Balance sheet profile
Total assets increased to US$13,799 million from the prior year’s US$12,250 million (restated for UITF 38), as a result of acquisition activity in Europe and in Africa & Asia.
Intangible assets increased by US$62 million, due primarily to the inclusion of goodwill of US$283 million arising on the Peroni acquisition in May 2003, partially offset by the amortisation for the year. Goodwill in ABI is considered to have an indefinite life (as in prior years), while all other goodwill is amortised over 20 years. The attributable amortisation charge for the year under review rose to US$333 million from last year’s US$250 million.
Net debt has increased to US$3,025 million from $2,962 million reflecting the net increase in borrowings incurred regarding the acquisitions in the year partly offset by cash inflow from operations. The group again achieved its target of negative net working capital.
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