Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

SouthAfricanBrewerie (SAB)

  Print      Mail a friend       Annual reports

Thursday 30 November, 2000

SouthAfricanBrewerie

Interim Results - Part 2

South African Breweries PLC
30 November 2000


Part 2

CONSOLIDATED PROFIT AND LOSS ACCOUNTS 
for the six months ended 30 September 
                                                                              
                                  Six months        Six months    Year ended 
                               ended 30/9/00     ended 30/9/99       31/3/00
                                   Unaudited         Unaudited       Audited  
                       Notes            US$m              US$m          US$m  
Turnover      
(including share                                                           
of associates' 
turnover)                  2           2,106             2,980         5,424 
Less: share of                     
associates' 
turnover                                (287)             (609)       (1,034)
Group turnover             2           1,819             2,371         4,390 
- continuing                       
operations                             1,819             1,787         3,646 
- discontinued           
operation                                  -               584           744
Net operating costs                   (1,522)           (2,072)       (3,724)
Group operating profit                   297               299           666
Share of operating      
profit of associates       2              37                64           102
Trading profit             2             334               363           768
- continuing operations                  334               306           720
- discontinued operation                   -                57            48
Profit on disposal
of subsidiary                              -                 -            76
Profit on ordinary                      
activities before      
interest and taxation                    334               363           844
Net interest payable                     (24)              (53)          (80)
Group                                    (20)              (34)          (49)
Associates                                (4)              (19)          (31)
 
Profit on ordinary                 
activities before
taxation                                 310               310           764
Taxation on profit      
on ordinary activities     3             (86)              (74)         (186)

Profit on ordinary
activities after
taxation                                 224               236           578
Equity minority      
interests                                (47)              (49)          (94)
Profit for the                   
financial period                         177               187           484
Basic earnings per     
ordinary share 
(US cents)                 4            25.4              24.2          64.3
Diluted basic       
earnings per 
ordinary share 
(US cents)                 4            25.3              24.1          64.1
Adjusted basic            
earnings per                                                             
ordinary share 
(US cents)                 4            25.5              24.3          56.6
Dividend per     
ordinary share 
(US cents)                               6.5               6.5          25.0
CONSOLIDATED BALANCE SHEETS 
at 30 September 
                                     30/9/00           30/9/99       31/3/00
                                   Unaudited         Unaudited       Audited
                                        US$m              US$m          US$m
Fixed assets                                                                
Intangible assets                        573               373           608
Tangible assets                        1,826             1,926         1,913
Investments                              966               411           989
Investments in associates                360               379           380
Other long-term investments              606                32           609
                                       3,365             2,710         3,510
Current assets                                                              
Stock                                    210               337           223
Debtors                                  364               634           335
Investments                              191               537           119
Cash at bank and in hand                 206               268           197
                                         971             1,776           874
Creditors - amounts falling due
within one year                       (1,083)           (1,250)       (1,390)
Interest bearing                        (315)             (204)         (308)
Other                                   (768)           (1,046)       (1,082)

Net current (liabilities)/assets        (112)              526          (516)

Total assets less current liabilities  3,253             3,236         2,994

Creditors - amounts falling due after    
one year                                (616)             (788)         (297)
Interest bearing                        (614)             (703)         (294)
Other                                     (2)              (85)           (3)

Provisions for liabilities and charges  (124)             (396)         (138)

Net assets                              2,513            2,052         2,559

Shareholders' funds                     2,124            1,843         2,161
Equity minority interests                 389              209           398

Capital employed                        2,513            2,052         2,559
   
CONSOLIDATED CASH FLOW STATEMENTS 
for the six months ended 30 September 
                                                                              
                                  Six months        Six months    Year ended
                               ended 30/9/00     ended 30/9/99       31/3/00
                                   Unaudited         Unaudited       Audited
                         Notes          US$m              US$m          US$m
Net cash inflow from       
operating activities         5           460               439           864
                                                                            
Dividends received                
from associates                            3                 5            17

