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 The Sharenet Daily 
Tuesday, 29 May 2012 - 20:00
Top News
SA Business
Company News
Company Results
World Markets (Spot Prices)
JSE Today
JSE Trading Statistics
Major Moves
Index Summary
Latest Consensus Changes / Results Expected
Recent Dividends / Ex Div
Upcoming AGMs
Stock Exchange News Service (SENS)

SABMiller Annual Results ? Expanding Rapidly

SABMiller released its annual results for the year ended 31 March 2012 last Thursday, once again reporting strong numbers and managing to grow their volumes despite economies struggling worldwide.

SABMiller is one of the world’s largest brewers, with a global presence in more than 75 countries and a portfolio of more than 200 local and international beer brands including Aguila, Castle, Pilsner Urquell, Peroni, Miller Genuine Draft, and Grolsch. The group also bottles soft drinks, and is one of the world’s largest bottlers of Coca-Cola products.

Group Results

Highlights from the group’s results include a 13% increase in adjusted earnings, resulting in a healthy rise of 12% in adjusted earnings per share. Reported revenue rose by 11%, with organic, constant currency group revenue growth coming to 7%. This second figure excludes the effects of takeovers, mergers, acquisitions, and currency fluctuations and is a more accurate reflection of the revenue generated from SAB’s primary business activities.

Dividends per share for the year grew by 12% to 91 US cents, while the group also managed to improve its free cash flow by 23% to US$ 3,048m. Free cash flow (FCF) is the result of operating cash flows exceeding capital expenditure, and a large amount of FCF will enable an expanding company such as SAB to partake in further M&A activities to the benefit of shareholders.

SAB reported lager volumes at the group level of 229 million hectolitres, which is a 3% increase from last year’s results. The volumes of soft drinks sold grew by 7% to 49 million hectolitres.

A Global Presence

The group currently operates in six regions worldwide and as of late has been actively trying to expand its market share in each region. The breakdown of EBITA (Earnings Before Interest, Taxes, and Amortization) between regions indicates that SAB has managed to achieve substantial organic growth in earnings in all regions excluding Europe and North America.

In Europe lager volumes fell by only 1%, but an increase in raw material costs saw EBITA drop by 9%. Considering the major financial turmoil in Europe, the insignificant decline in volumes emphasizes SAB’s value as a defensive company.

A strategic alliance with the Turkish brewer, Anadolu Efes, was concluded at the start of March 2012, and should have a positive impact on this region’s results in this financial year. SAB exchanged its Russian and Ukrainian beer businesses for a 24% equity stake in the Anadolu Efes group, which will provide exposure to markets in Turkey, Russia, Central Asia, and the Middle East.

Africa is proving to be an exceptional market, with EBITA increasing by 16% as a result of lager volumes growing by 13% and soft drink volumes by 11%. The Group attributes much of its profitability in Africa to the provision of raw materials by local agricultural programs. This includes brewing the world’s first ever cassava-based beer in Mozambique, sourcing advice and input materials from the local community and farmers. A strategic relationship forged with Castel enabled them to take over an existing Castel brewery in Onitsha, Nigeria, whilst production from a brand new brewery being built in Onitsha will start in September 2012. The company sees a lot of potential for further expansion into Nigeria and the rest of Africa, as the per capita beer consumption in Africa is still very low compared with more developed regions.

In Asia Pacific EBITA grew by 30% owing to good growth in both Indian and Chinese markets, with lager volumes increasing by 4% for the region. SAB acquired Foster’s of Australia in December 2011, which provided a foothold in a very stable and profitable Australian beer industry. An early setback occurred when some licensed brands, including Corona, left Foster’s after SAB took over management of the company.

Current Valuation

The company’s shares currently trade on a PE ratio of 23 and a dividend yield of 2.2%, with the forward PE dropping slightly to 19.7. The share price has been a one-way bet since the end of the 2008 financial crisis, with an increase of about 26% in the last 12 months. The consensus view seems to be that the share is too expensive to buy at the moment, but that holders should hang on just a little bit longer to see exactly where SAB’s ambitious expansion plans will take them.

