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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

^ 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

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)

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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