Operational Highlights
· Strong brand development and sales capability drove broad-based growth in our emerging markets.
· Organic, constant currency group revenue growth of 8% and reported group revenue up 11%.
· Lager volumes rose 4% on an organic basis, while selective price increases and positive brand mix drove group revenue per hectolitre (hl) growth of 3%.
· Organic, constant currency EBITA grew by 9%. Reported EBITA up 17%, despite adverse currency movements and increased commodity costs, enhanced by the inclusion of Foster's.
· EBITA margin improvement of 30 basis points (bps) on an organic, constant currency basis with a reported margin uplift of 100 bps driven by last year's acquisitions and business combinations and strong top line performance.
· Foster's integration programme progressing well, synergy delivery and capability build running ahead of schedule.
· Adjusted EPS up 14% to 118.1 US cents per share.
· Free cash flow up 14% to US$1,684 million, assisted by the timing of tax cash flows.
Graham Mackay, Executive Chairman of SABMiller, said:
"Broad-based revenue and profit growth in the first half reflects the continued success of our approach to the development of our brands, product portfolios, distribution and sales effectiveness. We have strengthened our local flagship brands, complemented by product innovation across a wide range of styles and prices. Margins have risen modestly despite higher input costs, as a result of our cost reduction and procurement initiatives supplemented by a positive contribution from the acquisitions and business combinations concluded in the second half of last year."
Dividend
The board has declared a cash interim dividend of 24.0 US cents per share, an increase of 12%. The dividend will be payable on Friday 14 December 2012 to shareholders registered on the London and Johannesburg registers on Friday 7 December 2012. The ex-dividend trading dates will be Wednesday 5 December 2012 on the London Stock Exchange (LSE) and Monday 3 December 2012 on the JSE Limited (JSE). As the group reports in US dollars, dividends are declared in US dollars. They are payable in South African rand to shareholders on the Johannesburg register, in US dollars to shareholders on the London register with a registered address in the United States (unless mandated otherwise), and in sterling to all remaining shareholders on the London register.
