Annual Report - SABMiller India

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Notes to the consolidated financial statementscontinued31. Related party transactionsa) Parties with significant influence over the group: Altria Group, Inc. (Altria) and Santo Domingo Group (SDG)The Miller Brewing Company has received various services from Altria, which holds a 28.6% shareholding in SABMiller plc, includinginsurance claims processing, leasehold accommodation and other administrative services, with an aggregate cost of US$0.1 million(2007: US$0.4 million), of which US$nil was outstanding at 31 March 2008 (2007: US$nil).The Santo Domingo Group (SDG) is a related party of the group by virtue of its 15% shareholding in SABMiller plc. In the current yearprovisions for impairment of US$1.3 million (2007: US$nil) were recorded against receivables owing from companies controlled by theSDG. The group has also made a donation of US$8 million to the Fundacion Mario Santo Domingo (transactions with the SDG in 2007totalled US$0.1 million). At 31 March 2008, US$nil (2007: US$0.6 million) was owing to the SDG.Bavaria S.A. is jointly and severally liable with Valorem S.A. (part of the SDG) for the pension obligations of Avianca S.A. (a former partof the SDG which was sold by the SDG in 2004). The maximum obligation is for US$150 million which corresponds to the initialactuarial value of the obligation.b) Associates2008 2007US$m US$mPurchases from associates (1) (214) (213)Sales to associates (2) 22 2Dividends received (3) 91 102Management and guarantee fees received (4) – 3(1) The group purchased canned Coca-Cola products for resale from Coca-Cola Canners of Southern Africa (Pty) Limited (Coca-Cola) and purchasedinventory from Metalforma S.A., Industria Nacional de Plasticos S.A. and Envases del Istmo S.A. in Panama.(2) The group made sales of beer to Tsogo Sun Holdings (Pty) Limited (Tsogo Sun) and Madadeni Beer Wholesaler (Pty) Ltd..(3) The group received dividends from Société des Brasseries et Glacières Internationales and Brasseries Internationales Holding Ltd (Castel)of US$27 million (2007: US$22 million), Kenya Breweries Limited (Kenya) US$15 milion (2007: US$5 million), Coca-Cola US$4 million(2007: US$5 million), Distell Group Limited of US$17 million (2007: US$14 million) and Tsogo Sun US$28 million (2007: US$56 million).(4) The group received guarantee fees from Tsogo Sun.2008 2007US$m US$mAt 31 March:Amounts owed by associates (1) – 1Amounts owed to associates (2) (20) (31)(1) Amounts owed by Delta and Kenya.(2) Amounts owed by SAB Ltd to Coca-Cola Canners (Pty) Ltd.c) Transactions with key managementThe group has a related party relationship with the directors of the group and members of the Excom as key management. At 31 March2008 there are 24 members of key management. Key management compensation is provided in note 6c.32. Post balance sheet eventsIn May 2008 the company announced that it had agreed to acquire a 99.84% interest in the Ukrainian brewer CJSC Sarmat, acquiringgross assets of approximately US$130 million. The transaction is subject to approval by the Ukrainian competition authorities and othercustomary pre-closing conditions. Also in May 2008, the group entered into an additional US$1,000 million committed facility, maturingin June 2009 and a new three-year committed facility totalling US$600 million.130 Notes to the consolidated financial statementsSABMiller plc Annual Report 2008
33. Principal subsidiary and associated undertakingsThe principal subsidiary undertakings of the group as at 31 March were as follows:Effective interest inCountry ofPrincipalordinary share capitalName incorporation activity 2008 2007Central administrationSABMiller Holdings Limited United Kingdom Holding company 100% 100%SABMiller Finance BV (4) Netherlands Holding company 100% 100%SABSA Holdings (Pty) Limited South Africa Holding company 100% 100%SABMiller Africa and Asia BV (4) Netherlands Holding company 100% 100%SABMiller International BV Netherlands Trademark owner 100% 100%SABMiller Latin America Ltd United Kingdom Holding company 100% 100%North American operationsMiller Brewing Company USA Brewing 100% 100%Miller Brewing West Limited Partnership USA Brewing 100% 100%Miller Brewing East Inc USA Brewing 100% 100%Miller Products Company USA Intellectual Property/Marketing 100% 100%MBC1 LLC USA Brewing 100% 100%MBC2 LLC USA Brewing 100% 100%Latin American operationsBavaria S.A. Colombia Brewing/Soft drinks 99% 99%Cervecería Leona S.A. (5) Colombia Brewing – 99%Cervecería Uníon S.A. Colombia Brewing 98% 98%Union de Cervecerías PeruanasBackus y Johnston S.A.A (2)(3) Peru Brewing 93% 93%Cervecería San Juan S.A. (2)(3) Peru Brewing/Soft drinks 86% 86%Compañia Cervecera del Sur del Peru S.A. (6) Peru Brewing – 90%Cervecería Andina S.A. (7) Ecuador Brewing – 86%Cervecería Nacional CN S.A. (10) Ecuador Brewing 95% 97%Latin Development Corporation Panama Holding company 99% 100%Cervecería Nacional S.A. (2) Panama Brewing 97% 90%Bevco Ltd British Virgin Islands Holding company 100% 100%Corporación Cervecera Hondureña S.A. (8) Honduras Distribution company – 98%Cervecería Hondureña, S.A. Honduras Brewing/Soft drinks 99% 98%Industrias La Constancia, S.A. El Salvador Brewing/Soft drinks 100% 100%European operationsSABMiller Holdings Europe Limited United Kingdom Holding company 100% 100%S.p.A. Birra Peroni Italy Brewing 100% 100%Ursus Breweries S.A. Romania Brewing 99% 99%Compania Cervecera de Canarias SA Spain Brewing 51% 51%Dreher Sörgyárak Rt Hungary Brewing 100% 100%SABMiller RUS LLC (9) Russia Brewing 100% 100%Kompania Piwowarska S.A. (1) Poland Brewing 72% 72%Plzenský Prazdroj, a.s. Czech Republic Brewing 100% 100%Miller Brands (UK) Ltd United Kingdom Sales & distribution 100% 100%Pivovary Topvar a.s. Slovakia Brewing 100% 100%Grolsche Bierbrouwerij Nederland N.V. Netherlands Brewing 100% –Overview Operating and financial review Governance Financial statements Shareholder informationNotes to the consolidated financial statements 131SABMiller plc Annual Report 2008
