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SABMILLER PLC - Preliminary (unaudited) results for the twelve months to 31 March 2015

Release Date: 13/05/2015 08:00
Code(s): SAB     PDF:  
Wrap Text
Preliminary (unaudited) results for the twelve months to 31 March 2015

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

Preliminary Announcement

Release date: 13 May 2015

SABMiller delivers strong underlying topline growth
SABMiller plc reports its preliminary (unaudited) results for the twelve months to 31 March 2015.

Highlights
- Organic, constant currency group net producer revenue (NPR) growth of 5%
- Group NPR per hectolitre (hl) up 3% on an organic, constant currency basis, reflecting growth in all regions
- Organic, constant currency EBITA growth of 6% and EBITA margin(1) expansion of 30 basis points (bps)
- Adjusted constant currency EPS grew by 5% and by 6% excluding the prior year net earnings impact of the
  group's disposed investment in Tsogo Sun Holdings Limited (Tsogo Sun)
- Reported group NPR, EBITA and adjusted EPS declined, impacted by adverse translational foreign
  exchange effects and the disposal of Tsogo Sun
- Free cash flow(2) increased by 26%
- Announcement of the formation of Coca-Cola Beverages Africa (CCBA), the largest bottler in Africa,
  strengthening further our leading presence on the African continent
- Full year dividends per share of 113.0 US cents, up 8% on prior year

(1) Expressed as a percentage of group NPR on an organic, constant currency basis.
(2) Free cash flow excludes the receipt of the proceeds from the sale of the group's investment in Tsogo Sun.

                                                                                                   Organic,
                                                                                                   constant
                                                                      2015  2014(3)         %      currency
                                                                      US$m     US$m     change  % change(4)
Revenue(a)                                                          22,130   22,311        (1)            6
Group net producer revenue(b)                                       26,288   26,719        (2)            5
EBITA(c)                                                             6,367    6,460        (1)            6
Adjusted EPS (US cents)                                              239.1    242.0        (1)            5
Profit before tax(d)                                                 4,830    4,823          -
Basic EPS (US cents)                                                 205.7    211.8        (3)
Dividends per share (US cents)                                       113.0    105.0          8
Free cash flow(e)                                                    3,233    2,563         26

(3) As restated. Further details of the restatement are provided in the financial review and note 1.
(4) For adjusted EPS, the constant currency percentage change. Not adjusted for the impact of acquisitions and disposals.

(a) Revenue excludes the attributable share of associates' and joint ventures' revenue.
(b) Group net producer revenue (NPR) comprises group revenue, including the group's share of associates' and joint ventures'
    revenue, less excise and similar taxes including the group's share of associates' and joint ventures' excise and similar taxes.
(c) Note 2 provides a reconciliation of operating profit to EBITA which is defined as operating profit before exceptional items and
    amortisation of intangible assets (excluding computer software) and includes the group's share of associates' and joint ventures'
    operating profit on a similar basis. EBITA is used throughout this preliminary announcement.
(d) Profit before tax includes exceptional charges of US$153 million (2014: US$202 million). Exceptional items are explained in note 3.
(e) Free cash flow excludes the receipt of the proceeds from the sale of the group's investment in Tsogo Sun.

SABMiller plc
CHIEF EXECUTIVE'S REVIEW

                                                      Net                                      Organic,              
                                             acquisitions                                      constant              
                                  Reported            and      Currency   Organic   Reported   currency   Reported   
                                      2014      disposals   translation    growth       2015     growth     growth   
Group net producer revenue            US$m           US$m          US$m      US$m       US$m          %          %   
Latin America                        5,745            (9)         (348)       380      5,768          7          -   
Africa                               7,421           (13)         (636)       690      7,462          9          1   
Asia Pacific                         3,944             34         (141)        30      3,867          1        (2)   
Europe                               4,574              -         (281)       105      4,398          2        (4)   
North America                        4,665              -           (1)        18      4,682          -          -   
Retained operations                 26,349             12       (1,407)     1,223     26,177          5        (1)   
South Africa: Hotels and Gaming        370       (243)(2)          (10)       (6)        111        (4)       (70)   
Total                               26,719          (231)       (1,417)     1,217     26,288          5        (2)   

                                                       Net                                                           
                                  Reported    acquisitions      Organic       Reported       Organic      Reported   
                                      2014   and disposals       growth           2015        growth        growth   
Group volumes                       hl'000          hl'000       hl'000         hl'000             %             %   
Lager                              244,837           1,449        (433)        245,853             -             -   
Soft drinks                         65,362            (68)        5,005         70,299             8             8   
Other alcoholic beverages            7,716            (62)           57          7,711             1             -   
Total                              317,915           1,319        4,629        323,863             1             2   

                                                      Net                                      Organic,              
                                             acquisitions                                      constant              
                                  Restated            and      Currency   Organic   Reported   currency   Reported   
                                      2014      disposals   translation    growth       2015     growth     growth   
EBITA                                 US$m           US$m          US$m      US$m       US$m          %          %   
Latin America                        2,192            (2)         (132)       166      2,224          8          1   
Africa                               1,954            (4)         (152)       109      1,907          6        (2)   
Asia Pacific                           845              1          (44)      (34)        768        (4)        (9)   
Europe                                 703              -          (42)        39        700          6          -   
North America(1)                       804              -             -        54        858          7          7   
Corporate                            (161)              -             1        38      (122)                         
Retained operations                  6,337            (5)         (369)       372      6,335          6          -   
South Africa: Hotels and Gaming        123        (84)(2)           (3)       (4)         32                  (74)   
Total                                6,460           (89)         (372)       368      6,367          6        (1)   
EBITA Margin (%)                      24.2                                              24.2     30 bps      0 bps   

(1) As restated for the adoption of IFRS 10, 'Consolidated financial statements'. Further details are provided in note 1.
(2) Disposal activity reflects the removal of the results of the South Africa: Hotels and Gaming segment for the period from 31 July 2013 to 31 March 2014
    (as the effective date of disposal was 31 July 2014), so that the base is restated for comparability purposes.

Other performance highlights
- Lager volumes level year on year, with growth in Africa and Latin America offset by volume weakness in
  China and North America. China returned to growth during the last three months of the year.
- Soft drinks volume growth of 8%, and the alliance with The Coca-Cola Company strengthened.
- Depreciation of all our key currencies against the US dollar impacted reported EBITA by US$372 million, on
  a translational basis.
- Adjusted EBITDA(3) of US$6,677 million was in line with the prior year.
- Weighted average interest rate for the gross debt portfolio of 3.5%, down from 3.9%.
- The effective tax rate for the year was 26.0%, in line with the prior year.
- Strong free cash flow and balance sheet, with the group's gearing ratio declining by 900 bps to 43.0% and
  net debt declining by US$3,838 million to US$10,465 million as at 31 March 2015.
- During the year, we received the first dividend from our associate, CR Snow, amounting to US$228 million.
- Net debt to adjusted EBITDA ratio of 1.6x.
- Capex of US$1,572 million, focused on investment in production capacity and capability, most notably in
  our higher growth markets of Africa and Latin America.
- The group completed the sale of its investment in Tsogo Sun in August 2014 and received net proceeds of
  US$971 million, realising a post-tax profit of US$239 million, which has been treated as exceptional.

(3) 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. EBITDA including the group's share of all associates and joint ventures
    on a similar basis is US$7,762 million (refer to note 2).

Business review
Alan Clark, Chief Executive of SABMiller, said:

"We achieved positive momentum in our underlying business performance, particularly in the latter part of the
year, with EBITA growth and margins expanding on an organic, constant currency basis. As flagged, the
strengthening dollar against many of our operating currencies had a negative translational impact on reported
results.

"We have a clear strategy to drive topline growth, improve efficiency and shape our mix of business to
continue to deliver superior returns to shareholders. Today's results demonstrate good progress against this
strategy. This success is founded on our broad exposure to high-growth developing markets where we have
long standing commercial and operational experience, including deep local consumer insights. We have also
seen good performance from many of our markets in improving their premium mix and driving innovation.

"Topline revenue growth was strong in the face of industry headwinds which kept lager volumes in line with
last year. Revenue growth was helped by positive results from our strategy to increase premium beer sales in
markets like the USA and Australia and in developing markets across Africa and in Colombia. NPR growth in
premium brands(1) was 8% (in constant currency) with global brands1 NPR growth of 16%, supported by volume
growth of 11%. At the other end of the price ladder, we increased the availability of affordable beers, taking
share from the informal alcohol market in Africa and Latin America.

"We continue to invest in our brands, including reinvigorating our high-volume core lagers so they remain
relevant for today's millennial consumers, and broadening beer's appeal so it's the drink of choice for more
people on a greater variety of occasions. We're doing this by developing new beer styles and flavours, and
expanding into ciders and radlers. We are seeing great success with brands like Redd's Apple Ale in the USA
and Flying Fish in South Africa.

"Soft drinks continue to be a standout performer, with excellent volume growth across Africa, Latin America
and Europe. Our confidence in the future of our soft drinks business was underlined by the agreement,
announced in November 2014, to create CCBA.

"By consolidating activities such as procurement and back office services, and integrating our supply chain, we
are reaping rewards. The cost and efficiency programme has delivered cost savings of US$221 million in the
year, and we are on track to deliver our targeted savings of US$500 million per annum by 2018. Within this,
our global procurement organisation helped to drive savings in direct materials, which, together with lower
commodity prices, mitigated adverse transactional currency headwinds."

Operational highlights(2)

Latin America
- Group NPR growth of 7% reflecting selective lager price increases, growth in our premium and above
  mainstream lager categories, lager affordability initiatives in Colombia and Honduras, together with strong
  soft drinks volume growth.
- Increased marketing investment behind our brands to support our expansion of the beer category and
  innovations to tap into new sources of growth.
- EBITA growth of 8% with margin improvement of 30 bps reflecting a reduction in production costs,
  notwithstanding currency pressure on imported raw materials towards the end of the year, together with
  fixed cost productivity as we continue to simplify and drive efficiencies in the region.

Africa
- Group NPR growth of 9% reflecting lager share gains across a number of markets, volume growth,
  selective pricing and continued premiumisation in lager.
- Strong growth in our soft drinks portfolio resulting from price moderation and good retail execution.
- EBITA growth of 6% with margin decline of 90 bps driven by raw material input cost pressures reflecting
  currency depreciation, moderated pricing in conjunction with our focus on affordable products and adverse
  geographic mix.
- The integration of our South Africa beverages business and the rest of Africa into one region is progressing
  well with benefits in innovation, distribution, sourcing and revenue management.

(1) On a subsidiary basis, excluding home market for global brands
(2) All growth rates in the Operational highlights are over the prior year comparative period and are 
    expressed on an organic basis for volumes and on an organic, constant currency basis for group NPR, 
    group NPR per hl, EBITA and EBITA margin movements.  

Asia Pacific
 - Group NPR growth of 1% with lager pricing and premiumisation offsetting volume decline.
 - Gained share in Australia in a weaker market, together with improved NPR per hl in the second half of the
   year.
 - The integration programme in Australia is now complete and has delivered both savings and capability build
   ahead of expectations.
 - In China, our associate CR Snow maintained national leadership, supported by a return to volume growth in
   the final quarter of our financial year. We received the first dividend from CR Snow, amounting to US$228
   million.
 - EBITA declined by 4% with margin decline of 100 bps, an improvement from the first half of the year due to
   the return to volume growth in China following exceptionally adverse weather conditions over summer in
   some of our key regions.
 - An exceptional impairment charge of US$313 million has been recognised in respect of our Indian
   business, primarily reflecting increasing regulatory and excise challenges.

