The directors have pleasure in submitting to shareholders their report, together with the audited financial statements for the year ended 31 March 2005.

	2005 US$m	2004 US$m
Turnover	14,543	12,645
EBITA*	2,409	1,893
Profit before tax	2,194	1,391
Adjusted profit before tax*	2,242	1,705
Adjusted earnings*	1,251	925
Adjusted earnings per share*
US cents	103.2	77.6
UK pence (up 22%)	55.9	45.8
SAcents (up 17%)	641.8	547.6
Adjusted diluted earnings per share   (US cents)	99.8	75.2
Basic earnings per share (US cents)	94.1	54.1
Dividends per share (US cents)	38.0	30.0
Net cash inflow from   operating activities	2,792	2,292

*

EBITA and adjusted profit before tax comprise profit before interest and tax (US$2,361 million) and profit before tax (US$2,194 million) respectively before goodwill amortisation (US$366 million – see note 5) and before exceptional items (net credit US$318 million). The calculations of adjusted earnings and adjusted earnings per share measures are given in note 11. All references to EBITA refer to pre-exceptional EBITA.

Statements by the chairman, chief executive and chief financial officer on the performance during the year and the future prospects of the group’s businesses are included in chairman’s statement, in the chief executive’s review and pages in of the financial review of this report, respectively. The principal activities of the group are the manufacture, distribution and sale of beer and soft drinks, further details of which are set out in the review of operations section of this report.

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