Interim announcement - another strong half year
18 November 2004
Another strong half year
London and Johannesburg, 18 November 2004. SABMiller plc today announces its six-month results to 30 September 2004. Highlights are:
|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
|Africa and Asia||179||34||30|
|Beer South Africa||249||35||16|
|Other Beverage Interests||68||65||43|
|Hotels and Gaming||33||69||45|
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.
|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