 Europe
 - Group NPR growth of 2% against a backdrop of continued economic uncertainty and low inflation.
 - Innovation has remained a key priority, focused on serving more consumers on more occasions, together
   with core brand renovations.
 - EBITA growth of 6% with margin improvement of 50 bps, underpinned by cost savings as we optimise our
   operating model.
 - An exceptional charge of US$63 million has been recognised, being the group's share of Anadolu Efes'
   impairment charge in relation to its beer businesses in Russia and Ukraine.

 North America
 - Group NPR was in line with the prior year with group NPR per hl growth of 3% offsetting lower volumes.
 - MillerCoors continued to expand its brand portfolio within the growing above premium segment.
 - EBITA growth of 7% and margin improvement of 110 bps reflecting cost savings in procurement and
   brewery efficiencies together with fixed cost savings, reflecting the organisational restructuring over the last
   two years.

Outlook
We anticipate that the trading environment will remain challenging and that our business will continue to be
impacted by currency volatility. However, we are confident in our strategy to drive superior long-term growth
and we will continue to invest in production capacity and capability, particularly in growth markets. Raw
material unit input costs are expected to increase by low single digits in constant currency terms, with some
markets continuing to be impacted by foreign exchange movements on imported raw materials. We are
increasingly leveraging our scale to become more efficient and we have a clear focus on cost management,
with our cost saving programme on track to reach targeted savings of US$500 million per annum by the
financial year ending 31 March 2018.

Enquiries:

SABMiller plc                                                         Tel: +44 20 7659 0100

John Davidson        General Counsel and Corporate Affairs Director   Tel: +44 20 7659 0127

Gary Leibowitz       Director, Investor Engagement                    Tel: +44 20 7659 0119

Christina Mills      Director, Group Communications and Reputation    Tel: +44 20 7659 0105

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

A live audio webcast of a presentation to the investment community by Chief Executive, Alan Clark, and Acting Chief Financial Officer,
Domenic De Lorenzo will begin at 9.30am (GMT) on 13 May 2015. 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 Preliminary 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   
                                Reported            and      Currency   Organic   Reported     growth     growth   
Financial summary                   2014      disposals   translation    growth       2015          %          %   
Group NPR (including share of                                                                                      
 associates) (US$m)                5,745            (9)         (348)       380      5,768          7          -   
EBITA (US$m)(1)                    2,192            (2)         (132)       166      2,224          8          1   
EBITA margin (%)                    38.2                                              38.6                         
Sales volumes (hl 000)                                                                                             
Lager                             43,586              -                     570     44,156          1          1   
Soft drinks                       18,514           (70)                   1,421     19,865          8          7   
Total beverages                   62,100           (70)                   1,991     64,021          3          3   

(1) In 2014 before an exceptional credit of US$47 million, being the profit on disposal of the Panama milk and juice business.

In Latin America, group NPR grew strongly on an organic, constant currency basis at 7% (level on a reported
basis). Lager pricing and growth in our premium and above mainstream categories, together with strong soft
drinks volume growth, underpinned this performance. Effective campaigns focusing on events and new
occasions, as well as targeted consumer activations, supported our brands, while we continue to tap into new
sources of growth through innovations. In Colombia our bulk pack expansion continued successfully, while in
Honduras we have stepped up our efforts in making beer more affordable in line with our strategy of
expanding the lager category. Our financial performance was assisted by a reduction in real unit production
costs, notwithstanding currency pressure on imported raw materials, and fixed cost productivity, while we
continue to simplify and drive efficiencies in our businesses, including the disposal of non-core assets. We
have increased marketing investment behind our brands to support our expansion of the beer category and
innovations, while currency headwinds, most notably in Colombia and Peru, diluted reported results. Reported
EBITA margin continues to grow, with a further 40 bps improvement in the year.

In Colombia, group NPR growth of 6% on a constant currency basis reflected total volume growth of 2%,
selective price increases and premiumisation, buoyed by strong non-alcoholic malt volume growth. Lager
volumes were in line with the prior year, although our share of alcohol increased by 180 bps. Our above
mainstream brand Aguila Light and bulk packs saw continued growth, together with strong performance in our
premium brands, Club Colombia and Miller Lite, offsetting a decline in our mainstream brands, Aguila and
Poker. Our premium segment growth was underpinned by a new proprietary bottle for Club Colombia,
differentiated seasonal offerings and increased reach. Trading, generally, was negatively impacted by dry laws
during the presidential elections and the soccer World Cup. Soft drinks volumes benefited from double digit
growth driven by the success of our non-alcoholic malt brand Pony Malta and the PET bulk pack offering.
Favourable raw material prices offset foreign exchange headwinds and fixed cost productivity resulted in
strong margin growth.

Peru's group NPR grew by 5% on a constant currency basis driven by total volume growth of 4%. Lager
volumes increased by 2% with our above mainstream brand Pilsen Callao achieving double digit growth, as
consumers continue to trade up from mainstream, more than offsetting a decline in our premium Cusqueña
brand. Our international premium brand offerings continued to expand their reach with double digit volume
growth. Our share of lager market volumes continued to improve, up by 60 bps, underpinned by strong trade
execution during the summer and the World Cup soccer activities, which overcame the effect of adverse
weather conditions and social disruption from activities against illegal mining in the country. Soft drinks
volumes were up by 13% with growth coming from Guarana, San Mateo and our non-alcoholic malt brand
Maltin Power, all boosted by pack innovations. Further optimisation of our production grid, together with
distribution and sales efficiencies, assisted financial results.

In Ecuador, group NPR growth of 10% was underpinned by the continuing robust growth of our above
mainstream brand Pilsener Light and price increases in the latter half of the prior year. We delivered 2% lager
volume growth despite increased trading restrictions and advertising bans, through new occasions such as
events and midweek outlet activation, together with pack innovation and the effective use of social media. In
addition our sales service model yielded better quality service and improved our coverage. Our share of
alcohol volumes declined by 350 bps in the year, moderating the significant gains achieved over the past few
years, while Pilsener Light continues capturing share within the portfolio as consumers trade up. In addition to
positive mix, fixed cost productivity further enhanced our margin and financial results.

In Panama, group NPR grew by 3% on an organic basis boosted by our mainstream brand Atlas and
innovations in the light segment with the launch of Balboa Ice. Premium segment volumes were level reflecting
strong price competition in the premium segment. Our non-alcoholic malt brand, Malta Vigor, saw 12% growth
boosted by the smaller PET pack offering, while other soft drinks volumes declined due to heightened price
competition. In February 2015 we disposed of our interest in an associated company involved in can
manufacturing for cash consideration of US$7 million.

In Honduras, group NPR growth of 5% on a constant currency basis was underpinned by lager volume growth
of 2%, where double digit growth was achieved in the last quarter with the impetus in driving affordability
through pricing and packs. This came against the backdrop of unfavourable economic conditions, Sunday dry
laws and continuing security concerns which have impacted consumption particularly in the on-premise
channel. Against this tough environment, our trade execution and brand resonance with consumers remains
strong, with a gain in alcohol volume share of 60 bps. Soft drinks volumes grew by 5%, driven by still drinks,
multi-serve packs and new formats for sparkling soft drinks.

El Salvador delivered group NPR growth of 8% driven by lager volume growth of 6% with bulk packs growing
strongly as a result of our affordability strategy and strong trade execution. Lager growth was driven by our
flagship mainstream brand, Pilsener, together with above mainstream brand Golden Light. In the premium
segment our local brands continued to grow and the Miller range of brands saw double digit growth. Soft
drinks volumes grew by 6%, with particularly strong growth in sparkling soft drinks.

Africa                                                                                                             
                                                                                             Organic,              
                                                    Net                                      constant              
                                           acquisitions                                      currency   Reported   
                                Reported            and      Currency   Organic   Reported     growth     growth   
Financial summary                   2014      disposals   translation    growth       2015          %          %   
Group NPR (including share of                                                                                      
 associates) (US$m)                7,421           (13)         (636)       690      7,462          9          1   
EBITA (US$m)(1)                    1,954            (4)         (152)       109      1,907          6        (2)   
EBITA margin (%)                    26.3                                              25.6                         
Sales volumes (hl 000)                                                                                             
Lager                             46,768              -                   1,645     48,413          4          4   
Soft drinks                       32,080              2                   2,819     34,901          9          9   
Other alcoholic beverages          7,618           (62)                      62      7,618          1          -   
Total beverages                   86,466           (60)                   4,526     90,932          5          5   

(1) In 2015 before a net exceptional credit of US$45 million being additional profit on disposal of a business in 2012 (2014: net
exceptional charges of US$8 million being Broad-Based Black Economic Empowerment related charges of US$33 million, net of profit
on disposal of a business of US$25 million).

Africa delivered group NPR growth of 9% on an organic, constant currency basis (1% on a reported basis).
The growth was derived from share gains across a number of markets, total volume growth of 5%, selective
pricing and continued premiumisation in lager. The performance in the fourth quarter was particularly strong,
underpinned by the timing of Easter in the year and cycling weaker trading in the prior year. Lager volumes in
the region grew by 4%, tempered by declines in Tanzania and Zambia, as a result of excise-related pricing,
and Zimbabwe, which was challenged due to weak economic fundamentals. The majority of our markets
performed well through strong local portfolios with continued premiumisation and growth of our affordable
brands. We recorded strong growth in our soft drinks portfolio resulting from price moderation and strong retail
execution. We continue to invest in capacity including the commissioning of the Namibia brewery during the
second half of the year and expansions in Ghana and Nigeria which are nearing completion. The construction
of our maltings plants in South Africa and Zambia is progressing well.

EBITA grew 6% on an organic, constant currency basis, but declined by 2% on a reported basis due to the
depreciation of key currencies against the US dollar. We continue to invest behind our brands, innovate and
strengthen our execution in trade. Currency weaknesses created raw material input cost pressures which were
partially offset by our focus on improving production efficiencies and sustainable development initiatives, such
as our 'Go Farming' approach. EBITA margin declined by 70 bps on a reported basis driven by transactional
impacts of currency depreciation, moderated pricing in conjunction with our affordability initiatives, and
adverse geographic mix.

The integration of our South Africa beverages business and the rest of Africa into one region is progressing
well. The skill and scale in the South African business is benefiting the African businesses in the areas of
innovation, distribution, sourcing and revenue management.

In South Africa, strong group NPR growth of 9% on organic, constant currency basis was delivered in the
context of weak economic growth. Lager volume growth of 2% was driven by market share gains, selectivity in
inflation-related price increases and improved mix resulting from the double digit growth of our premium
brands Castle Lite and Castle Milk Stout. In the mainstream segment, sustained growth in Castle Lager and
Carling Black Label volumes was partially offset by a decline in Hansa Pilsener. Innovation in the flavoured
beer segment continued to deliver strong growth from both Flying Fish and Castle Lite Lime. Fixed costs and
manufacturing efficiencies produced productivity benefits that mitigated the impact of the shift in consumer
preferences into lower margin packs. Soft drinks volume growth of 8% in a highly competitive environment was
aided by improved trade execution, price restraint and pack innovation. Strong growth continued in 2 litre PET
packs supported by the growth of 440 ml cans and 330 ml PET bottles. Reductions in distribution and fixed
costs continued and were partially offset by discounts to manage price points.

