RNS Number : 5002D
17 May 2012
Altria Financial Disclosure
Altria Group Inc. (Altria) has released a revision to its reported results for the fiscal quarter ended 31 March 2012 from its 27.0% economic and voting investment in SABMiller plc, expressed in US GAAP at prevailing exchange rates. Altria will record one-time non-cash exceptional gains of US$240 million reflecting Altria's share of non-cash exceptional gains resulting from SABMiller's strategic alliance transactions with Anadolu Efes and Castel that were completed in the first quarter of 2012. Altria has determined that it is appropriate to revise its first quarter 2012 financial statements to reflect its share of the non-cash gains. Altria has determined that the non-cash gains were not material to Altria's first quarter 2012 financial statements. Accordingly, Altria will reflect this revision in its financial statements for the six months ending 30 June 2012.
Investors should note that these exceptional gains 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 exceptional items and the definition of the US GAAP statutory earnings as reported by Altria compared to SABMiller's results as reported under IFRS.
General Counsel and Group Company Secretary
17 May 2012
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