sabmiller plc - 144a (SBMXY) Snapshot

SABMiller plc and Kopparberg Brewery AB have entered into a cooperation agreement for the long term licensing of Kopparberg cider products in selected markets. All Kopparberg cider products, including Pear and Naked Apple, will be available for distribution, and the cooperation will take place in various markets where Kopparberg does not have an existing interest. The first SABMiller operation to sign an exclusive local distribution agreement is Australia, and others will follow in the coming months.

SABMiller plc announced that the board of directors has granted medical leave of absence to its Chairman, Graham Mackay, to allow him to focus on his continuing treatment following his surgery for a brain tumour in April 2013. John Manser, Deputy Chairman, will continue as acting Chairman for the time being. The board will keep the position under review as Mr. Mackay's treatment progresses, and an appropriate announcement about the future will be made as soon as any definitive decisions have been taken. In light of John Manser's increased time commitments and responsibilities as acting Chairman, Mr. Manser stood down as chairman of the audit committee on June 5, 2013, a year earlier than originally planned, and retired from the audit and remuneration committees. Mr. Mark Armour has succeeded Mr. Manser as chairman of the audit committee.

SABMiller plc announced that the board has proposed a final dividend of 77.0 cents per share for the year, an increase of 11%. This brings the total dividend for the year to 101.0 cents per share, an increase of 10.0 cents over the prior year. Shareholders will be asked to approve this recommendation at the annual general meeting, to held on 25 July 2013. If approved, the dividend will be payable on 23 August 2013 to shareholders registered on the London and Johannesburg registers on 16 August 2013. The ex-dividend trading dates will be 14 August 2013 on the London Stock Exchange and 12 August 2013 on the JSE Limited. The company reported preliminary unaudited group earnings results for the year ended March 31, 2013. For the year, the group reported revenue of $34,487 million against $31,388 million for the same period last year. Revenue was $23,213 million against $21,760 million for the same period last year. Operating profit was $4,203 million against $5,013 million for the same period last year. Profit before taxation was $4,712 million against $5,603 million for the same period last year. Profit for the year was $3,511 million against $4,477 million for the same period last year. Profit attributable to owners of the parent was $3,274 million against $4,221 million for the same period last year. Diluted earnings per share were 203.5 cents against 263.8 cents for the same period last year. Net cash generated from operating activities was $4,101 million against $3,937 million for the same period last year. Purchase of property, plant and equipment was $1,335 million against $1,473 million for the same period last year. Purchase of intangible assets was $144 million against $166 million for the same period last year. Headline earnings were $3,252 million against $2,847 million for the same period last year. Adjusted earnings were $3,796 million against $3,400 million for the same period last year. EBITA was $6,421 million against $5,634 million for the same period last year. Adjusted profit before tax was $5,630 million against $5,062 million for the same period last year. Adjusted earnings per share were 205.9 cents against 266.6 cents for the same period last year. Headline earnings per share were 204.5 cents against 179.8 cents for the same period last year. Adjusted diluted earnings per share were 236.0 cents against 212.5 cents for the same period last year. Net debt reduced by $2,161 million ending the year at $15,701 million. Capital expenditure including intangible assets was $160 million lower than the prior year. The group recorded positive underlying revenue and EBITDA growth, 85% of organic constant currency revenue growth and 96% of EBITDA growth came from LatAm, Africa, South Africa and Asia Pac divisions. For the full year of 2014, capital expenditure is anticipated to amount to about $1.7 billion, with new brewing capacity projects in Africa and Asia-Pacific. The company expects its effective tax rate to be at the similar level achieved in the year to March 2013, in part, reflecting the impact of Foster's, although it recognize the potential for more volatility looking forward. The effective tax rate is expected to remain within the range of 27% to 29% in the medium-term.