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Tiger Brands Limited -
Tiger Brands Limited
(Registration number 1944/017881/06)
(Incorporated in the Republic of South Africa)
Share code: TBSP
ISIN: ZAE 000023560
Group results for the six months ended 31 March 2003
The unaudited results for the six months ended 31 March 2003 are set
out below.
This report has been prepared in accordance with AC127 - Interim
Financial Reporting. The principles adopted herein are consistent, in
all material respects, with those applied in the most recently
published annual financial statements, except as disclosed in note 4,
and comply with the requirements of Statements of South African
Generally Accepted Accounting Practice.
GROUP INCOME STATEMENT
Unaudited Audited
Six months ended Year
31 March ended
30 Sept
Notes 2003 2002 Change 2002
Rm Rm % Rm
Revenue 11,346.0 9,793.2 16 20,181.9
Continuing operations 11,346.0 9,723.2 17 20,071.3
Discontinued operations 70.0 110.6
Operating Income before
amortisation of
Intangibles
1 806.6 853.8 (6) 2,036.6
Continuing operations 806.6 842.1 (4) 2,017.7
Discontinued operations 11.7 18.9
Amortisation of 2 6.6 1.9 3.9
intangibles
Operating Income after
amortisation of
Intangibles 800.0 851.9 (6) 2,032.7
Income from investments 20.2 10.1 33.9
Net financing costs (102.5) (147.8) (274.5)
Profit before taxation 717.7 714.2 0 1,792.1
and abnormal items
Abnormal items 3 (32.7) 33.7 18.3
Profit before taxation 685.0 747.9 (8) 1,810.4
Income tax expense 229.7 249.0 577.8
Net profit after 455.3 498.9 (9) 1,232.6
taxation
Income from associates 64.3 79.8 (19) 177.1
Minority interest 17.6 25.0 49.6
Net profit for the year 502.0 553.7 (9) 1,360.1
Number of ordinary 167,169 166,344 166,792
shares in issue (000"s)
Weighted average number
of ordinary
shares on which headline
earnings
and net profit per share 167,013 166,176 166,331
are based (000"s)
Headline earnings per 327.6 306.3 7 816.6
ordinary share (cents)
Diluted headline
earnings per
ordinary share (cents) 326.1 304.3 7 809.4
Basic earnings per 300.6 333.2 817.7
ordinary share (cents)
Diluted earnings per 299.2 331.0 810.5
ordinary share (cents)
Dividends per ordinary 79.0 79.0 (100) 290.0
share (cents)
Interim dividend 79.0 79.0 79.0
declared
Final dividend declared 211.0
post balance sheet date
Reconciliation between
net profit and headline
earnings
Rm Rm Rm
Net profit for the period 502.0 553.7 1,360.1
Adjusted for:
Losses on sale or
discontinuation of
operations, net
35.0 - 35.6
Losses/(profits) on sale of
fixed assets,
including impairment charge on
fixed properties
3.8 27.4 (8.1)
Net loss/(profit) on sale of
Interest in
subsidiaries and joint ventures
2.2 (84.1) (151.9)
Amount written off investments 103.0
Goodwill amortisation 3.7 1.4 2.8
Other, including associates 0.5 10.6 16.8
Headline earnings for the 547.2 509.0 8 1,358.3
period
GROUP BALANCE SHEET
Unaudited Audited As
As at 31 March at 30 Sept
2003 2002 2002
Rm Rm Rm
ASSETS
Non-current assets 4,561.2 4,194.4 4,109.9
Property, plant & equipment 1,500.8 1,410.9 1,454.3
Goodwill and other 377.0 43.0 44.0
intangibles
Investments 2,470.1 2,480.0 2,333.8
Deferred tax asset 213.3 260.5 277.8
Current assets 6,242.9 5,939.2 6,408.9
Inventories 2,497.1 1,703.0 1,999.1
Accounts receivable 3,109.9 2,900.7 2,784.8
Cash and cash equivalents 635.9 1,335.5 1,625.0
TOTAL ASSETS 10,804.1 10,133.6 10,518.8
EQUITY AND LIABILITIES
Capital and reserves 2,987.3 2,085.9 2,728.8
Share capital and premium 709.7 678.9 696.4
Non-distributable reserves 2,277.6 1,407.0 2,032.4
and accumulated profits
Minority interest 134.3 119.5 121.0
Total non-current liabilities 3,085.5 3,134.6 3,009.3
Deferred tax liability 338.8 251.2 294.0
Provision for post-retirement 383.7 347.4 359.9
medical aid
Long-term borrowings 2,363.0 2,536.0 2,355.4
Total current liabilities 4,597.0 4,793.6 4,659.7
Short-term borrowings 533.5 1,082.9 835.3
