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SouthAfricanBrewerie (SAB)

  Print      Mail a friend       Annual reports

Thursday 30 May, 2002

SouthAfricanBrewerie

Final Results - Part 2

South African Breweries PLC
30 May 2002

PART 2 

South African Breweries plc
Consolidated Profit and Loss Accounts
For the years ended 31 March                                                                                      13





                                                                                2002       2001       2002      2001
                                                                           Unaudited   Restated  Unaudited  Restated
                                                                  Notes         US$m       US$m         Rm        Rm

Turnover (including share of associates' turnover)                  2         4,364      4,184     42,373    30,689
Less: share of associates' turnover                                            (647)      (560)    (6,276)   (4,105)

Group turnover                                                      2         3,717      3,624     36,097    26,584
Net operating costs                                                 3        (3,098)    (2,987)   (30,090)  (21,913)

Group operating profit                                                          619        637      6,007     4,671
Share of operating profit of associates                             2            85         63        828       461

Profit on ordinary activities before interest and taxation                      704        700      6,835     5,132
Net interest payable                                                            (98)       (54)      (956)     (395)
Group                                                                           (83)       (43)      (810)     (313)
Associates                                                                      (15)       (11)      (146)      (82)


Profit on ordinary activities before taxation                                   606        646      5,879     4,737
Taxation on profit on ordinary activities                           5          (208)      (195)    (2,021)   (1,430)

Profit on ordinary activities after taxation                                    398        451      3,858     3,307
Equity minority interests                                                      (105)       (99)    (1,020)     (729)

Profit for the financial year                                                   293        352      2,838     2,578
Dividends                                                                      (187)      (174)    (1,813)   (1,279)
Retained profit                                                                 106        178      1,025     1,299

Basic earnings per ordinary share (US/SA cents)                     6           40.7      50.4       395.0    369.8
Adjusted basic earnings per ordinary share (US/SA cents)            6           48.7      53.3       472.5    390.9
Diluted earnings per ordinary share (US/SA cents)                   6           40.3      50.3       390.9    368.7
Adjusted diluted earnings per ordinary share (US/SA cents)          6           47.7      53.1       463.6    389.7
Dividends per ordinary share (US cents)                                         25.0      25.0




South African Breweries plc
Consolidated Balance Sheets
at  31 March                                                                                                      14




                                                                                2002       2001       2002      2001
                                                                           Unaudited   Restated  Unaudited  Restated
                                                                   Notes        US$m       US$m         Rm        Rm

Fixed assets
Intangible assets                                                    7        1,804        867     20,570     6,938
Tangible assets                                                               1,858      1,784     21,180    14,268
Investments                                                                   1,096      1,016     12,488     8,126
Investments in associates                                                       462        364      5,263     2,912
Other fixed asset investments                                                   634        652      7,225     5,214

                                                                              4,758      3,667     54,238    29,332
Current assets
Stock                                                                           238        205      2,714     1,637
Debtors                                                                         405        309      4,611     2,472
Investments                                                         10           45         53        514       422
Cash at bank and in hand                                            10          245        165      2,793     1,324
                                                                                933        732     10,632     5,855

Creditors - amounts falling due within one year                              (1,160)    (1,064)   (13,217)   (8,514)
Interest bearing                                                    10         (240)      (206)    (2,736)   (1,651)
Other                                                                          (920)      (858)   (10,481)   (6,863)


Net current liabilities                                                        (227)      (332)    (2,585)   (2,659)

Total assets less current liabilities                                         4,531      3,335     51,653    26,673

Creditors - amounts falling due after one year                               (1,311)      (854)   (14,950)   (6,828)
Interest bearing                                                    10       (1,295)      (847)   (14,761)   (6,778)
Other                                                                           (16)        (7)      (189)      (50)
Provisions for liabilities and charges                               8         (166)      (189)    (1,887)   (1,512)
Net assets                                                                     3,054     2,292     34,816    18,333

Shareholders' funds                                                           2,309      2,006     26,323    16,051
Equity minority interests                                                       745        286      8,493     2,282
Capital employed                                                              3,054      2,292     34,816    18,333




