Download the SABMiller plc 2006 Annual report PDF

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At SABMiller, our measure of success is more than justbrewing great beer. We focus on building first choice brands,nurturing partnerships with our distributors, our customersand our communities, and on being a responsible employerand global citizen. As a result, we continue to be wellpositioned to deliver quality brands to our consumers –and excellent returns to our shareholders.Contents2 Global footprint3 Strategy4 Chairman’s statement6 Chief Executive’s review9 Taste life21 Business review21 Delivering strong performance26 North America27 Latin America28 Europe29 Africa and Asia30 South Africa32 Sustainable development review35 Corporate governance42 Board of directors44 Executive committee45 Directors’ report48 Remuneration report57 Annual financial statements142 Five-year financial review144 Definitions146 Ordinary shareholding analyses147 Shareholders’ diary148 Administration
Strong growth profile drives earningsGroup lager volumes up 19% to 176 million hectolitres, organic growth of 5%New growth platform in South America through BavariaGrowth in Europe continues with market share gains and mix improvementsSouth African profit increase driven by premium sales growthVolume growth in China supports good Africa and Asia contributionResilient performance by Miller despite intense competitive pricing environmentStrong cash flows support dividend increase of 16%Revenue US$m16,00012,000Revenue up 19%US$m15,307EBITA up 23%US$m2,9418,0004,000020304 05 06EBITA US$m3,0002,500Adjusted earningsup 22% (1)US$m1,497Adjusted earningsper share up 11% (2)US cents109.12,0001,5001,00050002*03*04* 05 06*UK GAAPDividends per share US cents5040Dividendsper share up 16%US cents44.0Net cash fromoperations up 18%US$m3,291302010020304 05 06(1) A reconciliation of adjusted earnings to the statutory measure of profit attributable to equity shareholders is provided in note 8 to the Consolidated Financial Statements.(2) Adjusted earnings per share excludes the impact of amortisation of intangible assets (excluding capitalised software) and other non-recurring items (see note 8 to the Consolidated FinancialStatements) and comparable figures have been adjusted for the conversion of convertible bonds. Basic earnings per share was 105.0 cents (2005: 125.5 cents).1
Page 1 and 2: Annual Report2006
Page 3: 33,500litres of lagersold each minu
Page 7 and 8: StrategyOur strategy SABMiller has
Page 9 and 10: “Many years of well-judged acquis
Page 11 and 12: free, Lech Lite and new variants of
Page 13 and 14: Taste life...As a company, we recog
Page 15 and 16: (Left to right) Graham Mackay, Chie
Page 17 and 18: In Poland, Tyskie is thenumber one
Page 19 and 20: Experiential marketing works.Where
Page 21 and 22: Jonas Mbewe, outside his N’tembai
Page 23 and 24: Moopelo Kungwane, PackagingLine Man
Page 25 and 26: Business reviewOrganic growth in la
Page 27 and 28: SABMiller has continued to enter ne
Page 29 and 30: interests in Bevco (Central America
Page 31 and 32: LATIN AMERICAKey focus areas• Bui
Page 33 and 34: stabilising at 4.9 million hectolit
Page 35 and 36: SOUTH AFRICASouth Africa - Beverage
Page 37 and 38: As an example of working with theco
Page 39 and 40: Corporate governance1. The director
Page 41 and 42: detailed understanding of the busin
Page 43 and 44: neither Altria nor BevCo exercised
Page 45 and 46: Assurance on compliance with system
Page 47 and 48: Geoffrey Bible (68)FCA (Aust), ACMA
Page 49 and 50: Directors’ reportThe directors ha
Page 51 and 52: law, it is our policy to ensure tha
Page 53 and 54: long-term incentives. The committee
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performance of the relevant compara
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Directors’ beneficial interests i
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SABMiller plc Approved Share Option
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Annual financial statementsfor the
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Independent auditors’ reportto th
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Consolidated balance sheetsat 31 Ma
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Consolidated statements of total re
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1. Accounting policies continuedd.
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1. Accounting policies continued(ii
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1. Accounting policies continuedu.
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2. Segmental analysis continuedEBIT
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Secondary Reporting Format - Busine
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4. Exceptional items2006 2005US$m U
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6. Employee and key management comp
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8. Earnings per share2006 2005US ce
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10. Goodwill continuedGoodwill allo
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12. Property, plant and equipmentAs
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13. Investments in associates conti
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18. Trade and other payables2006 20
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19. Deferred taxation continued2006
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20. Borrowings continuedMaturity of
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21. Financial instruments continued
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22. Provisions continuedInsuranceIn
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The company shall use its best ende
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23. Share capital continuedb. Execu
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23. Share capital continuedf. Inter
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24. Statement of changes in shareho
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25b. Analysis of net debtNet debt i
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26. Acquisitions and disposals cont
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26. Acquisitions and disposals cont
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27. Commitments, contingencies and
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28. Pensions and post-retirement be
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30. Transition to IFRSThe group rep
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30. Transition to IFRS continuedRec
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31. Principal subsidiary and associ
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32. Principal subsidiary and associ
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Balance sheet of SABMiller plcat 31
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Financial liabilities are recognise
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3. Investment in subsidiary underta
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8. Employee informationEmployee cos
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IFRS IFRS UK GAAP UK GAAP UK GAAP U
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STRATESTRATE stands for Share Trans
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Shareholders’ diaryFinancial repo
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The paper used in the report is man
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