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Prelim results for the year ended 31 March 2003

22 May 2003

Strong Organic Earnings Growth and Expansion

London and Johannesburg, 22 May 2003. SABMiller plc today announces its preliminary (unaudited) results for the year to 31 March 2003. Highlights are:

US$m #
Turnover 9,112 4,364 109
- excluding Miller 5,639 4,364 29
EBITA * 1,270 766 66
- excluding Miller 1,020 766 33
Profit before tax 770 606 27
Adjusted profit before tax 1,107 668 66
Adjusted earnings 581 350 66
Adjusted earnings per share      
- US cents 54.0 48.7 11
- UK pence (up 3%) 34.9 34.0  
- SA cents (up 9%) 513.0 472.5  
Basic earnings per share (US cents) 27.5 40.7 (32)
Dividends per share (US cents) 25.0 25.0 -

# Includes Miller Brewing Company for nine months, except where indicated.

* Earnings before interest, taxation and goodwill amortisation, and before exceptional items (see note 4). Note: Adjusted profit before tax and adjusted earnings exclude exceptional items and goodwill amortisation.


  • Total beverage volumes up 52% to 151.4 million hectolitres (hls), organic growth of 3.0%
  • Total lager volumes increase 65% to 115.8 million hls, organic growth of 4.2%
  • Strong performances and EBITA margin improvement in Beer South Africa, Europe and Africa & Asia
  • Adjusted earnings per share increase by 11%
  • Miller Brewing Company acquired and being integrated into the group
  • Birra Peroni and Shaw Wallace transactions announced

Statement from Meyer Kahn, Chairman

“This has been a year of outstanding growth from our businesses in South Africa, Europe and Africa & Asia. Strong operational performances and favourable currency movements have led to an increase in EBITA of 33% from our businesses excluding Miller.

The acquisition of Miller, an important strategic step for the group, was completed in July. We remain confident that integrating the business into the group and building a platform for growth can be achieved within three years.

Today, SABMiller has a brewing presence in over 40 countries. Through our geographic reach and balance, the quality and breadth of our brand portfolio and our widespread distribution network, we are well placed to continue delivering shareholder value.”

View the Preliminary Announcement news release PDF 0.25Mb

SABMiller plc   Tel: +44 20 7659 0100
Sue Clark Director of Corporate Affairs Mob: +44 7850 285471
Nick Chaloner Communications Director Mob: +44 7880 502755
Anna Miller Salzman Head of Investor Relations Mob: +44 7973 837070
Ciaran Baker Head of Corporate Communications Mob: +44 7979 954493
Angus Maitland The Maitland Consultancy Ltd Tel: +44 20 7379 5151
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 22 May 2003.
This announcement, a copy of the slide presentation and video interviews with management are available on the SABMiller plc website at Video interviews with management can also be found at

Pictures for the media are available from

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 264117

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