Accounts payable 4,063.5 3,710.7 3,824.4
TOTAL EQUITY AND LIABILITIES 10,804.1 10,133.6 10,518.8
ABRIDGED CASH FLOW STATEMENT
Unaudited Audited
Six months ended
31 March
Year ended
30 Sept
2003 2002 2002
Rm Rm Rm
Cash operating profit 944.7 979.7 2,347.3
Working capital changes (328.5) (259.4) (438.4)
Net interest paid (102.5) (147.7) (274.5)
Dividends received 32.1 10.1 52.0
Taxation paid (466.3) (248.9) (378.7)
Cash available from operations 79.5 333.8 1,307.7
Dividends paid (357.1) (253.0) (387.3)
Net cash (utilised)/inflow from (277.6) 80.8 920.4
operating activities
Net cash (outflow)/inflow from (588.7) (60.0) (332.7)
investing activities
Net cash (outflow)/inflow before (866.3) 20.8 587.7
financing activities
Net cash outflow from financing (122.8) (633.7) (915.7)
activities
Net decrease in cash and cash (989.1) (612.9) (328.0)
equivalents
Segmental analysis
Unaudited Unaudited Audited
Six months ended Six months Year ended
31 March 2003 ended 30 Sept 2002
31 March 2002
Change
Rm % Rm % % Rm %
Revenue -
continuing
operations
FMCG 5,135.0 45 4,434.3 44 16 9,305.5 46
Domestic Food 4,080.1 36 3,535.5 35 15 7,620.2 37
- Meal 1,499.0 13 1,309.5 13 14 2,763.9 13
Occasions
- Culinary 890.5 8 794.9 8 12 1,637.7 8
- Snack & 447.5 4 427.2 4 5 827.1 4
Treats
- Milling 1,243.1 11 1,003.9 10 24 2,391.5 12
Consumer 672.1 6 468.8 5 43 989.2 5
Healthcare
- OTC 235.6 2 222.2 2 6 476.7 2
Medicines
- Personal 237.2 2 193.8 2 22 412.2 2
and Babycare
- Homecare 199.3 2 52.8 1 277 100.3 1
Exports 382.8 3 430.0 4 (11) 696.1 3
REGULATED 631.0 5 538.0 5 17 1,114.7 5
HEALTHCARE
Prescription 329.4 3 301.8 3 9 613.9 3
Medicines
Hospital 301.6 2 236.2 2 28 500.8 2
Products
Spar 5,074.5 43 4,105.6 41 24 8,345.3 40
FISHING 870.3 7 965.9 10 (10) 1,843.0 9
OTHER 1.6 0 1.6 0 0 6.3 0
11,712.4 100 10,045.4 100 17 20,614.8 100
Less: 366.4 322.2 543.5
Intragroup
Revenue
11,346.0 9,723.2 20,071.3
Operating
Income -
continuing
operations*
FMCG 304.7 38 347.9 42 (12) 1,004.1 49
Domestic Food 189.3 24 151.6 18 25 591.5 29
- Meal 122.9 15 48.1 6 155 178.3 9
Occasions
- Culinary 31.9 4 18.9 2 69 60.4 3
- Snack & 46.1 6 33.2 4 39 70.8 4
Treats
- Milling (11.6) (1) 51.4 6 282.0 13
Consumer 155.3 19 124.4 15 25 274.7 13
Healthcare
- OTC 91.7 11 90.2 11 2 191.6 9
Medicines
- Personal 33.8 4 29.6 4 14 73.7 4
and Babycare
- Homecare 29.8 4 4.6 0 548 9.4 0
Exports (39.9) (5) 71.9 9 137.9 7
REGULATED 219.0 27 208.8 24 5 427.4 21
HEALTHCARE
Prescription 129.7 16 133.7 16 (3) 275.5 14
Medicines
Hospital 89.3 11 75.1 8 19 151.9 7
Products
Spar 178.1 22 140.5 17 27 293.3 15
FISHING 118.2 15 158.0 19 (25) 339.5 17
OTHER (13.4) (2) (13.1) (2) (2) (46.6) (2
)
806.6 100 842.1 100 (4) 2,017.7 10
0
*Operating Income is stated before amortisation of Intangible assets
NOTES
Unaudited Audited
Six months ended
31 March
Year
ended
30 Sept
2003 2002 2002
Rm Rm Rm
1.Operating income
Operating income before amortisation of
intangibles is reflected after
charging:
Cost of inventories utilised 8,053.4 6,561.4 14,478.4
Depreciation 128.7 105.4 223.8
2.Amortisation of Intangibles 6.6 1.9 3.9
Goodwill 3.7 1.4 2.8
Trademarks and other intangible assets 2.9 0.5 1.1
3.Abnormal Items
Net loss on discontinuance of (35.0) (35.1)
operations
Profit/(loss) on sale of land and
buildings including impairment charge
on properties
4.5 (30.0) 4.5
Net (loss)/profit on sale of interest
in subsidiaries and joint ventures
(2.2) 84.6 173.3
Amount written off investments (103.0)
Other, including associates (20.9) (21.4)
Abnormal (loss)/profit before taxation (32.7) 33.7 18.3
Taxation 0.9 (6.3) 15.7
(33.6) 40.0 2.6
Outside shareholders" interest 1.5 0.6
Abnormal (loss)/profit attributable to
shareholders in Tiger Brands Limited
(32.1) 40.0 3.2
4. Change in accounting policy
With effect from 1 October 2002 the group has adopted accounting
statement AC 133 relating to the recognition and measurement of
