S AFRICA: Distell upbeat in tough climate
Despite a strong rand, Distell has been able to grow full year international sales, outside of Africa, by 30.2% without cutting prices. The rand, however, did impact on international sales revenues, which only grew by 4.3%.
The Stellenbosch-based company boosted headline earnings by 41% to R358.6m the year ended on 30 June 2004.
A final dividend of 51c a share pushed the total dividend for the year to 97c, up from last year's 75c.
Financial director Merwe Botha said the company's bottom line was boosted by a lower interest bill as well as foreign currency adjustments to a loss of R24.9m compared with a loss of R66.7m the previous year.
Total revenue for the year under review grew by 10.7% to R5.7 billion on a total sales volume increase of 1.9%.
MD Jan Scannell said that the company's drive brands Two Oceans, Nederburg and Drsody Hof and Fleur du Cap had performed admirably in Europe, Scandinavia and Canada.
On the domestic market, the more profitable spirits category performed better than other categories such as wine. Even after losing the rights to Martell, local spirit volumes grew 2%. If Martell sales were excluded, spirit volumes grew by 7.6%, with brandy up 7.9%.
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Distell's broad-based black economic empowerment deal will cost about R870m (US$137m), but the new partners will be locked into an eight to 10 year agreement before any dividends are realised....
Distell today announced its broad-based transformation plans between a black economic empowerment group, certain employees and a corporate social investment trust (CSI Trust)....
KWV International has launched the second phase of its assault on the South African market with the introduction of its KWV 3-year-old brandy and Cathedral Cellar and KWV Classic ranges as it expands ...
Distell has appointed Don Gallow as its new director of international operations, in place of Etienne Heyns who left the company two weeks ago. ...
The Brown-Forman Corporation has added the Durbanville Hills range of wines from South Africa to its US portfolio....
Distell's headline earnings have rocketed by 34.5% to ZAR482.2m (US$75.2m) for the year to 30 June, thanks to improved performance from all the company's assets....
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