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SABMILLER PLC - Interim results for Six Months Ended 30 September 2013

Release Date: 21/11/2013 09:00
Code(s): SAB     PDF:  
Wrap Text
Interim results for Six Months Ended 30 September 2013

SABMiller plc

Incorporated in England and Wales (Registration No. 3528416)

JSE SAB          ISSUER CODE SOSAB

ISIN GB0004835483





Interim Announcement



Release date: 21 November 2013



CONTINUING TO DRIVE 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 2013.

Highlights

- Continued growth in our developing markets, driven by increased capacity, consumer reach and

   investment in brand portfolios

- Lager volume growth of 1% on an organic basis, with good growth in Africa partially offset by declines in

   Europe and North America

- Organic, constant currency group net producer revenue (NPR) growth of 4%, with group NPR per

   hectolitre (hl) up 2% driven by pricing and premiumisation initiatives

- The depreciation of key currencies against the US dollar has adversely impacted reported performance,

   with organic, constant currency EBITA growth of 7%

- Reported EBITA margin(1) increase of 60 bps to 23.7%, with an improvement of 80 basis points (bps) on an

   organic, constant currency basis



(1)Expressed as a percentage of group NPR.



                                                                                     6 months           6 months                       12 months

                                                                                      to Sept            to Sept                        to March

                                                                                         2013            2012(2)                         2013(2)

                                                                                         US$m               US$m        % change            US$m



Group revenue(a)                                                                       17,559             17,476               -          34,487

Revenue(b)                                                                             11,103             11,370             (2)          23,213

Group net producer revenue(c)                                                          13,793             13,669               1          26,932

EBITA(d)                                                                                3,268              3,153               4           6,379

Adjusted profit before taxe                                                             2,869              2,743               5           5,597

Profit before tax(f)                                                                    2,429              2,263               7           4,679

Profit attributable to owners of the parent                                             1,714              1,579               9           3,250

Adjusted earningsg                                                                      1,920              1,864               3           3,772

Adjusted earnings per share

- US cents                                                                              120.4              117.3               3           237.2

- UK pence                                                                               77.7               74.2               5           150.2

- SA cents                                                                            1,170.9              961.3              22         2,018.9

Basic earnings per share (US cents)                                                     107.4               99.4               8           204.3

Interim dividend per share (US cents)                                                    25.0               24.0               4

Free cash flow                                                                            894              1,684            (47)           3,230



(2)As restated. Further details of the restatement are provided in the financial review and in note 12.



  a   Group revenue includes the group's share of associates' and joint ventures' revenue of US$6,456 million (2012: US$6,106 million).

  b   Revenue excludes the group's share of associates' and joint ventures' revenue.

  c   Group net producer revenue (NPR) comprises group revenue less excise and similar taxes, including the group's share of associates' and joint

      ventures' excise and similar taxes.

  d   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 computer software) and includes the group's share of associates' and joint ventures' operating profit, on a similar

      basis. EBITA is used throughout this interim announcement.

  e   Adjusted profit before tax comprises EBITA less adjusted net finance costs of US$345 million (2012: US$387 million, restated) and the group's



      share of associates' and joint ventures' net finance costs of US$54 million (2012: US$23 million).

  f   Profit before tax includes exceptional charges of US$52 million (2012: US$127 million). Exceptional items are explained in note 3.

  g   A reconciliation of adjusted earnings to the statutory measure of profit attributable to owners of the parent is provided in note 5.



CHIEF EXECUTIVE'S REVIEW



Alan Clark, Chief Executive of SABMiller, said:

"We have continued to deliver on the potential of our businesses in both developed and developing markets,

with revenue and margin improvements amid mixed trading conditions. We have improved the reach of our

mainstream brands across most regions, and through initiatives such as the launch of Redd's Apple Ale in the

USA, the momentum behind Castle Lite across Africa, and the increasing appeal of Peroni Nastro Azzurro

from Europe to Australia, we are strengthening our premium propositions across the group and evolving our

high-end brand portfolios to appeal to an ever wider range of consumers and drinking occasions."



                                                                     Net                                                         Organic,

                                                            acquisitions                                                         constant

                                                Reported             and           Currency         Organic        Reported      currency        Reported

                                               Sept 2012       disposals        translation          growth       Sept 2013        growth          growth

Group net producer revenue                          US$m            US$m               US$m            US$m            US$m             %               %

Latin America                                      2,740            (18)              (105)             137           2,754             5               1

Europe                                             2,454             217                 31            (18)           2,684           (1)               9

North America                                      2,518               -                  -             (4)           2,514             -               -

Africa                                             1,523               2               (31)             163           1,657            11               9

Asia Pacific                                       2,202            (19)               (71)              47           2,159             2             (2)

South Africa:                                      2,232               8              (377)             162           2,025             7             (9)

- Beverages                                        2,031               6              (343)             145           1,839             7             (9)

- Hotels and Gaming                                  201               2               (34)              17             186             8             (8)



Total                                             13,669             190              (553)             487          13,793             4               1

 



                                                                     Net

                                                Reported    acquisitions           Organic         Reported         Organic      Reported

                                               Sept 2012   and disposals            growth        Sept 2013          growth        growth

    Group volumes                                   hl m            hl m              hl m             hl m               %             %

    Lager                                            132               -                 1              133               1             1

    Soft drinks                                       27               5                 1               33               5            23

    Other alcoholic beverages                          4               -                 -                4             (1)             1

    Total                                            163               5                 2              170               2             4





                                                                     Net                                                         Organic,

                                                            acquisitions                                           Reported      constant

                                               Restated              and          Currency         Organic             Sept      currency        Reported

                                              Sept 2012        disposals       translation          growth             2013        growth          growth

    EBITA                                          US$m             US$m              US$m            US$m             US$m             %               %

    Latin America                                   920              (5)              (36)              93              972            10               6

    Europe                                          516               32                 7            (43)              512           (8)             (1)

    North America                                   464                -                 -              14              478             3               3

    Africa                                          355                -               (5)              58              408            16              15

    Asia Pacific                                    506              (1)              (25)              60              540            12               7

    South Africa:                                   486                1              (81)              37              443             8             (9)

    - Beverages                                     421                1              (70)              34              386             8             (8)

    - Hotels and Gaming                              65                -              (11)               3               57             4            (12)

    Corporate                                      (94)                -                 1               8             (85)

    Total                                         3,153               27             (139)             227            3,268             7               4



    EBITA margin(1) (%)                            23.1                                                               23.7

(1)Expressed as a percentage of group NPR.



Business review

The group delivered NPR and earnings growth in the first half of the year despite trading challenges in a

number of territories. Group NPR and volume growth remained strong in Africa, with the benefit of increased

capacity and operational capability, while performance was robust in South Africa despite economic

headwinds associated with the depreciation of the South African rand. Performance in Latin America was

impacted by an excise increase in Peru and national strikes and social unrest in Colombia, but favourable

pricing and a good performance from some premium brands continued to drive group NPR growth. Double

digit NPR growth in China along with good progress in Australia on brand restoration and the establishment of

premium growth platforms resulted in group NPR growth for the Asia Pacific region. Conditions in North

America and Europe remained challenging. EBITA and EBITA margin growth was delivered through higher

group NPR and a focus on operational efficiencies.



Group NPR growth of 4% on an organic, constant currency basis for the first half of the year was driven

equally by an increase in total beverage volumes and higher group NPR per hl. Lager volume growth of 1% on

an organic basis reflected strong growth in Africa and South Africa, partially offset by declines in Europe and

North America, although growth in sales of higher margin products helped to drive an improved EBITA margin

in North America. Soft drinks volumes increased by 23% in the period, benefiting from the full consolidation of

Coca-Cola Icecek in our associate Anadolu Efes in the period, while on an organic basis soft drinks volumes

grew by 5% reflecting growth in both Africa and Latin America. The growth in group NPR per hl was driven by

the benefits of pricing and improved brand mix.



EBITA grew by 4% on a reported basis as adverse foreign currency movements had a significant negative

impact on the translation of financial results in South Africa, Latin America and Australia. On an organic,

constant currency basis EBITA grew by 7% as a result of higher NPR and cost efficiencies across most

divisions, resulting in an 80 bps increase in our organic, constant currency EBITA margin. Procurement

savings helped limit growth in input costs, resulting in a low single digit increase in raw material input costs (on

a constant currency, per hl basis) at the lower end of expectations. Increased production efficiencies also

benefited the cost of goods sold. Fixed cost reductions were achieved through a continued focus on increased

productivity. Investment in marketing increased in some developing markets to support category development

and the expansion of our brand portfolios. Reported EBITA margin increased by 60 bps, reflecting currency

impacts and the inclusion of Coca-Cola Icecek in Anadolu Efes' results.



Adjusted earnings grew by 3% compared with the prior period, significantly impacted by the depreciation of

key currencies against the US dollar, principally the South African rand, Australian dollar, Colombian peso and

Peruvian Nuevo sol. Net finance costs were lower than in the prior period as the group benefited from lower

interest rates and the refinancing of higher cost debt in the current and prior period.



Underlying free cash flow for the period was at the same level as the prior year. Due to the phasing of

anticipated payments to the Australian Tax Office, free cash flow for the current half year was lower by

US$790 million. Adjusted EBITDA was adversely impacted by the depreciation of key currencies against the

US dollar in the period but still grew by 1%. Working capital registered a cash outflow in the period of US$67

million, with working capital cash inflows in most divisions offset by a cash outflow in Asia Pacific and a

reduction in provisions. Capital expenditure at US$670 million was in line with the prior period, with continued

investment in brewing capacity and capability, most notably in Africa and Latin America. Net interest paid was

lower than in the prior period in line with the reduction in the net finance charge.



The group's gearing ratio as at 30 September 2013 was 59.2%. Net debt increased by US$41 million, ending

the period at US$15,641 million. An interim dividend of 25.0 US cents per share will be paid to shareholders

on 13 December 2013.



-     In Latin America, EBITA grew by 6% (10% on an organic, constant currency basis), adversely impacted

      by the depreciation of the Colombian peso and Peruvian sol against the US dollar. Group NPR on an

      organic, constant currency basis grew by 5%, with a 4% increase in group NPR per hectolitre driven by

      selective price increases and some favourable brand mix, with the Miller brand family continuing to perform

      well in the premium segment across the region. Lager volumes, which were up 1% compared with the prior

      period, were adversely impact by national strikes and social unrest in Colombia and an excise increase in

      Peru in the period. Effective development and extension of our brand portfolios, however, continued to

      drive an increased share of total alcohol consumption across the region. Growth in soft drinks was driven

      by pack innovations in Peru and Ecuador. A positive 170 bps improvement in reported EBITA margin was

      achieved through a combination of NPR growth, cost reductions and the phasing of marketing spend.



-     In Europe, EBITA declined by 1%, including the benefit of the full consolidation of Coca-Cola Icecek in the

      Anadolu Efes' results (an 8% decline on an organic, constant currency basis). Group NPR grew by 9%,



      driven by the addition of Coca-Cola Icecek soft drinks volumes, while organic, constant currency group

      NPR declined by 1%. The group NPR decline on an organic, constant currency basis reflected volume led

      declines in Poland and the Czech Republic, partially offset by volume led growth in Romania, the UK and

      Slovakia. Reported EBITA margin declined by 190 bps due to the impact of adverse channel and brand

      mix in Poland.



-     In North America, EBITA increased by 3% as a result of increased profitability in MillerCoors. Group NPR

      was level with the prior period, as a decline in lager volumes was offset by higher group NPR per hl due to

      pricing and favourable brand mix. The growth in sales of higher margin products also helped drive a 60 bps

      improvement in EBITA margin, along with lower fixed costs.



-     In Africa, EBITA grew by 15% (16% on an organic, constant currency basis) as a result of the increase in

      volumes, with good growth in Tanzania, Zambia, Nigeria and Ghana. The group NPR growth of 9% (11%

      on an organic, constant currency basis) was driven by good lager volume growth across our portfolios, as

      mainstream brands performed well while Castle Lite continued to expand in the premium segment. Focus

      on production efficiencies and increased local sourcing of commodities helped contain variable cost

      increases and deliver reported EBITA margin growth of 130 bps despite increased investment in capacity

      and sales and distribution reach.



-     In Asia Pacific, EBITA grew 7% (12% on an organic, constant currency basis) and EBITA margin by 200

      bps driven by profit growth in both Australia and China. Reported group NPR for the region declined by

      2%, due to adverse currency translation impacts (organic, constant currency group NPR grew by 2%). In

      Australia, pricing and a focus on premium growth platforms drove a 2% growth in continuing domestic NPR

      on a constant currency basis. Continuing domestic lager volumes were down 1%, reflecting the absence of

      an Easter peak period and subdued consumer confidence, but core brands in the portfolio performed well.