South African Breweries plc
Consolidated Cash Flow Statements
For the years ended 31 March                                                                                      15




                                                                                2002       2001       2002      2001
                                                                           Unaudited   Restated  Unaudited  Restated
                                                                 Notes          US$m       US$m         Rm        Rm

Net cash inflow from operating activities                          9            975        859      9,463     6,298

Dividends received from associates                                               13         15        122       107

Returns on investments and servicing of finance
Interest received                                                                35         36        339       267
Interest paid                                                                  (112)       (74)    (1,082)     (543)
Interest element of finance lease rental payments                                 -         (2)        (1)      (12)
Dividends received from other investments                                         2          3         23        25
Dividends paid to minority interests                                            (96)       (71)      (935)     (524)
Net cash outflow from returns on investments
and servicing of finance                                                       (171)      (108)    (1,656)     (787)

Taxation paid                                                                  (179)      (179)    (1,738)   (1,310)

Capital expenditure and financial investments
Purchase of tangible fixed assets                                              (266)      (350)    (2,583)   (2,566)
Sale of tangible fixed assets                                                    16         19        157       136
Purchase of investments                                                         (61)       (15)      (589)     (110)
Sale of investments                                                              12         22        113       161
Net cash outflow for capital expenditure
and  financial investments                                                     (299)      (324)    (2,902)   (2,379)

Acquisitions and disposals
Purchase of subsidiary undertakings                               11           (672)        (4)    (6,524)      (33)
Sale of subsidiary undertakings                                                   1          9          9        66
Net cash disposed with subsidiary undertakings                                    -         (1)         -        (5)
Net overdraft acquired with subsidiary undertakings                              (2)         -        (16)        -
Purchase of shares from minorities                                11            (32)      (453)      (317)   (3,323)
Settlement of deferred creditor (PU)                                              -       (230)         -    (1,680)
Purchase of shares in associates                                                (57)       (42)      (553)     (312)
Net funding to associates                                                        (6)       (38)       (58)     (278)
Sale of associate                                                                 -         59          -       431
Net cash outflow for acquisitions and disposals                                (768)      (700)    (7,459)   (5,134)

Dividends paid to ordinary shareholders                                        (173)      (177)    (1,683)   (1,300)

Management of liquid resources
Sale of short-term liquid instruments                                            12         50        119       365
Cash withdrawn from short-term deposits                                           7         14         69       106
Net cash inflow from management of liquid resources               10             19         64        188       471

Financing
Issue of shares                                                                 401          3      3,901        23
Issue of shares to minorities                                                     1          1          9         5
New loans raised                                                  10          1,189        741     11,544     5,433
Repayment of loans                                                10           (892)      (254)    (8,664)   (1,860)
Net cash inflow from financing                                                  699        491      6,790     3,601
Increase / (decrease) in cash in the year                         10            116        (59)     1,125      (433)




South African Breweries plc
Consolidated Statements of Total Recognised Gains and Losses
For the years ended 31 March                                                                                  16




                                                                     2002        2001        2002       2001
                                                                Unaudited    Restated   Unaudited   Restated
                                                                     US$m        US$m          Rm         Rm

Profit for the financial year                                        293         352       2,838      2,578
Currency translation differences on foreign
currency net investments                                            (212)       (226)      5,271      1,404
Share of movements in reserves of associates                           -           1          (4)         6
Other movements                                                        8          (7)         79        (46)
Total recognised gains and losses for the year                        89         120       8,184      3,942






Consolidated Reconciliation of Movements in Shareholders' Funds

For  the years ended 31 March
                                                                     2002        2001        2002       2001
                                                                Unaudited    Restated   Unaudited   Restated
                                                                     US$m        US$m          Rm         Rm

Profit for the financial year                                        293         352       2,838      2,578
Other recognised gains and losses relating to the year (net)        (204)       (232)      5,346      1,364
Dividends declared by SAB plc *                                     (187)       (174)     (1,813)    (1,279)
Issue of shares to SAB shareholders                                  401           3       3,901         23
Net increase / (decrease) in shareholders' funds                     303         (51)     10,272      2,686

Shareholders' funds at start of year                               2,006       2,057      16,051     13,365
Shareholders' funds at the start of year as previously             2,006       2,161      16,051     14,042
reported
Prior year adjustment in respect of deferred taxation                  -        (104)          -       (677)

Shareholders' funds at end of year                                 2,309       2,006      26,323     16,051

* Dividends received on shares held by Safari Limited netted
off.



