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Highlights

 
 
2005
US$m
2004
US$m
% change
Turnover 14,543 12,645 15
EBITA* 2,409 1,893 27
Profit before tax 2,194 1,391 58
Adjusted profit before tax* 2,242 1,705 31
Adjusted earnings* 1,251 925 35
Adjusted earnings per share*      
  US cents 103.2 77.6 33
  UK pence (up 22%) 55.9 45.8  
  SA cents (up 17%) 641.8 547.6  
Adjusted diluted earnings per share* (US cents) 99.8 75.2 33
Basic earnings per share (US cents) 94.1 54.1 74
Dividends per share (US cents) 38.0 30.0 27
Net cash inflow from operating activities 2,792 2,292 22
* 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), and before exceptional items (net credit US$318 million – see note 5). 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.
  • Total lager volumes increase 8% to 148 million hectolitres, organic growth of 4%
  • Miller domestic volume returns to growth – turnaround on track
  • Excellent volume and EBITA performance in South Africa
  • Continued strong performances from both Europe and Africa & Asia
  • Group EBITA margin 16.6%, up from 15.0%
  • Strong cash flows reduce gearing to 26.4%

Adjusted EPS graphTurnover graph

EBITA graph

EBITA contribution(%) before central administration costs, North America 20% - Central America 4% - Europe 19% - Africa & Asia 15% - Beer South Africa 29% - Other Beverage Interests 10% - Hotels and Gaming 3%

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