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Summarised audited results of the Group for the year ended 30 June 2016 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")
Summarised audited results of the Group for the year ended 30 June 2016 and cash dividend declaration
SALIENT FEATURES
Sales volumes up 2,8%
Revenue up 9,6%
Operating profit
-normalised up 13,7%
-reported up 10,5%
Headline earnings
-normalised up 11,6%
-reported up 12,3%
Annual dividend up 9,5%
Net cash generated from operating activities up 17,4%
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited
as at 30 June
2016 2015
R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 5 015 510 4 351 965
Biological assets 100 866 105 914
Loans and receivables 181 195 191 159
Available-for-sale financial assets 79 708 99 754
Investments in associates 237 249 233 685
Investments in joint ventures 213 999 160 423
Intangible assets 2 004 191 1 879 680
Retirement benefit assets 343 420 310 985
Deferred income tax assets 136 031 101 686
Total non-current assets 8 312 169 7 435 251
Current assets
Inventories 7 900 649 7 509 937
Trade and other receivables 2 659 749 2 223 009
Current income tax assets 36 922 20 204
Cash and cash equivalents 1 032 402 619 367
Total current assets 11 629 722 10 372 517
Total assets 19 941 891 17 807 768
EQUITY AND LIABILITIES
Capital and reserves
Capital and reserves 10 656 997 9 537 114
Non-controlling interest 15 262 19 283
Total equity 10 672 259 9 556 397
Non-current liabilities
Interest-bearing borrowings 1 200 000 3 323 446
Retirement benefit obligations 27 509 24 243
Deferred income tax liabilities 723 429 627 983
Total non-current liabilities 1 950 938 3 975 672
Current liabilities
Trade and other payables 3 234 972 3 017 128
Interest-bearing borrowings 3 726 589 870 378
Provisions 321 781 331 655
Current income tax liabilities 35 352 56 538
Total current liabilities 7 318 694 4 275 699
Total equity and liabilities 19 941 891 17 807 768
SUMMARISED CONSOLIDATED INCOME STATEMENT
Audited
Year ended
30 June
2016 2015 Change %
R'000 R'000
Revenue 21 470 120 19 588 970 9,6
Operating costs (19 040 418) (17 454 599) 9,1
Costs of goods sold (13 767 664) (12 813 730)
Sales and marketing costs (3 211 513) (2 699 733)
Distribution costs (1 087 991) (1 120 368)
Administration and other costs (973 250) (820 768)
Other losses (78 081) (5 315)
Operating profit 2 351 621 2 129 056 10,5
Dividend income 7 501 6 698
Finance income 21 002 23 241
Finance costs (281 790) (259 711)
Share of equity-accounted earnings 58 042 89 401
Profit before taxation 2 156 376 1 988 685 8,4
Taxation (624 485) (569 024)
Profit for the year 1 531 891 1 419 661 7,9
Attributable to:
Equity holders of the company 1 531 986 1 437 136 6,6
Non-controlling interest (95) (17 475)
1 531 891 1 419 661 7,9
Per share performance:
Issued number of ordinary shares ('000) 222 109 221 737
Weighted number of ordinary shares ('000) 219 038 218 621
Earnings per ordinary share (cents)
- basic earnings basis 699,4 657,4 6,4
- diluted earnings basis 697,1 654,9 6,5
- headline basis 735,3 656,2 12,1
- diluted headline basis 732,9 653,7 12,1
Dividends per ordinary share (cents)
- interim 165,0 158,0 4,4
- final 214,0 188,0 13,8
379,0 346,0 9,5
Reconciliation of headline earnings:
Net profit attributable to equity holders of the company 1 531 986 1 437 136 6,6
Adjusted for (net of taxation) :
- impairment of trademark 80 155 -
- net other capital gains (1 493) (2 575)
Headline earnings 1 610 648 1 434 561 12,3
Adjusted for (net of taxation) :
- remeasurement of contingent consideration - 8 891
Normalised headline earnings 1 610 648 1 443 452 11,6
