To view the PDF file, sign up for a MySharenet subscription.

DISTELL GROUP LIMITED - Audited results of the group for the year ended 30 June 2014 and cash dividend declaration

Release Date: 25/08/2014 13:47
Code(s): DST     PDF:  
Wrap Text
Audited results of the group for the year ended 30 June 2014 and cash dividend declaration

Distell Group Limited
Registration number 1988/005808/06
JSE share code: DST ISIN: ZAE000028668
("Distell" or "the Group" or "the company")

AUDITED RESULTS OF THE GROUP FOR THE YEAR ENDED 30 JUNE 2014 AND CASH DIVIDEND DECLARATION

SALIENT FEATURES

- Sales volumes up 3,1%
- Revenue up 12,8%
- Operating profit up 22,9%, normalised up 8,1%
- Headline earnings up 40,4%, normalised up 1,7% 
- Final dividend maintained at 183,0 cents per share


ABRIDGED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

                                                                    Audited
                                                                    30 June
                                                              2014             2013
                                                             R'000            R'000
                                                                           Restated

ASSETS

Non-current assets

Property, plant and equipment                            3 882 077        3 388 950
Biological assets                                          104 559          101 287
Loans and receivables                                      211 288          232 820
Available-for-sale financial assets                         91 424           88 694
Investments in associates                                   77 064           48 477
Investments in joint ventures                              137 901           96 506
Intangible assets                                        1 798 065        1 505 647
Retirement benefit assets                                  265 293          273 000
Deferred income tax assets                                  71 210           58 777


Total non-current assets                                 6 638 881        5 794 158

Current assets

Inventories                                              6 872 615        6 259 836
Trade and other receivables                              1 839 808        1 776 816
Current income tax assets                                   56 818           33 180
Cash and cash equivalents                                  451 611          355 575


Total current assets                                     9 220 852        8 425 407


Total assets                                            15 859 733       14 219 565


EQUITY AND LIABILITIES

Capital and reserves

Capital and reserves                                     8 569 623        7 246 885
Non-controlling interest                                    31 532           30 650
Total equity                                             8 601 155        7 277 535

Non-current liabilities

Interest-bearing borrowings                              3 114 090          447 143
Retirement benefit obligations                              25 176           22 604
Deferred income tax liabilities                            584 221          479 226


Total non-current liabilities                            3 723 487          948 973

Current liabilities

Trade and other payables                                 2 567 301        2 907 504
Interest-bearing borrowings                                761 761        2 786 771
Provisions                                                 203 038          294 855
Current income tax liabilities                               2 991            3 927

Total current liabilities                                3 535 091        5 993 057

Total equity and liabilities                            15 859 733       14 219 565

                                                      

ABRIDGED CONSOLIDATED INCOME STATEMENTS

                                                                      Audited
                                                                   Year ended
                                                                      30 June
                                                              2014             2013     Change
                                                             R'000            R'000          %
                                                                           Restated
 
Revenue                                                 17 739 609       15 725 608       12.8

Operating costs                                        (15 744 401)     (13 972 438)      12.7
  Costs of goods sold                                  (11 610 234)     (10 347 745)
  Sales and marketing costs                             (2 501 977)      (2 084 367)
  Distribution costs                                    (1 063 200)        (989 124)
  Administration and other costs                          (568 990)        (551 202)

Other gains                                                172 114           10 649

Operating profit                                         2 167 322        1 763 819       22.9

Dividend income                                              6 150            6 279
Finance income                                              15 082           21 707
Finance costs                                             (232 709)        (261 434)
Share of equity accounted earnings                          86 266           65 169

Profit before taxation                                   2 042 111        1 595 540       28.0

Taxation                                                  (517 846)        (512 409)

Profit for the year                                      1 524 265        1 083 131       40.7

Attributable to:
Equity holders of the company                            1 523 304        1 088 334       40.0
Non-controlling interest                                       961           (5 203)
                                                         1 524 265        1 083 131       40.7

Per share performance:
Issued number of ordinary shares ('000)                    221 435          203 298
Weighted number of ordinary shares ('000)                  209 881          202 752
Earnings per ordinary share (cents)
 - basic earnings basis                                      725.8            536.8       35.2
 - diluted earnings basis                                    695.6            492.4       41.3
 - headline basis                                            721.3            531.7       35.7
 - diluted headline basis                                    691.3            487.8       41.7

