Today, Altria Group, Inc. (Altria) has released its results for the fiscal quarter ended 31 March 2012. Altria's results include a reference to earnings for the quarters ended 31 March 2012 and 2011 from Altria's 27.0% economic and voting investment in SABMiller plc, expressed in US GAAP at prevailing exchange rates.
The amount disclosed for the quarter ended 31 March 2012 is US$178 million (31 March 2011: US$189 million). Investors should note that these financial results are derived from management accounts, have not been audited and may be subject to change. There are a number of differences concerning the timing of recognition of results as well as differences relating to the accounting treatment of share-based payments, exceptional items, the definition of the US GAAP statutory earnings as reported by Altria compared to SABMiller's results as reported under IFRS, as well as the inclusion within Altria's earnings of gains on the dilution of Altria's investment in SABMiller following the issue of new SABMiller shares pursuant to share option exercises.
General Counsel and Group Company Secretary
26 April 2012
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