Sabmiller2015 Annual Report

SABMiller plc
Annual Report
2015
We are in the beer and soft drinks business. We bring
refreshment and sociability to millions of people all over
the world who enjoy our drinks. We do business in a way
that improves livelihoods and helps build communities.
We are passionate about brewing and have a long tradition

of craftsmanship, making superb beer from high quality
natural ingredients. We are local beer experts. We have more
than 200 local beers, from which we have carefully selected
and nurtured a range of special regional and global brands.
Performance highlights
Group net producer revenue1 Revenue3 EBITA4 EBITA margin progression
-2%
2015: US$26,288m
-1%
2015: US$22,130m
-1%
2015: US$6,367m
0 basis points
2015: 24.2%
2014: US$26,719m 2014: US$22,311m 20145: US$6,460m 2014: 24.2%
+5% 2
+6% 2
+6% 2
+30 basis points2
Beverage volumes Profit before tax Adjusted EPS6 Dividends per share7
+2%
2015: 324m hectolitres
0%
2015: US$4,830m
-1%
2015: 239.1 US cents
+8%
2015: 113.0 US cents
2014: 318m hectolitres 2014: US$4,823m 2014: 242.0 US cents 2014: 105.0 US cents
Water usage (beer)8 Net debt9 Free cash flow10 Total shareholder return 11
-6%
2015: 3.3 hl/hl
-27%
2015: US$10,465m
+26%
2015: US$3,233m
121%
Peer median: 85%
2014: 3.5 hl/hl 2014: US$14,303m 2014: US$2,563m
Group net producer revenue (NPR) is defined on page 188 and includes the group’s
1 6
A reconciliation of adjusted earnings to the statutory measure of profit attributable to equity
attributable share of associates’ and joint ventures’ net producer revenue of shareholders is provided in note 8 to the consolidated financial statements.
US$9,754 million (2014: US$10,015 million). 7
The 2015 final dividend is subject to shareholder approval at the annual general meeting.
2
Growth on an organic, constant currency basis. 8
Water usage is defined on page 189.
3
Revenue excludes the group’s attributable share of associates’ and joint ventures’ 9
Net debt comprises gross debt (including borrowings, financing derivative financial
revenue but includes excise duties and similar taxes.
instruments, overdrafts and finance leases) net of cash and cash equivalents (excluding
4
Note 2 to the consolidated financial statements provides a reconciliation of operating profit overdrafts). An analysis of net debt is provided in note 27c to the consolidated financial
to EBITA which is defined as operating profit before exceptional items and amortisation statements.
of intangible assets (excluding computer software) and includes the group’s share of 10
Note 27b to the consolidated financial statements provides a reconciliation of net cash
associates’ and joint ventures’ operating profit, on a similar basis. As described in the
from operating activities to free cash flow.
finance review, EBITA is used throughout this report.
11
Total shareholder return (TSR) is shown as the percentage growth in our TSR over the
5
Certain comparative figures have been restated as a result of changes in accounting
five years to 31 March 2015.
standards implemented in the year. Further details are provided in the finance review.
The strategic report and directors’
report have been approved for and on
behalf of the board of SABMiller plc
Africa p22 on 2 June 2015.
Africa’s strong local portfolio, Alan Clark

affordable brands and Chief Executive
premiumisation helped to
deliver impressive results.
Strategic report
Contents
Latin America p18 What’s inside
Strategic report
Growth in premium and above mainstream Performance highlights Ifc
lager and soft drinks underpinned good Business overview 2
results in Latin America. Chairman’s statement 4
Chief Executive’s review 6
Our business model 12
Market overview 14
Europe p30 Key performance indicators 15
Principal risks 16
Innovation and Operations review
improved sales Latin America 18
Governance
execution boosted Africa 22
European group Asia Pacific 26
NPR despite Europe 30
continued economic North America 34
uncertainty. Finance review 38
Sustainable development 46
North America p34 Valuing and empowering our people 50
Asia Pacific p26 Improved group NPR per Governance

hectolitre and reduced fixed Board of directors 52
Premiumisation in China and Australia costs helped offset lower Executive committee 54
helped mitigate economic headwinds volumes in North America. Corporate governance 56
and weaker demand. Audit committee report 70
Directors’ remuneration report 74
Financial statements
Directors’ report 97
Independent auditors’ report to
the members of SABMiller plc 102
Consolidated income statement 107
Consolidated statement of
comprehensive income 108
Consolidated balance sheet 109
Consolidated cash flow statement 110
Consolidated statement of changes
in equity 111
Notes to the consolidated
financial statements 112
Balance sheet of SABMiller plc 176 Shareholder information
Notes to the company financial statements 177
Five-year financial review 186
Definitions 188
Further information Key to further reading:
Shareholder information
This report covers the financial year Read more on page referenced Ordinary shareholding analyses 190
ended 31 March 2015. It is also available Shareholders’ diary 190
on our website as a downloadable PDF Read more online Administration 191
www.sabmiller.com/annualreport2015 Cautionary statement 192
Read more in the referenced report
For more detailed information about
SABMiller please refer to our website
www.sabmiller.com/investors
SABMiller plc
Our Approach to Tax

2015
SABMiller plc Annual Report 2015 1

Strategic report
Business overview
SABMiller by numbers
US$6,367m 8%
Group EBITA (20141: US$6,460m).
Soft drinks
volume growth.
72% The proportion of EBITA
from developing markets.
EBITA by region2
% Latin America 35%
US$2,224m
¹ Restated.
Africa
US$1,907m
Asia Pacific
29%
12%
35%
2
Before Corporate costs and South Africa: US$768m Absolute reduction in
Hotels and Gaming.
3
Subsidiaries only, excluding home markets,
Europe 11% carbon emissions from
US$700m
on a constant currency basis.
North America on-site energy use
4
Subsidiaries only, excluding home markets.
US$858m 13% between 2008 and 2015.
We have a balanced spread

of businesses with a
significant presence in
developing markets
Latin America Africa
Where we operate Where we operate

Regional office: Miami, USA Regional office: Johannesburg,
Our primary brewing and beverage South Africa
operations cover six countries across On 1 July 2014, SABMiller’s South African
South and Central America (Colombia, and African regions were consolidated
Ecuador, El Salvador, Honduras, into one region. Our primary brewing
Panama and Peru). and beverage operations in Africa cover
17 countries including Botswana,
What we do
Mozambique, Nigeria, South Africa,
• In each of these countries we are the
Tanzania, Uganda and Zambia. A further
number one brewer by market share.
21 are covered through our associate
• We have a brewery in Argentina, and
interests in the Castel group’s African
we export to Chile and Paraguay.
beverage businesses and we also have
• We produce soft drinks across the
an associated undertaking in Zimbabwe.
region including Coca-Cola products
in El Salvador and Honduras.
What we do
• In most of these countries we are the
Read more on page 18
number one brewer by market share.
• We produce Coca-Cola products in 23
of our African markets (with Castel in
15 of these markets and through our
associated undertaking in Zimbabwe).
2 SABMiller plc Annual Report 2015

140,000 94%
Strategic report
Every minute of every day, more than The proportion of our total #1
140,000 bottles of SABMiller beer are lager volume from markets in
enjoyed around the world. which we have no 1. or no. 2
national market share positions.
#2
Lager volumes level year on year.
69,000 25% Our global brands are Peroni Nastro Azzurro,

Miller Genuine Draft, Pilsner Urquell and Grolsch.
EBITA from +16%
associates and NPR
joint ventures. growth3
SABMiller has almost 69,000 +11%
employees and is in more Volume
than 80 countries. growth4
Asia Pacific Europe North America
Where we operate Where we operate Where we operate

Regional office: Hong Kong Regional office: Zug, Switzerland Regional office: Chicago, USA
Our brewing interests across Asia Pacific Our primary brewing operations cover eight MillerCoors is a joint venture with Molson
cover four countries: Australia, China, countries – the Czech Republic, Hungary, Coors Brewing Company, which was
India and Vietnam. Italy, Poland, Romania, Slovakia, Spain formed in 2008 by bringing together
(Canary Islands) and the Netherlands. the US and Puerto Rican operations
What we do of both groups.
What we do
• CR Snow, our partnership of more than
• In the majority of these countries we What we do
20 years with China Resources Enterprise,
are the number one or two brewer by • MillerCoors is the second largest brewer
Limited, is the largest brewer in China.
market share. in the USA, with 27% of the beer market.
• Carlton & United Breweries (CUB) is
• We cover a further 16 countries including • Our wholly-owned Miller Brewing
the second largest Australian brewer.
Russia, Turkey and Ukraine in a strategic International business is based in
• We are the second largest brewer
alliance with Anadolu Efes through Milwaukee, USA and exports our brands
in India.
brewing, soft drinks and export operations. to Canada and Mexico and throughout
• We have a brewery in Vietnam, and we
• We export significant volumes to a further the Americas.
export to numerous markets including
seven European markets, of which the
South Korea.
largest are the UK and Germany. Read more on page 34


Strategic report
Chairman’s statement
We are confident in our long-term growth strategy and remain

highly disciplined about our capital allocation, with a firm focus
on shareholder returns.”
Dear shareholder planning for both management and non- I was delighted to be able to announce in
executive directors, long-term growth August that that search, most ably led by
In my final letter to you as Chairman, I am prospects and dividend policy. Our Lesley Knox on behalf of the nomination
pleased to report a year of strong underlying conversations were constructive, and committee, had been successful and that
business performance. Our cash flow we always welcome the opportunity Jan du Plessis had agreed to join the board
performance is strong, enabling us to to engage with shareholders. as an independent non-executive director
recommend an increased final dividend with effect from 1 September 2014, with the
of 87 US cents per share, to be paid to Lesley Knox, our remuneration committee intention to succeed me as Chairman at the
shareholders on 14 August 2015. This brings chairman, again initiated a consultation conclusion of the annual general meeting in
the total dividend for the year to 113 US cents exercise with our 50 largest shareholders, July 2015. This has allowed Jan some time
per share, an increase of 8% over last year. of whom five took up the invitation to engage. to familiarise himself with the group, and we
We have a clear financial framework and This was fewer than the prior year, but as have used the intervening months well to
remain highly disciplined about our capital we are not proposing any changes to our ensure an orderly handover of responsibilities.
allocation, with a firm focus on shareholder remuneration policy following its approval
returns. Our total shareholder return (TSR) by shareholders in 2014, that is not The progressive renewal
over the period from March 2010 to March surprising. More details are set out in of the board has meanwhile
2015 was 121% and outperformed both the directors’ remuneration continued apace, with
our peer group’s median TSR growth report on pages 74 to 96. a number of new and
of 85% and the FTSE 100.
Corporate governance 113 proposed appointments
and retirements.
Results
Organic, constant currency group net
and succession
In the corporate governance US cents In January, we announced
producer revenue (NPR) grew by 5%, with report on pages 56 to 69, Total dividend payment that Trevor Manuel had
group NPR per hectolitre (hl) up by 3%, there is a detailed description (2014: 105 US cents). agreed to join the board as
resulting in organic, constant currency of the directors’ approach to an independent non-executive
EBITA growth of 6% and a pleasing EBITA corporate governance, our director with effect from 1 March
margin expansion on the same basis of application of the UK Corporate 2015. Trevor brings to the board
30 bps to 24.4%. The increase in organic, Governance Code, and our views on an exemplary track record as one of the
constant currency group NPR reflects growth the role and effectiveness of the board. world’s longest-serving finance ministers,
in all regions. However, after the impact of with the South African Government, and
the depreciation of all of our key currencies In addition to delivering strong underlying wide-ranging experience of advising
against the US dollar, reported group NPR business performance in challenging multilateral organisations on developing
declined by 2%, and reported EBITA by 1%. circumstances, the board’s principal focus market development and sustainability, both
The decline in EBITA also reflects the disposal has been on matters of management of which I am sure will be great assets to
of our stake in Tsogo Sun, our hotels and succession, with a number of planned the board.
gaming investment, during the year. As a retirements being announced during the year,
result, adjusted earnings were down by as well as some organisational changes. In March, we announced that Javier Ferrán
1%, with adjusted EPS down by 1% to More details of these are set out in the Chief had agreed to stand for election as an
239.1 US cents per share. We delivered Executive’s review on pages 6 to 10. The independent non-executive director at this
a strong cash flow performance with free board received frequent updates during year’s annual general meeting. Javier brings
cash flow up 26%. Our gearing ratio as at the year from the Chief Executive on extensive experience of the global alcohol
31 March 2015 was 43%, with net debt management succession planning, and industry, an in-depth knowledge of consumer
having reduced by US$3,838 million, to engaged in a number of discussions goods, and considerable experience of
end the year at US$10,465 million. on the issue. operating in both developed and developing
markets. His skills will admirably complement
Shareholder engagement As I noted last year, following Graham the existing range of financial and operational
During the year, I had a number of meetings Mackay’s death, the board requested that disciplines represented on our board and he
with shareholders, with matters raised I defer my previously announced retirement will further expand the diversity of nationalities
including the principal risks facing the group, date by a year to July 2015 to allow adequate sitting round our board table.
sustainable development, succession time to search for a longer term successor.

Strategic report
In May, Altria nominated Dave Beran to
succeed Howard Willard to the board with
effect from the 2015 annual general meeting.
We are most grateful to Howard for his valued
contribution over the years and look forward
to welcoming Dave to the board in July.
Finally, we say farewell this year to John

Manzoni who, after 11 years of distinguished
service since joining the board in 2004,
has decided that it is time to step down and
will not be standing for re-election. I want
to place on record our thanks for John’s
outstanding contribution to the SABMiller
board. He brought to our deliberations a
keen intellect and considerable insight into
the business environment across multiple
continents and countries, and served
with distinction as a key member of our
remuneration, nomination and corporate
accountability committees. We wish him
every success in his future endeavours.
The other change to note this year was

the appointment from 1 November 2014 Board evaluation Your new Chairman
of Stephen Shapiro as Group Company In light of my interim role as Chairman In concluding, I would like to thank my fellow
Secretary in succession to John Davidson, over the past year, and the forthcoming board members and all shareholders for
who relinquished this role in light of the handover of responsibilities, the board allowing me to chair this great company,
additional responsibilities which he assumed concluded that it would be inappropriate albeit in circumstances that I profoundly wish
as Corporate Affairs Director part way through to undertake an externally-facilitated had never come to pass, and for the support
the year. I would like to thank John for his evaluation of the board’s effectiveness. which everyone has given to me. It has been
support to the board over the last eight years, Instead, the board asked Guy Elliott, an honour to be associated with SABMiller
and in particular to me over the past two our Deputy Chairman and Senior and its leaders, and my consolation on retiring
years. His knowledge of the law and its Independent Director, to conduct a is the knowledge that I pass the chairmanship
application to our businesses is second to detailed internal review of performance, into the best possible hands.
none, as is his familiarity with the numerous with able assistance from our new Company
regulations and corporate governance Secretary. The results of the performance Jan du Plessis has an excellent record
principles which apply to our group. He and effectiveness assessment process were as a chairman of major international groups
applies his knowledge with great skill and reviewed in full and approved by the board. with developing market footprints, and
sensitivity. We are fortunate indeed to have As discussed more fully in the corporate a wealth of experience of international
Stephen to step up to the role, as a seasoned governance review, matters identified as consumer businesses. I have thoroughly
corporate and commercial lawyer who brings requiring further consideration included enjoyed working with Jan over the past
over 12 years of experience in supporting senior executive succession planning and few months and I commend him to you
and advising our board and leading an talent development and ensuring that the as your next Chairman.
excellent secretariat team. board had adequate time to focus on
particularly important issues. It was also John Manser
suggested that we review the terms of Chairman
reference of the corporate accountability
and risk assurance committee. Further
details are in the corporate governance
report on pages 56 to 69.

Strategic report
Chief Executive’s review
We’re making good progress in our strategy to drive topline

growth, improve efficiency and shape our mix of business
to continue to deliver superior returns to shareholders.”
Business performance Soft drinks continue to be a standout
We achieved positive momentum in our performer, with excellent volume growth
Our vision underlying business performance, particularly across Africa, Latin America and Europe.
in the latter part of the year. Our confidence in the future of our soft drinks
To be the most admired beverage
business was underlined by the agreement,
company in the world.
We have a clear strategy to drive topline announced in November 2014, to create
growth, improve efficiency and shape Coca-Cola Beverages Africa.
our mix of business to continue to deliver
Our purpose superior returns to shareholders. Our By consolidating activities such as
We bring refreshment and sociability, results demonstrate good progress against procurement and back office services,
improve livelihoods and help this strategy. This success is founded on and integrating our supply chain, we are
build communities. our broad exposure to high-growth reaping rewards. The cost and efficiency
developing markets where we have programme has delivered cost
long standing commercial and savings of US$221 million in the
Our business operational experience,
Group NPR year, and we are on track to
performance goal including deep local deliver our targeted savings of
We aspire to be in the top quartile

consumer insights. We have US$26,288m US$500 million per annum by
also seen good performance 2018. Within this, our global
of our peer group as measured by from many of our markets in +5% procurement organisation
total shareholder return. improving their premium mix Group NPR growth on helped to drive savings in
and driving innovation. an organic, constant direct materials, which,
currency basis. together with lower commodity
Our values Topline revenue growth was prices, mitigated adverse
• People are our enduring advantage. strong in the face of industry transactional currency headwinds.
• Accountability is clear and personal. headwinds which kept lager volumes in
• We work and win in teams across line with the prior year. These headwinds Our advantages for growth
the business. included a poor summer in China and a SABMiller is well placed to grow. Our
• We are customer- and consumer- decline in the light and economy beer business is in the two largest profit pools
focused. segments in North America. Revenue in global packaged beverages: beer, which
• We do our best for local communities. growth was helped by positive results from is our number one priority, and soft drinks,
• Our reputation is indivisible. our strategy to increase premium beer sales where we have a growing interest in selected
in markets like the USA and Australia and markets. This dual strength underpins our
in developing markets across Africa and assertive vision to be the most admired
in Colombia. In constant currency, NPR beverage company in the world.
growth in premium brands1 was 8%,
with global brands1 NPR growth2 of 16%, We also have the great advantage of strength
supported by volume growth2 of 11%. At the in developing markets where we derive 72%
other end of the price ladder, we increased of our EBITA. We have the greatest exposure
the availability of affordable beers, taking to these markets of any brewer, with number
share from the informal alcohol market in one or two beer market positions in many
Africa and Latin America. countries across Africa and Latin America,
and in China.
We continue to invest in our brands, including
reinvigorating our high-volume core lagers These economies have many years of high
so they remain relevant for today’s millennial volume growth ahead in per capita beer
consumers, and broadening beer’s appeal so consumption. Beer is seen as aspirational,
it’s the drink of choice for more people on a with the primary growth drivers being
greater variety of occasions. We’re doing this affordability and availability of largely
by developing new beer styles and flavours, mainstream lager. As these markets develop
and expanding into ciders and radlers. We and disposable incomes rise, beer and soft
are seeing great success with brands like drinks segments grow. And, as they develop,
Redd’s Apple Ale in the USA and Flying Fish demand increases for local, and then
in South Africa. international, premium beers.
1
Subsidiaries only.
2
Excluding home markets.

Strategic report

Strategic report | Chief Executive’s review continued
We also have increasingly strong cash flows Through our shared imperatives we aim
Enabling small from developed markets, such as the USA to tackle the issues that are most material
and Australia. These are generally challenging for our business at both a local and
businesses to thrive and highly competitive environments, where international level. Because we do not
per capita beer consumption is plateauing, face these challenges alone, we call
Small businesses are critical there is low to no growth and the declining them shared imperatives.
to national growth, community mainstream beer segment more than offsets
prosperity and the success of large growth in other beer and related categories. They are to:
companies like SABMiller. We are A key focus of our growth strategy in these
committed to supporting more than half markets is to expand the beer category • accelerate growth and social
a million small businesses in our value to appeal to more consumers on a wider development in our value chains;
chain to grow and improve their variety of occasions. We are therefore • make beer the natural choice for the
livelihoods by 2020, including 190,000 investing in brand building, premiumisation, moderate and responsible drinker;
‘mom and pop’ shops in Latin America. and innovation in beer styles and flavours, • secure shared water resources for our
The 4e Path to Progress programme, capabilities and process. business and local communities;
run in partnership with the Inter-American • create value through reducing waste
Development Bank and FUNDES, the Prosper and carbon emissions; and
Swiss NGO, is a key part of our efforts. We believe the value in beer for us and • support responsible, sustainable use
The innovative programme gives small for communities is local. Many of our of land for brewing crops.
retailers – tenderos – business and communities face significant environmental
leadership training that, together with and societal challenges, which we share with We have set ambitious targets for each
access to micro-finance and technology, them. By helping the entrepreneurs across imperative and are committed to learn,
is helping them not only to run their our value chains, and their local communities, listen and collaborate to shape, deliver
businesses better but, more importantly, to prosper, our business will prosper too. and scale solutions.
to become community leaders in their
neighbourhoods. Supporting these Our new sustainable development strategy, We strongly believe that by putting Prosper
retailers increases customer loyalty and Prosper, is embedded in our business at the heart of our business, we can
sales. But the real value of 4e Path to strategy and will enable us to secure growth secure our long-term success and make
Progress for us is the rich knowledge that benefits us and our local communities. a sustainable and measurable difference to
and insight it gives us into our smallest the communities and ecosystems in which
but most vital customers: each runs a we operate. More information is available
small business but collectively they are on pages 46 to 49, and throughout this
responsible for 40% of our volumes report, as well as in our 2015 Sustainable
across Latin America. Development Summary Report.

A new chapter in
African soft drinks
Coca-Cola Beverages Africa (CCBA)

will be the continent’s largest Coca-Cola
bottler, serving 12 countries, with
around 40% of all Coca-Cola beverage
Strategic report
volumes in Africa. We will drive superior
topline growth and the transaction will
expand our footprint to include high
potential markets in other parts of
the continent.
With a shared vision, extensive

experience of operating in African
markets, and long-term commitment
to the continent, CCBA will be strongly
positioned to offer consumers greater
choice, broader availability and
better value.
Addressing risks We announced several changes to our Brewing Company before that. Tom
We place great emphasis on identifying, senior management team this year. Chief too leaves his own outstanding legacy.
monitoring and mitigating risks to our Financial Officer, Jamie Wilson, resigned We wish them both very happy and
business and we have a well-developed risk for personal reasons with effect from fulfilling retirements.
management process which includes detailed 18 February 2015. He left the group on
mitigating action plans. We continually review 31 March 2015 and Domenic De Lorenzo, Processes are underway to appoint
these risks but the principal risks noted in Director of Group Strategy, was appointed replacements for both Tom and Tony,
the prior year remain relevant to us. In the Acting Chief Financial Officer. Domenic although I have decided to split Tony’s remit
year we refreshed the way in which we assumed responsibility in the prior year for into two new positions on our executive
have expressed the principal risk relating group strategy alongside his responsibilities committee: Director, Integrated Supply,
to changes in consumer preferences by for corporate finance and development. and Director, Human Resources.
restating it as a risk relating to achievement He is a chartered accountant, and has
of consistent sustainable revenue growth been closely involved in the group’s finance In the year we also combined the legal
while consumer tastes and behaviours are strategy since his appointment to the executive and corporate affairs functions at executive
evolving and competition in the beverage committee in 2011. He is a 19-year veteran committee level to improve efficiency and
industry is expanding and becoming more of the group, having originally joined in South increase alignment. John Davidson, formerly
fragmented, complex and sophisticated. Africa in 1996. We have initiated a process General Counsel and Company Secretary,
All principal risks are set out on pages to appoint a permanent chief financial officer. who has been with the group since 2006,
16 and 17. and served the group as an external adviser
We announced two executive retirements for eight years before that, is now General
Our people during the year. Tony van Kralingen, Group Counsel and Corporate Affairs Director.
We are improving our safety governance Director: Integrated Supply & Human
and processes with new standards and Resources, intends to retire at the end I would like to thank all of my executive team
monitoring. Everyone should be able to return of December 2015. Tony has made an for shaping the development of our strategy
home from work safely and I deeply regret outstanding contribution to SABMiller in as we set out to achieve our ambitious vision,
that there were 29 fatalities in the year, the his 33-year career, including serving with and to thank everyone in the group for their
majority of which were caused by road traffic distinction on the executive committee hard work and dedication in driving our
accidents. I am determined that we should for 12 years. He leaves a superb legacy. strong performance this year.
take action to tackle this as a top priority. Tom Long, Chief Executive Officer (CEO)
For more information, see page 50. of MillerCoors, retires on 30 June 2015.
He has led MillerCoors as CEO since 2011,
having been President and Chief Commercial
Officer since the launch of the MillerCoors
joint venture in 2008, and CEO of Miller

Strategic report | Chief Executive’s review continued
Significant savings through

water and carbon efficiency
In the year we used an average of 3.3

hectolitres (hl) of water to produce 1 hl of
beer, surpassing our target of reaching 3.5 hl/hl
by 2015. Yatala brewery in Australia leads the
group at just 2.5 hl/hl. We are also on track
to meet our 50% carbon efficiency target from
on-site energy use by 2020. In absolute terms
we have reduced carbon emissions from
on-site energy use by 35% between 2008 and
2015. Within our cost savings programmes,
we saved US$1171 million in the year from
water and energy related initiatives compared
with 2010.
Read more online

www.sabmiller.com/prosper
Outlook Global brands

We anticipate that the trading environment
will remain challenging and that our business
momentum grows
will continue to be impacted by currency
volatility. However, we are confident in our SABMiller global brands had
strategy to drive superior long-term growth a strong year, with volumes
and we will continue to invest in production up 11% and NPR up 16% on
capacity and capability, particularly in growth a constant currency basis,
markets. Raw material unit input costs are counting sales by our subsidiaries
expected to increase by low single digits of these brands outside their
in constant currency terms, with some home markets.
markets continuing to be impacted by
foreign exchange movements on imported Our global brands portfolio
raw materials. We are increasingly leveraging consists of Peroni Nastro Azzurro,
our scale to become more efficient and we Miller Genuine Draft (MGD), Pilsner
have a clear focus on cost management, Urquell and Grolsch. Each has
with our cost saving programme on track a clear role and specific brand
to reach targeted savings of US$500 million proposition, and premium or super
per annum by the financial year ending pricing. Highlights in the year
31 March 2018. included very strong growth of
Peroni Nastro Azzurro in the UK,
We’re making good progress and are looking USA and Australia, continued high
ahead with confidence. We have decades growth for MGD in Latin America,
of strong growth to capture in developing particularly in Panama, and also
markets and are taking a leadership role for Pilsner Urquell in the USA,
in seeking to expand the beer category Europe and South Korea.
to create new growth in more developed
economies. We have a dynamic culture with
a global team of smart, committed and
capable people, and I firmly believe that
together we will write the next successful
chapter in the SABMiller growth story.
Alan Clark
Chief Executive
1
Reflects cost savings, based on savings
actions initiated in 2010, and calculated
using 2015 volumes, exchange rates and
energy prices.

Key strategic priorities
Strategic report
Drive superior topline Build a globally Actively shape
growth through integrated organisation our global mix to
strengthening our to optimise resource, drive a superior
brand portfolios win in market and growth profile
and expanding the reduce costs
beer category
• Strengthen our local and global • Systematically build a high • Focus resources on highest
brand portfolios to capture performance talent pool. growth opportunities.
superior profitable growth.
• Up-weight and right-size out • Deliver superior performance
• Accelerate premium mix of market structures to ensure in soft drinks operations.
and the growth of our optimum service delivery at
premium brands. an affordable cost. • Build material positions in new
categories in attractive markets.
• Develop and expand the • Develop a commercial
category to capture new operating model that will • Mergers and acquisitions
consumers, new occasions facilitate winning in and to access new growth
and grow category share across markets. in attractive markets.
of value.
• Reduce costs to drive
• Prioritise and focus investment growth and returns.
and resources on revenue
growth in key markets
and segments.

Strategic report
Our business model is built

on our passion for beer
We are local beer experts. Our success is rooted in deep local insights,
global skills, talented people and community investment.
Understanding consumer tastes Refreshing our success: innovation

and applying local insights and selling across the price spectrum
Sharing our consumers’ passion for local beer, more than We enhance our enduring brands with innovation across a vibrant
200 of our brands are mostly sold locally in their country spectrum of beer styles to reflect demographic, cultural and societal
or region of origin. We have a selected number of regional shifts and evolving consumer tastes.
and global brands, which complement our local portfolios.
We reinvigorate national icon brands to keep our strength in core lager
and are developing products for more occasions and consumer types.
Our brands range from entry-level beers, including sorghum and cassava
beers such as Eagle and Impala to international super premium beers
such as Peroni Nastro Azzurro.
Creating sustainable value chains
We create sustainable value chains that contribute to local economic and social development.
Sourcing Brewing Bottling and distribution

Working closely with suppliers, including Producing beers that taste great demands Delivering quality, fresh beers and soft drinks for
large-scale and smallholder farmers who a mix of traditional craftsmanship, modern our consumers to enjoy while minimising waste
grow quality crops, and sourcing locally science and fresh, natural ingredients. and promoting returnable bottles and recycling.
where we can.
Using global skills and scale Investing in talent for

to drive local performance competitive advantage
Our local markets focus on commercial activity, producing, We are proud to attract and retain the best talent, and invest
marketing and selling the right beers and beverages for in individuals’ skills and careers.
their area.
The global mobility of our leaders is one of our major strengths,
We support our country operations with broader, shared service by moving around, they take insights into new markets.
operations. These help us to achieve economies and efficiencies
We incentivise management at every level through a rigorous
of scale and drive duplicative costs out of local businesses.
goal-setting process that aligns the need for commercial success
We also share best practice and success across our markets with the longer-term ambition of achieving sustainable best practice.
in innovation, marketing, technical standards and training.

Strategic report
Working with associates and joint ventures
We generate a significant amount of group NPR from interests in

associates and joint ventures and in Africa we have significant minorities
in our subsidiaries. These have facilitated our global expansion and are
valuable where local knowledge is an important asset.
Delivering
value for our
stakeholders:
• sustainable
superior returns
for shareholders;
• refreshment and
sociability for
consumers;
Retail Consumers • jobs and career

Partnering with small and large retailers
in the on- and off-trade segment to
Listening and responding
to changing consumer needs,
development for
bring refreshment and sociability using local insight and broadening employees;
to our consumers. our appeal across new segments
and occasions.
• incomes and
livelihoods
for suppliers
and retailers;
Partnering for • support for
shared prosperity national
economies; and
By supporting the small businesses across our value chains – and our
local communities – to prosper, our business will prosper too.
• investment in
By joining forces with others who share our goals, we can co-ordinate
action and unlock innovation for job creation, responsible alcohol communities.
consumption, watershed protection, lower carbon emissions and more
productive use of land.
We tailor our response to address local challenges, widening and deepening
partnerships as our initiatives grow and our understanding develops.

Strategic report
Market overview
Beer accounts for almost one-third of global retail sales value in

packaged beverages, with attractive industry margins. The global
soft drinks market is slightly larger than that for beer, accounting
for almost 40% of global retail sales value in packaged beverages.
for the beer category. For example, increased
consumer demand for variety and new
experiences has driven the higher growth
of different beer styles outside of core lager,
notably in the US craft beer segment but
also across other developed markets.
Delivering topline growth in these markets

is dependent on appealing to more
consumers on more occasions, by:
• improving core mainstream lager to

meet the needs of a wider range of
consumers better;
• successful premiumisation, to drive
revenue per hectolitre;
• innovating to evolve portfolios towards
more attractive growth segments; and
The global beer market is relatively markets, which are typically local spirits • regaining share from other beverages.
consolidated, with the top four largest brewers or informal/illicit alcohol; and
(ABInBev, SABMiller, Heineken, and Carlsberg) • demographics and drinking occasions Soft drinks
accounting for around 50% of global volumes. being skewed towards core beer Sparkling, or carbonated soft drinks (CSDs),
SABMiller is the number two globally, and consumers, with mainstream lager critical make up approximately 40% of total soft
this gives us the opportunity to continue to to growth. drinks global retail sales value. Global soft
leverage our scale, global brands and skills drinks volumes have been growing at around
to improve in-market performance. Given Ensuring the affordability, availability and 4% compound annual growth rate over the
the importance of local brands and scale, quality of core mainstream lager is critical past 10 years, with the category demonstrating
the strength of local market positions is to growth in these markets. However, similar consumption characteristics and
also important to sustainable long-term while the beer category is heavily focused growth dynamics to beer, with rapid growth
performance in beer. In this regard, 94% of on mainstream lager, the rise in disposable and increasing levels of per capita
our beer volumes come from markets where incomes provides opportunities for consumption as markets develop.
we are the number one or two brewer. The premiumisation.
nature of competition and competitive intensity From a category development perspective,
varies by market, but we typically compete not Compared with our global competitors, soft drinks also show a similar overall
only against some or all of the major global a greater proportion of our total profit and dynamic to beer. In developing markets,
brewers, but also small and large local volumes come from developing markets. CSDs and bottled water are the dominant
brewers and with alcohol producers. This has helped support our superior sub-categories, but fragmentation of the
rates of organic topline growth. category occurs as markets develop, with
The global beer market has been growing still drinks, juices and premium bottled water
at 2% to 3% over the past 10 years. However, Developed markets becoming much more evident. As with beer,
there is a clear difference in growth, category In contrast with developing markets, volume scale and leadership in a market is critical to
dynamics and characteristics between and consumption growth in more developed long-term sustainable success.
developing and developed markets markets have typically been flat or have
and, therefore, in the growth opportunities declined over the past decade. This reflects
they present. both a general decline in alcohol consumption
and a fall in beer’s share of total alcohol.
Developing markets There are many reasons for this shift and the
Growth in beer consumption in developing increasing fragmentation of consumer choice,
markets is driven by such factors as: including changes in the nature of drinking
occasions and in the demographics of
• affordability, with per capita consumption alcohol consumers. These changes include
increasing sharply as consumer disposable the growth of mixed gender drinking
income levels grow; occasions and ageing populations.
• beer being an aspirational and higher
quality beverage compared with other These dynamics are challenging, but they
competing alcoholic beverages in these also represent future growth opportunities

Key performance indicators
The key performance indicators (KPIs) outlined below are used to
Strategic report
monitor progress against our overall financial goal and our strategy,
which defines how we will achieve this goal. While our strategy
naturally evolves and changes in line with market conditions, it
continues to guide our short, medium and long-term growth.
Measuring our progress
What we measure Why we measure How we performed
Financial goal 2015 2014 2013

Total shareholder return in excess of the median To monitor the value created for our shareholders
of our peer group over five-year periods over the longer term relative to alternative
36 % pts 98 % pts 140 % pts
investments in the drinks industry, in line with
our business performance goal
Growth in adjusted earnings per share To determine the improvement in earnings per
-1% 2% 11%
share for our shareholders
Growth in adjusted earnings per share To determine the improvement in underlying

5% 9% n/a1
(constant currency) earnings per share for our shareholders
Free cash flow To track cash generated to pay down debt,

reward our shareholders and invest in US$3,233m US$2,563m US$3,230m
acquisitions
Commercial goals 2015 2014 2013

The proportion of our total lager volume To gain an overall picture of the relative strength
from markets in which we have no.1 or no.2 of our market positions 94% 95% 95%
national market share positions
The proportion of group EBITA from To assess the balance of our earnings’
developing economies exposure between the regions of the world
72% 72% 73%
economy with highest growth potential and
more developed regions
Organic growth in total beverage volumes To track the underlying growth of our business 1% 2% 4%
Group net producer revenue growth To assess the underlying rate of growth in net
5% 3% 7%
(organic, constant currency) sales value of our brand portfolios
Net producer revenue growth in To monitor progress in building our portfolio

8% 3% 7%
premium brands (constant currency) of global and local premium brands
EBITA growth (organic, constant currency) To track our underlying operational profit growth 6% 7% 9%
EBITA margin progression (organic, To monitor the rate of growth in our underlying
30 bps 90 bps 50 bps
constant currency) operational profitability
Hectolitres of water used at our breweries To gauge our progress in reducing the amount
3.3 hl/hl 3.5 hl/hl 3.7 hl/hl
per hl of lager produced of water used in our breweries
Fossil fuel emissions from energy use at our To assess progress towards reducing fossil fuel
9.4 kgCO2e/hl 10.3 kgCO2e/hl 11.1 kgCO2e/hl
breweries per hl of lager produced emissions at our breweries
Cumulative financial benefits from our cost To track the cost and efficiency savings from
US$221m pa n/a1 n/a1
and efficiency programme the programme to leverage our skills and scale
1
Not applicable/not measured in the year.
Further detail is contained within the finance review and the sustainable development review. Remuneration is linked to our KPIs as detailed
in the directors’ remuneration report on pages 74 to 96. Detailed definitions together with an explanation of changes from the prior year are
on pages 188 and 189.

Strategic report
Principal risks
Focused on managing our risks

The principal risks facing the group and considered by the board and the executive committee are detailed below.
The group’s well-developed risk management process is described in the corporate governance section while financial risks are discussed
in the finance review on page 45 and in note 21 to the consolidated financial statements.
Principal risk Context Specific risks we face Possible impact
Consistent Consumer tastes and behaviours • Failing to develop and ensure the strength Topline growth progression
sustainable are constantly evolving, and at an and relevance of our brands with consumers, does not meet internal and
increasingly rapid rate. shoppers and customers. external expectations.
revenue
Competition in the beverage industry • Failing to continue to improve our commercial Market positions come
growth
is expanding and becoming more capabilities to deliver brand propositions under pressure, market
fragmented, complex and that respond appropriately to changing opportunities are missed
sophisticated. consumer preferences. and lower profitability.
Industry The global brewing and beverages • Failing to participate in the right opportunities. Lower growth rates,
consolidation industry is expected to continue to • Paying too much to acquire a business. profitability and financial
consolidate. There will continue to • Not implementing integration plans successfully. returns.
be opportunities to enter attractive • Failing to identify and develop the capabilities Failure to maintain our
growth markets, to realise synergy necessary to facilitate market and category entry. competitive position
benefits from integration and to relative to our peers.
leverage our global scale.
Regulatory With an increasingly high profile • Unreasonable regulation places increasing Lower growth, profitability
changes debate over alcohol consumption in restrictions on the availability and marketing and reduced contribution
many markets, the alcohol industry of beer. to local communities in
is coming under more pressure • Tax and excise changes cause pressure some countries.
from national and international on pricing. Loss of consumer goodwill
regulators, NGOs and local • Anti-alcohol advocates erode industry and public sentiment.
governments. reputation.
Management We believe that our people are • Failing to identify, develop and retain an Failure to deliver the
capability our enduring advantage and appropriate pipeline of talented managers for group’s strategic and
therefore it is essential that we the present and future needs of the group. financial ambitions.
develop and maintain global Lower long-term
management capability. profitable growth.
Delivering We continue to execute major • Failing to derive the expected benefits from Increased programme costs,
business efficiency programmes that will the projects currently under way. lower benefits than planned,
delays in benefit realisation
transformation simplify processes, reduce costs • Failing to contain programme costs or ensure
and business disruption.
and allow local management execution is in line with planned timelines.
teams to focus more closely Reputational damage
on their markets. and reduced competitive
advantage in the medium term.
Information There is increasing sophistication • Disruption of information technology (IT) systems Loss of competitive advantage
and cyber of cyber-attack capabilities. and a loss of valuable and sensitive information and reputational damage
Business’s increasing demand and assets. through the publicised loss
security of key operating systems
for consumers’ and customers’ • Significant business disruption.
personal data means legislators • Failing to comply with tightening legislation and confidential data.
rightly continue to impose tighter poses a threat of significant financial penalties Adverse effect on profitability,
data management control. or restrictions. cash flows or financial position.
Acquisition A key aspect of the CUB • Failing to deliver integration objectives and Lower growth rates,
of CUB acquisition was the delivery of commercial and operational excellence targets profitability and asset values.
a turnaround plan with specific communicated as part of the turnaround plan. Damage to the group’s
and communicated financial • Failing to achieve the synergy and cost-saving reputation for strong
value creation. commitments of the transaction. commercial capability and
for making value creating
acquisitions.

Strategic report
Mitigation Associated strategic priorities
• Continuous evaluation of our brand portfolios in every market to ensure that they target current and future • Drive superior topline growth.
opportunities for profitable growth. • Actively shape our global mix
• Developing a beer category structure that enables us to grow both the value of the beer category, to drive a superior growth profile.
and our share of it. • Build a globally integrated
• Ensuring we have a deep understanding of changing consumer and industry dynamics in key markets, organisation to optimise
enabling us to respond appropriately to opportunities and issues which may impact our business resources, win in market
performance. and reduce costs.
• Building our brand equities through innovation and compelling marketing programmes; creating a pipeline
of opportunities to support our premium offering.
• Focusing on monitoring and benchmarking commercial performance and developing the critical
commercial capabilities that are required in order to win in local markets.
• Continued competitor and target analysis to consider strategic and financial implications of potential • Actively shape our global mix
transactions. to drive a superior growth profile.
• Potential transactions are subject to continual and rigorous analysis. Only opportunities with potential • Drive superior topline growth.
to create value are pursued.
• Proven integration processes, procedures and practices are applied to ensure delivery of expected returns.
• Activities to deliver synergies and leverage scale are in place, monitored closely and continuously enhanced.
• Development of non-traditional capabilities to enter and grow profitably in new markets.
• Rigorous adherence to the principle of self-regulation backed by appropriate policies and management review. • Drive superior topline growth.
• Building and maintaining licence to trade capabilities across the group to facilitate sound risk analysis and • Actively shape our global mix
mitigation plan development. to drive a superior growth profile.
• Constructive engagement with government and all external stakeholders on alcohol-related issues. • Build a globally integrated
Working collaboratively with them to address the harmful use of alcohol. organisation to optimise
• Investment to improve the economic and social impact of our businesses in local communities and working resources, win in market
in partnership with local governments and NGOs. and reduce costs.
• Driving our Prosper shared imperatives to make a sustainable and measurable difference to the
communities and ecosystems in which we operate.
• Building the group’s leadership talent pipeline through our Global Talent Management model, • Build a globally integrated
strategic people resourcing and long-term talent pipeline. organisation to optimise
• Sustaining a strong culture of accountability, empowerment and personal development. resources, win in market
and reduce costs.
• Drive superior topline growth.
• Senior leadership closely involved in monitoring progress and in making key decisions. • Build a globally integrated
• Mechanisms in place to track both costs and benefits. organisation to optimise
• Rigorous programme management and governance processes (including independent programme resources, win in market
assurance) with dedicated resources and clear accountability. and reduce costs.
• Actively shape our global mix
to drive a superior growth profile.
• Continued development, articulation and implementation of information security policies. • Build a globally integrated
• Increased investment to improve information security awareness, intelligence and implementation organisation to optimise
of sound security processes. resources, win in market
• Building and enhancing processes to deal with IT security incidents. and reduce costs.
• Embedding of the SABMiller Ways (its processes, systems and tools) throughout the CUB business. • Actively shape our global mix
• Commercial efforts in market to effectively deliver volume, value and market share gains. to drive a superior growth profile.
• Continued monitoring of progress to complete the integration objectives, including frequent and regular • Build a globally integrated
tracking of key performance indicators. organisation to optimise
resources, win in market
and reduce costs.

LATIN AMERICA
Where Lager volumes Setting the pace
we operate on sugarcane
44.2m hl
1st
+1% 1
Our sugarcane farming

Soft drinks volumes operation in Honduras
19.9m hl became the first

producer in Central
America to achieve
+8% 1 sustainable sugarcane

certification.
Group NPR
Significant business with
production operations
US$5,768m 2
Selling operations and
major export markets
2
+8%
+7% EBITA
US$2,224m
Drive superior topline growth through our brands:
Innovation accounted for 12% of group NPR in the region;
Premiumisation supported by Club Colombia growth

and expansion of the Miller franchise.
52% 1
2
Organic basis.
Organic, constant currency basis.

Operations review
Latin America
Strategic report
Effective campaigns focusing on events and new occasions, as well
as targeted consumer activations, supported our brands, while we
continue to tap into new sources of growth through innovations.”
In Latin America, group NPR grew strongly In Colombia, group NPR growth of 6%
on an organic, constant currency basis at on a constant currency basis reflected
7% (level on a reported basis). Lager pricing total volume growth of 2%, selective price We increased marketing
and growth in our premium and above increases and premiumisation, buoyed by
mainstream categories, together with strong strong non-alcoholic malt volume growth.
investment behind our brands
soft drinks volume growth, underpinned this Lager volumes were in line with the prior year, to support an expansion
performance. Effective campaigns focusing although our share of alcohol increased by
on events and new occasions, as well as 180 bps. Our above mainstream brand Aguila
of the beer category.”
targeted consumer activations, supported Light and bulk packs saw continued growth,
our brands, while we continue to tap into together with strong performance in our
new sources of growth through innovations. premium brands, Club Colombia and Miller
In Colombia our bulk pack expansion Lite, offsetting a decline in our mainstream
continued successfully, while in Honduras we brands, Aguila and Poker.
have stepped up our efforts in making beer
more affordable in line with our strategy of
expanding the lager category. Our financial
performance was assisted by a reduction in Karl Lippert
real unit production costs, notwithstanding President, SABMiller
currency pressure on imported raw materials, Latin America
and fixed cost productivity, while we continue
to simplify and drive efficiencies in our
businesses, including the disposal of
non-core assets. We have increased
marketing investment behind our brands to
support our expansion of the beer category
and innovations, while currency headwinds,
most notably in Colombia and Peru, diluted
reported results. Reported EBITA margin
continues to grow, with a further 40 bps
improvement in the year.
Organic,
constant
Net currency Reported
Reported acquisitions Currency Organic Reported growth growth
Financial summary 2014 and disposals translation growth 2015 % %
Group NPR (including share of associates) (US$m) 5,745 (9) (348) 380 5,768 7 –
EBITA1 (US$m) 2,192 (2) (132) 166 2,224 8 1
EBITA margin (%) 38.2 38.6
Sales volumes (hl 000)
Lager 43,586 – 570 44,156 1 1
Soft drinks 18,514 (70) 1,421 19,865 8 7
Total beverages 62,100 (70) 1,991 64,021 3 3
¹ In 2014 before an exceptional credit of US$47 million, being the profit on disposal of the Panama milk and juice business.

Strategic report | Operations review | Latin America
Our premium segment growth was In Ecuador, group NPR growth of 10% was
underpinned by a new proprietary bottle underpinned by the continuing robust growth
for Club Colombia, differentiated seasonal of our above mainstream brand Pilsener Light
offerings and increased reach. Trading, and price increases in the latter half of the
generally, was negatively impacted by dry prior year. We delivered 2% lager volume
laws during the presidential elections and growth despite increased trading restrictions
the soccer World Cup. Soft drinks volumes and advertising bans, through new occasions
benefited from double digit growth driven by such as events and midweek outlet
the success of our non-alcoholic malt brand activation, together with pack innovation and
Pony Malta and the PET bulk pack offering. the effective use of social media. In addition
Favourable raw material prices offset foreign our sales service model yielded better quality
exchange headwinds and fixed cost service and improved our coverage. Our
productivity resulted in strong margin growth. share of alcohol volumes declined by 350 bps
in the year, moderating the significant gains
Peru’s group NPR grew by 5% on a constant achieved over the past few years, while
currency basis driven by total volume growth Pilsener Light continues capturing share
of 4%. Lager volumes increased by within the portfolio as consumers
2% with our above mainstream trade up. In addition to positive
brand Pilsen Callao achieving mix, fixed cost productivity
double digit growth, as further enhanced our margin
Miller grows in
consumers continue to trade
up from mainstream, more
than offsetting a decline in
7%
Group NPR growth on
and financial results.
In Panama, group NPR

our premium Cusqueña grew by 3% on an organic
Latin America brand. Our international an organic, constant
basis boosted by our
premium brand offerings currency basis.
mainstream brand Atlas and
Miller Lite and Miller Genuine Draft continued to expand their reach innovations in the light segment
have delivered striking growth in with double digit volume growth. with the launch of Balboa Ice.
Latin America. Our share of lager market volumes Premium segment volumes were level
continued to improve, up by 60 bps, reflecting strong price competition in the
The Miller franchise sold almost underpinned by strong trade execution premium segment. Our non-alcoholic malt
one million hectolitres across the region during the summer and the World Cup brand, Malta Vigor, saw 12% growth boosted
with 25% growth in the year, with particular soccer activities, which overcame the effect by the smaller PET pack offering, while
success for Miller Genuine Draft in of adverse weather conditions and social other soft drinks volumes declined due to
Panama. In Latin America, all Miller disruption from activities against illegal mining heightened price competition. In February
variants are premium priced, with Miller in the country. Soft drinks volumes were up 2015 we disposed of our interest in an
Lite positioned in the premium segment by 13% with growth coming from Guarana, associated company involved in can
and Miller Genuine Draft in super premium. San Mateo and our non-alcoholic malt manufacturing for cash consideration
In the past five years, the Miller franchise brand Maltin Power, all boosted by pack of US$7 million.
volumes have, off a low base, seen a innovations. Further optimisation of our
compound annual growth rate of 67% production grid, together with distribution and
in Latin America. sales efficiencies, assisted financial results.
Light beer growth

strengthens
In Latin America, strong demand for our light

beer brands is increasing their importance
in our portfolio.
Light beer is growing faster than any other

segment in Latin America, as consumers,
particularly women, increasingly favour
easy drinking beers. We are meeting these
evolving preferences, in line with our strategy
of responding to trends and our aim to reach
more consumers on more occasions. In the
year, in Ecuador, volumes of Pilsener Light
grew by 185%, and it now represents 28%
of the brand franchise; in Colombia, volumes
of Aguila Light grew by 9%.

Taking time out with
friends and a beer
Our Jueves de Patas – or Friends’ Thursday

– campaign has created new occasions for
Strategic report
friends to meet in on-trade premises in Peru.
Peruvians traditionally drink at home rather

than in pubs, with just 37% of beer sold
on-premise. Friends’ Thursday encourages
consumers to catch up with friends for
an affordable weekday Pilsen Callao beer
outside the home. Our Peruvian business
Backus built excitement around the four-year
campaign with quirky through-the-line
media and by offering prizes and incentives
to consumers, participating bars and the
sales force.
Prosper
Two of our Latin America region’s top
sustainability priorities are water security
and accelerating growth and social
development in our value chain.
In Honduras, group NPR growth of South America accounts for 28% of global
5% on a constant currency basis was fresh water and has the highest rainfall.
underpinned by lager volume growth of 2%, However, water is often in the ‘wrong’ place,
where double digit growth was achieved in prevalent in scarcely populated rainforest
the last quarter with the impetus in driving and scarce in Lima, where nine million
affordability through pricing and packs. This people live in a desert. SABMiller and
came against the backdrop of unfavourable The Nature Conservancy (TNC) are working
economic conditions, Sunday dry laws and together in three countries across Latin Building employee
continuing security concerns which have America to build AquaFunds, which gather
impacted consumption particularly in the investments from water users and direct
engagement
on-premise channel. Against this tough the funding towards conserving ecosystems
environment, our trade execution and brand that filter and regulate water supply. In Our Latin America region’s strong
resonance with consumers remains strong, Colombia, our Bavaria business, along performance is underpinned by
with a gain in alcohol volume share of 60 bps. with TNC and other partners, has funded its commitment to developing a
Soft drinks volumes grew by 5%, driven by eight projects to date. people-centred business strategy
still drinks, multi-serve packs and new and culture.
formats for sparkling soft drinks. Read more at
www.sabmiller.com/aquafunds In our global employee opinion
El Salvador delivered group NPR growth survey, the region delivered a
of 8% driven by lager volume growth of 6% Small-scale shopkeepers – tenderos – 91% ‘high engagement’ score
with bulk packs growing strongly as a result are a vital part of our value chain, accounting – outperforming fast-moving
of our affordability strategy and strong trade for 40% of sales volumes across the region. consumer goods companies,
execution. Lager growth was driven by our Our 4e Path to Progress programme has Latin America and SABMiller
flagship mainstream brand, Pilsener, together provided more than 7,600 tenderos with norms. Key to this impressive
with above mainstream brand Golden Light. business and leadership training, in result was the region’s Meaningful
In the premium segment our local brands partnership with the Inter-American Jobs initiative, which aims to
continued to grow and the Miller range of Development Bank and FUNDES. ensure its 36,000 employees and
brands saw double digit growth. Soft drinks contractors feel that they and their
volumes grew by 6%, with particularly strong Read more on page 8. work matters. The initiative tracks
growth in sparkling soft drinks. – and where necessary takes
Read more about regional and country follow-up action on – eight criteria,
sustainability priorities and performance at ranging from understanding
www.sabmiller.com/sam expectations and the suitability
of work tools to regular feedback
and opportunities to learn and
advance. A complementary
Meaningful Conversations
programme has coached 3,500
leaders, at all levels, in effective
communication.

AFRICA
Where we Lager volumes Soft drinks
operate volumes
48.4m hl
34.9m hl
+4% +9% 1 1
Group NPR
US$7,462m
Significant business with
production operations
Associates 5 markets
+9% 2
are driving local sourcing

and affordable growth
through our Eagle and
Impala brands.

2
Castle Lite: reached 5.5 million hl as it is rolled out across
the region; +6%
EBITA
Hero in Nigeria: 1 million hl within two years of launch; and
US$1,907m
Strong growth of flavour innovations in South Africa,
such as Flying Fish and Castle Lite Lime.
1
Organic basis.
2

Operations review
Africa
Strategic report
The majority of our markets performed challenged due to weak economic
fundamentals. The majority of our markets
well through strong local portfolios with performed well through strong local portfolios
with continued premiumisation and growth of
continued premiumisation and growth our affordable brands. We recorded strong
growth in our soft drinks portfolio resulting
of our affordable brands.” from price moderation and strong retail
execution. We continue to invest in capacity
including the commissioning of the Namibia
Mark Bowman brewery during the second half of the year
Managing Director, and expansions in Ghana and Nigeria which
SABMiller Africa are nearing completion. The construction of
our maltings plants in South Africa and
Zambia is progressing well.
EBITA grew 6% on an organic, constant

currency basis, but declined by 2% on a
reported basis due to the depreciation of key
currencies against the US dollar. We continue
to invest behind our brands, innovate and
strengthen our execution in trade. Currency
weaknesses created raw material input cost
pressures which were partially offset by our
focus on improving production efficiencies
and sustainable development initiatives,
such as our ‘Go Farming’ approach. EBITA
margin declined by 70 bps on a reported
Africa delivered group NPR growth of 9% on basis driven by transactional impacts of
an organic, constant currency basis (1% on a currency depreciation, moderated pricing in
reported basis). The growth was derived from conjunction with our affordability initiatives,
share gains across a number of markets, and adverse geographic mix.
total volume growth of 5%, selective pricing
and continued premiumisation in lager. The integration of our South Africa beverages
The skill and scale in the The performance in the fourth quarter was business and the rest of Africa into one
particularly strong, underpinned by the timing region is progressing well. The skill and scale
South African business of Easter in the year and cycling weaker in the South African business is benefiting the
is benefiting the trading in the prior year. Lager volumes in the African businesses in the areas of innovation,
region grew by 4%, tempered by declines in distribution, sourcing and revenue
African businesses.” Tanzania and Zambia, as a result of excise- management.
related pricing, and Zimbabwe, which was
Organic,
constant
Group NPR (including share of associates) (US$m) 7,421 (13) (636) 690 7,462 9 1
EBITA1 (US$m) 1,954 (4) (152) 109 1,907 6 (2)
Lager 46,768 – 1,645 48,413 4 4
Soft drinks 32,080 2 2,819 34,901 9 9
Other alcoholic beverages 7,618 (62) 62 7,618 1 –
Total beverages 86,466 (60) 4,526 90,932 5 5
1
In 2015 before a net exceptional credit of US$45 million being additional profit on disposal of a business in 2012 (2014: net exceptional charges of US$8 million being
Broad-Based Black Economic Empowerment related charges of US$33 million, net of profit on disposal of a business of US$25 million).

Strategic report | Operations review | Africa
In South Africa, strong group NPR growth Castle Lager in mainstream, price increases
of 9% on organic, constant currency basis in the context of mid-single digit inflation, and
was delivered in the context of weak growth in spirits volumes. The growth in the
economic growth. Lager volume growth latter was across the portfolio, aided by brand
of 2% was driven by market share gains, renovations and increased investment in our
selectivity in inflation-related price increases sales force.
and improved mix resulting from the double
digit growth of our premium brands Castle Stimulated by Impala, Castle Lite and
Lite and Castle Milk Stout. In the mainstream 2M, lager volumes in Mozambique grew
segment, sustained growth in Castle Lager by double digits despite the impact of
and Carling Black Label volumes was widespread floods in parts of the country
partially offset by a decline in Hansa Pilsener. in the fourth quarter. The drivers of growth
Innovation in the flavoured beer segment include selective adjustments to price points,
continued to deliver strong growth from both a revamped route to market, and a more
Flying Fish and Castle Lite Lime. Fixed costs stable political environment. This resulted
and manufacturing efficiencies produced in group NPR growth of 22% on an organic,
productivity benefits that mitigated the impact constant currency basis. Traditional beer
of the shift in consumer preferences into performance was impacted by the ban on
lower margin packs. Soft drinks volume PET which affected our Chibuku brand. The
growth of 8% in a highly competitive integration of the wines and spirits business,
environment was aided by improved acquired in the prior year, has been
trade execution, price restraint and successfully completed.
pack innovation. Strong growth
continued in 2 litre PET packs In Nigeria, group NPR growth
Castle Lite becomes

supported by the growth of
440 ml cans and 330 ml
PET bottles. Reductions in
9%
Group NPR growth on an
remained strong, with volume
growth driven by incremental
capacity, improved availability
distribution and fixed costs and continued sales and
a significant regional continued and were partially organic, constant
distribution focus. Non-
premium brand offset by discounts to manage currency basis.
alcoholic malt beverage
price points. volumes grew by double-digits.
Our regional brands, Hero and
Castle Lite strengthened its In Tanzania, lager volumes declined Trophy, are performing well on an
position as an Africa-wide by 7% due to excise-related pricing and absolute and relative basis as they establish
premium brand attracting new a weak agricultural harvest affecting rural themselves as local heartland offerings and
consumers of both genders consumer sentiment, although we still gained are resonating strongly with consumers.
and creating new occasions share of the lager market. Group NPR still Their respective contribution to the regions
for consumption. grew by 6% on a constant currency basis they service is growing and brand visibility
reflecting positive lager brand mix driven by is increasing.
Twenty-one years after its launch Castle Lite in the premium segment and
in South Africa, Castle Lite – which
is made at -2.5°C – is now enjoyed
in 11 countries. This year, regional
volumes grew by more than 20%,
with particularly strong growth
in Mozambique, Namibia, South Flavour innovation
Africa and Zambia. We are now
looking to align Castle Lite’s
drives growth
Extra Cold proposition across
the continent. Extending refreshment occasions is another
route to realising topline growth. To achieve
this, we have launched flavoured beer
innovations, such as Flying Fish in South Africa.
Flying Fish engages both male and female

drinkers from other categories on a greater
variety of occasions. The brand grew strongly
in the year supported by the introduction
of convenience packs and has now been
launched in five other African countries.
The launch of Castle Lite Lime, the first brand

extension of the very successful Castle Lite
brand, is another example of innovation with
flavour. Castle Lite Lime complements our
flavoured Brutal Fruit and Redd’s brands.

Building on our
success in mainstream
African spirits
Strategic report
We are building on our mainstream local
spirits success in Tanzania to develop the
category across Africa.
The African local spirits market is fragmented

and largely informal, with most products
being untaxed, unregulated and of low quality.
Following our 1993 acquisition of Tanzania
Breweries Limited, which included Tanzania
Distillers Limited, we have had great success.
Over the past five years, Konyagi volumes
have increased at a compound annual growth
rate of 25%. We are now looking to replicate this
success selectively with new local operations.
In the year ended 31 March 2014, we acquired
a spirits business in Mozambique and in the year
we commenced operations in Ethiopia and Nigeria.
Group NPR in Zambia grew by 3% reflecting

price increases in both lager and soft drinks Prosper
and growth in soft drinks volumes. Profitability
was impacted by an 8% decline in lager Across Africa, some of our breweries face
volumes driven by the excise-related price water supply challenges, from availability
increases taken in January 2014. Volumes to quality. Beyond our breweries, water
returned to growth in the final quarter, as scarcity limits prosperity and growth for
we cycled the excise increase, together with thousands of communities. SABMiller
strategic price repositioning and the launch of invests in partnerships to secure water
mainstream bulk packs. Soft drinks volumes for our business growth and for the water
grew by 3% resulting from increased users around us. In 2014 we funded a
availability while traditional beer volumes Water Resources Group partnership in
declined 2%. Tanzania to bring together the government
and private sector to address a number
Trading in Botswana was rejuvenated with of pressing water resource issues.
total volumes growing by 8%, driven by the Supporting African
launch of new packs, lager market share Read more about how we are partnering
gains and robust growth in the 2 litre PET to tackle water risk on page 48.
innovation
soft drinks pack.
Harmful consumption of alcohol remains In Africa, we have pioneered the use of
In Zimbabwe, consumers’ disposable a significant concern across the region. In traditional local crops such as sorghum
income remained under pressure amid a South Africa, where underage drinking is a and cassava in beer, creating new markets
negative economic environment. This has serious issue, YouDecide encourages young for small-scale subsistence farmers who
resulted in a loss in volume and increased people to make positive choices and avoid can now sell surplus crops, boosting their
demand for economy brands and packs drinking underage. Since it was introduced, income and food security. In Uganda, for
which has driven down value. Chibuku our campaign has reached more than 1,000 example, Nile Breweries directly supports
Super volumes grew by 23%. schools and over half a million students. 20,000 smallholder farmers who grow
Through the reality TV series, Future sorghum for Eagle lager, which has helped
Castel, our associate, delivered volume Leaders, it showcases ordinary teenagers us become the number one brewer in
growth of 6% with notable performances who are role models for others struggling the market.
in lager achieved in the competitive markets to do the right thing.
of the Democratic Republic of Congo Through a new exchange programme,
and Ethiopia, as well as Burkina Faso and Read more at www.youdecide.org.za
in partnership with the Royal Society in
Cameroon. This was supported by soft London, we hope to identify, nurture and
drinks growth in Angola, Algeria and the Read more about regional and country
grow local African scientific expertise to
Ivory Coast. All these factors assisted sustainability priorities and performance at
drive the next innovations in agriculture,
group NPR growth during the year. www.sabmiller.com/sam
renewable energy, water security
and sanitation.
Our associate Distell’s volume performance
was up 2% on an organic basis supported
by selective price increases and a change
in sales and brand mix.