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Annual ReportSABMiller plc Annual R
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Our performance■ Group lager volu
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North AmericaMiller Brewing Company
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Share price 1 April 2003 to 31 Marc
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Chief Executive’s reviewSuccess r
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In South Africa, where SAB Ltd bega
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Grolsch: a strong additionto the pr
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A full portfolio in BotswanaSt Loui
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Developing relationships with large
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Leveraging our local value chainWhe
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Double digit organic constant curre
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+16%increase in dividendsfor the ye
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Our strong financial structure give
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In Panama lager volumes were up by1
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of 2.4% for the year complemented b
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Volumes grew in both the mainstream
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For our full Sustainable Developmen
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Priority Why it is Targets we set P
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For ease of reference, directors’
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considered by the board. The perfor
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5.6 The corporate accountability an
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The directors are responsible for t
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^ Corporate accountability and risk
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Directors’ reportThe directors ha
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As noted above the board has determ
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Remuneration reportIntroductionThis
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Annual incentive plansEach of the e
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During the year Mercer undertook th
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Directors’ beneficial interests i
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SABMiller plc Approved Share Option
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SABMiller plc Executive Share Purch
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Independent auditors’ reportto th
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Consolidated balance sheetat 31 Mar
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Consolidated statement of recognise
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1. Accounting policies continuedc)
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1. Accounting policies continuedInt
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1. Accounting policies continuedDer
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1. Accounting policies continuedDef
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2. Segmental analysisPrimary report
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2. Segmental analysis continuedBala
Page 81 and 82: 3. Net operating expenses continued
Page 83 and 84: 6. Employee and key management comp
Page 85 and 86: 8. Earnings per share2008 2007US ce
Page 87 and 88: 10. Goodwill continuedGoodwill allo
Page 89 and 90: 12. Property, plant and equipmentAs
Page 91 and 92: 13. Investments in associates conti
Page 93 and 94: 16. Trade and other receivables con
Page 95 and 96: 20. Deferred taxationThe movement o
Page 97 and 98: 21. Borrowings continuedNon-current
Page 99 and 100: 22. Financial risk factorsFinancial
Page 101 and 102: 22. Financial risk factors continue
Page 107 and 108: 23. Derivative financial instrument
Page 109 and 110: 24. Provisions continuedInsuranceIn
Page 111 and 112: 25. Share capital continuedDeferred
Page 113 and 114: 25. Share capital continuedc) Perfo
Page 115 and 116: 25. Share capital continuedOutstand
Page 117 and 118: 26a. Statement of changes in shareh
Page 119 and 120: 27a. Reconciliation of profit for t
Page 121 and 122: 28. Acquisitions and disposalsThe f
Page 123 and 124: 28. Acquisitions and disposals cont
Page 125 and 126: 29. Commitments, contingencies and
Page 127 and 128: 30. Pensions and post-retirement be
Page 129 and 130: 30. Pensions and post-retirement be
Page 131: 30. Pensions and post-retirement be
Page 135 and 136: 33. Principal subsidiary and associ
Page 137 and 138: Independent auditors’ reportto th
Page 139 and 140: Notes to the company financial stat
Page 141 and 142: 1. Accounting policies continuedi)
Page 143 and 144: 3. Investment in subsidiary underta
Page 145 and 146: 8. Financial instruments continuedD
Page 147 and 148: 10. Profit and loss informationEmpl
Page 149 and 150: IFRS IFRS IFRS IFRS UK GAAP UK GAAP
Page 151 and 152: Ordinary shareholding analysesListe
Page 153 and 154: AdministrationSABMiller plc(Registr
Page 155 and 156: SGS-COC-003115Printed on a 75% recy
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Annual Report - SABMiller India

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