Five-year financial review

Bottling AppletiseBrewery scenePilsener beer
for the years ended 31 March
 
 
 
2001
Restated
US$m
2002

US$m
2003#
Restated
US$m
2004

US$m
2005

US$m
Income statements          
Turnover (including associates’ share) 4,184 4,364 8,984 12,645 14,543
Turnover (excluding associates’ share) 3,624 3,717 8,167 11,366 12,901
Profit before interest and taxation (including associates’ share) 700 704 933 1,579 2,361
Net interest payable (54) (98) (163) (188) (167)
Taxation (195) (208) (349) (579) (850)
Minorities (99) (105) (125) (167) (203)
Profit for the year 352 293 296 645 1,141
Adjusted earnings 372 350 581 925 1,251
 
Balance sheets          
Fixed assets 3,667 4,758 10,431 11,483 12,287
Current asset investments/cash at bank and in hand 218 290 561 682 1,143
Other current assets 514 643 1,258 1,634 1,798
Total assets 4,399 5,691 12,250 13,799 15,228
Interest bearing debt (1,053) (1,535) (3,523) (3,707) (3,339)
Other creditors and provisions (1,054) (1,102) (2,377) (3,108) (3,586)
Total liabilities (2,107) (2,637) (5,900) (6,815) (6,925)
Net assets 2,292 3,054 6,350 6,984 8,303
Shareholders’ funds 2,006 2,309 5,572 6,165 7,665
Equity minority interests 286 745 778 819 638
Capital employed 2,292 3,054 6,350 6,984 8,303
 
Cash flow statements          
EBITDA 854 904 1,483 2,185 2,740
Working capital movements 5 71 85 107 52
Net cash inflow from operating activities 859 975 1,568 2,292 2,792
Net interest and dividends (93) (158) (238) (286) (251)
Taxation (179) (179) (286) (456) (625)
  587 638 1,044 1,550 1,916
Net capital expenditure (331) (250) (429) (549) (738)
Net investments 7 (49) (6) (211) 456
Net acquisition of subsidiaries and associates (700) (768) (54) (515) (897)
Net cash (shortfall)/surplus (437) (429) 555 275 737
Management of liquid resources 64 19 44 (16) (658)
Net cash inflow/(outflow) from financing 491 699 (148) 12 (100)
Dividends paid (177) (173) (203) (309) (412)
(Decrease)/increase in cash in the year (59) 116 248 (38) (433)
 
Performance per share (US cents per share)          
Basic earnings 50.4 40.7 27.5 54.1 94.1
Diluted earnings 50.3 40.3 27.4 53.0 91.1
Adjusted basic earnings 53.3 48.7 54.0 77.6 103.2
Net asset value 258.9 274.6 438.3 484.4 569.2
Share statistics          
Total number of shares (million) 775.0 840.9 1,271.2 1,272.7 1,346.5
Weighted average number of shares (million) 697.1 718.5 1,076.1 1,192.2 1,212.1
Weighted average number of shares (diluted) (million) 699.4 766.6 1,079.1 1,264.7 1,272.8
Returns and productivity          
Return on equity (%) 18.5 15.2 10.4 15.0 16.3
Operating margin (%) 16.7 16.1 11.1 12.2 14.0
Cash operating margin (%) 23.6 24.3 18.4 19.3 21.2
Operating return (%) 42.6 37.5 34.9 44.0 55.6
Cash operating return (%) 22.2 17.9 13.2 16.7 18.9
Group turnover per employee (US$000s) 115.7 111.9 192.6 287.2 315.5
Average monthly number of employees 31,327 33,230 42,402 39,571 40,892
Solvency and liquidity          
Net interest cover (times) 13.0 7.2 6.1 8.2 12.2
Free cash flow 349 496 755 1,161 1,825
Total borrowings to total assets (%) 23.9 27.0 28.8 26.9 21.9
Cash flow to total borrowings (%) 81.6 63.5 44.5 61.8 83.6

# 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
        2001

US$m
2002

US$m
2003#
Restated
US$m
2004

US$m
2005

US$m
2001

US$m

2002

US$m

2003

US$m
2004

US$m
2005

US$m
Business segment analysis                    
North America 3,408 4,778 4,892 75 189 261
Central America 186 514 531 521 7 10 31 48
Europe 1,097 1,280 1,583 2,420 2,909 130 168 239 327 419
Africa and Asia 700 946 1,209 1,555 1,937 130 162 219 288 363
Beer South Africa 1,365 1,112 1,270 1,964 2,522 343 287 338 522 708
Other Beverage Interests 816 676 788 1,171 1,473 106 95 120 186 250
Hotels and Gaming 206 164 212 226 289 25 28 42 52 79
Central Administration (34) (35) (44) (57) (85)
Group – excluding
  exceptional items
4,184 4,364 8,984 12,645 14,543 700 712 999 1,538 2,043
Exceptional items                    
North America (58) (14) 7
Central America (12) (6)
Europe (8) (6) (51)
Hotels and Gaming (4)
Group – including
  exceptional items
4,184 4,364 8,984 12,645 14,543 700 704 929 1,512 1,995

# 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
        2001

US$m
2002

US$m
2003
Restated
US$m
2004

US$m
2005

US$m
2001
Restated
US$m
2002

US$m
2003#
Restated
US$m
2004

US$m
2005

US$m
Business segment analysis                    
North America 250 424 497 5,147 4,726 4,436
Central America 22 56 76 91 1,135 1,089 964 912
Europe 148 198 275 383 483 1,091 1,253 1,446 2,109 2,671
Africa and Asia 132 171 233 306 384 472 728 866 1,259 1,296
Beer South Africa 343 287 338 522 708 415 263 356 320 284
Other Beverage Interests 106 95 120 186 250 520 355 524 713 1,167
Hotels and Gaming 25 28 42 53 81 159 140 167 219 266
Central Administration (34) (35) (44) (57) (85) (148) (193) (283) (301) (533)
Group – excluding
  exceptional items
720 766 1,270 1,893 2,409 2,509 3,681 9,312 10,009 10,499
Exceptional items                    
North America (58) (14) 7
Central America (12) (6)
Europe (8) (6) (51)
Africa and Asia 7 103  –
Other Beverage Interests 13
Hotels and Gaming 4 7
Central administration 47 252
Group – including
  exceptional items
720 758 1,204 1,934 2,727 2,509 3,681 9,312 10,009 10,499

# Restated to reflect the adoption of UITF 38. Earlier years have not been restated.

Back to top  back to top