ASIA PACIFIC
Lager volumes Where we operate
71.2m hl
1
-2% Significant business with production operations
Associates
Selling operations and major export markets
Group NPR 2.5 hl

US$3,867m
water/hl beer
-4%
2 2
+1% Our Yatala site

in Australia is
the group’s most
water-efficient
EBITA
US$768m
brewery.
China: Premium growth from Snow Draft and Brave the World;
Australia: Premium lager volumes up 7%.
1
Organic basis.
2

Operations review
Asia Pacific
Strategic report
Beverage volume decline of 2% on an organic basis being
offset by group NPR per hl growth of 3%.”
In Asia Pacific, group NPR grew by 1% on In Australia, group NPR on a constant

an organic, constant currency basis, with the currency basis declined by 2%, reflecting
beverage volume decline of 2% on an organic a volume decline of 1% and marginally lower In Australia, the integration
basis being offset by group NPR per hl group NPR per hl. Consumer sentiment
growth of 3%, reflecting pricing together with remains subdued with continued pressure on
programme delivered savings
premiumisation in China as well as a change consumer spending affecting beer category and capability build ahead
in the relative weighting of volumes in Australia volumes, which declined by low single digits.
compared with China. Reported group NPR While we gained share in a weaker market,
of expectations.”
declined by 2% reflecting the depreciation the lager volume decline reflected a softer
of currencies against the US dollar. EBITA mainstream segment, with declines in core
declined by 4% on an organic, constant brands, which was only partially offset by
currency basis and by 9% on a reported strong growth in our premium portfolio.
basis, reflecting declines in Australia together
with China, where the volume decline in the
first half of the year had a significant impact
on profitability. Reported EBITA margin
declined by 150 bps, an improvement on
the first half of the year as our associate in
China, CR Snow, returned to volume growth.
Volume and group NPR improvements in Ari Mervis
China were seen particularly in the northeast, Managing Director,
the west and the key central provinces with SABMiller Asia Pacific
a favourable impact on profitability for the
Asia Pacific region. In the second half of the
financial year, we received the first dividend
from our associate, CR Snow, amounting
to US$228 million.
Organic,
constant
Group NPR (including share of associates) (US$m) 3,944 34 (141) 30 3,867 1 (2)
EBITA1 (US$m) 845 1 (44) (34) 768 (4) (9)
Lager 71,493 1,449 (1,761) 71,181 (2) –
Other beverages 110 – (17) 93 (15) (15)
Total beverages 71,603 1,449 (1,778) 71,274 (2) –
¹ In 2015 before exceptional charges of US$452 million being US$139 million (2014: US$103 million) of integration and restructuring costs and impairments of US$313 million
(2014: US$nil).

Snow reaches Increased trade investment activities during some annualised benefits to be realised
the first half of the year, driven by investment in the next financial year. We continue
China milestone in key customer trading terms and to optimise our brewery network and
promotions in a highly competitive retail production scheduling with the closure
We celebrated the 20th anniversary of our trading environment, were largely of the Warnervale brewery and
partnership with China Resources Enterprise, compensated by price increases the announced closure of
CR Snow, in Chengdu this year. Snow is the taken later in the year which, Port Melbourne brewery and
market-leading beer in China and the biggest together with positive Campbelltown cidery, which
global beer brand.
CR Snow has been pursuing a premiumisation

momentum in the
contemporary and premium
segments, resulted in an
1%
Group NPR growth
will occur in two stages
and will be complete by
the financial year ending
strategy, which includes evolving Snow’s improved group NPR per hl on an organic, constant 31 March 2017.
positioning from that of a regional brand trend in the second half of the currency basis.
to a national one, reflecting the ambition and year. Profitability declined, In China, organic, constant
growth of China. More than 30% of CR Snow’s reflecting lower volumes and currency group NPR grew by 2%
volumes are now in the premium segment, pricing pressures. even though volume declined by
led by variants Snow Brave the World and 3%. Our associate, CR Snow, maintained
Snow Draft. The integration programme is now complete national leadership in a market that declined
and has delivered both savings and capability during the second half of calendar 2014 due
build ahead of expectations, with cumulative to an abnormally cold and wet summer peak
annualised synergies of approximately A$210 period, especially in the central provinces of
million by the end of this financial year and Hubei, Anhui and Jiangsu along the Yangtze
Australians
embrace Italian
style
Peroni Nastro Azzurro achieved

30% volume growth in Australia
in the year, as demand for it and
lower alcohol variant Peroni
Leggera continued to rise.
Peroni now represents more than

8% of the country’s premium
imported beer segment. During
the year, CUB kept Peroni’s profile
high with opinion formers and
consumers with its sleek Stile
Italiano website and sponsorship
of the fashionable Portsea Polo
meeting. The brand’s association
with the 2015 meeting, which
attracts strong media coverage,
delivered 36 million Peroni
impressions across TV, print,
radio and digital.

Strategic report
river. A return to volume growth in the final
quarter of our financial year reflected strong
performances in the northeast and west,
together with an improved trend in the key
central region. Group NPR per hl grew
by 5% driven by the continued focus on
premium brands and outlets led by Snow
Draft and Snow Brave the World.
The Kingway acquisition has been fully

integrated into the CR Snow production
grid, combining distribution channels in
four provinces and complementing the
CR Snow portfolio of brands. Authentic Australian brand rolls out nationwide
Profitability declined due to the costs CUB is building on the huge success of in February 2015, targets the contemporary
associated with the integration of Kingway, regional lager Great Northern Original with the beer segment. The Great Northern brand,
the continued investment in marketing national rollout of a variant – Great Northern which was named after CUB’s first Queensland
activities that focus on premium brands Super Crisp. brewery and features the company’s classic
and occasions, and selling and promotional marlin logo, satisfies growing consumer
expenses which anticipated a more usual Great Northern Original became the fastest- desire for authenticity.
summer peak in sales. selling beer brand in Queensland after its
2010 launch, growing by 47% last year. Great
In India, group NPR on a constant currency Northern Super Crisp, which was launched
basis grew by 6% with group NPR per hl
growth of 5% driven by price increases
taken across several states. Profitability
declined reflecting the challenging operating Prosper
environment resulting from changes in
regulatory requirements and inflationary Water scarcity is a top priority for SABMiller
input cost increases which exceeded price across the Asia Pacific region. Yatala in
realisation and state-constrained pricing. Australia continues to lead the group as
We have recognised an exceptional our most water efficient brewery, using an
impairment charge of US$313 million in average of just 2.5 hectolitres (hl) of water
respect of our Indian business, primarily to make 1 hl of beer. In India, our focus is
reflecting our assessment of the impact of on partnering with others to tackle shared
increasing regulatory and excise challenges water risks. SABMiller has invested
in the operating environment in India and the US$0.5 million to help tackle water risk in
proposed partial introduction of a national Maharashtra, along with partners including
goods and services tax (GST) which will not the International Finance Corporation.
apply to beer, so that GST on input costs
is not expected to be recoverable. Our beers are enjoyed by millions of
consumers across the region but a minority
drink alcohol irresponsibly, increasing the
risks to themselves, their families and their
communities. In Australia, the hard-hitting
DrinkWise social media campaign How
to Drink Properly speaks directly to 18 to
24-year-olds to influence them to drink
responsibly. The campaign aims to make
binge drinking less socially acceptable Local barley for local beer
among young drinkers, while encouraging
those who drink moderately to continue In India, our Saanjhi Unnati (Path to Progress)
doing so. programme supports more than 9,500
smallholder farmers to grow malting barley
Find out more at and so access a new market, increase yields
www.howtodrinkproperly.com and incomes, and improve environmental
sustainability. The programme now provides
Read more about regional and country
65% of our barley supply in India.
sustainability priorities and performance at
www.sabmiller.com/sam

EUROPE
Lager Soft drinks Where we operate
volumes volume
43.6m hl 15.5m hl
1
0% 1
+5%
Significant business with production operations
Associates
NPR 3.1 hl water/hl beer

US$4,398m
+6%
2
average
+2% 2
EBITA
US$700m
water use
across the
region.

Czech on-premise grew after several years of decline,
supported by the introduction of Gambrinus unpasteurised;
75%
of fridges
Significant progress in core brands: Kozel and Radegast purchased in
in the Czech Republic, Żubr and Lech in Poland. Europe are
HFC-free
1
Organic basis.
2

Operations review
Europe
Strategic report
Innovation has remained a key priority and our Innovation has remained a key priority
and our efforts have included core brand
efforts have included core brand renovations renovations along with innovations focused
on serving more consumers on more
along with innovations focused on serving occasions. Among the many activities were
the launches of new radler variants and
more consumers on more occasions.” flavours in a number of markets, including
Peroni Chill Lemon radler in Italy, and the
national launch of Kingswood cider in the
Czech Republic. Performance has been
Sue Clark boosted by enhanced focus on effective
Managing Director, sales execution in the marketplace and
SABMiller Europe further efficiencies.
EBITA grew 6% on an organic, constant

currency basis, and was in line with the prior
year on a reported basis. Reported EBITA
margin improved by 50 bps underpinned by
cost savings delivered as we optimise our
operating model.
In the integrated Czech Republic and

Slovakia business, group NPR was up by
4% on a constant currency basis with volume
growth of 5% reflecting strong performance
ahead of the market in both countries and
in both the on-premise and off-premise
channels. Volume growth was driven by the
In Europe, group NPR grew by 2% on an off-premise channel due to good execution
organic, constant currency basis with group of effective promotions and assisted by
NPR per hl growth of 1%. On a reported two Easter trading periods occurring in this
basis, group NPR was down 4% impacted financial year. The premium segment grew
by the weakening of European currencies strongly, boosted by the performance of
against the US dollar. Total beverage volumes Pilsner Urquell during the key occasions of
Performance was boosted were up 1% with soft drinks volumes up 5% Easter and Christmas and by the continued
by enhanced focus on and lager volumes level with the prior year. growth of Kozel 11°, while our core
Growth in the region was delivered against a mainstream brand Gambrinus continued
effective sales execution backdrop of continued economic uncertainty to decline.
in the marketplace.” and low inflation.
Organic,
constant
Group NPR (including share of associates) (US$m) 4,574 – (281) 105 4,398 2 (4)
EBITA1 (US$m) 703 – (42) 39 700 6 –
Lager 43,590 – 5 43,595 – –
Soft drinks 14,716 – 777 15,493 5 5
Total beverages 58,306 – 782 59,088 1 1
¹ In 2015 before an exceptional charge of US$63 million being the group’s share of Anadolu Efes’ impairment charge relating to its beer businesses in Russia and Ukraine
(2014: US$11 million being capability programme costs).

Strategic report | Operations review | Europe
In Poland, volumes grew by 2%, marginally In Italy, group NPR declined by 1% on a

Volume growth in a behind the market. Group NPR declined by constant currency basis driven by a volume
2% on a constant currency basis reflecting decline of 1% reflecting particularly poor
challenging market a sustained challenging pricing environment. weather during the peak season and
Channel dynamics have resulted in adverse the impact on consumer confidence of
Strong local brands are helping mix with modern trade retailers and traditional continuing economic uncertainty. These
our Polish business, Kompania trade key accounts increasing their share of market dynamics impacted the performance
Piwowarska, to capture growth. our sales. Mainstream segment volumes of both the Peroni and Nastro Azzurro
grew, driven by Żubr but partly offset brands, primarily in the on-premise channel,
In the premium segment, by a decline in Tyskie. Lech grew strongly, although this was partly offset by the stronger
our speciality lager Ksi a˛ żece
˛ benefiting from strategic repositioning performance of Peroni Chill Lemon radler.
increased volumes by 2%, along with reinvigorated marketing.
following a multi-layered marketing In Romania, group NPR was down 1% on
campaign. This involved Group NPR in the United Kingdom grew a constant currency basis with lower volumes
introducing seasonal limited by 4% on a constant currency basis being offset by price increases and
editions, building a stronger driven by the double digit volume reduced promotional support.
on-trade presence, and looking growth of Peroni Nastro Azzurro Volumes were down 2%,
to strengthen the brand’s through increased rate of sale outperforming a declining
connection and pairing with
food. In the mainstream segment,
market leader Żubr gained volume
and distribution in key outlets
and assisted by good
summer weather, offset
2%
growth in group NPR
market, with lower
Timisoreana and Ursus
volumes partly offset by
market share. This upswing was by a volume decline in the growth of Ciucas, which was
helped by a fresh and consistent Polish portfolio. On 15 May on an organic, constant
supported by new packaging.
creative platform, an effective 2015 the group announced currency basis.
pricing strategy and improved it was to acquire 100% of Anadolu Efes’ group NPR
in-store visibility. Meantime Brewing Company Ltd, growth moderated in the full year
a UK modern craft brewer. We expect after a more challenging second half
to complete the transaction in June 2015. year during which a decline in consumer
confidence in Turkey suppressed soft drinks
volumes while lager volumes continue to be
impacted by the uncertain market conditions
in Russia and Ukraine. Profitability benefited
from cost optimisation programmes. An
exceptional charge of US$63 million has
been recognised, being the group’s share of
Anadolu Efes’ impairment charge in relation
to its beer businesses in Russia and Ukraine.

Tremendous tanks
We are enhancing the perception of
– and demand for – beer by showcasing
the tank at the heart of the bar.
In parts of Europe, tanks have long
Strategic report
been used to dispense beer. We are
now moving them into the spotlight by
emphasising the taste of unpasteurised
tank beer such as Pilsner Urquell, and
in the year installed gleaming, branded
tanks in selected outlets across Europe.
To enjoy tank beer, many consumers
will travel miles, pay more and change
brands. Tanks are also enhancing the
quality reputation of draught beer.
Prosper
We continue to focus on improving resource Expanding the
efficiency across our breweries and value
chains in Europe. Returnable bottles are
Peroni family
in long-term decline in some European
markets. We are therefore devising new Birra Peroni is meeting the
packaging solutions that meet changing changing tastes of Italian
consumer needs while reducing our consumers and creating new
environmental impact. occasions for consumption with
innovative brand extensions.
Europe leads the group globally in the
purchase of HFC-free fridges. We aim to To offer greater mealtime
share lessons from Europe to help scale choice, in the year we introduced
the use of HFC-free fridges in other regions, a larger, 50cl wine bottle for
with the aim of being 100% HFC-free existing Peroni Gran Riserva
buyers by 2020. Sharing to save variants for special events and
sharing; a pure malt Peroni
Concerns about the effects of the harmful SABMiller’s diverse European product Gran Riserva extension, and a
and irresponsible consumption of alcohol portfolio and diverse packaging formats gluten-free beer for the growing
continue, and we remain committed to our makes improving carbon and water number of gluten-intolerant
multi-stakeholder partnerships to address efficiency particularly challenging. consumers. To encourage social
alcohol harm in the markets where we consumption outside mealtimes,
operate. Since 2007, SABMiller Europe has Our region-wide taskforce spearheaded we also launched Peroni Forte, an
worked with the EU Alcohol and Health an energy and water efficiency programme 8% ABV lager for after dinner. This
Forum to make voluntary commitments by sharing best practice and mentoring activity increased overall volumes
on how we market our brands, and place efficiency champions across our breweries. and awareness and, in line with
responsible drinking messages on our strategy, increased Peroni’s share
products. This year, we committed to list Collaboration has delivered significant of the premium segment.
ingredients and nutrition values for our results. We have saved 45 million hl of water
brands on our local websites. This latest – enough to fill 1,800 Olympic swimming
commitment comes from our firm belief pools – and 84,000 tonnes of CO2e –
that consumers have the right to be well equivalent to taking 17,200 small cars
informed about our beers. We are off the road – since 2010.
immensely proud of our products and
the ingredients used to produce them.
Read more about regional and country

sustainability priorities and performance at
www.sabmiller.com/sam

NORTH AMERICA
Where we operate Lager volumes
38.5m hl
-2%
Significant business with production operations
Group NPR US$2,900m

US$4,682m
+7% 0%
Spent with diverse
1 suppliers since 2008.
EBITA
US$858m
1
Organic, constant
currency basis.
Landfill-free Drive superior topline growth through our brands:
7/8
Seven of MillerCoors’ eight major
Redd’s grew volume by 36% – the second largest
flavoured malt beverage in the above premium
segment;
breweries are now landfill-free, Leinenkugel’s Summer Shandy is the largest

with Milwaukee reaching this US seasonal craft beer.
landmark in the year.

Operations review
North America
Strategic report
MillerCoors’ EBITA increased by 6% as the impact of lower
volumes and increased marketing spend was more than offset
by improved group NPR per hl and lower fixed costs.”
The North America segment includes within the growing above premium
our 58% share of MillerCoors and 100% segment with both established brands
of Miller Brewing International and our North and new offerings. However, volume In line with strategy,
American holding companies. Total North declines in the premium light, premium
America reported EBITA was 7% higher than regular and economy segments led to
MillerCoors expanded its
the prior year, driven by growth in MillerCoors. a 2% decrease in both domestic sales brand portfolio in the growing
to retailers (STRs) and domestic sales
In October 2014 we settled the litigation to wholesalers (STWs).
above premium segment.”
in Canada with Molson Coors relating to
the licence agreement for Miller trademark
brands in Canada. As a result of this
settlement, the rights to distribute Miller Tom Long
trademark brands in Canada reverted Chief Executive Officer,
to SABMiller from 1 April 2015. MillerCoors
MillerCoors
For the year ended 31 March 2015,
MillerCoors’ EBITA increased by 6% as
the impact of lower volumes and increased
marketing spend was more than offset by
improved group NPR per hl and lower fixed
costs. Group NPR was in line with the prior
year and group NPR per hl grew by 3% as
a result of firm pricing and favourable brand
mix. In line with its strategy, MillerCoors
continued to expand its brand portfolio
Organic,
constant
Restated acquisitions Currency Organic Reported growth growth
Group NPR (including share of joint ventures) (US$m) 4,665 – (1) 18 4,682 – –
EBITA1 (US$m) 804 – – 54 858 7 7
Lager – excluding contract brewing 39,400 – (892) 38,508 (2) (2)
Soft drinks 40 – – 40 1 1
Total beverages 39,440 – (892) 38,548 (2) (2)
MillerCoors’ volumes
Lager – excluding contract brewing 38,051 – (897) 37,154 (2) (2)
Sales to retailers (STRs) 37,846 n/a n/a 36,967 n/a (2)
¹ As restated (see note 1 to the consolidated financial statements). In 2014, before exceptional charges of US$5 million being capability programme costs.

Strategic report | Operations review | North America
Fast-growing Premium light volumes were down low single contributed to the full year growth within the
digits for the year, with similar declines for segment, although Miller Fortune declined
flavours both Coors Light and Miller Lite. Although in the fourth quarter as it cycled its launch in
volumes declined, Miller Lite grew share February 2014. Growth within this segment
MillerCoors has become market within the segment, which was largely was partially offset by double digit declines
leader of the fastest-growing US attributed to the brand reverting back in strategically deprioritised brands,
beer segment – flavoured malt to its original Lite packaging design, including Third Shift and Batch 19.
beverages (FMBs). emphasising its authenticity.
The premium regular segment While Miller High Life trends
MillerCoors has captured 23% of volumes were down low single showed improvement over
the FMB market in just over two
years, helped by the success of
Redd’s and its Steel Reserve Alloy
digits with a double digit
decline in Miller Genuine Draft,
partly offset by low single digit
0%
Group NPR growth on
the course of the year, the
economy portfolio declined
mid-single digits driven
Series, which meet increasing growth in Coors Banquet, an organic, constant primarily by high single digit
demand for sweeter, fruit-flavoured which has maintained currency basis. declines in both Keystone
drinks. Redd’s, its premium momentum generated by Light and Milwaukee’s Best.
FMB, grew by 36% in the year to the introduction of the stubby
become the quickest-expanding heritage bottle. The higher cost of commodities
FMB brand. Innovation is widening and other brewery inputs as well as
its appeal: the higher alcohol MillerCoors’ above premium brand portfolio the increased unit cost of premium, high
Redd’s Wicked, for instance, grew mid-single digits for the year and gained margin brand innovations resulted in a low
gained 53% of its sales in its share within the above premium segment single digit increase in input costs per hl.
first six months from wine and driven by both organic growth and new The business continued to strive for
spirits. Steel Reserve Alloy brand offerings. Double digit growth from efficiencies in its cost base, achieving cost
Series, meanwhile, is the leading the Redd’s franchise enhanced MillerCoors’ savings in procurement and through brewery
economy FMB. position within the flavoured malt beverage efficiencies. In addition, lower fixed costs
segment, while the Leinenkugel’s and were driven by a reduction in net employee
Blue Moon franchises continued to grow. benefits and pay costs, partly reflecting
In addition, brand innovations such as the organisational restructuring over the
Miller Fortune and Smith & Forge Hard Cider course of the last two years.

Prosper
MillerCoors is finding new and innovative
ways to build on its heritage of brewing
high-quality beer more sustainably,
recognising that with great beer comes
great responsibility.
Strategic report
This year’s highlights included: breaking
ground on the largest solar panel installation
at any US brewery; expanding the flagship
Free Rides programme to five new cities,
to provide consumers with free rides home;
and achieving landfill-free status in seven
of its eight major US breweries.
MillerCoors actively engages with woman-

and minority-owned businesses, as well
as 513 verified small businesses (as defined
by the US Small Business Administration).
Since 2008, cumulative spending with Safe rides home
diverse suppliers has totalled more than
US$2,900 million. Drink-driving is the number one US concern
about alcohol misuse. MillerCoors works
MillerCoors also supports entrepreneurs with partners to educate consumers
beyond its value chain. In its second year, on how to get home safely after evening
Miller Lite Tap the Future received 2,000 drinking, and provides free, safe rides.
entries as entrepreneurs competed for the
chance to claim a piece of the US$400,000 In 2014, the business provided more
prize pool. than 1.5 million people with opportunities
to take a safe journey home.
Read more about regional and country Read more at

sustainability priorities and performance at www.greatbeergreatresponsibility.com
www.sabmiller.com/sam Innovation in cider
Innovation is driving MillerCoors’
momentum in cider, America’s
fastest-growing alcohol segment.
US cider volumes have soared in

the past five years, as consumers
seek drinks that are sweeter,
Iconic brand regains varied and gluten-free. MillerCoors
is meeting this demand with two
momentum distinct but equally outstanding
brands. Smith & Forge, which is
Miller Lite has growth in its positioned to appeal to men, has
sights again after seven years become the number one cider
of declining US sales. with male drinkers in its launch
year and is already the country’s
This iconic MillerCoors brand third largest cider brand. Crispin,
sold 43 million more cans over meanwhile, is America’s leading
a six month period than it did premium artisanal cider and grew
in the same period in the prior by just over 10% as MillerCoors
year. The turnaround follows a extended distribution and
powerful marketing campaign that encouraged ‘mixology’ with
celebrates the authenticity, quality other beverages.
and taste of the original low calorie
beer. Key to the campaign is the
reintroduction of the famous white
label used when Miller Lite – and
the light beer category – was first
launched in the mid-1970s. One
in three beers consumed in the
USA is now a premium light beer.

Strategic report
Finance review
Free cash flow at US$3,233 million was strong and was

US$670 million higher than the prior year.”
Financial highlights
• The depreciation of key currencies against the US dollar had a
significant negative impact on the translation of reported results
• Group net producer revenue (NPR) declined 2% to US$26,288

million but increased by 5% on an organic, constant currency
basis; revenue down 1% to US$22,130 million
• EBITA of US$6,367 million, a decrease of 1% on the prior year

restated amount, up 6% on an organic, constant currency basis
• EBITA margin progression was in line with the prior year, up

30 bps on an organic, constant currency basis
• Adjusted profit before tax of US$5,642 million, a decrease of 1%;

profit before tax of US$4,830 million, level with the prior year
• Adjusted EPS of 239.1 US cents, a 1% decrease; adjusted EPS

in constant currency grew by 5% and by 6% excluding the prior
year net earnings impact of the disposal of our investment in
Tsogo Sun; basic EPS of 205.7 US cents, down 3%
• Total dividend for the year of 113.0 US cents per share, up 8%
• Free cash flow of US$3,233 million was US$670 million higher

than the prior year, mainly due to higher dividend receipts from
associates and joint ventures and lower interest and tax payments
• Net debt of US$10,465 million, a decrease of US$3,838 million

from the prior year; strong balance sheet, gearing down 900 bps
to 43.0% and net debt to adjusted EBITDA ratio reduced to 1.6
The group’s financial goal is to deliver a higher return to our

shareholders than our peer group, with an aspiration to be in the top
quartile. We measure our performance against this goal by assessing
total shareholder return (TSR), through growth in adjusted EPS, both
on reported and constant currency bases, and free cash flow.
Domenic De Lorenzo
Acting Chief Financial Officer We achieved adjusted EPS growth in the year of 5% on a constant
currency basis, as a result of higher operating profit, reduced finance
costs and a lower tax charge. However, after reflecting the adverse
translational impact of foreign exchange rate movements, reported
adjusted EPS declined by 1%. Adjusted EPS on a constant currency
basis and excluding the prior year net earnings impact of the
disposal of our investment in Tsogo Sun Holdings Ltd (Tsogo Sun)
was up 6%. Free cash flow at US$3,233 million was strong and was
The depreciation of key US$670 million higher than the prior year, as a result of good cash flow
generation, lower interest and tax payments and increased dividend
currencies had a significant receipts from associates and joint ventures, including the first dividend
negative impact on the from our Chinese associate of US$228 million, and the cycling of the
additional investment in our Chinese associate in the prior year.
translation of reported results.”

Strategic report
In the five years to 31 March 2015 we achieved a TSR of 121%, Group net producer revenue US$m
compared with the median of the comparator group of 85% as Components of performance
measured in accordance with the terms of our value share awards.
The differential between the two of 36 percentage points is our TSR 3.1% (5.4)%
key performance indicator as shown on page 15.
1.5%
New accounting standards and restatements
26,436
The accounting policies followed are the same as those used 26,236 0.2% 26,288
in the prior year except for the new standards, interpretations and
amendments adopted by the group since 1 April 2014, as detailed
in note 1 to the consolidated financial statements.
The adoption of these new standards, interpretations and 20141 Volume Price/ Currency 2015 Currency 2015
amendments has caused changes to our results for the year ended mix translation (Organic) translation (reported)
31 March 2014, including EBITA for the year being increased by
1
US$7 million, with a similar increase in our share of associates’ Adjusted for disposals.
and joint ventures’ non-controlling interests due to the adoption

of IFRS 10, ‘Consolidated financial statements’, IFRS 11, ‘Joint As shown in the chart above, improved price and mix contributed 3%
arrangements’, IFRS 12, ‘Disclosure of interests in other entities’, of the growth in group NPR, with price/mix gains in all divisions, while
together with revised versions of IAS 27, ‘Separate financial statements’ higher volumes contributed 1.5%. Currency movements during the
and IAS 28, ‘Investments in associates and joint ventures’. The year reduced reported group NPR by 5%, as a result of the weakening
consolidated attributable profit, total comprehensive income, balance of all our key currencies against the US dollar. The impact of acquisitions
sheet and cash flow were unaffected. Comparative information has was negligible on the prior year base as adjusted for disposals, which
been restated as detailed in note 1 to the consolidated financial principally related to the disposal of our investment in Tsogo Sun.
statements. Additional disclosures are also included in the
consolidated financial statements as a result of adopting these Group revenue declined in line with group NPR, while statutory
new standards and amendments. revenue, which relates only to the revenue of our subsidiaries,
decreased by just 1%, primarily in Europe and Australia, as a result
Key performance indicators (KPIs) of soft trading and the impact of currency weakness on translated
We use a range of KPIs to monitor progress against our strategy and results, partly offset by good revenue growth in Africa.
our financial goal, as noted on page 15. We have changed some of
our KPIs this year to align better with our strategy and remuneration Group NPR per hl decreased by 3% on a reported basis yet increased
basis, including adding a constant currency adjusted EPS growth KPI, by 3% on an organic, constant currency basis, with the primary reason
changing our volume KPI from lager to total beverages, amending our for the difference being the depreciation of our key currencies. The
EBITA margin progression KPI to be on an organic, constant currency reported figures were also impacted by the disposal of our investment
basis, replacing the capability programme benefits KPI with a cost and in Tsogo Sun, which contributed to group NPR but not volumes.
efficiency programme savings KPI and amending the TSR KPI to link On an organic, constant currency basis all divisions recorded group
to our value share awards rather than our performance share awards. NPR per hl growth as a result of favourable brand mix and selective
Further details of these changes are given on page 189. Our KPIs price increases.
and other performance indicators include non-GAAP performance
measures to assess underlying performance. These incorporate Volumes
constant exchange rates for measuring revenue and profit growth; Good volume performance was delivered by our developing markets
organic measures to exclude acquisition and divestment effects; in Africa and Latin America offset by volume declines in North America
adjusted profit measures to exclude exceptional items and and Asia Pacific, amid continued tough trading conditions and poor
amortisation of certain intangible assets; and adjusted EBITDA weather, particularly in China. Total volumes grew by 1% compared
as a key cash flow measure. Detailed definitions of these terms can with the prior year on an organic basis and by 2% on a reported basis.
be found on pages 188 and 189, and for certain items reconciliations Lager volumes were in line with the prior year on both organic and
to the nearest equivalent GAAP measure are provided below or in reported bases. On a subsidiaries only basis, excluding our share of
the notes to the consolidated financial statements. our associates’ and joint ventures’ volumes, lager volumes grew by
2% on both reported and organic bases. Soft drinks volumes grew
Net producer revenue (NPR) by 8% on both bases, driven by Africa and Latin America.
Group net producer revenue (NPR) was US$26,288 million
(including our share of associates’ and joint ventures’ NPR of Reported Organic
US$9,754 million). This represented a decrease of 2%, as a result 2015 2014 % %

hl m hl m change change
of the adverse translational impact of foreign currency movements.
However, on an organic, constant currency basis group NPR Total volumes 324 318 2 1
Lager volumes 246 245 – –
increased by 5% driven by our developing market operations in
Soft drinks volumes 70 65 8 8
Africa and Latin America, with growth also in Europe and Asia Pacific,
through a combination of improved mix, particularly brand mix,
selective pricing and volume growth.

Strategic report | Finance review continued
The following chart shows organic growth in total beverage volumes EBITA growth %
for each of the last five years. Organic, constant currency basis
12
Total beverages: organic volume growth %
3.7 3.5 9
8
7
2.6 6
1.6
1.4
2011 2012 2013 2014 2015

(restated)
2011 2012 2013 2014 2015
EBITA margin
EBITA margin at 24.2% was in line with the prior year. The chart
Input costs below shows EBITA margin by division, with Latin America, Europe
Costs of goods sold (including our share of MillerCoors’ costs of and North America making particular progress with growth of 40,
goods sold), which comprise production and distribution costs, 50 and 110 bps respectively. However, the margin in Africa and Asia
increased by approximately 1% on the prior year on a constant Pacific declined by 70 and 150 bps respectively. The disposal of our
currency per hl basis, in line with our previous guidance for the year. investment in Tsogo Sun negatively impacted the group EBITA margin
Raw material input costs were in line with the prior year. Costs per hl due to the higher margin achieved in the South Africa: Hotels and
were impacted by the higher cost of crowns and labels for packaging, Gaming division.
transactional foreign exchange impacts from depreciating local
currencies, and higher prices for adjuncts, sugar and glass. This was Reported EBITA margin performance %
offset by lower commodity prices for aluminium and European barley,
following higher prices in the prior year due to a reduced European 2014 (restated)
barley crop, and benefits from our global procurement programme 2015
38.2 38.6
through commercial negotiations and projects such as container
light weighting. Distribution costs grew by 1% in the full year on a 33.2
constant currency basis, primarily due to fuel price increases in Africa 28.7
26.3 25.6
but were offset by efficiency benefits from our cost and efficiency 24.1 24.2 24.2 24.2
21.4
programme in Latin America and South Africa. 19.9
17.2 18.3
15.4 15.9
In the forthcoming financial year, we expect both the total cost of
goods sold and total raw material input costs to increase by low single
digits on a constant currency per hl basis. This will be driven principally
by adverse transactional foreign exchange impacts in Latin America
and Africa, slightly higher barley prices and adverse mix effects. Latin Africa Asia Europe North Retained South Africa: Group
America Pacific America operations Hotels and
These will be mitigated by continuing efficiency benefits from our Gaming
cost and efficiency programme.
EBITA
We report EBITA (earnings before interest, tax, amortisation (excluding On an organic, constant currency basis, EBITA margin improved
computer software) and exceptional items) as this is the key profit by 30 bps, with similar trends as on a reported basis in each of
metric by which the group is managed and operating performance our divisions.
is evaluated internally. Segmental performance is reported after the
apportionment of attributable head office service costs. EBITDA
EBITDA, which comprises EBITA plus depreciation and amortisation
We achieved EBITA growth of 6% on an organic, constant currency of computer software, including our share of associates’ and joint
basis, with all divisions except Asia Pacific delivering growth. Reported ventures’ depreciation and amortisation of computer software,
EBITA (including the impact of acquisitions and disposals) declined by amounted to US$7,762 million for the year, a 2% reduction on the
1% compared with the restated prior year amount, to US$6,367 prior year. For retained operations only, that is excluding our share
million. The depreciation of key currencies and the disposal of our of Tsogo Sun’s EBITDA, EBITDA for the year was level with the prior
Tsogo Sun investment adversely impacted reported EBITA. The chart year. Associates and joint ventures contributed 27% of our EBITDA.
below shows the increase in EBITA for each of the last five years with
each year’s growth shown in constant currency after excluding the Exceptional items
impact of acquisitions and disposals. Items that are material either by size or incidence are classified
as exceptional items. Further details on these items can be found
in note 4 to the consolidated financial statements.

Strategic report
Net exceptional charges of US$138 million before finance costs The effective rate of tax is calculated as the ratio of adjusted tax
and tax were reported during the year (2014: US$202 million) which expense to adjusted profit before tax as shown below.
included net exceptional charges of US$63 million (2014: US$5 million)
related to our share of associates’ and joint ventures’ exceptional 2014
2015 US$m
charges. The net exceptional charges included: US$m (restated)
Taxation expense 1,273 1,173
• US$313 million charge in respect of the impairment of our business Tax on amortisation 117 123
in India; Tax on exceptional items (83) 27
• US$401 million gain, after associated costs, on the disposal of Share of associates’ and joint ventures’ taxation 157 162
our investment in the Tsogo Sun hotels and gaming business; Adjusted tax expense 1,464 1,485
• US$45 million additional gain on the 2012 disposal of our Angolan
businesses to the Castel group in Africa; Profit before tax 4,830 4,823
• US$69 million charge related to the cost and efficiency programme; Exceptional items (excluding finance costs 138 202
and exceptional items)
• US$139 million charge related to the final year of the integration Exceptional finance costs 15 –
programme and restructuring costs in Australia. Amortisation 423 436
Share of associates’ and joint ventures’ tax and 236 258
Our share of associates’ and joint ventures’ exceptional items non-controlling interests
in the year comprised a US$63 million charge relating to the Adjusted profit before tax 5,642 5,719
impairment of goodwill and intangible assets in Efes’ Russian
and Ukrainian businesses. Effective tax rate 26.0% 26.0%
In addition to the above, we incurred net exceptional costs within

finance costs of US$15 million including a charge of US$48 million The reported corporate tax charge for the year was US$1,273 million,
as a result of exercising our issuer call option to redeem in full our an increase of 9% compared with US$1,173 million in the prior year,
US$850 million 6.5% notes due 2016, partially offset by a gain primarily as a result of the tax on the exceptional profit realised on
of US$33 million on the recycling of foreign currency translation the disposal of our investment in Tsogo Sun.
reserves following the repayment of an intercompany loan.
Corporate income taxes paid can be distorted relative to the annual
Finance costs tax charge as a result of the payment of a tax liability falling outside
Net finance costs were US$637 million, a 1% decrease on the prior the financial year, and because of deferred tax accounting treatment.
year’s US$645 million primarily as a result of the reduction in net Uncertainty of interpretation and application of tax law in some
debt over the course of the year including the repayment of some jurisdictions also contributes to differences between the amounts paid
higher interest rate bonds, partially offset by foreign exchange losses. and those charged to the income statement. The amount of tax paid
Net finance costs in the year included net exceptional costs of in the year decreased to US$1,439 million from US$1,596 million in
US$15 million, as described above, which have been excluded from the prior year. The decrease was largely as a result of the significant
adjusted finance costs and adjusted EPS. Adjusted net finance costs tax prepayment in Australia in the prior year, partially offset by the
are reconciled to net finance costs in the table below. They were tax paid in relation to the exceptional gain on the disposal of our
4% lower than the prior year. Interest cover increased to 10.7 times investment in Tsogo Sun.
from 10.3 times in the prior year.
We are publishing an updated version of Our Approach to Tax
2015 2014 report for 2015 which provides details of how we manage our taxes.
US$m US$m
We are keen to develop this transparency initiative and remain
Net finance costs 637 645 committed to ensuring that our reporting reflects best practice
Net exceptional finance costs (15) –
and regulatory developments.
Adjusted finance costs 622 645
Tax revenues play a key role in funding local public services and
We expect finance costs in the 2016 financial year to be lower than supporting vibrant communities. We pay a significant amount
those in 2015 as a result of reduced net debt. of tax and in many countries we are one of the largest contributors
to government income. We are pleased that, through our business
Tax activities, our tax contributions across the world help the development
The effective rate of tax for the year (before amortisation of intangible of the many economies in which we operate.
assets other than computer software, and exceptional items) was
26.0%, the same as in the prior year. In all our tax affairs, we seek to work proactively with local tax
authorities to ensure that we comply with legislation and pay the right
We expect our effective tax rate for the forthcoming year will be amount of tax. Within this framework, we aim to adopt a balanced and
between 26% and 27%. In the medium term we continue with our commercial position, making decisions as transparently as possible.
expectation that the effective tax rate will be between 27% and 29%. We recognise that tax policy and management are a significant part
of running a sustainable and responsible business.

Total taxes borne and collected by the group, including excise and Adjusted earnings decreased by 1% to US$3,835 million. With the
indirect taxes, and including those related to our MillerCoors joint weighted average number of basic shares in issue for the year of
venture in the USA, amounted to US$10,639 million (2014: US$10,750 1,604 million, up slightly from the prior year’s 1,597 million, adjusted
million) in the year. The composition and divisional analysis respectively EPS declined in both our reporting currency of US dollars and British
is shown in the charts below. pounds. However, it increased in South African rand as a result of
the depreciation of that currency, as demonstrated in the table below.
Tax borne and collected by category
%
2015 2014 change
Excise 58%
Other indirect taxes 20% US cents 239.1 242.0 (1)
Taxes on profits 13% UK pence 147.4 152.1 (3)
South African cents 2,649.7 2,451.7 8
Employment taxes 7%
US$10,639m Tax withheld at source 2%
Taxes on property 0% On a constant currency basis, adjusted EPS improved by 5%
compared with the prior year, and improved by 6% excluding the
prior year net earnings impact of Tsogo Sun.
A reconciliation of the statutory measure of profit attributable to

equity shareholders with adjusted earnings is shown in note 8 to the
Tax borne and collected by region consolidated financial statements. On a statutory basis, basic earnings
per share were 3% down on the prior year primarily as a result of a
Developing economies higher tax charge due to the tax on the disposal of our investment
(US$7,533m) in Tsogo Sun.
Latin America 34%
Africa 25% Dividends
US$10,639m Europe 8% The board has proposed a final dividend of 87 US cents to make
Asia Pacific 4% a total of 113 US cents per share for the year – an increase of 8%
over the prior year. This represents dividend cover of 2.1 times based
Developed economies on adjusted earnings per share (2014: 2.3 times). Our guideline is
(US$3,106m) to achieve dividend cover of between 2.0 and 2.5 times adjusted
Asia Pacific 12% earnings. The relationship between the growth in dividends per share
Europe 9% and adjusted earnings per share is demonstrated in the chart below.
North America 8%
Adjusted earnings per share (EPS) and dividend per share
US cents
Profit and earnings
Adjusted profit before tax declined by 1% over the prior year to Adjusted EPS
US$5,642 million primarily as a result of the adverse impact of Dividend per share
currency depreciation more than offsetting improved constant
currency group NPR per hl reflecting positive sales mix and selective 250
price increases, cost efficiencies and lower finance costs. On a
statutory basis, profit before tax of US$4,830 million was in line with 200
the prior year for the reasons given above together with a reduction
in net exceptional charges. The table below reconciles EBITA to 150
adjusted profit before tax and to the statutory profit before tax.
100
2014
2015 US$m %
US$m (restated) change 50
EBITA 6,367 6,460 (1)
Adjusted finance costs (622) (645) 4 0
Share of associates’ and joint ventures’ (103) (96) (7) 2011 2012 2013 2014 2015
finance costs
Adjusted profit before tax 5,642 5,719 (1)
Exceptional items (138) (202) 32 It is also our intention that in future, barring exceptional circumstances,
Exceptional finance costs (15) – each year’s interim dividend will be set at 25% of the prior year’s total
Amortisation (423) (436) 3 dividend. Accordingly, the interim dividend for the forthcoming financial
Share of associates’ and joint ventures’ (236) (258) 9 year is expected to be 28.25 US cents.
tax and non-controlling interests
Profit before tax 4,830 4,823 – Details of payment dates and related matters are disclosed in the
directors’ report.

Strategic report
Business combinations, disposals Net interest paid decreased compared with the prior year to US$651
and similar transactions million from US$743 million reflecting the reduction in net debt over
The transaction with The Coca-Cola Company and Coca-Cola Sabco the course of the year, partly offset by the early redemption payment.
to form Coca-Cola Beverages Africa, which we announced in
November 2014, is still to be completed, pending regulatory approvals. Capital expenditure on property, plant and equipment for the year
was US$1,394 million (2014: US$1,401 million), and US$1,572 million
In line with our strategy to focus on our core beverage operations, (2014: US$1,485 million) including the purchase of intangible assets.
in August 2014 we completed the disposal of our investment in the We have continued to invest in brewing capacity and capability,
Tsogo Sun hotels and gaming business, which generated a post-tax principally in Africa and Latin America, together with increased
profit on disposal of US$239 million, and in January 2015 we spend on the development of digital capability, networks and
completed the disposal of our associate investment in a packaging communications. Capital expenditure of approximately US$1,600
business in Panama, which generated a profit of US$2 million. million is expected in the next financial year.
Adjusted EBITDA Free cash flow improved by US$670 million to US$3,233 million,
We use an adjusted EBITDA measure which comprises operating reflecting lower net interest and tax paid, as described above, higher
profit before exceptional items, depreciation and amortisation, and dividend receipts including the first dividend we have received from
includes our share of MillerCoors’ EBITDA, in order to provide a useful our Chinese associate, and the cycling of our increased investment in
indication of cash generation before capital expenditure. Adjusted associates in the prior year, but excludes the proceeds from the sale
EBITDA of US$6,677 million was in line with the prior year. Adjusted of our Tsogo Sun investment. Free cash flow over the last five years
EBITDA margin, including our share of MillerCoors’ net producer is shown in the chart below.
revenue, improved by 30 bps in the year to 31.7%.
Free cash flow
2014
2015 US$m
US$m
US$m (restated)
3,230 3,233
Subsidiaries’ EBITDA (see note 2) 5,690 5,720 3,048
Our share of MillerCoors’ EBITDA 987 936 2,488 2,563
(see note 2)
Adjusted EBITDA 6,677 6,656
Subsidiaries’ net producer revenue (NPR) 16,534 16,704

Our share of MillerCoors’ NPR 4,543 4,526
21,077 21,230
Adjusted EBITDA margin 31.7% 31.4%

2011 2012 2013 2014 2015
Cash flow and investment highlights

Net cash generated from operations before working capital Cost and efficiency programme
movements of US$5,680 million was in line with the prior year. In order to drive operational efficiencies additional to those delivered
This excludes cash contributions from joint ventures but includes the in the normal course of business and under the business capability
effects of cash flows from exceptional items, other than proceeds programme, we launched a cost and efficiency programme in the
from the disposal of businesses and associates. prior year. It will expand the scope of our supply chain activities,
including increasing the reach of our procurement organisation to
Cash flow from working capital was an inflow of US$132 million, more than 80% of spend under management, together with changes
principally as a result of the extension of key supplier payment terms, to its delivery model. It will also provide a global business services
partly offset by an increase in year end receivables compared with organisation delivering standardised finance, HR, procurement and
the prior year in part due to the timing of Easter, together with the data analytics services to the group’s operations, enabled by the
continued utilisation of restructuring and onerous contract provisions, global template, from central locations and restructuring of in-country
primarily in Australia. Cash generated from operations increased by back office teams. This programme will involve upfront restructuring
1% over the prior year, to US$5,812 million. costs of approximately US$350 million, of which US$69 million has
been incurred in the year bringing the cumulative costs to date to
Tax paid in the year was down to US$1,439 million from US$1,596 US$128 million. These costs exclude the further deployment of the
million in the prior year. As described in the tax section, the decrease global template and the running costs of the new global business
was mainly a result of the tax prepayment to the Australian Tax services organisation which are embedded into business as usual
Office in the prior year, partly offset by the tax paid in the year on the costs. We continue to expect cumulative direct operational efficiencies
exceptional gain made on the disposal of our investment in Tsogo Sun. and cost savings rising to approximately US$500 million per annum
by the financial year ending 31 March 2018. Savings arising from this

programme in the year and cumulatively amount to US$221 million per intangible assets, primarily brands, separately from goodwill on
annum, and are ahead of expectations at this stage of the programme. acquisitions, with intangible assets subject to amortisation and with
Efficiencies and cost savings achieved in the year were largely no amortisation of goodwill. The goodwill and intangible assets relating
delivered through our end to end, integrated supply chain, primarily in to investments in associates and joint ventures including MillerCoors
manufacturing and procurement, the reach of the latter now covering are subsumed within the investment total and not separately identified
69% of spend under management. This programme and related on our balance sheet.
benefits are incremental to the cost savings and operating benefits
delivered under the business capability programme concluded in Total assets decreased to US$44,911 million from the prior year’s
the prior year and those delivered in the normal course of business. US$53,751 million primarily as a result of the impact of currency
translation, partly offset by the profits earned and cash generated
Balance sheet in the year.
A significant proportion of the non-current assets on our balance
sheet reflect acquisitions since our listing on the London Stock Goodwill decreased to US$14,746 million, a reduction of US$3,751
Exchange in March 1999. No goodwill or intangible assets are million compared with the prior year amount, mainly as a result of the
recognised on the balance sheet in relation to businesses or brands impact of foreign exchange rate changes on goodwill denominated
that have been developed organically or were acquired prior to 1998. in currencies other than the US dollar, together with the impairment
The same policy applies to our investments in associates and joint of the goodwill in our Indian business.
ventures, including MillerCoors. Acquisitions after 1 April 1998 and
prior to the IFRS transition in 2005 were accounted for in accordance Intangible assets decreased by US$1,654 million, compared with
with UK GAAP, with intangible assets, such as brands, not separately the prior year amount, to US$6,878 million primarily reflecting foreign
recognised but instead forming part of the goodwill on the acquisition, exchange movements and amortisation, partially offset by additions
which was amortised over 20 years in most instances. On transition mainly related to the development of digital capability, networks
to IFRS in 2005, we changed our policy and have recognised acquired and communications.
Gross debt at 31 March 2015 decreased to US$11,430 million

from US$16,384 million at 31 March 2014. Gross debt comprises
borrowings together with the fair value of financing derivative assets
or liabilities held to manage interest rate and foreign currency risk
of borrowings. We repaid certain of our bonds from cash flows
generated from operations, which together with foreign exchange
benefits from our treasury risk management policy, reduced the
level of debt. Net debt (comprising gross debt net of cash and cash
equivalents) decreased to US$10,465 million from US$14,303 million
at 31 March 2014. As at 31 March 2015, we held cash and cash
equivalent investments of US$965 million (2014: US$2,081 million).
An analysis of net debt is provided in note 27c to the consolidated

financial statements. Our gearing (presented as a ratio of net debt
to equity) decreased to 43.0% from 52.0% at 31 March 2014.
Total equity decreased from US$27,482 million at 31 March 2014

to US$24,355 million at 31 March 2014. The decrease was primarily
Optimising resources owing to adverse currency translation movements and dividend
payments, partly offset by profit for the year and share-based
to reduce costs payment credits.
Our global procurement function is Financial structure and liquidity

consolidating all SABMiller purchasing, Our strong financial structure gives us adequate resources to facilitate
to better support our global integration. our continuing business along with medium-term flexibility to invest
in appropriate growth opportunities and manage our balance sheet.
The function managed 69% of spend, in line
with our March 2018 target of overseeing We finance our operations through cash generated by the business
more than 80%. Our global sourcing teams and a mixture of short and medium-term bank credit facilities, bank
continued to align themselves with best-in- loans, corporate bonds and commercial paper. In this way, we avoid
class benchmarks, to achieve our strategic over-reliance on any particular liquidity source. We use cash in hand,
priority of ’liberating resources to win in market cash from operations and short-term borrowings to manage liquidity.
and reduce costs’ and freeing our businesses
to focus on consumers and customers.

Strategic report
The following table summarises our funding structure at 31 March 2015. Currency, interest rate, commodity and credit
risk management
2015 2014 We manage the risks from foreign exchange, interest rates,
US$m US$m
commodities and credit risk within a framework of policies approved
Overdrafts (215) (213) by the board and reviewed regularly. Exposures are managed within
Borrowings (12,276) (16,783)
target hedge levels and reported regularly to the treasury and audit
Derivatives 1,114 663
committees. During the year the treasury policies were subject to
Finance leases (53) (51)
review and a number of minor revisions were approved, although the
Gross debt (11,430) (16,384) overall strategic approach remains the same. Further details on the
Cash and cash equivalents 965 2,081
current individual risk management policies are described in note 21
Net debt (10,465) (14,303)
to the consolidated financial statements. The impact of our key risk
management policies is detailed below.
Maturity of gross debt:
Within one year (1,608) (4,452)
Currency risk
Between one and two years (2,169) (842)
Our debt profile by currency at 31 March 2015 (after taking account
Between two and five years (3,121) (5,190)
of derivatives) is illustrated below.
Over five years (4,532) (5,900)
Net debt profile
The average maturity of the gross committed debt portfolio is
7.3 years (2014: 6.3 years). US dollar 51%
Other 15%
During the year we repaid a number of our maturing bonds from Australian dollar 14%
existing resources including: Euro 9%
US$10,465m South African rand 7%
• COP640,000 million IPC+7.3% Ordinary Bonds on 20 May 2014; Colombian peso 4%
• COP561,800 million IPC+6.52% Ordinary Bonds on 20 January
2015;
• US$300 million 4.875% Notes due 2014 on 1 October 2014;
• US$1,000 million 1.85% Notes due 2015 on 15 January 2015;
• €1,000 million 4.5% Notes due 2015 on 20 January 2015; and
• PEN150 million 6.75% Notes due 2015 on 19 March 2015.
Interest rate risk
We exercised our call option to redeem in full the US$850 million The weighted average interest rate for the total gross debt portfolio
6.5% Notes due 2016, with the early redemption completed on at 31 March 2015 decreased to 3.5% (2014: 3.9%) primarily reflecting
8 December 2014. the repayment of some high interest rate debt during the year.
Our committed undrawn borrowing facilities increased from US$3,274 Usage of derivative instruments
million at 31 March 2014 to US$3,644 million at 31 March 2015. Our policy only allows for the use of derivative instruments to manage
We have sufficient headroom to service our operating activities and the currency, commodity and interest rate risks arising from our
ongoing capital investment. Maturing debt in the next 18 months operations and financing activities. Our policy does not allow trading
includes US$700 million bonds due in June 2015, US$300 million in financial instruments.
bonds due in June 2016 and a number of local bank facilities. As at
31 March 2015 committed headroom including committed undrawn Currency
borrowing facilities and cash and cash equivalents was sufficient The exchange rates to the US dollar used in the preparation of
to cover all maturing facilities over the next 24 months. We have the consolidated financial statements are detailed in note 1 to the
continued to be able to access sufficient and significant funding consolidated financial statements. All of the major currencies in
from a number of sources and expect to renew maturing facilities which we operate depreciated against the US dollar over the year.
as necessary.
Accounting policies
Subsequent to the financial year end, the maturity dates of the The principal accounting policies used by the group are as shown
US$2,500 million committed syndicated facility and the SABMiller in note 1 to the consolidated financial statements.
Holdings Inc US$1,000 million committed syndicated facility were
extended to May 2020. In addition, note 1 to the consolidated financial statements details
the areas where a high degree of judgement has been applied in the
Our credit rating from Standard and Poor’s was lifted from BBB+ selection of a policy, an assumption or estimates used. These are
to A- with a stable outlook in July 2014 and in October 2014 Moody’s broadly aligned with areas of significant judgement which have been
Investors Services changed its outlook on our Baa1 rating from stable considered by the audit committee and which are reported within
to positive. the audit committee report on pages 70 to 73.
Domenic De Lorenzo
Acting Chief Financial Officer

Strategic report
Sustainable development
Our new sustainable development strategy, Prosper, is embedded in

our business strategy and will enable us to secure growth that benefits
us and local communities.
Our shared imperatives
A thriving world A sociable world A resilient world

Shared We want a thriving world where We want a sociable world where We want a resilient world where our
opportunity incomes and quality of life our beers are developed, marketed, business, local communities and
are growing sold and consumed responsibly ecosystems share uninterrupted
access to safe, clean water
Shared We will accelerate growth and We will endeavour to make beer We will secure shared water
imperative social development through our the natural choice for the resources for our business and
value chains moderate and responsible drinker local communities
By 2020 Directly support more than half Aim to reach all of our beer Secure the water supplies we
our target a million small enterprises to consumers with effective share with local communities
is to enhance their business growth communication campaigns, through partnerships to tackle
and family livelihoods and partnerships to encourage shared water risks
moderate and responsible
beer consumption
For a full list of our 2020 Prosper targets see pages 6 and 7 of our Sustainable Development Summary Report 2015.
Through our five shared imperatives (above) basic services. The decisions we make can • understanding the small businesses in
we aim to tackle the issues that are most help shape their opportunities and enable our value chain, and facilitating access to
material for our business at a local and their growth and development. essentials for their success: by enabling
international level. They give us global focus access to training, advice, financial services
and alignment, while allowing local markets Small businesses are critical to the growth of and technology, as well as new markets,
to respond to local needs. These imperatives economies, to the prosperity of communities so small businesses can improve their
are ‘shared’ because we can only tackle joint and to the success of large businesses like operations and financial skills as they
risks in partnership with those who also SABMiller. We have direct buying or selling grow; and
face them. By working together with local relationships with more than 1.5 million small
communities, suppliers, governments, enterprises. The majority are family owned, • collaborating with others: by joining forces
consumers and beyond, we can develop with many run by women. These businesses with organisations that share our goals,
shared opportunities to the benefit of all. often face significant challenges including we can deliver support more efficiently
limited access to training, business advice, and at greater scale. For example,
A thriving world financial services and markets, and we have expanded our partnership with
Our businesses throughout the world unsupportive policies and regulations. We the Inter-American Development Bank
provide direct and indirect employment, have committed to support more than half a in Latin America to focus on business
pay taxes, and help to sustain and develop million small businesses in our value chain to and community leadership in six markets,
local economies. Last year we generated grow and improve their livelihoods by 2020. and on measuring impact (read more on
US$24,299 million of economic value through page 8). We are also working with CARE
our business activities, most of which was We will achieve our goal by: International to develop metrics to measure
distributed to employees, shareholders, the impact of our programmes.
governments and local communities. • aligning it with our commercial strategy:
by making our support for small A fair approach to taxation
Businesses are an engine of job creation, businesses integral to the way our local Our third Our Approach to Tax report is
market development and economic growth. commercial teams – such as sales and published alongside this Annual Report,
Yet in many communities we are part of, procurement – work, we can be more sharing information on our tax payments and
people – especially women – face the responsive to their needs; principles. We were delighted that the prior
challenges of unemployment and lack of year’s report was recognised in the PwC
access to markets, skills, and sometimes Building Public Trust Awards as winner of the
‘Tax Reporting in the FTSE 100’ category.

Strategic report
Further reports All our companies have a sales and marketing
Find out more about our sustainable compliance committee (SMCC), which ensures
development performance in our that any proposed marketing materials
Sustainable Development Summary comply with the POCC, and with local laws
Report 2015 and our tax payments and and national self-regulatory requirements.
principles in Our Approach to Tax report. The SMCC has the power to reject, or
demand modifications to, any materials
that fail to comply.
In the year ended 31 March 2015, 66% of

our employees worldwide had participated
in alcohol responsibility training within the
last three years and local marketing agencies
A clean world A productive world had joined training on responsible marketing
practices at most of our local businesses (90%).
We want a clean world where nothing We want a productive world where
goes to waste and emissions are land is used responsibly, food supply SABMiller is a signatory to the Beer, Wine
dramatically lower is secure, biodiversity is protected and Spirits Producers’ Commitments. These
and brewing crops can be accessed align 13 global alcohol companies behind ten
at reasonable prices commitments covering: responsible product
innovation; consumer information and
We will create value through We will support responsible, marketing practices; enlisting retailers’
reducing waste and carbon sustainable use of land for support to reduce harmful drinking; and
emissions brewing crops reducing underage drinking and drink-driving
through partnerships.
Reduce the carbon footprint per litre Ensure the sourcing of our crops
of beer across our value chain by measurably improves both food In the year, to improve the enforcement of legal
25%1, including by 50% within our security and resource productivity drinking age restrictions, SABMiller undertook
breweries, by 25% across our over 10,000 stakeholder engagements with
packaging and by 25% across our governments, law enforcement and health
refrigeration carbon footprint professionals. We also featured responsibility
messaging and a link to give consumers
1
Against a 2010 base. access to further information, such as
www.talkingalcohol.com, on the packaging
of more than 70% of our brands.
The total taxes borne and collected by concern – to governments, society and
SABMiller plc and its subsidiaries and our SABMiller. We are committed to playing Read the latest progress report at
share of taxes paid by our US joint venture our part in addressing the problem in www.producerscommitments.org
during the year amounted to US$10,639 all the countries in which we operate.
million (2014: US$10,750 million). These We believe that sound principles for alcohol
include: excise, corporate and transactional We maintain a comprehensive set responsibility must be backed by action
taxes, and taxes borne by employees. of policies – publicly available – to help on the ground. In the year we ran more than
Of this total, 71% was paid in developing our employees and partners to meet 100 locally-tailored responsibility programmes
countries. The corporate tax charge for the our demanding standards on producing across our business focused on important
year was US$1,273 million (2014: US$1,173 and marketing our products in a way that social issues such as road safety, responsible
million), and our effective tax rate was encourages responsible consumption. retail practices and preventing underage
26.0% (2014: 26.0%). This year we updated our policy on consumption of alcohol. We collaborate
commercial communication (POCC) to with local partners – governments, non-
A sociable world include comprehensive digital guidelines governmental organisations, civil society
Beer brings people together. It plays a part and ensure leading standards for both our groups, and public bodies such as the
in celebrating memorable moments and is digital and traditional marketing practices. police – as we believe that responsibility
enjoyed in different ways by an amazing We seek to establish a leadership position programmes run in partnership with other
diversity of communities all around the in digital marketing by imposing age organisations are more robust and credible,
world. However, the harmful consumption affirmation mechanisms on all of our can engage more people, and are more
of alcohol remains an issue of significant social media engagement. likely to achieve the desired change.
Mackay Awards
The Mackay Awards, launched in the year to honour our
late Chairman Graham Mackay, celebrate and share the best
Prosper initiatives and innovations across the business. With
five award categories, aligned to our shared imperatives, entries
have to demonstrate both positive social and business impact.

Strategic report | Sustainable development continued
A resilient world CO2e emissions from fossil fuel energy

Water stress is holding back prosperity and used on site kgCO2e/hl lager
growth. The supply of readily available fresh 14.2 13.8
water is finite and in many watersheds quality
12.4
is declining. Economic growth, driven largely 11.1
by the middle class, combined with changing 10.3
9.42
climatic conditions will mean the number of
people living in river basins under severe
water stress will more than double between
2000 and 2050 and reach 3.9 billion people,
or 43% of the global population1.
In 2008 we set our breweries the target

of reducing water use by 25% by 2015. 2010 2011 2012 2013 2014 2015
We surpassed this target this year, achieving
an average water efficiency ratio of 3.3 hl/hl2.
In absolute terms, we used 5922 million hl Reducing brewery emissions is the first
of water to produce our lager (2014: step, but production accounts for just a fifth
Partnering to tackle 621 million hl). of our total carbon footprint. So we have
added additional focus on the key stages
shared water risk of the value chain and set a target to reduce
In South Africa, we have taken a lead role

in the ambitious public-private Strategic
3.3hl 2
water to produce 1 hl lager,

our total carbon footprint by 25% by 2020,
including a 25% reduction in both packaging
and refrigeration.
Water Partners Network, which is part beating our target of 3.5 hl/hl
of the Water Resources Group (WRG). by 2015. Returnable bottles and kegs are much
In collaboration with others, we created more resource-efficient and lower-emission
a platform for the government and throughout their lifecycle than cans, PET
private sector to work together to address Many of our breweries are in areas of water bottles or non-returnable glass bottles. 53%
a number of pressing water resource risk. Our bespoke water risk assessment of our beer was sold in returnable bottles and
challenges. These include taking practical process helps us to better understand the kegs (2014: 49%). We work with suppliers to
action to tackle water use efficiency nature and extent of local water risk, giving reduce the weight and environmental impact
and infrastructure challenges. Given the us a detailed, watershed-level, site-by-site of all packaging in the relevant market.
success of this approach, we funded picture of our water exposure. Using these
a WRG partnership in Tanzania and are data our breweries are able to identify and During the year we set a target to purchase
a leading WRG partner in India. prioritise risks and develop and implement 100% HFC-free fridges by 2020, and we
mitigation action plans. The process is now introduced a new refrigeration policy that
Read more at complete in 46 breweries across 21 countries, all new fridges must be equipped with energy
www.sabmiller.com/keeptapsrunning covering 63.8%2 of lager production volumes. management devices and LED lights,
where available.
Tackling the root causes of water stress
will require all sectors of society to work About 99% of spent grain from our breweries
collaboratively and at scale. We have been is reused by farmers for animal feed or for
Water to lager ratio hl water/hl lager investing in partnerships to secure water renewable energy, creating value as well as
for our business growth and for the water preventing waste from being diverted to
4.3 4.2
4.0 users around us (see case study, top left). landfill. During the year our breweries reused
3.7 or recycled 89.6% of their general waste3.
3.5
3.32
A clean world
Climate change is a threat to local SABMiller is an ‘A list’ performer in the CDP’s
communities and to our business. Our own Carbon Performance Leaders Index. Read our
brewery emissions and the packaging and CDP reports at www.cdp.net
trade refrigeration of our beer all have a
significant carbon footprint. A productive world
Today around a billion people already go
In the year ended 31 March 2015 fossil fuel hungry, and demand for food is growing. Our
2010 2011 2012 2013 2014 2015 emissions per hl of lager produced fell by business depends on the same, increasingly
9%, with total CO2e emissions of 1.7 million scarce land and water resources that local
tonnes2 (2014: 1.8 million tonnes), of which communities use for food crops. Our aim is
0.8 million tonnes were generated from our that, by 2020, the way we source measurably
direct use of fuels such as natural gas, coal improves both food security and resource
and oil (scope one) and 0.9 million tonnes productivity for all the crops we buy.
were generated indirectly from the production
of electricity and steam we purchase
(scope two).

