SABMiller在华业绩增长放缓

China, the world’s biggest beer market, has generated slower growth and thinner margins for SABMiller – a reversal in fortunes that the UK-listed brewer, which co-owns China’s number one brewery, attributes partly to the Chinese leadership transition earlier this month.

英国上市啤酒酿造商SABMiller在中国市场的销售额增长放缓，利润率有所下降。该公司表示，在华经营形势逆转部分是受到了本月早些时候中国领导人换届的影响。中国是全球最大的啤酒市场，SABMiller是中国第一大啤酒酿造企业的联合所有方。

SABMiller said its share of the lager market had fallen in a handful of China’s provinces during the three months to September 30, including Sichuan – which had been its most profitable province until last year. Across China, group revenues per hectolitre nudged up 2 per cent. However, operating margins decreased on the back of intensifying competition, which raised the cost of securing shelf space in bars and shops.

SABMiller表示，在截至9月30日的三个月中，其在包括四川在内的几个中国省份的市场份额均有所下降，而直到去年四川还是该公司最赚钱的省级市常该公司在华每百升整体收入小幅上升了2%，但营业利润率有所下降，主要是因为市场竞争加剧，导致产品在酒吧和商店的上架成本上升。

“We think it was affected more by competitive dynamics and the political transition – in the sense that everyone, from officials to consumers, are a bit uncertain, as they always are [at times of change], claimed Graham Mackay, executive chairman of SABMiller. At such times, he said, “they believe in money under the mattress.

SABMiller的执行董事长格雷厄姆·麦凯(Graham Mackay)指出：“我们认为影响公司在华业务的主要原因包括市场竞争态势以及中国领导人换届——因为每一个人，无论是官员还是普通消费者，此时都会有一种不确定感，他们在面临变革时总是如此。他表示，在这种时刻，人们“总是认为压在床垫下面的钱才最可靠。

But the brewer shrugged off the slowdown in China – which, with its super-cheap beer prices, punches well below its volume weight on the bottom line – to trump market expectations with its interim results.

但在华业绩增长放缓并未拖累SABMiller的整体业绩。该公司通过推出超低的啤酒价格大大提升了整体销量，进而拉动利润增长。该公司半年报业绩超出市场预期。

For the six months to the end of September, SABMiller reported an 8 per cent year-on-year rise in revenues to $17.5bn, on a constant currency basis and excluding acquisitions. Earnings before interest, tax and amortisation (ebita) rose 9 per cent on the same organic basis to $3.2bn.

在截至9月底的六个月中，SABMiller的营业收入较上年同期增长了8%，至175亿美元；该数据是按不变汇率计算的，并剔除了收购带来的影响。同期该公司基于内生增长的未计利息、税项及摊销前利润(EBITA)增长了9%，至32亿美元。

This was SABMiller’s first set of results to fully include Foster’s of Australia, which added some $350m or so of ebita.

这是SABMiller在对澳大利亚福斯特集团(Foster's Group)做完并表处理后的首份财报，福斯特使该公司此次的半年报EBITA增长了约3.5亿美元。

The Foster’s deal ruffled some feathers among investors as it increased exposure to mature markets – although 70 per cent of SABMiller’s sales still come from the emerging world. Foster’s also lost contracts to brew four licensed brands after it changed hands.

对福斯特的收购交易激怒了SABMiller的部分股东，因为该交易增大了成熟市场在SABMiller业务总量中的比重。不过该公司目前来自新兴市场的销售额占比仍高达70%。福斯特在被收购后还失去了四种特许品牌啤酒的酿造合同。

Analysts broadly applauded the results and the shares rose 6.38 per cent to ￡28.01 on Thursday.

SABMiller的半年报业绩得到了分析师的普遍赞扬，该公司股价周四上涨6.38%，至每股28.01英镑。

Adjusted earnings per share at the halfway stage rose 14 per cent to 118.8 cents. The company proposes an interim dividend of 24 cents, up 12 per cent year-on-year.

该公司经调整后的半年每股收益增长14%，至每股118.8美分。该公司还计划中期每股分红24美分，较上年同期增加12%。

For SABMiller – the world’s second largest brewer by sales – Latin America and Africa continued to drive profits. In the six-month period, Latin America was the biggest contributor to ebita with $920m, up 14 per cent. Africa contributed $355m, up 19 per cent.

对于SABMiller而言，拉丁美洲和非洲仍是拉动利润增长的主要地区。在截至9月底的6个月中，来自拉美市场的EBITA在所有地区中排名第一，高达9.2亿美元，较上年同期增长14%；非洲市场则贡献了3.55亿美元，同比增长19%。该公司是按销售额计算的全球第二大啤酒酿造商。

In Europe, ebita fell 5 per cent but it remains the second biggest source of profit. SABMiller said its strategy of dropping prices in Poland and Romania earlier this year had helped, but its medium-term objective was to increase market share.

SABMiller在欧洲市场的EBITA下降了5%，但欧洲市场仍是其第二大利润来源。SABMiller表示，今年早些时候下调在波兰和罗马尼亚产品售价的策略取得了一定效果，但其中期目标是扩大市场份额。