Kind regards,

Cor van Deventer
021 9144 966

Source: MoneyWeb, www.sabmiller.com

Tue, 29 May 2012
Top News
South Africa's rand held steady against the dollar on Tuesday after getting a mild lift from better than expected economic growth data for the first quarter, while analysts say the local unit will stay below 8.45 for the short term.  Full story

South African stocks ended higher on Tuesday, notching up their second straight day of gains, with MTN Group among the top performers after the wireless phone group said it would continue to return cash to shareholders.  Full story
An earthquake killed at least 15 people in northern Italy on Tuesday, damaging buildings and spreading fear among thousands of residents living in tents after a similarly strong tremor in the same region flattened their homes nine days ago.  Full story
An attack on the offices of one of the two finalists in Egypt's presidential race has sounded a warning that the last round of voting might spark more violence in a nation polarised by the choice between an Islamist and an ex-general from Hosni Mubarak's era.  Full story
Western powers expelled Syria's envoys on Tuesday in outrage at a massacre of 108 people, almost half of them children, but a defiant President Bashar al-Assad, backed by Russia, showed no sign of yielding to their pressure.  Full story
Wall Street rose on Tuesday on renewed hopes Greece will stay in the euro zone, but indexes cut gains in half as Facebook. . .  Full story
The euro neared a two-year low against the dollar on Tuesday as markets fretted about Spain's troubled banking system while Facebook's slide below. . .  Full story
European stocks ended higher on Tuesday, hitting a one-week closing high, boosted by talk of further steps by the European Central Bank to. . .  Full story
Gold fell 1 percent amid heavy trading volume o n T uesday, as the euro's slide on worries over Spain's debt prompted investors. . .  Full story

Britain's main share index rose for the fourth consecutive day on Tuesday on hopes of new measures to tackle Europe's economic crisis, although. . .  Full story
European stocks ended higher on Tuesday, hitting a one-week closing high, boosted by talk of further steps by the European Central Bank to. . .  Full story
U.S. stocks rose more than 1 percent on Tuesday on hopes China may unleash more spending measures and Greek election polls pointing to. . .  Full story
U.S. stocks rose on Tuesday on hopes China may unleash more spending measures and Greek election polls pointing to support for pro-bailout parties.. . .  Full story
SA Business
The economic outlook for South Africa remains modest, with a gradual recovery in domestic demand and supply expected barring further global. . .  Full story
South Africa's economic growth slowed in the first quarter of 2012, hit by a sharp contraction in mining, but manufacturing showed. . .  Full story
South African state logistics group Transnet expects coal transported along its lines to triple to 30 million tonnes within seven years. . .  Full story
South Africa's No.2 drug maker Adcock Ingram posted a 10 percent fall half-year earnings on Tuesday, hit by the loss of. . .  Full story

South Africa's Reserve Bank is not unduly alarmed at the rise in unsecured lending but is monitoring the development closely, Deputy. . .  Full story
. . .  Full story
South Africa's AngloGold Ashanti Ltd has agreed to buy the 50 percent of Brazil's Crixas gold mine it does not already. . .  Full story
South Africa's rand ticked up slightly against the dollar on Tuesday although concerns about the banking sectors of some European countries. . .  Full story
Company News
Datatec announced the allotment of 5 000 ordinary R0.01 shares following the exercise of share options. Application has been made to. . .  Full story
Fiuranium announced that delivery of the information circulars to some South African-based security holders may be interrupted by the ongoing industrial. . .  Full story
On 29 May 2012, Fiuranium received a demand from Olma Investment Group and other dissident shareholders to renegotiate the terms of. . .  Full story
Mvelaserve's shareholders were advised that, primarily due to material once-off net upward adjustments for the year ended 30 June 2011, headline. . .  Full story

