SABMiller plc - AGM Trading Statement
SABMiller plc
JSEALPHA CODE: SAB
ISSUER CODE: SOSAB
ISIN CODE GB0004835483
SABMiller plc - AGM Trading Statement
London and Johannesburg, 30 July 2003. At the Annual General Meeting of
SABMiller plc (SABMiller) today, Graham Mackay, chief executive of SABMiller,
commented on the group"s overall performance for the three months ended 30 June
2003.
Mr Mackay said: "The group has recorded a strong performance for the quarter to
30 June 2003 with good contributions from our businesses in Europe, South Africa
and Africa & Asia, whilst the North America and Central America operations have
performed as expected at the time of our preliminary results announcement in May
of this year. Assisted by favourable currency movements, adjusted earnings per
share for this period show a satisfactory increase over the comparable period
last year.
"Our European businesses have produced strong results, with good summer weather
contributing to the volume growth achieved in all our markets. Financial
performance in the quarter was assisted by pricing benefits and the strength of
Central European currencies.
"The Africa & Asia businesses continue to perform well, with earnings ahead of
the prior year, even though earnings were negatively impacted by SARS in China.
We continue to benefit from relative currency stability in Africa.
"In South Africa, beer volumes have continued to grow, with beer gaining share
of the total liquor market at the expense of spirits and wine, and are up 3.8%
on the prior year after adjusting for the timing of Easter. Earnings in local
currency are ahead of expectations, and in US dollar terms have been enhanced by
a stronger South African rand. Both Miller Genuine Draft and Pilsner Urquell
were launched during the quarter, and have been well received by the market.
"In North America, Miller Brewing Company ("Miller") profitability in the
quarter is lower than the comparable prior year period, but in line with our
expectations. Miller has now been integrated into the group, and we continue
with our plans to establish a platform for growth over the next three years.
"Weak economic conditions in both Honduras and El Salvador and competitive
pressure in the carbonated soft drink market continue to impact our Central
America businesses. The restructuring programme to reduce the cost base in both
countries is proceeding according to plan.
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