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Building Brands, Brewing Value SABMiller plc Annual Report 2014 SABMiller plc plc SABMiller Annual Report 2014 Building brands, brewing value WorldReginfo - 16b67f03-3d5d-45e3-8c1c-dfe3adbe2ad1 SABMiller plc Annual Report 2014 About SABMiller We are in the beer and soft drinks business. We bring refreshment and sociability to millions of people all over the world who enjoy our drinks. We do business in a way that improves livelihoods and builds communities. We are passionate about brewing and have a long tradition of craftsmanship in making superb beer from high quality natural ingredients. We are local beer experts, producing more than 200 local beers as well as global flagship brands. Every minute of every day, more than 140,000 bottles of SABMiller beer are enjoyed by consumers around the world. Performance highlights -1% -4% +1% +1% Group net producer revenuea Revenuec Lager volumes EBITAd 2014: US$26,719m 2014: US$22,311m 2014: 245m hectolitres 2014: US$6,453m 2013: US$26,932m 2013: US$23,213m 2013: 242m hectolitres 2013e: US$6,379m b +3% +3%b +1% b +7% b basis +50 points +3% +2% +4% EBITA margin progression Profit before tax Adjusted EPSf Dividends per shareg 2014: 24.2% 2014: US$4,823m 2014: 242.0 US cents 2014: 105.0 US cents 2013e: 23.7% 2013e: US$4,679m 2013e: 237.2 US cents 2013: 101.0 US cents -5% -8% -21% 203% Water usage Net debth Free cash flowi Total Shareholder Returnj 2014: 3.5 hl/hl 2014: US$14,303m 2014: US$2,563m Peer median: 105% 2013: 3.7 hl/hl 2013e: US$15,600m 2013: US$3,230m a Group net producer revenue (NPR), as defined on page 174, includes the attributable g 2014 final dividend is subject to shareholder approval at the annual general meeting. share of associates’ and joint ventures’ net producer revenue of US$10,015 million h Net debt comprises gross debt (including borrowings, financing derivative financial (2013: US$9,547 million). instruments, overdrafts and finance leases) net of cash and cash equivalents b Growth on an organic, constant currency basis. (excluding overdrafts). An analysis of net debt is provided in note 27c to the consolidated c Revenue excludes the attributable share of associates’ and joint ventures’ revenue but financial statements. includes excise duties and similar taxes. i Note 27b to the consolidated financial statements provides a reconciliation of net cash d Note 2 to the consolidated financial statements provides a reconciliation of operating profit from operating activities to free cash flow. to EBITA which is defined as operating profit before exceptional items and amortisation j Total Shareholder Return (TSR) is shown as the percentage growth in our TSR over the of intangible assets (excluding computer software) and includes the group’s share of five years to 31 March 2014. associates’ and joint ventures’ operating profit, on a similar basis. As described in the Chief Financial Officer’s review, EBITA is used throughout this report. e Certain comparative figures have been restated as a result of the revision to the group’s Front cover images reporting metrics and changes in accounting standards implemented in the year. Further Coca-Cola bottling line image courtesy of The Coca-Cola Company. details are provided in the Chief Financial Officer’s review. SABMiller brands featured: Pilsner Urquell – Pilsner compass app, f A reconciliation of adjusted earnings to the statutory measure of profit attributable to equity Hero Lager, Leinenkugel’s. shareholders is provided in note 8 to the consolidated financial statements. WorldReginfo - 16b67f03-3d5d-45e3-8c1c-dfe3adbe2ad1 SABMiller plc Annual Report 2014 01 Contents Strategic report What’s inside Strategic report Governance 162 Balance sheet of SABMiller plc Ifc Performance highlights 46 Board of directors 163 Notes to the company 02 Business overview 48 Executive committee financial statements 04 Chairman’s statement 49 Corporate governance 172 Five-year financial review 06 Chief Executive’s review 59 Audit committee report 174 Definitions 10 Business model 62 Directors’ remuneration report Shareholder information 12 Market overview 85 Directors’ report 176 Ordinary shareholding analyses 14 Strategic focus Financial statements 176 Shareholders’ diary 17 Key performance indicators 91 Independent auditors’ report to the 177 Administration 18 Principal risks members of SABMiller plc 177 Cautionary statement 20 Operations review 94 Consolidated income statement 20 Latin America 95 Consolidated statement of 22 Europe comprehensive income 24 North America The strategic report and directors’ 96 Consolidated balance sheet 26 Africa report have been approved for and on 97 Consolidated cash flow statement 28 Asia Pacific behalf of the board of SABMiller plc 98 Consolidated statement of changes 30 South Africa on 2 June 2014. in equity 32 Chief Financial Officer’s review 99 Notes to the consolidated Alan Clark 40 Sustainable development financial statements Chief Executive 44 People Further information Go online for more details This report covers the financial year ended 31 March 