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SABMILLER PLC - Interim Results

Release Date: 22/11/2012 09:00
Code(s): SAB     PDF:  
Wrap Text
Interim Results

SABMiller plc
Incorporated in England and Wales (Registration No. 3528416)
JSE SAB       ISSUER CODE SOSAB
ISIN GB0004835483

Interim Announcement
Release date: 22 November 2012
                           
STRONG REVENUE AND EARNINGS GROWTH

SABMiller plc, one of the world's leading brewers with operations and distribution agreements across six
continents, reports its interim (unaudited) results for the six months to 30 September 2012.

Operational Highlights
- Strong brand development and sales capability drove broad-based growth in our emerging markets.
- Organic, constant currency group revenue growth of 8% and reported group revenue up 11%.
- Lager volumes rose 4% on an organic basis, while selective price increases and positive brand mix drove
  group revenue per hectolitre (hl) growth(1) of 3%.
- Organic, constant currency EBITA grew by 9%. Reported EBITA up 17%, despite adverse currency
  movements and increased commodity costs, enhanced by the inclusion of Foster's.
- EBITA margin improvement of 30 basis points (bps) on an organic, constant currency basis with a reported
  margin uplift of 100 bps driven by last year's acquisitions and business combinations and strong top line
  performance.
- Foster's integration programme progressing well, synergy delivery and capability build running ahead of
  schedule.
- Adjusted EPS up 14% to 118.1 US cents per share.
- Free cash flow2 up 14% to US$1,684 million, assisted by the timing of tax cash flows.

(1)Growth is shown on an organic, constant currency basis.
(2)As defined in the financial definitions section. See also note 10b.

                                              6 months   6 months              12 months   
                                               to Sept    to Sept               to March   
                                                  2012       2011                   2012   
Financial highlights                              US$m       US$m   % change        US$m  
 
Group revenue(a)                                17,476     15,688         11      31,388   
Revenue(b)                                      11,370     10,539          8      21,760   
EBITA(c)                                         3,173      2,701         17       5,634   
Adjusted profit before tax(d)                    2,759      2,457         12       5,062   
Profit before tax(e)                             2,279      2,041         12       5,603   
Profit attributable to owners of the parent      1,590      1,382         15       4,221   
Adjusted earnings(f)                             1,875      1,633         15       3,400   
Adjusted earnings per share                                                                
- US cents                                       118.1      103.3         14       214.8   
- UK pence                                        74.7       64.0         17       134.4   
- SA cents                                       967.5      731.1         32     1,607.0   
Basic earnings per share (US cents)              100.1       87.4         15       266.6   
Interim dividend per share (US cents)             24.0       21.5         12               
Free cash flow                                   1,684      1,479         14       3,048   


(a) Group revenue includes the attributable share of associates' and joint ventures' revenue of US$6,106 million (2011: US$5,149 million).
(b) Revenue excludes the attributable share of associates' and joint ventures' revenue.
(c) Note 2 provides a reconciliation of operating profit to EBITA which is defined as operating profit before exceptional items and amortisation of
    intangible assets (excluding software) but includes the group's share of associates' and joint ventures' operating profit, on a similar basis. EBITA is
    used throughout this interim announcement.
(d) Adjusted profit before tax comprises EBITA less adjusted net finance costs of US$391 million (2011: US$229 million) and share of associates' and
    joint ventures' net finance costs of US$23 million (2011: US$15 million).
(e) Profit before tax includes exceptional charges of US$127 million (2011: US$191 million). Exceptional items are explained in note 3.
(f) A reconciliation of adjusted earnings to the statutory measure of profit attributable to owners of the parent is provided in note 5.

EXECUTIVE CHAIRMAN'S REVIEW

Graham Mackay, Executive Chairman of SABMiller, said:
"Broad-based revenue and profit growth in the first half reflects the continued success of our approach to the
development of our brands, product portfolios, distribution and sales effectiveness. We have strengthened our
local flagship brands, complemented by product innovation across a wide range of styles and prices. Margins
have risen modestly despite higher input costs, as a result of our cost reduction and procurement initiatives
supplemented by a positive contribution from the acquisitions and business combinations concluded in the
second half of last year."

                                   Sept              Organic, constant   
                                   2012   Reported            currency   
                                  EBITA     growth              growth   
Segmental EBITA performance        US$m          %                   % 
  
Latin America                       920         15                  14   
Europe                              516       (10)                 (5)   
North America                       479          6                   6   
Africa                              355          8                  19   
Asia Pacific                        506        265                  10   
South Africa: Beverages             426        (4)                  11   
South Africa: Hotels and Gaming      65        (2)                  12   
Corporate                          (94)          -                   -   
Group                             3,173         17                   9   

Business review
The group has delivered strong revenue and profit growth during the period, with underlying volumes,
aggregate pricing and mix all trending positively and contributing to margin development. We grew volumes
and revenues across most regions despite a moderation of growth in some emerging markets. Development
of brands, product ranges and the route to market continued across the breadth of our portfolio supported by
further improved operating processes. The acquisition of Foster's in particular has contributed significantly.

Total beverage volumes were 4% ahead of the prior period on an organic basis with lager volumes up 4%, soft
drinks volumes up 6% and other alcoholic beverages up 12%. This volume growth, selective price increases
and improved brand mix in most regions led to group revenue growth of 8% on an organic, constant currency
basis, with group revenue per hl up 3% on the same basis. Reported group revenue, which includes business
combinations, was up 11%. Currency movements had an adverse impact of six percentage points on group
revenue growth principally due to the weakening of the South African rand and Central European currencies.

EBITA of US$3,173 million represented growth of 17%, including the contribution of Foster's and other
business combinations but also the impact of currency weakness. EBITA grew by 9% on an organic, constant
currency basis reflecting a combination of volume growth and rising group revenue per hl combined with some
cost savings and efficiencies. On an organic, constant currency basis the EBITA margin rose 30 basis points
(bps). Raw material input costs rose, as expected, by mid-single digits (on a constant currency, per hl basis)
largely as a result of higher cereal costs partly offset by procurement and other savings. Fixed costs
increased with salary inflation and further expenditure on sales and systems capabilities, partly offset by on-
going cost efficiency initiatives. Investment in brand development continued, with related marketing costs
rising slightly behind the increase in revenue. EBITA margins also benefited from acquisitions and business
combinations, particularly Foster's, and the reported EBITA margin for the group expanded by 100 bps to
18.2%.

Adjusted earnings growth of 15% reflects higher EBITA, boosted by the acquisition of Foster's, and a reduction
in the effective tax rate to 27.5%, partly offset by increased finance costs driven by Foster's-related debt.
Adjusted earnings per share were up 14% to 118.1 US cents.

Despite the adverse currency movements, free cash flow increased by US$205 million compared with the prior
period, to US$1,684 million. Adjusted EBITDA, which includes dividends from MillerCoors but excludes the
cash impact of exceptional items, increased by US$342 million (12%) with underlying growth enhanced by the
contribution from Foster's. Capital expenditure, including that on intangible assets, of US$655 million was
US$105 million lower than in the prior period. We have continued to invest, particularly in Africa, in order to
address capacity constraints and to support growth. New brewing capacity was commissioned in South
Sudan and Nigeria during the period and new capacity in Ghana, Tanzania, Peru, Uganda and Zambia is
currently under construction. Working capital generated a net cash outflow during the period of US$219 million
driven by the timing of payments to creditors, increased inventory value particularly in Africa and Latin
America, utilisation of provisions in Australia and higher receivables in Europe due to growth in the modern
trade channel. Net interest paid increased by US$190 million over the prior period reflecting increased debt
primarily reflecting the acquisition of Foster's, but the timing of a one off tax cash inflow in Australia more than
offset this.

The group's gearing ratio as at 30 September 2012 reduced to 65.0% from 68.6% at 31 March 2012 (as
restated). Net debt was reduced by US$750 million to US$17,112 million. An interim dividend of 24.0 US
cents per share, up 2.5 cents (12%) from the prior year's interim dividend, will be paid to shareholders on 14
December 2012.

-   In Latin America, EBITA grew by 15% (14% on a constant currency basis) and EBITA margin improved
    strongly, reflecting increased volumes and selective price increases, combined with variable production
    and other cost efficiencies. Lager volumes grew by 4% and soft drinks by 3%, with volume improvements
    more modest in the second quarter as a result of a slowdown in the pace of economic growth. Group
    revenue per hl grew by 4% on a constant currency basis. Soft drink volume improvements benefited from
    wider availability and pack range extensions of our non-alcoholic malt brands.

-   In Europe, reported EBITA declined by 10% (5% on an organic, constant currency basis) with an EBITA
    margin decline of 170 bps (200 bps on an organic, constant currency basis) driven by negative mix and
    higher raw material costs together with increased level of marketing spend in advance of peak trading.
    Reported EBITA was impacted by the weakening of European currencies against the US dollar, but
    benefited from our alliance with Anadolu Efes. Lager volumes improved by 9% on an organic basis, driven
    by selective price reductions together with growth in the economy segment and the benefit in the second
    quarter from cycling a weak comparative period. Performance continues to be affected by the shift from
    on-premise to off-premise consumption as well as growth of the modern trade channel, particularly
    discounters. Group revenue per hl declined by 2% on an organic, constant currency basis reflecting
    negative mix and the price resets. We increased market share in Poland, Romania and some other
    countries, as we repositioned our brand portfolios, launched new variants and enhanced sales execution.

-   In North America, EBITA increased by 6% with strong pricing and positive brand mix, partly offset by
    increased marketing costs and lower volumes. MillerCoors' domestic sales to retailers (STRs) were down
    2% on a trading day adjusted basis, with sales to wholesalers (STWs) 1% lower on an organic basis
    following a slight build-up of distributor stocks. The decline in premium light and economy volumes was
    partly offset by double digit volume growth in the Tenth and Blake craft and imports division.

-   Reported EBITA in Africa increased by 8% (19% on an organic, constant currency basis) with lager
    volumes up by 6% on an organic basis. Growth was strong in most markets, although second quarter
    growth was reduced by the effect of a 25% excise increase in Tanzania. Subsidiary EBITA margins
    remained under pressure reflecting the impact of capacity expansion-related costs, commodity cost
    pressures and continued building of our sales and marketing capability. Total EBITA margin improved by
    200 bps principally as a result of the combination of our Angola and Nigeria businesses with Castel and
    associated synergies. Other beverage categories contributed significantly to total volume growth, with soft
    drinks 8% higher and other alcoholic beverages up 12%, both on an organic basis.

-   The acquisition of Foster's and higher profits in China and India resulted in reported EBITA in Asia Pacific
    increasing by 265% (10% on an organic, constant currency basis). Lager volumes improved by 5% on an
    organic basis while reported volumes grew by 17%. Our associate in China, CR Snow, continued to
    deliver good growth with volumes up 4% on an organic basis although the second quarter saw volume
    declines in Sichuan, Anhui and Fujian provinces. In India volumes increased by 23% driven by strong
    growth in Andhra Pradesh, partly cycling trade restrictions in the prior period, combined with double digit
    growth across other key states.

    In Australia, lager volumes declined by 8% on a pro forma(1) basis, slightly worse than the market,
    excluding the impact of the termination of some licensed brands and the loss of two trading days.
    Including these impacts lager volumes declined by 13%. Good progress continues to be made on plans to
    strengthen the brand portfolio and commercial trading relationships, to accelerate the realisation of
    synergies and to improve operational performance.

    (1) Australia pro forma volumes are based on volume information for the period from 1 April 2011 to 30 September 2011 using
        SABMiller's definition of volumes and include 100% of the volumes for Pacific Beverages, our joint venture in Australia until
        January 2012.

-   South Africa: Beverages' EBITA decreased by 4% (but increased by 11% on a constant currency basis).
    EBITA margin expanded by 10 bps benefiting from price increases, operational efficiencies and fixed cost
    productivity, partly offset by a non-recurring charge in our associate, Distell. Group revenue per hl grew by
    6% on a constant currency basis. Lager volumes grew by 1% and we continued to gain market share in a
    challenging economic and trading environment. Soft drinks volumes grew by 8%, cycling a relatively weak
    comparative period in the prior year and benefiting from increased channel penetration.

-   The business capability programme progressed in line with expectations, with net operating benefits of
    US$115 million in the six months. The most significant contributions came from Trinity (global
    procurement) and European regional manufacturing. The exceptional costs of the programme were US$70
    million during the half year (2011: US$115 million). The global IS solution was deployed in Ecuador and
    preparations continue for the next release, due to be initiated in Poland after the year end.

Outlook
We have recently seen moderation of economic growth in some countries, but the potential of the principal
emerging markets in which we operate remains strong. The positive impact from acquisitions and business
combinations seen in the first half will reduce as we cycle their completion in the latter part of the year.
Performance will continue to reflect progress in the development of our brands, product portfolios, distribution
and sales effectiveness. We expect input cost pressures to continue at a level similar to that of the first half of
the year, and we will selectively raise prices where market conditions permit. We will continue to invest, in
brand development, innovation, systems and capability to sustain growth, as well as to implement our planned
capital programmes.

Enquiries:
                                              SABMiller plc                                          Tel: +44 20 7659 0100

Catherine May                                 Director of Corporate Affairs                          Tel: +44 20 7927 4709

Gary Leibowitz                                Senior Vice President, Investor Relations              Tel: +44 20 7659 0119

Richard Farnsworth                            Business Media Relations Manager                       Tel: +44 20 7659 0188

A live audio webcast of a presentation by Executive Chairman, Graham Mackay, Chief Operating Officer, Alan Clark, and Chief
Financial Officer, Jamie Wilson to the investment community will begin at 9.30am (GMT) on 22 November 2012. To register for the
webcast, download the slide presentation, view management video interviews and download photography and b-roll, visit our online
Results Centre at www.sabmiller.com/resultscentre.

To monitor Twitter bulletins throughout the day follow www.twitter.com/sabmiller or #sabmillerresults.

Copies of the press release and detailed Interim Announcement are available from the Company Secretary at the Registered Office,
or from 2 Jan Smuts Avenue, Johannesburg, South Africa.

Operational review                                                            
Latin America                                                                 
                                                         Sept     Sept        
Financial summary                                        2012     2011    %  
 
Group revenue (including share of associates) (US$m)    3,687    3,396    9   
EBITA(1) (US$m)                                           920      797   15   
EBITA margin (%)                                         24.9     23.5        
Sales volumes (hl 000)                                                        
- Lager                                                20,463   19,658    4   
- Soft drinks                                           8,879    8,593    3   

(1) In 2012 before exceptional charges of US$45 million being business capability programme costs (2011: US$54 million being business
capability programme costs of US$42 million and integration and restructuring costs of US$12 million).