      The integration programme continued to progress ahead of schedule in synergy delivery and capability

      build. In China, organic, constant currency NPR grew by 14% with the benefit of higher volumes and

      favourable product mix, as sales of premium Snow brand variants increased, and beneficial geographic

      mix reflecting increased sales in higher value provinces. EBITA in China benefited from increased focus on

      efficiencies and fixed cost containment along with higher group NPR.



-     South Africa: Beverages was adversely impacted by the significant depreciation of the South African

      rand against the US dollar in the period, resulting in reported EBITA and group NPR decreases of 8% and

      9% respectively. On an organic, constant currency basis EBITA grew by 8% driven by the increase in

      organic, constant currency group NPR of 7%. Lager volumes grew by 3% despite the challenging

      consumer environment, with both Castle Lite and Castle Milk Stout performing well in the premium

      segment and helping to deliver, along with pricing, a 5% increase in group NPR per hl. Soft drinks volume

      growth of 1% was driven by the two litre PET pack in the sparkling portfolio, while water brands and the

      Play brand performed well in still drinks. EBITA margins were under pressure due to the deteriorating

      exchange rate and the higher cost of diesel but the impact was contained and more than offset through

      continued focus on increased productivity, resulting in reported EBITA margin growth of 30 bps.



-     The business capability programme progressed in line with expectations, with cumulative net operating

      benefits of US$225 million in the six months driven by global procurement initiatives. The exceptional costs

      of the programme were US$79 million during the half year (2012: US$70 million).



Outlook

Trading conditions are expected to remain broadly unchanged, with growth continuing to be driven by our

developing markets. The depreciation of key currencies against the US dollar will adversely impact reported

results in the current financial year. Development of our brand and pack portfolios will continue, as we seek

opportunities to reach new consumers and enhance the beer category. Price increases will be taken

selectively and focus will remain on premiumisation. Raw material unit input costs are expected to rise in low

to mid single digits in constant currency terms. Investment in production capacity and capability will continue to

drive growth along with strong commercial execution of existing and new consumer offerings.



    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 Chief Executive, Alan Clark, and Chief Financial Officer, Jamie Wilson to the investment

    community will begin at 9.30am (GMT) on 21 November 2013. 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 our website at www.sabmiller.com.



Operational review



Latin America



                                                                                                               Organic,

                                                              Net                                              constant

                                                     acquisitions                                              currency     Reported

                                           Restated           and       Currency      Organic      Reported      growth       growth

     Financial summary                    Sept 2012     disposals    translation       growth     Sept 2013           %            %



     Group revenue (including share

      of associates) (US$m)                   3,687          (18)          (144)          216         3,741           6            1



     Group NPR (including share of

     associates) (US$m)                       2,740          (18)          (105)          137         2,754           5            1



     EBITA(1) (US$m)                            920           (5)           (36)           93           972          10            6



     EBITA margin (%)                          33.6                                                    35.3



     Sales volumes (hl 000)

     Lager                                   20,463             -                         205        20,668           1            1

     Soft drinks                              8,879         (142)                         227         8,964           3            1





(1)In 2013 before exceptional credits of US$47 million, being the profit on disposal of the Panama milk and juice business (2012: before

exceptional charges of US$45 million, being business capability programme costs).



In Latin America, group NPR grew by 5% on an organic, constant currency basis driven by selective pricing

and mix benefits from our premium brands. On a reported basis, group NPR grew by 1%, impacted by the

depreciation of key currencies against the US dollar and the disposal of our milk and juice business in

Panama. Alcohol market share gains were seen across all our businesses in Latin America through the appeal

of our strong portfolio of brands, further entrenchment of our direct sales service model and focus on trade

execution, while continuing to see high growth in the premium segment driven by our Miller range of products.

Lager volumes were up by 1%, impacted by national strikes and social unrest in Colombia and an excise

increase in Peru, against the backdrop of relatively softer economic conditions across the region. Latin

America delivered strong reported EBITA margin growth of 170 bps in the first half of the year with price

increases aided by cost reductions, mainly in raw material and fixed costs, and the phasing of marketing

spend.



Despite a difficult trading environment, Colombia saw volume growth of 1% with a gain in our share of the

alcohol market of 80 bps. Our easy to drink upper mainstream brand, Aguila Light, continued to perform

strongly in the period, growing by double digits, while bulk packs were further entrenched across our portfolio

resonating with our consumers as an affordable offering. In our mainstream brands softer trading of Águila

was largely offset by Poker, with trading conditions impacted by restrictions to retailer closing times, the

implementation of dry laws in response to increased security concerns, road closures and reduced access to

key cities across the country. In the premium segment, Redd's volume decline was partly offset by growth of

our local premium brand Club Colombia, cycling high comparatives, while Miller Genuine Draft (MGD) saw

double digit growth with increased reach and appeal to consumers. In the non-alcoholic malt category intense

competition resulted in a volume decline of 4%, although our value share remained stable.



In Peru, lager volumes declined by 1% following price increases to partially alleviate the excise tax increase

implemented in May. Although our mainstream brand Cristal declined 6%, this was more than offset by growth

of 16% in our upper mainstream brand, Pilsen Callao, which continued to develop its appeal to consumers.



The successful development of new and more frequent consumption occasions such as home and midweek

consumption with new packaging formats, together with our improved trade coverage and enhanced retail

execution, underpinned share of alcohol gains. In the premium segment, performance was more subdued

following a shift in consumption patterns to durable goods and services. The soft drinks category saw volume

growth of 4% driven by pack innovation and improved reach.



In Ecuador, Pilsener Light continued to grow strongly, driving lager volume growth of 2% and contributing

positively to mix, reflecting growing positive consumer sentiment towards easy-to-drink beers as well as

improved coverage. The successful implementation of our route to market model, coupled with retail and local

event activation, enabled us to grow sales volume despite economic headwinds and measures to restrict the

sale of alcohol. Our malt category saw robust double digit growth on the back of the launch of the Pony Malta

mini pack and the success of PET packaging.



In Panama, our lager volume grew by 2%, and our share of total alcohol grew by 200bps. Miller Lite volumes

almost doubled, continuing to boost mix as consumers traded-up from the mainstream segment, and aiding

strong group NPR growth. Our non-alcoholic malt brand recorded 11% volume growth reflecting consumer

acceptance of its differentiating attributes, while other soft drinks volumes declined due to discounting by

competitors and the disposal of our milk and juice business. The disposal was in line with our strategy to

restructure and simplify our business in Panama, with the transaction being completed in May 2013.



In Honduras, lager volumes were in line with the prior year, while our share of alcohol improved by 180 bps. In

the mainstream segment, our Salva Vida brand grew by 4% benefitting from the larger affordable pack, while

in the premium segment Miller Lite saw double digit volume growth. Although there has been some

improvement in conditions, the country remains dogged by security concerns and economic uncertainty,

affecting consumer patterns with a continuing shift to off-channel consumption. In the soft drink category,

volumes were in line with prior year, despite significant price competition.



El Salvador delivered domestic lager volume growth of 6% with bulk packs across our brand portfolio

continuing to grow strongly as we reached an expanded consumer base. Our revenue mix was assisted by

trading up from economy to mainstream and upper mainstream segments. In the premium lager segment our

local premium brand, Suprema, grew by double digits, aided by the launch of a new variant, while Miller Lite

gained traction through wider distribution. Soft drinks volumes grew 8% with a good performance in malt

beverages and juices.



Europe                                                                                                                

                                                                                                Organic,              

                                                      Net                                       constant              

                                             acquisitions                                       currency   Reported   

                                  Restated            and      Currency   Organic    Reported     growth     growth   

Financial summary                Sept 2012      disposals   translation    growth   Sept 2013          %          %   

Group revenue (including share                                                                                        

of associates) (US$m)                3,293            217            31       (9)       3,532          -          7   

Group NPR (including share of                                                                                         

associates) (US$m)                   2,454            217            31      (18)       2,684        (1)          9   

EBITA(1) (US$m)                        516             32             7      (43)         512        (8)        (1)   

EBITA margin (%)                      21.0                                               19.1                         

Sales volumes (hl 000)                                                                                                

Lager                               27,118              -                 (1,155)      25,963        (4)        (4)   

Soft drinks                          3,661          4,817                     506       8,984         14        145   





(1)In 2013 before exceptional charges of US$4 million being business capability programme costs (2012: US$35 million being business

capability programme costs).



In Europe, group NPR improved by 9% (down 1% on organic constant currency basis) with our share of

Anadolu Efes' results benefiting from the full consolidation of Coca-Cola Icecek's results. Lager volumes in

Europe were down 4% compared with the prior year. The second quarter improved compared with a

challenging first quarter impacted by poor weather. Continued economic uncertainty and weak consumer

sentiment persisted across the region along with intensified competition. Organic, constant currency group

NPR per hl improved by 1% driven by annualised price increases taken in the second half of the prior year.



Reported EBITA was down 1% including the benefit of Anadolu Efes' soft drinks results with the full

consolidation of Coca-Cola Icecek. Organic, constant currency EBITA was down 8% compared with the prior

year with margin decline of 190 bps driven by competitive intensity along with channel and brand mix, most

notably in Poland.



In Poland, lager volumes were down 10% cycling a strong prior year comparative associated with the Euro

2012 football tournament, along with unfavourable weather conditions in the first quarter of this financial year.

Market performance has been subdued as the consumer environment continued to be challenging and

competitive activities intensified. Our business was also impacted by stock build in the trade at the end of the

prior financial year ahead of price increases in March 2013 and our global template deployment. Tyskie and

Lech volumes were down following successful advertising campaigns in the prior year. Zubr performed well

within the mainstream category, driven by effective promotional activities. EBITA declined as a result of the

volume performance together with increased investment in promotions and adverse channel mix.



In the Czech Republic, volumes were down 7% with improvements in the second quarter performance

compared with the first quarter. The on-premise channel showed some recovery in the second quarter

following severe flooding at the start of the year which resulted in outlet closure and affected distribution

across the market. This especially impacted the performance of our mainstream core brand Gambrinus 10.

Economy brand Klasik has been stifled by delisting in one of the major off-premise retailers. Seasonal

innovation launches this year were severely impacted by the weather conditions during the early summer

although the premium segment was boosted by the successful launch of unpasteurised Gambrinus and Kozel

11. Volume performance resulted in an EBITA decline.



In Romania, volumes grew by 6% led by the continued success of economy brand Ciucas in PET. Local

premium brand Ursus also grew, assisted by the launch of Ursus Cooler, and mainstream brand Timisoreana

maintained its volumes in a competitive segment. Despite volume growth and constant currency NPR per hl

improvement of 4%, profitability was impacted by higher input costs combined with marketing spend to support

product launches focused in the first half.



In Western European markets, our focus on selected territories and segments yielded solid performance.

Domestic lager volumes in Italy were level, despite continuing negative consumer sentiment, with a particularly

strong performance in the on-premise channel in our southern strongholds, and with mainstream brand Peroni

benefiting from the expansion of draught volumes. In the United Kingdom, Peroni Nastro Azzurro's

performance led domestic volume growth of 5% with a strong second quarter offsetting a weather-related first

quarter decline. Domestic lager volumes in the Netherlands were up 3% in a highly competitive environment

assisted by Grolsch premium extensions and innovations.



Volumes grew by 5% in Slovakia boosted by the launch of Birell and Saris radlers. In Hungary, volumes were

in line with the prior year, despite the impact of severe weather and floods on performance in the first quarter,

boosted by the successful introduction of Dreher summer variants.



On an organic basis, Anadolu Efes' total volumes grew driven by soft drinks performance with lager volumes

continuing to decline predominantly in Turkey and Russia. In Turkey an excise driven price increase in July

and ongoing competitive pressures held back volumes. In Russia while volumes in the second quarter

benefited from the resumed shipments to some key accounts disrupted in the prior year due to integration,

performance across the beer market continued to be impacted by the tightened regulatory environment. On a

reported basis Anadolu Efes' soft drinks volumes benefited from the full consolidation of the Coca-Cola Icecek

results.



North America



                                                                                                 Organic,

                                                      Net                                        constant

                                             acquisitions                                        currency   Reported

                                    Restated          and      Currency    Organic    Reported     growth     growth

  Financial summary                Sept 2012    disposals   translation     growth   Sept 2013          %          %



  Group revenue (including share

   of joint ventures) (US$m)           2,901            -             -       (16)       2,885        (1)        (1)



  Group NPR (including share of

  joint ventures) (US$m)               2,518            -             -        (4)       2,514          -          -



  EBITA (US$m)                           464            -             -         14         478          3          3



  EBITA margin (%)                      18.4                                              19.0



  Sales volumes (hl 000)

  Lager – excluding

  contract brewing                    22,237            -                    (748)      21,489        (3)        (3)



  MillerCoors' volumes

  Lager – excluding 

  contract brewing                    21,539            -                    (755)      20,784        (4)        (4)

  Sales to retailers (STRs)           21,336          n/a                      n/a      20,819        n/a        (2)

  Contract brewing                     2,538          n/a                      n/a       2,489        n/a        (2)



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 3%, as

growth in MillerCoors was assisted by Miller Brewing International's improved profitability.