The amount of cumulative goodwill in respect of purchased subsidiary and
associated undertakings which has been set off against shareholders' funds prior
to 31 March 1998 was US$151 million (R1,718 million) at 31 March 2002 (2001:
US$172 million (R1,375 million).




South African Breweries plc
Notes to the Financial Statements                                                                                 17





1. Basis of preparation



The consolidated financial statements present the financial record for the years
ended 31 March 2002 and 31 March 2001.



Financial information in respect of South African businesses are reported in
South African rand as this was the dominant functional currency of The South
African Breweries Limited (SAB Limited) group prior to its reconstruction and
listing on the London Stock Exchange on 8 March 1999.  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, evaluated in US
dollars. In management accounting terms these companies report in US dollars.



The directors of the company regard the US dollar as the functional currency of
the group, being the most representative currency of its 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 statements were as follows:


                                                                                              Weighted      Closing
                                                                                          average rate         rate
Year ended 31 March 2001                                                                          7.34         8.00
Year ended 31 March 2002                                                                          9.71        11.40



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 2002 will be delivered
to the Registrar of Companies in due course. The board of directors approved
this financial information on 30 May 2002. The financial information for the
year ended 31 March 2001 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, adjusted for a change in the accounting policy
for deferred taxation. The auditors' report was unqualified and did not contain
a statement made under s237(2) or (3) of the Companies Act, 1985.



Safari Limited



On 27 September 1999, it was announced that SAB would purchase 10% of its own
shares via 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 selling shareholders
on 3 April 2001.  SAB shares acquired by Safari Limited 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, presents the
profit and loss accounts and cash flow statements of the SAB plc group for the
second six month period of the years ended 31 March 2002 and 31 March 2001.



Accounting policies



These preliminary financial statements should be read in conjunction with the
annual financial statements and the accounting policies laid down therein (which
will be distributed in early July 2002). They have been prepared under the
historical cost convention in accordance with accounting standards applicable in
the United Kingdom (UK GAAP), and, with the exception of deferred taxation, all
have been applied consistently throughout the current and preceding year, as set
out in the annual report for the year ended 31 March 2001.



In December 2000 the Accounting Standards Board published FRS19 (Deferred tax),
which requires a form of 'full' provision for accounting for deferred tax
(called the 'incremental liability' approach) that replaces the 'partial'
provision method as used by SAB plc. The results reflect the adoption of the '
full' provision approach. The cumulative cost of recognising the unprovided
liability relating to previous years has been recognised in the accounts as a
prior year adjustment and comparative figures for 2001 have been restated. The
effect of this change in accounting policy is as follows:


                                                                                   Year ended      Year ended
                                                                                31 March 2001   31 March 2001
                                                                                    Unaudited       Unaudited
                                                                                         US$m              Rm
Increase in deferred taxation provision and decrease in shareholders'
funds at start of the year                                                              (104)           (677)
Effect on profit for the financial year                                                   (7)            (57)
Increase in tax charge                                                                    (9)            (64)
Decrease in equity minority interest                                                       2               7
Decrease / (increase) in currency translation differences                                 19              (6)
Increase in other movements                                                               (2)            (10)
Decrease in shareholders' funds at end of year                                           (94)           (750)





South African Breweries plc
Notes to the Financial Statements (continued)                                                                     18





2. Segmental analysis


                                                               Turnover          Operating profit  Operating margin
                                                             2002      2001       2002      2001      2002     2001
                                                        Unaudited  Restated  Unaudited  Restated Unaudited Restated
                                                Note         US$m      US$m       US$m      US$m         %        %
Business segment analysis

SABI Europe                                                1,280     1,097        168       130       13.1     11.9