Returns on investments                                                      
and servicing of finance 
Interest received                         19                20            46
Interest paid                            (28)              (52)          (98)
Interest element of               
finance lease rental                       
payments                                   -                 -            (4)
Dividends received                
from other investments                     2                 1             2
Dividends paid to   
minorities                               (44)              (31)          (45)

Net cash outflow from    
returns on investments                                                      
and servicing of finance                 (51)              (62)          (99)
                                                                             
Taxation                                (106)              (99)         (175)
                                                                          
Capital expenditure                                                         
and financial investments                                                     
Purchase of tangible          
fixed assets                            (195)             (215)         (426)
Sale of tangible fixed          
assets                                     9                10            25
Purchase of                      
investments                               (6)                -          (570)
Sale of investments                        4                 5             1

Net cash outflow for              
capital expenditure                                                         
and financial investments               (188)             (200)         (970)

Acquisitions and disposals                                                    
Purchase of subsidiary                    
undertakings                               -                (7)         (117)
Purchase of shares               
from minorities                           (49)             (62)          (67)
Settlement of deferred           
creditor (PU)                            (230)                -            -
Additional investment             
in associates                             (58)             (15)          (23)
Sale of associates                         62                8            13
Sale of subsidiary             
undertakings                                8                5           233
Net cash disposed with 
subsidiary undertakings                    (1)              (3)           (9)
                                                           
Net cash (outflow           
for)/inflow from                                                            
acquisitions and                                                            
disposals                                (268)             (74)           30

Dividends paid to                
ordinary shareholders                    (132)               -           (50)

Management of liquid                                                        
resources           
(Purchase)/sale of 
short-term liquid  
instruments                               (87)              86           531
Cash withdrawn             
from/(placed in)                                                            
short-term deposits                        14              (12)          (28)
Net cash                
(outflow)/inflow from  
management of liquid  
resources                                 (73)              74           503

Financing                                                                   
Issue of shares to SAB  
shareholders                                1                -             3
Issue of shares to     
minorities                                  -                1             2
New loans raised                          408              134           136
Repayment of loans                       (224)             (52)          (69)
Net cash inflow from            
financing                                 185               83            72

(Decrease)/increase in   
cash in the period           6           (170)             166           192
 
CONSOLIDATED STATEMENTS OF TOTAL RECOGNISED GAINS AND LOSSES 
for the six months ended 30 September 
                                                                              
                                   Six months       Six months    Year ended
                                ended 30/9/00    ended 30/9/99       31/3/00
                                    Unaudited        Unaudited       Audited
                                         US$m             US$m          US$m
Profit for the financial period           177              187           484
Currency translation differences
on foreign currency net investments      (170)               1          (122)
Share of movement in reserves
of associates                               -                -            (1)
Other movements                             -                2            (5)
                                                                             
Total recognised gains and losses
for the period                              7              190           356
 
CONSOLIDATED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 
for the six months ended 30 September 

                                   Six months       Six months    Year ended 
                                ended 30/9/00    ended 30/9/99       31/3/00 
                                    Unaudited        Unaudited       Audited 
                                         US$m             US$m          US$m 
Profit for the financial period           177              187           484
Other recognised gains and losses
relating to the period (net)             (170)               3          (128)
Goodwill written back on 
sale of PGSI                                -                -           278
Issue of shares to SAB shareholders         1                -             3
Dividend declared by SAB plc *            (45)             (50)         (179)
                                                                             
Net (decrease)/increase in 
shareholders funds                        (37)             140           458 

Shareholders' funds at  
start of period                         2,161            1,703         1,703
                                                                             
Shareholders' funds at end   
of period                               2,124            1,843         2,161

* Dividend received on shares held by Safari Limited netted off  
 
NOTES TO THE FINANCIAL STATEMENTS 
 
1. Basis of preparation 
 
The financial statements are prepared under the historical cost convention
and in accordance with the applicable UK Accounting Standards, all of which
have been applied consistently throughout the period and the preceding year
as set out on pages 74 to 79 of the 2000 annual report. The group financial
statements consolidate those of the company and all of its subsidiary
undertakings together with the attributable share of the group's share of the
results of associated undertakings. The principal subsidiary and associated
undertakings are all coterminous with those of the company, except for two of
the group's significant associated undertakings, Distillers Corporation (SA)
Limited and Stellenbosch Farmers' Winery Group Limited, which have statutory
accounting reference dates of 30 June and therefore accounted for three
months in arrears. 

