E-Malt.com News article: 627

Foster’s Group Limited announced on February 11 strong performances for the half-year ended 31 December 2002: net profit after tax of $335.3 million was 4.1% higher than the previous corresponding period. On a normalised basis, adjusting for SGARA1, significant items and amortisation, net profit after tax was $355.6 million, 9.4% higher than the previous comparative period. Margins improved in the Australian beer business and were maintained in the global wine trade division. Operating revenue increased 6.4% to $2.7 billion. Net sales revenue increased 6.1% to $2.5 billion. Operating cashflow (after interest and tax) of $225.7 million was significantly higher than the prior year amount of $58.4 million. Earnings per share rose 1.9% to 16.2 cents per share. Calculated on a normalised basis, earnings per share increased 7.5% to 17.3 cents.

The Australian beer business delivered increased earnings and cashflows. Earnings before interest, tax, amortisation and significant items (EBITA) of $260.8 million were up 7.1% year on year. Beer revenue increased 5.6% on volumes 2.2% higher.

Beer business acquisition announcements included Foster’s Brewing International’s acquisition of a 39.95% equity interest in African & Eastern Dubai and African & Eastern Oman, one of the Gulf region’s major alcoholic beverage sales, marketing and distribution businesses. Carlton and United Breweries announced its intention to acquire Bulmer Australia Limited, the owner of Strongbow cider and other leading brands in Australia and New Zealand.

Foster’s Group Limited is a global premium branded beverage company generating more than $5 billion in total annual revenue. Foster’s business activities span international beer and wine and Australian spirits, leisure and entertainment and residential property interests. The group has brewing operations in Australia, Vietnam, India, China and the Pacific. Foster’s operates through four principal businesses: Carlton and United Breweries (CUB), the Australian beer, leisure and spirits arm of the business; Beringer Blass Wine Estates, the company's international wine division; Foster's Brewing International, which manages Foster's Lager, one of the world's fastest growing international premium beer brands, in more than 155 countries; and the Lensworth Group, the company's urban residential property division. Foster’s employs over 13,000 people and is listed on the Australian Stock Exchange.


11 February, 2003