financial instruments. In terms of AC 133, opening reserves at 1
October 2002 have been adjusted according to the transitional
provisions of AC 133. Therefore, opening reserves at 1 October 2002
have been increased by an amount of R291.2 million as reflected in
the statement of changes in equity. In terms of AC 133, comparative
figures have not been restated as a result of this change in policy.
The major impact of AC133 on the balance sheet is to increase the
carrying value of investments by R297,5 million as at 31 March 2003,
being the excess of the fair valuation over the carrying value of
listed and unlisted investments. In addition, non-distributable
reserves reflect an increase of R234,7 million as at 31 March 2003,
being the investment revaluation excess after providing for deferred
tax.
The impact on the Income statement for the current six months is to
reduce earnings by an amount of R54,2 million. This comprises an
after tax charge of R28,2 million in respect of margin deposits on
maize futures (for physical delivery in the second half), an after
tax charge of R22,1 million in respect of options taken out to hedge
the price of maize for the new season, and an after tax amount of
R3,9 million being the estimated cost of unwinding interest rate swap
contracts at 31 March 2003.
OTHER GROUP SALIENT FEATURES
Unaudited Audited
Six months ended
31 March
Year
ended
30 Sept
2003 2002 2002
Net worth per ordinary share (cents) 1,787 1,537 1,863
Net debt to equity (%) 72.4 103.5 54.9
Interest cover - net (times) 8.0 5.8 7.5
Current ratio (:1) 1.4 1.2 1.4
Capital expenditure (R million) 162,3 107,2 250,6
- expansion 81.2 50.9 145.9
- replacement 81.1 56.3 104.7
Capital commitments (R million) 82.7 95.8 125.9
- contracted 33.5 38.4 44.6
- approved 49.2 57.4 81.3
Capital commitments will be funded from
normal operating cash flows and the
utilisation of existing borrowing
facilities
Contingent liabilities (R million)
Guarantees and contingent liabilities* 605.9 598.2 605.5
* R429,3 million (2002: R427,9 million)
comprises contingencies in respect of
head leases entered into by the Spar
group for which they have entered into
equivalent sub-leases
Carrying value of investments (R 2,470.1 2,480.0 2,333.8
million)
Listed 238.0 288.8 98.6
Unlisted 2,232.1 2,191.2 2,235.2
Fair valuation of investments (R 2,470.1 2,949.8 2,712.9
million)
Listed - market value 238.0 552.0 357.6
Unlisted - directors" valuation 2,232.1 2,397.8 2,355.3
Statement of changes in equity
Share Non-
capital distributable Accumulated
and
premium reserves profits Total
Rm Rm Rm Rm
Balance at 30 696.4 556.2 1,476.2 2,728.8
September 2002 (as
previously reported)
Adjustment to 290.3 0.9 291.2
opening reserves in
terms of AC 133
Restated balance at 696.4 846.5 1,477.1 3,020.0
30 September 2002
Issue of share 13.3 13.3
capital and premium
Current period AC (55.6) (55.6)
133 adjustment
Foreign currency (200.1) (200.1)
translation reserve
movement
Transfers between 21.9 (21.9)
reserves
Movements on 60.4 60.4
associates not taken
to income
Net profit for the 502.0 502.0
period
Dividends on (352.7) (352.7)
ordinary shares
Balance at 31 March 709.7 673.1 1,604.5 2,987.3
2003
Balance at 30 664.6 393.2 620.8 1,678.6
September 2001 (as
previously reported)
Prior year 270.8 270.8
adjustment in terms
of AC107
Prior year (68.9) (68.9)
adjustment in terms
of AC135
Prior year (170.2) (170.2)
adjustment in terms
of AC116
Restated balance at 664.6 393.2 652.5 1,710.3
30 September 2001
Issue of share 14.3 14.3
capital and premium
Foreign currency 45.8 45.8
translation reserve
movement
Transfers between 79.3 (79.3)
reserves
Prior year goodwill 1.8 1.8
written off now
realised
Net profit for the 553.7 553.7
period
Other movements 1.3 1.3
Dividends on (241.3) (241.3)
ordinary shares
Balance at 31 March 678.9 518.3 888.7 2,085.9
2002
Balance at 30 664.6 393.2 620.8 1,678.6
September 2001 (as