Dividends per ordinary share (cents)
   - interim                                                 154.0            152.0        1.3
   - final                                                   183.0            183.0          -
                                                             337.0            335.0        0.6

Reconciliation of headline earnings:
Net profit attributable to equity holders of the
company                                                  1 523 304        1 088 334       40.0
Adjusted for (net of taxation):
  net other capital gains                                   (9 421)         (10 256)

Headline earnings                                        1 513 883        1 078 078       40.4
Adjusted for (net of taxation):
  abnormal excise duty and interest provision               11 212          161 709
  remeasurement of contingent consideration               (159 029)               -
  impact of new business acquisitions                            -          102 904
Normalised headline earnings                             1 366 066        1 342 691        1.7

                                                             

ABRIDGED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                                                      Audited
                                                                   Year ended
                                                                      30 June
                                                              2014             2013
                                                             R'000            R'000
                                                                           Restated


Profit for the year                                      1 524 265        1 083 131

Other comprehensive income (net of taxation)               474 198          537 213

Items that may be reclassified subsequently to profit
or loss:
Fair value adjustments
- available-for-sale financial assets                       10 917            8 288
Currency translation differences                           465 254          290 753

Items that will not be reclassified to profit or loss:

Actuarial gains and losses                                   1 215          238 172
Share of other comprehensive income of associates           (3 188)               -

Total comprehensive income for the year                  1 998 463        1 620 344

Attributable to:
Equity holders of the company                            1 997 292        1 624 930
Non-controlling interest                                     1 171           (4 586)
                                                         1 998 463        1 620 344

ABRIDGED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

                                                                      Audited
                                                                   Year ended
                                                                      30 June
                                                              2014             2013
                                                             R'000            R'000
                                                                           Restated
Attributable to equity holders
Opening balance                                          7 246 885        6 188 715
Comprehensive income
Profit for the period                                    1 523 304        1 088 334

Other comprehensive income (net of taxation)

Fair value adjustments:
 - available-for-sale financial assets                      10 917            8 288
Currency translation differences                           465 044          290 136
Actuarial loss on post-employment benefits                  (1 973)         238 172

Total other comprehensive income                           473 988          536 596
Total comprehensive income for the year                  1 997 292        1 624 930

Transactions with owners
Employee share scheme:
 - shares paid and delivered                                17 463           30 789
 - value of employee services                               20 582           11 855
BEE share-based payment                                          -            6 877
Dividends paid                                            (708 049)        (616 281)
Changes in ownership interests in subsidiaries that   
do not result in a loss of control                          (4 550)               -

Total transactions with owners                            (674 554)        (566 760)


Attributable to equity holders                           8 569 623        7 246 885

                                                                 

Non-controlling interest
Opening balance                                             30 650           13 750
Profit for the period                                          961           (5 203)
Dividends paid                                                (742)            (488)
Currency translation differences                               210              617
Effect of changes in accounting policies                         -            5 955
Contribution by non-controlling interest                     8 104           12 982
Transactions with non-controlling interests                 (7 651)               -
Non-controlling interest arising on business
combination                                                      -            3 037
Total non-controlling interest                              31 532           30 650
Total equity at the end of the year                      8 601 155        7 277 535



ABRIDGED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                      Audited
                                                                   Year ended
                                                                      30 June
                                                              2014             2013
                                                             R'000            R'000
                                                                           Restated
Cash flow from operating activities
Operating profit                                         2 167 322        1 763 819
Non-cash flow items                                        148 225          604 125
Working capital changes                                   (755 655)      (1 345 268)
 Inventories                                              (390 088)        (932 007)
 Trade and other receivables                               (41 380)        (155 128)
 Trade payables and provisions                            (324 187)        (258 133)

Cash generated from operations                           1 559 892        1 022 676
Net financing costs                                       (226 245)        (179 222)
Taxation paid                                             (459 101)        (374 235)
Net cash generated from operating activities               874 546          469 219
Net cash outflow from investment activities               (671 770)      (2 341 232)
Net cash inflow from financing activities                  552 158        1 925 287
Dividends paid                                            (708 049)        (616 281)
Increase in net cash, cash equivalents and bank
overdrafts                                                  46 885         (563 007)
Net cash, cash equivalents and bank overdrafts at the
beginning of the year                                      (70 197)         473 161
Exchange gains on cash and cash equivalents                 30 647           19 649
Net cash, cash equivalents and bank overdrafts at
the end of the year                                          7 335          (70 197)