Strategic report
We source locally where practical, though and position papers, as well as guidelines,
crops such as malting barley are niche training, and tools for building capability and
and can be difficult to grow, making imports sharing best practice globally. Individual
necessary in some markets. operations are ultimately held accountable
for their own performance, which often forms
To effectively support improvements in part of our senior managers’ performance
malting barley, our key crop, we need to objectives and remuneration.
look beyond our own needs to the wider
farming system it forms part of. This helps Our SD performance is measured through Achieving sustainable
us understand the role we can play in our bespoke management system, the
enabling farmers to reduce inputs such as Sustainability Assessment Matrix (SAM)
sugarcane standards
nitrogen-based fertilisers, as well as outputs (see case study, right) and is overseen by
such as greenhouse gas emissions. Water the group corporate accountability and In November Azunosa, our sugarcane
management is critical where barley is risk assurance committee (CARAC), a farming operation in Honduras, became the
irrigated in water-stressed areas. committee of the SABMiller plc board. first producer in Central America to achieve
The CARAC is chaired by Dambisa Moyo, Bonsucro® certification, demonstrating that
While malting barley remains our largest a non-executive director of SABMiller plc sustainable practices are viable for relatively
crop, cassava, maize, rice and sorghum (see pages 52 and 53 for a full list of smaller sugar operations in developing
are increasingly important for producing members). Each region also has its own countries. Our experience at Azunosa places
affordable beers that maximise opportunities CARAC, chaired by the regional managing us in a strong position to engage more
for local farmers. Creating markets for director, which meets twice a year to effectively with other suppliers. In South Africa,
sorghum and cassava by using them as review local SD performance and discuss we are supporting the locally developed
brewing materials gives small-scale emerging issues. SusFarms initiative to evolve into a full system
subsistence farmers an incentive to increase for verifying good practice.
production, so they can sell the surplus and Transparency and ethics
boost their income and food security. Buying We believe that high standards of ethical Read more at
locally also enables us to save costs and behaviour are fundamental to our long-term www.sabmiller.com/bonsucro
support local farmers in regions unsuitable future. We adopt a zero tolerance approach
for growing malting barley. to bribery and corruption and we are a
signatory to the UN Global Compact,
Aligning sustainable development committing ourselves to universally accepted
with business strategy principles in the areas of human rights, labour,
All parts of the business are responsible for environment and anti-corruption.
Prosper. This year, we focused on embedding
Prosper in the business and making it relevant Reflecting the priority we give to transparency,
for all employees. Our country managing we launched in the year a new webpage
directors used town hall meetings to launch providing additional information about our
Prosper in 29 markets, with external anti-corruption framework. This resource
stakeholder events in 18. includes links to some of the key documents
setting out our framework, including our
Our new Prosper Forum ensures the code of business conduct and ethics and Sustainability Assessment
resources and capability are in place to deliver the anti-bribery policy which supplements
our Prosper targets, approve policies, lead it, and describes our range of supporting
Matrix (SAM)
co-ordinated activities and manage potential policies, procedures and guidance.
trade-offs. It is chaired by SABMiller’s General Our bespoke management system, the
Counsel and Corporate Affairs Director We have also reviewed our whistleblowing Sustainability Assessment Matrix (SAM)
and attended by regional corporate affairs facilities over the course of the year, which was updated this year to reflect Prosper.
directors and senior leaders from each provide all employees the opportunity to SAM KPIs are based on measurable
function, such as marketing and sales, make confidential disclosures about outputs – such as water efficiency, carbon
supply chain, human resources and legal. suspected impropriety or wrongdoing. emissions or employee diversity – to assess
performance towards our 2020 targets.
The sustainable development (SD) way is Read more at
at the heart of our approach to SD, providing www.sabmiller.com/anti-corruption SAM also assesses operations against
a consistent framework and focusing global core standards for each of our five
all of our operations’ efforts and resource shared imperatives. In certain areas new
priorities. It is supported by a suite of policies core standards represent a recalibration
of our expectations in terms of overall
SD performance. All our businesses are
required to meet these standards which,
in many countries, far exceed local
1
OECD Global Environmental Outlook to 2050. 3
During the year we changed the way we measure organic regulatory requirements.
2 waste to measure dry-matter equivalent, which enables us
Information for the year ended 31 March 2015 has been
to understand the actual mass of waste material that could
subject to limited assurance by PricewaterhouseCoopers Visit our SAM portal for more detailed
otherwise be hidden by the moisture it absorbs during the
LLP. For further details of the assurance provided see the
brewing process. On a like-for-like basis, 96.0% of waste information on sustainability performance
independent assurance report on pages 34 and 35 of
was reused or recycled (2014: 95.6%).
the Sustainable Development Summary Report 2015. by country at www.sabmiller.com/sam

Strategic report | People
Valuing and empowering our people
Our success is driven by each of the 69,000 people we employ

around the world.
Taking action on health and safety We continue to support South Africa’s
Our aim is to reduce or eliminate risks of Broad-Based Black Economic Empowerment
harm to our employees, contractors, visitors, (BBBEE) initiatives aimed at growing the
customers, consumers and any others economy by including and empowering
affected by our business. previously disadvantaged citizens. More than
three-quarters of The South African Breweries
In 2014, we launched a new system of (Pty) Ltd (SAB) workforce is drawn from
governance for groupwide health and safety. previously disadvantaged groups and 66%
This enabled us to standardise reporting of its employees are black. SAB achieved
across the group, share best practice and 79.24 (2014: 75.25) in the last annual
target improvements. In 2015 we rolled out BBBEE verification, making it a level 3
a new global health and safety programme, contributor to BBBEE.
Safety Around Beverages, which sets out the
Road safety minimum standards to which all businesses In an industry traditionally perceived as
should adhere. male-dominated we are committed to
Middle-income countries have just half improving gender diversity, particularly among
of the world’s vehicles but 80% of its road It is with deep regret, however, that we our leadership. Not only are women a vital
traffic deaths1. With many of our employees report 29 employee and contractor fatalities source of talent in an increasingly pressured
on the road in these countries, we aim to in the year (2014: 15). Six of these resulted talent pool, they are also critical in ensuring
minimise this risk. from accidents involving on-site maintenance our business reflects and understands
or repairs, 15 followed motor vehicle accidents, the needs of female consumers – a key
As challenges vary by country, we have and eight resulted from robberies or assaults growth segment.
developed driver safety training programmes on our staff while on sales or trade visits.
tailored to specific local risks. In Africa, a new We have further tightened reporting Women represent 20.6% of our global
Respect the Road driver safety campaign procedures to ensure that all levels of workforce3 (2014: 19.7%) and 29.6%4 of our
trained sales and distribution employees management are aware of each of these executives and managers5 (2014: 28.4%)6.
over five weeks in such themes as vehicle incidents. In each case we undertook an The executive committee of nine people
inspection, pedestrian awareness and driver investigation and, where applicable, includes one woman. Twenty per cent of
attitude. It gave practical tips, from how to implemented measures to reduce the SABMiller’s plc board are female – below
drive on gravel roads and understanding and likelihood of such an incident recurring. the FTSE100 average of 23.6%7 – although
managing blind spots to safe long-distance women hold three of our eight independent
and bad weather driving. During the year we recorded 13,028 days lost non-executive director posts (37.5%).
through injury (2014: 12,395) and 490 major
Road safety is not an issue we can solve on injuries2. Road traffic accidents accounted Trends vary by region. For example, our
our own. In Colombia, El Salvador, Panama for the majority of major injuries and fatalities, South African business has the highest ratio
and Peru we are part of Por un buen camino and road safety was identified as a top priority of women in leadership roles, while Europe
(For a safe journey) alliances, partnering with worldwide (see case study, left). has the highest business-wide gender
NGOs, government and other businesses representation but the biggest gulf between
to improve road safety data and knowledge Valuing diversity and equality the percentage of female managers and
and promote behaviour changes and We believe that better business decisions that of female executives. We are therefore
effective law enforcement. come from groups of competent, high-calibre taking a regional approach to strengthening
individuals with a mix of skills, experience gender diversity.
1
WHO Global status report on road safety 2013. and backgrounds. We have clear policies
2
In the year we implemented new reporting guidelines, and processes in place to ensure that we Developing and retaining talent
including new standards for reporting major injuries, The global workforce is predicted to
aligned with the Reporting of Injuries, Diseases and
recruit and treat people fairly and on merit,
Dangerous Occurrences Regulations (RIDDOR) guidelines. regardless of age, gender, sexual orientation, change dramatically over the next 20 years.
3
13,489 women and 51,845 men as at 31 March 2015. religion, disability or ethnic origin. The consultancy McKinsey identifies two
4
Information for the year ended 31 March 2015 has been challenges facing global organisations – a
subject to limited assurance by PricewaterhouseCoopers SABMiller is a signatory of the UN Global geographical mismatch of skilled workers and
LLP. For further details of the assurance provided see
the independent assurance report on pages 34 and 35 Compact and has an established approach to job creation; and a growing pool of underused
of the Sustainable Development Summary Report 2015. managing human rights risks, taking account talent, driven by an ageing workforce, women
5
2,708 women and 6,440 men as at 31 March 2015. of the UN’s Universal Declaration of Human not accessing the labour market and high
6
As at 31 March 2015, 61 women and 384 men were Rights and Guiding Principles on Business youth unemployment 8.
directors of subsidiary companies included within the
consolidated financial statements. and Human Rights. This approach helps our
7
Professional Boards Forum, BoardWatch 2015. local businesses to identify and mitigate any We are responding in four ways:
8
McKinsey & Company, Help wanted: The future of work significant risks within their operations and
in advanced economies, March 2012. value chains. • we continue to enhance our career
9
Joint venture companies, such as MillerCoors, did not take support for employees, including a focus
part in the survey, nor did the ABI soft drinks business in
South Africa or our business in Vietnam.
on identifying the competencies and
experiences required to perform and

Strategic report
grow in role, so it is easier to align We regularly solicit employees’ views and
employee and business needs. We aim listen to their ideas and in 2014 we conducted
to offer appropriate and continuous career our first global employee opinion survey.
development opportunities to all our
employees, whether in their current role or
to prepare them for a new one. Everyone is
encouraged to take ownership of their own
development, supported by their manager;
40,000+
colleagues took part in our first
global employee opinion survey 9
• through our functional academies we
offer consistent training worldwide to help
employees develop the specialist skills they About 80% of respondents said they believe
need to do their jobs. In the year ended 31 strongly in our strategic direction, are proud
The next generation of March 2015 we provided an average of 4.6 to work at SABMiller and are willing to go
training days for every employee (2014: 3.9 the extra mile to help the company succeed.
African brewing innovation days), using a variety of techniques, from Almost 90% said that they ‘clearly understand
virtual, digital learning to sessions facilitated the goals of their job’ and that they ‘collaborate
The SABMiller Royal Society Exchange by leading educational institutions; well within their teams’. However, only 64% of
Programme is designed to develop Africa’s employees believe they ‘receive appropriate
brewing experts of the future. The exchange, • in 2014 we introduced a new framework recognition for a job well done’. We are
running over three years, will enable 15 newly to develop leaders across all levels and implementing initiatives across the business
qualified African PhD scientists to partner regions. This aims to ensure that the talent to improve how we show our appreciation
with UK-based academic institutions, needed to provide tomorrow’s leaders is for the hard work of our people.
conducting research in areas including identified early and properly nurtured. By
agriculture and crops, water and sanitation, the end of 2015, 44 managing directors Read about the launch of our new Mackay
and renewable energies. (MDs) will have completed a ‘Leading the Awards on page 47.
business’ programme aimed at developing
the skills and behaviours needed to operate Responsible procurement
in a changing environment. In April 2015, Through our procurement organisation,
we also held our first MD forum, bringing we have made the commitment to work only
together all our MDs to discuss strategic with suppliers that share our values. This
challenges; and commitment and our minimum requirements
are explained in our supplier code of conduct.
• we systematically manage the roles most The code, which applies to all our suppliers,
critical to delivering our business strategy, was updated this year to include respect for
and have a global succession pool – land rights.
monitored by the group’s executive
committee – in place for these roles, with We are members of the Supplier Ethical Data
candidates from all regions. In the year Exchange (SEDEX), and AIM-PROGRESS, a
LAGER we filled 80% of these critical roles with forum of leading consumer goods companies
internal candidates. that aims to enable and promote responsible
People perform better when they can be sourcing practices and sustainable supply
themselves at work. That’s why, in 2015, Delivering business success chains. A total of 976 suppliers are now
we launched LAGER (Lesbian and gay through high performance registered with SEDEX, a 32% year-on-year
– everyone respected), our UK network for We recognise and reward strong increase. SABMiller leads the AIM-PROGRESS
lesbian, gay, bisexual and transgender (LGBT) performance. Our performance management Mutual Recognition workstream, which seeks
employees and their allies. SABMiller is a system provides a framework for employees to reduce duplication in supplier assessments.
Stonewall Global Diversity Champion and to set themselves stretching individual goals. Through this workstream, in the year we
a corporate member of OUTstanding, the These goals are linked to business objectives. collected 276 ethical audits on our key
leading not-for-profit group in the UK focused Bonus payments and salary increases are suppliers and directly commissioned
on advancing LGBT rights in the workplace. linked to performance against these goals, 118 audits.
and calculated against a combination of
Find out more at www.sabmiller.com/lgbt individual achievement and overall company By working with our suppliers on reducing
performance. areas of non-compliance, we have helped
131 of them to improve working conditions
Listening and engaging on their sites and meet the standards
with employees required in our supplier code of conduct.
Our employees play a crucial role in our Under our supplier accreditation programme,
success. We respect the right to union key global suppliers have also signed up to
representation and 42.8% of employees are the key provisions of our anti-bribery policy
union members (2014: 40.9%). Many of our and provided insights into their efforts to
businesses have developed productive eliminate bribery and corruption from their
partnerships with trade unions on collective supply chains.
bargaining and other issues.

Governance
Board of directors
1. John Manser – Chairman Member of: Corporate accountability Previous appointments: He was the 7. Dinyar Devitre – Non-Executive
Appointed to the board: 1 June 2001 and risk assurance committee Chief Financial Officer of Rio Tinto plc Director
John will be stepping down from the board Executive committee and Rio Tinto Limited and the senior Appointed to the board: 16 May 2007
at the conclusion of the 2015 annual independent director of Cadbury plc. Skills and experience: Dinny brings both
3. Jan du Plessis – Independent
general meeting. Non-Executive Director and Member of: Audit committee financial expertise and strategic counsel
Skills and experience: John was Chairman Designate Remuneration committee to the group. He has extensive experience
appointed as Chairman in December 2013, Appointed to the board: Nomination committee of managing global fast-moving consumer
having been a non-executive director 1 September 2014 goods corporations.
5. Mark Armour – Independent
since 2001. He has a comprehensive Jan will become Chairman on 23 July 2015, Non-Executive Director Current appointments: A nominee
understanding of the SABMiller group and replacing John Manser who is stepping of Altria, he is a member of the board of
of the global beverage industry. He also Appointed to the board: 1 May 2010 Altria, a special adviser at General Atlantic
down at the conclusion of the 2015 Skills and experience: Mark brings
has an extensive knowledge of the banking annual general meeting. LLC, and a director and chairman of the
and financial services industries and is an strategic and financial expertise to the audit committee of Markit Group Ltd. He
experienced chairman, having previously Skills and experience: Jan has an board and has significant experience is also the Executive Chairman of Pratham
chaired the boards of a number of excellent record as a chairman of major of managing an international group. USA, serves as a trustee of the Brooklyn
listed companies. international groups with developing market Current appointments: He is a Academy of Music and is a trustee
footprints and a wealth of experience of non-executive director of Tesco plc, emeritus of the Asia Society.
Current appointments: He is the international consumer businesses.
chairman of Hannam and Partners and and a director of the Financial Reporting Previous appointments: His career
the deputy chairman of Marlborough Current appointments: He is chairman Council, the UK’s independent regulator with the Altria group of companies spans
College Council. of Rio Tinto plc and Rio Tinto Limited. responsible for promoting high quality a 35 year period in which he served in
Previous appointments: Previously the Previous appointments: In his earlier corporate governance. a variety of senior positions. Before his
chairman of Intermediate Capital Group plc, career he was Group Finance Director Previous appointments: He was retirement in 2008, he served as the Senior
Shaftesbury PLC and deputy chairman of Compagnie Financière Richemont, previously Chief Financial Officer of Reed Vice President and Chief Financial Officer
of Colliers CRE plc, he has also held a the Swiss luxury goods group. He has Elsevier (now RELX). Prior to joining of Altria. He was also a director and
number of directorships in the financial also served as a non-executive director and Reed Elsevier in 1995 he was a partner chairman of the Corporate Governance
services industry including chairman of subsequently chairman of British American of Price Waterhouse in London. and Public Policy Committee at Western
Robert Fleming Holdings. He is a former Tobacco plc, as a non-executive director Member of: Audit committee (Chairman) Union Company.
member of the President’s Committee of and chairman of the audit committee Remuneration committee Member of: Audit committee
the British Banking Association, a director of Lloyds Banking Group plc and as a
non-executive director and senior 6. Geoffrey Bible – Non-Executive 8. Lesley Knox – Independent
of the Securities and Investments Board Director Non-Executive Director
and is a past chairman of the London independent director of Marks
Investment Banking Association. and Spencer Group plc. Appointed to the board: 1 August 2002 Appointed to the board: 19 May 2011
Member of: Corporate accountability Member of: Nomination committee Skills and experience: Geoff has held Skills and experience: Lesley brings a
and risk assurance committee 4. Guy Elliott – Deputy Chairman senior roles in a number of multinational wealth of strategic and financial experience
and Senior Independent Director companies and has a wealth of experience across a range of businesses and is an
Nomination committee (Chairman) of global consumer products businesses. experienced remuneration committee
2. Alan Clark – Chief Executive Appointed to the board: 1 July 2013 chairman. She qualified as a solicitor in
Current appointments: He is a nominee
Appointed to the board: 26 July 2012 Skills and experience: Guy has extensive of Altria Group, Inc. (Altria), and was the UK and as an attorney in the USA.
experience of operating in both developed appointed to the board following Current appointments: She is a
Skills and experience: Alan has and developing markets, having previously
an extensive knowledge of the global completion of the Miller Brewing Company non-executive director of Centrica plc
held a variety of finance, marketing, strategy transaction. He is also a member of the where she chairs the remuneration
beverage industry, having held a number and general management positions
of management roles with the group, advisory board of Metalmark Capital LLC. committee and is a trustee of the
throughout his career. Grosvenor Estates and chairman of
both in beer and soft drinks. He became Previous appointments: He is the former
Managing Director, SABMiller Europe, in Current appointments: He is a chairman and CEO of the Philip Morris Grosvenor Group Limited. She is
2003 and was appointed as an executive non-executive director of Royal Dutch Shell group of companies, the former chairman involved with a number of arts and
director and Chief Operating Officer of plc and chairman of its audit committee. He of Altria and Kraft Foods Inc. and a past charitable organisations.
SABMiller plc in 2012, before becoming is a member of the UK Takeover Panel and non-executive director of News Previous appointments: She was
Chief Executive in April 2013. chairman of the Panel’s Code Committee. Corporation Ltd. previously with British Linen Bank,
Current appointments: He does not Member of: Nomination committee becoming governor in 1999 and was
have any external appointments. Corporate accountability and risk subsequently a founder director of
assurance committee
3.
8. 11. 7.
16. 12. 2.
10.

British Linen Advisers. She was chairman Previous appointments: Before his director of Comunican S.A., Cine Colombia Previous appointments: She was
of Alliance Trust plc, senior non-executive current appointment in the Civil Service, S.A. and the Queen Sofia Spanish Institute. Group Finance Director of the John Lewis
director of Hays Plc and spent 15 years he was Chief Executive of the Major Previous appointments: He began his Partnership and has previously held a
with Kleinwort Benson, first in corporate Projects Authority (a partnership between career in investment banking at Goldman, number of senior positions at the Lloyds
finance and then as chief executive of the the Cabinet Office and HM Treasury). He Sachs & Company, subsequently working Banking Group and Kingfisher plc. She is
institutional asset management business. was previously the chairman of Leyshon for SG Warburg & Co., where he served as also a former member of the Accounting
Member of: Audit committee Energy Ltd, President and Chief Executive the Director of Overseas Advisory Division Standards Board. She spent her early
Remuneration committee (Chairman) Officer of Talisman Energy Inc., an executive and Violy, Byorum & Partners, where he career at Unilever and McKinsey & Co.
director at BP plc and a member of the was Senior Managing Director. Member of: Audit committee
9. Trevor Manuel – Independent Accenture Energy Advisory Board.
Non-Executive Director 13. Alejandro Santo Domingo Dávila Nomination committee
Member of: Corporate accountability – Non-Executive Director Corporate accountability and risk
Appointed to the board: 1 March 2015 and risk assurance committee
Appointed to the board: assurance committee
Skills and experience: Trevor is a former Remuneration committee
minister in the South African Government. 9 November 2005 15. Howard Willard – Non-Executive
Nomination committee Skills and experience: Alejandro has Director
He brings a wealth of experience in
advising multilateral organisations on 11. Dambisa Moyo – Independent a deep knowledge of the global beverage Appointed to the board: 1 August 2009
emerging market development and Non-Executive Director industry and of the Latin America region. Howard will be stepping down from the
sustainability. Appointed to the board: 1 June 2009 Current appointments: He is a nominee board at the conclusion of the 2015 annual
Current appointments: He is Deputy Skills and experience: Dambisa is a of the Santo Domingo Group, appointed general meeting.
Chairman of Rothschild South Africa, global economist and commentator on to the board following completion of the Skills and experience: Howard has
serves on the International Advisory Board the macro-economy and global affairs. Bavaria transaction. He is Managing considerable global business experience
of the Rothschild Group and is a director She has wide-ranging expertise in Director at Quadrant Capital Advisors, Inc., and an extensive knowledge of the fast-
of Swiss Re AG. economic and business trends on the and serves on the boards of Valorem S.A., moving consumer goods industry.
Previous appointments: He was a African continent, with a particular focus Comunican S.A., Caracol Television S.A.,
Millicom International Cellular S.A. and D.E Current appointments: He is a nominee
minister in the South African Government on socially responsible business. of Altria, becoming their Chief Operating
Governance
for more than 20 years, 13 of which he Current appointments: She is a Master Blenders B.V. He is the treasurer
of Aid for AIDS charity, a member of Officer in 2015. He serves on the Executive
served as Finance Minister. During his non-executive director of Barclays PLC Advisory Council for the Robins School
ministerial career he assumed a number and Barrick Gold Corporation. the board of trustees of The Metropolitan
Museum of Art and is also a member of the of Business at the University of Richmond.
of ex officio positions at international bodies, Previous appointments: She was an Previous appointments: He has held
including the United Nations Commission board of the US-based DKMS Americas
economist at Goldman Sachs, where she Foundation, WNET (Channel Thirteen) a number of senior roles throughout the
for Trade and Development (UNCTAD), worked for nearly a decade, and was a Altria family. Prior to his current role he was
the World Bank, the International Monetary and the Wildlife Conservation Society.
consultant to the World Bank in the Executive Vice President and Chief
Fund, the G20, the African Development Washington, D.C. Previous appointments: He was
employed at Violy, Byorum & Partners, Financial Officer of Altria. Before joining
Bank and the Southern African Member of: Corporate accountability Altria, Howard worked at Bain & Company
Development Community. Investment Bankers where he was
and risk assurance committee (Chairman) focused on mergers and acquisitions and Salomon Brothers Inc.
10. John Manzoni – Independent 12. Carlos Pérez Dávila – in telecommunications, media and 16. Stephen Shapiro – Group Company
Non-Executive Director Non-Executive Director consumer goods. Secretary and Deputy General Counsel
Appointed to the board: 1 August 2004 Appointed to the board: Member of: Nomination committee Appointed as Group Company
John will be stepping down from the board 9 November 2005 Secretary: 1 November 2014
at the conclusion of the 2015 annual 14. Helen Weir – Independent
Skills and experience: Carlos has Non-Executive Director Stephen joined SABMiller in 2002 and
general meeting. extensive experience of the global beverage was appointed Group Company Secretary
Skills and experience: John has Appointed to the board: 19 May 2011
industry and of operating in the Latin in November 2014. He is Chairman of
extensive experience of leading global America region. Skills and experience: Helen has the International Chamber of Commerce
operations and delivering complex extensive financial and retail expertise, UK Expert Committee on Anti-Corruption.
Current appointments: He is a nominee with senior management experience in a
challenging projects. In his 24 years at BP, of the Santo Domingo Group and was He is also Deputy General Counsel, with
he contributed to the company’s global number of UK and international companies. responsibility for managing the internal
appointed to the board following completion
growth and held senior strategic and of the Bavaria transaction. He is Managing Current appointments: She is the commercial legal function, managing
operational leadership roles at global, Director at Quadrant Capital Advisors, Inc., Chief Finance Officer of Marks and Spencer material legal risk, and developing group
regional and local level. chairman of the board of Caracol TV S.A. Group plc, a trustee of Marie Curie and an policy in key areas.
Current appointments: He is Chief and serves on the board and executive independent non-executive director of the
Executive of the Civil Service in the UK. committee of Valorem S.A. He is also a Rugby Football Union, the national body
for rugby in England.
9.
4. 14. 5.
6.
15.
13.
1.

Governance
Executive committee
The executive committee (excom) is 1. Mark Bowman – Managing Director, 2. Alan Clark – Chief Executive
SABMiller Africa Appointed to the executive committee:
appointed by the Chief Executive after Appointed to the executive committee: 1 October 2000
1 October 2007
consultation with the board. It comprises Mark was appointed Managing Director
Alan’s biography can be found on page 52.
3. Sue Clark – Managing Director,
the Chief Executive, the Chief Financial of SABMiller Africa in 2007 and has been
instrumental in developing SABMiller’s
SABMiller Europe
Appointed to the executive committee:
Officer, regional managing directors and beer and soft drinks operations on the
African continent since then. Following the
10 February 2003
directors of group functions. Its purpose is consolidation of SABMiller’s South Africa

beverage business and Africa division into
Sue was appointed Managing Director,
SABMiller Europe in June 2012. She joined
to support the Chief Executive in carrying one region for management purposes, he
became Managing Director of the enlarged
SABMiller in 2003 as Corporate Affairs
Director. Before this, she held a number
out the duties delegated to him by the board. SABMiller Africa region on 1 July 2014. of senior roles in UK companies, including
that of Director of Corporate Affairs for
He joined The South African Breweries
In that context, excom executes the strategy Limited (SAB Ltd) in 1993 and has held
Railtrack Group and Scottish Power plc.
various senior positions in the group
and budget approved by the board. It also including Managing Director of Kompania
Piwowarska S.A., Managing Director of
ensures that regular management reports ABI (the soft drinks division of SAB Ltd)
and Chairman of Appletiser.
are presented to the board, that effective He is an independent non-executive
internal controls are in place and director of Tiger Brands Limited.
functioning, and that there is an effective

risk management process in operation
throughout the group.
2.
3.
4.
8.
6.

4. John Davidson – General Counsel 5. Domenic De Lorenzo – Director 7. Tony van Kralingen – Director: 9. Ari Mervis – Managing Director,
and Corporate Affairs Director, of Group Strategy and Acting Chief Integrated Supply & Human SABMiller Asia Pacific and Chief
SABMiller plc Financial Officer, SABMiller plc Resources, SABMiller plc Executive Officer, Carlton & United
Appointed to the executive committee: Appointed to the executive committee: Appointed to the executive committee: Breweries
1 August 2006 1 July 2011 1 February 2003 Appointed to the executive committee:
John joined the group as General Counsel Domenic was appointed Director of Group Tony was appointed Director: Integrated 1 October 2007
and Group Company Secretary in 2006. In Strategy in 2014 and Acting Chief Financial Supply & Human Resources, SABMiller plc Ari was appointed Managing Director,
November 2014 he assumed responsibility Officer in February 2015. He is a Chartered in October 2008. He joined The South Asia Pacific and Chief Executive Officer
for regulatory affairs, communications Accountant (SA), completing his articles African Breweries Limited (SAB Ltd) in 1982 of Carlton & United Breweries in 2011.
and sustainable development, and is now at Arthur Young, and joined SABMiller’s and has held a number of senior positions He joined ABI, the soft drinks division
General Counsel and Corporate Affairs corporate finance team in 1996 from UAL in the group, including that of Chairman of The South African Breweries Limited
Director. Before joining SABMiller, he Investment Bank in South Africa. He has and Chief Executive Officer, Plzenský (SAB Ltd), in 1989 and has held various
spent his entire legal career at Lovells, held a number of senior positions in the Prazdroj a.s. and, most recently, Chairman senior positions in sales, marketing, finance
a leading international law firm, where he group, including that of Director, Corporate and Managing Director: SAB Ltd. He is and general management. He has held
was a partner from 1991, specialising Finance and Development for Europe accountable for group procurement, the position of Managing Director, SABMiller
in international corporate finance, cross and the Americas, Director of the global technical, planning, distribution and R&D, Asia, Managing Director of Appletiser and
border mergers and acquisitions, and corporate finance and development team, and human resources. Managing Director of SABMiller operations
corporate governance advisory work. and Director, Group Strategy & Corporate Tony intends to retire at the end of in Russia and Australia.
Governance
He was the Chairman of the GC100 group Development. December 2015. He is a director of the Melbourne Business
(the association of general counsel and School, and Chairman of China Resources
company secretaries of companies in 6. Nick Fell – Marketing Director, 8. Karl Lippert – President, SABMiller
SABMiller plc Snow Breweries.
the FTSE 100) for 2010 and 2011. Latin America
Appointed to the executive committee: Appointed to the executive committee:
1 August 2006 1 January 2011
Nick was appointed Marketing Director, Karl was appointed President, SABMiller
SABMiller plc in 2006. He has extensive Latin America in 2011. He joined the group
experience in developing global in 1992 and has extensive experience in
commercial strategy and previously held the global brewing industry. He has held
senior roles in Cadbury Schweppes Plc a number of senior positions in the group
and Diageo plc. including that of President of Bavaria S.A.
and Managing Director of Kompania
Piwowarska S.A.
5.
7.
1.
9.

Governance
Corporate governance
Dear Shareholder
This report describes how our board applies the UK Corporate
Governance Code (the Code) and its general approach to corporate
governance. I believe the purpose of governance is to facilitate
effective, entrepreneurial and prudent management to deliver the
long-term success of the company. The role of the board is to
oversee the governance of the company, setting strategy,
providing leadership, supervising management and reporting
to shareholders on stewardship.
In some ways, this has been a year of transition for the board,
following a number of membership changes, with the expected
election of new directors at the annual general meeting and
recruiting a new chief financial officer. I am confident that with
Jan du Plessis assuming his role as my successor it will be a
smooth and successful transition.
John Manser Looking back on my time as Chairman, I am delighted to say

Chairman that the board has functioned effectively, with members working
well together, and providing appropriate challenge and support to
management. The year’s board evaluation, carried out by our Deputy
Chairman Guy Elliott and our Group Company Secretary, supported
such impressions. However, as discussed below, it also showed
we should think further about senior executive succession planning
and talent development, and should ensure that the board makes
enough time to focus on crucial issues. As noted below, it also
suggested that we review the terms of reference of the corporate
accountability and risk assurance committee (CARAC).
Our full board membership is set out in this report. In summary,

movements to and from the board this year were the retirement
of Miles Morland on 24 July 2014, the resignation of Jamie Wilson
as Chief Financial Officer with effect from 18 February 2015, and
the appointment of Jan du Plessis on 1 September 2014 and of
Trevor Manuel on 1 March 2015. Javier Ferrán and Dave Beran will
Our board follows the main be standing for election at the annual general meeting on 23 July
2015, on which date John Manzoni, Howard Willard and I will retire.
recommendations of the Code in Board and management succession has been an important focus
terms of the responsibilities of the during the year, and the board is very conscious that ensuring high
quality managers and directors lead the company into the future
key committees – the nomination is one of our most important functions.
committee, the audit committee
Our board follows the main recommendations of the Code in terms of
and the remuneration committee. the responsibilities of the key committees – the nomination committee,
However, governance is about the audit committee and the remuneration committee. However,
governance is about much more than the board and its committees.
much more than the board and its Executive management, and indeed all our employees, have a part to
committees. Executive management, play in setting and complying with our policies and ethical standards.
Our audit committee has particular oversight of our anti-bribery and
and indeed all our employees, whistleblowing policies and their implementation, and the CARAC has
have a part to play in setting overseen the launch of Prosper, our new sustainable development
ambition. In 2014 the Code was revised with notable changes
and complying with our policies including an increased focus on how risk is governed, managed and
and ethical standards.” described, with new provisions on the robust assessment of solvency
and liquidity, continuing monitoring of systems, and a statement
on business viability. We will be mindful of these as we review our
systems and processes to ensure that we are in a good position
to report in compliance with this enhanced disclosure in next
year’s annual report.
John Manser
Chairman

Leadership
Board of directors
We currently have 15 directors: our Chairman (John Manser); eight independent non-executive directors; five non-executive directors
whom we do not consider to be independent; and one executive director (Alan Clark, the Chief Executive). The independent non-executive
directors include Jan du Plessis, who is our chairman designate, and Guy Elliott, who is our Deputy Chairman and Senior Independent
Director. Short biographies of each of the directors are on pages 52 and 53. After Jamie Wilson stood down as an executive director and
Chief Financial Officer, Domenic De Lorenzo was appointed as Acting Chief Financial Officer. Domenic De Lorenzo, whose biography
can be found on page 55, is a member of our executive committee. As described in the nomination committee report, a process has
been initiated to appoint a permanent Chief Financial Officer.
John Manser, who has been a director since 2001 and delayed his proposed retirement to chair the board and provide stability following
the untimely death of Graham Mackay, will step down as Chairman at the conclusion of the 2015 annual general meeting. He will be replaced
by Jan du Plessis who has a strong track record as a chairman of international groups (Rio Tinto and BAT). There were no significant
Governance
changes to the Chairman’s external commitments during the year. In light of his impending appointment as our chairman, this year
Jan du Plessis stood down as a non-executive director of Marks and Spencer Group plc.
Guy Elliott succeeded John Manser as the Deputy Chairman and Senior Independent Director on 18 December 2013 when John was
appointed as Chairman. Guy is a highly experienced business leader who is well placed to influence the governance of the company
and to meet the responsibilities of his roles.
At this year’s annual general meeting we will also see the retirement of John Manzoni. John joined the board in 2004 and has contributed
considerable insight to the deliberations of the board, the remuneration committee, the nomination committee, and the CARAC. In addition,
as announced in May 2015, Altria has nominated Dave Beran for appointment to the board, to succeed Howard Willard who retires following
the 2015 annual general meeting. Dave brings considerable global business experience to the board. Howard leaves with our gratitude
for his valued contributions to the board over the last six years.

|
Governance Corporate governance continued
Our governance framework

The size and certain aspects of the composition of our board and our audit, nomination and corporate accountability and risk assurance
committees continue to be determined in part by the terms of our relationship agreements with our two largest shareholders, Altria Group, Inc.
and BevCo Ltd (a holding company of the Santo Domingo Group). Both agreements have been approved by SABMiller’s shareholders.
Our agreement with Altria limits the size of the board to a maximum of 15 directors, of whom no more than two are to be executive directors,
up to three are to be non-executive directors nominated by Altria, up to two are to be non-executive directors nominated by BevCo, and
up to eight (including the chairman) are to be non-executive directors nominated by the board. Our agreement with BevCo allows it to
nominate up to two non-executive directors for appointment to the board.
Altria and BevCo have each exercised their right under their respective agreements to nominate one director for appointment to the nomination
committee, being Geoff Bible and Alejandro Santo Domingo respectively. Both Altria and BevCo have the right to nominate directors for
appointment to the corporate accountability and risk assurance committee (CARAC), which Altria has exercised (nominating Geoff Bible)
but BevCo has not. Altria has also exercised its right to nominate one director (Dinyar Devitre) for appointment to the audit committee.
Board of directors1
Chairman Chief Executive Chief Financial Officer Seven independent

Responsible for leadership Responsible for the day to day Responsible for managing all non-executive directors
of the board and presiding management of the business in aspects of the finance function,
over its meetings accordance with the strategy providing strategic input to the Five non-independent
approved by the board board and executive committee, non-executive directors
and supporting the Chief nominated by our two major
Executive in the delivery shareholders
of the group’s strategy
Board Committees
Remuneration committee Audit committee Nomination committee

Members: Three independent Members: Four independent non-executive Members: The Chairman and four non-
non-executive directors directors and one non-executive director executive directors (two independent and
nominated by Altria one each nominated by Altria and BevCo
Role: Determines the reward strategy
respectively)
for the executive directors and senior Role: Assists the board in fulfilling its
management, to align their interests oversight responsibilities regarding in Role: Ensures the board and senior
with those of the shareholders particular the company’s financial and management team have the appropriate
corporate reporting, risk management and skills, knowledge and experience to
internal controls, and the independence operate effectively and to deliver the
and effectiveness of the external auditors group’s strategy
Corporate accountability and risk assurance committee Disclosure committee

Members: The Chairman, Chief Executive, Chief Financial Officer Members: The Chairman, Deputy Chairman, Chief Executive,
and three non-executive directors Chief Financial Officer, one other non-executive director and
the General Counsel, and the Group Company Secretary
Role: Assists the board in the discharge of its responsibilities
in relation to corporate accountability, including sustainable Role: Ensures compliance with the Disclosure and Transparency
development, corporate social responsibility and corporate Rules and the Listing Rules
social investment
Management committee
Executive committee
Members: Chief Executive, Chief Financial Officer, four regional managing directors and four directors of key group functions
Role: Assists the Chief Executive with the development and implementation of the group’s strategy, the management of the business
and the discharge of responsibilities delegated by the board
Numbers of directors shown are after the changes planned at the 2015 annual general meeting. The Chief Financial Officer role is currently vacant. Domenic De Lorenzo is Acting Chief Financial Officer.
1

Our application of the UK Corporate Governance Code
The board applied all of the main principles and provisions of the Code throughout the year ended 31 March 2015, except in the
following respects:
1. The Code recommends that at least half the board, excluding the Chairman, should comprise non-executive directors determined by
the board to be independent. This recommendation was not met during the period between the planned retirement of Miles Morland
at the conclusion of the 2014 annual general meeting, held on 24 July 2014, and the appointment of Jan du Plessis on 1 September 2014.
However, during this period the board was not scheduled to meet and no meetings took place.
2. Our audit committee did not consist solely of independent directors. Under our relationship agreement with Altria, as approved by
shareholders in 2002 and in 2005, Altria has the right to nominate a director to the audit committee, and has nominated Dinyar Devitre,
who the board does not consider to be an independent director for the purposes of the Code. The board nevertheless considers that
the composition of the audit committee remains appropriate, given Altria’s interest as the company’s largest shareholder. Dinyar Devitre
is a former Chief Financial Officer of Altria and the board considers that his experience and background in financial matters and his
Governance
independence from management mean that the effectiveness of our audit committee in discharging its functions is considerably
enhanced and not compromised by his membership.
3. The Code recommends that the performance evaluation of the boards of FTSE 350 companies should be externally facilitated at least
every three years. In respect of the year under review, given the temporary nature of John Manser’s appointment as Chairman, the board
concluded that rather than carry out such a review towards the end of John Manser’s tenure it would be more beneficial to conduct
an externally facilitated performance evaluation early in the tenure of the new chairman, Jan du Plessis. As described in the Chairman’s
statement, and detailed later in this report, the board did carry out a formal and rigorous evaluation of the performance and effectiveness
of the board, its principal committees, its individual directors and the Group Company Secretary. The board intends to conduct an
external evaluation during the current financial year.
4. The Code was amended for financial years beginning on or after 1 October 2012 to provide that external audit contracts should be put out
to tender at least every 10 years. The company has not tendered its external audit contract within the last 10 years. Since 2012, developing
UK market practice has been to conduct an audit tender to coincide with rotation of the lead audit engagement partner. Richard Hughes,
the lead audit engagement partner from PwC, our current external auditors, is scheduled to rotate at the conclusion of the audit for the
year ending 31 March 2016. However in light of the process underway to appoint a new Chief Financial Officer we have determined that
an audit tender should be undertaken during the 2016 calendar year for the start of the financial year ending 31 March 2018 to allow time
for a new Chief Financial Officer to be appointed and to become established.

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Board meetings and attendance

Board and committee meetings are held in an atmosphere of direct, robust and constructive challenge and debate among board and
committee members. During the year we held eight board meetings. Individual directors’ attendance at board and committee meetings
and at the annual general meeting is set out in the table below.
In the few instances when directors could not attend a board or committee meeting, any comments which they had on the matters to
be considered were given in advance to the chairman of the meeting, to the General Counsel, or to the Group Company Secretary.
Directors’ attendance (1 April 2014 to 31 March 2015)
Board Audit Remuneration Nomination CARAC

Attended
Independent Attended Possible Attended Possible Attended Possible Attended Possible Attended Possible AGM
P J Manser N/A 8 8 4 4 1 1 Y
A J Clark N/A 8 8 1 1 Y
J S Wilson N/A 6 6 1 1 Y
M H Armour Yes 8 8 4 4 3 3 Y
G C Bible No 8 8 4 4 1 1 Y
D S Devitre No 8 8 4 4 Y
J P du Plessis Yes 6 6 2 2 N/A
G R Elliott Yes 8 8 3 4 2 3 4 4 Y
L M S Knox Yes 7 8 3 4 3 3 Y
T A Manuel Yes 2 2 N/A
J A Manzoni Yes 7 8 3 3 3 4 1 1 Y
M Q Morland Yes 2 2 1 1 2 2 Y
D F Moyo Yes 8 8 1 1 Y
C A Pérez Dávila No 7 8 Y
A Santo Domingo Dávila No 8 8 4 4 Y
H A Weir Yes 7 8 3 4 4 4 1 1 Y
H A Willard No 8 8 Y
• Guy Elliott was unable to attend the remuneration and audit committee meetings in May 2014 due to a long-standing commitment which pre-dated his appointment to the committee.
• Helen Weir was unable to attend the board and audit committee meetings in September 2014 as the timing coincided with the release and presentation of her employer’s financial results.
• John Manzoni, Carlos Pérez and Lesley Knox were unable to attend the board meeting in October 2014, which was called at short notice to consider the creation of Coca-Cola Beverages Africa.
• Lesley Knox was unable to attend the audit committee meeting in March 2015 due to a pre-existing business commitment.
• John Manzoni was unable to attend the nomination committee meeting in March 2015 due to a pre-existing business commitment.
Presentations to the May 2014 July 2014 September 2014

SABMiller plc board Topic: The refreshed corporate affairs Topic: Shareholder and institutional Topic: Market overview and business
strategy, the reputation of SABMiller investor engagement in relation to performance in China
and an update on licence to the annual general meeting
Presenters: Managing Director,
trade issues
Presenter: General Counsel and SABMiller Asia Pacific and the General
Presenter: Corporate Affairs Director, Group Company Secretary Manager of China Resources Snow
SABMiller plc Breweries
Location: London, United Kingdom
Location: London, United Kingdom Location: Chengdu, Sichuan Province,
China
Topic: The launch of the Mackay
Topic: The challenges and Awards, presented within the SABMiller
opportunities in South Africa including group for programmes aligned to our Topic: Chief Executive’s review
the proposed transaction to form five Prosper shared imperatives which of senior executive succession
Coca-Cola Beverages Africa have delivered positive returns for our
Presenter: Chief Executive
businesses and local communities
Presenters: Chairman, SABMiller
Location: Chengdu, Sichuan Province,
Beverages South Africa and Presenter: Chief Executive
China
the Managing Directors of Beer
South Africa and Amalgamated
Beverage Industries

The work of the board Matters reserved for the board
The board brings leadership to the group and sets strategic There is a schedule of matters that are dealt with exclusively by
objectives, determines investment policies, agrees on performance the board. These include approval of financial statements, the
criteria, and delegates to management the detailed planning and group’s business strategy, the annual capital expenditure plan,
implementation of those objectives and policies in accordance major capital projects, significant changes to the group’s
with appropriate risk parameters determined by the board. The management and control structure, material investments or
board monitors achievement against objectives and compliance disposals, risk management strategy, sustainability and
with policies by holding management accountable for its activities environmental policies, and treasury policies.
through monthly and quarterly performance reporting and budget
updates. The board receives regular briefings from the Chief Each standing board committee has specific written terms of
Executive, the Acting Chief Financial Officer, the General Counsel reference issued by the board and adopted in committee. The terms
and Corporate Affairs Director, and from the Group Company of reference of the audit, remuneration and nomination committees
Secretary on legal, regulatory and corporate governance matters. are available on the company’s website. All committee chairmen
Other members of our executive committee (regional managing report orally on the proceedings of their committees at the next
Governance
directors and directors of key group functions) make regular meeting of the board, and the minutes of all board committee
presentations to the board, enabling directors to explore and meetings are circulated to all board members.
interrogate specific issues and developments in greater detail.
The board also schedules visits to our regions, normally holding The membership and work of these committees are described
two meetings a year outside the UK, allowing directors the opportunity on the following pages. From time to time other ad hoc committees
to meet in-country management. A number of the presentations may be constituted for specific projects or tasks.
made by management during the year are shown in the table below.
At the end of each board meeting, the non-executive directors Conflicts of interest
meet without management present. Our directors are required to avoid situations where they have,
or can have, a direct or indirect interest that conflicts, or may conflict,
with the company’s interests. As permitted by the Companies Act
2006, the articles of association of the company allow the board to
authorise potential conflicts of interest that may arise and to impose
such limits or conditions as it thinks fit. Procedures are in place
for the disclosure by directors of any potential conflicts and for the
appropriate authorisation to be sought if a conflict arises. These
procedures continue to operate effectively. There were no actual
or potential conflicts of interest which were required to be authorised
by the board during the year ended 31 March 2015.
October 2014 November 2014 January 2015 March 2015

Topic: The Coca-Cola Beverages Topic: One Africa – covering Topic: Presentations covering key Topic: As part of the board’s
Africa transaction key priorities and opportunities, other matters in the Latin America region annual dedicated strategy meeting
focus areas and outlook for the year members received presentations
Presenters: Managing Director, Presenters: President, SABMiller
on strategic choices
SABMiller Africa and the Director Presenter: Managing Director, Latin America and regional and
of Group Strategy, SABMiller plc SABMiller Africa local management Presenters: Chief Executive, Director
of Group Strategy and Acting Chief
Location: London, United Kingdom Location: London, United Kingdom Location: Lima, Peru
Financial Officer, and General Counsel
Topic: The progress of the business Topic: Global brands performance,
cost and efficiency programme and challenges and opportunities
a review of the CUB acquisition
Presenter: Director: Global Brands
Presenter: Chief Financial Officer
Location: Lima, Peru
Topic: The development of our

end-to-end supply chain
Presenter: Director: Integrated
Supply & Human Resources
Location: Lima, Peru

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Roles and responsibilities
Roles of the Chairman, Chief Executive, as well as through regular circulation to the board and the
Deputy Chairman and Senior Independent Director inclusion in the board papers of reports on comments from, and
The Chairman and Chief Executive have separate roles and the exchanges with, shareholders, investor bodies and analysts.
division of responsibilities between them is set out in a written
statement of responsibilities approved by the board. The roles of executive and non-executive directors
Our executive directors are responsible for proposing strategy
The Senior Independent Director serves as an additional contact and for making and implementing operational decisions. Our
point for shareholders. He is also available to fellow non-executive non-executive directors complement the skills and experience
directors, either individually or collectively, to discuss any matters of the executive directors. They bring independent judgement
of concern in a forum that does not include the Chairman, the and constructive challenge to the boardroom and contribute to
executive directors or other members of the management team. the formulation of strategy, policy and decision-making through
The statement of responsibilities of the Deputy Chairman and their collective wealth of knowledge and experience of other
Senior Independent Director was last revised following Guy Elliott’s businesses and sectors.
appointment and was approved by the board at its meeting in
March 2014. The Group Company Secretary
The Group Company Secretary acts as secretary to the board and
Our Chairman and Deputy Chairman are both available to consult its committees and attended all meetings during the year under
with shareholders throughout the year. The board is kept informed review. The current Group Company Secretary, Stephen Shapiro,
of the views of shareholders through regular updates from was appointed on 1 November 2014, succeeding John Davidson
the Chairman, the Deputy Chairman, the General Counsel and who stepped down from the role following the assumption of his
Corporate Affairs Director, and the Group Company Secretary, additional corporate affairs responsibilities, but who still attends
all board and committee meetings as General Counsel.
The board’s committees and the executive committee The disclosure committee
The board currently operates six committees. The disclosure committee consists of the Chairman, the Deputy
Chairman, the Chief Executive, the Chief Financial Officer, any one
The composition of the audit, disclosure and executive committees other non-executive director, the General Counsel and Corporate
is set out below. Affairs Director, and the Group Company Secretary. The function of
the disclosure committee, in accordance with our inside information
The composition and work of the nomination, remuneration and policy, is to meet as and when required to ensure compliance with
the corporate accountability and risk assurance committees are the company’s obligations to disclose inside information under the
included on pages 63 and 64. UK’s Disclosure and Transparency Rules and the Listing Rules,
as guided by the General Counsel and by the Group Company
The audit committee Secretary. It also aims to ensure that the routes of communication
During the year under review the audit committee was chaired by between executive committee members, the disclosure committee,
Mark Armour, who first joined the committee on 1 May 2010 and the Group Company Secretary’s office and investor relations are
has been its chairman since 6 June 2013. Mark Armour is a qualified clear, and can enable any decision regarding potential inside
accountant and, as the former chief financial officer of Reed Elsevier, information to be escalated rapidly to the disclosure committee,
has recent and relevant financial experience. He was a partner key advisers and the board.
of Price Waterhouse until 1995, and is currently a non-executive
director of Tesco plc, and a member of its audit committee, The executive committee
and a director of the Financial Reporting Council. The board delegates responsibility for proposing and implementing
the group’s strategy and for managing the group to the Chief
Dinyar Devitre, Guy Elliott, Lesley Knox and Helen Weir also served Executive, Alan Clark, who is supported by the executive committee
on the committee throughout the year. Dinyar Devitre has been (excom), which he chairs. Excom members are appointed by
a member of the committee since 16 May 2007, Guy Elliott since Alan Clark, after consultation with the board. The other members
25 July 2013 and Lesley Knox and Helen Weir since 19 May 2011. of excom are the Chief Financial Officer, regional managing directors
The board is satisfied that the Chairman, Dinyar Devitre, Guy Elliott, and directors of key group functions (corporate finance and strategy,
Lesley Knox and Helen Weir have recent and relevant financial legal and corporate affairs, marketing, and integrated supply
experience. Miles Morland served on the committee until his and human resources). Excom’s purpose is to support the Chief
retirement at the conclusion of the annual general meeting on Executive in carrying out the duties delegated to him by the board
24 July 2014. and, in that context, it executes the strategy and budget approved
by the board and, through the Chief Executive, reports on these
Biographical information concerning Mark Armour and members matters to the board.
of the committee is set out on pages 52 and 53.
Excom also ensures that effective internal controls are in place and
Further details of the work and responsibilities of the audit committee functioning, and that there is an effective risk management process
are included in the audit committee report on pages 70 to 73. in operation throughout the group. The audit committee reviews the
risk management processes put in place by excom and the board
reviews the group’s significant risks, following excom’s review of
those risks.

The nomination committee report
John Manser
Chairman of the nomination committee
During the year the nomination committee was chaired by The committee also used the services of external consultants,
John Manser, with Geoff Bible, Guy Elliott, John Manzoni, Heidrick & Struggles and JCA Group, in the appointment of
Governance
Alejandro Santo Domingo and Helen Weir being members Trevor Manuel and Javier Ferrán respectively. Again strong
throughout the year. Miles Morland served on the committee until shortlists were produced from which Trevor Manuel and
his retirement on 24 July 2014. Jan du Plessis joined the committee Javier Ferrán were chosen, both of whom the committee
on his appointment as a director on 1 September 2014. John regards as outstanding candidates.
Manser and John Manzoni will step down from the committee
on their retirement on 23 July 2015, after which Jan du Plessis will Neither JCA Group nor Heidrick & Struggles has any other
become chairman. connection with the group, except that JCA Group has been
retained to assist in the process of appointing a permanent
The committee considers the composition of the board and its Chief Financial Officer, and certain offices of Heidrick & Struggles
committees, and the retirement, appointment and replacement of have been retained previously by various group companies
directors, and makes appropriate recommendations to the board. to assist in executive recruitment in one or more countries at
The nomination committee has continued to evaluate the balance levels below the executive committee.
of skills, knowledge and experience of the board and remains
committed to the progressive renewal of the board to ensure Tenure of the board as at 31 March 2015
orderly succession.
0–2 years 3
The committee considers diversity in terms of age, experience, 2–4 years 3
gender and balance of skills when making appointments to the 4–6 years 3
board. Five of the last 11 independent non-executive directors 6+ years 6
appointed to the board were women, and currently three out
of eight of the company’s independent non-executive directors
are women. The board comprises members from diverse
backgrounds and nationalities. The committee believes that
the company is well positioned in terms of the future balance
of the board. Balance of the board as at 31 March 2015
Where vacancies arise, the committee prepares a description Chairman 1

of the role and capabilities required for the appointment. Executive director 1
Independent non-executives 8
Appropriate succession plans for the non-executive directors, Nominated non-executives 5
executive directors, and senior management are also kept
under close review.
Where non-executive vacancies arise, the committee may

use external consultants to identify suitable candidates for the
board to consider. During the year the committee successfully Background of the board members as at 31 March 2015
concluded the search for a new Chairman and two other
independent non-executive directors. In respect of the Chairman, British 6
an external search firm, JCA Group, was retained. It produced South African 3
a strong list of candidates, a number of whom were shortlisted Colombian 2
for consideration by the nomination committee on the basis of American 1
their relevant skills and experience. As a result Jan du Plessis Australian 1
was recommended for appointment on the basis of his Indian 1
considerable experience and ability. Zambian 1

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The remuneration committee The corporate accountability and risk assurance

committee (CARAC)
Lesley Knox
Chairman of the Dambisa Moyo
remuneration committee Chairman of CARAC
During the year the remuneration committee consisted entirely Dambisa Moyo chaired the committee throughout the year,
of independent directors: Lesley Knox (Chairman), Mark Armour, with Geoff Bible, Alan Clark, John Manser, John Manzoni,
Guy Elliott and John Manzoni. John Manzoni will stand down and Helen Weir serving as members for the entire period. Jamie
from the committee on his retirement as a director at the 2015 Wilson was a member of the committee until 18 February 2015.
annual general meeting. The committee is responsible for John Manzoni will step down from the committee on his retirement
the assessment and approval of a remuneration strategy for on 23 July 2015. The General Counsel and Corporate Affairs
the group, for the operation of the company’s share-based Director, John Davidson, met regularly with Dambisa Moyo to
incentive plans and for reviewing and approving short-term and discuss the agenda and implementation and planning issues,
long-term remuneration for executive directors and executive and attends all meetings of the committee.
committee members.
The committee’s objective is to assist the board in the discharge
The remuneration committee has implemented a strategy of of its responsibilities in relation to the group’s alcohol policies
ensuring that employees and executives are rewarded for their and corporate accountability, including sustainable development,
contribution to the group’s operating and financial performance corporate social responsibility and corporate social investment.
at levels which take account of industry, market and country More details of the committee’s activities are in the sustainable
benchmarks. To ensure that executive and company goals development review section of this report and in our separate
are aligned, share incentives are considered critical elements sustainable development summary report, which is available
of executive incentive pay. During the year the committee on our website. The terms of reference of this committee, and
engaged Kepler Associates, which has no other connection in particular its role and responsibilities in relation to risk vis-à-vis
with the company, as consultants. The company’s management the audit committee and board, are under review. The recent
engages other consultants on a project basis at levels below board effectiveness evaluation identified this as an area that
the executive committee. would benefit from further clarification.
Details of the company’s remuneration policy and the work During the year the committee continued to focus on company
of the remuneration committee during the year, including the specific and industry issues that are critical to protecting our
shareholder consultation on the vesting levels of share options licence to trade, and on risks in this area. Particular areas of
at threshold performance, are in the directors’ remuneration focus included our longer term sustainable development aims.
report on pages 74 to 96. This culminated in the launch of Prosper, our new sustainable
development ambition which identifies five shared imperatives
that impact on our businesses and local communities. The
committee also reviewed the implementation of our groupwide
policy for health and safety.
The committee normally meets twice each year, but during

the course of the year the committee changed the timing of its
meetings from March and September of each year to May and
November of each year, to align more closely with the group’s
external reporting calendar. As a result, the November 2014
meeting was the only meeting held during the year ended
31 March 2015.

Effectiveness The results of the performance and effectiveness assessment
processes were reviewed in full and approved by the board. Matters
Composition of the board identified as requiring more focus in the coming year included senior
The board continues to believe that its overall composition remains executive succession planning and talent development, and ensuring
appropriate, particularly in regard to the independence of character additional time on the board’s agenda to focus on the most important
and integrity of all our directors, and the experience and skills they issues (such as deep dives into major markets, brand performance,
bring to their duties. It also believes that there is an appropriate innovation and plans to improve performance in markets facing
balance of skills, collective experience, independence, background, headwinds). As noted above, it was also suggested that the CARAC’s
knowledge and gender among our non-executive directors to enable terms of reference be revised.
them to discharge their duties and responsibilities effectively.
A review of the performance of the Group Company Secretary
Independence was carried out by the Chairman and Deputy Chairman, on behalf
The board considers eight directors – Mark Armour, Jan du Plessis, of the board, and it concluded that both before and after the change
Guy Elliott, Lesley Knox, John Manzoni, Trevor Manuel, Dambisa in office holder on 1 November 2014, the performance of the
Governance
Moyo and Helen Weir – to be independent for the purposes of the Group Company Secretary has been effective.
Code. The board considers five non-executive directors not to be
independent for the purposes of the Code: Geoff Bible, Dinyar All directors, except for John Manser, John Manzoni and Howard
Devitre and Howard Willard, as they are nominees of Altria, the Willard, will be standing for election or re-election at this year’s annual
company’s largest shareholder; and Alejandro Santo Domingo general meeting. The nomination committee confirmed to the board
and Carlos Pérez, as they are nominees of BevCo, the company’s that each of the existing directors offering themselves for election
second largest shareholder. or re-election continues to perform effectively and to demonstrate
commitment to their role and that it believes that Javier Ferrán and
Under the Code, a chairman is not considered to be an independent Dave Beran who are offering themselves for election for the first
director but is required to be independent upon appointment. When time, will bring considerable strategic, financial and international
John Manser retires as Chairman at the 2015 annual general experience to the board.
meeting, Jan du Plessis, an independent non-executive director,
will become Chairman. Information and training
Our Group Company Secretary is responsible for advising the
Board, committee and director performance evaluation board, through the Chairman, on matters of corporate governance.
Performance evaluations are carried out each year and are reported The board and its committees are supplied with full and timely
in the subsequent annual report. With the current Chairman’s tenure information, including detailed financial information, to enable directors
coming to an end at the AGM in July, the board intends to conduct to discharge their responsibilities, and for the committees to undertake
an externally facilitated performance evaluation next year, early in their duties. All directors have access to the advice of the Group
the tenure of Jan du Plessis. Company Secretary. Independent professional advice is also available
to directors in appropriate circumstances, at the company’s expense.
For the year ended 31 March 2015 a formal and rigorous evaluation During the year ended 31 March 2015 none of the directors sought
of the performance of the board and its main committees (audit independent external advice through the company.
committee, remuneration committee and CARAC) has been carried
out. To facilitate rich, open and frank discussion the evaluation was When directors join the board, tailored induction programmes are
performed by way of interview with directors and aided by a tailored arranged which involve industry specific training and include visits
agenda. These interviews were led by Guy Elliott, our Senior to the group’s businesses and, as appropriate, meetings with senior
Independent Director and Stephen Shapiro, our Group Company management. New directors are also briefed on their duties to the
Secretary. The performance evaluation of the board committees company and their obligations as directors of a listed company,
was carried out through a tailored questionnaire. Following the on internal controls at head office and business unit level and on
interviews and the return of the questionnaires reports were compiled relevant company policies and governance related matters.
and presented to the respective committees and the board.
The company is committed to the continuing development of
The performance of board members was reviewed and appraised directors to help them build on their expertise and develop an ever
by the Chairman and the Senior Independent Director, in consultation deeper understanding of the business and the markets in which
with the Group Company Secretary. group companies operate. Members of board committees are
encouraged to attend internal and external briefings and courses on
In reviewing the performance of the board and its committees, aspects of their respective committee specialisms. Regular updates
the Chairman and the Senior Independent Director both concurred on relevant legal, regulatory, corporate governance and technical
that, measured against the principal duties expected of them, the developments are presented to committee members at each
board and its standing and ad hoc sub-committees continued to meeting and, as appropriate, to the full board. The Chairman
operate effectively, including in their support of management, in considers the training and development needs of the board and
monitoring of performance, and in maintaining the board’s strategic discusses these with the respective directors as necessary.
oversight. The performance of each of the directors was considered
to be more than satisfactory, with each director having applied him
or herself diligently and been fully engaged in the discharge of his
or her responsibilities.

