Five-year Financial Review for the years ended 31 March
 
 
 
2001 
 
 
 
1999*
2000*
Restated 
2002 
2003 

 

US$m 

US$m 

US$m 

US$m 

US$m 

Income statements          
Turnover (including associates' share)

6,184 

5,424 

4,184 

4,364 

9,112 

Turnover (excluding associates' share)

4,923 

4,390 

3,624 

3,717 

8,295 

Profit before interest and taxation
(including associates' share)
717 
844 
700 
704 
933 
Net interest payable
(117)
(80)
(54)
(98)
(163)
Taxation
(195)
(186)
(195)
(208)
(349)
Minorities
(85)
(94)
(99)
(105)
(125)
Profit for the year

320 

484 

352 

293 

296 

Adjusted earnings

394 

426 

372 

350 

581 

           
           
Balance sheets
Fixed assets
2,600 
3,510 
3,667 
4,758 
11,060 
Current asset investments/cash at bank and in hand
749 
316 
218 
290 
561 
Other current assets
913 
558 
514 
643 
1,258 
Total assets

4,262 

4,384 

4,399 

5,691 

12,879 

Interest bearing debt
(953)
(602)
(1,053)
(1,535)
(3,523)
Other creditors and provisions
(1,445)
(1,223)
(1,054)
(1,102)
(2,377)
Total liabilities

(2,398)

(1,825)

(2,107)

(2,637)

(5,900)

Net assets

1,864 

2,559 

2,292 

3,054 

6,979 

Shareholders' funds
1,703 
2,161 
2,006 
2,309 
6,201 
Equity minority interests
161 
398 
286 
745 
778 
Capital employed

1,864 

2,559 

2,292 

3,054 

6,979 

           
           
Cash flow statements
EBITDA
933 
917 
854 
904 
1,483 
Working capital movements
(45)
(53)
71 
85 
Net cash inflow from operating activities

888 

864 

859 

975 

1,568 

Net interest and dividends
(119)
(82)
(93)
(158)
(238)
Taxation
(166)
(175)
(179)
(179)
(286)
 

603 

607 

587 

638 

1,044 

Net capital expenditure
(544)
(401)
(331)
(250)
(429)
Net investments
(1)
(569)
(49)
(18)
Net acquisition of subsidiaries and associates
(273)
30 
(700)
(768)
(54)
Net cash (shortfall)/surplus

(215)

(333)

(437)

(429)

543 

Management of liquid resources
(419)
503 
64 
19 
44 
Net cash inflow from financing
256 
72 
491 
699 
(136)
Dividends paid
n/a 
(50)
(177)
(173)
(203)
(Decrease)/increase in cash in the year

(378)

192 

(59)

116 

248 

           
           
Performance per share (US cents per share)
Basic earnings
43.9 
64.3 
50.4 
40.7 
27.5 
Diluted earnings
43.8 
64.1 
50.3 
40.3 
27.8 
Adjusted basic earnings
54.0 
56.6 
53.3 
48.7 
54.0 
Net asset value
220.1 
279.3 
258.9 
274.6 
487.8 
           
           
Share statistics
Total number of shares (million)
773.7 
774.3 
775.0 
840.9 
1,271.2 
Weighted average number of shares (million)
729.9 
752.8 
697.1 
718.5 
1,076.1 
Weighted average number of shares (diluted) (million)
731.3 
754.8 
699.4 
766.6 
1,148.3 
           
           
Returns and productivity
Return on equity (%)
23.1 
19.7 
18.5 
15.2 
9.4 
Operating margin (%)
13.2 
14.6 
16.7 
16.1 
11.0 
Cash operating margin (%)
19.9 
20.9 
23.6 
24.3 
18.1 
Operating return (%)
45.1 
47.1 
42.6 
37.5 
34.8 
Cash operating return (%)
24.7 
25.8 
22.2 
17.9 
13.2 
Group turnover per employee (US$000's)
100.3 
91.3 
115.7 
111.9 
196.1 
Average monthly number of employees
49,099 
48,079 
31,327 
33,230 
42,402 
           
           
Solvency and liquidity
Net interest cover (times)
 7.4 
9.9 
13.0 
7.2 
6.1 
Total borrowings to total assets (%)
22.4 
13.7 
23.9 
27.0 
27.4 
Cash flow to total borrowings (%)
93.2 
143.5 
81.6 
63.5 
44.5 
           
           
* Partial deferred tax basis.          
   

