Revenue increased by 21.64% to USD18.62 billion (USD15.30 billion). Adjusted profit before tax of USD3.15 billion increased by 20% reflecting the consolidation of the investment in Bavaria for a full year and performance improvements across the businesses. Exceptional charges of USD93 million were reported during the year. Net finance costs increased to USD428 million, a 43% increase on the prior year's USD299 million, reflecting an increase in net debt primarily due to the transaction with Bavaria. Interest cover, based on pre-exceptional profit before interest and tax, has reduced to 7.8 times from 9.2 times in the prior year. On a statutory basis, profit before tax of USD2.80 billion was only up 14% on prior year reflecting the impact of exceptional items. Adjusted basic earnings per share of USD120.0c were up 10% on the prior year. Net cash generated from operating activities before working capital movement increased by 20% to USD4.03 billion compared to the prior year.
Dividend
The board has proposed a final dividend of USD36.0c per share for the year. Shareholders will be asked to approve this recommendation at the annual general meeting, which will be held on 31 July 2007.
Prospects
This has been another year of good growth for the group, with a particularly strong performance in the fourth quarter. SABMiller has established a compelling portfolio of brands and businesses and, given the strong growth in many markets, the group will be increasing its investments behind these assets in the coming year. While SABMIller face some challenges, including increasing commodity cost pressures and the need to rebuild its share of the premium segment in South Africa, the board expect the group's underlying progress of recent years to continue.
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