previously reported)
Prior year 270.8 270.8
adjustment in terms
of AC107
Prior year (68.9) (68.9)
adjustment in terms
of AC135
Prior year (170.2) (170.2)
adjustment in terms
of AC116
Restated balance at 664.6 393.2 652.5 1,710.3
30 September 2001
Issue of share 31.8 31.8
capital and premium
Foreign currency (39.4) (39.4)
translation reserve
movement
Transfers between 164.7 (164.7)
reserves
Movements on 43.3 43.3
associates not taken
to income
Prior year goodwill 1.3 1.3
Realised surplus on (5.6) (5.6)
revaluation of
financial
instruments
Net profit for the 1,360.1 1,360.1
year
Dividends on (373.0) (373.0)
ordinary shares
Balance at 30 696.4 556.2 1,476.2 2,728.8
September 2002
REVIEW OF OPERATIONS
For the six months ended 31 March 2003, Tiger Brands achieved an
increase of 7% in headline earnings per share compared to the same
period last year.
The results for the period under review were adversely affected by
the sharp decline in the maize price which has led to falling market
prices for maize products. Consequently, the utilisation of higher
priced maize stocks carried over from 2002 had a severe effect on
margins. In addition, the period was also characterised by the
strengthening of the Rand and its impact on both export realisations
and the translation of the earnings of Tiger"s foreign associates.
The reporting period saw the finalisation and implementation of the
acquisition of Robertsons Homecare and the acquisition of certain
consumer brands from Abbott Laboratories.
In furtherance of the move towards a branded, demand-driven
organisation based on category structures, the segmentation of the
business has been refined to more accurately reflect this strategic
focus. The new segmental reporting format is discussed in more detail
hereunder.
Results
Revenue from continuing operations increased by 17% compared to the
previous year, whilst operating income declined by 4%, reflecting a
reduction in the operating margin to 7.1% (2002: 8.7%).
In the previous year the company benefited from the depreciation of
the Rand, whilst in the review period it has been adversely affected
by the Rand"s strong recovery. Whereas Fast Moving Consumer Goods
(FMCG) exports (excluding Fishing) contributed an operating profit of
R71.9 million in the equivalent period last year, a pre-tax loss of
R39.9 million has been incurred in the current period. This adverse
result was mainly caused by the reversal in the current period of
previously raised currency translation profits and further realised
foreign exchange losses in respect of foreign monetary assets, which
together totalled R51 million.
The balance sheet reflects an increase of R694.9 million in net
borrowings since 30 September 2002. Before financing activities,
there was a net cash outflow of R866.3 million compared to a cash
inflow of R20.8 million in the same period last year. This was
primarily influenced by the funding of new acquisitions (R407.1
million) and an increase of R217.4 million in tax payments compared
to the previous year.
Notwithstanding the increase in net borrowings, there was a reduction
of R45.3 million in finance charges and a further improvement in the
interest cover ratio to 8.0 times (2002: 5.8).
Income from associates reflected a decrease of 19% compared to the
previous year. This result was negatively impacted by the lower Rand
conversion of the profits of the foreign associates, ConAgra Malt and
Carozzi. Excluding currency translation differences, the contribution
from associates showed a decrease of 5%.
Segmental re-evaluation
In line with Tiger"s transformation towards a branded, demand-driven
organisation, the company has segmented its activities into four
distinct areas:
FMCG (which is further categorised into Domestic Food, Consumer
Healthcare and Exports);
Regulated Healthcare (comprising Prescription Medicines and Hospital
Products);
Spar; and
Fishing.
