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SABMiller plc Annual Report 2012ContentsWhat’s insideOverviewFinancial and operational highlightsof the year, an overview of thegroup and a description of ourbusiness activities1 Performance highlights2 Five minute read4 Group at a glanceBusiness reviewStatements from our Chairman andexecutive directors, an overview ofour markets, strategy, our businessmodel, the way we manage risk,how our operations performedand our approach to sustainabledevelopment and peopleGovernanceAn introduction to the board andexecutive committee and details ofthe group’s approach to corporategovernance and remuneration7 Chairman’s statement12 Global beer market trends14 Chief Executive’s review15 Business model20 Strategic priorities21 Key performance indicators22 Principal risks25 Operations review25 Latin America27 Europe29 North America30 Africa32 Asia Pacific34 South Africa: Beverages35 South Africa: Hotels and Gaming37 Chief Financial Officer’s review46 Sustainable development50 People52 Board of directors54 Executive committee55 Directors’ report59 Corporate governance68 Directors’ remuneration reportFinancial statementsAudited financial statements, notesand other key data, and definitionsof termsShareholder informationInformation, dates and contactdetails for shareholders84 Statement of directors’ responsibilities in respect of theconsolidated financial statements85 Independent auditors’ report to the members of SABMiller plcon the consolidated financial statements86 Consolidated income statement87 Consolidated statement of comprehensive income88 Consolidated balance sheet89 Consolidated cash flow statement90 Consolidated statement of changes in equity91 Notes to the consolidated financial statements165 Statement of directors’ responsibilities in respect of thecompany financial statements166 Independent auditors’ report to the members of SABMiller plcon the company financial statements167 Balance sheet of SABMiller plc168 Notes to the company financial statements178 Five-year financial review180 Definitions182 Ordinary shareholding analyses183 Shareholders’ diary184 Administrationibc Cautionary statement
SABMiller plc Annual Report 2012 1Performance highlightsDriving strong results in developing marketsGroup revenue a Revenue b EBITA c+11%2012: US$31,388m2011: US$28,311m+12%2012: US$21,760m2011: US$19,408m+12%2012: US$5,634m2011: US$5,044mDividends per share d Profit before tax Adjusted EPS e+12%2012: 91.0 US cents2011: 81.0 US cents+55%2012: US$5,603m2011: US$3,626m+12%2012: 214.8 US cents2011: 191.5 US centsNet debt f Lager volumes Free cash flow g+152%2012: US$17,862m2011: US$7,091mFurther informationGo online for more detailsThis report covers the financial yearended 31 March 2012. It is also availableon our website as a downloadable PDFwww.sabmiller.com/annualreportFor more detailed information aboutSABMiller please refer to our websitewww.sabmiller.com/investorsCover: Carlton DraughtOur ‘brewery fresh’ Carlton Draught is a leadingbrand in the portfolio of Carlton and UnitedBreweries (CUB), the Australian beveragebusiness of Foster’s acquired in December2011. This year the brand produced a strongperformance and consolidated its market share.+5%2012: 229m hectolitres2011: 218m hectolitres+23%2012: US$3,048m2011: US$2,488ma Group revenue includes theattributable share of associates’ andjoint ventures’ revenue of US$9,628million (2011: US$8,903 million).b Revenue excludes the attributableshare of associates’ and jointventures’ revenue.c Note 2 to the consolidated financialstatements provides a reconciliationof operating profit to EBITA whichis defined as operating profit beforeexceptional items and amortisation ofintangible assets (excluding software)and includes the group’s shareof associates’ and joint ventures’operating profit, on a similar basis.As described in the Chief FinancialOfficer’s review, EBITA is usedthroughout this report.d 2012 final dividend is subject toshareholder approval at the annualgeneral meeting.e A reconciliation of adjusted earningsto the statutory measure of profitattributable to equity shareholders isprovided in note 8 to the consolidatedfinancial statements.f Net debt comprises gross debt(including borrowings, borrowingsrelatedderivative financial instruments,overdrafts and finance leases)net of cash and cash equivalents(excluding overdrafts). An analysisof net debt is provided in note 28c tothe consolidated financial statements.g Note 28b to the consolidatedfinancial statements provides areconciliation of net cash fromoperating activities to free cash flow.Overview Business review Governance Financial statements Shareholder information
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Registered officeSABMiller HouseChu
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