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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sabmiller | LSE:SAB | London | Ordinary Share | GB0004835483 | ORD $0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4,494.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSAB
RNS Number : 9844Q
SABMiller PLC
23 June 2015
23 June 2015
SABMiller plc
Annual Financial Report
SABMiller plc has today submitted a copy of the 2015 Annual Report and Accounts, Notice of the 2015 Annual General Meeting and Shareholder Proxy Form (UK) to the National Storage Mechanism and they will shortly be available for inspection at www.hemscott.com/nsm.do.
The Annual Report and Notice of Annual General Meeting are also available on the Company's website www.sabmiller.com.
SABMiller plc's Annual General Meeting will be held on Thursday, 23 July 2015 at the InterContinental London Park Lane, One Hamilton Place, Park Lane, London W1J 7QY.
A condensed set of SABMiller's financial statements and information on important events that have occurred during the financial year and their impact on the financial statements were included in SABMiller's preliminary results announcement released on 13 May 2015. That information, together with the information set out below, which is extracted from the 2015 Annual Report, constitutes the material required by Disclosure and Transparency Rule 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This announcement is not a substitute for reading the full 2015 Annual Report. Page numbers and cross-references in the extracted information below refer to page numbers and sections in the 2015 Annual Report.
PRINCIPAL RISKS AND UNCERTAINTIES (page 16 & 17)
Principal risks
Focused on managing our risks
The principal risks facing the group and considered by the board and the executive committee are detailed below. The group's well-developed risk management process is described in the corporate governance section while financial risks are discussed in the finance review on page 45 and in note 21 to the consolidated financial statements.
Principal Context Specific Possible Mitigation Associated risk risks we impact strategic face priorities ---------------- ------------------- ------------------- ------------------- ------------------ ----------------- Consistent Consumer -- Failing Topline growth -- Continuous -- Drive sustainable tastes and to develop progression evaluation of superior revenue behaviours and ensure does not our brand topline growth. growth are constantly the strength meet internal portfolios -- Actively evolving, and relevance and external in every market shape our and at an of our brands expectations. to ensure that global mix increasingly with consumers, they target to drive rapid rate. shoppers Market positions current and a superior and customers. come under future growth profile. Competition -- Failing pressure, opportunities -- Build in the beverage to continue market for profitable a globally industry to improve opportunities growth. integrated is expanding our commercial are missed -- Developing organisation and becoming capabilities and lower a beer category to optimise more fragmented, to deliver profitability. structure that resources, complex brand propositions enables us to win in market and sophisticated. that respond grow both the and reduce appropriately value of the costs. to changing beer category, consumer and our share preferences. of it. -- Ensuring we have deep understanding of changing consumer and industry dynamics in key markets, enabling us to respond appropriately to opportunities and issues which may impact our business performance. -- Building our brand equities through innovation and compelling marketing programmes; creating a pipeline of opportunities to support our premium offering. -- Focusing on monitoring and benchmarking commercial performance and developing the critical commercial capabilities that are required in order to win in local markets. ---------------- ------------------- ------------------- ------------------- ------------------ ----------------- Industry The global -- Failing Lower growth -- Continued -- Actively consolidation brewing to participate rate, competitor and shape our and beverages in the right profitability target analysis global mix industry opportunities. and financial to consider to drive is expected -- Paying returns. strategic and a superior to continue too much financial growth profile. to consolidate. to acquire Failure to implications -- Drive There will a business. maintain of potential superior continue -- Not our competitive transactions. topline growth. to be implementing position -- Potential opportunities integration relative transactions to enter plans to our peers. are subject attractive successfully. to continual growth markets, -- Failing and rigorous to realise to identify analysis. Only synergy and develop opportunities benefits the capabilities with potential from integration necessary to create value and to leverage to facilitate are pursued. our global market and -- Proven scale. category integration entry. processes, procedures and practices are applied to ensure delivery of expected returns. -- Activities to deliver synergies and leverage scale are in place, monitored closely and continuously enhanced. -- Development of non-traditional capabilities to enter and grow profitably in new markets. ---------------- ------------------- ------------------- ------------------- ------------------ ----------------- Regulatory With an -- Unreasonable Lower growth, -- Rigorous -- Drive changes increasingly regulation profitability adherence to superior high profile places increasing and reduced the principle topline growth. debate over restrictions contribution of -- Actively alcohol on the to local self-regulation shape our consumption availability communities backed by global mix in many and marketing in some countries. appropriate to drive markets, of beer. policies and a superior the alcohol -- Tax and Loss of consumer management growth profile. industry excise changes goodwill review. -- Build is coming cause pressure and public -- Building a globally under more on pricing. sentiment. and maintaining integrated pressure -- Anti-alcohol licence to trade organisation from national advocates capabilities to optimise and international erode industry across the group resources, regulators, reputation. to