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SouthAfricanBrewerie (SAB)

  Print      Mail a friend       Annual reports

Thursday 31 May, 2001

SouthAfricanBrewerie

Preliminary Results - Part 2

South African Breweries PLC
31 May 2001



PART 2

South African Breweries plc
Consolidated Profit and Loss Accounts
For the years ended 31 March

                                   2001     2000            2001     2000
                              Unaudited  Audited       Unaudited  Audited
                        Notes      US$m     US$m              Rm       Rm

Turnover (including         2     4,184    5,424          30,689   33,355
share of associates'
turnover)
Less: share of
associates' turnover              (560)  (1,034)         (4,105)   (6,348)      

Group turnover              2     3,624    4,390          26,584   27,007
- continuing operations           3,624    3,646          26,584   22,461
- discontinued                        -      744               -    4,546
operation

Net operating costs         3   (2,987)  (3,724)        (21,913)  (22,907)      

Group operating profit              637      666           4,671    4,100
Share of operating          2        63      102             461      628
profit of associates

Trading profit              2       700      768           5,132    4,728
- continuing operations             700      720           5,132    4,432
- discontinued                        -       48               -      296
operation

Profit on disposal of       6         -       76               -      468
subsidiary

Profit on ordinary                  700      844           5,132    5,196
activities before
interest and taxation
Net interest payable               (54)     (80)           (395)    (492)

Group                              (43)     (49)           (313)    (301)
                                   
Associates                         (11)     (31)            (82)    (191)

Profit on ordinary                  646      764           4,737    4,704
activities before
taxation
Taxation on profit on       5
ordinary activities               (186)    (186)         (1,366)  (1,145)

Profit on ordinary                  460      578           3,371    3,559
activities after
taxation
Equity minority
interests                         (101)     (94)           (736)    (580)
                                  
Profit for the                      359      484           2,635    2,979
financial year
Dividends                         (174)    (179)         (1,279)   (1,212)

Retained profit                     185      305           1,356    1,767

Basic earnings per          6      51.5     64.3           378.0    395.6
ordinary share (US/SA
cents)
Diluted basic earnings      6      51.4     64.1           376.8    394.7
per ordinary share (US/
SA cents)
Adjusted basic earnings     6      54.4     56.6           399.2    348.4
per ordinary share (US/
SA cents)
Dividends per ordinary             25.0     25.0
share (US cents)


South African Breweries plc
Consolidated Balance Sheets
At 31 March

                                     2001    2000             2001       2000
                                Unaudited Audited        Unaudited    Audited
                         Notes       US$m    US$m               Rm         Rm

Fixed assets
Intangible assets          7          867     608            6,938      3,971

Tangible assets                     1,784   1,913           14,268     12,495
                                                       
Investments                         1,016     989            8,130      6,458

Investments in                                
associates                            364     380            2,916      2,480
Other fixed asset                             
investments                           652     609            5,214      3,978

                                    3,667   3,510           29,336     22,924
Current assets
Stock                                 205     223            1,637      1,458
Debtors                               309     335            2,472      2,186
Investments               10           53     119              422        780
Cash at bank and in hand  10          165     197            1,324      1,283
                                      732     874            5,855      5,707

Creditors - amounts               (1,064) (1,390)          (8,514)    (9,146)
falling due within one                                                
year
Interest bearing          10        (206)   (308)          (1,651)    (2,010)
Other                               (858) (1,082)          (6,863)    (7,136)
                                    
Net current liabilities             (332)   (516)          (2,659)    (3,439)

Total assets less                   3,335   2,994           26,677     19,485
current liabilities                                                    

Creditors - amounts                 (854)   (297)          (6,828)    (1,938)
falling due after one                                                 
year
Interest bearing          10        (847)   (294)          (6,778)    (1,923)
                                                                      
Other                                 (7)     (3)             (50)       (15)
                                                             
Provisions for             8         (89)   (138)            (715)      (903)
liabilities and charges             

Net assets                          2,392 (2,559)           19,134     16,644

Shareholders' funds                 2,100   2,161           16,801     14,042

Equity minority                       292     398            2,333      2,602
interests     
Capital employed                    2,392   2,559           19,134     16,644



South African Breweries plc
Consolidated Cash Flow Statements
For the years ended 31 March
                                      2001      2000            2001       2000
                                 Unaudited   Audited       Unaudited    Audited
                           Notes      US$m      US$m              Rm         Rm

Net cash inflow from         9         859       864           6,298      5,310
operating activities                                                      

