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Our performance

  • Group lager volumes up 23% to 216 million hectolitres (hl), organic growth of 10%
  • South America delivered pro forma volume growth of 12%, ahead of expectations
  • Excellent Europe organic volume growth of 11% and market share gains
  • Difficult trading conditions persisted in North America
  • Good constant currency growth in South Africa supported by strong economic backdrop
  • Continued strong volume growth rates in China and India


Revenue1 up 22%


EBITA2 up 22%


Profit before tax up 14%


Adjusted earnings3 per share up 10%

US cents 120.0

Dividends per share up 14%

US cents 50.0

Net cash from operations up 22%

US$ 4,018m

  1. Revenue excludes the attributable share of associates' revenue of US$2,025 million (2006: US$1,774 million).
  2. EBITA is defined as operating profit before exceptional items and amortisation of intangible assets (excluding software) but includes the group's share of associates' operating profit, on a similar basis. EBITA is used throughout this report as we believe it provides additional information on trends and allows for greater comparability.
  3. Reconciliation of adjusted earnings to the statutory measure of profit attributable to equity shareholders is provided in note 8 to the Consolidated Financial Statements.

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Bar graph showing revenue in US$m for 2003-2007Bar graph showing EBITA in US$m for 2003-2007Dividends per share in US$m for 2003-2007