DHOFAR BEVERAGE CO INTERIM REPORT FOR THREE MONTHS ENDED

DHOFAR BEVERAGE CO INTERIM REPORT FOR THREE MONTHS ENDED




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Dhofar Beverage Co

Interim Report for three months ended 31 March 2002



















Dhofar Beverage Company SAOG

Quarterly Return to MSM

Quarter Ended 31 March 2002





Chairman’s report



Introduction


Production for the period


Turnover


Future outlook


Other information


* If the Board of Directors formally approve, the Chairman’s report may be replaced by a report from Management.


This report should provide information, amongst other things, regarding the following (if applicable):


  1. explanations for significant changes in financial position and/or results/ profitability


  1. planned or proposed future:


- expansion

- contraction

- division/operation closures/start-ups

- significant capital expenditure


  1. planned or proposed future/recent:


- changes in senior management

- major contracts won, tendered for, lost or completed

- changes in share capital


  1. share issues

  2. increased capital

  3. debenture/bond issues

  4. capital reductions


  1. Market


- future market outlook

- future opportunities and threats

- industry developments


DHOFAR BEVAREGE COMPANY


MANGMENT REPORT


On the behalf of the company we are pleased to present our un audited consolidated Accounts for the period ended 31 March 2002.


The Company has achieved a consolidated net profit Ro. 16,077- as compared to RO. 44,431 /- the corresponding period in 2001.


Production during the period : -


31 st March 31 st March 2002 2001


N/R Bottles 11,932 C/s 33,268 C/s

N/R Bottles Mini 39,854 C/s ------

Khaleej Cups 82,120 C/s 91,073 C/s

Combi Packet 23,369 C/s 16,706 C/s

Darbat Water Cup 12,175 C/s 12,000 C/s

Low Conductivitity water ( supply gln ) 679 C/s 62,812 C/s

Total 170,149 C/s 215,858 C/s




The Company has introduced a new Mixed Fruit Drinks in Combi Packet and improved the Packing of Al Khaleej Mango and Khaleej Orange Drinks in Combi Packet .We hope the with this changes we can be able to increase our export and local sales of Combi Packet .We are also planning to to launch Mango Drinks in PVC Bottles in the near future .







Mohammed Ahmed Faraj Al Ojaily

General Manager




DHOFAR BEVAREGE COMPANY


MANGMENT REPORT


On the behalf of the company we are pleased to present our un audited consolidated Accounts for the period ended 31 March 2002.


The Company has achieved a consolidated net profit Ro. 16,077- as compared to RO. 44,431 /- the corresponding period in 2001.


Production during the period : -


31 st March 31 st March 2002 2001


N/R Bottles 11,932 C/s 33,268 C/s

N/R Bottles Mini 39,854 C/s ------

Khaleej Cups 82,120 C/s 91,073 C/s

Combi Packet 23,369 C/s 16,706 C/s

Darbat Water Cup 12,175 C/s 12,000 C/s

Low Conductivitity water ( supply gln ) 679 C/s 62,812 C/s

Total 170,149 C/s 215,858 C/s




The Company has introduced a new Mixed Fruit Drinks in Combi Packet and improved the Packing of Al Khaleej Mango and Khaleej Orange Drinks in Combi Packet .We hope the with this changes we can be able to increase our export and local sales of Combi Packet .We are also planning to to launch Mango Drinks in PVC Bottles in the near future .







Mohammed Ahmed Faraj Al Ojaily

General Manager





Unaudited summary of performance


31 March 31 March

2002 2001

RO RO

Total assets @ 1,905,945 1,910,627


Total liabilities @ 836,180 917,247


Net assets @ 1, 069,765 993,380


* Net assets per share 1.398 1.298


** Current ratio @ 2.53.1 2.33.1


3 months 3 months

ended ended

31 March 31 March

2002 2001

RO RO


Gross profit 53,304 82,902


*** Gross profit margin @ 18% 26%


Net profit 16,077 44,431


**** Earnings per share 0.021bz 0.054bz



* Net assets (book value) per share is calculated by dividing the net assets (book value) at 31 March by the number of ordinary shares in issue at 31 March.


** Current ratio represents the ratio of current assets to current liabilities at 31 March.


*** Gross profit margin is calculated as follows:

Gross profit margin = Gross profit

Turnover


**** Earnings per share is calculated by dividing net profit after tax for the period ended 31 March by the average number of ordinary shares in issue for the period.


The ratios marked @ above are optional, but companies are encouraged to disclose such information.




