Wrap Text
Reviewed Group results for the year ended 30 June 2022 and update on trading statement
Distell Group Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 2016/394974/06
JSE share code: DGH ISIN: ZAE000248811
("Distell" or "the Group" or "the Company")
Reviewed Group results for the year ended 30 June 2022 and update on trading statement issued via SENS on 12 August 2022
("Trading Statement")
1. FINANCIAL RESULTS - SALIENT FEATURES
- Group revenue up 20,8% on 17,6% higher volumes
- Domestic revenue and volumes up 24,4% and 18,7% respectively, driven by premium RTD and spirits growth
- Africa revenue growth of 16,0% alongside volume growth of 19,9% outside SACU(3) despite prolonged channel closures
and export challenges
- International revenue up 7,9% on 9,4% higher volumes
- Excise duty up by 26,9% to R10,5 billion
- EBITDA
- Reported up 20,8%
- Normalised and adjusted for forex up 25,4% (1)(2)
- Headline earnings
- Reported up 36,8%
- Normalised and adjusted for forex up 34,8% (1)(2)
- As set out below, dividend payments remain suspended due to the proposed transaction with Heineken
("Heineken Transaction")
(1) Normalised headline earnings and earnings before interest, tax, depreciation and amortisation (EBITDA) refers to
adjustments for the: (a) profit or loss on disposal of property, plant and equipment (PPE), investments, subsidiaries
and intangible assets; reversal of impairment of investments; and (b) retrenchment, legal disputes and merger and
acquisition-related costs related to the Heineken transaction.
(2) Foreign currencies and abnormal transactions affect the Group's performance. Where relevant in this report, adjusted
non-IFRS measures are presented. These adjusted measures represent pro forma financial information. A reconciliation of
the pro forma financial information to the equivalent IFRS metrics is provided in note 12 to the condensed consolidated
financial statements.
(3) SACU = the Southern African Customs Union
Group revenue increased by 20,8% to R34,1 billion (2021: R28,3 billion). Headline earnings per share increased by 36,7%
to 1 051,8 cents (2021: 769,6 cents), and earnings per share increased by 22,7% to 1 080,0 cents (2021: 880,6 cents),
in line with previous guidance given in the Trading Statement.
2. UPDATE ON TRADING STATEMENT
Distell confirms that the earnings per share and headline earnings per share reported above are in line with the
Trading Statement. The financial results for the year ended 30 June 2022 have been reviewed by the Company's auditor,
PricewaterhouseCoopers Inc., who expressed an unmodified review conclusion (the Auditor's Review Report) thereon and
there are no revisions to the forecast information included in the Trading Statement. The Auditor's Review Report is
available in the full announcement of the financial results for the year ended 30 June 2022, which can be found as
indicated in paragraph 4 below and is available for inspection at the Company's registered office during office hours.
3. DIVIDENDS
The Heineken Transaction is subject to several conditions, one of which relates to Distell not making any distributions,
including dividend declarations, to its shareholders. In light of this, the Distell board has taken a decision not to
declare a final dividend for the year ended 30 June 2022.
4. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Company. It contains only a summary of the
information in the full announcement and does not contain full or complete details. The full announcement can be found
at:
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/DGHE/DGHFY22.pdf
The full announcement and the Auditor's Review Report are available for viewing on the Company's Investor Relations
(IR) section of its website at:
https://www.distell.co.za/investor-centre/financial-results/DGHFY22.pdf
In addition, electronic copies of the full announcement may be requested and obtained, at no charge, from the Company
at investor.relations@distell.co.za or from the Company's Sponsor and Corporate Broker, Rand Merchant Bank
(A division of FirstRand Bank Limited).
Any investment decisions should be based on consideration of the full announcement.
The Company has based this short-form announcement on the financial results for the year ended 30 June 2022, which have
been reviewed by the Company's auditor, PricewaterhouseCoopers Inc., who expressed an unmodified review conclusion
thereon.
5. RESULTS WEBCAST AND PRESENTATION
Shareholders and other interested parties are invited to join management in discussing Distell's year-end results via
webcast, and in person at Durbanville Hills Wine Farm, Cape Town at 14h00 CAT (Central Africa Time) on
Thursday, 25 August 2022.
Presentation details:
- Webcast link:
https://themediaframe.com/mediaframe/webcast.html?webcastid=HAAzGPR7
- Conference call:
- South Africa (Toll Free): 0 800 200 648
- Johannesburg: 011 535 3600
- Other Countries: +27 11 535 3600
- UK: 0 333 300 1418
- USA & Canada 1 508 924 4326
- Presentation slides will be made available on the webcast and on the Group's website
(https://www.distell.co.za/investor-centre/financial-results) shortly after the live broadcast of the webcast.
- RSVP attendance to Durbanville Hills Wine Farm to be made via investor.relations@distell.co.za
- A Q&A facility will be available during the presentation via webcast or telephone.
6. RESPONSIBILITY STATEMENT
The board of directors of the Company accepts responsibility for the information contained in this announcement and
certifies that, to the best of their knowledge and belief, the information contained in this announcement is true and
nothing has been omitted which is likely to affect the importance of the information.
IR Contact:
Frank Ford
fsford@distell.co.za
Stellenbosch
Approved by the board: 24 August 2022
SENS release date: 25 August 2022
Sponsor and Corporate Broker
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 25-08-2022 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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