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  Print      Mail a friend       Annual reports

Wednesday 30 April, 2003


ABI Preliminary Results

30 April 2003

                             FOR THE YEAR ENDED
                               31 MARCH 2003

Amalgamated Beverage Industries Limited (ABI), a subsidiary of SABMiller plc,
has reported its preliminary reviewed group results in Johannesburg for the year
ended 31 March 2003. The text of ABI's announcement follows. It should be noted
that the preliminary group results have been prepared to conform to South
African Statements of Generally Accepted Accounting Practice and is consistent
with previous applied policies.

Enquiries to:
Mr Mark Bowman
Managing Director of ABI
Telephone: +27 11 719 1400


                      (Registration Number 1970/006820/06)
                           ISIN number: ZAE000000048
                                Share code: ABI


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%


                                                                                 2003              2002
                                                                             31 March          31 March
                                                                                   Rm                Rm
                                                                        (Preliminary)         (Audited)

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


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


                                                                 2003               2002      % Change
                                                           Year ended         Year ended
                                                             31 March           31 March
                                                                   Rm                 Rm
                                                        (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 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                 (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


                                                                               2003                2002
                                                                         Year ended          Year ended
                                                                           31 March            31 March
                                                                                 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 year                                                  773                 450

Increase in cash and cash equivalents                                           326                 394


                         Ordinary Ordinary  Non-distributable  Accu-mulated     Ordinary     Minority       Total
                         share     share        reserves          profit     share-holders'  interests  share-holders'
                         capital   premium                                         funds                     funds
                         Rm             Rm                  Rm            Rm              Rm        Rm              Rm

Balance at 31 March 2001        1    1,590                   -         1,069           2,660         -           2,660

Premium on issue of             -        8                   -             -               8         -               8
share capital used for
share options
Foreign currency                -        -                   5             -               5         3               8
translation differences
Net profit for the year         -        -                   -           455             455         7             462
Dividend                        -        -                   -         (227)           (227)         -           (227)
Balance at 31 March 2002        1    1,598                   5         1 297           2,901        10           2,911

Foreign currency                -        -                 (3)             -             (3)       (3)             (6)
translation differences
Net profit for the year         -        -                   -           632             632        15             647
Dividend                        -        -                   -         (277)           (277)       (1)           (278)
Balance at 31 March 2003        1    1,598                   2         1,652           3,253        21           3,274



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

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.


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

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.

The 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

MJ Bowman                                                      DLT Dondur
Managing director                                              Financial

30 April 2003

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
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

                      This information is provided by RNS
            The company news service from the London Stock Exchange