MillerCoors



In the six months to 30 September 2013, MillerCoors' group NPR was in line with the prior year. On a trading

day adjusted basis, US domestic sales to retailers (STRs) were down 3% (down 2% on an unadjusted basis).

Domestic sales to wholesalers (STWs) were down by 4%, following lower distributor inventory levels than in

the comparative period. EBITA increased by 2% on the restated base, as strong pricing along with favourable

brand mix and reduced fixed costs more than offset lower volumes and higher marketing spend.



Premium light volumes were down mid single digits, with Coors Light down low single digits and Miller Lite

down high single digits. The above premium portfolio grew double digits, driven by the launch of Third Shift

Amber Ale, Redd's Apple Ale and Redd's Strawberry Ale, and the continued strength of Tenth and Blake. The

Tenth and Blake division delivered high single digit volume growth, driven primarily by the nationwide

distribution of the Leinenkugel's franchise, including the strong success of Leinenkugel's Shandy variants, and

Blue Moon. The economy segment declined mid single digits driven by Keystone Light and Miller High Life, as

high unemployment continued to adversely impact this segment's consumers. The premium regular segment

was down mid single digits with a double digit decline in MGD, partly offset by high single digit growth in Coors

Banquet, which was fuelled by the introduction of a new 12oz. bottle. All STR volume rates presented in this

paragraph are on a trading day adjusted basis.



MillerCoors' group NPR per hl grew by 3% as a result of firm pricing and favourable brand mix resulting from

the introduction of new higher margin brands such as Redd's Apple Ale, growth in the Tenth and Blake division

and declines in the economy segment. Cost of goods sold per hl increased by low single digits, driven by the

increased cost of brewing materials, and the higher cost of innovations, partly offset by continuing cost savings

initiatives.



Marketing spend increased following investment behind the launch of new brands and the expansion of

existing brands in the above premium segment. General and administrative costs decreased primarily as a

result of lower employee benefit costs and lower information system costs.



Africa





                                                                                                   Organic,

                                                      Net                                          constant

                                             acquisitions                                          currency   Reported

                                    Reported          and       Currency   Organic     Reported      growth     growth

  Financial summary                Sept 2012    disposals    translation    growth    Sept 2013           %          %



  Group revenue (including share

   of associates) (US$m)               1,792            2           (42)       203        1,955          11          9



  Group NPR (including share of

  associates) (US$m)                   1,523            2           (31)       163        1,657          11          9



  EBITA (US$m)                           355            -            (5)        58          408          16         15

 

  EBITA margin (%)                      23.3                                               24.6



  Sales volumes (hl 000)

  Lager                                8,709            -                      785        9,494           9          9

  Soft drinks                          6,201            -                      526        6,727           8          8

  Other alcoholic beverages            2,969          100                    (105)        2,964         (4)          -







Group NPR grew by 9% (11% on an organic, constant currency basis), driven by higher volumes and the

impact of pricing. Lager volumes grew by 9%, with particularly strong growth in Tanzania, Nigeria, Zambia and

Ghana, partially offset by declines in Uganda and South Sudan due to softer economic conditions in these

countries. Lager volume growth was delivered across our portfolio as the Castle Lite brand continued to post

double digit volume growth in the premium segment, while core local brands also performed well, including

Kilimanjaro in Tanzania, 2M in Mozambique, Mosi in Zambia, and Club in Ghana. Investment in our brewing

and packaging capacity continued, with the commencement of expansions in Ghana and Nigeria following the

recently completed expansions in Uganda and Zambia. Consumer reach in the period expanded, supported by

enhanced sales capability and increased fridge penetration. Soft drinks volumes grew strongly at 8%,

underpinned by growth in the non-alcoholic malt category in Nigeria and sparkling soft drinks in Zambia, and in

our associates, Delta in Zimbabwe and Castel. Other alcoholic beverages declined by 4% on an organic basis

primarily due to the zoning legislation in Botswana hampering traditional beer volumes. Traditional beer is now

available in 11 of our markets while Chibuku Super, a PET offering which has a longer shelf life, has continued

to perform well with particularly good performances in Zimbabwe and Zambia.



Total volume growth of 7% resulted in reported EBITA growth of 15% (16% on an organic, constant currency

basis). This was achieved through a combination of the robust volume performance, group NPR per hl growth

assisted by pricing and positive category mix into lager, as well as a continuing focus on cost management.

Management's focus on production efficiencies together with increased local sourcing of commodities assisted

in containing variable cost growth. As a result, reported EBITA margin improved by a further 130 bps despite

capacity expansion-related cost pressures.



Lager volumes in Tanzania returned to growth, up 6%, after the prior year decline resulting from a significant

excise increase and consumer pricing pressures. Castle Lite grew by double digits supported by a solid

performance of Kilimanjaro in the mainstream segment.



Despite a softening economic climate in Mozambique, lager volumes grew by 4% with second quarter growth

of 6%, supported by growth of Castle Lite, which now accounts for 5% of our lager portfolio, and of 2M.

Impala, our cassava-based affordable offering, continued to grow by double digits as we expand our reach into

the south of the country.



Strong lager volume growth was delivered in Nigeria following the commissioning of a new brewery in the prior

year, supported strongly by our brands Hero and Trophy which continue to appeal to consumers in their

respective regions. Grand Malt is performing particularly well in the non-alcoholic malt beverages segment

with double digit growth.



Improved availability drove Zambia lager volume growth of 13% assisted by our key brands Castle Lager,

Mosi, and Castle Lite in the premium segment. Soft drinks posted strong volume growth of 18%. The

traditional beer category declined year on year underpinned by pricing as well as production disruptions.

However Chibuku Super continued its growth with strong consumer demand.



Club lager outperformed the market and helped drive lager volume growth of 16% in Ghana. Draught formats

of our brands as well as our recently launched cassava-based beer performed well. Soft drinks volumes grew

by 8% driven by growth in water as a result of improved availability following capacity upgrades.



Despite lower consumer demand in a weaker economy resulting in total volumes declining by 5% in Uganda,

we have gained share in a beer market that has declined. In Zimbabwe, our associate Delta's lager volumes

declined by 10% due to the current economic climate and the impact of excise-related pricing in the prior year.

This was offset by strong growth of 9% in traditional beer supported by a good performance by Chibuku Super.



Our associate Castel delivered overall lager volume growth of 8%, and with most territories in growth. Strong

growth was experienced in Angola, Gabon, Chad, Mali, Burkina Faso and the Democratic Republic of Congo.

In Angola, the business recorded good growth in volumes and synergy delivery from the January 2012

combination. Castel group NPR growth was lower than the volume growth due to country mix and lower

inflationary led pricing. In Cameroon and Ethiopia, growth in total volumes was delivered despite competitive

pressures.



Asia Pacific





                                                                                                              Organic,

                                                           Net                                                constant

                                                  acquisitions                                                currency      Reported

                                       Restated            and       Currency      Organic      Reported        growth        growth

    Financial summary                 Sept 2012      disposals    translation       growth     Sept 2013             %             %



    Group revenue (including share

     of associates) (US$m)                3,040           (32)          (114)           40         2,934             1           (3)



    Group NPR (including share of

    associates) (US$m)                    2,202           (19)           (71)           47         2,159             2           (2)



    EBITA(1) (US$m)                         506            (1)           (25)           60           540            12             7

 

    EBITA margin (%)                       23.0                                                     25.0



    Sales volumes (hl 000)

    Lager                                41,473          (107)                       1,837        43,203             4             4





(1) In 2013 before exceptional charges of US$13 million, being integration and restructuring costs (2012: charges of US$47 million, being

integration and restructuring costs).



In Asia Pacific, group NPR grew by 2% on an organic, constant currency basis, reflecting underlying growth in

all key countries, with lager volume growth of 4% on an organic basis. Reported group NPR declined by 2%

following the depreciation of currencies against the US dollar, the loss of discontinued brands in Australia, and

the sale of Foster's interest in Foster's Group Pacific Limited, its Fijian beverage business, to Coca-Cola

Amatil Ltd on 7 September 2012. Although overall group NPR per hl on an organic, constant currency basis

declined, reflecting adverse country mix as China grew more quickly than the rest of the region, underlying

group NPR per hl improved in all the region's major operations. On an organic, constant currency basis,

EBITA grew by 12% and reported EBITA margin increased by 200 bps reflecting good improvements in both

Australia and China.



In Australia, continuing² domestic lager volumes for the half year were down 1% reflecting the absence of an

Easter period and subdued consumer confidence. Our strategy to restore the core portfolio has resulted in the

strong volume performance of Victoria Bitter, which delivered its fourth consecutive quarter of growth post

relaunch, and of both Crown Lager and Carlton Dry, partially offset by the decline of Carlton Draught. Focus

on premium growth platforms has delivered double digit volume growth in international premium brands, most

notably Peroni Nastro Azzurro, and growth in craft brands such as Fat Yak. The launch of new cider variants

to capture growth of this premium margin segment saw cider volume growth.



Despite a good performance from much of the portfolio, our lager share performance was slightly worse than

the market due to high levels of competitor discounting in the on-premise channel, reflected in the decline of

Carlton Draught. Total domestic volumes, including discontinued brands, were down by 7%.



Continuing² domestic group NPR on a constant currency basis grew by 2% despite the lower volumes, driven

by price increases, strong execution of premium growth platforms and the implementation of our promotional

and customer investment architecture strategies. The integration programme is ahead of schedule in terms of

both synergy delivery and capability build and remains on track to deliver ahead of stated targets. EBITA grew,

both including and excluding discontinued brands, with EBITA margin improving substantially.



In India, group NPR on a constant currency basis grew by 1% with favourable pricing more than offsetting the

impact of lower volumes. Lager volumes declined by 2%, impacted by a decline in the Indian beer market

reflecting an unusually intense and prolonged monsoon and adverse regulatory changes in a number of

states, although trends in the second quarter improved. Our business achieved above market performance in

most of our focus states except Karnataka, where our competitor has added capacity. On a constant currency

basis, EBITA was lower than the prior year and EBITA margin declined, reflecting inflationary and input cost

increases which were in excess of the industry inhibited NPR growth.



In China, group NPR grew by 14% on a constant currency basis reflecting volume growth of 6% and

favourable mix in a subdued industry. Our associate, CR Snow, further expanded its national market share

with particularly pleasing results coming from the premium segment, where CR Snow's efforts achieved

positive results. CR Snow's market share grew across the majority of provinces with notable increases

achieved in Liaoning, Anhui, Zhejiang, Jiangsu and Guizhou.



Group NPR per hl increased by 7% driven by a combination of favourable product mix, reflecting the premium

segment improvements led by Snow Draft and Snow Brave the World, and beneficial geographic mix.

CR Snow continued to invest in market-facing activity, including sustained national television exposure for the

first time, yet EBITA margin increased driven by contained fixed costs, more benign input cost trends and

efficiency initiatives with a double digit increase in EBITA as a result.



On 17 September 2013, CR Snow completed the acquisition of the brewery business of Kingway Brewery

Holdings Limited and the results of this business will be included in the results of CR Snow for the second half

of the financial year.



²Continuing information basis adjusts for the impact of discontinued licensed brands in all comparative information.





South Africa: Beverages





                                                                                                                   Organic,

                                                           Net                                                     constant

                                                  acquisitions                                                     currency   Reported

                                        Restated           and         Currency      Organic       Reported          growth     growth

    Financial summary                  Sept 2012     disposals      translation       growth      Sept 2013               %          %



    Group revenue (including share         2,530             6            (428)          189          2,297               7        (9)

     of associates) (US$m)



    Group NPR (including share of

                                           2,031             6            (343)          145          1,839               7        (9)

    associates) (US$m)



    EBITA(1) (US$m)                          421             1             (70)           34            386                8       (8)



    EBITA margin (%)                        20.7                                                       21.0



    Sales volumes (hl 000)

    Lager                                 12,446             -                           354         12,800               3          3

    Soft drinks                            7,810             -                           103          7,913               1          1

    Other alcoholic beverages                708             1                            52            761                8         8





(1)In 2013 before exceptional charges of US$7 million, being charges incurred in relation to the Broad-Based Black Economic

Empowerment scheme (2012: 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).



In South Africa, the continued execution of our market and customer focused strategy delivered solid growth

despite a deteriorating consumer environment. The depreciation of the South Africa rand against the US dollar

resulted in the reported group NPR decline of 9%. On an organic, constant currency basis, group NPR grew

by 7% driven by growth of 5% in group NPR per hl which benefited from improved brand mix. The beer

business was once again impacted by disproportionately higher excise taxes while our soft drinks business'

profitability was impacted by the very low single digit price increase.



Lager volumes were up 3% for the first half of the year. In the face of strong competition, our portfolio

performed above the market, driven by targeted brand campaigns and pack innovation, combined with

continued enhanced market-facing sales execution. Castle Lite and Castle Lager continued to perform well,

supported by growth in Carling Black Label and Castle Milk Stout, partially offset by a decline in Hansa

Pilsener volumes.