Unaudited consolidated balance sheet

at 31 March 2002


Notes 31 March 31 March

2002 20001

RO RO

Fixed assets* 27 6,,8 6 3 318,165

------------------------ ------------------------

Current assets

Inventories 1 204,354 212,657

Trade receivables 2 & 9 98,933 107,384

Receivable from related parties 8 & 9 140,726 121,923

Investments** 5, 6, 7 & 9 1,117,046 1,076,123

Bank and cash 24,663 15,685 Other assets 43,360 58,690

------------------------ ------------------------

Total current assets 1,629,082 1,592,462

------------------------ ------------------------

Current liabilities

Trade and other creditors 410,534 380,501

Payable to related parties 8 2,462 14,022

Bank loans and overdrafts 4 196,348 210,003

------------------------ ------------------------

Total current liabilities 609,344 604,526

------------------------ ------------------------


Long term liabilities

Bank loans and overdrafts 4 196,836 282,721

Others 30,000 30,000

------------------------ ------------------------

Total long term liabilities 226,836 312,721

------------------------ ------------------------

Net assets 1,069,765 993,380

=========== ===========

Shareholders’ funds


Share capital 765,000 765,000

Legal reserve 197,215 178,274

General reserve 18,941 --

Profit and loss account 88,609 50,106

------------------------ ------------------------

Total shareholders’ equity 1,069,765 993,380

=========== ===========




* Includes tangible fixed assets only. Intangible fixed assets must be disclosed separately.

** Investments include fixed term deposits

Unaudited consolidated profit and loss account


For the 3 months ended 31 March 2002


Notes 3 months 3 months

ended ended

31 March 31 March

2002 2001

RO’000 RO’000

Turnover/Revenue 293,439 317,637

========= =========

Gross profit 53,304 82,902


Depreciation (10,000) (11,000)

Administration & general expenses (69,500) (67,260)

------------------------ ------------------------

Operating (loss)/ profit (26,196) 4,642

Finance charges 4 (9,861) (13,163)

Investment income 6 16,300 11,381

Other Income 4,358 3,116

Increase in fair value of investment 31,476 38,455

In value of investment

Profit before taxation and

minority interests 16,077 44,431

Taxation -- --

------------------------ ------------------------

Net profit attributable to ordinary

shareholders 16,077 44,431

=========== ===========

Earning per share 0.021Bz 0.058 Bz

=========== ===========


* Net profit margin @ 5.4% 14%

=========== ===========




Dividend per share has been calculated by dividing the total dividends paid and proposed during the period by the average number of shares in issue for the period.


* Net profit margin = Net profit for the period

Turnover for period







Unaudited consolidated statement of cash flows


For the 3 months ended 31 March 2002

3 months 3 months

ended ended

31 March 31 March

2002 2001

RO RO

Cash from operations ( 54,893 ) ( 105,856 )

Tax paid -- ( 4,750 )

Interest paid ( 9,861 ) ( 13,163 )

------------------- -------------------

Net cash from operating activities ( 64,754 ) ( 123,769 )


Net cash used in investing activities 62,347 39,200


Net cash used in financing activities ( 13,216 ) ( 20,526 )

------------------- -------------------

Net increase in cash and cash equivalents ( 15,623 ) ( 105,095 )


Cash and cash equivalents brought forward ( 156,062 ) ( 89,223 )

------------------- -------------------

Cash and cash equivalents carried forward 171,685 ( 194,318 )

========= =========





Notes


  1. Inventories.

Inventories can be analysed as follows:


31 March 31 March

2002 2001

RO RO

Raw materials 106,834 117,466

Work in progress x x

Finished goods 56,864 53,793

Spares and consumables 40,656 41,398

Less: Provisions (x) (x)

------------------------ ------------------------

204,354 212,657

=========== ===========


Finished goods at 31 March 2002 represent 10 days of sales (2001: 10 days).



  1. Trade receivables.

At 31 March 2002 trade receivables can be analysed as follows:


31 March 31 March

20012 2001

RO RO

Trade receivables 105,933 163,133

Less: Provisions (7,000) (55,749)

------------------------ ------------------------

98,933 107,384

=========== ===========



3. Segment Reporting


Not applicable















Notes


4. Bank loans and overdrafts


These can be analysed as follows: 31 March 31 March

2002 2001

RO RO

Bank loans 256,839 342,724

Overdrafts 136,345 150,000

------------------------ ------------------------

393,184 492,724

Less: Current maturities of bank loans

and bank overdrafts (60,003) (60,003)

------------------------ ------------------------

Long term element of bank loans 333,181 432,721

=========== ===========


The bank loans are secured by Guarantees of certain members , lien over investments of the Company with a carrying value of RO .670,000


The Bank overdraft bear interest at rates ranging between 9.5% and 10.75% per annum.


