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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