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Five-year financial review

For the years ended 31 March

  2013
US$m
2012
US$m
20111
US$m
2010
US$m
2009
US$m
  1. Restated for the adjustments made to the provisional fair values relating to the Foster’s, the Pacific Beverages and the International Breweries acquisitions.
  2. Net asset value per share is calculated by dividing shareholders’ equity by the closing number of shares in issue.
  3. This is calculated by expressing adjusted earnings as a percentage of total shareholders’ equity.
 
Income statements
Group revenue 34,487 31,388 28,311 26,350 25,302
Revenue 23,213 21,760 19,408 18,020 18,703
Operating profit 4,203 5,013 3,127 2,619 3,148
Net finance costs (735) (562) (525) (563) (706)
Share of post-tax results of associates and joint ventures 1,244 1,152 1,024 873 516
Taxation (1,201) (1,126) (1,069) (848) (801)
Non-controlling interests (237) (256) (149) (171) (276)
Profit attributable to owners of the parent 3,274 4,221 2,408 1,910 1,881
Adjusted earnings 3,796 3,400 3,018 2,509 2,065
Balance sheets
Non-current assets 50,588 50,998 34,870 33,604 28,156
Current assets 5,683 4,851 4,178 3,895 3,472
Assets of disposal group classified as held for sale 23 79 66
Total assets 56,294 55,928 39,114 37,499 31,628
Derivative financial instruments (86) (109) (135) (321) (142)
Borrowings (18,548) (19,226) (8,460) (9,414) (9,618)
Other liabilities and provisions (10,199) (10,554) (7,694) (7,171) (5,751)
Liabilities of disposal group classified as held for sale (1) (7) (66)
Total liabilities (28,834) (29,896) (16,355) (16,906) (15,511)
Net assets 27,460 26,032 22,759 20,593 16,117
Total shareholders’ equity 26,372 25,073 22,008 19,910 15,376
Non-controlling interests in equity 1,088 959 751 683 741
Total equity 27,460 26,032 22,759 20,593 16,117
Cash flow statements
Adjusted EBITDA 6,835 6,183 5,617 5,020 4,667
EBITDA 5,758 4,979 4,502 3,974 4,164
Net working capital movements (204) 258 66 563 (493)
Net cash generated from operations 5,554 5,237 4,568 4,537 3,671
Net interest paid (770) (407) (640) (640) (722)
Tax paid (683) (893) (885) (620) (766)
Net cash inflow from operating activities 4,101 3,937 3,043 3,277 2,183
Net capital expenditure and other investments (1,440) (1,522) (1,245) (1,483) (2,082)
Net investments in subsidiaries, joint ventures and associates (223) (11,095) (183) (504) (533)
Dividends received from joint ventures, associates and other investments 1,000 1,017 911 815 606
Net cash inflow/(outflow) before financing and dividends 3,438 (7,663) 2,526 2,105 174
Net cash (outflow)/inflow/ from financing (517) 8,819 (1,214) (804) 615
Dividends paid to shareholders of the parent (1,517) (1,324) (1,113) (924) (877)
Effect of exchange rates (51) (39) 25 90 22
Increase/(Decrease) in cash and cash equivalents 1,353 (207) 224 467 (66)
Per share information (US cents per share)
Basic earnings per share 205.9 266.6 152.8 122.6 125.2
Diluted earnings per share 203.5 263.8 151.8 122.1 124.6
Adjusted basic earnings per share 238.7 214.8 191.5 161.1 137.5
Net asset value per share2 1,579.4 1,506.5 1,326.6 1,203.2 969.9
Total number of shares in issue (millions) 1,669.7 1,664.3 1,659.0 1,654.7 1,585.4
Other operating and financial statistics
Return on equity (%)3 14.4 13.6 13.7 12.6 13.4
EBITA margin (%) 18.6 17.9 17.8 16.6 16.3
Adjusted EBITDA margin (%) 24.1 23.0 22.9 21.7 20.9
Interest cover (times) 9.1 11.4 10.8 9.3 6.7
Free cash flow (US$m) 3,230 3,048 2,488 2,028 106
Total borrowings to total assets (%) 32.9 34.5 21.6 25.1 30.4
Net Cash generated from operations to total borrowings (%) 29.9 27.2 54.0 48.2 38.2
Revenue per employee (US$000's) 329.3 305.9 280.4 256.9 272.5
Average monthly number of employees 70,486 71,144 69,212 70,131 68,635