| Thu 15 Jan 2009, 9:00 | | SAB - SABMiller Plc - Trading Update |
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SAB
SOSAB
SAB - SABMiller Plc - Trading Update
SABMiller Plc
JSEALPHA CODE: SAB
ISSUER CODE: SOSAB
ISIN CODE: GB0004835483
Trading Update
SABMiller plc today issues its interim management statement for the group`s
third quarter ended 31 December 2008 which also represents a trading update
for the same period. The calculation of organic growth rates shown below
excludes volumes for acquired businesses for the first 12 months after an
acquisition.
Lager volumes for the third quarter were 1% ahead of the prior year, and 2%
ahead for the year-to-date. On an organic basis, lager volumes for the third
quarter declined 1%, and are in line with the prior year on a year-to-date
basis. Consumer demand has been affected by the current global economic
slowdown, and has continued to weaken in many of the group`s markets. The
financial performance of the group in the quarter, supported by firm pricing
and cost efficiencies, has been in line with our expectations,
notwithstanding the relative strength of the US dollar against the group`s
major currencies.
In Latin America, lager volumes grew by 2% in the quarter. Lager volumes in
Colombia were 6% below the prior year, with share gains in the context of a
weakening consumer environment. In Peru, lager volumes were 14% ahead of the
prior year, reflecting a robust trading environment and market share was
gained. Our business in Ecuador delivered 15% lager volume growth, with the
market continuing to perform well.
In Europe, third quarter lager volume on an organic basis declined 1% as the
region experienced the impacts of the global financial crisis on consumer
disposable income. Poland achieved organic domestic volume growth of 2% and
increased market share. In Romania, the rate of volume growth slowed to 11%
in the quarter. Organic volumes in Russia were 22% down, reflecting the
continuation of de-stocking of wholesaler inventories which began in
September, as well as the effects of a sharp economic slowdown. In the Czech
Republic, domestic volumes declined by 1%, but market share was gained on
the prior comparative period.
In the three months to 31 December, MillerCoors U.S. domestic sales to
retailers ("STRs") on a pro forma basis decreased 2.3% in the context of
weaker beer category volumes and strong pricing. Premium light brand volumes
were down 2.4% versus the prior year with particular softness in the on-
premise. Coors Light STRs were up 1%, while Miller Lite STRs decreased 7.5%.
MGD 64 growth continued to accelerate after its national launch in 2008. The
craft and import portfolio rose 1.6% led by the strong double-digit
performance of Blue Moon. The integration of MillerCoors is proceeding well.
In our Africa and Asia business, organic lager volumes increased 2% in the
quarter. China organic volumes were flat, with growth in the Chinese economy
slowing. In Africa, lager volumes grew by 4% on an organic basis with growth
in most major markets with the exception of Botswana where volumes declined
significantly following the imposition of a social tax levy on all alcohol
products on November 1. Growth in Tanzania slowed to 7% in the quarter as
economic conditions tightened.
In South Africa, our lager volumes grew 1% in the seasonally important third
quarter with a strong performance from the mainstream portfolio as consumers
traded down in the light of tougher economic conditions. Soft drink volumes
grew 11% over a prior year period affected by stock shortages.
Ends
About SABMiller plc
SABMiller plc is one of the world`s largest brewers with brewing interests
and distribution agreements across six continents. The group`s wide
portfolio of brands includes premium international beers such as Grolsch,
Miller Genuine Draft, Peroni Nastro Azzurro and Pilsner Urquell, as well as
market-leading local brands such as Aguila, Castle, Miller Lite, Snow and
Tyskie. SABMiller is also one of the largest bottlers of Coca-Cola products
in the world.
In the year ended 31 March 2008, the group reported US$3,639 million in
adjusted pre-tax profit and revenue of US$21,410 million. SABMiller plc is
listed on the London and Johannesburg stock exchanges.
This announcement is available on the company website: www.sabmiller.com
High resolution images are available for the media to view and download free
of charge from www.sabmiller.com or www.newscast.co.uk
Enquiries:
SABMiller plc Tel:+44 20 7659 0100
Sue Clark Director of Corporate Tel:+44 20 7659 0184
Affairs
Gary Leibowitz Senior Vice President, Tel:+44 20 7659 0174
Investor Relations
Nigel Fairbrass Head of Media Relations Tel:+44 7799 894265
This announcement does not constitute an offer to sell or issue or the
solicitation of an offer to buy or acquire securities of SABMiller plc (the
"Company") or any of its affiliates in any jurisdiction or an inducement to
enter into investment activity.
This document includes "forward-looking statements". These statements may
contain the words "anticipate", "believe", "intend", "estimate", "expect"
and words of similar meaning. All statements other than statements of
historical facts included in this announcement, including, without
limitation, those regarding the Company`s financial position, business
strategy, plans and objectives of management for future operations
(including development plans and objectives relating to the Company`s
products and services) are forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other
important factors that could cause the actual results, performance or
achievements of the Company to be materially different from future results,
performance or achievements expressed or implied by such forward-looking
statements. These forward-looking statements are based on numerous
assumptions regarding the Company`s present and future business strategies
and the environment in which the Company will operate in the future. These
forward-looking statements speak only as at the date of this announcement.
The Company expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements contained in this
announcement to reflect any change in the Company`s expectations with regard
thereto or any change in events, conditions or circumstances on which any
such statement is based. Any information contained in this announcement on
the price at which the Company`s securities have been bought or sold in the
past, or on the yield on such securities, should not be relied upon as a
guide to future performance.
15 January 2009
Date: 15/01/2009 09:00:05 Produced by the JSE SENS Department.
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