Soft drinks volumes grew by 1%, with the inclusion of Appletiser, while our main Coca-Cola soft drinks bottling

business' volume grew by 2% cycling the strong performance in the prior period, and benefiting from the

continued channel penetration strategy through the use of market logistics partners. Volume growth was

driven by the continued success of the two litre PET packs in key classes of trade. Packs designated for

immediate consumption also grew strongly, supported by the targeted placement of fridges as part of the

comprehensive in-market execution strategy. Growth in the still drinks portfolio was well above average, with

strong contributions from the water brands and the Play brand.



Driven by increased sales, our associate Distell reported mid single digit EBITA growth on an organic,

constant basis (after adjusting for the excise settlement included in last year's results).



The business continued its focus on productivity while increasing investment in market facing activities in all

the beverage businesses. Reported EBITA decreased by 8% (compared with growth of 8% on an organic,

constant currency basis) and EBITA margin improved by 30 bps.



South Africa: Hotels and Gaming



                                                                                                Organic,

                                                     Net                                        constant

                                            acquisitions                                        currency   Reported

                                   Restated          and       Currency   Organic    Reported     growth     growth

  Financial summary               Sept 2012    disposals    translation    growth   Sept 2013          %          %



  Group revenue (share of

   associates) (US$m)                   233            2           (39)        19         215          8        (8)



  Group NPR (including share of

  associates) (US$m)                    201            2           (34)        17         186          8        (8)



  EBITA (US$m)                           65            -           (11)         3          57          4       (12)



  EBITA margin (%)                     32.4                                              30.8



  Revenue per available room

    (Revpar) – US$                     66.0          n/a            n/a       n/a        60.7        n/a        (8)





SABMiller is a 39.6% shareholder in the Tsogo Sun Group which is listed on the Johannesburg Stock

Exchange.



Our share of Tsogo Sun's reported net producer revenue was US$186 million, a decrease of 8% over the prior

period (up 8% on an organic, constant currency basis). The organic, constant currency growth was delivered

despite softer economic conditions in the period.



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 4% growth and the KwaZulu-Natal

province growing by 3%. The majority of the Tsogo Sun casinos in these provinces outperformed the market

and grew their market shares through a combination of improved trading, gaming win and food and beverage

revenue.



The South African hotel industry recorded above inflation revenue per available room growth during the six

months ended September 2013, largely driven by growth in the average room rate and volumes from

corporate, government, groups and convention market segments. There was still constrained demand with

occupancies not exceeding 59% for the period.



Reported EBITA for the half year decreased by 12% with growth of 4% on an organic, constant currency basis,

driven by higher gaming and hotel revenues.



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 2013 except for the new standards, interpretations and amendments adopted by the

group since 1 April 2013 as detailed in note 1 of the condensed consolidated financial information. As part of

the regular review of accounting practices and policies, fair value gains and losses on financial instruments,

and exchange gains and losses on financing items have now been presented on a net basis within net finance

costs.



The adoption of these new standards, interpretations and amendments has resulted in profit after tax for the

six months ended 30 September 2012 being reduced by US$11 million, primarily due to the adoption of the

amendment to IAS 19 ‘Employee benefits'. The consolidated balance sheet and cash flow were unaffected.

Comparative information has been restated as detailed in note 12 of the condensed consolidated financial

information. Additional disclosures have also been included in the financial information as a result of adopting

these new standards and amendments.



The consolidated balance sheet as at 30 September 2012 has 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 2013 are available on the company's website: www.sabmiller.com.



New and revised reporting metrics

The non-GAAP metrics used to assess the group's performance have been revised in the current year to

reflect the changes in the way in which the performance of the group's operations is evaluated and resources

allocated by the group's chief operating decision maker, defined as the executive directors. In order to show

more clearly the group's underlying revenue performance, excluding the impact of excise duties and other

similar taxes charged to the group by tax authorities, the group has presented an additional new metric, group

net producer revenue (NPR), which is defined as group revenue less excise duties and other similar taxes

including the group's share of associates' and joint ventures' excise duties and other similar taxes. Following

the introduction of the group NPR metric, the group has calculated EBITA margin using group NPR as the

denominator rather than group revenue. This demonstrates the underlying margin progression without the

distortions of changes in excise duties and other similar taxes charged to the group.



The definition of EBITDA has also been amended. Historically the group used a cash flow-based EBITDA

metric, with a number of non-cash adjustments in addition to depreciation and amortisation. However, with an

increasing number of non-cash items, this measure has become more complicated. Consequently, in an effort

to simplify the calculation of the metric and to aid comparability with other beverage companies, the group has

presented an income statement-based EBITDA metric instead, which only adjusts for depreciation and

amortisation. EBITDA comprises EBITA plus depreciation and amortisation of computer software, including the

group's share of associates' and joint ventures' depreciation and amortisation of computer software.



Additionally the group has amended its net debt definition to include the fair value of derivative financial

instruments designated as net investment hedges as these hedges are considered to be inextricably linked to

the underlying borrowings because they are used to mitigate the foreign exchange risk arising from the group's

foreign currency borrowings. This enables a more appropriate presentation of the currency profile of the

group's borrowings. Further details are included in note 10c of the consolidated financial information.



Segmental analysis

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



SABMiller uses group NPR 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 and group NPR. 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, group NPR 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 which provides a useful indication of the cash generated to

service the group's debt. This measure has been revised in light of the group's new EBITDA definition.

Adjusted EBITDA comprises operating profit before exceptional items, depreciation and amortisation (i.e.,

subsidiary EBITDA) together with the group's share of operating profit from the MillerCoors joint venture on a

similar basis. Given the significance of the MillerCoors business and the access to its cash generation, the

inclusion of MillerCoors' EBITDA provides a useful measure of the group's overall cash generation.



Disposals

In May 2013 the group completed the disposal of its non-core milk and juice business in Panama.



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$52 million before finance costs and tax were reported during the period (2012:

US$127 million). The net exceptional charge included:

   - US$79 million (2012: US$70 million) charge related to business capability programme costs in Europe

     and Corporate;

   - US$47 million gain, after associated costs, (2012: US$nil million) on the disposal of the milk and juice

     business in Panama in Latin America;

   - US$13 million (2012: US$47 million) charge related to integration and restructuring costs incurred in

     Asia Pacific following the Foster's and the Pacific Beverages acquisitions; and

   - US$7 million (2012: US$10 million) charge in respect of the Broad-Based Black Economic

     Empowerment scheme in South Africa.



Finance costs

Net finance costs were US$345 million, an 8% decrease on the prior period's US$375 million (restated),

mainly as a result of debt repayments and refinancing decisions undertaken in 2013. Finance costs in 2012

included a net gain of US$12 million from the mark to market adjustments of various derivatives on capital

items for which hedge accounting cannot be applied. The mark to market gain was excluded from the

determination of adjusted net finance costs and adjusted earnings per share. Adjusted net finance costs for

the half year were also US$345 million, down 11%.



Interest cover, as defined in the financial definitions section, has increased to 9.3 times from 8.2 times

(restated) in the prior period.



Profit before tax

Adjusted profit before tax of US$2,869 million increased by 5% over the restated comparable period in the

prior year, primarily as a result of positive brand mix, favourable pricing and higher volumes leading to

increased group NPR, together with operational efficiencies and lower finance costs, despite the adverse

impact of foreign exchange rate movements.



Profit before tax was US$2,429 million, up 7%, 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 computer software), the group's share of associates' and joint

ventures' tax and non-controlling interests, and exceptional items. Amortisation amounted to US$223 million in

the half year (2012: US$229 million); the group's share of associates' and joint ventures' tax and non-

controlling interests was US$165 million (2012: US$136 million) with the increase primarily resulting from the

full consolidation of Coca-Cola Icecek into Anadolu Efes' results, and net exceptional charges were US$52

million (2012: US$127 million) as detailed above.



Taxation

The effective rate of tax for the half year before amortisation of intangible assets (excluding computer

software) and exceptional items was 26.8% compared with a rate of 27.5% in the prior year period. The

reduction in the rate primarily results from the resolution of various uncertain tax positions during the period.



Earnings per share

The group presents adjusted basic earnings per share, which excludes the impact of amortisation of intangible

assets (excluding computer 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 120.4 US cents were up 3% on the (restated) comparable

period in the prior year, as a result of higher profits and lower net finance costs, despite a marginal increase in

the tax charge and the adverse impact of foreign exchange rate movements. An analysis of earnings per share

is shown in note 5. On a statutory basis, basic earnings per share were 8% higher at 107.4 US cents (2012:

99.4 US cents, restated) for the reasons given above, together with lower net exceptional costs than in the

comparable prior year period.



Adjusted EBITDA

Adjusted EBITDA of US$3,202 million (comprising operating profit before exceptional items, depreciation and

amortisation, and the group's share of MillerCoors' operating profit on a similar basis) increased by 1%

compared with the same period in the prior year (2012: US$3,160 million).



Cash flow and capital expenditure



Net cash generated from operations before working capital movements of US$2,663 million was in line with

the prior year period (2012: US$2,657 million), as higher operating profit, despite the adverse impact of foreign

exchange movements, in the half year included more non-cash gains than in the prior period.



Net cash generated from operating activities of US$1,184 million decreased by US$691 million on the same

period in the prior year, primarily reflecting the anticipated tax payment to the Australian Tax Office in the half

year and the receipt of a non-recurring tax refund in Australia in the prior half year, partly offset by lower

working capital cash outflows and net interest paid.



Capital expenditure on property, plant and equipment for the six months of US$639 million has increased

compared with the same period in the prior year (2012: US$599 million), with continued investment in brewing

capacity and capability, principally in Africa and Latin America. Capital expenditure including the purchase of

intangible assets was US$670 million (2012: US$655 million).



Free cash flow reduced by 47% to US$894 million, reflecting the phasing of the Australian tax receipts and

payments, together with the increased investment in associates in the half year to fund, in part, our Chinese

associate's acquisition of the Kingway brewery business. Free cash flow is detailed in note 10b, and defined in

the financial definitions section.



Borrowings and net debt

Gross debt at 30 September 2013, comprising borrowings together with the fair value of financing derivative

financial assets and liabilities, decreased to US$16,927 million from US$17,771 million (restated and reduced

by US$101 million as a result of the change in net debt definition) at 31 March 2013, primarily as a result of the

repayment of the US$1,100 million bond in August 2013 partly offset by an increase in borrowings elsewhere

in the group. Net debt, comprising gross debt net of cash and cash equivalents, increased to US$15,641

million from US$15,600 million (restated) at 31 March 2013, as cash was utilised to pay the final dividend as

well as funding investments in group operations. An analysis of net debt is provided in note 10c.



The group's gearing (presented as a ratio of net debt/equity) has increased to 59.2% from 56.8% (restated) at

31 March 2013. The weighted average interest rate for the gross debt portfolio at 30 September 2013 was

4.0% (31 March 2013: 4.1%).



Total equity

Total equity decreased from US$27,460 million at 31 March 2013 to US$26,422 million at 30 September 2013.

The decrease was primarily a result of dividend payments and the currency translation movements on foreign

currency investments, partly offset by profit for the period.



Goodwill and intangible assets

Goodwill decreased to US$18,704 million (31 March 2013: US$19,862 million) wholly as a result of foreign

exchange movements in the period. Intangible assets decreased in the period to US$8,749 million (31 March

2013: US$9,635 million) primarily owing to foreign exchange movements and amortisation. The 30 September

2012 comparatives for goodwill 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 the group operates weakening against

the US dollar.



                                                        Appreciation/                              Appreciation/

 Six months ended                       Average rate   (depreciation)              Closing rate   (depreciation)

 30 September                       2013        2012                %         2013         2012                %



 Australian dollar (AUD)            1.05        0.98              (7)         1.07         0.96             (10)

 South African rand (ZAR)           9.73        8.20             (16)        10.03         8.31             (17)

 Colombian peso (COP)              1,886       1,792              (5)        1,915        1,801              (6)

 Euro (EUR)                         0.76        0.79                4         0.74         0.78                5

 Czech koruna (CZK)                19.64       19.88                1        19.05        19.32                1

 Peruvian nuevo sol (PEN)           2.73        2.64              (3)         2.79         2.60              (7)

 Polish zloty (PLN)                 3.21        3.32                3         3.12         3.20                3

 Turkish lira (TRY)                 1.90        1.81              (5)         2.02         1.80             (11)



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 16 and 17 of the 2013 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 consumers, shoppers and customers.



   -   The risk that the group's long-term profitable growth potential may be jeopardised due to a failure to

       identify, develop and retain 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 25.0 US cents per share, an increase of 4%. The dividend

will be payable on Friday 13 December 2013 to shareholders registered on the London and Johannesburg

registers on Friday 6 December 2013. The ex-dividend trading dates will be Wednesday 4 December 2013 on

the London Stock Exchange (LSE) and Monday 2 December 2013 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 20 November 2013. The rate of exchange determined for converting to South

African rand was US$:ZAR10.094432 resulting in an equivalent interim dividend of 252.36080 SA cents per

share. The rate of exchange determined for converting to sterling was GBP:US$1.614850 resulting in an

equivalent interim dividend of 15.4813 UK pence per share.



