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Integrated Annual Report 2013 ABOUT THIS Integrated Annual REPORT

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Integrated Annual Report 2013 ABOUT THIS Integrated Annual REPORT INTEGRATED ANNUAL REPORT 2013 ABOUT THIS INTEGRATED ANNUAL REPORT Background and scope This is our third integrated annual report. It provides a high-level overview and performance review of the Distell Group Limited, its subsidiaries, associates and joint ventures (collectively referred to as ‘Distell’, ‘we’ or ’our’) for the period 1 July 2012 to 30 June 2013. One exception to the standard reporting period used in this report is the Broad-based Black Economic Empowerment (B-BBEE) statistics measured for the period July 2011 to June 2012. These are valid until December 2013. While the majority of our products are manufactured within South Africa, we have a worldwide distribution network and investments in countries that include; Tanzania, Kenya, Namibia, Zimbabwe, France, Scotland and Mauritius. Most notably, we acquired the scotch whisky producer Burn Stewart Distillers in April 2013. The financial data presented in this report has taken this acquisition into account. However, similar to previous years, the non-financial data and statistics in this report CONTENTS relate to Distell’s operations within southern Africa only, unless otherwise stated. There have been no significant changes from the 2012 Integrated Highlights and financial results 1 Annual Report that would affect or alter our reporting for this year. A number of minor restatements of past statistical data have been Seven-year financial review 2 made. These are clearly marked and explained in this report. Cash value added statement 4 Reporting in accordance with the Global Reporting Initiative About Distell 5 The contents of this report are based on the Global Reporting Initiative’s (GRI) G3.1 reporting guidelines. In determining the issues Group structure 6 presented, we applied the principles of materiality, stakeholder inclusiveness and sustainability. Our GRI (G3.1) content index table Where we operate 7 can be found on the Distell website at www.distell.co.za. Based on the information available in this report and our online sustainability Overview of our brands 8 report, Distell achieved a self-declared Level C compliance. Awards, certification and accreditation 10 Report assurance Following the principles of combined assurance, we have introduced Distell directorate 12 an audit trail for non-financial disclosures and performance data and validated this information through an internal audit process. Distell executive team 14 Additionally, Distell’s audit and risk committee reviewed the report. While the Group has not sought third-party assurance over this Chairperson and managing report, certain information, such as that relating to B-BBEE, has also director’s report 17 been independently assessed and verified. We continue to develop Group reporting standards and will Corporate strategic risk and mitigation 28 make our disclosures increasingly meaningful and measurable for Distell’s stakeholders. Corporate responsibility review 32 Further information Corporate governance 48 As in the past, our online sustainability report provides interested readers with additional information. Please visit us online at Consolidated financial statements 58 www.distell.co.za. Definitions and ratios 129 For any comments or queries regarding our annual reports, contact our corporate affairs department. Dates of importance to shareholders IBC E-mail: [email protected] Tel: +27 (0) 21 809 7000 All products mentioned in this integrated annual report are not for sale to persons under the age of 18 years. Enjoy our products responsibly. HIGHLIGHTS Total sales Headline earnings volumes grew 7,2% per share up 11,7% Total revenue Normalised headline increased 11,9% earnings per share up 13,7% Normalised operating Annual dividends per profitup 8,3% share increased 13,6% Successful acquisition and integration of Burn Stewart Distillers FINANCIAL RESULTS 2013 2012 % Change R’000 R’000 Revenue 11,9 15 858 158 14 176 047 Operating profit 26,6 1 787 687 1 412 325 Normalised operating profit 8,3 1 852 559 1 710 086 Headline earnings 12,0 1 086 109 969 946 Normalised headline earnings 14,0 1 350 722 1 184 334 Total assets 44,6 14 246 486 9 854 770 Share performance (cents) Headline earnings 11,7 535,7 479,7 Basic earnings 12,8 540,8 479,3 Dividends 13,6 335,0 295,0 Net asset value 17,0 3 581,2 3 059,6 Cash flow from operating activities (59,7) 228,1 566,8 Closing share price 35,5 12 194,0 9 001,0 Financial statistics Return on equity 18,6 15,6 Seven-year compound growth per annum (%) Total return to shareholders 15,5 16,1 Distell share price