Miller time, delayed

22 May 2003 By Rob Cox Follow @rob1cox

The $5.6bn takeover of Miller was already a stretch. As the US brewer’s profits deteriorate, the economics worsen. Given this, it is somewhat galling to see SABMiller plunking down such a big price for Italy’s Peroni.

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SABMiller warned investors that its turnaround of the Miller Brewing Co., for which it paid $5.6bn a year ago, is taking longer than initially expected. Total volume at Miller fell 3.7% amid increased competition from market leader AnheuserBusch.

Ebita at the business fell to an adjusted $250m, largely the result of onetime restructuring costs, market expenses related to the launch of new readytodrink beverages and other exceptional items.

Overall, SABMiller reported adjusted earnings of $581m for 2003 and ebita of $1.27bn.

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