FMCG
The newly created FMCG grouping reflected a decrease in operating
income of 12% on revenue growth of 16%. This overall profit reduction
was primarily caused by currency translation losses in the export
division and an operating loss in Milling.
The Domestic Food operations, in aggregate, produced a satisfactory
result, achieving an increase in operating income of 25% on a revenue
increase of 15%. The Meal Occasions, Culinary and Snacks & Treats
categories increased profits by 155%, 69% and 39% respectively, which
results were partly offset by the poor performance in Milling.
Within Meal Occasions, the rice (Tastic), pasta (Fatti"s & Moni"s),
fruit & vegetables (Koo) and baking (Albany) businesses all achieved
strong profit growth, with operating margins showing a good
improvement. Breakfast cereals (Jungle, Morvite, Mabella) also
achieved a pleasing result following a more appropriate pricing
strategy, which in turn led to higher sales volumes. The rice
category benefited from a stronger Rand and the utilisation of
competitively priced rice imported from the USA. Economy rice volumes
were below the previous year as a result of the discontinuation of
specific brands which were unprofitable. The bakery business recorded
a further improvement in sales volumes, whilst the Albany brand was
successfully relaunched during March.
The condiments and ingredients (All Gold, Colmans) and spreads (All
Gold, Black Cat) categories contributed strongly to Culinary"s sound
performance. However, the oils and margarine businesses recorded a
loss for the period on substantially lower sales volumes. The fresh
milk operations returned a small profit after incurring a loss in the
same period last year. The cheese category (DairyBelle) achieved an
increase in sales volumes, but margins were under pressure as a
result of the high cost of raw milk.
The Snacks & Treats category (Beacon) benefited from a good
performance from the sugar confectionery operations where, despite
lower volumes, there was a favourable sales mix towards higher margin
products. Milling, which comprises the maize (Ace), wheat (Golden
Cloud) and sorghum (King Korn) milling operations, is shown as a
separate sub-segment under Domestic Food. This is influenced by the
fact that the performance of the milling operations tends to be
cyclical and determined by external factors such as the international
pricing of agricultural raw materials and the exchange rate.
Furthermore, although the products are branded, they do not command a
significant brand premium. Partly as a consequence of the utilisation
of high priced maize stocks carried over from 2002, relative to the
sharp reduction in the average maize price over the current period,
the overall Milling result reflected an operating loss of R11.6
million compared to a profit of R51.4 million achieved in the same
period last year. In addition, maize sales volumes declined by some
10% as a result of increased competitor activity in the market place.
An amount of R32 million was also written off in the current period
in respect of maize options taken out to protect the company from
future increases in the maize price, whilst a further amount of R41
million was expensed in respect of margin calls on maize futures (for
physical delivery in the second half). Wheat volumes held up
reasonably well despite difficult trading conditions. However,
realisations are now under pressure, which will impact negatively on
the results for the second half.
The Consumer Healthcare operations increased operating income by 25%
on a revenue growth of 43%. This result was favourably influenced by
the acquisition of Robertsons Homecare and the purchase of certain
brands from Abbott Laboratories. Excluding these acquisitions,
operating income and revenue grew by 4% and 13% respectively. The
Homecare business performed above expectations and is being
successfully integrated into the company"s operations. The Personal
and Babycare category did well to achieve an increase in operating
income of 14%. OTC Medicines reflected operating income marginally
ahead of the previous year on a revenue increase of 6%. This category
suffered from lower sales volumes for certain key brands such as
Panado and Syndol.
Regulated Healthcare
The Regulated Healthcare segment, which comprises Prescription
Medicines and Hospital Products, achieved a revenue increase of 17%
and an increase in operating income of 5%. The performance of
Prescription Medicines, which recorded lower profits than the
previous year, was largely influenced by the changing nature of the
industry and by increasing margin pressure from healthcare funders.
Hospital Products (formerly Critical Care) performed well, increasing
operating income by 19% on a revenue increase of 28%. There was a
steady performance from the intravenous solutions business, whilst
the provision of complementary hospital products and services
continues to make a growing contribution to profits, albeit at lower
margins.
Spar
Spar has had another successful six months, achieving an improvement
in operating income of 27% on a revenue increase of 24%. There was a
further increase in market share, whilst 26 new stores were opened
during the period. A further 34 stores were also upgraded.