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Outside appointments Accountability

Non-executive directors may serve on other boards provided that
they continue to demonstrate the requisite commitment to discharge As noted in the section describing matters reserved for the board,
their duties effectively to SABMiller. The nomination committee keeps the directors are ultimately responsible for corporate reporting, risk
under review the extent of directors’ other interests to ensure that management and internal control. There is a regular schedule for the
their external commitments do not compromise the effectiveness board to consider the group’s principal risks and mitigating actions.
of the board and do not give rise to conflicts of interest. The board is The principal risks and uncertainties facing the group are set out
satisfied that all the non-executive directors commit sufficient time to on pages 16 and 17.
their duties as directors of the company; the non-executive directors
standing for election or re-election have confirmed that they have Risk management
sufficient time to fulfil their respective obligations to the company. The group’s risk management system is designed to manage
– rather than eliminate – the risk of failure to achieve business
The board firmly believes in the benefit to the group of our executive objectives. There is a continuous process in place for identifying,
directors and members of the executive committee accepting assessing, managing, monitoring and reporting on the significant
non-executive directorships of other companies to widen their risks faced by individual group companies and by the group as
experience and knowledge. Accordingly, subject to the agreement a whole. This process has been in place for the year under review
of the board, executive directors and executive committee members up to the approval of the annual report and accounts. The group’s
are permitted to accept external non-executive board appointments risk management system is subject to regular review to ensure
and to retain any fees from those appointments. compliance with the Code and the Financial Reporting Council
guidance to directors on internal control and risk management
During the year under review none of the executive directors held (the FRC Guidance). The Financial Reporting Council has recently
any such appointment. Of the executive committee members, updated the provisions of the Code on risk management and internal
Mark Bowman is a non-executive director of Tiger Brands Limited, control and has published new guidance. The revised Code and
a company listed on the Johannesburg Stock Exchange, and new guidance do not apply to SABMiller in respect of the year
Ari Mervis is a director of the Melbourne Business School. under review but apply in respect of the current year.
Retirement of directors Audit committee

The company’s articles of association require that new directors A description of the composition of the audit committee during
are subject to election at the first annual general meeting following the year is included in the section dealing with the board and its
their appointment, and that directors are subject to retirement and committees. Information on the responsibilities and work of the
re-election by shareholders every three years. The re-appointment audit committee is set out in the audit committee report on
of non-executive directors is not automatic. However, the board pages 70 to 73.
has determined that all directors will stand for re-election annually.
Independent non-executive directors who have served for nine
years will only be asked to stand for re-election if the board remains
satisfied both with their performance and that nine years’ continuous
service has not compromised their continuing independence.
Induction of new directors
Upon appointment to the board Jan du Plessis (right, centre)

received a tailored induction which included meetings with
members of the executive committee and leaders of corporate
centre and group functions. As part of the board visits to China
and Peru, he met with senior members of in-country management
responsible for executing our sales and distribution strategies
and visited breweries and outlets. He will continue to meet with
other executives throughout the year. Trevor Manuel’s induction
commenced with a briefing on his responsibilities as a director
of a company listed on the London and Johannesburg stock
exchanges, and meetings with the managing directors of
SABMiller Africa and SAB Ltd. His induction into SABMiller
will continue throughout the next 12 months.

Executive committee
The excom has specific responsibility for implementing the group’s Key features of the systems of internal control are:
system of risk management and views the careful and appropriate
management of risk as a key management role. It reviews our • the risk management system described above;
significant risks and subsequently reports to the board on material • written policies and procedures within our businesses;
changes and the associated mitigating actions. Reviews of the • clearly defined lines of accountability and delegations
effectiveness of the risk management system were carried out of authority;
by excom in April and October 2014 and in March 2015, and • management of operating risk by using appropriate
reported to the audit committee. infrastructure, controls, systems and people throughout
the businesses;
Enterprise-wide risk management • business continuity planning, including preventative and
Managing business risk to deliver opportunities is a key element contingency measures, back-up capabilities and the
of all our business activities, and is undertaken using a practical purchase of insurance;
and flexible framework that provides a consistent and sustained • maintenance of a state of preparedness towards compliance
Governance
approach to risk evaluation. Business risks, which may be strategic, with Section 404 of the US Sarbanes-Oxley Act through the
operational, financial, environmental, reputational, are understood identification and testing of key financial controls under the
and visible. The business context determines in each situation internal financial control (IFC) programme. This is a voluntary
the level of acceptable risk and controls. initiative, which strengthens internal control systems and
processes within the group;
• risk management policies and procedures including
Key features of our system of risk management are: segregation of duties, transaction authorisation, monitoring,
financial and managerial review and comprehensive reporting
• group statements on strategic priorities, purpose, values and analysis against approved standards and budgets;
and ethics; • a treasury operating framework and group treasury team,
• clear business objectives and business principles; accountable for all treasury activities, which establishes
• an established risk policy; policies and manages liquidity and financial risks, including
• a continuous process for identification and evaluation of foreign exchange, interest rate and counterparty exposures,
significant risks to the achievement of business objectives; and incorporates group and regional treasury committees
• management processes to mitigate significant risks to an that monitor these activities and compliance with the policies.
acceptable level; Treasury policies, risk limits and monitoring procedures
• continuing monitoring of significant risks and internal and are reviewed regularly by the audit committee on behalf
external environmental factors that may change our risk of the board, with the policy having been refreshed in the
profile; and year under review; and
• a regular review of both the type and amount of external • a group tax policy and tax operating framework which forms
insurance purchased, bearing in mind the availability of cover, the basis of tax governance across the group and is managed
its cost and the likelihood and magnitude of the risks involved. by our group tax function which monitors tax risk and
implements strategies and procedures to manage it, and
which is also reviewed regularly by the audit committee
on behalf of the board.
In addition to excom’s bi-annual reports to the board on key risks,

there is a process of regular reporting to the board through the audit
committee on the status of the risk management process. Strategic
planning, internal audit and other risk control specialist processes
are integrated into line management’s risk processes and simplified Assurance on compliance with systems of internal control and on
risk reporting. their effectiveness is obtained through regular management reviews,
reviews of key financial controls, internal audit reviews including
Key reports include those that identify, assess and monitor strategic, programme assurance for large change projects, testing of certain
financial, reputational and operational risks in each country, division, aspects of the internal financial control systems by the external
and group function and on a group basis. auditors during their statutory examinations and regular reports
to the audit committee by the internal and external auditors.
Internal control Our regional and group function finance, control and assurance
The FRC Guidance recommends internal control practices for committees consider the results of these reviews within each region
UK listed companies to assist them in assessing the application and group function twice each year, together with feedback from
of the Code’s principles and compliance with the Code’s internal country audit committees, to confirm that controls are functioning
control provisions. and to ensure that any material breakdowns and remedial actions
have been reported to the appropriate boards of directors. In relation
Our systems of internal control are designed and operated to to our associated undertakings or joint ventures, these matters
support the identification, evaluation and management of risks are reviewed at the level of the associates’ or joint ventures’
affecting the group. These include controls in relation to the financial boards or other governing committees.
reporting process and the preparation of consolidated accounts, but
extend across all areas of operations. They are subject to continuous
review as circumstances change and new risks emerge.

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At the half year and year end the members of regional and country Internal audit
business executive committees, each of our functional directors Our global internal audit function consists of the group internal audit
(corporate finance and strategy; legal and corporate affairs; team, led by the Chief Internal Auditor, plus regional and country
marketing; and integrated supply and human resources), each of audit functions that operate in each of the group’s principal areas of
the direct reports to the Chief Financial Officer (finance and control, business. The regional and country functions are centrally directed
global business services including information technology, internal by the group internal audit team. The country internal audit functions
audit, tax, treasury and investor relations) are required to submit are jointly accountable to local senior finance management and
to the Group Company Secretary, on behalf of the board, formal regional heads of internal audit. They also have direct access
letters of representation on compliance with internal controls and accountability to local audit committees and the Chief
and key policies. Notification of continuing or potential significant Internal Auditor.
financial, regulatory, environmental and other exposures is also
required to be given. These letters of representation are supported Internal audit reviews, all of which are risk-based and include
by back-to-back letters from the executive committees of all global provision of assurance over financial, operational, IT and
business functions and country operating businesses, and cover transformation programme activities, are performed by teams of
the entire group. Material matters reported in these letters are appropriately qualified and experienced employees. Third parties
reported to the audit committee. may be engaged to support audit work as appropriate. The Chief
Internal Auditor, who reports jointly to the audit committee and
Executive directors and executive committee members sit on the Chief Financial Officer, has direct right of access to, and regular
the boards or management committees of major associated meetings with, the audit committee chairman and prepares formal
companies such as MillerCoors, CR Snow, Anadolu Efes and reports for each audit committee meeting on the consolidated
Castel. Directors and members of the executive committee also activities and key findings of the global internal audit function.
make annual written declarations of interests and are obliged to The audit committee also has unrestricted access to all internal
report without delay any potential or actual conflicts of interest audit reports, should it wish to review them.
which may arise.
Our global internal audit function uses a standardised groupwide
The directors are responsible for the group’s systems of internal internal audit methodology which is in compliance with the
control and for reviewing their effectiveness annually. The board International Standards for the Professional Practice of Internal
has conducted a review of the effectiveness of the group’s internal Auditing of the Institute of Internal Auditors. The function operates
controls covering material financial, operational and compliance a formal global quality assurance and effectiveness programme.
controls and risk management systems for the year under review.
Where necessary, actions were taken to remedy any weaknesses An annual process gathers feedback against specific performance
identified by the board’s review of the internal control system. criteria from a broad range of executive management at the group,
The systems of internal control are designed to manage, rather regional and country levels and from certain board members. This
than eliminate, the risk of failure to achieve business objectives process, supplemented by results from the function’s own quality
and can provide reasonable, but not absolute, assurance against assurance reviews, provides a basis for the annual review of the
material misstatement or loss. In reviewing these, the board has effectiveness of the global internal audit function (coordinated by
taken into account the results of all work carried out by internal the Group Company Secretary) and results in a report to the audit
and external auditors. committee to support the committee’s formal annual assessment
of the effectiveness of internal audit. In addition, a periodic review
The board, with advice from the audit committee, completed its of internal audit is undertaken, most recently in 2014, by an
annual review of the effectiveness of the system of internal control independent external consultant in accord with the guidelines of
and risk management for the period since 1 April 2014, in the Institute of Internal Auditors. The audit committee has satisfied
accordance with the FRC Guidance. itself that adequate, objective internal audit assurance standards
and procedures exist within the group.
The internal audit function is responsible for facilitating the risk

management and reporting processes across the group. It also
provides assurance on the effectiveness of the process to excom,
the audit committee and the board.

Whistleblowing measures During April 2014 our 20 largest shareholders (in addition to those
All our employees have the opportunity to make confidential represented on the board) were invited to meet the Chairman
disclosures about suspected impropriety or wrongdoing. Country and Deputy Chairman to discuss any governance or other issues
or regional ethics committees, the Group Company Secretary or which they wished to raise, and the invitations were taken up by
the General Counsel and Corporate Affairs Director, in consultation 10 shareholders. Matters raised in these meetings included executive
with the Chief Internal Auditor if appropriate, decide on the method and non-executive succession planning, long-term sustainable
and level of investigation. The audit committee reviews the group’s growth prospects in developing markets, prospects for future
whistleblowing arrangements each year to assess whether they value-adding mergers and acquisitions in the light of the relative
remain effective, is notified of all material disclosures made and consolidation of the global beer industry, efficient capital allocation
receives reports on the results of investigations and actions taken. and dividend policy, progress in recruiting a longer term chairman,
The audit committee has the power to request further information, the transition of responsibilities to Alan Clark as the new Chief
conduct its own inquiries or order additional action. Executive, and relationships with the group’s joint venture and
business partners. Our 20 largest shareholders were given a further
Relations with shareholders opportunity to contact the Chairman in June 2014 if they wished
Governance
to discuss any matters from our 2014 annual report and notice of
All shareholders were again encouraged to attend our annual annual general meeting. Given that we had already carried out a
general meeting in July 2014, which provided the opportunity to general consultation in April and May it was perhaps unsurprising
ask questions of the board and chairmen of all board committees. that no shareholders took up this offer.
At the meeting, all resolutions were put to a vote on a poll, with
the results being published on the company’s website, and on Institutional and shareholder comment on the annual report is
the London and Johannesburg stock exchange news services. conveyed by the Group Company Secretary to the full board and
As the geographic spread of shareholders inevitably means to the audit and remuneration committees and the CARAC in
that they cannot all attend a meeting in the UK, a film and a relation to matters within their respective terms of reference.
full transcript of meeting proceedings were published on the
company’s website. Similar arrangements are planned for As described in our remuneration report, in each of the past three
the 2015 annual general meeting. years, our 50 largest shareholders have been invited to meet or
communicate with the chairman of the remuneration committee
We maintain a dedicated investor relations function which reports to discuss our remuneration philosophy.
to the Chief Financial Officer. The investor relations team builds
and maintains long-term relationships with institutional investors Stephen Shapiro
and analysts and, in partnership with our corporate and divisional Group Company Secretary
management teams and within the scope of regulatory constraints, For and on behalf of the board of SABMiller plc
gives presentations on group performance and regional businesses 2 June 2015
and strives to ensure these are understood across the global
equity markets, including in one-to-one meetings with investors.
Dialogue on sustainable development and socially responsible
investment matters is primarily handled by the General Counsel
and Corporate Affairs Director and by the Director of Sustainable
Development, who have focused meetings with interested
investors and stakeholders.

|
Audit committee report
Mark Armour
Chairman of the audit committee
The audit committee assists the board in fulfilling its oversight In risk management and internal controls, we focused among
responsibilities regarding in particular the company’s financial and other matters on IT network security, anti-bribery and corruption
corporate reporting, risk management and internal controls, and policies and compliance, fraud, whistleblowing arrangements,
the independence and effectiveness of the external auditors. and the new cost and efficiency programme.
This report sets out how it has discharged its responsibilities In relation to the external audit the committee determined
during the year and, in relation to the financial statements, the to conduct a tender in 2016 for audit services for the financial
significant issues it considered and how these were addressed. year commencing 1 April 2017. This is one year later than
The board is required to ensure that the annual report is fair, recommended in the guidance on audit tendering under the
balanced and understandable, and the audit committee UK Corporate Governance Code but allows appropriate time
assists by considering this. for the appointment and settling-in of a new chief financial
officer and for any actions required to ensure compliance by
The work of the committee is far-ranging. Without attempting the recommended firm with the expected new regulations
to summarise it here, I would draw attention to the following: on non-audit services.
In considering the integrity of financial reporting, we considered Mark Armour

three particularly significant areas of judgement in detail: the Chairman of the audit committee
carrying value of goodwill, provisioning for uncertain tax positions,
and items excluded from adjusted earnings.
Responsibilities The committee reports to the board on its activities, identifying any
The committee’s main role and responsibilities are to assist the matters in respect of which it considers that action or improvement
board in fulfilling its responsibilities regarding: is needed and making recommendations as to the steps to be taken.
• the integrity of SABMiller’s interim and full year financial statements Committee members, their relevant financial experience and the
and reporting, including the appropriateness and consistent attendance record are set out in the corporate governance report
application of accounting policies, the adequacy of related on pages 60 and 62.
disclosures, and compliance with relevant statutory and
listing requirements; The committee’s terms of reference are reviewed annually and are
• risk management and internal controls, related compliance available on our website, www.sabmiller.com.
activities, and the effectiveness of the internal audit function
and whistleblowing arrangements; and Committee meetings
• the scope, resources, performance and effectiveness of the The committee meets four times in the year. Meetings are attended
external auditors, including monitoring their independence by the committee members and typically, by invitation, the Chairman,
and objectivity. Chief Executive, Chief Financial Officer, senior members of the group
finance team, General Counsel, Group Company Secretary, and
At the request of the board, the committee considers whether the Chief Internal Auditor. Other non-executive directors have a standing
annual report is fair, balanced and understandable and whether invitation to attend as observers; the Chairman-designate has
it provides the information necessary for shareholders to assess attended three meetings of the committee since his appointment
the group’s performance, business model and strategy. in September 2014. Other members of management are invited

to attend certain meetings in order to provide the committee with Financial and corporate reporting
greater insight into specific issues and developments. The audit In discharging its responsibilities in relation to the integrity of the
partners and senior members of the group audit team from our interim and full year financial statements and reporting, before
external auditors, PwC, attend each meeting. their submission to the board for approval, the committee reviewed
reports from management and from the external auditors, and
The committee receives and discusses regular written and oral discussed with them:
reports from the Chief Financial Officer, the Chief Internal Auditor,
the General Counsel, and the external auditors relating to matters • the appropriateness and consistency of application of the
falling within the committee’s terms of reference. Reports are also accounting policies, their compliance with applicable accounting
received from time to time by other members of management and standards, and the implementation of changes in international
other external assurance providers in relation to specific topics financial reporting standards, including IFRS 10 ‘Consolidated
addressed by the committee. financial statements’, IFRS 11 ‘Joint arrangements’ and IFRS 12
‘Disclosures of interests in other entities’ which were adopted
The committee meets separately at least twice each year with the for the financial year;
Governance
external auditors without management present and likewise at least • the critical accounting judgements and estimations made in the
annually with the Chief Internal Auditor. The committee chairman has preparation of the financial statements and those matters where
separate meetings at least four times a year with the Chief Financial there have been substantive discussions between management
Officer, the Chief Internal Auditor, and with the external auditors. and the external auditors;
He also meets separately with the General Counsel, and with the • the contingent liabilities and judgements made in respect of
Group Company Secretary. The Chief Internal Auditor, the external significant legal matters, on which the committee receives
auditors, the General Counsel, and the Group Company Secretary regular reports from the General Counsel;
have direct access to the committee, primarily through the chairman, • the adequacy and clarity of reporting disclosures and compliance
on any matter that they regard as relevant to the fulfilment of the with applicable financial and other reporting requirements,
committee’s responsibilities. including the treatment of exceptional and other items excluded
from adjusted earnings used by management as an additional
New members of the committee are briefed on matters relevant to performance measure and the adoption during the financial
the responsibilities of the committee and meet a range of finance year of constant currency adjusted earnings per share growth
management as part of their induction. Training is provided to as an additional long-term financial performance measure;
committee members on financial, regulatory and other compliance • the appropriateness of the going concern basis of accounting,
matters through briefings presented by the external auditors, the with reference to budgeted and projected future cash flows, debt
Group Company Secretary, and the General Counsel. During the maturities, cash resources and committed financing facilities,
year, the committee received and discussed a presentation from the key credit ratios and sensitivity analyses; and
Deputy General Counsel on global trends in litigation and regulation, • whether the annual report, taken as a whole, is fair, balanced
covering developments and emerging trends in areas of competition and understandable and provides the information necessary
law, anti-bribery law, alcohol regulation, product liability and litigation. for shareholders to assess the group’s performance, business
model and strategy.
Committee members have a standing invitation to attend the
bi-annual finance, control and assurance meetings for each of Critical judgements and key sources of uncertainty in the accounts
the group’s regions, and do so on occasion. The committee also are set out in note 1 to the consolidated financial statements and
has a rotational programme for committee members to receive these were reviewed by the committee. Of particular significance
presentations from, and hold discussions with, the group’s regional in the financial statements were the judgements made in respect
finance directors. These focus on the regional finance organisation of the carrying values of goodwill, the provisioning for uncertain
and succession plans, priorities for the finance teams, implementation tax positions, and the treatment of exceptional and other adjusting
within the region of the group’s global systems template and the items in presenting underlying financial performance. These were
new cost and efficiency programme, and risk management and addressed by the committee as follows.
internal controls. The meetings provide greater insight on these
matters to members of the committee and also reinforce the Carrying values of goodwill
culture of integrity and accountability within the group. The judgements in respect of the carrying values of goodwill and
potential asset impairment relate to the assumptions underlying
The committee chairman briefs the board on the matters discussed the value in use and fair value less costs of disposal calculations
at each committee meeting and the minutes of each meeting are and include the robustness of business plans, long-term growth
circulated to all board members. assumptions and discount rates. The committee received
and discussed reports from the Acting Chief Financial Officer
The committee’s effectiveness was reviewed as part of the on the impairment methodologies applied, the bases for the key
effectiveness review of the board and its committees carried out assumptions used, a range of sensitivity analyses, and the related
in March and April 2015. This concluded that the committee was disclosures. The committee sought additional information from
operating satisfactorily and was effective in fulfilling its mandate. management on the plans and growth expectations in Australia
At its May 2015 meeting, the committee discussed further how to and India where carrying values are significant and market
improve its workings with a particular focus on risk management conditions are challenging. In the case of India, impairment had
oversight and internal control, reflecting the additional emphasis been identified and a charge for impairment recognised.
on these areas in the most recent revision to the UK Corporate
Governance Code.

Governance
Audit committee report continued
Uncertain tax positions • reviewed the processes for the identification and management
The judgements in respect of provisioning for uncertain tax positions of material risks across the group, and discussed changes to
relate to the inherent uncertainties in the application of tax law and the principal risks and risk profiles during the year;
practice, the assumptions underlying deferred tax asset recognition, • discussed the principal risks identified by the risk management
and the complexity of assessing potential liabilities across numerous processes, the mitigating actions and residual risk. These were
jurisdictions. The committee received and discussed a report from also discussed by the board. As part of its review of the annual
the Acting Chief Financial Officer on the potential liabilities identified report, the committee reviewed the disclosures with respect
and estimates applied and on assumptions used in respect of to principal risks and mitigating factors;
deferred tax asset recognition. The committee noted the • received and discussed regular reports from the Chief Internal
reclassification of balance sheet amounts following a clarification Auditor on the progress of internal audit work against the agreed
by the IFRS Interpretations Committee in relation to deferred annual plan, the principal findings of the internal audit work
tax asset recognition. undertaken, actions agreed with management, and the progress
on implementation of prior recommendations. The reports also
Exceptional and adjusting items provided further detail on assurance activities in respect of major
The judgements in relation to exceptional and other adjusting items change projects under way in the group, including the findings
relate to whether they are appropriate to exclude in presenting of any third party firms appointed to provide related assurance
underlying financial performance in the group’s key performance services, and addressed any identified frauds of significance.
indicators of EBITA and adjusted EPS. The committee received and Areas of assurance focus during the year included: management
discussed reports from the Acting Chief Financial Officer on each of the rollout of the global template; implementation of the new
exceptional and adjusting item to determine whether they were cost and efficiency programme; IT network security;
appropriate, and in accordance with the group’s established policy implementation of and compliance with anti-bribery and
on these matters, consistently applied. The committee discussed corruption policies; and continued progress towards voluntary
in particular the adjustment for the early redemption premium in compliance with the requirements of Section 404 of the
respect of the bonds redeemed and noted that there would be no Sarbanes-Oxley Act relating to the documentation and testing
further exceptional integration costs in Australia beyond the financial of internal controls over financial reporting;
year. The committee also discussed and agreed the policy approach • reviewed and approved the annual internal audit plan and
in relation to the exceptional and business as usual costs of the new resource requirements;
cost and efficiency programme, and the assurance to be provided • reviewed the effectiveness of the internal audit function, including
on the allocation of costs and the reporting of benefits. consideration of its scope as set out in the terms of reference,
the adequacy of resources, including skills and expertise, the
The committee received reports from the external auditors on each relevance of its findings and quality of reporting, and the impact
of these matters and discussed with them the judgements made. of its recommendations. The committee reviewed a report on
The committee was satisfied with the explanations provided and the implementation of the recommendations arising from the prior
conclusions reached. year’s external review of the effectiveness of internal audit and
noted progress, particularly in relation to the more extensive
The committee reviewed and discussed with management the use of data analytics.
processes undertaken to ensure that the annual report was fair, • received and discussed regular reports from the General Counsel
balanced and understandable and reviewed drafts of the annual on compliance matters, including the operation of the group’s
report to consider whether, based on the knowledge and code of business conduct and ethics and related training
understanding of committee members, it appeared to be so. programmes, the adequacy of the group’s anti-bribery and
The committee received reports from the Chief Internal Auditor corruption framework and the implementation of its policies,
and the external auditors on whether or not, having reviewed the and whistleblowing arrangements. In relation to the group’s
document, the results of their respective reviews and other work whistleblowing arrangements the committee received reports
would suggest otherwise. The General Counsel reported on the from the General Counsel on concerns raised through these
steps taken to verify the accuracy of statements in the annual report, arrangements, both to assess whether these suggested any need
and on compliance with legal disclosure requirements. Based on for the enhancement of internal controls, and to assess whether
this, the committee recommended the annual report to the board the whistleblowing arrangements appear to be functioning
as fair, balanced and understandable, and as providing the effectively, with proportionate and independent investigation
information necessary for shareholders to assess the group’s of reported matters, appropriate protection for whistleblowers,
performance, business model and strategy. and suitable follow-up action. The General Counsel also reports
to the committee on the bi-annual letters of representation
Risk management and internal controls received from the group’s businesses on compliance matters
With respect to its oversight of risk management and internal and on management actions taken on any issues identified;
controls, the committee reviewed and discussed a wide range • received and discussed a presentation from the Chief Information
of matters with management, and with the internal auditors and Officer on cyber security, including an assessment of vulnerabilities
external auditors as appropriate. In particular the committee: and the programmes being implemented to protect the group
against this evolving risk;

• reviewed with the Chief Financial Officer and the Group Treasurer PwC has confirmed to the committee its continuing independence
the group’s treasury policies and revisions proposed to take and compliance with the SABMiller policy on auditor independence.
account of evolving best practice and experience. After discussion, The external auditors are required to rotate the lead audit partner
revisions to the policies were agreed by the committee for responsible for the audit engagement every five years, unless there
endorsement by the board. (See also page 45 in the finance are unusual extenuating circumstances when a further year may be
review). At each meeting of the committee, reports were received considered. The lead audit engagement partner, Richard Hughes,
on compliance with commodity hedging policies and counterparty has now completed four years.
credit limits;
• received updates on the group’s global insurance arrangements, The committee conducted its annual review of the performance
and on the operation and funding of the group’s defined benefit of the external auditors and the effectiveness of the external audit
post-retirement plans; and process for the year ended 31 March 2015. The review was based
• received regular updates from the Chief Financial Officer on on a survey of key stakeholders across the group, consideration of
developments within the finance function. public regulatory reports on PwC member firms, and the quality of
the auditors’ reporting to and interaction with the committee. Based
Governance
As part of the year-end procedures, and based on the activities on this review, the committee was satisfied with the performance
described above, the audit committee reviewed the effectiveness of the auditors, their objectivity and the effectiveness of the audit
of the systems of internal control and risk management during the process. In the light of this and their continued independence,
financial year. The objective of these systems is to manage, rather the committee has recommended to the board that a resolution
than eliminate, the risk of failure to achieve business objectives. for the reappointment of PwC as the external auditors for the
Accordingly, they can only provide reasonable, but not absolute, financial year ending 31 March 2016 be proposed at the annual
assurance against material misstatement or loss. The committee general meeting.
reported to the board on this basis.
The committee has monitored recent regulatory developments in
External audit independence and effectiveness the UK and the European Union regarding the length of audit tenure,
SABMiller has a well-established policy on the independence of the audit tendering and audit firm rotation, and the provision of non-audit
external auditors and management of the company’s relationship services by auditors. The European Union has now directed member
with them. This sets out: the committee’s responsibilities in the states to adopt legislation by 2016 requiring that companies change
selection of auditors to be proposed for appointment or reappointment their external auditors at least every 10 years, or every 20 years if
and for agreement on the terms of their engagement, audit scope an audit tender is held after 10 years, subject to transitional rules,
and remuneration; the auditor independence requirements and the and restricting further the non-audit services that may be provided.
policy on the provision of non-audit services and the rotation of audit The UK Corporate Governance Code requires, on a comply or
partners and staff; and the conduct of the relationship between explain basis, that the audit is put out to tender at least every 10
the auditors and the committee. years, subject to transitional guidance that, when a tender has not
been held in the past 10 years, it would be appropriate to coincide
The auditors are precluded from engaging in non-audit services that a tender with the next rotation of the lead audit engagement partner.
would compromise their independence or violate any professional This would suggest a tender for the year commencing 1 April 2016,
requirements or regulations affecting their appointment as auditors. since the next rotation of the lead audit engagement partner is
The auditors may, however, provide non-audit services which do scheduled to take place after the conclusion of the audit for the
not interfere with their independence, and where their skills and year ending 31 March 2016.
experience make them a logical supplier, subject to pre-approval
by the committee. The policy stipulates the types of work that are Taking into account these regulations and developments in the
not permitted to be performed by the auditors and those which may business, the committee has determined to conduct a tender in 2016
be permitted in appropriate circumstances. The group’s procedures for audit services for the financial year commencing 1 April 2017. This
require that any non-audit services proposed to be provided by the is 12 months later than suggested in the Code transitional guidance,
auditors be supported by justification as to why the appointment of but is considered to be in the best interests of the group as it allows
the external auditors to provide the services is in the best interests of appropriate time for a new chief financial officer to be appointed
the group, and how auditor independence would be safeguarded in and to become established and for any actions required to ensure
the specific context of the proposed services. The committee has, at compliance by the chosen firm with new regulations on restricted
each meeting, reviewed and agreed the non-audit services provided non-audit services. Under the transitional rules of the new EU
in the year and the related fees, which are summarised in note 3 to regulations, should PwC be reappointed following the tender,
the consolidated financial statements. SABMiller does not indemnify mandatory auditor rotation would require that new auditors be
its external auditors and there are no contractual obligations appointed for the year ending 31 March 2024 at the latest.
restricting the choice of external auditors.
The external auditors, PricewaterhouseCoopers, later becoming

PricewaterhouseCoopers LLP (PwC) in 2003, were appointed as
the company’s auditors in 1999 when the company moved its
headquarters from Johannesburg to London and listed on the
London Stock Exchange.

Governance
Directors’ remuneration report
It is the remuneration committee’s main responsibility to ensure that

payments to executives are appropriate and aligned with shareholder
interests. Our remuneration policy and payments to directors for the
year ended 31 March 2015 follow that principle.”
Dear Shareholder
On behalf of the board, I am pleased to present the remuneration
committee’s report for 2015. I summarise the group’s performance
and the resulting pay outcomes for the year ended 31 March 2015,
and highlight some of the key issues that the remuneration
committee has considered during the year.
Performance and outcome

This has been another year of strong underlying financial
performance reflected in EBITA margin growth, adjusted EPS
growth, and strong cash flow performance. For the five years
to 31 March 2015, our compound annualised adjusted EPS
growth of 5.6% per annum above inflation and 36% pts. TSR
outperformance of our comparator group has enabled the
Lesley Knox long-term incentives with a five-year performance period to vest.
Chairman of the remuneration committee However for the three years to 31 March 2015, our compound
annualised adjusted EPS growth of 1.2% per annum above inflation
was insufficient for the share options and performance share awards
with a three-year performance period to vest, and therefore these
have lapsed in full. Further details on the performance conditions
and vesting of long-term incentives are included on pages 88 and
89 of this report, and a summary of this year’s total remuneration
for executive directors is shown on page 84 and in the ‘remuneration
at a glance’ table on the opposite page.
Remuneration policy
We submitted our remuneration policy for shareholder approval
at the 2014 AGM, and I was encouraged by the support of over
92% of shareholder votes in favour. At the time of the AGM, and also
arising from our regular annual shareholder consultations earlier in
the year, some shareholders questioned our policy that permitted
share options to vest for threshold performance at levels up to 65%
of maximum for the Chief Executive, and up to 80% of maximum for
other executive directors. The remuneration committee considered
this issue, and determined that it was too high. Therefore, for future
grants of share options to the Chief Executive and other executive
directors, vesting at threshold performance will be reduced to
25% of maximum.
Our remuneration policy, approved at the 2014 AGM, is reproduced

on pages 76 to 82 of this report for ease of reference. It remains
unchanged, except for context, and to note the reduction in
threshold vesting of share options from 2015. The details of letters
of appointment for non-executive directors appointed during the
year have also been updated in the table on page 81.

Consideration of shareholder views In accordance with his employment contract, Jamie was entitled
The company maintains regular communications with key to receive certain payments in lieu of his contractual notice period
shareholders regarding our remuneration policy and its of 12 months. These payments were set out in our announcement
implementation. We invited our 50 largest shareholders to participate on 19 February 2015 and are repeated on page 92 of this report,
in our annual consultation again in the year, and I had met and and remain subject to mitigation and to him not taking up
spoken with other shareholders during the year, and this collective employment during his notice period without prior consent.
input was useful. Feedback from shareholders on all remuneration
matters is welcome, and I would be pleased to hear from any Committee changes
shareholder on such matters. John Manzoni will be stepping down from the remuneration
committee and the board at the 2015 AGM in July, and I would like
Executive director changes to thank John for 11 years of dedicated service to the company
Jamie Wilson stepped down from the board on 18 February 2015 and this committee.
and left the group on 31 March 2015. He continued to receive his
contractual salary and benefits through to 31 March 2015. It is the remuneration committee’s main responsibility to ensure that
Governance
payments to executives are appropriate and aligned with shareholder
In accordance with policy, the committee considered Jamie’s interests. Our remuneration policy and payments to directors for
performance during the year and determined that he should remain the year ended 31 March 2015, including the lapse and forfeiture
entitled to an annual bonus for his service during the year ended of certain long-term incentive awards, follow that principle.
31 March 2015. All his unvested share options, share awards and I hope that I can count on your continued support this year.
deferred shares due to vest on dates after his leaving employment
have been forfeited. Lesley Knox
Chairman of the remuneration committee
As required by the remuneration reporting regulations, we have 2 June 2015
shown on page 84 the amounts in respect of his period as a director
until 18 February 2015. Also shown on page 84 is his remuneration
in respect of the period from 19 February to 31 March 2015 when
Jamie remained an employee but was not a director, thereby
disclosing his full remuneration for the whole of the year.
Remuneration at a glance
The table below summarises the pay of the executive directors in respect of the year ended 31 March 2015. Further details are contained
in pages 84 to 89 of this report.
Retirement
and other Long-term
Base pay benefits Annual bonus incentives Total remuneration
% of 2015 2014
Name £’000 £’000 £’000 maximum £’000 £’000 £’000 % change
Alan Clark
(Chief Executive) 1,133 399 1,098 55% 4,442 7,072 6,463 +9%
Jamie Wilson
(Chief Financial Officer)1 762 325 461 50% 608 2,156 3,847 -44%
Fixed pay Short-term incentives Long-term incentives
Jamie Wilson stepped down as a director on 18 February 2015 and ceased to be an employee on 31 March 2015. His remuneration for the whole of the year ended 31 March 2015 is shown in the
1
table above.

|
Governance Directors’ remuneration report continued
Remuneration policy
This report covers the year from 1 April 2014 to 31 March 2015
and reproduces the remuneration policy (unchanged except for
context to show the policy’s application for the year under review)
for the three-year period commencing from the 2014 AGM on
24 July 2014.
This report complies with the requirements of the Large and Medium- Remuneration philosophy
sized Companies and Groups (Accounts and Reports) Regulations The company’s remuneration philosophy is to ensure that all
2008 (as amended) (‘the regulations’) and the provisions of the UK employees are rewarded fairly and appropriately for their contribution.
Corporate Governance Code relating to remuneration. The format In setting remuneration levels, the committee takes into account
and content take into account the Directors’ Remuneration Reporting appropriate market benchmarks, while also ensuring an emphasis
Guidance of the GC100 and Investor Group, together with other on pay for performance. This approach helps to attract, retain
guidance issued by institutional investor and governance bodies. and motivate individuals of the necessary calibre, while ensuring
employees’ behaviours remain consistent with SABMiller’s values.
Directors’ remuneration report
Total remuneration comprises fixed pay and variable performance-
Remuneration policy related pay, which is further divided into short-term incentives
It is intended that the remuneration policy will be put to a shareholder (with a one-year performance period) and long-term incentives
vote every three years (unless a change of policy is proposed) (with three, four and five-year performance periods). In addition,
and will apply from the date of the relevant general meeting. The executive directors are required to own outright shares in the
policy described in the 2014 report took effect from 24 July 2014, company, to provide further alignment with shareholder returns
following shareholder approval at the 2014 annual general meeting. by ensuring a reduction in their own wealth if there is a reduction
No changes have been made to the policy during the year and in SABMiller’s share price.
accordingly the policy is not being put to a shareholder vote this
year, but has been reproduced in its entirety unchanged (except for Our remuneration philosophy
context to show the policy’s application for the year under review).
Ensure employees are Attract, retain and motivate
Role of the remuneration committee rewarded fairly and individuals with the necessary
In accordance with its terms of reference (which are available on the appropriately calibre and behaviours
company’s website), the committee determines the basis on which
the executive directors and the members of the executive committee
are to be paid and the amount of their remuneration. In addition, the Fixed pay Short-term Long-term
committee has oversight of the remuneration strategy for the group • base pay incentives incentives
as a whole, monitoring the level and structure of remuneration for • retirement • annual bonus • share option
senior management, and approving all awards under the company’s benefits plan (one year) plan (3 and
share incentive arrangements. When determining executive pay, • other benefits 5 years)
the committee considers the specific performance measures for Aligned to financial • share award
each incentive plan, as well as overall business performance and Appropriate to performance and plan (3, 4 and
shareholder returns, paying particular regard to environmental, recruit and retain, strategic priorities 5 years)
social and governance issues, to ensure that the incentive but no in-built
arrangements do not inadvertently motivate or reward inappropriate premium for Aligned to
outcomes or excessive risk. In such circumstances the committee performance shareholder
has the discretion to adjust, forfeit and clawback annual bonus returns
payments and share awards.
High rewards are achieved only for high performance

and high shareholder returns
Key to colours
The following colours are used throughout the directors’
remuneration report to denote the following:
Fixed pay Short-term incentives Long-term incentives

Base pay is a fixed cost for the company, and is therefore set at the • upper decile pay for upper decile performance;
level appropriate to recruit and retain individuals of the necessary • upper quartile pay for upper quartile performance;
calibre, but with no in-built premium for performance, which is • median pay (or lower) for median performance; and
otherwise rewarded through the company’s incentive plans. Short- • fixed pay only for below median performance.
term incentives are structured to reward the achievement of annual
financial performance balanced with the delivery of the company’s At the end of each performance period, before any variable payments
strategic priorities. Long-term incentives are an integral part of the are confirmed, remuneration payable is compared with the expected
company’s approach to competitive performance-based pay, and are level of pay for actual performance achieved, to ensure that any
aligned to shareholder returns to ensure a clear line of sight between payouts remain appropriate for overall business performance
executive pay and value creation for shareholders. For this reason, and shareholder returns.
long-term incentives with performance periods of up to five years
are the component of pay which represent the largest opportunity Alignment of strategy, pay and performance
for executive directors and executive committee members. The company’s key strategic priorities aim to deliver a higher return
to shareholders than our peers. Accordingly, these same strategic
Governance
In practice, this approach means setting fixed pay at around median priorities determine the performance measures and targets for both
for the relevant market, with a significant proportion of variable the short-term and long-term incentive plans.
performance-related pay to incentivise and reward performance,
re-inforced by executive shareholding requirements. The combination The financial performance measures for short-term incentives (STI)
of these components ensures that high rewards are achieved only are selected as being the drivers of superior EPS growth, with strict
for high performance and high shareholder returns. control of cash flow enabling an attractive dividend. The long-term
incentives (LTI) measures reward the achievement of stretching EPS
Before the quantum of awards is determined, extensive modelling growth targets and delivery of superior TSR. In addition, sustainability
of the potential outcomes is undertaken, and any necessary metrics including water usage and reductions in fossil fuel emissions,
adjustments made, so that remuneration remains appropriate in all the and other strategic objectives, comprise the total bonus opportunity
circumstances. The targeted positions for each performance level are: for executives, to ensure that the achievement of short-term financial
performance is not at the expense of enabling future shareholder
value creation.
Alignment of strategy, pay and performance
Operating Group
LTI measures
STI measures (typical) STI measures (typical)
Revenue
Market share Revenue growth
Volume EPS growth
Cost savings
TSR
Profit Margin growth out-performance
Return on capital
Cash generation
Free cash flow Attractive dividend
Working capital
Water usage
Fossil fuel emissions Sustainability
Health and safety

|
Remuneration policy continued
Remuneration policy table

The table below sets out the remuneration policy that applies to executive directors from 24 July 2014, approved by shareholders at the
2014 annual general meeting.
Fixed pay Short-term incentives

Base pay Retirement benefits Other benefits Annual bonus plan
Purpose Provides a fixed level Provides a basis for Provides benefits and Incentivises and rewards the achievement of annual financial
and link to of earnings, appropriate savings to provide an allowances appropriate performance balanced with the delivery of the company’s
strategy to the market and income in retirement. to the market, and to assist strategic priorities.
requirements of the role. executives in efficiently With base pay set at around median, the annual bonus plan
carrying out their duties. ensures that above-market pay cannot be achieved unless
challenging performance targets are met.
Operation Base pay is reviewed SABMiller does not provide Benefits and allowances may The total bonus opportunity is split:
annually with effect guaranteed retirement include a company car or car • minimum of 60% annual financial performance; and
from the start of each income (defined benefit allowance, fuel card, family • maximum of 40% individual strategic objectives.
financial year. pension), but makes defined medical and dental insurance,
contributions towards long-term disability insurance, This balance, with a significant proportion of the annual
There is no obligation bonus opportunity based on longer term and sustainability
to increase base pay pension savings. life insurance, accompanied
travel, occasional overnight metrics ensures that the achievement of short-term financial
upon any such review. In the UK, amounts up performance is not at the expense of enabling future
to the annual and lifetime accommodation, legal and
Annualised base pay for professional fees relevant shareholder value creation.
the year ended 31 March allowances are generally
contributed to the SABMiller to duties, club subscriptions, If overall business performance is not satisfactory, or if there
2015 and for the year and a beer allowance. In is required to be a material restatement of financial results
ending 31 March 2016 plc UK Staff Pension
Scheme (a registered defined addition, executive directors (other than due to a change in accounting policy), misconduct,
are shown on page 85. may also participate in or other action causing harm to the reputation of the company,
contribution pension scheme
in which all UK employees employee discount all or part of any annual bonus not already paid may be forfeited,
are eligible to participate). programmes and and any annual bonus already paid may be clawed-back.
all-employee share plans
Any amounts in excess of on the same basis as other
these limits are notionally employees. Executive
credited to the company’s directors also have access
unfunded retirement benefits to the same facilities as other
scheme, or paid in lieu as UK employees, including
a taxable cash amount. access to on-site staff car
parking at certain locations
and a company bar.
Opportunity Around median for Pension contributions for Company car allowance is The policy maximum bonus opportunities for executive directors
and maxima the relevant market executive directors are fixed fixed at £17,150 per annum. at each performance level are:
(generally the FTSE-30 at 30% of base pay. The maximum amount paid • Maximum: 200% of base pay.
for UK-based executive for other benefits will be the
directors), while • Target: 100% of base pay.
actual cost of providing those
recognising experience benefits which, particularly in • Threshold: 50% of base pay.
and responsibilities. the case of insured benefits, The current bonus opportunities are:
Any increases will be may vary from year to year,
in the context of overall although the committee is Chief Executive: up to a maximum of 175% of base pay, with
business performance, mindful of achieving the best 87.5% of base pay at target, and 43.75% of base pay at threshold.
with reference to the value from benefit providers. Other executive directors: up to a maximum of 120% of base pay,
market median and with 60% of base pay at target, and 30% of base pay at threshold.
any further increases
will not exceed the
average annual increase
awarded to other
UK-based employees.
Performance Not applicable. Not applicable. Not applicable. The annual financial performance measures and weightings are
measures reviewed each year, and may be changed to ensure that they
continue to align with the company’s key strategic priorities.
The range of performance measures will typically be selected
from revenue, market share, volume, cost savings, profit,
return on capital, cash, working capital, margin growth, EPS
and sustainability metrics including water usage, reductions
in fossil fuel emissions, and health and safety measures.
The performance measures for bonus payments for the year
ended 31 March 2015 and for the year ending 31 March 2016
are shown on pages 86 and 87.
Remuneration policy notes

The committee reserves the right to make any remuneration payment, notwithstanding the
1 2
The remuneration policy for other UK employees is similar to that for executive directors
policy set out in this report, where the terms of the payment were determined before the policy in accordance with our philosophy that remuneration should be appropriate to the local
came into effect, or if the individual was not an executive director at the date the remuneration competitive market. Certain components of remuneration (for example, car allowance and
was determined (unless that remuneration was set in consideration or in anticipation of long-term incentives) are paid only to certain levels of employees. There are other variances
becoming an executive director). The committee may make minor amendments to the policy depending on geographic location and local market practice, but the general approach
(for regulatory, exchange control, or administrative purposes, or to take account of a change is consistent across the group.
in other legislation) without obtaining shareholder approval for that minor amendment.

Long-term incentives
Share option plan Share award plan Shareholding Non-executive
requirement directors’ fees
Provides a direct and transparent link The combination of a share option plan and share award plan enables Provides alignment with Compensates
between executive pay and value creation executives to be incentivised and rewarded for achieving a broader shareholder returns non-executive directors
for shareholders. range of performance measures, in addition to share price increase. by ensuring a reduction for their responsibilities
Share options may be structured as stock in executive directors’ and time commitment.
appreciation rights (SARs), which are own wealth if there is
economically equivalent to share options a reduction in SABMiller’s
but result in less dilution of share capital. share price.
Share options reward executive directors only if Share awards comprise performance shares and value shares. Any shares arising from Fees are reviewed
Governance
there is an absolute increase in the share price. Performance shares vest in a single tranche on the third anniversary the exercise of share annually by the board,
Furthermore, to ensure that any share price of the grant date, subject to achieving the performance conditions. options or vesting of and the Chairman’s fee
increase is supported by a sustainable 25% of the shares vest at threshold, with 100% vesting at maximum. share awards must be is determined annually
improvement in the group’s underlying financial retained (except those by the committee.
Value shares vest only if SABMiller’s TSR out-performs the median shares sold to pay the
performance, additional performance conditions of a comparator group. No shares vest for median performance or Fees are paid in cash,
are applied before vesting of: exercise price and any but may be paid in shares
below, but for every £10 million of additional shareholder value created tax upon exercise or
• two-thirds of the share options after three (being the percentage out-performance multiplied by the company’s having the equivalent
vesting of any such value at the request of the
years; and market capitalisation at the commencement of the performance award) until the relevant
• one-third of the share options after five years period), a fixed number of shares will vest. Value shares vest one-third non-executive director.
shareholding requirement
Vesting at threshold cannot be greater than 65% on each of the third, fourth and fifth anniversaries of the grant date, is met, unless the Non-executive directors
of the maximum award for the Chief Executive based on performance to these fixed dates. committee determines are not eligible to
and 80% of the maximum award for other If the performance conditions are not achieved by the relevant dates, otherwise in exceptional participate in any of the
executive directors (but see note 4 below). the appropriate proportion of the share awards will lapse, and there circumstances. company’s incentive
If these performance conditions are not met, is no opportunity for retesting. plans, and receive no
the appropriate proportion of share options will benefits other than a
If there is required to be a material restatement of financial results beer allowance which is
lapse, and there is no opportunity for retesting. (other than due to a change in accounting policy), misconduct, or at the same level as for
If there is required to be a material restatement other action causing harm to the company, all or part of any share UK-based employees.
of financial results (other than due to a change award not yet vested may be forfeited, and any share award already
in accounting policy), misconduct, or other vested may be clawed-back.
action causing harm to the reputation of the
company, all or part of any share award not yet
vested may be forfeited, and any share award
already vested may be clawed-back.
Grants are made annually at the discretion Grants are made annually at the discretion of the committee. Shares owned outright Fees are set at around
of the committee. Chief Executive: performance shares with a face value at grant up to a equivalent to: median for the FTSE-30.
Chief Executive: share options with a face value maximum of 250% of base pay, plus value shares up to a maximum of Chief Executive: 300% Any increases will be
at grant up to a maximum of 500% of base pay. 125 shares for every £10 million of additional shareholder value created. of base pay. in the context of overall
Other executive directors: share options with Other executive directors: performance shares with a face value at Other executive directors: business performance,
a face value at grant up to a maximum of 400% grant of up to a maximum of 200% of base pay, plus value shares up 200% of base pay. and with reference to
of base pay. to a maximum of 100 shares for every £10 million of additional the market median.
Share option awards to executive directors, shareholder value created.

for the year ended 31 March 2015, are shown Share awards to executive directors for the year ended 31 March 2015
on page 93. are shown on page 93.
A core financial performance measure (being A core financial performance measure for performance shares Not applicable. Not applicable.
EPS growth over periods of three and five years). (being EPS growth over three years).
An external relative performance measure for value shares (being TSR
out-performance of the median of a comparator group over three,
four and five years).
The specific financial performance measures applicable to short-term and long-term incentive
3
The approved policy allows for threshold vesting of share options at up to 65% of maximum
4
plans may be varied to align with the company’s key strategic priorities. The targets for each for the Chief Executive and up to 80% of maximum for other executive directors. However,
performance measure are set to be stretching, based on a number of reference points including the remuneration committee has confirmed that in applying the policy for share options granted
company targets, analyst forecasts, and shareholder expectations. from 2015, the percentage of any award capable of vesting at threshold performance will not
exceed 25% of maximum.

|
Remuneration scenarios The scenario charts assume fixed pay comprising base pay for the
The charts below provide an indication of the remuneration year ended 31 March 2015, retirement benefits, plus the anticipated
opportunity for each director for the year ended 31 March 2015 value of other benefits (assumed to be the same amount as for the
(the first year to which this policy applied, in accordance with the year ended 31 March 2014 for this purpose). The value of short-term
regulations), showing potential total remuneration at maximum, incentives is based on current bonus opportunity (a maximum of
on-target, and minimum performance levels. 175% of base pay for the Chief Executive and a maximum of 120%
of base pay for the Chief Financial Officer), and the value of long-term
Chief Executive incentives is based on the awards granted for the year ended
Value of package £m 31 March 2015.
Assumptions for each performance scenario relating to short-term

Maximum incentives and long-term incentives are shown in the table below.
In accordance with the regulations, no share price appreciation
On-target has been factored into these calculations, except for share options
where share price growth of 33% is assumed for all performance
Minimum periods and scenarios.
£0 £5 £10 £15 Short-term incentives Long-term incentives

Payout Share Performance
% of options shares TSR out-performance
maximum vesting % vesting % value shares vesting
Chief Financial Officer
Maximum 100 100 100 30% above median
Value of package £m
On-target 50 651 25 Median/nil
Minimum nil nil nil Below median/nil
Maximum (threshold)
25% for share options granted from 2015.
1
On-target
Recruitment policy
Minimum The committee will pay no more than it considers necessary to attract
appropriate candidates, and it is not contemplated that remuneration
£0 £5 £10 £15 will need to be different from the structure or exceed the limits set out
in the remuneration policy table. The maximum variable remuneration
will be in line with that set out in the policy table on pages 78 and 79.
Chief Executive For internal appointments, the committee may allow any unvested
Composition of package % long-term incentive awards upon appointment to remain subject to
the original performance conditions and vesting timescale applicable
to those awards. For external appointments, where a newly appointed
Maximum executive director forgoes a bonus or long-term incentive award
(or similar) upon leaving a previous employer, the committee will
On-target determine the expected value of the amounts forgone (taking into
account any performance conditions and duration until vesting), and
Minimum may pay compensation in cash, in SABMiller shares, or an award
of long-term incentives, but, in any event, the total compensation
0% 20% 40% 60% 80% 100% amount will not exceed the expected value of the amounts forgone.
Furthermore, any such compensation will be subject to forfeiture and
clawback if the executive director leaves the company voluntarily
Chief Financial Officer within a fixed time period determined by the committee, being not
Composition of package % less than two years. Compensation for amounts forgone upon
recruitment is not payable to non-executive directors.
Maximum Relocation policy

To enable the company to move or recruit the appropriate individual
On-target into a role, relocation assistance may be provided. The extent of
assistance provided will depend on the specific circumstances,
Minimum but may include payment of relocation costs, housing or temporary
accommodation for a fixed period, children’s schooling, home leave,
0% 20% 40% 60% 80% 100% tax equalisation and repatriation. In respect of executive directors,
the total cost provided in any year will not exceed one times base pay.

Termination policy
The committee’s approach, when considering payments in the event of termination, is to take account of the individual circumstances including
the reason for termination, any contractual or other legal obligations, and the relevant share plan and pension scheme rules. The overriding
principle is that there should be no reward for failure. While the treatment applied is at the discretion of the committee, in normal circumstances
the application is tabulated below.
Reason Fixed pay Short-term incentives Long-term incentives

Voluntary termination, Nil after notice period has been completed, Forfeited. Any unvested share options, share awards
giving notice to company. with provision for pay in lieu of notice, and deferred shares are forfeited.
comprising base pay and benefits only. Any vested but unexercised share options must
be exercised before the date of termination.
Retirement, injury, disability, Nil after leaving date. Not contractual, but normal practice Not contractual, but normal practice is that
or ill-health. Long-term disability insurance may is to pro-rate the annual bonus for the unvested share options and share awards are
become payable. year in which the employee departs, pro-rated for time served, with vesting subject
subject to performance. to applicable performance conditions.
Governance
Redundancy, or other Fixed pay in lieu for the remainder of the Any vested but unexercised share options must
termination. notice period, less any deduction considered be exercised within 12 months of termination.
appropriate and reasonable taking into account
any accelerated receipt of payment and the
employee’s duty to mitigate any loss, subject
to any statutory minimum entitlements which
may apply.
Death in service. Fixed pay will cease at the end of the month Subject to the absolute discretion of the
in which death occurs. Life insurance and committee. Any unvested share options and
dependant pension (if any) may become share awards may vest in full, or in part or may
payable. lapse completely depending on the specific
circumstances and business performance
to the date of death.
Service contracts and notice periods

It is the policy that executive directors have service contracts with the company which may be terminated with not less than 12 months’
notice given by the company or by the executive. The committee retains the discretion to appoint a new executive director on a notice period
of up to 24 months reducing to 12 months during the first year, such that after 12 months’ service the notice period would have reverted to
the standard 12 months. Non-executive directors do not have service contracts, but serve the company under letters of appointment which
may be terminated without liability for compensation.
Date of current Date next

service contract due for
Date first appointed or letter of election or
to the board appointment re-election
Executive director
Alan Clark 26 July 2012 23 May 2013 2015 AGM
Non-executive directors
Mark Armour 1 May 2010 14 April 2010 2015 AGM
Geoffrey Bible 1 August 2002 27 September 2002 2015 AGM
Dinyar Devitre 16 May 2007 16 May 2007 2015 AGM
Jan du Plessis 1 September 2014 9 August 2014 2015 AGM
Guy Elliott 1 July 2013 4 April 2013 2015 AGM
Lesley Knox 19 May 2011 17 May 2011 2015 AGM
Trevor Manuel 1 March 2015 27 January 2015 2015 AGM
John Manser 1 June 2001 9 January 2014 n/a
John Manzoni 1 August 2004 12 May 2004 n/a
Dambisa Moyo 1 June 2009 26 May 2009 2015 AGM
Carlos Pérez Dávila 9 November 2005 12 October 2005 2015 AGM
Alejandro Santo Domingo Dávila 9 November 2005 12 October 2005 2015 AGM
Helen Weir 19 May 2011 17 May 2011 2015 AGM
Howard Willard 1 August 2009 1 August 2009 n/a
Copies of the relevant service contracts or letters of appointment can be viewed at the company’s registered office or, in the case of service
contracts, on the company’s website at www.sabmiller.com.

|
Policy on external appointments Discretion and judgement

Each executive director is permitted to accept a non-executive Discretion is necessary to ensure that outcomes remain appropriate
directorship in another company, subject to the prior approval of the in all the circumstances, including those not anticipated by
board. This will normally be limited to one appointment. Fees received the remuneration policy. Mechanistic or formulaic remuneration
in respect of external appointments may be retained by the individual. outcomes are not always appropriate in context, and the committee
Currently, no executive director has non-executive directorships in may exercise discretion to adjust a payment, performance metric
external companies. or targets in exceptional circumstances. Judgement is applied by
the committee in setting performance targets to ensure they are
Pay and employment conditions across the group sufficiently stretching, and to alter performance metrics and targets
The company operates in a number of different locations with if they are no longer considered a fair measure of performance
employees paid by reference to applicable market rates, and base (providing any new metrics and targets are not materially less
pay reviewed annually. The ratio between fixed and variable pay for challenging than the originals).
employees differs by level, geographic location and business unit.
Variable performance-related pay and share plans operate across The committee has discretion to interpret the rules of any
the group but may differ in terms of structure, award levels and remuneration plan, and to determine the participation and level
performance measures. Long-term incentives on similar terms to of the awards including the extent of vesting of awards under certain
executive directors are cascaded to the other executive committee leaver situations. The committee also maintains discretion to adjust
members, and to around 1,700 other employees in the group. share awards in the event of a variation of capital, and to determine
Employment conditions and benefits are determined according the treatment in the event of a corporate transaction, including
to the local market to enable high standards of health and safety whether incentives vest in full, or in part, or lapse completely,
and employee wellbeing. or are rolled over into replacement awards, and how any special
dividend might be treated.
The company does not consult directly with employees when
determining directors’ remuneration, but undertakes regular If there is required to be a material restatement of financial results
employee engagement surveys which provide a mechanism (other than due to a change in accounting policy), misconduct
for feedback on a number of issues, including remuneration. or other action causing harm to the reputation of the company,
Furthermore, many employees are also shareholders in SABMiller, the committee has the discretion to adjust, forfeit or clawback
and are able to participate in the votes on directors’ remuneration. payments and awards in respect of a participant, a group of
participants, or all participants.
Remuneration comparison measurements are not used routinely,
because of the inconsistencies in comparing pay levels across
different geographies and workforce profiles.
End of remuneration policy (which is unchanged except for context to show the policy’s application for the year under review) for the
three-year period commencing from the 2014 AGM on 24 July 2014.