Latin America delivered lager volume growth of 4% in the half year, outperforming most alcohol and soft
drinks categories across our markets. There was a slowdown in the rate of economic growth in the second
quarter. Soft drinks volumes were up 3% as a result of increased distribution and non-alcoholic malt beverage
pack range extensions. Volume growth, combined with selective price increases, resulted in an increase in
group revenue of 9% on a reported basis. Reported EBITA increased by 15% and EBITA margin by 140 bps,
as product costs benefited from stronger currencies and procurement savings and distribution showed further
efficiency gains, which were offset by sales and system capability costs incurred during the period.

In Colombia, lager volumes grew by 3%, despite selective price increases in April, local trade restrictions in
some cities and the cycling of the FIFA Under-20's World Cup in the prior period. Consumer acceptance of the
more affordable bulk pack launched in the prior year has been gratifying. Our mainstream portfolio continues
to expand, particularly in the light segment, with Águila Light growing at double digit rates at upper mainstream
prices. Our premium and super-premium segment volumes showed combined growth of 6% assisted by the
enlarged Club Colombia franchise and increased availability of Miller Genuine Draft (MGD). Our share of the
alcohol market increased by 110 bps compared with the prior year, with gains driven by increased fridge
penetration and the narrowing of the affordability gap between beer and spirits. Despite strong competition and
increased prices in April, our non-alcoholic malt beverages volumes grew by 1%.

In Peru, lager volumes grew by 6%, with consumers continuing to trade up from informal alcohol. Trade
execution improved as a result of our commercial operating model roll-out and expanded trade and fridge
coverage. This resulted in a further gain of 120 bps in our lager market share. Cristal, our flagship brand and
leading sponsor of football, saw strong growth in the period and Cusqueña continued to grow. Our soft drinks
volumes expanded by 26%, as our non-alcoholic malt brand, Maltin Power, and the water category grew their
consumer base.

In Ecuador, following price increases and strong growth in the comparative period, lager volumes increased
by 4%. Our share of the alcohol market rose, reflecting the benefits of our continued direct service expansion
and improved outlet coverage. Our upper mainstream brand, Pilsener Light, doubled in volume, while our local
premium brand, Club, delivered growth of 19%. Our non-alcoholic malt brand, Pony Malta, also benefited from
wider distribution, achieving double digit volume growth.

In Panama, lager volumes were up by 7%, with our premium brand, Miller Lite, quadrupling its volumes and
MGD growing by double digits, further enhancing our revenue mix. We continue to lead the premium and the
super-premium segments, while competition remains intense in the mainstream segment. The non-alcoholic
malt beverages category saw healthy volume growth of 17%, largely driven by wider distribution, while other
soft drinks categories saw softer performance.

Our business in Honduras saw growth of 1% across both lager and soft drinks. Heightened security concerns
have led to a structural shift toward off-premise consumption and a decline in the total alcohol market.

Nevertheless, our share of the alcohol market increased by over 500 bps compared with the prior period,
supported by our bulk pack affordability strategy.

El Salvador delivered a strong performance, with domestic lager volume growth of 12%, driven by the
success of our bulk packs, trade activations and coverage expansion. Our premium brand, Suprema, saw
volume growth of 9%, after the launch of new packaging late last year, while Golden Light was repositioned as
an upper mainstream brand and grew volumes by double digits. Despite heightened competition, domestic soft
drinks volumes grew by 1% over the prior period.

Europe                                                                          
                                                         Sept     Sept          
Financial summary                                        2012     2011      % 
  
Group revenue (including share of associates) (US$m)    3,293    3,268      1   
EBITA(1) (US$m)                                           516      570   (10)   
EBITA margin (%)                                         15.7     17.4          
Sales volumes (hl 000)                                                          
- Lager                                                27,118   25,645      6   
- Lager (organic)                                      23,047   21,232      9   
- Soft drinks                                           3,661       58   >100   
- Soft drinks (organic)                                    48       46      4   

(1) In 2012 before exceptional charges of US$35 million being business capability programme costs (2011: US$69 million being business
capability programme costs of US$54 million and the loss on disposal of a business of US$15 million).

In Europe, organic information excludes trading in Russia and Ukraine in the prior year comparative period
and our share of Anadolu Efes' trading in the half year, following the completion of our strategic alliance on 6
March 2012. Our share of Anadolu Efes' results is included in reported information. Lager volumes were up
6% (9% on an organic basis) driven by economy brand growth, and supported by selective price reductions,
increased promotional activities and the launch of various product and pack innovations. In addition, the
second quarter benefited from cycling a weak comparative period. Group revenue per hl decreased by 16%,
(down 2% in organic, constant currency) reflecting expansion of economy brands and price reductions,
together with further decline of the on-premise channel, adverse currency movements and the change in
category mix resulting from the inclusion of our share of Anadolu Efes' results.

Reported EBITA was down 10% impacted by the weakening of European currencies against the US dollar but
benefiting from the strategic alliance with Anadolu Efes. Reported EBITA margin declined by 170 bps.
Organic, constant currency EBITA was down 5% with an EBITA margin decline of 200 bps on the same basis,
driven by increased raw material costs and a higher level of marketing spend to support product launches and
brand activations in advance of peak trading, and further accentuated by continuing adverse channel, pack
and brand mix effects. Market share gains were achieved in several markets, most notably Poland, Romania,
Hungary and Slovakia as we repositioned our brand portfolios, launched new flavoured variants and enhanced
our execution in the on-premise channel.

In Poland, volumes were up 10% benefiting from the beer market growth in the first quarter, fuelled by Euro
2012 football tournament marketing activities and favourable weather conditions. The second quarter
benefited from cycling a weak comparative period, but growth was more subdued towards the end of the half
year as the consumer environment became increasingly challenging. In addition core brands benefited from
the resetting of some price points and the launch of innovations. Mainstream brand Tyskie gained market
share supported by the successful 5th stadium' marketing campaign and the launch of the variant Tyskie
Klasyczne. Growth of our premium brand Lech was assisted by the launch of Lech Shandy which helped to
develop a new category with encouraging results. Constant currency revenue per hl was down 1% as a result
of price resets, and this, coupled with higher input costs and marketing spend focused on the first half of the
year to support product launches, resulted in an EBITA decline on the same basis.

In the Czech Republic, domestic volumes were up 2%. Revenue per hl declined by 1% on a constant
currency basis as consumers continued to shift from the high value on-premise channel to the off-premise
channel. Channel dynamics particularly affected our performance in the super-premium and mainstream
segments as Pilsner Urquell and Gambrinus respectively are heavily skewed to the on-premise channel. The
launch of a new variant resulted in strong growth of Frisco in the super-premium segment. Growth in the
premium segment was attributable to Kozel 11, which benefited from increased distribution and a successful
launch in PET, together with the newly-launched Gambrinus Radler. EBITA on a constant currency basis
declined as operational cost efficiencies were outweighed by adverse channel mix and increased raw material
costs.

In Romania, volumes grew by 25% driven by the national roll-out of economy brand Ciucas in a new PET
pack launched at the end of the prior financial year. Mainstream brand Timisoreana also performed ahead of
the prior period with growth in larger PET formats. Price increases in the period were offset by adverse pack
and brand mix resulting in constant currency revenue per hl declining by 5%. Despite the unfavourable mix,
volume growth led to increased EBITA on a constant currency basis.

Domestic lager volumes in Italy were 1% ahead of the prior period against the backdrop of a challenging
economic environment and poor consumer confidence. The growth was mainly fuelled by our economy brand
Wuhrer following a price repositioning.

In the Netherlands, domestic volumes were down 1%, predominantly driven by a decline in the on-premise
channel which has been impacted by a challenging market environment with low levels of consumer
confidence, together with high levels of promotional pressure in the off-premise channel.

In the United Kingdom, domestic volumes were up 5% driven by Peroni Nastro Azzurro growth supported by
continued draught expansion.

In Slovakia, a number of successful summer promotions resulted in solid growth of Kozel, Pilsner Urquell and
Birell, and this together with the launch of Smadny Mnich Radler, led to aggregate volume growth of 10%. In
the Canaries, lager volumes grew by 5%, despite the challenging trading environment, driven by good
performance in the off-premise channel which offset declines in performance in the tourist areas. In Hungary,
volumes were up 7% boosted by on-premise activations supporting our economy brand Kobanyai Sor.

Anadolu Efes' lager volumes were down 5% on a pro forma(1) basis compared with the prior period, and soft
drinks volumes were up 9% on the same basis. The decline in lager volumes was driven by a softer
performance in Russia with market share suffering during the integration of SABMiller and Anadolu Efes'
businesses. Slower growth in Turkey, resulting from increased availability of competitor products was also a
factor. The increase in soft drinks volumes was driven by strong growth in both the still and sparkling drinks
categories.

(1)   Pro forma volumes are based on volume information for the period from 1 April 2011 to 30 September 2011 using SABMiller's
      definition of volumes for the enlarged Anadolu Efes group as if the strategic alliance had commenced on 1 April 2011.

North America                                                                      
                                                             Sept     Sept         
Financial summary                                            2012     2011     %  
 
Group revenue (including share of joint ventures) (US$m)    2,901    2,830     3   
EBITA(1) (US$m)                                               479      452     6   
EBITA margin (%)                                             16.5     16.0         
Sales volumes (hl 000)                                                             
- Lager  excluding contract brewing                       22,237   22,586   (2)   
- Lager  excluding contract brewing (organic)             22,218   22,586   (2)   
MillerCoors' volumes                                                               
- Lager  excluding contract brewing                       21,539   21,779   (1)   
- Lager  excluding contract brewing (organic)             21,520   21,779   (1)   
- Sales to retailers (STRs)                                21,336   21,914   (3)   
- Contract brewing                                          2,538    2,357     8   

(1) In 2012 before exceptional charges of US$nil (2011: US$35 million being the group's share of MillerCoors' impairment of the Sparks
brand).

The North America segment includes the group's 58% share in MillerCoors and 100% of Miller Brewing
International and various North American holding companies. Total North America EBITA increased by 6%, as
growth in MillerCoors was partly offset by higher marketing and fixed costs in Miller Brewing International.

MillerCoors
In the six months to 30 September 2012, MillerCoors' US domestic STRs declined by 2% on a trading day
adjusted basis (declined by 3% on an unadjusted basis). Domestic STWs were down by 1% on an organic
basis, following higher distributor inventory levels than in the comparative period. EBITA increased by 8% with
strong pricing, favourable brand mix and reduced general and administrative costs partly offset by the impact
of lower volumes and higher marketing spend.

Premium light volumes were down low single digits, as growth in Coors Light was offset by a low single digit
decline in Miller Lite. The Tenth and Blake division delivered double digit volume growth, driven primarily by
Leinenkugel's, including the strong success of Leinenkugel's Summer Shandy and Blue Moon. Peroni Nastro
Azzurro delivered strong results growing by high single digits. The economy segment declined by mid single
digits, driven by Keystone Light and Miller High Life, as consumers continued to trade up to other categories.
The premium regular segment was down by mid single digits with a double digit decline in Miller Genuine Draft
partly offset by low single digit growth in Coors Banquet. All STR volume growth rates presented in this
paragraph are on a trading day adjusted basis.

MillerCoors' revenue per hectolitre grew by 4%, as a result of firm pricing and favourable brand mix resulting
from growth in the Tenth and Blake division and declines in the economy segment. Cost of goods sold per
hectolitre increased by low single digits, driven by higher brewing material costs and unfavourable pack mix
linked to product innovation, partly offset by tight cost control and savings initiatives.

Marketing spend increased, following investment behind the Miller64 brand re-launch, together with higher
spending on new products and packaging innovations, with higher levels of marketing investment in Coors
Light and Miller Lite expected to continue. General and administrative costs decreased primarily as a result of
phasing of information system costs. Our share of an impairment charge relating to the discontinuation of
Home Draft packaging was also taken in the half year.

Africa                                                                       
                                                        Sept    Sept         
Financial summary                                       2012    2011     % 
  
Group revenue (including share of associates) (US$m)   1,792   1,839   (3)   
EBITA(1) (US$m)                                          355     327     8   
EBITA margin (%)                                        19.8    17.8         
Sales volumes (hl 000)                                                       
- Lager                                                8,709   8,290     5   
- Lager (organic)                                      8,345   7,904     6   
- Soft drinks                                          6,201   6,693   (7)   
- Soft drinks (organic)                                6,098   5,642     8   
- Other alcoholic beverages                            2,969   2,597    14   
- Other alcoholic beverages (organic)                  2,919   2,597    12   

(1) In 2012 before exceptional charges of US$nil (2011: US$1 million being business capability programme costs).

Lager volumes in Africa grew by 5% (6% on an organic basis), cycling strong comparatives. Robust volume
growth continued in most African markets, although overall growth in the second quarter was impacted by a
significant excise increase in Tanzania, as well as a softer economic backdrop in Uganda which resulted in
volume declines in these markets for the first half of the year. This was more than offset by strong double digit
lager volume growth in Ghana, Mozambique, South Sudan and Zambia. We continue to increase our
marketing investment, ensuring our brands are appealing to the consumer, as well as expanding our local
geographic footprint to draw new consumers into the category through improved availability. Castle Lite
continued to establish itself as a pan-African premium brand with growth of 50% in the half year. Lager volume
growth was further supported by the commissioning of new capacity in South Sudan, in our associate in
Zimbabwe and most recently in Nigeria as well as broadly favourable economic conditions across the
continent. Further capacity projects are currently under way in Ghana, Tanzania, Uganda, and Zambia.

Our full beverage portfolio offering continued to deliver results with soft drinks and other alcoholic beverages
volumes growing by 8% and 12% respectively both on an organic basis. Soft drinks growth including non-
alcoholic malt beverages was underpinned by good performances in Ghana, Botswana, Nigeria, South Sudan
and Zambia as well as our associate in Zimbabwe. Reported soft drinks volumes declined as a result of the
management changes relating to the Angolan businesses. Other alcoholic beverages were buoyed by the
strong performance of our wines and spirits in Tanzania. As part of our affordability strategy and to take share
from informal alcohol, we continue to expand the geographic footprint of our traditional beer offering, with
product now available in nine markets and the recent launch of the innovative Chibuku Super in PET in
Zambia.

