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SABMiller plc Annual Report 2011 Welcome to the SABMiller plc Annual Report 2011. Overview This interactive PDF allows you to access information easily, search for a specific item or go directly to another page, section or website. Guide to buttons Business review Go to main Go to Search Print contents page Definitions this PDF options Return to Go to Go to last page preceding next page Governance visited page Links in this PDF Words and numbers that are underlined are dynamic links – clicking on them will take you to further information within the document or to a web page (opens in a new window). Financial statements Tabs Clicking on one of the tabs at the side of the page takes you to the start of that section. Shareholder information SABMiller plc Annual Report 2011 Building locally, winning globally SABMiller plc Annual Report 2011 Contents What’s inside Overview 1 Performance highlights Overview 2 Five minute read 4 Group at a glance Financial and operational highlights of the year, an overview of the group and a description of our business activities Business review 6 Chairman’s statement 22 Operations review Business review 10 Global beer market trends 22 Latin America 11 SABMiller’s market positions 24 Europe Statements from our Chairman 13 Chief Executive’s review 26 North America and executive directors, an 18 Strategic priorities 28 Africa overview of our markets, 19 Key performance indicators 30 Asia strategy, our business model, 20 Principal risks 32 South Africa: Beverages the way we manage risk, how 34 South Africa: Hotels and Gaming our operations performed and 36 Chief Financial Officer’s review our approach to sustainable 44 Sustainable development development and people 48 People Governance 50 Board of directors Governance 52 Executive committee 53 Directors’ report An introduction to the board 57 Corporate governance and executive committee and 65 Remuneration report details of the group’s approach to corporate governance and remuneration Financial 76 Statement of directors’ responsibilities 82 Consolidated statement of changes in equity Financial statements in respect of the consolidated financial 83 Notes to the consolidated financial statements statements statements 153 Statement of directors’ responsibilities in 77 Independent auditors’ report to the respect of the company financial statements members of SABMiller plc on the 154 Independent auditors’ report to the members Audited financial statements, consolidated financial statements of SABMiller plc on the company financial notes and other key data, and 78 Consolidated income statement statements definitions of terms 79 Consolidated statement of 155 Balance sheet of SABMiller plc comprehensive income 156 Notes to the company financial statements 80 Consolidated balance sheet 166 Five-year financial review 81 Consolidated cash flow statement 168 Definitions Shareholder 170 Ordinary shareholding analyses Shareholder information 171 Shareholders’ diary information 172 Administration IBC Cautionary statement Information, dates and contact details for shareholders Overview Overview Financial and operational highlights of the year, an overview of the group and a description of our business activities 1 Performance highlights Business review 2 Five minute read 4 Group at a glance Governance Financial statements Shareholder information SABMiller plc Annual Report 2011 1 Performance highlights Delivering excellent financial performance a Group revenue includes the Overview a b c Group revenue Revenue EBITA attributable share of associates’ and joint ventures’ revenue of US$8,903 million (2010: US$8,330 million). +7% +8% +15% b Revenue excludes the attributable share of associates’ and joint 2011: US$28,311m 2011: US$19,408m 2011: US$5,044m ventures’ revenue. 2010: US$26,350m 2010: US$18,020m 2010: US$4,381m c Note 2 to the consolidated financial statements provides a reconciliation of operating profit to EBITA which is defined as operating profit before exceptional items and amortisation of intangible assets (excluding Dividends per shared Profit before tax Adjusted EPSe software) and includes the group’s Business review share of associates’ and joint ventures’ operating profit, on a similar basis. As described in the Chief Financial Officer’s review, +19% +24% +19% EBITA is used throughout this report. 