The Bank loan bear intrest @ 9.5 per annum .


Bank loans are repayable within 5 years.


The maturity of the bank loans:

31 March 31 March

2002 2001

RO RO

Due within 1 year 60,003 60,003

Due after more than 1 year 196,836 282,721

--------------------- ---------------------

256,839 342,724

========== ==========



Notes


5. Investment in associates and subsidiaries


Not Applicable










6. Investments


Investments include all long term and short term investments of the company, excluding only those associates and subsidiaries listed in Note 5. All marketable securities are carried at their open market value. Unquoted investments are carried at cost adjusted for any permanent diminutions in value.


Investments can be analysed as follows:


Book Book

Value Value

31 March 31 March

2002 2001 Cost **

RO RO RO

Marketable securities - MSM

Banking 434,427 514,435 505,685

Investment 222,776 144,438 315,683

Insurance 204,753 144,334 49,678

Services 216,092 237,164 393,530

Industrial 25,498 22,252 28,143

Government bonds x x x

----------------- ----------------- -----------------

1,103,546 1,062,623 1,292,719

Marketable securities – Foreign by Sector

Banking x x x x x

Industrial … x x x x x

Bonds x x x x x

----------------- ----------------- ----------------- ----------------- -----------------

xx xx xx xx xx

======== ======== ----------------- ----------------- -----------------

Unquoted and other investments

Unquoted Omani shares 13,500 13,500 13,500

Investment fund units* x x x

Term deposits x x x

Unquoted foreign shares x x x

Other x x x ----------------- ----------------- -----------------

13,500 13,500 13,500

----------------- ----------------- -----------------

1,117,046 1,076,123 1,306,219 ======== ======== ========


* Carried at lower of net asset value, net realisable value or market value.

** Cost of investments held on 31 March 2001.

Notes


6. Investments (continued)

Investment income

Realised


Realised investment income represents gains and losses on disposal of investments and other realised investment related gains and losses.


Unrealised


Marketable securities are recorded at their open market value. Movements in the carrying values of marketable securities are taken to unrealised investment income.


Interest


Interest receivable for term deposits and bonds is included in investment income.


Investment income can be analysed as follows:

31 March 31 March

2002 2001

RO RO


Realised -- 3,358

Unrealised 31,476 38,455

Dividends 16,300 8,023

Interest on Term Deposits and Bonds x x

--------------- -----------------

47,776 49,836

======== ========
















Notes


7. Details of Significant Investments

Not applicable



8. Related Parties and Holders of 10% of the company’s shares


Not applicable




8. Related Parties and Holders of 10% of the company’s shares (continued)

Loans, Advances, Receivables Due, Provisions & Write-offs


Loans, advances or receivables due from related parties or holders of 10% or more of the company’s shares, or their family members, minus all provisions and write-offs which have been made on these accounts at any time, are further analysed as follows:


31 March 31 March

2002 2001

RO RO


Short term loan 134,726 121,923

Sales of vehicle 6,000 ---

140,726 121,923

========== = =========

Notes


9. Provisions


Changes to the level of provisions during the period can be analysed as follows:


Provisions for: Advances & Value of

Receivables Investments Other Total

Beginning balance

of Provisions 7,000 000 xxx 7000

Provided

during the period xxx xxx xxx xxx

(Released)

during the period (xxx) (xxx) (xxx) (xxx)

(Written Off)

during the period (xxx) (xxx) (xxx) (xxx)

Provisions Balance as of

31 March 2002 7,000 000 xxx 7,000



The book value of assets before and after provisions can be shown as follows:



Book Value Advances &

of Assets: Receivables Investments Other Total

Value of Assets

before Provision 105,933 1,117,046 xxx 1,222,979

Provisions Balance

as of 31 March 2001 (7,000) (xxx) (xxx) (7,000)

Book Value of Assets

as of 31 March 2002 98,933 1,117,046 xxx 1,215,979











Notes


10. Shareholders


All those shareholders of the company who own 10% or more of the company’s shares, whether in their name, or through a nominee account, and the number of shares they hold are as follows:


31 March 31 March

2002 2001

RO RO

Sheikh Hamad Bin Hamoud Al Ghafri 274,787 274,787











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