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited
Year ended
30 June
2016 2015
R'000 R'000
Profit for the year 1 531 891 1 419 661
Other comprehensive income (net of taxation) 306 636 244 821
Items that may be reclassified subsequently to profit or loss:
Fair value adjustments
- available-for-sale financial assets (17 319) 5 692
Currency translation differences 242 494 178 460
Items that will not be reclassified to profit or loss:
Remeasurements of post-employment benefits 82 464 60 863
Share of other comprehensive income of associates (1 003) (194)
Total comprehensive income for the year 1 838 527 1 664 482
Attributable to:
Equity holders of the company 1 838 755 1 683 154
Non-controlling interest (228) (18 672)
1 838 527 1 664 482
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Audited
Year ended
30 June
2016 2015
R'000 R'000
Attributable to equity holders
Opening balance 9 537 114 8 569 623
Comprehensive income
Profit for the year 1 531 986 1 437 136
Other comprehensive income (net of taxation)
Fair value adjustments:
- available-for-sale financial assets (17 319) 5 692
Currency translation differences 242 627 179 657
Remeasurements of post-employment benefits 82 464 60 863
Share of other comprehensive income of associates (1 003) (194)
Total other comprehensive income 306 769 246 018
Total comprehensive income for the year 1 838 755 1 683 154
Transactions with owners
Employee share scheme:
- shares paid and delivered 8 361 13 436
- value of employee services 46 274 31 265
Dividends paid (773 507) (745 680)
Changes in ownership interests in subsidiaries that
do not result in a loss of control - (14 684)
Total transactions with owners (718 872) (715 663)
Attributable to equity holders 10 656 997 9 537 114
Non-controlling interest
Opening balance 19 283 31 532
Loss for the year (95) (17 475)
Dividends paid (3 793) (831)
Currency translation differences (133) (1 197)
Transactions with non-controlling interests - 7 254
Total non-controlling interest 15 262 19 283
Total equity at the end of the year 10 672 259 9 556 397
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
Audited
Year ended
30 June
2016 2015
R'000 R'000
Cash flows from operating activities
Operating profit 2 351 621 2 129 056
Non-cash flow items 857 954 512 207
Working capital changes (729 136) (529 325)
Inventories (204 555) (580 136)
Trade and other receivables (491 093) (363 624)
Trade payables and provisions (33 488) 414 435
Cash generated from operations 2 480 439 2 111 938
Net financing costs (236 465) (190 380)
Taxation paid (617 204) (504 671)
Net cash generated from operating activities 1 626 770 1 416 887
Net cash outflow from investment activities (1 091 424) (841 650)
Net cash inflow from financing activities 77 620 369 797
Dividends paid (773 507) (745 680)
Decrease in net cash, cash equivalents and bank overdrafts (160 541) 199 354
Net cash, cash equivalents and bank overdrafts at the
beginning of the year 230 868 7 335
Exchange gains on cash and cash equivalents and bank overdrafts 32 075 24 179
Net cash, cash equivalents and bank overdrafts at the end of the year 102 402 230 868
Segmental analysis
Audited Rest of
Year ended 30 June South Africa BLNS Rest of Africa Europe International Corporate Total Change %
2016 R' 000 R' 000 R' 000 R' 000 R' 000 R' 000 R'000
Revenue 15 362 115 1 748 679 1 103 484 1 639 887 1 614 994 961 21 470 120 9,6
Costs of goods sold (10 158 302) (1 139 763) (696 045) (1 012 262) (716 552) (44 740) (13 767 664) 7,4
Gross profit 5 203 813 608 916 407 439 627 625 898 442 (43 779) 7 702 456 13,7
Operating costs (2 390 404) (210 700) (259 619) (475 655) (650 143) (1 364 314) (5 350 835) 15,2