Supplementary information
 
The accompanying supplementary information, which is unaudited, discloses the
continuing operations profit and loss accounts, balance sheets and cash flow
statements of the SAB plc group for the half years ended 30 September 2000
and 30 September 1999 and the year ended 31 March 2000. The continuing
operations financial information excludes Plate Glass and Shatterprufe
Industries Limited in the prior year (disposed of on 30 November 1999) and is
presented in order to enable users to obtain an understanding of the
continuing nature of the SAB plc businesses. 
 
In addition, the supplementary information presents the SAB plc group profit
and loss accounts, balance sheets and cash flow statements in SA rand for the
respective financial periods. 
 
2. Segmental analysis 
                                                                             
                                   Six months       Six months    Year ended 
Turnover                        ended 30/9/00    ended 30/9/99       31/3/00
                                    Unaudited        Unaudited       Audited
                                         US$m             US$m          US$m
Business segment analysis 
   
Beer South Africa                         670              765         1,608

SAB International                         971              788         1,474
Associates' share                        (118)            (119)         (225)
                                          853              669         1,249

Other Beverage Interests                  355              421           954
Associates' share                        (117)            (130)         (295)
                                          238              291           659

Hotels and Gaming                         110              126           263
Associates' share                         (52)             (64)         (133)
                                           58               62           130

Continuing operations                   2,106            2,100         4,299
Associates' share                        (287)            (313)         (653)
                                        1,819            1,787         3,646

PGSI                                        -              880         1,125
Associates' share                           -             (296)         (381)
                                            -              584           744
Group                                   2,106            2,980         5,424
Associates' share                        (287)            (609)       (1,034)
                                        1,819            2,371         4,390

Geographical market analysis
South Africa                            1,131            1,472         3,004
Associates' share                        (169)            (194)         (428)
                                          962            1,278         2,576

Rest of Africa, Eastern                  
Europe and China                          975              801         1,512
Associates' share                        (118)            (131)         (244)
                                          857              670         1,268

North America, Western   
Europe & Australasia                        -              707           908
Associates' share                           -             (284)         (362)
                                            -              423           546

Group                                   2,106            2,980         5,424
Associates' share                        (287)            (609)       (1,034)
                                        1,819            2,371         4,390
 
                                   Six months       Six months    Year ended
Operating profit                ended 30/9/00    ended 30/9/99       31/3/00
                                    Unaudited        Unaudited       Audited
                                         US$m             US$m          US$m 
Business segment analysis  
   
Beer South Africa                         147              163           407

SAB International                         154              121           199
Associates' share                         (16)             (21)          (28)
                                          138              100           171
 
Other Beverage Interests                   31               35           120
Associates' share                         (12)             (12)          (39)
                                           19               23            81
 
Hotels and Gaming                          17               12            40
Associates' share                          (9)             (11)          (29)
                                            8                1            11
                                                                             
Central administration                    (15)             (16)          (35)
  
Continuing operations -      
excluding exceptional items               334              315           731
Associates' share                         (37)             (44)          (96)
                                          297              271           635

PGSI                                        -               57            61
Associates' share                           -              (20)          (20)
                                            -               37            41

Group - excluding     
exceptional items                         334              372           792
Associates' share - 
excluding exceptional items               (37)             (64)         (116)
                                          297              308           676

Exceptional items 
SAB International                           -               (9)          (11)
PGSI                                        -                -           (13)
Associates' share                           -                -            14
                                            -               (9)          (10)

Group - including       
exceptional items                         334              363           768
Associates' share                         (37)             (64)         (102)
                                          297              299           666

Geographical market analysis                                                  
South Africa                              185              196           526
Associates' share                         (21)             (23)          (68)
                                          164              173           458

