Annual Highlights
 
Total lager beer volumes up 10% to 53 million hectolitres
Profit before tax of US$764 million (US$712 million before exceptionals and profit on sale of subsidiary – 1999: US$680 million)
Underlying margins improved in all divisions – Beer SA up 1.7% to 25.3%
Strong performance in SABI. Highlights include:
  • Poland – volumes up 33%, improved market share
  • Botswana – productivity improvements, margins grew strongly
  • China – sales rose by 38% to 8.4 million hectolitres, capacity increased to meet demand
  • Russia – strong brand portfolio, demand outstripping capacity
Pilsner Urquell set to deliver solid growth from operational improvements and international exports
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% change at
2000
1999
%
constant
US$m
US$m
change
exch. rates
FINANCIAL RESULTS
Turnover
5,424
6,184
  – continuing operations, before exceptionals*
4,299
4,204
2
9
Trding profit
768
717
  – continuing operations, before exceptionals*
731
711
3
10
Adjusted earnings
426
394
8
14
ORDINARY SHARE PERFORMANCE
(cents per share)
Adjusted earnings (US cents)
56.6
54.0
5
Adjusted earnings (SA cents)
348.4
315.9
10
Dividends (US cents)
25.0
n/a
Net asset value (US cents)
279.3
220.1
27
FINANCIAL STATISTICS
Market capitalisation: 31 March 2000
  – London Stock Exchange (£m)
3,775
4,213
  – Johannesburg Stock Exchange (Rm)
38,713
41,392
Financial gearing
  – Total borrowings/EBITDA (%)
65.7
102.1
  – Net interest cover (times)
9.9
7.4
*Note: Exceptional items principally comprise profit on sale of PGSI (US$76 million) and brewery closure costs in SABI (US$11 million) and, in the prior year, the impairment of Russian assets and the extra quarter of SABI.
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