Operating profit before allocations 2 813 409 398 216 147 820 151 970 248 299 (1 408 093) 2 351 621 10,5
Equity-accounted earnings and dividend income - - 56 862 - (6 678) 15 359 65 543
Earnings before interest and tax (EBIT) before allocations 2 813 409 398 216 204 682 151 970 241 621 (1 392 734) 2 417 164 8,6
Allocations (244 704) (22 043) (10 789) (13 870) (9 773) 301 179 -
EBIT after allocations 2 568 705 376 173 193 893 138 100 231 848 (1 091 555) 2 417 164 8,6
Equity-accounted earnings and dividend income - - (56 862) - 6 678 (15 359) (65 543)
Operating profit 2 568 705 376 173 137 031 138 100 238 526 (1 106 914) 2 351 621 10,5
EBIT before allocations attributable to:
Equity holders of the company 2 813 409 398 216 215 393 151 970 241 621 (1 403 350) 2 417 259
Non-controlling interest - - (10 711) - - 10 616 (95)
2 813 409 398 216 204 682 151 970 241 621 (1 392 734) 2 417 164
Non-current assets 5 111 533 70 100 345 912 2 782 583 2 041 - 8 312 169
Audited Rest of
Year ended 30 June South Africa BLNS Rest of Africa Europe International Corporate Total
2015 R' 000 R' 000 R' 000 R' 000 R' 000 R' 000 R'000
Revenue 13 709 486 1 659 830 1 287 388 1 392 969 1 485 393 53 904 19 588 970
Costs of goods sold (9 067 029) (1 091 535) (857 874) (926 401) (724 407) (146 484) (12 813 730)
Gross profit 4 642 457 568 295 429 514 466 568 760 986 (92 580) 6 775 240
Operating costs (2 266 327) (199 171) (228 252) (433 695) (506 304) (1 012 435) (4 646 184)
Operating profit before allocations 2 376 130 369 124 201 262 32 873 254 682 (1 105 015) 2 129 056
Equity-accounted earnings and dividend income - - 78 287 - - 17 812 96 099
EBIT before allocations 2 376 130 369 124 279 549 32 873 254 682 (1 087 203) 2 225 155
Allocations (180 590) (14 614) (7 381) (7 155) (5 158) 214 898 -
EBIT after allocations 2 195 540 354 510 272 168 25 718 249 524 (872 305) 2 225 155
Equity-accounted earnings and dividend income - - (78 287) - - (17 812) (96 099)
Operating profit 2 195 540 354 510 193 881 25 718 249 524 (890 117) 2 129 056
EBIT before allocations attributable to:
Equity holders of the company 2 376 130 369 124 301 379 32 873 254 682 (1 091 558) 2 242 630
Non-controlling interest - - (21 830) - - 4 355 (17 475)
2 376 130 369 124 279 549 32 873 254 682 (1 087 203) 2 225 155
Non-current assets 4 448 930 64 022 324 909 2 592 354 5 036 - 7 435 251
Note: BLNS = Botswana, Lesotho, Namibia and Swaziland
Notes
Audited
30 June
2016 2015
R'000 R'000
1. Sales volumes (litres '000) 671 844 653 670
2. Net interest-bearing borrowings
Interest-bearing borrowings
Non-current 1 200 000 3 323 446
Current 3 726 589 870 378
4 926 589 4 193 824
Cash and cash equivalents (1 032 402) (619 367)
3 894 187 3 574 457
3. Cash outflow from investment activities
Purchases of property, plant and equipment (PPE) to maintain operations (425 686) (321 801)
Purchases of PPE to expand operations (612 867) (446 580)
Proceeds from sale of PPE 19 787 14 550
Purchases of financial assets, associates and joint ventures (52 957) (111 428)
Proceeds from financial assets 63 346 44 159
Purchases of intangible assets (83 047) (13 120)
Acquisition of subsidiaries, net of cash acquired - (7 430)
(1 091 424) (841 650)
4. Capital commitments
Contracted 893 322 411 334
Authorised, but not contracted 1 163 271 1 052 387
2 056 593 1 463 721
5. Depreciation of property, plant and equipment 343 581 290 335
6. Net asset value per share (cents) 4 805 4 310
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.Comparative segment information has been restated to be in line with the current basis on which
reports are reviewed by the executive management team.
