SABMiller plc preliminary announcement 2006
18 May 2006
London and Johannesburg, 18 May 2006. SABMiller plc today announces its preliminary (unaudited) IFRS results for the year to 31 March 2006. Highlights are:
|Adjusted profit before tax(c)||2,626||2,222||18%|
|Profit before tax |
(including net exceptional credits of US$415 million in prior year)
|Adjusted earnings per share(d)|
|- US cents||109.1||101.0||8%|
|- US cents on a comparable basis (see note 5)||109.1||98.4||11%|
|- UK pence (up 12%)||61.0||54.7|
|- SA cents (up 11%)||699.2||628.2|
|Basic earnings per share (US cents)||105.0||125.5||16%|
|Dividends per share (US cents)||44.0||38.0||16%|
|Net cash generated from operations||3,291||2,792||18%|
- Group lager volumes up 19% to 176 million hectolitres (hl), organic growth of 5%
- New growth platform in South America through Bavaria
- Growth in Europe continues with market share gains and mix improvements
- South African profit increase driven by premium sales growth
- Volume growth in China supports good Africa and Asia contribution
- Resilient performance by Miller despite intense competitive pricing environment
- Strong cash flows support dividend increase of 16%
(a) Revenue excludes the attributable share of associates’ revenue of US$1,774 million (2005: US$1,642 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$299 million (2005: US$143 million), and share of associates’ net finance costs of US$16 million (2005: US$24 million).
(d) A reconciliation of adjusted earnings to the statutory measure of profit attributable to equity shareholders is provided in note 5.
(1) Organic, constant currency growth relates only to Central America and excludes Bavaria. Reported results include
Bavaria from 12 October 2005.
|Organic, constant |
|Africa and Asia||422||10||11|
|South Africa: Beverages||1,062||11||14|
|South Africa: Hotels and Gaming||84||14||18|
Statement from Meyer Kahn, Chairman
“This was another year of good growth in volumes, margins and earnings reflecting the growth profile that the group has built over the years. Our track record reflects well-judged acquisitions and investments, successful integration and subsequent operational improvements.
“It was also a year of strategic progress for the group as it completed the initial turnaround of Miller notwithstanding the challenging market conditions. The group has continued to improve its access to long term growth markets, establishing a major new platform in South America through the Bavaria transaction, whilst making further significant investments in China, India and Vietnam.
“SABMiller now has a stronger global portfolio of businesses and brands. Looking forward a key focus will be on ensuring that we continue to nurture and build brands which are the first choice of consumers.”
|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|
|Philip Gawith||The Maitland Consultancy Ltd||Tel: +44 20 7379 5151|
A live webcast of the management presentation to analysts will begin at 9.30am (BST) on 18 May 2006.
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 www.vismedia.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