Rest of Africa, Eastern     
Europe and China                          156              124           222
Associates' share                         (16)             (18)          (30)
                                          140              106           192
North America, Western     
Europe & Australasia                       (7)              52            44
Associates' share                           -              (23)          (18)
                                           (7)              29            26
 
Exceptional items                                                           
Rest of Africa, Eastern    
Europe and China                            -               (9)          (11)
North America, Western        
Europe and Australasia                      -                -           (13)
Associates' share                           -                -            14
                                            -               (9)          (10)

Group - including 
exceptional items                         334              363           768
Associates' share                         (37)             (64)         (102)
                                          297              299           666

3. Taxation on profit on ordinary activities

                                   Six months       Six months    Year ended 
                                ended 30/9/00    ended 30/9/99       31/3/00 
                                    Unaudited        Unaudited       Audited 
                                         US$m             US$m          US$m 
South African income taxation
Current taxation at 30%                    43               42           113
Deferred taxation                           -              (3)           (5)
Prior year adjustments                      -                -             1
                                           43               39           109

Other foreign taxation
Current taxation                           30               29            41
Deferred taxation                           1              (1)             3
Prior year adjustments                      -                -            (1)
                                           31               28            43

Withholding taxes and 
secondary taxation on                       
companies                                   3                1            15
Share of associates'    
taxation charge                             9                6            19
                                           86               74           186

Effective tax rate, before    
goodwill amortisation (%)                26.9             23.3          24.8

4. Earnings per share 
                                  Six months        Six months    Year ended
                               ended 30/9/00     ended 30/9/99       31/3/00
                                   Unaudited         Unaudited       Audited
                                    US cents          US cents      US cents

Basic earnings per ordinary 
share                                   25.4             24.2           64.3
Diluted basic earnings per    
ordinary share                          25.3             24.1           64.1
Adjusted basic earnings per  
ordinary share                          25.5             24.3           56.6
 
The calculation of basic earnings per ordinary share has been based on the
profit for the financial period as shown in the table that follows, and on a
weighted average number of shares in issue of 696,974,243 (1999: 773,683,384)
 
At 30 September 2000 there were 9,191,000 share purchase options outstanding
under the SAB Limited Executive Share Purchase Scheme, 1,321,977 share
purchase options outstanding under SAB plc option schemes and 451,440 shares
which may be issued in accordance with The SAB Share Awards Scheme. The
calculation of diluted earnings per share is based on a weighted average
number of shares in issue of 698,223,422 after adjusting for 1,249,179
weighted dilutive potential ordinary shares and the profit for the financial
period as shown above. The average share price of SAB plc since the beginning
of the period used in determining the number of potentially dilutive ordinary
shares, is US$6.92 compared with an average strike price on the outstanding
options of US$6.27. 
 
The group has also presented an adjusted basic earnings per share figure to
exclude the impact of exceptional items in order to present a more meaningful
comparison for the periods shown in the consolidated financial information.
Adjusted earnings per share has been based on adjusted headline earnings for
each financial period and on the same number of weighted average ordinary
shares in issue as the basic earnings per share calculation. Headline
earnings per share has been calculated in accordance with the Institute of
Investment Management and Research ('IIMR')'s Statement of Investment
Practice No. 1 entitled 'The Definition of Headline Earnings'. The
adjustments made to arrive at headline earnings and adjusted earnings are as
follows: 

                                   Six months       Six months    Year ended
                                ended 30/9/00    ended 30/9/99       31/3/00
                                    Unaudited        Unaudited       Audited
                                         US$m             US$m          US$m

Profit for the financial period           177              187           484
Amortisation of goodwill                    9                1             6
Profit on sale of PGSI  
after taxation of US$8 
million (R50 million)                       -                -           (68)
Brewery closure costs in SABI               -                9            11
Profit on sale of fixed   
assets and investments *                   (8)              (9)          (14)
Headline earnings (basic)                 178              188           419
       
Reorganisation costs incurred       
by PGSI in North America                    -                -             7
Adjusted earnings                         178              188           426
       
* (Profit)/loss on sale of fixed assets and investments is stated after the
impact of taxation and minority interests. 
 
