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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Anheuser Busch InBev SA NV | EU:ABI | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.06 | 1.91% | 56.54 | 56.30 | 56.74 | 56.54 | 55.56 | 55.56 | 2,145,430 | 16:40:00 |
By Peter Evans
LONDON-- SABMiller PLC Wednesday said consumers from Africa to America had started splashing out on pricier beer brands, helping the world's second-biggest brewer offset currency headwinds and stagnating lager volumes in its most recent fiscal year.
SAB, the maker of more than 200 beers world-wide, said net profit for the year ended March 31 was $3.30 billion, compared with $3.38 billion a year earlier, on revenue that was broadly flat.
At constant currencies, revenue rose 6% to $22.13 billion in the year as SAB was able to bring in price increases and convince drinkers to shift up to more-expensive brands. Sales of the brewer's premium brands rose 8%, while its global labels--including Peroni and Miller Genuine Draft--increased 16%.
Lager volumes remained flat on the year, reflecting weakness in China and North America. SAB said China returned to growth in the last three months of the year after "exceptionally adverse" weather had hampered sales over the summer.
Earnings before interest, tax and amortization were $6.38 billion, beating estimates and sending the company's shares up more than 2% in London trading.
Continuing a recent trend, soft drinks showed more fizz than lager, with sales volumes increasing 8%. SAB has expanded aggressively into nonalcoholic beverages in recent years, forming alliances with Coca-Cola Co. to bottle soda and releasing a range of malt-based drinks, mainly in West Africa. Soft drinks now make up around 21% of the company's volumes, up from 17% five years ago.
"We are principally a beer company, but we do have an important complimentary portfolio of soft drinks," said Chief Executive Alan Clark. "The shift in emphasis recognizes the level of growth available to us."
Mr. Clark said sales would be challenging in the year ahead, especially in developed markets like Western Europe and Australia. The company said the strength of the dollar against the euro--and currencies in emerging markets--would continue as a headwind through 2015.
SAB is at the center of a long-rumored web of consolidation in the beer industry. Last year, the U.K. brewer had an approach for Dutch rival Heineken NV rejected. SAB itself is often considered a target for Anheuser-Busch InBev SA, the world's No. 1 brewer by sales. Mr. Clark declined to comment on the speculation.
"Those are decisions shareholders will take over time," he said.
Write to Peter Evans at peter.evans@wsj.com
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