British brewer SABMiller Plc (SAB.L,SBMRY.PK) Thursday reported a decline in profit for fiscal 2013, reflecting exceptional gains it enjoyed last year. Group revenues grew 10 percent from the prior year, and total beverage volumes were up 4 percent on an organic basis. The board also proposed a higher final dividend.
Looking ahead, the company said trading conditions are expected to be broadly unchanged and will take price increases selectively. Unit input costs are expected to rise in low to mid-single digits in constant currency terms.
SABMiller experienced growth across a number of its businesses, led by its developing market operations in Africa, Latin America, Asia Pacific and South Africa.
Total beverage volume grew 4 percent on an organic basis. Lager volumes rose 3 percent organically, with growth in all divisions except North America. Soft drinks volumes improved 4 percent, and volumes of other alcoholic beverages were up 5 percent from last year.
North America volumes in total declined in line with the market, although the Tenth and Blake craft and imports division registered significant volume growth. MillerCoors', the U.S. joint venture with SABMiller, domestic sales to wholesalers, or STWs, were down 2 percent on an organic basis.
Revenue per hectolitre, or hl, improved 3 percent on an organic, constant currency basis.
Announcing its preliminary results for the fiscal year ended March 31, 2013, the company said its profit before tax declined 16 percent to $4.71 billion from $5.60 billion in the previous year.
Profit before tax included exceptional charges of $203 million, while the prior year recorded credits totaled $1.02 billion. Adjusted profit before tax was $5.63 billion, while the company posted $5.06 billion in the prior year.
On a per share basis, earnings were 203.5 US cents, lower than 263.8 US cents per share reported last year. Adjusted earnings were 236.0 US cents, while it was 212.5 US cents a year ago.
Headline earnings increased to 204.5 US cents from 179.8 US cents a year ago.
Group revenue, which includes attributable share of associates and joint ventures revenue, grew 10 percent to $34.49 billion from $31.39 billion a year ago. Organic, constant currency growth was 7 percent. Excluding these, revenue improved to $23.21 billion from $21.76 billion last year.
The board has proposed a final dividend of 77.0 US cents per share, up 11 percent from last year, to shareholders of record on August 16, and payable on August 23.
In London, SABMiller shares are currently trading at 3,478.02 pence, down 57.98 pence or 1.64 percent, on a volume of 476,606 shares.
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