Annual Report - SABMiller India

Independent auditors’ reportto the members of SABMiller plcWe have audited the group financial statements of SABMillerplc for the year ended 31 March 2008 which comprise theconsolidated income statement, the consolidated balance sheet,the consolidated cash flow statement, the consolidated statementof total recognised income and expense and the related notes.These group financial statements have been prepared under theaccounting policies set out therein.We have reported separately on the parent company financialstatements of SABMiller plc for the year ended 31 March 2008and on the information in the Directors’ Remuneration Reportthat is described as having been audited.Respective responsibilities of directors and auditorsThe directors’ responsibilities for preparing the Annual Reportand the group financial statements in accordance with applicablelaw and International Financial Reporting Standards (IFRSs) asadopted by the European Union are set out in the Statementof Directors’ Responsibilities.Our responsibility is to audit the group financial statements inaccordance with relevant legal and regulatory requirements andInternational Standards on Auditing (UK and Ireland). This report,including the opinion, has been prepared for and only for thecompany’s members as a body in accordance with Section 235of the Companies Act 1985 and for no other purpose. We do not,in giving this opinion, accept or assume responsibility forany other purpose or to any other person to whom this report isshown or into whose hands it may come save where expresslyagreed by our prior consent in writing.We report to you our opinion as to whether the group financialstatements give a true and fair view and whether the groupfinancial statements have been properly prepared in accordancewith the Companies Act 1985 and Article 4 of the IAS Regulation.We also report to you whether in our opinion the informationgiven in the Directors’ Report is consistent with the groupfinancial statements. The information given in the Directors’Report includes that specific information presented in theOperating and Financial Review and the Ordinary ShareholdingAnalyses that is cross referred from the principal activities andbusiness review and the substantial shareholdings sectionsof the Directors’ Report.In addition we report to you if, in our opinion, we have notreceived all the information and explanations we require forour audit, or if information specified by law regarding director’sremuneration and other transactions is not disclosed.We review whether the Corporate Governance Statementreflects the company’s compliance with the nine provisions ofthe Combined Code (2006) specified for our review by the ListingRules of the Financial Services Authority, and we report if itdoes not. We are not required to consider whether the board’sstatements on internal control cover all risks and controls,or form an opinion on the effectiveness of the group’s corporategovernance procedures or its risk and control procedures.We read other information contained in the Annual Report, asdescribed in the contents, and consider whether it is consistentwith the audited group financial statements. We consider theimplications for our report if we become aware of any apparentmisstatements or material inconsistencies with the group financialstatements. Our responsibilities do not extend to any otherinformation.Basis of audit opinionWe conducted our audit in accordance with InternationalStandards on Auditing (UK and Ireland) issued by the AuditingPractices Board. An audit includes examination, on a test basis,of evidence relevant to the amounts and disclosures in the groupfinancial statements. It also includes an assessment of thesignificant estimates and judgments made by the directors in thepreparation of the group financial statements, and of whether theaccounting policies are appropriate to the group’s circumstances,consistently applied and adequately disclosed.We planned and performed our audit so as to obtain all theinformation and explanations which we considered necessaryin order to provide us with sufficient evidence to give reasonableassurance that the group financial statements are free frommaterial misstatement, whether caused by fraud or otherirregularity or error. In forming our opinion we also evaluated theoverall adequacy of the presentation of information in the groupfinancial statements.OpinionIn our opinion:■■■the group financial statements give a true and fair view, inaccordance with IFRSs as adopted by the European Union,of the state of the group’s affairs as at 31 March 2008 andof its profit and cash flows for the year then ended;the group financial statements have been properly preparedin accordance with the Companies Act 1985 and Article 4 ofthe IAS Regulation; andthe information given in the Directors’ Report is consistentwith the group financial statements.PricewaterhouseCoopers LLPChartered Accountants and Registered AuditorsLondon2 June 2008Overview Operating and financial review Governance Financial statements Shareholder informationIndependent auditors’ report 61SABMiller plc Annual Report 2008