(SAB.L) SABMiller PLC Buy/Sell

(1) EBITA growth is shown on an organic, constant currency basis.

(2) As defined in the Financial Definitions section. See also note 9b.

Sept2009US$m Sept2008US$m % change March2009US$m

Group revenue(a) 13,355 14,222 (6) 25,302

Revenue(b)(excludes 8,846 11,166 (21) 18,703

associates* and joint ventures* revenue)
EBITA(c) 2,187 2,225 (2) 4,129

Adjusted profit before tax(d) 1,920 1,860 3 3,405

Profit before tax(e) 1,498 2,020 (26) 2,958

Adjusted earnings(f) 1,236 1,128 10 2,065

Adjusted earnings per share

cents)
Interim dividend per share(US 17.0 16.0 6

cents)

a) Group revenue includes the attributable share of associates* and joint

ventures* revenue of US$4,509 million (i.e. including MillerCoors* revenue)
(2008: US$3,056 million).b) Revenue excludes the attributable share of

associates* and joint ventures* revenue. 2009 is not comparable with 2008 as MillerCoors* revenue is not included in 2009, although Miller Brewing Company*s
revenue is included in 2008.c) Note 2 provides a reconciliation of

operating profit to EBITA which is defined as operating profit before exceptional items and amortisation of intangible assets (excluding software) but includes the group*s share of associates* and joint ventures* operating profit, on a similar basis. EBITA is used throughout the interim announcement.
d) Adjusted profit before tax comprises EBITA less adjusted net finance

costs of US$253 million (2008: US$358 million) and share of associates* and joint ventures* net finance costs of US$14 million (2008: US$7 million).e) Profit before tax includes exceptional charges of US$239 million (2008:
exceptional credits of US$371 million).f) A reconciliation of adjusted

earnings to the statutory measure of profit attributable to equity shareholders is provided in note 5.

CHIEF EXECUTIVE'S REVIEW

Graham Mackay, Chief Executive of SABMiller, said:

"In some of the toughest economic conditions seen for decades, we have continued to take share in a number of markets. The weakness of our major operating currencies against the US dollar has affected reported results, but we have continued to generate a strong underlying performance. The actions we have taken to position our business globally, to invest in brands and to develop our operational capabilities will continue to underpin our long term growth."

September 2009 EBITA Reported Organic, constant
US$m growth currency
% growth
%
Latin America 566 19 33
Europe 590 (19) 5
North America 379 7 7
Africa 246 3 15
Asia 90 24 29
South Africa: Beverages 333 0 4
South Africa: Hotels and 53 (12) (16)

Gaming
Corporate (70) - -
Group 2,187 (2) 11

Business review

Our underlying performance has been strong although difficult trading conditions persisted across most markets. Lager volumes were down 1% on an organic basis, but our market execution and the strength of our brands enabled us to continue to gain share across many of our key markets. Group revenue increased by 3% organically in constant currency, supported by price increases taken predominantly in the second half of the prior year.

Despite the slight decline in volumes, EBITA performance was strong, growing 11% on an organic, constant currency basis with the group's EBITA margin improving 110 basis points (bps) to 16.8%. The benefits of falling commodity prices are not yet fully reflected in our costs, due to the long term nature of our raw material supply contracts and the relative strength of the US dollar in which many of these contracts are priced. Greater efficiencies in our marketing spend, combined with cost reductions and restructuring in certain markets, continued to benefit our cost base. On a reported basis, EBITA of US$2,187 million declined 2% reflecting significantly weaker operating currencies against the US dollar compared to the same period in the prior year.

Although reported EBITA was lower, adjusted earnings grew 10% due to lower finance charges and reduced profit attributable to minority interests following the purchase of the 28.1% minority interest in our Polish subsidiary Kompania Piwowarska in May 2009 in exchange for the issue of 60 million ordinary shares. The group's effective tax rate for the period was 29.4%, compared with 31.0% in the same period in the prior year.

Free cash flow of US$998 million showed an improvement of US$1,124 million compared to the same period last year. Capital expenditure was US$517 million lower than in the prior year period following the completion of several major investments. Improved working capital management delivered cash inflow of US$300 million, US$638 million better than in the prior year period. Normalised EBITDA margin, including both dividends and revenue from MillerCoors, improved 30 bps during the period.

The group's gearing ratio at 30 September reduced to 47.0% from 54.0% (restated) at the previous year end. An interim dividend of 17 US cents per share, up 1 US cent from the prior year, will be paid to shareholders on 11 December 2009.

1 MillerCoors pro forma figures are based on results for Miller's and Coors' US and Puerto Rico operations reported under International Financial Reporting Standards (IFRS) and US GAAP respectively for the six months ended 30 September 2008. Adjustments have been made to reflect both companies' comparative data on a similar basis including amortisation of definite-life intangible assets, depreciation reflecting revisions to property, plant and equipment values and the exclusion of exceptional items.

Outlook

Overall, we expect the current trading conditions to continue in the second half, as unemployment, retail spending and other consumer indicators lag the reported stabilisation of GDP in many of our markets.

Our operational performance continues to be driven by the unique strength of our local brand portfolios which have enabled market share gains in spite of the significant price increases taken in the prior year. Price rises will moderate in the coming months compared with last year. The margin trend delivered in the first half will be affected over the remainder of the year as the price increases and cost efficiencies achieved in the prior year are cycled. Input costs continue to be affected by existing contractual obligations but will begin to ease towards the end of this year.

We expect second half reported results to benefit from favourable currency movements, provided our major operating currencies remain at or near current exchange rates to the US dollar. The group's financial position remains strong and we are well positioned to take advantage of future improvements in the market environment.

Enquiries:
SABMiller plc Tel: +44 20 7659

Sue Clark Director of Corporate Affairs Tel: +44 20 7659

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

Nigel Fairbrass Head of Media Relations Mob: +44 7799 894265

A live audiocast of the management presentation to the investment community will begin at 9.30am
(GMT) on 19 November 2009.
Access details for this audiocast, video interviews with management and copies of this
announcement and the slide presentation are available on the SABMiller plc website at
www.sabmiller.com .
Images: Our media image library has a large selection of images for use in print and digital
media.
Visit www.sabmiller.com/imagelibrary

Broadcast footage: Our broadcast footage library has stock footage for media organisations to
view and download for use in TV programmes or news websites. Visit
www.sabmiller.com/broadcastfootage
Copies of the press release and detailed Interim Announcement are available from the Company
Secretary at the Registered Office, or from 2 Jan Smuts Avenue, Johannesburg, South Africa.

Operational review

Latin America

Financial summary %

Group revenue (including share of associates) (US$m) 2,746 2,848 (4)
EBITA* (US$m) 566 474 19
EBITA margin (%) 20.6 16.6

Sales volumes (hl 000)

Latin America delivered very strong EBITA growth in the first half of the year despite a 1% decline in lager volumes. Volumes were impacted by tough operating conditions in all markets however we continued to see share gains in Colombia and Peru, while Ecuador had a particularly strong first half with lager volume growth of 7%. Soft drinks volumes were 17% lower on a reported basis due to the disposal of the water business in Colombia and the soft drinks business in Bolivia in the prior year. On an organic basis, soft drinks grew 2% with good performance across the Central America markets.

EBITA grew 19%, despite year on year currency weakness, and margin increased 400 basis points. EBITA increased 33% on an organic, constant currency basis underpinned by pricing benefits, together with fixed cost savings and reduced marketing spend compared to relatively high expenditure in the same period last year, which more than offset higher commodity costs.

In Colombia strong pricing in the prior year drove revenue growth of 6% on an organic, constant currency basis despite a 2% decline in lager volumes. This decline is a result principally of the benefit in September of the prior year of increased sales activity ahead of a price increase on 1 October 2008. During October 2009, this reduction in volume has been largely recovered. Economic indicators continue to be soft with retail sales figures for the quarter to July showing a 3.7% contraction. Our share of the alcohol market increased steadily over the period and was up 330 bps against the prior year at the end of September reflecting continued strengthening of the appeal of the beer category to consumers, improving consumption frequency and greater beer affordability. Despite the economic environment, premium lager volumes grew by 20% in the first six months of the year boosted by robust growth of Redd's, a brand focused on the female consumer, and Club Colombia, the local premium brand. In the mainstream segment, Poker continued its momentum, while Aguila and Aguila Light increased market share in recent months.

Our Peru operations reported a lager volume decline of 2%, following high growth in the prior year of 10%. In a market that declined by 7% due to pressure on disposable income and social conflict in parts of the country during May and July, our market share grew 420 bps. Our flagship brand, Cristal, continued to show positive momentum, while strong sales of Cusquea drove 17% growth in the premium segment which more than offset a decline in the economy segment resulting in a favourable mix change. Brand activation continues to focus on developing consumption occasions while significant investment in direct store delivery initiatives will aid our market execution further.

Ecuador delivered robust sales growth with a 7% increase in lager volumes. This performance was supported by growth in consumer disposable income, following an increase in the minimum wage, combined with improved in-market execution and brand activation at the point of purchase. Expanded route to market penetration grew outlet reach by 6% during the period, increasing our customer base by 6,600 new customers. The performance of our premium brand, Club, continues to be strong with growth of over 50%, following the introduction of a new 550ml pack in 2009. Our principal mainstream brand, Pilsener, continued to capitalise on its strong brand equity and increased consumption frequency.

Lager volumes in Panama grew by 2% although market share fell. A decline in our mainstream brand Atlas was partly offset by strong growth in our Balboa brand and the doubling of volume in our premium brands. The soft drinks category delivered strong growth in the period supported by the successful re-launch of Malta Vigor in a new pack.

In Honduras, total volumes for the first half ended level with the prior year. In spite of difficult trading conditions, beer share of alcohol increased substantially during the period. Lager volumes declined by 16% as a result of curfews and dry laws implemented during the political turmoil, offset by increased sparkling soft drinks sales as consumers stocked up for home and family consumption. Our operation continued trading throughout the disruption in the country.

In El Salvador domestic sparkling soft drinks volumes increased by 7% and we maintained market share during the period. Lager volumes were level with the prior year, with a 7% decline in domestic volumes offset by increased export volumes. Pricing gains and improved lager mix benefited revenue.

Europe

Financial summary %

Group revenue (including share of associates) (US$m) 3,211 4,010 (20)
EBITA* (US$m) 590 725 (19)
EBITA margin (%) 18.4 18.1

Sales volumes (hl 000)

In Europe, reported lager volumes declined 4% while lager volumes were down 6% on an organic basis versus the prior year. The beer market continued to contract across the region as economic conditions depressed consumer spending. We gained market share in Poland, Romania and the UK with strong momentum behind key brands. In the Czech Republic, where we continued to pursue a value-focused strategy, our volume share declined marginally. In Russia, our mainly premium portfolio has lost volume share as a result of down-trading.

Due to the devaluation of major central and eastern European currencies compared to the prior year, reported group revenue declined 20% and EBITA declined 19%. On an organic, constant currency basis, EBITA increased 5% and margin grew 90 basis points due largely to organic, constant currency revenue per hectolitre growth of 6%, reflecting strong pricing, and cost efficiencies. Marketing expenditure was lower than the prior year which included sponsorship at a local level of the Euro 2008 football championships and the Olympics. Fixed costs and depreciation increased due to expanded reach in Russia and Romania.

In Poland, lager volumes were down 4% in a market which declined 9%. Market share rose 280 bps driven by strong sales execution, up-weighted distributor and trade promotional programmes and brand activities centred on Tyskie as sponsor of the International Year of Beer. Our key mainstream brands performed ahead of the market. Tyskie, which has enjoyed compounded annual growth of 7% over the past three years, declined 6%. Zubr captured significant market share with volumes level with the prior year. The premium portfolio fared slightly better than the market. In the economy segment, the Wojak brand more than doubled its volume versus the prior year as distribution was expanded. Revenue per hectolitre grew 6% reflecting price increases taken in the prior year following an excise increase. In September 2009 we announced the complete closure of the Kielce brewery.

Our strategy in the Czech Republic remains focused on core portfolio strength and value leadership. Domestic lager volumes declined 3%, whilst the market declined 2% impacted by higher unemployment. The first half of the year was marked by the launch of PET packs for our two economy brands in response to competitive activity. The economic slowdown and lower tourism continue to impact on-premise consumption, however consumption in the off-premise channel was firmer than in the previous year and we captured share in the expanding modern-trade. Our premium brands Pilsner Urquell, Frisco and the non-alcoholic Birell all enjoyed volume growth during the period. In mainstream, Kozel consolidated its position as Czech's number two brand, behind Gambrinus, and enjoyed another excellent performance with volume growth of 8%, doing well in both the on and off-premise channels. Gambrinus 10 continued to decline, but the higher-priced variant Gambrinus 11 performed strongly.

Domestic revenue per hectolitre growth was 3%, despite negative sales mix. Efficiency in marketing investment, together with ongoing overhead cost savings, drove an improvement in constant currency EBITA.

Following strong comparative growth of 24%, lager volumes in Romania fell 12% in a market that declined 16% impacted severely by the economic crisis. The latest IMF forecast shows a downward revision to GDP and the Romanian economy is now expected to contract by 8.5% this year. In this context we continued to grow our market share, which increased by 140bps over the period. Encouragingly our mainstream brand, Timisoreana, continued its strong performance, with volume growth of 1%, notwithstanding comparative growth of 31% in the prior year, and took significant market share. The on-premise channel declined sharply leading to a marked decline in premium volumes with the Ursus brand well down despite gaining share of the segment. The integration of the Azuga business was completed during the period and we closed its brewery, as planned. A new campaign to renovate the Azuga economy brand was launched in August. Revenue per hectolitre is up 10% following above-inflation price increases in the prior year and pricing taken in July of this year.

In Russia, a sharp decline in consumer disposable income led to an 8% drop in industry beer production. STRs were down 7%, approximately in line with the market. Our STW volumes were down 12% reflecting significant trade destocking. Down-trading is a feature of the market and our super premium and premium portfolio has therefore been disproportionately affected. Despite this, our premium value share in Moscow grew 140 bps. On the back of our geographic expansion strategy, we have launched the Tri Bogatyrya economy brand in a new PET format leading to growth of almost 60%. This brand mix partially diluted the strong pricing taken in the prior year but we still achieved revenue per hectolitre growth of 6%. In May 2009, we opened the new brewery in Ulyanovsk. In the Ukraine the Sarmat brand has been re-launched and licensed production of Zolotaya Bochka and Kozel has commenced.

In Italy, economic conditions are still adverse but consumer confidence is starting to improve. Birra Peroni volumes declined 9% during the period as we reduced our reliance on promoted volume and focused on value. On a STR basis we have grown our market share in both volume and value. Profitability improved through efficiencies in both production and marketing.

Domestic lager volumes in the Netherlands declined 8% and market share was marginally down. This intensely competitive beer market has resulted in difficult conditions in the off-premise channel; however recent trends are positive in the on-premise channel which is now cycling the smoking ban introduced in July 2008. Restructuring initiatives taken in the prior year are beginning to show benefits.

In the United Kingdom, lager volumes grew 15% on a like for like basis, underpinned by Peroni Nastro Azzurro growth of 35%. During the period, exports of Miller Genuine Draft to Eire were taken over by our UK business following the termination of the previous licensing arrangement. Our European import business, which serves Western European markets including Germany, Spain and France, continued to exhibit strong growth driven by Grolsch and Pilsner Urquell. In Hungary, Slovakia and the Canaries, economic conditions remain severe and the beer markets depressed.

North America

Financial summary 2009 2008 %
Group revenue (including share of joint ventures) 2,870 2,9161 (2)

(US$m)

EBITA* (US$m) 379 3551 7
EBITA margin (%) 13.2 12.21

Sales volumes (hl 000)

MillerCoors' volumes

1 Volumes, group revenue and EBITA represent 100% of Miller Brewing Company performance in the first quarter of the half year ended 30 September 2008 and the group's 58% share of MillerCoors' performance and the retained wholly owned Miller Brewing Company business (principally Miller Brewing International) for the balance of the period.

2 MillerCoors pro forma figures are based on results for Miller's and Coors' US and Puerto Rico operations reported under International Financial Reporting Standards (IFRS) and US GAAP respectively for the six months ended 30 September 2008. Adjustments have been made to reflect both companies' comparative data on a similar basis including amortisation of definite-life intangible assets, depreciation reflecting revisions to property, plant and equipment values and the exclusion of exceptional items.

Strong revenue and cost management together with continued synergy delivery from MillerCoors drove EBITA growth of 7% for North America for the half year. Lager volumes, excluding contract brewing, declined 5%.

MillerCoors

In the six months ended 30 September 2009, MillerCoors US domestic volume STRs were down 1% on a pro forma2 basis due to a slight decline in premium light volumes and continued softness in above premium and premium brands. Domestic STWs fell 1% on a pro forma basis driven by lower retail sales and a reduction in contract brewing volumes. EBITA grew 22% on a pro forma basis.

Pricing remained strong, with domestic net revenue per hl, excluding contract brewing and company-owned distributor sales, growing 3% driven by sustained price increases taken in the second half of the prior year and reduced discount activity.

Premium light brand volumes (Miller Lite, Coors Light and MGD 64) were down in low single digits largely due to a decline in Miller Lite, which was partially offset by MGD 64 growth. Miller Lite STRs were down mid single digits and Coors Light STRs were in line with the prior year period. MGD 64 continued to perform well ahead of expectations.

MillerCoors' craft and import portfolio grew slightly during the half, led by growth of Blue Moon and Peroni Nastro Azzurro. The domestic above-premium portfolio, which includes Miller Chill, Sparks and Killian's Irish Red, experienced a double digit decline. The below premium portfolio was up low single digits, largely due to the strong performance of Keystone Light and continued growth of Miller High Life, which more than offset declines in Milwaukee's Best.

Cost of goods sold increased as benefits from MillerCoors' cost leadership programmes were more than offset by brewing and packaging materials cost increases under procurement contracts largely arranged prior to the softening in recent commodity prices.

Marketing, general and administrative costs decreased driven primarily by lower organisational costs and synergies, partially offset by IT integration-related expenses.

MillerCoors achieved US$133 million in synergies in the six months to 30 September 2009, largely within marketing and more broadly from the elimination of duplicate and transitional positions. Network optimisation savings continue to be realised from shifting production of Coors and Miller brands within the larger MillerCoors brewery network, a process which will continue for the next nine months. MillerCoors continued to integrate business processes and systems across the enterprise to improve customer service and capitalise on the scale of the business.

MillerCoors has delivered a total of US$211 million in cost savings since beginning operations on 1 July 2008, and now expects to achieve US$335 million of cumulative synergies by the end of our current financial year, surpassing its original commitment of US$312 million. As previously communicated, MillerCoors will deliver incremental cost savings of US$200 million above its US$500 million synergy target, and these are expected to be delivered by the end of 2012, broadly in line with current market expectations. These cost savings include efficiencies in production costs, procurement, and marketing, general and administrative expenses.

Africa

Financial summary %

Group revenue (including share of associates) (US$m) 1,263 1,350 (6)

EBITA* (US$m) 246 239 3
EBITA margin (%) 19.5 17.7

Sales volumes (hl 000)

Africa's total volumes grew 8% aided by acquisitions in Ghana, Nigeria and Ethiopia. Lager volumes grew 3% on an organic basis against a backdrop of softer economic conditions, with good performances in Uganda, Mozambique and Zambia. Soft drink volumes grew 5% on an organic basis with solid growth across the region, while other alcoholic beverages declined by 5% following a period of strong growth in the prior year.

Our strategy of broadening the brand portfolio continued with the introduction of local premium beer offerings in five markets and the roll out of more affordable beverages in Tanzania and Mozambique to grow the beer category at the expense of subsistence alcohol. We also completed the acquisition of a water business in Ethiopia and a non-alcoholic beverage business in Zambia further expanding our full beverage portfolio.

Further investments were made at the point of consumption in coolers and outlet infrastructure to uplift and enliven on-premise drinking occasions. The sales force has been expanded and service levels have been improved for each class of trade.