5. Reconciliation of operating profit to net cash inflow from operating
activities 
                                                                            
                                   Six months       Six months    Year ended
                                ended 30/9/00    ended 30/9/99       31/3/00
                                    Unaudited        Unaudited       Audited
                                         US$m             US$m          US$m

Operating profit                          297              299           666
Depreciation                               86              104           189
Container amortisation and    
breakages                                  20               18            45
Amortisation of intangible     
fixed assets                                9                1             7
Dividends received from    
other investments                          (2)              (1)           (2)
Profit on sale of fixed     
assets                                    (11)              (7)          (12)
Non-cash impairment of  
Hungarian brewery                           -                9             9
Deferred income                            (1)             (10)           (5)
Other non-cash movements                   10                3            20

Net cash inflow from         
operating activities before                                                 
working capital movements ('EBITDA')      408              416           917

Increase in stock                          (4)             (23)          (39)
Increase in debtors                       (81)             (70)          (11)
Increase/(decrease) in creditors          137              116            (3)
Net cash inflow from  
operating activities                      460              439           864

6. Reconciliation of net cash flow to movement in net debt 
                                                                              
                                  Six months        Six months   Year ended
                               ended 30/9/00     ended 30/9/99      31/3/00
                                   Unaudited         Unaudited      Audited
                                        US$m              US$m         US$m

(Decrease)/increase in cash             (170)              166          192
Cash inflow from increase  
in debt and lease financing             (184)              (82)         (67)
Cash outflow/(inflow) from    
decrease/(increase) in   
liquid resources                          73               (74)        (503)

Change in net debt           
resulting from cash flows               (281)               10         (378)
Loans and finance leases      
acquired with subsidiary   
undertakings                               -                 -          (81)
Loans and finance leases        
disposed with subsidiary                                                    
undertakings                               1               106           347
Exchange movements                        34               (14)           30
       
Movement in net debt in the   
period                                  (246)              102           (82)
Opening net debt                        (286)             (204)         (204)
Closing net debt                        (532)             (102)         (286)

7. Post balance sheet events 
 
Subsequent to the period end, the group entered into an arrangement with
Cadbury Schweppes plc and Cadbury Schweppes (South Africa) Limited ('CSSA')
in terms of which, on the unbundling of CSSA's interest in Amalgamated
Beverage Industries Limited ('ABI') the group acquired 12.2 million
additional ABI shares for R496 million (US$66 million) with effect from 21
November 2000. This increases the group's interest in ABI to 73.1%. 
 
In terms of the previously announced agreement to acquire Pilsner Urquell,
the board resolved on 29 November 2000 to exercise the call option to acquire
an additional 24.5% shareholding for US$165 million. This increases the
group's interest to 75.5%. Puts and calls exist for the remaining 24.5% and a
decision is not required until June 2001.  

SUPPLEMENTARY INFORMATION 

1. SA rand 
 
Consolidated Profit and Loss Accounts 
Consolidated Balance Sheets 
Consolidated Cash Flow Statements 
 
2. Continuing operations 
 
Profit and Loss Accounts 
Balance Sheets 
Cash Flow Statements 

Reporting currency 
 
The group's reporting currency is US dollars although, historically, SAB has
reported in South African rand. The group's South African businesses operate
in rand, while the international businesses, which operate in a basket of
underlying currencies, use US dollars as their functional and reporting
currency. 
 
Rand figures in the consolidated supplementary information have been
translated into US dollars as follows: 
                                                                             
                                                  Weighted          Closing
                                              average rate             rate
Period ended       : 30 September 2000                6.96             7.24
                   : 30 September 1999                6.09             6.00
                   : 31 March 2000                    6.16             6.53

Rand highlights (continuing operations) 
                                                                         
                              Six months           Six months       Change
                           ended 30/9/00        ended 30/9/99            %
                                      Rm                   Rm 

Turnover                          14,659               12,790           15
Operating profit                   2,324                1,916           21
Profit before tax                  2,160                1,779           21
 
Note: Prior year numbers are stated before an exceptional item of R52 million
relating to brewery closure costs in Hungary. There are no exceptional items
in the current period. Continuing operations exclude PGSI - disposed of on 30
November 1999.

