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TIGER BRANDS LIMITED - TRADING STATEMENT, CAUTIONARY ANNOUNCEMENT AND AGM
RESULTS
TIGER BRANDS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS ISIN code: ZAE000023560
TRADING STATEMENT, CAUTIONARY ANNOUNCEMENT AND AGM RESULTS
MARKET CONDITIONS
During the first four months to end January 2004, a sound overall result has
been achieved by the domestic FMCG operations. This has been assisted by a
strong performance from Enterprise Foods - which became a wholly-owned
subsidiary with effect from 1 May 2003 - and good profit contributions from the
Grocery categories, the Bakery business and Rice. The Snacks & Treats business,
affected by competition from imported sugar based products, is reflecting a
reduction in operating income compared to last year, whilst Pasta has been
negatively affected by reduced volumes and pressure on margins. Within Milling,
maize volumes are soft as a result of ongoing pressure on selling prices.
The group"s Export performance to the end of January 2004 reflected a breakeven
position as a result of the relative strength of the Rand.
Regulated Healthcare and Hospital Products have recorded a solid improvement in
operating income, with Regulated Healthcare benefiting in particular from recent
acquisitions and a growing pipeline of generic products.
On 17 January 2004 the Ministry of Health published draft regulations relating,
inter alia, to the pricing of medicines in terms of the provisions of the
Medicines and Related Substances Control Act. Comment on the draft regulations
has been called for by 16 April 2004.
Tiger Brands supports the principle of making the cost of medicine more
affordable to the general public. This needs to be achieved without
compromising research and development and the long term viability of the entire
medicine supply chain, including the local manufacturing industry. The group is
working, together with various industry bodies, with a view to engaging with the
Ministry of Health on the draft regulations. The group is hopeful that the
views of all the industry role players will be taken into account by government
prior to the regulations being promulgated in their final form.
Spar has produced a steady performance for the year to date. Sea Harvest
continues to be adversely affected by the high percentage of small fish being
caught and the impact on its operations of the strong rand. Shareholders"
attention is also drawn to the trading statement issued on 5 February 2004 by
Oceana Group Limited in which Tiger Brands has an effective 41% interest.
The effect of the strong rand and reduced profitability at C & T Malt has led to
a sharp decline in the earnings of the foreign associates.
TRADING STATEMENT
In terms of the listings requirements of the JSE Securities Exchange, South
Africa ("the Listings Requirements"), a listed company is required to publish a
trading statement as soon as it becomes aware that its financial results for the
next reporting period are likely to be "materially" different from those of the
corresponding period of the previous year.
The Listings Requirements define "materially" as being between 10% and 30% in
excess of the results of the previous period.
At the board meeting held on 23 February 2004 the board of directors of Tiger
Brands Limited considered the forecast results for the six months ending 31
March 2004. These results comprise the actual performance for the first four
months to 31 January 2004 and the estimated results for the remaining period to
31 March 2004.
Subject to no material unforeseen circumstances occurring over the remaining
period to 31 March 2004, the board advises that both attributable earnings and
headline earnings for the first six months of the current financial year are
expected to show increases of between 10 and 20 percent compared to the same
period last year.
Shareholders are advised that a more subdued growth in profit is expected in the
second half of the financial year.
CAUTIONARY ANNOUNCEMENT
As is required in terms of the Listings Requirements, shareholders and potential
shareholders are advised to exercise caution in dealing in Tiger Brands shares
until the release of the interim results on 13 May 2004.
ANNUAL GENERAL MEETING
All ordinary resolutions and the special resolution which grants the directors a
general authority in terms of the Companies Act, and the Listings Requirements,
for the acquisition by the company or one of its subsidiaries of up to 10% in
the aggregate of the shares in the company, were approved at the Annual General
Meeting of shareholders held on 23 February 2004.
Sandton
23 February 2004
Sponsor
Cazenove
Date: 23/02/2004 02:58:02 PM Produced by the JSE SENS Department
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