Dividends received from                 15        17             107        106
associates                                                       

Returns on investments and
servicing of finance
Interest received                       36        46             267        280
                                                                 
Interest paid                         (74)      (98)           (543)      (603)
                                                                          
Interest element of                            
finance lease rental                                              
payments                               (2)       (4)            (12)       (25)
Dividends received  from                 3         2              25         15
other investments                                                  
Dividends paid to minority
interests                             (71)      (45)           (524)     (278)  
                                 
Net cash outflow from
returns on investments
and servicing of finance             (108)      (99)           (787)      (611)

Taxation                             (179)     (175)         (1,310)    (1,075)
                                                             
Capital expenditure and
financial investments
Purchase of tangible fixed
assets                               (350)     (426)         (2,566)    (2,620) 
                      
Sale of tangible fixed                           
assets                                  19        25             136        154 

Purchase of investments               (15)     (570)           (110)    (3,511)
                                     
Sale of investments                     22         1             161          2

Net cash outflow for
capital expenditure
and financial investments            (324)     (970)         (2,379)    (5,975)

Acquisitions and disposals
Purchase of subsidiary      
undertakings                11         (4)     (117)            (33)      (722) 
                                       
Sale of subsidiary                       9       233              66      1,439
undertakings                                                          
                                                                 
Net cash disposed with                 (1)       (9)             (5)       (55)
subsidiary undertakings               

Purchase of shares from     
minorities                  11       (453)      (67)         (3,323)      (412) 
                      
Settlement of deferred               (230)         -         (1,680)          -
creditor (PU)                                                
Purchase of shares in                 (42)         -           (312)          -
associate
Net funding to associates             (38)      (23)           (278)      (139)
                                                                          
Sale of associate                       59        13             431         79
                                                                 
Net cash (outflow) /inflow           (700)        30         (5,134)        190
for acquisitions and disposals            

Dividends paid to ordinary           (177)      (50)         (1,300)      (309)
shareholders                                                              

Management of liquid
resources
Sale of short-term liquid               50       531             365      3,271
instruments                                                      
Cash withdrawn from/
(placed in) short-term                                           
deposits                                14      (28)             106      (169)
Net cash inflow from        10          64       503             471      3,102 
management of liquid                                             
resources                               

Financing
Issue of shares                          3         3              23         16

Issue of shares to                       1         2               5         14
minorities                                                                   

New loans raised            10         741       136           5,433        838
                                                            
Repayment of loans          10       (254)      (69)         (1,860)      (425)
                                                             
Net cash inflow from                              
financing                              491        72          3,601        443
(Decrease) /increase in     10         (59)      192           (433)      1,181
cash in the year                                                          
 


South African Breweries plc
Consolidated Statements of Total Recognised Gains and Losses
For the years ended 31 March

                                                 2001    2000      2001    2000
                                            Unaudited Audited Unaudited Audited
                                                 US$m    US$m        Rm      Rm

Profit for the financial year                    359      484     2,635   2,979
Currency translation differences on foreign
currency net investments                        (245)   (122)     1,410      12
Share of movements in reserves of                   1     (1)         6     (4)
associates
Other movements                                   (5)     (5)      (36)    (27)

Total recognised gains and losses for the         110     356     4,015   2,960
year


South African Breweries plc
Consolidated Reconciliation of Movements in Shareholders' Funds
For the years ended 31 March

                                                 2001    2000      2001    2000
                                            Unaudited Audited Unaudited Audited
                                                 US$m    US$m        Rm      Rm

Profit for the financial year                     359     484     2,635   2,979
Other recognised gains and losses relating
to the period                                   (249)   (128)     1,380    (19)
Goodwill written back on the sale of PGSI           -     278         -   1,721
Dividends declared by SAB plc *                 (174)   (179)   (1,279) (1,212)
Issue of shares to SAB shareholders                 3       3        23      17
Net (decrease)/increase in shareholders'         (61)     458     2,759   3,486
funds

Shareholders' funds at start of year            2,161   1,703    14,042  10,556

Shareholders' funds at end of year              2,100   2,161    16,801  14,042



*Dividends received on shares held by Safari Limited netted off

The amount of cumulative goodwill in respect of purchased subsidiary and
associated undertakings, after taking account of minority share, which has
been set off against shareholders' funds at 31 March 2001 was US$172 million
(R1,375 million) and US$187 million (R1,220 million) at 31 March 2000.


South African Breweries plc
Notes to the Financial Statements


1. Basis of preparation

The consolidated financial statements present the financial record for the two
years ended 31 March 2001 and 31 March 2000.