8. Financial risk management and financial instruments
Financial risk factors
The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, fair value interest rate risk, cash flow interest
rate risk and price risk), credit risk and liquidity risk.
The summarised consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial
statements; they should be read in conjunction with the group's annual financial statements as at 30 June 2016. There have been no material changes in the
Group's credit, liquidity and market risk or key inputs in measuring fair value since 30 June 2015.
Fair value estimation
Items carried at fair value are classified according to the fair value hierarchy, by valuation method. The different levels have been defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices)
Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
Available-for-sale financial assets are classified as level 1, 2 or 3, derivative financial assets and liabilities are classified as level 2 and biological
assets are classified as level 3.
The fair value of non-current borrowings is calculated using cash flows discounted at a borrowings rate and this is classified as level 2. The fair value
of current borrowings equals their carrying amount.
There have been no transfers between level 1, 2 or 3 during the period, nor were there any significant changes to the valuation techniques and inputs used
to determine fair values.
The fair values of all other financial assets and liabilities approximate their carrying amounts.
OPERATING PERFORMANCE
Group revenue grew by 9,6% to R21,5 billion on a sales volume increase of 2,8%.
Domestic market revenue increased by a pleasing 12,1% with sales volumes up by 8,8%, despite a slowdown in real consumer spending growth. The strong
performance across all product categories reflects improved visibility and support for our leading brands and stepped up service delivery to our customers
flowing from our sales force effectiveness investment. The Group's wine portfolio maintained its strong double-digit revenue and volume growth, while cider
and ready-to-drink brands accelerated volume growth. The spirits portfolio showed encouraging volume growth in several major categories.
Sub-Saharan African markets, outside South Africa, delivered mixed results amid the ongoing commodity slump and the slower economic growth in the region.
While focus markets such as Namibia, Mozambique, Nigeria, Ghana and Zambia all recorded strong growth, Angola, the Group's largest market on the continent,
was particularly hard hit by the fall in the price of oil, the country's single biggest revenue earner. As a result revenue declined 3,2% on a sales volume
decline of 14,3%. The region contributed 46,7% to foreign revenue.
Revenue derived from the sale of the Group's brands in international markets beyond Africa, grew 13,1%, mainly as a result of a weaker rand but also thanks
to an improved sales mix. Although volumes declined 12,5% given the continuing tough trading conditions, all top ten brands delivered growth. The spirits
portfolio delivered revenue growth of 18,7%. Revenue from the wine portfolio increased by 12,3% on 10,7% lower volumes, mainly as a result of the
discontinuation of non-profitable customers' own brands.
The financial results for the period, supported by strong overall revenue growth and efficiency improvements across the business, also benefitted from a
substantially weaker rand against the major currencies in which Distell trades. Operating costs rose by 9,1% given continued investment in key strategic
initiatives and in selected markets where growth opportunities have been identified.
The Bisquit brand recorded strong gains in South Africa, growing revenues by 45,2% over the prior year. However, the potential that was targeted at the
time of acquisition in the growth markets of China and Russia, has not materialised as expected. Therefore we wrote down R80,2 million of the R303,5
million book value of the trademark. This impairment is reflected in "other losses" in the income statement.
Normalised operating profit, which excludes the impact of the trademark impairment this year and the remeasurement of the contingent consideration of
R8,9 million of Burn Stewart Distillers (BSD) the previous year, increased by 13,7%.
Net finance costs increased from R236,5 million to R260,8 million.
The effective tax rate increased marginally to 29,0% (2015: 28,6%).
Reported headline earnings increased by 12,3% to R1,6 billion and headline earnings per share increased by 12,1% to 735,3 cents. Normalised headline
earnings, excluding the remeasurement of the BSD contingent purchase consideration the previous year, increased by 11,6%.
INVESTMENT AND FUNDING
Total assets increased by 12,0% to R19,9 billion.
