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SABMiller plc Annual Report 2011 2 Five minute read Our business in brief SABMiller is one of the world’s leading brewers, with more than 200 beer brands and some 70,000 employees in over 75 countries. We are also one of the world’s largest bottlers of Coca-Cola products. Our strategic direction We’ve grown through a culture of operational excellence, delivering high-quality products, innovation and sustainability. Our success is built on a clear strategic direction and a shared commitment to the company’s vision, mission and values. Our vision: • To be the most admired company in the global beer industry Our mission: • To own and nurture local and international brands that are the first choice of the consumer Our values: • Our people are our enduring advantage • Accountability is clear and personal • We work and win in teams • We understand and respect our customers and consumers • Our reputation is indivisible Our strategic priorities: • Creating a balanced and attractive global spread of businesses • Developing strong, relevant brand portfolios that win in the local market • Constantly raising the profitability of local businesses, sustainably • Leveraging our skills and global scale For more information on our strategic priorities and how we measure against them, see pages 18 and 19. Our brands and business We’ve become a global leader by excelling locally – nurturing strong, local brands and building brand portfolios that meet the needs of consumers in each of our markets. The attention we give to building local businesses and local brand portfolios makes us, we believe, the most local of the global brewers. Local brands Beer is a local business in that beer brands are deeply rooted in local communities and often have their own rich histories and heritage. At SABMiller we respect and nurture these qualities and allow our businesses a high degree of autonomy in meeting local needs. We bring deep consumer insight to the building of brands in local markets. Global brands Our four global brands all have their own distinct characteristics – from the Italian style of Peroni Nastro Azzurro to the unique heritage of the world’s first golden beer, the Czech-brewed Pilsner Urquell; from the Northern European provenance of Grolsch to the American urban cool of Miller Genuine Draft. For more information on the performance of our brands, see pages 22 to 33. Overview Business review Governance Financial statements Shareholder information
SABMiller plc Annual Report 2011 3 Peroni Nastro Azzurro An intensely crisp and refreshing lager with an unmistakable touch of Italian style, Peroni Nastro Azzurro is a premium lager brewed to the original recipe since 1963. Origin: Italy First brewed: 1963 www.peroniitaly.com Our performance in 2011 Our strong financial performance in 2011 reflects contributions from all parts of the business and the benefits of a rigorous, sustained focus on the group’s strategic priorities. Our lager volumes were up by 2% with reported group revenue rising 7%, while EBITA margin increased to 17.8%. Operational highlights • Reported EBITA grew 15%, with organic, constant currency EBITA increasing 12%: – Latin America EBITA 1 grew by 11% due to pricing, lower raw material costs and fixed-cost productivity – Europe EBITA 1 grew by 4%, benefiting from lower costs despite reduced volumes – Disciplined revenue management, synergies and cost savings increased North America EBITA by 20% – Strong volume growth, firm pricing and capacity expansion drove Africa’s EBITA 1 growth of 20% – Asia EBITA 1 increased by 33% with robust volume growth in China and India – South Africa: Beverages EBITA 1 grew 11% due to volume growth and pricing For more information on our financial performance, see pages 36 to 42. How we manage our business Our vision to be the most admired company in the global beer industry requires us to demonstrate the highest standards of transparency, ethics and corporate governance. Because our business is not separate from society but embedded within it, the success of SABMiller is inextricably linked to the wellbeing of the wider community. Sustainable development Sustainable development is fundamental to our business success. Everywhere we operate, we’re working to build a strong local business while also supporting local economic development. Our clear, well-embedded approach to sustainable development brings tangible benefits both to our business and to the communities in which we work. For more information on our approach to sustainable development, see pages 44 to 47. Governance In discharging its stewardship responsibilities, the SABMiller board is committed to the highest standards of corporate governance. Our directors provide the leadership, controls and strategic oversight to ensure we deliver value to all the company’s shareholders. For more information on our approach to governance, see pages 57 to 64. Risk The group’s risk management system is designed to manage, rather than eliminate, the risk of failing to achieve business objectives. The system is regularly reviewed to ensure that business risk is managed in a consistent and sustained way, to deliver business opportunities. Overview Business review Governance Financial statements Shareholder information 1 EBITA growth is shown on an organic, constant currency basis. For more information on our approach to risk, see pages 63 and 64.
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