British brewer SABMiller Plc (SAB.L, SBMRY) reported Thursday that net producer revenue for the fourth quarter and fiscal year 2015 increased from last year on an organic, constant currency basis. Meanwhile, the reported results were negatively impacted by the depreciation of key currencies against the US dollar.
The company said performance for the quarter was driven by double digit revenue growth in Africa and sustained growth in Latin America, while annual performance were boosted by revenue per hectolitre or hl growth across all operating regions.
In its trading update for the year ended March 31, the company said its Group net producer revenue or NPR, for the quarter grew 6 percent and group NPR per hectolitre increased 2 percent, both on an organic, constant currency basis. Organic growth rates exclude the impact of acquisitions and disposals.
Total beverage volumes for the quarter improved 4 percent on an organic basis, with lager volumes increasing 2 percent and soft drinks volumes rising 8 percent.
On an organic, constant currency basis, full-year Group NPR advanced 4 percent and group NPR per hl grew 3 percent. Total beverage volumes edged up 1 percent for the year on an organic basis, with lager volumes remaining flat with last year, while soft drinks volumes rose 8 percent.
On an organic, constant currency basis, Latin American group NPR increased 7 percent in the year, with beverage volume growth of 3 percent, reflecting soft drinks volume growth of 8 percent and lager volume growth of 1 percent. Latin American group NPR for the quarter increased 8 percent, with beverage volume growth of 5 percent.
In Europe, group NPR for the full year grew 2 percent and group NPR per hl edged up 1 percent, , both on an organic, constant currency basis. Total beverage volumes edged up 1 percent on an organic basis. Group NPR for the quarter remained flat, with beverage volume down 5 percent.
Domestic group NPR in the U.K. grew 4 percent, driven by the continued strong performance of Peroni Nastro Azzurro due to improved rate of sale, increased distribution in key outlets and assisted by good weather.
In North America, MilllerCoors' group NPR was flat as 2 percent lower volumes were offset by improved group NPR per hl of 3 percent. MillerCoors LLC is a joint venture between Molson Coors Brewing Co. (TAP, TPX.TO) and SABMiller. Group NPR for the quarter declined 1 percent, with beverage volume also down 2 percent.
In Africa, group NPR for the fiscal year grew 9 percent, driven by total beverage volume growth of 5 percent. Group NPR for the quarter increased 12 percent, with beverage volume growth of 9 percent.
Asia Pacific group NPR grew 1 percent for the year, despite a total beverage volume drop of 2 percent, driven by group NPR per hl growth of 3 percent amid premiumisation in China as well as a change in the relative weighting of volumes in Australia compared with China. Group NPR for the quarter increased 7 percent, with beverage volume growth of 3 percent.
SABMiller noted that Asia Pacific returned to growth during the quarter as lager volumes in China returned to growth.
The company added that depreciation of key currencies against the US dollar, particularly during the second half of the year, adversely impacted reported results on the whole.
In London, SABMiller shares are currently trading at 3,655.00 pence, up 70.00 pence or 1.95% on a volume of 1.685 million shares.
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