Shareholders registered on the Johannesburg register are advised that dividend withholding tax will be

withheld from the gross final dividend amount of 252.36080 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

qualify for an exemption will therefore receive a net dividend of 214.50668 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 the introduction of dividend withholding tax on 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 dividend withholding tax to

Computershare Investor Services (Pty) Limited, Tel: +27 11 373-0004.



From the commencement of trading on Thursday 21 November 2013 until the close of business on Friday 6

December 2013, no transfers between the London and Johannesburg registers will be permitted, and from

Monday 2 December 2013 until Friday 6 December 2013, 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 condensed 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 Conduct Authority.



At the date of this statement, the directors of SABMiller plc are those listed in the SABMiller plc Annual Report

at 31 March 2013 with the exception of Cyril Ramaphosa, who retired from the board on 25 July 2013, and

Guy Elliott, who was appointed to the board with effect from 1 July 2013. A list of current directors is

maintained on the SABMiller plc website: www.sabmiller.com.



On behalf of the board



Alan Clark                                                  Jamie Wilson

Chief executive                                             Chief financial officer



20 November 2013



 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 2013, 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 Conduct 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 Conduct 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 2013 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 Conduct Authority.



PricewaterhouseCoopers LLP

Chartered Accountants

London



20 November 2013



 SABMiller plc

 CONSOLIDATED INCOME STATEMENT

 for the period ended 30 September



                                                                                         Six months       Six months             Year

                                                                                      ended 30/9/13   ended 30/9/121   ended 31/3/131

                                                                                          Unaudited        Unaudited        Unaudited

                                                                              Notes            US$m             US$m             US$m



Revenue                                                                           2          11,103           11,370           23,213

Net operating expenses                                                                      (9,132)          (9,513)         (19,021)



Operating profit                                                                  2           1,971            1,857            4,192

Operating profit before exceptional items                                                     2,023            1,984            4,392

Exceptional items                                                                 3            (52)            (127)            (200)



Net finance costs                                                                             (345)            (375)            (726)

Finance costs                                                                                 (578)            (599)          (1,186)

Finance income                                                                                  233              224              460



Share of post-tax results of associates and joint ventures                        2             803              781            1,213



Profit before taxation                                                                        2,429            2,263            4,679

Taxation                                                                          4           (598)            (593)          (1,192)

Profit for the period                                                                         1,831            1,670            3,487



Profit attributable to non-controlling interests                                                117               91              237

Profit attributable to owners of the parent                                       5           1,714            1,579            3,250

                                                                                              1,831            1,670            3,487



Basic earnings per share (US cents)                                               5           107.4             99.4            204.3

Diluted earnings per share (US cents)                                             5           106.0             98.4            202.0



(1)As restated (see note 12).



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



 SABMiller plc

 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 for the period ended 30 September



                                                                                        Six months        Six months             Year

                                                                                     ended 30/9/13    ended 30/9/121   ended 31/3/131

                                                                                         Unaudited         Unaudited        Unaudited

                                                                              Notes           US$m              US$m             US$m



Profit for the period                                                                        1,831             1,670            3,487

Other comprehensive loss:



Items that will not be reclassified to profit or loss

Net remeasurements of defined benefit plans                                                   -           1      (19)



Tax on items that will not be reclassified                                        4         (1)         (7)        19



Share of associates' and joint ventures' other comprehensive

                                                                                             10          20      (26)

 income/(loss)

Total items that will not be reclassified to profit or loss                                   9          14      (26)



Items that may be reclassified subsequently to profit or loss

Currency translation differences on foreign currency net investments:

- Decrease in foreign currency translation reserve during the period                    (1,850)       (318)     (700)



Available for sale investments:

- Fair value losses arising during the period                                                 -           -       (1)



Net investment hedges:

- Fair value gains arising during the period                                                108          15        63



Cash flow hedges:                                                                            50        (13)       (5)

- Fair value gains/(losses) arising during the period                                        47        (15)       (8)

- Fair value (gains)/losses transferred to inventory                                        (1)           3         8

- Fair value losses/(gains) transferred to profit or loss                                     4         (1)       (5)



Tax on items that may be reclassified subsequently to profit or loss              4           -         (1)         6



Share of associates' and joint ventures' other comprehensive

                                                                                             46           -      (13)

  income/(loss):

- Share of associates' and joint ventures' other comprehensive

                                                                                             55           -      (13)

  income/(loss) during the period

- Share of associates' and joint ventures' recycling of available for sale

                                                                                            (9)           -         -

  reserve on disposal



Total items that may be reclassified subsequently to profit or loss                     (1,646)       (317)     (650)



Other comprehensive loss for the period, net of tax                                     (1,637)       (303)     (676)

Total comprehensive income for the period                                                   194       1,367     2,811



Attributable to:

Non-controlling interests                                                                   110          93       233

Owners of the parent                                                                         84       1,274     2,578

Total comprehensive income for the period                                                   194        1,367    2,811



(1)As restated (see note 12).



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





 SABMiller plc

 CONSOLIDATED BALANCE SHEET

 at 30 September



                                                                   30/9/13  30/9/12(1)   31/3/13

                                                                 Unaudited   Unaudited   Audited

                                                          Notes       US$m        US$m      US$m



Assets

Non-current assets

Goodwill                                                            18,704      20,062    19,862

Intangible assets                                            7       8,749       9,790     9,635

Property, plant and equipment                                8       8,973       9,087     9,059

Investments in joint ventures                                        5,526       5,528     5,547

Investments in associates                                            5,686       5,277     5,416

Available for sale investments                                          22          28        22

Derivative financial instruments                                       813         865       732

Trade and other receivables                                            125         137       144

Deferred tax assets                                                     54          94        71

Loan participation deposit                                             100         100       100

                                                                    48,752      50,968    50,588

Current assets

Inventories                                                          1,260       1,296     1,175

Trade and other receivables                                          2,056       2,155     2,067

Current tax assets                                                     220         221       159

Derivative financial instruments                                        77          40       111



Available for sale investments                                           -          1          -   

Cash and cash equivalents                                   10c      1,286        780      2,171   

                                                                     4,899      4,493      5,683   

Assets of disposal group classified as held for sale                     -          -         23   

                                                                     4,899      4,493      5,706   

Total assets                                                        53,651     55,461     56,294   

Liabilities                                                                                        

Current liabilities                                                                                

Derivative financial instruments                                      (50)       (50)       (34)   

Borrowings                                                  10c    (1,503)    (2,122)    (2,469)   

Trade and other payables                                           (3,957)    (4,068)    (4,004)   

Current tax liabilities                                            (1,041)    (1,363)    (1,460)   

Provisions                                                           (479)      (618)      (558)   

                                                                   (7,030)    (8,221)    (8,525)   

Liabilities of disposal group classified as held for sale                -          -        (1)   

                                                                   (7,030)    (8,221)    (8,526)   

Non-current liabilities                                                                            

Derivative financial instruments                                      (57)       (89)       (52)   

Borrowings                                                  10c   (16,196)   (16,499)   (16,079)   

Trade and other payables                                             (130)       (76)      (132)   

Deferred tax liabilities                                           (3,316)    (3,681)    (3,507)   

Provisions                                                           (500)      (558)      (538)   

                                                                  (20,199)   (20,903)   (20,308)   

Total liabilities                                                 (27,229)   (29,124)   (28,834)   

Net assets                                                          26,422     26,337     27,460   

Equity                                                                                             

Share capital                                                          167        166        167   

Share premium                                                        6,610      6,526      6,581   

Merger relief reserve                                                4,321      4,586      4,586   

Other reserves                                                       (310)      1,657      1,328   

Retained earnings                                                   14,534     12,373     13,710   

Total shareholders' equity                                          25,322     25,308     26,372   

Non-controlling interests                                            1,100      1,029      1,088   

Total equity                                                        26,422     26,337     27,460   





(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 period ended 30 September



                                                                         Six months      Six months            Year   

                                                                      ended 30/9/13   ended 30/9/12   ended 31/3/13   

                                                                          Unaudited       Unaudited         Audited   

                                                              Notes            US$m            US$m            US$m   

Cash flows from operating activities                                                                                  

Cash generated from operations                                  10a           2,596           2,438           5,554   

Interest received                                                               227             243             468   

Interest paid                                                                 (592)           (645)         (1,238)   

Tax paid                                                                    (1,047)           (161)           (683)   

Net cash generated from operating activities                    10b           1,184           1,875           4,101   

Cash flows from investing activities                                                                                  

Purchase of property, plant and equipment                                     (639)           (599)         (1,335)   

Proceeds from sale of property, plant and equipment                              49              16              30   

Purchase of intangible assets                                                  (31)            (56)           (144)   

Proceeds from sale of intangible assets                                           -               4               4   

Proceeds from disposal of available for sale investments                          -               -               5   

Proceeds from disposal of associates                                              -               -              21   

Proceeds from disposal of businesses (net of cash disposed)                      88              57              57   

Acquisition of businesses (net of cash acquired)                                  -               -             (6)   

Investments in joint ventures                                                  (23)            (67)           (272)   

Investments in associates                                                     (196)               -            (23)   

Dividends received from joint ventures                                          494             517             886   

Dividends received from associates                                              157              54             113   





Dividends received from other investments                                                      1         1         1   

Net cash used in investing activities                                                      (100)      (73)     (663)   

Cash flows from financing activities                                                                                   

Proceeds from the issue of shares                                                             41        46       102   

Proceeds from the issue of shares in subsidiaries to non-controlling

  interests                                                                                    1        36        36   

Purchase of own shares for share trusts                                                     (53)      (53)      (53)   

Purchase of shares from non-controlling interests                                            (5)         -         -   

Proceeds from borrowings                                                                   1,877       656     2,318   

Repayment of borrowings                                                                  (2,493)   (1,453)   (2,878)   

Proceeds from associate in relation to loan participation deposit                              -         -       100   

Capital element of finance lease payments                                                    (5)       (3)       (6)   

Net cash receipts/(payments) on derivative financial instruments                             107        20       (5)   

Dividends paid to shareholders of the parent                                             (1,236)   (1,125)   (1,517)   

Dividends paid to non-controlling interests                                                (102)      (61)     (131)   

Net cash used in financing activities                                                    (1,868)   (1,937)   (2,034)   

Net cash (outflow)/inflow from operating, investing and financing activities               (784)     (135)     1,404   

Effects of exchange rate changes                                                            (39)      (22)      (51)   

Net (decrease)/increase in cash and cash equivalents                                       (823)     (157)     1,353   

Cash and cash equivalents at 1 April                                               10c     1,959       606       606   

Cash and cash equivalents at end of period                                         10c     1,136       449     1,959   





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



 SABMiller plc

 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 for the period 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 2012 (audited)                           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                                 -            -          -           -      1,579           1,579          91        1,670

Other comprehensive (loss)/income                     -            -          -       (321)         16           (305)           2        (303)

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

                                                      -            -          -           -          -               -          36           36

  subsidiaries to non-controlling interests

Non-controlling interests disposed of via

                                                      -            -          -           -          -               -        (13)         (13)

  business disposal

Payment for purchase of own shares for share

                                                      -            -          -           -       (53)            (53)           -         (53)

  trusts

Credit entry relating to share-based payments         -            -          -           -         93              93           -           93



At 30 September 20121 (unaudited)                   166        6,526      4,586       1,657     12,373          25,308       1,029       26,337



At 1 April 2012 (audited)                           166        6,480      4,586       1,978     11,863          25,073         959       26,032



Total comprehensive income                            -            -          -       (650)      3,228           2,578         233        2,811

Profit for the year                                   -            -          -           -      3,250           3,250         237        3,487

Other comprehensive loss                              -            -          -       (650)       (22)           (672)         (4)        (676)

Dividends paid                                        -            -          -           -    (1,517)         (1,517)       (128)      (1,645)

Issue of SABMiller plc ordinary shares                1          101          -           -          -             102           -          102

Proceeds from the issue of shares in

                                                      -            -          -           -          -               -          36           36

  subsidiaries to non-controlling interests

Non-controlling interests disposed of via

                                                      -            -          -           -          -               -        (13)         (13)

  business disposal

Arising on business combinations                      -            -          -           -          -               -           1            1

Payment for purchase of own shares for share

                                                      -            -          -           -       (53)            (53)           -         (53)

  trusts

Credit entry relating to share-based payments         -            -          -           -        189             189           -          189



At 31 March 20131 (unaudited)                       167        6,581      4,586       1,328     13,710          26,372       1,088       27,460



At 1 April 20131 (unaudited)                        167        6,581      4,586       1,328     13,710          26,372       1,088       27,460



Total comprehensive income                            -            -          -     (1,638)      1,722              84         110          194

Profit for the period                                 -            -          -           -      1,714           1,714         117        1,831



Other comprehensive (loss)/income                     -            -          -     (1,638)          8         (1,630)         (7)      (1,637)

Dividends paid                                        -            -          -           -    (1,236)         (1,236)        (99)      (1,335)

Issue of SABMiller plc ordinary shares                -           29          -           -         12              41           -           41

Proceeds from the issue of shares in

                                                      -            -          -           -          -               -           1            1

  subsidiaries to non-controlling interests

Payment for purchase of own shares for share

                                                      -            -          -           -       (53)            (53)           -         (53)

  trusts

Buyout of non-controlling interests                   -            -          -           -        (5)             (5)           -          (5)

Utilisation of merger relief reserve                  -            -      (265)           -        265               -           -            -

Credit entry relating to share-based payments         -            -          -           -        119             119           -          119



At 30 September 2013 (unaudited)                    167        6,610      4,321       (310)     14,534          25,322       1,100       26,422



(1)As restated (see note 12).



