Performance
Group revenue3(US$m)
Group revenue3
2010: US $26,350m
2009: US $25,302m
Revenue
2010: US $18,020m
2009: US $18,703m
EBITA4 (US$m)
2010: US $4,381m
2009: US $4,129m
Dividends per share5 (US cents)
2010: US cents 68.0
2009: US cents 58.0
Profit before tax
2010: US $2,929m
2009: US $2,958m
Adjusted earnings6 per share
2008: US cents 161.1
2009: US cents 137.5
Net debt7
2008: US $8,398m
2009: US $8,722m
- Lager volumes of 213 million hectolitres (hl), in line with the prior year on an organic basis; share gains in many markets
- Group revenue up 4% and EBITA up 6% with margin growth of 30 basis points (bps) driven by robust pricing and cost efficiencies
- EBITA1increases in all regions except Asia:
-
- Latin America delivers strong EBITA1 growth of 17% through pricing and cost productivity
- Solid pricing and cost management in Europe drive EBITA1 growth of 4% despite lower volume
- Cost synergies deliver EBITA1 growth of 7% in North America
- Resilient lager volume growth in Africa underpins EBITA1 growth of 4%
- Asia EBITA1 level as strong China growth is offset by constraints in India
- South Africa Beverages EBITA1 grows 2% despite increased market investment
- Adjusted EPS up 17% with operating performance enhanced by lower finance costs and a reduced tax rate
- Strong free cash flow2 of US$2,010 million, with dividends per share5 up 17%
Notes
- EBITA growth is shown on an organic, constant currency basis.
- As defined in the definitions section. See also note 27b to the consolidated financial statements.
- Group revenue includes the attributable share of associates' and joint ventures' revenue of US$8,330 million (i.e. including MillerCoors' revenue) (2009: US$6,599 million).
- 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) and 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.
- 2010 final dividend is subject to shareholder approval at the annual general meeting.
- 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.
- 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 27c to the consolidated financial statements.