Annual report on remuneration
During the year ended 31 March 2015 and to the date of this report, committee members’ attendance at meetings and details of the core
agenda items discussed are shown below:
Meeting Core agenda items Members eligible to attend Attended
May 2014 • Determine base pay of executive directors and executive committee Lesley Knox (chairman)
members for the year ending 31 March 2015. Mark Armour
• Consider and approve short-term incentive payments for the year ended Guy Elliott
31 March 2014. John Manzoni
• Consider and approve long-term incentive awards vesting in respect of the
performance periods ended 31 March 2014.
• Determine short-term incentive and long-term incentive performance
measures and targets, and consider total remuneration for various
performance outcomes for awards to be made during the year ending
31 March 2015.
• Approve long-term incentive awards to be granted in June 2014.
Governance
November 2014 • Review remuneration policy, practice, pay and conditions for employees Lesley Knox (chairman)
across the group. Mark Armour
• Approve (off-cycle) long-term incentive awards to selected employees below Guy Elliott
executive committee. John Manzoni
March 2015 • Consider responses from annual shareholder consultations. Lesley Knox (chairman)
• Monitor and assess progress towards performance goals. Mark Armour
Guy Elliott
John Manzoni
May 2015 • Determine base pay of executive directors and executive committee Lesley Knox (chairman)
members for the year ending 31 March 2016. Mark Armour
• Consider and approve short-term incentive payments for the year ended Guy Elliott
31 March 2015. John Manzoni
• Consider and approve long-term incentive awards vesting in respect of the
performance periods ended 31 March 2015.
• Determine short-term incentive and long-term incentive performance
measures and targets, and consider total remuneration for various
performance outcomes for awards to be made during the year ending
31 March 2016.
• Approve long-term incentive awards to be granted in June 2015.
Guy Elliott was unable to attend the May 2014 committee meeting due to a long-standing commitment which had pre-dated his appointment
to the committee.
During the year, John Manser, Alejandro Santo Domingo, Howard Willard and Jan du Plessis attended some committee meetings
as observers. Also present, at the invitation of the committee, were Alan Clark (Chief Executive), John Davidson (General Counsel),
Roger Fairhead (Group Compensation & Benefits Director) and Stephen Shapiro (Group Company Secretary), although none was present
when his own remuneration was discussed.
Advisers to the remuneration committee

External advisers Kepler Associates is appointed by the committee, following a competitive tender, to provide independent advice on
remuneration matters including current market practices, incentive design, performance measures, and independent
monitoring of TSR. The committee reviews the advice provided by Kepler Associates to satisfy itself that it is independent.
Kepler Associates does not provide any other advice to the group, and fees are charged on a time basis. Total fees for
support to the committee during the year ended 31 March 2015 were £62,675.
Market data is sourced by the group compensation & benefits function from a number of consultancies, including Towers
Watson, Mercer and Hay Group to provide context for the committee. Other than Kepler Associates, the provision of
information to the committee by other providers is incidental to their main function of advising the group compensation
& benefits function on the remuneration of employees outside the scope of this report.
Internal advisers The committee considers the views of the Chairman and the Chief Executive on the remuneration and performance
of other members of the executive committee. The General Counsel, the Group Company Secretary, and the Group
Compensation & Benefits Director also provide information and advice to the committee on legal, regulatory and
governance issues, and on the pay and conditions for employees throughout the group.

|
Annual report on remuneration continued
Executive directors’ emoluments for the year ended 31 March 2015 (audited)
The following payments were made to executive directors in respect of the year ended 31 March 2015. Jamie Wilson stepped down as a
director on 18 February 2015 and ceased to be an employee on 31 March 2015. He continued to receive his contractual salary and benefits
for the time he remained an employee up to 31 March 2015. Jamie was awarded a bonus for his service during the year, but his unvested share
options, share awards and deferred shares were forfeited. His emoluments as a director (for the period from 1 April 2014 to 18 February 2015)
and his emoluments as an employee (for the period from 19 February 2015 to 31 March 2015) are shown separately in the table below, with
payments received upon ceasing employment shown on page 92 for full disclosure.
Retirement Annual bonus Long-term incentives

£’000 Base pay benefits1 Other benefits2 Total fixed pay (see page 86) (see pages 88 and 89) Total
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
Alan Clark3,4 1,133 1,085 340 326 59 173 1,532 1,584 1,098 1,196 4,442 3,683 7,072 6,463
Jamie Wilson
as a director 676 740 203 222 91 62 970 1,024 409 542 608 2,281 1,987 3,847
as an employee 86 – 26 – 5 – 117 – 52 – – – 169 –
762 740 229 222 96 62 1,087 1,024 461 542 608 2,281 2,156 3,847
Retirement benefits consist solely of contributions to defined contribution arrangements. None of the directors have entitlements to defined benefit pensions in respect of their service as a director.
1
Other benefits include car allowance, family medical and dental insurance, long-term disability insurance, life insurance, accompanied travel, occasional overnight accommodation, legal and
2
professional fees, and a beer allowance. Jamie Wilson also received a long-service award during the year of £31,758 (½ month’s base pay) in recognition of 10 years’ service in accordance
with the group’s policy for all UK employees.
Alan Clark was appointed as a director on 26 July 2012. The value of long-term incentives vesting by reference to performance periods ended 31 March 2015 and 31 March 2014 include those
3
granted to him in respect of his services as an employee rather than as, or in contemplation of his appointment as, an executive director.
Alan Clark’s other benefits reduced significantly for the year ended 31 March 2015, mostly due to the reduction in legal and professional fees compared with the prior year which included amounts in
4
connection with his move to the UK.
The charts below show the remuneration opportunity for the year ended 31 March 2015 (using the same assumptions as the remuneration
scenario charts on page 80), with actual remuneration being shown with and without the effect of share price growth over the performance
periods. In the five years ended 31 March 2015, SABMiller’s share price has increased by 82%.
Alan Clark Jamie Wilson

£m £m
Opportunity Opportunity
Min On-target Max Min On- Max
target
2015 (excluding share price growth) 2015 (excluding share price growth)
2015 (including share price growth) 2015 (including share price growth)
£0 £5 £10 £15 £0 £5 £10 £15

Non-executive directors’ emoluments for the year ended 31 March 2015 (audited)
£’000 Fees Benefits6 Total
2015 2014 2015 2014 2015 2014
Mark Armour 125 123 – – 125 123

Geoffrey Bible 92 92 – – 92 92
Dinyar Devitre 100 100 – – 100 100
Jan du Plessis1 47 n/a – n/a 47 n/a
Guy Elliott 145 36 – – 145 36
Lesley Knox 128 124 – – 128 124
Graham Mackay n/a 286 n/a 31 n/a 317
John Manser 650 552 – – 650 552
Trevor Manuel2 7 n/a – n/a 7 n/a
Governance
John Manzoni3 62 107 – – 62 107
Miles Morland4 32 109 – – 32 109
Dambisa Moyo 105 102 – – 105 102
Carlos Peréz Dávila 80 80 – – 80 80
Cyril Ramaphosa n/a 29 – – n/a 29
Alejandro Santo Domingo Dávila 80 80 – – 80 80
Helen Weir 112 100 – – 112 100
Howard Willard5 – – – – – –
Jan du Plessis was appointed to the board on 1 September 2014.
1
Trevor Manuel was appointed to the board on 1 March 2015.

2
3
John Manzoni announced his intention to step down as a director following the 2015 annual general meeting, and declined to accept his non-executive director’s fee from the date of this
announcement on 30 October 2014.
Miles Morland retired from the board on 24 July 2014.
4
Howard Willard is an executive officer of Altria Group, Inc (Altria) and in line with the company’s agreement with Altria, he does not receive a director’s fee from the company.
5
Non-executive directors do not participate in any of the company’s incentive plans, nor do they receive retirement or other benefits, other than a beer allowance (the value of which was considerably
6
less than £1,000 for the year ended 31 March 2015).
Base pay and non-executive directors’ fees

Executive directors’ base pay, and non-executive directors’ fees, for the year ended 31 March 2015 and those for the year ending
31 March 2016 (annualised for ease of comparison), are as follows.
Annualised
Year ended Year ending
31 March 2015 31 March 2016
£ £ % change
Executive directors
Chief Executive 1,133,000 1,167,000 3.0
Chief Financial Officer 762,200 n/a1 n/a
Non-executive directors
Non-executive Chairman’s fee (inclusive of all committee fees) 650,000 650,000 –
Base fee2 80,000 85,000 6.3
Senior Independent Director (additional fee) 30,000 30,000 –
Committee chairman fee (inclusive)
• Audit2 30,000 35,000 16.7
• Remuneration 28,000 28,000 –
• Nomination 25,000 25,000 –
• CARAC 25,000 25,000 –
Committee member fee (inclusive)
• Audit 20,000 20,000 –
• Remuneration 15,000 15,000 –
• Nomination – – –
• CARAC 12,000 12,000 –
The position of Chief Financial Officer as an executive director is currently vacant. The remuneration of any person appointed to this position will be set in accordance with the approved
1
remuneration policy.
At its meeting on 12 May 2015 the board considered the level of non-executive directors’ fees and resolved not to increase them for the year ending 31 March 2016, except for the base fee
2
and for the audit committee chairman’s fee, which had not been increased since 2012 and 2011 respectively and had fallen below the policy of around median for the FTSE-30.

|
Annual bonus
Outcome for the year ended 31 March 2015 (audited)
For the year ended 31 March 2015, the total bonus opportunity for executive directors was split:
• 60% annual financial performance; and
• 40% individual strategic objectives.
The performance measures and achievement against each target for the year ended 31 March 2015 are shown in the table below.
The actual financial targets and detailed strategic objectives of the executive directors for the year ended 31 March 2015 have not been
disclosed in this year’s report in order to maintain commercial confidentiality in the competitive markets in which we operate. The board
will review this position, and when the risk is no longer considered material, retrospective disclosure of the financial targets and strategic
objectives will be made in a future annual report. In accordance with this principle, retrospective disclosure of achievement against
targets for the year ended 31 March 2013 is shown on page 87.
Performance measure Weighting Achievement Outcome

Financial performance targets:

• NPR growth 15% 0% 0% 0%
• EBITA margin progression 15% 97% 14.5% 14.5%
• Adjusted EPS growth 15% 47% 7.0% 7.0%
• Free cash flow 15% 93% 13.9% 13.9%
60% 35.4% 35.4%
+ + +
Strategic objectives:
• Alan Clark 50% 20%
40%
• Jamie Wilson 37.5% 15%
= = =
Total (% of maximum bonus opportunity) 100% 55.4% 50.4%
x x
Maximum bonus opportunity (% of base pay) 175% 120%
x x
Base pay during the year £1,133,000 £676,453
= =
Annual bonus £1,098,000 £409,100
Alan Clark’s strategic objectives included business integration project, category strategy implementation, succession planning and building
executive capability, for which achievement during the year ended 31 March 2015 was rated as 50% of maximum.
Jamie Wilson’s strategic objectives included cost optimisation project, business disposal, and planning process enhancements, for which
achievement during the year ended 31 March 2015 was rated as 37.5% of maximum.

Retrospective disclosure of annual bonus targets for the year ended 31 March 2013
Performance measure Weighting Threshold Target Maximum Achievement Outcome
(25%) (50%) (100%)
Graham Mackay Alan Clark Jamie Wilson
Financial performance targets: 1
• Adjusted EPS (US cents) 25% 214.8 235.7 256.2 238.2 (56%) 14.0% 14.0% 14.0%
• EBITA (US$m) 25% 6,022 6,480 6,928 6,409 (46%) 11.5% 11.5% 11.5%
• Working capital % revenue 10% -0.8% -1.3% -2.3% -1.6% (65%) 6.5% 6.5% 6.5%
60% 32% 32% 32%
+ + + +
Strategic objectives:
• Graham Mackay 75% 30%
• Alan Clark 40% 72.5% 29%
Governance
• Jamie Wilson 75% 30%
= = = =
Total (% of maximum bonus opportunity) 100% 62% 61% 62%
x x x
Maximum bonus opportunity
175% 150% 120%
(% of base pay)
x x x
Base pay during the year £1,295,000 £579,545 £720,000
= = =
Annual bonus £1,400,000 £530,000 £535,680
Targets and outcomes are shown using budgeted exchange rates for the relevant performance period with adjustments for unbudgeted acquisition and disposal activities during the year,
1
to enable like-for-like comparison.
For the year ended 31 March 2013, each of the executive directors were rated for their contribution to the corporate centre cost optimisation
project and budget cycle, market share expansion in Africa, global talent development and continued roll-out of global IT projects according
to timetable and budget. Graham Mackay’s and Jamie Wilson’s contributions were rated at 75% of maximum, and Alan Clark’s contribution
was rated at 72.5% of maximum, recognising his appointment as an executive director, and contribution to some of these strategic
objectives, part-way through the year ended 31 March 2013.
Performance measures for the year ending 31 March 2016

The financial performance measures and weightings that will determine 60% of the total bonus opportunity for the year ending
31 March 2016 are as follows.
Performance measure Weighting
Financial performance targets:

• NPR growth 20%
• EBITA margin progression 20%
• Working capital 20%
60%
Achievement against each performance measure will be disclosed in next year’s annual report and the targets and strategic objectives
for the executive directors will be disclosed retrospectively, when the board considers them no longer to be commercially confidential.

|
Share option plan

Share options provide a direct and transparent link between executive pay and value creation for shareholders, as no gains are possible
unless there has been an absolute increase in the share price. Furthermore, to ensure that any share price increase is supported by a
sustainable improvement in the group’s underlying financial performance, additional performance conditions are applied before vesting of:
• two-thirds of the share options after three years; and
• one-third of the share options after five years.
If these performance conditions are not met, the appropriate proportion of share options will lapse, and there is no opportunity for retesting.
The vesting of share options for the executive directors for the performance periods ended 31 March 2015 is shown in the table below, which
for Alan Clark also includes share options granted in respect of services as an employee, rather than as, or in contemplation of appointment
as, an executive director.
Performance conditions / period Performance Vesting Outcome

Compound annualised adjusted

EPS growth, expressed in sterling,
of UK RPI plus a fixed percentage Threshold vesting: Maximum vesting:
compounded UK RPI + 3% pa UK RPI + 5% pa
Performance achieved: 21,450 shares
Five years ended 31 March 2015 UK RPI + 5.6% pa 100% at £19.511 –
Performance achieved:
Three years ended 31 March 2015 UK RPI + 1.2% pa nil nil –
Total number of share options vesting 21,450 –
Value at vesting £330,974 –

Vested 1 June 2015, share price = £34.94.
1
Performance conditions for share options granted in the year ending 31 March 2016 (audited)
Performance conditions Performance targets
Compound growth in adjusted EPS – in constant currency Threshold vesting: Maximum vesting:
6% pa 11% pa
Proportion of share options vesting 25% of maximum 100% of maximum
Details of executive directors’ share options awarded during the year are shown on page 93, and those outstanding at 31 March 2015 are
shown on page 94.

Share award plan
Share awards comprise performance shares and value shares to incentivise and reward executives for achieving:
• long-term financial performance (adjusted EPS growth over three years) through the vesting of performance shares; and
• long-term external relative performance (TSR outperformance of the median of a comparator group over three, four and five years)
through the vesting of value shares.
The number of shares which can be released under a value share award is dependent upon TSR outperformance compared with
a comparator group (identified on page 90) so that:
• at median or below median TSR performance, no shares will vest; but
• for every £10 million of additional shareholder value created above the median, a pre-determined fixed number of shares will vest.
The table below shows the vesting of the performance shares and value shares for the year ended 31 March 2015.
Governance
Performance conditions / period Performance Vesting/ Outcome
multiplier
Performance shares: Threshold vesting: Maximum vesting:

Compound growth in adjusted EPS 6% pa 11% pa
Performance achieved:
Three years ended 31 March 2015 3.8% pa nil nil nil
TSR outperformance: 36.052% outperformance 115 x £10,003m/ 115,034 shares1,2 –
5 years ended 31 March 2015 x £27,746m capitalisation £10m
= £10,003m additional value
TSR outperformance: 16.005% outperformance 100 x £5,359m/ – 17,866 shares3
3.2 years ended 31 May 2014 x £33,485m capitalisation £10m
= £5,359m additional value
Total number of shares vesting 115,034 17,866
Value at vesting (including share price growth) £4,111,315 £607,905

Value at vesting (excluding share price growth)4 £2,244,313 £401,896
Vested 29 May 2015, share price = £35.74.

1
This award was made to Alan Clark in June 2010 when he was Managing Director of SABMiIler Europe and was not made in respect of his services, or in contemplation of his appointment,
2
as an executive director, but is nevertheless disclosed for completeness, although not required to be disclosed by the regulations.
In accordance with the plan rules, value shares awarded before 2013 may be released from the third anniversary of the award date, but a proportion of the shares are deferred. If released before
3
the fourth anniversary, two-thirds are deferred; and if released after the fourth but before the fifth anniversary, one-half are deferred. Accordingly, when Jamie Wilson’s value share award granted
on 1 June 2011 was released on 20 June 2014, two-thirds of the resulting shares were deferred, with only one-third of the shares (17,866 shares) vesting at that time. The share price at vesting was
£34.0258. Subsequently, when Jamie ceased to be an employee on 31 March 2015, his deferred shares were forfeited.
Share price at award dates are shown on page 95.
4

|
Performance conditions for share awards granted in the year ending 31 March 2016 (audited)
The performance condition and performance target for performance share awards granted to executive directors in the year ending
31 March 2016 are:
Performance conditions Performance targets
Compound growth in adjusted EPS – in constant currency Threshold vesting: 6% pa Maximum vesting: 11% pa
Proportion of performance shares vesting 25% of maximum 100% of maximum
The performance condition for value share awards granted in the year ending 31 March 2016 remains TSR outperformance of the median
of a comparator group. The comparator group was changed for performance periods commencing from 2014 to include other companies
in the wider consumer goods categories considered to be more relevant comparators than some of the smaller scale, regional, beer, and
alcoholic beverage companies in the previous comparator group.
Weighting of comparator group constituents for awards granted:

2010 to 2013 from 2014
Anheuser-Busch InBev 21% 20%

Heineken 21% 20%
Molson Coors Brewing Co 11% –
Carlsberg 11% 10%
Diageo 11% 10%
Pernod-Ricard 5% 10%
Kirin Holdings 5% 10%
Asahi Breweries 5% –
Constellation Brands 5% –
Sapporo Holdings 5% –
The Coca-Cola Company – 5%
Nestlé – 5%
Unilever – 5%
Mondelez – 5%
100% 100%
Details of executive directors’ performance shares and value shares awarded during the year ended 31 March 2015 are shown on page 93,
and those outstanding at 31 March 2015, are shown on page 95.

Total shareholdings of directors (audited)
The total shareholdings and shareholding requirements at 31 March 2015 are shown in the table below.
Shares held1 Options held (see table on page 94)

Shares owned outright as
% of annualised base pay
at 31 March 2015 @ £35.40
Subject to performance Owned outright Subject to (or date of ceasing to be
Owned outright conditions (see Subject to (vested and performance a director if earlier on Shareholding
Executive director (see table below) table on page 95) deferral exercisable) conditions 18 February 2015 @ £35.545) requirement
Alan Clark2 298,764 245,434 – 715,401 533,767 933% 300%

Jamie Wilson3 68,872 – – – – 321% 200%
1
The numbers of shares shown in the table above include those held by connected persons.
2
As a result of shares retained from awards vested in respect of the year ended 31 March 2015, but not received until after the year end, Alan Clark owned 362,960 shares outright at 2 June 2015,
equivalent to 1,134% of base pay.
3
Jamie Wilson stepped down as a director on 18 February 2015 and ceased to be an employee on 31 March 2015 and accordingly all of his unvested share options, share awards and deferred
Governance
shares were forfeited. The table shows his shareholdings at 18 February 2015.
The company maintains a periodically updated table on its website, showing the shareholdings of the directors in accordance with the
recommendation made by the GC100 and Investor Group.
Directors’ interests in shares of the company (audited)

Ordinary shares held at Ordinary shares held as at
31 March 2014 (or date of Ordinary shares acquired Ordinary shares disposed 31 March 2015 (or date of
Director appointment if later) during the period of during the period ceasing to be a director if earlier)10
Alan Clark1 227,644 132,443 61,323 298,764

Jamie Wilson2 17,321 175,023 123,472 68,872
Mark Armour 3,000 – – 3,000
Geoffrey Bible3 89,250 3,500 – 92,750
Dinyar Devitre4 30,000 1,125 – 31,125
Jan du Plessis5 – 30,000 – 30,000
Guy Elliott 2,000 – – 2,000
Lesley Knox 3,000 – – 3,000
John Manser6 5,000 3,000 – 8,000
Trevor Manuel – – – –
John Manzoni7 7,434 818 – 8,252
Miles Morland8 50,000 – – 50,000
Dambisa Moyo 386 – – 386
Carlos Peréz Dávila – – – –
Alejandro Santo Domingo Dávila – – – –
Helen Weir 9 300 4 – 304
Howard Willard – – – –
1
Alan Clark had awards vested and exercised options in respect of 132,443 shares during the year ended 31 March 2015, selling 61,323 shares to pay the subscription price and to settle the resulting
tax liability, and retaining the balance of the shares beneficially.
2
Jamie Wilson had awards vested in respect of 174,854 shares during the year ended 31 March 2015, selling 123,472 shares to pay the subscription price and to settle the resulting tax liability or
otherwise disposed of, and retaining the balance of the shares beneficially. He also purchased 169 shares on 8 July 2014 at a price of £33.74 per share. Jamie Wilson stepped down as a director on
18 February 2015, and his interest in shares is shown at that date.
3
Geoffrey Bible acquired 2,500 shares on 19 January 2015 at a price of £33.893 per share. The S.C.M. Bible Revocable Trust, a connected person, acquired 1,000 shares on 19 January 2015 at a
price of £33.893 per share.
4
Dinyar Devitre acquired 1,125 shares on 27 June 2014 at a price of £33.595 per share.
5
Jan du Plessis was appointed as a non-executive director on 1 September 2014 and acquired 30,000 shares on 1 September 2014, at a price of £33.125 per share.
6
John Manser acquired 3,000 shares on 27 August 2014 at a price of £33.118 per share.
7
John Manzoni elected to apply his quarterly non-executive director’s fees to the regular purchase of ordinary shares after the deduction of taxes by way of a trading plan, and accordingly acquired
363 shares on 25 June 2014 at a price of £33.505 per share and 455 shares on 25 September 2014 at a price of £34.84 per share. The trading plan remained in place until 30 October 2014 when
he declined to accept further non-executive directors fees, following his announcement of his intention to step down as a director following the 2015 annual general meeting.
8
Miles Morland retired as a non-executive director on 24 July 2014, and his interest in shares is shown at that date.
9
Helen Weir acquired 1 share on 11 June 2014 at a price of £33.89, 2 shares on 11 September 2014 at a price of £34.288 per share and a further 1 share on 11 September 2014 at a price of £34.278
under a privately-arranged dividend reinvestment plan.
10
On 29 May 2015, Alan Clark’s beneficial holding increased by 64,196 shares following the release to him of 115,034 shares as the result of the vesting of his 2010 value share award, with Alan selling
50,838 shares to settle the resulting tax liability and retaining the balance of shares beneficially. There have been no other changes in the directors’ beneficial interests at 2 June 2015.
During the year ended 31 March 2015 the highest and lowest market prices for the company’s shares were £38.57 and £29.545 respectively,
and the closing market price on 31 March 2015 was £35.40.

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Performance review
In accordance with the regulations, the company is required to include a line graph showing the company’s TSR performance compared
with an appropriate broad equity market index for the preceding six years. The chart below compares the company’s TSR with the FTSE 100
Total Return Index over the period from 1 April 2009 to 31 March 2015, assuming an initial investment of £100. The company is a constituent
of the FTSE 100 Total Return Index and, accordingly, this is considered to be an appropriate comparison to demonstrate the company’s
relative performance.
Six-year cumulative TSR performance SABMiller
Value of £100 invested 1 April 2009 FTSE 100
£400
£300
£200
£100
£0
1 Apr 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar
2009 2010 2011 2012 2013 2014 2015
Note: Spot prices
Year 2009 2010 2011 2012 2013 2014 2015

Graham Graham Graham Graham Graham
Incumbent Mackay Mackay Mackay Mackay Mackay Alan Clark Alan Clark
Total remuneration ‘single figure’ (£’000) 3,752 8,515 12,713 13,728 13,910 6,463 7,072
Annual variable pay (as a % of maximum) 46% 79% 85% 77% 62% 63% 55%
LTI vesting (as a % of maximum) 69% 100% 98% 100% 100% 87% 37%
Percentage change in remuneration for the Chief Executive compared with other employees
The table below shows the percentage change in remuneration for the Chief Executive from the prior year, compared with a comparator
group of other employees of the SABMiller group based in the UK over the same time period. Given the global nature of SABMiller’s
operations and the diverse pay markets in which our employees operate, the UK employees were deemed to provide the most appropriate
comparator to the Chief Executive, who is also UK-based.
Salary and
fees Taxable Annual cash
(annualised) benefits bonus
Chief Executive (% change) +3.0% -66% -8.2%

UK employees (% change) +3.0% 0% +14.2%
Alan Clark’s taxable benefits reduced by 66% for the year ended 31 March 2015, mostly due to the reduction in legal and professional fees
compared with the prior year which included amounts in connection with his move to the UK. There has been no change in the value of
taxable benefits for UK employees, with premiums for insured benefits unchanged.
Payments to past directors and payments for loss of office (audited)

There were no payments to past directors, termination payments or payments for loss of office during the year. Shortly after ceasing to be
an employee on 31 March 2015, Jamie Wilson (formerly Chief Financial Officer) received the following:
• a payment of £762,200 representing his base pay in lieu of notice for his contractual notice period of 12 months, subject to mitigation
and to his not taking up employment during this period without the consent of the Chief Executive;
• a payment of £17,150 representing his car allowance for his contractual notice period of 12 months;
• a payment of £228,660 equal to 30% of his base pay in lieu of pension contributions; and
• family medical and dental insurance during his contractual notice period.
Relative importance of expenditure on pay

The table below sets out the remuneration paid to or receivable by all employees, in the years ended 31 March 2015 and 31 March 2014
compared with distributions to shareholders. The variation in total employee pay is a function of the number of employees and the percentage
changes in their remuneration in the countries in which they are employed, and the depreciation of key currencies against the US dollar
during the year.
2015 2014
US$m US$m % change
Total employee pay 2,491 2,501 -0.4%

Dividends to shareholders 1,705 1,640 +4.0%

Scheme interests awarded during the year (audited):
On 2 June 2014, the following share options were granted and share awards conditionally allocated to executive directors, subject to the
achievement of the relevant performance conditions as disclosed on pages 94 and 95.
Face value of
Number of share options and Percentage achievable if Latest
share options/ Face value of share shares as percentage minimum performance performance
Executive director Award type conditional shares options and shares1 of annualised base pay is achieved period ending
Alan Clark Share options 101,081 £3,346,792 295% 65% at threshold 31 Mar 2017
Share options 49,786 £1,648,414 145% 65% at threshold 31 Mar 2019
Performance shares 75,434 £2,497,620 220% 25% at threshold 31 Mar 2017
Value shares 125 £4,139 Nil at median 31 Mar 2019
per £10m of additional or below
shareholder value
Jamie Wilson Share options 61,371 £2,031,994 267% 76.6% at threshold 31 Mar 2017
Governance
Share options 30,227 £1,000,816 131% 76.6% at threshold 31 Mar 2019
Performance shares 45,799 £1,516,405 199% 25% at threshold 31 Mar 2017
Value shares 75 £2,483 Nil at median 31 Mar 2019
per £10m of additional or below
shareholder value
The face value of share options and performance shares has been calculated by multiplying the maximum number of shares under option and the maximum number of shares possible to vest
1
by the share price on the date of grant, being £33.11 on 2 June 2014.
Jamie Wilson stepped down as a director on 18 February 2015 and ceased to be an employee on 31 March 2015, and accordingly all of the share awards granted to him on 2 June 2014 (and shown
2
in the table above) were forfeited.
Statement of 2014 shareholder voting

The table below sets out the result of the vote on the directors’ remuneration policy and the annual report on remuneration at the 2014
annual general meeting.
Votes for Votes against Votes withheld 0% 25% 50% 75% 100%
Remuneration policy 1,111,025,026 92,388,744 178,551,996

92.32% 7.68% 92.32%
Annual report on 1,306,944,944 63,792,082 11,228,741
remuneration
95.35% 4.65% 95.35%

|
Share options (audited)

Vested and
Exercisable Performance Outstanding Outstanding exercisable Sale price/
for period Subscription as at Granted Exercised Lapsed as at as at market price
3-10 years (year ending price 31 March during during during 31 March 31 March (if applicable)
Director from 31 March) £ 2014 the year the year the year 2015 2015 £
Alan Clark1 20 May 2005 Vested 8.28 69,746 – 69,746 – – – £34.6582

19 May 2006 Vested 10.61 100,000 – – – 100,000 100,000
18 May 2007 Vested 11.67 100,000 – – – 100,000 100,000
16 May 2008 Vested 12.50 100,000 – – – 100,000 100,000
1 Aug 2008 Vested 10.49 50,000 – – – 50,000 50,000
15 May 2009 Vested 12.31 125,250 – – – 125,250 125,250
15 May 2009 Vested 12.31 24,750 – – – 24,750 24,750
1 Jun 2010 Vested 19.51 108,550 – – – 108,550 108,550
1 Jun 2010 5 years (2015) 19.51 21,450 – – – 21,450 –
1 Jun 2011 Vested 22.495 65,000 – – – 65,000 65,000
1 Jun 2011 Vested 22.495 43,550 – – 1,699 41,851 41,851
1 Jun 2011 5 years (2016) 22.495 21,450 – – – 21,450 –
1 Jun 2012 3 years (2015) 23.95 134,000 – – – 134,000 –
1 Jun 2012 5 years (2017) 23.95 66,000 – – – 66,000 –
3 Jun 2013 3 years (2016) 33.30 93,800 – – – 93,800 –
3 Jun 2013 5 years (2018) 33.30 46,200 – – – 46,200 –
2 Jun 2014 3 years (2017) 33.11 – 101,081 – – 101,081 –
2 Jun 2014 5 years (2019) 33.11 – 49,786 – – 49,786 –
1,169,746 150,867 69,746 1,699 1,249,168 715,401
Jamie Wilson5 20 May 2005 Vested 8.28 3,623 – 3,623 – – – £33.9783
1 Jun 2010 Vested 19.51 13,000 – 13,000 – – – £33.9783
1 Jun 2011 Vested 22.495 67,000 – 64,387 2,613 – – £33.9783
1 Jun 2011 5 years (2016) 22.495 33,000 – – 33,000 – –
1 Dec 2011 Vested 22.40 33,500 – 32,193 1,307 – – £34.5254
1 Dec 2011 5 years (2016) 22.40 16,500 – – 16,500 – –
1 Jun 2012 3 years (2015) 23.95 100,500 – – 100,500 – –
1 Jun 2012 5 years (2017) 23.95 49,500 – – 49,500 – –
3 Jun 2013 3 years (2016) 33.30 56,950 – – 56,950 – –
3 Jun 2013 5 years (2018) 33.30 28,050 – – 28,050 – –
2 Jun 2014 3 years (2017) 33.11 – 61,371 – 61,371 – –
2 Jun 2014 5 years (2019) 33.11 – 30,227 – 30,227 – –
401,623 91,598 113,203 380,018 – –
On 1 June 2015, Alan Clark was granted an option over 147,253 shares at an exercise price of £34.94 per share, subject to the performance conditions listed below.
1
On 25 September 2014 Alan Clark exercised an option to purchase 69,746 shares at an option price of £8.28 per share. 34,334 shares were sold at a price of £34.658 per share with the proceeds
2
being used to pay the subscription price and to meet applicable income tax and social security charges. The balance of the shares were retained by him beneficially.
On 2 July 2014 Jamie Wilson exercised options to purchase 3,623 shares at an option price of £8.28 per share, 13,000 shares at an option price of £19.51 per share, and 64,387 shares at an option
3
price of £22.495 per share. 62,132 shares were sold at a price of £33.978 per share to pay the subscription prices and to meet applicable income tax and social security charges or otherwise
disposed of. The balance of the shares were retained by him beneficially.
On 27 January 2015 Jamie Wilson exercised an option to purchase 32,193 shares at an option price of £22.40 per share. All of the shares were sold on that date at a price of £34.525.
4
Jamie Wilson stepped down as a director on 18 February 2015 and ceased to be an employee on 31 March 2015, and accordingly all of his unvested share options were forfeited.
5
Share options granted to executive directors before 2014 have a performance condition that requires compound annualised adjusted
EPS growth, expressed in sterling, of:
• UK RPI + 3% per annum for any of the share options to vest; and
• UK RPI + 5% per annum for full vesting.
Share options granted to executive directors from 2014 have a performance condition that requires compound growth in adjusted
EPS in constant currency of:
• 6% per annum for any of the share options to vest; and
• 11% per annum for full vesting.

Performance shares (audited)
Performance Outstanding Outstanding
period Share price at as at Awarded Released Lapsed as at Share price/
(year ending award date 31 March during during during 31 March market price
Director Award date 31 March) £ 2014 the year the year the year 2015 £
Alan Clark1 15 May 2009 Vested 12.31 24,750 – 24,750 – – £32.27

1 Jun 2011 Vested 22.495 65,000 – 37,947 27,053 – £33.11
1 Jun 2012 3 year (2015) 23.95 100,000 – – – 100,000
3 Jun 2013 3 year (2016) 33.30 70,000 – – – 70,000
2 Jun 2014 3 year (2017) 33.11 – 75,434 – – 75,434
259,750 75,434 62,697 27,053 245,434
Jamie Wilson2 1 June 2011 Vested 22.495 50,000 – 29,190 20,810 – £33.11
1 Dec 2011 Vested 22.40 25,000 – 14,595 10,405 – £35.64
Governance
1 Jun 2012 3 year (2015) 23.95 75,000 – – 75,000 –
3 Jun 2013 3 year (2016) 33.30 42,500 – – 42,500 –
2 Jun 2014 3 year (2017) 33.11 – 45,799 – 45,799 –
192,500 45,799 43,785 194,514 –
On 1 June 2015, Alan Clark was granted a performance share award over 73,627 shares, subject to achieving the EPS-related performance condition listed below.
1
Jamie Wilson stepped down as a director on 18 February 2015 and ceased to be an employee on 31 March 2015, and accordingly all of his unvested performance share awards were forfeited.
2
For performance share awards granted from 2011 onwards, the performance condition is compound growth in adjusted EPS
(from 2014 onwards, in constant currency) of:
• 6% per annum for any performance shares to vest; and
• 11% per annum for full vesting.
Value shares (audited)

Outstanding
as at Awarded Released Outstanding
31 March 2014 during during as at
(shares per the year the year 31 March 2015
Share price £10m of (shares per (shares per Lapsed during (shares per Earliest
at award additional £10m of £10m of the year (shares £10m of possible Share price/
date shareholder additional additional per £10m of additional release Final market price
Director Award date £ value) value) value) additional value) value) date vesting date £
Alan Clark1 1 Jun 2010 19.51 115 – – – 115 1 Jun 2013 1 Jun 2015
1 Jun 2011 22.495 115 – – – 115 1 Jun 2014 1 Jun 2016
1 Jun 2012 23.95 175 – – – 175 1 Jun 2015 1 Jun 2017
3 Jun 2013 33.30 125 – – – 125 3 Jun 2016 3 Jun 2018
2 Jun 2014 33.11 – 125 – – 125 2 Jun 2017 2 Jun 2019
530 125 – – 655
Jamie Wilson2,3 1 Jun 2011 22.495 100 – 100 – – 1 Jun 2014 1 Jun 2016 £34.028
1 Dec 2011 22.40 30 – – 30 – 1 Jun 2014 1 Jun 2016
1 Jun 2012 23.95 130 – – 130 – 1 Jun 2015 1 Jun 2017
3 Jun 2013 33.30 75 – 75 – 3 Jun 2016 3 Jun 2018
2 Jun 2014 33.11 – 75 75 – 2 Jun 2017 2 Jun 2018
335 75 100 310 –
On 1 June 2015 Alan Clark was conditionally awarded 125 value shares of which one-third are capable of vesting for every £10 million of additional shareholder value created over three, four and
1
five-year performance periods commencing 1 April 2015.

On 20 June 2014 Jamie Wilson’s value share award granted on 1 June 2011 was released to him. As explained on page 89, this resulted in 17,866 shares being released, with 8,398 shares sold at a
2
price of £34.028 per share to meet applicable tax and social security charges. The balance of the shares were retained by him beneficially. The 35,724 shares comprising the remaining two-thirds of
the award were deferred, and were subsequently forfeited when Jamie stepped down as a director on 18 February 2015.
Jamie Wilson stepped down as a director on 18 February 2015 and ceased to be an employee on 31 March 2015, and accordingly all of his unvested value share awards were forfeited.
3
The number of shares which can be released under a value share award is dependent upon TSR outperformance compared with the
median of a comparator group (identified on page 90) over three, four and five-year performance periods:
• at median or below median TSR performance, no shares will vest; and
• for every £10 million of additional shareholder value created, a pre-determined fixed number of shares will vest (as set out in the table above).

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Additional shareholder value represents the amount of additional return to shareholders as a result of the company’s TSR performance
exceeding that of the comparator group. It is calculated as the percentage change in TSR of the company, less the percentage change in
TSR of the median of the comparator group, multiplied by the company’s market capitalisation at the commencement of the performance
period. The maximum number of shares that can vest is capped at the level at which additional shareholder value at the end of each
performance period equals the market capitalisation of the company at the commencement of the performance period. The maximum
value for all participants (including executive directors) in the aggregate is therefore capped at 0.5% of additional shareholder value created
for any five-year performance period. This is the maximum theoretical percentage that can be earned in aggregate by all participants,
with 99.5% of the additional value created accruing to shareholders.
Value share awards granted before 2013 vest on the fifth anniversary of the grant date, subject to TSR outperformance, but participants may
request the release of all or part of the award from the third anniversary of the grant date. If the remuneration committee exercises its discretion
to release shares in such circumstances, the number of shares is determined based on TSR outperformance to that date, with the shares
partially deferred and released in equal instalments over the period until the fifth anniversary of the grant date. There is no opportunity
for retesting against future TSR performance, and the deferred shares are subject to forfeiture under certain circumstances should the
participant’s employment terminate before the fifth anniversary. Value share awards granted from 2013 vest one-third on each of the third,
fourth and fifth anniversaries of the grant date respectively. Any shares are then released, based on TSR outperformance to the preceding
31 March. If the performance conditions for any award are not achieved at the relevant date, the appropriate proportion of shares will
lapse and there is no opportunity for retesting.
At 31 March 2015, TSR outperformance, additional shareholder value created, and the indicative value of shares capable of vesting for the
highest paid executive (Alan Clark) were:
Performance period commencing

1 April 2010 1 April 2011 1 April 2012 1 April 2013 1 April 2014
SABMiller’s TSR to 31 March 2015 120.721% 79.584% 56.644% 22.030% 17.654%
Comparator group median TSR to 31 March 2015 84.669% 76.101% 65.969% 16.289% 15.022%
Outperformance 36.052% 3.483% nil 5.741% 2.632%
SABMiller market capitalisation (at commencement £27,746m £33,485m £37,639m £47,580m £48,459m
of the performance period)
Additional shareholder value created £10,003m £1,166m nil £2,731m £1,275m
Value of shares capable of vesting (at £35.40 per share) £4.1m £0.47m nil £1.2m £0.56m
Value of shares as % of additional shareholder value created 0.04% 0.04% – 0.04% 0.04%
Approval
This report complies with the requirements of the regulations. Those parts of the report that are subject to audit are identified separately.
This report and the recommendations of the committee were approved by the board on 2 June 2015 as recommended by the committee
on 11 May 2015 and will be submitted to shareholders for approval at the 2015 annual general meeting.
Signed on behalf of the board of directors by
Stephen Shapiro
Group Company Secretary
2 June 2015

Directors’ report
The directors have pleasure in submitting their report to shareholders, Dividends

together with the audited annual financial statements for the year An interim dividend of 26 US cents per share was paid to
ended 31 March 2015. shareholders on 5 December 2014 in respect of the year ended
31 March 2015. Details of the final dividend proposed by the
Much of the information previously provided as part of the directors’ board for the year ended 31 March 2015 are set out below:
report is now required to be presented as part of the strategic report,
which includes a description of the principal risks and uncertainties Amount of final dividend proposed by the board:
we face, our development and performance during the year, our • 87 US cents per share.
position at the end of the year, key performance indicators, and
information relating to environmental matters, employee matters Total proposed dividend for the year ended 31 March 2015:
and social, community, and human rights issues. • 113 US cents per share.
The directors’ report includes information required under the If approved, the final dividend will be payable to shareholders on
Companies Act 2006, the Listing Rules and the Disclosure and either section of the register on 7 August 2015 in the following way:
Governance
Transparency Rules.
Dividend payable on:
For the purposes of compliance with the Disclosure and 14 August 2015.
Transparency Rules, the strategic report and this directors’ report,
including those sections of the annual report incorporated by Currency of payment:
reference, constitute a management report. • South African rands – to shareholders on the RSA section
of the register;
Directors • US dollars – to shareholders shown as having an address
The names and biographical details of the current directors are set in the USA and recorded on the UK section of the register
out on pages 52 and 53. All the current directors served throughout (unless mandated otherwise); and
the period, except Jan du Plessis, who was appointed as a director • Pounds sterling – to all other shareholders on the UK section
on 1 September 2014, and Trevor Manuel who was appointed as a of the register.
director on 1 March 2015. Miles Morland served as a director until his
retirement on 24 July 2014 and Jamie Wilson until 18 February 2015. Ex-dividend dates:
As detailed in our corporate governance report, it is intended that • 3 August 2015 for shares traded on the JSE Limited, South Africa.
at our annual general meeting on 23 July 2015: Javier Ferrán will join • 6 August 2015 for shares traded on the London Stock Exchange
the board as an independent non-executive director; Dave Beran (LSE).
will join the board as a non-executive director nominated by Altria
and John Manser, John Manzoni and Howard Willard will retire. The rate of exchange for conversion from US dollars will be calculated
Details of the interests in shares and options of the directors who on 22 July 2015 and published on the RNS of the LSE and the SENS
held office during the year and any persons connected to them are of the JSE Limited on 23 July 2015.
set out in the directors’ remuneration report on pages 74 to 96.
Shareholders registered on the RSA section of the register will,
Corporate governance unless a shareholder qualifies for an exemption, be subject to a
The directors’ approach to corporate governance and statements dividend withholding tax at a rate of 15%. The dividend withholding
of our application of the UK Corporate Governance Code are set out tax is only of direct application to shareholders registered on the
in the corporate governance report, which forms part of this directors’ RSA section of the register, who should direct any questions about
report, on pages 56 to 69, in the audit committee report on pages the application of the dividend withholding tax to Computershare
70 to 73 and in the directors’ remuneration report on pages 74 to 96. Investor Services (Pty) Limited, tel: +27 11 373 0004.
Share capital Note 9 to the consolidated financial statements discloses

Details of the issued share capital and movement in it during the dividends waived.
year are provided in note 25 to the consolidated financial statements.
Purchase of own shares
During the year 2,848,471 ordinary shares were purchased At the last annual general meeting, shareholder authority was
by the trustee of the SABMiller Employees’ Benefit Trust (EBT) obtained for us to purchase our own shares up to a maximum of
(at an average price of £33.32 per share) which amounted to 0.17% 10% of the number of ordinary shares in issue as at 2 June 2014.
of the issued ordinary shares of the company and we transferred This authority is due to expire at the earlier of the next annual general
a further 3,500,000 ordinary shares from treasury to the trustee of meeting or 24 October 2015, and remains exercisable provided
EBT, in order to ensure that the trustee of EBT continued to hold that certain conditions relating to the purchase are met. The notice
sufficient ordinary shares to meet expected future obligations in of annual general meeting proposes that shareholders approve
respect of performance share awards under the Share Award Plan. a resolution updating and renewing the authority allowing us to
purchase our own shares.
Annual general meeting
Our 2015 annual general meeting will be held at the InterContinental We did not repurchase any shares during the year for the purpose
London Park Lane, One Hamilton Place, London W1V 7QY, UK at of cancellation, holding in treasury, or for any other purpose.
11.00am on Thursday 23 July 2015. Copies of the notice of this
meeting may be obtained from our website.

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Governance Directors’ report continued
Directors’ report continued
Political donations Research and development

Our Carlton & United Breweries (CUB) business paid membership To ensure improved overall operational effectiveness, we place
fees to registered political parties and incurred expenditure in considerable emphasis on research and development in our global
attending public policy events by registered political parties. technical activities. This enables us to develop new products,
The total value of the fees and expenditure incurred was packaging, processes and manufacturing technologies. Continued
US$16,305. All CUB expenditure related to participation and progress was made in our research in the key areas of raw materials,
attendance at public policy events. CUB also donated Crown brewing, flavour stability, packaging materials and energy and
Ambassador products to the value of US$523 to the Liberal Party water saving.
of Victoria. CUB does not provide stand-alone cash to any political
party. Donations of this nature in Australia are an accepted part Greenhouse gas emissions
of the socio-political environment. Disclosures concerning greenhouse gas emissions required by
law are included in the strategic report, on page 48.
It remains our policy not to make donations to political organisations
in the European Union. Other political donations are only made Overseas branches
by exception, and where permitted by local laws, and must be SABMiller plc does not have any branches registered overseas.
consistent with the support of multi-party democracy.
Substantial shareholdings
Employment, environmental and social policies As at 2 June 2015, we had received the following notifications of
Our aim is to be the employer of choice in each country in which interests in voting rights of the issued share capital of the company
our group companies operate. To achieve this, each operating pursuant to Rule 5.1.2 of the Disclosure and Transparency Rules:
company designs employment policies which attract, retain and
motivate the highest quality of staff. We are committed to an active Percentage
Date of Number of issued
equal opportunities policy, from recruitment and selection, through notification of shares share capital1
training and development, appraisal and promotion to retirement. Altria Group, Inc. 29 June 2012 430,000,000 26.99
Within the constraints of local law, it is our policy to ensure that BevCo Ltd. 2 June 2014 225,000,000 13.99
everyone is treated equally, regardless of gender, colour, nationality, Public Investment Corporation 11 March 2015 50,780,462 3.14
ethnic origin, race, disability, marital status, sexual orientation,
religion or trade union affiliation. We value the benefits of employing
The Companies Act 2006 requires disclosure of persons with
people of different races, genders, creeds and backgrounds. If
significant direct or indirect holdings of securities as at the year end.
employees become disabled, efforts are made to allow them to
At the year end we were aware of the following shareholdings of
continue in their role, or a suitable alternative role, through making
3.00% or more:
reasonable adjustments. Full consideration is given to applications
for employment from disabled persons, having regard to their Percentage
particular aptitudes and abilities. of issued
share capital1
We are committed to the 10 principles of the United Nations Global Altria Group, Inc. 26.60
Compact, which sets out universally accepted principles in the BevCo Ltd 13.92
areas of human rights, labour, the environment and anti-corruption. Public Investment Corporation 3.43
Our website sets out these principles and our progress towards BlackRock Inc. 3.11
achieving them. Excluding shares held in treasury.
1
We are committed to regular communication and consultation

Directors’ indemnities
with our employees and we encourage employee involvement in
The company has granted rolling indemnities to the directors,
our performance. We have distribution of real time news through our
uncapped in amount, in relation to certain losses and liabilities which
intranet, which is available to businesses to help inform employees
they may incur in the course of acting as directors of the company
about what is happening in our global operations. Further information
or of one or more of its subsidiaries and associates. The company
is provided to employees at regional and country level by way of
secretary has also been granted an indemnity, on similar terms,
a mix of channels such as newsletters, employees’ boards,
covering his role as group company secretary of the company,
meetings and electronic communication.
and as a director or as company secretary of one or more of the
company’s subsidiaries and associates. The board believes that it
Certain employees throughout the group are eligible to participate
is in the best interests of the group to attract and retain the services
in the group’s share incentive plans.
of the most able and experienced directors and officers by offering
competitive terms of engagement, including the granting of
The sustainable development review on pages 46 to 49 gives
such indemnities.
an overview of the progress of the implementation of our new
sustainable development ambition, Prosper, and of the impact
These indemnities are categorised as qualifying third-party indemnity
of our business on the environment. More detailed information
provisions as defined by Section 234 of the Companies Act 2006.
is provided in our 2015 sustainable development report, available
They will continue in force for the benefit of directors and officers
on our website.
in respect of their periods of office.

Financial instruments The company does not have any agreements with any director
Information on our financial risk management objectives and policies or officer that would provide compensation for loss of office or
and details of our exposure to price risk, credit risk, liquidity risk employment resulting from a takeover.
and cash flow risk are contained in note 21 to the consolidated
financial statements. Our articles of association allow directors, in their absolute discretion,
to refuse to register the transfer of a share in certificated form which
Future developments is not fully paid or the transfer of a share in certificated form on
Details of likely future developments in the business of the group which the company has a lien. If that share has been admitted to the
are included in the strategic report. Official List, the board may not refuse to register the transfer if this
would prevent dealings in our shares from taking place on an open
Other disclosures required by the Companies Act and proper basis. The board may also refuse to register a transfer
and the Disclosure and Transparency Rules of a share in certificated form unless the instrument of transfer is
We do not have any contractual or other arrangements that lodged, duly stamped (if stampable), at the address at which our
individually are essential to the business of the company or the register is held or at such other place as the directors may appoint,
Governance
group as a whole. and (except in the case of a transfer by a financial institution
where a certificate has not been issued in respect of the share)
The structure of our share capital, including the rights and obligations is accompanied by the certificate for the share to which it relates
attaching to each class of share and the percentage of the share and such other evidence as the directors may reasonably require
capital that each class of share comprises, is set out in note 25 to show the right of the transferor to make the transfer, is in respect
to the consolidated financial statements. There are no securities of only one class of share and is in favour of not more than four
of the company that grant the holder special control rights. transferees jointly.
At 31 March 2015 our employees’ benefit trusts held 8,997,945 Transfers of shares in uncertificated form must be made in
ordinary shares in the company. By agreement with the company, accordance with, and subject to, the Uncertificated Securities
voting rights attached to these shares are not exercised unless Regulations (the Regulations), the facilities and requirements of the
shares are beneficially owned by a participant and that participant has relevant CREST system and such arrangements as the board
instructed the underlying shareholder to vote. As at 31 March 2015 may determine in relation to the transfer of certificated shares
there were no shares beneficially owned by a participant in our (subject to the Regulations).
employees’ benefit trusts.
Transfers of shares listed on the JSE in uncertificated form must
The directors are responsible for the management of the business be made in accordance with, and subject to, the Securities Services
of the company and may exercise all the powers of the company Act 2004, the Rules and Directives of the JSE and STRATE Ltd.
subject to the articles of association and relevant statutes. Certificated shares may be transferred prior to dematerialisation,
Powers of the directors relating to the issuing and buying back but share certificates must be dematerialised prior to trading in
of shares are set out in the articles of association. These powers the STRATE environment.
are subject to renewal by our shareholders each year at the
annual general meeting. Pursuant to our code for securities transactions, directors and
persons discharging managerial responsibilities, and employees
Our articles of association give the board of directors power to may, in certain circumstances, require approval to deal in the
appoint directors. The articles of association may be amended company’s shares.
by special resolution of the shareholders.
Unless the directors otherwise determine, no shareholder is entitled
Directors appointed by the board are required to submit themselves in respect of any share held by them to vote either personally or
for election by the shareholders at the next annual general meeting. by proxy at a shareholders’ meeting or to exercise any other right
Additionally, as disclosed in the corporate governance report on conferred by membership in relation to shareholders’ meetings if
pages 56 to 69, Altria Group, Inc. (Altria) and BevCo Ltd (BevCo) any call or other sum presently payable by them to the company in
have power under their respective relationship agreements with the respect of that share remains unpaid. In addition, no shareholder will
company to nominate directors for appointment to the board and be entitled to vote if they have been served with a notice after failing
certain committees. These relationship agreements also regulate to provide the company with information concerning interests in
orderly marketing processes applicable in relation to any disposal those shares required to be provided under Section 793 of the
of shares by Altria and BevCo. Companies Act 2006. Restrictions on the rights of the holders
of convertible shares and deferred shares are set out in note 25
We have a number of facility agreements with banks which contain to the consolidated financial statements (although there are no
provisions giving rights to the banks upon a change of control of convertible shares currently in issue).
the company. A change of control of the company would also give
The Coca-Cola Company certain rights under its bottling agreements Votes may be exercised in person, by proxy, or in relation to
with various subsidiaries of the company, and in certain limited corporate members, by a corporate representative. The deadline
circumstances may give China Resources Enterprise, Limited the for delivering proxy forms is 48 hours before the time for holding
ability to exercise certain rights under a shareholders’ agreement in the meeting.
relation to our associate CR Snow. A change of control may also give
the Molson Coors Brewing Company the ability to exercise certain
rights under the MillerCoors operating agreement, and would result
in certain minority protection rights contained in our relationship
agreement with the Anadolu Group and Anadolu Efes ceasing
to apply.

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Governance Directors’ report continued
Directors’ report continued
Going concern A copy of the consolidated and company financial statements is

The directors have reviewed the group’s performance for the year placed on the company’s website. The directors are responsible
and the principal risks it faces, together with the budget and cash for the maintenance and integrity of the statutory and audited
flow forecasts, in particular with reference to the period to the end information on the company’s website. Legislation in the United
of September 2016, and the application of reasonably possible Kingdom governing the preparation and dissemination of financial
sensitivities associated with these forecasts. On the basis of this statements may differ from legislation in other jurisdictions.
review, and in light of the current financial position and existing
committed borrowing facilities, the directors are satisfied that the The directors consider that the annual report and accounts, taken
group has adequate resources to continue in operational existence as a whole, is fair, balanced and understandable and provides the
and therefore have continued to adopt the going concern basis information necessary for shareholders to assess the group’s
in preparing the consolidated financial statements. performance, business model and strategy.
Directors’ responsibility statement Each of the directors, whose names and functions are listed on
The directors are responsible for preparing the annual report, pages 52 and 53 of this annual report, confirms that, to the best
the directors’ remuneration report and the financial statements of his or her knowledge:
in accordance with applicable law and regulations.
• the consolidated financial statements, which have been prepared
Company law requires the directors to prepare financial statements in accordance with IFRSs as adopted by the EU, the Companies
for each financial year. The directors have prepared the consolidated Act 2006 and Article 4 of the IAS Regulation, give a true and fair
financial statements in accordance with International Financial view of the assets, liabilities, financial position and profit of the
Reporting Standards (IFRSs) as adopted by the European Union, group; and
and the parent company financial statements in accordance • the management report contained in this annual report includes
with United Kingdom Generally Accepted Accounting Practice a fair review of the development and performance of the business
(United Kingdom Accounting Standards) and applicable law. and the position of the group, together with a description of the
principal risks and uncertainties that it faces.
Under company law the directors must not approve the consolidated
financial statements unless they are satisfied that they give a true The directors in office at the date of this report have each
and fair view of the state of affairs of the group and company and confirmed that:
of the profit or loss of the group for that period.
• so far as the director is aware, there is no relevant audit
In preparing these financial statements, the directors are required to: information of which the group’s auditors are unaware; and
• he or she has taken all the steps that he or she ought to have
• select suitable accounting policies and then apply taken as a director in order to make himself or herself aware
them consistently; of any relevant audit information and to establish that the
• make judgements and accounting estimates that are reasonable group’s auditors are aware of that information.
and prudent;
• state whether IFRSs as adopted by the European Union and Post balance sheet events
applicable UK Accounting Standards have been followed, subject In May 2015 we entered into an agreement to acquire Meantime
to any material departures disclosed and explained in the group Brewing Company. The acquisition of the London-based modern
and parent company financial statements respectively; and craft brewer is expected to complete in June 2015.
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the group and the Stephen Shapiro
company will continue in business. Group Company Secretary
For and on behalf of the board of SABMiller plc
The directors are responsible for keeping adequate accounting 2 June 2015
records that are sufficient to show and explain the transactions of
the company and group and disclose with reasonable accuracy
at any time the financial position of the company and group and
enable them to ensure that the company and consolidated financial
statements and the directors’ remuneration report comply with the
Companies Act 2006 and, as regards the consolidated financial
statements, Article 4 of the IAS Regulation. They are also responsible
for safeguarding the assets of the company and group and hence
for taking reasonable steps for the prevention and detection of
fraud and other irregularities.

In accordance with Listing Rule 9.8.4 R the table below gives the location of information required by that Rule to be included in the annual
report and accounts.
Listing Rule Information Location
LR 9.8.4 (1) Amount of interest capitalised and amount and treatment Not applicable: no interest capitalised.
of tax relief.
LR 9.8.4 (2) Information required by Listing Rule 9.2.18 regarding Not applicable: no relevant information published
the prior publication of unaudited financial information. in advance of this annual report and accounts.
LR 9.8.4 (3) Rule deleted. Not applicable.
LR 9.8.4 (4) Long-term incentive schemes where the only participant Not applicable: no such arrangements exist.
is a director or prospective director of the company and
the arrangement is established specifically to facilitate
the recruitment or retention of the director.
LR 9.8.4 (5) Arrangements under which a director has waived or In accordance with our agreement with Altria, Howard
Governance
agreed to waive emoluments from the company or any Willard, as an executive director of Altria, did not receive
subsidiary undertaking. a director’s fee from SABMiller (see page 85).
John Manzoni declined to accept his director’s fees
with effect from 30 October 2014, when he announced
his intention to retire from the board on 23 July 2015.
LR 9.8.4 (6) Agreements with a director to waive future emoluments. Not applicable: no such agreement exists.
LR 9.8.4 (7) Details of shares allotted during the period under review Not applicable: the only shares that have been allotted
which have not been allotted to existing shareholders during the period have been to satisfy the exercise
in proportion to their shareholdings and which have of options under various share incentive plans as
not been specifically authorised by the company’s approved by the company’s shareholders. See note 25
shareholders. to the consolidated financial statements for further
details of these allotments.
LR 9.8.4 (8) Shares allotted in major subsidiary undertakings during Not applicable: no individual subsidiary is a major
the period under review which have not been allotted to subsidiary undertaking as defined by the Listing Rules.
existing shareholders in proportion to their shareholdings.
LR 9.8.4 (9) Details of any parent undertaking’s participation in any Not applicable: SABMiller does not have a parent
placing during the period under review. undertaking.
LR 9.8.4 (10) Details of any contract of significance (as defined by Not applicable: no such contract of significance exists.
the Listing Rules) existing between SABMiller, or any
of its subsidiaries, in which either a director is materially
interested or one of the parties is a controlling
shareholder of SABMiller.
LR 9.8.4 (11) Details of any contract for the provision of services to Not applicable: SABMiller does not have a
SABMiller, or any of its subsidiaries, by a controlling controlling shareholder.
shareholder.
LR 9.8.4 (12) Details of any arrangement under which a shareholder The trustees of the two employee benefit trusts have
has waived or agreed to waive any dividends. elected to waive dividends, except in circumstances
where they may be holding shares beneficially owned
by participants. See notes 9 and 26 to the consolidated
financial statements.
LR 9.8.4 (13) Details of any arrangement under which a shareholder As noted above the trustees of the two employee
has agreed to waive future dividends. benefit trusts have elected to waive dividends, except
in circumstances where they may be holding shares
beneficially owned by participants. See notes 9 and 26
to the consolidated financial statements.
LR 9.8.4 (14) Agreements with any controlling shareholder. Not applicable: SABMiller does not have a controlling
shareholder.

Independent auditors’ report

to the members of SABMiller plc
Report on the financial statements Our audit approach
Overview
Our opinion
In our opinion: Materiality Overall group materiality: US$250 million based
on 5% of the consolidated profit before tax and
• SABMiller plc’s consolidated financial statements and company before exceptional items.
financial statements (the financial statements) give a true and
fair view of the state of the group’s and of the company’s affairs Audit scope The group is structured into five geographic
as at 31 March 2015 and of the group’s profit and cash flows segments and one corporate segment. Each
for the year then ended; geographic segment is a consolidation of a
number of country-based operating businesses.
• the consolidated financial statements have been properly prepared We identified three segments (Latin America,
in accordance with International Financial Reporting Standards Africa and Corporate), three country-based
(IFRSs) as adopted by the European Union; operating businesses (Poland, Czech Republic
• the company financial statements have been properly prepared in and Australia) and one joint venture (MillerCoors)
accordance with United Kingdom Generally Accepted Accounting which, in our view, required an audit of their
Practice; and complete financial information. Specific procedures
were also performed on certain of the group’s
• the financial statements have been prepared in accordance with associates (Castel, CR Snow and Anadolu Efes).
the requirements of the Companies Act 2006 and, as regards the
Areas of focus • Recoverability of the carrying value of
consolidated financial statements, Article 4 of the IAS Regulation.
the Australian cash generating unit (CGU)
What we have audited • Impairment of the carrying value of the
SABMiller plc’s financial statements comprise: Indian CGU
• the consolidated and company balance sheets as at 31 March 2015; • Provisions for uncertain tax positions
• the consolidated income statement and the consolidated • The classification of exceptional items
statement of comprehensive income for the year then ended;
The scope of our audit and our areas of focus
• the consolidated cash flow statement for the year then ended;
We conducted our audit in accordance with International Standards
• the consolidated statement of changes in equity for the year then on Auditing (UK and Ireland) (ISAs (UK & Ireland)).
ended; and
We designed our audit by determining materiality and assessing the
• the notes to the financial statements, which include a summary risks of material misstatement in the financial statements. In particular,
of significant accounting policies and other explanatory information. we looked at where the directors made subjective judgements, for
example in respect of significant accounting estimates that involved
Certain required disclosures have been presented elsewhere in the
making assumptions and considering future events that are inherently
Annual Report, rather than in the notes to the financial statements.
uncertain. As in all of our audits, and in accordance with ISAs (UK &
These are cross-referenced from the financial statements and are
Ireland), we also addressed the risk of management override of internal
identified as audited.
controls, including evaluating whether there was evidence of bias by
The financial reporting framework that has been applied in the the directors that represented a risk of material misstatement due
preparation of the consolidated financial statements is applicable to fraud.
law and IFRSs as adopted by the European Union. The financial
The risks of material misstatement that had the greatest effect on our
reporting framework that has been applied in the preparation of the
audit, including the allocation of our resources and effort, are identified
company financial statements is applicable law and United Kingdom
as ‘areas of focus’ in the table below. We have also set out how we
Accounting Standards (United Kingdom Generally Accepted
tailored our audit to address these specific areas in order to provide an
Accounting Practice).
opinion on the financial statements as a whole, and any comments we
make on the results of our procedures should be read in this context.
This is not a complete list of all risks identified by our audit.

Area of focus How our audit addressed the area of focus
Recoverability of the carrying value of the

Australian CGU
Refer to the audit committee review of areas of We assessed the appropriateness of using fair value less cost to dispose (FVLCD)
significant judgement (page 71) and goodwill note 10. as the basis for determining the recoverable amount and verified the mathematical
accuracy of the cash flow model used to estimate FVLCD.
As required by applicable accounting standards in
relation to goodwill, management conducts an impairment We considered the accuracy of management’s forecasting process by comparing
review on an annual basis to identify if the recoverable budgeted results to actual performance of the Australian business since acquisition.
amount of the Australian CGU is less than its carrying
We assessed the consistency of the assumptions used in management’s cash flow
value, indicating that the goodwill and associated
forecasts with those a market participant would use when valuing the business. As part
assets may be impaired.
of this process we disaggregated and understood the individual cash flow components
Management determines the recoverable amount of the such as developments in the Australian beer category, Carlton and United Breweries’
Australian CGU based on the use of a discounted cash market share, the drivers of NPR growth projections such as price and mix, costs and
flow model involving five-year projections with a terminal the resultant EBITA forecasts. This included comparing inputs to the business’s own
value. Key assumptions within this model include forecasts based on latest internal board approved budgets and external market data.
net producer revenue (NPR) and associated estimates We also assessed in greater detail the underlying assumptions within the forecast for the
of short-term EBITA growth, long-term growth rate, year ending 31 March 2016 including NPR and associated EBITA, and evaluated the risks
and discount rate. associated with achieving the forecast, which provided data points on which to sensitise
management’s assumptions over the first five years of the model.
We specifically focused on the Australian CGU given
the size of the goodwill balance, and because the We compared the discount and long-term growth rate used with market information
assessment of value involves subjective judgements and confirmed that they all fall within a range of external data.
which are highly sensitive to small changes in
We satisfied ourselves that the assumptions used in determining the recoverable
assumptions. Furthermore, the Australian beer market
amount are reasonable.
is in decline, with negative growth in the last two years.
This has impacted the group’s ability to grow the We also considered the EBITDA multiple implied by management’s estimate and
business at the rate envisaged within the acquisition confirmed that it falls within a range of independently derived data.
business case and resulted in decreased headroom
Our sensitivity analysis highlighted that small movements in the key assumptions
between the recoverable amount of the Australian CGU
have a significant impact on the estimated recoverable amount of the Australian CGU.
and its carrying value compared with the prior year.
Under a number of reasonably possible downside scenarios headroom is removed
and an impairment is indicated. We satisfied ourselves that this was appropriately
highlighted within the disclosures in note 10.
Impairment of the carrying value of the Indian CGU
Refer to the audit committee review of areas of We assessed the appropriateness of using value in use (VIU) as the basis for
significant judgement (page 71) and goodwill note 10. determining the recoverable amount and verified the mathematical accuracy of the
cash flow model used to estimate VIU.
As part of the required annual impairment review of
goodwill, management has calculated the recoverable We evaluated management’s future cash flow forecasts for the Indian business,
amount of the Indian CGU. The recoverable amount including comparing them to the latest internal board approved plans and external data.
was based on the use of a discounted cash flow model We assessed the reasonableness of the forecasts in the context of historical results,
involving five-year projections with a terminal value. brewing capacity and the challenging regulatory and operating environment. We also
Key assumptions within this model include estimates assessed the appropriateness of the discount rate and long-term growth rate used
of short-term growth, brewing capacity, long-term and confirmed that they fell within our range of independently derived data.
growth rate, and discount rate.
We satisfied ourselves that management’s impairment charge was supported and
Management’s assessment identified that the appropriately disclosed within note 10 to the consolidated financial statements.
recoverable amount of the Indian CGU was less than
its carrying value due to the continued regulatory and
excise challenges of operating in the Indian market.
This resulted in an impairment charge of US$313 million,
comprising goodwill (US$286 million), brewery assets
(US$23 million), and intangible assets (US$4 million).
We specifically focused on the Indian assessment
given the quantum of the impairment charge.