The extensive capacity upgrade project is nearing completion and we have recently completed projects in Uganda, Southern Sudan and Ghana. New plants in Tanzania, Mozambique and Angola are due to be commissioned shortly.

EBITA grew 3%, despite adverse currency movements. On an organic, constant currency basis, EBITA grew 15% and margin improved by 190 basis points on the same basis, driven by robust pricing and a good performance from our associate Castel.

In Uganda, lager volumes grew 18% driven by a healthy brand portfolio and supported by the introduction of the long neck bottle last year and the launch of Nile Gold as a premium offering in a 330ml returnable bottle. A 20% increase in brewing capacity was commissioned in June 2009.

Mozambique delivered strong results with lager volume ahead by 7%. Much of this growth came from the market in the north of the country, justifying our November commissioning of the greenfield brewery in this region. Strong growth from Laurentina Preta, a dark lager, and the recently launched Laurentina Premium further drove performance.

Zambia benefited from a reduction in excise rates at the beginning of the year, growing lager volumes 23% despite a depressed economy. Soft drinks volumes were level with the prior year, while traditional beer volumes fell by 2% following strong growth in the prior year. We concluded the acquisition of the Maheu business, a traditional maize-based non-alcoholic flavoured drink, in September 2009.

In Tanzania, the economy was impacted more than other African markets by reduced agricultural exports and lower foreign direct investment, and also suffered from extreme drought conditions in the northern and central regions. Lager volumes declined by 6% but market share improved marginally reflecting continued improvements in sales execution and outlet penetration. During the period, we successfully re-launched Ndovu Lager in a 375ml green returnable bottle with enhanced packaging.

The Botswana government implemented a 30% social levy on all alcoholic products in November 2008. The levy, compounded by an economy impacted by reduced diamond exports, resulted in sales for the half year declining dramatically, with lager volumes 47% below the prior year and traditional beer sales down 14%. Soft drinks volumes grew by 7% during the period.

In Angola total volumes declined 1% for the half year due to a combination of port congestion, an economic slowdown following a decline in the oil price and reduced global demand for diamonds and limited availability of foreign currency. Our planned commissioning of a new beer and a new soft drinks plant in north Luanda later this year will alleviate some of the adverse impacts of port congestion by reducing the need to import finished product and the costs associated with demurrage and port handling.

Castel continued its strong performance with organic lager volume growth of 12% aided by the commissioning of two new breweries in Angola at the beginning of the calendar year, and good lager growth from Cameroon. Soft drinks volumes grew 9% with good performances in Tunisia and Algeria.

Asia

Financial summary %

Group revenue (including share of associates and joint 1,021 905 13

ventures) (US$m)

EBITA* (US$m) 90 72 24
EBITA margin (%) 8.8 8.0

Sales volumes (hl 000)

Asia lager volumes grew 9% on an organic basis through good performances from China, Australia and Vietnam, while India's volumes contracted predominantly due to regulatory issues. EBITA increased 24% and organic, constant currency EBITA grew 29% reflecting a strong performance from our associate in China, CR Snow. Organic, constant currency EBITA margin grew 100 bps to 9.0%.

China's beer industry experienced solid market growth of approximately 6%, and CR Snow enjoyed volume growth of 15%, well ahead of the market. CR Snow's national brand, Snow, continued to exploit its national brand positioning which, together with consistent retail pricing and improved sales execution, drove further market share gains.

In the northeast, CR Snow continues to lead the market with further volume gains in the Liaoning and Jilin provinces. Strong growth was reported in the central region, despite the effects of bad weather and flooding in the second quarter. Within the central region, significant share gains were achieved in the key provinces of Anhui and Zhejiang driven by the success of the Snow brand, and profitability was enhanced by improved cost efficiencies and synergies from previous acquisitions. The Sichuan area in the west remains a key stronghold for the business, returning to growth following the earthquake in the prior year.

India experienced a tough first half year with volumes declining 21% largely as a result of regulatory issues in the important states of Andhra Pradesh and Uttar Pradesh. Volumes were further reduced by excise increases in Karnataka and Rajasthan implemented during the period.

Vietnam, a wholly owned subsidiary from March 2009, continues to build from its greenfield start, recently launching Miller High Life to support the local Zorok brand. While still loss making, the business is gaining good growth momentum in the market place.

Our joint venture in Australia enjoyed strong growth in a stagnant market, underpinned by growth of Peroni Nastro Azzurro, Miller Genuine Draft and Bluetongue. The business is currently constructing a greenfield brewery in New South Wales, to be commissioned next year.

South Africa: Beverages

Financial summary %

Group revenue (including share of associates) (US$m) 2,051 2,007 2
EBITA* (US$m) 333 332 -
EBITA margin (%) 16.3 16.5

Sales volumes (hl 000)

The South African economy weakened during the period with real gross domestic product declining by 3% during the second quarter of 2009. Headline inflation fell considerably from 13% to 6% compared to the same period a year ago, but retail sales remained under pressure falling by 5% year on year in September.

Lager volumes declined by 3%, impacted by reduced consumer spending. As expected, our year on year beer market share has declined. Mainstream volumes, down 2%, performed relatively better supported by strong growth in Castle Lager and Hansa Pilsener. Carling Black Label continued to be impacted by its prevalence in the challenging Western Cape liquor market. Within local premium, Castle Lite returned to growth. Soft drinks volumes were down 2%, in line with the market. During the period, we grew our share of the sparkling soft drinks segment through effective market execution, particularly in the top-end grocer channel.

Group revenue increased by 2% (6% on a constant currency basis), continuing to benefit from the price increases implemented in the prior year in both the beer and soft drinks businesses.

Input costs remained under pressure as medium term contractual arrangements with key brewing raw material suppliers limited the business' ability to benefit from the downturn in brewing commodity prices. Higher packaging materials and sugar prices also contributed to increased input costs in the first six months. In addition, our dollar based input costs were higher than the prior year due to adverse foreign exchange rates. Distribution costs declined in line with relatively lower crude oil prices, aided by distribution efficiencies.

Sales and marketing investment increased substantially, focused on our key brands. Investment in customer facing route to market capability intensified, with investment in direct distribution and improved service levels to customers. These additional market facing investments were partly financed through an intensified productivity and cost reduction programme.

Efforts to enhance and grow the core of the lager brand portfolio saw new marketing campaigns for Carling Black Label, Castle Lager and Hansa Pilsener, reinforcing key characteristics of the brands. Castle Lager also benefited from the recent sponsorship of the Confederations Football Cup championship and the Lions rugby tour of South Africa. Castle Lite saw growth returning towards the end of the period supported by its "Extra cold" media campaign and sub-zero fridge placement in targeted outlets. At the same time, we pursued further growth in Peroni Nastro Azzurro and established our premium lager portfolio additions Grolsch and Dreher as longer term contributors.

EBITA was level with the prior year at reported exchange rates, but grew 4% on an organic, constant currency basis. Margins reduced slightly as price increases were not sufficient to offset the decline in volumes, continued pressure from significantly higher input costs and additional market facing investments.

On 1 July, we announced preliminary details of a proposed broad-based black economic empowerment transaction in South Africa. The transaction is intended to benefit employees, soft drinks and liquor retailers and the wider South African community through the formation of The SAB Foundation, by enabling them to participate in the equity of The South African Breweries Limited. The full terms of the transaction will be announced in early December 2009.

Distell continued its robust performance with both domestic and international volumes exhibiting good growth to deliver increased revenue and improved profitability.

South Africa: Hotels and Gaming

Financial summary 2009 %

Group revenue (share of associates) (US$m) 193 186 3
EBITA* (US$m) 53 61 (12)
EBITA margin (%) 27.8 32.5
Revenue per available room (Revpar) - US$ 63.44 75.56 (16)

The group is a 49% shareholder in the Tsogo Sun Group. The half year results were affected by contraction in the South African economy affecting both the gaming market and the hospitality and tourism industry.

Our share of Tsogo Sun's reported revenue was US$193 million, an increase of 3% including the non-organic share of revenue of Tsogo Sun's associated company Gold Reef Resorts and the newly acquired Century Casinos business. Excluding this incremental revenue, revenue declined 7% against the prior year.

The gaming industry in South Africa contracted from last year's levels with the exception of the KwaZulu-Natal region which continued to show growth. Gauteng, the most significant gaming province, reported a 5% decline in market size compared to the prior year, with Tsogo Sun's Montecasino, the largest gaming unit, reporting flat revenue. On 30 June 2009, Tsogo Sun acquired 100% of the Century Casinos business in Caledon and Newcastle.

The South African hotel industry has been under continued pressure throughout the first half of the year, particularly in the key corporate and government market segments. A number of major sporting events in South Africa during the first quarter of the year including the Indian Premier League cricket tournament, the Confederations Football Cup championship and the Lions rugby tour assisted trading. However this was not enough to prevent a 16% decline in revpar.

EBITA for the division declined 12% for the period and margins were reduced, impacted by the difficult trading environment.

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 2009 as amended for the changes set out in note 1, which have had no material impact on group results. The consolidated balance sheets as at 30 September 2008 and as at 31 March 2009 have been restated for further adjustments relating to initial accounting for business combinations, further details of which are provided in note 12. The Annual Report and Accounts for the year ended 31 March 2009 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. The group has adopted IFRS 8 Operating Segments with effect from 1 April 2009 and this has resulted in a change to the segmental information reported, with Africa and Asia now reported as separate segments. Comparative information has been restated accordingly. Additional historical information for each of the Africa and Asia segments is available on the company's website.

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

Disclosure of volumes

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

Organic, constant currency comparisons

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

In relation to the MillerCoors joint venture no adjustments have been made in the calculation of organic results as the group's share of the joint venture is deemed to be comparable with 100% of the Miller business in the comparative period.

Business combinations and acquisitions

On 10 April 2009 the group assumed control of a 70.56% interest in Bere Azuga in Romania following receipt of clearance from the competition authorities and has consolidated Bere Azuga from this date. Subsequently, further share purchases were made, together with a mandatory public offer for the remainder of shares in Bere Azuga. As at 30 September 2009, the group had an effective interest of 94.85% in Bere Azuga.

In July 2009 the group completed the acquisition of an effective 40% interest in Ambo Mineral Water Share Company in Ethiopia.

In September 2009 the group acquired Maheu, a non-alcoholic maize drinks business, in Zambia.

On 29 May 2009 SABMiller plc acquired the outstanding 28.1% minority interest in its Polish subsidiary, Kompania Piwowarska SA, in exchange for 60 million ordinary shares of SABMiller plc.

Exceptional items

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

Net exceptional charges of US$222 million before finance costs and tax were reported during the period (2008: net exceptional credit of US$371 million) including net exceptional charges of US$11 million (2008: US$33 million) related to the group's share of joint ventures' and associates' exceptional charges. The net exceptional charge included US$170 million related to business capability programme costs in Latin America, Europe, Africa, Asia, South Africa Beverages and Corporate, together with a charge of US$41 million related to integration and restructuring costs in Europe.

The group's share of joint ventures' and associates' exceptional items includes a charge of US$7 million related to the group's share of MillerCoors' integration and restructuring costs and US$4 million related to the group's share of the unwinding of fair value adjustments on inventory in MillerCoors.

In addition there was an exceptional charge in the period of US$17 million (2008: US$nil) within net finance costs related to the business capability programme.

In 2008 the net exceptional credit included a US$437 million profit on the deemed disposal of 42% of the US and Puerto Rico operations of Miller, partly offset by a charge of US$23 million related to MillerCoors' integration and restructuring costs and a charge of US$10 million relating to the unwinding of fair value adjustments on inventory relating to the acquisition of Grolsch. The group's share of joint ventures' and associates' exceptional items included a charge of US$17 million relating to its share of MillerCoors' integration and restructuring costs, US$7 million relating to its share of the unwinding of fair value adjustments on inventory in MillerCoors and a charge of US$9 million relating to fair value mark to market losses on financial instruments in Tsogo Sun.

Finance costs

Net finance costs decreased to US$266 million, a 31% decrease on the prior period's US$384 million. Finance costs in the current period include a net gain of US$3 million (2008: net loss of US$26 million) from the mark to market adjustments of various derivatives on capital items for which hedge accounting cannot be applied. Finance costs in the period also include a US$17 million charge resulting from a change in valuation methodology of financial instruments as part of the business capability programme. The mark to market loss and the charge resulting from the change in valuation have been excluded from the determination of adjusted finance costs and adjusted earnings per share. Adjusted net finance costs were US$253 million, down 29% reflecting the reduction in the weighted average interest rate due to the lower global interest rate environment.

Interest cover, as defined in the Financial Definitions section, has increased to 9.1 times from 6.8 times in the comparable prior year period.

Profit before tax

Adjusted profit before tax of US$1,920 million increased by 3% over the comparable period in the prior year, benefiting from lower net finance costs.

On a statutory basis, profit before tax of US$1,498 million was down 26% including the impact of the exceptional and other adjusting finance items noted above. The principal differences relate to exceptional items with net exceptional charges of US$239 million in the half year compared to net exceptional credits of US$371 million in the prior period.

Taxation

The effective tax rate of 29.4% before amortisation of intangible assets (other than software), exceptional items and the adjustments to finance costs noted above, is below that of the prior year (31.0%). The rate has fallen principally as a result of beneficial changes in the combination of geographic profits, but also through ongoing management of the effective tax rate.

Earnings per share

The group presents adjusted basic earnings per share to exclude the impact of amortisation of intangible assets (other than software) and other non-recurring items, which include post-tax exceptional items, in order to present a more meaningful comparison for the periods shown in the consolidated financial information. Adjusted basic earnings per share of 80.0 US cents were up 6% on the comparable period in the prior year, benefiting from lower finance costs and taxation as discussed above together with lower profit attributable to minority interests, partially offset by an increase in the weighted average number of shares in issue. The reduction in profit attributable to minority interests and the increase in shares in issue result from the buyout of the minority interests in our Polish business. An analysis of earnings per share is shown in note 5. On a statutory basis, basic earnings per share are 34% lower at 63.0 US cents.

Cash flow

Net cash generated from operations before working capital movements (EBITDA) decreased by 21% to US$1,865 million compared to the prior year period. This decrease was primarily due to the reduction in EBITDA from North America following the formation of the MillerCoors joint venture, as EBITDA excludes cash flows from associates and joint ventures. Dividends received from the MillerCoors joint venture (reported within cash flows from investing activities) amounted to US$427 million (2008: US$81 million). EBITDA together with the MillerCoors dividends decreased by 6% on the same period in the prior year, primarily due to expenditure on the business capability programme and the impact of the strength of the US dollar on translated results. Net cash generated from operating activities of US$1,499 million was up 27% reflecting a significant improvement in working capital, together with lower tax and net interest payments partly offset by the reduction in EBITDA. The working capital improvement compared to the same period last year reflects changes in process management practices applied to inventory, receivables and payables, resulting in net working capital inflows in most major operations. Free cash flow improved by US$1,124 million to US$998 million, as detailed in note 9b.

Capital expenditure

The group has continued to invest in its operations, selectively maintaining investment to support future growth, including new breweries in Russia, Angola, Tanzania, Southern Sudan and Mozambique together with recently completed capacity expansions in Poland, Romania, Ghana and Uganda. Capital expenditure for the six months to 30 September 2009 was US$728 million (2008 US$1,245 million). With effect from 1 July 2008, the capital expenditure for the MillerCoors joint venture has been excluded from the consolidated capital expenditure reported.

Capital expenditure including the purchase of intangible assets was US$739 million (2008: US$1,279 million).

Borrowings and net debt

Gross debt at 30 September 2009, comprising borrowings together with the fair value of derivative assets or liabilities held to manage interest rate and foreign currency risk of borrowings, has increased to US$9,809 million from US$9,131 million at 31 March 2009, primarily as result of the impact of exchange rates on the retranslation of the group's Colombian peso and euro denominated debt. Net debt comprising gross debt net of cash and cash equivalents has increased to US$9,345 million from US$8,709 million (restated) at 31 March 2009. An analysis of net debt is provided in note 9c.

The group's gearing (presented as a ratio of net debt/equity) has decreased to 47.0% from 54.0% (restated) at 31 March 2009. The weighted average interest rate for the gross debt portfolio at 30 September 2009 was 6.0% (31 March 2009: 7.1%).

On 1 July 2009 the US$300 million LIBOR +0.3% Notes issued by SABMiller plc matured and were refinanced from existing facilities. On 17 July 2009 SABMiller plc completed a EUR1,000 million bond issue which was issued under the US$5,000 million Euro Medium Term Note Programme. The notes were issued in a single tranche of 5.5 year notes with a coupon of 4.5%. The net proceeds of the bond have been used to repay certain indebtedness.

Subsequent to 30 September 2009 the US$1,000 million 364 day facility was voluntarily cancelled in part, reducing the size of the facility to US$600 million. The facility was subsequently extended from October 2009 to 6 October 2010 in the amount of US$515 million, with a one year term out option.

Total equity

Total equity increased from US$16,117 million (as restated) at 31 March 2009 to US$19,880 million at 30 September 2009. The increase is principally due to currency translation movements on foreign currency investments, profit for the period and the issue of shares for the Polish minority buyout, partly offset by fair value moves on hedged items and dividend payments.

Goodwill and intangible assets

Goodwill has increased to US$11,608 million (31 March 2009: US$8,715 million) primarily due to foreign exchange movements and goodwill on acquisitions in the period, including the Polish minority buyout. Intangible assets have increased in the period to US$4,369 million (31 March 2009: US$3,741 million) as a result of foreign exchange movements partially offset by amortisation. The comparatives for both goodwill and intangible assets have been restated to reflect adjustments to provisional fair values of business combinations, further details of which are provided in note 12.

Currencies

The rand appreciated by 27% against the US dollar during the six months to 30 September 2009 and ended the period at R7.55 to the US dollar, while the weighted average rand/dollar rate weakened by 4% to R8.12 compared with R7.79 in the comparable period. The Colombian peso (COP) strengthened by 33% against the US dollar during the six months and ended the period at COP1,922 to the US dollar compared with COP2,561 at 31 March 2009. The weighted average COP/dollar rate weakened by 14% to COP2,113 compared with COP1,827 in the comparable period.

Risks and uncertainties

The principal risks and uncertainties for the first six months and remaining six months of the financial year remain as reflected on page 10 of the 2009 Annual Report. These are summarised as follows:

The risk that, as the industry consolidates, failure to participate in attractive value-adding transactions may inhibit the group's ability to grow and exploit scale benefits. There is also a risk that expected benefits from participating in consolidation and integrating acquisitions may not be captured or may be inadequate, or that the group may not fully leverage its scale across business operations.

The risk that opportunities for profitable growth may not be realised should the group fail to ensure the relevance and attractiveness of its brands, and continuously improve its marketing and related sales capability.

The risk that the group's global growth potential may be jeopardised due to a failure to develop and maintain a sufficient cadre of talented management or to capture shared learnings and leverage expertise through effective management practices.

The risk that regulatory authorities when making impositions on beer do not recognise the positive contribution of the group's businesses, and effective ways of addressing health and social concerns. In affected countries the group's ability to grow profitably and contribute to local communities could be adversely affected.

The risk that margins could fall because the group fails to ensure an adequate supply of brewing and packaging raw materials at competitive prices.

The risk that the group's plans and responses to changes in global economic conditions may not be adequate.

Dividend

The board has declared a cash interim dividend of 17 US cents per share, an increase of 6%. The dividend will be payable on Friday 11 December 2009 to shareholders registered on the London and Johannesburg registers on Friday 4 December 2009. The ex-dividend trading dates will be Wednesday 2 December 2009 on the London Stock Exchange (LSE) and Monday 30 November 2009 on the JSE Limited (JSE). As the group reports in US dollars, dividends are declared in US dollars. They are payable in South African rand to shareholders on the Johannesburg register, in US dollars to shareholders on the London register with a registered address in the United States (unless mandated otherwise), and in sterling to all remaining shareholders on the London register. Further details relating to dividends are provided in note 6.

