3. Segmental analysis

Bottling AppletiseBrewery scenePilsener beer
    Turnover Operating profit EBITA
 
 
 
 
 
Note
2004
 
US$m
2003
Restated
US$m
  2004
 
US$m
2003
 
US$m
  2004
 
US$m
2003
 
US$m
Business segment analysis                  
North America   4,778 3,408   189 75   424 250
Central America   531 514   31 10   76 56
Europe   2,420 1,583   327 239   383 275
Africa and Asia   1,555 1,209   288 219   306 233
Associates’ share   (691) (480)   (101) (79)   (112) (85)
    864 729   187 140   194 148
South Africa:                  
Beer South Africa   1,964 1,270   522 338   522 338
Other Beverage Interests   1,171 788   186 120   186 120
Associates’ share   (362) (244)   (36) (26)   (36) (26)
    809 544   150 94   150 94
Hotels and Gaming   226 212   52 42   53 42
Associates’ share   (226) (93)   (52) (21)   (53) (21)
    119   21   21
Central Administration     (57) (44)   (57) (44)
Group – excluding exceptional items   12,645 8,984   1,538 999   1,893 1,270
Associates’ share   (1,279) (817)   (189) (126)   (201) (132)
    11,366 8,167   1,349 873   1,692 1,138
Exceptional items 5                
North America     (14) (58)*   (14) (58)*
Central America     (6) (12)   (6) (12)
Europe     (6)   (6)
Africa and Asia       7
Other Beverage Interests (Appletiser)       13
Hotels and Gaming       4
Central Administration       47
      (26) (70)   41 (66)
Group – including exceptional items   12,645 8,984   1,512 929   1,934 1,204
Associates’ share   (1,279) (817)   (189) (126)   (208) (132)
    11,366 8,167   1,323 803   1,726 1,072
Geographical market analysis                  
North America   4,778 3,400   189 49   424 224
Central America   531 525   31 11   76 58
Europe   2,420 1,558   251 222   307 259
Rest of Africa and Asia   1,574 1,261   306 228   324 240
Associates’ share   (700) (480)   (102) (79)   (113) (85)
    874 781   204 149   211 155
South Africa   3,342 2,240   761 489   762 489
Associates’ share   (579) (337)   (87) (47)   (88) (47)
    2,763 1,903   674 442   674 442
Exceptional items 5                
North America     (14) (58)*   (14) (58)*
Central America     (6) (12)   (6) (12)
Europe     (6)   (6)
Rest of Africa and Asia       7
South Africa       60 4
      (26) (70)   41 (66)
Group – including exceptional items   12,645 8,984   1,512 929   1,934 1,204
Associates’ share   (1,279) (817)   (189) (126)   (208) (132)
    11,366 8,167   1,323 803   1,726 1,072

Analyses by business are based on the group’s management structure. There is no material difference between the source and destination of turnover. Turnover between segments is immaterial.

*Includes US$6 million of integration costs incurred in other segments.

    Net operating assets EBITDA Capital expenditure
 
 
 
 
 
Note
2004
 
US$m
2003
Restated
US$m
  2004
 
US$m
2003
 
US$m
  2004
 
US$m
2003
 
US$m
Business segment analysis                  
North America   4,726 5,147   567 348   101 87
Central America   964 1,089   113 90   42 40
Europe   2,109 1,446   526 387   178 169
Africa and Asia   1,259 866   232 166   71 42
Associates’ share   (557) (424)    
    702 442   232 166   71 42
South Africa:                  
Beer South Africa   320 356   619 403   114 58
Other Beverage Interests   713 524   192 119   67 38
Associates’ share   (152) (114)    
    561 410   192 119   67 38
Hotels and Gaming   219 167   27   4
Associates’ share   (219) (167)    
      27   4
Central Administration   (301) (283)   (50) (36)   3 7
Group – excluding exceptional items   10,009 9,312   2,199 1,504   576 445
Associates’ share   (928) (705)    
    9,081 8,607   2,199 1,504   576 445
Exceptional items 5                
North America     (6) (12)*  
Central America     (6) (9)  
Europe     (2)  
      (14) (21)  
Group – including exceptional items   10,009 9,312   2,185 1,483   576 445
Associates’ share   (928) (705)    
    9,081 8,607   2,185 1,483   576 445
Geographical market analysis                  
North America   4,726 5,147   567 329   101 87
Central America   963 1,089   113 92   42 40
Europe   1,843 1,173   462 372   181 175
Rest of Africa and Asia   1,213 869   250 176   72 46
Associates’ share   (577) (424)    
    636 445   250 176   72 46
South Africa   1,264 1,034   807 535   180 97
Associates’ share   (351) (281)    
    913 753   807 535   180 97
Exceptional items 5                
North America     (6) (12)*  
Central America     (6) (9)  
Europe     (2)  
      (14) (21)  
Group – including exceptional items   10,009 9,312   2,185 1,483   576 445
Associates’ share   (928) (705)    
    9,081 8,607   2,185 1,483   576 445

*Includes US$5 million of integration costs incurred in other segments.

The analyses of turnover, operating profit and net operating assets by business segment include the following amounts in respect of acquisitions made:

 
 
 
2004
 
US$m
2003
Restated
US$m
Turnover    
North America 3,408
Europe 556
Africa and Asia 55
Associates’ share (45)
  10
Group 556 3,463
Associates’ share (45)
  556 3,418
 
Operating (loss)/profit    
North America 23
Europe (3)
Africa and Asia 9
Associates’ share (4)
  5
Group (3) 32
Associates’ share (4)
  (3) 28
 
Net operating assets    
North America 5,147
Europe 550
Africa and Asia 111
Associates’ share (98)
  13
Group 550 5,258
Associates’ share (98)
  550 5,160

The following is a reconciliation of operating profit to EBITA for the group:

 
 
2004
US$m
2003
US$m
Group operating profit 1,323 803
Share of operating profit of associates 189 126
Share of associate’s profit on disposal of CSD business and    
brands in Morocco and a brand in Angola 7
Profit on disposal of trademarks 13
Surplus on pension fund of disposed operation 47
Profit on partial disposal of subsidiary 4
Profit on ordinary activities before interest and taxation 1,579 933
Goodwill amortisation (subsidiaries) 343 265
Goodwill amortisation on investments in associates 4 2
Share of goodwill amortisation of associates 8 4
Group EBITA 1,934 1,204

The following is a reconciliation of net assets to net operating assets for the group:

 
 
 
2004
 
US$m
2003
Restated
US$m
Net assets shown in the balance sheet 6,984 6,350
Exclude interest bearing assets and liabilities:    
current asset investments (31) (2)
cash at bank and in hand (651) (559)
borrowings falling due within one year 613 2,409
borrowings falling due after one year 3,094 1,114
Net operating assets as per segmental analysis 10,009 9,312

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