In Tanzania, lager volumes declined by 7% due to excise-related pricing and a weak agricultural harvest
affecting rural consumer sentiment, although we still gained share of the lager market. Group NPR still grew by
6% on a constant currency basis reflecting positive lager brand mix driven by Castle Lite in the premium
segment and Castle Lager in mainstream, price increases in the context of mid-single digit inflation, and
growth in spirits volumes. The growth in the latter was across the portfolio, aided by brand renovations and
increased investment in our sales force.

Stimulated by Impala, Castle Lite and 2M, lager volumes in Mozambique grew by double digits despite the
impact of widespread floods in parts of the country in the fourth quarter. The drivers of growth include selective
adjustments to price points, a revamped route to market, and a more stable political environment. This
resulted in group NPR growth of 22% on an organic, constant currency basis. Traditional beer performance
was impacted by the ban on PET which affected our Chibuku brand. The integration of the wines and spirits
business, acquired in the prior year, has been successfully completed.

In Nigeria, group NPR growth remained strong, with volume growth driven by incremental capacity, improved
availability and continued sales and distribution focus. Non-alcoholic malt beverage volumes grew by double-
digits. Our regional brands, Hero and Trophy, are performing well on an absolute and relative basis as they
establish themselves as local heartland offerings and are resonating strongly with consumers. Their respective
contribution to the regions they service is growing and brand visibility is increasing.

Group NPR in Zambia grew by 3% reflecting price increases in both lager and soft drinks and growth in soft
drinks volumes. Profitability was impacted by an 8% decline in lager volumes driven by the excise-related price
increases taken in January 2014. Volumes returned to growth in the final quarter, as we cycled the excise
increase, together with strategic price repositioning and the launch of mainstream bulk packs. Soft drinks
volumes grew by 3% resulting from increased availability while traditional beer volumes declined 2%.

Trading in Botswana was rejuvenated with total volumes growing by 8%, driven by the launch of new packs,
lager market share gains and robust growth in the 2 litre PET soft drinks pack.

In Zimbabwe, consumers' disposable income remained under pressure amid a negative economic
environment. This has resulted in a loss in volume and increased demand for economy brands and packs
which has driven down value. Chibuku Super volumes grew by 23%.

Castel, our associate, delivered volume growth of 6% with notable performances in lager achieved in the
competitive markets of the Democratic Republic of Congo and Ethiopia, as well as Burkina Faso and
Cameroon. This was supported by soft drinks growth in Angola, Algeria and the Ivory Coast. All these factors
assisted group NPR growth during the year.

Our associate Distell's volume performance was up 2% on an organic basis supported by selective price
increases and a change in sales and brand mix.

Asia Pacific                                                                                                       
                                                                                             Organic,              
                                                    Net                                      constant              
                                           acquisitions                                      currency   Reported   
                                Reported            and      Currency   Organic   Reported     growth     growth   
Financial summary                   2014      disposals   translation    growth       2015          %          %   
Group NPR (including share of                                                                                      
 associates) (US$m)                3,944             34         (141)        30      3,867          1        (2)   
EBITA (US$m)(1)                      845              1          (44)      (34)        768        (4)        (9)   
EBITA margin (%)                    21.4                                              19.9                         
Sales volumes (hl 000)                                                                                             
Lager                             71,493          1,449                 (1,761)     71,181        (2)          -   
Other beverages                      110              -                    (17)         93       (15)       (15)   
Total beverages                   71,603          1,449                 (1,778)     71,274        (2)          -   

(1) In 2015 before exceptional charges of US$452 million being US$139 million (2014: US$103 million) of integration and restructuring
costs and impairments of US$313 million (2014: US$nil).

In Asia Pacific, group NPR grew by 1% on an organic, constant currency basis, with the beverage volume
decline of 2% on an organic basis being offset by group NPR per hl growth of 3%, reflecting pricing together
with premiumisation in China as well as a change in the relative weighting of volumes in Australia compared
with China. Reported group NPR declined by 2% reflecting the depreciation of currencies against the US
dollar. EBITA declined by 4% on an organic, constant currency basis and by 9% on a reported basis, reflecting
declines in Australia together with China, where the volume decline in the first half of the year had a significant
impact on profitability. Reported EBITA margin declined by 150 bps, an improvement on the first half of the
year as our associate in China, CR Snow, returned to volume growth. Volume and group NPR improvements
in China were seen particularly in the northeast, the west and the key central provinces with a favourable
impact on profitability for the Asia Pacific region. In the second half of the financial year, we received the first
dividend from our associate, CR Snow, amounting to US$228 million.

In Australia, group NPR on a constant currency basis declined by 2%, reflecting a volume decline of 1% and
marginally lower group NPR per hl. Consumer sentiment remains subdued with continued pressure on
consumer spending affecting beer category volumes, which declined by low single digits. While we gained
share in a weaker market, the lager volume decline reflected a softer mainstream segment, with declines in
core brands, which was only partially offset by strong growth in our premium portfolio.

Increased trade investment activities during the first half of the year, driven by investment in key customer
trading terms and promotions in a highly competitive retail trading environment, were largely compensated by
price increases taken later in the year which, together with positive momentum in the contemporary and
premium segments, resulted in an improved group NPR per hl trend in the second half of the year. Profitability
declined, reflecting lower volumes and pricing pressures.

The integration programme, is now complete and has delivered both savings and capability build ahead of
expectations, with cumulative annualised synergies of approximately A$210 million by the end of this financial
year and some annualised benefits to be realised in the next financial year. We continue to optimise our
brewery network and production scheduling with the closure of the Warnervale brewery and the announced
closure of Port Melbourne brewery and Campbelltown cidery, which will occur in two stages and will be
complete by the financial year ending 31 March 2017.

In China, organic, constant currency group NPR grew by 2% even though volume declined by 3%. Our
associate, CR Snow, maintained national leadership in a market that declined during the second half of
calendar 2014 due to an abnormally cold and wet summer peak period, especially in the central provinces of
Hubei, Anhui and Jiangsu along the Yangtze river. A return to volume growth in the final quarter of our
financial year reflected strong performances in the northeast and west, together with an improved trend in the
key central region. Group NPR per hl grew by 5% driven by the continued focus on premium brands and
outlets led by Snow Draft and Snow Brave the World.

The Kingway acquisition has been fully integrated into the CR Snow production grid, combining distribution
channels in four provinces and complementing the CR Snow portfolio of brands.

Profitability declined due to the costs associated with the integration of Kingway, the continued investment in
marketing activities that focus on premium brands and occasions, and selling and promotional expenses which
anticipated a more usual summer peak in sales.

In India, group NPR on a constant currency basis grew by 6% with group NPR per hl growth of 5% driven by
price increases taken across several states. Profitability declined reflecting the challenging operating
environment resulting from changes in regulatory requirements and inflationary input cost increases which
exceeded price realisation and state-constrained pricing. We have recognised an exceptional impairment
charge of US$313 million in respect of our Indian business, primarily reflecting our assessment of the impact
of increasing regulatory and excise challenges in the operating environment in India and the proposed partial
introduction of a national goods and services tax (GST) which will not apply to beer, so that GST on input
costs is not expected to be recoverable.

Europe                                                                                                             
                                                                                             Organic,              
                                                    Net                                      constant              
                                           acquisitions                                      currency   Reported   
                                Reported            and      Currency   Organic   Reported     growth     growth   
Financial summary                   2014      disposals   translation    growth       2015          %          %   
Group NPR (including share of                                                                                      
 associates) (US$m)                4,574              -         (281)       105      4,398          2        (4)   
EBITA (US$m)(1)                      703              -          (42)        39        700          6          -   
EBITA margin (%)                    15.4                                              15.9                         
Sales volumes (hl 000)                                                                                             
Lager                             43,590              -                       5     43,595          -          -   
Soft drinks                       14,716              -                     777     15,493          5          5   
Total beverages                   58,306              -                     782     59,088          1          1   

(1) In 2015 before an exceptional charge of US$63 million being the group's share of Anadolu Efes' impairment charge relating to its beer
businesses in Russia and Ukraine (2014: US$11 million being capability programme costs).

In Europe, group NPR grew by 2% on an organic, constant currency basis with group NPR per hl growth of
1%. On a reported basis, group NPR was down 4% impacted by the weakening of European currencies
against the US dollar. Total beverage volumes were up 1% with soft drinks volumes up 5% and lager volumes
level with the prior year. Growth in the region was delivered against a backdrop of continued economic
uncertainty and low inflation.

Innovation has remained a key priority and our efforts have included core brand renovations along with
innovations focused on serving more consumers on more occasions. Among the many activities were the
launches of new radler variants and flavours in a number of markets, including Peroni Chill Lemon radler in
Italy, and the national launch of Kingswood cider in the Czech Republic. Performance has been boosted by
enhanced focus on effective sales execution in the marketplace and further efficiencies.

EBITA grew 6% on an organic, constant currency basis, and was in line with the prior year on a reported
basis. Reported EBITA margin improved by 50 bps underpinned by cost savings delivered as we optimise our
operating model.

In the integrated Czech Republic and Slovakia business, group NPR was up by 4% on a constant currency
basis with volume growth of 5% reflecting strong performance ahead of the market in both countries and in
both the on-premise and off-premise channels. Volume growth was driven by the off-premise channel due to
good execution of effective promotions and assisted by two Easter trading periods occurring in this financial
year. The premium segment grew strongly, boosted by the performance of Pilsner Urquell during the key
occasions of Easter and Christmas and by the continued growth of Kozel 11, while our core mainstream brand
Gambrinus continued to decline.

In Poland, volumes grew by 2%, marginally behind the market. Group NPR declined by 2% on a constant
currency basis reflecting a sustained challenging pricing environment. Channel dynamics have resulted in
adverse mix with modern trade retailers and traditional trade key accounts increasing their share of our sales.
Mainstream segment volumes grew, driven by Zubr but partly offset by a decline in Tyskie. Lech grew strongly,
benefiting from strategic repositioning along with reinvigorated marketing.

Group NPR in the United Kingdom grew by 4% on a constant currency basis driven by the double digit
volume growth of Peroni Nastro Azzurro through increased rate of sale and distribution in key outlets and
assisted by good summer weather, offset by a volume decline in the Polish portfolio.

In Italy, group NPR declined by 1% on a constant currency basis driven by a volume decline of 1% reflecting
particularly poor weather during the peak season and the impact on consumer confidence of continuing
economic uncertainty. These market dynamics impacted the performance of both the Peroni and Nastro
Azzurro brands, primarily in the on-premise channel, although this was partly offset by the stronger
performance of Peroni Chill Lemon radler.

In Romania, group NPR was down 1% on a constant currency basis with lower volumes being offset by price
increases and reduced promotional support. Volumes were down 2%, outperforming a declining market, with
lower Timisoreana and Ursus volumes partly offset by growth of Ciucas, which was supported by new
packaging.

Anadolu Efes' group NPR growth moderated in the full year after a more challenging second half year during
which a decline in consumer confidence in Turkey suppressed soft drinks volumes while lager volumes
continue to be impacted by the uncertain market conditions in Russia and Ukraine. Profitability benefited from
cost optimisation programmes. An exceptional charge of US$63 million has been recognised, being the
group's share of Anadolu Efes' impairment charge in relation to its beer businesses in Russia and Ukraine.

