SABMiller, the world’s second largest brewer, has reported an 11% increase in revenue to $31.4 billion and a 12% rise in EBITA to $5.6 billion, with underlying lager volumes up 3% to 229 million hectolitres, reflecting particularly strong growth in Latin America and Africa.
EBITA increased by 8% on an organic, constant currency basis, with all beverage divisions except for Europe contributing to growth. EBITA margin was 10 bps ahead of the prior year at 17.9%. Europe EBITA declined 9% due to lower volumes, adverse mix and increased raw material costs.
In December 2011, SABMiller completed the acquisition of Foster’s in Australia. SABMiller has also entered a strategic alliance with Castel in Africa.
In March 2012, SABMiller completed a strategic alliance with Anadolu Group and Anadolu Efes, exchanging its Russia and Ukraine beer businesses for a 24% equity stake in the enlarged Anadolu Efes group. Anadolu Efes is now the vehicle for both groups’ investments in Turkey, Russia, the CIS, Central Asia and the Middle East.
Looking ahead, Graham Mackay, chief executive of SABMiller, comments: “Trading conditions are expected to be broadly unchanged with further growth in our developing markets but no more than modest improvements in consumer spending in some more developed economies. We will continue to develop and differentiate our brand portfolios, taking opportunities to improve sales mix and raise prices selectively. Unit input costs are expected to rise in mid-single digits in constant currency terms.”