Volume growth and subsidiary organic, constant currency revenue per hectolitre growth of 8% helped deliver
strong first half EBITA growth of 8% (19% on an organic, constant currency basis), despite the adverse impact
of currency movements on reported group revenue. EBITA margin improved by 200 bps, to 19.8%, principally
as a result of the synergies realised from the combination of our Angola and Nigeria businesses with Castel,
with subsidiaries' EBITA margin under pressure reflecting the impact of capacity expansion-related costs,
commodity cost pressures and continued building of our sales and marketing capability.

Lager volumes declined by 8% in Tanzania in the half year, as the beer market was negatively affected by a
25% excise increase in July 2012. Despite this, the continued strong performance of Castle Lite helped the
premium segment remain in growth. Our wines and spirits business continued to grow strongly as we expand
availability and introduce new pack offerings.

In Mozambique, lager volumes grew by 10%, underpinned by robust growth in the mainstream brands 2M
and Manica. After 11 months in the market, the affordable cassava-based brand Impala continues to expand
and gain acceptance in the rural markets of the northern region.

Despite capacity constraints in Zambia, lager volume growth of 14% was achieved through enhanced brewery
throughput efficiencies as well as imports from South Africa, expanded rural penetration and improved
availability in the trade together with a positive economic environment. In the premium segment, Castle Lite
more than doubled volumes while in the mainstream segment our key brands Castle Lager and Mosi were
supported by focused marketing activities which delivered double digit growth. The construction of our new
brewery at Ndola remains on track to be commissioned in the third quarter. Sparkling soft drinks and non-
alcoholic malt beverages both delivered strong double digit volume growth.

In the context of a softer economic environment and cycling particularly strong comparatives, Uganda lager
volumes contracted by 3%. Club Pilsener continued to gain share in the mainstream segment. Good progress
is being made on the Mbarara brewery in west Uganda which is on track to be commissioned early in the next
financial year and will provide a platform for growth in a market with a strong economic outlook expected in the
medium term.

In Ghana, Club lager remained the notable performer leveraging its Pride in Origins' positioning and helped to
deliver 15% lager volume growth, driven by improved availability coupled with a buoyant economy. Soft drinks
volumes also grew 11% underpinned by the performance of the local sparkling beverage portfolio.

Despite a difficult political and economic period, South Sudan continued to deliver strong double digit lager
and soft drinks volume growth, assisted by new capacity commissioned at the end of the first quarter. Delta
Corporation, our associate in Zimbabwe, grew lager volumes by 9% organically with particularly strong growth
from the premium lager, Golden Pilsener, supported by focused marketing initiatives and pack innovations.
The Onitsha brewery in Nigeria was commissioned recently and the launch of our mainstream brand Hero in
September was well received.

Our associate Castel delivered pro forma(1) half year lager volume growth of 5% with good volume
performances in Cameroon and the Ivory Coast and further solidified their leadership position in Ethiopia. Pro
forma(1) soft drinks volumes grew by 6%. The Angola integration project is delivering synergies ahead of
expectation.

(1)   Pro forma volumes are based on volume information for the period from 1 April 2011 to 30 September 2011 for the Castel
      business as if the management combinations in Angola and Nigeria and the Castel acquisition in Madagascar had occurred on 1
      April 2011.

Asia Pacific                                                                                      
                                                                            Sept     Sept         
Financial summary                                                           2012     2011     %   
Group revenue (including share of associates and joint
ventures) (US$m)                                                           3,040    1,439   111   
EBITA(1) (US$m)                                                              506      138   265   
EBITA margin (%)                                                            16.7      9.6         
Sales volumes (hl 000)                                                                            
- Lager                                                                   41,473   35,448    17   
- Lager (organic)                                                         37,158   35,377     5   

(1) In 2012 before exceptional charges of US$47 million being integration and restructuring costs (2011: US$nil).

Lager volumes in Asia Pacific grew by 5% on an organic basis, while reported volumes were up 17%
reflecting the acquisition of Foster's and other acquisitions in China. Reported EBITA increased threefold and
group revenue per hl grew by 80% primarily due to the inclusion of Foster's. On an organic, constant currency
basis EBITA increased by 10% and group revenue per hl improved by 6%. EBITA margin increased by 710
bps on a reported basis (level on an organic, constant currency basis).

In China, lager volumes grew by 6% (4% on an organic basis) and market share grew. Volume growth ahead
of overall beer market growth was achieved in Liaoning, Jiangsu, Guangdong, Guizhou, Gansu and Shandong
with share declines in Sichuan, Anhui and Fujian provinces.

Group revenue per hl increased by 2% despite the adverse impact of provincial mix. High single digit
increases were achieved in certain provinces and the national trend continues to be positive, reflecting
continued premiumisation of the brand portfolio led by growth in Snow Draft. EBITA increased by 7% on an
organic, constant currency basis, although EBITA margin decreased slightly, reflecting continued sales and
marketing investment to support volume growth in an increasingly competitive environment as well as adverse
movements in commodity and operating costs.

In India, volumes grew by 23%. Continued strong growth in Andhra Pradesh, cycling trading restrictions in the
state through to the end of August, was assisted by double digit growth achieved in the important states of
Punjab, Maharashtra, Rajasthan, Orissa, West Bengal and Uttar Pradesh. Growth was more muted in the
other key states of Karnataka and Haryana with slower market growth compared with the prior period.

Revenue per hl increased by 6% on a constant currency basis reflecting price increases in certain states and a
continued focus on higher margin states, brands and packs. Marketing investment continued to increase in
support of the brand portfolio and the business continued to focus on cost initiatives to offset commodity and
other inflationary cost pressures. As a result, EBITA grew strongly, driven by our differentiated state by state
strategy, with EBITA margin ahead of the prior period.

In Australia, lager volumes were down 13% on a pro forma(1) basis including the impact of two fewer trading
days and the termination of some licensed brands from our portfolio. After adjusting for these impacts, lager
volumes declined by 8%, slightly worse than the market and before the effects of our management actions,
with a backdrop of consumer confidence which remains at subdued levels. While our share of draught
remained firm, a reduction in off-premise share reflected more constrained customer programmes during the
first half of the year and our focus on revenue optimisation.

The mainstream classic beer segment continued to underperform the market although the recently announced
restoration of the flagship Victoria Bitter brand back to its full flavour, full strength position, has been favourably
received, and is expected to strengthen our position in this segment. The Carlton brand franchise continued to
consolidate its leading market share position, with strong momentum in Carlton Dry in particular. The recently
launched Great Northern Brewing Co brand also continued to perform strongly.

Premium volumes performed well with growth in our global premium brands, cider and craft segments. In
particular, global premium draught volumes performed strongly driven by Peroni Nastro Azzurro, up more than
100% in the second quarter of the year compared with the prior period.

Revenue per hl increased by 3.5% for the six months on a pro forma continuing basis(2) reflecting our focus on
driving profitable revenue growth. This has delivered greater value both for our customers and ourselves.
Initiatives including accelerated synergy delivery, tighter cost control and supply optimisation have all
contributed towards the growth of EBITA on a pro forma continuing basis(2).

We remain focused on delivering sustainable profitable growth through systematically building capability and
investing in key areas of the business. These include investing in and renovating the core portfolio, improving
revenue management capability and execution, and seeking out premium revenue growth opportunities. We
are targeting to improve in-store execution through partnering with key customers, restructuring and refocusing
the sales force.

The integration programme is progressing well, with synergy delivery and capability build running ahead of
schedule. The sale of Foster's interests in its Fijian beverage operations, Foster's Group Pacific Limited, to
Coca-Cola Amatil Ltd (CCA) was completed on 7 September and Foster's soft drinks assets were also sold to
CCA on 28 September. There was no gain or loss on either disposal. With effect from 1 October, our associate
distribution business in Dubai previously reported as part of Australia has been transferred to our Europe
division.

(1) Pro forma volumes and financial information are based on results reported under IFRS and SABMiller accounting policies for the
period from 1 April 2011 to 30 September 2011, as if the Foster's and Pacific Beverages transactions had occurred on 1 April 2011.

(2) Pro forma continuing basis adjusts for the impact of discontinued licensed brands in all comparative information.

South Africa: Beverages                                                        
                                                         Sept     Sept         
Financial summary                                        2012     2011     %
   
Group revenue (including share of associates) (US$m)    2,530    2,669   (5)   
EBITA(1) (US$m)                                           426      446   (4)   
EBITA margin (%)                                         16.8     16.7         
Sales volumes (hl 000)                                                         
- Lager                                                12,446   12,290     1   
- Soft drinks                                           7,810    7,245     8   
- Other alcoholic beverages                               708      646    10   

(1) In 2012 before net exceptional charges of US$12 million being charges incurred in relation to the Broad-Based Black Economic
Empowerment scheme of US$10 million and business capability programme costs of US$2 million (2011: US$13 million being charges
incurred in relation to the Broad-Based Black Economic Empowerment scheme of US$15 million and business capability programme
credits of US$2 million).

In South Africa, the focus on market-facing investment and retail execution continued to deliver volume
growth, despite a challenging economic and trading environment. Group revenue declined by 5% at reported
exchange rates, but grew by 10% on a constant currency basis. Group revenue per hl grew by 6% on the
same basis. Lager revenue benefited from a moderate price increase executed towards the end of the
previous financial year, which was partly offset by an above inflation excise increase, and the continued
strength of our premium portfolio. Overall revenue growth was somewhat restricted by the below-inflationary
price increases in the soft drinks portfolio.

Lager volumes grew 1% despite the adverse impact of the timing of the Easter peak period, and we continued
to gain market share. Volume growth was sustained by continuing superior retail execution and customer
service, and innovative brand promotional campaigns. Key aspects of our sales execution included trade
marketing and customer management relationship initiatives, customer loyalty programmes and sales force
skills development. Castle Lite gained additional market share in the premium segment, supported by media
and through the line campaigns associated with its unique Extra Cold' brand positioning. Castle Lager grew
strongly backed by the success of the It all comes together with a Castle' campaign which draws on the
brand's association with South Africa's most popular national sports. While Carling Black Label volumes
declined slightly, performance in the second quarter improved, supported by the award winning marketing
campaign Carling Cup'.

Soft drinks volumes grew 8%, cycling a relatively weak performance in the prior period and benefiting from
increased channel penetration through the use of market logistics partners. The use of market level
partnerships and reward structures, which were also used to penetrate key classes of trade, resulted in
benefits particularly for two litre PET packs. Volume growth was also driven by very low price increases and
warmer than expected weather in July and August. Growth in the still drinks portfolio was better than expected,
with strong performances from Powerade and Play.

Our associate Distell reported good revenue and volume growth across its portfolio of wines, spirits and RTDs
reflecting its diverse geographic footprint and despite subdued consumer spending in many of its export
markets.

Our drive for productivity to fund market-facing investment continued with the beer business delivering further
productivity in variable distribution costs and fixed costs. The soft drinks business saw some reduction in the
pressure on packaging costs while continuing to benefit from operational efficiencies in the supply chain from
distribution and warehousing initiatives. Reported EBITA declined by 4% (increased by 11% on a constant
currency basis) and EBITA margin grew by 10 bps to 16.8%. EBITA growth was affected by our share of our
associate Distell's EBITA which was significantly below the prior comparable period as the result of a one-off
excise charge, caused by the reclassification of wine aperitifs by the South African Revenue Service.

South Africa: Hotels and Gaming                                  
                                             Sept   Sept         
Financial summary                            2012   2011     % 
  
Group revenue (share of associates) (US$m)    233    247   (6)   
EBITA (US$m)                                   65     67   (2)   
EBITA margin (%)                             28.0   26.9         
Revenue per available room (Revpar)  US$    66.0   68.9   (4)   

SABMiller is a 39.7% shareholder in the Tsogo Sun Group which is listed on the Johannesburg Stock
Exchange.

Our share of Tsogo Sun's reported revenue was US$233 million, a decrease of 6% over the prior period (up
7% on an organic, constant currency basis). The organic, constant currency results indicate an improvement in
trading in a market which is affected by low growth and relatively high inflation, with reported results impacted
by the weakening rand.

Gaming revenues were up 8% on a constant currency basis. The gaming industry in the major provinces of
South Africa experienced varying levels of growth over the prior period with the largest province in terms of
gaming win, Gauteng, reporting 6% growth and the KwaZulu-Natal province growing by 12%. The Tsogo Sun
casinos in these provinces maintained their market share by growing in line with the market.

The South African hotel industry continued to show signs of improvement during the half year. Demand in the
key group and conventions, corporate and government segments grew with constant currency revenue per
available room growth of 11% for the six months. This has been mainly occupancy driven with pressure on
rate increases still evident in the market.

Reported EBITA for the half year declined by 2% with growth of 12% on an organic, constant currency basis.
The underlying growth was driven by improved gaming and hotel revenues together with cost savings, which
resulted in the EBITA margin improving to 28.0%.

Financial review

New accounting standards and restatements
The accounting policies followed are the same as those published within the Annual Report and Accounts for
the year ended 31 March 2012. There were no standards, interpretations or amendments adopted by the
group since 1 April 2012 which have had a material impact on group results. The consolidated balance sheets
as at 30 September 2011 and as at 31 March 2012 have been restated for further adjustments relating to the
initial accounting for business combinations, details of which are provided in note 12. The Annual Report and
Accounts for the year ended 31 March 2012 are available on the company's website: www.sabmiller.com.

Segmental analysis
The group's operating results on a segmental basis are set out in the segmental analysis of operations.

SABMiller uses group revenue and EBITA (as defined in the financial definitions section) to evaluate
performance and believes these measures provide stakeholders with additional information on trends and
allow for greater comparability between segments. Segmental performance is reported after the specific
apportionment of attributable head office costs.

Disclosure of volumes
In the determination and disclosure of sales volumes, the group aggregates 100% of the volumes of all
consolidated subsidiaries and its equity accounted percentage of all associates' and joint ventures' volumes.
Contract brewing volumes are excluded from volumes although revenue from contract brewing is included
within group revenue. Volumes exclude intra-group sales volumes. This measure of volumes is used in the
segmental analyses as it closely aligns with the consolidated group revenue and EBITA disclosures.

Organic, constant currency comparisons
The group discloses certain results on an organic, constant currency basis, to show the effects of acquisitions
net of disposals and changes in exchange rates on the group's results. See the financial definitions section for
the definition.

Adjusted EBITDA
The group uses an adjusted EBITDA measure of cash generation which adjusts EBITDA (as defined in the
financial definitions section) to exclude cash flows relating to exceptional items and to include the dividends
received from the MillerCoors joint venture. Given the significance of the MillerCoors business and the access
to its cash generation, inclusion of the dividends from MillerCoors (which approximate the group's share of its
EBITDA) provides a useful measure of the group's overall cash generation. Excluding the cash impact of
exceptional items allows the level and underlying trend of cash generation to be understood.

