News
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