Financial information in respect of those businesses included within the
consolidated financial statements before 1998 were reported in South African
rand as this was the dominant functional currency of the SAB Limited group
when it included the demerged entities which were all South African rand-based
companies.  As a result of the demerger of those entities and further
acquisitions by SAB outside of South Africa, the comparative importance to the
consolidated financial information of the SAB International businesses has
increased. The subsidiary and associated undertakings that comprise the SAB
International businesses operate in the local currency of the country in which
they are based, from a functional perspective, the group regards these
operations as being US dollar-based as the transactions of these entities are,
insofar as is possible, made in US dollars.  In management accounting terms
these companies report in US dollars.  Following admission of its shares to
the London Stock Exchange, SAB plc is based in, and operated from, the United
Kingdom and is placing greater emphasis on the international operations of SAB
International.

As a consequence of the above factors, the directors of the company believe
that the group has now made the transition from a functional currency of the
rand to the US dollar, being the most representative currency of its
international operations.  However, as a result of the large number of South
African shareholders, the consolidated financial statements continue to be
presented in both rand and US dollars.  The exchange rates of rand to US
dollars used in preparing the consolidated financial information were as
follows:


                                          Weighted                     Closing
                                       average rate                        rate

Year ended 31 March                            6.16                        6.53
2000                                           
Year ended 31 March                            7.34                        8.00
2001                                                                       



The weighted average exchange rates have been calculated based on an average
of the exchange rates prevailing at each month end during the relevant year
and weighted according to the turnover of the group's businesses.

In accordance with s240 of the Companies Act, 1985, as amended, the above
statements do not set out the full group financial statements of SAB plc and
its subsidiary undertakings. Group financial statements for 2001 will be
delivered to the Registrar of Companies in due course. The board of directors
approved this financial information on 30 May 2001. The financial information
for the year ended 31 March 2000 does not comprise statutory accounts but has
been extracted from the statutory accounts for that year, which have been
delivered to the Registrar of Companies. The auditors report was unqualified
and did not contain a statement made under s237(2) or (3) of the Companies
Act, 1985.

Plate Glass and Shatterprufe Industries Limited

SAB plc disposed of its interest in Plate Glass and Shatterprufe Industries
Limited (PGSI) effective 30 November 1999 and has accordingly treated PGSI as
a discontinued operation in the prior year financial statements.

Safari Limited

On 27 September 1999, it was announced that SAB would purchase 10% of its own
shares following the unbundling by Bevcon of its entire shareholding in SAB.
Bevcon's largest shareholders, Liberty Life, Johnnic and Anglo American, who
together controlled approximately 83.3% of Bevcon, sold 10% of SAB's then
issued share capital to a special purpose vehicle (Safari Limited) established
and financed by South African Breweries International (Finance) BV, a
wholly-owned overseas subsidiary of SAB.  The purchase by Safari Limited was
at an initial price of R44.05 per share representing a total cost of R3,408
million (US$560 million).  In terms of the agreement,  a top up payment of
R5.95 per share, representing a total cost of R460 million (US$58 million) was
made to the Bevcon shareholders on 3 April 2001.  SAB shares acquired by
Safari Limited will remain in issue and provide additional flexibility in the
financing of future acquisitions by the SAB group.

Supplementary information

The accompanying supplementary information, which is unaudited, discloses the
continuing operations profit and loss accounts and cash flow statements of the
SAB plc group for the years ended 31 March 2001 and 31 March 2000.  The
continuing operations information excludes Plate Glass and Shatterprufe
Industries Limited 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 profit and loss
accounts and cash flow statements of the continuing SAB plc group for the
second six month period of the years ended 31 March 2001 and 31 March 2000.

Accounting policies

These preliminary financial statements should be read in conjunction with the
annual financial statements (which will be distributed in early July 2001).
They have been prepared using the accounting policies which will be set out in
that report. These policies are in accordance with Generally Accepted
Accounting Principles in  the United Kingdom (UK GAAP) and have been applied
on a basis consistent with those laid down in the annual report for the year
ended 31 March 2000.