Disposals
On 7 September 2012 the group completed the disposal of Foster's interests in its Fijian beverage operations,
Foster's Group Pacific Limited, and on 28 September 2012 the group completed the disposal of Foster's soft
drinks assets, both to Coca-Cola Amatil Limited (CCA).

Exceptional items
Items that are material either by size or incidence are classified as exceptional items. Further details on the
treatment of these items can be found in note 3 to the financial information.

Net exceptional charges of US$127 million before finance costs and tax were reported during the period
(2011: US$210 million) including net exceptional charges of US$nil (2011: US$35 million) related to the
group's share of associates' and joint ventures' exceptional items. The net exceptional charge included:

   -   US$70 million (2011: US$115 million) charge related to business capability programme costs in Latin
       America, Europe, South Africa: Beverages and Corporate;
   -   US$10 million (2011: US$15 million) charge in respect of the Broad-Based Black Economic
       Empowerment scheme in South Africa; and
   -   US$47 million charge related to integration and restructuring costs, including the closure of certain
       beverage lines, in Asia Pacific (2011: US$12 million related to various integration and restructuring
       projects in Latin America).

In addition to the amounts noted above, the net exceptional charge in 2011 included transaction-related
advisers' costs of US$18 million associated with the acquisition of Foster's, an exceptional loss of US$15
million on the disposal of the distribution business in Italy, and the group's share of associates' and joint
ventures' exceptional charges of US$35 million related to the group's share of the impairment of the Sparks
brand in MillerCoors.

Finance costs
Net finance costs were US$379 million, an 87% increase on the prior period's US$203 million, mainly as a
result of the increase in net debt related to the Foster's acquisition. Finance costs in the current period include
a net gain of US$12 million (2011: US$7 million) from the mark to market adjustments of various derivatives on
capital items for which hedge accounting cannot be applied. Finance costs in the prior period also included a
net exceptional gain of US$19 million related to the mark to market gains on derivative financial instruments
partially offset by financing fees connected with the Foster's transaction. The mark to market gain, and in the
prior period the transaction-related gain, has been excluded from the determination of adjusted net finance
costs and adjusted earnings per share. Adjusted net finance costs were US$391 million, up 71%.

Interest cover, as defined in the financial definitions section, has decreased to 8.3 times from 12.7 times in the
prior period.

Profit before tax
Adjusted profit before tax of US$2,759 million increased by 12% over the comparable period in the prior year,
primarily as a result of higher volumes, selective price increases, positive mix and the impact of acquisitions
and business combinations in the prior financial year more than offsetting higher input, marketing and fixed
costs, finance costs and the impact of adverse foreign exchange rate movements.

Profit before tax was US$2,279 million, up 12%, including the impact of the exceptional and other adjusting
finance items noted above. The principal differences between reported and adjusted profit before tax relate to
the amortisation of intangible assets (excluding software) and exceptional items. Amortisation amounted to
US$229 million in the half year compared with US$105 million in the prior half year, with the increase resulting
from the amortisation of Foster's intangible assets, and net exceptional charges were US$127 million
compared with US$191 million in the prior year period.

Taxation
The effective rate of tax for the half year before amortisation of intangible assets (excluding software) and
exceptional items is 27.5% compared with a rate of 28.5% in the prior year period. The reduction in the rate
primarily results from geographic changes in taxable profit mix, together with the tax effect of the interest
charge on the additional debt taken on with the Foster's acquisition.

Earnings per share
The group presents adjusted basic earnings per share, which excludes the impact of amortisation of intangible
assets (excluding software), certain non-recurring items and post-tax exceptional items, in order to present an
additional measure of performance for the periods shown in the consolidated interim financial information.
Adjusted basic earnings per share of 118.1 US cents were up 14% on the comparable period in the prior year,
benefiting from higher profits, including the impact of acquisitions and business combinations, and a lower
effective tax rate, partially offset by higher finance costs and adverse foreign currency movements. An analysis
of earnings per share is shown in note 5. On a statutory basis, basic earnings per share were higher by 15% at
100.1 US cents (2011: 87.4 US cents) for the reasons given above, together with lower exceptional costs and
higher amortisation of intangible assets (excluding software) this half year.

Cash flow and capital expenditure
Net cash generated from operations before working capital movements (EBITDA) of US$2,657 million
increased by 16% compared with the prior year period (2011: US$2,298 million). This increase was primarily
due to higher revenue leading to higher operating cash flows, offset by unfavourable currency movements.
Dividends received from the MillerCoors joint venture (reported within cash flows from investing activities)
amounted to US$517 million (2011: US$494 million).

Adjusted EBITDA of US$3,255 million (comprising EBITDA before cash outflows from exceptional items of
US$81 million plus dividends received from MillerCoors of US$517 million) increased by 12% compared with
the same period in the prior year (2011: US$2,913 million), reflecting the higher EBITDA and MillerCoors'
dividends partially offset by lower cash exceptional items.

Net cash generated from operating activities of US$1,875 million was up US$156 million on the same period in
the prior year, primarily reflecting improved EBITDA and lower tax paid due to the receipt of a non-recurring
tax refund in Australia, partially offset by higher net interest paid and cash outflow from working capital.

Capital expenditure on property, plant and equipment for the six months of US$599 million has decreased
compared with the same period in the prior year (2011: US$680 million). The group has continued to invest
selectively in its operations to support future growth, especially in Africa where capacity constraints have been
experienced. New brewery capacity has been commissioned in South Sudan and Nigeria during the half year
and further capacity projects are currently in progress in Ghana, Tanzania, Uganda and Zambia, and also in
Peru. Capital expenditure including the purchase of intangible assets was US$655 million (2011: US$760
million).

Free cash flow improved by 14% to US$1,684 million, reflecting higher cash generated from operating
activities and lower capital expenditure. Free cash flow is detailed in note 10b, and defined in the financial
definitions section.

Borrowings and net debt
Gross debt at 30 September 2012, comprising borrowings together with the fair value of derivative assets or
liabilities held to manage interest rate and foreign currency risk of borrowings, decreased to US$17,892 million
from US$18,607 million at 31 March 2012, primarily as a result of a partial repayment of the Foster's
acquisition facilities and the repayment on maturity of bonds in Colombia and South Africa. Net debt,
comprising gross debt net of cash and cash equivalents, decreased to US$17,112 million from US$17,862
million at 31 March 2012. An analysis of net debt is provided in note 10c.

The group's gearing (presented as a ratio of net debt/equity) has decreased to 65.0% from 68.6% at 31 March
2012 (restated). The weighted average interest rate for the gross debt portfolio at 30 September 2012 was
4.4% (31 March 2012: 4.9%).

Total equity
Total equity increased from US$26,032 million at 31 March 2012 (restated) to US$26,337 million at 30
September 2012. The increase was primarily due to profit for the period, partly offset by dividend payments
and currency translation movements on foreign currency investments.

Goodwill and intangible assets
Goodwill decreased to US$20,188 million (31 March 2012: US$20,297 million) as a result of foreign exchange
movements in the period. Intangible assets decreased in the period to US$9,790 million (31 March 2012:
US$9,958 million) primarily owing to amortisation, partially offset by foreign exchange movements and
additions related to the business capability programme. The comparatives for goodwill and intangible assets
have been restated to reflect adjustments to provisional fair values of business combinations, further details of
which are provided in note 12.

Currencies
The exchange rates to the US dollar used in preparing the consolidated interim financial information are
detailed in the table below, with most of the major currencies in which we operate weakening against the US
dollar.

                           Six months ended      Appreciation/
                             30 September       (depreciation)
                             2012       2011                %
Average rate
Australian dollar (AUD)      0.98       0.95              (2)
South African rand (ZAR)     8.20       7.08             (14)
Colombian peso (COP)        1,792      1,796                -
Euro (EUR                    0.79       0.71             (11)
Czech koruna (CZK)          19.88      16.92             (15)
Peruvian nuevo sol (PEN)     2.64       2.76                4
Polish zloty (PLN)           3.32       2.91             (12)

Closing rate
Australian dollar (AUD)      0.96       1.03                7
South African rand (ZAR)     8.31       8.10              (3)
Colombian peso (COP)        1,801      1,915                6
Euro (EUR)                   0.78       0.75              (4)
Czech koruna (CZK)          19.32      18.33              (5)
Peruvian nuevo sol (PEN)     2.60       2.77                7
Polish zloty (PLN)           3.20       3.30                3

Risks and uncertainties
The principal risks and uncertainties for the first six months and the remaining six months of the financial year
remain as described on pages 22 and 23 of the 2012 Annual Report. The risks are summarised as follows:

   -   The risk that, in light of the on-going consolidation of the brewing and beverages industry, the group's
       ability to grow and increase profitability is limited. This may be the result of failing to participate in
       value-adding transactions; overpaying for an acquisition; failing to implement integration plans
       successfully; or failing to identify and develop new approaches to market and category entry.

   -   The risk that the group's market positions come under pressure and profitable growth opportunities
       may not be realised. This may be a result of the group failing to ensure the development of strong and
       relevant brands which resonate with the consumer, shopper and customer; or failing to improve its
       commercial capabilities to deliver propositions which respond appropriately to changing consumer
       preferences.

   -   The risk that the group's long-term profitable growth potential may be jeopardised due to a failure to
       develop and maintain an appropriate pipeline of talented management.

   -   The risk that regulation places increasing restrictions on pricing (including tax), availability and
       marketing of beer and drives changes in consumption behaviour. In affected countries the group's
       ability to grow profitably and contribute to local communities could be adversely affected.

   -   The risk that following the Foster's acquisition, the group fails to deliver its specific, communicated
       financial and value creation targets through its integration plans; this may limit the group's future
       growth and profitability, as well as impacting its reputation for commercial capability and for making
       value-creating acquisitions.

   -   The risk that the group fails to execute and derive benefits from the business capability projects,
       resulting in increased project costs, business disruption and reduced competitive advantage in the
       medium term.

Dividend
The board has declared a cash interim dividend of 24.0 US cents per share, an increase of 12%. The dividend
will be payable on Friday 14 December 2012 to shareholders registered on the London and Johannesburg
registers on Friday 7 December 2012. The ex-dividend trading dates will be Wednesday 5 December 2012 on
the London Stock Exchange (LSE) and Monday 3 December 2012 on the JSE Limited (JSE). As the group
reports in US dollars, dividends are declared in US dollars. They are payable in South African rand to
shareholders on the Johannesburg register, in US dollars to shareholders on the London register with a
registered address in the United States (unless mandated otherwise), and in sterling to all remaining
shareholders on the London register. Further details relating to dividends are provided in note 6.

The rates of exchange applicable for US dollar conversion into South African rand and sterling were
determined on Wednesday 21 November 2012. The rate of exchange determined for converting to South
African rand was US$:ZAR8.906800 resulting in an equivalent interim dividend of 213.76320 SA cents per
share. The rate of exchange determined for converting to sterling was GBP:US$1.593791 resulting in an
equivalent interim dividend of 15.0584 UK pence per share.

Since the introduction on 1 April 2012 of a new dividend withholding tax in South Africa, the JSE Listings
Requirements require disclosure of additional information in relation to any dividend payments. Shareholders
registered on the Johannesburg register are therefore advised that the new dividend withholding tax will be
withheld from the gross final dividend amount of 213.76320 SA cents per share at a rate of 15%, unless a
shareholder qualifies for an exemption; shareholders registered on the Johannesburg register who do not
quality for an exemption will therefore receive a net dividend of 181.69872 SA cents per share. The company,
as a non-resident of South Africa, was not subject to the secondary tax on companies (STC) applicable before
1 April 2012, and accordingly, no STC credits are available for set-off against the dividend withholding tax
liability on the final net dividend amount. The dividend is payable in cash as a Dividend' (as defined in the
South African Income Tax Act, 58 of 1962, as amended) by way of a reduction of income reserves. The
dividend withholding tax and the information contained in this paragraph is only of direct application to
shareholders registered on the Johannesburg register, who should direct any questions about the application
of the new dividend withholding tax to Computershare Investor Services (Pty) Limited, Tel: +27 11 373-0004.

From the commencement of trading on Thursday 22 November 2012 until the close of business on Friday 7
December 2012, no transfers between the London and Johannesburg registers will be permitted, and from
Monday 3 December 2012 until Friday 7 December 2012, no shares may be dematerialised or rematerialised,
both days inclusive.

Directors' responsibility for financial reporting
This statement, which should be read in conjunction with the independent review report of the auditors set out
below, is made to enable shareholders to distinguish the respective responsibilities of the directors and the
auditors in relation to the consolidated interim financial information, which the directors confirm has been
prepared on a going concern basis. The directors consider that the group has used appropriate accounting
policies, consistently applied and supported by reasonable and appropriate judgements and estimates.

A copy of the interim report of the group is placed on the company's website. The directors are responsible for
the maintenance and integrity of the statutory and audited information on the company's website. Information
published on the internet is accessible in many countries with different legal requirements. Legislation in the
United Kingdom governing the preparation and dissemination of the financial statements may differ from
legislation in other jurisdictions.

The directors confirm that this condensed set of financial statements has been prepared in accordance with
IAS 34 as adopted by the European Union, and the interim management report herein includes a fair review of
the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclosure and Transparency Rules of the United
Kingdom's Financial Services Authority.

At the date of this statement, the directors of SABMiller plc are those listed in the SABMiller plc Annual Report
at 31 March 2012 with the exception of Meyer Kahn and Rob Pieterse, who retired from the board, and Alan
Clark, who was appointed to the board, all with effect from 26 July 2012. A list of current directors is
maintained on the SABMiller plc website: www.sabmiller.com.

On behalf of the board

EAG Mackay                                                 JS Wilson
Executive chairman                                         Chief financial officer

21 November 2012

INDEPENDENT REVIEW REPORT OF CONSOLIDATED INTERIM FINANCIAL
INFORMATION TO SABMILLER PLC

Introduction
We have been engaged by the company to review the condensed set of financial statements in the interim
report for the six months ended 30 September 2012, which comprises the consolidated income statement,
consolidated statement of comprehensive income, consolidated balance sheet, consolidated cash flow
statement, consolidated statement of changes in equity and related notes. We have read the other information
contained in the interim report and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities
The interim report is the responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the interim report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as
adopted by the European Union. The condensed set of financial statements included in this interim report has
been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting', as
adopted by the European Union.

Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in
the interim report based on our review. This report, including the conclusion, has been prepared for and only
for the company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority
and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other
purpose or to any other person to whom this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.

Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and
Ireland) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity'
issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not
enable us to obtain assurance that we would become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of
financial statements in the interim report for the six months ended 30 September 2012 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 as adopted by the European Union
and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

PricewaterhouseCoopers LLP
Chartered Accountants
London

21 November 2012

SABMiller plc                                                                                                        
CONSOLIDATED INCOME STATEMENT                                                                                        
for the six months ended 30 September                                                                                
                                                                        Six months      Six months            Year   
                                                                     ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                                         Unaudited       Unaudited         Audited   
                                                             Notes            US$m            US$m            US$m
   
Revenue                                                          2          11,370          10,539          21,760   
Net operating expenses                                                     (9,508)         (8,930)        (16,747)   
Operating profit                                                 2           1,862           1,609           5,013   
Operating profit before exceptional items                                    1,989           1,784           3,987   
Exceptional items                                                3           (127)           (175)           1,026   
Net finance costs                                                            (379)           (203)           (562)   
Interest payable and similar charges                                         (723)           (423)         (1,093)   
Interest receivable and similar income                                         344             220             531   
Share of post-tax results of associates and joint ventures       2             796             635           1,152   
Profit before taxation                                                       2,279           2,041           5,603   
Taxation                                                         4           (598)           (556)         (1,126)   
Profit for the period                                                        1,681           1,485           4,477   
Profit attributable to non-controlling interests                                91             103             256   
Profit attributable to owners of the parent                      5           1,590           1,382           4,221   
                                                                             1,681           1,485           4,477   
Basic earnings per share (US cents)                              5           100.1            87.4           266.6   
Diluted earnings per share (US cents)                            5            99.1            86.8           263.8   

All operations are continuing.

The notes are an integral part of this condensed interim financial information.

SABMiller plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September

                                                                                                             Six months      Six months            Year   
                                                                                                          ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                                                                              Unaudited       Unaudited         Audited   
                                                                                                  Notes            US$m            US$m            US$m 
  
Profit for the period                                                                                             1,681           1,485           4,477   
Other comprehensive income:                                                                                                                               
Currency translation differences on foreign currency net investments                                              (318)         (1,072)             136   
(Decrease)/increase in foreign currency translation reserve during the period                                     (318)         (1,087)             153   
Recycling of foreign currency translation reserve on disposals                                                        -              15            (17)   
Net actuarial losses on defined benefit plans                                                                         -               -             (9)   
Net investment hedges:                                                                                                                                    
- Fair value gains/(losses) arising during the period                                                                15             184             (1)   
Cash flow hedges:                                                                                                  (13)              28               6   
- Fair value (losses)/gains arising during the period                                                              (15)              21               -   
- Fair value losses transferred to inventory                                                                          3               6               2   
- Fair value (gains)/losses transferred to profit or loss                                                           (1)               1               4   
Tax on items included in other comprehensive income                                                   4             (3)              23             101   
Share of associates' and joint ventures' gains/(losses) included in other comprehensive
 income                                                                                                               5            (67)           (256)   
Other comprehensive income for the period, net of tax                                                             (314)           (904)            (23)   
Total comprehensive income for the period                                                                         1,367             581           4,454   
Attributable to:                                                                                                                                          
Non-controlling interests                                                                                            93              76             255   
Owners of the parent                                                                                              1,274             505           4,199   
Total comprehensive income for the period                                                                         1,367             581           4,454   
The notes are an integral part of this condensed interim financial information.                                                                           

SABMiller plc                                                                                           
CONSOLIDATED BALANCE SHEET                                                                              
at 30 September                                                                                         
                                                                      30/9/12    30/9/11(1)   31/3/12(1)   
                                                                    Unaudited   Unaudited   Unaudited   
                                                            Notes        US$m        US$m        US$m   
Assets                                                                                                  
Non-current assets                                                                                      
Goodwill                                                        7      20,188      11,440      20,297   
Intangible assets                                               8       9,790       4,259       9,958   
Property, plant and equipment                                   9       9,087       8,821       9,162   
Investments in joint ventures                                           5,528       5,689       5,520   
Investments in associates                                               5,277       2,715       5,072   
Available for sale investments                                             28          29          30   
Derivative financial instruments                                          865         673         732   
Trade and other receivables                                               137         114         136   
Deferred tax assets                                                        94         128         117   
Loan participation deposit                                                100           -         100   
                                                                       51,094      33,868      51,124   
Current assets                                                                                          
Inventories                                                             1,296       1,177       1,248   
Trade and other receivables                                             2,155       1,666       2,204   
Current tax assets                                                        202         114         610   
Derivative financial instruments                                           40         142          24   
Available for sale investments                                              1           1           1   
Cash and cash equivalents                                     10c         780         953         745   
                                                                        4,474       4,053       4,832   
Assets of disposal group classified as held for sale                        -           -          79   
                                                                        4,474       4,053       4,911   
Total assets                                                           55,568      37,921      56,035   
Liabilities                                                                                             
Current liabilities                                                                                     
Derivative financial instruments                                         (50)        (64)        (40)   
Borrowings                                                    10c     (2,122)     (1,142)     (1,062)   
Trade and other payables                                              (4,071)     (3,381)     (4,130)   
Current tax liabilities                                               (1,362)       (677)     (1,322)   
Provisions                                                              (671)       (391)       (757)   
                                                                      (8,276)     (5,655)     (7,311)   
Liabilities of disposal group classified as held for sale                   -           -         (7)   
                                                                      (8,276)     (5,655)     (7,318)   
Non-current liabilities                                                                                 
Derivative financial instruments                                         (89)        (11)        (69)   
Borrowings                                                    10c    (16,499)     (6,788)    (18,164)   
Trade and other payables                                                 (76)       (125)       (112)   
Deferred tax liabilities                                              (3,716)     (2,463)     (3,754)   
Provisions                                                              (575)       (426)       (586)   
                                                                     (20,955)     (9,813)    (22,685)   
Total liabilities                                                    (29,231)    (15,468)    (30,003)   
Net assets                                                             26,337      22,453      26,032   
Equity                                                                                                  
Share capital                                                             166         166         166   
Share premium                                                           6,526       6,423       6,480   
Merger relief reserve                                                   4,586       4,586       4,586   
Other reserves                                                          1,657       1,005       1,978   
Retained earnings                                                      12,373       9,420      11,863   
Total shareholders' equity                                             25,308      21,600      25,073   
Non-controlling interests                                               1,029         853         959   
Total equity                                                           26,337      22,453      26,032   

(1) As restated (see note 12).

The notes are an integral part of this condensed interim financial information.

SABMiller plc                                                                                                                            
CONSOLIDATED CASH FLOW STATEMENT                                                                                                         
for the six months ended 30 September                                                                                                    
                                                                                            Six months      Six months            Year   
                                                                                         ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                                                             Unaudited       Unaudited         Audited   
                                                                                 Notes            US$m            US$m            US$m   
Cash flows from operating activities                                                                                                     
Cash generated from operations                                                     10a           2,438           2,369           5,237   
Interest received                                                                                  243             108             516   
Interest paid                                                                                    (645)           (320)           (923)   
Tax paid                                                                                         (161)           (438)           (893)   
Net cash generated from operating activities                                       10b           1,875           1,719           3,937   
Cash flows from investing activities                                                                                                     
Purchase of property, plant and equipment                                                        (599)           (680)         (1,473)   
Proceeds from sale of property, plant and equipment                                                 16              73             116   
Purchase of intangible assets                                                                     (56)            (80)           (166)   
Proceeds from sale of intangible assets                                                              4               -               -   
Purchase of available for sale investments                                                           -               -             (1)   
Proceeds from disposal of available for sale investments                                             -               2               2   
Proceeds from disposal of associates                                                                 -               -             205   
Proceeds from disposal of businesses (net of cash disposed)                                         57               2            (23)   
Acquisition of businesses (net of cash acquired)                                                     -               -        (10,951)   
Investments in joint ventures                                                                     (67)            (67)           (288)   
Investments in associates                                                                            -             (1)            (52)   
Repayment of investments by associates                                                               -               4              14   
Dividends received from joint ventures                                                             517             494             896   
Dividends received from associates                                                                  54              74             120   
Dividends received from other investments                                                            1               1               1   
Net cash used in investing activities                                                             (73)           (178)        (11,600)   
Cash flows from financing activities                                                                                                     
Proceeds from the issue of shares                                                                   46              39              96   
Proceeds from the issue of shares in subsidiaries to non-controlling interests                      36              73             107   
Purchase of own shares for share trusts                                                           (53)            (50)            (52)   
Purchase of shares from non-controlling interests                                                    -               -            (27)   
Proceeds from borrowings                                                                           656             346          19,000   
Repayment of borrowings                                                                        (1,453)           (895)        (10,139)   
Capital element of finance lease payments                                                          (3)             (3)             (5)   
Net cash receipts/(payments) on derivative financial instruments                                    20           (112)            (52)   
Dividends paid to shareholders of the parent                                                   (1,125)           (973)         (1,324)   
Dividends paid to non-controlling interests                                                       (61)            (59)           (109)   
Net cash (used in)/generated from financing activities                                         (1,937)         (1,634)           7,495   
Net cash outflow from operating, investing and financing activities                              (135)            (93)           (168)   
Effects of exchange rate changes                                                                  (22)              13            (39)   
Net decrease in cash and cash equivalents                                                        (157)            (80)           (207)   
Cash and cash equivalents at 1 April                                               10c             606             813             813   
Cash and cash equivalents at end of period                                         10c             449             733             606   

The notes are an integral part of this condensed interim financial information

SABMiller plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September

                                                                                  Called up     Share    Merger                                 Total          Non-             
                                                                                      share   premium    relief      Other   Retained   shareholders'   controlling     Total   
                                                                                    capital   account   reserve   reserves   earnings          equity     interests    equity   
                                                                                       US$m      US$m      US$m       US$m       US$m            US$m          US$m      US$m 
  
At 1 April 2011 (audited)                                                               166     6,384     4,586      1,881      8,991          22,008           751    22,759   
Total comprehensive income                                                                -         -         -      (876)      1,381             505            76       581   
Profit for the period                                                                     -         -         -          -      1,382           1,382           103     1,485   
Other comprehensive income                                                                -         -         -      (876)        (1)           (877)          (27)     (904)   
Dividends paid                                                                            -         -         -          -      (973)           (973)          (47)   (1,020)   
Issue of SABMiller plc ordinary shares                                                    -        39         -          -          -              39             -        39   
Proceeds from the issue of shares in                                                                                                                                            
subsidiaries to non-controlling interests                                                 -         -         -          -          -               -            73        73   
Payment for purchase of own shares for share                                                                                                                                    
trusts                                                                                    -         -         -          -       (50)            (50)             -      (50)   
Credit entry relating to share-based payments                                             -         -         -          -         71              71             -        71   
At 30 September 2011 (unaudited)                                                        166     6,423     4,586      1,005      9,420          21,600           853    22,453   
At 1 April 2011 (audited)                                                               166     6,384     4,586      1,881      8,991          22,008           751    22,759   
Total comprehensive income                                                                -         -         -         97      4,102           4,199           255     4,454   
Profit for the period                                                                     -         -         -          -      4,221           4,221           256     4,477   
Other comprehensive income                                                                -         -         -         97      (119)            (22)           (1)      (23)   
Dividends paid                                                                            -         -         -          -    (1,324)         (1,324)         (159)   (1,483)   
Issue of SABMiller plc ordinary shares                                                    -        96         -          -          -              96             -        96   
Proceeds from the issue of shares in                                                                                                                                            
subsidiaries to non-controlling interests                                                 -         -         -          -          -               -           107       107   
Non-controlling interests disposed of via                                                                                                                                       
business disposal                                                                         -         -         -          -          -               -          (64)      (64)   
Arising on business combinations                                                          -         -         -          -          -               -            84        84   
Dilution of non-controlling interests as a result                                                                                                                               
of business combinations                                                                  -         -         -          -        (5)             (5)             5         -   
Payment for purchase of own shares for share                                                                                                                                    
trusts                                                                                    -         -         -          -       (52)            (52)             -      (52)   
Buyout of non-controlling interests                                                       -         -         -          -        (7)             (7)          (20)      (27)   
Credit entry relating to share-based payments                                             -         -         -          -        158             158             -       158   
At 31 March 2012(1) (unaudited)                                                         166     6,480     4,586      1,978     11,863          25,073           959    26,032   
At 1 April 2012(1) (unaudited)                                                          166     6,480     4,586      1,978     11,863          25,073           959    26,032   
Total comprehensive income                                                                -         -         -      (321)      1,595           1,274            93     1,367   
Profit for the period                                                                     -         -         -          -      1,590           1,590            91     1,681   
Other comprehensive income                                                                -         -         -      (321)          5           (316)             2     (314)   
Dividends paid                                                                            -         -         -          -    (1,125)         (1,125)          (46)   (1,171)   
Issue of SABMiller plc ordinary shares                                                    -        46         -          -          -              46             -        46   
Proceeds from the issue of shares in
 subsidiaries to non-controlling interests                                                -         -         -          -          -               -            36        36   
Non-controlling interests disposed of via
 business disposal                                                                        -         -         -          -          -               -          (13)      (13)   
Payment for purchase of own shares for share
 trusts                                                                                   -         -         -          -       (53)            (53)             -      (53)   
Credit entry relating to share-based payments                                             -         -         -          -         93              93             -        93   
At 30 September 2012 (unaudited)                                                        166     6,526     4,586      1,657     12,373          25,308         1,029    26,337   

(1) As restated (see note 12).

The notes are an integral part of this condensed interim financial information.

SABMiller plc
NOTES TO THE FINANCIAL INFORMATION

1. Basis of preparation

The condensed consolidated interim financial information (the financial information') comprises the unaudited results of SABMiller plc for the six months
ended 30 September 2012 and 30 September 2011, together with the audited results for the year ended 31 March 2012, restated for further unaudited
adjustments relating to initial accounting for business combinations. Further details of these adjustments are provided in note 12. The financial
information in this report is not audited and does not constitute statutory accounts within the meaning of s434 of the Companies Act 2006. The board of
directors approved this financial information on 21 November 2012. The annual financial statements for the year ended 31 March 2012, approved by the
board of directors on 11 June 2012, which represent the statutory accounts for that year, have been filed with the Registrar of Companies. The auditors'
report on those accounts was unqualified and did not contain a statement made under s498(2) or (3) of the Companies Act 2006.