index 17,7 19,4 1 SEVEN-YEAR FINANCIAL REVIEW for the years ended 30 June Seven-year compound 2013 2012 2011 2010 2009 2008 2007 growth % p.a. IFRS IFRS IFRS IFRS IFRS IFRS IFRS Statements of financial position (R’000) ASSETS Non-current assets Property, plant and equipment 3 547 278 2 647 304 2 349 699 2 157 912 1 773 480 1 546 159 1 330 516 Biological assets 118 446 122 638 131 827 138 915 146 375 122 024 114 675 Financial assets and investments in associates 204 948 199 296 166 505 133 159 112 768 117 537 96 092 Intangible assets 1 513 056 230 404 221 331 205 680 244 685 39 373 34 060 Retirement benefit assets 273 000 47 504 42 391 49 656 58 150 114 588 187 052 Deferred income tax assets 70 645 74 571 74 915 47 122 24 861 21 870 28 762 Total non-current assets 5 727 373 3 321 717 2 986 668 2 732 444 2 360 319 1 961 551 1 791 157 Current assets Inventories 6 338 274 4 489 281 3 961 917 3 818 661 3 681 022 3 235 895 2 703 336 Trade and other receivables 1 805 685 1 436 255 1 242 200 1 344 701 1 155 381 954 036 809 024 Financial assets – – – – – – 361 152 Current income tax assets 33 659 145 088 62 945 62 187 74 381 62 968 – Cash and cash equivalents 341 495 462 429 229 850 243 038 178 472 193 673 332 426 Total current assets 8 519 113 6 533 053 5 496 912 5 468 587 5 089 256 4 446 572 4 205 938 Total assets 14,6 14 246 486 9 854 770 8 483 580 8 201 031 7 449 575 6 408 123 5 997 095 EQUITY AND LIABILITIES Total shareholders’ equity 7 280 550 6 205 979 5 694 009 5 238 301 4 809 374 4 432 200 3 940 680 Non-current liabilities Interest-bearing borrowings 447 143 347 932 423 336 422 467 422 386 2 938 2 629 Retirement benefit obligations 22 604 80 954 73 790 21 099 18 300 15 623 12 842 Deferred income tax liabilities 483 722 231 067 234 732 230 380 198 288 168 266 164 033 Total non-current liabilities 953 469 659 953 731 858 673 946 638 974 186 827 179 504 Current liabilities Trade payables and provisions 3 221 731 2 803 208 2 042 347 1 932 591 1 659 814 1 533 268 1 489 940 Interest-bearing borrowings 2 786 773 180 501 865 336 657 324 267 226 027 329 264 Current income tax liabilities 3 963 5 129 14 501 19 536 17 146 29 801 57 707 Total current liabilities 6 012 467 2 988 838 2 057 713 2 288 784 2 001 227 1 789 096 1 876 911 Total equity and liabilities 14 246 486 9 854 770 8 483 580 8 201 031 7 449 575 6 408 123 5 997 095 Income statements (R’000) Revenue 12,7 15 858 158 14 176 047 12 327 786 11 808 884 10 863 728 9 409 597 8 200 559 Operating expenses (14 081 320) (12 762 506) (10 889 439) (10 413 146) (9 454 968) (8 107 434) (7 085 826) Trading income 10,4 1 776 838 1 413 541 1 438 347 1 395 738 1 408 760 1 302 163 1 114 733 Dividend income 6 279 7 645 5 180 1 493 1 552 1 503 1 284 Net financing costs (240 704) (31 905) (42 584) (68 652) (23 224) 6 384 7 969 Share of profit of associates 57 668 37 160 37 950 32 412 30 058 23 523 14 255 Profit before exceptional items and taxation 9,0 1 600 081 1 426 441 1 438 893 1 360 991 1 417 146 1 333 573 1 138 241 Exceptional items 10 849 (1 216) (1 756) (2 821) 1 273 11 667 73 876 Profit before taxation 1 610 930 1 425 225 1 437 137 1 358 170 1 418 419 1 345 240 1 212 117 Taxation (518 356) (454 365) (477 557) (417 655) (464 707) (416 705) (367 243) Non-controlling interest 3 935 (1 790) 1 093 1 041 – 453 2 979 Net profit attributable to equity holders 10,8 1 096 509 969 070 960 673 941 556 953 712 928 988 847 853 Statements of cash flows (R’000) Cash generated from operations 1,8 1 020 184 1 728 426 1 771 957 1 555 285 1 030 406 824 911 1 188 101 Dividend income 6 279 7 645 5 180 1 493 1 552 1 503 1 284 Net financing costs (186 478) (31 644) (42 868) (70 764) (10 810) (46 132) (23 179) Taxation paid (377 446) (558 505) (491 875) (394 737) (451 523) (476 654) (365 380) Cash generated from operating activities 462 539 1 145 922 1 242 394 1 091 277 569 625 303 628 800 826 Exceptional items – – – – – 65 934 11 006 Net cash generated from operating activities 462 539 1 145 922 1 242 394 1 091 277 569 625 369 562 811 832 Cash outflow from investment activities (2 337 902) (479 410) (410 872) (542 516) (591 749) (6 551) 50 800 Proceeds from ordinary shares issued 30 789 15 573 20 723 21 992 4 094 15 098 13 435 Non-controlling interest 12 982 – – – – – 2 692 Proceeds from interest-bearing borrowings 1 881 516 104 232 848 16 419 386 (327 942) (325 472) Dividends paid (616 281) (556 023) (516 304) (514 931) (513 727) (426 194) (342 729) Cash inflow from financing activities 1 309 006 (436 218) (494 733) (492 923) (90 247) (739 038) (652 074) Decrease in net cash, cash equivalents and bank overdrafts (566 357) 230 294 336 789 55 838 (112 371) (376 027) 210 558 2 Seven-year compound 2013 2012 2011 2010 2009 2008 2007 growth % p.a.
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