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Group revenuea


2013: US$34,487m

2012: US$31,388m



2013: US$23,213m

2012: US$21,760m

Lager volumes


2013: 242m hectolitres

2012: 229m hectolitres



2013: US$6,421m

2012: US$5,634m

EBITA margin progressione

+70 bps

2013: 18.6%

2012: 17.9%

Profit before tax


2013: US$4,712m

2012: US$5,603m

Adjusted EPSd


2013: 238.7 US cents

2012: 214.8 US cents

Dividends per sharee


2013: 101.0 US cents

2012: 91.0 US cents

Water usage


2013: [3.7] hl/hl

2012: 4.0 hl/hl

Net debtf


2013: US$15,701m

2012: US$17,862m

Free cash flowg


2013: US$3,230m

2012: US$3,048m

Total Shareholder Return


Peer median: 76%

Our performance in 2012

We delivered another year of significant progress and strong results for the group. Through a combination of innovation, effective brand development and good commercial execution we continued to develop the beer category and widen the appeal of our products. Strong growth in our developing markets was supported by investments in additional capacity, commercial capability and distribution reach. Total beverage volumes grew by 7% to 306 million hectolitres, with lager volumes up 6% and soft drinks volumes up 15%. Reported group revenue grew by 10%.

Operational highlights

  • Broad-based growth in our developing markets driven by brand development, with investments in capacity and commercial capability
  • Reported group revenue growth of 10% with organic, constant currency group revenue up 7%
  • Group revenue per hectolitre (hl) up 3% on an organic, constant currency basis
  • Lager volumes rose 3% on an organic basis with growth in all divisions except North America
  • Organic, constant currency EBITA growth of 9% with reported EBITA growth of 14%, reflecting the inclusion of Foster's and other business combinations, partially offset by adverse currency movements
  • EBITA margin improvement of 70 basis points (bps) to 18.6%, with organic, constant currency EBITA margin improvement of 40 bps
  • Progress with the Foster's integration and synergies remains ahead of schedule, with lager volume growth in the continuing brand portfolio in the fourth quarter versus the prior year
  • Adjusted earnings up 12%, with adjusted EPS up 11% to 238.7 US cents per share
  • Declines in profit before tax and attributable profit due to exceptional gains reported last year
  • Full year dividends per share up 11% to 101.0 US cents


  1. Group revenue includes the attributable share of associates’ and joint ventures’ revenue of US$11,274 million (2012: US$9,628 million).
  2. Revenue excludes the attributable share of associates’ and joint ventures’ revenue.
  3. 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 computer software) and includes the group’s share of associates’ and joint ventures’ operating profit, on a similar basis. As noted in the Chief Financial Officer’s review, EBITA is used throughout this report.
  4. A reconciliation of adjusted earnings to the statutory measure of profit attributable to owners of the parent is provided in note 8 to the consolidated financial statements.
  5. 2013 final dividend is subject to shareholder approval at the annual general meeting.
  6. 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 2 7c to the consolidated financial statements.
  7. Note 2 7b to the consolidated financial statements provides a reconciliation of net cash from operating activities to free cash flow.
  8. Total Shareholder Return (TSR) is shown as the percentage growth in our TSR over the five years to 31 March 2013.