Independent auditors’ report to the members of SABMiller plc continued
Area of focus How our audit addressed the area of focus
Provisions for uncertain tax positions

Refer to the audit committee review of areas of We obtained a detailed understanding of the potential consequences of the group’s
significant judgement (page 72). tax policies and the status of the ongoing local tax authority audits. We assessed key
technical tax issues and risks related to business and legislative developments using,
Due to the group operating across a number of different
where applicable, our local and international specialised tax knowledge.
tax jurisdictions it is subject to periodic challenges by
local tax authorities on a range of tax matters during We obtained explanations regarding the tax treatment applied to material transactions and
the normal course of business including transaction arrangements and the corresponding provisions recorded. We obtained corroborative
related tax matters and transfer pricing arrangements evidence supporting these explanations, including reading communications with local
where centralised functions support a number of tax authorities and copies of tax advice obtained by management from its external
different countries. tax advisors.
Where the amount of tax payable or recoverable is We also challenged key assumptions and positions taken, in particular in respect of
uncertain, the directors establish provisions based on transactions undertaken in the year or where there have been significant developments
their judgement of the probable amount of the liability, with local tax authorities, and satisfied ourselves that relevant provisions were supported.
or recovery.
We focused on these judgements in assessing the
quantification and likelihood of the potential exposures
and therefore the level of provisions required against
them. In particular we focused on the impact of
recent rulings and the status of ongoing local tax
authority audits.
The classification of exceptional items
Refer to the audit committee review of areas We assessed the appropriateness of the group’s accounting policy for exceptional
of significant judgement (page 72). items by comparing the policy with a sample of peer companies.
The group has historically had significant levels We substantiated the nature and quantum of individual items to appropriate
of exceptional items which are disclosed separately corroborating evidence.
within the income statement and are excluded from
We considered whether the designation of individual items as exceptional was
management’s reporting of the underlying results of the
consistent with the group’s accounting policy and treatment in prior years. We were
business. In the year the group identified US$75 million
satisfied that the classification was appropriate.
of net exceptional items within operating profit comprising
charges of US$521 million and credits of US$446 million.
The treatment of exceptional items is explained
within the group accounting policy. In the year
exceptional items primarily relate to costs associated
with efficiency programmes, integration and
restructuring activity, the profit on sale of the group’s
interest in Tsogo Sun and the impairment charge
related to the Indian CGU.
We focused on this area because the classification
of exceptional items requires judgement and they
are also excluded from the calculation of elements of
executive remuneration. Consistency in the identification
and presentation of these items is also important to
ensure comparability of year on year reporting within
the Annual Report.

How we tailored the audit scope Going concern
We tailored the scope of our audit to ensure that we performed Under the Listing Rules we are required to review the directors’
enough work to be able to give an opinion on the financial statements statement, set out on page 100, in relation to going concern. We have
as a whole, taking into account the geographic structure of the group, nothing to report having performed our review.
the accounting processes and controls, and the industry in which
As noted in the directors’ statement, the directors have concluded that
the group operates.
it is appropriate to prepare the financial statements using the going
The group is structured in five geographic segments being Latin concern basis of accounting. The going concern basis presumes that
America, Africa, Asia Pacific, Europe and North America and a Corporate the group and company have adequate resources to remain in operation,
segment. Each geographic segment is a consolidation of a number and that the directors intend them to do so, for at least one year from
of country-based operating businesses, regional and central functions the date the financial statements were signed. As part of our audit we
and the group’s interests in associates and joint ventures within that have concluded that the directors’ use of the going concern basis
geographical region. Based on this, we determined the appropriate is appropriate.
segment and operating businesses to perform work over based on
However, because not all future events or conditions can be predicted,
factors such as the size of the balances, the areas of focus as noted
these statements are not a guarantee as to the group’s and company’s
above, known or historical accounting issues and the desire to
ability to continue as a going concern.
include some unpredictability in our audit procedures.
We considered the type of work that needed to be performed on these Other required reporting
segments and operating businesses by us, as the group engagement
team, or by component auditors within PwC UK and from other PwC
Consistency of other information
network firms and other firms operating under our instruction. Where
Companies Act 2006 opinion
the work was performed by component auditors, we determined
In our opinion, the information given in the strategic report and the
the level of involvement we needed to have in the audit work at those
directors’ report for the financial year for which the financial statements
segments or operating businesses to be able to conclude whether
are prepared is consistent with the financial statements.
sufficient appropriate audit evidence had been obtained as a basis
for our opinion on the consolidated financial statements as a whole. ISAs (UK & Ireland) reporting
Under ISAs (UK & Ireland) we are required to report to you if, in our
We identified three segments (Latin America, Africa and Corporate)
opinion:
and three country-based operating businesses (Poland, Czech
Republic and Australia) and one joint venture (MillerCoors) which,
• information in the Annual Report is:
in our view, required an audit of their complete financial information.
– materially inconsistent with the information in the audited financial
Specific procedures were also performed on certain of the group’s
statements; or
associates (Castel, CR Snow and Anadolu Efes). This, together with
procedures performed on regional and central functions and at – apparently materially incorrect based on, or materially inconsistent
the group level, accounted for 78% of revenues and 92% of group with, our knowledge of the group and company acquired in the
profit before tax. Our group engagement team involvement included course of performing our audit; or
site visits, conference calls with our component audit teams, meetings
– otherwise misleading.
with local management, review of our component auditor work papers,
attendance at component audit clearance meetings, and other We have no exceptions to report arising from this responsibility.
forms of communication as considered necessary depending on • the statement given by the directors on page 100, in accordance
the significance of the component and the extent of accounting with provision C.1.1 of the UK Corporate Governance Code (the
and audit issues arising. Code), that they consider the Annual Report taken as a whole to
Materiality be fair, balanced and understandable and provides the information
The scope of our audit was influenced by our application of materiality. necessary for members to assess the group’s and company’s
We set certain quantitative thresholds for materiality. These, together performance, business model and strategy is materially
with qualitative considerations, helped us to determine the scope of our inconsistent with our knowledge of the group and company
audit and the nature, timing and extent of our audit procedures and to acquired in the course of performing our audit.
evaluate the effect of misstatements, both individually and on the We have no exceptions to report arising from this responsibility.
financial statements as a whole.
• the section of the Annual Report on page 71, as required
Based on our professional judgement, we determined materiality for by provision C.3.8 of the Code, describing the work of the
the financial statements as a whole as follows: audit committee does not appropriately address matters
communicated by us to the audit committee.
Overall group US$250 million (2014: US$250 million).
materiality We have no exceptions to report arising from this responsibility.
How we 5% of the consolidated profit before tax and before
determined it exceptional items.
Rationale for We considered this adjusted measure to be the
benchmark most relevant in assessing the recurring financial
applied performance of the group.
We agreed with the audit committee that we would report to them

misstatements identified during our audit above US$20 million
(2014: US$20 million) as well as misstatements below that amount
that, in our view, warranted reporting for qualitative reasons.

Independent auditors’ report to the members of SABMiller plc continued
Adequacy of accounting records and information What an audit of financial statements involves
and explanations received An audit involves obtaining evidence about the amounts and disclosures
Under the Companies Act 2006 we are required to report to you if, in the financial statements sufficient to give reasonable assurance that
in our opinion: the financial statements are free from material misstatement, whether
caused by fraud or error. This includes an assessment of:
• we have not received all the information and explanations we
require for our audit; or • whether the accounting policies are appropriate to the group’s
and the company’s circumstances and have been consistently
• adequate accounting records have not been kept by the company, applied and adequately disclosed;
or returns adequate for our audit have not been received from
branches not visited by us; or • the reasonableness of significant accounting estimates made
by the directors; and
• the company financial statements and the part of the directors’
remuneration report to be audited are not in agreement with the • the overall presentation of the financial statements.
accounting records and returns.
We primarily focus our work in these areas by assessing the directors’
We have no exceptions to report arising from this responsibility. judgements against available evidence, forming our own judgements,
and evaluating the disclosures in the financial statements.
Directors’ remuneration
Directors’ remuneration report – Companies Act 2006 We test and examine information, using sampling and other auditing
opinion techniques, to the extent we consider necessary to provide a reasonable
In our opinion, the part of the directors’ remuneration report to basis for us to draw conclusions. We obtain audit evidence through
be audited has been properly prepared in accordance with the testing the effectiveness of controls, substantive procedures or a
Companies Act 2006. combination of both.
Other Companies Act 2006 reporting In addition, we read all the financial and non-financial information in
Under the Companies Act 2006 we are required to report to you if, the Annual Report to identify material inconsistencies with the audited
in our opinion, certain disclosures of directors’ remuneration specified financial statements and to identify any information that is apparently
by law are not made. We have no exceptions to report arising from materially incorrect based on, or materially inconsistent with, the
these responsibilities. knowledge acquired by us in the course of performing the audit.
If we become aware of any apparent material misstatements or
Corporate governance statement inconsistencies we consider the implications for our report.
Under the Listing Rules we are required to review the part of the
Corporate Governance Statement relating to the company’s compliance
with ten provisions of the UK Corporate Governance Code. We have Richard Hughes BA FCA (Senior Statutory Auditor)
nothing to report having performed our review. for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Responsibilities for the financial London
2 June 2015
statements and the audit
Our responsibilities and those of the directors
As explained more fully in the directors’ responsibility statement set
out on page 100, the directors are responsible for the preparation of the
financial statements and for being satisfied that they give a true and
fair view.
Our responsibility is to audit and express an opinion on the financial
statements in accordance with applicable law and ISAs (UK & Ireland).
Those standards require us to comply with the Auditing Practices
Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only
for the company’s members as a body in accordance with Chapter 3
of Part 16 of the Companies Act 2006 and for no other purpose.
We do not, in giving these opinions, 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.

Consolidated income statement
for the year ended 31 March
2015 2014
Notes US$m US$m
Revenue 2 22,130 22,311

Net operating expenses 3 (17,746) (18,069)
Operating profit 2 4,384 4,242

Operating profit before exceptional items 2 4,459 4,439
Exceptional items 4 (75) (197)
Net finance costs 5 (637) (645)

Finance costs 5a (1,047) (1,055)
Finance income 5b 410 410
Share of post-tax results of associates and joint ventures 2 1,083 1,226
Profit before taxation 4,830 4,823

Taxation 7 (1,273) (1,173)
Profit for the year 27a 3,557 3,650
Profit attributable to non-controlling interests 258 269

Profit attributable to owners of the parent 26a 3,299 3,381
3,557 3,650
Basic earnings per share (US cents) 8 205.7 211.8

Diluted earnings per share (US cents) 8 203.5 209.1
The notes on pages 112 to 175 are an integral part of these consolidated financial statements.

Consolidated statement of comprehensive income

2015 2014
Notes US$m US$m
Profit for the year 3,557 3,650

Other comprehensive loss:
Items that will not be reclassified to profit or loss
Net remeasurements of defined benefit plans 30 (7) 22
Tax on items that will not be reclassified 7 70 (13)
Share of associates’ and joint ventures’ other comprehensive (loss)/income (178) 23

Total items that will not be reclassified to profit or loss (115) 32
Items that may be reclassified subsequently to profit or loss

Currency translation differences on foreign currency net investments: (5,387) (2,288)
– Decrease in foreign currency translation reserve during the year (5,550) (2,290)
– Recycling of foreign currency translation reserve on disposals 163 2
Net investment hedges:

– Fair value gains arising during the year 26b 608 102
Cash flow hedges: 26b 30 34

– Fair value gains arising during the year 45 33
– Fair value gains transferred to inventory (8) (1)
– Fair value losses transferred to property, plant and equipment 1 –
– Fair value (gains)/losses transferred to profit or loss (8) 2
Tax on items that may be reclassified subsequently to profit or loss 7 (3) 1
Share of associates’ and joint ventures’ other comprehensive (loss)/income: (120) 122
– Share of associates’ and joint ventures’ other comprehensive (loss)/income during the year (120) 131
– Share of associates’ and joint ventures’ recycling of available for sale reserve on disposal – (9)
Total items that may be reclassified subsequently to profit or loss (4,872) (2,029)
Other comprehensive loss for the year, net of tax (4,987) (1,997)
Total comprehensive (loss)/income for the year (1,430) 1,653
Attributable to:
Non-controlling interests 179 248
Owners of the parent (1,609) 1,405
Total comprehensive (loss)/income for the year (1,430) 1,653

Consolidated balance sheet
at 31 March
2015 2014
Notes US$m US$m
Assets
Non-current assets
Goodwill 10 14,746 18,497
Intangible assets 11 6,878 8,532
Property, plant and equipment 12 7,961 9,065
Investments in joint ventures 13 5,428 5,581
Investments in associates 14 4,459 5,787
Available for sale investments 21 22
Derivative financial instruments 22 770 628
Trade and other receivables 16 126 139
Deferred tax assets 19 163 115
40,552 48,366
Current assets
Inventories 15 1,030 1,168
Trade and other receivables 16 1,711 1,821
Current tax assets 190 174
Derivative financial instruments 22 463 141
Cash and cash equivalents 17 965 2,081
4,359 5,385
Total assets 44,911 53,751
Liabilities
Current liabilities
Derivative financial instruments 22 (101) (78)
Borrowings 20 (1,961) (4,519)
Trade and other payables 18 (3,728) (3,847)
Current tax liabilities (1,184) (1,106)
Provisions 24 (358) (450)
(7,332) (10,000)
Non-current liabilities
Derivative financial instruments 22 (10) (37)
Borrowings 20 (10,583) (12,528)
Trade and other payables 18 (18) (25)
Deferred tax liabilities 19 (2,275) (3,246)
Provisions 24 (338) (433)
(13,224) (16,269)
Total liabilities (20,556) (26,269)
Net assets 24,355 27,482
Equity
Share capital 25 168 167
Share premium 6,752 6,648
Merger relief reserve 3,963 4,321
Other reserves 26b (5,457) (702)
Retained earnings 26a 17,746 15,885
Total shareholders’ equity 23,172 26,319
Non-controlling interests 1,183 1,163
Total equity 24,355 27,482
The balance sheet of SABMiller plc is shown on page 176.

The financial statements were authorised for issue by the board of directors on 2 June 2015 and were signed on its behalf by:
Alan Clark
Chief Executive

Consolidated cash flow statement

2015 2014
Notes US$m US$m
Cash flows from operating activities

Cash generated from operations 27a 5,812 5,770
Interest received 352 365
Interest paid (1,003) (1,108)
Tax paid (1,439) (1,596)
Net cash generated from operating activities 27b 3,722 3,431
Cash flows from investing activities

Purchase of property, plant and equipment (1,394) (1,401)
Proceeds from sale of property, plant and equipment 68 70
Purchase of intangible assets (178) (84)
Purchase of available for sale investments – (1)
Proceeds from disposal of available for sale investments 1 –
Proceeds from disposal of associates 979 –
Proceeds from disposal of businesses (net of cash disposed) – 88
Acquisition of businesses (net of cash acquired) (5) (39)
Investments in joint ventures 13 (216) (188)
Investments in associates (3) (199)
Dividends received from joint ventures 13 976 903
Dividends received from associates 430 224
Dividends received from other investments 1 1
Net cash generated from/(used in) investing activities 659 (626)
Cash flows from financing activities

Proceeds from the issue of shares 202 88
Proceeds from the issue of shares in subsidiaries to non-controlling interests 29 20
Purchase of own shares for share trusts 26a (146) (79)
Purchase of shares from non-controlling interests (3) (5)
Proceeds from borrowings 594 2,585
Repayment of borrowings (4,413) (3,829)
Capital element of finance lease payments (10) (9)
Net cash receipts on derivative financial instruments 243 228
Dividends paid to shareholders of the parent 9 (1,705) (1,640)
Dividends paid to non-controlling interests (173) (194)
Net cash used in financing activities (5,382) (2,835)
Net cash outflow from operating, investing and financing activities (1,001) (30)
Effects of exchange rate changes (117) (61)
Net decrease in cash and cash equivalents (1,118) (91)
Cash and cash equivalents at 1 April 1,868 1,959
Cash and cash equivalents at 31 March 27c 750 1,868

Consolidated statement of changes in equity
Called up Share Merger Total Non-

share premium relief Other Retained shareholders’ controlling Total
capital account reserve reserves earnings equity interests equity
Notes US$m US$m US$m US$m US$m US$m US$m US$m
At 1 April 2013 167 6,581 4,586 1,328 13,710 26,372 1,088 27,460
Total comprehensive income – – – (2,030) 3,435 1,405 248 1,653
Profit for the year – – – – 3,381 3,381 269 3,650
Other comprehensive loss – – – (2,030) 54 (1,976) (21) (1,997)
Dividends paid 9 – – – – (1,640) (1,640) (193) (1,833)
Issue of SABMiller plc ordinary shares – 67 – – 21 88 – 88
Proceeds from the issue of shares in
subsidiaries to non-controlling interests – – – – – – 20 20
Payment for purchase of own shares for
share trusts 26a – – – – (79) (79) – (79)
Buyout of non-controlling interests 26a – – – – (5) (5) – (5)
Utilisation of merger relief reserve 26a – – (265) – 265 – – –
Credit entry relating to share-based payments 26a – – – – 178 178 – 178
At 31 March 2014 167 6,648 4,321 (702) 15,885 26,319 1,163 27,482
Total comprehensive loss – – – (4,755) 3,146 (1,609) 179 (1,430)
Profit for the year – – – – 3,299 3,299 258 3,557
Other comprehensive loss – – – (4,755) (153) (4,908) (79) (4,987)
Dividends paid 9 – – – – (1,705) (1,705) (185) (1,890)
Issue of SABMiller plc ordinary shares 1 104 – – 97 202 – 202
Proceeds from the issue of shares in
subsidiaries to non-controlling interests – – – – – – 29 29
Share of movements in associates’ other
reserves 26a – – – – (6) (6) – (6)
Payment for purchase of own shares for
share trusts 26a – – – – (146) (146) – (146)
Buyout of non-controlling interests – – – – – – (3) (3)
Utilisation of merger relief reserve 26a – – (358) – 358 – – –
Credit entry relating to share-based payments 26a – – – – 117 117 – 117
At 31 March 2015 168 6,752 3,963 (5,457) 17,746 23,172 1,183 24,355
Merger relief reserve
At 1 April 2014 the merger relief reserve comprised US$3,395 million in respect of the excess of value attributed to the shares issued as
consideration for Miller Brewing Company over the nominal value of those shares and US$926 million (2013: US$1,191 million) relating to the
merger relief arising on the issue of SABMiller plc ordinary shares for the buyout of non-controlling interests in the group’s Polish business.
In the year ended 31 March 2015 the group transferred US$358 million (2014: US$265 million) of the reserve relating to the Polish business
to retained earnings upon realisation of qualifying consideration.

Notes to the consolidated financial statements
1. Accounting policies • Amendment to IAS 1, ‘Presentation of financial statements’ on the

The principal accounting policies adopted in the preparation of the disclosure initiative, is effective from 1 January 20161.
group’s financial statements are set out below. These policies have • Amendments to IFRS 10, ‘Consolidated financial statements’, and
been consistently applied to all the years presented, unless IAS 28, ‘Investments in associates and joint ventures’, on sale or
otherwise stated. contribution of assets, are effective from 1 January 20161.
• Amendments to IFRS 10, ‘Consolidated financial statements’, and
a) Basis of preparation
IAS 28, ‘Investments in associates and joint ventures’, on investment
The consolidated financial statements of SABMiller plc have been
entities applying the consolidation exemption, are effective from
prepared in accordance with International Financial Reporting Standards
1 January 20161.
as adopted by the European Union (IFRSs as adopted by the EU), and
• Amendment to IFRS 11, ‘Joint arrangements’, on acquisition of
the Companies Act 2006 applicable to companies reporting under IFRS.
an interest in a joint operation, is effective from 1 January 20161.
The financial statements are prepared under the historical cost • Amendments to IAS 16, ‘Property, plant and equipment’, and IAS 38,
convention, except for the revaluation to fair value of certain financial ‘Intangible assets’, on depreciation and amortisation, are effective
assets and liabilities, and post-retirement assets and liabilities as from 1 January 20161.
described in the accounting policies below. The financial statements • Amendments to IAS 16, ‘Property, plant and equipment’, and IAS 41,
have been prepared on a going concern basis. ‘Agriculture’, regarding bearer plants, are effective from 1 January 20161.
• Amendment to IAS 27, ‘Separate financial statements’, is effective
The preparation of financial statements in conformity with IFRS
from 1 January 20161.
requires the use of certain critical accounting estimates. It also requires
• IFRS 9, ‘Financial Instruments’, is effective from 1 January 20181.
management to exercise its judgement in the process of applying the
• IFRS 14, ‘Regulatory deferral accounts’, is effective from
group’s accounting policies. Actual results could differ from
1 January 20161.
those estimates.
• IFRS 15, ‘Revenue from contracts with customers’, is effective
b) Recent accounting developments from 1 January 20171.
(i) New standards, amendments and interpretations of existing • Annual improvements to IFRS 2014, are effective from
standards adopted by the group 1 January 20161.
The following standards, interpretations and amendments have been 1
Not yet endorsed by the EU.
adopted by the group as of 1 April 2014.
c) Significant judgements and estimates
• IFRS 10, ‘Consolidated financial statements’, IFRS 11, ‘Joint In determining and applying accounting policies, judgement is often
arrangements’ and IFRS 12, ‘Disclosure of interests in other entities’ required where the choice of specific policy, assumption or accounting
with effect from 1 April 2014, along with the revised versions of IAS 27, estimate to be followed could materially affect the reported results or
‘Separate financial statements’ and IAS 28, ‘Investments in Associates net position of the group, should it later be determined that a different
and Joint Ventures’. The adoption of these new standards has had choice be more appropriate.
no impact on attributable profit, total comprehensive income, or net
Management considers the following to be areas of significant
assets attributable to owners, but has resulted in an increase in EBITA
judgement and estimation for the group due to greater complexity
for the year ended 31 March 2014 of US$7 million, and a similar
and/or particularly subject to the exercise of judgement.
increase in the group’s share of associates’ and joint ventures’
non-controlling interests for the same period of US$7 million. (i) Impairment reviews
Comparative information has been restated. The requirements of IFRS Goodwill arising on business combinations is allocated to the relevant
12 have increased certain disclosures in respect of the group’s joint cash generating unit (CGU). Impairment reviews in respect of the relevant
arrangements and associates. These are included in notes 13 and 14. CGUs are performed at least annually or more regularly if events indicate
• Amendment to IAS 32, ‘Offsetting financial assets and financial that this is necessary. Impairment reviews are based on future cash flows
liabilities’, has had no material impact on the consolidated results discounted using the weighted average cost of capital for the relevant
of operations or financial position of the group. country with terminal values calculated applying a long-term growth rate.
• Amendment to IAS 39, ‘Financial instruments: recognition and The future cash flows which are based on business forecasts, the
measurement’, on novation of derivatives and hedge accounting long-term growth rates and the discount rates used are dependent on
has had no material impact on the consolidated results of management estimates and judgements. Future events could cause
operations or financial position of the group. the assumptions used in these impairment reviews to change with
a consequent adverse impact on the results and net position of the
(ii) New standards, amendments and interpretations of existing
group. Details of the estimates used in the impairment reviews for
standards that are not yet effective and have not been early
the year are set out in note 10.
adopted by the group
The following standards, interpretations and amendments to existing (ii) Taxation
standards mandatory for the group’s accounting periods beginning on The group operates in many countries and is subject to taxes in
or after 1 April 2015 are not expected to have a material impact on the numerous jurisdictions. Significant judgement is required in determining
consolidated results of operations or financial position of the group. the provision for taxes as the tax treatment is often by its nature complex,
and cannot be finally determined until a formal resolution has been
• Amendment to IAS 19, ‘Employee benefits’ on defined benefit plans,
reached with the relevant tax authority which may take several years
is effective from 1 February 2015.
to conclude. Amounts provided are accrued based on management’s
• IFRIC 21, ‘Levies’, is effective from 17 June 2014.
interpretation of country specific tax laws and the likelihood of
• Annual improvements to IFRS 2012, are effective from 1 February 2015.
settlement. Actual liabilities could differ from the amount provided
• Annual improvements to IFRS 2013, are effective from 1 January 2015.
which could have a consequent adverse impact on the results and
The group has yet to assess the full impact of the following standards net position of the group.
and amendments to existing standards mandatory for the group’s
accounting periods beginning on or after 1 April 2016 or later periods,
which have not been early adopted.

1. Accounting policies continued On the subsequent disposal or termination of a business, the results
(iii) Pension and post-retirement benefits of the business are included in the group’s results up to the effective
Pension accounting requires certain assumptions to be made in order to date of disposal. The profit or loss on disposal or termination is
value the group’s pension and post-retirement obligations in the balance calculated after charging the amount of any related goodwill to the
sheet and to determine the amounts to be recognised in the income extent that it has not previously been taken to the income statement.
statement and in other comprehensive income in accordance with IAS
Intra-group balances, and any unrealised gains and losses or income
19. The calculations of these obligations and charges are based on
and expenses arising from intra-group transactions, are eliminated in
assumptions determined by management which include discount rates,
preparing the consolidated financial statements. Unrealised losses are
salary and pension inflation, healthcare cost inflation, and mortality rates.
eliminated unless the transaction provides evidence of an impairment
Details of the assumptions used are set out in note 30. The selection
of the asset transferred.
of different assumptions could affect the net position of the group
and future results. Some of the company’s subsidiaries have a local statutory balance
sheet date of 31 December. These are consolidated using management
(iv) Property, plant and equipment
prepared information on a basis coterminous with the company’s
The determination of the useful economic life and residual values of
balance sheet date.
property, plant and equipment is subject to management estimation.
The group regularly reviews all of its depreciation rates and residual values (ii) Associates
to take account of any changes in circumstances, and any changes that Associates are entities in which the group has a long-term interest
could affect prospective depreciation charges and asset carrying values. and over which the group has directly or indirectly significant influence,
where significant influence is the ability to influence the financial and
(v) Business combinations
operating policies of the entity.
On the acquisition of a company or business, a determination of the
fair value of the assets acquired and liabilities assumed, and the useful The associate, Distell Group Ltd, has a statutory balance sheet date
life of intangible assets and property, plant and equipment acquired is of 30 June. In respect of each year ending 31 March, this company
performed, which requires the application of management judgement. is included based on financial statements drawn up to the previous
Future events could cause the assumptions used by the group to change 31 December, but taking into account any changes in the subsequent
which could have a significant impact on the results and net position period from 1 January to 31 March that would materially affect the
of the group. results. All other associates are included on a coterminous basis.
(vi) Exceptional items (iii) Joint ventures
Exceptional items are expense or income items recorded in a period The group has assessed the nature of its joint arrangements and
which have been determined by management as being material by their determined them to be joint ventures.
size or incidence and are presented separately within the results of the
Joint ventures are contractual arrangements which the group has
group. The determination of which items are disclosed as exceptional
entered into with one or more parties to undertake an economic activity
items will affect the presentation of profit measures including EBITA
that is subject to joint control. Joint control is the contractually agreed
and adjusted earnings per share, and requires a degree of judgement.
sharing of control over an economic activity, and exists only when
Details relating to exceptional items reported during the year are set
decisions relating to the relevant activities require the unanimous
out in note 4.
consent of the parties sharing the control.
d) Segmental reporting
The group’s share of the recognised income and expenses of associates
Operating segments reflect the management structure of the group
and joint ventures are accounted for using the equity method from the
and the way performance is evaluated and resources allocated based
date significant influence or joint control commences to the date it
on group net producer revenue and EBITA by the group’s chief operating
ceases based on present ownership interests.
decision maker, defined as the executive directors. The group is focused
geographically, and while not meeting the definition of reportable The group recognises its share of associates’ and joint ventures’
segments, the group reports separately as segments South Africa: post-tax results as a one line entry before profit before taxation in
Hotels and Gaming and Corporate as this provides useful additional the income statement and its share of associates’ and joint ventures’
information. Segmental performance is reported after the specific equity movements as one line entries under each of items of other
apportionment of attributable head office costs. comprehensive income that will not be reclassified to profit or loss,
and items of other comprehensive income that may be reclassified
Following management changes effective 1 July 2014, the group’s Africa
to profit or loss, in the statement of comprehensive income.
and South Africa: Beverages divisions have been consolidated into one
division for management purposes. The results of the new combined When the group’s interest in an associate or joint venture has been
Africa division have therefore been presented as a single segment. reduced to nil because the group’s share of losses exceeds its interest
Comparatives have been restated accordingly. in the associate or joint venture, the group only provides for additional
losses to the extent that it has incurred legal or constructive obligations
e) Basis of consolidation
to fund such losses, or make payments on behalf of the associate or
SABMiller plc (the company) is a public limited company incorporated
joint venture. Where the investment in an associate or joint venture
in Great Britain and registered in England and Wales. The consolidated
is disposed, the investment ceases to be equity accounted.
financial statements include the financial information of the subsidiary,
associate and joint ventures owned by the company. (iv) Transactions with non-controlling interests
Transactions with non-controlling interests are treated as transactions
(i) Subsidiaries
with equity owners of the group. For purchases from non-controlling
Subsidiaries are entities controlled by the company. Control is where
interests, the difference between any consideration paid and the relevant
the company has power to vary the returns from its investment, and
share acquired of the carrying value of net assets of the subsidiary
exposure to the variability of those returns. Where the company’s interest
is recorded in equity. Gains or losses on disposals to non-controlling
in subsidiaries is less than 100%, the share attributable to outside
interests are also recorded in equity where there is no loss of control.
shareholders is reflected in non-controlling interests. Subsidiaries are
included in the financial statements from the date control commences
until the date control ceases.

Notes to the consolidated financial statements continued
1. Accounting policies continued (iii) Overseas subsidiaries, associates and joint ventures
(v) Reduction in interests One-off items in the income and cash flow statements of overseas
When the group ceases to have control, joint control or significant subsidiaries, associates and joint ventures expressed in currencies other
influence, any retained interest in the entity is remeasured to its fair value, than the US dollar are translated to US dollars at the rates of exchange
with the change in carrying amount recognised in profit or loss. The fair prevailing on the day of the transaction. All other items are translated
value is the initial carrying amount for the purposes of subsequently at weighted average rates of exchange for the relevant reporting period.
accounting for the retained interest as an associate, joint venture or Assets and liabilities of these undertakings are translated at closing
financial asset. In addition, certain amounts previously recognised in rates of exchange at each balance sheet date. All translation exchange
other comprehensive income in respect of that entity are accounted for differences arising on the retranslation of opening net assets together
as if the group had directly disposed of the related assets or liabilities. with differences between income statements translated at average and
This may mean that certain amounts previously recognised in other closing rates are recognised as a separate component of equity. For
comprehensive income are reclassified to profit or loss. these purposes net assets include loans between group companies that
form part of the net investment, for which settlement is neither planned
If the ownership interest in an associate is reduced but significant
nor likely to occur in the foreseeable future. When a foreign operation is
influence is retained, or if the ownership interest in a joint venture is
disposed of, any related exchange differences in equity are reclassified
reduced but joint control is retained, only the proportionate share of
to the income statement as part of the gain or loss on disposal.
the carrying amount of the investment and of the amounts previously
recognised in other comprehensive income are reclassified to profit Goodwill and fair value adjustments arising on the acquisition of a foreign
or loss where appropriate. entity are treated as assets and liabilities of the foreign entity and
translated at the closing rate.
f) Foreign exchange
(i) Foreign exchange translation (iv) Hyperinflationary economies
Items included in the financial statements of each of the group’s entities In hyperinflationary economies, when translating the results of operations
are measured using the currency of the primary economic environment into US dollars, adjustments are made to local currency denominated
in which the entity operates (the functional currency). The consolidated non-monetary assets, liabilities, income statement and equity accounts
financial statements are presented in US dollars which is the group’s to reflect the changes in purchasing power. South Sudan was considered
presentational currency. The key exchange rates to the US dollar used to be a hyperinflationary economy in the year ended 31 March 2014.
in preparing the consolidated financial statements were as follows. The effect of inflation accounting in South Sudan for the year ended
31 March 2014 was not material.
Year ended Year ended
31 March 31 March g) Business combinations
2015 2014
(i) Subsidiaries
Average rate The acquisition method is used to account for business combinations.
Australian dollar (AUD) 1.15 1.07 The identifiable net assets (including intangibles) are incorporated into the
Colombian peso (COP) 2,097 1,920 financial statements on the basis of their fair value from the effective date
Czech koruna (CZK) 21.56 19.68 of control, and the results of subsidiary undertakings acquired during
Euro (€) 0.78 0.75 the financial year are included in the group’s results from that date.
Peruvian nuevo sol (PEN) 2.90 2.77
Polish zloty (PLN) 3.26 3.15 On the acquisition of a company or business, fair values reflecting
South African rand (ZAR) 11.08 10.13 conditions at the date of acquisition are attributed to the identifiable
Turkish lira (TRY) 2.22 1.98 assets (including intangibles), liabilities and contingent liabilities acquired.
Fair values of these assets and liabilities are determined by reference to
Closing rate market values, where available, or by reference to the current price at
Australian dollar (AUD) 1.31 1.08 which similar assets could be acquired or similar obligations entered into,
Colombian peso (COP) 2,576 1,965 or by discounting expected future cash flows to present value, using
Czech koruna (CZK) 25.59 19.90 either market rates or the risk-free rates and risk-adjusted expected
Euro (€) 0.93 0.73 future cash flows.
Peruvian nuevo sol (PEN) 3.10 2.81
The consideration transferred is measured as the fair value of the assets
Polish zloty (PLN) 3.80 3.03
given, equity instruments issued and liabilities incurred or assumed at
South African rand (ZAR) 12.13 10.53
the date of the acquisition, and also includes the group’s estimate of the
Turkish lira (TRY) 2.60 2.14
fair value of any deferred consideration payable. Acquisition-related costs
The average exchange rates have been calculated based on the average are expensed as incurred. Where the business combination is achieved
of the exchange rates during the relevant year which have been weighted in stages and results in a change in control, the acquisition date fair
according to the phasing of revenue of the group’s businesses. value of the acquirer’s previously held equity interest in the acquiree is
remeasured to fair value at the acquisition date through profit or loss.
(ii) Transactions and balances Where the business combination agreement provides for an adjustment
The financial statements for each group company have been prepared to the cost that is contingent on future events, the consideration
on the basis that transactions in foreign currencies are recorded in transferred includes the fair value of any asset or liability resulting from
their functional currency at the rate of exchange ruling at the date of a contingent consideration arrangement. On an acquisition by acquisition
the transaction. Monetary items denominated in foreign currencies are basis, the group recognises any non-controlling interest in the acquiree
retranslated at the rate of exchange ruling at the balance sheet date with either at fair value or at the non-controlling interest’s proportionate
the resultant translation differences being included in operating profit share of the acquiree’s net assets.
in the income statement other than those arising on financial assets and
liabilities which are recorded within net finance costs and those which
are deferred in equity as qualifying cash flow hedges and qualifying net
investment hedges. Translation differences on non-monetary assets
such as equity investments classified as available for sale assets
are included in other comprehensive income.

1. Accounting policies continued (ii) Contract brewing and other licences recognised as part
(ii) Associates and joint ventures of a business combination
On acquisition the investment in associates and joint ventures is Contractual arrangements for contract brewing and competitor licensing
recorded initially at cost. Subsequently, the carrying amount is increased arrangements are recognised as an intangible asset at a fair value
or decreased to recognise the group’s share of the associates’ and representing the remaining contractual period with an assumption about
joint ventures’ income and expenses after the date of acquisition. the expectation that such a contract will be renewed, together with
a valuation of this extension.
Fair values reflecting conditions at the date of acquisition are attributed
to the group’s share of identifiable assets (including intangibles), liabilities Acquired licences or contracts are amortised. In respect of licences or
and contingent liabilities acquired. The consideration transferred is contracts currently held, the amortisation period is the period for which
measured as the fair value of the assets given, equity instruments issued the group has exclusive rights to these assets or income streams.
and liabilities incurred or assumed at the date of the acquisition, and
(iii) Customer lists and distributor relationships recognised
also includes the group’s estimate of the fair value of any deferred
as part of a business combination
consideration payable.
The fair value of businesses acquired may include customer lists and
The date significant influence or joint control commences is not distributor relationships. These are recognised as intangible assets and
necessarily the same as the closing date or any other date named are calculated by discounting the future revenue stream attributable
in the contract. to these lists or relationships.
(iii) Goodwill Acquired customer lists or distributor relationships are amortised.
Goodwill arising on consolidation represents the excess of the In respect of contracts currently held, the amortisation period is the
consideration transferred, the amount of any non-controlling interest in period for which the group has the benefit of these assets.
the acquiree and the acquisition-date fair value of any previous equity
(iv) Computer software
interest in the acquiree over the fair value of the identifiable assets
Where computer software is not an integral part of a related item
(including intangibles), liabilities and contingent liabilities of the acquired
of property, plant and equipment, the software is capitalised as an
entity at the date of acquisition. Where the fair value of the group’s
intangible asset.
share of identifiable net assets acquired exceeds the fair value of the
consideration, the difference is recognised immediately in the Acquired computer software licences are capitalised on the basis of the
income statement. costs incurred to acquire and bring them to use. Direct costs associated
with the production of identifiable and unique internally generated
Goodwill is stated at cost less impairment losses and is reviewed for
software controlled by the group that will probably generate economic
impairment on an annual basis. Any impairment identified is recognised
benefits exceeding costs beyond one year are capitalised. Direct costs
immediately in the income statement and is not reversed.
include software development employment costs (including those of
The carrying amount of goodwill in respect of associates and joint contractors used), capitalised interest and an appropriate portion of
ventures is included in the carrying value of the investment in the overheads. Capitalised computer software, licence and development
associate or joint venture. costs are amortised over their useful economic lives of between three
and eight years.
h) Intangible assets
Intangible assets are stated at cost less accumulated amortisation on Internally generated costs associated with maintaining computer
a straight-line basis (if applicable) and impairment losses. Cost is usually software programmes are expensed as incurred.
determined as the amount paid by the group, unless the asset has been
(v) Research and development
acquired as part of a business combination. Intangible assets acquired
Research and general development expenditure is written off in the
as part of a business combination are recognised at their fair value
period in which it is incurred.
at the date of acquisition. Amortisation is included within net operating
expenses in the income statement. Internally generated intangibles are Certain applied development costs are only capitalised as internally
not recognised except for computer software and applied development generated intangible assets where there is a clearly defined project,
costs referred to under computer software and research and separately identifiable expenditure, an outcome assessed with
development below. reasonable certainty (in terms of feasibility and commerciality), expected
revenues exceed expected costs and the group has the resources to
Intangible assets with finite lives are amortised over their estimated
complete the task. Such assets are amortised on a straight-line basis
useful economic lives, and only tested for impairment where there is a
over their useful lives once the project is complete.
triggering event. The group regularly reviews all of its amortisation rates
and residual values to take account of any changes in circumstances. i) Property, plant and equipment
The directors’ assessment of the useful life of intangible assets is based Property, plant and equipment are stated at cost net of accumulated
on the nature of the asset acquired, the durability of the products to depreciation and any impairment losses.
which the asset attaches and the expected future impact of competition
Cost includes expenditure that is directly attributable to the acquisition
on the business.
of the assets. Subsequent costs are included in the asset’s carrying
(i) Brands value or recognised as a separate asset as appropriate, only when it is
Brands are recognised as an intangible asset where the brand has probable that future economic benefits associated with the specific
a long-term value. Acquired brands are only recognised where title is asset will flow to the group and the cost can be measured reliably.
clear or the brand could be sold separately from the rest of the business Repairs and maintenance costs are charged to the income statement
and the earnings attributable to it are separately identifiable. during the financial period in which they are incurred.
Acquired brands are amortised. In respect of brands currently held (i) Assets in the course of construction
the amortisation period is 10 to 40 years, being the period for which Assets in the course of construction are carried at cost less any
the group has exclusive rights to those brands, up to a maximum impairment loss. Cost includes professional fees and for qualifying assets
of 40 years. certain borrowing costs as determined below. When these assets are
ready for their intended use, they are transferred into the appropriate
category. At this point, depreciation commences on the same basis
as on other property, plant and equipment.

1. Accounting policies continued j) Advance payments made to customers (principally hotels,

(ii) Assets held under finance leases restaurants, bars and clubs)
Assets held under finance leases which result in the group bearing Advance payments made to customers are conditional on the
substantially all the risks and rewards incidental to ownership are achievement of contracted sales targets or marketing commitments.
capitalised as property, plant and equipment. Finance lease assets are The group records such payments as prepayments initially at fair value
initially recognised at an amount equal to the lower of their fair value and and amortises them in the income statement over the relevant period to
the present value of the minimum lease payments at inception of the which the customer commitment is made (typically three to five years).
lease, then depreciated over the lower of the lease term or their useful These prepayments are recorded net of any impairment losses.
lives. The capital element of future obligations under the leases is
Where there is a volume target the amortisation of the advance
included as a liability in the balance sheet classified, as appropriate,
is included in sales discounts as a reduction to revenue and where
as a current or non-current liability. The interest element of the lease
there are specific marketing activities/commitments the amortisation
obligations is charged to the income statement over the period of
is included as an operating expense. The amounts capitalised are
the lease term to reflect a constant rate of interest on the remaining
reassessed annually for achievement of targets and are impaired
balance of the obligation for each financial period.
where there is objective evidence that the targets will not be achieved.
(iii) Returnable containers
Assets held at customer premises are included within property, plant
Returnable containers in circulation are recorded within property,
and equipment and are depreciated in line with group policies on
plant and equipment at cost net of accumulated depreciation less
similar assets.
any impairment loss.
k) Inventories
Depreciation of returnable bottles and containers is recorded to write
Inventories are stated at the lower of cost incurred in bringing each
the containers off over the course of their economic life. This is typically
product to its present location and condition, and net realisable value,
undertaken in a two stage process:
as follows.
• the excess over deposit value is written down over a period of one
• raw materials, consumables and goods for resale: Purchase cost
to 10 years.
net of discounts and rebates on a first-in first-out basis (FIFO).
• provisions are made against the deposit values for breakages and
• finished goods and work in progress: Raw material cost plus
losses in trade together with a design obsolescence provision held
direct costs and a proportion of manufacturing overhead expenses
to write off the deposit value over the expected container design
on a FIFO basis.
period – which is a period of no more than 14 years from the
inception of a container design. This period is shortened where Net realisable value is based on estimated selling price less further costs
appropriate by reference to market dynamics and the ability of expected to be incurred to completion and disposal. Costs of inventories
the entity to use containers for different brands. include the transfer from equity of any gains or losses on matured
qualifying cash flow hedges of purchases of raw materials.
(iv) Depreciation
No depreciation is provided on freehold land or assets in the course l) Financial assets and financial liabilities
of construction. In respect of all other property, plant and equipment, Financial assets and financial liabilities are initially recorded at fair value
depreciation is provided on a straight-line basis at rates calculated to (plus any directly attributable transaction costs, except in the case of
write off the cost, less the estimated residual value, of each asset over those classified at fair value through profit or loss). For those financial
its expected useful life as follows. instruments that are not subsequently held at fair value, the group
assesses whether there is any objective evidence of impairment at
Freehold buildings 20 – 50 years
each balance sheet date.
Leasehold buildings Shorter of the lease
term or 50 years Financial assets are recognised when the group has rights or other
access to economic benefits. Such assets consist of cash, equity
Plant, vehicles and systems 2 – 30 years
instruments, a contractual right to receive cash or another financial asset,
Returnable containers (non-returnable 1 – 14 years or a contractual right to exchange financial instruments with another
containers are recorded as inventory) entity on potentially favourable terms. Financial assets are derecognised
Assets held under finance leases Lower of the lease term when the right to receive cash flows from the asset have expired or
or life of the asset have been transferred and the group has transferred substantially
The group regularly reviews all of its depreciation rates and residual all risks and rewards of ownership.
values to take account of any changes in circumstances. When setting Financial liabilities are recognised when there is an obligation to transfer
useful economic lives, the principal factors the group takes into account benefits and that obligation is a contractual liability to deliver cash or
are the expected rate of technological developments, expected market another financial asset or to exchange financial instruments with
requirements for the equipment and the intensity at which the assets another entity on potentially unfavourable terms. Financial liabilities
are expected to be used. are derecognised when they are extinguished, that is discharged,
The profit or loss on the disposal of an asset is the difference between cancelled or expired.
the disposal proceeds and the net book amount. If a legally enforceable right exists to set off recognised amounts of
(v) Capitalisation of borrowing costs financial assets and liabilities, which are in determinable monetary
Financing costs incurred, before tax, on major capital projects during amounts, and there is the intention to settle net, the relevant financial
the period of development or construction that necessarily take a assets and liabilities are offset.
substantial period of time to be developed for their intended use, Interest costs are charged to the income statement in the year in
are capitalised up to the time of completion of the project. which they accrue. Premiums or discounts arising from the difference
between the net proceeds of financial instruments purchased or issued
and the amounts receivable or repayable at maturity are included in
the effective interest calculation and taken to net finance costs over
the life of the instrument.

1. Accounting policies continued (iii) Available for sale investments
There are four categories of financial assets and financial liabilities. Available for sale investments are non-derivative financial assets that are
These are described as follows: either designated in this category or not classified as financial assets at
fair value through profit or loss, or loans and receivables. Investments
(i) Financial assets and financial liabilities at fair value through
in this category are included in non-current assets unless management
profit or loss
intends to dispose of the investment within 12 months of the balance
Financial assets and financial liabilities at fair value through profit or loss
sheet date. They are initially recognised at fair value plus transaction
include derivative assets and derivative liabilities not designated as
costs and are subsequently remeasured at fair value and tested for
effective hedging instruments.
impairment. Gains and losses arising from changes in fair value including
All gains or losses arising from changes in the fair value of financial any related foreign exchange movements are recognised in other
assets or financial liabilities within this category are recognised in the comprehensive income. On disposal or impairment of available for sale
income statement. investments, any gains or losses in other comprehensive income are
reclassified to the income statement.
a. Derivative financial assets and financial liabilities
Derivative financial assets and financial liabilities are financial instruments Purchases and sales of investments are recognised on the date on
whose value changes in response to an underlying variable, require little which the group commits to purchase or sell the asset. Investments are
or no initial investment and are settled in the future. derecognised when the rights to receive cash flows from the investments
have expired or have been transferred and the group has transferred
These include derivatives embedded in host contracts. Such embedded
substantially all risks and rewards of ownership.
derivatives need not be accounted for separately if the host contract
is already fair valued; if it is not considered as a derivative if it was (iv) Financial liabilities held at amortised cost
freestanding; or if it can be demonstrated that it is closely related to the Financial liabilities held at amortised cost include trade payables,
host contract. There are certain currency exemptions which the group accruals, amounts owed to associates, amounts owed to joint ventures
has applied to these rules which limit the need to account for certain – trade, other payables and borrowings.
potential embedded foreign exchange derivatives. These are: if a
a. Trade payables
contract is denominated in the functional currency of either party;
Trade payables are initially recognised at fair value and subsequently
where that currency is commonly used in international trade of the
measured at amortised cost using the effective interest method. Trade
good traded; or if it is commonly used for local transactions in an
payables are analysed between current and non-current liabilities on the
economic environment.
face of the balance sheet, depending on when the obligation to settle
Derivative financial assets and liabilities are analysed between current will be realised.
and non-current assets and liabilities on the face of the balance sheet,
b. Borrowings
depending on when they are expected to mature.
Borrowings are recognised initially at fair value, net of transaction costs
For derivatives that have not been designated to a hedging relationship, and are subsequently stated at amortised cost and include accrued
all fair value movements are recognised immediately in the income interest and prepaid interest. Borrowings are classified as current
statement. (See note x for the group’s accounting policy on liabilities unless the group has an unconditional right to defer settlement
hedge accounting.) of the liability for at least 12 months from the balance sheet date.
Borrowings classified as hedged items are subject to hedge accounting
(ii) Loans and receivables
requirements (see note x). Bank overdrafts are shown within borrowings
Loans and receivables are non-derivative financial assets with fixed or
in current liabilities and are included within cash and cash equivalents
determinable payments that are not quoted on an active market. They
on the face of the cash flow statement as they form an integral part
arise when the group provides money, goods or services directly to a
of the group’s cash management.
debtor with no intention of trading the receivable. They are included in
current assets, except for maturities of greater than 12 months after the m) Impairment
balance sheet date which are classified as non-current assets. Loans This policy covers all assets except inventories (see note k), financial
and receivables are initially recognised at fair value including originating assets (see note l), non-current assets classified as held for sale
fees and transaction costs, and subsequently measured at amortised (see note n), and deferred tax assets (see note u).
cost using the effective interest method less provision for impairment.
Impairment reviews are performed by comparing the carrying value
Loans and receivables include trade receivables, amounts owed by
of the non-current asset with its recoverable amount, being the higher of
associates, amounts owed by joint ventures – trade, accrued income
the fair value less costs of disposal and value in use. The fair value less
and cash and cash equivalents.
costs of disposal is considered to be the amount that could be obtained
a. Trade receivables on disposal of the asset, and therefore is determined from a market
Trade receivables are initially recognised at fair value and subsequently participant perspective. The recoverable amount under both calculations
measured at amortised cost less provision for impairment. is determined by discounting the future post-tax cash flows generated
from continuing use of the cash generating unit (CGU) using a post-tax
A provision for impairment of trade receivables is established when
discount rate. For value in use, this closely approximates applying
there is objective evidence that the group will not be able to collect all
pre-tax discount rates to pre-tax cash flows. Where a potential
amounts due according to the terms of the receivables. The amount
impairment is identified using post-tax cash flows and post-tax discount
of the provision is the difference between the asset’s carrying value
rates, the impairment review is reperformed on a pre-tax basis in order
and the present value of the estimated future cash flows discounted
to determine the impairment loss to be recorded. Fair value less costs
at the original effective interest rate. This provision is recognised in
of disposal calculations are prepared on a post-tax basis, and are
the income statement.
classified as level 3 in the fair value hierarchy.
b. Cash and cash equivalents
Where the asset does not generate cash flows that are independent
In the consolidated balance sheet, cash and cash equivalents includes
from the cash flows of other assets, the group estimates the recoverable
cash in hand, bank deposits repayable on demand and other short-term
amount of the CGU to which the asset belongs. For the purpose of
highly liquid investments with original maturities of three months or less.
conducting impairment reviews, CGUs are considered to be groups of
In the consolidated cash flow statement, cash and cash equivalents also
assets that have separately identifiable cash flows. They also include those
includes bank overdrafts which are shown within borrowings in current
assets and liabilities directly involved in producing the income and a suitable
liabilities on the balance sheet.
proportion of those used to produce more than one income stream.
1. Accounting policies continued The group presents revenue gross of excise duties because unlike value
An impairment loss is taken first against any specifically impaired assets. added tax, excise is not directly related to the value of sales. It is not
Where an impairment is recognised against a CGU, the impairment generally recognised as a separate item on invoices, increases in excise
is first taken against goodwill balances and if there is a remaining loss are not always directly passed on to customers, and the group cannot
it is set against the remaining intangible and tangible assets on a reclaim the excise where customers do not pay for product received.
pro-rata basis. The group therefore considers excise as a cost to the group and reflects
it as a production cost. Consequently, any excise that is recovered in
Should circumstances or events change and give rise to a reversal
the sale price is included in revenue.
of a previous impairment loss, the reversal is recognised in the income
statement in the period in which it occurs and the carrying value of Revenue excludes value added tax. It is stated net of price discounts,
the asset is increased. The increase in the carrying value of the asset promotional discounts, settlement discounts and after an appropriate
is restricted to the amount that it would have been had the original amount has been provided to cover the sales value of credit notes yet
impairment not occurred. Impairment losses in respect of goodwill to be issued that relate to the current and prior periods.
are irreversible.
The same recognition criteria also apply to the sale of by-products and
Goodwill is tested annually for impairment. Assets subject to amortisation waste (such as spent grain, malt dust and yeast) with the exception that
or depreciation are reviewed for impairment if circumstances or events these are included within other income.
change to indicate that the carrying value may not be fully recoverable.
(ii) Interest income
n) Non-current assets (or disposal groups) held for sale Interest income is recognised on an accruals basis using the effective
Non-current assets and all assets and liabilities classified as held for sale interest method.
are measured at the lower of carrying value and fair value less costs
When a receivable is impaired the group reduces the carrying amount to
of disposal.
its recoverable amount by discounting the estimated future cash flows at
Such assets are classified as held for sale if their carrying amount will be the original effective interest rate, and continuing to unwind the discount
recovered through a sale transaction rather than through continued use. as interest income.
This condition is regarded as met only when a sale is highly probable,
(iii) Royalty income
the asset or disposal group is available for immediate sale in its present
Royalty income is recognised on an accruals basis in accordance with
condition and when management is committed to the sale which is
the relevant agreements and is included in other income.
expected to qualify for recognition as a completed sale within one year
from date of classification. (iv) Dividend income
Dividend income is recognised when the right to receive payment
o) Provisions
is established.
Provisions are recognised when there is a present obligation, whether
legal or constructive, as a result of a past event for which it is probable s) Operating leases
that a transfer of economic benefits will be required to settle the Rentals paid and incentives received on operating leases are charged
obligation and a reliable estimate can be made of the amount of the or credited to the income statement on a straight-line basis over the
obligation. Such provisions are calculated on a discounted basis where lease term.
the effect is material to the original undiscounted provision. The carrying
t) Exceptional items
amount of the provision increases in each period to reflect the passage
Where certain expense or income items recorded in a period are material
of time and the unwinding of the discount and the movement is
by their size or incidence, the group reflects such items as exceptional
recognised in the income statement within net finance costs.
items within a separate line on the income statement except for those
Restructuring provisions comprise lease termination penalties and exceptional items that relate to associates, joint ventures, net finance
employee termination payments. Provisions are not recognised for future costs and tax. (Associates’ and joint ventures’ net finance costs and tax
operating losses. Provisions are recognised for onerous contracts where exceptional items are only referred to in the notes to the consolidated
the unavoidable cost exceeds the expected benefit. financial statements.)
p) Share capital Exceptional items are also summarised in the segmental analyses,
Ordinary shares are classified as equity. Incremental costs directly excluding those that relate to net finance costs and tax.
attributable to the issue of new shares or options are shown in equity
The group presents alternative earnings per share calculations on a
as a deduction, net of tax, from the proceeds.
headline and adjusted basis. The adjusted earnings per share figure
q) Investments in own shares (treasury and shares held excludes the impact of amortisation of intangible assets (excluding
by employee benefit trusts) computer software), certain non-recurring items and post-tax exceptional
Shares held by employee share ownership plans, employee benefit items in order to present an additional measure of performance for the
trusts and in treasury are treated as a deduction from equity until the years shown in the consolidated financial statements. Headline earnings
shares are cancelled, reissued, or disposed. per share is calculated in accordance with the South African Circular
2/2013 entitled ‘Headline Earnings’ which forms part of the listing
Purchases of such shares are classified in the cash flow statement as
requirements for the JSE Ltd (JSE).
a purchase of own shares for share trusts or purchase of own shares
for treasury within net cash from financing activities. u) Taxation
The tax expense for the period comprises current and deferred tax. Tax
Where such shares are subsequently sold or reissued, any consideration
is recognised in the income statement, except to the extent that it relates
received, net of any directly attributable incremental costs and related
to items recognised in other comprehensive income or directly in equity,
tax effects, is included in equity attributable to the company’s
in which case it is recognised in other comprehensive income or directly
equity shareholders.
in equity, respectively.
r) Revenue recognition
Current tax expense is based on the results for the period as adjusted
(i) Sale of goods and services
for items that are not taxable or not deductible. The group’s liability for
Revenue represents the fair value of consideration received or receivable
current taxation is calculated using tax rates and laws that have been
for goods and services provided to third parties and is recognised when
enacted or substantively enacted by the balance sheet date.
the risks and rewards of ownership are substantially transferred.

1. Accounting policies continued (iv) Share-based compensation
Deferred tax is provided in full using the liability method, in respect The group operates a variety of equity-settled share-based
of all temporary differences arising between the tax bases of assets compensation plans.
and liabilities and their carrying values in the consolidated financial
The equity-settled plans comprise share option and stock appreciation
statements, except where the temporary difference arises from goodwill
rights plans (with and without market performance conditions attached),
(in the case of deferred tax liabilities) or from the initial recognition
performance share award plans (with and without market performance
(other than a business combination) of other assets and liabilities in
conditions attached) and awards related to the employee element of
a transaction that affects neither accounting nor taxable profit.
the Broad-Based Black Economic Empowerment (BBBEE) scheme in
Deferred tax liabilities are recognised where the carrying value of an South Africa. An expense is recognised to spread the fair value of each
asset is greater than its tax base, or where the carrying value of a liability award over the vesting period on a straight-line basis, after allowing for an
is less than its tax base. Deferred tax is recognised in full on temporary estimate of the share awards that will eventually vest. A corresponding
differences arising from investment in subsidiaries, associates and adjustment is made to equity over the remaining vesting period. The
joint ventures, except where the timing of the reversal of the temporary estimate of the level of vesting is reviewed at least annually, with any
difference is controlled by the group and it is probable that the temporary impact on the cumulative charge being recognised immediately. In
difference will not reverse in the foreseeable future. This includes taxation addition the group has granted an equity-settled share-based payment
in respect of the retained earnings of overseas subsidiaries only to the to retailers in relation to the retailer element of the BBBEE scheme.
extent that, at the balance sheet date, dividends have been accrued as A one-off charge has been recognised based on the fair value at the grant
receivable or a binding agreement to distribute past earnings in future date with a corresponding adjustment to equity. The charge will not be
periods has been entered into by the subsidiary. Deferred income adjusted in the future.
tax is also recognised in respect of the unremitted retained earnings
The charges are based on the fair value of the awards as at the date of
of overseas associates and joint ventures as the group is not able
grant, as calculated by various binomial model calculations and Monte
to determine when such earnings will be remitted and when such
Carlo simulations.
additional tax such as withholding taxes might be payable.
The charges are not reversed if the options and awards are not exercised
A net deferred tax asset is regarded as recoverable and therefore
because the market value of the shares is lower than the option price
recognised only when, on the basis of all available evidence, it is
at the date of grant.
expected that sufficient existing taxable temporary differences will
reverse in the future or there will be sufficient taxable profit available The proceeds received net of any directly attributable transaction costs
against which the temporary differences (including carried forward are credited to share capital (nominal value) and share premium when
tax losses) can be utilised. the options are exercised.
Deferred tax is measured at the tax rates expected to apply in the (v) Pension obligations
periods in which the timing differences are expected to reverse The group has both defined benefit and defined contribution plans.
based on tax rates and laws that have been enacted or substantively
The liability recognised in the balance sheet in respect of defined benefit
enacted at balance sheet date. Deferred tax is measured on a
pension plans is the present value of the defined benefit obligation at the
non-discounted basis.
balance sheet date less the fair value of plan assets. The defined benefit
v) Dividend distributions obligation is calculated annually by independent actuaries using the
Dividend distributions to equity holders of the parent are recognised projected unit credit method. The present value of the defined benefit
as a liability in the group’s financial statements in the period in which obligation is determined by discounting the estimated future cash
the dividends are approved by the company’s shareholders. Interim outflows using interest rates of high-quality corporate bonds that are
dividends are recognised when paid. Dividends declared after the denominated in the currency in which the benefits will be paid, and
balance sheet date are not recognised, as there is no present that have terms to maturity approximating to the terms of the related
obligation at the balance sheet date. pension liability.
w) Employee benefits Actuarial gains and losses arising from experience adjustments and
(i) Wages and salaries changes in actuarial assumptions are recognised in full and are charged
Wages and salaries for current employees are recognised in the income or credited to equity in other comprehensive income in the period in
statement as the employees’ services are rendered. which they arise.
(ii) Vacation and long-term service awards costs The current service cost, the net interest cost, any past service costs
The group recognises a liability and an expense for accrued vacation pay and the effect of any curtailments and settlements are recognised in
when such benefits are earned and not when these benefits are paid. operating costs in the income statement.
The group also recognises a liability and an expense for long-term The contributions to defined contribution plans are recognised as an
service awards where cash is paid to the employee at certain milestone expense as the costs become payable. The contributions are recognised
dates in a career with the group. Such accruals are appropriately as employee benefit expense when they are due. Prepaid contributions
discounted to reflect the future payment dates at discount rates are recognised as an asset to the extent that a cash refund or a
determined by reference to local high-quality corporate bonds. reduction in the future payments is available.
(iii) Profit-sharing and bonus plans (vi) Other post-employment obligations
The group recognises a liability and an expense for bonuses and Some group companies provide post-retirement healthcare benefits
profit-sharing, based on a formula that takes into consideration the profit to qualifying employees. The expected costs of these benefits are
attributable to the company’s shareholders after certain adjustments. assessed in accordance with the advice of qualified actuaries and
contributions are made to the relevant funds over the expected service
The group recognises a provision where contractually obliged or where
lives of the employees entitled to those funds. Actuarial gains and
there is a past practice that has created a constructive obligation. At a
losses arising from experience adjustments, and changes in actuarial
mid-year point an accrual is maintained for the appropriate proportion
assumptions are recognised in full and are charged or credited to equity
of the expected bonuses which would become payable at the year end.
in other comprehensive income in the period in which they arise. These
obligations are valued annually by independent qualified actuaries.

