Our performance

  • Lager volumes up 2%1 to 210 million hectolitres (hl); lager volumes on an organic basis level with prior year despite weakened consumer demand; soft drinks volumes (organic) up 5%
  • Organic, constant currency group revenue growth of 9%, benefiting from strong pricing
  • EBITA2 up 5%; reported EBITA unchanged, impacted by the strength of the US dollar
    • Latin America delivers 11% EBITA2 growth despite slowing economies
    • Europe lager volumes (organic) level with prior year in either flat or declining markets; EBITA2 down 5%
    • North America EBITA2 up 22%; MillerCoors JV3 cost synergies ahead of schedule
    • Africa and Asia EBITA2 up 16%; Africa lager volumes (organic) up 5%; China’s Snow brand lager volumes up 19% to 60 million hl
    • South Africa lager volumes decline 2%; EBITA2 down 8% on higher input costs
  • Group maintains sound balance sheet with moderate leverage

Group revenue4/Revenue


Group revenue

US$25,302m 2009

US$23,828m 2008



US$18,703m 2009

US$21,410m 2008

– 13%



US$4,129m 2009

US$4,141m 2008


Dividends per share6

US cents

US cents 58.0 2009

US cents 58.0 2008


Profit before tax

US$2,958m 2009

US$3,264m 2008

– 9%

Adjusted earnings7 per share

US cents 137.5 2009

US cents 143.1 2008

– 4%

Net debt8

US$8,722m 2009

US$9,060m 2008

– 4%

  1. Following the inception of the MillerCoors joint venture on 1 July 2008 the group has revised its volume Definitions. Further details of these revised Definitions can be found in Definitions.
  2. EBITA growth is shown on an organic, constant currency basis.
  3. The MillerCoors joint venture is included, at the group’s share, in EBITA and group revenue, but is not included in revenue.
  4. Group revenue includes the attributable share of associates’ and joint ventures’ revenue of US$6,599 million (i.e. including MillerCoors’ revenue) (2008: US$2,418 million).
  5. Note 2 to the consolidated financial statements provides a reconciliation of operating profit to EBITA which is defined as operating profit before exceptional items and amortisation of intangible assets (excluding software) but includes the group’s share of associates’ and joint ventures’ operating profit, on a similar basis. As described in the Chief Financial Officer’s review, EBITA is used throughout this report.
  6. 2009 final dividend subject to shareholder approval at the annual general meeting.
  7. A reconciliation of adjusted earnings to the statutory measure of profit attributable to equity shareholders is provided in note 8 to the consolidated financial statements.
  8. Net debt comprises gross debt (including borrowings, borrowings-related derivative financial instruments, overdrafts and finance leases) net of cash and cash equivalents (excluding overdrafts). An analysis of net debt is provided in note 27b to the consolidated financial statements.