Simonds Farsons Cisk plc - Quote

Simonds Farsons Cisk plc - Profile

The origins of Simonds Farsons Cisk plc date back to the 1920’s when the local brewery, L. Farrugia & Sons Limited and the British beer importation firm, H & G Simonds merged to form Simonds Farsons Limited. On 6 April 1948, Simonds Farsons Limited acquired a rival brewery, Marquis John Scicluna’s ‘Cisk’ forming Simonds Farsons Cisk Limited.

Today, the Farsons Group is made up of Simonds Farsons Cisk plc, the parent company and nine main subsidiary companies: Food Chain (Holdings) Limited, Wands Limited, Eco-Pure Premium Water Company Limited, Anthony Caruana & Sons Limited, Trident Developments Limited, Guido Vella Limited, Quintano Foods Limited, Trident Wines Limited, Farsons Sales and Marketing Limited.

Through its subsidiaries the Group is engaged in the brewing, production and sale of beer and branded beverages, the importation and distribution of wines, spirits, foodstuffs and the operation of catering establishments.

Simonds Farsons Cisk plc is the largest beverage manufacturer in Malta. The Company produces and distributes its own award winning brands such as Kinnie and Cisk. Moreover, it has been appointed by PepsiCo Int. Ltd as exclusive franchisee to produce, bottle, sell and distribute other renowned brands such as 7UP and Pepsi in Malta and Gozo. SFC has a long-term agreement with Carlsberg Breweries to brew, bottle and market Carlsberg and Skol beers in Malta and an agreement with Anheuser-Busch to bottle and distribute Budweiser in Malta.

Simonds Farsons Cisk plc mainly exports Cisk and Kinnie to various countries namely Italy, Australia, United Kingdom (UK), Germany, Switzerland, United States of America (USA), Canada and Libya.

In November 2007, Simonds Farsons Cisk plc completed its €24million development of its new soft-drinks packaging centre and the new logistics centre. This project was undertaken in 2005 in order to increase efficiency, improve quality, and prepare for full liberalisation of soft drinks as from January 2008. Soft drinks are sold in one-way packages. In fact the new plant caters for alternative packaging arrangements such as PET and cans.

In May 2008, the Board of Directors approved the revaluation of the company’s land and buildings amounting to €55.5million less deferred taxation of €11.1million resulting in a net surplus of €44.4million. This surplus was credited to the company’s reserves forming part of shareholder’s equity.

Subsidiaries

As at 31 January 2008, Simonds Farsons Cisk’s main subsidiaries were:

• Food Chain (Holdings) Limited (100%): Set up in 1993 to operate franchised fast food companies such as Burger King, Pizza Hut and KFC.

• Wands Limited (100%): Set up in 1980 as the importation arm of the Group. Mainly engaged in the importation and distribution of wines, spirits and beers.

• Eco-Pure Premium Water Company Limited (100%): Eco-Pure was originally set up as a joint venture with American Liquid Packaging Systems of California, USA. The Company has been operating since 1995 and is responsible for the marketing, sales and distribution of water in containers and dispensers.

• Anthony Caruana & Sons Limited (100%): In February 2000, Simonds Farsons Cisk plc acquired the shares in Anthony Caruana and Sons Limited. As a result, the Farsons Group strengthened its market position in the wines, spirits, mineral water and beverage sectors. The Group consolidated the client base through the synergies with Wands Limited, an importer and distributor of table water, wines and spirits.

• Trident Developments Limited (100%): A wholly owned subsidiary set up in 2000 with the objective of acquiring, managing, and developing the property of the Group. Its property portfolio includes the Group’s distribution centers (most of which have been sold to date), freehold properties leased to Food Chain (Holdings) Ltd, as well as a number of properties leased to third parties. It also holds the title to the landmark site “Il-Fortizza” in Sliema and operates the T.G.I. Friday’s restaurant through Sliema Fort Co Ltd. The intention of the Board of Directors is to transfer the 23,000 square metre frontage site on Mriehel Road and the 12,000 square metre Wands Ltd site in Qormi to this subsidiary. Subsequently the aim is to spin off Trident Developments Ltd into a separately listed entity on the Malta Stock Exchange.

• Guido Vella Limited (100%): In November 2003, Simonds Farsons Cisk plc acquired Guido Vella Cash and Carry – a wines, spirits, and beverages wholesale and retail business. This was another important step for the Farsons Group in the verticalisation of its operations.

• Quintano Foods Limited (100%): In April 2004, Simonds Farsons Cisk plc acquired the assets of Law. Quintano & Co. Limited, a long established leader in the marketing and distribution of food business. The business is being operated under the newly set up company Quintano Foods Limited. The Company boasts brand names such as Danone, Quaker, Rupp, Dairygold, Bayernland, Amoy, Rajah, Calvé, Cooperlat, LU, Jacob’s and Saiwa.

• Trident Wine Company (100%): Set up in May 2004 as a subsidiary within the Farsons Group, the Trident Wine Company has its own two labels: Villa Tritone and Compass Point. The labels are private wine brands developed for niche markets. This is the first time that Private Label Wines have been introduced by a Maltese Company.

• Farsons Sales and Marketing Limited (100%): In November 2004 the Farsons Group set up this company with the aim to deliver a better and seamless service to trade customers by coordinating the sales activities of three Farsons’ Group companies: Simonds Farsons Cisk plc, Wands Limited and Anthony Caruana & Sons Limited.

Share Capital

Simonds Farsons Cisk plc was admitted to the Official List of the Malta Stock Exchange on 20 December 1995.

In September 2002 the Board of Directors of Simonds Farsons Cisk plc approved a rights issue of 1,714,286 new shares of Lm0.125 (circa €0.2912) each at Lm0.60 (circa €1.3976) per share to existing shareholders on the basis of 1 new share for every 14 shares held. The rights issue raised approximately Lm1 million (circa €2,329,373) and increased the issued share capital of the Company to 25,714,286 ordinary shares.

Bond Issues

In October 2002, Simonds Farsons Cisk plc raised Lm6 million (circa €13,976,240) by way of two bond issues, one giving a coupon of 6.25% maturing between 2006 and 2008 and another bond issue with a coupon of 6.6% due to be redeemed between 2010 and 2012. The proceeds from the bonds raised was used to fund the redemption of Lm3 million (circa €6,988,120) cumulative preference shares 2001-2003 at 6% net as well as reduce bank borrowings. On 2 November 2006, Simonds Farsons Cisk plc redeemed the Lm2 million (circa €4,658,747) 6.25% 2006-2008 Bonds.

Simonds Farsons Cisk plc - Financials

Simonds Farsons Cisk plc Interim Accounts

Simonds Farsons Cisk plc Final Accounts

News for Simonds Farsons Cisk plc

Simonds Farsons Cisk plc - Downloads

• Farsons - A resilient business model - 20 May 2010 (135.0 KiB, 100 hits)
• Simonds Farsons Cisk plc - 2010 Annual Report (3.6 MiB, 154 hits)