
			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)	5	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)	7	(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	—	—	—	7	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)	—	—	—	4	—	—	—	—	—
PGSI	(10)	(13)	—	—	—	—	—	—	—	—
Group – including exceptional items	718	774	720	758	1,204	2,068	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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