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Highlights

 
 		 2004
US$m		 2003
US$m#		 %
change
Turnover^ 12,645 8,984 41
EBITA* 1,893 1,270 49
Profit before tax 1,391 770 81
Adjusted profit before tax* 1,705 1,107 54
Adjusted earnings* 925 581 59
Adjusted earnings per share*      
US cents 77.6 54.0 44
UK pence (up 31%) 45.8 34.9  
SA cents (up 7%) 547.6 513.3  
Basic earnings per share (US cents) 54.1 27.5 97
Dividends per share (US cents) 30.0 25.0 20
Net cash inflow from operating activities 2,292 1,568 46
  • Includes Miller Brewing Company for nine months.
  • 2003 turnover has been restated downward by US$128 million to reflect the adoption of FRS 5 Reporting the substance of transactions, application note G – revenue recognition.
  • EBITA and adjusted profit before tax comprise profit before interest and tax (US$1,579 million) and profit before tax (US$1,391 million) respectively before goodwill amortisation (US$355 million), and before exceptional items (net credit US$41 million – see note 5). The calculation of adjusted earnings is given in note 11.
Turnover graph EBITA graph Adjusted EPS graph
  • Total lager volumes increase 18.9% to 137.8 million hls, organic growth of 3.7%
  • Miller turnaround on track and showing momentum
  • Continuing excellent performances in Europe, EBITA* up 39%
  • Further good performance from Africa & Asia, EBITA* up 31%
  • Strong growth in Beer South Africa, EBITA up 54%
  • Balance sheet strength reflects cash generation and successful refinancing

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