The rate of exchange applicable for US dollar conversion into South African rand and sterling was determined yesterday. The rate of exchange determined for converting to South African rand was US$:ZAR 7.41400 resulting in an equivalent interim dividend of 126.038 SA cents per share. The rate of exchange determined for converting to sterling was GBP:US$1.6799 resulting in an equivalent interim dividend of 10.1197 UK pence per share.

From the commencement of trading on Thursday 19 November 2009 until the close of business on Friday 4 December 2009, no transfers between the London and Johannesburg registers will be permitted, and from Monday 30 November 2009 until Friday 4 December 2009, no shares may be dematerialised or rematerialised, both days inclusive.

Directors' responsibility for financial reporting

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

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

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

The directors of SABMiller plc are listed in the SABMiller plc Annual Report for the year ended 31 March 2009. Howard Willard was appointed to the board with effect from 1 August 2009. A list of current directors is maintained on the SABMiller plc website: www.sabmiller.com.

On behalf of the board

EAG Mackay MI Wyman
Chief executive Chief financial officer

19 November 2009

Introduction

We have been engaged by the company to review the condensed set of financial information in the half-yearly financial report for the six months ended 30 September 2009, which comprises the consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, consolidated cash flow statement, consolidated statement of changes in equity and related notes. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial information.

Directors' responsibilities

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

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

Our responsibility

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

Scope of review

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

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial information in the half-yearly financial report for the six months ended 30 September 2009 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

PricewaterhouseCoopers LLP

Chartered Accountants London

19 November 2009

SABMiller plc

for the six months ended 30 September

Notes Six months Six months Year
ended 30/9/09 ended 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
US$m US$m US$m

Revenue 2 8,846 11,166 18,703
Net operating expenses (7,632) (9,011) (15,555)
Operating profit 2 1,214 2,155 3,148
Operating profit before 1,425 1,751 3,146

exceptional items
Exceptional items 3 (211) 404 2
Net finance costs (266) (384) (706)
Interest payable and similar (425) (654) (1,301)

charges
Interest receivable and 159 270 595

similar income

Share of post-tax results of 2 550 249 516

associates and joint ventures

Profit before taxation 1,498 2,020 2,958
Taxation 4 (436) (455) (801)
Profit for the financial 1,062 1,565 2,157

period

Profit attributable to 89 142 276

minority interests
Profit attributable to equity 5 973 1,423 1,881

shareholders
1,062 1,565 2,157
Basic earnings per share (US 5 63.0 94.8 125.2

cents)
Diluted earnings per share (US 5 62.6 94.3 124.6

cents)

All operations are continuing.

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

SABMiller plc

for the six months ended 30 September

Six months Six months Year
ended 30/9/09 ended 30/9/08 ended 31/3/09
Unaudited Unaudited Unaudited
US$m US$m US$m
Profit for the period 1,062 1,565 2,157

Other comprehensive income:
Currency translation 2,590 (1,587) (3,385)

differences on foreign currency net investments

Actuarial losses on defined - (37) (18)

benefit plans

Available for sale investments:

Net investment hedges:

Cash flow hedges: (46) 20 28

Tax on items included in other (26) 10 125

comprehensive income:

Share of associates' and joint 85 (38) (330)

ventures' gains/(losses) included in other comprehensive income
Total comprehensive income for 3,300 42 (1,094)

the period, net of tax

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

SABMiller plc

at 30 September

Notes 30/9/09 30/9/08* 31/3/09*
Unaudited Unaudited Unaudited
US$m US$m US$m

Assets Non-current assets
Goodwill 7 11,608 10,067 8,715
Intangible assets 7 4,369 4,217 3,741
Property, plant and equipment 8 8,883 8,064 7,404
Investments in joint ventures 5,638 5,812 5,495
Investments in associates 2,136 1,765 1,787
Available for sale investments 34 35 29
Derivative financial 413 294 695

instruments
Trade and other receivables 155 124 125
Deferred tax assets 175 185 161
33,411 30,563 28,152

Current assets
Inventories 1,424 1,299 1,241
Trade and other receivables 1,711 1,752 1,576
Current tax assets 143 152 168
Derivative financial 12 45 54

instruments
Available for sale investments - - 11
Cash and cash equivalents 9c 464 350 422
3,754 3,598 3,472
Total assets 37,165 34,161 31,624

Liabilities Current liabilities
Derivative financial (128) (45) (35)

instruments
Borrowings 9c (1,172) (1,569) (2,148)
Trade and other payables (3,040) (2,694) (2,397)
Current tax liabilities (561) (545) (463)
Provisions (313) (276) (299)
(5,214) (5,129) (5,342)

Non-current liabilities
Derivative financial (212) (302) (107)

instruments
Borrowings 9c (8,844) (8,255) (7,470)
Trade and other payables (235) (243) (186)
Deferred tax liabilities (2,321) (2,251) (2,029)
Provisions (459) (452) (373)
(12,071) (11,503) (10,165)
Total liabilities (17,285) (16,632) (15,507)
Net assets 19,880 17,529 16,117

Equity
Share capital 165 158 159
Share premium 6,255 6,192 6,198
Merger relief reserve 4,586 3,395 3,395
Other reserves 1,377 713 (872)
Retained earnings 6,831 6,386 6,496
Total shareholders' equity 19,214 16,844 15,376
Minority interests 666 685 741
Total equity 19,880 17,529 16,117

The notes form an integral part of this condensed financial information.

SABMiller plc

for the six months ended 30 September

Notes Six months Six months Year
ended 30/9/09 ended 30/9/08* ended 31/3/09*
Unaudited Unaudited Unaudited
US$m US$m US$m

Cash flows from operating activities
Cash generated from operations 9a 2,165 2,017 3,671
Interest received 170 122 275
Interest paid (499) (511) (997)
Tax paid (337) (450) (766)
Net cash from operating 9b 1,499 1,178 2,183

activities

Cash flows from investing activities
Purchase of property, plant (728) (1,245) (2,073)

and equipment
Proceeds from sale of 20 22 75

property, plant and equipment
Purchase of intangible assets (11) (34) (74)
Purchase of available for sale - - (14)

investments
Proceeds from disposal of 2 1 4

available for sale investments
Proceeds from disposal of - - 119

businesses
Acquisition of businesses (net (30) (184) (252)

of cash acquired)
Overdraft disposed with - 2 2

businesses
Cash disposed with businesses - - (4)
Purchase of shares from (3) (2) (5)

minorities
Investments in joint ventures (142) (123) (397)
Investments in associates (9) (5) (4)
Repayment of investments by - - 3

associates
Dividends received from joint 427 81 454

ventures
Dividends received from 39 119 151

associates
Dividends received from other 1 1 1

investments
Net cash used in investing (434) (1,367) (2,014)

activities

Cash flows from financing activities
Proceeds from the issue of 57 16 23

shares
Purchase of own shares for (8) (26) (37)

share trusts
Proceeds from borrowings 3,623 2,466 4,960
Repayment of borrowings (3,857) (1,802) (4,096)
Net repayment of capital (1) (3) (1)

element of finance leases
Net cash payments on net (109) (24) (12)

investment hedges
Dividends paid to shareholders (654) (640) (877)

of the parent
Dividends paid to minority (95) (118) (217)

interests
Net cash used in financing (1,044) (131) (257)

activities

Net cash from operating, 21 (320) (88)

investing and financing activities
Effects of exchange rate 56 83 22

changes
Net increase/(decrease) in 77 (237) (66)

cash and cash equivalents
Cash and cash equivalents at 1 9c 122 188 188

April
Cash and cash equivalents at 9c 199 (49) 122

end of period

The notes form an integral part of this condensed financial information.

SABMiller plc

for the six months ended 30 September

Called up share Share premium Other reserves Retained earnings Total shareholders' Minority interests Total equity
capital account equity
US$m US$m US$m US$m US$m US$m US$m
At 1 April 2008 (audited) 158 6,176 5,610 5,601 17,545 699 18,244
Total comprehensive income - - (1,499) 1,410 (89) 131 42
Profit for the period - - - 1,423 1,423 142 1,565
Other comprehensive income - - (1,499) (13) (1,512) (11) (1,523)
Other movements - - 4 2 6 - 6
Contributed to joint ventures - - (7) - (7) (2) (9)
Dividends paid - - - (640) (640) (143) (783)
Issue of SABMiller plc - 16 - - 16 - 16

ordinary shares
Payment for purchase of own - - - (26) (26) - (26)

shares for share trusts
Credit entry relating to - - - 39 39 - 39

share-based payments

At 30 September 2008* 158 6,192 4,108 6,386 16,844 685 17,529

(unaudited)

At 1 April 2008 (audited) 158 6,176 5,610 5,601 17,545 699 18,244
Total comprehensive income - - (3,080) 1,735 (1,345) 251 (1,094)
Profit for the period - - - 1,881 1,881 276 2,157
Other comprehensive income - - (3,080) (146) (3,226) (25) (3,251)
Other movements - - - (5) (5) - (5)
Contributed to joint ventures - - (7) - (7) (2) (9)
Dividends paid - - - (877) (877) (221) (1,098)
Issue of SABMiller plc 1 22 - - 23 - 23

ordinary shares
Payment for purchase of own - - - (37) (37) - (37)

shares for share trusts
Arising on business - - - - - 17 17

combinations
Buyout of minority interests - - - - - (3) (3)
Credit entry relating to - - - 79 79 - 79

share-based payments

At 31 March 2009* (unaudited) 159 6,198 2,523 6,496 15,376 741 16,117
At 1 April 2009 (unaudited) 159 6,198 2,523 6,496 15,376 741 16,117
Total comprehensive income - - 2,249 973 3,222 78 3,300
Profit for the period - - - 973 973 89 1,062
Other comprehensive income - - 2,249 - 2,249 (11) 2,238
Other movements - - - (4) (4) - (4)
Dividends paid - - - (663) (663) (88) (751)
Issue of SABMiller plc 6 57 1,191 - 1,254 - 1,254

ordinary shares
Payment for purchase of own - - - (8) (8) - (8)

shares for share trusts
Arising on business - - - - - 14 14

combinations
Buyout of minority interests - - - - - (79) (79)
Credit entry relating to - - - 37 37 - 37

share-based payments

At 30 September 2009 165 6,255 5,963 6,831 19,214 666 19,880

(unaudited)

The notes form an integral part of this condensed financial information.

The US$1,191 million increase in other reserves in the six months ended 30 September 2009 relates to merger relief arising on the issue of SABMiller plc ordinary shares for the buyout of minority interests in the group's Polish business.

SABMiller plc

1. Basis of preparation

The condensed consolidated interim financial information (the 'financial information') comprises the unaudited results of SABMiller plc for the six months ended 30 September 2009 and 30 September 2008, together with the audited results for the year ended 31 March 2009, restated for further unaudited adjustments relating to initial accounting for business combinations. Further details of these adjustments are provided in note 12. The financial information in this report is not audited and does not constitute statutory accounts within the meaning of s434 of the Companies Act 2006. The board of directors approved this financial information on 18 November 2009. The annual financial statements for the year ended 31 March 2009, approved by the board of directors on 1 June 2009, 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 s237(2) or (3) of the Companies Act 1985.

The unaudited financial information in this interim report has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority, and with IAS 34 'Interim Financial Reporting' as adopted by the European Union. The interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2009, which have been prepared in accordance with IFRS as adopted by the European Union.

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, share-based payments, and pension assets and liabilities.

The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 March 2009, which were published in June 2009, as described in those financial statements except as set out below.

The following standards are mandatory for the first time in the financial year ending 31 March 2010 and are relevant for the group.

IAS 1 (revised), 'Presentation of financial statements' requires the presentation of a statement of changes in equity as a primary statement, includes non-mandatory changes to the titles of primary statements and introduces a statement of comprehensive income, but allows the presentation of a two statement approach with a separate income statement and statement of comprehensive income. The group has chosen to maintain existing primary statement titles and to follow the two statement approach.

IFRS 8, 'Operating Segments' requires separate reporting of segmental information for operating segments. Operating segments reflect the management structure of the group and the way performance is evaluated and resources allocated based on group revenue and EBITA by the group's chief operating decision maker, defined as the executive directors. The group is focussed geographically and as a result of the implementation of IFRS 8, Africa and Asia are now presented as separate segments. Comparative information has been restated accordingly. Whilst not meeting the definition of reportable segments, the group reports separately as segments Asia, South Africa Hotels & Gaming and Corporate as this provides useful additional information.

The following standards and interpretations have been adopted by the group since 1 April 2009 with no significant impact on its consolidated results or financial position:

2. Segmental information (unaudited)

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.

Six months ended Segment revenue 2009 Share of associates' and joint ventures' Share of associates'
30 September: US$m revenue and joint ventures'
2009 revenue
US$m 2008
US$m
Group Segment Group
revenue revenue revenue

US$m US$m US$m
Latin America 2,741 5 2,746 2,842 6 2,848
Europe 3,201 10 3,211 3,992 18 4,010
North America 57 2,813 2,870 1,501 1,415 2,916
Africa 802 461 1,263 815 535 1,350
Asia 226 795 1,021 248 657 905
South Africa: 1,819 425 2,244 1,768 425 2,193

Group 8,846 4,509 13,355 11,166 3,056 14,222

Year ended 31 March:

US$m US$m US$m
Latin America 5,484 11 5,495
Europe 6,118 27 6,145
North America 1,553 3,674 5,227
Africa 1,615 952 2,567
Asia 470 1,095 1,565
South Africa: 3,463 840 4,303

Group 18,703 6,599 25,302

Operating profit

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

Six months ended Operating Exceptional Operating profit before exceptional items Operating Exceptional Operating
30 September: profit items 2009 profit items profit before
2009 2009 US$m 2008 2008 exceptional
US$m US$m US$m US$m items

US$m
Latin America 458 51 509 411 - 411
Europe 452 123 575 695 10 705
North America (3) - (3) 642 (414) 228
Africa 115 4 119 135 - 135
Asia (17) 1 (16) 1 - 1
South Africa: Beverages 290 21 311 304 - 304
Corporate (81) 11 (70) (33) - (33)
Group 1,214 211 1,425 2,155 (404) 1,751

Year ended 31 March:

US$m US$m US$m
Latin America 1,102 (45) 1,057
Europe 448 452 900
North America 639 (409) 230
Africa 354 - 354
Asia (2) - (2)
South Africa: Beverages 704 - 704
Corporate (97) - (97)
Group 3,148 (2) 3,146

EBITA (segment result)

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

Six months ended Operating profit Share of associates' Amortisation of EBITA Operating profit Share of associates' Amortisation of EBITA
30 September: before exceptional and joint ventures' intangible assets 2009 before exceptional and joint ventures' intangible assets 2008
items operating profit (excluding software) US$m items operating profit (excluding software) US$m
2009 before exceptional - group and share of 2008 before exceptional - group and share of
US$m items associates and joint US$m items associates and joint
2009 ventures 2008 ventures
US$m 2009 US$m 2008
US$m US$m
Latin America 509 - 57 566 411 - 63 474
Europe 575 1 14 590 705 2 18 725
North America (3) 360 22 379 228 113 14 355
Africa 119 126 1 246 135 104 - 239
Asia (16) 103 3 90 1 68 3 72
South Africa: 311 75 - 386 304 89 - 393

Year ended 31 March:

US$m US$m US$m US$m
Latin America 1,057 1 115 1,173
Europe 900 4 40 944
North America 230 314 37 581
Africa 354 208 - 562
Asia (2) 75 7 80
South Africa: 704 181 1 886

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

Six months Six months Year
ended ended ended

US$m US$m US$m
Share of associates' and joint 665 376 783

ventures' operating profit before exceptional items
Share of associates' and joint (11) (33) (91)

ventures' exceptional items
Share of associates' and joint (14) (7) (25)

ventures' net finance cost
Share of associates' and joint (63) (65) (113)

ventures' tax
Share of associates' and joint (27) (22) (38)

ventures' minority interests

Excise duties of US$1,859 million (2008: US$2,271 million) have been incurred during the six months as follows: Latin America US$698 million (2008: US$721 million); Europe US$602 million (2008: US$734 million); North America US$1 million (2008: US$239 million); Africa US$129 million (2008: US$139 million); Asia US$89 million (2008: US$102 million) and South Africa US$340 million (2008: US$336 million).

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

The following table provides a reconciliation of EBITDA (the net cash inflow from operating activities before working capital movements) before cash exceptional items to EBITDA after cash exceptional items. A reconciliation of profit for the period for the group to EBITDA after cash exceptional items for the group can be found in note 9a.

Six months ended EBITDA Cash EBITDA EBITDA Cash EBITDA
30 September: before cash exceptional 2009 before cash exceptional 2008
exceptional items US$m exceptional items US$m
items 2009 items 2008
2009 US$m 2008 US$m
US$m US$m
Latin America 712 (50) 662 621 - 621
Europe 693 (90) 603 902 - 902
North America* (2) - (2) 244 (20) 224
Africa 168 (4) 164 171 - 171
Asia - (1) (1) 14 - 14
South Africa: Beverages 397 (20) 377 414 - 414
Corporate 73 (11) 62 9 - 9
Group 2,041 (176) 1,865 2,375 (20) 2,355
Year ended 31 March: 2009 2009 2009
US$m US$m US$m
Latin America 1,418 (19) 1,399
Europe 1,239 (6) 1,233
North America* 244 (24) 220
Africa 415 - 415
Asia 26 - 26
South Africa: Beverages 883 - 883
Corporate (12) - (12)
Group 4,213 (49) 4,164

3. Exceptional items

Six months ended Six months ended Year
30/9/09 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
US$m US$m US$m

Exceptional items included in operating profit:
Business capability programme (170) - -

costs
Integration and restructuring (41) (23) (110)

costs
Impairments - - (392)
Profit on disposal of - 437 526

businesses
Unwinding of fair value - (10) (9)

adjustments on inventory
Litigation - - (13)
Net exceptional (losses)/gains (211) 404 2

included within operating profit Exceptional items included in net finance costs
Business capability programme (17) - -

costs
Gain on early termination of - - 20

financial derivatives
Net exceptional (losses)/gains (17) - 20

included within net finance costs Share of associates' and joint ventures' exceptional items:
Integration and restructuring (7) (17) (33)

costs
Unwinding of fair value (4) (7) (13)

adjustments on inventory
Impairment of intangible - - (38)

assets
Fair value losses on financial - (9) (7)

instruments
Share of associates' and joint (11) (33) (91)

ventures' exceptional items Taxation credits relating to subsidiaries' and the group's share of
associates' and joint 31 19 56

ventures' exceptional items:

Exceptional items included in operating profit

Business capability programme costs

Following the establishment of the business capability programme which will streamline finance, human resources and procurement activities through the deployment of global systems and, within regions, the introduction of common sales, distribution and supply chain management systems, costs of US$170 million have been incurred in the period (2008: US$nil).

Integration and restructuring costs

In Europe a total of US$41 million has been charged in relation to the integration and restructuring of the Romanian business following the acquisition of Bere Azuga, including the closure of a brewery and in relation to the restructuring of the Polish business including the closure of the Kielce brewery.

In 2008, a charge of US$23 million was incurred within operating profit during the period for staff retention and for certain integration costs of the US and Puerto Rico operations of the Miller business into the MillerCoors joint venture.

Profit on disposal of businesses

In 2008, a profit of US$437 million arose on the deemed disposal of the US and Puerto Rico operations of the Miller business into the MillerCoors joint venture.

Unwinding of fair value adjustments on inventory

In 2008, on acquisition the Grolsch inventory was fair valued to market value. The uplift is charged to the income statement as the inventory is sold. US$10 million was charged to operating profit in the six months ended 30 September 2008.

Exceptional items included within net finance costs

Business capability programme costs

As a result of the business capability programme and resultant changes in treasury systems used and their differing valuation methodologies, a charge of US$17 million has been incurred to reflect differences on the fair valuation of financial instruments (2008: US$nil).