Merger relief reserve

At 1 April 2013 the merger relief reserve comprised US$3,395 million in respect of the excess of value attributed to the shares issued as consideration

for Miller Brewing Company over the nominal value of those shares and US$1,191 million relating to the merger relief arising on the issue of SABMiller

plc ordinary shares for the buyout of non-controlling interests in the group's Polish business. In the six months ended 30 September 2013, the group

transferred US$265 million of the reserve relating to the Polish business to retained earnings upon realisation of qualifying consideration.



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 2013 and 30 September 2012, together with the unaudited results for the year ended 31 March 2013. The unaudited balance

sheet for the six months ended 30 September 2012 has been restated for adjustments relating to initial accounting for business combinations. The

results for the six months ended 30 September 2012, and the year ended 31 March 2013 have been restated as a result of the changes in accounting

policies detailed below. 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 20

November 2013. The annual financial statements for the year ended 31 March 2013, approved by the board of directors on 5 June 2013, 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

Conduct 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 2013, 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 information is 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 financial information has 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 2013, which were published in June 2013, as described in those

financial statements, except for the following standards, interpretations and amendments that have been adopted by the group since 1 April 2013:



     -    Amendment to IAS 19, ‘Employee benefits'. The adoption of this revised standard retrospectively from 1 April 2013 has resulted in the interest

          charge on retirement benefit liabilities and the expected return on plan assets being replaced by a net interest charge on net defined benefit

          liabilities. This net charge is included within operating costs. Further details of these adjustments are provided in note 12.



     -    Amendment to IAS 1, ‘Financial statement presentation'. The adoption of this amendment has resulted in changes to the presentation of

          certain items within other comprehensive income in the consolidated statement of comprehensive income.



     -    IFRS 13, ‘Fair value measurement'. This new standard provides a single source of fair value measurement and disclosure requirements. It

          does not require restatement of historical information. The additional disclosures required as a result of this standard are included in note 9 of

          the financial information.



As part of the regular review of accounting practices and policies, fair value gains and losses on financial instruments, and exchange gains and losses

on financing items have now been presented on a net basis within net finance costs. There has been no impact on net finance costs, profit for the

period, or the financial position of the group. The group believes this change in presentation provides more relevant information and aids comparability

with its peers in the industry. Comparatives have been restated for consistency. Further details of these adjustments are provided in note 12.



2. Segmental information



Operating segments reflect the management structure of the group and the way performance is evaluated and resources allocated based on group NPR

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 30/9/13        Six months ended 30/9/12                Year ended 31/3/13



                                                                  Group NPR       EBITA       Group NPR   EBITA(1)       Group NPR     EBITA(1)

                                                                  Unaudited   Unaudited       Unaudited  Unaudited       Unaudited    Unaudited

                                                                       US$m        US$m            US$m       US$m            US$m         US$m



Latin America                                                         2,754         972           2,740        920           5,802        2,112

Europe                                                                2,684         512           2,454        516           4,300          784

North America                                                         2,514         478           2,518        464           4,656          740

Africa                                                                1,657         408           1,523        355           3,290          838

Asia Pacific                                                          2,159         540           2,202        506           4,005          854

South Africa:                                                         2,025         443           2,232        486           4,879        1,253

- Beverages                                                           1,839         386           2,031        421           4,475        1,119

- Hotels and Gaming                                                     186          57            201          65             404          134

Corporate                                                                 -        (85)             -         (94)               -        (202)

                                                                     13,793       3,268         13,669       3,153          26,932        6,379



Amortisation of intangible assets (excluding computer software) –

                                                                                  (223)                       (229)                       (483)

 group and share of associates' and joint ventures'

Exceptional items in operating profit – group and share of

                                                                                   (52)                       (127)                       (205)

 associates' and joint ventures'

Net finance costs – group and share of associates' and joint

                                                                                  (399)                       (398)                       (770)

 ventures' (excluding exceptional items)

Share of associates' and joint ventures' taxation                                 (103)                        (99)                       (164)

Share of associates' and joint ventures' non-controlling interests                 (62)                        (37)                        (78)

Profit before taxation                                                            2,429                       2,263                       4,679



(1)As restated (see note 12).



Group revenue and group NPR (including the group's share of 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

                                                                                            associates' and

                                                   Share of                                 joint ventures'

                                            associates' and                Excise duties      excise duties

                                            joint ventures'        Group       and other          and other

                                  Revenue           revenue      revenue   similar taxes      similar taxes     Group NPR

                                     2013              2013         2013            2013               2013          2013

                                Unaudited         Unaudited    Unaudited       Unaudited          Unaudited     Unaudited

Six months ended 30 September        US$m              US$m         US$m            US$m               US$m          US$m



Latin America                       3,741                 -        3,741           (987)                  -         2,754

Europe                              2,487             1,045        3,532           (572)              (276)         2,684

North America                          75             2,810        2,885             (3)              (368)         2,514

Africa                              1,149               806        1,955           (210)               (88)         1,657

Asia Pacific                        1,617             1,317        2,934           (606)              (169)         2,159

South Africa:                       2,034               478        2,512           (416)               (71)         2,025

- Beverages                         2,034               263        2,297           (416)               (42)         1,839

- Hotels and Gaming                     -               215          215               -               (29)           186



                                   11,103             6,456       17,559         (2,794)              (972)        13,793



                                     2012              2012         2012            2012               2012          2012

                                Unaudited         Unaudited    Unaudited       Unaudited          Unaudited     Unaudited

Six months ended 30 September        US$m              US$m         US$m            US$m               US$m          US$m



Latin America                       3,687                 -        3,687           (947)                  -         2,740

Europe                              2,468               825        3,293           (573)              (266)         2,454

North America                          74             2,827        2,901             (2)              (381)         2,518

Africa                              1,069               723        1,792           (201)               (68)         1,523

Asia Pacific                        1,821             1,219        3,040           (685)              (153)         2,202

South Africa:                       2,251               512        2,763           (443)               (88)         2,232

- Beverages                         2,251               279        2,530           (443)               (56)         2,031

- Hotels and Gaming                     -               233          233               -               (32)           201



                                   11,370             6,106       17,476         (2,851)              (956)        13,669



                                     2013              2013         2013            2013               2013          2013

                                  Audited           Audited      Audited       Unaudited          Unaudited     Unaudited

Year ended 31 March                  US$m              US$m         US$m            US$m               US$m          US$m



Latin America                       7,821                 -        7,821          (2,019)                 -         5,802

Europe                              4,292             1,475        5,767            (995)             (472)         4,300

North America                         141             5,214        5,355              (4)             (695)         4,656

Africa                              2,267             1,586        3,853            (420)             (143)         3,290



Asia Pacific                        3,797             1,888        5,685          (1,440)             (240)         4,005

South Africa:                       4,895             1,111        6,006            (950)             (177)         4,879

- Beverages                         4,895               645        5,540            (950)             (115)         4,475

- Hotels and Gaming                     -               466          466                -              (62)           404



                                   23,213            11,274       34,487          (5,828)           (1,727)        26,932





Operating profit and EBITA (segment result)

The following table provides a reconciliation of operating profit to operating profit before exceptional items, and to EBITA. EBITA comprises operating

profit before exceptional items, amortisation of intangible assets (excluding computer software) and includes the group's share of associates' and joint

ventures' operating profit on a similar basis.





                                                                                                                              Share of

                                                                                                                          associates'

                                                                                         Share of                           and joint

                                                                                      associates'                           ventures'

                                                                                        and joint      Amortisation      amortisation

                                                                                        ventures'     of intangible     of intangible

                                                                      Operating         operating            assets            assets

                                                                  profit before     profit before        (excluding        (excluding

                                 Operating        Exceptional       exceptional       exceptional          computer          computer

                                    profit              items             items             items         software)         software)             EBITA

    Six months ended             Unaudited          Unaudited         Unaudited         Unaudited         Unaudited         Unaudited         Unaudited

    30 September 2013                 US$m               US$m              US$m              US$m              US$m              US$m              US$m



    Latin America                      957               (47)               910                 -                62                 -               972

    Europe                             379                  4               383               104                 9                16               512

    North America                        7                  -                 7               451                 -                20               478

    Africa                             216                  -               216               189                 3                 -               408

    Asia Pacific                       215                 13               228               201               111                 -               540

    South Africa:                      357                  7               364                77                 -                 2               443

    - Beverages                        357                  7               364                22                 -                 -               386

    - Hotels and Gaming                  -                  -                 -                55                 -                 2                57

    Corporate                        (160)                 75              (85)                 -                 -                 -              (85)

                                     1,971                 52             2,023             1,022               185                38             3,268



    Six months ended          Unaudited(1)          Unaudited       Unaudited(1)     Unaudited(1)         Unaudited         Unaudited      Unaudited(1)

    30 September 2012                 US$m               US$m               US$m             US$m              US$m              US$m              US$m



    Latin America                      810                 45                855                -                65                 -               920

    Europe                             385                 35                420               85                 9                 2               516

    North America                        4                  -                  4              439                 -                21               464

    Africa                             171                  -                171              180                 4                 -               355

    Asia Pacific                       175                 47                222              163               121                 -               506

    South Africa:                      394                 12                406               73                 -                 7               486

    - Beverages                        394                 12                406               15                 -                 -               421

    - Hotels and Gaming                  -                  -                  -               58                 -                 7                65

    Corporate                         (82)               (12)               (94)                -                 -                 -              (94)

                                     1,857                127              1,984              940               199                30             3,153



    Year ended                Unaudited(1)            Audited       Unaudited(1)      Unaudited(1)        Unaudited         Unaudited      Unaudited(1)

    31 March 2013                     US$m               US$m               US$m              US$m             US$m              US$m              US$m



    Latin America                    1,920                 63              1,983                 -              129                 -             2,112

    Europe                             588                 64                652                76               21                35               784

    North America                        7                  -                  7               690                -                43               740

    Africa                             518               (79)                439               392                7                 -               838

    Asia Pacific                       357                104                461               156              237                 -               854

    South Africa:                    1,030                 22              1,052               190                -                11             1,253

    - Beverages                      1,030                 22              1,052                67                -                 -             1,119

    - Hotels and Gaming                  -                  -                  -               123                -                11               134

    Corporate                        (228)                 26              (202)                 -                -                 -             (202)

                                     4,192                200              4,392             1,504              394                89             6,379

(1) As restated (see note 12).



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

                                                                                                              30/9/13            30/9/121        31/3/131

                                                                                                            Unaudited           Unaudited       Unaudited

                                                                                                                 US$m                US$m            US$m



    Share of associates' and joint ventures' operating profit (before exceptional items)                        1,022                 940           1,504

    Share of associates' and joint ventures' exceptional items in operating profit                                  -                   -             (5)

    Share of associates' and joint ventures' net finance costs                                                   (54)                (23)            (44)

    Share of associates' and joint ventures' taxation                                                           (103)                (99)           (164)

    Share of associates' and joint ventures' non-controlling interests                                           (62)                (37)            (78)

    Share of post-tax results of associates and joint ventures                                                    803                 781           1,213



(1)As restated (see note 12).



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

EBITA is reconciled to EBITDA as follows.



