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Good growth with strong underlying momentum

17 May 2007

SABMiller plc today announces its preliminary (unaudited) results for the year to 31 March 2007.

Highlights are:

 

2007 US$m

2006 US$m

% change

Revenue (a)

18,620

15,307

22%

EBITA (b)

3,591

2,941

22%

Adjusted profit before tax (c)

3,154

2,626

20%

Profit before tax

2,804

2,453

14%

Adjusted earnings (d)

1,796

1,497

20%

Adjusted earnings per share (d)


   

- US cents

120.0

109.1

10%

- UK pence

63.4

61.0

4%

- SA cents

847.1

699.2

21%

Basic earnings per share (US cents)

110.2

105.0

5%

Dividends per share (US cents)

50.0

44.0

14%

Net cash generated from operations

4,018

3,291

22%

  • Group lager volumes up 23% to 216 million hectolitres (hl), organic growth of 10%
  • South America delivered pro forma volume growth of 12%, ahead of expectations
  • Excellent Europe organic volume growth of 11% and market share gains
  • Good constant currency growth in South Africa supported by strong economic backdrop
  • Continued strong volume growth rates in China and India
  • Difficult trading conditions persisted in North America
  • Strong cash flows support the dividend increase of 14%

(a) Revenue excludes the attributable share of associates’ revenue of US$2,025 million (2006: US$1,774 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 preliminary announcement.

(c) Adjusted profit before tax comprises EBITA less net finance costs of US$428 million (2006: US$299 million), and share of associates’ net finance costs of US$9 million (2006: US$16 million).

(d) Reconciliation of adjusted earnings to statutory measure of profit attributable to equity shareholders is provided in note 5.

 

2007 EBITA US$m

Reported growth %

Organic, constant currency growth %

Latin America

915

110

*

Europe

733

29

19

North America

375

(17)

(17)

Africa and Asia

467

11

14

South Africa: Beverages

1,102

4

14

South Africa: Hotels and Gaming

100

19

31

Corporate

(101)

(17)

-

Group

3,591

22

12

* Organic growth based on year on year Central America performance and South America performance for the 5 1/2 months from 12 October 2006 to 31 March 2007 is 27%.

Statement from Meyer Kahn, Chairman

“These results demonstrate that the momentum of recent years is continuing across our businesses. I am particularly pleased by the successful implementation of the South America strategy that is delivering volume and revenue growth ahead of expectations following a substantial integration project. Our Europe business continues to deliver strong results and is reporting a sixth consecutive year of double digit earnings growth. Both SA Beverages and Africa and Asia divisions reported double digit growth in organic constant currency EBITA.

"SABMiller has a reputation for successfully transferring skills and technology across the globe, repositioning beer markets and driving volume growth. Once again we have shown the strength and depth of our brand portfolios and our ability to grow robust businesses."

View the preliminary (unaudited) results news release PDF 0.15Mb

Enquiries

  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
Fiona Antcliffe Brunswick Group LLP Mob: +44 7974 982546

A live webcast of the management presentation to analysts will begin at 9.30 am (UK time) on 17 May 2007.

This announcement, a copy of the slide presentation and video interviews with management are available on the SABMiller plc website at www.sabmiller.com. Video interviews with management can also be found at www.cantos.com.

High resolution images are available for the media to view and download free of charge from http://www.newscast.co.uk/.

Copies of the press release and the detailed Preliminary 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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