable mulated
capital premium reserves profit
Rm Rm Rm Rm
Balance at
31 March 2001 1 1 590 - 1 069
Premium on issue
of share capital
used for share
options - 8 - -
Foreign currency
translation differences - - 5 -
Net profit for
the year - - - 455
Dividend - - - (227)
Balance at
31 March 2002 1 1 598 5 1 297
Foreign currency
translation differences - - (3) -
Net profit for
the year - - - 632
Dividend - - - (277)
Balance at
31 March 2003 1 1 598 2 1 652
Statement of changes in equity
Ordinary Total
share- share-
holders" Minority holders"
funds interests funds
Rm Rm Rm
Balance at
31 March 2001 2 660 - 2 660
Premium on issue
of share capital
used for share
options 8 - 8
Foreign currency
translation
differences 5 3 8
Net profit for
the period 455 7 462
Dividend (227) - (227)
Balance at
31 March 2002 2 901 10 2 911
Foreign currency
translation
differences (3) (3) (6)
Net profit for
the period 632 15 647
Dividend (277) (1) (278)
Balance at
31 March 2003 3 253 21 3 274
Group income statement
Year ended Year ended
31 March 31 March
2003 2002 %
Rm Rm Change
(Preliminary) Audited)
Revenue 5 015 4 330 16
Sales revenue 4 933 4 283 15
Cost of sales (3 041) (2 612)
Gross profit 1 892 1 671
Expenses (1 028) (969)
Profit from operations 864 702 23
Goodwill amortisation (78) (78)
Net finance income 56 23
Income from an associate 47 46
Profit before tax 889 693 28
Income tax expense (242) (231)
Current taxation (276) (190)
Deferred tax 65 (16)
Secondary tax on companies (31) (25)
Profit after tax 647 462
Minority interest (15) (7)
Net profit for the year 632 455 39
Reconciliation of
headline earnings (Rm)
Net profit for the year 632 455
(Profit)/loss on disposal of
fixed assets after tax (1) 4
Goodwill amortisation 78 78
Headline earnings 709 537 32
Deferred tax adjustment due
to assessed loss (69) -
Adjusted headline earnings 640 537 19
Earnings per share (cents)
Basic earnings 416 299
Headline earnings 466 353
Adjusted headline earnings 421 353
Dividends per share (cents) 230 174 32
Net asset value per share (cents) 2 140 1 909
Number of ordinary shares
in issue (million) 152 152
Group cash flow statement
Year ended Year ended
31 March 31 March
2002
Rm Rm
(Preliminary) (Audited)
Profit from operations 864 702
Depreciation 180 155
Non-cash items 35 6
Decrease in working capital 59 41
Cash generated from operations 1 138 904
Net finance income 50 23
Dividend income 23 23
Normal tax paid (266) (138)
Secondary tax on companies paid (31) (25)
Net cash inflow from
operating activities 914 787
Dividends paid (277) (227)
Net cash retained 637 560
Cash flow from investment activities:
Net cash invested (322) (194)
Investment to maintain and upgrade
operations (95) (117)
Investment to expand operations (227) (77)
Cash effects of financing activities 11 28
Analysis of movement in cash
and cash equivalents
Balance at the beginning of the year (450) (47)
Currency translation reserve 3 -
Cash and cash equivalents on
acquisition of subsidiaries - (9)
Balance at the end of the period 773 450
Increase in cash and cash equivalents 326 394
COMMENTARY
Overview
The South African consumer environment improved during the second half of the
year under review, assisted by favourable tax measures in the recent Government
budget. Against this background, ABI succeeded in delivering good results
through volume growth and overhead productivity gains.
Financial performance
The strong sales volume growth of 5% in the year was in part a function of good
weather conditions and continued improvement in market execution. Carbonated
soft drinks grew by 4,1%, whilst other soft drinks achieved strong growth of
22,3%. Powerade, and BonAqua and Valpre combined, currently hold leading
positions in their respective categories. Appletiser and Grapetiser have also
shown good growth.
Increased input costs and the adverse effect of mix changes towards lower margin
returnable glass packs were countered by strong productivity gains, leading to a
23% increase in profit from operations.
Finance income increased on the back of rising cash balances. Equity accounted
earnings in our associate, Coca-Cola Canners, remained level with the prior
year.
The operating performance was complemented by good working capital management,
evident in cash generated from operations; being 26% higher than in the previous
year. These positive results allowed an increase in the dividend declared of 32%
in line with the growth in headline earnings per share.
Prospects
Increased consumer confidence and continued economic growth bodes well for the
overall outlook for the current financial year. Management is confident that
real growth in earnings is achievable driven by continued focus on market
execution and ongoing productivity initiatives.
Accounting policies
These results have been compiled in accordance with the South African Statements
of Generally Accepted Accounting Practice and the listing requirements of the
JSE Securities Exchange South Africa and Schedule 4 of the South African
Companies Act. The accounting policies used in the preparation of the results
are consistent in all material respects with those adopted in the annual
financial statements for the year ended 31 March 2002.
Ernst & Young, the company"s auditors, have reviewed the financial results. A
copy of their report is available for inspection at the company"s registered
office.
The group"s annual financial report will be distributed early in June 2003.
Declaration of dividend No. 55
Notice is hereby given that on 30 April 2003, the board of directors declared,
in respect of the year ended 31 March 2003 a final dividend of 189,6 cents per
share (2002: 141,5 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 June 2003. The
last date to trade to participate in the dividend is Friday, 20 June 2003.
Shares will commence trading "ex"-dividend from Monday, 23 June 2003.
Important dates pertaining to this dividend are as follows:
Last day to trade "cum" dividend Friday, 20 June 2003
Shares trade "ex" dividend Monday, 23 June 2003
Record date Friday, 27 June 2003
Payment date Monday, 30 June 2003
Share certificates may not be dematerialised or rematerialised between Monday,
23 June 2003 and Friday, 27 June 2003, both days inclusive.
By order of the Board
M J Bowman D L T Dondur
Managing director Financial director
Directorate and administration
Chairman: E A G Mackay
Non-executive directors: M P Adonisi, P M Bester, J A Mabuza,
M I Wyman (British)
Executive directors: M J Bowman (Managing director),
E M Borcherds, D L T Dondur, T K Gibbon, M J Hoy, H B B Lloyd,
A J Parker, T C Sanderson
Company secretary: S Pienaar
Registered office
ABI House, 14 Pongola Crescent
Eastgate Extension 17, Sandton 2199
PO Box 76202, Wendywood 2144, South Africa
Transfer secretaries
Computershare Investor Services Limited
70 Marshall Street, Johannesburg 2001
PO Box 61051, Marshalltown 2107, South Africa
30 April 2003
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