Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

SouthAfricanBrewerie (SAB)

  Print      Mail a friend       Annual reports

Monday 06 November, 2000


ABI Interim Results

South African Breweries PLC
6 November 2000


Business Briefing


SAB's subsidiary, Amalgamated Beverage Industries Limited (ABI), has reported
its interim results in Johannesburg for the six months ended 30 September
2000.  The text of ABI's announcement follows and it should be noted that the
interim results have been prepared in accordance with South African generally
accepted accounting practice.

Enquiries to:
Dr Alan Clark
Managing Director of ABI
Telephone: +27 11 719 1453


(Registration number 1970/006820/06)


Headline earnings per share up        21%
Dividend per share increased by       20% 
Cash flow from operations improves by 104% 

                             Half year    Half year            Year
                             September    September            March
                             2000         1999                 2000
                             (unaudited)  (unaudited)  Change  (audited)
                             Rm           Rm           %       Rm
Turnover                     1 583        1 568        1%      3 572
Trading profit before
goodwill amortisation        131          125          5%      460
Goodwill amortisation        (39)         (39)                 (78)
Trading profit after
goodwill amortisation        92           86                   382
Net financing costs          (13)         (33)                 (50)
Dividend income              10           13                   28
Equity accounted retained
earnings of associate        11           9                    21
Profit before taxation       100          75                   381
Taxation                     (32)         (25)                 (84)
Earnings attributable to
ordinary shareholders        68           50                   297
Earnings per share (cents)
Attributable earnings basis  44,7         33,2                 196,2
Headline earnings basis      70,9         58,5         21%     249,4
Dividends per ordinary
share (cents)                27,5         23,0         20%     123,0
Reconciliation of headline 
earnings (Rm)
Attributable earnings        68           50                   297
Loss on sale of fixed assets 1            -                    3
Amortisation of goodwill     39           39                   78
Headline earnings            108          89           21%     378
Weighted average number
of ordinary shares in
issue (millions)             152          151                  151
Number of ordinary shares 
in issue (millions)          152          152                  152

                                        Half year    Half year    Year
                                        September    September    March
                                        2000         1999         2000
                                        (unaudited)  (unaudited)  (audited)
                                        Rm           Rm           Rm
Cash retained from
operating activities
Trading profit before amortisation      131          125          460
Depreciation and non-cash items         79           87           176
Change in working capital               68           (66)         (79)
Dividend income                         10           13           28
Cash generated from
operating activities                    288          159          585
Net interest paid                       (13)         (33)         (53)
Taxation paid                           (69)         (25)         (77)
Cash flow from operations               206          101          455
Dividends paid                          (152)        (7)          (42)
Net cash retained                       54           94           413
Cash utilised in investment activities
Net investment to maintain operations   6            14           72
Investment in returnable
bottles and crates                      6            23           39
Net investment to expand operations     77           127          171
Net cash invested                       89           164          282
Financing activities
Increase in interest bearing debt       77           22           (132)
Increase/(decrease) in liquid resources 42           (48)         (1)
At beginning of period                  49           50           50
At end of period                        91           2            49
Increase/(decrease) in liquid resources 42           (48)         (1)

                                        Half year    Half year    Year
                                        September    September    March
                                        2000         1999         2000
                                        (unaudited)  (unaudited)  (audited)
                                        Rm           Rm           Rm
Shareholders' funds                     2 360        2 238        2 334
Interest bearing debt                   351          428          274
Total capital employed                  2 711        2 666        2 608
Goodwill                                1 380        1 458        1 419
Operating assets                        1 080        1 017        1 059
Investment in associate                 154          131          143
Other investments                       21           22           21
                                        2 635        2 628        2 642
Returnable bottles and crates           362          384          373
Inventories                             215          204          181
Debtors                                 318          314          351
Liquid resources                        91           2            49
Total assets                            3 621        3 532        3 596
Interest free liabilities
Current                                 785          718          863
Deferred                                125          148          125
                                        910          866          988
Net assets                              2 711        2 666        2 608
Gearing ratio
Net interest bearing debt to
total shareholders' funds               0,11         0,19         0,10
Capital expenditure (Rm)
Incurred                                99           171          309
Contracted                              34           5            -
Authorised but not yet contracted       48           112          210
Fair value of associate (Rm)            449          443          386
Net worth per ordinary share (cents)    1 551        1 471        1 534

