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Investor Relations: Financial Results Investor Relations

9 June 2000

Results For The Half Year Ended 31 March 2000
Financial Statement And Dividend Announcement

The Directors are pleased to make the following announcement of the unaudited results for the half year ended 31 March 2000:-

     Group  Company
     -- Half year to --  -- Half year to --
    31/3/2000 31/3/1999 Change 31/3/2000 31/3/1999 Change
    $'000 $'000 % $'000 $'000 %
 
1. PROFIT STATEMENT            
  Turnover 676,120 707,734 (4.5) - - -
  Investment income 1,022 4,413 (76.8) 42,590 37,113 14.8
  Other income including interest income 3,852 5,029 (23.4) 12,002 14,220 (15.6)
  ===== =====   ===== =====  
  Operating profit before interest, depreciation and amortisation 93,377 86,538 7.9 37,223 29,721 25.2
  Income derived from associated and joint venture companies 11,586 16,441 (29.5) - - -
  Depreciation and amortisation (31,648) (37,585) (15.8) (243) (228) 6.6
  --------- ---------   --------- ---------  
  Operating profit before interest and taxation 73,315 65,394 12.1 36,980 29,493 25.4
  Interest income 3,852 5,029 (23.4) 2,649 6,365 (58.4)
  Interest on borrowings (4,857) (11,876) (59.1) (1,650) (4,158) (60.3)
  --------- ---------   --------- ---------  
  Operating profit before taxation 72,310 58,547 23.5 37,979 31,700 19.8
  Taxation (27,245) (26,018) 4.7 (9,697) (8,429) 15.0
  --------- ---------   --------- ---------  
  Operating profit after taxation 45,065 32,529 38.5 28,282 23,271 21.5
  Attributable to outside shareholders (11,719) (3,932) 198.0 - - -
  --------- ---------   --------- ---------  
  Attributable net profit before extraordinary items 33,346 28,597 16.6 28,282 23,271 21.5
  Extraordinary items (2,060) - N/M - - -
  --------- ---------   --------- ---------  
  Profit after extraordinary items 31,286 28,597 9.4 28,282 23,271 21.5
  ===== =====   ===== =====  

N/M - Not Meaningful
2. RATIOS   Group
      -- Half year to --
    31/3/2000 31/3/1999
  Operating profit after tax before deducting minority interests as a percentage of turnover 6.7% 4.6%
  Attributable net profit before extraordinary items as a percentage of issued capital and reserves at end of period 5.0% 3.9%
  Earnings per ordinary share based on existing issued share capital:  
  - Before extraordinary items 13.2 cents 11.3 cents
  - After extraordinary items 12.4 cents 11.3 cents
  Earnings per ordinary share based on a fully diluted basis:  
  - Before extraordinary items 13.2 cents 11.3 cents
  - After extraordinary items 12.4 cents 11.3 cents
  Net tangible asset backing per ordinary share
[Net tangible asset backing at 30 Sep 99 was $2.58]		 $2.65 $2.86
3. EXTRAORDINARY ITEMS  Group  Company
     -- 31/3/2000 --
  The extraordinary item this period comprises:- $'000 $'000
  Loss on disposal of subsidiary company (3,528) -
  Less: Attributable to outside shareholders 1,468 -
    --------- ---------
    (2,060) -
    ===== =====
4. SEGMENTAL RESULTS  Turnover  PBIT *
  Group turnover and profit analysis  -- Half year to --  -- Half year to --
    31/3/2000 31/3/1999 31/3/2000 31/3/1999
  By Business Activity $'000 $'000 $'000 $'000
  Brewery, wine and liquor operations
  - Subsidiary companies 676,120 707,734 65,614 48,391
  - Joint venture and associated companies - - 11,586 16,441
  Investment income - - 1,022 4,413
  Others - - (1,816) 859
  Corporate office costs - - (3,091) (4,710)
    --------- --------- --------- ---------
    676,120 707,734 73,315 65,394
    ===== ===== ===== =====
  By Territory
  Singapore 181,188 190,864 33,068 41,014
  Malaysia - - 6,002 8,566
  Papua New Guinea 54,334 73,424 8,540 10,558
  New Zealand 295,421 310,759 27,112 20,637
  Indochina 126,746 119,230 12,912 8,202
  China 18,431 13,457 (14,526) (23,212)
  Thailand - - 3,298 4,339
  Corporate office costs - - (3,091) (4,710)
    --------- --------- --------- ---------
    676,120 707,734 73,315 65,394
    ===== ===== ===== =====

( * PBIT = Profit before interest and tax)
Certain figures relating to the corresponding period have been reclassified for comparative purposes.

