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SABMiller plc Annual Report 2011 166
Five-year financial review
for the years ended 31 March
Income statements
Group revenue 28,311 26,350 25,302 23,828 20,645
Revenue 19,408 18,020 18,703 21,410 18,620
Operating profit 3,127 2,619 3,148 3,448 3,027
Net finance costs (525) (563) (706) (456) (428)
Share of associates’ and joint ventures’ post-tax results 1,024 873 516 272 205
Taxation (1,069) (848) (801) (976) (921)
Non-controlling interests (149) (171) (276) (265) (234)
Profit for the year attributable to equity shareholders 2,408 1,910 1,881 2,023 1,649
Adjusted earnings 3,018 2,509 2,065 2,147 1,796
Balance sheets
Non-current assets 34,864 33,604 28,156 31,947 25,683
Current assets 4,178 3,895 3,472 4,135 3,053
Assets of disposal group classified as held for sale 66 – – – –
Total assets 39,108 37,499 31,628 36,082 28,736
Derivative financial instruments (135) (321) (142) (531) (209)
Borrowings (8,460) (9,414) (9,618) (9,658) (7,231)
Other liabilities and provisions (7,688) (7,171) (5,751) (7,649) (6,295)
Liabilities of disposal group classified as held for sale (66) – – – –
Total liabilities (16,349) (16,906) (15,511) (17,838) (13,735)
Net assets 22,759 20,593 16,117 18,244 15,001
Total shareholders’ equity 22,008 19,910 15,376 17,545 14,406
Non-controlling interests in equity 751 683 741 699 595
Total equity 22,759 20,593 16,117 18,244 15,001
Cash flow statements
Adjusted EBITDA 5,617 5,020 4,667 4,537 4,068
EBITDA 4,502 3,974 4,164 4,518 4,031
Net working capital movements 66 563 (493) (242) (13)
Net cash generated from operations 4,568 4,537 3,671 4,276 4,018
Net interest paid (640) (640) (722) (502) (488)
Tax paid (885) (620) (766) (969) (801)
Net cash inflow from operating activities 3,043 3,277 2,183 2,805 2,729
Net capital expenditure and other investments (1,245) (1,483) (2,082) (1,922) (1,353)
Net investments in subsidiaries, joint ventures and associates (183) (504) (533) (1,390) (229)
Dividends received from joint ventures, associates and other investments 911 815 606 92 103
Net cash inflow/(outflow) before financing and dividends 2,526 2,105 174 (415) 1,250
Net cash (outflow)/inflow from financing (1,214) (804) 615 1,191 (655)
Dividends paid to shareholders of the parent (1,113) (924) (877) (769) (681)
Effect of exchange rates 25 90 22 (113) (18)
Increase/(decrease) in cash and cash equivalents 224 467 (66) (106) (104)
Per share information (US cents per share)
Basic earnings per share 152.8 122.6 125.2 134.9 110.2
Diluted earnings per share 151.8 122.1 124.6 134.2 109.5
Adjusted basic earnings per share 191.5 161.1 137.5 143.1 120.0
Net asset value per share 2 1,326.6 1,203.2 969.9 1,108.3 912.0
Total number of shares in issue (millions) 1,659.0 1,654.7 1,585.4 1,583.1 1,579.6
Other operating and financial statistics
Return on equity (%) 3 13.7 12.6 13.4 12.2 12.5
EBITA margin (%) 17.8 16.6 16.3 17.4 17.4
Adjusted EBITDA margin (%) 22.9 21.7 20.9 21.2 21.8
Interest cover (times) 10.8 9.3 6.7 9.2 9.5
Free cash flow (US$m) 2,488 2,028 106 594 1,153
Total borrowings to total assets (%) 21.6 25.1 30.4 26.8 25.2
Cash flow to total borrowings (%) 54.0 48.2 38.2 44.3 55.6
Revenue per employee (US$000’s) 280.4 256.9 272.5 309.8 278.1
Average monthly number of employees 69,212 70,131 68,635 69,116 66,949
2011
US$m
2010 1
US$m
2009
US$m
2008
US$m
2007
US$m
Overview Business review Governance Financial statements Shareholder information
1 Restated for the adjustments made to the provisional fair values relating to the maheu and Rwenzori acquisitions.
2 Net asset value per share is calculated by expressing shareholders’ equity as a percentage of the closing number of shares in issue.
3 This is calculated by expressing adjusted earnings as a percentage of total shareholders’ equity.