North America                                                                                                      
                                                                                               Organic,   
                                                    Net                                        constant   
                                           acquisitions                                        currency   Reported   
                                Restated            and      Currency   Organic   Reported       growth     growth   
Financial summary                   2014      disposals   translation    growth       2015            %          %   
Group NPR (including share of                                                                                      
 joint ventures) (US$m)            4,665              -           (1)        18      4,682            -          -   
EBITA (US$m)(1)                      804              -             -        54        858            7          7   
EBITA margin (%)                    17.2                                              18.3                           
Sales volumes (hl 000)                                                                                               
Lager – excluding contract                                                                                           
 brewing                          39,400              -                   (892)     38,508          (2)        (2)   
Soft drinks                           40              -                       -         40            1          1   
Total beverages                   39,440              -                   (892)     38,548          (2)        (2)   
MillerCoors' volumes                                                                                                 
Lager – excluding contract                                                                                           
 brewing                          38,051              -                   (897)     37,154          (2)        (2)   
Sales to retailers (STRs)         37,846            n/a                     n/a     36,967          n/a        (2)   

(1) As restated (see note 1). In 2014, before an exceptional charge of US$5 million being capability programme costs.

The North America segment includes our 58% share of MillerCoors and 100% of Miller Brewing International
and our North American holding companies. Total North America reported EBITA was 7% higher than the prior
year, driven by growth in MillerCoors.

In October 2014 we settled the litigation in Canada with Molson Coors relating to the licence agreement for
Miller trademark brands in Canada. As a result of this settlement, the rights to distribute Miller trademark
brands in Canada reverted to SABMiller from 1 April 2015.

MillerCoors
For the year ended 31 March 2015, MillerCoors' EBITA increased by 6% as the impact of lower volumes and
increased marketing spend was more than offset by improved group NPR per hl and lower fixed costs. Group
NPR was in line with the prior year and group NPR per hl grew by 3% as a result of firm pricing and favourable
brand mix. In line with its strategy, MillerCoors continued to expand its brand portfolio within the growing above
premium segment with both established brands and new offerings. However, volume declines in the premium
light, premium regular and economy segments led to a 2% decrease in both domestic sales to retailers (STRs)
and domestic sales to wholesalers (STWs).

Premium light volumes were down low single digits for the year, with similar declines for both Coors Light and
Miller Lite. Although volumes declined, Miller Lite grew share within the segment, which was largely attributed
to the brand reverting back to its original Lite packaging design, emphasising its authenticity. The premium
regular segment volumes were down low single digits with a double digit decline in Miller Genuine Draft, partly
offset by low single digit growth in Coors Banquet, which has maintained momentum generated by the
introduction of the stubby heritage bottle.

MillerCoors' above premium brand portfolio grew mid-single digits for the year and gained share within the
above premium segment driven by both organic growth and new brand offerings. Double digit growth from the
Redd's franchise enhanced MillerCoors' position within the flavoured malt beverage segment, while the
Leinenkugel's and Blue Moon franchises continued to grow. In addition, brand innovations such as Miller
Fortune and Smith & Forge Hard Cider contributed to the full year growth within the segment, although Miller
Fortune declined in the fourth quarter as it cycled its launch in February 2014. Growth within this segment was
partially offset by double digit declines in strategically deprioritised brands, including Third Shift and Batch 19.

While Miller High Life trends showed improvement over the course of the year, the economy portfolio declined
mid-single digits driven primarily by high single digit declines in both Keystone Light and Milwaukee's Best.

The higher cost of commodities and other brewery inputs as well as the increased unit cost of premium, high
margin brand innovations resulted in a low single digit increase in input costs per hl. The business continued to
strive for efficiencies in its cost base, achieving cost savings in procurement and through brewery efficiencies.
In addition, lower fixed costs were driven by a reduction in net employee benefits and pay costs, partly
reflecting the organisational restructuring over the course of the last two years.

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 2014 except for the new standards, interpretations and amendments adopted by the
group since 1 April 2014, as detailed in note 1 to the financial statements.

The Annual Report and Accounts for the year ended 31 March 2014 are available on the company's website:
www.sabmiller.com.

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

SABMiller uses group 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.

Following management changes effective 1 July 2014, the group's Africa and South Africa: Beverages
divisions have been consolidated into one division for management purposes. The results of the new
combined Africa division have therefore been presented as a single segment and comparatives have been
restated accordingly.

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 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 translation of the group's results. See the financial
definitions section for the definition.

Disposals
In August 2014, in line with its strategy to focus on its core beverage operations, the group completed the
disposal of its investment in the Tsogo Sun hotels and gaming business for net cash consideration of US$971
million after transaction costs, generating a post-tax profit on disposal of US$239 million.

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 statements.

A net exceptional charge of US$138 million before finance costs and tax was reported for the period (2014:
US$202 million) and included net exceptional charges of US$63 million (2014: US$5 million) related to the
group's share of associates' and joint ventures' exceptional charges. The net exceptional charge included:
- US$313 million charge in respect of the impairment of the group's business in India;
- US$401 million gain, after associated costs, on the disposal of the group's investment in Tsogo Sun;
- US$69 million (2014: US$133 million) charge related to cost and efficiency programme costs in Corporate;
- US$139 million (2014: US$103 million) charge related to integration and restructuring costs incurred in
  Asia Pacific following the Foster's and Pacific Beverages acquisitions; and
- US$45 million (2014: US$25 million) additional gain on the 2012 disposal of the group's Angolan
  operations.

The group's share of associates' and joint ventures' exceptional items in the year comprised a US$63 million
charge in relation to Anadolu Efes' impairment of its beer businesses in Russia and Ukraine.

In 2015 US$15 million of net exceptional charges in net finance costs were incurred being US$48 million of net
make whole costs on the early redemption of the US$850 million 6.5% Notes that were due July 2016, partially
offset by a US$33 million gain on the recycling of foreign currency translation reserves following the repayment
of an intercompany loan.

In addition to the items noted above, the net exceptional charges in 2014 included a US$47 million gain, after
associated costs, on the disposal of the milk and juice business in Panama in Latin America, and a US$33
million charge in respect of the Broad-Based Black Economic Empowerment (BBBEE) related charges in
South Africa including US$13 million in relation to the group's BBBEE scheme, together with a dilution loss of
US$20 million as a result of the exercise of BBBEE scheme share options in the group's associate, Distell.
The group's share of associates' and joint ventures' exceptional charges in the prior year included US$5
million related to restructuring in MillerCoors in North America associated with the group's cost and efficiency
programme.

Finance costs
Net finance costs were US$637 million, a 1% decrease on the prior year's US$645 million, primarily as a result
of the reduction in net debt over the course of the year including the repayment of some higher interest rate
bonds partially offset by foreign exchange losses. Net finance costs included net exceptional charges of
US$15 million (as described above) which have been excluded from the determination of adjusted net finance
costs and adjusted earnings per share. Adjusted net finance costs were US$622 million, down 4%.

Interest cover, as defined in the financial definitions section, has increased to 10.7 times from 10.3 times in the
prior year.

Profit before tax
Adjusted profit before tax, which is comprised of EBITA less adjusted net finance costs and our share of
associates' and joint ventures' net finance costs, of US$5,642 million decreased by 1% from the prior year
amount, primarily as a result of the adverse impact of foreign currency movements on the translation of our
results which more than offset improved mix, selective pricing, total beverage volume growth and efficiency
savings.

Profit before tax was US$4,830 million, in line with the prior year amount, including the impact of the
exceptional items noted above. The principal differences between reported and adjusted profit before tax
relate to exceptional items, amortisation of intangible assets (excluding computer software) and the group's
share of associates' and joint ventures' tax and non-controlling interests. Net exceptional charges were
US$153 million compared with US$202 million in the prior year, as detailed above. Amortisation, including the
group's share of associates' and joint ventures' amortisation, amounted to US$423 million in the year
compared with US$436 million in the prior year, with the decrease mainly resulting from the effects of foreign
currency translation. The group's share of associates' and joint ventures' tax and non-controlling interests was
US$236 million (2014: US$258 million, restated) with the decrease primarily resulting from the disposal of our
associate investment in Tsogo Sun during the year.

Taxation
The effective rate of tax for the year before amortisation of intangible assets (excluding computer software)
and exceptional items was 26.0%, in line with the prior year.

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 years shown in the consolidated financial statements.
Adjusted basic earnings per share of 239.1 US cents were down 1% on the prior year, reflecting the impact of
the disposal of the investment in Tsogo Sun, together with the translational impact of currency depreciation
against the US dollar, as on a constant currency basis adjusted earnings per share grew by 5%. The growth
on a constant currency basis resulted from increased group NPR, volume growth, efficiency savings and lower
finance costs. An analysis of earnings per share is shown in note 6. On a statutory basis, basic earnings per
share were lower by 3% at 205.7 US cents (2014: 211.8 US cents), for the reasons given above together with
the impact of the tax charge on the disposal of the investment in Tsogo Sun.

Cash flow and capital expenditure
The group uses an adjusted EBITDA measure which provides a useful indication of the cash generated to
service the group's debt. 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. Adjusted EBITDA of US$6,677 million was in line with the prior year (2014: US$6,656 million,
restated).

Net cash generated from operations before working capital movements of US$5,680 million was in line with
the prior year (2014: US$5,677 million). While operating profit increased, notwithstanding the adverse impact
of currency exchange rate movements, this includes the impact of net non-cash exceptional items, being the
profit on the disposal of the investment in Tsogo Sun, the impairment charges in relation to the Indian business
and the additional profit on the Angola business disposal.

Net cash generated from operating activities of US$3,722 million was up US$291 million primarily reflecting
lower net interest paid, as a result of the reduction in net debt, partly offset by the early redemption payment,
and lower tax paid due to the cycling of the tax prepayment to the Australian Tax Office (ATO) in the prior
year, partly offset by tax paid on the disposal of the investment in Tsogo Sun.

Capital expenditure on property, plant and equipment for the year of US$1,394 million decreased compared
with the prior year (2014: US$1,401 million), with expansion spend primarily in Africa and Latin America
affected by the translational impact of currency depreciation against the US dollar. Capital expenditure
including the purchase of intangible assets was US$1,572 million (2014: US$1,485 million).

Free cash flow improved by 26% to US$3,233 million, reflecting cash generated from operations, lower
interest and tax payments, higher dividend receipts from associates and joint ventures, including the first
dividend from our Chinese associate of US$228 million, and the cycling of the additional investment in our
Chinese associate in the prior year. Free cash flow is detailed in note 11b, and defined in the financial
definitions section.

Borrowings and net debt
Gross debt at 31 March 2015, comprising borrowings together with the fair value of financing derivative assets
and liabilities, decreased to US$11,430 million from US$16,384 million at 31 March 2014, primarily as a result
of positive cash flow from operations, and the proceeds of the disposal of our investment in Tsogo Sun,
together with US$1,278 million of currency exchange benefits from our treasury risk management policy. Net
debt, comprising gross debt net of cash and cash equivalents, decreased to US$10,465 million from
US$14,303 million at 31 March 2014. An analysis of net debt is provided in note 11c.

The group's gearing (presented as a ratio of net debt/equity) has decreased to 43.0% from 52.0% at 31 March
2014. The weighted average interest rate for the gross debt portfolio at 31 March 2015 was 3.5% (2014:
3.9%).

