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General information


An explanation of some of the terms and abbreviations used in this annual report is shown below.

Financial definitions

Adjusted earnings

Adjusting earnings are calculated by adjusting headline earnings by adding back exceptional trading losses and deducting exceptional trading gains.

Adjusted profit before tax (Clean PBT)

This is defined as profit before tax and exceptional items and includes the share of post-tax results of associates (before exceptional items).


The Compound Annual Growth Rate (CAGR) is the average compounded growth rate recorded over a series of years for a particular metric such as volume or revenue.

Cash operating return (%)

This is calculated on a pre-exceptional basis, by expressing the sum of EBITDA and cash dividends received from associates and other investments, as a percentage of net operating assets, adjusted for cumulative goodwill eliminated against shareholders' funds (previously under UK GAAP) and accumulated depreciation and amortisation.

Constant currency

Constant currency results have been determined by translating the local currency denominated results for the year ended 31 March at the exchange rates for the comparable period in the prior year.


This comprises operating profit before exceptional items, amortisation of intangible assets (excluding software) and includes the group's share of associates' operating profit on a similar basis.

EBITA margin (%)

This is calculated by expressing EBITA as a percentage of group revenue (including share of associates' revenue).


This comprises the net cash generated from operations before working capital movements.

EBITDA margin (%)

This is calculated on a pre-exceptional basis, by expressing EBITDA as a percentage of revenue (excluding share of associates' revenue).

Effective tax rate (%)

This is calculated by expressing total taxation (including share of associates' tax), excluding tax on exceptional items (both group and share of associates') and tax on amortisation of intangible assets (excluding software), as a percentage of profit before tax, exceptional items and amortisation of intangible assets (excluding software) and including share of operating profit of associates and including their share of net finance costs (before tax, minority interest and exceptional items).

Embedded growth

The potential volume growth rate that a market possesses as a result of expected trends in demographics and per capita beer consumption. The embedded growth for a company reflects the portfolio of markets served by the company, weighted by the volumes sold in each market.

Net asset value per share

This is calculated by expressing shareholders' funds as a percentage of the closing number of shares in issue.

Net interest cover

This is the ratio of profit before interest, taxation and exceptional items (EBIT) to net financing costs before exceptional items.

Operating free cash flow

This comprises net cash from operating activities less cash paid for the purchase of property, plant and equipment and intangible assets.

Return on equity (%)

This is calculated by expressing adjusted earnings as a percentage of total shareholders' equity.


Total shareholder return (TSR) is the measure of the returns that a company has provided for its shareholders, reflecting share price movements and assuming reinvestment of dividends.


In the determination and disclosure of reported sales volumes, the group aggregates the volumes of all consolidated subsidiaries and its equity-accounted associates, other than associates where primary responsibility for day-to-day management rests with others such as Castel and Distell. In these latter cases, the financial results of operations are equity accounted in terms of IFRS but volumes are excluded. Although contract brewing volumes are excluded from total volumes, turnover from contract brewing is included within group turnover.

Non-financial definitions


ACNielsen is a leading global provider of marketing research information. Its principal clients are retailers and manufacturers of fast moving consumer goods (FMCGs).


The Broad Based Black Economic Empowerment Act has been created by the government in South Africa to help redress the imbalances in South African society created by apartheid. The empowerment process has been identified as being crucial to the future viability of the country's economy.


Carbonated soft drinks such as Coca-Cola, Fanta, Appletiser etc.


Canadean is a global market research and data management company focusing on the international beverage industry and its suppliers.

Channel marketing

Channel marketing is a term used to describe the focus of sales and marketing effort of a brand on a particular style of outlet and towards a specifically identified type of customer.

Combined Code

The Combined Code on Corporate Governance, published by the UK Financial Reporting Council.

Economy segment

Taking an index where the bulk of the market volume is at a price index of 100, the economy sector would index at around 85. Normally, all brands in this segment will be local brands. In the beer market, the economy segment is usually dominated by local brands.


Flavoured alcoholic beverage. A ready-mixed alcoholic drink, often containing some form of fruit flavouring. 'FAB' also stands for fruit alcohol beverage which specifically refers to a ready-mixed alcoholic drink containing fruit flavouring as opposed to non-fruit flavouring such as caramel.

Mainstream segment

Mainstream represents the group of brands that constitute the bulk of the market volume at a price index of 100. Key to this group is the leading volume brand in any market. Mainstream brands tend to be local.

Model Code

The securities dealing code contained in the Listing Rules of the UK Listing Authority.

Organic growth

Refers to a company's growth rate, excluding any growth from takeovers, acquisitions or mergers.


PET is short for polyethylene terephthalate, a form of plastic which is used for bottling alcoholic and non-alcoholic drinks.

Plato Logic

Plato Logic are beer market research specialists, providing a comprehensive range of international beer data to the global brewing and allied industries

Premium segment (worthmore segment in the US)

The premium segment is dominated by international brands. They are brands which consumers perceive to offer greater value than mainstream brands and for which they are willing to pay a premium. Mainstream brands are priced at about a price index of 100 and premium brands index at around 120 and above. As a result, the premium segment, although small in volume terms, often generates a disproportionate level of profit, when compared to the mainstream and economy segments.


STRATE stands for Share Transactions Totally Electronic and is an unlisted company owned by JSE Limited and Central Securities Depository Participants (CSDP) and exists to allow share transactions in South Africa to be settled electronically.

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