                                                                    Share of                                                     Share of

                                                                 associates'                                                  associates'

                                                                   and joint                                                    and joint

                                                                   ventures'                                                    ventures'

                                       EBITA    Depreciation    depreciation         EBITDA         EBITA     Depreciation   depreciation        EBITDA

                                        2013            2013            2013           2013       2012(1)             2012           2012       2012(1)

    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                        972             166               -          1,138           920              167              -         1,087

    Europe                               512             109              44            665           516              102             31           649

    North America                        478               -              61            539           464                -             64           528

    Africa                               408              57              58            523           355               50             51           456

    Asia Pacific                         540              36              62            638           506               36             56           598

    South Africa:                        443              81              17            541           486               86             20           592

    - Beverages                          386              81               4            471           421               86              4           511

    - Hotels and Gaming                   57               -              13             70            65                -             16            81

    Corporate                            (85)             13               -           (72)          (94)               12              -          (82)

                                        3,268            462             242          3,972         3,153              453            222         3,828



                                                                                                  2013(1)             2013           2013       2013(1)

                                                                                                Unaudited        Unaudited      Unaudited     Unaudited

    Year ended 31 March                                                                              US$m             US$m           US$m          US$m



    Latin America                                                                                   2,112              337              -         2,449

    Europe                                                                                            784              205             70         1,059

    North America                                                                                     740                -            126           866

    Africa                                                                                            838               98            103         1,039

    Asia Pacific                                                                                      854               79            108         1,041

    South Africa:                                                                                   1,253              172             36         1,461

    - Beverages                                                                                     1,119              172              8         1,299

    - Hotels and Gaming                                                                               134                -             28           162

    Corporate                                                                                       (202)               28              -         (174)

                                                                                                    6,379              919            443         7,741



(1) As restated (see note 12).





Adjusted EBITDA

Adjusted EBITDA is comprised of the following.



                                                                                                             Six months        Six months          Year

                                                                                                                  ended             ended         ended

                                                                                                                30/9/13        30/9/12(1)    31/3/13(1)

                                                                                                              Unaudited         Unaudited     Unaudited

                                                                                                                   US$m              US$m          US$m



    Subsidiaries' EBITDA                                                                                           2,670            2,636         5,705

    -    Operating profit before exceptional items                                                                 2,023            1,984         4,392

    -    Depreciation (including amortisation of computer software)                                                  462              453           919

    -    Amortisation (excluding computer software)                                                                  185              199           394



    Group's share of MillerCoors' EBITDA                                                                             532              524           859

    -    Operating profit before exceptional items                                                                   451              439           690

    -    Depreciation (including amortisation of computer software)                                                   61               64           126



    -    Amortisation (excluding computer software)                                                                   20               21            43



    Adjusted EBITDA                                                                                                3,202            3,160         6,564



(1)As restated (see note 12).



3. Exceptional items



                                                                                                              Six months       Six months            Year

                                                                                                                   ended            ended           Ended

                                                                                                                 30/9/13          30/9/12         31/3/13

                                                                                                               Unaudited        Unaudited         Audited

                                                                                                                    US$m             US$m            US$m



Exceptional items included in operating profit:

Net profit on disposal of businesses                                                                                  47                -              79

Business capability programme costs                                                                                 (79)             (70)           (141)

Integration and restructuring costs                                                                                 (13)             (47)            (91)

Broad-Based Black Economic Empowerment scheme charges                                                                (7)             (10)            (17)

Impairments                                                                                                            -                -            (30)

Net exceptional losses included within operating profit                                                             (52)            (127)           (200)



Share of associates' and joint ventures' exceptional items:

Impairments                                                                                                            -                -             (5)

Share of associates' and joint ventures' exceptional losses                                                            -                -             (5)

Non-controlling interests' share of associates' and joint ventures' exceptional losses                                 -                -               2

Group's share of associates' and joint ventures' exceptional losses                                                    -                -             (3)



Net taxation credits relating to subsidiaries' and the group's share of

 associates' and joint ventures' exceptional items                                                                     5                2              20



Exceptional items included in operating profit



Net profit on disposal of businesses

In 2013 a net profit of US$47 million, after associated costs, was realised on the disposal of the milk and juice business in Panama, in Latin America.



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$79 million have been incurred in the period (2012: US$70

million).



Broad-Based Black Economic Empowerment scheme charges

US$7 million (2012: US$10 million) of charges have been incurred in relation to the Broad-Based Black Economic Empowerment (BBBEE) scheme in

South Africa. This represents the on-going IFRS 2 share-based payment charge in respect of the employee element of the scheme.



Integration and restructuring gain

In 2013 US$13 million (2012: US$47 million) of integration and restructuring costs were incurred in Asia Pacific following the Foster's and the Pacific

Beverages acquisitions.



Net taxation credits relating to subsidiaries' and the group's share of associates' and joint ventures' exceptional items

Net taxation credits of US$5 million (2012: US$2 million) arose in relation to exceptional items during the period.



4. Taxation



                                                                                                             Six months      Six months           Year

                                                                                                                  ended           ended          ended

                                                                                                                30/9/13      30/9/12(1)     31/3/13(1)

                                                                                                              Unaudited       Unaudited      Unaudited

                                                                                                                   US$m            US$m           US$m



Current taxation                                                                                                    519             575          1,118

- Charge for the period                                                                                             520             573          1,131

- Adjustments in respect of prior periods                                                                           (1)              2            (13)

Withholding taxes and other remittance taxes                                                                         77              95            170

Total current taxation                                                                                              596             670          1,288



Deferred taxation                                                                                                     2             (77)          (96)

- Charge/(credit) for the period                                                                                      1             (77)          (37)

- Adjustments in respect of prior periods                                                                             1               -              5

- Rate change                                                                                                         -               -           (64)



Taxation expense                                                                                                    598             593          1,192



Tax charge/(credit) relating to components of other comprehensive income is as follows:

Deferred tax charge/(credit) on remeasurements of defined benefit plans                                               1               7           (19)

Deferred tax charge/(credit) on financial instruments                                                                 -               1            (6)



                                                                                                                      1               8            (25)



Effective tax rate (%)                                                                                             26.8            27.5            27.0



UK taxation included in the above

Current taxation                                                                                                      -               -               -

Withholding taxes and other remittance taxes                                                                         53              74             133

Total current taxation                                                                                               53              74             133

Deferred taxation                                                                                                     -               -              24

UK taxation expense                                                                                                  53              74             157



(1) As restated (see note 12).



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 computer software) was US$63 million (2012:

US$60 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             ended            ended

                                                                                                                   30/9/13        30/9/12(1)       31/3/13(1)

                                                                                                                 Unaudited         Unaudited        Unaudited

                                                                                                                  US cents          US cents         US cents



Basic earnings per share                                                                                             107.4              99.4            204.3

Diluted earnings per share                                                                                           106.0              98.4            202.0

Headline earnings per share                                                                                          104.6             100.8            203.0

Adjusted basic earnings per share                                                                                    120.4             117.3            237.2

Adjusted diluted earnings per share                                                                                  118.8             116.1            234.5



(1) As restated (see note 12).



The weighted average number of shares was:



                                                                                                                 Six months        Six months             Year

                                                                                                                      ended             ended            ended

                                                                                                                    30/9/13           30/9/12          31/3/13

                                                                                                                  Unaudited         Unaudited          Audited

                                                                                                                Millions of       Millions of      Millions of

                                                                                                                     shares            shares           shares



Ordinary shares                                                                                                       1,670             1,665            1,667

Treasury shares                                                                                                        (67)              (72)             (72)

EBT ordinary shares                                                                                                     (8)               (5)              (5)

Basic shares                                                                                                          1,595             1,588            1,590

Dilutive ordinary shares                                                                                                 22                17               19

Diluted shares                                                                                                        1,617             1,605            1,609



The calculation of diluted earnings per share excludes 7,105,465 (2012: 9,369,595) 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, and 21,939,292 (2012: 22,335,737) share awards that were non-

dilutive for the period because the performance conditions attached to the share awards have not been met. 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 computer 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 2/2013 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           ended           ended

                                                                                                                 30/9/13      30/9/12(1)      31/3/13(1)

                                                                                                               Unaudited       Unaudited       Unaudited

                                                                                                                    US$m            US$m            US$m



Profit for the period attributable to owners of the parent                                                         1,714           1,579           3,250

Headline adjustments

Impairment of goodwill                                                                                                 -               -              11

Impairment of property, plant and equipment                                                                            -              20              39

Loss on disposal of property, plant and equipment                                                                      -               2              13

Net profit on disposal of businesses                                                                                (47)               -            (79)



Gain on dilution of investment in associate                                                                            -               -             (4)

Tax effects of these items                                                                                             -             (8)            (14)

Non-controlling interests' share of the above items                                                                    1               -             (3)

Share of associates' and joint ventures' headline adjustments, net of tax and non-controlling interests                -               9              15

Headline earnings                                                                                                  1,668           1,602           3,228

Business capability programme costs                                                                                   79              70             141

Broad-Based Black Economic Empowerment scheme charges                                                                  7              10              17

Integration and restructuring costs                                                                                   13              27              71

Net gain on fair value movements on capital items(2)                                                                   -            (12)            (12)

Amortisation of intangible assets (excluding computer software)                                                      185             199             394

Tax effects of the above items                                                                                      (64)            (55)           (137)

Non-controlling interests' share of the above items                                                                  (2)             (4)             (8)

Share of associates' and joint ventures' other adjustments, net of tax and non-controlling interests                  34              27              78

Adjusted earnings                                                                                                  1,920           1,864           3,772



(1)As restated (see note 12).

(2)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 30/9/13  ended 30/9/12  ended 31/3/13

                                                                                                              Unaudited      Unaudited        Audited

                                                                                                               US cents       US cents       US cents



Prior year final dividend paid per ordinary share                                                                  77.0           69.5           69.5

Current year interim dividend paid per ordinary share                                                                 -              -           24.0



The interim dividend declared of 25.0 US cents per ordinary share is payable on 13 December 2013 to ordinary shareholders on the register as at

6 December 2013 and will absorb an estimated US$399 million of shareholders' funds.



7. Intangible assets



                                                                                                              Six months     Six months            Year

                                                                                                           ended 30/9/13  ended 30/9/12   ended 31/3/13

                                                                                                               Unaudited      Unaudited         Audited

                                                                                                                    US$m           US$m            US$m



Net book amount at beginning of period                                                                             9,635          9,958           9,958

Exchange adjustments                                                                                               (697)              5            (17)

Additions - separately acquired                                                                                       27             56             149

Acquisitions - through business combinations                                                                           -              -               2

Amortisation                                                                                                       (216)          (224)           (450)

Disposals                                                                                                              -            (5)             (5)

Transfers to disposal group classified as held for sale                                                                -              -             (2)

Net book amount at end of period                                                                                   8,749          9,790           9,635





8. Property, plant and equipment



                                                                                                              Six months     Six months             Year

                                                                                                           ended 30/9/13  ended 30/9/12    ended 31/3/13

                                                                                                               Unaudited      Unaudited          Audited

                                                                                                                    US$m           US$m             US$m



Net book amount at beginning of period                                                                             9,059           9,162           9,162

Exchange adjustments                                                                                               (236)           (197)           (435)

Additions                                                                                                            628             603           1,365

Acquisitions - through business combinations                                                                           -               -               2

Disposals                                                                                                           (19)            (23)            (80)

Impairment                                                                                                             -            (20)            (39)

Depreciation                                                                                                       (432)           (429)           (867)

Transfers to disposal group classified as held for sale                                                                -               -             (5)

Other movements                                                                                                     (27)             (9)            (44)

Net book amount at end of period                                                                                   8,973           9,087           9,059





9. Financial risk factors



In the normal course of business, the group is exposed to the following financial risks:

- Market risk

- Credit risk

- Liquidity risk



A full description of the group's exposure to the above risks and the group's policies and processes that are in place to manage the risks arising, aided

by quantitative disclosures, is included in note 22 of the 2013 annual report. There has been no significant change in the nature of the financial risks to

which the group is exposed, or the group's policies and processes to manage these risks, since 1 April 2013.



Fair value estimation

The following table presents the group's financial assets and liabilities that are measured at fair value.



                                     Level 1     Level 2     Level 3       Total     Level 1     Level 2     Level 3       Total   

                                        2013        2013        2013        2013        2012        2012        2012        2012   

                                   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   

At 30 September                         US$m        US$m        US$m        US$m        US$m        US$m        US$m        US$m   

Assets                                                                                                                             

Derivative financial instruments           -         890           -         890           -         905           -         905   

Available for sale investments             -          10          12          22           -          17          12          29   

Total assets                               -         900          12         912           -         922          12         934   

Liabilities                                                                                                                        

Derivative financial instruments           -       (107)           -       (107)           -       (139)           -       (139)   

Total liabilities                          -       (107)           -       (107)           -       (139)           -       (139)   

                                                                                        2013        2013        2013        2013   

                                                                                     Audited     Audited     Audited     Audited   

At 31 March                                                                             US$m        US$m        US$m        US$m   

Assets                                                                                                                             

Derivative financial instruments                                                           -         843           -         843   

Available for sale investments                                                             -          10          12          22   

Total assets                                                                               -         853          12         865   

Liabilities                                                                                                                        

Derivative financial instruments                                                           -        (86)           -        (86)   

Total liabilities                                                                          -        (86)           -        (86)   





The levels of the fair value hierarchy and its application to the group's financial assets and liabilities are described in full in note 22 of the 2013 annual

report. The methods and techniques employed in determining fair values are consistent with those used at 31 March 2013 and are summarised below.

There were no transfers between Level 1, 2, or 3 in the six months to 30 September 2013.



Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.



Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

The fair values of financial instruments that are not traded in an active market (for example, over the counter derivatives or infrequently traded listed

investments) are determined by using valuation techniques.



