2017 REVIEW OF OPERATIONS: SCHWEPPES HOLDINGS AFRICA LIMITED

Schweppes Zimbabwe Limited is a manufacturer and distributor of noncarbonated, still beverages under licence from The Coca-Cola Company. The product portfolio currently includes cordials, fruit juices, bottled water and iced tea.

Volume performance for the twelve months to March 2017 was 6% below prior year on an undiluted basis. This reflects the challenging macroeconomic factors that are impacting the entire beverage sector. There was a notable recovery of market share in the very competitive bottled water category, benefiting from the launch of Bonaqua in late 2015.

The financial performance has been weighed down by the limited throughput at Beitbridge Juicing Company and the set up costs at Best Fruit Processors.

The after tax share of profits from this associate entity amounted to US$0,5 million for the year to March 2017 (2016: US$2,2million). The business remains in reasonable financial health.