The management of Adcock presented the group's interim results for the six-month period ended 31 March 2012 at an investor presentation on the 29th of May 2012. This presentation is available. . .  Full story
Notification was given that Stuart Elliot will be stepping down as chief executive officer ("CEO") of Merafe Resources to pursue his personal interests, with effect from 31. . .  Full story
Implats release its third quarter production update for the period 1 January to 31 March 2012. Safety Three of employees lost their lives at work during the third quarter of FY2012. Two. . .  Full story
Company Results
Revenue for the year ended 29 February 2012 jumped to R1.8 billion (2011: R1.4 billion). Gross profit increase to R221.7 million. . .  Full story
Revenue increased by 13% to R9.2 billion (R8.1 billion). Operating profit was up 31% to R1.3 billion (R1 billion). Net attributable. . .  Full story
Revenue for the year ended 29 February 2012 lowered to R965.8 million (2011: R1.1 billion). Earnings before interest, taxation, depreciation and. . .  Full story
Revenue increased to R12.1 billion (R9.7 billion). Operating profit rose to R1.9 billion (R1.6 billion). Net attributable profit improved to R889. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0033440.20336.141.02%
JSE Top 4017:0029531.22341.501.17%
JSE Gold17:002518.7724.470.98%
JSE Financial17:0025016.91314.681.27%
JSE Industrial17:0037798.40209.210.56%
JSE Indust 2517:0031866.43193.710.61%
JSE Resource17:0047796.35730.241.55%
DJ Futures19:5612510.0040.000.32%
DJ Ind19:4512533.9579.120.64%
SP 50020:001326.458.630.65%
FTSE 10017:355391.1434.800.65%
All Ords08:434168.2048.001.16%
NZSE 5007:463478.2916.030.46%
NameTimeRPMove% Move
Gold $19:591552.95-20.80-1.32%
Gold R20:0012959.68-167.97-1.28%
Gold R/kg20:00416654-5581-1.32%
Silver $19:5927.8400-.5420-1.91%
Platinum $19:591423.00-13.00-0.91%
Palladium $19:58601.60.900.15%
Brent Crude19:56106.98.140.13%
Rand / Dollar19:598.34520.00330.04%
Rand / Pound19:5513.0079-0.0372-0.29%
Rand / Euro19:5510.4149-0.0436-0.42%
Rand / NZD19:586.3523-0.0025-0.04%
Rand / AUD19:558.2020-0.0213-0.26%
Yen / Dollar19:5979.47800.02400.03%
Euro / Dollar19:550.80100.00390.49%
Dollar / Euro19:591.2480-0.0059-0.47%
Pound / Dollar19:550.63970.00240.38%

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The JSE Today

Trading Statistics
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 CULLINAN  1104057.14.%116450
2 SEARDELN  1251513.64.%45000
3 PUTPROP  6906510.40.%435
4 EXCELL  120109.09.%40000
5 ZURICHSA  2500020008.70.%300
6 COAL  504398.39.%1227185
7 BRIMSTON  990657.03.%691600
8 JASCO  13086.56.%17928
9 DIPULA-B  590325.73.%190000
10 WINHOLD  11054.76.%5140
11 ESORFRANK  15574.73.%185400
12 EASTPLATS  232104.50.%19594
13 RAINBOW  1510604.14.%132336
14 SEARDEL  13054.00.%1003090
15 PBT  18373.98.%19249
16 TONGAAT  113704323.95.%181024
17 TASTE  23993.91.%34095
18 GOLDONE  383133.51.%223123
19 GBGOLD  515153.00.%7000
20 MONDILTDP  68351952.94.%82558

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Major Moves Down
SharenameSaleMove% MoveVolume
1 ADCOCK  5820-500-7.91.%951882
2 JUBILEE  149-7-4.49.%94007
3 AVUSA  1911-89-4.45.%1772
4 AFRO-C  315-14-4.26.%84024
5 BCX  445-15-3.26.%244554
6 METROFILE  330-10-2.94.%216701
7 ARB  365-10-2.67.%575
8 ELLIES   370-10-2.63.%372739
9 SOVFOOD  500-10-1.96.%160000
10 PETMIN  300-6-1.96.%460960
11 EHSV  2500-50-1.96.%89568
12 ANNUITY  500-9-1.77.%68200
13 ALTRON  2445-44-1.77.%24945
14 REDEFINTL  477-8-1.65.%316680
15 TRNSHEX  320-5-1.54.%681586
16 CLOVER  1360-20-1.45.%94985
17 AVENG  3800-50-1.30.%742637
18 REINET  1382-18-1.29.%886634
19 CITYLDG  8000-100-1.23.%8843
20 BATS  39513-487-1.22.%298293

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New Highs
SharenameSaleHighMove% MoveVolume
1 CULLINAN  1101104057.14.%116450
2 SEARDELN  1251251513.64.%45000
3 ZURICHSA  250002500020008.70.%300
4 DIPULA-B  590590325.73.%190000
5 SUPRGRP  15001514271.83.%1950310
6 OMNIA  995010000620.63.%17801
7 DIPULA-A  910920-1-0.11.%115500