Share of associates' and joint ventures' exceptional items

Integration and restructuring costs

During 2009, the group's share of MillerCoors' integration and restructuring costs was US$7 million and primarily related to relocation.

In 2008, the group's share of MillerCoors' integration and restructuring costs was US$17 million mainly related to retrenchment costs.

Unwinding of fair value adjustments on inventory

In 2009 the group's share of MillerCoors' charge to operating profit in the period relating to the unwind of the fair value adjustment to inventory was US$4 million (2008: US$7 million).

Fair value losses on financial instruments

In 2008 the group's share of losses relating to fair value mark to market adjustments on financial instruments at Hotels and Gaming amounted to US$9 million.

Taxation credits

Taxation credits of US$31 million (2008: US$19 million) were recorded in relation to exceptional items during the period and included US$4 million (2008: US$10 million) in relation to MillerCoors although the tax credit is recognised in Miller Brewing Company (see note 4).

4. Taxation

Six months ended Six months ended Year
30/9/09 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
US$m US$m US$m

Current taxation 425 453 670

remittance taxes
Total current taxation 460 505 737

Deferred taxation (24) (50) 64
- (Credit)/charge for the (24) (42) 81

period (UK corporation tax: US$nil (2008: US$nil))

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.

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.

5. Earnings per share

Six months ended 30/9/09 Six months Year
Unaudited ended 30/9/08 ended 31/3/09
US cents Unaudited Audited
US cents US cents
Basic earnings per share 63.0 94.8 125.2
Diluted earnings per share 62.6 94.3 124.6
Headline earnings per share 64.6 65.8 119.0
Adjusted basic earnings per 80.0 75.2 137.5

share
Adjusted diluted earnings per 79.5 74.8 136.8

share

The weighted average number of shares was:

Six months ended Six months Year
30/9/09 ended 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
Millions of shares Millions of Millions of shares
shares
Ordinary shares 1,627 1,506 1,514
Treasury shares (77) - (7)
ESOP trust ordinary shares (5) (6) (5)
Basic shares 1,545 1,500 1,502
Dilutive ordinary shares from 9 8 8

share options
Diluted shares 1,554 1,508 1,510

The calculation of diluted earnings per share excludes 12,672,482 (2008: 13,281,197) share options that were non-dilutive for the period because the exercise price of the option exceeded the fair value of the shares during the period and 6,569,614 (2008: 6,922,745) share awards that were non-dilutive for the period because the performance conditions attached to the awards have not been met. These share awards could potentially dilute earnings per share in the future.

Adjusted and headline earnings

The group presents an adjusted earnings per share figure to exclude the impact of amortisation of intangible assets (excluding capitalised software) and other non-recurring items in order to present a more useful comparison for the periods shown in the consolidated financial information. Adjusted earnings per share has been based on adjusted headline earnings for each financial period and on the same number of weighted average shares in issue as the basic earnings per share calculation. Headline earnings per share has been calculated in accordance with the South African Circular 8/2007 entitled "Headline Earnings" which forms part of the listing requirements for the JSE Ltd (JSE). The adjustments made to arrive at headline earnings and adjusted earnings are as follows:

Six months ended Six months Year
30/9/09 ended 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
US$m US$m US$m
Profit for the financial 973 1,423 1,881

period attributable to equity holders of the parent Headline adjustments
Impairment of goodwill - - 364
Impairment of intangible - - 14

assets
Impairment of property, plant - - 16

and equipment
Loss on disposal of property, 28 - 10

plant and equipment
Profit on disposal of - (437) (526)

businesses
Tax effects of the above items (6) - (4)
Minority interests' share of 3 - (1)

the above items
Share of joint ventures' and - 2 34

associates' headline adjustments, net of tax and minority interests
Headline earnings 998 988 1,788

Other adjustments
Business capability programme 187 - -

costs
Integration and restructuring 9 23 108

costs
Net (gain)/loss on fair value (3) 26 27

movements on capital items*
Gain on early termination of - - (20)

financial derivatives
Unwind of fair value - 10 9

adjustments on inventory
Litigation - - 13
Amortisation of intangible 73 86 164

assets (excluding capitalised software)
Tax effects of the above items (59) (48) (110)
Minority interests' share of (3) (2) (4)

the above items
Share of joint ventures' and 34 45 90

associates' other adjustments, net of tax and minority interests
Adjusted earnings 1,236 1,128 2,065

6. Dividends

Dividends paid were as follows:
Six months ended Six months Year
30/9/09 ended 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
US cents US cents US cents
Prior year final dividend paid 42.0 42.0 42.0

per ordinary share
Current year interim dividend - - 16.0

paid per ordinary share

The interim dividend declared of 17.0 US cents per ordinary share is payable on 11 December 2009 to ordinary shareholders on the register as at

4 December 2009 and will absorb an estimated US$267 million of shareholders' funds.

7. Goodwill and intangible assets

Goodwill Intangible assets
Unaudited Unaudited
US$m US$m
Net book amount at 1 April 2009* 8,715 3,741
Exchange adjustments 1,740 696
Arising on increase in share of subsidiary 1,122 -

undertakings
Acquisitions through business combinations 31 8
Additions - separately acquired - 10
Amortisation - (92)
Transfers from other assets - 6
Net book amount at 30 September 2009 11,608 4,369

8. Property, plant and equipment
Six months ended Six months Year
30/9/09 ended 30/9/08* ended 31/3/09*
Unaudited Unaudited Unaudited
US$m US$m US$m
Net book amount at beginning 7,404 9,113 9,113

of period
Exchange adjustments 1,257 (718) (1,885)
Additions 701 1,122 2,074
Acquisitions through business 25 120 160

combinations
Disposals (50) (22) (101)
Contributed to joint ventures - (1,043) (1,043)
Impairment - - (16)
Depreciation (431) (459) (829)
Other movements (23) (49) (69)
Net book amount at end of 8,883 8,064 7,404

period

9a. Reconciliation of profit for the period to net cash generated from operations (unaudited)

Six months ended Year
Six months ended 30/9/08 ended 31/3/09
30/9/09 Unaudited Audited
Unaudited US$m US$m
US$m
Profit for the period 1,062 1,565 2,157
Taxation 436 455 801
Share of post-tax results of (550) (249) (516)

associates and joint ventures
Interest receivable and (159) (270) (595)

similar income
Interest payable and similar 425 654 1,301

charges
Operating profit 1,214 2,155 3,148

Depreciation:
Property, plant and equipment 318 345 626
Containers 113 114 203
Container breakages, shrinkage 17 12 13

and write-offs
Loss on sale of property, 28 - 10

plant and equipment
Impairment of goodwill - - 364
Impairment of intangible - - 14

assets
Impairment of property, plant - - 16

and equipment
Amortisation of intangible 92 108 204

assets
Unrealised net loss from fair 12 20 14

value hedges
Profit on disposal of - (437) (526)

businesses
Dividends received from other (1) (1) (1)

investments
Charge with respect to share 37 39 79

options
Other non-cash movements 35 - -
Net cash generated from 1,865 2,355 4,164

operations before working capital movements (EBITDA)
Net inflow/(outflow) in 300 (338) (493)

working capital
Net cash generated from 2,165 2,017 3,671

operations

Cash generated from operations before working capital movements includes cash flows relating to exceptional items of US$168 million in respect of business capability programme costs, and US$8 million in respect of integration and restructuring costs (2008: US$20 million in respect of integration and restructuring costs relating to MillerCoors).

9b. Reconciliation of net cash from operating activities to free cash flow

Six months ended 30/9/08 Year
Six months ended Unaudited ended 31/3/09
30/9/09 US$m Unaudited
Unaudited US$m
US$m
Net cash from operating 1,499 1,178 2,183

activities
Purchase of property, plant (728) (1,245) (2,073)

and equipment
Proceeds from sale of 20 22 75

property, plant and equipment
Purchase of intangible assets (11) (34) (74)
Purchase of shares from (3) (2) (5)

minorities
Investments in joint ventures (142) (123) (397)
Investments in associates (9) (5) (4)
Repayment of investments by - - 3

associates
Dividends received from joint 427 81 454

ventures
Dividends received from 39 119 151

associates
Dividends received from other 1 1 1

investments
Dividends paid to minority (95) (118) (217)

interests
Free cash flow 998 (126) 97

9c. Analysis of net debt (unaudited)

Net debt is analysed as follows:

As at As at As at
30/9/09 30/9/08 31/3/09*
Unaudited Unaudited Unaudited
US$m US$m US$m
Borrowings (9,738) (9,414) (9,308)
Borrowings-related derivative 207 83 487

financial instruments
Overdrafts (265) (399) (300)
Finance leases (13) (11) (10)
Gross debt (9,809) (9,741) (9,131)
Cash and cash equivalents 464 350 422

(excluding overdrafts)
Net debt (9,345) (9,391) (8,709)

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

As at As at
As at 30/9/08 31/3/09*
30/9/09 Unaudited Unaudited
Unaudited US$m US$m
US$m
Cash and cash equivalents 464 350 422

(balance sheet)
Overdrafts (265) (399) (300)
Cash and cash equivalents 199 (49) 122

(cash flow)

The movement in net debt is analysed as follows:

Overdrafts Borrowings Derivative financial Finance leases Total gross Net debt
Cash and cash US$m US$m instruments US$m borrowings US$m
equivalents US$m US$m
(excluding
overdrafts)
US$m
At 1 April 2009* 422 (300) (9,308) 487 (10) (9,131) (8,709)
Exchange adjustments 68 (12) (792) (8) (1) (813) (745)
Cash flow (44) 47 234 - 1 282 238
Acquisitions 18 - (9) - (1) (10) 8
Other movements - - 137 (272) (2) (137) (137)
At 30 September 2009 464 (265) (9,738) 207 (13) (9,809) (9,345)

The group has sufficient headroom to enable it to conform to covenants on its existing borrowings. The group has sufficient undrawn financing facilities to service its operating activities and ongoing capital investment. The group has the following undrawn committed borrowing facilities available at 30 September 2009 in respect of which all conditions precedent have been met at that date:

As at As at As at

Unaudited Unaudited Audited
US$m US$m US$m

Amounts falling due:
Within one year 973 1,056 716
Between one and two years 398 11 72
Between two and five years 1,769 736 1,272
In five years or more 57 12 33
3,197 1,815 2,093

Subsequent to 30 September 2009, the US$1,000 million 364 day facility with the undrawn amount shown as falling due within one year in the table above, was voluntarily cancelled in part, reducing the size of the facility to US$600 million. The facility was subsequently extended from October 2009 to 6 October 2010 in the amount of US$515 million, with a one year term out option.

10. Commitments, contingencies and guarantees

Except as stated below there have been no material changes to commitments, contingencies or guarantees as disclosed in the annual financial statements for the year ended 31 March 2009.

Commitments

Contracts placed for future capital expenditure for property, plant and equipment not provided in the financial statements amount to US$292 million at 30 September 2009.

As part of the business capability programme the group has entered into contracts for the provision of IT, communications and consultancy services and in relation to which the group had commitments of US$210 million at 30 September 2009.

11. Business combinations

Acquisitions

The following business combinations took effect during the period:

In April 2009 control was assumed over Bere Azuga in Romania and the group had a 94.85% interest as at 30 September 2009.

In July 2009 the group acquired an effective 40% interest in Ambo Mineral Water Share Company in Ethiopia.

In September 2009 the group acquired Maheu, a non-alcoholic maize drinks business in Zambia.

The following table represents the assets and liabilities acquired in respect of all business combinations entered into during the six months ended 30 September 2009:

Provisional
Carrying values fair value
pre-acquisition US$m
US$m
Intangible assets 4 8
Property, plant and equipment 34 25
Inventories 4 3
Trade and other receivables 2 1
Cash and cash equivalents 18 18
Borrowings (10) (10)
Trade and other payables (4) (5)

Minority interests (14)
Net assets acquired 26
Provisional goodwill 31
Consideration 57

Goodwill represents, amongst other things, tangible and intangible assets yet to be recognised separately from goodwill, potential synergies and the value of the assembled workforce.

From the date of acquisition to 30 September 2009 the following amounts have been included in the group's income statement for the period:

US$m

Income statement
Revenue 2
Operating loss (5)
Loss before tax (2)

If the date of the acquisitions made in the six months ended 30 September 2009 had been 1 April 2009, then the group's revenue, operating profit and profit before tax for the six months ended 30 September 2009 would have been as follows:

US$m

Income statement
Revenue 8,855
Operating profit 1,211

Profit before tax 1,491

12. Balance sheet restatements

Initial accounting

The initial accounting under IFRS 3, 'Business Combinations', for the Grolsch, Sarmat and Vladpivo acquisitions had not been completed as at 30 September 2008. During the six months ended 31 March 2009, adjustments to provisional fair values in respect of these acquisitions, together with adjustments to provisional fair values in relation to the formation of the MillerCoors joint venture, were made. As a result comparative information for the six months ended 30 September 2008 has been presented in this interim financial information as if the adjustments to provisional fair values had been made from the respective transaction dates. The impact on the prior period income statement has been reviewed and no material adjustments to the income statement are required as a result of the adjustments to provisional fair values. The following table reconciles the impact on the balance sheet reported as at 30 September 2008 to the comparative balance sheet presented in this interim financial information.

The initial accounting under IFRS 3, 'Business Combinations', for the Pabod and Voltic acquisitions had not been completed as at 31 March 2009. During the six months ended 30 September 2009, adjustments to provisional fair values in respect of these acquisitions were made. As a result comparative information for the year ended 31 March 2009 has been presented in this interim financial information as if the adjustments to provisional fair values had been made from the respective transaction dates. The impact on the prior period income statement has been reviewed and no material adjustments to the income statement are required as a result of the adjustments to provisional fair values. The following table reconciles the impact on the balance sheet reported as at 31 March 2009 to the comparative balance sheet presented in this interim financial information.

Balance Sheet
At 30/9/08 Adjustments At 30/9/08 At 31/3/09 Adjustments At 31/3/09
Unaudited to provisional As restated Audited to provisional As restated
US$m fair values Unaudited US$m fair values Unaudited
Unaudited US$m Unaudited US$m
US$m US$m

Assets Non-current assets
Goodwill 10,030 37 10,067 8,734 (19) 8,715
Intangible assets 4,197 20 4,217 3,729 12 3,741
Property, plant and equipment 8,077 (13) 8,064 7,404 - 7,404
Investments in joint ventures 5,133 679 5,812 5,495 - 5,495
Other non-current assets 2,572 (169) 2,403 2,797 - 2,797
30,009 554 30,563 28,159 (7) 28,152

Current assets
Inventories 1,300 (1) 1,299 1,242 (1) 1,241
Trade and other receivables 1,759 (7) 1,752 1,576 - 1,576
Other current assets 547 - 547 642 13 655
3,606 (8) 3,598 3,460 12 3,472
Total assets 33,615 546 34,161 31,619 5 31,624

Liabilities Current liabilities
Trade and other payables (2,686) (8) (2,694) (2,396) (1) (2,397)
Other current liabilities (2,431) (4) (2,435) (2,945) - (2,945)
(5,117) (12) (5,129) (5,341) (1) (5,342)

Non-current liabilities
Trade and other payables (239) (4) (243) (186) - (186)
Provisions (444) (8) (452) (373) - (373)
Deferred tax liabilities (1,731) (520) (2,251) (2,029) - (2,029)
Other non-current liabilities (8,557) - (8,557) (7,577) - (7,577)
(10,971) (532) (11,503) (10,165) - (10,165)
Total liabilities (16,088) (544) (16,632) (15,506) (1) (15,507)
Net assets 17,527 2 17,529 16,113 4 16,117
Total equity 17,527 2 17,529 16,113 4 16,117

13. Related party transactions

There have been no material changes to the nature or relative quantum of related party transactions as described in the 2009 Annual Report.

The only changes to key management during the period were the appointments to the board of Dambisa Moyo on 1 June 2009 and of Howard Willard on 1 August 2009. Consequently as at 30 September 2009 there were 25 key management (31 March 2009: 23).

14. Post balance sheet events

Subsequent to 30 September 2009, the US$1,000 million 364 day facility was voluntarily cancelled in part, reducing the size of the facility to US$600 million. The facility was subsequently extended from October 2009 to 6 October 2010 in the amount of US$515 million, with a one year term out option.

On 12 October 2009, SABSA Holdings Pty Ltd, a wholly owned subsidiary of the group, subscribed for US$65 million preference shares in Tsogo Sun Gaming (Pty) Ltd (TSG), a wholly owned subsidiary of the group's associate, Tsogo Sun Holdings Ltd (TSH), as the group's share of the funding for the 30% increase in the TSH group's effective interest in Tsogo Sun KwaZulu-Natal (Pty) Ltd, the licensee and operator of the Suncoast Casino in Durban.

SABMiller plc

Adjusted earnings

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

Adjusted net finance costs

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

Adjusted profit before tax

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

Constant currency

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

EBITA

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

EBITA margin (%)

This is calculated by expressing EBITA as a percentage of group revenue.

EBITDA

This comprises the net cash generated from operations before working capital movements.

EBITDA margin (%)

This is calculated by expressing EBITDA excluding cash flows related to exceptional items incurred during the year as a percentage of revenue.

Effective tax rate (%)

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

Free cash flow

This comprises net cash from operating activities less cash paid for the purchase of property, plant and equipment, intangible assets and shares from minorities, net investments in associates and joint ventures and dividends paid to minority interests plus cash received from the sale of property, plant and equipment and intangible assets and dividends received.

Group revenue

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

Headline earnings

Headline earnings are calculated by adjusting profit for the financial period attributable to equity holders of the parent for items in accordance with the South African Circular 8/2007 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 minority interests. This also includes the group's share of associates' and joint ventures' adjustments on the same basis.

Interest cover

This is the ratio of EBITDA plus dividends received from joint ventures to adjusted net finance costs.

Net debt

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

Organic information

Organic results and volumes exclude the first twelve months' results and volumes relating to acquisitions and the last twelve 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 in the segmental analyses as it more closely aligns with the consolidated group revenue and EBITA disclosures.

SABMiller plc

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 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. 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

SABMiller plc

Incorporated in England and Wales (Registration No. 3528416)

General Counsel and Group Company Secretary

John Davidson

Registered Office

SABMiller House Church Street West Woking Surrey, England

GU21 6HS

Facsimile +44 1483 264103

Telephone +44 1483 264000

Head Office

One Stanhope Gate London, England

W1K 1AF

Facsimile +44 20 7659 0111

Telephone +44 20 7659 0100

Internet address

http://www.sabmiller.com

Investor Relations

Telephone +44 20 7659 0100

Email: investor.relations@sabmiller.com

Sustainable Development

Telephone +44 1483 264139

Email: sustainable.development@sabmiller.com

Independent Auditors

PricewaterhouseCoopers LLP 1 Embankment Place London, England

WC2N 6RH

Facsimile +44 20 7822 4652

Telephone +44 20 7583 5000

Registrar (United Kingdom)

Capita Registrars

The Registry 34 Beckenham Road

Beckenham

Kent, England

BR3 4TU

Facsimile +44 20 8658 2342

Telephone +44 20 8639 3399 (outside UK)

Telephone 0871 664 0300 (from UK)

(calls cost 10p per minute plus network extras, lines are open 8.30am-5.30pm Mon-Fri)

Email: ssd@capitaregistrars.com

www.capitaregistrars.com

Registrar (South Africa)

Computershare Investor Services (Pty) Limited 70 Marshall Street, Johannesburg PO Box 61051

Marshalltown 2107 South Africa

Facsimile +27 11 370 5487

Telephone +27 11 370 5000

United States ADR Depositary

The Bank of New York Mellon

Shareholder Services PO Box 358516 Pittsburgh PA 15252-8516 United States of America

Telephone +1 888 269 2377

Telephone +1 888 BNY ADRS (toll free within the USA)

Telephone: +1 201 680 6825 (outside USA)

Email: shrrelations@bnymellon.com

www.adrbnymellon.com

This information is provided by RNS The company news service from the London Stock Exchange

IR UWAARKARAAUA

(1) EBITA growth is shown on an organic, constant currency basis.

