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Annual Report SABMiller plc Annual Report 2008 About SABMiller plc One of the world’s largest brewers, SABMiller has brewing interests and distribution agreements across six continents. Our wide portfolio of brands includes premium international beers such as Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft and Grolsch along with market-leading local brands such as Aguila, Castle, Miller Lite, Snow and Tyskie. Six of our brands are among the top 50 in the world. We are also one of the world’s largest bottlers of Coca-Cola products. Overview Financial statements 01 Our performance 60 Statement of directors’ responsibilities on the consolidated financial statements 02 The group at a glance 61 Independent auditors’ report to the members of SABMiller plc Operating and financial review 62 Consolidated income statement 04 Chairman’s statement 63 Consolidated balance sheet 06 The global beer market 64 Consolidated cash flow statement 07 Chief Executive’s review 65 Consolidated statement of recognised 10 Our strategic priorities income and expense 10 Creating a balanced and attractive global spread 66 Notes to the consolidated financial statements of businesses 12 Developing strong, relevant brand portfolios 134 Statement of directors’ responsibilities on the in the local market company financial statements 14 Constantly raising the performance of local businesses 135 Independent auditors’ report to the members 16 Leveraging our global scale of SABMiller plc 18 Chief Financial Officer’s review 136 Balance sheet of SABMiller plc 24 Operations review 137 Notes to the company financial statements 24 Latin America 25 Europe 146 Five-year financial review 26 North America 148 Definitions 27 Africa and Asia 28 South Africa 30 Sustainable development Shareholder information 149 Ordinary shareholding analyses Governance 150 Shareholders’ diary 34 Corporate governance 151 Administration 42 Board of directors 44 Executive committee Front cover photograph: SABMiller associate, 45 Directors’ report CR Snow, is China’s largest brewer and the 49 Remuneration report Snow brand is China’s leading beer brand. For more information, or to download our Sustainable Development Report 2008, please go to SABMiller.com Our performance Overview ■ Group lager volumes up 11% to 239 million hectolitres (hl), organic growth of 7% ■ EBITA up 15%, and 9% on an organic constant currency basis despite rising input costs ■ Mix benefits and strong pricing improve Miller EBITA in the USA ■ Volume, price and productivity gains drive excellent earnings growth in Europe – EBITA up 30% ■ Latin America lager volume growth of 5% despite exceptional prior year – EBITA up 17% Operating and financial review ■ Africa lager volumes up 6% organically – substantial investment programme to capture growth opportunities ■ CR Snow volume growth continues ahead of the China market – Snow brand up 63% ■ South Africa lager volumes level – a satisfactory result given loss of a premium brand Revenue1 (US$m) EBITA2 (US$m) Dividends per share (US cents) 25,000 5,000 60 50 20,000 4,000 40 Governance 15,000 3,000 30 10,000 2,000 20 5,000 1,000 10 04 0506 07 08 04 0506 07 08 04 0506 07 08 +15% +15% +16% Financial statements 2008: US $21,410m 2008: US $4,141m 2008: US cents 58.04 2007: US $18,620m 2007: US $3,591m 2007: US cents 50.0 Profit before tax Adjusted earnings3 per share Net cash from operations +16% +19% +6% 2008: US $3,264m 2008: US cents 143.1 2008: US $4,276m information Shareholder 2007: US $2,804m 2007: US cents 120.0 2007: US $4,018m 1 Revenue excludes the attributable share of associates’ revenue of US$2,418 million (2007: US$2,025 million). 2 Note 2 provides a reconciliation of operating profit to EBITA which is defined as operating profit before exceptional items and amortisation of intangible assets (excluding software) but includes the group’s share of associates’ operating profit, on a similar basis. As described in the Chief Financial Officer’s review, EBITA is used throughout this report. 3 Reconciliation of adjusted earnings to the statutory measure of profit attributable to equity shareholders is provided in note 8. 4 Subject to shareholder approval of final dividend at AGM. Our performance 1 SABMiller plc Annual Report 2008 The group at a glance Over the past 20 years we have grown rapidly from our original South African base into a global operation, developing a balanced and attractive portfolio of businesses. Our markets range from developed economies such as the USA to fast-growing developing markets such as China and India. www.sabmiller.com Key highlights Latin America Europe 200 More than 200 brands owned 139 Our primary brewing and beverage Our primary brewing operations cover Total number of breweries operations cover six countries. These nine countries. These are the Canary are Colombia, El Salvador, Ecuador, Islands (Spain), Czech Republic, Honduras, Panama and Peru. We are Hungary, Italy, Poland, Romania, Russia, the number one brewer, in terms of Slovakia and The Netherlands. In the 69,116 market share, in each of these countries. majority of these countries we are the number one or two brewer. Total average number We bottle soft drinks for The Coca-Cola of employees* Company in El Salvador and Honduras We also have significant import and for Pepsico International in Panama businesses in the UK and Germany and Bolivia. In 2007 we entered the where we import our international Puerto Rico market with our international premium brands. 