SABI Africa and Asia                                         946       700        162       130       17.2     18.5
Associates' share                                           (367)     (206)       (51)      (23)      13.8     11.3
                                                             579       494        111       107       19.3     21.5

SABI Central America                                         186         -          7         -        3.5       -

Beer South Africa                                          1,112     1,365        287       343       25.8     25.2

Other Beverage Interests                                     676       816         95       106       14.0     13.0
Associates' share                                           (212)     (264)       (19)      (24)       9.0      9.1
                                                             464       552         76        82       16.3     14.8

Hotels and Gaming                                            164       206         28        25       17.4     12.1
Associates' share                                            (68)      (90)       (15)      (16)      22.5     17.2
                                                              96       116         13         9       13.7      7.8

Central Administration                                         -        -         (35)      (34)        -        -

Group - excluding exceptional items                        4,364     4,184        712       700       16.3     16.7
Associates' share                                           (647)     (560)       (85)      (63)      13.2     11.2
                                                           3,717     3,624        627       637       16.9     17.6
Exceptional items                                 4
SABI Europe                                                    -         -         (8)        -         -        -

Group - including exceptional items                        4,364     4,184        704       700       16.1     16.7
Associates' share                                           (647)     (560)       (85)      (63)      13.2     11.2
                                                           3,717     3,624        619       637       16.6     17.6
Geographical market analysis
Europe                                                     1,280     1,097        139       104

Rest of Africa and Asia                                      967       710        169       136
Associates' share                                           (367)     (206)       (51)      (23)
                                                             600       504        118       113

Central America                                              186         -          7         -

South Africa                                                1,931    2,377        397       460
Associates' share                                           (280)     (354)       (34)      (40)
                                                           1,651     2,023        363       420

Exceptional items                                 4
Europe                                                          -        -         (8)        -

Group - including exceptional items                        4,364     4,184        704       700
Associates' share                                           (647)     (560)       (85)      (63)
                                                            3,717    3,624        619       637



Analyses by business are based on the group's management structure. There is no
material difference between the source and the destination of turnover. Turnover
between segments is immaterial.




South African Breweries plc
Notes to the Financial Statements (continued)                                                                     19





2. Segmental analysis (continued)


                                                         Net operating assets       EBITA           EBITA margin
                                                           2002       2001      2002      2001      2002       2001
                                                      Unaudited   Restated Unaudited  Restated Unaudited   Restated
                                                Note       US$m       US$m      US$m      US$m         %          %
Business segment analysis

SABI Europe                                                1,253     1,091       198       148        15.5     13.5

SABI Africa and Asia                                         728       472       171       132        18.1     18.9
Associates' share                                           (306)     (162)      (54)      (23)       14.6     11.3
                                                             422       310       117       109        20.3     22.1

SABI Central America                                       1,135         -         22         -       11.9        -

Beer South Africa                                            263       415        287       343       25.8     25.2

Other Beverage Interests                                     355       520         95       106       14.0     13.0
Associates' share                                            (74)     (103)       (19)      (24)       9.0      9.1
                                                             281       417         76        82       16.3     14.8

Hotels and Gaming                                            140       159         28        25       17.4     12.1
Associates' share                                            (82)     (100)       (15)      (16)      22.5     17.2
                                                              58        59         13         9       13.7      7.8

Central Administration                                      (193)     (148)       (35)      (34)        -        -

Group - excluding exceptional items                        3,681     2,509        766       720       17.6     17.2
Associates' share                                           (462)     (365)       (88)      (63)      13.6     11.2
                                                           3,219     2,144        678       657       18.3     18.1
Exceptional items                                 4
SABI Europe                                                    -         -         (8)        -         -        -

Group - including exceptional items                        3,681     2,509        758       720       17.4     17.2
Associates' share                                           (462)     (365)       (88)      (63)      13.6     11.2
                                                           3,219     2,144        670       657       18.0     18.1
Geographical market analysis
Europe                                                     1,078       959        170       121

Rest of Africa and Asia                                      762       498        177       139
Associates' share                                           (306)     (162)       (54)      (23)
                                                             456       336        123       116