CONSOLIDATED PROFIT AND LOSS ACCOUNTS 
for the six months ended 30 September 
                                                                           
                              Six months           Six months    Year ended
                           ended 30/9/00        ended 30/9/99       31/3/00
                               Unaudited            Unaudited       Audited
                                      Rm                   Rm            Rm
                                                                           
Turnover (including share 
of associates' turnover)          14,659               18,148        33,355
Less: share of associates' 
turnover                          (1,999)              (3,710)       (6,348)

Group turnover                    12,660               14,438        27,007
- continuing operations           12,660               10,883        22,461
- discontinued operation               -                3,555         4,546

Net operating costs              (10,592)             (12,616)      (22,907)
   
Group operating profit             2,068                1,822         4,100
Share of operating profit    
of associates                        256                  390           628

Trading profit                     2,324                2,212         4,728
- continuing operations            2,324                1,864         4,432
- discontinued operation               -                  348           296

Profit on disposal of     
subsidiary                             -                    -           468

Profit on ordinary         
activities before interest  
and taxation                       2,324                2,212         5,196
Net interest payable                (164)                (324)         (492)
Group                               (135)                (205)         (301)
Associates                           (29)                (119)         (191)

Profit on ordinary            
activities before taxation         2,160                1,888         4,704
Taxation on profit on       
ordinary activities                 (598)                (453)       (1,145)

Profit on ordinary        
activities after taxation          1,562                1,435         3,559
Equity minority interests           (331)                (296)         (580)

Profit for the financial period    1,231                1,139         2,979
                                                                        
Basic earnings per ordinary   
share (SA cents)                   176.6                147.1         395.6
Diluted basic earnings per    
ordinary share (SA cents)          176.3                147.0         394.7
Adjusted basic earnings per 
ordinary share (SA cents)          177.5                147.9         348.4
Dividend per ordinary share    
(SA cents)                          50.8                 40.0         172.0
                                                              
CONSOLIDATED BALANCE SHEETS 
at 30 September 
                                       30/9/00      30/9/99      31/3/00
                                     Unaudited    Unaudited      Audited
                                            Rm           Rm           Rm
Fixed assets                       
Intangible assets                        4,153        2,241        3,971
Tangible assets                         13,218       11,552       12,495
Investments                              6,993        2,462        6,458
Investments in associates                2,605        2,273        2,480
Other long-term investments              4,388          189        3,978
                                        24,364       16,255       22,924
Current assets                                                          
Stock                                    1,521        2,021        1,458
Debtors                                  2,637        3,809        2,186
Investments                              1,383        3,222          780
Cash at bank and in hand                 1,488        1,608        1,283
                                         7,029       10,660        5,707

Creditors - amounts falling due within   
one year                                (7,843)      (7,498)      (9,146)
Interest bearing                        (2,282)      (1,225)      (2,010)
Other                                   (5,561)      (6,273)      (7,136)

Net current (liabilities)/assets          (814)       3,162       (3,439)
Total assets less current liabilities   23,550       19,417       19,485
                                                                             
Creditors - amounts falling due after
one year                                (4,461)      (4,730)      (1,938)
Interest bearing                        (4,444)      (4,217)      (1,923)
Other                                      (17)        (513)         (15)

Provisions for liabilities and charges    (897)      (2,377)        (903)
   
Net assets                              18,192       12,310       16,644
Shareholders' funds                     15,374       11,055       14,042
Equity minority interests                2,818        1,255        2,602
Capital employed                        18,192       12,310       16,644

CONSOLIDATED CASH FLOW STATEMENTS 
for the six months ended 30 September 

                                    Six months       Six months    Year ended
                                 ended 30/9/00    ended 30/9/99       31/3/00
                                     Unaudited        Unaudited       Audited
                                            Rm               Rm            Rm
Net cash inflow from                  
operating activities                     3,202            2,676         5,310
                                                                              