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New Lows
SharenameSaleLowMove% MoveVolume
1 ANNUITY  500500-9-1.77.%68200
2 REDEFINTL  477477-8-1.65.%316680

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Index Summary
Index NameRPMove% Move
Top 4029,531.22341.501.17%
Mid Cap47,796.88158.110.33%
Small Cap35,386.2114.170.04%
Resource 2047,796.35730.241.55%
Industrial 2531,866.43193.710.61%
Financial 159,444.09143.021.54%
Financial & Ind. 3035,414.53330.080.94%
All Share33,440.20336.141.02%
Oil & Gas 27,649.21485.831.79%
Mining 30,630.47446.671.48%
Gold Mining2,518.7724.470.98%
Platinum Mining52.41.891.73%
GENERAL MINING7,673.32117.101.55%
Oil & Gas Producers 14,866.47261.221.79%
Basic Materials 26,265.79383.031.48%
Chemicals 14,559.3331.200.21%
Forestry & Paper 13,783.72302.262.24%
Industrial Metals 29,419.13385.661.33%
Industrials 32,472.43174.350.54%
General Industrials
Consumer Goods 32,711.60143.720.44%
Automobiles & Parts 5,615.86-22.64-0.40%
Household Goods173.52-1-0.68%
Health Care 42,406.55-350.32-0.82%
Beverages 105.93-.94-0.88%
Index NameRPMove% Move
Food Producers 58,350.30810.991.41%
Personal Goods 501.3813.982.87%
Consumer Services 65,450.7376.650.12%
General Retailers 53,826.88280.650.52%
Travel & Leisure 3,830.0112.230.32%
Media 98.17-.47-0.48%
Support Services 2,385.61-5.60-0.23%
Telecommunications 67,089.051140.461.73%
Financials 25,016.91314.681.27%
Banks 48,417.43937.521.97%
Non-life Insurance 42,808.4058.700.14%
Life Insurance 19,505.33224.311.16%
General Financial 2,289.6325.721.14%
Technology 27,911.09-134.77-0.48%
SHARIAH TOP40 2,986.13491.66%
FTSE/JSE SHARIAH ALL3,101.70451.48%
COAL MINING25,327.345912.39%
FTSE JSE Fledgling 5,329.49290.54%
FTSE/JSE Alt X 1,129.8310.12%
RESOURCE 26,394.493971.53%
DIVIDEND PLUS191.7920.91%
FTSE/JSE RAFI 406,950.31871.27%
Capped Top 4015,609.151781.15%
Capped All Share16,919.051691.01%
JSE TABACO 5,049.07-62-1.22%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
30 May 2012BRIKORFebruary 2012 (Final)
30 May 2012IDECOFebruary 2012 (Interim)
30 May 2012IDECOPFebruary 2012 (Interim)
30 May 2012KEATONMarch 2012 (Final)
30 May 2012PLATFIELDFebruary 2012 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
TONGAAT12-05-2812-07-0612-07-19R 1.7000
ILLOVO12-05-2812-06-2912-07-09R 0.4300
REUNERT12-05-2812-06-1512-06-25R 0.9500
ISA12-05-2512-07-1312-07-23R 0.0700
SABMILLER12-05-2412-08-0212-08-17R 0.6950
Ex Div**
Share NameDec-DateLDTPay-DateAmount
ANGLD12-05-1012-05-2512-06-08R 1.0000
OASIS12-05-0912-05-2512-06-04R 0.4399
FPT12-05-1012-05-2512-06-04R 0.2800
ARROWA12-05-0912-05-2512-06-04R 0.1500
BEIGEPREF212-05-1112-05-2512-06-04R 0.1294

Upcoming AGMs**
CodeCompany NameDateStatus
MTNMTN Group Ltd.29/05/2012Confirmed
GNDGrindrod Ltd.30/05/2012Confirmed
HWNHowden Africa Holdings Ltd.30/05/2012Confirmed
SNTSantam Ltd.30/05/2012Confirmed
GNDPGrindrod Ltd.30/05/2012Confirmed