facilitate win in market NGOs and sound risk and reduce local governments. analysis costs. and mitigation plan development. -- Constructive engagement with government and all external stakeholders on alcohol-related issues. Working collaboratively with them to address the harmful use of alcohol. -- Investment to improve the economic and social impact of our businesses in local communities and working in partnership with local governments and NGOs. -- Driving our Prosper shared imperatives to make a sustainable and measurable difference to the communities and ecosystems in which we operate. ---------------- ------------------- ------------------- ------------------- ------------------ ----------------- Management We believe -- Failing Failure to -- Building -- Build capability that our to identify, deliver the the group's a globally people are develop group's strategic leadership talent integrated our enduring and retain and financial pipeline through organisation advantage an appropriate ambitions. our Global Talent to optimise and therefore pipeline Management model, resources, it is essential of talented Lower long-term strategic people win in market that we managers profitable resourcing and and reduce develop for the growth. long-term talent costs. and maintain present pipeline. -- Drive global management and future -- Sustaining superior capability. needs of a strong culture topline growth. the group. of accountability, empowerment and personal development. ---------------- ------------------- ------------------- ------------------- ------------------ ----------------- Delivering We continue -- Failing Increased -- Senior -- Build business to execute to derive programme leadership a globally transformation major efficiency the expected costs, lower closely involved integrated programmes benefits benefits in monitoring organisation that will from the than planned, progress and to optimise simplify projects delays in in making key resources, processes, currently benefit decisions. win in market reduce costs under way. realisation -- Mechanisms and reduce and allow -- Failing and business in place to costs. local management to contain disruption. track both costs -- Actively teams to programme and benefits. shape our focus more costs or Reputational -- Rigorous global mix closely ensure execution damage and programme to drive on their is in line reduced management a superior markets. with planned competitive and governance growth profile. timelines. advantage processes in the medium (including term. independent programme assurance) with dedicated resources and clear accountability. ---------------- ------------------- ------------------- ------------------- ------------------ ----------------- Information There is -- Disruption Loss of -- Continued -- Build and cyber increasing of information competitive development, a globally security sophistication technology advantage articulation integrated of cyber-attack (IT) systems and reputational and organisation capabilities. and a loss damage through implementation to optimise Business's of valuable the publicised of information resources, increasing and sensitive loss of key security win in market demand for information operating policies. and reduce consumers' and assets. systems and -- Increased costs. and customers' -- Significant confidential investment to personal business data. improve data means disruption. information legislators -- Failing Adverse effect security rightly to comply of profitability, awareness, continue with tightening cash flows intelligence to impose legislation or financial and tighter poses a position. implementation data management threat of of sound security control. significant processes. financial -- Building penalties and enhancing or restrictions. processes to deal with IT security incidents. ---------------- ------------------- ------------------- ------------------- ------------------ ----------------- Acquisition A key aspect -- Failing Lower growth -- Embedding -- Actively of CUB of the CUB to deliver rates, of the SABMiller shape our acquisition integration profitability Ways (its global mix was the objectives and asset processes, to drive delivery and commercial values. systems and a superior of a turnaround and operational tools) throughout growth profile. plan with excellence Damage to the CUB business. -- Build specific targets the group's -- Commercial a globally and communicated communicated reputation efforts in market integrated financial as part for strong to effectively organisation value creation. of the turnaround commercial deliver volume, to optimise plan. capability value and market resources, -- Failing and for making share gains. win in market to achieve value creating -- Continued and reduce the synergy acquisitions. monitoring of costs. and cost progress to saving commitments complete the of the integration transaction. objectives, including frequent and regular tracking of key performance indicators. ---------------- ------------------- ------------------- ------------------- ------------------ -----------------
RELATED PARTY TRANSACTIONS
Note 31 to the consolidated financial statements on page 171 details the following related party transactions.
31. Related party transactions
a. Parties with significant influence over the group: Altria Group, Inc. (Altria) and the Santo Domingo Group (SDG)
Altria is considered to be a related party of the group by virtue of its 26.8% equity shareholding. There were no transactions with Altria during the year.
SDG is considered to be a related party of the group by virtue of its 14.0% equity shareholding in SABMiller plc. There were no transactions with SDG during the year ended 31 March 2015. During the year ended 31 March 2014 Bavaria SA and its subsidiaries made donations of US$14 million to the Fundación Mario Santo Domingo, pursuant to the contractual arrangements entered into at the time of the Bavaria transaction in 2005, under which it was agreed that the proceeds of the sale of surplus non-operating property assets owned by Bavaria SA and its subsidiaries would be donated to various charities, including the Fundación Mario Santo Domingo. There were no balances owing to the SDG at 31 March 2015 and 31 March 2014.
b. Associates and joint ventures
Details relating to transactions with associates and joint ventures are analysed below.