1. Accounting policies continued hedged item affects profit or loss. However, where a forecasted
(vii) Termination benefits transaction results in a non-financial asset or liability, the accumulated
Termination benefits are payable when employment is terminated before fair value movements previously deferred in equity are included in
the normal retirement date, or whenever an employee accepts voluntary the initial cost of the asset or liability.
redundancy in exchange for these benefits. The group recognises
(iii) Hedges of net investments in foreign operations
termination benefits when it is demonstrably committed to terminating
Hedges of net investments in foreign operations comprise either foreign
the employment of current employees according to a detailed formal
currency borrowings or derivatives (typically forward exchange contracts
plan without possibility of withdrawal, or providing termination benefits
and cross currency swaps) designated in a hedging relationship.
as a result of an offer made to encourage voluntary redundancy. Benefits
falling due more than 12 months after balance sheet date are discounted Gains or losses on hedging instruments that are regarded as highly
to present value in a similar manner to all long-term employee benefits. effective are recognised in other comprehensive income. These largely
offset foreign currency gains or losses arising on the translation of
x) Derivative financial instruments – hedge accounting
net investments that are recorded in equity, in the foreign currency
Financial assets and financial liabilities at fair value through profit or loss
translation reserve. The ineffective portion of gains or losses on hedging
include all derivative financial instruments. The derivative instruments
instruments is recognised immediately in the income statement.
used by the group, which are used solely for hedging purposes
Amounts accumulated in equity are only reclassified to the income
(i.e. to offset foreign exchange, commodity price and interest rate risks),
statement upon disposal of the net investment.
comprise interest rate swaps, cross currency swaps, forward foreign
exchange contracts, commodity contracts and other specific Where a derivative ceases to meet the criteria of being a hedging
instruments as necessary under the approval of the board. Such instrument or the underlying exposure which it is hedging is sold,
derivative instruments are used to alter the risk profile of an existing matures or is extinguished, hedge accounting is discontinued and
underlying exposure of the group in line with the group’s risk amounts previously recorded in equity are reclassified to the income
management policies. The group also has derivatives embedded statement. A similar treatment is applied where the hedge is of a future
in other contracts, primarily cross border foreign currency supply transaction and that transaction is no longer likely to occur. When
contracts for raw materials. the hedge is discontinued due to ineffectiveness, hedge accounting
is discontinued prospectively.
Derivatives are initially recorded at fair value on the date a derivative
contract is entered into and are subsequently remeasured at their fair Certain derivative instruments, while providing effective economic
value. The method of recognising the resulting gain or loss depends hedges under the group’s policies, are not designated as hedges.
on whether the derivative is designated as a hedging instrument, and, Changes in the fair value of any derivative instruments that do not qualify
if so, the nature of the hedging relationship. or have not been designated as hedges are recognised immediately
in the income statement. The group does not hold or issue derivative
In order to qualify for hedge accounting, the group is required to
financial instruments for speculative purposes.
document at inception the relationship between the hedged item and
the hedging instrument as well as its risk management objectives y) Deposits by customers
and strategy for undertaking hedging transactions. The group is also Returnable containers in circulation are recorded within property, plant
required to document and demonstrate that the relationship between and equipment and a corresponding liability is recorded in respect of the
the hedged item and the hedging instrument will be highly effective. obligation to repay the customers’ deposits. Deposits paid by customers
This effectiveness test is reperformed at each period end to ensure that for branded returnable containers are reflected in the balance sheet
the hedge has remained and will continue to remain highly effective. within current liabilities. Any estimated liability that may arise in respect
of deposits for unbranded containers is shown in provisions.
The group designates certain derivatives as either: hedges of the fair
value of recognised assets or liabilities or a firm commitment (fair value z) Earnings per share
hedge); hedges of highly probable forecast transactions or commitments Basic earnings per share represents the profit on ordinary activities
(cash flow hedge); or hedges of net investments in foreign operations after taxation attributable to the equity shareholders of the parent entity,
(net investment hedge). divided by the weighted average number of ordinary shares in issue
during the year, less the weighted average number of ordinary shares
(i) Fair value hedges
held in the group’s employee benefit trusts and in treasury during
Fair value hedges comprise derivative financial instruments designated
the year.
in a hedging relationship to manage the group’s interest rate risk and
foreign exchange risk to which the fair value of certain assets and Diluted earnings per share represents the profit on ordinary activities
liabilities are exposed. Changes in the fair value of the derivative offset after taxation attributable to the equity shareholders of the parent,
the relevant changes in the fair value of the underlying hedged item divided by the weighted average number of ordinary shares in issue
attributable to the hedged risk in the income statement in the during the year, less the weighted average number of ordinary shares
period incurred. held in the group’s employee benefit trusts and in treasury during the
year, plus the weighted average number of dilutive shares resulting
Gains or losses on fair value hedges that are regarded as highly effective
from share options and other potential ordinary shares outstanding
are recorded in the income statement together with the gain or loss
during the year.
on the hedged item attributable to the hedged risk.
(ii) Cash flow hedges
Cash flow hedges comprise derivative financial instruments designated
in a hedging relationship to manage currency and interest rate risk
to which the cash flows of certain assets and liabilities are exposed.
The effective portion of changes in the fair value of the derivative that
is designated and qualifies for hedge accounting is recognised in
other comprehensive income. The ineffective portion is recognised
immediately in the income statement. Amounts accumulated in equity
are reclassified to the income statement in the period in which the

2. Segmental analysis
Operating segments reflect the management structure of the group and the way performance is evaluated and resources allocated based on group
NPR and EBITA by the group’s chief operating decision maker, defined as the executive directors. Following management changes effective 1 July 2014
the group’s Africa and South Africa: Beverages divisions have been consolidated into one division for management purposes. The results of the
new combined Africa division have therefore been presented as a single reportable segment and comparatives have been restated accordingly.
The group is focused geographically and, while not meeting the definition of reportable segments, the group reports separately as segments
Corporate and South Africa: Hotels and Gaming 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
to non-GAAP measures which are used by management to analyse the group’s performance.
Income statement
Group NPR EBITA Group NPR EBITA

2015 2015 2014 20141
US$m US$m US$m US$m
Latin America 5,768 2,224 5,745 2,192

Africa 7,462 1,907 7,421 1,954
Asia Pacific 3,867 768 3,944 845
Europe 4,398 700 4,574 703
North America 4,682 858 4,665 804
Corporate – (122) – (161)
Retained operations 26,177 6,335 26,349 6,337
South Africa: Hotels and Gaming 111 32 370 123
26,288 6,367 26,719 6,460
Amortisation of intangible assets (excluding computer software) – group and share of
associates’ and joint ventures’ (423) (436)
Exceptional items in operating profit – group and share of associates’ and joint ventures’ (138) (202)
Net finance costs – group and share of associates’ and joint ventures’ (740) (741)
Share of associates’ and joint ventures’ taxation (157) (162)
Share of associates’ and joint ventures’ non-controlling interests (79) (96)
1
As restated (see note 1).
Group revenue and group NPR (including the group’s share of 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 are
derived from a large number of customers which are internationally dispersed, with no customers being individually material.
Share of
associates’
Share of and joint
associates’ ventures’
and joint Excise duties excise duties
ventures’ Group and other and other
Revenue revenue revenue similar taxes similar taxes Group NPR
2015 2015 2015 2015 2015 2015
US$m US$m US$m US$m US$m US$m
Latin America 7,812 – 7,812 (2,044) – 5,768

Africa 6,853 2,221 9,074 (1,334) (278) 7,462
Asia Pacific 3,136 2,203 5,339 (1,203) (269) 3,867
Europe 4,186 1,675 5,861 (1,011) (452) 4,398
North America 143 5,201 5,344 (4) (658) 4,682
Retained operations 22,130 11,300 33,430 (5,596) (1,657) 26,177
South Africa: Hotels and Gaming – 128 128 – (17) 111
22,130 11,428 33,558 (5,596) (1,674) 26,288
2014 2014 2014 2014 2014 2014

Latin America 7,812 – 7,812 (2,067) – 5,745

Africa 6,752 2,257 9,009 (1,292) (296) 7,421
Asia Pacific 3,285 2,166 5,451 (1,235) (272) 3,944
Europe 4,319 1,726 6,045 (1,009) (462) 4,574
North America 143 5,199 5,342 (4) (673) 4,665
Retained operations 22,311 11,348 33,659 (5,607) (1,703) 26,349
South Africa: Hotels and Gaming – 425 425 – (55) 370
22,311 11,773 34,084 (5,607) (1,758) 26,719

2. Segmental analysis continued

Operating profit and EBITA (segment result)
The following table provides a reconciliation of operating profit to operating profit before exceptional items, and to EBITA. EBITA comprises operating
profit before exceptional items, and amortisation of intangible assets (excluding computer software) and includes the group’s share of associates’
and joint ventures’ operating profit on a similar basis.
Share of
associates’
Share of and joint
associates’ ventures’
and joint Amortisation amortisation
ventures’ of intangible of intangible
Operating operating assets assets
profit before profit before (excluding (excluding
Operating Exceptional exceptional exceptional computer computer
profit items items items software) software) EBITA
2015 2015 2015 2015 2015 2015 2015
US$m US$m US$m US$m US$m US$m US$m
Latin America 2,110 – 2,110 – 114 – 2,224

Africa 1,516 (45) 1,471 427 9 – 1,907
Asia Pacific (14) 452 438 142 188 – 768
Europe 548 – 548 85 22 45 700
North America 14 – 14 800 2 42 858
Corporate (191) 69 (122) – – – (122)
Retained operations 3,983 476 4,459 1,454 335 87 6,335
South Africa: Hotels and Gaming 401 (401) – 31 – 1 32
4,384 75 4,459 1,485 335 88 6,367
2014 2014 2014 20141 2014 2014 20141

Latin America 2,116 (47) 2,069 – 123 – 2,192

Africa 1,470 8 1,478 470 6 – 1,954
Asia Pacific 365 103 468 165 212 – 845
Europe 565 11 576 79 20 28 703
North America 9 – 9 753 – 42 804
Corporate (283) 122 (161) – – – (161)
Retained operations 4,242 197 4,439 1,467 361 70 6,337
South Africa: Hotels and Gaming – – – 118 – 5 123
4,242 197 4,439 1,585 361 75 6,460

1
The group’s share of associates’ and joint ventures’ operating profit is reconciled to the share of post-tax results of associates and joint ventures
in the income statement as follows.
2015 20141
US$m US$m
Share of associates’ and joint ventures’ operating profit (before exceptional items) 1,485 1,585
Share of associates’ and joint ventures’ exceptional items in operating profit (63) (5)
Share of associates’ and joint ventures’ net finance costs (103) (96)
Share of associates’ and joint ventures’ taxation (157) (162)
Share of associates’ and joint ventures’ non-controlling interests (79) (96)
Share of post-tax results of associates and joint ventures 1,083 1,226

1

EBITDA
EBITA is reconciled to EBITDA as follows.
Share of Share of
associates’ associates’
and joint and joint
ventures’ ventures’
EBITA Depreciation depreciation EBITDA EBITA Depreciation depreciation EBITDA
2015 2015 2015 2015 20141 2014 20141 20141
US$m US$m US$m US$m US$m US$m US$m US$m
Latin America 2,224 302 – 2,526 2,192 328 – 2,520

Africa 1,907 275 121 2,303 1,954 267 115 2,336
Asia Pacific 768 66 148 982 845 72 132 1,049
Europe 700 214 77 991 703 222 92 1,017
North America 858 – 145 1,003 804 – 141 945
Corporate (122) 39 – (83) (161) 31 – (130)
Retained operations 6,335 896 491 7,722 6,337 920 480 7,737
South Africa: Hotels and Gaming 32 – 8 40 123 – 24 147
6,367 896 499 7,762 6,460 920 504 7,884

1
Adjusted EBITDA
Adjusted EBITDA is comprised of the following.
2015 20141
US$m US$m
Subsidiaries’ EBITDA 5,690 5,720

– Operating profit before exceptional items 4,459 4,439
– Depreciation (including amortisation of computer software) 896 920
– Amortisation (excluding computer software) 335 361
Group’s share of MillerCoors’ EBITDA 987 936
– Operating profit before exceptional items 800 753
– Depreciation (including amortisation of computer software) 145 141
– Amortisation (excluding computer software) 42 42
Adjusted EBITDA 6,677 6,656

1
Other segmental information
Capital Capital
expenditure expenditure
excluding excluding
investment Investment investment Investment
activity¹ activity² Total activity¹ activity² Total
2015 2015 2015 2014 2014 2014
Latin America 429 (5) 424 413 (88) 325

Africa 720 8 728 663 42 705
Asia Pacific 80 – 80 96 201 297
Europe 253 – 253 252 – 252
North America 15 216 231 1 188 189
Corporate 75 (972) (897) 60 1 61
1,572 (753) 819 1,485 344 1,829
¹ Capital expenditure includes additions of intangible assets (excluding goodwill) and property, plant and equipment.
² Investment activity includes acquisitions and disposals of businesses, net investments in associates and joint ventures, purchases of shares in non-controlling interests and purchases
and disposals of available for sale investments.


Geographical information
The UK is the parent company’s country of domicile. Those countries which account for more than 10% of the group’s total revenue and/or
non-current assets are considered individually material and are reported separately below.
Revenue
2015 2014
US$m US$m
UK 424 394
Australia 2,493 2,680
Colombia 3,568 3,681
South Africa 4,352 4,347
USA 131 129
Rest of world 11,162 11,080
22,130 22,311
Non-current assets
2015 2014
US$m US$m
UK 358 333
Australia 9,804 12,500
Colombia 5,886 7,781
South Africa 1,735 2,237
USA 5,704 5,839
Rest of world 16,132 18,933
39,619 47,623
Non-current assets by location exclude amounts relating to derivative financial instruments and deferred tax assets.
3. Net operating expenses

2015 2014
US$m US$m
Cost of inventories recognised as an expense 4,552 4,711

– Changes in inventories of finished goods and work in progress 57 (15)
– Raw materials and consumables used 4,495 4,726
Excise duties and other similar taxes 5,596 5,607
Employee costs (see note 6a) 2,483 2,491
Depreciation of property, plant and equipment 821 854
– Containers 219 233
– Other 602 621
Profit on disposal of available for sale investments (1) –
Profit on disposal of businesses (45) (72)
Profit on disposal of investment in associates (403) –
(Gain)/loss on dilution of investment in associates (2) 18
Profit on disposal of property, plant and equipment (18) (17)
Amortisation of intangible assets 410 427
– Intangible assets (excluding computer software) 335 361
– Computer software 75 66
Other expenses 4,696 4,431
– Selling, marketing and distribution costs 2,428 2,468
– Repairs and maintenance expenditure on property, plant and equipment 309 324
– Impairment of goodwill 286 –
– Impairment of intangible assets 6 8
– Impairment of property, plant and equipment 73 52
– Impairment of trade and other receivables 34 30
– Operating lease rentals – land and buildings 84 81
– Operating lease rentals – plant, vehicles and systems 88 86
– Research and development expenditure 5 4
– Other operating expenses 1,383 1,378
Total net operating expenses by nature 18,089 18,450
Other income (343) (381)

– Revenue received from royalties (47) (51)
– Dividends received from investments (1) (1)
– Other operating income (295) (329)
Net operating expenses 17,746 18,069

3. Net operating expenses continued
Foreign exchange differences recognised in the profit for the year, except for those arising on financial instruments measured at fair value under
IAS 39, were a loss of US$25 million (2014: US$32 million).
The following fees were paid to a number of different accounting firms as auditors of various parts of the group.
2015 2014
US$m US$m
Group auditors
Fees payable to the company’s auditor and its associates for the audit
of parent company and consolidated financial statements 3 3
Fees payable to company’s auditor and its associates for other services:
The audit of the company’s subsidiaries 8 7
Total audit fees payable to the company’s auditor 11 10
Taxation compliance services – 1
Taxation advisory services 1 2
Other non-audit services 1 1
Total fees payable to the company’s auditor 13 14
Other audit firms

Fees payable to other auditor firms for:
The audit of the company’s subsidiaries 1 1
Taxation advisory services 3 6
Services relating to corporate finance transactions 1 –
Internal audit services 3 4
Other non-audit services
Services relating to information technology1 1 2
Other1 21 35
Total fees payable to other audit firms 30 48
Consulting services principally relating to the cost and efficiency and capability programmes.
1
4. Exceptional items
2015 2014
US$m US$m
Exceptional items included in operating profit:

Profit on disposal of investment in associate 401 –
Profit on disposal of businesses 45 72
Impairments (313) –
Integration and restructuring costs (139) (103)
Cost and efficiency programme costs (69) (133)
Broad-Based Black Economic Empowerment related charges – (33)
Net exceptional losses included within operating profit (75) (197)
Exceptional items included in net finance costs:

Early redemption costs (48) –
Recycling of foreign currency translation reserves 33 –
Net exceptional losses included within net finance costs (15) –
Share of associates’ and joint ventures’ exceptional items:

Impairments (63) –
Cost and efficiency programme costs – (5)
Group’s share of associates’ and joint ventures’ exceptional losses (63) (5)
Net taxation (charges)/credits relating to subsidiaries’ and the group’s share of associates’
and joint ventures’ exceptional items (83) 27

4. Exceptional items continued

Exceptional items included in operating profit
Profit on disposal of investment in associate
During 2015 a profit of US$401 million, after associated costs, was realised on the disposal of the group’s investment in the Tsogo Sun hotels
and gaming business in South Africa.
Profit on disposal of businesses
During 2015 an additional profit of US$45 million (2014: US$25 million) was realised in Africa in relation to the disposal in 2012 of the group’s Angolan
operations in exchange for a 27.5% interest in BIH Angola, following the successful resolution of certain matters leading to the release of provisions.
In 2014 a net profit of US$47 million, after associated costs, was realised on the disposal of the milk and juice business in Panama, Latin America.
Impairments
During 2015 impairment charges of US$313 million were incurred in respect of the group’s business in India in Asia Pacific. The impairment charge
comprised US$286 million against goodwill, US$23 million against property, plant and equipment, and US$4 million against intangible assets.
Integration and restructuring costs
During 2015 US$139 million (2014: US$103 million) of integration and restructuring costs were incurred in Asia Pacific following the Foster’s
and Pacific Beverages acquisitions, including impairments relating to brewery closures and in 2014 the discontinuation of a brand.
Cost and efficiency programme costs
During 2015 costs of US$69 million (2014: US$54 million) were incurred in relation to the cost and efficiency programme which will realise further
benefits from the group’s scale through the creation of a global business services function, that will consolidate many back office and specialist
functions, and the expansion of the global procurement organisation. In 2014 costs of US$79 million were also incurred in relation to the business
capability programme which streamlined finance, human resources and procurement activities through the deployment of global systems and
introduced common sales, distribution and supply chain management systems.
Broad-Based Black Economic Empowerment related charges
In 2014 US$13 million of charges were incurred in relation to the Broad-Based Black Economic Empowerment (BBBEE) scheme in South Africa.
An additional US$20 million loss was incurred on the dilution of the group’s investment in its associate, Distell Group Ltd, as a result of the exercise
of share options issued as part of its BBBEE scheme.
Exceptional items included in net finance costs
Early redemption costs
During 2015 an exceptional charge of US$48 million was incurred in relation to costs for the early redemption of the US$850 million 6.5% Notes
that were due July 2016.
Recycling of foreign currency translation reserves
During 2015 an exceptional credit of US$33 million was recognised in relation to the recycling of foreign currency translation reserves following
the repayment of an intercompany loan.
Share of associates’ and joint ventures’ exceptional items
Impairments
During 2015 the group’s share of the impairment charges taken by Anadolu Efes in relation to its beer businesses in Russia and Ukraine amounted
to US$63 million.
Cost and efficiency programme costs
In 2014 restructuring costs associated with the group’s cost saving programme were incurred in MillerCoors, the group’s share amounted
to US$5 million.
Net taxation (charges)/credits relating to subsidiaries’ and the group’s share of associates’ and joint ventures’ exceptional items
Net taxation charges of US$83 million (2014: credits of US$27 million) arose in relation to exceptional items during the year and in 2014 included
a US$2 million credit in relation to MillerCoors although the tax credit was recognised in Miller Brewing Company (see note 7).

5. Net finance costs
2015 2014
US$m US$m
a. Finance costs
Interest payable on bank loans and overdrafts 100 110
Interest payable on derivatives 177 222
Interest payable on corporate bonds 545 647
Interest element of finance lease payments 3 3
Net fair value losses on financial instruments – 34
Net exchange losses 120 –
Early redemption costs1 (see note 4) 48 –
Other finance charges 54 39
Total finance costs 1,047 1,055
b. Finance income
Interest receivable 19 24
Interest receivable on derivatives 282 338
Net fair value gains on financial instruments 66 –
Net exchange gains – 36
Recycling of foreign currency translation reserves1 (see note 4) 33 –
Other finance income 10 12
Total finance income 410 410
Net finance costs 637 645
Net exceptional losses of US$15 million (2014: US$nil) are excluded from the determination of adjusted net finance costs and adjusted earnings per share.
1
Adjusted net finance costs were US$622 million (2014: US$645 million).
Refer to note 21 – Financial risk factors for interest rate risk information.
6. Employee and key management compensation costs
a. Employee costs
2015 2014
US$m US$m
Wages and salaries 2,085 2,063

Share-based payments 117 154
Social security costs 164 160
Pension costs 117 117
Post-retirement benefits other than pensions 8 7
2,491 2,501
Of the US$2,491 million employee costs shown above, US$8 million (2014: US$10 million) has been capitalised within intangible assets and property,
plant and equipment.
b. Employee numbers
The average monthly number of employees are shown on a full-time equivalent basis, excluding employees of associated and joint venture
undertakings and including executive directors.
2015 2014
Number Number
Latin America 28,162 29,296

Africa 24,802 24,403
Asia Pacific 5,048 5,113
Europe 9,810 10,174
North America 124 97
Corporate 862 864
68,808 69,947

6. Employee and key management compensation costs continued

c. Key management compensation
The directors of the group and members of the executive committee (excom) are defined as key management. At 31 March 2015 there were
23 (2014: 25) key management.
2015 2014
US$m US$m
Salaries and short-term employee benefits 29 30

Post-employment benefits 3 2
79 95
d. Directors
2015 2014
US$m US$m
Aggregate emoluments £5,235,208 (2014: £6,287,359) 8 10

Aggregate gains made on the exercise of share options or release of share awards1 12 15
Notional contributions to unfunded retirement benefits scheme £502,836 (2014: £626,955) 1 1
21 26
1
Excludes gains made on share options exercised and share awards released posthumously.
At 31 March 2015 one director (2014: one) had retirement benefits accruing under money purchase pension schemes. Company contributions
to money purchase pension schemes during the year amounted to £40,000 (2014: £50,000).
Full details of individual directors’ remuneration are given in the directors’ remuneration report on pages 74 to 96.
7. Taxation
2015 2014
US$m US$m
Current taxation 1,415 1,096

– Charge for the year 1,390 1,086
– Adjustments in respect of prior years 25 10
Withholding taxes and other remittance taxes 176 188
Total current taxation 1,591 1,284
Deferred taxation (318) (111)

– Credit for the year (330) (75)
– Adjustments in respect of prior years 7 (36)
– Rate change 5 –
Taxation expense 1,273 1,173
Tax (credit)/charge relating to components of other comprehensive loss is as follows:

Deferred tax (credit)/charge on net remeasurements of defined benefit plans (70) 13
Deferred tax charge/(credit) on financial instruments 3 (1)
(67) 12
Total current tax 1,591 1,284

Total deferred tax (385) (99)
Total taxation 1,206 1,185
Effective tax rate (%) 26.0 26.0
UK taxation included in the above

Current taxation – –
Total current taxation 82 102
Deferred taxation – –
UK taxation expense 82 102

7. Taxation continued
See the financial definitions section for the definition of the effective tax rate. The calculation is on a basis consistent with that used in prior years and
is also consistent with other group operating metrics. Tax on amortisation of intangible assets (excluding computer software) was US$117 million
(2014: US$123 million).
MillerCoors is not a taxable entity. The tax balances and obligations therefore remain with Miller Brewing Company as a 100% subsidiary of the
group. This subsidiary’s tax charge includes tax (including deferred tax) on the group’s share of the taxable profits of MillerCoors and includes
tax in other comprehensive income on the group’s share of MillerCoors’ taxable items included within other comprehensive income.
Tax rate reconciliation
2015 2014
US$m US$m

Less: Share of post-tax results of associates and joint ventures (1,083) (1,226)
3,747 3,597
Tax charge at standard UK rate of 21% (2014: 23%) 787 827

Exempt income (194) (189)
Other incentive allowances (34) (28)
Expenses not deductible for tax purposes 179 24
Deferred tax asset (recognised)/not recognised (54) 89
Initial recognition of deferred taxation (104) (87)
Tax impact of MillerCoors joint venture 174 178
Other taxes 33 26
Adjustments in respect of foreign tax rates 306 160
Adjustments in respect of prior periods 32 (26)
Deferred taxation rate change 5 –
Deferred taxation on unremitted earnings (33) 11
Total taxation expense 1,273 1,173
8. Earnings per share
2015 2014
US cents US cents
Basic earnings per share 205.7 211.8

Diluted earnings per share 203.5 209.1
Headline earnings per share 213.4 211.6
Adjusted basic earnings per share 239.1 242.0
Adjusted diluted earnings per share 236.6 239.0
The weighted average number of shares was:
2015 2014
Millions of Millions of
shares shares
Ordinary shares 1,674 1,671

Treasury shares (63) (67)
EBT ordinary shares (7) (7)
Basic shares 1,604 1,597
Dilutive ordinary shares 17 20
Diluted shares 1,621 1,617
The calculation of diluted earnings per share excludes 8,613,524 (2014: 6,044,130) share options that were non-dilutive for the year because
the exercise price of the option exceeded the fair value of the shares during the year and 16,316,980 (2014: 19,755,628) share awards that were
non-dilutive for the year because the performance conditions attached to the share awards had not been met. These share incentives could
potentially dilute earnings per share in the future.
Incentives involving 9,019,489 shares were granted, and 3,164,055 share incentives were exercised, released or lapsed after 31 March 2015
and before the date of signing of these financial statements.

8. Earnings per share continued

Adjusted and headline earnings
The group presents an adjusted earnings per share figure which excludes the impact of amortisation of intangible assets (excluding computer
software), certain non-recurring items and post-tax exceptional items in order to present an additional measure of performance for the years shown
in the consolidated financial statements. Adjusted earnings per share are based on adjusted earnings for each financial year and on the same
number of weighted average shares in issue as the basic earnings per share calculation. Headline earnings per share has been calculated in
accordance with the South African Circular 2/2013 entitled ‘Headline Earnings’ which forms part of the listing requirements for the JSE Ltd (JSE).
The adjustments made to arrive at headline earnings and adjusted earnings are as follows.
2015 2014
US$m US$m
Profit for the year attributable to owners of the parent 3,299 3,381
Headline adjustments
Impairment of goodwill 286 –
Impairment of property, plant and equipment 73 52
Impairment of intangible assets 6 8
Profit on disposal of investment in associate (401) –
Loss on dilution of investments in associates – 20
Tax effects of these items 146 (11)
Non-controlling interests’ share of the above items (1) 1
Share of associates’ and joint ventures’ headline adjustments, net of tax and non-controlling interests 60 –
Headline earnings 3,423 3,379
Integration and restructuring costs (excluding impairment) 87 43
Cost and efficiency programme costs 69 133
Broad-Based Black Economic Empowerment related costs – 13
Early redemption costs 48 –
Recycling of foreign currency translation reserves (33) –
Amortisation of intangible assets (excluding computer software) 335 361
Tax effects of the above items (167) (133)
Non-controlling interests’ share of the above items (6) (4)
Share of associates’ and joint ventures’ other adjustments, net of tax and non-controlling interests 79 73
Adjusted earnings 3,835 3,865
9. Dividends
2015 2014
US$m US$m
Equity
2014 Final dividend paid: 80.0 US cents (2013: 77.0 US cents) per ordinary share 1,289 1,236
2015 Interim dividend paid: 26.0 US cents (2014: 25.0 US cents) per ordinary share 416 404
1,705 1,640
In addition, the directors are proposing a final dividend of 87.0 US cents per share in respect of the financial year ended 31 March 2015, which
will absorb an estimated US$1,398 million of shareholders’ funds. If approved by shareholders, the dividend will be paid on 14 August 2015 to
shareholders registered on the London and Johannesburg registers as at 7 August 2015. The total dividend per share for the year is 113.0 US cents
(2014: 105.0 US cents).
Treasury shares do not attract dividends and the employees’ benefit trusts have both waived their right to receive dividends (further information can
be found in note 26).

10. Goodwill
US$m
Cost
At 1 April 2013 20,185
Exchange adjustments (1,349)
Acquisitions – through business combinations 7
At 31 March 2014 18,843
Exchange adjustments (3,257)
Reclassification (see note 19) (293)
Acquisitions – through business combinations (provisional) 1
At 31 March 2015 15,294
Accumulated impairment
At 1 April 2013 323
Exchange adjustments 23
At 31 March 2014 346
Exchange adjustments (84)
Impairment 286
At 31 March 2015 548
Net book amount

At 1 April 2013 19,862
At 31 March 2014 18,497
At 31 March 2015 14,746
2015
Provisional goodwill of US$1 million arose on the acquisition of a business in Africa. The fair value exercise in respect of this business combination
has yet to be completed.
2014
Goodwill arose on the acquisition of the trade and assets of a wine and spirits business in Africa. The residual value of the net assets acquired
has been recognised as goodwill of US$7 million in the financial statements. The fair value exercise in respect of this business combination
is now complete.
Goodwill is monitored principally on an individual country basis and the net book value is allocated by cash generating unit (CGU) as follows.
2015 2014
US$m US$m
CGUs:
Latin America:
– Central America 777 795
– Colombia 3,367 4,392
– Peru 1,505 1,658
– Other Latin America 207 211
Africa:
– South Africa 391 451
– Other Africa 219 247
Asia Pacific:
– Australia 5,819 7,397
– India – 291
– Other Asia Pacific 1 1
Europe:
– Czech Republic 707 909
– Netherlands 85 106
– Italy 347 445
– Poland 1,002 1,258
– Other Europe 63 80
North America 256 256
14,746 18,497

10. Goodwill continued

Assumptions
The group uses both value in use and fair value less costs of disposal (FVLCD) calculations to determine the recoverable amounts for its CGUs.
See note 1 for the detailed accounting policy on how the group determines recoverable value. The key assumptions for the discounted cash flow
calculations are as follows.
Expected volume five-year compound annual growth rate (CAGR) – Cash flows are based on financial forecasts approved by management
for each CGU covering five-year periods and are dependent on management’s expected volume CAGRs which have been determined based
on past experience and planned initiatives, and with reference to external sources in respect of macro-economic assumptions. Expected growth
rates over the five-year forecast period are generally higher than the long-term average growth rates for the economies in which the CGUs operate
as a steady state is not necessarily expected to be reached in this period. The cash flow forecasts included in FVLCD calculations are based on
management’s best estimates of expected volume CAGRs and incorporate cash flows associated with enhancing the assets’ performance,
such as capital expenditure, where appropriate in order to determine the FVLCD from a market participant’s perspective.
Discount rate – The discount rate (weighted average cost of capital) is calculated using a methodology which reflects the returns from United States
Treasury notes with a maturity of 20 years, an equity risk premium adjusted for specific industry and country risks, and inflation differentials. The
group applies local post-tax discount rates to local post-tax cash flows. For a value in use calculation, where a potential impairment is identified
on a post-tax basis, the impairment review is reperformed on a pre-tax basis.
Long-term growth rate – Cash flows after the first five-year period are extrapolated using a long-term growth rate, in order to calculate the
terminal recoverable amount. The long-term growth rate is estimated using historical trends and expected future trends in inflation rates, based
on external data.
The following table presents the key assumptions used in the discounted cash flow calculations in each of the group’s operating segments and relate
only to subsidiaries of the group.
Expected
volume CAGRs Post-tax Long-term
2015-2020 discount rates growth rates
% % %
Latin America 2.7–4.5 7.6–14.0 2.1–5.1

Africa 2.4–9.7 11.8–17.6 5.5–9.5
Asia Pacific (0.1)–10.0 7.4–11.8 2.8–5.7
Europe (0.4)–2.4 6.5–9.3 1.4–2.8
North America1 17.0 6.8 2.1
Primarily the international business across the Americas.

1
Impairment reviews results

An impairment charge of US$313 million has been recognised in respect of the India CGU in Asia Pacific. This primarily reflected the group’s
assessment of the increasing regulatory and excise challenges in the operating environment in India and the proposed partial introduction of a
national goods and services tax (GST) which will not apply to beer so that GST on input costs is not expected to be recoverable. The impairment
loss was allocated to goodwill (US$286 million), property, plant and equipment (US$23 million), and intangible assets (US$4 million). The recoverable
amount of the CGU was based on its value in use, which was determined using a discounted cash flow calculation. In arriving at value in use,
a pre-tax discount rate of 14.1% (2014: 13.4%) was applied to pre-tax cash flows.
Sensitivities to assumptions
The group’s impairment reviews are sensitive to changes in the key assumptions described above.
The most material goodwill balance is in Australia. In addition to the volume CAGR, pricing, mix and cost efficiencies are significant factors influencing
the recoverable value of the CGU, and therefore NPR and EBITA CAGRs were also considered key assumptions in the discounted cash flow calculation.
Continuing market weakness in Australia has reduced the forecast volume and revenue growth assumptions used in determining the recoverable
amount of the Australia CGU. The estimated recoverable amount was calculated on a FVLCD basis and is now approximately US$650 million higher
than the carrying value of the CGU. For the recoverable amount to reduce to a level such that it is equal to the carrying value of the CGU, the following
would need to occur: the future compound annual NPR growth over the five-year forecast period to reduce to a level such that the EBITA CAGR over
the same period of 3.8% would fall below the long-term growth rate of 2.8%; or the long-term growth rate of 2.8% in nominal terms to fall below 2.4%;
or the discount rate to rise from 7.4% to 7.7% or higher. These changes in assumptions are considered reasonably possible in the current environment.
Based on the group’s sensitivity analysis, a reasonably possible change in a single assumption will not cause an impairment loss in any of the
group’s other CGUs.

11. Intangible assets
Computer
Brands software Other Total
US$m US$m US$m US$m
Cost
At 1 April 2013 9,952 752 657 11,361
Exchange adjustments (789) (14) (65) (868)
Additions – separately acquired – 84 – 84
Acquisitions – through business combinations 22 – – 22
Transfers 3 – (3) –
Disposals – (11) (32) (43)
At 31 March 2014 9,188 811 557 10,556
Exchange adjustments (1,596) (101) (101) (1,798)
Additions – separately acquired 14 172 – 186
Disposals – (8) – (8)
At 31 March 2015 7,606 874 456 8,936
Accumulated amortisation and impairment

At 1 April 2013 1,307 319 100 1,726
Amortisation 312 66 49 427
Disposals – (10) (32) (42)
Impairment 8 – – 8
At 31 March 2014 1,544 370 110 2,024
Amortisation 301 75 34 410
Impairment 4 2 – 6
At 31 March 2015 1,548 391 119 2,058
Net book amount
At 1 April 2013 8,645 433 557 9,635
At 31 March 2014 7,644 441 447 8,532
At 31 March 2015 6,058 483 337 6,878
During 2015 impairment charges in respect of intangible assets totalling US$6 million (2014: US$8 million) were recognised, all in Asia Pacific.
At 31 March significant individual brands included within the carrying value of intangible assets are as follows.
Amortisation
period
2015 2014 remaining
US$m US$m (years)
Brand carrying value

Carlton (Australia) 1,481 1,853 37
Aguila (Colombia) 987 1,335 30
Victoria Bitter (Australia) 748 935 37
Cristal (Peru) 508 578 30
Grolsch (Netherlands) 332 439 33

12. Property, plant and equipment

Assets in Plant,
course of Land and vehicles Returnable
construction buildings and systems containers Total
US$m US$m US$m US$m US$m
Cost
At 1 April 2013 542 3,723 8,282 2,093 14,640
Exchange adjustments (33) (157) (474) (113) (777)
Additions 716 23 346 364 1,449
Acquisitions – through business combinations – 8 4 – 12
Breakages and shrinkage – – – (216) (216)
Transfers (618) 93 423 102 –
Transfers (to)/from other assets – – (8) 1 (7)
Disposals (1) (25) (179) (180) (385)
At 31 March 2014 606 3,665 8,394 2,051 14,716
Exchange adjustments (124) (712) (1,722) (362) (2,920)
Additions 828 30 216 345 1,419
Acquisitions – through business combinations – 3 1 – 4
Transfers (613) 123 476 14 –
Transfers to other assets – – (2) – (2)
Disposals (1) (63) (298) (39) (401)
At 31 March 2015 696 3,046 7,065 1,869 12,676
Accumulated depreciation and impairment

At 1 April 2013 – 702 3,802 1,077 5,581
Exchange adjustments – (43) (273) (53) (369)
Provided during the year – 77 544 233 854
Impairment – 2 50 – 52
Transfers – 1 (50) 49 –
Transfers to other assets – – (1) – (1)
Disposals – (16) (156) (158) (330)
At 31 March 2014 – 723 3,916 1,012 5,651
Exchange adjustments – (187) (1,015) (203) (1,405)
Provided during the year – 74 528 219 821
Impairment – 43 30 – 73
Disposals – (38) (275) (35) (348)
At 31 March 2015 – 615 3,184 916 4,715
Net book amount

At 1 April 2013 542 3,021 4,480 1,016 9,059
At 31 March 2014 606 2,942 4,478 1,039 9,065
At 31 March 2015 696 2,431 3,881 953 7,961
As a result of the annual impairment reviews, impairment losses of US$23 million have been recognised in the year (2014: US$nil) (see note 10).
Included in land and buildings is freehold land with a cost of US$560 million (2014: US$695 million) which is not depreciated.
Included in plant, vehicles and systems are the following amounts relating to assets held under finance leases.
2015 2014
US$m US$m
Net book amount 65 61

12. Property, plant and equipment continued
Included in the amounts above are the following amounts in respect of borrowing costs capitalised.
2015 2014
US$m US$m
At 1 April 37 45
Exchange adjustments (6) (4)
Amortised during the year (11) (4)
At 31 March 20 37
No borrowing costs were capitalised during the year (2014: none).

Borrowings are secured by various of the group’s property, plant and equipment with an aggregate net book value of US$91 million
(2014: US$87 million).
13. Investments in joint ventures

A list of the group’s significant investments in joint ventures, including the name, country of incorporation and effective ownership interest is given
in note 33.
US$m
At 1 April 2013 5,547

Investments in joint ventures 188
Share of results retained 737
Share of other comprehensive income 12
Dividends received (903)
As at 31 March 2014 5,581
Investments in joint ventures 216
Share of other comprehensive loss (179)
Dividends received (976)
At 31 March 2015 5,428
Summarised financial information for the group’s interest in joint ventures, on a 100% basis after adjustments to comply with the group’s accounting
policies, is shown below.
Summarised balance sheet
MillerCoors
2015 20141
US$m US$m
Cash and cash equivalents 18 15

Other current assets 911 980
Total current assets 929 995
Non-current assets 5,022 4,972
Total assets 5,951 5,967
Financial liabilities (excluding trade payables) (47) (46)
Other current liabilities (911) (888)
Total current liabilities (958) (934)
Financial liabilities (30) (38)
Other non-current liabilities (1,509) (1,278)
Total liabilities (2,497) (2,250)
Non-controlling interests (41) (41)
Net assets attributable to owners 3,413 3,676
The MillerCoors summarised balance sheet includes adjustments made on the adoption of IFRS 10, ‘Consolidated financial statements’. Adopting this standard has resulted in two investments
1
of MillerCoors that were previously classified as joint ventures being recognised as subsidiaries. The investments were previously equity accounted and are now fully consolidated. The change
in accounting policy has had no impact on net assets attributable to owners or total comprehensive income at 31 March 2014.

13. Investments in joint ventures continued

Summarised statement of comprehensive income
MillerCoors
2015 20141
US$m US$m
Revenue 8,966 8,963

Depreciation and amortisation (322) (316)
Interest expense (1) (2)
Taxation expense (5) (5)
Other comprehensive (loss)/income (309) 20
Total comprehensive income 1,047 1,292

1
Reconciliation of summarised financial information

A reconciliation of the summarised financial information to the carrying amount of the group’s interests in its joint ventures is as follows.
MillerCoors
2015 20141
US$m US$m
Opening net assets 3,676 3,617

Total comprehensive income 1,047 1,292
Dividends paid (1,683) (1,557)
Funding to joint venture 373 324
Closing net assets 3,413 3,676
Interest in joint venture (%) 58 58
Interest in joint venture 1,979 2,132
Goodwill 3,449 3,449
Carrying value of investments in joint venture 5,428 5,581

1
14. Investments in associates

A list of the group’s significant investments in associates, including the name, country of incorporation and effective ownership interest is given
in note 33.
US$m
At 1 April 2013 5,416

Investments in associates 231
Share of other comprehensive income 133
Share of movements in other reserves 6
Dividends receivable (224)
At 31 March 2014 5,787
Investments in associates 46
Disposals of investments in associates (368)
Share of other comprehensive loss (119)
Share of movements in other reserves (6)
Dividends receivable (423)
At 31 March 2015 4,459
2015
The group disposed of its investment in Tsogo Sun Holdings Limited (Tsogo Sun), its hotels and gaming associate listed on the Johannesburg Stock
Exchange, in August 2014 through an institutional placing and share buyback. The group received net proceeds of US$971 million, and realised
a post-tax profit of US$239 million.
In January 2015 the group received net proceeds of US$7 million and realised a net profit of US$2 million, after associated costs, on the disposal
of its packaging associate in Panama, Latin America.

14. Investments in associates continued
2014
There were no acquisitions or disposals of associates in the year. The increase in investments in associates primarily related to increased investment
in the group’s Chinese associate to partly fund the Kingway acquisition.
The analysis of associates between listed and unlisted investments is shown below.
2015 2014
US$m US$m
Listed 1,470 2,306

Unlisted 2,989 3,481
4,459 5,787
Further details on the market value of listed investments in associates is given in note 21.
Summarised financial information
Summarised financial information for associates, which in the opinion of the directors are material to the group, on a 100% basis after adjustments
to comply with the group’s accounting policies, is as follows.
Castel1 Anadolu Efes CR Snow Tsogo Sun

2015 2014 2015 2014 2015 2014 2014
Summarised balance sheet

Total current assets 3,388 4,478 1,478 2,083 1,523 2,103 220
Total non-current assets 2,972 3,489 6,390 8,735 5,032 4,817 1,668
Total assets 6,360 7,967 7,868 10,818 6,555 6,920 1,888
Total current liabilities (1,257) (1,402) (920) (1,505) (2,869) (2,517) (122)
Total non-current liabilities (409) (570) (2,402) (2,902) (659) (1,118) (788)
Total liabilities (1,666) (1,972) (3,322) (4,407) (3,528) (3,635) (910)
Total non-controlling interests (672) (783) (1,659) (1,840) (20) (18) (34)
Net assets attributable to owners 4,022 5,212 2,887 4,571 3,007 3,267 944
Summarised statement of comprehensive income/(loss)

Revenue 6,000 6,162 6,408 6,682 4,496 4,420 1,073
Profit/(loss) for the year attributable to owners 815 959 (466) (139) 199 254 178
Other comprehensive (loss)/income attributable
to owners (59) (31) (537) 258 23 74 18
Total comprehensive income/(loss)
attributable to owners 756 928 (1,003) 119 222 328 196
Reconciliation of summarised financial information

A reconciliation of the summarised financial information to the carrying amount of the group’s interests in its associates is as follows.
Castel1 Anadolu Efes CR Snow Tsogo Sun

2015 2014 2015 2014 2015 2014 2014
Opening net assets attributable to owners 5,212 4,405 4,571 5,439 3,267 2,539 956
Total comprehensive income/(loss) attributable
to owners 756 928 (1,003) 119 222 328 196
Dividends paid (359) (461) – (140) (465) – (87)
Exchange adjustments (1,587) 340 (681) (842) 3 – (121)
Funding to associates – – – – – 400 –
Other movements in reserves – – – (5) (20) – –
Closing net assets attributable to owners 4,022 5,212 2,887 4,571 3,007 3,267 944
Interest in associates (%) 20–40 20–40 24 24 49 49 40
Interest in associates 925 1,223 693 1,097 1,473 1,601 375
Goodwill 310 352 387 469 – – –
Carrying value of investments in associates 1,235 1,575 1,080 1,566 1,473 1,601 375
BIH Brasseries Internationales Holding Ltd, Société des Brasseries et Glacières Internationales SA, Algerienne de Bavaroise Spa, BIH Brasseries Internationales Holding (Angola) Ltd,
1
Marocaine d’Investissements et de Services SA, Skikda Bottling Company SARL, Société de Boissons de I’Ouest Algerien SARL, and Société des Nouvelles Brasseries together make up
Castel’s African beverage operations. Details of individual ownership percentages are included in note 33.

14. Investments in associates continued

Individually immaterial associates
Summarised financial information for individually immaterial associates, in aggregate, is as follows.
2015 2014
US$m US$m
Summarised statement of comprehensive income

Aggregate carrying amount of individually immaterial associates 671 670
Aggregate amounts of the group’s share of:
Profit for the year attributable to owners 124 127
Other comprehensive income attributable to owners 12 33
Total comprehensive income 136 160
15. Inventories
2015 2014
US$m US$m
Raw materials and consumables 588 669

Work in progress 89 121
Finished goods and goods for resale 353 378
1,030 1,168
The following amount of inventories are expected to be utilised after 12 months.
2015 2014
US$m US$m
Raw materials and consumables 38 46
There were no borrowings secured on the inventories of the group (2014: US$nil).
An impairment charge of US$34 million was recognised in respect of inventories during the year (2014: US$25 million).
16. Trade and other receivables

2015 2014
US$m US$m
Trade receivables 1,412 1,504

Less: provision for impairment (132) (144)
Trade receivables – net 1,280 1,360
Other receivables 355 357
Less: provision for impairment (12) (12)
Other receivables – net 343 345
Amounts owed by associates 28 42
Amounts owed by joint ventures – trade 4 5
Prepayments and accrued income 182 208
Total trade and other receivables 1,837 1,960
Analysed as:
Current
Trade receivables – net 1,265 1,345
Amounts owed by joint ventures – trade 4 5
1,711 1,821
Non-current
Trade receivables – net 15 15
126 139

16. Trade and other receivables continued
The net carrying values of trade and other receivables are considered a close approximation of their fair values.
At 31 March 2015 trade and other receivables of US$415 million (2014: US$450 million) were past due but not impaired. These relate to customers
of whom there is no recent history of default. The ageing of these trade and other receivables is shown below.
Past due
Fully Within Over
performing 30 days 30-60 days 60-90 days 90-180 days 180 days
At 31 March 2015
Trade receivables 937 165 47 19 24 41
Other receivables 232 45 8 4 15 22
Amounts owed by associates 3 13 3 – 9 –
Amounts owed by joint ventures – trade 4 – – – – –
At 31 March 2014
Trade receivables 1,022 149 54 23 31 57
Other receivables 231 52 11 6 16 26
Amounts owed by associates 17 4 6 – – 15
Amounts owed by joint ventures – trade 5 – – – – –
The group holds collateral as security for past due trade receivables to the value of US$9 million (2014: US$10 million). Collateral held primarily
includes bank guarantees and charges over assets.
At 31 March 2015 trade receivables of US$179 million (2014: US$168 million) were determined to be specifically impaired and provided for.
The amount of the provision at 31 March 2015 was US$132 million (2014: US$144 million) and reflects trade receivables from customers which
are considered to be experiencing difficult economic situations. It was assessed that a portion of these receivables is expected to be recovered.
The group holds collateral as security against specifically impaired trade receivables with a fair value of US$1 million (2014: US$1 million).
At 31 March 2015 other receivables of US$29 million (2014: US$15 million) were determined to be specifically impaired and provided for. The amount
of the provision at 31 March 2015 was US$12 million (2014: US$12 million) and reflects loans to customers which are considered to be experiencing
difficult economic situations. It was assessed that a portion of these receivables is expected to be recovered. No collateral was held as security
against specifically impaired other receivables at 31 March 2015 and 2014.
The carrying amounts of trade and other receivables are denominated in the following currencies.
2015 2014
US$m US$m
Australian dollars 161 176

British pound 112 73
Colombian peso 117 135
Czech koruna 76 78
Euro 169 225
Indian rupee 130 141
Polish zloty 143 185
SA rand 297 295
US dollars 183 204
Other currencies 449 448
1,837 1,960
Movements on the provisions for impairment of trade receivables and other receivables are as follows.
Trade receivables Other receivables

2015 2014 2015 2014
US$m US$m US$m US$m
At 1 April (144) (140) (12) (12)

Provision for receivables impairment (34) (24) – (6)
Receivables written off during the year as uncollectible 21 18 (2) 5
Exchange adjustments 25 2 2 1
At 31 March (132) (144) (12) (12)
The creation of provisions for impaired receivables is included in net operating expenses in the income statement (see note 3).

17. Cash and cash equivalents

2015 2014
US$m US$m
Short-term deposits 528 1,589

Cash at bank and in hand 437 492
965 2,081
Cash and short-term deposits of US$117 million (2014: US$117 million) are held in certain African countries (including South Africa) and are subject
to local exchange control regulations. These local exchange control regulations provide for restrictions on exporting capital from those countries,
other than through normal dividends. As normal dividends are generally able to be paid, these restrictions are not expected to have a material
impact on the group’s ability to meet its ongoing obligations.
18. Trade and other payables

2015 2014
US$m US$m
Trade payables 1,404 1,333

Accruals 651 731
Deferred income 8 9
Containers in the hands of customers 443 453
Amounts owed to associates – trade 38 39
Amounts owed to joint ventures – trade 18 16
Deferred consideration for acquisitions 4 9
Excise duty payable 344 358
VAT and other taxes payable 221 216
Other payables 615 708
Total trade and other payables 3,746 3,872
Analysed as:
Current
Trade payables 1,404 1,333
Accruals 651 731
Deferred income 4 6
Containers in the hands of customers 443 453
Amounts owed to associates – trade 38 39
Amounts owed to joint ventures – trade 18 16
Deferred consideration for acquisitions 4 5
Excise duty payable 344 358
VAT and other taxes payable 221 216
3,728 3,847
Non-current
Deferred income 4 3
Deferred consideration for acquisitions – 4
18 25

19. Deferred taxation
2015 2014
US$m US$m
At 1 April 3,131 3,436

Exchange adjustments (345) (219)
Acquisitions – through business combinations 1 –
Rate change 5 –
Transfers from current tax 3 13
Reclassification1 (293) –
Credited to the income statement (323) (111)
Deferred tax on items charged/(credited) to other comprehensive loss:
– Financial instruments 3 (1)
– Remeasurements of defined benefit plans (70) 13
At 31 March 2,112 3,131
The movements in deferred tax assets and liabilities (after offsetting of balances as permitted by IAS 12) during the year are shown below.
Investment in
Fixed asset Tax losses Financial MillerCoors Other timing
allowances and credits Intangibles instruments joint venture differences Total
Deferred tax liabilities

At 1 April 2013 685 (242) 2,695 (47) 702 (286) 3,507
Exchange adjustments (41) 28 (231) (1) – 26 (219)
Transfers from current tax – – – – – 16 16
Transfers (from)/to deferred tax assets (4) – 2 – – (1) (3)
Charged/(credited) to the income statement 84 (199) (86) – (62) 196 (67)
Deferred tax on items (credited)/charged to other
comprehensive loss:
– Financial instruments – – – – (1) – (1)
– Remeasurements of defined benefit plans – – – – 5 8 13
At 31 March 2014 724 (413) 2,380 (48) 644 (41) 3,246
Exchange adjustments (113) 123 (419) (2) – 33 (378)
Acquisitions – through business combinations 1 – – – – – 1
Rate change (3) – 11 – – (3) 5
Transfers (from)/to deferred tax assets (38) 2 – 2 3 18 (13)
Reclassification1 – (293) – – – – (293)
Charged/(credited) to the income statement 29 (81) (100) 7 (5) (74) (224)
Deferred tax on items charged/(credited) to other
comprehensive loss:
– Financial instruments – – – 1 – – 1
– Remeasurements of defined benefit plans – – – – (68) (2) (70)
At 31 March 2015 600 (662) 1,872 (40) 574 (69) 2,275
1
Following clarification from the IFRS Interpretations Committee during 2014 regarding the recognition of deferred taxes, US$293 million has been reclassified from goodwill to net deferred tax
liabilities, with no impact on results or net assets.
Fixed asset Provisions Other timing

allowances and accruals differences Total
US$m US$m US$m US$m
Deferred tax assets

At 1 April 2013 (15) 34 52 71
Exchange adjustments 1 (1) – –
Transfers from current tax – – 3 3
Transfers (to)/from deferred tax liabilities (4) 2 (1) (3)
Credited to the income statement 2 – 42 44
At 31 March 2014 (16) 35 96 115
Transfers from current tax – – (3) (3)
Transfers (to)/from deferred tax liabilities (38) 19 6 (13)
Credited to the income statement 89 8 2 99
Deferred tax on items charged to other comprehensive income:
– Financial instruments – – (2) (2)
At 31 March 2015 32 57 74 163

19. Deferred taxation continued

Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle
the balances on a net basis.
The deferred tax asset arises due to timing differences in Latin America, Africa and Europe. Given both recent and forecast trading, the directors
are of the opinion that the level of profits in the foreseeable future is more likely than not to be sufficient to recover these assets.
Deferred tax liabilities of US$2,013 million (2014: US$3,174 million) are expected to fall due after more than one year and deferred tax assets
of US$115 million (2014: US$112 million) are expected to be recovered after more than one year.
2015 2014
US$m US$m
Unrecognised deferred tax assets

Deferred tax assets have not been recognised in respect of the following items:
Tax losses 281 355
Tax credits 1,355 1,532
Depreciation in excess of capital allowances 7 19
Other deductible temporary differences – 120
1,690 2,054
Deferred tax assets in respect of tax losses are not recognised unless there is convincing evidence that existing taxable temporary differences will
reverse in the future or there will be sufficient taxable profits in future years to recover the assets. A significant part of the tax losses arise in the
UK and the value has been calculated at the substantively enacted rate of 20%. The tax losses do not expire.
Deferred tax assets in respect of tax credits arising which are carried forward for offset against future profits are not recognised unless it is probable
that future profits will arise. US$1,345 million (2014: US$$1,180 million) of these tax credits expire within 10 years.
Deferred tax is recognised on the unremitted earnings of overseas subsidiaries where there is an intention to distribute those reserves. A deferred
tax liability of US$11 million (2014: US$14 million) has been recognised. A deferred tax liability of US$56 million (2014: US$97 million) has been
recognised in respect of unremitted profits of associates where a dividend policy is not in place. Unremitted earnings of subsidiaries, associates
and joint ventures operating in lower tax jurisdictions do not result in a deferred tax liability where the reporting entity is able to control the timing
of the reversal of temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Similarly no tax
is provided where there are plans to remit overseas earnings of subsidiaries but it is not expected that such distributions will give rise to a tax liability.
As a result of UK legislation which largely exempts overseas dividends from tax, the temporary differences arising on unremitted profits are unlikely
to lead to additional corporate taxes. However, remittance to the UK of those earnings may still result in a tax liability, principally as a result of
withholding taxes levied by the overseas tax jurisdictions in which those subsidiaries operate.
20. Borrowings
2015 2014
US$m US$m
Current
Secured
Overdrafts 29 32
Obligations under finance leases 10 8
Other secured loans – 2
39 42
Unsecured
Overdrafts 186 181
Unsecured bonds 712 3,402
Other unsecured loans 1,024 894
1,922 4,477
Total current borrowings 1,961 4,519

20. Borrowings continued
2015 2014
US$m US$m
Non-current
Secured
Other secured loans 1 2
44 45
Unsecured
Unsecured bonds 10,203 12,036
Unsecured loans 336 447
10,539 12,483
Total non-current borrowings 10,583 12,528
Total current and non-current borrowings 12,544 17,047
Analysed as:
Overdrafts 215 213
Bank loans 1,361 1,345
Bonds 10,915 15,438
12,544 17,047
Maturity of non-current financial liabilities

The maturity profile of the carrying amount of the group’s non-current financial liabilities at 31 March was as follows.
Net Net
derivative derivative
Finance financial 2015 Finance financial 2014
Bank loans Bonds leases assets¹ Total Bank loans Bonds leases assets¹ Total
US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m
Amounts falling due:
Between one and two years 96 2,327 10 (264) 2,169 220 738 7 (123) 842
Between two and three years 239 90 7 (23) 313 107 3,268 8 (258) 3,125
Between three and four years 1 1,867 6 (122) 1,752 75 96 8 (1) 178
Between four and five years – 1,068 7 (19) 1,056 45 1,871 4 (33) 1,887
In five years or more 1 4,851 13 (333) 4,532 2 6,063 16 (181) 5,900
337 10,203 43 (761) 9,822 449 12,036 43 (596) 11,932
¹ Net financing-related derivative financial instruments only (note 22).
2015
There were no new bonds issued during the year ended 31 March 2015.
In December 2014 US$850 million, 6.5% Notes due 2016 were redeemed early.
2014
On 13 August 2013 SABMiller Holdings Inc issued US$750 million, 2.2% Notes due August 2018 and US$350 million, Floating Rate Notes due
August 2018, guaranteed by SABMiller plc.
The US$750 million Notes and the US$350 million Notes are redeemable in whole but not in part at the option of the issuer upon the occurrence
of certain changes in taxation at their principal amount with accrued and unpaid interest to the date of redemption. The US$750 million Notes are
redeemable in whole or in part at any time at the option of the issuer at a redemption price equal to the make-whole amount.

20. Borrowings continued

Maturity of obligations under finance leases
Obligations under finance leases are as follows.
2015 2014
US$m US$m
The minimum lease payments under finance leases fall due as follows.
Within one year 11 11
Between one and five years 36 36
In five years or more 15 17
62 64
Future finance charges (9) (13)
Present value of finance lease liabilities 53 51
21. Financial risk factors

Financial risk management
Overview
In the normal course of business, the group is exposed to the following financial risks:
• Market risk
• Credit risk
• Liquidity risk
This note explains the group’s exposure to each of the above risks, aided by quantitative disclosures included throughout these consolidated financial
statements, and it summarises the policies and processes that are in place to measure and manage the risks arising, including those related to the
management of capital.
The directors are ultimately responsible for the establishment and oversight of the group’s risk management framework. An essential part of this
framework is the role undertaken by the audit committee of the board, supported by the internal audit function, and by the Chief Financial Officer,
who in this regard is supported by the treasury committee and the group treasury function. Among other responsibilities, the audit committee reviews
the internal control environment and risk management systems within the group and it reports its activities to the board. The board also receives
a quarterly report on treasury activities, including confirmation of compliance with treasury risk management policies.
The group treasury function is responsible for the management of cash, borrowings and the financial risks arising in relation to interest rates, foreign
exchange rates and the price risk of some commodities. The responsibility for the management of the remaining commodities exposures primarily
lies with the group’s centralised procurement function, SABMiller Procurement GmbH (SABMiller Procurement). Some of the risk management
strategies include the use of derivatives in order to manage the currency, interest rate and commodities exposures arising from the group’s
operations. It is the policy of the group that no trading in financial instruments be undertaken.
The group’s treasury policies are established to identify and analyse the financial risks faced by the group, to set appropriate risk limits and controls
and to monitor exposures and adherence to limits.
a. Market risk
(i) Foreign exchange risk
The group is subject to exposure on the translation of the foreign currency denominated net assets of subsidiaries, associates and joint ventures
into the group’s US dollar reporting currency. The group seeks to mitigate this exposure, where cost effective, by borrowing in the same currencies
as the functional currencies of its main operating units or by achieving the same effect through the use of derivatives. An approximate nominal value
equivalent to US$3,691 million (2014: US$4,774 million) of borrowings have been swapped into currencies that match the currency of the underlying
operations of the group, including Australian dollar, Colombian peso, Czech koruna, Peruvian nuevo sol, Polish zloty and South African rand.
The group does not hedge currency exposures from the translation of profits earned in foreign currency subsidiaries, associates and joint ventures.
The group is also exposed to transactional currency risk on sales and purchases that are denominated in a currency other than the respective
functional currencies of group entities. These exposures are managed primarily by the group treasury function which, subject to regulatory constraints
or currency market limitations, hedges a proportion of the foreign currency exposures estimated to arise over a period of up to 18 months.
Committed transactional exposures that are certain are hedged fully without limitation in time. The group principally uses forward exchange
derivatives to hedge currency risk.
The tables below set out the group’s currency exposures from financial assets and liabilities held by group companies in currencies other than their
functional currencies and resulting in exchange movements in the income statement and balance sheet. The sensitivity analysis has been prepared
on a basis consistent with the prior year, based on reasonably possible changes in exchange rates, and assumes all other variables are held constant.

