16th Apr 2008 07:00
SABMiller PLC16 April 2008 Ref: 07/2008 16 April 2008 SABMiller plc Trading Update SABMiller plc today issues the following update on trading for the 12 months to31 March 2008. The calculation of organic growth rates shown below excludesvolumes for acquired businesses for the first 12 months after an acquisition. The group's lager volume growth was 11% for the year with organic growth of 7%.Revenue grew by some 16%, benefiting from price increases and mix improvements,which have offset the impact of higher input costs. The underlying performanceof the group has been good and was at the upper end of management'sexpectations. The results have benefited from successful revenue management andenhanced productivity as well as favourable exchange rates in some of our majorcountries. In Latin America, lager volumes were up 5% for the year, with a subdued growthrate in the final quarter following mid-teen growth in the comparative period.In Colombia, full year volumes have grown 4%, reflecting slower tradingconditions in the second half and tough comparatives, but good price and mixincreases have been achieved and our market facing initiatives continue todeliver benefits. In Peru, volumes ended up 8% in a market that remains highlycompetitive. Europe recorded full year organic growth of 8%. The final quarter showedsatisfactory growth despite a particularly strong comparative period which hadbenefited from good weather. Pricing and mix improvements boosted revenue.Growth remained strong in Romania and the year ended with volumes up 28%, drivenby the Timisoreana brand's new PET packaging. Good organic domestic volumegrowth of 10% was achieved in Poland, reflecting continued strong growth of Lechand Zubr, while in Russia our portfolio of premium brands grew by 14%. Domesticvolumes in the Czech Republic ended the year marginally above the prior year. In North America, Miller's full year domestic sales to retailers (STRs) grew by3.1% after adjusting for the extra trading day in the current year (3.5%unadjusted) and were up 0.7% on an organic adjusted basis. Trading-day adjustedSTRs of Miller Lite were up 1.1% for the full year (1.5% unadjusted). On asimilar basis, annual STRs of the worthmore brand portfolio, including Sparks,grew 49% - and now represent 5.8% of the total portfolio - driven by thesuccessful national launch of Miller Chill and the strong double digit growth ofPeroni Nastro Azzurro and Leinenkugel's. Miller's domestic net revenue perbarrel increased by 4.0% for the full year, reflecting good pricing, reductionsin promotions and favourable brand mix. Africa and Asia delivered organic growth of 15% in lager volumes for the year.In China, CR Snow further increased its market leadership with rapid expansionof the Snow brand. Organic growth in China was subdued in the final quarterfollowing severe weather conditions, growth of over 30% in the comparativequarter and significant price increases. In India organic volumes grew by almost20% for the year. In Africa (excluding Zimbabwe) on an organic basis lagervolumes grew strongly, having accelerated in the final quarter, and ended theyear up 6%. Strong volume growth was recorded in Botswana, following renovationof the St Louis brand and the introduction of new returnable bottles, and goodvolume growth was also achieved in Tanzania and Mozambique. South Africa Beverages' full year lager volumes were level with the prior year,although down during the final quarter (over a strong comparative quarter). Thisis a satisfactory full year performance in view of the expected volume lossfollowing the termination of a licensed premium brand with which we now compete.Soft drinks volumes grew by 4% for the year, impacted in the final quarter bycarbon dioxide shortages and cycling growth of over 30% in the comparablequarter. Ends About SABMiller plc SABMiller plc is one of the world's largest brewers with brewing interests ordistribution agreements in over 60 countries across six continents. The group'sbrands include premium international beers such as Miller Genuine Draft, PeroniNastro Azzurro and Pilsner Urquell, as well as an exceptional range of marketleading local brands. Outside the USA, SABMiller plc is also one of the largestbottlers of Coca-Cola products in the world. In the year ended 31 March 2007, the group reported US$3,154 million adjustedpre-tax profit and revenue of US$18,620 million. SABMiller plc is listed on theLondon 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 ofcharge from www.sabmiller.com or www.newscast.co.uk Enquiries:----------------- ----------------------- ------------------ SABMiller plc Tel: +44 20 7659 0100 Sue Clark Director of Corporate Affairs Tel: +44 20 7659 0184 Gary Leibowitz Senior Vice President, Investor Tel: +44 20 7659 0174 Relations Nigel Fairbrass Head of Media Relations Tel: +44 7799 894265 This announcement does not constitute an offer to sell or issue or thesolicitation of an offer to buy or acquire securities of SABMiller plc (the"Company") or any of its affiliates in any jurisdiction or an inducement toenter into investment activity. This document includes "forward-looking statements". These statements maycontain the words "anticipate", "believe", "intend", "estimate", "expect" andwords of similar meaning. All statements other than statements of historicalfacts included in this announcement, including, without limitation, thoseregarding the Company's financial position, business strategy, plans andobjectives of management for future operations (including development plans andobjectives relating to the Company's products and services) are forward-lookingstatements. 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 fromfuture results, performance or achievements expressed or implied by suchforward-looking statements. These forward-looking statements are based onnumerous assumptions regarding the Company's present and future businessstrategies 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 anyupdates or revisions to any forward-looking statements contained in thisannouncement to reflect any change in the Company's expectations with regardthereto or any change in events, conditions or circumstances on which any suchstatement is based. Any information contained in this announcement on the priceat which the Company's securities have been bought or sold in the past, or onthe yield on such securities, should not be relied upon as a guide to futureperformance. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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