SEGMENTAL ANALYSIS
       
                                                                      Audited
                                                                   Year ended
                                                                      30 June
                                                              2014             2013
                                                             R'000            R'000
                                                                           Restated
Revenue from external customers                             
Sales of alcoholic beverages                                                        

 South Africa                                           12 073 559       11 471 898
 
 International                                           5 577 014        4 154 202
                                                        17 650 573       15 626 100

Other revenue                                               89 036           99 508

Consolidated                                            17 739 609       15 725 608
                                                          

                                                                     
                                                                      Audited
                                                                   Year ended
                                                                      30 June
                                                              2014             2013
                                                             R'000            R'000
                                                                           Restated

Operating profit  
                                           
South Africa                                             1 796 352        1 832 953               

International                                              886 703          689 700
                                                         2 683 055        2 522 653

Corporate services                                        (687 847)        (769 483)
                                                           
                                                         1 995 208        1 753 170
Other gains                                                172 114           10 649

Consolidated                                             2 167 322        1 763 819







Notes
                                                                      Audited
                                                                      30 June
                                                              2014             2013
                                                             R'000            R'000
                                                                           Restated

1. Sales volumes (litres '000)                             619 608          601 113


2. Net interest-bearing borrowings

   Interest-bearing borrowings
   Non-current                                           3 114 090          447 143
   Current                                                 761 761        2 786 771
                                                         3 875 851        3 233 914

   Cash and cash equivalents                              (451 611)        (355 575)

                                                         3 424 240        2 878 339

3. Cash outflow from investment activities

   Purchases of property, plant and equipment (PPE)
   to maintain operations                                 (276 349)        (285 034)
   Purchases of PPE to expand operations                  (415 463)        (460 561)
   Proceeds from sale of PPE                                19 286           23 267
   Purchases of financial assets                           (23 939)         (17 426)
   Proceeds from financial assets                           66 486           64 956
   Purchases of intangible assets                          (41 791)            (274)
   Acquisition of subsidiaries, net of cash acquired             -       (1 666 160)
                                                          (671 770)      (2 341 232)
                                                                   
4. Capital commitments
   Contracted                                              196 268          261 179
   Authorised, but not contracted                        1 181 503          753 144
                                                         1 377 771        1 014 323

5. Depreciation of property, plant and equipment           246 870          197 481


6. Net asset value per share (cents)                         3 884            3 580


7. Segment report
   Operating segments were identified based on financial information reviewed regularly by
   management for the purpose of assessing performance and allocating resources to these
   segments. Revenue includes excise duty.


BASIS OF PREPARATION, ACCOUNTING POLICY AND COMPARATIVE FIGURES


The abridged consolidated annual financial statements are prepared in accordance with the 
JSE Limited Listings Requirements for preliminary reports and the requirements of the 
Companies Act applicable to summary financial statements. For the Listings Requirements 
preliminary reports must be prepared in accordance with the framework concepts, the 
measurement and recognition requirements of International Financial Reporting Standards 
(IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee 
and must also, as a minimum, contain the information required by IAS 34 Interim Financial 
Reporting. The directors are responsible for the preparation of the abridged consolidated 
annual financial statements, prepared under supervision of the Group financial director, 
MJ Botha CA(SA), and the financial information has been correctly extracted from the 
underlying annual financial statements.

The accounting policies applied in the preparation of the consolidated annual financial 
statements are in terms of IFRS and are consistent with the accounting policies applied in 
the preparation of the previous consolidated annual financial statements, with the exception 
of the implementation of the following new accounting standards, interpretations and 
amendments to IFRS standards that have come into effect and have been adopted by the Group 
during the current financial year:

 - IAS 19: Employee Benefits (effective 1 January 2013)

 - IFRS 10: Consolidated Financial Statements (effective 1 January 2013)

 - IFRS 11: Joint Arrangements (effective 1 January 2013)

 - IFRS 12: Disclosure of Interest in Other Entities (effective 1 January 2013)

 - IFRS 13: Fair Value Measurement (effective 1 January 2013)

 - Revised IAS 28: Investments in Associates and Joint Ventures (effective 1 January 2013)

 - Revised IAS 27: Separate Financial Statements (effective 1 January 2013)

 - Amendments to IFRS 7 Disclosures – Offsetting Financial Assets and Financial Liabilities 
   (effective 1 January 2013)

 - Amendments to IAS 1: Presentation of Financial Statements (effective 1 January 2013)

 - Amendments to IAS 16: Property, Plant and Equipment (effective 1 January 2013)

 - Amendments to IAS 32: Financial Instruments Presentation (effective 1 January 2013)


Comparative financial statements have been restated, where applicable, to account for the 
amendments to and adoption of the following standards:

IAS 19: Employee Benefits requires the immediate recognition of all past service costs; and 
interest cost and expected return on plan assets are replaced with a net interest amount that 
is calculated by applying the discount rate to the net defined-benefit liability/(asset). 
The Group has applied the standard retrospectively in accordance with the transitional provisions 
of the standard. 

