Global brewing giant SABMiller on Thursday reported basic earnings per share of 94,1 United States cents for the year ended March 31 2005, from 54,1 cents a year ago.
Adjusted earnings per share were up 33% to 103,2 US cents, while in sterling terms, earnings per share were up 22% to 55,9 pence, from 45,8 pence a year ago. In South African currency terms, adjusted earnings per share were up 17% to 641,8 cents, from 547,6 cents before.
The board has proposed a final dividend of 26 US cents, making a total for the year of 38 US cents — an increase of 27% over the prior year.
Turnover rose by 15% in dollar terms to $14,5-billion, from $12,6-billion a year earlier, while earnings before interest, taxation, depreciation and amortisation (Ebitda) were 27% higher at $2,4-billion versus $1,9-billion.
Profit before tax came in at $2,2-billion, a 58% increase from 2004 levels.
SABMiller’s total lager volumes rose by 8% to 148-million hectoliters, while organic growth was 4% for the year. The group’s Ebitda margin improved to 16,6% from 15% a year earlier.
Strong cash flows reduced the group’s gearing to 26,4%, it added.
In North America, the group’s Miller operations posted earnings before interest, tax and amortisation (Ebita) (ahead of exceptional items) of $497-million, representing 17% growth in organic, constant currency terms.
In Central America, Ebita totalled $91-million, for growth of 26%, while in Europe, Ebitda was 15% higher at $483-million.
Beer South Africa saw robust growth of 20% to $708-million, and the Africa and Asia division posted Ebita of $384-million, an increase of 21% in organic, constant currency terms over 2004.
Ebita from other beverage interests was 18% higher at $250-million, and the group’s hotels and gaming interests in South Africa saw Ebita rise by 33% to $81-million.
Meyer Kahn, SABMiller chairperson, said: “This has been the third successive year of remarkable volume, margin and earnings growth from SABMiller and confirms our superior long-term growth profile.
“Our South African operations were particularly strong, benefiting from robust economic conditions, further improvements in operating performance and a firm local currency.
“Miller has shown domestic volume growth for the first time in six years and the businesses in Europe and Africa and Asia continued their excellent momentum.”
Net cash inflow from operations of $2,8-billion was 22% ahead of the prior year, reflecting the overall strength of the trading performance. The group’s gearing decreased at the year-end to 26,4% from last year’s 43,3%, reflecting the trading performance, proceeds from the sale of certain investments and the conversion of the 4,25% $600-million convertible bond, partly offset by cash spent on acquisitions. — I-Net Bridge