The unaudited financial information in this interim report has been prepared in accordance with the Disclosure and Transparency Rules of the Financial
Services Authority, and with IAS 34 Interim Financial Reporting' as adopted by the European Union (EU). The interim financial information should be
read in conjunction with the annual financial statements for the year ended 31 March 2012, which have been prepared in accordance with International
Financial Reporting Standards as adopted by the EU.

Items included in the financial information of each of the group's entities are measured using the currency of the primary economic environment in which
the entity operates (the functional currency). The consolidated financial information is presented in US dollars which is the group's presentational
currency.

Accounting policies
The financial statements are prepared under the historical cost convention, except for the revaluation to fair value of certain financial assets and
liabilities, and post-retirement assets and liabilities. The accounts have been prepared on a going concern basis.

The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 March 2012, which were published in
June 2012, as described in those financial statements. There were no standards, interpretations or amendments adopted by the group since 1 April
2012 which have had a significant impact on the group's consolidated results or financial position.

2. Segmental information

Operating segments reflect the management structure of the group and the way performance is evaluated and resources allocated based on group
revenue and EBITA by the group's chief operating decision maker, defined as the executive directors. The group is focused geographically and, while
not meeting the definition of reportable segments, the group reports separately as segments South Africa: Hotels and Gaming and Corporate as this
provides useful additional information.

The segmental information presented below includes the reconciliation of GAAP measures presented on the face of the income statement to non-GAAP
measures which are used by management to analyse the group's performance.

Income statement
                                                         Six months ended 30/9/12   Six months ended 30/9/11        Year ended 31/3/12
                                                              Group                      Group                   Group
                                                            revenue        EBITA       revenue        EBITA    revenue          EBITA
                                                          Unaudited    Unaudited     Unaudited    Unaudited    Audited        Audited
                                                               US$m         US$m          US$m         US$m       US$m           US$m

 Latin America                                                3,687          920         3,396          797      7,158          1,865
 Europe                                                       3,293          516         3,268          570      5,482            836
 North America                                                2,901          479         2,830          452      5,250            756
 Africa                                                       1,792          355         1,839          327      3,686            743
 Asia Pacific                                                 3,040          506         1,439          138      3,510            321
 South Africa:                                                2,763          491         2,916          513      6,302          1,303
 - Beverages                                                  2,530          426         2,669          446      5,815          1,168
 - Hotels and Gaming                                            233           65           247           67        487            135
 Corporate                                                        -         (94)             -         (96)          -          (190)
 Group                                                       17,476        3,173        15,688        2,701     31,388          5,634

 Amortisation of intangible assets (excluding software)  group and
  share of associates' and joint ventures'                                 (229)                      (105)                     (264)
 Exceptional items  group and share of associates' and joint
  ventures'                                                                (127)                      (191)                    1,015
 Net finance costs  group and share of associates' and joint
  ventures' (excluding exceptional items)                                  (402)                      (237)                     (570)
 Share of associates' and joint ventures' taxation                          (99)                      (104)                     (170)
 Share of associates' and joint ventures' non-controlling interests         (37)                       (23)                      (42)
 Profit before taxation                                                    2,279                      2,041                    5,603

Group revenue (including associates and joint ventures)
With the exception of South Africa: Hotels and Gaming, all reportable segments derive their revenues from the sale of beverages. Revenues are derived
from a large number of customers which are internationally dispersed, with no customers being individually material.

                                      Share of                              Share of               
                                   associates'                           associates'               
                                     and joint                             and joint               
                                     ventures'       Group                 ventures'       Group   
                         Revenue       revenue     revenue     Revenue       revenue     revenue   
                            2012          2012        2012        2011          2011        2011   
Six months ended       Unaudited     Unaudited   Unaudited   Unaudited     Unaudited   Unaudited   
30 September:               US$m          US$m        US$m        US$m          US$m        US$m 
  
Latin America              3,687             -       3,687       3,390             6       3,396   
Europe                     2,468           825       3,293       3,261             7       3,268   
North America                 74         2,827       2,901          70         2,760       2,830   
Africa                     1,069           723       1,792       1,109           730       1,839   
Asia Pacific               1,821         1,219       3,040         327         1,112       1,439   
South Africa:              2,251           512       2,763       2,382           534       2,916   
- Beverages                2,251           279       2,530       2,382           287       2,669   
- Hotels and Gaming            -           233         233           -           247         247   
Group                     11,370         6,106      17,476      10,539         5,149      15,688
   
Year ended 31 March:                                              US$m          US$m        US$m 
  
Latin America                                                    7,148            10       7,158   
Europe                                                           5,347           135       5,482   
North America                                                      134         5,116       5,250   
Africa                                                           2,299         1,387       3,686   
Asia Pacific                                                     1,682         1,828       3,510   
South Africa:                                                    5,150         1,152       6,302   
- Beverages                                                      5,150           665       5,815   
- Hotels and Gaming                                                  -           487         487   
Group                                                           21,760         9,628      31,388   

Operating profit
The following table provides a reconciliation of operating profit to operating profit before exceptional items.

                                                        Operating                                 Operating   
                                                    profit before                             profit before   
                          Operating   Exceptional     exceptional   Operating   Exceptional     exceptional   
                             profit         items           items      profit         items           items   
                               2012          2012            2012        2011          2011            2011   
Six months ended          Unaudited     Unaudited       Unaudited   Unaudited     Unaudited       Unaudited   
30 September:                  US$m          US$m            US$m        US$m          US$m            US$m
   
Latin America                   810            45             855         679            54             733   
Europe                          385            35             420         488            69             557   
North America                     4             -               4          14             -              14   
Africa                          171             -             171         165             1             166   
Asia Pacific                    175            47             222         (9)             -             (9)   
South Africa: Beverages         399            12             411         406            13             419   
Corporate                      (82)          (12)            (94)       (134)            38            (96)   
Group                         1,862           127           1,989       1,609           175           1,784
   
                                                                      Audited       Audited         Audited   
Year ended 31 March:                                                     US$m          US$m            US$m 
  
Latin America                                                           1,617           119           1,736   
Europe                                                                  1,939       (1,135)             804   
North America                                                               -             -               -   
Africa                                                                    584         (162)             422   
Asia Pacific                                                               54            70             124   
South Africa: Beverages                                                 1,050            41           1,091   
Corporate                                                               (231)            41           (190)   
Group                                                                   5,013       (1,026)           3,987   

EBITA (segment result)
This comprises operating profit before exceptional items, amortisation of intangible assets (excluding software) and includes the group's share of
associates' and joint ventures' operating profit on a similar basis. The following table provides a reconciliation of operating profit before exceptional
items to EBITA.

                                                        Amortisation                                              Amortisation               
                                                       of intangible                                             of intangible               
                                            Share of          assets                                  Share of          assets               
                                         associates'      (excluding                               associates'      (excluding               
                                           and joint     software)                                  and joint     software) -               
                                           ventures'       group and                 Operating       ventures'       group and               
                           Operating       operating        share of                    profit       operating        share of               
                       profit before   profit before     associates'                    before   profit before     associates'               
                         exceptional     exceptional       and joint               exceptional     exceptional       and joint               
                               items           items       ventures'       EBITA         items           items       ventures'       EBITA   
                                2012            2012            2012        2012          2011            2011            2011        2011   
Six months ended           Unaudited       Unaudited       Unaudited   Unaudited     Unaudited       Unaudited       Unaudited   Unaudited   
30 September:                   US$m            US$m            US$m        US$m          US$m            US$m            US$m        US$m
   
Latin America                    855               -              65         920           733               -              64         797   
Europe                           420              85              11         516           557               1              12         570   
North America                      4             454              21         479            14             415              23         452   
Africa                           171             180               4         355           166             159               2         327   
Asia Pacific                     222             163             121         506           (9)             144               3         138   
South Africa:                    411              73               7         491           419              93               1         513   
- Beverages                      411              15               -         426           419              27               -         446   
- Hotels and Gaming                -              58               7          65             -              66               1          67   
Corporate                       (94)               -               -        (94)          (96)               -               -        (96)   
Group                          1,989             955             229       3,173         1,784             812             105       2,701
   
                                                                                          2012            2012            2012        2012   
                                                                                       Audited         Audited         Audited     Audited   
Year ended 31 March:                                                                      US$m            US$m            US$m        US$m 
  
Latin America                                                                            1,736               -             129       1,865   
Europe                                                                                     804              11              21         836   
North America                                                                                -             711              45         756   
Africa                                                                                     422             318               3         743   
Asia Pacific                                                                               124             132              65         321   
South Africa:                                                                            1,091             211               1       1,303   
- Beverages                                                                              1,091              77               -       1,168   
- Hotels and Gaming                                                                          -             134               1         135   
Corporate                                                                                (190)               -               -       (190)   
Group                                                                                    3,987           1,383             264       5,634   

The group's share of associates' and joint ventures' operating profit is reconciled to the share of post-tax results of associates and joint ventures in the
income statement as follows.

                                                                                       Six months   Six months      Year   
                                                                                            ended        ended     ended   
                                                                                          30/9/12      30/9/11   31/3/12   
                                                                                        Unaudited    Unaudited   Audited   
                                                                                             US$m         US$m      US$m
   
Share of associates' and joint ventures' operating profit (before exceptional items)          955          812     1,383   
Share of associates' and joint ventures' exceptional items                                      -         (35)        11   
Share of associates' and joint ventures' net finance costs                                   (23)         (15)      (30)   
Share of associates' and joint ventures' taxation                                            (99)        (104)     (170)   
Share of associates' and joint ventures' non-controlling interests                           (37)         (23)      (42)   
Share of post-tax results of associates and joint ventures                                    796          635     1,152   

Excise duties of US$2,815 million (2011: US$2,391 million) have been incurred during the six months as follows: Latin America US$947 million (2011:
US$877 million); Europe US$573 million (2011: US$724 million); North America US$2 million (2011: US$2 million); Africa US$201 million (2011:
US$194 million); Asia Pacific US$649 million (2011: US$132 million) and South Africa US$443 million (2011: US$462 million). The group's share of
MillerCoors' excise duties incurred during the period was US$381 million (2011: US$383 million).

Beer volumes increase during the summer months leading to higher revenues being recognised in the first half of the year in the Europe and North
America segments. Due to the spread of the business between Northern and Southern hemispheres, the results for the group as a whole are not highly
seasonal in nature.

EBITDA
The following table provides a reconciliation of EBITDA (the net cash generated from operations before working capital movements) to adjusted
EBITDA. A reconciliation of profit for the period for the group to EBITDA after cash exceptional items for the group can be found in note 10a.

                                                      Dividends                                           Dividends               
                                             Cash      received                                  Cash      received               
                                      exceptional          from    Adjusted               exceptional          from    Adjusted   
                             EBITDA         items   MillerCoors      EBITDA      EBITDA         items   MillerCoors      EBITDA   
                               2012          2012          2012        2012        2011          2011          2011        2011   
Six months ended          Unaudited     Unaudited     Unaudited   Unaudited   Unaudited     Unaudited     Unaudited   Unaudited   
30 September:                  US$m          US$m          US$m        US$m        US$m          US$m          US$m        US$m
   
Latin America                 1,039            46             -       1,085         925            49             -         974   
Europe                          520            34             -         554         677            48             -         725   
North America                    13             -           517         530          20             -           494         514   
Africa                          240             -             -         240         251             -             -         251   
Asia Pacific                    367            17             -         384          14             -             -          14   
South Africa: Beverages         515           (2)             -         513         507             -             -         507   
Corporate                      (37)          (14)             -        (51)        (96)            24             -        (72)   
Group                         2,657            81           517       3,255       2,298           121           494       2,913
   
                                                                                Audited       Audited       Audited     Audited   
Year ended 31 March:                                                               US$m          US$m          US$m        US$m
   
Latin America                                                                     2,068           112             -       2,180   
Europe                                                                            1,067            58             -       1,125   
North America                                                                        22             -           896         918   
Africa                                                                              564            13             -         577   
Asia Pacific                                                                        159            88             -         247   
South Africa: Beverages                                                           1,267            13             -       1,280   
Corporate                                                                         (168)            24             -       (144)   
Group                                                                             4,979           308           896       6,183   

3. Exceptional items                                                                                                         
                                                                                Six months      Six months            Year   
                                                                             ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                                                 Unaudited       Unaudited         Audited   
                                                                                      US$m            US$m            US$m   
Exceptional items included in operating profit:                                                                              
Business capability programme costs                                                   (70)           (115)           (235)   
Broad-Based Black Economic Empowerment scheme charges                                 (10)            (15)            (29)   
Integration and restructuring costs                                                   (47)            (12)            (60)   
Transaction-related costs                                                                -            (18)           (109)   
Net (loss)/profit on disposal of businesses                                              -            (15)           1,248   
Profit on disposal of investment in associate                                            -               -             103   
Gain on remeasurement of existing interest in joint venture on acquisition               -               -              66   
Litigation                                                                               -               -              42   
Net exceptional (losses)/gains included within operating profit                      (127)           (175)           1,026   
Exceptional items included in net finance costs:                                                                             
Transaction-related net gains/(costs)                                                    -              19            (26)   
Litigation-related interest income                                                       -               -               4   
Net exceptional gains/(losses) included within net finance costs                         -              19            (22)   
Share of associates' and joint ventures' exceptional items:                                                                  
Impairments                                                                              -            (35)            (35)   
Profits on transactions in associates                                                    -               -              46   
Share of associates' and joint ventures' exceptional (losses)/gains                      -            (35)              11   
Net taxation credits relating to subsidiaries' and the group's share of                                                      
associates' and joint ventures' exceptional items                                        2              11              24   

Exceptional items included in operating profit

Business capability programme costs
The business capability programme will streamline finance, human resources and procurement activities through the deployment of global systems and
introduce common sales, distribution and supply chain management systems. Costs of US$70 million have been incurred in the period (2011: US$115
million).

Broad-Based Black Economic Empowerment scheme charges
US$10 million (2011: US$15 million) of charges have been incurred in relation to the Broad-Based Black Economic Empowerment (BBBEE) scheme in
South Africa. This represents the ongoing IFRS 2 share-based payment charge in respect of the employee element of the scheme.

Integration and restructuring costs
During 2012 US$47 million of integration and restructuring costs were incurred in Asia Pacific following the Foster's and the Pacific Beverages
acquisitions, including the closure of certain beverage lines (2011: US$12 million of restructuring costs were incurred in Latin America, principally in
Ecuador and Peru).

Transaction-related costs
In 2011 advisers' costs of US$18 million were incurred in the Corporate division in relation to the Foster's transaction.

