Five year financial review

Bottling AppletiseBrewery scenePilsener beer

for the years ended 31 March

 
 
 
 
2000*
US$m
2001
Restated
US$m
 
2002
US$m
2003#
Restated
US$m
 
2004
US$m
Income statements          
Turnover (including associates’ share) 5,424 4,184 4,364 8,984 12,645
Turnover (excluding associates’ share) 4,390 3,624 3,717 8,167 11,366
Profit before interest and taxation (including associates’ share) 844 700 704 933 1,579
Net interest payable (80) (54) (98) (163) (188)
Taxation (186) (195) (208) (349) (579)
Minorities (94) (99) (105) (125) (167)
Profit for the year 484 352 293 296 645
Adjusted earnings 426 372 350 581 925
 
Balance sheets          
Fixed assets 3,510 3,667 4,758 10,431 11,483
Current asset investments/cash at bank and in hand 316 218 290 561 682
Other current assets 558 514 643 1,258 1,634
Total assets 4,384 4,399 5,691 12,250 13,799
Interest bearing debt (602) (1,053) (1,535) (3,523) (3,707)
Other creditors and provisions (1,223) (1,054) (1,102) (2,377) (3,108)
Total liabilities (1,825) (2,107) (2,637) (5,900) (6,815)
Net assets 2,559 2,292 3,054 6,350 6,984
Shareholders’ funds 2,161 2,006 2,309 5,572 6,165
Equity minority interests 398 286 745 778 819
Capital employed 2,559 2,292 3,054 6,350 6,984
 
Cash flow statements          
EBITDA 917 854 904 1,483 2,185
Working capital movements (53) 5 71 85 107
Net cash inflow from operating activities 864 859 975 1,568 2,292
Net interest and dividends (82) (93) (158) (238) (286)
Taxation (175) (179) (179) (286) (456)
  607 587 638 1,044 1,550
Net capital expenditure (401) (331) (250) (429) (549)
Net investments (569) 7 (49) (6) (211)
Net acquisition of subsidiaries and associates 30 (700) (768) (54) (515)
Net cash (shortfall)/surplus (333) (437) (429) 555 275
Management of liquid resources 503 64 19 44 (16)
Net cash inflow/(outflow) from financing 72 491 699 (148) 12
Dividends paid (50) (177) (173) (203) (309)
Increase/(decrease) in cash in the year 192 (59) 116 248 (38)
 
Performance per share (US cents per share)          
Basic earnings 64.3 50.4 40.7 27.5 54.1
Diluted earnings 64.1 50.3 40.3 27.4 53.0
Adjusted basic earnings 56.6 53.3 48.7 54.0 77.6
Net asset value 279.3 258.9 274.6 438.3 484.4
 
Share statistics          
Total number of shares (million) 774.3 775.0 840.9 1,271.2 1,272.7
Weighted average number of shares (million) 752.8 697.1 718.5 1,076.1 1,192.2
Weighted average number of shares (diluted) (million) 754.8 699.4 766.6 1,079.1 1,264.7
 
Returns and productivity          
Return on equity (%) 19.7 18.5 15.2 10.4 15.0
Operating margin (%) 14.6 16.7 16.1 11.1 12.2
Cash operating margin (%) 20.9 23.6 24.3 18.4 19.3
Operating return (%) 47.1 42.6 37.5 34.9 44.0
Cash operating return (%) 25.8 22.2 17.9 13.2 16.7
Group turnover per employee (US$000’s) 91.3 115.7 111.9 192.6 287.2
Average monthly number of employees 48,079 31,327 33,230 42,402 39,571
 
Solvency and liquidity          
Net interest cover (times) 9.9 13.0 7.2 6.1 8.2
Free cash flow 252 349 496 755 1,161
Total borrowings to total assets (%) 13.7 23.9 27.0 28.8 26.9
Cash flow to total borrowings (%) 143.5 81.6 63.5 44.5 61.8
  • Partial deferred tax basis.
  • 2003 figures have been restated to reflect the adoption of FRS 5 Reporting the substance of transactions, application note G and UITF 38. Earlier years have not been restated.
  Turnover Operating profit
 
 
 
2000
 
US$m
2001
 
US$m
2002
 
US$m
2003#
Restated
US$m
2004
 
US$m
2000
 
US$m
2001
 
US$m
2002
 
US$m
2003
 
US$m
2004
 
US$m
Business segment analysis                    
North America 3,408 4,778 75 189
Central America 186 514 531 7 10 31
Europe n/a 1,097 1,280 1,583 2,420 n/a 130 168 239 327
Africa and Asia n/a 700 946 1,209 1,555 n/a 130 162 219 288
SABI 1,474         199        
 
Beer South Africa 1,608 1,365 1,112 1,270 1,964 407 343 287 338 522
Other Beverage Interests 954 816 676 788 1,171 120 106 95 120 186
Hotels and Gaming 263 206 164 212 226 40 25 28 42 52
Central Administration (35) (34) (35) (44) (57)
Continuing businesses – excluding exceptional items 4,299 4,184 4,364 8,984 12,645 731 700 712 999 1,538
PGSI 1,125 61
Group – excluding exceptional items 5,424 4,184 4,364 8,984 12,645 792 700 712 999 1,538
Exceptional items                    
North America (58) (14)
Central America (12) (6)
Europe (8) (6)
SABI (11)
PGSI (13)
Group – including exceptional items 5,424 4,184 4,364 8,984 12,645 768 700 704 929 1,512

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

  • 2003 turnover restated to reflect the adoption of FRS 5 Reporting the substance of transactions, application note G. Earlier years have not been restated.
  EBITA Net operating assets
 
 
 
2000
 
US$m
2001
 
US$m
2002
 
US$m
2003
 
US$m
2004
 
US$m
2000*
 
US$m
2001
Restated
US$m
2002
 
US$m
2003#
Restated
US$m
2004
 
US$m
Business segment analysis                    
North America 250 424 5,147 4,726
Central America 22 56 76 1,135 1,089 964
Europe n/a 148 198 275 383 n/a 1,091 1,253 1,446 2,109
Africa and Asia n/a 132 171 233 306 n/a 472 728 866 1,259
SABI 205         1,033        
 
Beer South Africa 407 343 287 338 522 509 415 263 356 320
Other Beverage Interests 120 106 95 120 186 601 520 355 524 713
Hotels and Gaming 40 25 28 42 53 169 159 140 167 219
Central Administration (35) (34) (35) (44) (57) (27) (148) (193) (283) (301)
Continuing businesses – excluding exceptional items 737 720 766 1,270 1,893 2,285 2,509 3,681 9,312 10,009
PGSI 61
Group – excluding exceptional items 798 720 766 1,270 1,893 2,285 2,509 3,681 9,312 10,009
Exceptional items                    
North America (58) (14)
Central America (12) (6)
Europe (8) (6)
Africa and Asia 7
SABI (11)
Other Beverage Interests 13
Hotels and Gaming 4
Central Administration 47
PGSI (13)
Group – including exceptional items 774 720 758 1,204 1,934 2,285 2,509 3,681 9,312 10,009
  • Partial deferred tax basis.
  • Restated to reflect the adoption of UITF 38. Earlier years have not been restated.

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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