| |
2008
US$m |
2007
US$m |
%
change |
| Revenue (a) |
21,410 |
18,620 |
15% |
| EBITA (b) |
4,141 |
3,591 |
15% |
Adjusted profit before tax (c)
|
3,639 |
3,154 |
15% |
Profit before tax
|
3,264 |
2,804 |
16% |
| Adjusted earnings(d) |
2,147 |
1,796 |
20% |
Adjusted earnings per share(d)
- US cents
- UK pence
- SA cents |
143.1
71.2
1,021.2
|
120.0
63.4
847.1
|
19%
12%
21%
|
| Basic earnings per share (US cents) |
134.9 |
110.2 |
22% |
| Dividends per share (US cents) |
58.0 |
50.0 |
16% |
| Net cash generated from operations |
4,276 |
4,018 |
6% |
- Group lager volumes up 11% to 239 million hectolitres (hl), organic growth of 7%
- EBITA up 15%, and 9% on an organic constant currency basis despite rising input costs
- Mix benefits and strong pricing improve Miller EBITA in the US
- Volume, price and productivity gains drive excellent earnings growth in Europe - EBITA up 30%
- Latin America lager volume growth of 5% despite exceptional prior year - EBITA up 17%
- Africa organic volumes of lager up 6% - substantial investment programme to capture growth opportunities
- CR Snow volume growth continues ahead of the China market - Snow brand up 63%
- South Africa lager volumes level - a satisfactory result given loss of a premium brand
(a) Revenue excludes the attributable share of associates’ revenue of US$2,418 million (2007: US$2,025 million).
(b) Note 2 provides a reconciliation of operating profit to EBITA which is defined as operating profit before exceptional items and amortisation of intangible assets (excluding software) but includes the group’s share of associates’ operating profit, on a similar basis. As described in the Financial Review, EBITA is used throughout the preliminary announcement.
(c) Adjusted profit before tax comprises EBITA less adjusted net finance costs of US$491 million (2007: US$428 million) and share of associates’ net finance costs of US$11 million (2007: US$9 million).
(d) Reconciliation of adjusted earnings to the statutory measure of profit attributable to equity shareholders is provided in note 6.