There were a few war wounds in what should be the final results from beer giant SABMiller (SAB) before it is subsumed by rival Anheuser-Busch InBev (ABI). A sizeable $721m (£495m) of impairments were booked, thanks in part to the aforementioned deal, but the lion's share - some $572m - was due to its associate Castel scaling back activity in Angola and closing a brewery in South Sudan, meaning it now operates solely as an importer to that market.
But it wasn't all dregs - underlying group net producer revenue (NPR), which excludes the hefty impact from foreign exchange impacts, rose by 5 per cent, thanks in part to an adjusted 2 per cent rise in volumes. Top performers were its premium lager brands, where NPR grew by 11 per cent, and its global lager brands, which saw sales rise 13 per cent. Importantly, the reported numbers could have been worse were it not for management's efficiency drive, which bagged $547m in net annualised savings by the year-end. The company remains on track to hit its $1bn cost-saving target by 2020.
Analysts at Investec expect pre-tax profits of $5.85bn for the year to March 2017, leading to EPS of 246¢, up from $5.24bn and 222¢ for the year to March 2016.
| SABMILLER (SAB) | ||||
|---|---|---|---|---|
| ORD PRICE: | 4,210p | MARKET VALUE: | £68.26bn | |
| TOUCH: | 4,210-4,211p | 12-MONTH HIGH: | 4,286p | LOW: 2,773p |
| DIVIDEND YIELD: | 4.2% | PE RATIO: | 37 | |
| NET ASSET VALUE: | 1,394¢* | NET DEBT: | 40% | |
| Year to 31 Mar | Turnover ($bn) | Pre-tax profit ($bn) | Earnings per share (¢) | Dividend per share (¢) |
|---|---|---|---|---|
| 2012 | 21.7 | 5.60 | 267 | 91 |
| 2013 | 23.2 | 4.68 | 204 | 101 |
| 2014 | 22.3 | 4.82 | 212 | 105 |
| 2015 | 22.1 | 4.83 | 206 | 113 |
| 2016 | 19.8 | 4.07 | 168 | 122 |
| % change | -10 | -16 | -18 | +8 |
Ex-div: 4 Aug Payment: 12 Aug *Includes intangible assets of $20.8bn, or $1,283¢ a share £1=$1.46 | ||||
