SABMiller drives strong results in developing markets
SABMiller plc, one of the world's leading brewers, reports its preliminary (unaudited) results for the twelve months to 31 March 2012.
Operational Highlights
Lager volumes of 229 million hectolitres (hl), 3% ahead of the prior year on an organic basis with particularly strong growth delivered in Latin America and Africa. Soft drinks volumes of 49 million hectolitres, 7% ahead of the prior year on an organic basis
Reported group revenue up 11%, with organic, constant currency group revenue growth of 7%
Reported EBITA up 12%, with organic, constant currency EBITA growth of 8%:
- Latin America EBITAup by 14% as a result of volume growth, pricing and mix
- Europe EBITA decline of 9% due to lower volumes, adverse mix and increased raw material costs
- Strong pricing and favourable mix increases North America EBITAby 2% despite lower volumes
- Volume growth, strong pricing and mix drives Africa EBITA up 16%
- Asia Pacific EBITA up 30% with good growth in both China and India
- South Africa: Beverages EBITA up by 14% due to price and mix benefits and focus on cost productivity
EBITA margin increases by 10 basis points (bps) to 17.9%
Foster's contributes to results from mid December 2011; integration proceeding well
Adjusted earnings up by 13%, with adjusted EPS up 12% to 214.8 US cents per share
Continued strong improvement in free cash flow, up 23% to US$3,048 million
Full year dividends per share up 12% to 91.0 US cents
Financial highlights
| 2012 US$m | 2011 US$m | % change | |
| Group revenue | 31,388 | 28,311 | 11 |
| Revenue | 21,760 | 19,408 | 12 |
| EBITA | 5,634 | 5,044 | 12 |
| Adjusted profit before tax | 5,062 | 4,491 | 13 |
| Profit before tax | 5,603 | 3,626 | 55 |
| Profit attributable to owners of the parent | 4,221 | 2,408 | 75 |
| Adjusted earnings | 3,400 | 3,018 | 13 |
| Adjusted earnings per share | |||
| - US cents | 214.8 | 191.5 | 12 |
| - UK pence | 134.4 | 123.4 | 9 |
| - SA cents | 1,607.0 | 1,369.6 | 17 |
| Basic earnings per share (US cents) | 266.6 | 152.8 | 74 |
| Dividends per share (US cents) | 91.0 | 81.0 | 12 |
| Free cash flow | 3,048 | 2,488 | 23 |
Meyer Kahn, Chairman of SABMiller, said:
"'I am delighted to report another year of significant progress and strong results. Through our successful marketing, portfolio development and commercial execution we continued to build on our position in the world's developing consumer economies. Strong profit growth continued, driven by an organic total volume increase of 4% and complemented by favourable mix and pricing. We continued to expand our global footprint with the acquisition of Foster's, the merger of our Russian and Ukrainian businesses with Anadolu Efes in exchange for a stake in the enlarged business, and the further development of our alliance with Castel."
