Annual Highlights
 
  • Underlying rand operating profit up 25%, reflecting real earnings growth and productivity gains
  • Lager beer volumes grow 9% to 48 million hectolitres
  • Core businesses gain market share and improve operating margins
  • US$322 million share placement marks entry into FTSE 100 index and widens international shareholder base
  • Rand currency weakness, but without similar rise in South African inflation

 
Percentage change
 
1999
1998
(US dollars)
(rand)

Financial results        
Turnover (US$m)
6,184
5,877
+5
+29
Operating profit
before exceptionals (US$m)
786
766
+3
+25
Cash operating margin (%)
19.9
18.0

Performance per ordinary share
Adjusted basic earnings (US cents)
54.0
56.6
-5
Adjusted basic earnings (SA cents)
315.9
271.4
+16
Net asset value (US cents)
220.1
151.0
+46

Financial statistics
Market capitalisation:
31 March 1999
  – London Stock
     Exchange (m)
4,213
  – Johannesburg Stock
     Exchange (Rm)
41,392
Financial gearing
  – Total borrowings/
     total assets (%)
22.4
27.6
  – Net interest cover
     (times)
7.4
13.0