SABMiller (LON:SAB) has updated investors on its quarterly performance this morning. The company separately announced that that the United States Department of Justice ("DOJ") has given its clearance for the proposed combination of AB InBev and SABMiller.
Highlights from SABMiller's quarterly statement:
− Group NPR grew by 2% driven by price and mix realisation. Beverage volumes and lager volumes were in line with the prior year, soft drinks volumes were up 2% and other alcoholic beverage volumes were down 11% driven by a decline in Africa.
− Our subsidiaries continued to perform strongly, with NPR growth of 7% supported by beverage volume growth of 4%, with lager volumes up 5%.
− For our associates and joint ventures, group NPR, beverage volumes and lager volumes declined by 4%, 4% and 5%, respectively, reflecting continued industry trends in the USA and macro-economic and trading headwinds in the major markets of our associates, in particular China, Angola and Turkey.
− Premium lager brand2 NPR growth was 10%, supported by global lager brands2 NPR growth of 5%.
− Soft drinks volumes grew by 2%, with growth in Africa and Europe partly offset by a decline in Latin America.
− On a reported basis, group NPR declined by 4% due to the adverse translational impact on our results of the depreciation of our key operating currencies against the US dollar.
Alan Clark, Chief Executive of SABMiller, said:
"This was another quarter of good underlying momentum for our subsidiaries with continued delivery of our strategic priorities, in particular Europe, South Africa, Colombia, Peru and Australia delivered good growth. Our performance was tempered by a more challenging quarter in some markets in the rest of Africa, where volume was negatively impacted by economic volatility and challenging trading conditions. We also continued to face trading headwinds in our associates' and joint ventures' key markets such as China, Angola and the USA."