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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