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Finance costs Net finance costs increased to US$242 million, a 214% increase on the prior year’s finance costs of US$77 million, reflecting the increase in net debt following the consolidation of the Bavaria group from October 2005 and subsequent acquisition of minority interests. Profit before tax Profit before tax of US$1,378 million was up 22% on prior year, reflecting the inclusion of South America and performance improvements across the businesses which more than offset a number of exceptional items (as described above). Taxation Our effective tax rate, of 35.7%, is marginally higher than the prior year period under review. It is higher than the prior year full-year rate, reflecting a different geographic mix of profits across the group. Earnings per share The group presents adjusted basic earnings per share to exclude the impact of the amortisation of intangible assets (excluding software) and other non-recurring items, which include post-tax exceptional items, in order to present a more meaningful comparison for the years shown in the consolidated financial statements. Adjusted basic earnings per share of 56.6 US cents are up 7% on the prior comparable period, reflecting the improved performance noted above. An analysis of earnings per share is shown in note 5 to the financial statements. Cash flow Net cash generated from operating activities before working capital movements (EBITDA) increased by 39%, to US$1,964 million, compared to the prior period. The ratio of EBITDA to revenue increased in the period to 21.0% (2005: 20.1%). Currencies: South African rand/Colombian peso During the period, the rand weakened by 25% against the US dollar and ended the period at R7.76 to the US dollar compared to R6.20 at 31 March 2006, while the weighted average rand/dollar rate weakened by 5% to R6.81 compared with R6.47 in the prior year. The peso has weakened by 4% against the US dollar ending the period at COP2,394 to the US dollar, compared to COP2,292 at 31 March 2006. Dividend The board has declared an interim dividend of 14.0 US cents per share. The dividend will be payable on 22 December 2006 to shareholders registered on the London and Johannesburg registers on 1 December 2006. The ex-dividend trading dates will be 29 November 2006 on the London Stock Exchange (LSE) and 27 November 2006 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 on 16 November 2006 will be used for US dollar conversion into South African rand and the rate of exchange on 4 December 2006 will be used for US dollar conversion into sterling. Currency conversion announcements will be made on the LSE’s Regulatory News Service and on the JSE’s Stock Exchange News Service, indicating the rates of exchange to be applied. From the close of business on 16 November 2006 until the close of business on 1 December 2006, no transfers between the London and Johannesburg registers will be permitted, and from the close of business on 24 November 2006 until the close of business on 1 December 2006, no shares may be dematerialised or rematerialised. 9
Directors’ responsibility for financial reporting This statement, which should be read in conjunction with the independent review report of the auditors set out overleaf, is made to enable shareholders to distinguish the respective responsibilities of the directors and the auditors in relation to the consolidated interim financial information, set out on pages 11 to 24, 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 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. On behalf of the board EAG Mackay Chief Executive MI Wyman Chief Financial Officer 8 November 2006 Independent review report to SABMiller plc Introduction We have been instructed by the company to review the financial information for the six months ended 30 September 2006 which comprises the consolidated interim balance sheet as at 30 September 2006, the related consolidated interim statements of income, cash flows and recognised income and expense for the six months then ended and the related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors’ responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the Financial Services Authority require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. This interim report has been prepared in accordance with the basis set out in note 1. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the disclosed accounting policies have been applied. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit and therefore provides a lower level of assurance. Accordingly we do not express an audit opinion on the financial information. This report, including the conclusion, has been prepared for and only for the company for the purpose of the Listing 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. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2006. PricewaterhouseCoopers LLP Chartered Accountants London, 8 November 2006 10
Page 1 and 2: Interim Report 30 September 2006
Page 3 and 4: Chief Executive’s review Business
Page 5 and 6: Chief Executive’s review continue
Page 7 and 8: Chief Executive’s review continue
Page 9: Chief Executive’s review continue
Page 13 and 14: Consolidated balance sheets at 30 S
Page 15 and 16: Consolidated statements of recognis
Page 17 and 18: Notes to the financial statements c
Page 25: Forward-looking statements This ann

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