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Delivering growth from our global footprint

9 November 2006

London and Johannesburg, 9 November 2006. SABMiller plc today announces its interim (unaudited) results for the six months ended 30 September 2006. Highlights are:

% change March
Revenue (a) 9,344 7,051 33% 15,307
EBITA (b) 1,781 1,264 41% 2,941
Adjusted profit before tax (c) 1,533 1,192 29% 2,626
Profit before tax 1,378 1,126 22% 2,453
Adjusted earnings (d) 846 667 27% 1,497
Adjusted earnings per share (d) - US cents 56.6 52.7 7% 109.1
- UK pence 30.5 28.9 6% 61.0
- SA cents 385.2 340.5 13% 699.2
Basic earnings per share (US cents) 52.9 51.3 3% 105.0
Interim dividend per share (US cents) 14.0 13.0 8%  
Net cash generated from operations 2,152 1,289 67% 3,291
  • Group lager volumes up 29% to 117 million hectolitres (hl), organic growth of 9%
  • South American volumes exceeding expectations
  • Continued strong volume and earnings growth in Europe
  • Performance in North America reflects challenging trading conditions
  • Excellent volume growth in China and India
  • South Africa earnings driven by premium segment growth
  • Interim dividend increase of 8%, supported by strong cash flows
  • (a) Revenue excludes the attributable share of associates’ revenue of US$1,052 million (2005: US$850 million).
  • (b) Note 2 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’ operating profit, on a similar basis. EBITA is used throughout the interim announcement.
  • (c) Adjusted profit before tax comprises EBITA less net finance costs of US$242 million (2005: US$77 million) and share of associates’ net finance costs of US$6 million (2005: US$8 million) adjusted in 2005 for the early redemption penalty in respect of the private placement notes (US$13 million).
  • (d) A reconciliation of adjusted earnings to the statutory measure of profit attributable to equity shareholders is provided in note 5.
Organic, constant currency growth
2006 Reported currency
EBITA growth growth
US$m % %
Europe 485 28 21
North America 253 (12) (12)
Africa and Asia 240 14 14
South Africa: Beverages 411 10 15
South Africa: Hotels and Gaming 44 16 22
Corporate Sub-total (39) - -
1,394 13 13
Latin America (1)Group 387 n/a n/a
1,781 41 13

(1) No metrics have been given for Latin America as the inclusion of South America has materially changed the composition of this segment such that growth statistics are not meaningful.

Statement from Graham Mackay, chief executive

“This good start to the year is a further demonstration of the advantage we enjoy in our access to growth markets and our ability to offer our customers and consumers comprehensive and varied portfolios of unique beer brands.

“The combination of strong volume growth together with good earnings contributions from around the group supports our confidence for the future.”

View the Interim Announcement news release PDF 0.13Mb

SABMiller plc
Tel:   +44 20 7659 0100
Sue Clark 
Director of Corporate Affairs 
Mob: +44 7850 285471
Gary Leibowitz 
Senior Vice President, Investor Relations 
Mob: +44 7717 428540
Nigel Fairbrass 
Head of Media Relations 
Mob: +44 7799 894265

A live webcast of the management presentation to analysts will begin at 9.30am (GMT) on 9 November 2006. This announcement, a copy of the slide presentation and video interviews with management are available on the SABMiller plc website at Video interviews with management can also be found at

High resolution images are available for the media to view and download free of charge from

Copies of the press release and the detailed Interim Announcement are available from the Company Secretary at the Registered Office, or from 2 Jan Smuts Avenue, Johannesburg, South Africa.

Registered office: SABMiller House, Church Street West, Woking, Surrey, GU21 6HS Incorporated in England and Wales (Registration Number 3528416)

Telephone: +44 1483 264000
Telefax: +44 1483 264117

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