Investment in net working capital increased by 9,7% to R7,0 billion, driven to a large extent by the conversion of foreign assets to the reporting
currency. Inventory increased by 5,2% to R7,9 billion. If foreign currency movements are excluded, inventory increased by 2,6%. Of this, bulk spirits in
maturation, planned in accordance with the Group's longer-term demand projections, grew 1,9% to R3,4 billion. Working capital optimisation initiatives
resulted in bottled stock and packaging materials reflecting a decrease of 8,5% on the previous year.
Capital expenditure for the period amounted to R1,04 billion (2015: R768,4 million) of which R425,7 million was spent on the replacement of assets. A
further R612,9 million was directed to the expansion of capacity, mainly in relation to the Group's cider and wine manufacturing facilities.
Net cash generated before financing activities was R535,3 million (2015: R575,2 million). The Group remains in a strong financial position, as shown by a
debt to debt-plus-equity ratio of 26,7% (2015: 27,2%) and a debt-equity ratio of 36,5% (2015: 37,4%) at the end of the reporting period.
PROSPECTS
The outlook for global economic growth remains subdued amid volatile trading conditions in many of our key markets. Given the slowdown in 2016, a modest
recovery in the developed world and emerging economies is only expected in the medium term. On the domestic front, consumer confidence levels are low and
consumer spending will be adversely impacted by higher interest rates and food prices.
The Group nevertheless continues to pursue its long-term strategy to grow shareholder value, but we are reviewing the sequencing and the pace of investment
in light of the prevailing economic conditions in certain markets.
We remain well-positioned to take early advantage of any improvements in the economic conditions of the markets where we operate, given our diverse
portfolio of appealing brands, as well as a strengthened and extended route-to-market network that continues to evolve across a range of economies and
regions. We have a strong financial position and sound balance sheet with which to pursue our strategic ambitions.
DIRECTORATE
Ms EG Matenge-Sebesho has been appointed as non-executive director and Dr DP du Plessis as independent non-executive directors with effect from
25 November 2015 and Mr JG Carinus resigned as non-executive director with effect from 28 October 2015. Mr LC Verwey has been appointed as Group finance
director with effect from 1 September 2015 and as executive director with effect from 25 January 2016 to succeed Mr MJ Botha who retired at the end of
December 2015. Dr E de la H Hertzog resigned as non-executive director with effect from 17 February 2016 and Mr KA Hedderwick has been appointed as an
independent non-executive director with effect from 22 June 2016.
AUDITORS' REPORT
The summary 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., who expressed an unmodified opinion thereon. The audited consolidated annual
financial statements and the auditor's report thereon are available for inspection at the company's registered office.
The directors take full responsibility for the preparation of the preliminary report and the financial information has been correctly extracted from
the underlying annual financial statements.
CASH DIVIDEND DECLARATION
The directors have resolved to declare a gross cash dividend, number 56, of 214,0 cents (2015: 188,0 cents) per share for the year ended 30 June 2016. This
represents a total dividend of 379,0 cents (2015: 346,0 cents), an increase of 9,5%, for the year and a dividend cover of 1,9 times (2015: 1,9 times) by
headline earnings.
The dividend has been declared from income reserves. The dividend withholding tax, levied at 15%, will amount to 32,1 cents per ordinary share. As a result,
ordinary shareholders who are liable to pay dividends tax will receive a net dividend amount of 181,9 cents per share. Shareholders exempt from paying
dividends tax will receive 214,0 cents per share. The issued ordinary share capital as at 31 August 2016 is 222 109 356 (2015: 221 737 356) ordinary shares.
The Company's income tax reference number is 9115001712.
The dividend will be payable to shareholders on record on Friday, 23 September 2016, and will be paid on Monday, 26 September 2016. The last day to trade
cum dividend will be on Tuesday, 20 September 2016, and shares commence trading ex-dividend from Wednesday, 21 September 2016. Share certificates may not
be dematerialised or rematerialised between Wednesday, 21 September 2016, and Friday, 23 September 2016, both days inclusive.
