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Full announcement Preliminary Results 2004

20 May 2004

Preliminary announcement

Strong organic earnings growth accross all businesses

Ref: 10/2004

London and Johannesburg, 20 May 2004. SABMiller plc today announces its preliminary (unaudited) results for the year to 31 March 2004. Highlights are:

  2004
US$m
2003
US$m #
%
change
       
Turnover ^ 12,645 8,984 41
       
EBITA * 1,893 1,270 49
       
Profit before tax 1,391 770 81
       
Adjusted profit before tax * 1,705 1,107 54
       
Adjusted earnings * 925 581 59
       
Adjusted earnings per share *
- US cents 77.6 54.0 44
- UK pence 45.8 34.9  
- SA cents 547.6 513.3  
       
Basic earnings per share (US cents) 54.1 27.5 97
       
Dividends per share (US cents) 30.0 25.0 20
       
Net cash inflow from operating activities 2,292 1,568 46

# Includes Miller Brewing Company for nine months.
^ 2003 turnover has been restated downward by US$128 million to reflect the adoption of FRS5 Reporting the substance of transactions, application note G – revenue recognition.
* EBITA and adjusted profit before tax comprise profit before interest and tax (US$1,579 million) and profit before tax (US$1,391 million) respectively before goodwill amortisation (US$355 million), and before exceptional items (net credit US$41 million – see note 4). The calculation of adjusted earnings is given in note 6.

  • Total lager volumes increase 18.9% to 137.8 million hls, organic growth of 3.7%
  • Miller turnaround on track and showing momentum
  • Continuing excellent performances in Europe, EBITA* up 39%
  • Further good performance from Africa & Asia, EBITA* up 31%
  • Strong growth in Beer South Africa, EBITA up 54%
  • Balance sheet strength reflects cash generation and successful refinancing
  2004
Pre-exceptional EBITA
US$m
 
Reported
growth
%
 
Organic, constant
currency
growth
%
 
North America* 424 70 28
Central America 76 36 39
Europe 383 39 22
Africa and Asia 306 31 21
Beer South Africa 522 54 15
Other Beverage Interests 186 55 17
Hotels and Gaming 53 26 24
Central Administration (57) - -
Group 1,893 49 22
* Organic, constant currency growth reflects nine months, July to March

Statement from Meyer Khan, Chief Executive

“I am delighted to report that the financial year has been an outstanding one for your company, with adjusted earnings per share up by 44%. Recognising this strong performance, the board has recommended an increased final dividend, bringing the total for the year to 30 US cents, a 20% increase on the prior year.

It is particularly gratifying that all of our businesses performed well. The results from Miller are beginning to show the benefits of our turnaround programmes and our Central American operation delivered higher earnings. There were strong results from South Africa, in both beer and soft drinks, with Africa and Asia again producing an impressive performance. Once again we saw good growth in Europe, with Russia performing particularly well.

Looking ahead our strategy continues on course and we have generated the momentum to produce another year of growth.”

Download Preliminary results announcement PDF (0.34MB)

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
Ciaran Baker Head of Corporate Communications Mob: +44 7979 954493
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 (BST) on 20 May 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

Copies of the press release and the detailed Preliminary Announcement are available from the Company Secretary at the Registered Office, or from 2 Jan Smuts Avenue , Johannesburg , South Africa.

Registered office: Dukes Court, Duke Street, Woking, Surrey, GU21 5BH

Telephone: +44 1483 264000
Telefax: +44 1483 264103

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