Releasing its full year trading update on Thursday (18 April)‚ SABMiller reported group revenue per hectolitre (hl) was up 3%‚ reflecting excise-driven price increases and the impact of regional mix.
Including the impact of the Foster's transaction and other acquisitions and disposals and adverse currency effects‚ group revenue for the year was up 10%.
For the fourth quarter group revenue grew by 4% and group revenue per hl was up 1%‚ on an organic‚ constant currency basis. Lager volumes on an organic basis were 3% higher for the full year and 4% up in the fourth quarter‚ while soft drinks volumes were up 4% for the full year and 3% for the fourth quarter‚ both on an organic basis.
"The group's overall financial performance was in line with our expectations‚" SABMiller said.
Latin America's lager volumes were up 3% compared with the previous year‚ with a 1% decline in the fourth quarter. Volume performance in the fourth quarter was affected by softer economic conditions and a December price increase in some markets.
In Europe‚ full year lager volumes were up 6%, with fourth quarter volumes up 3%. Despite a challenging economic backdrop‚ volume growth was enhanced through successful launches of brand and pack innovations.
For the 12 months ended March‚ MillerCoors' US domestic sales to retailers (STRs) were down 2.0%‚ with a 3.3% decline in the quarter to March‚ on a trading-day-adjusted basis‚ amid weaker industry performance. Premium light STRs were down to mid-single digits in the quarter‚ with a low single-digit decline in Coors Light and a high single-digit decline in Miller Lite.
The premium regular and economy segments both declined by mid-single digits. Domestic sales to wholesalers (STWs) declined 1.5% for the year with a 2.5% decline in the fourth quarter.
Full year lager volumes in Africa grew by 6% on an organic basis despite cycling strong comparatives‚ with the final quarter up 9%. Volume growth was driven by additional capacity coming on stream‚ enhanced availability and focused consumer offerings across the region.
Lager volumes in the Asia Pacific region grew by 6% for the year on an organic basis with very strong growth of 12% in the fourth quarter.
In South Africa‚ lager volumes for the year grew by 2% and market share increased against a backdrop of difficult trading conditions.
Sales benefited from innovative‚ through-the-line execution of key brand propositions‚ notably Castle Lite and Castle Lager‚ and continuing improvements to customer service.
In the fourth quarter volumes were up 1%‚ cycling strong growth in the prior year and impacted by a softer economic environment.
"Soft drinks volumes grew 3% for the year‚ with continued benefits from increased market penetration‚ a significant improvement in customer service and channel-focused execution. There was particularly strong growth in the two-litre PET packs‚" the group noted.
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