At 31 March 2015, the group had undrawn committed borrowing facilities of US$3,644 million (2014: US$3,274
million).

Total equity
Total equity decreased from US$27,482 million at 31 March 2014 to US$24,355 million at 31 March 2015. The
decrease was primarily owing to the impact of the translation of local currency denominated net assets into US
dollars and the payment of dividends, partially offset by the profit for the year.

Goodwill and intangible assets
Goodwill decreased to US$14,746 million (2014: US$18,497 million) primarily due to the impact of the
depreciation of currency exchange rates on goodwill denominated in currencies other than the US dollar,
together with the impairment of goodwill associated with the group's Indian business. Intangible assets
decreased in the year to US$6,878 million (2014: US$8,532 million) primarily as a result of currency
depreciation and amortisation.

Currencies
The exchange rates to the US dollar used in preparing the consolidated financial statements are detailed in the
table below, with all of the major currencies in which we operate depreciating against the US dollar during the
year.

                                                   Appreciation/                           Appreciation/   
                                   Average rate   (depreciation)           Closing rate   (depreciation)   
Years ended 31 March        2015           2014                %    2015           2014                %   
Australian dollar (AUD)     1.15           1.07              (6)    1.31           1.08             (18)   
Colombian peso (COP)       2,097          1,920              (8)   2,576          1,965             (24)   
Czech koruna (CZK)         21.56          19.68              (9)   25.59          19.90             (22)   
Euro (EUR)                  0.78           0.75              (5)    0.93           0.73             (22)   
Peruvian nuevo sol (PEN)    2.90           2.77              (5)    3.10           2.81              (9)   
Polish zloty (PLN)          3.26           3.15              (3)    3.80           3.03             (20)   
South African rand (ZAR)   11.08          10.13              (9)   12.13          10.53             (13)   
Turkish lira (TRY)          2.22           1.98             (11)    2.60           2.14             (18)   

Dividend
The board has proposed a final dividend of 87.0 US cents per share for the year, an increase of 9%. This
brings the total dividend for the year to 113.0 US cents per share, an increase of 8.0 US cents over the prior
year. Shareholders will be asked to approve this recommendation at the annual general meeting, which will be
held on Thursday 23 July 2015. If approved, the dividend will be payable on Friday 14 August 2015 to
shareholders registered on the London and Johannesburg registers on Friday 7 August 2015. The ex-dividend
trading dates will be Thursday 6 August 2015 on the London Stock Exchange (LSE) and Monday 3 August
2015 on the JSE Limited (JSE). The payment date is set, in part, with reference to JSE Listings Requirements.

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 7.

The rates of exchange applicable on Wednesday 22 July 2015 will be used for US dollar conversion into South
African rand and sterling. A currency conversion announcement will be made on the JSE's Securities
Exchange News Service and on the LSE's Regulatory News Service, indicating the rates of exchange to be
applied, on Thursday 23 July 2015.

Shareholders registered on the Johannesburg register are advised that dividend withholding tax will be
withheld from the gross final dividend amount of 87.0 US cents per share (as converted into South African
rand in accordance with the paragraphs above) 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 73.95 US cents per share (as converted into South African rand in
accordance with the paragraphs above).

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 23 July 2015 until the close of business on Friday 7 August
2015, no transfers between the London and Johannesburg registers will be permitted, and from Monday 3
August 2015 until Friday 7 August 2015, no shares may be dematerialised or rematerialised, both days
inclusive.

Annual report and accounts
The group's unaudited condensed consolidated financial statements follow. The annual report will be mailed to
shareholders in late June 2015 and the annual general meeting of the company will be held at the
InterContinental London Park Lane Hotel in London at 11:00 am on Thursday 23 July 2015.

 CONSOLIDATED INCOME STATEMENT                                                                                           
for the year ended 31 March                                                                                             
                                                                                                      2015       2014   
                                                                                                 Unaudited    Audited   
                                                                                         Notes        US$m       US$m   
Revenue                                                                                      2      22,130     22,311   
Net operating expenses                                                                            (17,746)   (18,069)   
Operating profit                                                                             2       4,384      4,242   
Operating profit before exceptional items                                                            4,459      4,439   
Exceptional items                                                                            3        (75)      (197)   
Net finance costs                                                                            4       (637)      (645)   
Finance costs                                                                                      (1,047)    (1,055)   
Finance income                                                                                         410        410   
Share of post-tax results of associates and joint ventures                                   2       1,083      1,226   
Profit before taxation                                                                               4,830      4,823   
Taxation                                                                                     5     (1,273)    (1,173)   
Profit for the year                                                                        11a       3,557      3,650   
Profit attributable to non-controlling interests                                                       258        269   
Profit attributable to owners of the parent                                                  6       3,299      3,381   
                                                                                                     3,557      3,650   
Basic earnings per share (US cents)                                                          6       205.7      211.8   
Diluted earnings per share (US cents)                                                        6       203.5      209.1   

The notes form an integral part of these condensed consolidated financial statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March

                                                                                                       2015      2014   
                                                                                                  Unaudited   Audited   
                                                                                          Notes        US$m      US$m   
Profit for the year                                                                                   3,557     3,650   
Other comprehensive loss:                                                                                               
Items that will not be reclassified to profit or loss                                                                   
Net remeasurements of defined benefit plans                                                             (7)        22   
Tax on items that will not be reclassified                                                    5          70      (13)   
Share of associates' and joint ventures' other comprehensive (loss)/income                            (178)        23   
Total items that will not be reclassified to profit or loss                                           (115)        32   
Items that may be reclassified subsequently to profit or loss                                                           
Currency translation differences on foreign currency net investments                                (5,387)   (2,288)   
- Decrease in foreign currency translation reserve during the year                                  (5,550)   (2,290)   
- Recycling of foreign currency translation reserve on disposals                                        163         2   
Net investment hedges:                                                                                                  
- Fair value gains arising during the year                                                              608       102   
Cash flow hedges:                                                                                        30        34   
- Fair value gains arising during the year                                                               45        33   
- Fair value gains transferred to inventory                                                             (8)       (1)   
- Fair value losses transferred to property, plant and equipment                                          1         -   
- Fair value (gains)/losses transferred to profit or loss                                               (8)         2   
Tax on items that may be reclassified subsequently to profit or loss                          5         (3)         1   
Share of associates' and joint ventures' other comprehensive (loss)/income                            (120)       122   
- Share of associates' and joint ventures' other comprehensive (loss)/income during the                                 
  year                                                                                                (120)       131   
- Share of associates' and joint ventures' recycling of available for sale reserve on                                   
  disposal                                                                                                -       (9)   
Total items that may be reclassified subsequently to profit or loss                                 (4,872)   (2,029)   
Other comprehensive loss for the year, net of tax                                                   (4,987)   (1,997)   
Total comprehensive (loss)/income for the year                                                      (1,430)     1,653   
Attributable to:                                                                                                        
Non-controlling interests                                                                               179       248   
Owners of the parent                                                                                (1,609)     1,405   
Total comprehensive (loss)/income for the year                                                      (1,430)     1,653   

The notes form an integral part of these condensed consolidated financial statements.

CONSOLIDATED BALANCE SHEET
at 31 March

                                                                                                      2015       2014   
                                                                                                 Unaudited    Audited   
                                                                                         Notes        US$m       US$m   
Assets                                                                                                                  
Non-current assets                                                                                                      
Goodwill                                                                                     8      14,746     18,497   
Intangible assets                                                                            8       6,878      8,532   
Property, plant and equipment                                                                        7,961      9,065   
Investments in joint ventures                                                                9       5,428      5,581   
Investments in associates                                                                   10       4,459      5,787   
Available for sale investments                                                                          21         22   
Derivative financial instruments                                                                       770        628   
Trade and other receivables                                                                            126        139   
Deferred tax assets                                                                                    163        115   
                                                                                                    40,552     48,366   
Current assets                                                                                                          
Inventories                                                                                          1,030      1,168   
Trade and other receivables                                                                          1,711      1,821   
Current tax assets                                                                                     190        174   
Derivative financial instruments                                                                       463        141   
Cash and cash equivalents                                                                  11c         965      2,081   
                                                                                                     4,359      5,385   
Total assets                                                                                        44,911     53,751   
Liabilities                                                                                                             
Current liabilities                                                                                                     
Derivative financial instruments                                                                     (101)       (78)   
Borrowings                                                                                 11c     (1,961)    (4,519)   
Trade and other payables                                                                           (3,728)    (3,847)   
Current tax liabilities                                                                            (1,184)    (1,106)   
Provisions                                                                                           (358)      (450)   
                                                                                                   (7,332)   (10,000)   
Non-current liabilities                                                                                                 
Derivative financial instruments                                                                      (10)       (37)   
Borrowings                                                                                 11c    (10,583)   (12,528)   
Trade and other payables                                                                              (18)       (25)   
Deferred tax liabilities                                                                           (2,275)    (3,246)   
Provisions                                                                                           (338)      (433)   
                                                                                                  (13,224)   (16,269)   
Total liabilities                                                                                 (20,556)   (26,269)   
Net assets                                                                                          24,355     27,482   
Equity                                                                                                                  
Share capital                                                                                          168        167   
Share premium                                                                                        6,752      6,648   
Merger relief reserve                                                                                3,963      4,321   
Other reserves                                                                                     (5,457)      (702)   
Retained earnings                                                                                   17,746     15,885   
Total shareholders' equity                                                                          23,172     26,319   
Non-controlling interests                                                                            1,183      1,163   
Total equity                                                                                        24,355     27,482   

The notes form an integral part of these condensed consolidated financial statements.

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March

                                                                                                       2015      2014   
                                                                                                  Unaudited   Audited   
                                                                                          Notes        US$m      US$m   
Cash flows from operating activities                                                                                    
Cash generated from operations                                                              11a       5,812     5,770   
Interest received                                                                                       352       365   
Interest paid                                                                                       (1,003)   (1,108)   
Tax paid                                                                                            (1,439)   (1,596)   
Net cash generated from operating activities                                                11b       3,722     3,431   
Cash flows from investing activities                                                                                    
Purchase of property, plant and equipment                                                           (1,394)   (1,401)   
Proceeds from sale of property, plant and equipment                                                      68        70   
Purchase of intangible assets                                                                         (178)      (84)   
Purchase of available for sale investments                                                                -       (1)   
Proceeds from disposal of available for sale investments                                                  1         -   
Proceeds from disposal of associates                                                                    979         -   
Proceeds from disposal of businesses (net of cash disposed)                                               -        88   
Acquisition of businesses (net of cash acquired)                                                        (5)      (39)   
Investments in joint ventures                                                                 9       (216)     (188)   
Investments in associates                                                                               (3)     (199)   
Dividends received from joint ventures                                                        9         976       903   
Dividends received from associates                                                                      430       224   
Dividends received from other investments                                                                 1         1   
Net cash generated from/(used in) investing activities                                                  659     (626)   
Cash flows from financing activities                                                                                    
Proceeds from the issue of shares                                                                       202        88   
Proceeds from the issue of shares in subsidiaries to non-controlling interests                           29        20   
Purchase of own shares for share trusts                                                               (146)      (79)   
Purchase of shares from non-controlling interests                                                       (3)       (5)   
Proceeds from borrowings                                                                                594     2,585   
Repayment of borrowings                                                                             (4,413)   (3,829)   
Capital element of finance lease payments                                                              (10)       (9)   
Net cash receipts on derivative financial instruments                                                   243       228   
Dividends paid to shareholders of the parent                                                        (1,705)   (1,640)   
Dividends paid to non-controlling interests                                                           (173)     (194)   
Net cash used in financing activities                                                               (5,382)   (2,835)   
Net cash outflow from operating, investing and financing activities                                 (1,001)      (30)   
Effects of exchange rate changes                                                                      (117)      (61)   
Net decrease in cash and cash equivalents                                                           (1,118)      (91)   
Cash and cash equivalents at 1 April                                                        11c       1,868     1,959   
Cash and cash equivalents at 31 March                                                       11c         750     1,868   