239 million premium beer brands. Total volume of lager sold** (hectolitres) 25% 23% Contribution to group EBITA 2008 Contribution to group EBITA 2008 17 21 Total number of breweries Total number of breweries 16 Total number of bottling plants 25,389* 12,921* Total average number of employees Total average number of employees Top selling brands Top selling brands Key local lager brands include: Key local lager brands include: Aguila; Atlas; Balboa; Barena; Arany Aszok; Débowe Mocne; Dorada; Cristal; Club; Club Colombia; Costeña; Dreher; Gambrinus; Grolsch; Kozel; Cusqueña; Pilsen Callao; Golden Light; Lech; Nastro Azzurro; Pilsner Urquell; Pilsen; Poker; Pilsener; Port Royal and Peroni; Šariš; Radegast; Timisoreana Lux; Salva Vida Topvar; Tropical; Tyskie; Ursus; Zolotaya Bochka and Zubr For more information see pages 24-25 For more information see pages 25-26 * See note 6 to the Consolidated Financial Statements. ** Volumes are defined in the ‘Definitions’ section on page 148. 2 The group at a glance SABMiller plc Annual Report 2008 Overview Operating and financial review North America Africa and Asia South Africa Miller Brewing Company is the second In Africa, our primary brewing and beverage The South African Breweries Ltd (SAB largest brewer in the US market – the operations cover 31 countries and we are Ltd) is our original brewing company. beer market with the world’s biggest the number one brewer in terms of market Founded in 1895, SAB Ltd has since profit pool. Through more than 150 years share in most of these countries. In 12 of become one of South Africa’s leading of innovation and brewing excellence, these countries we have management companies as well as Africa’s largest Miller has built a portfolio of award- control, while in the others we have a brewer. The soft drinks division of SAB winning beers. Miller Chill, one of its strategic alliance with Castel and a minority Ltd is South Africa’s largest producer of Governance newest brands, was the most successful shareholding in Kenya and Zimbabwe. products for The Coca-Cola Company. new product introduction in the US beer We bottle soft drinks for The Coca-Cola SABMiller has hotel and gaming interests industry last year. Company in 20 of our African markets. through the Tsogo Sun Group, one of the Miller has licensed production in Canada CR Snow, our partnership with China largest hotel and gaming groups in South and distribution in Mexico. Resources Enterprise Limited, is the largest Africa. The group was created in 2003 brewer by volume in China, and we are the when SABMiller and Tsogo Investments second largest brewer in India. We have merged their activities. At the time, it was a joint venture in Vietnam with Vinamilk the largest empowerment transaction in and we also sell our premium brands in the sector and SABMiller holds a 49% Australia through a joint venture with interest in the group. Coca-Cola Amatil. 11% 14% 27% Financial statements Contribution to group EBITA 2008 Contribution to group EBITA 2008 Contribution to group EBITA 2008 8 86 7 Total number of breweries Total number of breweries Total number of breweries 12 7 Total number of bottling plants Total number of bottling plants 5,991* 12,806* 11,749* Total average number of employees Total average number of employees Total average number of employees Top selling brands Top selling brands Top selling brands Shareholder information Shareholder Key local lager brands include: Key local lager brands include: Key local brands include: Miller Lite; Miller Chill, Miller Genuine 2M; Castle Lager; Castle Milk Stout; Carling Black Label; Castle Lager; Draft; Miller High Life; Milwaukee’s Chibuku (sorghum); Club; Club Pilsner; Castle Lite; Castle Milk Stout; Hansa Best and Leinenkugel’s Eagle (clear sorghum); Foster’s; Marzen Gold; Hansa Pilsener; Redd’s; Haywards; Laurentina; Kilimanjaro; Brutal Fruit; Sarita and Skelter’s Straight Manica; Mosi; Nduvo; N’gola; Nile Special; Royal Challenge; Safari; Snow; Stone; St Louis and Zorok For more information see pages 26-27 For more information see pages 27-28 For more information see pages 28-29 The group at a glance 3 SABMiller plc Annual Report 2008 Chairman’s statement The fact that we’ve been able to deliver such a good performance is testament to the strength of our brands and the group’s operational capability.
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  • Millercoors V. Anheuser-Busch Cos., LLC

    Millercoors V. Anheuser-Busch Cos., LLC

    No Shepard’s Signal™ As of: May 28, 2019 12:50 PM Z Millercoors v. Anheuser-Busch Cos., LLC United States District Court for the Western District of Wisconsin May 24, 2019, Decided; May 24, 2019, Filed 19-cv-218-wmc Reporter 2019 U.S. Dist. LEXIS 88259 * comments during oral argument on that motion on May 16, 2019, and for the reasons more fully explained MILLERCOORS, LLC, Plaintiff, v. ANHEUSER-BUSCH below, the court will grant plaintiff a preliminary COMPANIES, LLC, Defendant. injunction, [*2] though more narrow in scope than that sought by plaintiff, enjoining defendant's use of the Counsel: [*1] For Millercoors, LLC, Plaintiff: Anita following statements: (1) Bud Light contains "100% less Marie Boor, Donald Karl Schott, LEAD ATTORNEYS, corn syrup"; (2) Bud Light in direct reference to "no corn Quarles & Brady, Madison, WI; Christopher A Cole, syrup" without any reference to "brewed with," "made Crowell & Moring LLP, Washington, DC; Raija Janelle with" or "uses"; (3) Miller Lite and/or Coors Light and Horstman, Crowell & Moring LLP, Los Angeles, CA. "corn syrup" without including any reference to "brewed For Anheuser-Busch Companies, LLC, Defendant: with," "made with" or "uses"; and (4) describing "corn 2 James Forrest Bennett, Megan Susan Heinsz, LEAD syrup" as an ingredient "in" the finished product. ATTORNEYS, Adam Joseph Simon, Dowd Bennett LLP, St. Louis, MO; Jennifer Lynn Gregor, Kendall W. Harrison, Godfrey & Kahn S.C., Madison, WI. Judges: WILLIAM M. CONLEY, United States District Judge. Opinion by: WILLIAM M. CONLEY Opinion OPINION AND ORDER During Super Bowl LIII, defendant Anheuser-Busch Companies, LLC, launched an advertising campaign highlighting plaintiff MillerCoors, LLC's use of corn syrup in brewing Miller Lite and Coors Light, as compared to Anheuser-Busch's use of rice in its flagship light beer, preliminary injunction based on the likelihood of plaintiff Bud Light.