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Annual Report 2011 99 SABMiller plc Annual Report 2011 99 4. Exceptional items continued Exceptional items included in operating profit Business capability programme costs The business capability programme will streamline finance, human resources and procurement activities through the deployment of global systems and introduce common sales, distribution and supply chain management systems. Costs of US$296 million have been incurred in the year (2010: US$325 million). Overview Broad-Based Black Economic Empowerment scheme costs US$149 million (2010: US$11 million) of costs have been incurred in relation to the Broad-Based Black Economic Empowerment (BBBEE) scheme in South Africa. These were IFRS 2 share-based payment charges in relation to the retailer and employee components of the scheme and the costs associated with the scheme. Profit on partial disposal of investment in associate In February 2011, a profit of US$159 million arose on the partial disposal of the group’s shareholding in Tsogo Sun Holdings (Pty) Ltd (Tsogo Sun) as part of the Tsogo Sun/Gold Reef Resorts Ltd (GRR) merger (see note 14 for further details). Impairments During 2011, impairment charges of US$98 million were incurred in Europe including charges following the classification of the in-house distribution business in Italy as held for sale and the closure of the Cluj brewery in Romania. Business review In 2010, an impairment charge of US$45 million was recorded in Latin America in relation to property, plant and equipment following the announcement of the closure of production facilities at the Bogota brewery in Colombia. Integration and restructuring costs During 2011, US$52 million of restructuring costs were incurred in Europe including the closure of the Cluj brewery and associated restructuring in Romania; retrenchments in the Netherlands; restructuring of distribution in the Canary Islands; and costs associated with the intended disposal of the in-house distribution business in Italy. In 2010, in Europe US$64 million of integration and restructuring costs were incurred in Romania, Poland, Slovakia, Italy, the Netherlands and the Canary Islands; and US$14 million of restructuring costs were incurred in Colombia in Latin America. Transaction costs In 2010, costs of US$13 million were incurred in relation to transaction services and were treated as exceptional in the Corporate division. Governance Exceptional items included in net finance costs Business capability programme costs In 2010, a charge of US$17 million was incurred to reflect differences on the fair valuation of financial instruments as a result of the business capability programme and resultant changes in treasury systems used and their differing valuation methodologies. Share of associates’ and joint ventures’ exceptional items Loss on transaction in associate During 2011, the group’s share of the impairment loss on Tsogo Sun’s existing holding in GRR as a result of the merger transaction between these two businesses and costs associated with the transaction was US$26 million. Integration and restructuring costs During 2011, the group’s share of MillerCoors’ integration and restructuring costs was US$5 million, primarily related to severance costs Financial statements (2010: US$14 million primarily related to relocation and severance costs). Unwinding of fair value adjustments on inventory In 2010, the group’s share of MillerCoors’ charge to operating profit in the year relating to the unwind of the fair value adjustment to inventory was US$4 million. Net taxation credits relating to subsidiaries’ and the group’s share of associates’ and joint ventures’ exceptional items Net taxation credits of US$2 million (2010: US$64 million) arose in relation to exceptional items during the year and include US$2 million (2010: US$7 million) in relation to MillerCoors although the tax credit is recognised in Miller Brewing Company (see note 7). Shareholder information 50518_TEXT_pgs83-108.indd 99 07/06/2011 00:50 100 SABMiller plc Annual Report 2011 Notes to the consolidated financial statements continued 5. Net finance costs 2011 2010 US$m US$m a. Interest payable and similar charges Interest payable on bank loans and overdrafts 123 162 Interest payable on derivatives 163 216 Interest payable on corporate bonds 408 389 Interest element of finance leases payments 1 1 Net exchange gains on financing activities (14) (51) Net exchange losses on dividends1 9 – Fair value losses on financial instruments: – Fair value losses on dividend-related derivatives1 – 9 – Fair value losses on standalone derivative financial instruments 153 104 – Ineffectiveness of net investment hedges1 4 8 Change in valuation methodology of financial instruments1 – 17 Other finance charges 36 24 Total interest payable and similar charges 883 879 b. Interest receivable and similar income Interest receivable 48 60 Interest receivable on derivatives 212 217 Fair value gains on financial instruments: – Fair value gains on standalone derivative financial instruments 92 28 – Fair value gains on dividend-related derivatives1 6 – Net exchange gains on dividends1 – 9 Other finance income – 2 Total interest receivable and similar income 358 316 Net finance costs 525 563 1 These items have been excluded from the determination of adjusted earnings per share. Adjusted net finance costs are therefore US$518 million (2010: US$538 million). Refer to note 23 – Financial risk factors for interest rate risk information. 