2015 2014 US$m US$m -------------------------------------------- ------ ------ Purchases from associates1 (173) (168) Purchases from joint ventures2 (88) (93) Sales to associates3 9 9 Sales to joint ventures4 21 23 Dividends receivable from associates5 423 224 Dividends received from joint ventures6 976 903 Royalties received from associates7 18 25 Royalties received from joint ventures8 1 2 Management fees, guarantee fees and other recoveries received from associates9 14 11 Marketing fees paid to associates10 (1) - Management fees paid to joint ventures11 (2) (2) -------------------------------------------- ------ ------
1 The group purchased canned Coca-Cola products for resale from Coca-Cola Canners of Southern Africa (Pty) Limited (Coca-Cola Canners); inventory from Distell Group Ltd (Distell), Associated Fruit Processors (Pty) Ltd (AFP); and Delta Corporation (Delta); and accommodation from Tsogo Sun.
2 The group purchased lager from MillerCoors LLC (MillerCoors).
3 The group made sales of lager to Tsogo Sun, Delta, Anadolu Efes Biracılık ve Malt Sanayii A (Anadolu Efes), International Trade and Supply Ltd (ITSL) and Distell.
4 The group made sales to MillerCoors.
5 The group had dividends receivable from China Resources Snow Breweries Ltd (CR Snow) of US$228 million (2014: US$nil), Castel of US$108 million (2014: US$97 million), Coca-Cola Canners of US$5 million (2014: US$5 million), Distell of US$18 million (2014: US$20 million), Tsogo Sun of US$24 million (2014: US$34 million), Delta of US$18 million (2014: US$17 million), International Trade and Supply Limited of US$21 million (2014: US$18 million), Grolsch (UK) Ltd of US$1 million (2014: US$1 million) and Anadolu Efes US$nil (2014: US$32 million).
6 The group received dividends from MillerCoors.
7 The group received royalties from Delta and Anadolu Efes.
8 The group received royalties from MillerCoors.
9 The group received management fees from Delta, consulting fees from Anadolu Efes and other recoveries from AFP.
10 The group paid marketing fees to ITSL.
11 The group paid management fees to MillerCoors.
At 31 March 2015 2014 US$m US$m ------------------------------------- ------ ------ Amounts owed by associates - trade1 28 42 Amounts owed by joint ventures2 4 5 Amounts owed to associates3 (38) (39) Amounts owed to joint ventures4 (18) (16) ------------------------------------- ------ ------
1 Amounts owed by AFP, Delta, Coca-Cola Canners, Castel, ITSL, and Anadolu Efes.
2 Amounts owed by MillerCoors.
3 Amounts owed to AFP and Castel.
4 Amounts owed to MillerCoors.
Guarantees provided in respect of associates' bank facilities are detailed in note 21.
c. Transactions with key management
The group has a related party relationship with the directors of the group and members of the excom as key management. Key management compensation is provided in note 6c.
DIRECTORS' RESPONSIBILITY STATEMENT IN RESPECT OF THE CONSOLIDATED FINANCIAL STATEMENTS (page 100)
The directors are responsible for preparing the annual report, the directors' remuneration report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. The directors have prepared the consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union, and the parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.
Under company law the directors must not approve the consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period.
In preparing those financial statements, the directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether IFRSs as adopted by the European Union and applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the group and parent company financial statements respectively; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the transactions of the company and group and disclose with reasonable accuracy at any time the financial position of the company and group and enable them to ensure that the company and consolidated financial statements and the directors' remuneration report comply with the Companies Act 2006 and, as regards the consolidated financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
A copy of the consolidated and company financial statements is placed on the company's website. The directors are responsible for the maintenance and integrity of the statutory and audited information on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The directors consider that the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the group's performance, business model and strategy.
Each of the directors, whose names and functions are listed on pages 52 and 53 of this annual report, confirm that, to the best of his or her knowledge:
-- the consolidated financial statements, which have been prepared in accordance with IFRSs as adopted by the EU, the Companies Act 2006 and Article 4 of the IAS Regulation, give a true and fair view of the assets, liabilities, financial position and profit of the group; and
-- the management report contained in this annual report includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties that it faces.
The directors in office at the date of this report have each confirmed that:
-- so far as the director is aware, there is no relevant audit information of which the group's auditors are unaware; and
-- he or she has taken all the steps he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.
Stephen Shapiro
Group Company Secretary
This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire ordinary shares in the capital of SABMiller plc (the "company") or any other securities of the company or its subsidiaries or associates in any jurisdiction or an inducement to enter into investment activity.
This announcement is intended to provide information to shareholders. It should not be relied upon by any other party or for any other purpose. This announcement includes 'forward-looking statements' with respect to certain of SABMiller plc's plans, current goals and expectations relating to its future financial condition, performance and results. These statements contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the company's products and services) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. These forward-looking statements speak only as at the date of this announcement. Factors which may cause differences between actual results and those expected or implied by the forward-looking statements include, but are not limited to: material adverse changes in the economic and business conditions in the markets in which SABMiller operates; increased competition and consolidation in the global brewing and beverages industry; changes in consumer preferences; changes to the regulatory environment; failure to deliver the integration and cost-saving objectives in relation to the Foster's acquisition; failure to derive the expected benefits from the global efficiency programmes; and fluctuations in foreign currency exchange rates and interest rates.
The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The past business and financial performance of SABMiller plc is not to be relied on as an indication of its future performance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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