| Mon 18 Oct 2010, 8:00 | | SAB - SABMiller Plc - SABMiller recommences reporting of Zimbabwe operations |
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SAB - SABMiller Plc - SABMiller recommences reporting of Zimbabwe operations
SABMiller Plc
JSEALPHA CODE: SAB
ISIN CODE: SOSAB
ISIN CODE: GB0004835483
SABMiller recommences reporting of Zimbabwe operations
SABMiller plc (SAB:LSE/SAB:JNB) announces that it has recommenced reporting
the results of its Zimbabwe associate, Delta Corporation Limited (DELTA:ZH)
with effect from 1 April 2010. The business contributed total beverage
volumes in the six months to 30 September 2010 of 1.0 million hectolitres,
including lager volumes of 0.3 million hectolitres.
Delta, in which SABMiller Africa now holds a 36% interest, had previously been
a significant contributor to SABMiller`s Africa operations. However, in 2005
the business stopped paying dividends and remitting capital due to foreign
currency shortages and in 2006 SABMiller ceased to include the results of
Delta in its reporting. Following the effective `dollarisation` of the
economy in 2009, the end of hyper-inflation and the stabilisation of the
Zimbabwean economy, SABMiller is including its share of Delta`s volumes and
financial results in its reporting from the beginning of the current financial
year.
Delta is the largest brewer and soft drinks bottler in Zimbabwe, with
additional interests in the production of malted barley, the manufacture of
PET plastic products, food processing and the production and distribution of
wines and spirits. Whilst not included in SABMiller`s results, in the year
ended 31 March 2010 Delta`s sales volumes (based on SABMiller Africa`s 36%
interest) were 0.4 million hectolitres of lager, 0.3 million hectolitres of
soft drinks and 1.1 million hectolitres of other alcoholic beverages. Its key
lager brands include Castle Lager, Eagle, Lion Lager, Carling Black Label,
Golden Pilsener and Bohlinger`s. Its soft drinks portfolio includes a range
of Coca-Cola brands and it also manufactures Chibuku, the market leader in the
traditional sorghum beer category.
Mark Bowman, Managing Director of SABMiller Africa, commented:
"All credit goes to the Delta management team, whose efforts in keeping the
business running in the last few years have been little short of heroic.
Despite extreme hardship and untold obstacles, they have continued to supply
Zimbabwean consumers with quality products and to secure the livelihoods of
many thousands of people, either directly employed by the business or
dependent on it for a living."
Joe Mutizwa, Chief Executive of Delta, commented:
"Managing the company over the last 8 years has been the business equivalent
of white water rafting. The challenges have been large, varied and
relentless. The demands have been many; - requiring perpetual vigilance and
constant adaptation. The greatest reward, for me, has been to assist young
managers to take charge of the destiny of the company in the middle of a
blinding macro-economic sandstorm. Our motto was: `If it is to be, it is up
to us!`. My team lived up to this motto and now we are enjoying a remarkable
turnaround. It has been well worth it! We are now better placed to face new
and different challenges going forward."
ENDS
Notes to editors
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 Pilsner Urquell, Peroni
Nastro Azzurro, Miller Genuine Draft and Grolsch, as well as leading local
brands such as Aguila, Castle, Miller Lite, Snow and Tyskie. SABMiller is
also one of the world`s largest bottlers of Coca-Cola products.
In the year ended 31 March 2010, the group reported US$3,803 million adjusted
pre-tax profit and group revenue of US$26,350 million. SABMiller plc is listed
on the London and Johannesburg stock exchanges.
High resolution images and broadcast footage are available for the media to
view and download free of charge from the News and media centre on
www.sabmiller.com
Delta Corporation Limited
Delta Corporation is a broad-based company with interests in beverages
(manufacturing and distribution) and the agro industrial sectors. It is
listed on the Zimbabwe Stock Exchange and is one of the largest quoted
companies by market capitalisation.
Its beverage business manufactures and distributes lager beer, traditional
beer and sparkling beverages. It has an approximate 90% share of the beer
market and 85% of the soft drinks market in Zimbabwe.
In the agro industrial sector the company is involved in the following
activities:-
* Barley malting
* Manufacture of PET, injection and blow moulded plastic products.
* Food processing
* Manufacture and distribution of wines and spirits.
The company traces its roots to 1898 when the foundation stone was laid by the
Salisbury Lager Beer Brewery and Ice Factory. It was first listed on the
Stock Exchange in 1946 as Rhodesian Breweries Limited. It later changed its
name to Delta Corporation in 1978.
Sales volumes
In its disclosure of sales volumes, SABMiller includes its equity accounted
percentage of the volumes of associates.
Enquiries
SABMiller plc
t: +44 20 7659 0100
Sue Clark
Director Corporate Affairs
SABMiller plc
t: +44 20 7659 0184
Gary Leibowitz
Senior VP, Investor Relations
SABMiller plc
t: +44 20 7659 0174
Nigel Fairbrass
Head of Media Relations
SABMiller plc
t: +44 7799 894265
18 October 2010
Date: 18/10/2010 08:00:01 Produced by the JSE SENS Department.
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