Central America                                            1,135         -         22         -

South Africa                                                 706     1,052        397       460
Associates' share                                           (156)     (203)       (34)      (40)
                                                             550       849        363       420
Exceptional items                                 4
Europe                                                         -         -         (8)        -

Group - including exceptional items                        3,681     2,509        758       720
Associates' share                                           (462)     (365)       (88)      (63)
                                                           3,219     2,144        670       657





South African Breweries plc
Notes to the Financial Statements (continued)                                                                     20





2. Segmental analysis (continued)


                                                            Turnover            Operating profit     Operating margin
                                                             2002      2001       2002      2001      2002     2001
                                                        Unaudited  Restated  Unaudited  Restated Unaudited Restated
                                                Note           Rm        Rm         Rm        Rm         %        %
Business segment analysis

SABI Europe                                               12,432     8,045      1,631      958        13.1    11.9

SABI Africa and Asia                                       9,180     5,135      1,579      951        17.2    18.5
Associates' share                                         (3,564)   (1,508)      (493)    (171)       13.8    11.3
                                                           5,616     3,627      1,086      780        19.3    21.5

SABI Central America                                       1,809         -         64        -         3.5       -

Beer South Africa                                         10,797    10,014      2,785     2,520       25.8     25.2

Other Beverage Interests                                   6,565     5,986        920       774       14.0     13.0
Associates' share                                         (2,053)   (1,935)      (186)     (176)       9.0      9.1
                                                           4,512     4,051        734       598       16.3     14.8

Hotels and Gaming                                          1,590     1,509        276       180       17.4     12.1
Associates' share                                           (659)     (662)      (149)     (114)      22.5     17.2
                                                             931       847        127        66       13.7      7.8

Central Administration                                         -         -       (338)     (251)        -        -

Group - excluding exceptional items                       42,373    30,689      6,917     5,132       16.3     16.7
Associates' share                                         (6,276)   (4,105)      (828)     (461)      13.2     11.2
                                                          36,097    26,584      6,089     4,671       16.9     17.6
Exceptional items                                 4
SABI Europe                                                    -         -        (82)        -         -        -

Group - including exceptional items                       42,373    30,689      6,835     5,132       16.1     16.7
Associates' share                                         (6,276)   (4,105)      (828)     (461)      13.2     11.2
                                                          36,097    26,584      6,007     4,671       16.6     17.6
Geographical market analysis
Europe                                                    12,432     8,045      1,356       759

Rest of Africa and Asia                                    9,385     5,207      1,637     1,003
Associates' share                                         (3,564)   (1,508)      (493)     (171)
                                                           5,821     3,699      1,144       832

Central America                                            1,809         -         64         -

South Africa                                              18,747    17,437      3,860     3,370
Associates' share                                         (2,712)   (2,597)      (335)     (290)
                                                          16,035    14,840      3,525     3,080
Exceptional items                                 4
Europe                                                         -         -        (82)        -

Group - including exceptional items                       42,373    30,689      6,835     5,132
Associates' share                                         (6,276)   (4,105)      (828)     (461)
                                                           36,097   26,584      6,007     4,671



Analyses by business are based on the group's management structure. There is no
material difference between the source and the destination of turnover. Turnover
between segments is immaterial.




South African Breweries plc
Notes to the Financial Statements (continued)                                                                     21





2. Segmental analysis (continued)


                                                       Net operating assets           EBITA           EBITA margin
                                                             2002      2001       2002      2001     2002       2001
                                                        Unaudited  Restated  Unaudited  Restated Unaudited  Restated
                                                Note           Rm        Rm         Rm        Rm         %         %
Business segment analysis

SABI Europe                                               14,281     8,726      1,926     1,083       15.5      13.5

SABI Africa and Asia                                       8,297     3,771      1,658       970       18.1      18.9
Associates' share                                         (3,492)   (1,302)      (519)     (171)      14.6      11.3
                                                           4,805     2,469      1,139       799       20.3      22.1

SABI Central America                                      12,942         -        215         -       11.9      -