(2) As defined in the Financial Definitions section. See also note 9b.

Sept2009US$m Sept2008US$m % change March2009US$m

Group revenue(a) 13,355 14,222 (6) 25,302

Revenue(b)(excludes 8,846 11,166 (21) 18,703

associates* and joint ventures* revenue)
EBITA(c) 2,187 2,225 (2) 4,129

Adjusted profit before tax(d) 1,920 1,860 3 3,405

Profit before tax(e) 1,498 2,020 (26) 2,958

Adjusted earnings(f) 1,236 1,128 10 2,065

Adjusted earnings per share

cents)
Interim dividend per share(US 17.0 16.0 6

cents)

a) Group revenue includes the attributable share of associates* and joint

ventures* revenue of US$4,509 million (i.e. including MillerCoors* revenue)
(2008: US$3,056 million).b) Revenue excludes the attributable share of

associates* and joint ventures* revenue. 2009 is not comparable with 2008 as MillerCoors* revenue is not included in 2009, although Miller Brewing Company*s
revenue is included in 2008.c) Note 2 provides a reconciliation of

operating profit to EBITA which is defined as operating profit before exceptional items and amortisation of intangible assets (excluding software) but includes the group*s share of associates* and joint ventures* operating profit, on a similar basis. EBITA is used throughout the interim announcement.
d) Adjusted profit before tax comprises EBITA less adjusted net finance

costs of US$253 million (2008: US$358 million) and share of associates* and joint ventures* net finance costs of US$14 million (2008: US$7 million).e) Profit before tax includes

CHIEF EXECUTIVE'S REVIEW

Graham Mackay, Chief Executive of SABMiller, said:

"In some of the toughest economic conditions seen for decades, we have continued to take share in a number of markets. The weakness of our major operating currencies against the US dollar has affected reported results, but we have continued to generate a strong underlying performance. The actions we have taken to position our business globally, to invest in brands and to develop our operational capabilities will continue to underpin our long term growth."

September 2009 EBITA Reported Organic, constant
US$m growth currency
% growth
%
Latin America 566 19 33
Europe 590 (19) 5
North America 379 7 7
Africa 246 3 15
Asia 90 24 29
South Africa: Beverages 333 0 4
South Africa: Hotels and 53 (12) (16)

Gaming
Corporate (70) - -
Group 2,187 (2) 11

Business review

Our underlying performance has been strong although difficult trading conditions persisted across most markets. Lager volumes were down 1% on an organic basis, but our market execution and the strength of our brands enabled us to continue to gain share across many of our key markets. Group revenue increased by 3% organically in constant currency, supported by price increases taken predominantly in the second half of the prior year.

Despite the slight decline in volumes, EBITA performance was strong, growing 11% on an organic, constant currency basis with the group's EBITA margin improving 110 basis points (bps) to 16.8%. The benefits of falling commodity prices are not yet fully reflected in our costs, due to the long term nature of our raw material supply contracts and the relative strength of the US dollar in which many of these contracts are priced. Greater efficiencies in our marketing spend, combined with cost reductions and restructuring in certain markets, continued to benefit our cost base. On a reported basis, EBITA of US$2,187 million declined 2% reflecting significantly weaker operating currencies against the US dollar compared to the same period in the prior year.

Although reported EBITA was lower, adjusted earnings grew 10% due to lower finance charges and reduced profit attributable to minority interests following the purchase of the 28.1% minority interest in our Polish subsidiary Kompania Piwowarska in May 2009 in exchange for the issue of 60 million ordinary shares. The group's effective tax rate for the period was 29.4%, compared with 31.0% in the same period in the prior year.

Free cash flow of US$998 million showed an improvement of US$1,124 million compared to the same period last year. Capital expenditure was US$517 million lower than in the prior year period following the completion of several major investments. Improved working capital management delivered cash inflow of US$300 million, US$638 million better than in the prior year period. Normalised EBITDA margin, including both dividends and revenue from MillerCoors, improved 30 bps during the period.

The group's gearing ratio at 30 September reduced to 47.0% from 54.0% (restated) at the previous year end. An interim dividend of 17 US cents per share, up 1 US cent from the prior year, will be paid to shareholders on 11 December 2009.

1 MillerCoors pro forma figures are based on results for Miller's and Coors' US and Puerto Rico operations reported under International Financial Reporting Standards (IFRS) and US GAAP respectively for the six months ended 30 September 2008. Adjustments have been made to reflect both companies' comparative data on a similar basis including amortisation of definite-life intangible assets, depreciation reflecting revisions to property, plant and equipment values and the exclusion of exceptional items.

Outlook

Overall, we expect the current trading conditions to continue in the second half, as unemployment, retail spending and other consumer indicators lag the reported stabilisation of GDP in many of our markets.

Our operational performance continues to be driven by the unique strength of our local brand portfolios which have enabled market share gains in spite of the significant price increases taken in the prior year. Price rises will moderate in the coming months compared with last year. The margin trend delivered in the first half will be affected over the remainder of the year as the price increases and cost efficiencies achieved in the prior year are cycled. Input costs continue to be affected by existing contractual obligations but will begin to ease towards the end of this year.

We expect second half reported results to benefit from favourable currency movements, provided our major operating currencies remain at or near current exchange rates to the US dollar. The group's financial position remains strong and we are well positioned to take advantage of future improvements in the market environment.

Enquiries:
SABMiller plc Tel: +44 20 7659

Sue Clark Director of Corporate Affairs Tel: +44 20 7659

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

Nigel Fairbrass Head of Media Relations Mob: +44 7799 894265

A live audiocast of the management presentation to the investment community will begin at 9.30am
(GMT) on 19 November 2009.
Access details for this audiocast, video interviews with management and copies of this
announcement and the slide presentation are available on the SABMiller plc website at
www.sabmiller.com .
Images: Our media image library has a large selection of images for use in print and digital
media.
Visit www.sabmiller.com/imagelibrary

Broadcast footage: Our broadcast footage library has stock footage for media organisations to
view and download for use in TV programmes or news websites. Visit
www.sabmiller.com/broadcastfootage
Copies of the press release and detailed Interim Announcement are available from the Company
Secretary at the Registered Office, or from 2 Jan Smuts Avenue, Johannesburg, South Africa.

Operational review

Latin America

Financial summary %

Group revenue (including share of associates) (US$m) 2,746 2,848 (4)
EBITA* (US$m) 566 474 19
EBITA margin (%) 20.6 16.6

Sales volumes (hl 000)

Latin America delivered very strong EBITA growth in the first half of the year despite a 1% decline in lager volumes. Volumes were impacted by tough operating conditions in all markets however we continued to see share gains in Colombia and Peru, while Ecuador had a particularly strong first half with lager volume growth of 7%. Soft drinks volumes were 17% lower on a reported basis due to the disposal of the water business in Colombia and the soft drinks business in Bolivia in the prior year. On an organic basis, soft drinks grew 2% with good performance across the Central America markets.

EBITA grew 19%, despite year on year currency weakness, and margin increased 400 basis points. EBITA increased 33% on an organic, constant currency basis underpinned by pricing benefits, together with fixed cost savings and reduced marketing spend compared to relatively high expenditure in the same period last year, which more than offset higher commodity costs.

In Colombia strong pricing in the prior year drove revenue growth of 6% on an organic, constant currency basis despite a 2% decline in lager volumes. This decline is a result principally of the benefit in September of the prior year of increased sales activity ahead of a price increase on 1 October 2008. During October 2009, this reduction in volume has been largely recovered. Economic indicators continue to be soft with retail sales figures for the quarter to July showing a 3.7% contraction. Our share of the alcohol market increased steadily over the period and was up 330 bps against the prior year at the end of September reflecting continued strengthening of the appeal of the beer category to consumers, improving consumption frequency and greater beer affordability. Despite the economic environment, premium lager volumes grew by 20% in the first six months of the year boosted by robust growth of Redd's, a brand focused on the female consumer, and Club Colombia, the local premium brand. In the mainstream segment, Poker continued its momentum, while Aguila and Aguila Light increased market share in recent months.

Our Peru operations reported a lager volume decline of 2%, following high growth in the prior year of 10%. In a market that declined by 7% due to pressure on disposable income and social conflict in parts of the country during May and July, our market share grew 420 bps. Our flagship brand, Cristal, continued to show positive momentum, while strong sales of Cusquea drove 17% growth in the premium segment which more than offset a decline in the economy segment resulting in a favourable mix change. Brand activation continues to focus on developing consumption occasions while significant investment in direct store delivery initiatives will aid our market execution further.

Ecuador delivered robust sales growth with a 7% increase in lager volumes. This performance was supported by growth in consumer disposable income, following an increase in the minimum wage, combined with improved in-market execution and brand activation at the point of purchase. Expanded route to market penetration grew outlet reach by 6% during the period, increasing our customer base by 6,600 new customers. The performance of our premium brand, Club, continues to be strong with growth of over 50%, following the introduction of a new 550ml pack in 2009. Our principal mainstream brand, Pilsener, continued to capitalise on its strong brand equity and increased consumption frequency.

Lager volumes in Panama grew by 2% although market share fell. A decline in our mainstream brand Atlas was partly offset by strong growth in our Balboa brand and the doubling of volume in our premium brands. The soft drinks category delivered strong growth in the period supported by the successful re-launch of Malta Vigor in a new pack.

In Honduras, total volumes for the first half ended level with the prior year. In spite of difficult trading conditions, beer share of alcohol increased substantially during the period. Lager volumes declined by 16% as a result of curfews and dry laws implemented during the political turmoil, offset by increased sparkling soft drinks sales as consumers stocked up for home and family consumption. Our operation continued trading throughout the disruption in the country.

In El Salvador domestic sparkling soft drinks volumes increased by 7% and we maintained market share during the period. Lager volumes were level with the prior year, with a 7% decline in domestic volumes offset by increased export volumes. Pricing gains and improved lager mix benefited revenue.

Europe

Financial summary %

Group revenue (including share of associates) (US$m) 3,211 4,010 (20)
EBITA* (US$m) 590 725 (19)
EBITA margin (%) 18.4 18.1

Sales volumes (hl 000)

In Europe, reported lager volumes declined 4% while lager volumes were down 6% on an organic basis versus the prior year. The beer market continued to contract across the region as economic conditions depressed consumer spending. We gained market share in Poland, Romania and the UK with strong momentum behind key brands. In the Czech Republic, where we continued to pursue a value-focused strategy, our volume share declined marginally. In Russia, our mainly premium portfolio has lost volume share as a result of down-trading.

Due to the devaluation of major central and eastern European currencies compared to the prior year, reported group revenue declined 20% and EBITA declined 19%. On an organic, constant currency basis, EBITA increased 5% and margin grew 90 basis points due largely to organic, constant currency revenue per hectolitre growth of 6%, reflecting strong pricing, and cost efficiencies. Marketing expenditure was lower than the prior year which included sponsorship at a local level of the Euro 2008 football championships and the Olympics. Fixed costs and depreciation increased due to expanded reach in Russia and Romania.

In Poland, lager volumes were down 4% in a market which declined 9%. Market share rose 280 bps driven by strong sales execution, up-weighted distributor and trade promotional programmes and brand activities centred on Tyskie as sponsor of the International Year of Beer. Our key mainstream brands performed ahead of the market. Tyskie, which has enjoyed compounded annual growth of 7% over the past three years, declined 6%. Zubr captured significant market share with volumes level with the prior year. The premium portfolio fared slightly better than the market. In the economy segment, the Wojak brand more than doubled its volume versus the prior year as distribution was expanded. Revenue per hectolitre grew 6% reflecting price increases taken in the prior year following an excise increase. In September 2009 we announced the complete closure of the Kielce brewery.

Our strategy in the Czech Republic remains focused on core portfolio strength and value leadership. Domestic lager volumes declined 3%, whilst the market declined 2% impacted by higher unemployment. The first half of the year was marked by the launch of PET packs for our two economy brands in response to competitive activity. The economic slowdown and lower tourism continue to impact on-premise consumption, however consumption in the off-premise channel was firmer than in the previous year and we captured share in the expanding modern-trade. Our premium brands Pilsner Urquell, Frisco and the non-alcoholic Birell all enjoyed volume growth during the period. In mainstream, Kozel consolidated its position as Czech's number two brand, behind Gambrinus, and enjoyed another excellent performance with volume growth of 8%, doing well in both the on and off-premise channels. Gambrinus 10 continued to decline, but the higher-priced variant Gambrinus 11 performed strongly.

Domestic revenue per hectolitre growth was 3%, despite negative sales mix. Efficiency in marketing investment, together with ongoing overhead cost savings, drove an improvement in constant currency EBITA.

Following strong comparative growth of 24%, lager volumes in Romania fell 12% in a market that declined 16% impacted severely by the economic crisis. The latest IMF forecast shows a downward revision to GDP and the Romanian economy is now expected to contract by 8.5% this year. In this context we continued to grow our market share, which increased by 140bps over the period. Encouragingly our mainstream brand, Timisoreana, continued its strong performance, with volume growth of 1%, notwithstanding comparative growth of 31% in the prior year, and took significant market share. The on-premise channel declined sharply leading to a marked decline in premium volumes with the Ursus brand well down despite gaining share of the segment. The integration of the Azuga business was completed during the period and we closed its brewery, as planned. A new campaign to renovate the Azuga economy brand was launched in August. Revenue per hectolitre is up 10% following above-inflation price increases in the prior year and pricing taken in July of this year.

In Russia, a sharp decline in consumer disposable income led to an 8% drop in industry beer production. STRs were down 7%, approximately in line with the market. Our STW volumes were down 12% reflecting significant trade destocking. Down-trading is a feature of the market and our super premium and premium portfolio has therefore been disproportionately affected. Despite this, our premium value share in Moscow grew 140 bps. On the back of our geographic expansion strategy, we have launched the Tri Bogatyrya economy brand in a new PET format leading to growth of almost 60%. This brand mix partially diluted the strong pricing taken in the prior year but we still achieved revenue per hectolitre growth of 6%. In May 2009, we opened the new brewery in Ulyanovsk. In the Ukraine the Sarmat brand has been re-launched and licensed production of Zolotaya Bochka and Kozel has commenced.

In Italy, economic conditions are still adverse but consumer confidence is starting to improve. Birra Peroni volumes declined 9% during the period as we reduced our reliance on promoted volume and focused on value. On a STR basis we have grown our market share in both volume and value. Profitability improved through efficiencies in both production and marketing.

Domestic lager volumes in the Netherlands declined 8% and market share was marginally down. This intensely competitive beer market has resulted in difficult conditions in the off-premise channel; however recent trends are positive in the on-premise channel which is now cycling the smoking ban introduced in July 2008. Restructuring initiatives taken in the prior year are beginning to show benefits.

In the United Kingdom, lager volumes grew 15% on a like for like basis, underpinned by Peroni Nastro Azzurro growth of 35%. During the period, exports of Miller Genuine Draft to Eire were taken over by our UK business following the termination of the previous licensing arrangement. Our European import business, which serves Western European markets including Germany, Spain and France, continued to exhibit strong growth driven by Grolsch and Pilsner Urquell. In Hungary, Slovakia and the Canaries, economic conditions remain severe and the beer markets depressed.

North America

Financial summary 2009 2008 %
Group revenue (including share of joint ventures) 2,870 2,9161 (2)

(US$m)

EBITA* (US$m) 379 3551 7
EBITA margin (%) 13.2 12.21

Sales volumes (hl 000)

MillerCoors' volumes

1 Volumes, group revenue and EBITA represent 100% of Miller Brewing Company performance in the first quarter of the half year ended 30 September 2008 and the group's 58% share of MillerCoors' performance and the retained wholly owned Miller Brewing Company business (principally Miller Brewing International) for the balance of the period.

2 MillerCoors pro forma figures are based on results for Miller's and Coors' US and Puerto Rico operations reported under International Financial Reporting Standards (IFRS) and US GAAP respectively for the six months ended 30 September 2008. Adjustments have been made to reflect both companies' comparative data on a similar basis including amortisation of definite-life intangible assets, depreciation reflecting revisions to property, plant and equipment values and the exclusion of exceptional items.

Strong revenue and cost management together with continued synergy delivery from MillerCoors drove EBITA growth of 7% for North America for the half year. Lager volumes, excluding contract brewing, declined 5%.

MillerCoors

In the six months ended 30 September 2009, MillerCoors US domestic volume STRs were down 1% on a pro forma2 basis due to a slight decline in premium light volumes and continued softness in above premium and premium brands. Domestic STWs fell 1% on a pro forma basis driven by lower retail sales and a reduction in contract brewing volumes. EBITA grew 22% on a pro forma basis.

Pricing remained strong, with domestic net revenue per hl, excluding contract brewing and company-owned distributor sales, growing 3% driven by sustained price increases taken in the second half of the prior year and reduced discount activity.

Premium light brand volumes (Miller Lite, Coors Light and MGD 64) were down in low single digits largely due to a decline in Miller Lite, which was partially offset by MGD 64 growth. Miller Lite STRs were down mid single digits and Coors Light STRs were in line with the prior year period. MGD 64 continued to perform well ahead of expectations.

MillerCoors' craft and import portfolio grew slightly during the half, led by growth of Blue Moon and Peroni Nastro Azzurro. The domestic above-premium portfolio, which includes Miller Chill, Sparks and Killian's Irish Red, experienced a double digit decline. The below premium portfolio was up low single digits, largely due to the strong performance of Keystone Light and continued growth of Miller High Life, which more than offset declines in Milwaukee's Best.

Cost of goods sold increased as benefits from MillerCoors' cost leadership programmes were more than offset by brewing and packaging materials cost increases under procurement contracts largely arranged prior to the softening in recent commodity prices.

Marketing, general and administrative costs decreased driven primarily by lower organisational costs and synergies, partially offset by IT integration-related expenses.

MillerCoors achieved US$133 million in synergies in the six months to 30 September 2009, largely within marketing and more broadly from the elimination of duplicate and transitional positions. Network optimisation savings continue to be realised from shifting production of Coors and Miller brands within the larger MillerCoors brewery network, a process which will continue for the next nine months. MillerCoors continued to integrate business processes and systems across the enterprise to improve customer service and capitalise on the scale of the business.

MillerCoors has delivered a total of US$211 million in cost savings since beginning operations on 1 July 2008, and now expects to achieve US$335 million of cumulative synergies by the end of our current financial year, surpassing its original commitment of US$312 million. As previously communicated, MillerCoors will deliver incremental cost savings of US$200 million above its US$500 million synergy target, and these are expected to be delivered by the end of 2012, broadly in line with current market expectations. These cost savings include efficiencies in production costs, procurement, and marketing, general and administrative expenses.

Africa

Financial summary %

Group revenue (including share of associates) (US$m) 1,263 1,350 (6)

EBITA* (US$m) 246 239 3
EBITA margin (%) 19.5 17.7

Sales volumes (hl 000)

Africa's total volumes grew 8% aided by acquisitions in Ghana, Nigeria and Ethiopia. Lager volumes grew 3% on an organic basis against a backdrop of softer economic conditions, with good performances in Uganda, Mozambique and Zambia. Soft drink volumes grew 5% on an organic basis with solid growth across the region, while other alcoholic beverages declined by 5% following a period of strong growth in the prior year.

Our strategy of broadening the brand portfolio continued with the introduction of local premium beer offerings in five markets and the roll out of more affordable beverages in Tanzania and Mozambique to grow the beer category at the expense of subsistence alcohol. We also completed the acquisition of a water business in Ethiopia and a non-alcoholic beverage business in Zambia further expanding our full beverage portfolio.

Further investments were made at the point of consumption in coolers and outlet infrastructure to uplift and enliven on-premise drinking occasions. The sales force has been expanded and service levels have been improved for each class of trade.

The extensive capacity upgrade project is nearing completion and we have recently completed projects in Uganda, Southern Sudan and Ghana. New plants in Tanzania, Mozambique and Angola are due to be commissioned shortly.