IFRS 10: Consolidated Financial Statements establishes principles for the presentation and 
preparation  of consolidated financial statements when an entity controls other entities. Based on 
these principles, certain entities, previously classified as joint ventures, are now classified 
as subsidiaries. The Group has applied the standard retrospectively in accordance with the 
transitional provisions of the standard.

IFRS 11: Joint Arrangements require that the Group applies equity accounting for joint ventures 
and eliminates the proportionate consolidation option. Previously, the Group proportionately 
consolidated its joint ventures, which required that it include its share of assets, liabilities, 
income and expenses of joint ventures on a line-for-line basis in the consolidated financial 
statements. Under the equity method, the investment in joint ventures is initially recognised 
at cost and the carrying amounts are increased or decreased to recognise the Group's share of 
profit or loss and movements in other comprehensive income of joint ventures after the acquisition 
date. The Group has applied the standard retrospectively in accordance with the transitional 
provisions of the standard.




The effect of the restatement on the comparative financial statements is summarised below:

                                                                       Changes in
                                                      Previously       accounting        Currently
                                                        reported         policies         reported
                                                           R'000            R'000            R'000
Income statement
30 June 2013

Revenue                                               15 858 158         (132 550)      15 725 608 
Operating expenses                                   (14 081 320)         108 882      (13 972 438)
Other gains                                               10 849             (200)          10 649  
Finance income                                            22 222             (515)          21 707
Finance costs                                           (262 926)           1 492         (261 434)
Share of equity accounted earnings                        57 668            7 501           65 169   
Taxation                                                (518 356)           5 947         (512 409) 



Statement of financial position
30 June 2013

ASSETS

Property, plant and equipment                          3 547 278         (158 328)       3 388 950
Biological assets                                        118 446          (17 159)         101 287
Financial assets                                         156 471          165 043          321 514
Investments in joint ventures                                  -           96 506           96 506
Intangible assets                                      1 513 056           (7 409)       1 505 647
Deferred income tax assets                                70 645          (11 868)          58 777
Inventories                                            6 338 274          (78 438)       6 259 836
Trade and other receivables                            1 805 685          (28 869)       1 776 816
Current income tax assets                                 33 659             (479)          33 180
Cash and cash equivalents                                341 495           14 080          355 575

EQUITY

Non-controlling interest                                 (30 333)            (317)         (30 650)

LIABILITIES

Deferred income tax liabilities                         (483 722)            4 496        (479 226)           
Trade and other payables                              (2 926 402)           18 898      (2 907 504)
Interest-bearing borrowings                           (2 786 773)                2      (2 786 771)               
Provisions                                              (295 329)              474        (294 855) 
Current income tax liabilities                            (3 963)               36          (3 927)

The adoption of the other amendments and statements had no material impact on the consolidated results 
of either the current or prior periods.


OPERATING PERFORMANCE

Reported headline earnings rose 40,4% to R1,5 billion and headline earnings per share increased 35,7%.
Operating profit increased 22,9% to R2,2 billion. 

In April 2013, the Group acquired Burn Stewart Distillers Limited (BSD). The results of this entity for 
the full year and the remeasurement and reversal of the contingent purchase consideration of R159,0 million 
payable on the BSD acquisition are included in earnings.

Normalised headline earnings and operating profit, excluding the remeasurement of the contingent 
purchase consideration for BSD and additional interest provision on excise duty in the current period 
and the full impact of new business acquisition costs and the interest provision on excise duty in the 
previous year, increased by 1,7% and 8,1% respectively.

Revenue grew 12,8% to R17,7 billion on a sales volume increase of 3,1%.

