Hotels and Gaming

Financial summary	2005 US$m	2004 US$m	% change
Turnover	289	226	28
EBITA*	81	53	51
EBITA margin (%)*	28.0	23.7
Revpar – US$**	51.45	42.71	20

*	Before exceptional credit of US$7 million being share of associate’s profit on the disposal of fixed assets of US$11 million and share of associate’s restructuring costs of US$4 million (2004: US$Nil million).
**	Revenue per available room.

Since 31 March 2003, SABMiller has been a 49% shareholder in the Tsogo Sun group following a restructuring of our interests in that group. The business reported strong trading results and our share of EBITA for the period was US$81 million, an increase of 51% over the prior year (33% on an organic, constant currency basis).

The gaming market has continued to grow strongly, up 14% in the key Gauteng Province, reflecting buoyant consumer spending. In addition, the Suncoast casino in KwaZulu Natal has performed well. Hotel occupancies were marginally above the prior year and the growth in Revpar in local currency of 6% reflects the growth in occupancy and price increases in line with inflation. US dollar Revpar reflects the impact of the stronger rand. Overall, the Tsogo Sun group is well placed to take advantage of continuing positive economic conditions.

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