SABMiller plc
Results and EPS for first five months ahead of prior year, integration of Miller
Brewing Company underway
London and Johannesburg, 17 September 2002. Prior to the commencement of the
close period ahead of the interim results due in November, Graham Mackay, Chief
Executive of SABMiller plc, has provided an update to the AGM statement issued
on 31 July 2002.
Mr Mackay said: For the five months ended 31 August 2002, the group has
delivered results and earnings per share ahead of prior year - a very
satisfactory performance in the light of the significant depreciation of some
Southern African currencies in 2001.
Europe`s results are especially pleasing. Our Central and Eastern European
businesses produced good volume growth, despite the impact of flooding in the
Czech Republic. Both Poland and the Czech Republic have performed particularly
well. In Russia, volumes are ahead of last year but behind expectations.
In Africa, lager beer volumes have grown in all our major markets, and in
Tanzania benefits from the recent East African rationalisation initiatives are
already being achieved. Carbonated soft drinks (CSDs) volumes are well ahead
of the prior year, led by strong performances in Angola and Zambia. In China,
profitability is improving following our acquisitions in 2001 and the ongoing
reorganisation of that business into three sub-regions.
Beer volumes for the year to date in South Africa are 0.7% lower than the
comparable period last year, reflecting the encouraging trends of recent months.
This result has been achieved without the benefit of an Easter period, which
fell into the prior financial year, and on a like-for-like basis volumes would
be marginally positive. Profits in local currency at Beer South Africa are ahead
of those of the previous year. ABI has recorded good growth in volumes, and the
Hotel and Gaming group has also shown good growth in occupancies and gaming
revenues, with earnings in both businesses being ahead of the prior year.
In Central America, our businesses in Honduras and El Salvador have grown lager
beer volumes although CSD volumes remain under competitive pressure. This,
together with the region`s lacklustre economic performance, has resulted in
profitability remaining behind our expectation. However, rationalisation and
integration initiatives continue, and benefits from these activities are still
to come.
In the United States, Miller Brewing Company`s own lager volumes for the two
months since acquisition have been in line with our expectations but below last
year. This has been offset by the continuing improvement in pricing trends and
higher contract brewing volumes. The integration of the business into the wider
group is proceeding across a broad front.
Ends
Further information
Nick Chaloner
Director of Communications +44 (0)7880 502755
Media:
Ciaran Baker +44 (0)20 7659 0120
Investor Relations:
Tanya Tracey +44 (0)20 7659 0105
Caroline Metcalfe +44 (0)20 7659 0113
This announcement is available on the SABMiller website. www.sabmiller.com
Date: 17/09/2002 08:00:00 AM Produced by the JSE SENS Department
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