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Interim announcement - another strong half year

18 November 2004

Another strong half year

Ref: 28/2004

London and Johannesburg, 18 November 2004. SABMiller plc today announces its six-month results to 30 September 2004. Highlights are:

Financial

  2004
US$m
2003
US$m
% change
       
Turnover ^ 7,178 6,282 14
       
EBITA * 1,141 888 28
       
Profit before tax 1,196 665 80
       
Adjusted profit before tax * 1,050 800 31
       
Adjusted earnings * 583 422 38
       
Adjusted earnings per share *
- US cents 48.8 35.4 38
- UK pence 26.9 21.9 23
- SA cents 316.9 267.7 18
       
Adjusted diluted earnings per share * (US cents) 46.8 34.3 36
       
Basic earnings per share (US cents) 58.5 25.8 127
       
Dividends per share (US cents) 12.0 7.5 60
       
Net cash inflow from operating activities 1,262 1,088 16

^ 2003 turnover has been restated downward by US$46 million comprising a downward restatement of US$126 million to reflect the adoption of FRS5 Reporting the substance of transactions, application note G – revenue recognition and a US$80 million upward restatement in respect of the turnover of the Italian distribution companies excluded at the prior half year.
* EBITA and adjusted profit before tax comprise profit before interest and tax (US$1,287 million) and profit before tax (US$1,196 million) respectively before goodwill amortisation (US$181 million), and before exceptional items (net credit US$327 million – see note 3). The calculation of adjusted earnings is given in note 5.

  • Lager beer volumes up 8% to 82 million hls, organic up 5%
  • Group EBITA up 28%
  • Strong results from all business segments
  • Continued progress on Miller turnaround
  • Strong volume and performance in Beer South Africa
  • Good performance across the Africa & Asia portfolio
  • Europe benefiting from strong Russian growth
  • Interim dividend of 12.0 cents reflects earnings growth and an interim/final re-balancing
  2004
Pre-exceptional EBITA
US$m
Reported
growth
%
Organic, constant
currency
growth
%
North America 306 23 23
Central America 37 15 21
Europe 300 17 11
Africa and Asia 179 34 30
Beer South Africa 249 35 16
Other Beverage Interests 68 65 43
Hotels and Gaming 33 69 45
Central Administration (31) - >-
Group 1,141 28 21

Statement from Graham Mackay, Chief Executive

“These results are impressive for their strength and their breadth and demonstrate our ability to deliver good, organic, constant currency growth in EBITA from all our business segments despite some challenging operating environments. The turnaround in the performance of Miller was a strong feature.

The strength of our brands, leading positions in many markets and improving mix effects, underpin our position as one of the leaders in the brewing industry, with a strong business portfolio, well balanced between established and developing markets.

Download Interim announcement PDF (0.14MB)

Enquiries:    
  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 Corporate Communications (Finance) 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 (GMT) on 18 November 2004.

This announcement, a copy of the slide presentation and video interviews with management are available on the SABMiller plc website at www.sabmiller.com.

Video interviews with management can also be found at www.cantos.com.

High resolution images are available for the media to view and download free of charge from www.vismedia.co.uk

Registration and video is free and available for accredited journalists and news producers.

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

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