The notes form an integral part of these condensed consolidated financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March

                                            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 2013 (audited)                         167     6,581     4,586      1,328     13,710          26,372         1,088    27,460   
Total comprehensive income                          -         -         -    (2,030)      3,435           1,405           248     1,653   
Profit for the year                                 -         -         -          -      3,381           3,381           269     3,650   
Other comprehensive (loss)/income                   -         -         -    (2,030)         54         (1,976)          (21)   (1,997)   
Dividends paid                                      -         -         -          -    (1,640)         (1,640)         (193)   (1,833)   
Issue of SABMiller plc ordinary shares              -        67         -          -         21              88             -        88   
Proceeds from the issue of shares in                                                                                                      
 subsidiaries to non-controlling interests          -         -         -          -          -               -            20        20   
Payment for purchase of own shares for                                                                                                    
 share trusts                                       -         -         -          -       (79)            (79)             -      (79)   
Buyout of non-controlling interests                 -         -         -          -        (5)             (5)             -       (5)   
Utilisation of merger relief reserve                -         -     (265)          -        265               -             -         -   
Credit entry relating to share-based                                                                                                      
 payments                                           -         -         -          -        178             178             -       178   
At 31 March 2014 (audited)                        167     6,648     4,321      (702)     15,885          26,319         1,163    27,482   
Total comprehensive loss                            -         -         -    (4,755)      3,146         (1,609)           179   (1,430)   
Profit for the year                                 -         -         -          -      3,299           3,299           258     3,557   
Other comprehensive loss                            -         -         -    (4,755)      (153)         (4,908)          (79)   (4,987)   
Dividends paid                                      -         -         -          -    (1,705)         (1,705)         (185)   (1,890)   
Issue of SABMiller plc ordinary shares              1       104         -          -         97             202             -       202   
Proceeds from the issue of shares in                                                                                                      
 subsidiaries to non-controlling interests          -         -         -          -          -               -            29        29   
Share of movements in associates'                                                                                                         
 other reserves                                     -         -         -          -        (6)             (6)             -       (6)   
Payment for purchase of own shares for                                                                                                    
 share trusts                                       -         -         -          -      (146)           (146)             -     (146)   
Buyout of non-controlling interests                 -         -         -          -          -               -           (3)       (3)   
Utilisation of merger relief reserve                -         -     (358)          -        358               -             -         -   
Credit entry relating to share-based                                                                                                      
 payments                                           -         -         -          -        117             117             -       117   
At 31 March 2015 (unaudited)                      168     6,752     3,963    (5,457)     17,746          23,172         1,183    24,355   

Merger relief reserve
At 1 April 2014 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$926 million (2013: 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 year ended 31 March 2015
the group transferred US$358 million (2014: US$265 million) of the reserve relating to the Polish business to retained earnings upon realisation of
qualifying consideration.

The notes form an integral part of these condensed consolidated financial statements.

NOTES TO THE FINANCIAL STATEMENTS

1. Basis of preparation

The preliminary announcement for the year ended 31 March 2015 has been prepared in accordance with the International Financial Reporting
Standards (collectively IFRS) as adopted by the EU.

The financial information in this preliminary announcement is not audited and does not constitute statutory accounts within the meaning of s434 of the
Companies Act 2006. Group financial statements for 2015 will be delivered to the Registrar of Companies in due course. The board of directors
approved this financial information on 12 May 2015. The annual financial statements for the year ended 31 March 2014, approved by the board of
directors on 2 June 2014, 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.

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

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

The accounting policies adopted are consistent with those of the previous financial year except for the following standards, interpretations and
amendments adopted by the group as of 1 April 2014.

-    IFRS 10, 'Consolidated financial statements', IFRS 11, 'Joint arrangements' and IFRS 12, 'Disclosure of interests in other entities', along with the
     revised versions of IAS 27, 'Separate financial statements' and IAS 28, 'Investments in associates and joint ventures'. The adoption of these new
     standards has had no impact on attributable profit, total comprehensive income, or net assets attributable to owners, but has resulted in an
     increase in EBITA for the year ended 31 March 2014 of US$7 million, and a similar increase in the group's share of associates' and joint ventures'
     non-controlling interests for the same period of US$7 million. Comparative information has been restated. The requirements of IFRS 12 will
     increase certain disclosures in respect of the group's joint arrangements and associates in the annual report.

-    Amendment to IAS 32, 'Offsetting financial assets and liabilities', has had no material impact on the consolidated results of operations or financial
     position of the group.

-    Amendment to IAS 39, 'Financial instruments: recognition and measurement', on novation of derivatives and hedge accounting has had no
     material impact on the consolidated results of operations or financial position of the group.

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. Following management changes effective 1 July 2014 the
group's Africa and South Africa: Beverages divisions have been consolidated into one division for management purposes. The results of the new
combined Africa division have therefore been presented as a single reportable segment and comparatives have been restated accordingly. The group is
focused geographically and, while not meeting the definition of reportable segments, the group reports separately as segments Corporate and South
Africa: Hotels and Gaming 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                                                                                                                       
                                                                                       Group NPR       EBITA   Group NPR       EBITA   
                                                                                            2015        2015        2014     2014(1)   
                                                                                       Unaudited   Unaudited     Audited   Unaudited   
                                                                                            US$m        US$m        US$m        US$m   
Latin America                                                                              5,768       2,224       5,745       2,192   
Africa                                                                                     7,462       1,907       7,421       1,954   
Asia Pacific                                                                               3,867         768       3,944         845   
Europe                                                                                     4,398         700       4,574         703   
North America                                                                              4,682         858       4,665         804   
Corporate                                                                                      -       (122)           -       (161)   
Retained operations                                                                       26,177       6,335      26,349       6,337   
South Africa: Hotels and Gaming                                                              111          32         370         123   
                                                                                          26,288       6,367      26,719       6,460   
Amortisation of intangible assets (excluding computer software) – group and share of                                                   
 associates' and joint ventures'                                                                       (423)                   (436)   
Exceptional items in operating profit – group and share of associates' and joint                                                       
 ventures'                                                                                             (138)                   (202)   
Net finance costs – group and share of associates' and joint ventures'                                 (740)                   (741)   
Share of associates' and joint ventures' taxation                                                      (157)                   (162)   
Share of associates' and joint ventures' non-controlling interests                                      (79)                    (96)   
Profit before taxation                                                                                 4,830                   4,823   

(1) As restated (see note 1).                                                                                                        

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   
                                       2015              2015        2015            2015              2015        2015   
                                  Unaudited         Unaudited   Unaudited       Unaudited         Unaudited   Unaudited   
                                       US$m              US$m        US$m            US$m              US$m        US$m   
Latin America                         7,812                 -       7,812         (2,044)                 -       5,768   
Africa                                6,853             2,221       9,074         (1,334)             (278)       7,462   
Asia Pacific                          3,136             2,203       5,339         (1,203)             (269)       3,867   
Europe                                4,186             1,675       5,861         (1,011)             (452)       4,398   
North America                           143             5,201       5,344             (4)             (658)       4,682   
Retained operations                  22,130            11,300      33,430         (5,596)           (1,657)      26,177   
South Africa: Hotels and Gaming           -               128         128               -              (17)         111   
                                     22,130            11,428      33,558         (5,596)           (1,674)      26,288 

                                       2014              2014        2014            2014              2014        2014   
                                    Audited           Audited     Audited         Audited           Audited     Audited   
                                       US$m              US$m        US$m            US$m              US$m        US$m   
Latin America                         7,812                 -       7,812         (2,067)                 -       5,745   
Africa                                6,752             2,257       9,009         (1,292)             (296)       7,421   
Asia Pacific                          3,285             2,166       5,451         (1,235)             (272)       3,944   
Europe                                4,319             1,726       6,045         (1,009)             (462)       4,574   
North America                           143             5,199       5,342             (4)             (673)       4,665   
Retained operations                  22,311            11,348      33,659         (5,607)           (1,703)      26,349   
South Africa: Hotels and Gaming           -               425         425               -              (55)         370   
                                     22,311            11,773      34,084         (5,607)           (1,758)      26,719   

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   
                                          2015           2015            2015              2015            2015            2015              2015   
                                     Unaudited      Unaudited       Unaudited         Unaudited       Unaudited       Unaudited         Unaudited   
                                          US$m           US$m            US$m              US$m            US$m            US$m              US$m   
Latin America                            2,110              -           2,110                 -             114               -             2,224   
Africa                                   1,516           (45)           1,471               427               9               -             1,907   
Asia Pacific                              (14)            452             438               142             188               -               768   
Europe                                     548              -             548                85              22              45               700   
North America                               14              -              14               800               2              42               858   
Corporate                                (191)             69           (122)                 -               -               -             (122)   
Retained operations                      3,983            476           4,459             1,454             335              87             6,335   
South Africa: Hotels and Gaming            401          (401)               -                31               -               1                32   
                                         4,384             75           4,459             1,485             335              88             6,367   

                                          2014           2014            2014              2014            2014            2014              2014
                                       Audited        Audited         Audited      Unaudited(1)         Audited         Audited      Unaudited(1)   
                                          US$m           US$m            US$m              US$m            US$m            US$m              US$m   
Latin America                            2,116           (47)           2,069                 -             123               -             2,192   
Africa                                   1,470              8           1,478               470               6               -             1,954   
Asia Pacific                               365            103             468               165             212               -               845   
Europe                                     565             11             576                79              20              28               703   
North America                                9              -               9               753               -              42               804   
Corporate                                (283)            122           (161)                 -               -               -             (161)   
Retained operations                      4,242            197           4,439             1,467             361              70             6,337   
South Africa: Hotels and Gaming              -              -               -               118               -               5               123   
                                         4,242            197           4,439             1,585             361              75             6,460   

(1) As restated (see note 1).

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.

                                                                                            2015     2014(1)   
                                                                                       Unaudited   Unaudited   
                                                                                            US$m        US$m   
Share of associates' and joint ventures' operating profit (before exceptional items)       1,485       1,585   
Share of associates' and joint ventures' exceptional items in operating profit              (63)         (5)   
Share of associates' and joint ventures' net finance costs                                 (103)        (96)   
Share of associates' and joint ventures' taxation                                          (157)       (162)   
Share of associates' and joint ventures' non-controlling interests                          (79)        (96)   
Share of post-tax results of associates and joint ventures                                 1,083       1,226   


(1) As restated (see note 1).

