| Thu 19 Apr 2012, 8:00 | | SAB - SABMiller - SABMiller Full Year 2012 Trading Update |
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SAB
SOSAB
SAB - SABMiller - SABMiller Full Year 2012 Trading Update
SABMiller
JSEALPHA CODE: SAB
ISIN CODE: SOSAB
ISIN CODE: GB0004835483
19 April 2012
SABMiller Full Year 2012 Trading Update
SABMiller plc today issues the following update on trading for the 12 months
to 31 March 2012. The calculation of the organic growth rates excludes the
impact of acquisitions and disposals on volumes and revenues, unless
otherwise stated.
On an organic basis lager volumes were 3% ahead of the prior year for both
the year and the fourth quarter. Soft drinks volumes were 7% higher than the
prior year, and 12% higher in the final quarter, both on an organic basis.
On an organic, constant currency basis group revenue for the full year grew
by 7%, with group revenue per hectolitre up by 4%. Fourth quarter group
revenue grew by 10% on an organic, constant currency basis, with group
revenue per hl up by 5%. The group`s overall financial performance is in
line with our expectations.
Latin America`s lager volumes were up 8% on an organic basis compared with
the prior year, with healthy growth sustained through the fourth quarter. In
Colombia full year lager volumes grew by 7% reflecting a strong economy,
healthy consumer spending and the successful development of our brand
portfolio, including 26% volume growth of our local and international
premium brands. Peru`s full year lager volume grew by 10%, as consumers
continued to trade up from the informal alcohol sector, based on the appeal
of our brands and successful marketing and trade execution. Ecuador lager
volumes were up 7%, supported by the implementation of our direct service
model and the cycling of the Sunday trading ban of June 2010. In Central
America lager volumes grew by 6%, with strong performances by both Honduras
and El Salvador following the introduction of larger packs as an affordable
option for low income consumers. Soft drinks volumes across the Latin
America region were up 10%, showing strong growth across all categories,
with our non-alcoholic malt brands` volumes up 16% for the year.
In Europe full year lager volumes declined by 1% on an organic basis as beer
market growth continued to be subdued and competitors aggressively promoted
economy brands and packs. Fourth quarter volumes were down 2%. The
completion of planned de-stocking in the second half of the year affected
Poland and Romania, which together with the effects of continuing competitor
price reductions and promotional activity, resulted in volume declines of 4%
and 8% respectively for the year. In the Czech Republic, domestic volumes
were in line with the prior year supported by good performance of brand and
pack innovations and despite continuing weakness in the on-premise channel.
In Russia, volumes were up 2%, ahead of beer market performance, and strong
growth continued in Ukraine. Both Russia and Ukraine reflect 11 months of
trading prior to the conclusion of the transaction with Anadolu Efes. The
United Kingdom achieved volume growth of 8% for the full year, led by the
expansion of Peroni Nastro Azzurro in the on-premise channel.
For the 12 months ended 31 March 2012, MillerCoors` US domestic sales to
retailers (STRs) were down 2.4%, with a 1.6% decline in the quarter to March
on a trading day adjusted basis. The mainstream beer segment has continued
to be affected by economic pressure on key consumer demographics. Coors
Light delivered low single digit growth in the quarter, offset by a low
single digit decline in Miller Lite, and total premium light STRs were down
low single digits. The Tenth and Blake division saw double digit growth
driven by the continued success of Blue Moon, Leinenkugel`s and their
associated seasonal variants and Peroni Nastro Azzurro. The below premium
portfolio was down low single digits in the quarter. Domestic sales to
wholesalers (STWs) declined 2.7% for the year ended 31 March 2012, with a
0.9% decline in the fourth quarter.
Africa`s full year lager volumes grew by 13% on an organic basis, with
fourth quarter organic growth of 14%, despite strong prior year comparatives
and emerging capacity constraints in some markets. Full year lager volumes
in Tanzania grew by 15%, underpinned by a particularly strong performance in
the premium segment and the positive impact of the strengthening of our
sales and distribution reach and intensity. In Mozambique, lager volumes
ended 9% higher driven by enhanced penetration in the north of the country,
and a strong fourth quarter assisted by the launch in November 2011 of our
cassava beer Impala. Despite capacity constraints, Zambia lager volumes grew
by 17% over the full year, supported by a strong economy and growth in
premium offerings. In Uganda our extending reach into the west of the
country helped deliver lager volume growth of 19%. Capacity enhancements and
improved availability enabled our associate in Zimbabwe to grow full year
lager volumes by 23% on an organic basis. Castel`s full year lager volumes
(excluding the successful management combination of our Angola businesses
and their Madagascar acquisition) grew by 11% with good volume performances
in Cameroon, the Democratic Republic of Congo, Ethiopia and Tunisia. Full
year total Africa soft drinks volumes grew by 11% on an organic basis.
Lager volumes in the Asia Pacific region grew by 4% for the year on an
organic basis and by 1% in the fourth quarter. Full year lager volume growth
in China was 9% on a reported basis and 4% on an organic basis, with
acquisitions enhancing market share. Volume growth was impacted by poor
weather in key regions particularly during the peak second quarter, and more
recently with heavy rains in March which resulted in a slight decline in the
fourth quarter. In India, volumes for the year were up 3% with stronger
growth in the second half of the year following the lifting of certain
trading restrictions in Andhra Pradesh in September and in spite of the
impact of a number of excise increases across key states introduced at the
beginning of the year. In Australia, CUB`s lager volumes for the quarter
ended 31 March 2012 were 4% below the same period in the prior year (pro
forma), a slower rate of decline than the previous quarter. Consumer
spending generally continues to be impacted by negative sentiment.
In South Africa, lager volumes for the year grew by 2% and were up 6% in the
fourth quarter reflecting a strengthening competitive position. The core
brand portfolio overall performed well with particularly strong
contributions from Castle Lite and Castle Lager. The business continued to
benefit from targeted brand investments as well as improved retail execution
and customer service. Soft drinks volumes improved by 2% in the year as a
result of the continued execution of focused channel plans. A good
performance from the two litre PET packs and growth in still drinks, as well
as favourable weather, resulted in volume growth of 13% in the fourth
quarter.
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 includes global brands 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, Tyskie and Victoria Bitter.
SABMiller is also one of the world`s largest bottlers of Coca-Cola products.
In the year ended 31 March 2011, the group reported US$4,491 million of
adjusted pre-tax profit and group revenue of US$28,311 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/imagelibrary or www.newscast.co.uk
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
Richard Farnsworth
Business Media Relations Manager
SABMiller plc
t: +44 20 7659 0188
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 announcement 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.
Date: 19/04/2012 08:00:19 Produced by the JSE SENS Department.
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