Level 3: Inputs for the asset or liability that are not based on observable market data.



The fair value of non-current borrowings at 30 September 2013 is US$16,505 million (31 March 2013: US$16,811 million). The fair values are based on

a combination of market quoted prices and cash flows discounted using prevailing interest rates. The fair values of all other financial assets and

liabilities are equivalent to their carrying values.



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



                                                                Six months       Six months             Year   

                                                                     ended            ended            ended

                                                                   30/9/13       30/9/12(1)       31/3/13(1)    

                                                                 Unaudited        Unaudited        Unaudited   

                                                                      US$m             US$m             US$m   

Profit for the period                                                1,831            1,670            3,487   

Taxation                                                               598              593            1,192   

Share of post-tax results of associates and joint ventures           (803)            (781)          (1,213)   

Net finance costs                                                      345              375              726   

Operating profit                                                     1,971            1,857            4,192   

Depreciation:                                                                                                  

- Property, plant and equipment                                        314              317              641   

- Containers                                                           118              112              226   

Container breakages, shrinkages and write-offs                          14               13               38   

Net profit on disposal of businesses                                  (47)                -             (79)   

Gain on dilution of investment in associate                              -                -              (4)   

(Profit)/loss on disposal of property, plant and equipment            (20)                2               13   

Amortisation of intangible assets                                      216              224              450   

Impairment of goodwill                                                   -                -               11   

Impairment of property, plant and equipment                              -               20               39   

Impairment of working capital balances                                   6                1               31   

Amortisation of advances to customers                                   20               24               45   

Unrealised net gain from fair value hedges                            (10)              (1)                -   

Dividends received from other investments                              (1)              (1)              (1)   

Charge with respect to share options                                    95               86              184   





Charge with respect to Broad-Based Black Economic Empowerment scheme     7               10               17

Other non-cash movements                                              (20)              (7)              (45)

Net cash generated from operations before working capital movements  2,663            2,657             5,758

Net outflow in working capital                                        (67)            (219)             (204)

Net cash generated from operations                                   2,596            2,438             5,554



(1)As restated (see note 12).



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





                                                                                           Six months     Six months           Year

                                                                                        ended 30/9/13  ended 30/9/12  ended 31/3/13

                                                                                            Unaudited      Unaudited        Audited

                                                                                                 US$m           US$m           US$m



Net cash generated from operating activities                                                    1,184          1,875          4,101

Purchase of property, plant and equipment                                                       (639)          (599)        (1,335)

Proceeds from sale of property, plant and equipment                                                49             16             30

Purchase of intangible assets                                                                    (31)           (56)          (144)

Proceeds from sale of intangible assets                                                             -              4              4

Investments in joint ventures                                                                    (23)           (67)          (272)

Investments in associates                                                                       (196)              -           (23)

Dividends received from joint ventures                                                            494            517            886

Dividends received from associates                                                                157             54            113

Dividends received from other investments                                                           1              1              1

Dividends paid to non-controlling interests                                                     (102)           (61)          (131)

Free cash flow                                                                                    894          1,684          3,230



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   

                                                    30/9/13     30/9/12   31/3/13   

                                                  Unaudited   Unaudited   Audited   

                                                       US$m        US$m      US$m   

Cash and cash equivalents (balance sheet)             1,286         780     2,171   

Overdrafts                                            (150)       (331)     (212)   

Cash and cash equivalents (cash flow statement)       1,136         449     1,959   





The group has amended its net debt definition to include derivative financial instruments designated as net investment hedges as these hedges are

considered to be inextricably linked to the underlying borrowings because they are used to mitigate the foreign currency exchange risk arising from the

group's foreign currency borrowings. The change in this definition has resulted in a reduction in net debt of US$50 million at 30 September 2012 and

US$101 million at 31 March 2013.



Net debt is analysed as follows.



                                                       As at       As at       As at   

                                                     30/9/13    30/9/121    31/3/131   

                                                   Unaudited   Unaudited   Unaudited   

                                                        US$m        US$m        US$m   

Borrowings                                          (17,507)    (18,273)    (18,301)   

Financing derivative financial instruments               772         779         777   

Overdrafts                                             (150)       (331)       (212)   

Finance leases                                          (42)        (17)        (35)   

Gross debt                                          (16,927)    (17,842)    (17,771)   

Cash and cash equivalents (excluding overdrafts)       1,286         780       2,171   

Net debt                                            (15,641)    (17,062)    (15,600)   





(1)As restated for the change in the definition of net debt.



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 20131             2,171        (212)     (18,301)           777      (35)      (17,771)   (15,600)   

Exchange adjustments          (66)           27           29          (23)         3            36       (30)   

Cash flow                    (819)           35          616          (86)         5           570      (249)   





Other movements                  -            -          149           104      (15)           238        238

At 30 September 2013         1,286        (150)     (17,507)           772      (42)      (16,927)   (15,641)



(1)As restated for the change in the definition of net debt.



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 in respect of which all conditions

precedent had been met at that date.



                                 As at       As at     As at

                               30/9/13     30/9/12   31/3/13

                             Unaudited   Unaudited   Audited

                                  US$m        US$m      US$m



Amounts expiring:

Within one year                    176         340       281

Between one and two years           16           9        17

Between two and five years       2,522       3,028       554

In five years or more                -           -     2,500

                                 2,714       3,377     3,352



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 2013.



Commitments

Contracts placed for future expenditure not provided in the financial information amount to US$3,414 million at 30 September 2013 (31 March 2013:

US$2,632 million). The increase in contracts placed for future expenditure primarily relates to an increase in minimum purchase commitments for raw

materials and packaging materials.



Contracts placed for future capital expenditure for property, plant and equipment not provided in the financial information amount to US$330 million at

30 September 2013 (31 March 2013: US$239 million).



12. Restatements



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 30 September 2012. During the six months ended 31 March 2013,

adjustments to provisional fair values in respect of these acquisitions were made. As a result comparative information for the six months ended 30

September 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 adjustments are detailed in the following tables. There have been no material adjustments to the income statement for

the period ended 30 September 2012 required as a result of the adjustments to provisional fair values. The fair value exercises in respect of these

acquisitions have now been completed.



The amendment to IAS 19, ‘Employee benefits', was adopted retrospectively from 1 April 2013. The group has restated the consolidated financial

statements accordingly. The quantitative impact of adopting these standards on the prior period consolidated financial statements is detailed in the table

below.



As part of the regular review of accounting practices and policies, fair value gains and losses on financial instruments, and exchange gains and losses

on financing items have now been presented on a net basis within net finance costs. Comparatives have been restated for consistency. The quantitative

impact of this change in presentation is detailed in the table below.



                                                      IAS 19

                                                 adjustments     Finance costs     Six months                          IAS 19    Finance costs

                                   Six months     six months  reclassification          ended                     adjustments reclassification     Year ended

                                        ended          ended        six months       30/09/12      Year ended      year ended       year ended        31/3/13

                                      30/9/12        30/9/12     ended 30/9/12    As restated         31/3/13         31/3/13          31/3/13    As restated

                                    Unaudited      Unaudited         Unaudited      Unaudited         Audited       Unaudited        Unaudited      Unaudited

                                         US$m           US$m              US$m           US$m            US$m            US$m             US$m           US$m



Consolidated income statement:



Operating profit                        1,862            (5)                 -          1,857           4,203            (11)                -          4,192



Net finance costs                       (379)              4                 -          (375)           (735)               9                -          (726)

Finance costs                           (723)              4               120          (599)         (1,417)               9              222        (1,186)

Finance income                            344              -             (120)            224             682               -            (222)            460



Share of post-tax results of

                                          796           (15)                 -            781           1,244            (31)                -          1,213

 associates and joint ventures



Profit before taxation                  2,279           (16)                 -          2,263           4,712            (33)                -          4,679

Taxation                                (598)              5                 -          (593)         (1,201)               9                -        (1,192)

Profit for the period                   1,681           (11)                 -          1,670           3,511            (24)                -          3,487



                                                                                 IAS 19

                                                                            adjustments     Six months                      IAS 19

                                                               Six months    six months          ended                 adjustments    Year ended

                                                                    ended         ended       30/09/12    Year ended    year ended       31/3/13

                                                                  30/9/12       30/9/12    As restated       31/3/13       31/3/13   As restated

                                                                Unaudited     Unaudited      Unaudited       Audited     Unaudited     Unaudited

                                                                     US$m          US$m           US$m          US$m          US$m          US$m



Profit for the period                                               1,681          (11)          1,670         3,511          (24)         3,487



Net remeasurements of defined benefit plans                             -             1              1          (21)             2          (19)



Tax on items that will not be reclassified                            (2)           (5)            (7)            28           (9)            19



Share of associates' and joint ventures' other

                                                                        5            15             20          (57)            31          (26)

 comprehensive income/(loss)

Total items that will not be reclassified subsequently to

                                                                        3            11             14          (50)            24          (26)

 profit or loss



Total items that may be subsequently reclassified to profit

                                                                    (317)             -          (317)         (650)             -         (650)

 or loss



Other comprehensive loss for the period, net of tax                 (314)            11          (303)         (700)            24         (676)

Total comprehensive income for the period                           1,367             -          1,367        2,811              -         2,811



                                                                                              Adjustments                

                                                                                           to provisional                

                                                                              At 30/9/12      fair values   At 30/9/12   

                                                                               Unaudited        Unaudited    Unaudited   

                                                                                    US$m             US$m         US$m   

Consolidated balance sheet:                                                                                              

Goodwill                                                                          20,188            (126)       20,062   

Other non-current assets                                                          30,906                -       30,906   

                                                                                  51,094            (126)       50,968   

Current tax assets                                                                   202               19          221   

Other current assets net of assets of disposal group held for sale                 4,272                -        4,272   

                                                                                   4,474               19        4,493   

Total assets                                                                      55,568            (107)       55,461   

Trade and other payables                                                         (4,071)                3      (4,068)   

Current tax liabilities                                                          (1,362)              (1)      (1,363)   

Provisions                                                                         (671)               53        (618)   

Other current liabilities                                                        (2,172)                -      (2,172)   

                                                                                 (8,276)               55      (8,221)   

Provisions                                                                         (575)               17        (558)   

Deferred tax liabilities                                                         (3,716)               35      (3,681)   

Other non-current liabilities net of assets of disposal group held for sale     (16,664)                -     (16,664)   

                                                                                (20,955)               52     (20,903)   

Total liabilities                                                               (29,231)              107     (29,124)   

Net assets                                                                        26,337                -       26,337   

Retained earnings                                                                 12,373                -       12,373   

Other shareholders' equity                                                        12,935                -       12,935   

Non-controlling interests                                                          1,029                -        1,029   

Total equity                                                                      26,337                -       26,337   





13. Related party transactions



There have been no material changes to the nature or relative quantum of related party transactions as described in the 2013 Annual Report.



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

Cyril Ramaphosa retired from the board on 25 July 2013, and Guy Elliott was appointed to the board with effect from 1 July 2013.



Consequently as at 30 September 2013 there were 26 key management (31 March 2013: 26).





14. Post balance sheet events



There are no material post balance sheet events.



SABMiller plc

FINANCIAL DEFINITIONS



Adjusted earnings

Adjusted earnings are calculated by adjusting headline earnings (as defined below) for the amortisation of intangible assets (excluding computer

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 operating profit before exceptional items, depreciation and amortisation, and includes the group's share of MillerCoors' operating profit

on a similar basis.



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 computer 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 net producer revenue.



EBITDA

This comprises EBITA (as defined above) plus depreciation and amortisation of computer software including the group's share of associates' and joint

ventures' depreciation and amortisation of computer software.



EBITDA margin (%)

This is calculated by expressing EBITDA as a percentage of group net producer 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 computer

software), including the group's share of associates' and joint ventures' tax on a similar 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.



Group net producer revenue (NPR)

This comprises group revenue less excise duties and other similar taxes, together with the group's share of excise duties and other similar taxes 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 2/2013 entitled ‘Headline Earnings'. Such items include exceptional 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 a similar basis.



Interest cover

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



Net debt

This comprises gross debt (including borrowings, financing 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 net producer 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

Chartered Accountants and Statutory Auditors

1 Embankment Place

London, England

WC2N 6RH

Facsimile +44 20 7822 4652

Telephone +44 20 7583 5000



Registrar (United Kingdom)

Capita Asset Services

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@capita.co.uk

www.capitaassetservices.com



Registrar (South Africa)

Computershare Investor Services (Pty) Limited

70 Marshall Street, Johannesburg



PO Box 61051

Marshalltown 2107

South Africa

Facsimile +27 11 688 5238

Telephone +27 11 370 5000



United States ADR Depositary

J.P. Morgan Depositary Bank

1 Chase Manhattan Plaza, Floor 58

New York, NY 10005

U.S: 866 JPM-ADRS

Outside the U.S: +1 866 576-2377

Email: adr@jpmorgan.com



Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd


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