EBITA grew 3%, despite adverse currency movements. On an organic, constant currency basis, EBITA grew 15% and margin improved by 190 basis points on the same basis, driven by robust pricing and a good performance from our associate Castel.

In Uganda, lager volumes grew 18% driven by a healthy brand portfolio and supported by the introduction of the long neck bottle last year and the launch of Nile Gold as a premium offering in a 330ml returnable bottle. A 20% increase in brewing capacity was commissioned in June 2009.

Mozambique delivered strong results with lager volume ahead by 7%. Much of this growth came from the market in the north of the country, justifying our November commissioning of the greenfield brewery in this region. Strong growth from Laurentina Preta, a dark lager, and the recently launched Laurentina Premium further drove performance.

Zambia benefited from a reduction in excise rates at the beginning of the year, growing lager volumes 23% despite a depressed economy. Soft drinks volumes were level with the prior year, while traditional beer volumes fell by 2% following strong growth in the prior year. We concluded the acquisition of the Maheu business, a traditional maize-based non-alcoholic flavoured drink, in September 2009.

In Tanzania, the economy was impacted more than other African markets by reduced agricultural exports and lower foreign direct investment, and also suffered from extreme drought conditions in the northern and central regions. Lager volumes declined by 6% but market share improved marginally reflecting continued improvements in sales execution and outlet penetration. During the period, we successfully re-launched Ndovu Lager in a 375ml green returnable bottle with enhanced packaging.

The Botswana government implemented a 30% social levy on all alcoholic products in November 2008. The levy, compounded by an economy impacted by reduced diamond exports, resulted in sales for the half year declining dramatically, with lager volumes 47% below the prior year and traditional beer sales down 14%. Soft drinks volumes grew by 7% during the period.

In Angola total volumes declined 1% for the half year due to a combination of port congestion, an economic slowdown following a decline in the oil price and reduced global demand for diamonds and limited availability of foreign currency. Our planned commissioning of a new beer and a new soft drinks plant in north Luanda later this year will alleviate some of the adverse impacts of port congestion by reducing the need to import finished product and the costs associated with demurrage and port handling.

Castel continued its strong performance with organic lager volume growth of 12% aided by the commissioning of two new breweries in Angola at the beginning of the calendar year, and good lager growth from Cameroon. Soft drinks volumes grew 9% with good performances in Tunisia and Algeria.

Asia

Financial summary %

Group revenue (including share of associates and joint 1,021 905 13

ventures) (US$m)

EBITA* (US$m) 90 72 24
EBITA margin (%) 8.8 8.0

Sales volumes (hl 000)

Asia lager volumes grew 9% on an organic basis through good performances from China, Australia and Vietnam, while India's volumes contracted predominantly due to regulatory issues. EBITA increased 24% and organic, constant currency EBITA grew 29% reflecting a strong performance from our associate in China, CR Snow. Organic, constant currency EBITA margin grew 100 bps to 9.0%.

China's beer industry experienced solid market growth of approximately 6%, and CR Snow enjoyed volume growth of 15%, well ahead of the market. CR Snow's national brand, Snow, continued to exploit its national brand positioning which, together with consistent retail pricing and improved sales execution, drove further market share gains.

In the northeast, CR Snow continues to lead the market with further volume gains in the Liaoning and Jilin provinces. Strong growth was reported in the central region, despite the effects of bad weather and flooding in the second quarter. Within the central region, significant share gains were achieved in the key provinces of Anhui and Zhejiang driven by the success of the Snow brand, and profitability was enhanced by improved cost efficiencies and synergies from previous acquisitions. The Sichuan area in the west remains a key stronghold for the business, returning to growth following the earthquake in the prior year.

India experienced a tough first half year with volumes declining 21% largely as a result of regulatory issues in the important states of Andhra Pradesh and Uttar Pradesh. Volumes were further reduced by excise increases in Karnataka and Rajasthan implemented during the period.

Vietnam, a wholly owned subsidiary from March 2009, continues to build from its greenfield start, recently launching Miller High Life to support the local Zorok brand. While still loss making, the business is gaining good growth momentum in the market place.

Our joint venture in Australia enjoyed strong growth in a stagnant market, underpinned by growth of Peroni Nastro Azzurro, Miller Genuine Draft and Bluetongue. The business is currently constructing a greenfield brewery in New South Wales, to be commissioned next year.

South Africa: Beverages

Financial summary %

Group revenue (including share of associates) (US$m) 2,051 2,007 2
EBITA* (US$m) 333 332 -
EBITA margin (%) 16.3 16.5

Sales volumes (hl 000)

The South African economy weakened during the period with real gross domestic product declining by 3% during the second quarter of 2009. Headline inflation fell considerably from 13% to 6% compared to the same period a year ago, but retail sales remained under pressure falling by 5% year on year in September.

Lager volumes declined by 3%, impacted by reduced consumer spending. As expected, our year on year beer market share has declined. Mainstream volumes, down 2%, performed relatively better supported by strong growth in Castle Lager and Hansa Pilsener. Carling Black Label continued to be impacted by its prevalence in the challenging Western Cape liquor market. Within local premium, Castle Lite returned to growth. Soft drinks volumes were down 2%, in line with the market. During the period, we grew our share of the sparkling soft drinks segment through effective market execution, particularly in the top-end grocer channel.

Group revenue increased by 2% (6% on a constant currency basis), continuing to benefit from the price increases implemented in the prior year in both the beer and soft drinks businesses.

Input costs remained under pressure as medium term contractual arrangements with key brewing raw material suppliers limited the business' ability to benefit from the downturn in brewing commodity prices. Higher packaging materials and sugar prices also contributed to increased input costs in the first six months. In addition, our dollar based input costs were higher than the prior year due to adverse foreign exchange rates. Distribution costs declined in line with relatively lower crude oil prices, aided by distribution efficiencies.

Sales and marketing investment increased substantially, focused on our key brands. Investment in customer facing route to market capability intensified, with investment in direct distribution and improved service levels to customers. These additional market facing investments were partly financed through an intensified productivity and cost reduction programme.

Efforts to enhance and grow the core of the lager brand portfolio saw new marketing campaigns for Carling Black Label, Castle Lager and Hansa Pilsener, reinforcing key characteristics of the brands. Castle Lager also benefited from the recent sponsorship of the Confederations Football Cup championship and the Lions rugby tour of South Africa. Castle Lite saw growth returning towards the end of the period supported by its "Extra cold" media campaign and sub-zero fridge placement in targeted outlets. At the same time, we pursued further growth in Peroni Nastro Azzurro and established our premium lager portfolio additions Grolsch and Dreher as longer term contributors.

EBITA was level with the prior year at reported exchange rates, but grew 4% on an organic, constant currency basis. Margins reduced slightly as price increases were not sufficient to offset the decline in volumes, continued pressure from significantly higher input costs and additional market facing investments.

On 1 July, we announced preliminary details of a proposed broad-based black economic empowerment transaction in South Africa. The transaction is intended to benefit employees, soft drinks and liquor retailers and the wider South African community through the formation of The SAB Foundation, by enabling them to participate in the equity of The South African Breweries Limited. The full terms of the transaction will be announced in early December 2009.

Distell continued its robust performance with both domestic and international volumes exhibiting good growth to deliver increased revenue and improved profitability.

South Africa: Hotels and Gaming

Financial summary 2009 %

Group revenue (share of associates) (US$m) 193 186 3
EBITA* (US$m) 53 61 (12)
EBITA margin (%) 27.8 32.5
Revenue per available room (Revpar) - US$ 63.44 75.56 (16)

The group is a 49% shareholder in the Tsogo Sun Group. The half year results were affected by contraction in the South African economy affecting both the gaming market and the hospitality and tourism industry.

Our share of Tsogo Sun's reported revenue was US$193 million, an increase of 3% including the non-organic share of revenue of Tsogo Sun's associated company Gold Reef Resorts and the newly acquired Century Casinos business. Excluding this incremental revenue, revenue declined 7% against the prior year.

The gaming industry in South Africa contracted from last year's levels with the exception of the KwaZulu-Natal region which continued to show growth. Gauteng, the most significant gaming province, reported a 5% decline in market size compared to the prior year, with Tsogo Sun's Montecasino, the largest gaming unit, reporting flat revenue. On 30 June 2009, Tsogo Sun acquired 100% of the Century Casinos business in Caledon and Newcastle.

The South African hotel industry has been under continued pressure throughout the first half of the year, particularly in the key corporate and government market segments. A number of major sporting events in South Africa during the first quarter of the year including the Indian Premier League cricket tournament, the Confederations Football Cup championship and the Lions rugby tour assisted trading. However this was not enough to prevent a 16% decline in revpar.

EBITA for the division declined 12% for the period and margins were reduced, impacted by the difficult trading environment.

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 2009 as amended for the changes set out in note 1, which have had no material impact on group results. The consolidated balance sheets as at 30 September 2008 and as at 31 March 2009 have been restated for further adjustments relating to initial accounting for business combinations, further details of which are provided in note 12. The Annual Report and Accounts for the year ended 31 March 2009 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. The group has adopted IFRS 8 Operating Segments with effect from 1 April 2009 and this has resulted in a change to the segmental information reported, with Africa and Asia now reported as separate segments. Comparative information has been restated accordingly. Additional historical information for each of the Africa and Asia segments is available on the company's website.

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

Disclosure of volumes

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

Organic, constant currency comparisons

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

In relation to the MillerCoors joint venture no adjustments have been made in the calculation of organic results as the group's share of the joint venture is deemed to be comparable with 100% of the Miller business in the comparative period.

Business combinations and acquisitions

On 10 April 2009 the group assumed control of a 70.56% interest in Bere Azuga in Romania following receipt of clearance from the competition authorities and has consolidated Bere Azuga from this date. Subsequently, further share purchases were made, together with a mandatory public offer for the remainder of shares in Bere Azuga. As at 30 September 2009, the group had an effective interest of 94.85% in Bere Azuga.

In July 2009 the group completed the acquisition of an effective 40% interest in Ambo Mineral Water Share Company in Ethiopia.

In September 2009 the group acquired Maheu, a non-alcoholic maize drinks business, in Zambia.

On 29 May 2009 SABMiller plc acquired the outstanding 28.1% minority interest in its Polish subsidiary, Kompania Piwowarska SA, in exchange for 60 million ordinary shares of SABMiller plc.

Exceptional items

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

Net exceptional charges of US$222 million before finance costs and tax were reported during the period (2008: net exceptional credit of US$371 million) including net exceptional charges of US$11 million (2008: US$33 million) related to the group's share of joint ventures' and associates' exceptional charges. The net exceptional charge included US$170 million related to business capability programme costs in Latin America, Europe, Africa, Asia, South Africa Beverages and Corporate, together with a charge of US$41 million related to integration and restructuring costs in Europe.

The group's share of joint ventures' and associates' exceptional items includes a charge of US$7 million related to the group's share of MillerCoors' integration and restructuring costs and US$4 million related to the group's share of the unwinding of fair value adjustments on inventory in MillerCoors.

In addition there was an exceptional charge in the period of US$17 million (2008: US$nil) within net finance costs related to the business capability programme.

In 2008 the net exceptional credit included a US$437 million profit on the deemed disposal of 42% of the US and Puerto Rico operations of Miller, partly offset by a charge of US$23 million related to MillerCoors' integration and restructuring costs and a charge of US$10 million relating to the unwinding of fair value adjustments on inventory relating to the acquisition of Grolsch. The group's share of joint ventures' and associates' exceptional items included a charge of US$17 million relating to its share of MillerCoors' integration and restructuring costs, US$7 million relating to its share of the unwinding of fair value adjustments on inventory in MillerCoors and a charge of US$9 million relating to fair value mark to market losses on financial instruments in Tsogo Sun.

Finance costs

Net finance costs decreased to US$266 million, a 31% decrease on the prior period's US$384 million. Finance costs in the current period include a net gain of US$3 million (2008: net loss of US$26 million) from the mark to market adjustments of various derivatives on capital items for which hedge accounting cannot be applied. Finance costs in the period also include a US$17 million charge resulting from a change in valuation methodology of financial instruments as part of the business capability programme. The mark to market loss and the charge resulting from the change in valuation have been excluded from the determination of adjusted finance costs and adjusted earnings per share. Adjusted net finance costs were US$253 million, down 29% reflecting the reduction in the weighted average interest rate due to the lower global interest rate environment.

Interest cover, as defined in the Financial Definitions section, has increased to 9.1 times from 6.8 times in the comparable prior year period.

Profit before tax

Adjusted profit before tax of US$1,920 million increased by 3% over the comparable period in the prior year, benefiting from lower net finance costs.

On a statutory basis, profit before tax of US$1,498 million was down 26% including the impact of the exceptional and other adjusting finance items noted above. The principal differences relate to exceptional items with net exceptional charges of US$239 million in the half year compared to net exceptional credits of US$371 million in the prior period.

Taxation

The effective tax rate of 29.4% before amortisation of intangible assets (other than software), exceptional items and the adjustments to finance costs noted above, is below that of the prior year (31.0%). The rate has fallen principally as a result of beneficial changes in the combination of geographic profits, but also through ongoing management of the effective tax rate.

Earnings per share

The group presents adjusted basic earnings per share to exclude the impact of amortisation of intangible assets (other than software) and other non-recurring items, which include post-tax exceptional items, in order to present a more meaningful comparison for the periods shown in the consolidated financial information. Adjusted basic earnings per share of 80.0 US cents were up 6% on the comparable period in the prior year, benefiting from lower finance costs and taxation as discussed above together with lower profit attributable to minority interests, partially offset by an increase in the weighted average number of shares in issue. The reduction in profit attributable to minority interests and the increase in shares in issue result from the buyout of the minority interests in our Polish business. An analysis of earnings per share is shown in note 5. On a statutory basis, basic earnings per share are 34% lower at 63.0 US cents.

Cash flow

Net cash generated from operations before working capital movements (EBITDA) decreased by 21% to US$1,865 million compared to the prior year period. This decrease was primarily due to the reduction in EBITDA from North America following the formation of the MillerCoors joint venture, as EBITDA excludes cash flows from associates and joint ventures. Dividends received from the MillerCoors joint venture (reported within cash flows from investing activities) amounted to US$427 million (2008: US$81 million). EBITDA together with the MillerCoors dividends decreased by 6% on the same period in the prior year, primarily due to expenditure on the business capability programme and the impact of the strength of the US dollar on translated results. Net cash generated from operating activities of US$1,499 million was up 27% reflecting a significant improvement in working capital, together with lower tax and net interest payments partly offset by the reduction in EBITDA. The working capital improvement compared to the same period last year reflects changes in process management practices applied to inventory, receivables and payables, resulting in net working capital inflows in most major operations. Free cash flow improved by US$1,124 million to US$998 million, as detailed in note 9b.

Capital expenditure

The group has continued to invest in its operations, selectively maintaining investment to support future growth, including new breweries in Russia, Angola, Tanzania, Southern Sudan and Mozambique together with recently completed capacity expansions in Poland, Romania, Ghana and Uganda. Capital expenditure for the six months to 30 September 2009 was US$728 million (2008 US$1,245 million). With effect from 1 July 2008, the capital expenditure for the MillerCoors joint venture has been excluded from the consolidated capital expenditure reported.

Capital expenditure including the purchase of intangible assets was US$739 million (2008: US$1,279 million).

Borrowings and net debt

Gross debt at 30 September 2009, comprising borrowings together with the fair value of derivative assets or liabilities held to manage interest rate and foreign currency risk of borrowings, has increased to US$9,809 million from US$9,131 million at 31 March 2009, primarily as result of the impact of exchange rates on the retranslation of the group's Colombian peso and euro denominated debt. Net debt comprising gross debt net of cash and cash equivalents has increased to US$9,345 million from US$8,709 million (restated) at 31 March 2009. An analysis of net debt is provided in note 9c.

The group's gearing (presented as a ratio of net debt/equity) has decreased to 47.0% from 54.0% (restated) at 31 March 2009. The weighted average interest rate for the gross debt portfolio at 30 September 2009 was 6.0% (31 March 2009: 7.1%).

On 1 July 2009 the US$300 million LIBOR +0.3% Notes issued by SABMiller plc matured and were refinanced from existing facilities. On 17 July 2009 SABMiller plc completed a EUR1,000 million bond issue which was issued under the US$5,000 million Euro Medium Term Note Programme. The notes were issued in a single tranche of 5.5 year notes with a coupon of 4.5%. The net proceeds of the bond have been used to repay certain indebtedness.

Subsequent to 30 September 2009 the US$1,000 million 364 day facility was voluntarily cancelled in part, reducing the size of the facility to US$600 million. The facility was subsequently extended from October 2009 to 6 October 2010 in the amount of US$515 million, with a one year term out option.

Total equity

Total equity increased from US$16,117 million (as restated) at 31 March 2009 to US$19,880 million at 30 September 2009. The increase is principally due to currency translation movements on foreign currency investments, profit for the period and the issue of shares for the Polish minority buyout, partly offset by fair value moves on hedged items and dividend payments.

Goodwill and intangible assets

Goodwill has increased to US$11,608 million (31 March 2009: US$8,715 million) primarily due to foreign exchange movements and goodwill on acquisitions in the period, including the Polish minority buyout. Intangible assets have increased in the period to US$4,369 million (31 March 2009: US$3,741 million) as a result of foreign exchange movements partially offset by amortisation. The comparatives for both goodwill and intangible assets have been restated to reflect adjustments to provisional fair values of business combinations, further details of which are provided in note 12.

Currencies

The rand appreciated by 27% against the US dollar during the six months to 30 September 2009 and ended the period at R7.55 to the US dollar, while the weighted average rand/dollar rate weakened by 4% to R8.12 compared with R7.79 in the comparable period. The Colombian peso (COP) strengthened by 33% against the US dollar during the six months and ended the period at COP1,922 to the US dollar compared with COP2,561 at 31 March 2009. The weighted average COP/dollar rate weakened by 14% to COP2,113 compared with COP1,827 in the comparable period.

Risks and uncertainties

The principal risks and uncertainties for the first six months and remaining six months of the financial year remain as reflected on page 10 of the 2009 Annual Report. These are summarised as follows:

The risk that, as the industry consolidates, failure to participate in attractive value-adding transactions may inhibit the group's ability to grow and exploit scale benefits. There is also a risk that expected benefits from participating in consolidation and integrating acquisitions may not be captured or may be inadequate, or that the group may not fully leverage its scale across business operations.

The risk that opportunities for profitable growth may not be realised should the group fail to ensure the relevance and attractiveness of its brands, and continuously improve its marketing and related sales capability.

The risk that the group's global growth potential may be jeopardised due to a failure to develop and maintain a sufficient cadre of talented management or to capture shared learnings and leverage expertise through effective management practices.

The risk that regulatory authorities when making impositions on beer do not recognise the positive contribution of the group's businesses, and effective ways of addressing health and social concerns. In affected countries the group's ability to grow profitably and contribute to local communities could be adversely affected.

The risk that margins could fall because the group fails to ensure an adequate supply of brewing and packaging raw materials at competitive prices.

The risk that the group's plans and responses to changes in global economic conditions may not be adequate.

Dividend

The board has declared a cash interim dividend of 17 US cents per share, an increase of 6%. The dividend will be payable on Friday 11 December 2009 to shareholders registered on the London and Johannesburg registers on Friday 4 December 2009. The ex-dividend trading dates will be Wednesday 2 December 2009 on the London Stock Exchange (LSE) and Monday 30 November 2009 on the JSE Limited (JSE). As the group reports in US dollars, dividends are declared in US dollars. They are payable in South African rand to shareholders on the Johannesburg register, in US dollars to shareholders on the London register with a registered address in the United States (unless mandated otherwise), and in sterling to all remaining shareholders on the London register. Further details relating to dividends are provided in note 6.

