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Interim announcement for the six months ended 30 September 2003

20 November 2003

STRONG ORGANIC EARNINGS GROWTH

London and Johannesburg, 20 November 2003. SABMiller plc today announces its six-month results to 30 September 2003. Highlights are:

Financial

  2003
US$m
2002
US$m #
%
change
Turnover 6,328 3,977 59
       
EBITA * 889 553 61
       
Profit before tax 666 374 78
       
Adjusted profit before tax 801 479 67
       
Adjusted earnings 423 257 64
       
Adjusted earnings per share      
- US cents 35.5 26.8 32
- UK pence 22.0 17.8 24
- SA cents 268.3 276.7 (3)
       
Basic earnings per share (US cents) 25.9 16.7 55
       
Dividends per share (US cents) 7.5 6.5 15
       
Net cash inflow from operating activities 1,088 694 57

# Includes Miller Brewing Company for three months.

* Earnings before interest, taxation and goodwill amortisation, and before exceptional items (see note 3). Note: Adjusted profit before tax excludes exceptional items and goodwill amortisation. The calculation of adjusted earnings is given in note 5.

Operational

  • Lager beer volumes up 31% to 76 million hls, organic up 3.2%
  • Group EBITA up 61%
    • organic, constant currency EBITA up 21%
  • Excellent performance in Europe, EBITA up 51%
    • organic, constant currency EBITA up 27%
  • Strong results from Beer South Africa, EBITA up 56%
    • organic, constant currency EBITA up 14%
  • Africa and Asia EBITA up 18%
  • Miller performance on plan

Statement from Graham Mackay, Chief Executive

“Strong underlying business performance delivered excellent results with group EBITA up 61% and adjusted earnings per share up 32%. Organic, constant currency EBITA growth of 21% was impressive with, notably, Europe up 27% and Beer South Africa up 14%. Our Africa and Asia business once again delivered a good performance from its widespread portfolio with EBITA up 18%.

In Miller, the emphasis remains firmly on our longer term strategy and action plans. Progress is being made in each of the four key focus areas, whilst financial performance remains in line with our expectations. Our Central America operation is starting to benefit from our initiatives to enhance its brand portfolio and distribution activities.

We have strengthened our international operations and enhanced our future growth potential through selective strategic acquisitions, which we have financed from our strong internal cash flows and available borrowing facilities.”

Enquiries:    
  SABMiller plc Tel: +44 20 7659 0100
Sue Clark Director of Corporate Affairs Mob: +44 7850 285471
Anna Miller Salzman Head of Investor Relations Mob: +44 7973 837070
Gary Leibowitz VP of Investor Relations (USA) Mob: +44 7717 428540
Nigel Fairbrass Head of Financial Media 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 20 November 2003. 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.

Registered office: Dukes Court, Duke Street, Woking, Surrey, GU21 5BH
Telephone: +44 1483 264000
Telefax: +44 1483 264117

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