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Financial overview

Group revenue1

+11%

2012: US$31,388m

2011: US$28,311m

Revenue2

+12%

2012: US$21,760m

2011: US$19,408m

EBITA3

+12%

2012: US$5,634m

2011: US$5,044m

Dividends per share4

+12%

2012: 91.0 US cents

2011: 81.0 US cents

Profit before tax

+55%

2012: US$5,603m

2011: US$3,626m

Adjusted EPS5

+12%

2012: 214.8 US cents

2011: 191.5 US cents

Net debt6

+152%

2012: US$17,862m

2011: US$7,091m

Lager volumes

+5%

2012: 229m hectolitres

2011: 218m hectolitres

Free cash flow7

+23%

2012: US$3,048m

2011: US$2,488m

Our performance in 2012

We delivered another year of strong financial results. Successful development of our brand portfolios and intensified sales execution, together with rising consumer spending, drove strong performance in most of our developing markets.

Total beverage volumes grew 6% totalling 286 million hectolitres, with our lager volumes up 5% and soft drinks volumes up 8%. Reported group revenue rose by 11%.

Operational highlights

  • Reported EBITA grew 12%, with organic, constant currency EBITA growth of 8%:
    – Latin America EBITA8 grew by 14% as a result of volume growth, pricing and mix
    – Europe EBITA8 declined by 9% due to lower volumes, adverse mix and increased raw material costs
    – Strong pricing and favourable mix increased North America EBITA8 by 2% despite lower volumes
    – Volume growth, strong pricing and mix drove Africa's EBITA8 growth of 16%
    – Asia Pacific EBITA8 increased by 30% with good growth in both China and India
    – South Africa: Beverages EBITA8 grew 14% due to price and mix benefits and focus on cost productivity
  • EBITA margin increased by 10 basis points (bps) to 17.9%
  • Foster's contributes to results from mid-December 2011; integration proceeding well

Notes

  1. Group revenue includes the attributable share of associates' and joint ventures' revenue of US$9,628 million (2011: US$8,903 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 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.
  4. 2012 final dividend is subject to shareholder approval at the annual general meeting.
  5. 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.
  6. Net debt comprises gross debt (including borrowings, borrowingsrelated derivative financial instruments, overdrafts and finance leases) net of cash and cash equivalents (excluding overdrafts). An analysis of net debt is provided in note 28c to the consolidated financial statements.
  7. Note 28b to the consolidated financial statements provides a reconciliation of net cash from operating activities to free cash flow.
  8. EBITA growth is shown on an organic, constant currency basis