Net (loss)/profit on disposal of businesses
In 2011 a loss of US$15 million arose in Europe primarily in relation to the recycling of the foreign currency translation reserve on the disposal of the
distribution business in Italy.

Exceptional items included in net finance costs

Transaction-related net gains/(costs)
In 2011 a net gain of US$19 million arose on the mark to market valuation gain on various derivative financial instruments taken out in relation to the
Foster's transaction and where hedge accounting could not be applied, partially offset by facility and commitment fees in relation to the transaction.

Share of associates' and joint ventures' exceptional items

Impairments
In 2011 the group's share of MillerCoors' impairment of the Sparks brand amounted to US$35 million.

Net taxation credits relating to subsidiaries' and the group's share of associates' and joint ventures' exceptional items
Net taxation credits of US$2 million (2011: US$11 million) arose in relation to exceptional items during the period and include US$nil (2011: US$13
million) in relation to MillerCoors although the tax credit is recognised in Miller Brewing Company (see note 4).

4. Taxation                                                                                                                               
                                                                                             Six months      Six months            Year   
                                                                                          ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                                                              Unaudited       Unaudited         Audited   
                                                                                                   US$m            US$m            US$m
   
Current taxation                                                                                    575             466             957   
- Charge for the period (UK corporation tax: US$74 million (2011: US$nil))                          573             486             986   
- Adjustments in respect of prior years                                                               2            (20)            (29)   
Withholding taxes and other remittance taxes                                                         95              59             137   
Total current taxation                                                                              670             525           1,094   
Deferred taxation                                                                                  (72)              31              32   
- (Credit)/charge for the period (UK corporation tax: US$nil (2011: US$nil))                       (72)              31              60   
- Adjustments in respect of prior years                                                               -               -             (3)   
- Rate change                                                                                         -               -            (25)   
Taxation expense                                                                                    598             556           1,126   
Tax charge/(credit) relating to components of other comprehensive income is as follows:                                                   
Deferred tax charge/(credit) on actuarial gains and losses                                            2               -            (71)   
Deferred tax charge/(credit) on financial instruments                                                 1            (23)            (30)   
                                                                                                      3            (23)           (101)   
Effective tax rate (%)                                                                             27.5            28.5            27.5   

See the financial definitions section for the definition of the effective tax rate. This calculation is on a basis consistent with that used in prior periods and
is also consistent with other group operating metrics. Tax on amortisation of intangible assets (excluding software) was US$60 million (2011: US$30
million).

MillerCoors is not a taxable entity. The tax balances and obligations therefore remain with Miller Brewing Company as a 100% subsidiary of the group.
This subsidiary's tax charge includes tax (including deferred tax) on the group's share of the taxable profits of MillerCoors and includes tax in other
comprehensive income on the group's share of MillerCoors' taxable items included within other comprehensive income.

5. Earnings per share                                                                        
                                                Six months      Six months            Year   
                                             ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                 Unaudited       Unaudited         Audited   
                                                  US cents        US cents        US cents 
  
Basic earnings per share                             100.1            87.4           266.6   
Diluted earnings per share                            99.1            86.8           263.8   
Headline earnings per share                          101.5            90.0           179.8   
Adjusted basic earnings per share                    118.1           103.3           214.8   
Adjusted diluted earnings per share                  116.8           102.5           212.5   
The weighted average number of shares was:                                                   
                                                Six months      Six months            Year   
                                             ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                 Unaudited       Unaudited         Audited   
                                               Millions of     Millions of     Millions of   
                                                    shares          shares          shares 
  
Ordinary shares                                      1,665           1,660           1,661   
Treasury shares                                       (72)            (72)            (72)   
EBT ordinary shares                                    (5)             (7)             (6)   
Basic shares                                         1,588           1,581           1,583   
Dilutive ordinary shares                                17              11              17   
Diluted shares                                       1,605           1,592           1,600   

The calculation of diluted earnings per share excludes 9,369,595 (2011:11,641,929) share options that were non-dilutive for the period because the
exercise price of the option exceeded the fair value of the shares during the period, 22,335,737 (2011: 15,208,332) share awards that were non-dilutive
for the period because the performance conditions attached to the share awards have not been met and nil (2011: 366,649) shares in relation to the
employee component of the BBBEE scheme that were non-dilutive for the period. These share incentives could potentially dilute earnings per share in
the future.

Adjusted and headline earnings
The group presents an adjusted earnings per share figure which excludes the impact of amortisation of intangible assets (excluding software), certain
non-recurring items and post-tax exceptional items in order to present an additional measure of performance for the periods shown in the consolidated
interim financial information. Adjusted earnings per share has been based on adjusted earnings for each financial period and on the same number of
weighted average shares in issue as the basic earnings per share calculation. Headline earnings per share has been calculated in accordance with the
South African Circular 3/2012 entitled 'Headline Earnings' which forms part of the listing requirements for the JSE Ltd (JSE). The adjustments made to
arrive at headline earnings and adjusted earnings are as follows.

                                                                                                               Six months      Six months            Year   
                                                                                                            ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                                                                                Unaudited       Unaudited         Audited   
                                                                                                                     US$m            US$m            US$m
   
Profit for the period attributable to owners of the parent                                                          1,590           1,382           4,221   
Headline adjustments                                                                                                                                        
Impairment of property, plant and equipment                                                                            20               -               -   
Loss/(profit) on disposal of property, plant and equipment                                                              2             (1)            (15)   
Net loss/(profit) on disposal of businesses                                                                             -              18         (1,242)   
Profit on disposal of investment in associate                                                                           -               -           (103)   
Gain on remeasurement of existing interest in joint venture on acquisition                                              -               -            (66)   
Tax effects of these items                                                                                            (8)            (11)              12   
Non-controlling interests' share of the above items                                                                     -               -              40   
Share of joint ventures' and associates' headline adjustments, net of tax and non-
 controlling interests                                                                                                  9              35               -   
Headline earnings                                                                                                   1,613           1,423           2,847   
Business capability programme costs                                                                                    70             115             235   
Broad-Based Black Economic Empowerment scheme charges                                                                  10              15              29   
Integration and restructuring costs                                                                                    27              12              60   
Net gain on fair value movements on capital items(1)                                                                 (12)             (7)             (2)   
Amortisation of intangible assets (excluding software)                                                                199              80             218   
Transaction-related net (gains)/costs                                                                                   -             (1)             109   
Litigation                                                                                                              -               -            (42)   
Litigation-related interest income                                                                                      -               -             (4)   
Transaction-related net finance costs                                                                                   -               -              26   
Tax effects of the above items                                                                                       (55)            (27)           (101)   
Non-controlling interests' share of the above items                                                                   (4)             (3)             (7)   
Share of joint ventures' and associates' other adjustments, net of tax and non-
 controlling interests                                                                                                 27              26              32   
Adjusted earnings                                                                                                   1,875           1,633           3,400   

(1) This does not include all fair value movements but includes those in relation to capital items for which hedge accounting cannot be applied.

6. Dividends                                                                                            
Dividends paid were as follows.                                                                         
                                                           Six months      Six months            Year   
                                                        ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                            Unaudited       Unaudited         Audited   
                                                             US cents        US cents        US cents 
  
Prior year final dividend paid per ordinary share                69.5            61.5            61.5   
Current year interim dividend paid per ordinary share               -               -            21.5   


The interim dividend declared of 24.0 US cents per ordinary share is payable on 14 December 2012 to ordinary shareholders on the register as at
7 December 2012 and will absorb an estimated US$382 million of shareholders' funds.

7. Goodwill                                                                                                 
                                                             Six months       Six months             Year   
                                                          ended 30/9/12    ended 30/9/11(1)  ended 31/3/12(1)   
                                                              Unaudited        Unaudited        Unaudited   
                                                                   US$m             US$m             US$m   
Net book amount at beginning of period                           20,297           11,954           11,954   
Exchange adjustments                                              (109)            (513)              212   
Acquisitions - through business combinations                          -                -            8,213   
Disposals                                                             -              (1)             (53)   
Transfers to disposal group classified as held for sale               -                -             (29)   
Net book amount at end of period                                 20,188           11,440           20,297   

(1) As restated (see note 12).

8. Intangible assets                                                                                        

                                                             Six months      Six months             Year   
                                                          ended 30/9/12   ended 30/9/11   ended 31/3/12(1)   
                                                              Unaudited       Unaudited        Unaudited   
                                                                   US$m            US$m             US$m
   
Net book amount at beginning of period                            9,958           4,364            4,364   
Exchange adjustments                                                  5            (80)              280   
Additions - separately acquired                                      56              85              171   
Acquisitions - through business combinations                          -               -            5,427   
Amortisation                                                      (224)           (112)            (273)   
Disposals                                                           (5)               -             (14)   
Transfers from property, plant and equipment                          -               2                3   
Net book amount at end of period                                  9,790           4,259            9,958   

(1) As restated (see note 12).                                                                               

9. Property, plant and equipment                                                                           
                                                             Six months      Six months             Year   
                                                          ended 30/9/12   ended 30/9/11   ended 31/3/12(1)   
                                                              Unaudited       Unaudited        Unaudited   
                                                                   US$m            US$m             US$m
   
Net book amount at beginning of period                            9,162           9,331            9,331   
Exchange adjustments                                              (197)           (605)            (314)   
Additions                                                           603             650            1,496   
Acquisitions - through business combinations                          -               -              790   
Disposals                                                          (23)            (58)          (1,155)   
Impairment                                                         (20)               -                -   
Depreciation                                                      (429)           (473)            (909)   
Transfers to disposal group classified as held for sale               -               -             (27)   
Other movements                                                     (9)            (24)             (50)   
Net book amount at end of period                                  9,087           8,821            9,162   

(1) As restated (see note 12).                                                                               

10a. Reconciliation of profit for the period to net cash generated from operations

                                                                                  Six months      Six months            Year   
                                                                               ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                                                   Unaudited       Unaudited         Audited   
                                                                                        US$m            US$m            US$m
   
Profit for the period                                                                  1,681           1,485           4,477   
Taxation                                                                                 598             556           1,126   
Share of post-tax results of associates and joint ventures                             (796)           (635)         (1,152)   
Interest receivable and similar income                                                 (344)           (220)           (531)   
Interest payable and similar charges                                                     723             423           1,093   
Operating profit                                                                       1,862           1,609           5,013   
Depreciation:                                                                                                                  
- Property, plant and equipment                                                          317             351             672   
- Containers                                                                             112             122             237   
Container breakages, shrinkages and write-offs                                            13              16              34   
Net loss/(profit) on disposal of businesses                                                -              18         (1,258)   
Gain on remeasurement of existing interest in joint venture on acquisition                 -               -            (66)   
Profit on disposal of investment in associate                                              -               -           (103)   
Loss/(profit) on disposal of property, plant and equipment                                 2             (1)            (15)   
Amortisation of intangible assets                                                        224             112             273   
Impairment of property, plant and equipment                                               20               -               -   
Impairment of working capital balances                                                     1               7              16   
Amortisation of advances to customers                                                     24              14              24   
Unrealised net gain from fair value hedges                                               (1)            (11)            (20)   
Dividends received from other investments                                                (1)             (1)             (1)   
Charge with respect to share options                                                      86              56             132   
Charge with respect to Broad-Based Black Economic Empowerment scheme                      10              15              29   
Other non-cash movements                                                                (12)             (9)              12   
Net cash generated from operations before working capital movements (EBITDA)           2,657           2,298           4,979   
Net (outflow)/inflow in working capital                                                (219)              71             258   
Net cash generated from operations                                                     2,438           2,369           5,237   

Profit for the period and cash generated from operations before working capital movements includes cash flows relating to exceptional items of US$81
million (2011: US$121 million), comprising US$64 million (2011: US$103 million) in respect of business capability programme costs, US$17 million
(2011: US$12 million) in respect of integration and restructuring costs, and US$nil (2011: US$6 million) in respect of transaction-related costs.

The following table provides a reconciliation of EBITDA to adjusted EBITDA.

                                         Six months      Six months            Year   
                                      ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                          Unaudited       Unaudited         Audited   
                                               US$m            US$m            US$m 
  
EBITDA                                        2,657           2,298           4,979   
Cash exceptional items                           81             121             308   
Dividends received from MillerCoors             517             494             896   
Adjusted EBITDA                               3,255           2,913           6,183   

10b. Reconciliation of net cash generated from operating activities to free cash flow

                                                         Six months      Six months            Year   
                                                      ended 30/9/12   ended 30/9/11   ended 31/3/12   
                                                          Unaudited       Unaudited         Audited   
                                                               US$m            US$m            US$m
   
Net cash generated from operating activities                  1,875           1,719           3,937   
Purchase of property, plant and equipment                     (599)           (680)         (1,473)   
Proceeds from sale of property, plant and equipment              16              73             116   
Purchase of intangible assets                                  (56)            (80)           (166)   
Proceeds from sale of intangible assets                           4               -               -   
Investments in joint ventures                                  (67)            (67)           (288)   
Repayment of investments by associates                            -               4              14   
Dividends received from joint ventures                          517             494             896   
Dividends received from associates                               54              74             120   
Dividends received from other investments                         1               1               1   
Dividends paid to non-controlling interests                    (61)            (59)           (109)   
Free cash flow                                                1,684           1,479           3,048   

10c. Analysis of net debt

Cash and cash equivalents on the balance sheet are reconciled to cash and cash equivalents on the cash flow statement as follows.

                                                               As at       As at      As at   
                                                             30/9/12     30/9/11    31/3/12   
                                                           Unaudited   Unaudited    Audited   
                                                                US$m        US$m       US$m  
 
Cash and cash equivalents (balance sheet)                        780         953        745   
Overdrafts                                                     (331)       (220)      (138)   
Overdrafts of disposal group classified as held for sale           -           -        (1)   
Cash and cash equivalents (cash flow statement)                  449         733        606   

Net debt is analysed as follows.                                                              
                                                               As at       As at      As at   
                                                             30/9/12     30/9/11    31/3/12   
                                                           Unaudited   Unaudited    Audited   
                                                                US$m        US$m       US$m 
  
Borrowings                                                  (18,273)     (7,697)   (19,067)   
Borrowings-related derivative financial instruments              729         494        620   
Overdrafts                                                     (331)       (220)      (139)   
Finance leases                                                  (17)        (13)       (21)   
Gross debt                                                  (17,892)     (7,436)   (18,607)   
Cash and cash equivalents (excluding overdrafts)                 780         953        745   
Net debt                                                    (17,112)     (6,483)   (17,862)   

The movement in net debt is analysed as follows.