BASIS OF PREPARATION, ACCOUNTING POLICY AND COMPARATIVE FIGURES
The summary 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 summary consolidated annual financial statements, prepared under supervision
of the Group financial director, LC Verwey CA(SA), and the financial information in this summary has been correctly extracted from the underlying annual
financial statements.
The accounting policies applied in the preparation of the consolidated financial statements from which the summary financial statements are derived are in
terms of IFRS and are consistent with the accounting policies applied in the preparation of the previous consolidated annual financial statements.
The Group has adopted all new and amended accounting pronouncements issued by the International Accounting Standards Board (IASB) that are effective for
financial years, commencing 1 July 2015. None of the new or amended accounting pronouncements that are effective for the financial year commencing
1 July 2015 has a material impact on the consolidated results of the Group.
Signed on behalf of the board
DM Nurek RM Rushton
Chairman Managing director
Stellenbosch
31 August 2016
Directors: DM Nurek (Chairman), PE Beyers, GP Dingaan, JJ Durand, DP du Plessis, KA Hedderwick, MJ Madungandaba, EG Matenge-Sebesho, LM Mojela,
CA Otto, AC Parker, RM Rushton (Managing director), CE Sevillano-Barredo, BJ van der Ross, LC Verwey (Finance director)
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), 1 Merchant Place, c/o Rivonia Road and Fredman Drive, Sandton 2196
www.distell.co.za
AMARULA
Amarula Cream is made from the exotic Marula fruit that is only found in sub-Equatorial Africa. Hand-harvested by the local communities, the fruit is
distilled and matured in oak barrels for 2 years, then later infused with a rich velvety cream. In 2016, Amarula Cream launched its new "Jabulani" bottle
with features inspired by Africa's elephants, and a new global partnership with animal conservation group, WildlifeDirect under the Amarula Trust.
BUNNAHABHAIN
The most northernly of the Islay distilleries, Bunnahabhain lies on the peaceful, sheltered north-eastern coast of Islay, the most southerly of the
Hebridean Islands. Built in 1881 its name comes from the Gaelic, Bunnahabhain (Bu-na-ha-venn), meaning 'mouth of the river'. Offering rich layers of
sweet, spicy intrigue, Bunnahabhain satisfies the need of the most discerning whisky connoisseur. Bunnahabhain was crowned Distillery of the Year at the
prestigious 2016 San Francisco World Spirits Competition.
NEDERBURG
Ranked one of the world's 50 most admired wine brands by Drinks International in 2016, Nederburg is inspiring curiosity with a new captivatingly evocative
communications campaign and revamped packaging. Nederburg is also investing in the future of South Africans through its three-year pro-cycling sponsorship
of Team Dimension Data. The team rides to raise funds for Qhubeka, a non-profit organisation that uses bicycles to change lives in Africa.
VAN RYN'S
Van Ryn's continues to produce world-beating brandy, winning the 2016 Top Brandy Producer according to the South African Wine Index. As arguably
South Africa's flagship name in producing mature potstill brandies of international excellence, Van Ryn's has won the International Wine & Spirit Competition
trophy for Best Worldwide Brandy an incredible seven times in the past twelve years.
BAIN'S
Universally acclaimed, Bain's Cape Mountain Whisky's most recent award was Gold at the 2016 International Spirits Competition. Distilled and double matured at
The James Sedgwick Distillery in Wellington in the Western Cape, it proudly remains the only South African whisky to be awarded World's Best Grain Whisky at
the annual Whisky Magazine's World Whisky Awards in 2013.
HUNTER'S
Hunter's, the largest cider brand in Africa, gets ready to 'Bring the Heat' with a refreshing new campaign. Moving the brand away from the desert to the heat
of the city and introducing a new face. Hunter's taps into the insight of the everyday hustle and urges people to embrace the heat that life brings, with real,
natural refreshment by their side.
Date: 31/08/2016 02:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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