6. Employee and key management compensation costs a. Employee costs 2011 2010 US$m US$m Wages and salaries 1,837 1,631 Share-based payments 130 80 Social security costs 172 168 Pension costs 114 106 Post-retirement benefits other than pensions 5 13 2,258 1,998 Of the US$2,258 million employee costs shown above, US$18 million (2010: US$13 million) has been capitalised within intangible assets and property, plant and equipment. b. Employee numbers The average monthly number of employees are shown on a full-time equivalent basis, excluding employees of associated and joint venture undertakings and including executive directors. 2011 2010 Number Number Latin America 25,691 24,979 Europe 14,239 15,201 North America 51 50 Africa 13,481 12,182 Asia 3,358 4,494 South Africa 11,897 12,885 Corporate 495 340 Group 69,212 70,131 50518_TEXT_pgs83-108.indd 100 07/06/2011 00:50 SABMiller plc Annual Report 2011 101 6. Employee and key management compensation costs continued c. Key management compensation The directors of the group and members of the executive committee (excom) are defined as key management. At 31 March 2011, there were 24 (2010: 25) key management. 2011 2010 US$m US$m Overview Salaries and short-term employee benefits 26 30 Post-employment benefits 1 2 Share-based payments 31 21 58 53 The key management figures given above include the directors. d. Directors 2011 2010 US$m US$m Aggregate emoluments £6,559,226 (2010: £5,488,539) 10 9 Business review Aggregate gains made on the exercise of share options or vesting of share awards 2 29 Company contributions to money purchase schemes £nil (2010: £549,600) – 1 12 39 At 31 March 2011, two directors (2010: two) had retirement benefits accruing under money purchase pension schemes. Full details of individual directors’ remuneration are given in the remuneration report on pages 65 to 75. 7. Taxation 2011 2010 Governance US$m US$m Current taxation 808 725 – Charge for the year (UK corporation tax: US$11 million (2010: US$6 million)) 817 755 – Adjustments in respect of prior years (9) (30) Withholding taxes and other remittance taxes 101 77 Total current taxation 909 802 Deferred taxation 160 46 – Charge for the year (UK corporation tax: US$nil (2010: US$nil)) 183 71 – Adjustments in respect of prior years (16) (14) – Rate change (7) (11) Taxation expense 1,069 848 Financial statements Tax (credit)/charge relating to components of other comprehensive income is as follows: Deferred tax credit on actuarial gains and losses (36) (10) Deferred tax charge on financial instruments 14 46 (22) 36 Total current tax 909 802 Total deferred tax 138 82 Total taxation 1,047 884 Effective tax rate (%) 28.2 28.5 Shareholder information See the financial definitions section for the definition of the effective tax rate. The calculation is on a basis consistent with that used in prior years and is also consistent with other group operating metrics. Tax on amortisation of intangible assets (excluding software) was US$58 million (2010: US$54 million). MillerCoors is not a taxable entity. The tax balances and obligations therefore remain with Miller Brewing Company as a 100% subsidiary of the group. This subsidiary’s tax charge includes tax (including deferred tax) on the group’s share of the taxable profits of MillerCoors and includes tax in other comprehensive income on the group’s share of MillerCoors’ taxable items included within other comprehensive income. 50518_TEXT_pgs83-108.indd 101 07/06/2011 00:50 102 SABMiller plc Annual Report 2011 Notes to the consolidated financial statements continued 7. Taxation continued Tax rate reconciliation 2011 2010 US$m US$m Profit before taxation 3,626 2,929 Less: Share of post-tax results of associates and joint ventures (1,024) (873) 2,602 2,056 Tax charge at standard UK rate of 28% (2010: 28%) 729 576 Exempt income (21) (30) Other incentive allowances (20) (17) Expenses not deductible for tax purposes 131 79 Deferred taxation on changes in tax legislation within Europe division countries (64) – Deferred tax asset not recognised 32 28 Tax impact of MillerCoors joint venture 198 154 Withholding taxes and other remittance taxes 101 71 Other taxes 36 20 Adjustments in respect of foreign tax rates (22) 14 Adjustments in respect of prior periods (25) (44) Deferred taxation rate change (7) (11) Deferred taxation on unremitted earnings of overseas subsidiaries 1 8 Total taxation expense 1,069 848 8.
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