                       Cash and cash                                                                              
                         equivalents                              Derivative                                      
                          (excluding                               financial   Finance   Total gross              
                         overdrafts)   Overdrafts   Borrowings   instruments    leases    borrowings   Net debt   
                                US$m         US$m         US$m          US$m      US$m          US$m       US$m 
  
At 1 April 2012                  745        (139)     (19,067)           620      (21)      (18,607)   (17,862)   
Exchange adjustments            (49)           27           75           (1)         1           102         53   
Cash flow                         87        (219)          797             -         3           581        668   
Disposals                        (3)            -            -             -         -             -        (3)   
Other movements                    -            -         (78)           110         -            32         32   
At 30 September 2012             780        (331)     (18,273)           729      (17)      (17,892)   (17,112)   

The group has sufficient headroom to enable it to comply with all covenants on its existing borrowings. The group has sufficient undrawn financing
facilities to service its operating activities and continuing capital investment for the foreseeable future and thus the directors have continued to adopt the
going concern basis of accounting. The group had the following undrawn committed borrowing facilities available at 30 September 2012 in respect of
which all conditions precedent had been met at that date.

                                 As at       As at     As at   
                               30/9/12     30/9/11   31/3/12   
                             Unaudited   Unaudited   Audited   
                                  US$m        US$m      US$m   
Amounts expiring:                                              
Within one year                    340         332       774   
Between one and two years            9         150        12   
Between two and five years       3,028       2,516       788   
In five years or more                -           -     2,236   
                                 3,377       2,998     3,810   

11. Commitments, contingencies and guarantees

Except as stated below there have been no material changes to commitments, contingencies or guarantees as disclosed in the annual financial
statements for the year ended 31 March 2012.

Commitments
Contracts placed for future capital expenditure for property, plant and equipment not provided in the financial statements amount to US$285 million at 30
September 2012 (2011: US$313 million).

12. Balance sheet restatements

The initial accounting under IFRS 3, Business Combinations', for the Cervecería Argentina SA Isenbeck (CASA Isenbeck) acquisition had not been
completed as at 30 September 2011. During the six months ended 31 March 2012, adjustments to provisional fair values in respect of this acquisition
were made. As a result comparative information for the six months ended 30 September 2011 has been presented in this interim financial information as
if the adjustments to provisional fair values had been made from the respective transaction date.

The initial accounting under IFRS 3, Business Combinations', for the Foster's Group Ltd (Foster's), the Pacific Beverages Pty Ltd (Pacific Beverages)
and the International Breweries plc acquisitions had not been completed as at 31 March 2012. During the six months ended 30 September 2012,
adjustments to provisional fair values in respect of these acquisitions were made. As a result comparative information for the year ended 31 March 2012
has been presented in this interim financial information as if the adjustments to provisional fair values had been made from the respective transaction
dates. The fair value exercises in respect of these acquisitions have yet to be completed.

The following table reconciles the impact on the balance sheets reported as at 30 September 2011 and as at 31 March 2012 to the comparative balance
sheets presented in this interim financial information. No material adjustments to the income statements for the periods ended 30 September 2011 and
31 March 2012 have been required as a result of the adjustments to provisional fair values.

                                                                        Adjustments                                 Adjustments                 
                                                                     to provisional    At 30/9/11                to provisional    At 31/3/12   
                                                        At 30/9/11      fair values   As restated   At 31/3/12      fair values   As restated   
                                                         Unaudited        Unaudited     Unaudited      Audited        Unaudited     Unaudited   
                                                              US$m             US$m          US$m         US$m             US$m          US$m   
Assets                                                                                                                                          
Non-current assets                                                                                                                              
Goodwill                                                    11,435                5        11,440       20,128              169        20,297   
Intangible assets                                            4,259                -         4,259        9,901               57         9,958   
Property, plant and equipment                                8,821                -         8,821        9,299            (137)         9,162   
Investments in joint ventures                                5,689                -         5,689        5,520                -         5,520   
Investments in associates                                    2,715                -         2,715        4,946              126         5,072   
Available for sale investments                                  29                -            29           30                -            30   
Derivative financial instruments                               673                -           673          732                -           732   
Trade and other receivables                                    114                -           114          136                -           136   
Deferred tax assets                                            128                -           128          117                -           117   
Loan participation deposit                                       -                -             -          100                -           100   
                                                            33,863                5        33,868       50,909              215        51,124   
Current assets                                                                                                                                  
Inventories                                                  1,177                -         1,177        1,255              (7)         1,248   
Trade and other receivables                                  1,666                -         1,666        2,156               48         2,204   
Current tax assets                                             114                -           114          482              128           610   
Derivative financial instruments                               142                -           142           24                -            24   
Available for sale investments                                   1                -             1            1                -             1   
Cash and cash equivalents                                      953                -           953          745                -           745   
                                                             4,053                -         4,053        4,663              169         4,832   
Assets of disposal group classified as held for
 sale                                                            -                -             -           79                -            79   
                                                             4,053                -         4,053        4,742              169         4,911   
Total assets                                                37,916                5        37,921       55,651              384        56,035   

                                                                             Adjustments                                 Adjustments                 
                                                                          to provisional    At 30/9/11                to provisional    At 31/3/12   
                                                             At 30/9/11      fair values   As restated   At 31/3/12      fair values   As restated   
                                                              Unaudited        Unaudited     Unaudited      Audited        Unaudited     Unaudited   
                                                                   US$m             US$m          US$m         US$m             US$m          US$m   
Liabilities                                                                                                                                          
Current liabilities                                                                                                                                  
Derivative financial instruments                                   (64)                -          (64)         (40)                -          (40)   
Borrowings                                                      (1,142)                -       (1,142)      (1,062)                -       (1,062)   
Trade and other payables                                        (3,378)              (3)       (3,381)      (4,054)             (76)       (4,130)   
Current tax liabilities                                           (677)                -         (677)        (910)            (412)       (1,322)   
Provisions                                                        (389)              (2)         (391)        (717)             (40)         (757)   
                                                                (5,650)              (5)       (5,655)      (6,783)            (528)       (7,311)   
Liabilities of disposal group classified as held
 for sale                                                             -                -             -          (7)                -           (7)   
                                                                (5,650)              (5)       (5,655)      (6,790)            (528)       (7,318)   
Non-current liabilities                                                                                                                              
Derivative financial instruments                                   (11)                -          (11)         (69)                -          (69)   
Borrowings                                                      (6,788)                -       (6,788)     (18,164)                -      (18,164)   
Trade and other payables                                          (125)                -         (125)        (112)                -         (112)   
Deferred tax liabilities                                        (2,463)                -       (2,463)      (3,917)              163       (3,754)   
Provisions                                                        (426)                -         (426)        (586)                -         (586)   
                                                                (9,813)                -       (9,813)     (22,848)              163      (22,685)   
Total liabilities                                              (15,463)              (5)      (15,468)     (29,638)            (365)      (30,003)   
Net assets                                                       22,453                -        22,453       26,013               19      (26,032)   
Total equity                                                     22,453                -        22,453       26,013               19        26,032   

13. Related party transactions

There have been no material changes to the nature or relative quantum of related party transactions as described in the 2012 Annual Report.

The following changes were made to key management during the period.

At the conclusion of the 2012 annual general meeting on 26 July 2012, Meyer Khan, chairman of SABMiller plc, and Rob Pieterse both retired from the
board, Graham Mackay, chief executive, was appointed executive chairman of the group and Alan Clark (formerly managing director of SABMiller
Europe) was elected as an executive director of the board and appointed as chief operating officer of the group.

In June 2012 Sue Clark (formerly director of corporate affairs) was appointed as managing director of SABMiller Europe.

Catherine May was appointed director of corporate affairs with effect from 15 October 2012 and joined the SABMiller group executive committee on that
date.

Consequently as at 30 September 2012 there were 25 key management (31 March 2012: 27).

14. Post balance sheet events

On 7 November 2012 Foster's sold its 49.9% interest in Foster's USA LLC to MillerCoors LLC for cash consideration. Foster's USA LLC is now wholly
owned by MillerCoors.

SABMiller plc
FINANCIAL DEFINITIONS

Adjusted earnings
Adjusted earnings are calculated by adjusting headline earnings (as defined below) for the amortisation of intangible assets (excluding software),
integration and restructuring costs, the fair value movements in relation to capital items for which hedge accounting cannot be applied and other items
which have been treated as exceptional but not included above or as headline earnings adjustments together with the group's share of associates' and
joint ventures' adjustments for similar items. The tax and non-controlling interests in respect of these items are also adjusted.

Adjusted EBITDA
This comprises EBITDA (as defined below) before cash flows from exceptional items and includes dividends received from our joint venture,
MillerCoors. Dividends received from MillerCoors approximate to the group's share of the EBITDA of the MillerCoors joint venture.

Adjusted EBITDA margin
This is calculated by expressing adjusted EBITDA as a percentage of revenue plus the group's share of MillerCoors' revenue.

Adjusted net finance costs
This comprises net finance costs excluding fair value movements in relation to capital items for which hedge accounting cannot be applied and any
exceptional finance charges or income.

Adjusted profit before tax
This comprises EBITA less adjusted net finance costs and less the group's share of associates' and joint ventures' net finance costs on a similar basis.

Constant currency
Constant currency results have been determined by translating the local currency denominated results for the six months ended 30 September at the
exchange rates for the comparable period in the prior year.

EBITA
This comprises operating profit before exceptional items, amortisation of intangible assets (excluding software) and includes the group's share of
associates' and joint ventures' operating profit on a similar basis.

EBITA margin (%)
This is calculated by expressing EBITA as a percentage of group revenue.

EBITDA
This comprises the net cash generated from operations before working capital movements. This includes cash flows relating to exceptional items
incurred in the period.

EBITDA margin (%)
This is calculated by expressing EBITDA as a percentage of revenue.

Effective tax rate (%)
The effective tax rate is calculated by expressing tax before tax on exceptional items and on amortisation of intangible assets (excluding software),
including the group's share of associates' and joint ventures' tax on the same basis, as a percentage of adjusted profit before tax.

Free cash flow
This comprises net cash generated from operating activities less cash paid for the purchase of property, plant and equipment, and intangible assets, net
investments in existing associates and joint ventures (in both cases only where there is no change in the group's effective ownership percentage) and
dividends paid to non-controlling interests plus cash received from the sale of property, plant and equipment and intangible assets and dividends
received.

Group revenue
This comprises revenue together with the group's share of revenue from associates and joint ventures.

Headline earnings
Headline earnings are calculated by adjusting profit for the financial period attributable to owners of the parent for items in accordance with the South
African Circular 3/2012 entitled Headline Earnings'. Such items include impairments of non-current assets and profits or losses on disposals of non-
current assets and their related tax and non-controlling interests. This also includes the group's share of associates' and joint ventures' adjustments on
the same basis.

Interest cover
This is the ratio of adjusted EBITDA to adjusted net finance costs.

Net debt
This comprises gross debt (including borrowings, borrowings-related derivative financial instruments, overdrafts and finance leases) net of cash and
cash equivalents (excluding overdrafts).

Organic information
Organic results and volumes exclude the first 12 months' results and volumes relating to acquisitions and the last 12 months results' and volumes
relating to disposals.

Sales volumes
In the determination and disclosure of sales volumes, the group aggregates 100% of the volumes of all consolidated subsidiaries and its equity
accounted percentage of all associates' and joint ventures' volumes. Contract brewing volumes are excluded from volumes although revenue from
contract brewing is included within group revenue. Volumes exclude intra-group sales volumes. This measure of volumes is used for lager volumes, soft
drinks volumes, other alcoholic beverage volumes and beverage volumes and is used in the segmental analyses as it more closely aligns with the
consolidated group revenue and EBITA disclosures.

SABMiller plc
FORWARD-LOOKING STATEMENTS

This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire ordinary shares in the capital of SABMiller
plc (the "company") or any other securities of the company in any jurisdiction or an inducement to enter into investment activity.

This announcement is intended to provide information to shareholders. It should not be relied upon by any other party or for any other purpose. This
announcement includes forward-looking statements' with respect to certain of SABMiller plc's plans, current goals and expectations relating to its future
financial condition, performance and results. These statements contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of
similar meaning. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the
company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives
relating to the company's products and services) are forward-looking statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different
from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based
on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in
the future. These forward-looking statements speak only as at the date of this announcement. Factors which may cause differences between actual
results and those expected or implied by the forward-looking statements include, but are not limited to: material adverse changes in the economic and
business conditions in the markets in which SABMiller operates; increased competition and consolidation in the global brewing and beverages industry;
changes in consumer preferences; changes to the regulatory environment; failure to deliver the integration and cost-saving objectives in relation to the
Foster's acquisition; failure to derive the expected benefits from the business capability programme; and fluctuations in foreign currency exchange rates
and interest rates. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based. The past business and financial performance of SABMiller plc is not to be relied on as an
indication of its future performance.

SABMiller plc
ADMINISTRATION

SABMiller plc
Incorporated in England and Wales (Registration No. 3528416)

General Counsel and Group Company Secretary
John Davidson

Registered office
SABMiller House
Church Street West
Woking
Surrey, England
GU21 6HS
Facsimile +44 1483 264103
Telephone +44 1483 264000

Head office
One Stanhope Gate
London, England
W1K 1AF
Facsimile +44 20 7659 0111
Telephone +44 20 7659 0100

Internet address
www.sabmiller.com

Investor relations
Telephone +44 20 7659 0100
Email: investor.relations@sabmiller.com

Sustainable development
Telephone +44 1483 264134
Email: sustainable.development@sabmiller.com

Independent auditors
PricewaterhouseCoopers LLP
1 Embankment Place
London, England
WC2N 6RH
Facsimile +44 20 7822 4652
Telephone +44 20 7583 5000

Registrar (United Kingdom)
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent, England
BR3 4TU
Facsimile +44 20 8639 2342
Telephone +44 20 8639 3399 (outside UK)
Telephone 0871 664 0300 (from UK calls cost 10p per minute plus network extras, lines are open 8.30am-5.30pm Mon-Fri)
Email: ssd@capitaregistrars.com
www.capitaregistrars.com

Registrar (South Africa)
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg
PO Box 61051
Marshalltown 2107
South Africa
Facsimile +27 11 688 5248
Telephone +27 11 370 5000

United States ADR Depositary
BNY Mellon
Shareholder Services
PO Box 358516
Pittsburgh PA 15252-8516
United States of America
Telephone +1 888 269 2377
Telephone +1 888 BNY ADRS (toll free within the USA)
Telephone: +1 201 680 6825 (outside USA)
Email: shrrelations@bnymellon.com
www.adrbnymellon.com



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