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100 SABMiller plc Annual Report 2012Notes to the consolidated financial statements continued1. Accounting policies continued(iii) Hedges of net investments in foreign operationsHedges of net investments in foreign operations comprise eitherforeign currency borrowings or derivatives (typically forwardexchange contracts and cross currency swaps) designated ina hedging relationship.Gains or losses on hedging instruments that are regarded as highlyeffective are recognised in other comprehensive income. Theselargely offset foreign currency gains or losses arising on the translationof net investments that are recorded in equity, in the foreign currencytranslation reserve. The ineffective portion of gains or losses onhedging instruments is recognised immediately in the incomestatement. Amounts accumulated in equity are only reclassifiedto the income statement upon disposal of the net investment.Where a derivative ceases to meet the criteria of being a hedginginstrument or the underlying exposure which it is hedging is sold,matures or is extinguished, hedge accounting is discontinued andamounts previously recorded in equity are reclassified to the incomestatement. A similar treatment is applied where the hedge is of afuture transaction and that transaction is no longer likely to occur.When the hedge is discontinued due to ineffectiveness, hedgeaccounting is discontinued prospectively.y) Deposits by customersReturnable containers in circulation are recorded within property,plant and equipment and a corresponding liability is recorded inrespect of the obligation to repay the customers’ deposits. Depositspaid by customers for branded returnable containers are reflected inthe balance sheet within current liabilities. Any estimated liability thatmay arise in respect of deposits for unbranded containers is shownin provisions.z) Earnings per shareBasic earnings per share represents the profit on ordinary activitiesafter taxation attributable to the equity shareholders of the parententity, divided by the weighted average number of ordinary shares inissue during the year, less the weighted average number of ordinaryshares held in the group’s employee benefit trusts and in treasuryduring the year.Diluted earnings per share represents the profit on ordinary activitiesafter taxation attributable to the equity shareholders of the parent,divided by the weighted average number of ordinary shares in issueduring the year, less the weighted average number of ordinary sharesheld in the group’s employee benefit trusts and in treasury during theyear, plus the weighted average number of dilutive shares resultingfrom share options and other potential ordinary shares outstandingduring the year.Certain derivative instruments, whilst providing effective economichedges under the group’s policies, are not designated as hedges.Changes in the fair value of any derivative instruments that do notqualify or have not been designated as hedges are recognisedimmediately in the income statement. The group does not hold orissue derivative financial instruments for speculative purposes.
SABMiller plc Annual Report 2012 1012. Segmental analysisOperating segments reflect the management structure of the group and the way performance is evaluated and resources allocated basedon group revenue and EBITA by the group’s chief operating decision maker, defined as the executive directors. The group is focusedgeographically and, while not meeting the definition of reportable segments, the group reports separately as segments South Africa: Hotelsand Gaming and Corporate as this provides useful additional information.The segmental information presented below includes the reconciliation of GAAP measures presented on the face of the income statement tonon-GAAP measures which are used by management to analyse the group’s performance.Income statementGrouprevenue2012US$mLatin America 7,158 1,865 6,335 1,620Europe 5,482 836 5,394 887North America 5,250 756 5,223 741Africa 3,686 743 3,254 647Asia Pacific 3,510 321 2,026 92South Africa: 6,302 1,303 6,079 1,204– Beverages 5,815 1,168 5,598 1,067– Hotels and Gaming 487 135 481 137Corporate – (190) – (147)Group 31,388 5,634 28,311 5,044Amortisation of intangible assets (excluding software) – group and share of associates’and joint ventures’ (264) (209)Exceptional items – group and share of associates’ and joint ventures’ 1,015 (467)Net finance costs – group and share of associates’ and joint ventures’(excluding exceptional items) (570) (560)Share of associates’ and joint ventures’ taxation (170) (139)Share of associates’ and joint ventures’ non-controlling interests (42) (43)Profit before taxation 5,603 3,626Group revenue (including associates and joint ventures)With the exception of South Africa: Hotels and Gaming, all reportable segments derive their revenues from the sale of beverages. Revenues arederived from a large number of customers which are internationally dispersed, with no customers being individually material.Revenue2012US$mShare ofassociates’and jointventures’revenue2012US$mGrouprevenue2012US$mEBITA2012US$mRevenue2011US$mGrouprevenue2011US$mShare ofassociates’and jointventures’revenue2011US$mLatin America 7,148 10 7,158 6,324 11 6,335Europe 5,347 135 5,482 5,379 15 5,394North America 134 5,116 5,250 117 5,106 5,223Africa 2,299 1,387 3,686 2,059 1,195 3,254Asia Pacific 1,682 1,828 3,510 564 1,462 2,026South Africa: 5,150 1,152 6,302 4,965 1,114 6,079– Beverages 5,150 665 5,815 4,965 633 5,598– Hotels and Gaming – 487 487 – 481 481Group 21,760 9,628 31,388 19,408 8,903 28,311EBITA2011US$mGrouprevenue2011US$mOverview Business review Governance Financial statements Shareholder information
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Registered officeSABMiller HouseChu
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