                                        Half year    Half year    Year
                                        September    September    March
                                        2000         1999         2000
                                        (unaudited)  (unaudited)  (audited)
                                        Rm           Rm           Rm
Shareholders' funds at beginning of 
period as previously reported           2 334        2 250        2 250
Prior period adjustment in 
respect of goodwill amortisation                     (65)         (65)
Shareholders' funds as restated         2 334        2 185        2 185
Changes in ordinary share capital       -            125          125
Changes in non-distributable reserves
Decrease in share election reserve      -            (86)         (86)
Changes in retained surplus
Earnings attributable to 
ordinary shareholders                   68           50           297
Ordinary dividends                      (42)         (36)         (187)
Shareholders' funds at end of period    2 360        2 238        2 334


The expected upturn in sales did not materialise during the first half of the
year. The trading environment continues to be adversely affected by a shift in
consumer spending patterns and by substantial increases in commuter transport
As a consequence, there was a decline of 3% in sales volumes during the
Ongoing synergistic benefits from the Suncrush acquisition and containment of
costs, together with improved efficiencies, gave rise to a 5% increase in
trading profits. Headline earnings growth of 21% was boosted by a R20 million
reduction in net financing costs. Despite higher cash dividends and tax
payments, net borrowing ended at R260 million compared to R426 million at the
previous interim reporting period.

In line with the rise in earnings per share, the directors hereby declare an
interim  dividend of 27,5 cents per share (1999: 23,0 cents per share), an
increase of 20%. This dividend will be payable in cash out of profits as
determined by the directors.  The dividend will be paid on or about 29
December 2000 to shareholders registered in the books of the company at the
close of business on 24 November 2000.

The directors remain of the opinion that the purchased goodwill has an
indefinite life. However, the recently effected South African accounting
statement, AC 131: Business Combinations, requires that goodwill be amortised.
The accounting policy relating to the treatment of goodwill has thus been
Consequently, goodwill in the balance sheet at 31 March 2000 is now being
amortised over 20 years from date of acquisition. The effect of this change
has been a charge to the income statement of R39 million during the current
interim reporting period. Results for the prior interim period and full year
have also been restated for comparative purposes.
Headline earnings per share exclude the impact of the goodwill amortisation.
Except for the above change, the accounting policies followed in the
preparation of the interim financial statements are consistent with those used
in the annual financial statements at 31 March 2000.

The effective tax rate for the full year ended 31 March 2001 is expected to
approximate the 25% of the first six months, compared to only 19% for the
previous full year.   
Recent sales trends are more encouraging than those prevailing during the
earlier part of the year. Should this continue, and given normal weather
patterns, this will result in a positive growth in sales volumes for the full

By order of the board

D.A. Butler
Company Secretary

3 November 2000

Directorate and administration
Chairman: E.A.G. Mackay. 
Non-executive Directors: N.J. Adami, M.P. Adonisi, P.M. Bester
   (Alt. J.F. Buchanan), J.A. Mabuza, M.I. Wyman (British)
Executive Directors: A.J. Clark (Managing Director), B.S. Allison, M.S. Bind,
   G.S. Brockett, A.J. Parker
Company Secretary: D.A. Butler 

Registered office:
ABI House
14 Pongola Crescent
Eastgate Extension 17
Sandton 2199
PO Box 76202
Wendywood 2144

Transfer secretaries:
Mercantile Registrars Ltd
10th Floor, 
11 Diagonal Street
Johannesburg 2001
PO Box 1053
Johannesburg 2000


a d v e r t i s e m e n t