Turnover

Operating profit

   
1999 
2000 
2001 
2002
2003
1999 
2000 
2001 
2002 
2003 
 

   

US$m 

US$m 

US$m 

US$m

US$m

US$m 

US$m 

US$m 

US$m 

US$m 

  Business segment analysis
  North America
— 
— 
— 
3,473
— 
— 
— 
— 
75 
  Central America
— 
— 
— 
186
514
— 
— 
— 
10 
  Europe
n/a 
n/a 
1,097 
1,280
1,646
n/a 
n/a 
130 
168 
239 
  Africa and Asia 

n/a 

n/a 

700 

946

1,209

n/a 

n/a 

130 

162 

219 

  SABI

1,352 

1,474 

190 
199 
  Beer South Africa
1,609 
1,608 
1,365 
1,112
1,270
380 
407 
343 
287 
338 
  Other Beverage Interests
967 
954 
816 
676
788
117 
120 
106 
95 
120 
  Hotels and Gaming
276 
263 
206 
164
212
42 
40 
25 
28 
42 
  Central Administration
— 
— 
— 
(18)
(35)
(34)
(35)
(44)
  Continuing businesses –

 

 

 

 

 

 

 

 

 

 

  excluding exceptional items
4,204 
4,299 
4,184 
4,364
9,112
711 
731 
700 
712 
999 
  PGSI
1,751 
1,125 
— 
75 
61 
— 
— 
— 
  Group excluding

 

 

 

 

 

 

 

 

 

 

  exceptional items
5,955 
5,424 
4,184 
4,364
9,112
786 
792 
700 
712 
999 
  Exceptional items
  Group including
 
 
 
 
  exceptional items
  North America
— 
 — 
 — 
 — 
— 
— 
— 
(58)
  Central America
— 
— 
 — 
— 
— 
— 
— 
(12)
  Europe
— 
— 
— 
— 
— 
— 
(8)
— 
  SABI
229 
— 
— 
(50)
(11)
— 
— 
— 
  Hotels and Gaming
— 
— 
— 
(9)
— 
— 
— 
— 
  PGSI
— 
— 
— 
(10)
(13)
— 
— 
— 
  Group – including

 

 

 

 

 

 

 

 

 

 

  exceptional items

6,184 

5,424 

4,184 

4,364

9,112

717 

768 

700 

704 

929 

   
  n/a not available prior to 2001, information is only available in respect of the international, non-South African group, in total.
       
    
EBITA
Net operating assets
    
1999 
2000 
2001 
2002 
2003 
1999*
2000*
2001 
2002 
2003 
 

 

US$m 
US$m 
US$m 
US$m 
US$m 
US$m 
US$m 
US$m 
US$m 
US$m 
 

Business segment analysis

 

 

 

 

 

 

 

 

 

 

  North America
— 
— 
— 
— 
250 
— 
— 
— 
— 
5,147 
  Central America
— 
— 
— 
22 
56 
— 
— 
— 
1,135 
1,089 
  Europe
n/a 
n/a 
148 
198 
275 
n/a 
n/a 
1,091 
1,253 
1,446 
  Africa and Asia
n/a 
n/a 
132 
171 
233 
n/a 
n/a 
472 
728 
866 
  SABI
191 
205 
781 
1,033 
  Beer South Africa
380 
407 
343 
287 
338 
539 
509 
415 
263 
 356 
  Other Beverage Interests
117 
120 
106 
95 
120 
600 
601 
520 
355 
524 
  Hotels and Gaming
42 
40 
25 
28 
42 
134 
169 
159 
140 
167 
  Central Administration

(18)

(35)

(34)

(35)

(44)

(61)

(27)

(148)

(193)

(272)

  Continuing businesses –
  excluding exceptional items
712 
737 
720 
766 
1,270 
1,993 
2,285 
2,509 
3,681 
9,323 
  PGSI

75 

61 

— 

— 

— 

75 

— 

— 

— 

— 

  Group – excluding
  exceptional items
 787 
798 
720 
766 
1,270 
2,068 
2,285 
2,509 
3,681 
9,323 
  Exceptional items
  North America
— 
— 
— 
(58)
— 
— 
 — 
— 
— 
— 
  Central America
— 
— 
— 
(12)
— 
— 
— 
— 
— 
— 
  Europe
— 
— 
— 
(8)
— 
— 
— 
— 
— 
— 
  SABI
(50)
(11)
— 
— 
— 
— 
— 
— 
— 
— 
  Hotels and Gaming
(9)
— 
— 
— 
— 
— 
— 
— 
— 
  PGSI
(10)
(13)
— 
— 
— 
— 
— 
— 
— 
— 
   Group – including exceptional items

718 

774 

720 

758 

1,204 

2,06

2,285 

2,509 

3,681 

9,323 

              
   
             
  *Partial deferred tax basis.
  n/a not available prior to 2001, information is only available in respect of the international, non-South African group, in total.
 
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