Dividends received from 
associates                                  23               33           106

Returns on investments and                                                  
servicing of finance                                                        
Interest received                          132              124           280
Interest paid                             (198)            (319)         (603)
Interest element of finance           
lease rental payments                       -                (1)          (25)
Dividends received from   
other investments                          12                 7            15
Dividends paid to         
minorities                               (303)             (188)         (278)

Net cash outflow from        
returns on investments and   
servicing of finance                     (357)            (377)          (611)

Taxation                                 (741)            (604)        (1,075)
                                                                            
Capital expenditure and                                                     
financial investments   
Purchase of tangible fixed assets      (1,360)         (1,310)         (2,620)
Sale of tangible fixed assets              65               62            154 
Purchase of investments                   (40)               -         (3,511)
Sale of investments                        29               30              2 

Net cash outflow for    
capital expenditure and   
financial investments                 (1,306)           (1,218)        (5,975)

Acquisitions and disposals 
Purchase of subsidiary              
undertakings                               -               (47)          (722)
Purchase of shares from    
minorities                              (341)             (377)          (412)
Settlement of deferred      
creditor (PU)                         (1,595)                -              - 
Additional investment in  
associates                              (408)              (92)          (139)
Sale of associates                       433                51             79 
Sale of subsidiary         
undertakings                              54                30          1,439
Net cash disposed with     
subsidiary undertakings                   (6)              (18)           (55)

Net cash (outflow         
for)/inflow from    
acquisitions and disposals            (1,863)             (453)          190  

Dividends paid to ordinary  
shareholders                            (918)                -          (309)
                                                  
Management of liquid resources                                                
(Purchase)/sale of    
short-term liquid instruments           (604)              525         3,271 
Cash withdrawn from/(placed 
in) short-term deposits                   96               (72)         (169)
Net cash (outflow)/inflow             
from management of liquid resources     (508)              453         3,102  

Financing
Issue of shares to SAB   
shareholders                               3                 -            16
Issue of shares to     
minorities                                 -                 7            14
New loans raised                       2,838               816           838
Repayment of loans                    (1,557)             (316)         (425)
Net cash inflow from         
financing                              1,284               507           443

(Decrease)/increase in cash  
in the period                         (1,184)            1,017         1,181
                                                  
CONTINUING OPERATIONS PROFIT AND LOSS ACCOUNTS (UNAUDITED) 
for the six months ended 30 September 
                                                                              
                                  Six months       Six months     Year ended
                               ended 30/9/00    ended 30/9/99        31/3/00
                                        US$m             US$m           US$m
                                                                            
Turnover (including share 
of associates' turnover)               2,106            2,100          4,299
Less: share of associates'   
turnover                                (287)            (313)          (653)
Group turnover                         1,819            1,787          3,646
  
Net operating costs                   (1,522)          (1,525)        (3,021)
  
Group operating profit                   297              262            625
Share of operating profit         
of associates                             37               44             95

Trading profit                           334              306            720
- pre-exceptionals                       334              315            731
- exceptional items *                      -               (9)           (11)

Profit on disposal of subsidiary           -                -             76
 
Profit on ordinary activities
before interest and taxation             334              306            796
Net interest payable                     (24)             (22)           (40)
Group                                    (20)             (17)           (27)
Associates                                (4)              (5)           (13)

Profit on ordinary           
activities before taxation               310              284            756
                                            
Taxation on profit on      
ordinary activities                      (86)             (66)          (176)
 
Profit on ordinary    
activities after taxation                224              218            580
Equity minority interests                (47)             (41)           (96)

Profit for the financial  
period - continuing operations           177              177            484
Profit for the financial  
period - PGSI                              -               10              -
Profit for the financial      
period - group                           177              187            484


* Exceptional items:                                                     
Brewery closure costs in SABI              -                9             11