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
                                2015           2015           2015         2015        20141           2014        2014(1)       2014(1)
                           Unaudited      Unaudited      Unaudited    Unaudited    Unaudited        Audited      Unaudited     Unaudited
                                US$m           US$m           US$m         US$m         US$m           US$m           US$m          US$m
Latin America                  2,224            302              -        2,526        2,192            328              -         2,520
Africa                         1,907            275            121        2,303        1,954            267            115         2,336
Asia Pacific                     768             66            148          982          845             72            132         1,049
Europe                           700            214             77          991          703            222             92         1,017
North America                    858              -            145        1,003          804              -            141           945
Corporate                      (122)             39              -         (83)        (161)             31              -         (130)
Retained operations            6,335            896            491        7,722        6,337            920            480         7,737
South Africa: Hotels and
Gaming                            32              -              8           40          123              -             24           147
                               6,367            896            499        7,762        6,460            920            504         7,884

(1) As restated (see note 1).

Adjusted EBITDA
Adjusted EBITDA is comprised of the following.

                                                                                                 2015       20141   
                                                                                            Unaudited   Unaudited   
                                                                                                 US$m        US$m   
Subsidiaries' EBITDA                                                                            5,690       5,720   
-   Operating profit before exceptional items                                                   4,459       4,439   
-   Depreciation (including amortisation of computer software)                                    896         920   
-   Amortisation (excluding computer software)                                                    335         361   
Group's share of MillerCoors' EBITDA                                                              987         936   
-   Operating profit before exceptional items                                                     800         753   
-   Depreciation (including amortisation of computer software)                                    145         141   
-   Amortisation (excluding computer software)                                                     42          42   
Adjusted EBITDA                                                                                 6,677       6,656   

(1) As restated (see note 1).

Other segmental information
                                   Capital                                      Capital
                               expenditure                                  expenditure
                                 excluding                                    excluding
                                investment      Investment                   investment     Investment
                               activity(1)     activity(2)        Total     activity(1)    activity(2)      Total
                                      2015            2015         2015            2014           2014       2014
                                 Unaudited       Unaudited    Unaudited         Audited        Audited    Audited
                                      US$m            US$m         US$m            US$m           US$m       US$m
Latin America                          429             (5)          424             413           (88)        325
Africa                                 720               8          728             663             42        705
Asia Pacific                            80               -           80              96            201        297
Europe                                 253               -          253             252              -        252
North America                           15             216          231               1            188        189
Corporate                               75           (972)        (897)              60              1         61
                                     1,572           (753)          819           1,485            344      1,829

(1) Capital expenditure includes additions of intangible assets (excluding goodwill) and property, plant and equipment.
(2)Investment activity includes acquisitions and disposals of businesses, net investments in associates and joint ventures, purchases of shares in non-
   controlling interests and purchases and disposals of available for sale investments.

3. Exceptional items                                                                                                  
                                                                                                     2015      2014   
                                                                                                Unaudited   Audited   
                                                                                                     US$m      US$m   
Exceptional items included in operating profit:                                                                       
Profit on disposal of investment in associate                                                         401         -   
Profit on disposal of business                                                                         45        72   
Impairments                                                                                         (313)         -   
Integration and restructuring costs                                                                 (139)     (103)   
Cost and efficiency programme costs                                                                  (69)     (133)   
Broad-Based Black Economic Empowerment related charges                                                  -      (33)   
Net exceptional losses included within operating profit                                              (75)     (197)
   
Exceptional items included in net finance costs:                                                                      
Early redemption costs                                                                               (48)         -   
Recycling of foreign currency translation reserves                                                     33         -   
Net exceptional losses included within net finance costs                                             (15)         - 
  
Share of associates' and joint ventures' exceptional items:                                                           
Impairments                                                                                          (63)         -   
Capability programme costs                                                                              -       (5)   
Group's share of associates' and joint ventures' exceptional losses                                  (63)       (5) 
  
Net taxation (charges)/credits relating to subsidiaries' and the group's share of associates'                         
and joint ventures' exceptional items                                                                (83)        27   


Profit on disposal of investment in associate
During 2015 a pre-tax profit of US$401 million, after associated costs, was realised on the disposal of the group's investment in the Tsogo Sun hotels
and gaming business in South Africa.

Profit on disposal of business
During 2015 an additional profit of US$45 million (2014: US$25 million) was realised in Africa in relation to the disposal in 2012 of the group's Angolan
operations in exchange for a 27.5% interest in BIH Angola, following the successful resolution of certain matters leading to the release of provisions.

In 2014 a net profit of US$47 million, after associated costs, was realised on the disposal of the milk and juice business in Panama, Latin America.

Impairments
During 2015 impairment charges of US$313 million were incurred in respect of the group's business in India in Asia Pacific. The impairment charge
comprised US$286 million against goodwill, US$23 million against property, plant and equipment, and US$4 million against intangible assets.

Integration and restructuring costs
During 2015 US$139 million (2014: US$103 million) of integration and restructuring costs were incurred in Asia Pacific following the Foster's and Pacific
Beverages acquisitions, including impairments relating to brewery closures and in 2014 the discontinuation of a brand.

Cost and efficiency programme costs
During 2015 costs of US$69 million (2014: US$54 million) were incurred in relation to the cost and efficiency programme which will realise further
benefits from the group's scale through the creation of a global business services function that will consolidate many back office and specialist functions,
and the expansion of the global procurement organisation. In 2014 costs of US$79 million were also incurred in relation to the business capability
programme which streamlined finance, human resources and procurement activities through the deployment of global systems and introduced common
sales, distribution and supply chain management systems.

Broad-Based Black Economic Empowerment related charges
In 2014 US$13 million of charges were incurred in relation to the Broad-Based Black Economic Empowerment (BBBEE) scheme in South Africa. An
additional US$20 million loss was incurred on the dilution of the group's investment in its associate, Distell Group Ltd, as a result of the exercise of
share options issued as part of its BBBEE scheme.

Exceptional items included in net finance costs

Early redemption costs
During 2015 US$48 million of exceptional charges were incurred in relation to costs for the early redemption of the US$850 million 6.5% Notes that were
due July 2016.

Recycling of foreign currency translation reserves
During 2015 and exceptional credit of US$33 million was recognised in relation to the recycling of foreign currency translation reserves following the
repayment of an intercompany loan.

Share of associates' and joint ventures' exceptional items

Impairments
During 2015 the group's share of the impairment changes taken by Anadolu Efes in relation to its beer businesses in Russia and Ukraine amounted to
US$63 million.

Cost and efficiency programme costs
In 2014 restructuring costs associated with the group's cost saving programme were incurred in MillerCoors, the group's share amounted to US$5
million.

Net taxation (charges)/credits relating to subsidiaries' and the group's share of associates' and joint ventures' exceptional items
Net taxation charges of US$83 million (2014: credits of US$27 million) arose in relation to exceptional items during the year and in 2014 included a
US$2 million credit in relation to MillerCoors although the tax credit was recognised in Miller Brewing Company (see note 5).

4. Net finance costs                                                                                          
                                                                                             2015      2014   
                                                                                        Unaudited   Audited   
                                                                                             US$m      US$m   
a. Finance costs                                                                                              
Interest payable on bank loans and overdrafts                                                 100       110   
Interest payable on derivatives                                                               177       222   
Interest payable on corporate bonds                                                           545       647   
Interest element of finance lease payments                                                      3         3   
Net fair value losses on financial instruments                                                  -        34   
Net exchange losses                                                                           120         -   
Early redemption costs1                                                                        48         -   
Other finance charges                                                                          54        39   
Total finance costs                                                                         1,047     1,055  
 
b. Finance income                                                                                             
Interest receivable                                                                            19        24   
Interest receivable on derivatives                                                            282       338   
Net fair value gains on financial instruments                                                  66         -   
Net exchange gains                                                                              -        36   
Recycling of foreign currency translation reserves (1)                                         33         -   
Other finance income                                                                           10        12   
Total finance income                                                                          410       410  
 
Net finance costs                                                                             637       645   


(1) Net losses of US$15 million (2014: US$nil) are excluded from the determination of adjusted net finance costs and adjusted earnings per share.

Adjusted net finance costs were US$622 million (2014: US$645 million).

5. Taxation                                                                                                   
                                                                                             2015      2014   
                                                                                        Unaudited   Audited   
                                                                                             US$m      US$m   
Current taxation                                                                            1,415     1,096   
- Charge for the year                                                                       1,390     1,086   
- Adjustments in respect of prior years                                                        25        10   
Withholding taxes and other remittance taxes                                                  176       188   
Total current taxation                                                                      1,591     1,284   
Deferred taxation                                                                           (318)     (111)   
- Credit for the year                                                                       (330)      (75)   
- Adjustments in respect of prior years                                                         7      (36)   
- Rate change                                                                                   5         -   
Taxation expense                                                                            1,273     1,173 
  
Tax (credit)/charge relating to components of other comprehensive loss is as follows:                         
Deferred tax (credit)/charge on remeasurements of defined benefit plans                      (70)        13   
Deferred tax charge/(credit) on financial instruments                                           3       (1)   
                                                                                             (67)        12   
Effective tax rate (%)                                                                       26.0      26.0  
 
UK taxation included in the above                                                                             
Current taxation                                                                                -         -   
Withholding taxes and other remittance taxes                                                   82       102   
Total current taxation                                                                         82       102   
Deferred taxation                                                                               -         -   
UK taxation expense                                                                            82       102   

See the financial definitions section for the definition of the effective tax rate. The calculation is on a basis consistent with that used in prior years and is
also consistent with other group operating metrics. Tax on amortisation of intangible assets (excluding computer software) was US$117 million (2014:
US$123 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.

6. Earnings per share                                                                                         
                                                                                  2015                 2014   
                                                                             Unaudited              Audited   
                                                                              US cents             US cents   
Basic earnings per share                                                         205.7                211.8   
Diluted earnings per share                                                       203.5                209.1   
Headline earnings per share                                                      213.4                211.6   
Adjusted basic earnings per share                                                239.1                242.0   
Adjusted diluted earnings per share                                              236.6                239.0   
The weighted average number of shares was:                                                                    
                                                                                  2015                 2014   
                                                                             Unaudited              Audited   
                                                                    Millions of shares   Millions of shares   
Ordinary shares                                                                  1,674                1,671   
Treasury shares                                                                   (63)                 (67)   
EBT ordinary shares                                                                (7)                  (7)   
Basic shares                                                                     1,604                1,597   
Dilutive ordinary shares                                                            17                   20   
Diluted shares                                                                   1,621                1,617   

The calculation of diluted earnings per share excludes 8,613,524 (2014: 6,044,130) share options that were non-dilutive for the year because the
exercise price of the option exceeded the fair value of the shares during the year, and 16,316,980 (2014: 19,755,628) share awards that were non-
dilutive for the year because the performance conditions attached to the share awards had 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 years shown in the
consolidated financial statements. Adjusted earnings per share are based on adjusted earnings for each financial year and on the same number of
weighted average shares in issue as the basic earnings per share calculation. Headline earnings per share are 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.