5. ATTRIBUTABLE NET PROFIT BEFORE EXTRAORDINARIES  Group
   -- Half year to --
  By Business Activity 31/3/2000 31/3/1999
    $'000 $'000
  Brewery, wine and liquor operations
  - Subsidiary companies 29,880 16,525
  - Joint venture and associated companies 6,919 10,575
  Investment income 804 3,361
  Others (1,166) 2,846
  Corporate office costs (3,091) (4,710)
    --------- ---------
    33,346 28,597
    ===== =====
6. BALANCE SHEET  Group  Company
    31/3/2000 31/3/1999 31/3/2000 31/3/1999
    $'000 $'000 $'000 $'000
  Fixed assets 590,391 681,710 2,130 2,473
  Subsidiary companies - - 816,754 897,404
  Joint venture companies 76,365 85,330 115,076 116,182
  Associated companies 1,234 3,843 - -
  Other investments 29,232 90,298 11,847 42,085
  Deferred expenditure - 8,484 - -
  Current assets
  - Cash 228,758 161,675 68,515 17,401
  - Others 305,122 311,465 104,157 44,439
  Current liabilities
  - Borrowings (39,819) (115,630) - -
  - Others (249,019) (265,557) (282,034) (257,052)
  Deferred liabilities
  - Borrowings (85,155) (36,562) (77,546) (29,123)
  - Others (23,965) (28,654) - -
    --------- --------- --------- ---------
  Net assets 833,144 896,402 758,899 833,809
    ===== ===== ===== =====
 
  Financed by:-
  Share capital 253,125 253,125 253,125 253,125
  Reserves 416,651 480,542 505,774 580,684
    --------- --------- --------- ---------
    669,776 733,667 758,899 833,809
  Outside shareholders 163,368 162,735 - -
    --------- --------- --------- ---------
    833,144 896,402 758,899 833,809
    ===== ===== ===== =====
7. REVIEW OF OPERATIONS
 

The parent company provides management and administrative services to its subsidiaries, associates and joint venture companies. Since it does not itself trade, turnover amounts are not applicable.

Operating profit before tax rose to $72.3 million, up by 23.5% compared with the corresponding period last year. This result was achieved by strong performances in New Zealand (improved margins) and Indochina (higher volumes) coupled with a material reduction of losses in China (tighter cost control). Unfortunately similar results could not be achieved in Singapore and Malaysia where market volumes were slightly softer. Papua New Guinea's results were adversely affected by continued weakening of the currency.
8. OUTLOOK
 

Attributable profit for the second half is expected to be better than the same period last year although lower than the first half which traditionally benefits from the main festive seasons. Profit for the full year is expected to be well ahead of last year.

No significant trend or event affecting the earnings of the Company or the Group has occurred between the end of the financial period, 31 March 2000, and the date of this announcement.
9.

DIVIDEND
  (a)

The Directors have declared an interim dividend of nine (9) Singapore cents (last year: 9 cents after deduction of Malaysian tax) per share of $1, being AFTER deduction of Singapore tax, to be paid on 7 July 2000. This is equivalent to a gross (pre-tax) dividend of 12.08%.
  (b)

Registrable transfers received by the Company's Registrars, Barbinder & Co Pte Ltd, 8 Cross Street, #11-00 PWC Building, Singapore 048424 by 5.00pm on 27 June 2000 will be registered before entitlements to the dividend are determined. Notice is hereby given that the share registers will be closed on 28 June 2000 and 29 June 2000 for preparation of dividend warrants.

BY ORDER OF THE BOARD
I A MacLean
Company Secretary

9 June 2000



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