The rate of exchange applicable for US dollar conversion into South African rand and sterling was determined yesterday. The rate of exchange determined for converting to South African rand was US$:ZAR 7.41400 resulting in an equivalent interim dividend of 126.038 SA cents per share. The rate of exchange determined for converting to sterling was GBP:US$1.6799 resulting in an equivalent interim dividend of 10.1197 UK pence per share.

From the commencement of trading on Thursday 19 November 2009 until the close of business on Friday 4 December 2009, no transfers between the London and Johannesburg registers will be permitted, and from Monday 30 November 2009 until Friday 4 December 2009, no shares may be dematerialised or rematerialised, both days inclusive.

Directors' responsibility for financial reporting

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

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

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

The directors of SABMiller plc are listed in the SABMiller plc Annual Report for the year ended 31 March 2009. Howard Willard was appointed to the board with effect from 1 August 2009. A list of current directors is maintained on the SABMiller plc website: www.sabmiller.com.

On behalf of the board

EAG Mackay MI Wyman
Chief executive Chief financial officer

19 November 2009

Introduction

We have been engaged by the company to review the condensed set of financial information in the half-yearly financial report for the six months ended 30 September 2009, which comprises the consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, consolidated cash flow statement, consolidated statement of changes in equity and related notes. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial information.

Directors' responsibilities

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

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

Our responsibility

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

Scope of review

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

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial information in the half-yearly financial report for the six months ended 30 September 2009 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

PricewaterhouseCoopers LLP

Chartered Accountants London

19 November 2009

SABMiller plc

for the six months ended 30 September

Notes Six months Six months Year
ended 30/9/09 ended 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
US$m US$m US$m

Revenue 2 8,846 11,166 18,703
Net operating expenses (7,632) (9,011) (15,555)
Operating profit 2 1,214 2,155 3,148
Operating profit before 1,425 1,751 3,146

exceptional items
Exceptional items 3 (211) 404 2
Net finance costs (266) (384) (706)
Interest payable and similar (425) (654) (1,301)

charges
Interest receivable and 159 270 595

similar income

Share of post-tax results of 2 550 249 516

associates and joint ventures

Profit before taxation 1,498 2,020 2,958
Taxation 4 (436) (455) (801)
Profit for the financial 1,062 1,565 2,157

period

Profit attributable to 89 142 276

minority interests
Profit attributable to equity 5 973 1,423 1,881

shareholders
1,062 1,565 2,157
Basic earnings per share (US 5 63.0 94.8 125.2

cents)
Diluted earnings per share (US 5 62.6 94.3 124.6

cents)

All operations are continuing.

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

SABMiller plc

for the six months ended 30 September

Six months Six months Year
ended 30/9/09 ended 30/9/08 ended 31/3/09
Unaudited Unaudited Unaudited
US$m US$m US$m
Profit for the period 1,062 1,565 2,157

Other comprehensive income:
Currency translation 2,590 (1,587) (3,385)

differences on foreign currency net investments

Actuarial losses on defined - (37) (18)

benefit plans

Available for sale investments:

Net investment hedges:

Cash flow hedges: (46) 20 28

Tax on items included in other (26) 10 125

comprehensive income:

Share of associates' and joint 85 (38) (330)

ventures' gains/(losses) included in other comprehensive income
Total comprehensive income for 3,300 42 (1,094)

the period, net of tax

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

SABMiller plc

at 30 September

Notes 30/9/09 30/9/08* 31/3/09*
Unaudited Unaudited Unaudited
US$m US$m US$m

Assets Non-current assets
Goodwill 7 11,608 10,067 8,715
Intangible assets 7 4,369 4,217 3,741
Property, plant and equipment 8 8,883 8,064 7,404
Investments in joint ventures 5,638 5,812 5,495
Investments in associates 2,136 1,765 1,787
Available for sale investments 34 35 29
Derivative financial 413 294 695

instruments
Trade and other receivables 155 124 125
Deferred tax assets 175 185 161
33,411 30,563 28,152

Current assets
Inventories 1,424 1,299 1,241
Trade and other receivables 1,711 1,752 1,576
Current tax assets 143 152 168
Derivative financial 12 45 54

instruments
Available for sale investments - - 11
Cash and cash equivalents 9c 464 350 422
3,754 3,598 3,472
Total assets 37,165 34,161 31,624

Liabilities Current liabilities
Derivative financial (128) (45) (35)

instruments
Borrowings 9c (1,172) (1,569) (2,148)
Trade and other payables (3,040) (2,694) (2,397)
Current tax liabilities (561) (545) (463)
Provisions (313) (276) (299)
(5,214) (5,129) (5,342)

Non-current liabilities
Derivative financial (212) (302) (107)

instruments
Borrowings 9c (8,844) (8,255) (7,470)
Trade and other payables (235) (243) (186)
Deferred tax liabilities (2,321) (2,251) (2,029)
Provisions (459) (452) (373)
(12,071) (11,503) (10,165)
Total liabilities (17,285) (16,632) (15,507)
Net assets 19,880 17,529 16,117

Equity
Share capital 165 158 159
Share premium 6,255 6,192 6,198
Merger relief reserve 4,586 3,395 3,395
Other reserves 1,377 713 (872)
Retained earnings 6,831 6,386 6,496
Total shareholders' equity 19,214 16,844 15,376
Minority interests 666 685 741
Total equity 19,880 17,529 16,117

The notes form an integral part of this condensed financial information.

SABMiller plc

for the six months ended 30 September

Notes Six months Six months Year
ended 30/9/09 ended 30/9/08* ended 31/3/09*
Unaudited Unaudited Unaudited
US$m US$m US$m

Cash flows from operating activities
Cash generated from operations 9a 2,165 2,017 3,671
Interest received 170 122 275
Interest paid (499) (511) (997)
Tax paid (337) (450) (766)
Net cash from operating 9b 1,499 1,178 2,183

activities

Cash flows from investing activities
Purchase of property, plant (728) (1,245) (2,073)

and equipment
Proceeds from sale of 20 22 75

property, plant and equipment
Purchase of intangible assets (11) (34) (74)
Purchase of available for sale - - (14)

investments
Proceeds from disposal of 2 1 4

available for sale investments
Proceeds from disposal of - - 119

businesses
Acquisition of businesses (net (30) (184) (252)

of cash acquired)
Overdraft disposed with - 2 2

businesses
Cash disposed with businesses - - (4)
Purchase of shares from (3) (2) (5)

minorities
Investments in joint ventures (142) (123) (397)
Investments in associates (9) (5) (4)
Repayment of investments by - - 3

associates
Dividends received from joint 427 81 454

ventures
Dividends received from 39 119 151

associates
Dividends received from other 1 1 1

investments
Net cash used in investing (434) (1,367) (2,014)

activities

Cash flows from financing activities
Proceeds from the issue of 57 16 23

shares
Purchase of own shares for (8) (26) (37)

share trusts
Proceeds from borrowings 3,623 2,466 4,960
Repayment of borrowings (3,857) (1,802) (4,096)
Net repayment of capital (1) (3) (1)

element of finance leases
Net cash payments on net (109) (24) (12)

investment hedges
Dividends paid to shareholders (654) (640) (877)

of the parent
Dividends paid to minority (95) (118) (217)

interests
Net cash used in financing (1,044) (131) (257)

activities

Net cash from operating, 21 (320) (88)

investing and financing activities
Effects of exchange rate 56 83 22

changes
Net increase/(decrease) in 77 (237) (66)

cash and cash equivalents
Cash and cash equivalents at 1 9c 122 188 188

April
Cash and cash equivalents at 9c 199 (49) 122

end of period

The notes form an integral part of this condensed financial information.

SABMiller plc

for the six months ended 30 September

Called up share Share premium Other reserves Retained earnings Total shareholders' Minority interests Total equity
capital account equity
US$m US$m US$m US$m US$m US$m US$m
At 1 April 2008 (audited) 158 6,176 5,610 5,601 17,545 699 18,244
Total comprehensive income - - (1,499) 1,410 (89) 131 42
Profit for the period - - - 1,423 1,423 142 1,565
Other comprehensive income - - (1,499) (13) (1,512) (11) (1,523)
Other movements - - 4 2 6 - 6
Contributed to joint ventures - - (7) - (7) (2) (9)
Dividends paid - - - (640) (640) (143) (783)
Issue of SABMiller plc - 16 - - 16 - 16

ordinary shares
Payment for purchase of own - - - (26) (26) - (26)

shares for share trusts
Credit entry relating to - - - 39 39 - 39

share-based payments

At 30 September 2008* 158 6,192 4,108 6,386 16,844 685 17,529

(unaudited)

At 1 April 2008 (audited) 158 6,176 5,610 5,601 17,545 699 18,244
Total comprehensive income - - (3,080) 1,735 (1,345) 251 (1,094)
Profit for the period - - - 1,881 1,881 276 2,157
Other comprehensive income - - (3,080) (146) (3,226) (25) (3,251)
Other movements - - - (5) (5) - (5)
Contributed to joint ventures - - (7) - (7) (2) (9)
Dividends paid - - - (877) (877) (221) (1,098)
Issue of SABMiller plc 1 22 - - 23 - 23

ordinary shares
Payment for purchase of own - - - (37) (37) - (37)

shares for share trusts
Arising on business - - - - - 17 17

combinations
Buyout of minority interests - - - - - (3) (3)
Credit entry relating to - - - 79 79 - 79

share-based payments

At 31 March 2009* (unaudited) 159 6,198 2,523 6,496 15,376 741 16,117
At 1 April 2009 (unaudited) 159 6,198 2,523 6,496 15,376 741 16,117
Total comprehensive income - - 2,249 973 3,222 78 3,300
Profit for the period - - - 973 973 89 1,062
Other comprehensive income - - 2,249 - 2,249 (11) 2,238
Other movements - - - (4) (4) - (4)
Dividends paid - - - (663) (663) (88) (751)
Issue of SABMiller plc 6 57 1,191 - 1,254 - 1,254

ordinary shares
Payment for purchase of own - - - (8) (8) - (8)

shares for share trusts
Arising on business - - - - - 14 14

combinations
Buyout of minority interests - - - - - (79) (79)
Credit entry relating to - - - 37 37 - 37

share-based payments

At 30 September 2009 165 6,255 5,963 6,831 19,214 666 19,880

(unaudited)

The notes form an integral part of this condensed financial information.

The US$1,191 million increase in other reserves in the six months ended 30 September 2009 relates to merger relief arising on the issue of SABMiller plc ordinary shares for the buyout of minority interests in the group's Polish business.

SABMiller plc

1. Basis of preparation

The condensed consolidated interim financial information (the 'financial information') comprises the unaudited results of SABMiller plc for the six months ended 30 September 2009 and 30 September 2008, together with the audited results for the year ended 31 March 2009, restated for further unaudited adjustments relating to initial accounting for business combinations. Further details of these adjustments are provided in note 12. The financial information in this report is not audited and does not constitute statutory accounts within the meaning of s434 of the Companies Act 2006. The board of directors approved this financial information on 18 November 2009. The annual financial statements for the year ended 31 March 2009, approved by the board of directors on 1 June 2009, 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 s237(2) or (3) of the Companies Act 1985.

The unaudited financial information in this interim report has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority, and with IAS 34 'Interim Financial Reporting' as adopted by the European Union. The interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2009, which have been prepared in accordance with IFRS as adopted by the European Union.

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, share-based payments, and pension assets and liabilities.

The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 March 2009, which were published in June 2009, as described in those financial statements except as set out below.

The following standards are mandatory for the first time in the financial year ending 31 March 2010 and are relevant for the group.

IAS 1 (revised), 'Presentation of financial statements' requires the presentation of a statement of changes in equity as a primary statement, includes non-mandatory changes to the titles of primary statements and introduces a statement of comprehensive income, but allows the presentation of a two statement approach with a separate income statement and statement of comprehensive income. The group has chosen to maintain existing primary statement titles and to follow the two statement approach.

IFRS 8, 'Operating Segments' requires separate reporting of segmental information for operating segments. Operating segments reflect the management structure of the group and the way performance is evaluated and resources allocated based on group revenue and EBITA by the group's chief operating decision maker, defined as the executive directors. The group is focussed geographically and as a result of the implementation of IFRS 8, Africa and Asia are now presented as separate segments. Comparative information has been restated accordingly. Whilst not meeting the definition of reportable segments, the group reports separately as segments Asia, South Africa Hotels & Gaming and Corporate as this provides useful additional information.

The following standards and interpretations have been adopted by the group since 1 April 2009 with no significant impact on its consolidated results or financial position:

2. Segmental information (unaudited)

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.

Six months ended Segment revenue 2009 Share of associates' and joint ventures' Share of associates'
30 September: US$m revenue and joint ventures'
2009 revenue
US$m 2008
US$m
Group Segment Group
revenue revenue revenue

US$m US$m US$m
Latin America 2,741 5 2,746 2,842 6 2,848
Europe 3,201 10 3,211 3,992 18 4,010
North America 57 2,813 2,870 1,501 1,415 2,916
Africa 802 461 1,263 815 535 1,350
Asia 226 795 1,021 248 657 905
South Africa: 1,819 425 2,244 1,768 425 2,193

Group 8,846 4,509 13,355 11,166 3,056 14,222

Year ended 31 March:

US$m US$m US$m
Latin America 5,484 11 5,495
Europe 6,118 27 6,145
North America 1,553 3,674 5,227
Africa 1,615 952 2,567
Asia 470 1,095 1,565
South Africa: 3,463 840 4,303

Group 18,703 6,599 25,302

Operating profit

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

Six months ended Operating Exceptional Operating profit before exceptional items Operating Exceptional Operating
30 September: profit items 2009 profit items profit before
2009 2009 US$m 2008 2008 exceptional
US$m US$m US$m US$m items

US$m
Latin America 458 51 509 411 - 411
Europe 452 123 575 695 10 705
North America (3) - (3) 642 (414) 228
Africa 115 4 119 135 - 135
Asia (17) 1 (16) 1 - 1
South Africa: Beverages 290 21 311 304 - 304
Corporate (81) 11 (70) (33) - (33)
Group 1,214 211 1,425 2,155 (404) 1,751

Year ended 31 March:

US$m US$m US$m
Latin America 1,102 (45) 1,057
Europe 448 452 900
North America 639 (409) 230
Africa 354 - 354
Asia (2) - (2)
South Africa: Beverages 704 - 704
Corporate (97) - (97)
Group 3,148 (2) 3,146

EBITA (segment result)

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

Six months ended Operating profit Share of associates' Amortisation of EBITA Operating profit Share of associates' Amortisation of EBITA
30 September: before exceptional and joint ventures' intangible assets 2009 before exceptional and joint ventures' intangible assets 2008
items operating profit (excluding software) US$m items operating profit (excluding software) US$m
2009 before exceptional - group and share of 2008 before exceptional - group and share of
US$m items associates and joint US$m items associates and joint
2009 ventures 2008 ventures
US$m 2009 US$m 2008
US$m US$m
Latin America 509 - 57 566 411 - 63 474
Europe 575 1 14 590 705 2 18 725
North America (3) 360 22 379 228 113 14 355
Africa 119 126 1 246 135 104 - 239
Asia (16) 103 3 90 1 68 3 72
South Africa: 311 75 - 386 304 89 - 393

Year ended 31 March:

US$m US$m US$m US$m
Latin America 1,057 1 115 1,173
Europe 900 4 40 944
North America 230 314 37 581
Africa 354 208 - 562
Asia (2) 75 7 80
South Africa: 704 181 1 886

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

Six months Six months Year
ended ended ended

US$m US$m US$m
Share of associates' and joint 665 376 783

ventures' operating profit before exceptional items
Share of associates' and joint (11) (33) (91)

ventures' exceptional items
Share of associates' and joint (14) (7) (25)

ventures' net finance cost
Share of associates' and joint (63) (65) (113)

ventures' tax
Share of associates' and joint (27) (22) (38)

ventures' minority interests

Excise duties of US$1,859 million (2008: US$2,271 million) have been incurred during the six months as follows: Latin America US$698 million (2008: US$721 million); Europe US$602 million (2008: US$734 million); North America US$1 million (2008: US$239 million); Africa US$129 million (2008: US$139 million); Asia US$89 million (2008: US$102 million) and South Africa US$340 million (2008: US$336 million).

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

The following table provides a reconciliation of EBITDA (the net cash inflow from operating activities before working capital movements) before cash exceptional items to EBITDA after cash exceptional items. A reconciliation of profit for the period for the group to EBITDA after cash exceptional items for the group can be found in note 9a.

Six months ended EBITDA Cash EBITDA EBITDA Cash EBITDA
30 September: before cash exceptional 2009 before cash exceptional 2008
exceptional items US$m exceptional items US$m
items 2009 items 2008
2009 US$m 2008 US$m
US$m US$m
Latin America 712 (50) 662 621 - 621
Europe 693 (90) 603 902 - 902
North America* (2) - (2) 244 (20) 224
Africa 168 (4) 164 171 - 171
Asia - (1) (1) 14 - 14
South Africa: Beverages 397 (20) 377 414 - 414
Corporate 73 (11) 62 9 - 9
Group 2,041 (176) 1,865 2,375 (20) 2,355
Year ended 31 March: 2009 2009 2009
US$m US$m US$m
Latin America 1,418 (19) 1,399
Europe 1,239 (6) 1,233
North America* 244 (24) 220
Africa 415 - 415
Asia 26 - 26
South Africa: Beverages 883 - 883
Corporate (12) - (12)
Group 4,213 (49) 4,164

3. Exceptional items

Six months ended Six months ended Year
30/9/09 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
US$m US$m US$m

Exceptional items included in operating profit:
Business capability programme (170) - -

costs
Integration and restructuring (41) (23) (110)

costs
Impairments - - (392)
Profit on disposal of - 437 526

businesses
Unwinding of fair value - (10) (9)

adjustments on inventory
Litigation - - (13)
Net exceptional (losses)/gains (211) 404 2

included within operating profit Exceptional items included in net finance costs
Business capability programme (17) - -

costs
Gain on early termination of - - 20

financial derivatives
Net exceptional (losses)/gains (17) - 20

included within net finance costs Share of associates' and joint ventures' exceptional items:
Integration and restructuring (7) (17) (33)

costs
Unwinding of fair value (4) (7) (13)

adjustments on inventory
Impairment of intangible - - (38)

assets
Fair value losses on financial - (9) (7)

instruments
Share of associates' and joint (11) (33) (91)

ventures' exceptional items Taxation credits relating to subsidiaries' and the group's share of
associates' and joint 31 19 56

ventures' exceptional items:

Exceptional items included in operating profit

Business capability programme costs

Following the establishment of the business capability programme which will streamline finance, human resources and procurement activities through the deployment of global systems and, within regions, the introduction of common sales, distribution and supply chain management systems, costs of US$170 million have been incurred in the period (2008: US$nil).

Integration and restructuring costs

In Europe a total of US$41 million has been charged in relation to the integration and restructuring of the Romanian business following the acquisition of Bere Azuga, including the closure of a brewery and in relation to the restructuring of the Polish business including the closure of the Kielce brewery.

In 2008, a charge of US$23 million was incurred within operating profit during the period for staff retention and for certain integration costs of the US and Puerto Rico operations of the Miller business into the MillerCoors joint venture.

Profit on disposal of businesses

In 2008, a profit of US$437 million arose on the deemed disposal of the US and Puerto Rico operations of the Miller business into the MillerCoors joint venture.

Unwinding of fair value adjustments on inventory

In 2008, on acquisition the Grolsch inventory was fair valued to market value. The uplift is charged to the income statement as the inventory is sold. US$10 million was charged to operating profit in the six months ended 30 September 2008.

Exceptional items included within net finance costs

Business capability programme costs

As a result of the business capability programme and resultant changes in treasury systems used and their differing valuation methodologies, a charge of US$17 million has been incurred to reflect differences on the fair valuation of financial instruments (2008: US$nil).

Share of associates' and joint ventures' exceptional items

Integration and restructuring costs

During 2009, the group's share of MillerCoors' integration and restructuring costs was US$7 million and primarily related to relocation.

