lobal brewing giant SABMiller plc (SAB) has reported a 7 percent rise in group revenue on an organic‚ constant currency basis for the 12 months ended March 2013.Releasing its full year 2013 trading update on Thursday‚ SABMiller reported group revenue per hectolitre (hl) was up 3 percent‚ reflecting excise-driven price increases and the impact of regional mix.
Including the impact of the Foster’s transaction and other acquisitions and disposals‚ and after adverse currency translation effects‚ reported group revenue for the year was up 10 percent.
For the fourth quarter group revenue grew by 4 percent and group revenue per hl was up 1 percent‚ both on an organic‚ constant currency basis. Lager volumes on an organic basis were up 3 percent for the full year and 4 percent for the fourth quarter‚ while soft drinks volumes were up 4 percent for the full year and 3 percent for the fourth quarter‚ both on an organic basis.
“The group’s overall financial performance was in line with our expectations‚” the group said.
Latin America's lager volumes were up 3 percent on an organic basis compared with the prior year‚ with a 1 percent decline in the fourth quarter. Volume performance in the fourth quarter was impacted by softer economic conditions and a December 2012 price increase in some markets.
In Europe‚ full year lager volumes were up 6 percent on an organic basis with fourth quarter volumes up 3 percent. Despite a challenging economic backdrop‚ volume growth was delivered through successful launches of brand and pack innovations.
For the 12 months ended March 2013‚ MillerCoors’ US domestic sales to retailers (STRs) were down 2.0 percent‚ with a 3.3 percent decline in the quarter to March‚ on a trading day adjusted basis‚ amidst weaker industry performance. Premium light STRs were down mid single digits in the quarter‚ with a low single digit decline in Coors Light and a high single digit decline in Miller Lite.
The premium regular and economy segments both declined by mid single digits. Domestic sales to wholesalers (STWs) declined 1.5 percent for the year with a 2.5 percent decline in the fourth quarter.
Full year lager volumes in Africa grew by 6 percent on an organic basis despite cycling strong comparatives‚ with the final quarter up 9 percent. Volume growth was driven by additional capacity coming on stream‚ enhanced availability and focused consumer offerings across the region.
Lager volumes in the Asia Pacific region grew by 6 percent for the year on an organic basis with very strong growth of 12 percent in the fourth quarter.
In South Africa‚ lager volumes for the year grew by 2 percent and market share increased against a backdrop of difficult trading conditions. Sales benefited from innovative‚ through-the-line execution of key brand propositions‚ notably Castle Lite and Castle Lager‚ and continuing improvements to customer service. In the fourth quarter volumes were up 1 percent‚ cycling strong growth in the prior year and impacted by a softer economic environment. Soft drinks volumes grew 3 percent for the year‚ with continued benefit from increased market penetration‚ a significant improvement in customer service and channel-focused execution‚ with particularly strong growth in two litre PET packs‚ the group noted.