Warehouse capacity is being expanded in Gauteng to meet increased
demand, improve service levels and drive future growth.
The Spar group is seeing the benefits of a more effective category
management system, which is bringing about improved sales and stock
management in the Spar stores.
2003 will mark another milestone event for Spar which is celebrating
its 40th anniversary of operating in South Africa.
Fishing
The company"s fishing interests (which comprise 73% held Sea Harvest
and 42% held Oceana) reflected a 25% decline in operating income on a
10% reduction in revenue. The company"s investment in Oceana is
proportionately consolidated. Sea Harvest experienced a significant
reduction in its operating margin as a result of poor deep water
catching conditions, a 5% reduction in sales tonnages and export
prices which in Rand terms showed no increase over the previous year.
Separately listed Oceana achieved a 13% increase in headline earnings
per share. Despite lower turnover, operating income improved by 8%
due to higher margins, particularly from the midwater pelagic fishing
operations.
Associates
Carozzi is currently performing ahead of budget, whilst ConAgra
Malt"s results are being adversely affected by the inability of the
US and Canadian operations to fully recover the high increases in the
price of barley, being the major raw material input.
The contribution from Enterprise Foods reflected a good increase over
the same period last year.
AC 133
The group has adopted the provisions of accounting statement AC 133
with effect from 1 October 2002. The impact on the income statement
in the current period is reflected in note 4 to the accompanying
results.
Acquisitions
Subsequent to 31 March 2003, the Competition Tribunal approved the
acquisition of the remaining 50% interest in Enterprise Foods held by
Foodcorp. The acquisition is effective from 1 May 2003. Enterprise,
with annual sales in excess of R800 million, will prove to be an
important addition to the company"s strong basket of branded consumer
products.
Agreement has recently been reached to acquire the Parke-Med division
of Pfizer Laboratories, subject to the approval of the Competition
Authorities. Parke-Med is a generics company with an impressive range
of cardiovascular and anti-depressant products. The acquisition will
represent an important complementary addition to the existing
generics business, especially in the area of chronic medication.
Auditors
During the period under review, in furtherance of sound corporate
governance practices, it was decided that the principal external and
internal audit functions should be provided by different audit firms.
The external and internal audit functions had in the main been
performed by KPMG. As a consequence of this decision, Ernst & Young
have been appointed as external auditors of the company with KPMG
retaining internal audit responsibilities. Deloitte & Touche will
continue to act as external auditors to Spar, Sea Harvest and Oceana.
Interim dividend
The company has declared an unchanged interim dividend of 79 cents
per share for the year ending 30 September 2003.
Prospects
The company achieved exceptional profits in the second six months to
30 September 2002. This was partly attributable to the impact of
currency benefits related to exports and the Rand translated earnings
of the foreign associates. Based on the current strength of the Rand,
and taking into account current trading conditions, earnings in the
second half of 2003 are forecast to be well below those of the
comparable period last year. As a result, headline earnings for the
full year ending 30 September 2003 will show a decrease on the prior
year.
Tiger Brands will continue to focus on innovation in products and
processes, and invest in its core brands in order to ensure that its
long-term objective of delivering profitable top-line growth for its
shareholders, on a sustainable basis, is met.
For and on behalf of the Board:
R A WILLIAMS N DENNIS
(Chairman) (Chief Executive Officer)
15 May 2003
Directors:
Non-executive: R A Williams (Chairman), B H Adams, D D B Band,
B P Connellan, U P T Johnson, A C Nissen, G N Padayachee, B L Sibiya,
J L van den Berg, L C van Vught
Executive: N Dennis (Chief Executive Officer) (British), M H
Franklin, J H McBain (British), M C Norris, R V Smither, C F H Vaux
Company secretary: I W M Isdale
Share registrars:
South Africa:Computershare Investor Services Limited, 70 Marshall
Street, Johannesburg, 2001
Postal address: PO Box 1053, Johannesburg, 2000
United Kingdom: Computershare Investor Services plc, PO Box 82, The
Pavilions, Bridgewater Road, Bristol, BS99 7NH
Registered office: 85 Bute Lane, Sandown, Sandton, South Africa
Postal address: PO Box 78056, Sandton, 2146, South Africa
London office: St James Corporate Services Limited, 6 St James"s
Place, London, SW1A 1NP
These results and a copy of the presentation given to analysts and
investors in respect of these results will be available on the
company"s web site.
WEBSITE ADDRESS: http://www.tigerbrands.com
Date: 15/05/2003 04:07:48 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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