| Thu 29 Jul 2004, 12:14 | | SABMILLER PLC - AGM TRADING STATEMENT |
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SABMILLER PLC - AGM TRADING STATEMENT
SABMILLER PLC
JSE ALPHA CODE: SAB
ISSUER CODE: SOSAB
ISIN CODE: GB0004835483
SABMILLER PLC AGM TRADING STATEMENT
London and Johannesburg, 29 July 2004. 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
2004.
Mr Mackay said: `The group has achieved a good start to the financial year, with
the performance for the first quarter to 30 June being in line with our
expectations at the time of our preliminary results announcement in May of this
year. All of our businesses have contributed towards a pleasing increase in
adjusted earnings per share for this period when compared with the prior year.
`In North America, Miller`s US domestic sales to retailers (STRs) increased by
2.8% over prior year, reflecting the continued growth of the Miller Lite brand
which commenced late in the first half of the prior year. This growth was
partially offset by reductions in other brands. Financial performance is in line
with our expectations.
`Economic and competitive pressures continued to impact our Central America
business and total beverage volumes were down by some 2%. However, selective
price increases and restructuring benefits have contributed to improved
profitability.
`Our European business has produced good results with organic lager growth of
3% across the division. Volume growth in Poland, Russia and Romania was offset
by reductions elsewhere in Europe, largely as a result of poorer weather
following the exceptionally hot weather in the prior year.
`The Africa & Asia business continues to perform well. Organic lager volume
growth of 10% was primarily driven by improved trading conditions in China
compared with the prior year which was impacted by the SARS epidemic. In Africa,
our business continues to post volume growth in both lager and carbonated soft
drinks.
`In South Africa, beer volumes have continued to grow. Beer gained further share
of the total liquor market, and volumes were up by approximately 4% on the prior
year. Good financial performance in local currency has been enhanced in US
dollar terms by a stronger South African rand exchange rate.`
Ends
Notes to editors:
SABMiller plc is one of the world`s largest brewers, with 2003/04 lager volumes
in excess of 137 million hectolitres. It has a brewing presence in over 40
countries across four continents and a portfolio of strong brands and leading
market shares in many of the countries in which it has brewing operations.
Outside the USA, SABMiller plc is one of the largest bottlers of Coca-Cola
products in the world.
In the year ended 31 March 2004, the group generated US$1,391 million pre-tax
profit from a turnover of US$12,645 million. SABMiller plc is listed on the
London and Johannesburg stock exchanges.
Enquiries:
SABMiller plc Tel: +44 20 7659 0100
Sue Clark Director of Corporate Tel: +44 20 7659 0184
Affairs
Gary Leibowitz Vice President, Investor Tel: +44 20 7659 0174
Relations
Mat Dunn Investor Relations Senior Tel: +44 20 7659 0194
Manager
Nigel Fairbrass Head of Corporate
Communications (Finance) Tel: +44 7799 894265
This announcement is available on the company website. www.sabmiller.com
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.
29 July 2004
