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2007Annual Report WorldReginfo - c2159fe1-985e-4a20-8e7e-dd8152e67055 CONTENTS 1 Overview 34 Governance Our performance 1 Corporate governance 34 Global footprint 2 Board of directors 42 Executive committee 44 Directors’ report 45 Remuneration report 48 Operating Trim area Trim 4 and financial review Chairman’s statement 4 58 Our 2007 financial The global beer market 6 statements Statement of directors’ Chief Executive’s review 7 responsibilities on the consolidated financial statements 58 Our strategic priorities 8 Independent auditors’ report to Creating a balanced and attractive the members of SABMiller plc 59 global spread of businesses 10 Consolidated income statement 60 Developing strong, relevant brand Consolidated balance sheet 61 portfolios in the local market 12 Consolidated cash flow statement 62 Constantly raising the performance Consolidated statement of total of local businesses 14 recognised income and expense 63 Leveraging our global scale 16 Notes to the consolidated financial statements 64 Chief Financial Officer’s review 18 Statement of directors’ responsibilities on the company Operations review 24 financial statements 127 Latin America 24 Independent auditors’ report to Europe 25 the members of SABMiller plc 128 North America 26 Balance sheet of SABMiller plc 129 Africa and Asia 27 Notes to the company South Africa 28 financial statements 130 Five-year financial review 138 Sustainable development review 30 Definitions 140 142 Shareholder information Ordinary shareholding analyses 142 Shareholders’ diary 143 Administration 144 Front cover photograph: Zolotaya Bochka, the fastest growing Russian premium lager brand. WorldReginfo - c2159fe1-985e-4a20-8e7e-dd8152e67055 SABMiller is one of the world’s largest brewers, with brewing interests and distribution agreements in over 60 countries across six continents. Our brands include premium international beers such as Pilsner Urquell, Peroni Nastro Azzurro and Miller Genuine Draft, as well as an exceptional range of market-leading local brands such as Aguila, Miller Lite, Snow and Tyskie. Six of our brands are in the world’s top 50 beer brands. We are also one of the largest bottlers of Coca-Cola products in the world. Trim area Trim WorldReginfo - c2159fe1-985e-4a20-8e7e-dd8152e67055 Where can you find out more about What’s inside SABMiller plc? 1 Overview 4 Operating and financial review www.sabmiller.com 4 Chairman’s statement Expanded content on some of the areas covered in this 7 Chief Executive’s review annual report can be found at www.sabmiller.com 18 Chief Financial Officer’s review 24 Operations review 30 Sustainable development review SABMiller Sustainable Development Report 2007 Our Sustainable Development Report is available at 34 Governance www.sabmiller.com/sabmiller.com/en_gb/Our+responsibility 58 Our 2007 financial statements 142 Shareholder information For explanations on our ‘Definitions’, see pages 140 and 141. WorldReginfo - c2159fe1-985e-4a20-8e7e-dd8152e67055 OUR Overview PERFORMANCE Operating and financial review Revenue1 (US$m) ■ Group lager volumes up 23% to 216 million 20,000 hectolitres (hl), organic growth of 10% ■ South America delivered pro forma volume 15,000 growth of 12%, ahead of expectations 10,000 ■ Excellent Europe organic volume growth of 11% and market share gains 5,000 ■ Difficult trading conditions persisted in North America Governance 03 04 0605 07 ■ Good constant currency growth in South Africa 2 supported by strong economic backdrop EBITA (US$m) 4,000 ■ Continued strong volume growth rates in China and India 3,000 2,000 Revenue1 up 22% EBITA2 up 22% US$18,620m US$ 3,591m 1,000 Financial statements 03 04 0605 07 3 Dividends per share Profit before tax Adjusted earnings per share (US cents) up 14% up 10% 50 US$ US cents 2,804m 120.0 40 30 Dividends per share Net cash from operations up 14% up 22% 20 information Shareholder US cents 50.0 US$ 4,018m 10 03 04 0605 07 1 Revenue excludes the attributable share of associates’ revenue of US$2,025 million (2006: US$1,774 million). 2 EBITA 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. EBITA is used throughout this report as we believe it provides additional information on trends and allows for greater comparability. 3 Reconciliation of adjusted earnings to the statutory measure of profit attributable to equity shareholders is provided in note 8 to the Consolidated Financial Statements. To view our Preliminary 2007 annual results presentation, webcast, audiocast and interviews, visit Our performance SABMiller plc Annual Report 2007 www.sabmiller.com/sabmiller.com/en_gb/Investors/Presentations+and+briefings/Presentations+and+ 1 WorldReginfo - c2159fe1-985e-4a20-8e7e-dd8152e67055 briefings+2007/Preliminary+F07+annual+results GLOBAL North America FOOTPRINT Over the past 20 years we have grown rapidly Latin America from our original South African base into a global Colombia Ecuador operation, developing a balanced and attractive El Salvador Honduras portfolio of businesses. Our markets range from Panama developed economies such as North America to Peru fast growing developing markets such as China and India. 