Stock Exchange News Service
29/05/201217:30 Capitec Bank Holdings Limited - Dealing in securities by a director
29/05/201217:15 Lonrho Plc - Results of Annual General Meeting 2012
29/05/201217:11 Pioneer Food Group Limited - Dealing in Company`s shares by a director
29/05/201217:00 Netcare Limited - Dealings in securities by director of major subsidiary
29/05/201216:00 Verimark - Appointment of Independent Non-executive Director
29/05/201215:55 Infrasors Holdings Limited - Changes in the Infrasors board
29/05/201215:49 Village Main Reef Limited - Award and Acceptance of shares in terms of the
29/05/201215:36AOVP - African & Overseas Enterprises Limited - Declaration of dividend Number
29/05/201215:23 Convergenet Holdings Limited - Cautionary announcement
29/05/201215:21 Rebosis Properties Limited - Issue of Linked Units and Fulfilment of
29/05/201215:12HPA/HPB - Hospitality Property Fund Limited - Dealings in securities by an
29/05/201215:11 Miranda Mineral Holdings Limited - MMH- Reviewed condensed consolidated
29/05/201215:02RTOP - Rex Trueform Clothing Company Limited - Declaration of dividend
29/05/201215:00 Crookes Brothers Limited - Abridged audited group results for the year
29/05/201215:00 Datatec Limited - Further Issue of Shares
29/05/201214:59DIA/DIB - Dipula Income Fund Limited - Acquisitions of the Plaza Shopping
29/05/201214:36 Nampak Limited - Nampak 2012 Interim Results
29/05/201214:08 Exxaro Resources Limited - Trading of Exxaro ordinary shares on behalf
29/05/201214:00TFG\TFGP - The Foschini Group Limited - Reviewed Preliminary Condensed
29/05/201213:29HPA\HPB - Hospitality Property Fund Limited - Dealings in securities by an
29/05/201213:00 PBT Group Limited - Finalisation announcement regarding Prescient Holdings
29/05/201213:00 Brait SE - Revised Trading Statement: Year ended 31 March 2012
29/05/201213:00 Murray & Roberts Holdings Limited - Dealing in securities: Announcement in
29/05/201212:58 Nampak Limited - Interim report and dividend declaration for the six
29/05/201212:00 MTN Group Limited - 17TH Annual General Meeting - Business update and
29/05/201211:56BIIND - iNdwa Investments Limited - Listing of New Financial Instrument and Tap
29/05/201211:44 Total Client Services Limited - Renewal of Cautionary Announcement
29/05/201211:39 Argent Industrial Limited - Trading statement
29/05/201211:38BIFR1 - FirstRand Bank Limited - New Financial Instrument Listing -
29/05/201210:45 Lonrho Plc - Change to Non-Executive Director
29/05/201210:09STXRAF - SATRIX RAFI 40 - Distribution and Re-Investment announcement for May
29/05/201210:05 ABSA Group Limited - ABSA Group - BASEL II PILLAR 3 disclosure
29/05/201210:00SOL\ SOLBE1 - Sasol Limited - Change in Executive Responsibilities of a director
29/05/201209:52 First Uranium Corporation - First Uranium information circulars for
29/05/201209:31 W G Wearne Limited - Trading Statement
29/05/201208:56 Vukile - Vukile sustains distribution growth and grows fund assets by 25%
29/05/201208:55 Vukile - Audited Condensed Results for the year ended 31 March 2012
29/05/201208:45 Merafe Resources Limited - Changes to the Merafe Resources Executive
29/05/201208:20 First Uranium Corporation - Olma investment group fails to put forward
29/05/201208:00 AngloGold Ashanti - Anglogold Ashanti secures 100% ownership of Serra
29/05/201208:00 Mvelaserve Limited - Trading update
29/05/201208:00 Impala Platinum Holdings Limited - Implats third quarter production report
29/05/201207:30 Group Five Limited - Final update on iLima BEE transaction
29/05/201207:22ACL133 - Absa Bank Limited - Interest Rate Reset
29/05/201207:10 British American Tobacco p.l.c.- Transaction in own shares
29/05/201207:06 Adcock Ingram Holdings Limited - Investor presentation on Adcock Ingram
29/05/201207:05 Adcock Ingram Holdings Limited - Unaudited financial results for the six-

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