South African Breweries plc
Notes to the Financial Statements

2. Segmental analysis
                                            Turnover          Operating profit
                                                 2001    2000      2001    2000
                                            Unaudited Audited Unaudited Audited
                                       Note      US$m    US$m      US$m    US$m
Business segment analysis
Beer South Africa                               1,365   1,608       343     407

SAB International                               1,797   1,474       260     199
Associates' share                               (206)   (225)      (23)    (28)
                                                1,591   1,249       237     171
Other Beverage Interests                          816     954       106     120
Associates' share                               (264)   (295)      (24)    (39)
                                                  552     659        82      81
Hotels and Gaming                                 206     263        25      40
Associates' share                               (90)    (133)      (16)    (29)
                                                  116     130         9      11
Central Administration                              -       -      (34)    (35)

Continuing operations - excluding
exceptional items                               4,184   4,299       700     731
Associates' share                               (560)   (653)      (63)    (96)
                                                3,624   3,646       637     635
PGSI                                                -   1,125         -      61
Associates' share                                   -   (381)         -    (20)
                                                    -     744         -      41
Group - excluding exceptional items             4,184   5,424       700     792
Associates' share                              (560)  (1,034)      (63)   (116)
                                                3,624   4,390       637     676
Exceptional items                         4
SAB International                                   -       -         -    (11)
PGSI                                                -       -         -    (13)
Associates' share                                   -       -         -      14
                                                    -       -         -    (10)
Group - including exceptional items             4,184   5,424       700     768
Associates' share                               (560) (1,034)      (63)   (102)
                                                3,624   4,390       637     666
Geographical market analysis
South Africa                                    2,377   3,004       460     526
Associates' share                               (354)   (428)      (40)    (68)
                                                2,023   2,576       420     458
Rest of Africa, Eastern Europe and              1,807   1,512       263     222
Asia
Associates' share                               (206)   (244)      (23)    (30)
                                                1,601   1,268       240     192
North America, Western Europe
and Australia*                                      -     908      (23)      44
Associates' share                                   -   (362)         -    (18)
                                                    -     546      (23)      26
Exceptional items                         4
Rest of Africa, Eastern Europe and                  -       -         -    (11)
Asia
North America, Western Europe and
Australia                                           -       -         -    (13)
Associates' share                                   -       -         -      14
                                                    -       -         -    (10)
 Group - including exceptional items            4,184   5,424       700     768
 Associates' share                                560 (1,034)      (63)   (102)
                                                3,624   4,390       637     666


*Comprised mainly of PGSI in prior year, which was discontinued.
There is no material difference between the source and destination of
turnover. Turnover between segments is immaterial.


2. Segmental Analysis (continued)
                                                     Operating margin
                                                                 2001      2000
                                                            Unaudited   Audited
                                                                    %         %
Business segment analysis
Beer South Africa                                                  25        25

SAB International                                                  15        14
Associates' share                                                  11        12
                                                                   15        14
Other Beverage interests                                           13        13
Associates' share                                                   9        13
                                                                   15        12
Hotels and Gaming                                                  12        15
Associates' share                                                  17        22
                                                                    8         9
Central Administration                                              -         -

Continuing business - excluding exceptional items                  17        17
Associates' share                                                  11        15
                                                                   18        17
PGSI                                                                -         5
Associates' share                                                   -         5
                                                                    -         6
Group - excluding exceptional items                                17        15
Associates' share                                                  11        11
                                                                   18        15


2. Segmental Analysis (continued)
                                        Net operating assets     EBITDA
                                                 2001    2000      2001    2000
                                            Unaudited Audited Unaudited Audited
                                  Note           US$m    US$m      US$m    US$m
Business segment analysis
Beer South Africa                                 494     509       408     485
SAB International*                              1,571   1,033       375     277
Associates' share                               (163)   (151)         -       -
                                                1,408     882       375     277

Other Beverage Interests                          533     601        94     104
Associates' share                               (103)   (117)         -       -
                                                  430     484        94     104
Hotels and Gaming                                 159     169        14      18
Associates' share                               (100)   (112)         -       -
                                                   59      57        14      18
Central Administration                          (148)    (27)      (37)    (31)
Continuing operations - excluding
exceptional items                               2,609   2,285       854     853
Associates' share                               (366)   (380)         -       -
                                                2,243   1,905       854     853

PGSI                                                -       -         -      68
Group operations - excluding
exceptional items                               2,609   2,285       854     921
Associates' share                               (366)   (380)         -       -
                                                2,243   1,905       854     921
Exceptional items                 4
SAB International                                   -       -         -     (4)

Group - including exceptional                   2,609   2,285       854     917
items
Associates' share                               (366)   (380)         -       -
                                                2,243   1,905       854     917

*Excludes Safari shares


South African Breweries plc
Notes to the Financial Statements

2. Segmental analysis (continued)
                                                         Capital expenditure
                                                            2001           2000
                                                       Unaudited        Audited
                                                Note        US$m           US$m
Business segment analysis
Beer South Africa                                            114           154