Beer South Africa                                          2,998     3,327      2,785     2,520       25.8      25.2

Other Beverage Interests                                   4,043     4,155        920       774       14.0     13.0
Associates' share                                           (848)     (821)      (186)     (176)       9.0      9.1
                                                           3,195     3,334        734       598       16.3     14.8

Hotels and Gaming                                          1,602     1,275        276       180       17.4     12.1
Associates' share                                           (931)     (799)      (149)     (114)      22.5     17.2
                                                             671       476        127        66       13.7      7.8

Central Administration                                    (2,204)   (1,182)      (338)     (251)        -        -

Group - excluding exceptional items                       41,959    20,072      7,442     5,276       17.6     17.2
Associates' share                                         (5,271)   (2,922)      (854)     (461)      13.6     11.2
                                                          36,688    17,150      6,588     4,815       18.3     18.1
Exceptional items                                 4
SABI Europe                                                    -         -        (82)        -         -        -

Group - including exceptional items                       41,959    20,072      7,360     5,276       17.4     17.2
Associates' share                                         (5,271)   (2,922)      (854)     (461)      13.6     11.2
                                                          36,688    17,150      6,506     4,815       18.0     18.1
Geographical market analysis
Europe                                                    12,284     7,669      1,651       885

Rest of Africa and Asia                                    8,681     3,985      1,716     1,021
Associates' share                                         (3,492)   (1,302)      (519)     (171)
                                                           5,189     2,683      1,197       850

Central America                                           12,942         -        215         -

South Africa                                               8,052     8,418      3,860     3,370
Associates' share                                         (1,779)   (1,620)      (335)     (290)
                                                           6,273     6,798      3,525     3,080
Exceptional items                                 4
Europe                                                         -         -        (82)        -

Group - including exceptional items                       41,959    20,072      7,360     5,276
Associates' share                                         (5,271)   (2,922)      (854)     (461)
                                                          36,688    17,150      6,506     4,815





South African Breweries plc
Notes to the Financial Statements (continued)                                                                     22





3. Net operating costs


                                                                                2002       2001      2002      2001
                                                                           Unaudited   Restated Unaudited  Restated
                                                                                US$m       US$m        Rm        Rm
Raw materials and consumable stores                                           1,096        983     10,642     7,208
Changes in stock of finished goods and work in progress                          (6)        (9)       (57)      (68)
Excise duties                                                                   686        684      6,664     5,021
Employee costs                                                                  439        426      4,263     3,128
Depreciation of tangible fixed assets
 owned assets                                                                   170        160      1,655     1,171
 leased assets                                                                    6          7         54        52
 containers                                                                      34         34        330       249
Container breakages and shrinkage                                                10         11        100        78
Amortisation of intangible assets                                                51         20        499       147
Other operating income                                                          (78)       (57)      (760)     (414)
Other operating charges                                                         682        727      6,618     5,338
Brewery closure costs                                                             9          -         88         -
Impairment costs                                                                 10          -        102         -
Reversal of impairment provision                                                (11)         -       (108)        -
Impairment of Monyaka                                                             -          6          -        41
Profit on disposal of Sun International                                           -         (5)         -       (38)
                                                                              3,098      2,987     30,090    21,913






4. Exceptional items



The following exceptional items were incurred by the group during the years
ended 31 March:
                                                                            2002       2001       2002      2001
                                                                       Unaudited   Restated  Unaudited  Restated
                                                                            US$m       US$m         Rm        Rm
Recognised in operating profit:
SABI Europe
Brewery closure costs in Pitesti (Romania)                                   (9)         -        (88)        -
Asset impairment provision in Ursus (Romania)                               (10)         -       (102)        -
Reversal of asset impairment provision in Velke Popovice (Czech)             11          -        108         -
                                                                             (8)         -        (82)        -
Minority interests' share of the above items                                  1          -          6         -


Following SAB's recent acquisition of Bere Timisoreana, an operating review
resulted in management announcing, in March 2002, the rationalisation of the
Pitesti brewery and a fair value adjustment/impairment of the Ursus brewery,
ahead of merging the two legal entities. Closure costs and asset impairment
total US$19 million (R190 million).