2014. It is also available on our website as a downloadable PDF www.sabmiller.com/annualreport For more detailed information about SABMiller please refer to our website www.sabmiller.com/investors Key to further reading: Read more on page referenced Read more online Read more in our sustainable development summary report WorldReginfo - 16b67f03-3d5d-45e3-8c1c-dfe3adbe2ad1 02 Strategic report SABMiller plc Annual Report 2014 Business overview Global operations in beer and soft drinks We have a balanced spread of regional businesses with a significant presence in developing markets. Latin America Europe North America Where we operate Where we operate Where we operate Regional office: Miami, USA Regional office: Zug, Switzerland Regional office: Chicago, USA Our primary brewing and beverage Our primary brewing operations cover MillerCoors is a joint venture with operations cover six countries across eight countries – the Czech Republic, Molson Coors Brewing Company which South and Central America (Colombia, Hungary, Italy, Poland, Romania, was formed in 2008 by bringing together Ecuador, El Salvador, Honduras, Slovakia, Spain (Canary Islands) the US and Puerto Rican operations of Panama and Peru). and the Netherlands. both groups. What we do What we do What we do • In each of these countries we are the • In the majority of these countries • Headquartered in Chicago, number one brewer by market share. we are the number one or two brewer MillerCoors is the second largest • We are also the third largest brewer by market share. brewer in the USA, with 28% of the in Argentina, and we export to Chile • We cover a further 16 countries beer market. and Paraguay. including Russia, Turkey and Ukraine • Our wholly-owned Miller Brewing • We produce soft drinks across the in a strategic alliance with Anadolu International business is based in region including products for The Efes through brewing, soft drinks Milwaukee, USA and exports our Coca-Cola Company in El Salvador or export operations. brands to Canada and Mexico and Honduras. • We export significant volumes to and throughout the Americas. a further seven European markets, of which the largest are the UK and Germany. Contribution to group EBITA1 Contribution to group EBITA1 Contribution to group EBITA1 33% 11% 12% Latin America operations review page 20 Europe operations review page 22 North America operations review page 24 1 Excluding corporate costs. WorldReginfo - 16b67f03-3d5d-45e3-8c1c-dfe3adbe2ad1 SABMiller plc Annual Report 2014 03 Strategic report 95% 72% 20.6 20.6% 18.6 The proportion of our The proportion of group 16.6 17.0 17.3 Soft drinks volumes as total lager volume from EBITA from developing a percentage of total markets in which we have economies. group volumes. no. 1 or no. 2 national market share positions. 2010 2011 2012 2013 2014 Africa Asia Pacific South Africa Where we operate Where we operate Where we operate Regional office: Johannesburg, Regional office: Hong Kong Regional office: Johannesburg, South Africa South Africa Our brewing interests across Asia Pacific Our brewing and beverage operations cover four countries: Australia, China, The South African Breweries (Pty) Ltd in Africa cover 15 countries. A further India and Vietnam. (SAB) is South Africa’s largest producer 21 are covered through our associate and distributor of lager and soft drinks. What we do interests in the Castel group’s African • CR Snow, our 20-year partnership What we do beverage businesses and we also have with China Resources Enterprise, • SAB also exports our brands across an associated undertaking in Zimbabwe. Limited, is the largest brewer in China. Namibia. What we do • Carlton & United Breweries2 (CUB) is • Our soft drinks division is South • In most of these countries we are the a leading Australian brewer, which Africa’s leading bottler of products number one brewer by market share. we acquired in December 2011. for The Coca-Cola Company. • We bottle soft drinks for The Coca- • We are the second largest brewer • We also have hotel and gaming Cola Company in 21 of our African in India. interests through our associate, Tsogo markets (with Castel in 14 of these • We have an operation in Vietnam and Sun Holdings Ltd, the largest hotel markets and through our associated we export to various markets including and gaming group in South Africa. undertaking in Zimbabwe). South Korea. Contribution to group EBITA1 Contribution to group EBITA1 Contribution to group EBITA1 14% 13% 17% Africa operations review page 26 Asia Pacific operations review page 28 South Africa operations review page 30 1 Excluding corporate costs. 2 Carlton & United Breweries is the Australian beverage business of Foster’s. WorldReginfo - 16b67f03-3d5d-45e3-8c1c-dfe3adbe2ad1 04 Strategic report SABMiller plc Annual Report 2014 Chairman’s statement “ I want to pay tribute to Graham Mackay, our late chairman. He was an outstanding leader and everyone in the SABMiller family has been blessed by his vision, his loyalty and his friendship during his 35 years with the group.
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