SAB International*                                           184            169
Associates' share                                              -              -
                                                             184            169
Other Beverage interests                                      24             52
Associates' share                                              -              -
                                                              24             52
Hotels and Gaming                                             25              9
Associates' share                                              -              -
                                                              25              9
Central Administration                                         3              3

Continuing operations - excluding exceptional
items                                                        350            387
Associates' share                                              -              -
                                                             350            387
PGSI                                                           -             39
Group - excluding exceptional items                          350            426
Associates' share                                              -              -
                                                             350            426
Exceptional items                                   4
SAB International                                              -              -
Group - including exceptional items                          350            426
Associates' share                                              -              -
                                                             350            426

*Excludes Safari shares
                                                          
South African Breweries
Notes to the Financial Statements

2.  Segmental Analysis (continued)
                                             Turnover         Operating profit
                                                 2001    2000      2001    2000
                                            Unaudited Audited Unaudited Audited
                                       Note        Rm      Rm        Rm      Rm
Business segment analysis
Beer South Africa                             10,014    9,908     2,520   2,507


SAB International                              13,180   9,081     1,909   1,225
Associates' share                             (1,509) (1,387)     (171)   (171)
                                               11,671   7,694     1,738   1,054
Other Beverage interests                        5,986   5,872       774     735
Associates' share                             (1,935) (1,809)     (176)   (243)
                                                4,051   4,063       598     492
Hotels and Gaming                               1,509   1,618       180     248
Associates' share                               (661)   (822)     (114)   (179)
                                                  848     796        66      69
Central Administration                              -       -     (251)   (217)

Continuing operations - excluding              30,689  26,479     5,132   4,498
exceptional items
Associates' share                             (4,105) (4,018)     (461)   (593)
                                               26,584  22,461     4,671   3,905
PGSI                                                -   6,876         -     376
Associates' share                                   - (2,330)         -   (123)
                                                    -   4,546         -     253
Group - excluding exceptional items            30,689  33,355     5,132   4,874
Associates' share                             (4,105) (6,348)     (461)   (716)
                                               26,584  27,007     4,671   4,158
Exceptional items                         4
SAB International                                   -       -         -    (66)
PGSI                                                -       -         -    (80)
Associates' share                                   -       -         -      88
                                                    -       -         -    (58)
Group - including exceptional items            30,689  33,355     5,132   4,728
Associates' share                             (4,105) (6,348)     (461)   (628)
                                               26,584  27,007     4,671   4,100
Geographical market analysis
South Africa                                   17,437  18,497     3,370   3,240
Associates' share                             (2,597) (2,631)     (290)   (422)
                                               14,840  15,866     3,080   2,818
Rest of Africa, Eastern Europe and             13,252   9,314     1,932   1,370
Asia
Associates' share                             (1,508) (1,501)     (171)   (186)
                                                     
                                               11,744   7,813     1,761   1,184
North America, Western Europe, and
Australia                                           -   5,544     (170)     264
Associates' share                                   -  (2,216)         -   (108)
                                                    
                                                    -   3,328     (170)     156
Exceptional items                         4
Rest of Africa, Eastern Europe and                          -              (66)
Asia
North America, Western Europe and
Australia*                                          -       -         -    (80)
Associates' share                                           -                88
                                                    -       -         -    (58)
 Group - including exceptional items           30,689  33,355     5,132   4,728
 Associates' share                            (4,105) (6,348)     (461)   (628)
                                               26,584  27,007     4,671   4,100

*Comprised mainly of PGSI in prior year, which was discontinued

There is no material difference between the source and destination of
turnover. Turnover between segments is immaterial.


2. Segmental Analysis (continued)
                                                           Operating    Margin
                                                                2001       2000
                                                           Unaudited    Audited
                                                                   %          %
Business segment analysis
Beer South Africa                                                 25         25

SAB International                                                 15         14
Associates' share                                                 11         12
                                                                  15         14
Other Beverage interests                                          13         13
Associates' share                                                  9         13
                                                                  15         12
Hotels and Gaming                                                 12         15
Associates' share                                                 17         22
                                                                   8          9
Central Administration                                             -          -
Continuing operations - excluding exceptional items               17         17
Associates' share                                                 11         15
                                                                  18         17
PGSI                                                               -          5
Associates' share                                                  -          5
                                                                   -          6
Group - excluding exceptional items                               17         15
Associates' share                                                 11         11
                                                                  18         15