Domestic revenue increased by 5,2% and sales volumes by 2,6% in a challenging economic environment 
which continued to curtail consumer demand. Distell’s cider and RTD (ready-to-drink) brands reflected 
good growth albeit at a slower pace than in previous years. The spirits portfolio  showed a volume 
decline, primarily as a result of the depressed performance of South Africa’s brandy category. Sales 
volumes of the wine portfolio reflected modest growth.

International sales volumes, including Africa, rose by 4,5% while revenue improved 34,2%, benefiting 
from a weaker rand and the inclusion of the BSD brand portfolio for a full year. The cider and RTD and 
spirits portfolios delivered volume growth of 4,9% and 19,2% respectively, while the wine category 
showed a marginal volume increase. 

Sub-Saharan African markets, outside South Africa, continued to deliver strong results with volume 
growth across all categories. The region contributed 49,6% to foreign revenue.

The financial results for the period, supported by satisfactory overall revenue growth, were positively 
influenced by a weaker rand. Steep increases in excise duties and marketing expenses were partially 
offset by foreign currency gains, the benefits of improved efficiencies in the business and the 
normalisation of certain raw material input costs.

Net finance costs decreased from R239,7 million to R217,6 million. Net finance costs, excluding 
the provision for interest on excise duty in the current and previous years, increased from 
R68,0 million to R206,4 million.

The effective tax rate decreased from 32,1% to 25,4%, due to non-taxable gains relating to the 
remeasurement of the BSD contingent purchase consideration in the current year and non-deductible 
expenses in the prior year.

INVESTMENT AND FUNDING

Total assets increased by 11,5% to R15,9 billion.

Investment in net working capital increased by 22,9% to R5,9 billion and inventory by 9,8% to 
R6,9 billion. Of this, bulk spirits in maturation, planned in accordance with the Group’s longer-term 
demand projections, grew 28,2%. Bottled stock and packaging materials reflect a decrease of 13,0% on 
the previous year.

Capital expenditure for the year amounted to R691,8 million, of which R276,3 million was spent on the 
replacement of assets. A further R415,5 million was directed to the expansion of capacity, mainly in 
relation to the Group’s cider and whisky manufacturing facilities and its operations in sub-Saharan 
Africa.

Cash retained for the year amounted to R46,9 million (2013: R563,0 million consumed). The Group 
remains in a strong financial position, as shown by a debt to debt-plus-equity ratio of 28,5% and a 
debt-equity ratio of 39,8% at the end of the reporting period.

IMPACT OF RESTRUCTURED BEE TRANSACTION

As disclosed in a circular to shareholders on 17 December 2013, Distell’s original BEE transaction was 
restructured on 17 January 2014. The 17,7 million additional shares, issued to members of the BEE 
Consortium in terms of the transaction, increased the weighted average number of shares in issue to 
209,9 million (2013: 202,3 million) and, therefore, impacted earnings and headline earnings per share for 
the year. As a result, normalised headline earnings per share declined by 1,7%.

The transaction enhances the financial sustainability of the Distell Development Trust (CSI trust), 
enabling it to effectively fund its corporate social investment programme. This BEE ownership initiative 
has created significant value for all its stakeholders, including more than 4100 employees.

POST BALANCE SHEET EVENT

Subsequent to the financial year-end, Distell has entered into a definitive agreement to acquire a 26% 
share of KWA Holdings East Africa Limited (KHEAL)for approximately R105,0 million. KHEAL is Kenya’s 
leading spirits manufacturer, bottler and distributor, with strong and established local mainstream 
brands. The transaction enables Distell to expand its production and distribution footprint in leading 
East African markets.


PROSPECTS

Global economic activity has broadly strengthened, but conditions are expected to remain volatile.  
The balance of risks has improved, but remains on the downside. 

In the domestic economy high unemployment and moderate growth in disposable income continue to curtail 
consumer spending and tough trading conditions are expected to persist. 

The strength, appeal and diversity of Distell’s portfolio of brands, as well as our broad geographic 
footprint across a range of economies and regions, provide us with opportunities to further unlock real 
stakeholder value in a trading environment which is en route to recovery, albeit at modest levels.

DIRECTORATE

Mr Lucas Verwey stepped down as non-executive director from 5 May 2014 and has joined the executive 
management team.

AUDITORS’ REPORT

The abridged consolidated annual financial statements are extracted from audited information, but 
are not themselves audited. The consolidated annual financial statements have been audited by 
PricewaterhouseCoopers Inc. and their unqualified auditors' report is available for inspection at the 
registered office of the company.

