06 July, 2005

UK: SABMiller launches its FY2005 Annual Report

SABMiller made available on July 5 financial information for the year ended 31 March 2005 in accordance with IFRS, as part of its preparation for the adoption of International Financial Reporting Standards (IFRS). SABMiller plc currently prepares its financial statements under United Kingdom Generally Accepted Accounting Principles (UK GAAP).

The most significant changes from UK GAAP to IFRS are: The reversal of amortisation of goodwill which increases profit before tax by US$366 million but has no impact on EBITA or adjusted earnings; A pre-tax increase in post-retirement costs of US$4 million impacting all measures shown above, and an additional one-off credit of US$104 million relating to certain changes in the group's postretirement arrangements which does not affect EBITA or adjusted earnings; The inclusion of a charge, based on fair value, in respect of outstanding share-based awards granted after 7 November 2002. This increases net operating costs by US$6 million.

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