at 31 March
| (i) |
Tangible fixed assets |
|
|
| Tangible fixed assets comprise land and buildings with cost and net book value of US$1 million (2004: US$Nil million) and assets in the course of construction of US$3 million (2004: US$Nil million). There was no accumulated depreciation at 31 March 2005 or 31 March 2004. |
| |
|
2005
US$m |
2004
US$m |
| (ii) |
Investment in subsidiary undertakings |
|
|
| |
Opening balance |
5,431 |
5,430 |
| |
Additions |
55 |
1 |
| |
Disposals |
(25) |
– |
| |
Impairment |
(33) |
– |
| |
Closing balance |
5,428 |
5,431 |
| |
|
| |
Subsidiary companies |
|
|
| |
SABMiller Holdings Ltd(1) |
5,179 |
5,179 |
| |
SAB Ltd(2) |
217* |
250 |
| |
SAB Management Services Ltd(3) |
2 |
2 |
| |
South African Breweries Finance (Jersey) Ltd(4) |
– |
– |
| |
South African Breweries Finance (No 2) (Jersey) Ltd(4) |
– |
– |
| |
SAB Finance (Cayman Islands) Ltd(5) |
– |
– |
| |
SABMiller Holdings Europe Ltd(2) |
– |
– |
| |
SABMiller (Africa & Asia) Ltd(2) |
30 |
– |
| |
Miller Brands UK Ltd (6) |
– |
– |
| |
|
5,428 |
5,431 |
| |
Notes:
Country of incorporation |
Principal activity |
Country of incorporation |
Principal activity |
| |
(1)England |
Group holding company |
(4)Jersey, Channel Islands |
Finance company |
| |
(2)England |
Holding company |
(5)Cayman Islands |
Finance company |
| |
(3)England |
Management services to fellow group companies |
(6)England |
UK distribution company |
*The investment in SAB Ltd has been reduced to its estimated recoverable amount.
| |
|
2005
US$m |
2004
US$m |
| (iii) |
Creditors – amounts falling due within one year |
|
|
| |
Amounts owed to group undertakings |
17 |
603 |
| |
Other creditors |
32 |
10 |
| |
Payroll related creditor |
10 |
9 |
| |
Accruals |
4 |
3 |
| |
Dividends payable to shareholders |
330 |
270 |
| |
|
393 |
895 |
| |
|
2005
US$m |
2004
US$m |
| (iv) |
Creditors – amounts falling due after more than one year |
|
|
| |
US$300 million 6.625% Guaranteed Notes due 2033 |
294 |
294 |
| |
Deferred income |
18 |
16 |
| |
|
312 |
310 |
| |
|
2005
US$m |
2004
US$m |
| (v) |
Reconciliation of movements in shareholders’ funds |
|
|
| |
Profit for the financial year |
985 |
383 |
| |
Dividends declared |
(473) |
(344) |
| |
|
512 |
39 |
| |
Payment for own shares for share trusts |
(21) |
(10) |
| |
Credit entry re the charge in respect of share option schemes |
8 |
6 |
| |
Conversion of convertible bonds |
597 |
– |
| |
Net proceeds of ordinary shares issued for cash |
38 |
10 |
| |
Net increase in shareholders’ funds |
1,134 |
45 |
| |
Shareholders’ funds at start of year |
5,042 |
4,997 |
| |
Shareholders’ funds at end of year |
6,176 |
5,042 |
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