CASH DIVIDEND DECLARATION

The directors have resolved to declare a gross cash dividend, number 52, of 183,0 cents (2013: 183,0 cents) 
per share for the year ended 30 June 2014. This represents a total dividend of 337,0 cents (2013: 335,0 cents) 
for the year and a dividend cover of 2,1 times (2013: 1.6 times) by headline earnings.

The dividend has been declared from income reserves. There are no STC credits available for utilisation 
and the dividends tax rate is 15%. Dividends tax will amount to 27,45 cents per ordinary share. As a result, 
ordinary shareholders who are liable to pay dividends tax will receive a net dividend amount of 155,55 cents 
per share. Shareholders exempt from paying dividends tax will receive 183,0 cents per share. The issued 
ordinary share capital as at 25 August 2014 is 221 435 026 (2013: 203 298 301) ordinary shares. The 
company’s income tax reference number is 9115001712.

The dividend will be payable to shareholders on record on Friday, 19 September 2014, and will be paid 
on Monday, 22 September 2014. The last day to trade cum dividend will be on Friday, 12 September 2014, 
and shares commence trading ex-dividend from Monday, 15 September 2014. Share certificates may not be 
dematerialised or rematerialised between Monday, 15 September 2014, and Friday, 19 September 2014, both 
days inclusive.

Signed on behalf of the board

DM Nurek                      RM Rushton
Chairman                      Managing Director

Stellenbosch
25 August 2014


Directors:                    DM Nurek (Chairman), PE Beyers, MJ Botha, JG Carinus, GP Dingaan, 
                              JJ Durand, E de la H Hertzog, MJ Madungandaba, LM Mojela, CA Otto, 
                              AC Parker, RM Rushton (Managing Director), CE Sevillano-Barredo, 
                              BJ van der Ross

Company secretary:            L Malan

Registered office:            Aan-de-Wagenweg, Stellenbosch 7600

Transfer secretaries:         Computershare Investor Services Proprietary Limited, 
                              70 Marshall Street, Johannesburg
                              PO Box 61051, Marshalltown 2107

Sponsor:                      RAND MERCHANT BANK (A division of FirstRand Bank Limited)

www.distell.co.za

Bunnahabhain 

The core range for Bunnahabhain consists of 12, 18 and 25 year old malts and, like all our malts, 
they are un-chillfiltered and natural in colour.  The brand has developed  a strong following of 
South African aficionados, partially because of its relative rarity and singular flavour. Because 
of its superior quality, Bunnahabhain consistently wins top awards at international competitions.

Nederburg

South Africa’s most awarded wine estate continues to add to its winning status.  Nederburg was 
awarded a regional Decanter World Wine Awards trophy in London as well as the South African Sweet 
Chenin Blanc Trophy at the 2014 International Wine Challenge. As a brand that also gives back, 
Nederburg recognises the need to conserve and sustain our physical heritage, and for its conservation 
efforts Nederburg was granted Biodiversity & Wine Initiative membership in 2011. 

Hunter’s

Hunter’s is the world’s second largest cider by volume and is available in over 35 countries globally. 
The brand has consistently seen double-digit volume growth since 2009 and is now a significant 
contributor to Distell’s profits. Hunter’s celebrated 25 years in 2013.

Bain’s Cape Mountain Whisky 

Inspired by the Cape Mountains and its natural beauty, Bain’s Cape Mountain Whisky is South Africa’s 
first single-grain whisky. It is crafted at the James Sedgwick’s Distillery in Wellington. The brand 
has won a sixth consecutive gold medal at the 2014 International Wine and Spirits Competition.

Savanna Dry

Savanna Dry is a clear 100% apple cider made from the juice of crushed Elgin apples. The magic of 
transforming humble apple juice into sublime cider is all in the fermentation process. Launched in 1996, 
Savanna was the first cider in South Africa to be packaged in glass, and while the rest have since caught up, 
compared to other ciders, our bottle has a very unique "dumpy" shape. 

Amarula Gold.

This vibrant new addition to the Amarula family is made to be mixed and enjoyed. Just like Amarula Cream, 
Amarula Gold is made from hand-harvested marula fruit, double distilled and aged in oak for 24 months to 
enhance its aromatic, fruity flavour, but unlike it, no cream is added. Amarula Gold is packaged in a clear 
bottle to show off its rich, golden colour and sports a black version of the brand's signature neck tassel. 

Date: 25/08/2014 01:47:00 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.

Share This Story