2011: 81.0 US cents 2011: US$3,626m 2011: 191.5 US cents d 2011 final dividend is subject to 2010: 68.0 US cents 2010: US$2,929m 2010: 161.1 US cents shareholder approval at the annual general meeting. e A reconciliation of adjusted earnings to the statutory measure of profit attributable to equity shareholders is provided in note 8 to the consolidated Governance f Net debt Lager volumes Water to lager ratio financial statements. f Net debt comprises gross debt (including borrowings, borrowings-related derivative -16% +2% -3% financial instruments, overdrafts and finance leases) net of cash 2011: US$7,091m 2011: 218m hectolitres 2011: 4.2 hl/hl and cash equivalents (excluding 2010: US$8,398m 2010: 213m hectolitres 2010: 4.3 hl/hl overdrafts). An analysis of net debt is provided in note 28c to the consolidated financial statements. Financial statements Further information Go online for more details Shareholder information This report covers the financial year ended 31 March 2011. For more detailed information about SABMiller It is also available on our website as a downloadable PDF please refer to our website www.sabmiller.com/annualreport www.sabmiller.com/investors SABMiller plc Annual Report 2011 2 Five minute read Our business in brief SABMiller is one of the world’s leading brewers, with more than 200 beer Overview brands and some 70,000 employees in over 75 countries. We are also one of the world’s largest bottlers of Coca-Cola products. Our strategic direction Our brands and business Business review We’ve grown through a culture of operational We’ve become a global leader by excelling Governance excellence, delivering high-quality products, locally – nurturing strong, local brands and innovation and sustainability. building brand portfolios that meet the needs of consumers in each of our markets. Our success is built on a clear strategic direction and a shared The attention we give to building local businesses and local brand commitment to the company’s vision, mission and values. portfolios makes us, we believe, the most local of the global brewers. Our vision: Local brands • To be the most admired company in the global beer industry Beer is a local business in that beer brands are deeply rooted in local communities and often have their own rich histories and heritage. Our mission: At SABMiller we respect and nurture these qualities and allow our Financial statements • To own and nurture local and international brands that are the businesses a high degree of autonomy in meeting local needs. first choice of the consumer We bring deep consumer insight to the building of brands in local markets. Our values: • Our people are our enduring advantage Global brands • Accountability is clear and personal Our four global brands all have their own distinct characteristics – • We work and win in teams from the Italian style of Peroni Nastro Azzurro to the unique heritage of • We understand and respect our customers and consumers the world’s first golden beer, the Czech-brewed Pilsner Urquell; from • Our reputation is indivisible the Northern European provenance of Grolsch to the American urban cool of Miller Genuine Draft. Our strategic priorities: • Creating a balanced and attractive global spread of businesses For more information on the performance of our brands, • Developing strong, relevant brand portfolios that win in the local see pages 22 to 33. Shareholder information market • Constantly raising the profitability of local businesses, sustainably • Leveraging our skills and global scale For more information on our strategic priorities and how we measure against them, see pages 18 and 19. SABMiller plc Annual Report 2011 3 Peroni Nastro Azzurro An intensely crisp and refreshing lager with an unmistakable touch of Italian style, Peroni Nastro Azzurro is a premium lager brewed to the original recipe since 1963. Origin: Italy First brewed: 1963 www.peroniitaly.com Overview Our performance in 2011 How we manage our business Business review Our strong financial performance in 2011 Our vision to be the most admired company Governance reflects contributions from all parts of the in the global beer industry requires us to business and the benefits of a rigorous, demonstrate the highest standards of sustained focus on the group’s strategic transparency, ethics and corporate governance. priorities. Our lager volumes were up by 2% with reported group revenue rising Because our business is not separate from society but embedded 7%, while EBITA margin increased to 17.8%. within it, the success of SABMiller is inextricably linked to the well- being of the wider community. Operational highlights • Reported EBITA grew 15%, with organic, constant currency EBITA Sustainable development increasing 12%: Sustainable development is fundamental to our business success. – Latin America EBITA1 grew by 11% due to pricing, lower raw Everywhere we operate, we’re working to build a strong local Financial statements material costs and fixed-cost productivity business while also supporting local economic development. – Europe EBITA1 grew by 4%, benefiting from lower costs despite Our clear, well-embedded approach to sustainable development reduced volumes brings tangible benefits
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