RNS Number:8430H
United Plantations Africa Ld
24 February 2003

UNITED PLANTATIONS AFRICA LIMITED

Summarised Audited Consolidated Profit and Loss Accounts

the year ended 31st December 2002




                                                  2002                      2001

                                                 R'000                     R'000

Turnover                                         55,389                   59,233



Consolidated profit on ordinary                   2,364                    3,707
activities before taxation and
interest and dividends
attributable to Preference Shares

Taxation                                              -                        -

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

Consolidated profit on ordinary                   2,364                    3,707
activities after taxation

Less interest and dividends                       1,812                    1,773
attributable to Preference Shares

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

Profit for the year attributable                    552                    1,934
to Ordinary Shares

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

Earnings per ordinary share -                     2.69c                    9.42c
basic (note 1.1)

- diluted (note 1.2)                              8.44c                   13.22c




Notes



1.       The calculation of the basic earnings per share is based on the
following data:


Net profit per period - basic    (note 1.1)         552                    1 934

Net profit for period -dilution  (note 1.2)       2 364                    3 707
                                                 ======                   ======

                        Number of shares        ( '000s)

      1.1 Weighted number of ordinary shares for
          the purpose of earnings per share      20 524                   20 524

          Effect of dilution potential of ordinary 
          share capital through convertible 
          Preference Shares                       7 500                    7 500

      1.2 Weighted average number of ordinary 
          shares for                          ---------                 --------
          the purpose of diluted earnings 
          per share                              28 024                   28 024

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


2.         Preference shares have been disclosed in two parts, a liability
portion and an equity portion, in the Annual Financial Statements in terms of
IAS 32. The interest and dividends referred to above are in respect of these
preference shares and have been deducted for the purpose of the diluted earnings
per share calculation.


3.          All figures in South African Rand ("R") and cents ("c"): on 31st
            December 2002             SA Rand 1.00 = GBP 0.0720 = DKK 0.8182


COMMENTARY


2002 result


The result for 2002 was a profit of R 552,000 compared with a net profit of
R1.934 million in 2001. Turnover in 2002 was R 55.389 million, compared with R
59.233 million in 2001. Of the total turnover, citrus comprised R 42.3 million
compared with R 47.9 million reported in 2001.


Hail experienced at the end of the year, mainly on Ngonini Estate, curtailed
production in 2002, and led to the loss of 150,000 cartons of exportable citrus.


The increasing requirements by the major European buyers, in terms of quality
and size standards, continues to limit the total volume of fruit into the
market. This limitation had the effect of maintaining high prices during the
earlier part of the season due to lower volumes of fruit available for sale.


The long-term citrus replanting programme implemented five years ago should lead
to significantly increased production per hectare in coming years, and thus
reduce per tonne production costs. In the interim, the Board continues actively
to maintain costs under strict control and to seek to achieve more sustainable
and controllable levels of profitability.


The result for the year, although positive, has not significantly relieved the
pressure on the company's finances. Support was provided by the company's major
shareholder during the year, as well as the company's bankers. The Directors are
confident that this support will continue into the coming year.


Production and Sales

Citrus

Grapefruit

                                            2002           2001             2000


15 kg export cartons                     408 000        431 000          533 000

The increase of total grapefruit volumes to the EU led to a sharp decline in
prices for Marsh grapefruit. In the UK the grapefruit market was more stable in
the face of a small increase in grapefruit volumes. Red grapefruit prices in
both the EU and UK markets dropped from high initial levels and then stabilized.
In Japan prices remained reasonably stable despite a carryover of Florida
grapefruit. Demand for red grapefruit in the Japanese market increased.


Oranges                                     2002           2001             2000


15 kg export cartons                     672 000        708 000          679 000

Orange exports were lower than in previous years due to the hail storm that
damaged orchards at Ngonini in 2001. The UK orange market performed well on
limited volumes. Prices in both the UK and EU declined from early levels to
stabilise for the remainder of the season.


Limes                                       2002           2001             2000

5 kg trays - export                       29 300         65 100           48 300
5 kg trays - local                        14 300         18 600            5 800

The hail storm damage sustained during 2001 reduced fresh fruit export volumes.
The number of cartons available for export is expected to recover to 2001 levels
during 2003.


Bananas                                     2002           2001             2000

Tons                                       3 400          3 193            1 290

Banana production recovered from the hail damage incurred in late 2001, and
changes from flood to drip irrigation have improved yields. Prices fluctuated
during the year giving a slightly better than industry average prices for the
whole year.


Sugar                                       2002           2001             2000

Tons                                       5 144          3 927            5 543

The sugar harvest progressed well and yielded 5144 tons of sucrose, and prices
on the world market rose during the year. An additional 40ha of sugar cane has
been planted early in 2003, increasing the total area under citrus to 389 ha.


Weather


The weather during 2002 has been extremely dry, with very hot winds, but no
hail. Pumping costs for the year were consequently higher due to the dry
conditions. River levels have been at record lows for the time of year.


The dry conditions exerted beneficial effects on the pest and disease status of
the orchards on both estates. This  resulted in savings on chemicals that
partially offset the higher pumping costs.


The gale force winds and hail experienced during 2001 had a major effect on the
crop harvested in 2002, reducing the yield at Ngonini by over a third of the
normal harvest.


Dividend


No ordinary dividend will be recommended in respect of the year 2002.



Prospects for 2003


Prospects for 2003 appear reasonable. Prices are expected to prevail at levels
similar to those prevailing in 2002. The recent and significant strengthening of
the South African rand since October 2002, however, is a cause for concern as a
sustained stronger rand will reduce export proceeds.


The Exporter's Forum, of which United Plantations is a member, will continue to
co-ordinate the timing and flows of citrus products into the traditional markets
as a means of optimizing marketing conditions.


The mediation process initiated in 2002 was amicably resolved, and wage
negotiations for the 2003 year have been completed. Industrial relations remain
good.



Annual General Meeting



The Annual General Meeting will be held at the registered offices of the Company
in Nelspruit, Mpumalanga, South Africa on Monday 19th May 2003 commencing at 
12:00pm


For shareholders unable to attend the Annual General Meeting, an informal
meeting will be held at Borssalen, Borsen, Copenhagen, on Friday 23rd May 2003
commencing at 10:00am


On Behalf of the Board



JEB Hebbert
SECRETARY

24 February 2003



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

FR UORUROSRUUUR