CONTINUING OPERATIONS BALANCE SHEETS (UNAUDITED) 
at 30 September 
                                                                              
                                         30/9/00    30/9/99    31/3/00
                                            US$m       US$m       US$m
Fixed assets                                                                
Intangible assets                            573        367        608
Tangible assets                            1,826      1,729      1,913
Investments                                  966        399        989
Investments in associates                    360        371        380
Other long-term investments                  606         28        609
                                           3,365      2,495      3,510
Current assets                                      
Stock                                        210        208        223
Debtors                                      364        394        335
Investments                                  191        537        119
Cash at bank and in hand                     206        242        197
                                             971      1,381        874

Creditors - amounts falling due 
within one year                           (1,083)      (949)    (1,390)
Interest bearing                            (315)      (148)      (308)
Other                                       (768)      (801)    (1,082)
Net current (liabilities) / assets          (112)       432       (516)
Total assets less current liabilities      3,253      2,927      2,994
                                                                              
Creditors - amounts falling due 
after one year                              (616)      (436)      (297)
Interest bearing                            (614)      (433)      (294)
Other                                         (2)        (3)        (3)
   
Provisions for liabilities and charges      (124)      (166)      (138)
   
Net assets - continuing operations          2,513      2,325      2,559
PGSI net liabilities                            -       (273)         -
Net assets - group                          2,513      2,052      2,559
  
Shareholders' funds                         2,124      1,843      2,161
Equity minority interests                     389        209        398
Capital employed                            2,513      2,052      2,559
 
CONTINUING OPERATIONS CASH FLOW STATEMENTS (UNAUDITED) 
for the six months ended 30 September 
                                                                             
                                    Six months       Six months    Year ended
                                 ended 30/9/00    ended 30/9/99       31/3/00
                                          US$m             US$m          US$m
Net cash inflow from         
operating activities                       460              384           795
                                                                              
Dividends received from     
associates                                   3                4            16
                                                                             
Returns on investments and                                                  
servicing of finance   
Interest received                           19               20            46
Interest paid                              (28)             (36)          (77)
Interest element of finance  
lease rental payments                        -                -            (3)
Dividends received on other   
investments                                  2                1             2
Dividends paid to minority    
interests                                  (44)             (30)          (44)

Net cash outflow from         
returns on investments and                                                  
servicing of finance                       (51)             (45)          (76)
                                                     
Taxation                                  (106)             (98)         (173)
                                                                             
Capital expenditure and                                                     
financial investments                                                       
Purchase of tangible fixed 
assets                                    (195)            (183)         (387)
Sale of tangible fixed     
assets                                       9                8            21
Purchase of investments                     (6)               -          (570)
Sale of investments                          4                5             1

Net cash outflow for      
capital expenditure and                                                     
financial investments                     (188)            (170)         (935)

Acquisitions and disposals                                                  
Purchase of subsidiary      
undertakings                                 -               (7)         (117)
Purchase of shares from      
minorities                                 (49)             (61)          (67)
Settlement of deferred       
creditor (PU)                             (230)               -             -
Additional investment in    
associates                                 (58)             (15)          (23)
Sale of associates                          62                8            13
Sale of subsidiary                    
undertakings                                 8                -           229
Net cash     
(disposed)/acquired with                                                    
subsidiary undertakings                     (1)               2            25
                                  
Net cash (outflow           
for)/inflow from         
acquisitions and disposals                (268)             (73)           60

Dividends paid to ordinary    
shareholders                              (132)               -           (50)
                                                      
Management of liquid resources  
(Purchase)/sale of short    
term liquid investments                    (87)              74           531
Cash withdrawn from/(placed   
in) short-term deposits                     14                -           (28)
Net cash (outflow)/inflow               
from management of liquid   
resources                                  (73)              74           503

Financing                  
Issue of shares to SAB    
shareholders                                 1                -             3
Issue of shares to      
minorities                                   -                1             2
New loans raised                           408              132           117
Repayment of loans                        (224)             (52)          (51)
Net cash inflow from        
financing                                  185               81            71

(Decrease)/increase in cash  
in the period - continuing                                                  
operations                                (170)             157           211

Increase/(decrease) in cash 
- PGSI                                       -                9           (19)
(Decrease)/increase in cash 
- group                                   (170)             166           192