*Excludes Safari shares


2. Segmental Analysis (continued)
                                         Net operating assets      EBITDA
                                               2001      2000      2001    2000
                                          Unaudited   Audited Unaudited Audited
                                    Note         Rm        Rm        Rm      Rm
Business segment analysis
Beer South Africa                             3,948     3,322     2,992   2,986
SAB International*                           12,567     6,741     2,750   1,710
Associates' share                           (1,306)     (985)         -       -
                                             11,261     5,756     2,750   1,710
Other Beverage interests                      4,265     3,923       688     644
Associates' share                             (821)     (762)         -       -
                                              3,444     3,161       688     644
Hotels and Gaming                             1,275     1,108        99     112
Associates' share                             (799)     (733)         -       -
                                                476       375        99     112
Central Administration                      (1,182)     (240)     (268)   (193)

Continuing operations - excluding
exceptional items                            20,873    14,854     6,261   5,259
Associates' share                           (2,926)   (2,480)         -       -
                                             17,947    12,374     6,261   5,259
PGSI                                              -         -         -     413
Group - excluding exceptional                20,873    14,854     6,261   5,672
items
Associates' share                           (2,926)   (2,480)         -       -
                                             17,947    12,374     6,261   5,672
Exceptional items                      4
SAB International                                 -         -         -    (26)
Group - including exceptional                20,873    14,854     6,261   5,646
items
Associates' share                           (2,926)   (2,480)         -       -
                                             17,947    12,374     6,261   5,646

*Excludes Safari shares


2.Segmental Analysis (continued)
                                                   Capital  expenditure
                                                      2001                 2000
                                                 Unaudited              Audited
                                                        Rm                   Rm
Business segment analysis
Beer South Africa                                      838                  947
SAB International*                                   1,350                1,039
Associates' share                                        -                    -
                                                     1,350                1,039
Other Beverage interests                               178                  323
Associates' share                                        -                    -
                                                       178                  323
Hotels and Gaming                                      181                   53
Associates' share                                        -                    -
                                                       181                   53
Central Administration                                  19                   18

Continuing operations - excluding
exceptional items                                    2,566                2,380
Associates' share                                        -                    -
                                                     2,566                2,380
PGSI                                                     -                  240
Group - excluding exceptional items                  2,566                2,620
Associates' share                                        -                    -
                                                     2,566                2,620
Exceptional items                            4
SAB International                                        -                    -
Group - including exceptional items                  2,566                2,620
Associates' share                                        -                    -
                                                     2,566                2,620


South African Breweries plc
Notes to the Financial Statements

3. Net Operating Costs

                                                 2001    2000      2001    2000
                                            Unaudited Audited Unaudited Audited
                                                 US$m    US$m        Rm      Rm
Raw materials and consumable stores               983   1,202    7,208    7,369
Changes in stock of finished goods and work
in progress                                       (9)       9      (68)      55
Excise duties                                     684     709     5,021   4,366
Employee costs                                    426     701     3,128   4,321
Depreciation of tangible fixed assets
    owned assets                                  160     179     1,171   1,103
    leased assets                                   7      10        52      61
Container Amortisation                             34      35       249     214
Container breakages and shrinkage                  11      10        78      64
Amortisation of intangible fixed assets            20       7       147      43
Other operating income                           (57)    (58)     (414)   (353)
Other operating charges                           727     909     5,338   5,598
SAB International brewery closure costs             -      11         -      66
Impairment of Monyaka                               6       -        41       -
Profit on disposal of Sun International           (5)       -      (38)       -
                                                2,987   3,724    21,913  22,907


4. Exceptional items

The following exceptional items were incurred by the group during the years
ended 31 March:

                                                 2001    2000      2001    2000
                                            Unaudited Audited Unaudited Audited
                                                 US$m    US$m        Rm      Rm
Recognised in operating profit:
SAB International
Brewery closure costs in SAB International          -    (11)         -    (66)
PGSI
Reorganisation costs incurred in North              -    (13)         -    (80)
America
                                                    -    (24)         -   (146)
Minority interests' share of the above              -      6          -     37
items


The exceptional brewery closure costs in relation to SAB International in the
prior year represent costs that were incurred in respect of the closure of
Kanizsa brewery (Hungary) in September 1999 and the Chimoi brewery
(Mozambique).

The PGSI reorganisation costs in the prior year arose mainly as a result of
integration and restructuring costs within Safelite Glass Corp. in the USA and
from the merger of the two Canadian businesses.


END


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