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  Print      Mail a friend       Annual reports

Wednesday 30 October, 2002


ABI Interim Results

30 October 2002


Amalgamated Beverage Industries Limited, (ABI) a subsidiary of SABMiller plc,
has reported its unaudited interim results in Johannesburg for the six months
ended 30 September 2002. The text of ABI's announcement follows. It should be
noted that the interim results have been prepared to conform to South African
Statements of Generally Accepted Accounting Practice.

Enquiries to:
Dr Alan Clark
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%
Adjusted headline earnings per share increased by 24%
Dividends per share increased by 24%


                                                 2002               2001     % Change              2002
                                            Half year          Half year                           Year
                                         30 September       30 September                       31 March
                                                   Rm                 Rm                             Rm
                                          (Unaudited)        (Unaudited)                      (Audited)
Revenue                                         2,068              1,739           19             4,330

Sales revenue                                   2,031              1,723           18             4,283
Cost of sales                                 (1,309)            (1,101)                        (2,612)
Gross profit                                      722                622                          1,671
Expenses                                        (521)              (459)                          (969)
Profit from operations                            201                163           23               702
Goodwill amortisation                            (39)               (39)                           (78)
Net finance income                                 25                  4                             23
Income from associate                              15                 12                             46
Profit before tax                                 202                140           44               693
Income tax expense                               (25)               (67)                          (231)
Current taxation                                 (69)               (46)                          (190)
Deferred tax                                       69                  -                           (16)
Secondary tax on companies                       (25)               (21)                           (25)
Profit after tax                                  177                 73                            462
Minority interest                                 (7)                  -                            (7)
Net profit for the period                         170                 73          133               455

Reconciliation of headline
earnings (Rm)
Net profit for the period                         170                 73                            455
Loss on disposal of fixed assets                    -                  -                              4
after tax
Goodwill amortisation                              39                 39                             78
Headline earnings                                 209                112           86               537

Deferred tax adjustment due to                   (69)                  -                              -
assessed loss
Adjusted headline earnings                        140                112           24               537
Earnings per share (cents)
Basic earnings                                    112                 48          133               299
Headline earnings                                 138                 74           86               353

Adjusted headline earnings                         92                 74           24               353
Dividends per share (cents)                      40.4               32.5           24               174

Number of ordinary shares in                      152                152                            152
issue (million)


                                                         2002                 2001               2002
                                                    Half year            Half year               Year
                                                 30 September         30 September           31 March
                                                           Rm                   Rm                 Rm
                                                  (Unaudited)          (Unaudited)          (Audited)

Profit from operations                                    201                  163                702
Depreciation                                               86                   77                155
Non-cash items                                            (2)                   10                  6
Decrease in working capital                               108                    3                 41
Cash generated from operations                            393                  253                904

Net finance income                                         25                    4                 23
Dividend income                                            12                   10                 23
Normal tax paid                                         (207)                 (76)              (138)
Secondary tax on companies paid                          (25)                 (20)               (25)
Net cash inflow from operating                            198                  171                787

Dividends paid                                          (216)                (177)              (227)
Net cash retained                                        (18)                  (6)                560

Cash flow from investment activities
Investment to maintain and upgrade                       (21)                    1              (117)
Investment to expand operations                         (100)                 (29)               (77)
Net cash invested                                       (121)                 (28)              (194)

Cash effects of financing activities                        -                   89                 28

(Decrease) / increase in cash and cash
Balance at the beginning of the year                      450                   47                 47
Cash and cash equivalents on acquisition                    -                    -                  9
of subsidiaries

Balance at the end of the period                          311                  102                450

                                                        (139)                   55                394


                                                        2002                2001                2002
                                                30 September        30 September            31 March
                                                          Rm                  Rm                  Rm
                                                 (Unaudited)         (Unaudited)           (Audited)
Non-current assets
Property, plant and equipment                          1,516               1,389               1,483
Goodwill                                               1,224               1,302               1,263
Investment in associate                                  195                 171                 192
Other financial assets                                     -                  22                   -
                                                       2,935               2,884               2,938
Current assets
Inventories                                              257                 213                 183
Trade and other receivables                              302                 293                 393
Prepayments                                               23                  29                  20
Cash and cash equivalents                                311                 102                 450
                                                         893                 637               1,046
Total assets                                           3,828               3,521               3,984

Capital and reserves
Issued capital and share premium                       1,598               1,598               1,598
Non-distributable reserves                                 6                   1                   6
Accumulated profit                                     1,251                 965               1,297
Ordinary shareholders' funds                           2,855               2,564               2,901

Minority interest                                         17                   -                  10
Total shareholders' funds                              2,872               2,564               2,911
Interest bearing debt                                      -                  89                   -
Non-current liabilities
Deferred tax                                              57                 110                 126
Deferred income                                           97                 112                 104
Retirement benefit obligation                             22                  24                  19
                                                         176                 246                 249
Current liabilities
Trade and other payables                                 860                 645                 766
Taxation                                                (80)                (23)                  58
                                                         780                 622                 824
Total equity and liabilities                           3,828               3,521               3,984