The PU group (Czech) has reversed an impairment provision of US$11 million (R108
million) in respect of Velke Popovice, made at the date of acquisition.  The
reversal has been occasioned by more resilient than expected volumes, and
therefore improved capacity utilisation, at the brewery following national
integration of the three subsidiaries in the country.




South African Breweries plc
Notes to the Financial Statements (continued)                                                                     23





5. Taxation on profit on ordinary activities


                                                                     2002        2001        2002       2001
                                                                Unaudited    Restated   Unaudited   Restated
                                                                     US$m        US$m          Rm         Rm

Current taxation                                                     173         167       1,679      1,229
- Charge for the year                                                174         159       1,690      1,169
- (Over) / under provision in respect of prior year                   (1)          8         (11)        60
Deferred taxation                                                      4           5          36         33
- Charge for the year                                                  3           5          26         33
- Charge for the prior year                                            1           -          13          -
- Rate change                                                          -           -          (3)         -
Withholding taxes and secondary taxation on companies                 10          10         105         75
Share of associates' taxation charge                                  21          13         201         93
                                                                     208         195       2,021      1,430

Effective tax rate, before goodwill amortisation and                31.2        29.3
exceptional items (%)

Tax rate reconciliation
Profit before taxation                                               606         646       5,879      4,737

Tax charge at standard rate of 30% (1)                               182         194       1,764      1,421
Exempt income                                                        (18)        (20)       (176)      (148)
Other incentive allowances                                            (8)        (16)        (79)      (123)
Tax losses utilised                                                   (5)         (9)        (56)       (66)
Goodwill amortisation                                                 14           5         139         39
Disallowable expenses                                                 20          29         195        213
Tax losses created                                                    16           7         156         52
Withholding taxes and secondary taxation on companies                 10          10         105         75
Foreign tax rate differential                                        (10)        (17)        (98)      (128)
Charges relating to prior years                                        -           8           2         60
Tax on gross dividends received                                        6         177          63      1,301
Double tax relief                                                     (6)       (172)        (63)    (1,260)
Other reconciling items                                                7          (1)         69         (6)
Tax charge                                                           208         195       2,021      1,430



(1) The corporate tax rate in the United Kingdom, SAB plc's country of primary
listing is 30% (2001:30%).



6. Earnings per share


                                                                            2002       2001       2002      2001
                                                                       Unaudited   Restated  Unaudited  Restated
                                                                        US cents   US cents   SA cents  SA cents
Basic earnings per ordinary share                                           40.7       50.4      395.0     369.8
Adjusted basic earnings per ordinary share                                  48.7       53.3      472.5     390.9
Diluted earnings per ordinary share                                         40.3       50.3      390.9     368.7
Adjusted diluted earnings per ordinary share                                47.7       53.1      463.6     389.7



The calculation of basic earnings per ordinary share has been based on the
profit for the financial year as shown below, and on a weighted average number
of shares in issue of 718,504,170 (2001: 697,115,210).



At 31 March 2002 there were 10,085,000 share purchase options outstanding under
the SAB Limited Executive Share Purchase Scheme, 3,646,278 share purchase
options outstanding under SAB plc Executive Share Purchase Scheme and 687,384
shares which have been awarded conditionally under the SAB Executive Performance
Share Awards Scheme which have not yet vested.  The calculation of diluted
earnings per share is based on: a weighted average number of shares in issue of
766,644,698, after adjusting for 48,140,528 weighted potentially dilutive
ordinary shares arising from the share options and the guaranteed convertible
bond; and the profit for the financial year as shown below, adjusted for an
interest saving of US$16 million, on the 4.25% guaranteed convertible bond. The
average share price of SAB plc since the beginning of the financial year, used
in determining the number of potentially dilutive ordinary shares, is US$6.67,
compared with an average strike price on the outstanding options of US$4.84.