25% 20% 10% EBITA 2007 EBITA 2007 EBITA 2007 Latin America Europe North America Our primary brewing operations cover eight Miller Brewing Company is the second largest Our primary brewing and beverage countries. These are the Canary Islands brewer in the US market – the beer market operations cover six countries. These (Spain), Czech Republic, Hungary, Italy, with the world’s biggest profit pool. Through are Colombia, El Salvador, Ecuador, Poland, Romania, Russia and Slovakia. more than 150 years of innovation and Honduras, Panama and Peru. We are the In the majority of these countries we are brewing excellence, Miller has built a portfolio number one brewer, in terms of market the number one or two brewer. of award-winning beers and now owns share, in each of these countries. the fast growing premium Sparks brand. We also have significant import businesses We bottle soft drinks for The Coca-Cola in the UK and Germany where we import Miller has licensed production in Canada Company in El Salvador and Honduras. our international premium brands. and distribution in Mexico. We have recently entered the Puerto Rico market with our international premium Total number of breweries – 19 Total number of breweries – 8 beer brands. Total average number of employees – 12,017* Total average number of employees – 5,889* Total number of breweries – 17 Key local lager brands include: Arany Key local lager brands include: Miller Lite; Total number of bottling plants – 14 Aszok; Debowe Mocne; Dorada; Dreher; Miller Genuine Draft; Miller High Life; Total average number of employees – 26,394* Gambrinus; Kozel; Lech; Moya Kaluga; Milwaukee’s Best and Leinenkugel’s Nastro Azzurro; Pilsner Urquell; Peroni; Key local lager brands include: Aguila; For more information see pages 26-27 S˘ aris˘; Radegast; Timisoreana Lux; Topvar; Atlas; Balboa; Barena; Cristal; Club; Club Tropical; Tyskie; Ursus; Zolotaya Bochka Colombia; Costeña; Cusqueña; Pilsen and Zubr Callao; Golden Light; Pilsen; Poker; Pilsener; Port Royal and Salva Vida For more information see pages 25-26 For more information see pages 24-25 SABMiller plc Annual Report 2007 Global footprint For more information on our businesses, visit 2 www.sabmiller.com/sabmiller.com/en_gb/Our+business/Our+markets WorldReginfo - c2159fe1-985e-4a20-8e7e-dd8152e67055 Europe Overview Czech Republic 200 Hungary Italy More than 200 brands owned Poland Romania Russia Slovakia 127 Canary Islands UK Total number of breweries Africa and Asia Angola Tanzania 67,000 Operating and financial review Botswana Uganda Total average number Comoros Zambia Ghana Zimbabwe of employees* Lesotho Malawi Australia Mayotte China Mozambique India Swaziland Vietnam 216 million Total volume of lager sold** (hectolitres) South Africa Denotes regions where SABMiller operates, or has a major distribution agreement (over 100,000 hectolitres) or recent start-up operations Denotes regions covered by our strategic partner Castel Governance 33% 12% EBITA 2007 EBITA 2007 Africa and Asia South Africa Financial statements In Africa, our primary brewing and beverage South African Breweries Ltd (SAB Ltd) is our Total number of breweries – 76 operations cover 31 countries and we are original brewing company. Founded in 1895, Total number of bottling plants – 17 the number one brewer in terms of market SAB Ltd has since become one of South Total average number of employees – 11,028* share in most of these countries. In 12 Africa’s leading companies as well as Africa’s of these countries we have management Key lager brands include: 2M; Castle; largest brewer. The soft drinks division of control, while in the others we have a Castle Milk Stout; Chibuku (sorghum); SAB Ltd is South Africa’s largest producer of strategic alliance with Castel and a minority Club; Club Pilsner; Eagle (clear sorghum); products for The Coca-Cola Company. shareholding in Kenya and Zimbabwe. Fosters; Haywards; Laurentina; Kilimanjaro; SABMiller has hotel and gaming interests We bottle soft drinks for The Coca-Cola Manica; Mosi; Nduvo; N’gola; Nile Special; through the Tsogo Sun Group, one of the Company in seven of our African markets. Royal Challenge; Safari; Snow; Stone; largest hotel and gaming groups in South St Louis and Zorok CR Snow, our partnership with China Africa.
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    WORLD BREWING CONGRESS 2016 World Brewing Congress August 13-17, 2016 Prospective demand for malting barley and malt quality for the global brewing industry Sheraton Downtown Denver 159 Peter Watts1, Dr. Yueshu Li1 and Dr. Jessica Yu2 Denver, CO 80202, U.S.A. 1. Canadian Malting Barley Technical Centre, Winnipeg, Manitoba, Canada R3C 3G7 2. Tsingtao Brewery Co. Ltd, Qingdao, China 266100 Introduction China Beer Market Evolving Quality Requirements Rapid changes in the world brewing industry including the boom in craft brewing, diversification in In addition to international brewing groups such as Carlsberg and AB-InBev, China Resource Snow Brewery, Tsingtao Brewery, and Beijing Yangjing Beer are dominant Rising beer production in China and the rapid development of craft brewing in the US beer brand/style as well as changing ownership present both challenges and opportunities for the players in China accounting for 71% of beer output. Increasingly Chinese beer manufacturers are strengthening their brand positioning. In 2014 China Resources Snow are driving increased demand for malting barley and malt, and are also shifting quality malting barley industry. In this presentation, trends in global malting and brewing sectors, Breweries produced 107 million hectolitres of Snow beer making it the world’s largest beer brand at 5.4% of the global market. Its total volume is higher than the requirements. In China, brewers are demanding barley with higher grain protein and specifically in China and the United States, and changing quality requirements for malting barley combined volume of Budweiser (4.6 billion liters) and Budlight (5.0 billion liters). Together with Tsingtao Brewery and Beijing Yangjing Beer, these three Chinese brewers very high enzyme potential to compensate for large adjunct incorporation.