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Preliminary Results 2005 - Outstanding Volume and Earnings Growth

19 May 2005

Ref: 11/2005

London and Johannesburg, 19 May 2005. SABMiller plc today announces its preliminary (unaudited) results for the year to 31 March 2005.

Highlights are:

% 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 4). The calculation of adjusted earnings is given in note 6. All references to EBITA refer to pre-exceptional EBITA.

  • Total lager volumes increase 8% to 148 million hls, 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%

Statement from Meyer Kahn, Chairman

“This has been the third successive year of remarkable volume, margin and earnings growth from SABMiller and confirms our superior long-term growth profile.

Our South African operations were particularly strong, benefiting from robust economic conditions, further improvements in operating performance and a firm local currency. Miller has shown domestic volume growth for the first time in six years and the businesses in Europe and Africa & Asia continued their excellent momentum.

Following the improvement in adjusted diluted earnings per share, the board has recommended an increase in the final dividend, giving a total of 38.0 US cents for the year, an increase of 27% over the prior year.”

View the Preliminary Announcement news release PDF 2.23Mb


  SABMiller plc  Tel: +44 20 7659 0100
Sue Clark Director of Corporate Affairs Mob: +44 7850 285471
Gary Leibowitz Vice President, Investor Relations Mob: +44 7717 428540
Nigel Fairbrass Head of Media Relations Mob: +44 7799 894265
Philip Gawith The Maitland Consultancy Ltd Tel: +44 20 7379 5151

A live webcast of the management presentation to analysts will begin at 9.30am (BST) on 19 May 2005.

This announcement, a copy of the slide presentation and video interviews with management are available on the SABMiller plc website at Video interviews with management can also be found at

High resolution images are available for the media to view and download free of charge from

Copies of the press release and the detailed Preliminary Announcement are available from the Company Secretary at the Registered Office, or from 2 Jan Smuts Avenue , Johannesburg , South Africa.

Registered office: Dukes Court, Duke Street, Woking, Surrey, GU21 5BH
Telephone: +44 1483 264000
Telefax: +44 1483 264103

Incorporated in England and Wales (Registration Number 3528416)

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