Future capital expenditure
Contracted                                                78                  80                  78
Authorised by the directors but not yet                   91                  73                 202


                             Ordinary Ordinary Non-distributable   Accumulated  Ordinary       Minority  Total
                             share    share    reserves            profit       shareholders'  interests shareholders'
                             capital  premium                                   funds                    funds
                             Rm       Rm       Rm                  Rm           Rm             Rm        Rm

Balance at 31 March 2001     1        1,589    1                   1,069        2,660          -         2,660

Premium on issue of share    -        8        -                   -            8              -         8
capital used for share
Net profit for the period    -        -        -                   73           73             -         73
Dividend                     -        -        -                   (177)        (177)          -         (177)
Balance at 30 September 2001 1        1,597    1                   965          2,564          -         2,564

Foreign currency translation -        -        5                   -            5              3         8
Net profit for the period    -        -        -                   382          382            7         389
Dividend                     -        -        -                   (50)         (50)           -         (50)
Balance at 31 March 2002     1        1,597    6                   1,297        2,901          10        2,911

Net profit for the period    -        -        -                   170          170            7         177
Dividend                     -        -        -                   (216)        (216)          -         (216)
Balance at 30 September 2002 1        1,597    6                   1,251        2,855          17        2,872



A positive performance has been achieved with beverage volumes growing 7,6% to
reach 4,96 million hectolitres.  This includes nine months of operations from
the group's subsidiaries in Comores and Mayotte, bringing them onto a
coterminous year-end, which added 1,6% to the volume growth.  All segments of
our market contributed to growth in the first half.

Good growth of 4,8% was achieved in mainstream carbonated soft drinks in South
Africa.  Other soft drinks grew strongly and improved their market share.  These
products now comprise 4,3% of total volume, up from 3,5% at the end of the
previous financial year.

Taxation Matters

Tax losses in the group's wholly owned subsidiary, New Age Beverages (Pty) Ltd,
have been assessed up to 31 March 2001 and accordingly, in terms of South
African Generally Accepted Accounting Practice, a deferred tax asset of R69
million has now been recognised.  To reflect the operational performance of the
group, the impact has been excluded in the calculation of adjusted headline

A payment to the South African Revenue Service (SARS) has been made on account
of a tax assessment on certain capital amounts received by ABI.  ABI's legal
advice is that these amounts should not be subject to taxation and, pending the
outcome of the legal process, an amount of R70 million has been disclosed as a
prepayment of taxation.

Financial performance

Adjusted headline earnings grew by 24% compared to the prior period. This was
boosted by the inclusion of the Comores and Mayotte islands referred to above.
The growth achieved in the South African operations over the comparable period
was 19%. This favourable outcome is principally due to strong volume growth,
moderated by significant increases in raw material costs.

Management of working capital has continued to deliver benefits and the balance
sheet remains strong.


The decline in the value of the rand will continue to have a significant effect
on input costs, most notably raw materials.  Sales are expected to continue on a
positive trend for the remainder of the year.  This, together with the
realisation of overhead productivity, should result in real earnings growth for
the full year.

Accounting policies

The financial statements are prepared in accordance with the historic cost
convention and conform to the South African Statements of General Accepted
Accounting Practice as well as the requirements of the South African Companies
Act. The principal accounting policies, which were adopted in the preparation of
these financial statements, correspond with those applied previously.

Revenue comprises sales revenue, interest received and dividends received.

Declaration of dividend No.54

Notice is hereby given that on 29 October 2002, the board of directors declared
in respect of the half-year ended 30 September 2002 an interim dividend of 40.4
cents per share (2001: 32.5 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 December 2002.
The last date to trade to participate in the dividend is Wednesday, 18 December
2002. Shares will commence trading ex-dividend from Thursday, 19 December 2002.

The important dates pertaining to this dividend are as follows:

Last day to trade 'cum' dividend                     Wednesday, 18 December 2002
Shares trade 'ex' dividend                           Thursday, 19 December 2002
Record date                                          Friday, 27 December 2002
Payment date                                         Monday, 30 December 2002

Share certificates may not be dematerialised or rematerialised between Thursday,
19 December 2002 and Friday, 27 December 2002, both days inclusive.

By order of the board

S Pienaar
Company secretary

29 October 2002

Directorate and administration

Chairman E A G Mackay

Non-executive directors
N J Adami
M P Adonisi
P M Bester
J A Mabuza
M I Wyman (British)

Executive directors
A J Clark (Managing director)
E M Borcherds
G S Brockett
T K Gibbon
M J Hoy
H B B Lloyd
A J Parker
A T W Pickerell

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                                                                                                                                                    

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