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Interim Announcement

10 November 2005

Ref: 20/2005

Further growth demonstrates strength of our global footprint

London and Johannesburg , 10 November 2005. SABMiller plc today announces its first IFRS results for the six months ended 30 September 2005 . All comparatives have been appropriately restated. Highlights are:

  Half year
2005
US $m
Half year
2004
US $m
% change Full year
March 2005
US $m
Group revenue (including share of associates' revenue) 7,901 7,178 10 14,543
Revenue 7,051 6,443 9 12,901
EBITA (1) 1,264 1,130 12 2,389
Profit before tax (including net exceptional credits in the prior year) 1,126 1,324 (15) 2,552
Adjusted profit before tax (2) 1,192 1,039 15 2,221
Adjusted earnings (3) 667 572 17 1,224
Adjusted earnings per share (3)
- US cents 52.7 47.9 10 101.0
- UK pence 28.9 26.4 10 54.7
- SA cents 340.5 311.1 9 628.2
- on a comparable basis (3) (4) (US cents) 52.7 46.3 14 98.4
Basic earnings per share (US cents) 51.3 71.8 (29) 125.5
Interim dividend per share (US cents) 13.0 12.0 8
Cash generated from operations 1,289 1,262 2 2,792
  • Group lager beer volumes up 10.5% to 91 million hls, organic growth of 5.6%
  • Group EBITA margin further improved to 16.0%
  • Strong South Africa Beverages performance
  • Miller performed satisfactorily in an intensely competitive environment
  • Europe benefited from strong contributions in Poland and Czech
  • Good contribution from Africa and Asia driven by China, Mozambique and Tanzania
  • Major transaction involving Bavaria in South America completed on 12 October 
  2005
EBITA
US$m
Reported
growth
%
Organic, constant
currency
growth
%
North America 286 (5) (5)
Central America 32 (12) (8)
Europe 379 27 16
Africa and Asia 209 17 14
South Africa : Beverages 375 19 19
South Africa : Hotels and Gaming 38 29 29
Corporate (55) - -
Group 1,264 12 9

Statement from Graham Mackay , Chief executive

“The group has delivered further increases in volumes and earnings in the first half, reaffirming our strong growth profile within the global brewing industry.

“Despite the intensely competitive pricing environment in the US this summer, Miller has continued to invest in its brands and its organisation to strengthen its base for sustainable future growth. South Africa 's strong contribution has been supported by further operational improvements as well as robust consumer growth in the local economy.

“The group has successfully secured a controlling interest in the leading Andean brewer Grupo Empresarial Bavaria , which delivers a new platform for growth on the South American continent.”

(1) EBITA comprises operating profit (US$1,103 million) before amortisation of brands (US$1 million) and exceptional items (US$Nil million) and includes share of post-tax results of associates (US$100 million) together with exceptional items, amortisation of brands, interest, tax, and minority interests (US$60 million) .

(2) Adjusted profit before tax comprises EBITA less net interest payable (US$77 million) less share of associates' interest (US$8 million) adjusted for the early redemption penalty in respect of the private placement notes (US$13 million).

(3) The calculation of adjusted earnings and earnings per share is given in note 5.

(4) 2004 figure adjusted for conversion of convertible bonds. Further details are given in note 5.

Enquiries:    
  SABMiller plc Tel: +44 20 7659 0100
Sue Clark Director of Corporate Affairs Tel: +44 20 7659 0184
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 10 November 2005.
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 SABMiller B-roll are available for accredited journalists and news producers. Contact Lucy Charlesworth or Nick Spears at Medialink on Tel: +44 20 7554 2700

Registered office: SABMiller House, Church Street West , Woking, Surrey GU21 6HS
Telephone: +44 1483 264000
Telefax: +44 1483 264103

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