                                                                                                               2015      2014   
                                                                                                          Unaudited   Audited   
                                                                                                               US$m      US$m   
Profit for the year attributable to owners of the parent                                                      3,299     3,381   
Headline adjustments                                                                                                            
Impairment of goodwill                                                                                          286         -   
Impairment of property, plant and equipment                                                                      73        52   
Impairment of intangible assets                                                                                   6         8   
Profit on disposal of investment in associate                                                                 (401)         -   
Profit on disposal of businesses                                                                               (45)      (72)   
Loss on dilution of investment in associate                                                                       -        20   
Tax effects of these items                                                                                      146      (11)   
Non-controlling interests' share of the above items                                                             (1)         1   
Share of associates' and joint ventures' headline adjustments, net of tax and non-controlling interests          60         -   
Headline earnings                                                                                             3,423     3,379   
Cost and efficiency programme costs                                                                              69       133   
Integration and restructuring costs (excluding impairment)                                                       87        43   
Broad-Based Black Economic Empowerment scheme charges                                                             -        13   
Early redemption costs                                                                                           48         -   
Gain on recycling of foreign currency translation reserves                                                     (33)         -   
Amortisation of intangible assets (excluding computer software)                                                 335       361   
Tax effects of the above items                                                                                (167)     (133)   
Non-controlling interests' share of the above items                                                             (6)       (4)   
Share of associates' and joint ventures' other adjustments, net of tax and non-controlling interests             79        73   
Adjusted earnings                                                                                             3,835     3,865   


7. Dividends                                                                                                                    
                                                                                                               2015      2014   
                                                                                                          Unaudited   Audited   
                                                                                                               US$m      US$m   
Equity                                                                                                                          
2014 Final dividend paid: 80.0 US cents (2013: 77.0 US cents) per ordinary share                              1,289     1,236   
2015 Interim dividend paid: 26.0 US cents (2014: 25.0 US cents) per ordinary share                              416       404   
                                                                                                              1,705     1,640   


The directors are proposing a final dividend of 87.0 US cents per share in respect of the financial year ended 31 March 2015, which will absorb an
estimated US$1,398 million of shareholders' funds. If approved by shareholders, the dividend will be paid on 14 August 2015 to shareholders registered
on the London and Johannesburg registers as at 7 August 2015.

8. Goodwill and intangible assets
                                                                                                 Goodwill   Intangible assets   
                                                                                                     US$m                US$m   
Net book amount                                                                                                                 
At 1 April 2013 (audited)                                                                          19,862               9,635   
Exchange adjustments                                                                              (1,372)               (773)   
Additions - separately acquired                                                                         -                  84   
Acquisitions - through business combinations                                                            7                  22   
Amortisation                                                                                            -               (427)   
Impairment                                                                                              -                 (8)   
Disposals                                                                                               -                 (1)   
At 31 March 2014 (audited)                                                                         18,497               8,532   
Exchange adjustments                                                                              (3,173)             (1,424)   
Reclassification(1)                                                                                 (293)                   -   
Additions - separately acquired                                                                         -                 186   
Acquisitions - through business combinations                                                            1                   -   
Amortisation                                                                                            -               (410)   
Impairment                                                                                          (286)                 (6)   
At 31 March 2015 (unaudited)                                                                       14,746               6,878   

(1) Following clarification from the IFRS Interpretations Committee during 2014 regarding the recognition of deferred tax assets, US$293 million has been
    reclassified from goodwill to net deferred tax liabilities, with no impact on results or net assets.

Goodwill
2015
A US$313 million impairment charge has been recognised in respect of the group's business in India in Asia Pacific, which principally reflected the
group's assessment of the impact of challenges in the regulatory and operating environment. The impairment loss has been allocated to goodwill
(US$286 million), property, plant and equipment (US$23 million) and intangible assets (US$4 million).

Provisional goodwill of US$1 million arose on the acquisition of a business in the year in Africa. The fair value exercise in respect of this business
combination has yet to be completed.

2014
Provisional goodwill arose on the acquisition of the trade and assets of a wine and spirits business in Africa. The residual value of the net assets
acquired has been recognised as goodwill of US$7 million in the financial statements. The fair value exercise in respect of this business combination is
now complete.

9. Investments in joint ventures                                                                       
                                                                                                  US$m   
At 1 April 2013 (audited)                                                                        5,547   
Investments in joint ventures                                                                      188   
Share of results retained                                                                          737   
Share of other comprehensive income                                                                 12   
Dividends received                                                                               (903)   
At 31 March 2014 (audited)                                                                       5,581   
Investments in joint ventures                                                                      216   
Share of results retained                                                                          786   
Share of other comprehensive loss                                                                (179)   
Dividends received                                                                               (976)   
At 31 March 2015 (unaudited)                                                                     5,428   

10. Investments in associates                                                                            
                                                                                                  US$m   
At 1 April 2013 (audited)                                                                        5,416   
Exchange adjustments                                                                             (264)   
Investments in associates                                                                          231   
Share of results retained                                                                          489   
Share of other comprehensive income                                                                133   
Share of movements in other reserves                                                                 6   
Dividends receivable                                                                             (224)   
At 31 March 2014 (audited)                                                                       5,787   
Exchange adjustments                                                                             (755)   
Investments in associates                                                                           46   
Disposal of investments in associates                                                            (368)   
Share of results retained                                                                          297   
Share of other comprehensive loss                                                                (119)   
Share of movements in other reserves                                                               (6)   
Dividends receivable                                                                             (423)   
At 31 March 2015 (unaudited)                                                                     4,459   

11a. Reconciliation of profit for the year to net cash generated from operations                         
                                                                                        2015      2014   
                                                                                   Unaudited   Audited   
                                                                                        US$m      US$m   
Profit for the year                                                                    3,557     3,650   
Taxation                                                                               1,273     1,173   
Share of post-tax results of associates and joint ventures                           (1,083)   (1,226)   
Net finance costs                                                                        637       645   
Operating profit                                                                       4,384     4,242   
Depreciation:                                                                                            
- Property, plant and equipment                                                          602       621   
- Containers                                                                             219       233   
Container breakages, shrinkages and write-offs                                            57        80   
Profit on disposal of businesses                                                        (45)      (72)   
Profit on disposal of available for sale investments                                     (1)         -   
Profit on disposal of investments in associates                                        (403)         -   
(Gain)/loss on dilution of investment in associate                                       (2)        18   
Profit on disposal of property, plant and equipment                                     (18)      (17)   
Amortisation of intangible assets                                                        410       427   
Impairment of goodwill                                                                   286         -   
Impairment of intangible assets                                                            6         8   
Impairment of property, plant and equipment                                               73        52   
Impairment of working capital balances                                                    68        55   
Amortisation of advances to customers                                                     35        40   
Unrealised net fair value gain on derivatives included in operating profit              (15)       (8)   
Dividends received from other investments                                                (1)       (1)   
Charge with respect to share options                                                     112       141   
Charge with respect to Broad-Based Black Economic Empowerment scheme                       5        13   
Other non-cash movements                                                                (92)     (155)   
Net cash generated from operations before working capital movements                    5,680     5,677   
Increase in inventories                                                                 (30)      (73)   
(Increase)/decrease in trade and other receivables                                     (218)       128   
Increase in trade and other payables                                                     396       113   
Decrease in provisions                                                                  (13)      (89)   
(Decrease)/increase in post-retirement benefit provisions                                (3)        14   
Net cash generated from operations                                                     5,812     5,770   


11b. Reconciliation of net cash generated from operating activities to free cash flow                         
                                                                                        2015      2014   
                                                                                   Unaudited   Audited   
                                                                                        US$m      US$m   
Net cash generated from operating activities                                           3,722     3,431   
Purchase of property, plant and equipment                                            (1,394)   (1,401)   
Proceeds from sale of property, plant and equipment                                       68        70   
Purchase of intangible assets                                                          (178)      (84)   
Investments in joint ventures                                                          (216)     (188)   
Investments in associates                                                                (3)     (199)   
Dividends received from joint ventures                                                   976       903   
Dividends received from associates                                                       430       224   
Dividends received from other investments                                                  1         1   
Dividends paid to non-controlling interests                                            (173)     (194)   
Free cash flow                                                                         3,233     2,563   

11c. 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.

                                                                                       2015       2014   
                                                                                  Unaudited    Audited   
                                                                                       US$m       US$m   
Cash and cash equivalents (balance sheet)                                               965      2,081   
Overdrafts                                                                            (215)      (213)   
Cash and cash equivalents (cash flow statement)                                         750      1,868   
Net debt is analysed as follows.                                                                         
                                                                                       2015       2014   
                                                                                  Unaudited    Audited   
                                                                                       US$m       US$m   
Borrowings                                                                         (12,276)   (16,783)   
Financing derivative financial instruments                                            1,114        663   
Overdrafts                                                                            (215)      (213)   
Finance leases                                                                         (53)       (51)   
Gross debt                                                                         (11,430)   (16,384)   
Cash and cash equivalents (excluding overdrafts)                                        965      2,081   
Net debt                                                                           (10,465)   (14,303)   

The movement in net debt is analysed as follows.

                               Cash and cash                                                                             
                                 equivalents                              Derivative                                     
                                  (excluding                               financial   Finance                           
                                 overdrafts)   Overdrafts   Borrowings   instruments    leases   Gross debt   Net debt   
                                        US$m         US$m         US$m          US$m      US$m         US$m       US$m   
At 1 April 2014 (audited)              2,081        (213)     (16,783)           663      (51)     (16,384)   (14,303)   
Exchange adjustments                   (157)           40          713          (51)         6          708        551   
Principal-related cash flows           (959)         (42)        3,819         (243)        10        3,544      2,585   
Other movements                            -            -         (25)           745      (18)          702        702   
At 31 March 2015 (unaudited)             965        (215)     (12,276)         1,114      (53)     (11,430)   (10,465)   

The group has sufficient headroom to enable it to comply with all covenants on its existing borrowings. The group has sufficient undrawn financing
facilities to service its operating activities and continuing capital investment for the foreseeable future and thus the directors have continued to adopt the
going concern basis of accounting. The group had the following undrawn committed borrowing facilities available at 31 March in respect of which all
conditions precedent had been met at that date.

                                                                                        2015      2014   
                                                                                   Unaudited   Audited   
                                                                                        US$m      US$m   
Amounts expiring:                                                                                        
Within one year                                                                           65       214   
Between one and two years                                                                 76        41   
Between two and five years                                                             3,503     3,019   
                                                                                       3,644     3,274   

In April 2015 the group extended its existing US$2,500 million and US$1,000 million committed syndicated facilities, both shown as undrawn in the table
above, by one year to May 2020.

12. Business combinations and similar transactions

Disposals

The group completed the sale of its investment in Tsogo Sun Holdings Limited (Tsogo Sun), its hotels and gaming associate listed on the Johannesburg
Stock Exchange, in August 2014 through an institutional placing and share buyback. The group received net proceeds of US$971 million, and realised a
post-tax profit of US$239 million.

13. Share capital

During the year ended 31 March 2015 3,022,082 ordinary shares (2014: 2,916,131 ordinary shares) were allotted and issued in accordance with the
group's share purchase, option and award schemes.

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), exceptional integration and restructuring costs 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 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 year ended 31 March at the exchange
rates for 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 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 global efficiency programmes; 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)

Group Company Secretary
Stephen Shapiro

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

Head office
One Stanhope Gate
London, England
W1K 1AF
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
Telephone +44 20 7583 5000

Registrar (United Kingdom)
Equiniti
Aspect House
Spencer Road
Lancing
West Sussex, England
BN99 6DA
Telephone 0871 384 2395 (from UK calls cost 8p per minute plus network extras)
Overseas telephone +44 121 415 7047 (outside UK)
www.equiniti.com
 www.shareview.co.uk

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

United States ADR Depositary
JP Morgan Depositary Bank
4 New York Plaza, floor 12
New York, NY 10004
Telephone US: 866 JPM-ADRS
Outside the US: +1 866 576-2377
Email: adr@jpmorgan.com



Date: 13/05/2015 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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