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Solid Performance By SABMiller

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Solid Performance By SABMiller

Solid Performance By SABMiller
May 20
15:27 2011

Global brewer SABMiller has reported a 7% rise in group revenue to $28.3b, with organic, constant currency group revenue growth of 5% for the twelve to March 31st 2011. Lager volumes of 218m hectolitres were 2% ahead of the prior year on an organic basis with particularly good growth in Africa, South Africa and Asia.

Reported EBITA rose 15% to $5.04b, with organic, constant currency EBITA growth of 12%: Organic EBITA growth was 11% in Latin America, 20% in Africa, 33% in Asia and 11% in South Africa. Disciplined revenue management, synergies and cost savings helped to increase North American organic EBITA by 20%.

In Europe, EBITA increased by 2% (4% on a constant currency basis) to $887m, despite lager volumes falling by 3% for the year amid difficult economic and industry conditions, including competitor discounting. The first half of the year was particularly challenging as a result of significant excise increases in Russia and the Czech Republic as well as extensive flooding and the mourning period following the death of the president in Poland. The second half of the year saw improving volume trends across most markets, albeit compared to a relatively weak prior year base. While lower volumes and down trading impacted profitability, lower raw material costs and cost efficiencies more than offset this, driving the increase in EBITA.

Miller Brands, SABMiller’s UK business, increased lager volumes by 23% during the year. All brands in the UK portfolio recorded double digit growth, with Peroni Nastro Azzurro continuing its strong performance, growing volume 21% – in the context of a premium lager sector which grew only marginally. Launched in 2005 Miller Brands has responsibility for the development of SABMiller’s international premium brands across the UK and Ireland; these include Peroni Nastro Azzurro, Pilsner Urquell and Miller Genuine Draft.

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