Five-year financial review

For the years ended 31 March

Income statements
	2012 US$m	2011¹ US$m	2010 US$m	2009 US$m	2008 US$m
Restated for the adjustments made to the provisional fair values relating to the CASA Isenbeck and Crown Beverages Ltd acquisitions. Net asset value per share is calculated by dividing total shareholders' equity by the closing number of shares in issue. This is calculated by expressing adjusted earnings as a percentage of total shareholders' equity.
Group revenue	31,388	28,311	26,350	25,302	23,828
Revenue	21,760	19,408	18,020	18,703	21,410
Operating profit	5,013	3,127	2,619	3,148	3,448
Net finance costs	(562)	(525)	(563)	(706)	(456)
Share of post-tax results of associates and joint ventures	1,152	1,024	873	516	272
Taxation	(1,126)	(1,069)	(848)	(801)	(976)
Non-controlling interests	(256)	(149)	(171)	(276)	(265)
Profit attributable to owners of the parent	4,221	2,408	1,910	1,881	2,023
Adjusted earnings	3,400	3,018	2,509	2,065	2,147
Balance sheets
Non-current assets	50,909	34,870	33,604	28,156	31,947
Current assets	4,663	4,178	3,895	3,472	4,135
Assets of disposal group classified as held for sale	79	66	–	–	–
Total assets	55,651	39,114	37,499	31,628	36,082
Derivative financial instruments	(109)	(135)	(321)	(142)	(531)
Borrowings	(19,226)	(8,460)	(9,414)	(9,618)	(9,658)
Other liabilities and provisions	(10,296)	(7,694)	(7,171)	(5,751)	(7,649)
Liabilities of disposal group classified as held for sale	(7)	(66)	–	–	–
Total liabilities	(29,638)	(16,355)	(16,906)	(15,511)	(17,838)
Net assets	26,013	22,759	20,593	16,117	18,244
Total shareholders’ equity	25,073	22,008	19,910	15,376	17,545
Non-controlling interests in equity	940	751	683	741	699
Total equity	26,013	22,759	20,593	16,117	18,244
Cash flow statements
Adjusted EBITDA	6,183	5,617	5,020	4,667	4,537
EBITDA	4,979	4,502	3,974	4,164	4,518
Net working capital movements	258	66	563	(493)	(242)
Net cash generated from operations	5,237	4,568	4,537	3,671	4,276
Net interest paid	(407)	(640)	(640)	(722)	(502)
Tax paid	(893)	(885)	(620)	(766)	(969)
Net cash inflow from operating activities	3,937	3,043	3,277	2,183	2,805
Net capital expenditure and other investments	(1,522)	(1,245)	(1,483)	(2,082)	(1,922)
Net investments in subsidiaries, joint ventures and associates	(11,095)	(183)	(504)	(533)	(1,390)
Dividends received from joint ventures, associates and other investments	1,017	911	815	606	92
Net cash (outflow)/inflow before financing and dividends	(7,663)	2,526	2,105	174	(415)
Net cash inflow/(outflow) from financing	8,819	(1,214)	(804)	615	1,191
Dividends paid to shareholders of the parent	(1,324)	(1,113)	(924)	(877)	(769)
Effect of exchange rates	(39)	25	90	22	(113)
(Decrease)/increase in cash and cash equivalents	(207)	224	467	(66)	(106)
Per share information (US cents per share)
Basic earnings per share	266.6	152.8	122.6	125.2	134.9
Diluted earnings per share	263.8	151.8	122.1	124.6	134.2
Adjusted basic earnings per share	214.8	191.5	161.1	137.5	143.1
Net asset value per share²	1,506.5	1,326.6	1,203.2	969.9	1,108.3
Total number of shares in issue (millions)	1,664.3	1,659.0	1,654.7	1,585.4	1,583.1
Other operating and financial statistics
Return on equity (%)³	13.6	13.7	12.6	13.4	12.2
EBITA margin (%)	17.9	17.8	16.6	16.3	17.4
Adjusted EBITDA margin (%)	23.0	22.9	21.7	20.9	21.2
Interest cover (times)	11.4	10.8	9.3	6.7	9.2
Free cash flow (US$m)	3,048	2,488	2,028	106	594
Total borrowings to total assets (%)	34.5	21.6	25.1	30.4	26.8
Net Cash generated from operations to total borrowings (%)	27.2	54.0	48.2	38.2	44.3
Revenue per employee (US$000's)	305.9	280.4	256.9	272.5	309.8
Average monthly number of employees	71,144	69,212	70,131	68,635	69,116