In 2008, the group's share of MillerCoors' integration and restructuring costs was US$17 million mainly related to retrenchment costs.

Unwinding of fair value adjustments on inventory

In 2009 the group's share of MillerCoors' charge to operating profit in the period relating to the unwind of the fair value adjustment to inventory was US$4 million (2008: US$7 million).

Fair value losses on financial instruments

In 2008 the group's share of losses relating to fair value mark to market adjustments on financial instruments at Hotels and Gaming amounted to US$9 million.

Taxation credits

Taxation credits of US$31 million (2008: US$19 million) were recorded in relation to exceptional items during the period and included US$4 million (2008: US$10 million) in relation to MillerCoors although the tax credit is recognised in Miller Brewing Company (see note 4).

4. Taxation

Six months ended Six months ended Year
30/9/09 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
US$m US$m US$m

Current taxation 425 453 670

remittance taxes
Total current taxation 460 505 737

Deferred taxation (24) (50) 64
- (Credit)/charge for the (24) (42) 81

period (UK corporation tax: US$nil (2008: US$nil))

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.

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.

5. Earnings per share

Six months ended 30/9/09 Six months Year
Unaudited ended 30/9/08 ended 31/3/09
US cents Unaudited Audited
US cents US cents
Basic earnings per share 63.0 94.8 125.2
Diluted earnings per share 62.6 94.3 124.6
Headline earnings per share 64.6 65.8 119.0
Adjusted basic earnings per 80.0 75.2 137.5

share
Adjusted diluted earnings per 79.5 74.8 136.8

share

The weighted average number of shares was:

Six months ended Six months Year
30/9/09 ended 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
Millions of shares Millions of Millions of shares
shares
Ordinary shares 1,627 1,506 1,514
Treasury shares (77) - (7)
ESOP trust ordinary shares (5) (6) (5)
Basic shares 1,545 1,500 1,502
Dilutive ordinary shares from 9 8 8

share options
Diluted shares 1,554 1,508 1,510

The calculation of diluted earnings per share excludes 12,672,482 (2008: 13,281,197) share options that were non-dilutive for the period because the exercise price of the option exceeded the fair value of the shares during the period and 6,569,614 (2008: 6,922,745) share awards that were non-dilutive for the period because the performance conditions attached to the awards have not been met. These share awards could potentially dilute earnings per share in the future.

Adjusted and headline earnings

The group presents an adjusted earnings per share figure to exclude the impact of amortisation of intangible assets (excluding capitalised software) and other non-recurring items in order to present a more useful comparison for the periods shown in the consolidated financial information. Adjusted earnings per share has been based on adjusted headline earnings for each financial period and on the same number of weighted average shares in issue as the basic earnings per share calculation. Headline earnings per share has been calculated in accordance with the South African Circular 8/2007 entitled "Headline Earnings" which forms part of the listing requirements for the JSE Ltd (JSE). The adjustments made to arrive at headline earnings and adjusted earnings are as follows:

Six months ended Six months Year
30/9/09 ended 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
US$m US$m US$m
Profit for the financial 973 1,423 1,881

period attributable to equity holders of the parent Headline adjustments
Impairment of goodwill - - 364
Impairment of intangible - - 14

assets
Impairment of property, plant - - 16

and equipment
Loss on disposal of property, 28 - 10

plant and equipment
Profit on disposal of - (437) (526)

businesses
Tax effects of the above items (6) - (4)
Minority interests' share of 3 - (1)

the above items
Share of joint ventures' and - 2 34

associates' headline adjustments, net of tax and minority interests
Headline earnings 998 988 1,788

Other adjustments
Business capability programme 187 - -

costs
Integration and restructuring 9 23 108

costs
Net (gain)/loss on fair value (3) 26 27

movements on capital items*
Gain on early termination of - - (20)

financial derivatives
Unwind of fair value - 10 9

adjustments on inventory
Litigation - - 13
Amortisation of intangible 73 86 164

assets (excluding capitalised software)
Tax effects of the above items (59) (48) (110)
Minority interests' share of (3) (2) (4)

the above items
Share of joint ventures' and 34 45 90

associates' other adjustments, net of tax and minority interests
Adjusted earnings 1,236 1,128 2,065

6. Dividends

Dividends paid were as follows:
Six months ended Six months Year
30/9/09 ended 30/9/08 ended 31/3/09
Unaudited Unaudited Audited
US cents US cents US cents
Prior year final dividend paid 42.0 42.0 42.0

per ordinary share
Current year interim dividend - - 16.0

paid per ordinary share

The interim dividend declared of 17.0 US cents per ordinary share is payable on 11 December 2009 to ordinary shareholders on the register as at

4 December 2009 and will absorb an estimated US$267 million of shareholders' funds.

7. Goodwill and intangible assets

Goodwill Intangible assets
Unaudited Unaudited
US$m US$m
Net book amount at 1 April 2009* 8,715 3,741
Exchange adjustments 1,740 696
Arising on increase in share of subsidiary 1,122 -

undertakings
Acquisitions through business combinations 31 8
Additions - separately acquired - 10
Amortisation - (92)
Transfers from other assets - 6
Net book amount at 30 September 2009 11,608 4,369

8. Property, plant and equipment
Six months ended Six months Year
30/9/09 ended 30/9/08* ended 31/3/09*
Unaudited Unaudited Unaudited
US$m US$m US$m
Net book amount at beginning 7,404 9,113 9,113

of period
Exchange adjustments 1,257 (718) (1,885)
Additions 701 1,122 2,074
Acquisitions through business 25 120 160

combinations
Disposals (50) (22) (101)
Contributed to joint ventures - (1,043) (1,043)
Impairment - - (16)
Depreciation (431) (459) (829)
Other movements (23) (49) (69)
Net book amount at end of 8,883 8,064 7,404

period

9a. Reconciliation of profit for the period to net cash generated from operations (unaudited)

Six months ended Year
Six months ended 30/9/08 ended 31/3/09
30/9/09 Unaudited Audited
Unaudited US$m US$m
US$m
Profit for the period 1,062 1,565 2,157
Taxation 436 455 801
Share of post-tax results of (550) (249) (516)

associates and joint ventures
Interest receivable and (159) (270) (595)

similar income
Interest payable and similar 425 654 1,301

charges
Operating profit 1,214 2,155 3,148

Depreciation:
Property, plant and equipment 318 345 626
Containers 113 114 203
Container breakages, shrinkage 17 12 13

and write-offs
Loss on sale of property, 28 - 10

plant and equipment
Impairment of goodwill - - 364
Impairment of intangible - - 14

assets
Impairment of property, plant - - 16

and equipment
Amortisation of intangible 92 108 204

assets
Unrealised net loss from fair 12 20 14

value hedges
Profit on disposal of - (437) (526)

businesses
Dividends received from other (1) (1) (1)

investments
Charge with respect to share 37 39 79

options
Other non-cash movements 35 - -
Net cash generated from 1,865 2,355 4,164

operations before working capital movements (EBITDA)
Net inflow/(outflow) in 300 (338) (493)

working capital
Net cash generated from 2,165 2,017 3,671

operations

Cash generated from operations before working capital movements includes cash flows relating to exceptional items of US$168 million in respect of business capability programme costs, and US$8 million in respect of integration and restructuring costs (2008: US$20 million in respect of integration and restructuring costs relating to MillerCoors).

9b. Reconciliation of net cash from operating activities to free cash flow

Six months ended 30/9/08 Year
Six months ended Unaudited ended 31/3/09
30/9/09 US$m Unaudited
Unaudited US$m
US$m
Net cash from operating 1,499 1,178 2,183

activities
Purchase of property, plant (728) (1,245) (2,073)

and equipment
Proceeds from sale of 20 22 75

property, plant and equipment
Purchase of intangible assets (11) (34) (74)
Purchase of shares from (3) (2) (5)

minorities
Investments in joint ventures (142) (123) (397)
Investments in associates (9) (5) (4)
Repayment of investments by - - 3

associates
Dividends received from joint 427 81 454

ventures
Dividends received from 39 119 151

associates
Dividends received from other 1 1 1

investments
Dividends paid to minority (95) (118) (217)

interests
Free cash flow 998 (126) 97

9c. Analysis of net debt (unaudited)

Net debt is analysed as follows:

As at As at As at
30/9/09 30/9/08 31/3/09*
Unaudited Unaudited Unaudited
US$m US$m US$m
Borrowings (9,738) (9,414) (9,308)
Borrowings-related derivative 207 83 487

financial instruments
Overdrafts (265) (399) (300)
Finance leases (13) (11) (10)
Gross debt (9,809) (9,741) (9,131)
Cash and cash equivalents 464 350 422

(excluding overdrafts)
Net debt (9,345) (9,391) (8,709)

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

As at As at
As at 30/9/08 31/3/09*
30/9/09 Unaudited Unaudited
Unaudited US$m US$m
US$m
Cash and cash equivalents 464 350 422

(balance sheet)
Overdrafts (265) (399) (300)
Cash and cash equivalents 199 (49) 122

(cash flow)

The movement in net debt is analysed as follows:

Overdrafts Borrowings Derivative financial Finance leases Total gross Net debt
Cash and cash US$m US$m instruments US$m borrowings US$m
equivalents US$m US$m
(excluding
overdrafts)
US$m
At 1 April 2009* 422 (300) (9,308) 487 (10) (9,131) (8,709)
Exchange adjustments 68 (12) (792) (8) (1) (813) (745)
Cash flow (44) 47 234 - 1 282 238
Acquisitions 18 - (9) - (1) (10) 8
Other movements - - 137 (272) (2) (137) (137)
At 30 September 2009 464 (265) (9,738) 207 (13) (9,809) (9,345)

The group has sufficient headroom to enable it to conform to covenants on its existing borrowings. The group has sufficient undrawn financing facilities to service its operating activities and ongoing capital investment. The group has the following undrawn committed borrowing facilities available at 30 September 2009 in respect of which all conditions precedent have been met at that date:

As at As at As at

Unaudited Unaudited Audited
US$m US$m US$m

Amounts falling due:
Within one year 973 1,056 716
Between one and two years 398 11 72
Between two and five years 1,769 736 1,272
In five years or more 57 12 33
3,197 1,815 2,093

Subsequent to 30 September 2009, the US$1,000 million 364 day facility with the undrawn amount shown as falling due within one year in the table above, was voluntarily cancelled in part, reducing the size of the facility to US$600 million. The facility was subsequently extended from October 2009 to 6 October 2010 in the amount of US$515 million, with a one year term out option.

10. Commitments, contingencies and guarantees

Except as stated below there have been no material changes to commitments, contingencies or guarantees as disclosed in the annual financial statements for the year ended 31 March 2009.

Commitments

Contracts placed for future capital expenditure for property, plant and equipment not provided in the financial statements amount to US$292 million at 30 September 2009.

As part of the business capability programme the group has entered into contracts for the provision of IT, communications and consultancy services and in relation to which the group had commitments of US$210 million at 30 September 2009.

11. Business combinations

Acquisitions

The following business combinations took effect during the period:

In April 2009 control was assumed over Bere Azuga in Romania and the group had a 94.85% interest as at 30 September 2009.

In July 2009 the group acquired an effective 40% interest in Ambo Mineral Water Share Company in Ethiopia.

In September 2009 the group acquired Maheu, a non-alcoholic maize drinks business in Zambia.

The following table represents the assets and liabilities acquired in respect of all business combinations entered into during the six months ended 30 September 2009:

Provisional
Carrying values fair value
pre-acquisition US$m
US$m
Intangible assets 4 8
Property, plant and equipment 34 25
Inventories 4 3
Trade and other receivables 2 1
Cash and cash equivalents 18 18
Borrowings (10) (10)
Trade and other payables (4) (5)

Minority interests (14)
Net assets acquired 26
Provisional goodwill 31
Consideration 57

Goodwill represents, amongst other things, tangible and intangible assets yet to be recognised separately from goodwill, potential synergies and the value of the assembled workforce.

From the date of acquisition to 30 September 2009 the following amounts have been included in the group's income statement for the period:

US$m

Income statement
Revenue 2
Operating loss (5)
Loss before tax (2)

If the date of the acquisitions made in the six months ended 30 September 2009 had been 1 April 2009, then the group's revenue, operating profit and profit before tax for the six months ended 30 September 2009 would have been as follows:

US$m

Income statement
Revenue 8,855
Operating profit 1,211

Profit before tax 1,491

12. Balance sheet restatements

Initial accounting

The initial accounting under IFRS 3, 'Business Combinations', for the Grolsch, Sarmat and Vladpivo acquisitions had not been completed as at 30 September 2008. During the six months ended 31 March 2009, adjustments to provisional fair values in respect of these acquisitions, together with adjustments to provisional fair values in relation to the formation of the MillerCoors joint venture, were made. As a result comparative information for the six months ended 30 September 2008 has been presented in this interim financial information as if the adjustments to provisional fair values had been made from the respective transaction dates. The impact on the prior period income statement has been reviewed and no material adjustments to the income statement are required as a result of the adjustments to provisional fair values. The following table reconciles the impact on the balance sheet reported as at 30 September 2008 to the comparative balance sheet presented in this interim financial information.

The initial accounting under IFRS 3, 'Business Combinations', for the Pabod and Voltic acquisitions had not been completed as at 31 March 2009. During the six months ended 30 September 2009, adjustments to provisional fair values in respect of these acquisitions were made. As a result comparative information for the year ended 31 March 2009 has been presented in this interim financial information as if the adjustments to provisional fair values had been made from the respective transaction dates. The impact on the prior period income statement has been reviewed and no material adjustments to the income statement are required as a result of the adjustments to provisional fair values. The following table reconciles the impact on the balance sheet reported as at 31 March 2009 to the comparative balance sheet presented in this interim financial information.

Balance Sheet
At 30/9/08 Adjustments At 30/9/08 At 31/3/09 Adjustments At 31/3/09
Unaudited to provisional As restated Audited to provisional As restated
US$m fair values Unaudited US$m fair values Unaudited
Unaudited US$m Unaudited US$m
US$m US$m

Assets Non-current assets
Goodwill 10,030 37 10,067 8,734 (19) 8,715
Intangible assets 4,197 20 4,217 3,729 12 3,741
Property, plant and equipment 8,077 (13) 8,064 7,404 - 7,404
Investments in joint ventures 5,133 679 5,812 5,495 - 5,495
Other non-current assets 2,572 (169) 2,403 2,797 - 2,797
30,009 554 30,563 28,159 (7) 28,152

Current assets
Inventories 1,300 (1) 1,299 1,242 (1) 1,241
Trade and other receivables 1,759 (7) 1,752 1,576 - 1,576
Other current assets 547 - 547 642 13 655
3,606 (8) 3,598 3,460 12 3,472
Total assets 33,615 546 34,161 31,619 5 31,624

Liabilities Current liabilities
Trade and other payables (2,686) (8) (2,694) (2,396) (1) (2,397)
Other current liabilities (2,431) (4) (2,435) (2,945) - (2,945)
(5,117) (12) (5,129) (5,341) (1) (5,342)

Non-current liabilities
Trade and other payables (239) (4) (243) (186) - (186)
Provisions (444) (8) (452) (373) - (373)
Deferred tax liabilities (1,731) (520) (2,251) (2,029) - (2,029)
Other non-current liabilities (8,557) - (8,557) (7,577) - (7,577)
(10,971) (532) (11,503) (10,165) - (10,165)
Total liabilities (16,088) (544) (16,632) (15,506) (1) (15,507)
Net assets 17,527 2 17,529 16,113 4 16,117
Total equity 17,527 2 17,529 16,113 4 16,117

13. Related party transactions

There have been no material changes to the nature or relative quantum of related party transactions as described in the 2009 Annual Report.

The only changes to key management during the period were the appointments to the board of Dambisa Moyo on 1 June 2009 and of Howard Willard on 1 August 2009. Consequently as at 30 September 2009 there were 25 key management (31 March 2009: 23).

14. Post balance sheet events

Subsequent to 30 September 2009, the US$1,000 million 364 day facility was voluntarily cancelled in part, reducing the size of the facility to US$600 million. The facility was subsequently extended from October 2009 to 6 October 2010 in the amount of US$515 million, with a one year term out option.

On 12 October 2009, SABSA Holdings Pty Ltd, a wholly owned subsidiary of the group, subscribed for US$65 million preference shares in Tsogo Sun Gaming (Pty) Ltd (TSG), a wholly owned subsidiary of the group's associate, Tsogo Sun Holdings Ltd (TSH), as the group's share of the funding for the 30% increase in the TSH group's effective interest in Tsogo Sun KwaZulu-Natal (Pty) Ltd, the licensee and operator of the Suncoast Casino in Durban.

SABMiller plc

Adjusted earnings

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

Adjusted net finance costs

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

Adjusted profit before tax

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

Constant currency

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

EBITA

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

EBITA margin (%)

This is calculated by expressing EBITA as a percentage of group revenue.

EBITDA

This comprises the net cash generated from operations before working capital movements.

EBITDA margin (%)

This is calculated by expressing EBITDA excluding cash flows related to exceptional items incurred during the year as a percentage of revenue.

Effective tax rate (%)

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

Free cash flow

This comprises net cash from operating activities less cash paid for the purchase of property, plant and equipment, intangible assets and shares from minorities, net investments in associates and joint ventures and dividends paid to minority interests plus cash received from the sale of property, plant and equipment and intangible assets and dividends received.

Group revenue

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

Headline earnings

Headline earnings are calculated by adjusting profit for the financial period attributable to equity holders of the parent for items in accordance with the South African Circular 8/2007 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 minority interests. This also includes the group's share of associates' and joint ventures' adjustments on the same basis.

Interest cover

This is the ratio of EBITDA plus dividends received from joint ventures to adjusted net finance costs.

Net debt

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

Organic information

Organic results and volumes exclude the first twelve months' results and volumes relating to acquisitions and the last twelve 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 in the segmental analyses as it more closely aligns with the consolidated group revenue and EBITA disclosures.

SABMiller plc

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 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. 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

SABMiller plc

Incorporated in England and Wales (Registration No. 3528416)

General Counsel and Group Company Secretary

John Davidson

Registered Office

SABMiller House Church Street West Woking Surrey, England

GU21 6HS

Facsimile +44 1483 264103

Telephone +44 1483 264000

Head Office

One Stanhope Gate London, England

W1K 1AF

Facsimile +44 20 7659 0111

Telephone +44 20 7659 0100

Internet address

http://www.sabmiller.com

Investor Relations

Telephone +44 20 7659 0100

Email: investor.relations@sabmiller.com

Sustainable Development

Telephone +44 1483 264139

Email: sustainable.development@sabmiller.com

Independent Auditors

PricewaterhouseCoopers LLP 1 Embankment Place London, England

WC2N 6RH

Facsimile +44 20 7822 4652

Telephone +44 20 7583 5000

Registrar (United Kingdom)

Capita Registrars

The Registry 34 Beckenham Road

Beckenham

Kent, England

BR3 4TU

Facsimile +44 20 8658 2342

Telephone +44 20 8639 3399 (outside UK)

Telephone 0871 664 0300 (from UK)

(calls cost 10p per minute plus network extras, lines are open 8.30am-5.30pm Mon-Fri)

Email: ssd@capitaregistrars.com

www.capitaregistrars.com

Registrar (South Africa)

Computershare Investor Services (Pty) Limited 70 Marshall Street, Johannesburg PO Box 61051

Marshalltown 2107 South Africa

Facsimile +27 11 370 5487

Telephone +27 11 370 5000

United States ADR Depositary

The Bank of New York Mellon

Shareholder Services PO Box 358516 Pittsburgh PA 15252-8516 United States of America

Telephone +1 888 269 2377

Telephone +1 888 BNY ADRS (toll free within the USA)

Telephone: +1 201 680 6825 (outside USA)

Email: shrrelations@bnymellon.com

www.adrbnymellon.com

This information is provided by RNS The company news service from the London Stock Exchange

IR UWAARKARAAUA