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Graham: Tough Year, Tough Outlook

Graham: Tough Year but Better Outlook Dear Client:Despite softer volumes and a loss of global market share, SABMiller was able to post a decent financial year with respect to profits and in particular cash flows as they were able to cut capex as projects came to completion. The Street didn't think so, as the company missed many analyst expectations and it's stock dipped earlier today. EBITA was up in every region except Asia. (Ed. Note: MillerCoors has already reported, so

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