South African Breweries plc
Notes to the Financial Statements (continued)                                                                     24





6. Earnings per share (continued)



The group has also presented an adjusted earnings per share figure to exclude
the impact of amortisation and other non-recurring items in order to present a
more meaningful comparison for the years shown in the consolidated financial
statements. Adjusted earnings per share has been based on adjusted headline
earnings for each financial year 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:
                                                                            2002       2001      2002      2001
                                                                       Unaudited   Restated Unaudited  Restated
                                                                            US$m       US$m        Rm        Rm
Profit for the financial year                                               293        352      2,838     2,578
Amortisation of goodwill                                                     46         20        450       144
Impairment of Monyaka                                                         -          6          -        41
Profit on sale of Sun International                                           -         (5)         -       (38)
Brewery closure costs in Pitesti (Romania)                                    8          -         83         -
Asset impairment provision in Ursus (Romania)                                10          -         97         -
Reversal of asset impairment provision in Velke Popovice (Czech)             (9)         -        (92)        -
Impairment costs in Africa                                                    1          -         12         -
Profit on sale of fixed assets and investments                               (3)        (4)       (36)      (22)
Headline earnings (basic)                                                   346        369      3,352     2,703
Reorganisation costs (1)                                                      4          3         43        23
Adjusted earnings                                                           350        372      3,395     2,726





Note :  All adjustments are stated after impacts of taxation and minority
interests.

(1) Comprises reorganisation costs of Distell Group Limited and SABI Central
America in the current year.



7. Intangible assets


                                                       Trademarks Goodwill      Total  Trademarks   Goodwill    Total
                                                           US$m       US$m       US$m          Rm         Rm       Rm
Net book amount

At 31 March 2001 (audited)                                    2        865        867          16      6,922    6,938

At 31 March 2002 (unaudited)                                  1      1,803      1,804           8     20,562   20,570




The goodwill balance of US$1,803 million (R20,562 million) at the end of the
year includes US$1,026 million (R9,964 million) due to acquisition activities.
Operations acquired in Central America resulted in US$930 million (R9,031
million) new goodwill and other acquisitions within the Africa and Asia and
Europe segments added US$96 million (R933 million) to that.



Goodwill arising from the acquisitions in SAB International is being amortised
over 20 years. The directors believe that the purchased goodwill in respect of
the further acquisition of equity in ABI has an indefinite life.  This is
consistent with the treatment of goodwill that arose on the acquisition of
Suncrush, which was acquired on 8 June 1998. The directors consider the goodwill
to be supported by the existence of bottlers' agreements with Coca-Cola
(Southern Africa) (Proprietary) Limited (CCSA).  ABI has similar bottlers'
agreements in respect of other regions within South Africa.  These bottlers'
agreements, which are based on the Coca-Cola system, establish performance
obligations as to production, distribution and marketing arrangements to
maximise long-term growth in volume, cash flow and shareholder value of the
bottler company.  The Coca-Cola system came into being during 1899 and has had a
consistent history of growth and success since that date.



The Suncrush agreements with CCSA were established in 1955 and have been in
place since then.  The current agreements are for a period of ten years, with an
extension of five years, expiring on 30 September 2007 and contain provisions
for renewal at no cost.  ABI has had similar agreements since 1976 and they have
always been renewed prior to expiry. In the view of the directors, the bottlers'
agreements reflect a long and ongoing relationship between the respective
managements of ABI and CCSA.



The directors have given due consideration to financial forecasts in respect of
the ABI business, the history of dealings of ABI with CCSA and the established
international practice of The Coca-Cola Company in relation to its bottlers'
agreements. In light of the above factors, the directors believe that the
Suncrush agreements will continue to be renewed at the end of their legal expiry
dates and the commercial value of the Coca-Cola product will be maintained.
Accordingly, the directors are of the view that the goodwill, as underpinned by
the bottlers' agreements, currently has an indefinite economic life.  The
directors have performed a review for impairment at 31 March 2002 and are of the
opinion that no provision is required.



The amount of cumulative goodwill in respect of purchased subsidiary and
associated undertakings which has been set off against shareholders' funds prior
to 31 March 1998 was US$151 million (R1,718 million) at 31 March 2002 (2001:
US$172 million (R1,375 million)).







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