Weaker currencies hit SAB Miller NPR; lager volumes up

SABMiller said group net producer revenue fell by 5% for the fourth quarter and 8% for the full year on a reported basis due to the adverse translational impact depreciation of its key operating currencies against the US dollar.

On a constant currency basis full-year group NPR grew by 5% with volume growth of 2% and price and mix realisation of 3%.

Lager volumes grew by 1% for the full year while subsidiaries achieved NPR and volume growth of 8% and 5% respectively in the full year. However, the company saw a “relatively weaker performance in our associates and joint ventures”.

"We have seen increasing momentum in lager volumes over the year with growth of 3% in the second half and fourth quarter. Subsidiary lager volumes grew by 6% in the second half of the year," the company said in a trading statement.

Alan Clark, Chief Executive of SABMiller, said: "We have had a strong year and increased momentum in the second half across all our regions notwithstanding economic volatility and the potential distraction of the AB InBev offer. Our results reflect our strategy to expand the beer category and to grow and premiumise our diverse brand portfolios."

The company is still waiting for approval to be taken over by Belgium's AB InBev in a £71bn deal.