21. Financial risk factors continued
Latin Other
Australian American European SA
dollars Euro currencies currencies rand US dollars Other Total
Financial assets
Trade and other receivables 1 82 – 121 150 36 42 432
Derivative financial instruments¹ 79 3,230 – 1,260 73 2,060 – 6,702
Cash and cash equivalents – 20 1 181 3 26 9 240
Intra-group assets 31 1,131 – 422 12 277 2 1,875
111 4,463 1 1,984 238 2,399 53 9,249
Financial liabilities
Trade and other payables (25) (195) – (190) (46) (348) (3) (807)
Derivative financial instruments¹ (563) (3,009) (884) (2,041) (787) (286) – (7,570)
Borrowings – (1,071) – (5) (1) (1,497) (19) (2,593)
Intra-group liabilities (44) (31) (1) (142) (25) (177) (2) (422)
(632) (4,306) (885) (2,378) (859) (2,308) (24) (11,392)
At 31 March 2015 (521) 157 (884) (394) (621) 91 29 (2,143)
Potential impact on profit for the

year – gain/(loss)
20% increase in functional currency 1 3 32 (11) (4) 43 (5) 59
20% decrease in functional currency (1) (4) (38) 13 5 (52) 6 (71)
Potential impact on other comprehensive

income – gain/(loss)
20% increase in functional currency 86 (29) 116 77 107 (58) – 299
20% decrease in functional currency (103) 35 (139) (92) (129) 70 – (358)
¹ These represent the notional amounts of derivative financial instruments.
Latin Other
Australian American European SA
dollars Euro currencies currencies rand US dollars Other Total
Financial assets
Trade and other receivables 4 17 – 101 142 21 36 321
Derivative financial instruments¹ 333 1,313 – 1,146 285 1,245 8 4,330
Cash and cash equivalents – 176 57 78 5 35 10 361
Intra-group assets – 1,617 – 613 93 416 1 2,740
337 3,123 57 1,938 525 1,717 55 7,752
Financial liabilities
Trade and other payables (1) (154) – (256) (45) (210) (21) (687)
Derivative financial instruments¹ (1,276) (1,600) (584) (3,977) (905) (23) (6) (8,371)
Borrowings – (2,779) (54) – – (1,487) – (4,320)
Intra-group liabilities (47) (181) (160) (97) (72) (207) (1) (765)
(1,324) (4,714) (798) (4,330) (1,022) (1,927) (28) (14,143)
At 31 March 2014 (987) (1,591) (741) (2,392) (497) (210) 27 (6,391)
Potential impact on profit for the

year – gain/(loss)
20% increase in functional currency 5 25 (9) 43 (19) 73 (5) 113
20% decrease in functional currency (5) (30) 11 (52) 23 (88) 5 (136)
Potential impact on other comprehensive

income – gain/(loss)
20% increase in functional currency 160 240 133 355 101 (38) – 951
20% decrease in functional currency (192) (289) (159) (427) (122) 46 – (1,143)
¹ These represent the notional amounts of derivative financial instruments.


The group holds foreign currency cash flow hedges totalling US$1,892 million at 31 March 2015 (2014: US$1,559 million). The foreign exchange
gains or losses on these contracts are recorded in the cash flow hedging reserve until the hedged transactions occur, at which time the respective
gains and losses are transferred to inventory, property, plant and equipment, goodwill or to the income statement as appropriate.
The group holds net investment hedges totalling US$3,111 million at 31 March 2015 (2014: US$5,617 million). The foreign exchange gains or losses
on these instruments are recorded in the net investment hedging reserve and partially offset the foreign currency translation risk on the group’s
foreign currency net assets.
(ii) Interest rate risk
The policy for managing interest rate risk was refined in the year and is now monitored based on net debt exposures, rather than gross debt as
in prior years. As at 31 March 2015 57% (2014: 50%, restated) of net debt was in fixed rates taking into account interest rate derivatives.
The group’s practice is to borrow (direct or synthetically) in floating rates, reflecting the fact that floating rates are generally lower than fixed rates over
the medium term. The extent to which group borrowings may be in floating rates is restricted by policy such that the impact of a 1% increase in interest
rates on finance costs can be no more than an agreed proportion of adjusted EBITDA. The policy excludes borrowings arising from acquisitions in the
previous six months. Exposure to movements in interest rates in group borrowings is managed through interest rate derivatives.
The cash flow interest rate risk sensitivities on variable debt and interest rate swaps are shown in the table below. This analysis assumes all other
variables, in particular foreign currency rates, remain constant. The analysis was performed on the same basis in the prior year, based on reasonably
possible changes in interest rates.
2015 2014
US$m US$m
Net debt 10,465 14,303

Less: fixed rate debt (9,550) (11,824)
Variable rate debt 915 2,479
Adjust for:
Financial derivatives 3,545 4,712
Net variable rate debt exposure 4,460 7,191
+/- 100 bps change
Potential impact on profit for the year 45 72
+/- 100 bps change
Potential impact on other comprehensive income – –
Fair value sensitivity analysis for fixed income instruments

Changes in the market interest rates of non-derivative financial instruments with fixed interest rates only affect income if these are measured at their
fair value. As such, all financial instruments with fixed rates of interest that are accounted for at amortised cost are not subject to interest rate risk as
defined in IFRS 7.
The group holds derivative contracts with a nominal value of US$4,204 million as at 31 March 2015 (2014: US$6,414 million) which are designated as
fair value hedges. In the case of these instruments and the underlying fixed rate bonds, changes in the fair values of the hedged item and the hedging
instrument attributable to interest rate movements materially net off in the income statement in the same period.
(iii) Price risk
Commodity price risk
The group is exposed to variability in the price of commodities used in the production or in the packaging of finished products, such as the price of
malt, barley, sugar, diesel and aluminium. Commodity price risk is managed within minimum and maximum guard rails principally through multi-year
fixed price contracts with suppliers and, where appropriate, derivative contracts.
At 31 March 2015 the notional value of commodity derivatives amounted to US$142 million (2014: US$143 million). No sensitivity analysis has been
provided on these outstanding contracts as the impact is considered to be immaterial.
Equity securities price risk
The group is exposed to equity securities price risk because of investments held by the group and classified on the balance sheet as available
for sale investments. No sensitivity analysis has been provided on these outstanding contracts as the impact is considered to be immaterial.
b. Credit risk
Credit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
Financial instruments
The group limits its exposure to financial institutions by setting credit limits on a sliding scale based on their credit ratings and generally dealing only
with counterparties with a minimum credit rating of BBB- from Standard & Poor’s and Fitch, and Baa3 from Moody’s. For banks with a lower credit
rating, or with no international credit rating, a maximum limit of US$5 million is applied, unless specific approval is obtained from either the Chief
Financial Officer or the audit committee of the board. The utilisation of credit limits is regularly monitored. To reduce credit exposures, the group
has ISDA Master Agreements with most of its counterparties for financial derivatives, which permit net settlement of assets and liabilities in
certain circumstances.

Trade and other receivables
There is no significant concentration of credit risk with respect to trade receivables as the group has a large number of customers which are
internationally dispersed. The type of customers range from wholesalers and distributors to smaller retailers. The group has implemented policies
that require appropriate credit checks on potential customers before sales commence. Credit risk is managed by limiting the aggregate amount
of exposure to any one counterparty.
The group considers its maximum credit risk to be US$3,760 million (2014: US$4,480 million) which is the total of the group’s financial assets.
c. Liquidity risk
Liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due.
The group finances its operations through cash generated by the business and a mixture of short-term and medium-term bank credit facilities,
bank loans, corporate bonds and commercial paper with a range of maturity dates. In this way, the group ensures that it is not overly reliant on
any particular liquidity source or that maturities of borrowings sourced in this way are not overly concentrated.
Subsidiaries have access to local bank credit facilities, but are principally funded by the group.
Liquidity risk faced by the group is mitigated by having diverse sources of finance available to it and by maintaining substantial unutilised banking
facilities and reserve borrowing capacity, as indicated by the level of undrawn facilities.
Undrawn borrowing facilities
The group had the following undrawn committed borrowing facilities available at 31 March in respect of which all conditions precedent had been
met at that date.
2015 2014
US$m US$m
Amounts expiring:
Between one and two years 76 41
Between two and five years 3,503 3,019
3,644 3,274
At 31 March 2015 the group had the following core lines of credit that were available for general corporate purposes.
SABMiller plc:
• US$2,500 million committed syndicated revolving credit facility, which is due to expire in May 2019.
SABMiller Holdings Inc:
• US$1,000 million committed syndicated revolving credit facility, which is due to expire in May 2019.
In April 2015 the group extended its existing US$2,500 million and US$1,000 million committed syndicated facilities, both shown as undrawn in the
table above, by one year to May 2020.
The table below analyses the group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to
the contractual settlement date. The amounts disclosed in the table are the contractual undiscounted cash flows. The amounts disclosed for financial
guarantee contracts represent the maximum possible cash outflows for guarantees provided in respect of associates’ and third party bank facilities,
which would only be payable upon the occurrence of certain default events. Should such events occur, certain remedies are available that could
mitigate the impact.
Less than Between Between Over

1 year 1 and 2 years 2 and 5 years 5 years
US$m US$m US$m US$m
At 31 March 2015
Borrowings (2,355) (2,853) (3,940) (6,978)
Net settled derivative financial instruments (32) (6) (2) –
Gross settled derivative financial instruments – inflows 1,570 79 – –
Gross settled derivative financial instruments – outflows (1,653) (80) – –
Trade and other payables (3,158) (14) – –
Financial guarantee contracts (122) – – –
At 31 March 2014
Borrowings (4,898) (1,149) (5,558) (6,568)
Net settled derivative financial instruments (28) – (14) (29)
Gross settled derivative financial instruments – inflows 2,926 64 – –
Gross settled derivative financial instruments – outflows (2,990) (69) – –
Trade and other payables (3,265) (23) – –
Financial guarantee contracts (208) – – –


Capital management
The capital structure of the group consists of net debt (see note 27c) and shareholders’ equity.
The group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development
of the business.
Besides the minimum capitalisation rules that may apply to subsidiaries in different countries, the group’s only externally imposed capital requirement
relates to the group’s core lines of credit which include a net debt to EBITDA financial covenant which was complied with throughout the year.
The group monitors its financial capacity and credit ratings by reference to a number of key financial ratios and cash flow metrics including net debt
to adjusted EBITDA and interest cover. These provide a framework within which the group’s capital base is managed including dividend policy.
If the group fails to meet the financial targets required by the ratings agencies, a credit rating downgrade could impact the average interest rate
of borrowings and the future availability of credit to the group.
The group is currently rated Baa1/positive outlook by Moody’s Investors Service and A-/stable outlook by Standard & Poor’s Ratings Services.
Fair value estimation
The following tables present the group’s financial assets and liabilities that are measured at fair value on a recurring basis, and the fair values of other
assets and liabilities that are not measured at fair value, but where the fair value is required to be disclosed in the financial statements.
Recurring fair value measurements
Level 1 Level 2 Level 3 Total

US$m US$m US$m US$m
At 31 March 2015
Assets
Derivative financial instruments – 1,233 – 1,233
Available for sale investments – 9 12 21
Total assets – 1,242 12 1,254
Liabilities
Derivative financial instruments – (111) – (111)
Total liabilities – (111) – (111)
At 31 March 2014
Assets
Derivative financial instruments – 769 – 769
Available for sale investments – 10 12 22
Total assets – 779 12 791
Liabilities
Derivative financial instruments – (115) – (115)
Total liabilities – (115) – (115)

Assets and liabilities for which fair values are disclosed
Carrying
amount Level 1 Level 2 Level 3 Total
At 31 March 2015
Assets
Investments in listed associates
– Anadolu Efes 1,080 1,187 – – 1,187
– Distell Group 211 741 – – 741
– Delta Corporation 179 324 – – 324
Total assets 1,470 2,252 – – 2,252
Liabilities
Current borrowings (1,961) (717) (1,253) – (1,970)
Non-current borrowings (10,583) (10,688) (390) – (11,078)
Total liabilities (12,544) (11,405) (1,643) – (13,048)
At 31 March 2014
Assets
Investments in listed associates
– Anadolu Efes 1,566 1,580 – – 1,580
– Distell Group 224 716 – – 716
– Delta Corporation 141 354 – – 354
– Tsogo Sun Holdings 375 1,046 – – 1,046
Total assets 2,306 3,696 – – 3,696
Liabilities
Current borrowings (4,519) (2,879) (1,724) (33) (4,636)
Non-current borrowings (12,528) (12,465) (732) (34) (13,231)
Total liabilities (17,047) (15,344) (2,456) (67) (17,867)
There have been no material transfers between levels during the year ended 31 March 2015 (2014: none).
The levels of the fair value hierarchy and its application to the group’s assets and liabilities are described below.
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
The fair value of assets and liabilities traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded
as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency,
and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial
assets held by the group is the current bid price.
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
The fair values of financial instruments that are not traded in an active market (for example, over the counter derivatives or infrequently traded listed
investments) are determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is
available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable,
the instrument is included in level 2.
The fair values of derivatives included in level 2 incorporate various inputs including the credit quality of counterparties, spot and forward foreign
exchange rates, and interest rate curves.
The fair values of borrowings included in level 2 are based on the net present value of the anticipated future cash flows associated with these
instruments, using rates currently available for debt on similar terms, credit risk and remaining maturities.
Valuation techniques for other level 2 instruments could include standard valuation models based on market parameters for interest rates, yield
curves or foreign exchange rates quotes for similar instruments from financial counterparties or the use of comparable arm’s length transactions,
and discounted cash flows.
Level 3: Inputs for the asset or liability that are not based on observable market data.
Specific valuation techniques, such as discounted cash flow analysis, are used to determine fair value of the remaining financial instruments.
Valuation process
The group’s treasury function is responsible for performing fair value measurements for financial instruments. The fair value measurement
calculations are subject to review procedures and are performed in accordance with policies defined by the treasury committee.
Other fair value measurements are performed by the group’s finance department. Significant level 3 valuations are reviewed and approved by the
finance, control and assurance committee in the relevant region on a by exception basis. Valuations falling into this category are usually immaterial.

22. Derivative financial instruments

Current derivative financial instruments
2015 2014
Notional value Assets Liabilities Notional value Assets Liabilities
Fair value hedges

Interest rate swaps 700 11 – 1,588 32 –
Cash flow hedges
Forward foreign currency contracts 1,757 51 (30) 1,450 21 (8)
Cross currency swaps 492 208 – – – –
Commodity contracts 97 3 (7) 105 – (12)
Net investment hedges
Cross currency swaps 241 30 (2) 335 43 –
Held for trading
Interest rate swaps – – – 96 – (1)
Cross currency swaps – – – 7 4 (2)
6,806 463 (101) 7,962 141 (78)
Financing-related current derivative financial instruments amount to a net asset of US$353 million (2014: US$67 million).
Non-current derivative financial instruments
2015 2014
Notional value Assets Liabilities Notional value Assets Liabilities
Fair value hedges

Interest rate swaps 3,504 289 (1) 3,826 217 (28)
Cross currency swaps – – – 1,000 35 –
Cash flow hedges
Forward foreign currency contracts 135 1 (1) 109 – (1)
Commodity contracts 45 2 (3) 38 – (4)
Cross currency swaps 420 206 – 1,111 204 –
Net investment hedges
Forward foreign currency contracts – – – 18 – (1)
Cross currency swaps 264 123 – 631 102 (2)
Held for trading
Interest rate swaps 1,600 64 (5) 600 37 (1)
Cross currency swaps 170 85 – 246 33 –
6,138 770 (10) 7,579 628 (37)
Financing-related non-current derivative financial instruments amount to a net asset of US$761 million (2014: US$596 million).
Derivatives designated as hedging instruments
(i) Fair value hedges
The group has entered into interest rate swaps to pay floating and receive fixed interest which have been designated as fair value hedges to hedge
exposure to changes in the fair value of its US dollar and euro fixed rate borrowings. Borrowings are designated as the hedged item as part of the
fair value hedge. The borrowings and the interest rate swaps have the same critical terms.
As at 31 March 2015 the carrying value of the hedged borrowings was US$4,363 million (2014: US$7,214 million).
(ii) Cash flow hedges
The group has entered into forward exchange contracts designated as cash flow hedges to manage short-term foreign currency exposures to
expected net operating costs including future trade imports and exports.
The group has entered into commodity contracts designated as cash flow hedges to manage the future price of commodities. As at 31 March 2015
the notional amount of forward contracts for the purchase price of aluminium was US$115 million (2014: US$122 million), of corn was US$21 million
(2014: US$20 million), of sugar was US$4 million (2014: US$1 million) and of other commodities was US$2 million (2014: US$nil).
The group has entered into cross currency swaps designated as cash flow hedges to manage foreign currency exposures on interest payments.

22. Derivative financial instruments continued
The following table indicates the period in which the cash flows associated with derivatives that are cash flow hedges are expected to occur
and impact the income statement.
Carrying Expected Less than Between Between

amount cash flows 1 year 1 and 2 years 2 and 5 years Over 5 years
At 31 March 2015
Forward foreign currency contracts 21 7 8 (1) – –
Commodity contracts (5) (9) (6) (2) (1) –
Cross currency swaps 414 407 202 89 4 112
430 405 204 86 3 112
At 31 March 2014
Forward foreign currency contracts 12 9 11 (2) – –
Commodity contracts (16) (20) (13) (6) (1) –
Cross currency swaps 204 118 (16) 98 34 2
200 107 (18) 90 33 2
(iii) Hedges of net investments in foreign operations

The group has entered into several forward foreign currency contracts and cross currency swaps which it has designated as hedges of net
investments in its foreign subsidiaries in South Africa, Australia, the Czech Republic, Poland, Colombia and Peru to hedge the group’s exposure
to foreign exchange risk on these investments.
Analysis of notional amounts on derivative financial instruments designated as net investment hedges is as follows. Notional amounts have been
translated to US dollars at the closing rate at 31 March.
2015 2014
US$m US$m
Forward foreign currency contracts:

Australian dollar 515 695
Colombian peso 439 180
Czech koruna 192 336
Peruvian nuevo sol 257 403
Polish zloty 164 114
South African rand 513 686
Cross currency swaps:
Australian dollar – 258
Czech koruna 297 382
Polish zloty 92 193
South African rand 116 133
2,585 3,380
Held for trading derivative financial instruments

(i) Interest rate swaps
The group has entered into interest rate swaps to manage exposures to fluctuations in interest rates. The derivatives are fair valued based on
discounted future cash flows with gains and losses taken to the income statement.
(ii) Forward foreign currency contracts
The group has entered into forward foreign currency contracts to manage short-term foreign currency exposures to expected future trade imports
and exports and to manage foreign currency exposures on intercompany loan balances. The derivatives are fair valued based on discounted future
cash flows with gains and losses taken to the income statement.
(iii) Cross currency swaps
The group has entered into cross currency swaps to manage foreign currency exposures on intercompany loan balances. These derivatives are fair
valued based on discounted future cash flows with gains and losses taken to the income statement.


Fair value gain/(loss) on financial instruments recognised in the income statement
2015 2014
US$m US$m
Derivative financial instruments:

Interest rate swaps (39) (9)
Interest rate swaps designated as fair value hedges 428 (43)
Forward foreign currency contracts 48 (3)
Fair value gain/(loss) on forward foreign currency contracts transferred from other comprehensive loss 8 (2)
Cross currency swaps 52 (27)
Cross currency swaps designated as fair value hedges (5) (1)
Ineffectiveness arising from cross currency swaps designated as net investment hedges (7) –
Embedded derivatives – 1
Other fair value gains 17 15
502 (69)
Other financial instruments:
Early redemption costs (see note 4) (48) –
Non-current borrowings designated as the hedged item in a fair value hedge (428) 43
Total fair value gain/(loss) on financial instruments recognised in the income statement 26 (26)
Fair value gains and losses on borrowings and financing-related derivative financial instruments were recognised as part of net finance costs.
Fair value gains and losses on all other derivative financial instruments were recognised in operating profit.
23. Other financial instruments disclosures

Reconciliation of total financial instruments
The table below reconciles the group’s accounting categorisation of financial assets and liabilities (based on initial recognition) to the classes of assets
and liabilities as shown on the face of the balance sheet.
Fair value Financial Not

through liabilities held categorised
income Loans and Available at amortised as a financial Non-
statement receivables for sale cost instrument Total current Current
At 31 March 2015
Assets
Available for sale investments – – 21 – – 21 21 –
Derivative financial instruments 1,233 – – – – 1,233 770 463
Trade and other receivables – 1,541 – – 296 1,837 126 1,711
Cash and cash equivalents – 965 – – – 965 – 965
Liabilities
Derivative financial instruments (111) – – – – (111) (10) (101)
Borrowings – – – (12,544) – (12,544) (10,583) (1,961)
Trade and other payables – – – (3,173) (573) (3,746) (18) (3,728)
At 31 March 2014
Assets
Available for sale investments – – 22 – – 22 22 –
Derivative financial instruments 769 – – – – 769 628 141
Trade and other receivables – 1,608 – – 352 1,960 139 1,821
Cash and cash equivalents – 2,081 – – – 2,081 – 2,081
Liabilities
Derivative financial instruments (115) – – – – (115) (37) (78)
Borrowings – – – (17,047) – (17,047) (12,528) (4,519)
Trade and other payables – – – (3,289) (583) (3,872) (25) (3,847)

23. Other financial instruments disclosures continued
Offsetting financial assets and financial liabilities
The following table provides details of financial assets and liabilities that are subject to offsetting, enforceable master netting arrangements,
or similar agreements.
Related
amounts of
financial
Net amounts instruments
Gross amounts Gross amounts recognised in not set off in
of financial of financial the balance the balance
assets liabilities sheet sheet Net amount
At 31 March 2015
Assets
Derivative financial instruments 1,233 – 1,233 (111) 1,122
Cash and cash equivalents 982 (17) 965 – 965
Liabilities
Borrowings 17 (12,561) (12,544) – (12,544)
Derivative financial instruments – (111) (111) 111 –
At 31 March 2014
Assets
Derivative financial instruments 769 – 769 (106) 663
Trade and other receivables 1,640 (32) 1,608 – 1,608
Cash and cash equivalents 2,090 (9) 2,081 – 2,081
Liabilities
Borrowings 41 (17,088) (17,047) – (17,047)
Derivative financial instruments – (115) (115) 106 (9)
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each party to the
agreement will have the option to settle the amounts on a net basis in the event of default of the other party. A default event includes failure by a party
to make a payment when due; failure by a party to perform any other obligation required by the agreement if such failure is not remedied within
the periods defined in each contract; or bankruptcy.
The group holds other receivables and borrowings balances with the same financial counterparties. Where these arrangements meet the set-off rules
under IFRS, the balances have been reported net on the balance sheet.
24. Provisions
Demerged Post-
entities and retirement Taxation- Payroll- Onerous
litigation benefits related Restructuring related contracts Other Total
At 1 April 2013 125 301 248 114 78 160 70 1,096

Exchange adjustments (5) (20) (8) (10) (6) (17) (2) (68)
Charged/(credited) to the income
statement
– Additional provision in year 24 18 12 37 9 – 7 107
– Amounts reversed (11) – (32) (28) – (2) (5) (78)
Utilised in the year (20) (31) (5) (31) (26) (32) (7) (152)
Remeasurements of defined
benefit plans recorded in other
comprehensive loss – (22) – – – – – (22)
Transfer between categories – – 1 – – – (1) –
At 31 March 2014 113 246 216 82 55 109 62 883
Exchange adjustments (17) (51) (14) (14) (9) (15) (5) (125)
Charged/(credited) to the income
statement
– Additional provision in year 6 27 14 29 8 7 10 101
– Amounts reversed (5) – (29) (7) – (8) (16) (65)
Utilised in the year (6) (24) (4) (17) (9) (33) (12) (105)
Remeasurements of defined
benefit plans recorded in other
comprehensive loss – 7 – – – – – 7
At 31 March 2015 91 205 183 73 45 60 39 696

24. Provisions continued

2015 2014
US$m US$m
Analysed as:
Current 358 450
Non-current 338 433
696 883
Demerged entities and litigation

During the year ended 31 March 1998 the group recognised a provision of US$73 million for the disposal of certain demerged entities in relation to equity
injections which were not regarded as recoverable, as well as potential liabilities arising on warranties and the sale agreements. During the year ended
31 March 2015 US$1 million (2014: US$1 million) of this provision was utilised in regard to costs associated with SAB Ltd’s previously disposed of
remaining retail interests. The residual balance of US$6 million relates mainly to the disposal of OK Bazaars (1929) Ltd to Shoprite Holdings Ltd (Shoprite).
As disclosed in previous annual reports, a number of claims were made by Shoprite in relation to the valuation of the net assets of OK Bazaars at the
time of the sale and for alleged breaches by SAB Ltd of warranties contained in the sale agreements. These claims are being contested by SAB Ltd.
There are US$85 million (2014: US$106 million) of provisions in respect of outstanding litigation within various operations, based on management’s
expectation that the outcomes of these disputes are expected to be resolved within the forthcoming three years.
While a provision for claims has been recorded, the actual outcome of the disputes and the timing of the resolution cannot be estimated by the
directors at this time. The further information ordinarily required by IAS 37, ‘Provisions, contingent liabilities and contingent assets’ has not been
disclosed on the grounds that it can be expected to seriously prejudice the outcome of the disputes.
Post-retirement benefits
The provision for post-retirement benefits represents the provision for medical benefits for retired employees and their dependants in South Africa,
for post-retirement medical and life insurance benefits for eligible employees and their dependants in Europe, medical and other benefits in Latin
America, and pension provisions for employees primarily in Latin America, Asia Pacific and Europe. The principal assumptions on which these
provisions are based are disclosed in note 30.
Taxation-related
The group has recognised various provisions in relation to taxation exposures it believes may arise. The provisions principally relate to non-corporate
taxation and interest and penalties on corporate taxation in respect of a number of group companies. Any settlement in respect of these amounts
will occur as and when the assessments are finalised with the respective tax authorities.
Restructuring
This includes the remaining provision for restructuring costs in Australia, Latin America and Europe which are expected to be utilised over the course
of the next five years.
Payroll-related
This principally relates to employee entitlement provisions of US$23 million (2014: US$30 million) in Asia Pacific and employee long service awards
of US$15 million (2014: US$16 million) in South Africa.
Onerous contracts
This includes provisions for unfavourable supply contracts for malt, glass, aluminium cans and concentrated fruit juice for non-alcoholic beverages,
as well as provisions for surplus property leases in Australia which management expects to be utilised within five years.
Other provisions
Included within other provisions are environmental provisions and other provisions. These are primarily expected to be utilised within four years.

25. Share capital
2015 2014
US$m US$m
Group and company

Called up, allotted and fully paid share capital
1,675,670,012 ordinary shares of 10 US cents each (2014: 1,672,647,930) 168 167
50,000 deferred shares of £1.00 each (2014: 50,000) – –
168 167
Ordinary
shares of Deferred Nominal
10 US cents shares of value
each £1 each US$m
At 1 April 2013 1,669,731,799 50,000 167

Issue of shares – share incentive plans 2,916,131 – –
At 31 March 2014 1,672,647,930 50,000 167
Issue of shares – share incentive plans 3,022,082 – 1
At 31 March 2015 1,675,670,012 50,000 168
Changes to authorised share capital

With effect from 1 October 2009 the company adopted new articles of association which removed any previous limit on the authorised share capital.
Directors are still limited as to the number of shares they can at any time allot because allotment authority continues to be required under the
Companies Act 2006, save in respect of employee share plans.
Changes to issued share capital
During the year the company issued 3,022,082 (2014: 2,916,131) new ordinary shares of 10 US cents to satisfy the exercise of options granted under
the group’s share purchase, option and award schemes, for consideration of US$62 million (2014: US$54 million).
Rights and restrictions relating to share capital
Convertible participating shares
Convertible participating shares were originally issued to Altria as part of the Miller Brewing Company transaction in 2002 but were subsequently
converted into ordinary shares. There are no convertible participating shares currently in issue. Altria is however entitled to require the company
to convert its ordinary shares back into convertible participating shares so as to ensure that Altria’s voting shareholding does not exceed 24.99%
of the total voting shareholding.
If Altria’s ordinary shares were converted into convertible participating shares, the convertible participating shares would rank pari passu with the
ordinary shares of the company in relation to a distribution of the profits of the company and a return of capital. On a poll vote at general meetings of
the company, Altria would be entitled to vote in respect of its convertible participating shares on the basis of one-tenth of a vote for every convertible
participating share on all resolutions other than a resolution:
(i) proposed by any person other than Altria, to wind up the company;
(ii) proposed by any person other than Altria, to appoint an administrator or to approve any arrangement with the company’s creditors;
(iii) proposed by the board, to sell all or substantially all of the undertaking of the company; or
(iv) proposed by any person other than Altria, to alter any of the class rights attaching to the convertible participating shares or to approve the creation
of any new class of shares,
in which case Altria would be entitled on a poll to vote on the resolution on the basis of one vote for each convertible participating share.

25. Share capital continued

Conversion into ordinary shares
If Altria’s ordinary shares are converted into convertible participating shares, the provisions governing possible conversion back into ordinary shares
would apply. These state that upon a transfer of convertible participating shares by Altria to any person other than to an affiliate of Altria, such
convertible participating shares shall convert into ordinary shares. In addition, Altria is entitled to require the company to convert its convertible
participating shares into ordinary shares in the event of a takeover offer for the company, or a third party acquiring more than a 24.99% voting
shareholding, provided certain conditions are met.
The company must use its best endeavours to procure that the ordinary shares arising on conversion of the convertible participating shares are
admitted to the Official List and to trading on the London Stock Exchange’s market for listed securities, admitted to listing and trading on the JSE Ltd,
and admitted to listing and trading on any other stock exchange upon which the ordinary shares are from time to time listed and traded, but no
admission to listing or trading need be sought for the convertible participating shares while they remain convertible participating shares.
Deferred shares
The deferred shares do not carry any voting rights and do not entitle their holders to receive any dividends or other distributions. In the event of
a winding up deferred shareholders would receive no more than the nominal value. Deferred shares represent the only non-equity share capital
of the group.
Share-based payments
The group operates various share incentive plans. The share incentives outstanding are summarised as follows.
2015 2014
Scheme Number Number
GBP share options 10,620,013 16,035,174

ZAR share options 7,301,172 10,108,718
GBP stock appreciation rights (SARs) 7,083,490 5,170,646
ZAR stock appreciation rights (SARs) 1,846,842 1,178,200
GBP performance share awards 6,289,875 6,802,427
GBP value share awards 11,269,028 11,297,444
Total share incentives outstanding1 44,410,420 50,592,609
1
Total share incentives outstanding exclude shares relating to the BBBEE scheme.
Further details relating to all of the share incentive schemes can be found in the directors’ remuneration report on pages 74 to 96.
The exercise prices of incentives outstanding at 31 March 2015 ranged from £0 to £35.64 and ZAR96.95 to ZAR611.99 (2014: £0 to £33.30
and ZAR96.25 to ZAR527.49). The movement in share awards outstanding is summarised in the following tables.
GBP share options
GBP share options include share options granted under the Executive Share Option Plan 2008, the Approved Executive Share Option Plan 2008,
the Executive Share Option (No.2) Scheme, the Approved Executive Share Option Scheme and the International Employee Share Scheme. No further
grants can be made under the now closed Executive Share Option (No.2) Scheme, the Approved Executive Share Option Scheme, or the International
Employee Share Scheme, although outstanding grants may still be exercised until they reach their expiry date.
Weighted
Weighted average fair
average value at grant
Number exercise price date
of options GBP GBP
Outstanding at 1 April 2013 17,809,920 18.42 –

Granted 496,498 33.10 6.65
Lapsed (308,467) 23.00 –
Exercised (1,962,777) 13.76 –
Outstanding at 31 March 2014 16,035,174 19.36 –
Granted 240,700 33.13 5.62
Lapsed (416,624) 23.47 –
Exercised (5,239,237) 17.03 –

ZAR share options
Share options designated in ZAR include share options granted under the South African Executive Share Option Plan 2008 and the Mirror Executive
Share Purchase Scheme (South Africa). No further grants can be made under the Mirror Executive Share Purchase Scheme (South Africa), although
outstanding grants may still be exercised until they reach their expiry date.
Weighted
of options ZAR ZAR

Granted 644,300 511.07 133.13
Lapsed (615,083) 332.30 –
Exercised (2,859,744) 186.52 –
Lapsed (242,037) 381.69 –
Exercised (2,565,509) 224.27 –
GBP SARs
GBP SARs include stock appreciation rights granted under the Stock Appreciation Rights Plan 2008 and the International Employee Stock
Appreciation Rights Scheme. No further grants can be made under the now closed International Employee Stock Appreciation Rights Scheme,
although outstanding grants may still be exercised until they reach their expiry date.
Weighted
of SARs GBP GBP

Granted 3,807,632 33.29 6.67
Lapsed (154,963) 27.69 –
Exercised (437,552) 8.70 –
Granted 2,971,414 33.13 5.65
Lapsed (537,598) 31.96 –
Exercised (520,972) 13.91 –
ZAR SARs
ZAR SARs include stock appreciation rights granted under the South African Stock Appreciation Rights Sub-Plan 2008.
Weighted
of SARs ZAR ZAR
Outstanding at 1 April 2013 – – –

Granted 1,209,900 527.49 140.05
Lapsed (31,700) 527.49 –
Granted 824,378 590.38 160.13
Lapsed (133,946) 554.28 –
Exercised (21,790) 578.78 –


GBP performance share awards
GBP performance share awards include awards made under the Executive Share Award Plan 2008, the Performance Share Award Scheme and
the International Performance Share Award Sub-Scheme. No further awards can be made under the Performance Share Award Scheme and the
International Performance Share Award Sub-Scheme, although outstanding awards remain and will vest, subject to the achievement of their
respective performance conditions on their vesting date.
Weighted
of awards GBP GBP
Outstanding at 1 April 2013 7,505,723 – –

Granted 2,102,870 – 30.86
Lapsed (483,188) – –
Released to participants (2,322,978) – –
Outstanding at 31 March 2014 6,802,427 – –
Granted 2,148,339 – 30.81
Lapsed (1,455,340) – –
Released to participants (1,205,551) – –
Outstanding at 31 March 2015 6,289,875 – –
GBP value share awards

The 3,295,212 (2014: 3,606,720) value share awards granted during the year ended 31 March 2015 represent the theoretical maximum number
of awards that could possibly vest in the future, although in practice it is extremely unlikely that this number of awards would be released.
Number of Weighted
value shares Weighted average fair
(per £10 million Theoretical average value at grant
of additional maximum exercise price date
value) shares at cap GBP GBP
Outstanding at 1 April 2013 3,400 11,721,564 – –

Granted 680 3,606,720 – 11.84
Lapsed (220) (3,109,297) – –
Released to participants (1,012) (921,543) – –
Outstanding at 31 March 2014 2,848 11,297,444 – –
Granted 680 3,295,212 – 8.18
Lapsed (368) (3,011,712) – –
Released to participants (485) (311,916) – –
Outstanding at 31 March 2015 2,675 11,269,028 – –
Of the value share awards released, 328,554 (2014: 384,684) shares were deferred and remain subject to a risk of forfeiture. During 2014 344,516 value
share awards were converted to nil-cost options for the benefit of Graham Mackay’s estate and were exercised in 2015.

Outstanding share incentives
The following table summarises information about share incentives outstanding at 31 March.
Weighted Weighted
average average
remaining remaining
contractual life contractual life
Number in years Number in years
Range of exercise prices 2015 2015 2014 2014
GBP share options

£6 – £7 – – 2,900 0.1
£8 – £9 7,650 0.1 407,721 1.1
£9 – £10 12,500 3.6 72,500 4.6
£10 – £11 439,100 1.8 734,900 2.5
£11 – £12 535,643 2.1 958,936 3.1
£12 – £13 1,637,418 3.8 2,857,346 4.8
£17– £18 – – 3,500 5.6
£19 – £20 1,544,924 5.2 2,472,347 6.2
£20 – £21 23,200 5.7 23,200 6.7
£22 – £23 2,112,785 6.2 3,647,746 7.2
£23 – £24 3,545,118 7.2 4,276,980 8.2
£25 – £26 – – 13,400 7.9
£28 – £29 67,739 7.7 69,100 8.7
£31 – £32 3,804 8.7 3,804 9.7
£33 – £34 688,280 8.5 490,794 9.2
£35 – £36 1,852 9.7 – –
10,620,013 5.8 16,035,174 6.3
ZAR share options
R90 – R100 13,000 0.1 196,300 0.9
R120 – R130 201,243 1.0 365,513 2.0
R140 – R150 426,900 3.2 617,800 4.3
R150 – R160 307,450 3.9 328,200 4.9
R160 – R170 126,950 2.1 235,650 3.1
R180 – R190 450,600 2.9 721,700 3.9
R210 – R220 723,400 4.8 979,300 5.8
R220 – R230 719,200 5.7 1,043,900 6.7
R250 – R260 256,350 6.2 485,000 7.2
R290 – R300 1,216,459 6.7 1,936,235 7.7
R310 – R320 485,300 7.2 583,700 8.2
R400 – R410 1,845,320 7.7 2,006,120 8.7
R510 – R520 529,000 8.2 609,300 9.2
7,301,172 6.0 10,108,718 6.7
GBP SARs
£6 – £7 – – 12,334 0.1
£8 – £9 2,000 0.1 250,768 1.1
£9 – £10 – – 2,275 4.6
£10 – £11 248,625 1.1 306,359 2.1
£11 – £12 354,751 2.1 426,451 3.1
£12 – £13 256,968 3.3 306,627 4.3
£13 – £14 8,700 2.6 8,700 3.6
£19 – £20 40,000 5.2 44,500 6.2
£22 – £23 46,600 6.2 61,600 7.2
£23 – £24 53,100 7.2 58,100 8.2
£31 – £32 31,496 8.7 31,496 9.7
£33 – £34 6,011,659 8.6 3,661,436 9.2
£34 – £35 7,493 9.9 – –
£35 – £36 22,098 9.7 – –
7,083,490 7.8 5,170,646 7.5


Weighted Weighted
average average
remaining remaining
contractual life contractual life
Number in years Number in years
Range of exercise prices 2015 2015 2014 2014
ZAR SARs
R520 – R530 1,097,800 8.7 1,178,200 9.7
R580 – R590 732,556 9.2 – –
R610 – R620 16,486 9.7 – –
1,846,842 8.9 1,178,200 9.7
GBP performance share awards

£0 6,289,875 1.2 6,802,427 1.3
GBP value share awards

£0 11,269,028 2.2 11,297,444 3.1
Total share incentives outstanding 44,410,420 4.7 50,592,609 5.2
Exercisable share incentives

The following table summarises information about exercisable share incentives outstanding at 31 March.
Weighted Weighted
average average
exercise exercise
Number price Number price
2015 2015 2014 2014
GBP share options 6,106,401 17.28 7,860,114 14.90

ZAR share options 4,503,152 221.77 4,582,263 185.88
GBP SARs 1,053,044 14.36 1,369,214 11.39
ZAR SARs 11,500 545.96 1,200 527.49
Share incentives exercised or released

The weighted average market price of the group’s shares at the date of exercise or release for share incentives exercised or released during the
year were:
Weighted Weighted
average average
market market
Number price Number price
2015 2015 2014 2014
Share incentives designated in GBP 7,277,676 34.46 5,644,850 31.53

Share incentives designated in ZAR 2,587,299 618.50 2,859,744 512.29
Total share incentives exercised or released during the year 9,864,975 8,504,594
Broad-Based Black Economic Empowerment (BBBEE) scheme

On 9 June 2010 the initial allocation of participation rights was made in relation to the BBBEE scheme in South Africa. A total of 46.2 million new
shares in The South African Breweries (Pty) Ltd (SAB), representing 8.45% of SAB’s enlarged issued share capital, were issued. The shares in SAB
will be exchanged at the end of the estimated 10-year scheme term for shares in SABMiller plc based on a repurchase formula linked, inter alia, to the
operating performance of SAB. No performance conditions and exercise prices are attached to these shares, although the employee component
has a four-year vesting period. The weighted average fair value of each SAB share at the grant date was ZAR40.
Weighted average fair value assumptions

The fair value of services received in return for share awards granted is measured by reference to the fair value of share awards granted. The estimate
of the fair value of the services received is measured based on a binomial model approach except for the awards under Performance Share
Award schemes, the Executive Share Award Plan 2008 (including value share awards) and the BBBEE scheme which have been valued using
Monte Carlo simulations.
The Monte Carlo simulation methodology is necessary for valuing share-based payments with TSR performance hurdles. This is achieved by
projecting SABMiller plc’s share price forwards, together with those of companies in the same comparator group, over the vesting period and/or
life of the awards after considering their respective volatilities.

The following weighted average assumptions were used in these option pricing models during the year.
2015 2014
Share price¹
– South African share option scheme (ZAR) 583.97 512.06
– All other schemes (GBP) 32.77 33.09
Exercise price¹
– South African share option scheme (ZAR) 590.36 521.78
– All other schemes (GBP) 12.18 14.32
Expected volatility (all schemes)² (%) 21.3 25.3
Dividend yield (all schemes) (%) 2.1 2.3
Annual forfeiture rate
– South African share option scheme (%) 5.0 5.0
– All other schemes (%) 3.0 3.0
Risk-free interest rate
– South African share option scheme (%) 7.5 6.9
– All other schemes (%) 1.7 0.8
¹ The calculation is based on the weighted fair value of issues made during the year.
² Expected volatility is calculated by assessing the historical share price data in the United Kingdom and South Africa from seven years prior to the grant date.
26. Retained earnings and other reserves

a. Retained earnings
Treasury and Retained

EBT shares earnings Total
US$m US$m US$m
At 1 April 2013 (643) 14,353 13,710

Profit for the year – 3,381 3,381
Other comprehensive income – 54 54
Remeasurements of defined benefit plans taken to other comprehensive income – 22 22
Share of associates’ and joint ventures’ other comprehensive income – 45 45
Deferred tax charge on items taken to other comprehensive income – (13) (13)
Dividends paid – (1,640) (1,640)
Utilisation of merger relief reserve – 265 265
Buyout of non-controlling interests – (5) (5)
Payment for purchase of own shares for share trusts (79) – (79)
Utilisation of treasury and EBT shares 63 (42) 21
Credit entry relating to share-based payments – 178 178
At 31 March 2014 (659) 16,544 15,885
Profit for the year – 3,299 3,299
Other comprehensive loss – (153) (153)
Remeasurements of defined benefit plans taken to other comprehensive loss – (7) (7)
Share of associates’ and joint ventures’ other comprehensive loss – (216) (216)
Deferred tax charge on items taken to other comprehensive loss – 70 70
Dividends paid – (1,705) (1,705)
Utilisation of merger relief reserve – 358 358
Share of associates’ and joint ventures’ other reserves moves – (6) (6)
Payment for purchase of own shares for share trusts (146) – (146)
Utilisation of treasury and EBT shares 125 (28) 97
Credit entry relating to share-based payments – 117 117
At 31 March 2015 (680) 18,426 17,746

26. Retained earnings and other reserves continued

Treasury and EBT shares reserve
On 26 February 2009 77,368,338 SABMiller plc non-voting convertible shares were converted into ordinary shares and then acquired by the
company to be held as treasury shares. While the purchase price for each share was £10.54, the whole amount of the consideration was paid
between group companies. During 2015 3,500,000 treasury shares were transferred to the EBT at no gain or loss to the group. These shares will
be used to satisfy awards outstanding under the various share incentive plans. During 2015 3,320,906 treasury shares (2014: 1,345,165 shares)
were used to directly satisfy share awards. As at 31 March 2015 a total of 59,302,267 shares (2014: 66,123,173 shares) were held in treasury.
There are two employee benefit trusts currently in operation, being the SABMiller Employees’ Benefit Trust (the EBT) and the SABMiller Associated
Companies’ Employees’ Benefit Trust (the AC-EBT). The EBT holds shares in SABMiller plc for the purposes of the various share incentive plans,
further details of which are disclosed in the directors’ remuneration report. At 31 March 2015 the EBT held 8,997,945 shares (2014: 6,833,632 shares)
which cost US$228 million (2014: US$152 million) and had a market value of US$471 million (2014: US$341 million). These shares have been treated
as a deduction in arriving at shareholders’ funds. The EBT used funds provided by SABMiller plc to purchase such of the shares as were purchased
in the market. The costs of funding and administering the scheme are charged to the income statement in the period to which they relate.
The AC-EBT holds shares in SABMiller plc for the purposes of providing share incentives for employees of companies in which SABMiller has a
significant economic and strategic interest but over which it does not have management control. At 31 March 2015 and 31 March 2014 the AC-EBT
did not hold any shares. The costs of funding and administering the scheme are charged to the income statement in the period to which they relate.
Shares currently held in each EBT rank pari passu with all other ordinary shares, but in both cases the trustees have elected to waive dividends and
decline from voting shares, except in circumstances where they may be holding shares beneficially owned by a participant. There were no beneficially
owned shares in either EBT as at 31 March 2015 (2014: nil).
b. Other reserves
The analysis of other reserves is as follows.
Foreign Net
currency Cash flow investment Available
translation hedging hedging for sale
reserve reserve reserve reserve Total
At 1 April 2013 1,624 (26) (278) 8 1,328

Currency translation differences (2,267) – – – (2,267)
Net investment hedges – – 102 – 102
Cash flow hedges – 34 – – 34
Deferred tax on items taken to other comprehensive income – 1 – – 1
Share of associates’ and joint ventures’ other comprehensive income/(loss) 104 2 – (6) 100
At 31 March 2014 (539) 11 (176) 2 (702)
Currency translation differences (5,308) – – – (5,308)
Net investment hedges – – 608 – 608
Cash flow hedges – 30 – – 30
Deferred tax on items taken to other comprehensive loss – (3) – – (3)
Share of associates’ and joint ventures’ other comprehensive loss (79) (3) – – (82)
At 31 March 2015 (5,926) 35 432 2 (5,457)
Foreign currency translation reserve

The foreign currency translation reserve comprises all translation exchange differences arising on the retranslation of opening net assets together
with differences between income statements translated at average and closing rates.

27a. Reconciliation of profit for the year to net cash generated from operations
2015 2014
US$m US$m

Taxation 1,273 1,173
Share of post-tax results of associates and joint ventures (1,083) (1,226)
Net finance costs 637 645
Operating profit 4,384 4,242
Depreciation:
– Property, plant and equipment 602 621
– Containers 219 233
Container breakages, shrinkages and write-offs 57 80
Profit on disposal of available for sale investments (1) –
Profit on disposal of investments in associates (403) –
(Gain)/loss on dilution of investment in associates (2) 18
Profit on disposal of property, plant and equipment (18) (17)
Amortisation of intangible assets 410 427
Impairment of goodwill 286 –
Impairment of intangible assets 6 8
Impairment of property, plant and equipment 73 52
Impairment of working capital balances 68 55
Amortisation of advances to customers 35 40
Unrealised fair value gain on derivatives included in operating profit (15) (8)
Dividends received from other investments (1) (1)
Charge with respect to share options 112 141
Charge with respect to Broad-Based Black Economic Empowerment scheme 5 13
Other non-cash movements (92) (155)
Net cash generated from operations before working capital movements 5,680 5,677
Increase in inventories (30) (73)
(Increase)/decrease in trade and other receivables (218) 128
Increase in trade and other payables 396 113
Decrease in provisions (13) (89)
(Decrease)/increase in post-retirement benefit provisions (3) 14
Net cash generated from operations 5,812 5,770
27b. Reconciliation of net cash generated from operating activities to free cash flow
2015 2014
US$m US$m
Net cash generated from operating activities 3,722 3,431

Purchase of property, plant and equipment (1,394) (1,401)
Proceeds from sale of property, plant and equipment 68 70
Purchase of intangible assets (178) (84)
Investments in joint ventures (216) (188)
Investments in associates (3) (199)
Dividends received from joint ventures 976 903
Dividends received from associates 430 224
Dividends received from other investments 1 1
Dividends paid to non-controlling interests (173) (194)
Free cash flow 3,233 2,563

27c. Analysis of net debt

Cash and cash equivalents on the balance sheet are reconciled to cash and cash equivalents on the cash flow statement as follows
2015 2014
US$m US$m
Cash and cash equivalents (balance sheet) 965 2,081

Overdrafts (215) (213)
Cash and cash equivalents (cash flow statement) 750 1,868
Net debt is analysed as follows.
Cash and cash

equivalents Derivative
(excluding financial Finance Gross Net
overdrafts) Overdrafts Borrowings instruments leases debt debt
At 1 April 2013 2,171 (212) (18,301) 777 (35) (17,771) (15,600)

Exchange adjustments (65) 4 26 (24) 3 9 (56)
Principal-related cash flows (25) (5) 1,244 (188) 9 1,060 1,035
Other movements – – 248 98 (28) 318 318
At 31 March 2014 2,081 (213) (16,783) 663 (51) (16,384) (14,303)
Exchange adjustments (157) 40 713 (51) 6 708 551
Principal-related cash flows (959) (42) 3,819 (243) 10 3,544 2,585
Other movements – – (25) 745 (18) 702 702
At 31 March 2015 965 (215) (12,276) 1,114 (53) (11,430) (10,465)
27d. Major non-cash transactions

Major non-cash transactions included the following.
Additional profit realised in 2014 and 2015 on the disposal of the group’s Angolan operations in Africa in 2012.
In 2015 impairment charges relating to the group’s business in India in Asia Pacific and the group’s share of the impairment charges taken by Anadolu
Efes in relation to its beer businesses in Russia and Ukraine. Additionally, impairment charges in Australia including those in 2015 relating to the
pending closure of the Campbelltown cidery and Port Melbourne brewery, and in 2014 the closure of the Warnervale brewery and the cessation
of the Bluetongue brand.
In 2015 the recycling of foreign currency translation reserves following the repayment of an intercompany loan.
During 2014 Broad-Based Black Economic Empowerment (BBBEE) related charges in South Africa, including share based payment charges in
relation to the employee component of the BBBEE scheme, together with the loss on the dilution of the group’s investment in its associate Distell
Group Ltd as a result of the exercise of share options issued as part of its BBBEE scheme.
28. Acquisitions and disposals

Acquisitions
In July 2014 the group acquired the trade and assets of a business in Mayotte in Africa for consideration of US$3 million. The business combination
has been accounted for using the acquisition method.
Non-controlling interests
Non-controlling interests in Bavaria SA in Colombia in Latin America were acquired for a cash consideration of US$3 million, reducing equity by
US$3 million. There was no change in the group’s effective interest in Bavaria SA.
Disposals
The group completed the sale of its investment in Tsogo Sun, its hotels and gaming associate listed on the Johannesburg Stock Exchange,
in August 2014 through an institutional placing and share buyback. The group received net proceeds of US$971 million, and realised a post-tax
profit of US$239 million.
In January 2015 the group received net proceeds of US$7 million and realised a net profit of US$2 million, after associated costs, on the disposal
of its packaging associate in Panama, Latin America.

29. Commitments, contingencies and guarantees
a. Operating lease commitments
The minimum lease rentals to be paid under non-cancellable leases at 31 March are as follows.
2015 2014
US$m US$m
Land and buildings

Later than one year and less than five years 134 147
After five years 24 30
225 244
Plant, vehicles and systems

Later than one year and less than five years 79 124
133 198
b. Other commitments
2015 2014
US$m US$m
Capital commitments not provided in the financial information

Contracts placed for future expenditure for property, plant and equipment 151 271
Contracts placed for future expenditure for intangible assets 1 16
Share of capital commitments of joint ventures 66 55
Other commitments not provided in the financial information

Contracts placed for future expenditure 1,799 3,736
Share of joint ventures’ other commitments 390 393
Contracts placed for future expenditure in 2015 primarily relate to minimum purchase commitments for raw materials and packaging materials,
which are principally due between 2015 and 2020.
The group’s share of joint ventures’ other commitments primarily relate to MillerCoors’ various long-term non-cancellable advertising and
promotion commitments.
c. Contingent liabilities and guarantees
2015 2014
US$m US$m
Guarantees to third parties¹ 9 4

Other contingent liabilities 6 4
15 8
¹ Guarantees to third parties

These primarily relate to guarantees given by Grolsch and Nile Breweries Ltd to banks in relation to loans taken out by third party trade customers and suppliers respectively.
Other
SABMiller and Altria entered into a tax matters agreement (the Agreement) on 30 May 2002 to regulate the conduct of tax matters between them
with regard to the acquisition of Miller and to allocate responsibility for contingent tax costs. SABMiller has agreed to indemnify Altria against any
taxes, losses, liabilities and costs that Altria incurs arising out of or in connection with a breach by SABMiller of any representation, agreement
or covenant in the Agreement, subject to certain exceptions.
The group has a number of activities in a wide variety of geographic areas and is subject to certain legal claims incidental to its operations. In the
opinion of the directors, after taking appropriate legal advice, these claims are not expected to have, either individually or in aggregate, a material
adverse effect upon the group’s financial position, except insofar as already provided in the consolidated financial statements.
The group has exposures to various environmental risks. Although it is difficult to predict the group’s liability with respect to these risks, future
payments, if any, would be made over a period of time in amounts that would not be material to the group’s financial position, except insofar as
already provided in the consolidated financial statements.

30. Pensions and post-retirement benefits

The group operates a number of pension schemes throughout the world. These schemes have been designed and are administered in accordance
with local conditions and practices in the countries concerned and include both defined contribution and defined benefit schemes. The majority of
the schemes are funded and the schemes’ assets are held independently of the group’s finances. The assets of the schemes do not include any of
the group’s own financial instruments, nor any property occupied by or other assets used by the group. Pension and post-retirement benefit costs
are assessed in accordance with the advice of independent professionally qualified actuaries. Generally, the projected unit method is applied to
measure the defined benefit scheme liabilities.
The group also provides medical benefits, which are mainly unfunded, for retired employees and their dependants in South Africa, the Netherlands
and Latin America.
The total pension and post-retirement medical benefit costs recognised in the income statement are as follows.
2015 2014
US$m US$m
Defined contribution scheme costs 98 106

Defined benefit pension plan costs 19 11
Post-retirement medical and other benefit costs 8 7
The amounts recognised in the balance sheet are determined as follows.
2015 2014
US$m US$m
Portion of defined benefit obligation that is partly or wholly funded (405) (405)
Fair value of plan assets 457 479
Surplus of funded plans 52 74
Impact of asset ceiling (57) (78)
Deficit of funded plans (5) (4)
Portion of defined benefit obligation that is unfunded (124) (155)
Medical and other post-retirement benefits (76) (87)
Provisions for defined benefit plans (205) (246)
Accruals for defined contribution plans (4) (4)
The group operates various defined contribution and defined benefit schemes. Details of the main defined benefit schemes are provided below.
Latin America pension plans
The group operates a number of pension plans throughout Latin America. Details of the major plan are provided below.
The Colombian Labour Code Pension Plan is an unfunded plan of the defined benefit type and covers all salaried and hourly employees in Colombia
who are not covered by social security or who have at least 10 years of service prior to 1 January 1967. The plan is financed entirely through
company reserves and there are no external assets. The most recent actuarial valuation of the Colombian Labour Code Pension Plan was carried out
by independent professionally qualified actuaries at 28 February 2015 using the projected unit credit method. All salaried employees are now covered
by social security or private pension fund provisions. The principal economic assumptions used in the preparation of the pension valuations are
shown below and take into consideration changes in the Colombian economy.
Grolsch pension scheme
The Grolsch pension scheme, named Stichting Pensioenfonds van de Grolsche Bierbrouwerij, is a funded plan of the defined benefit type, based on
average salary with assets held in separately administered funds. The pension scheme is managed through a separate entity with its own board. The
latest valuation of the Grolsch pension scheme was carried out at 31 March 2015 by an independent actuary using the projected unit credit method.
Carlton & United Breweries pension scheme
The Carlton & United Breweries pension scheme is a superannuation fund that provides accumulation style and defined benefits to employees.
The company funds the defined benefits, administration and insurance costs of the scheme as a benefit to employees who elect to be members of
this scheme. The board of trustees is responsible for the governance of the scheme on behalf of the members. The latest actuarial valuation of the
Carlton & United Breweries pension scheme was carried out at 30 June 2014 by an independent actuary using the projected unit credit method.
The valuation update for the scheme was carried out at 31 March 2015 by an independent actuary. The defined benefits section is now closed
to new members.

30. Pensions and post-retirement benefits continued
South Africa pension schemes
The group operates a number of pension schemes throughout South Africa. Details of the major schemes are provided below.
The ABI Pension Fund, Suncrush Pension Fund and Suncrush Retirement Fund are funded schemes of the defined benefit type based on average
salary with assets held in separately administered funds. The governance of the schemes is the responsibility of the boards of trustees on behalf
of the members, subject to the provisions of local legislation and the rules for each scheme.
The ABI Pension Fund no longer has any active or pensioner members. There are surplus assets remaining in the scheme that will be distributed
to former members.
The Suncrush Pension Fund has pensioners where the pension liabilities have been outsourced to an insurance provider. The trustees have made
a provision in the fund rules for the active members such that benefits will be paid to members on exit for their benefits valued as at 1 July 2005.
No further benefits are being accrued for active members.
The Suncrush Retirement Fund has no liabilities and is the process of being closed down.
Risks
The most significant risks the group is exposed to through its defined benefit pension plans and post-employment medical plans are as follows.
Volatility of investment returns
Those schemes that hold assets are exposed to volatility in investment returns on those assets, which may be higher or lower than the assumed
expected return on those assets. Asset mix is varied for each individual scheme to ensure investment volatility risk is appropriately managed.
Salary, pension and healthcare cost inflation risk
Scheme liabilities for the defined benefit pension and post-retirement medical plans are calculated based on assumed rates of salary, pension and/or
healthcare cost inflation. Increases in these inflation rates will lead to higher liabilities.
Change in discount rate
A decrease in corporate bond yields will result in a decrease in the discount rate and therefore an increase in scheme liabilities. This will be partially
offset by an increase in the value of plan assets where the scheme holds bonds.
Mortality rates
The majority of the group’s obligations to provide benefits under both the defined benefit pension plans and medical and other post-retirement
benefits are for the life of the member. Increases in life expectancy will result in increases in the scheme liabilities associated with the schemes. The
group ensures mortality rate assumptions incorporated in the actuarial calculations of the present value of scheme liabilities are from reliable sources.
Principal actuarial assumptions at 31 March (expressed as weighted averages)
Medical and other

Defined benefit pension plans post-retirement benefits
Latin America Grolsch Other South Africa Other
At 31 March 2015
Discount rate (%) 6.9 1.9 2.4 8.0 6.0
Salary inflation (%) 3.0 1.0 2.6 – –
Pension inflation (%) 3.0 0.7 3.2 – –
Healthcare cost inflation (%) – – – 7.1 2.9
Mortality rate assumptions
– Retirement age: Males 56 67 65 63 58
Females 51 67 65 63 55
– Life expectations on retirement age:
Retiring today: Males 23 21 15 16 22
Females 32 24 20 20 29
Retiring in 20 years: Males 23 24 16 16 22
Females 32 26 20 20 29
At 31 March 2014
Discount rate (%) 6.9 3.4 4.5 9.9 6.4
Salary inflation (%) 3.0 2.0 3.4 – –
Pension inflation (%) 3.0 0.7 3.7 – –
Healthcare cost inflation (%) – – – 8.7 3.0
Mortality rate assumptions
– Retirement age: Males 55 65 62 63 58
Females 51 65 60 63 54
– Life expectations on retirement age:
Retiring today: Males 26 21 19 16 25
Females 35 24 23 19 32
Retiring in 20 years: Males 26 23 19 17 25
Females 35 25 23 20 32


The movement in the defined benefit pension plan liabilities are as follows.
Defined benefit pension plans

Latin
America Grolsch Other Total
Present Present Present Present
value of value of Fair value value of Fair value value of Fair value
scheme scheme of plan scheme of plan scheme of plan
liabilities liabilities assets Total liabilities assets Total liabilities assets Total
US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m
At 1 April 2013 (181) (298) 377 79 (93) 76 (17) (572) 453 (119)
Benefits paid 16 11 (11) – 5 (5) – 32 (16) 16
Contributions paid by plan participants – (3) – (3) – – – (3) – (3)
Employer contributions – – 10 10 – 3 3 – 13 13
Current service cost (1) (3) – (3) (3) – (3) (7) – (7)
Past service credit – 6 – 6 – – – 6 – 6
Interest (costs)/income (9) (12) 14 2 (2) 3 1 (23) 17 (6)
Remeasurements: 23 (17) (10) (27) 5 2 7 11 (8) 3
– Return on plan assets, excluding amounts
included in interest income – – (10) (10) – – – – (10) (10)
– Gain from change in demographic
assumptions 8 – – – – – – 8 – 8
– Gain/(loss) from change in financial
assumptions 11 (20) – (20) 2 – 2 (7) – (7)
– Experience gains 4 3 – 3 3 2 5 10 2 12
Exchange adjustments 11 (22) 28 6 7 (8) (1) (4) 20 16
At 31 March 2014 (141) (338) 408 70 (81) 71 (10) (560) 479 (81)
Benefits paid 13 11 (11) – 16 (14) 2 40 (25) 15
Contributions paid by plan participants – (2) – (2) (1) – (1) (3) – (3)
Employer contributions – – 7 7 – 1 1 – 8 8
Current service cost (1) (4) – (4) (3) – (3) (8) – (8)
Past service cost (1) – – – – – – (1) – (1)
Interest (costs)/income (9) (10) 12 2 (3) 3 – (22) 15 (7)
Remeasurements: (6) (105) 95 (10) (2) 2 – (113) 97 (16)
– Return on plan assets, excluding amounts
included in interest income – – 95 95 – – – – 95 95
– Gain/(loss) from change in demographic
assumptions 6 (2) – (2) – – – 4 – 4
– Loss from change in financial assumptions – (107) – (107) (2) – (2) (109) – (109)
– Experience (losses)/gains (12) 4 – 4 – 2 2 (8) 2 (6)
Exchange adjustments 32 92 (106) (14) 14 (11) 3 138 (117) 21
At 31 March 2015 (113) (356) 405 49 (60) 52 (8) (529) 457 (72)

The fair value of assets in pension schemes are as follows.

Latin America Grolsch Other Total
US$m US$m US$m US$m
At 31 March 2015
Equities – quoted – 138 12 150
Bonds – quoted – 248 16 264
Cash and cash equivalents – 2 22 24
Property and other – 17 2 19
Total fair value of assets – 405 52 457
Present value of scheme liabilities (113) (356) (60) (529)
(Deficit)/surplus in the scheme (113) 49 (8) (72)
Unrecognised pension asset due to limit – (49) (8) (57)
Pension liability recognised (113) – (16) (129)
At 31 March 2014
Equities – quoted – 137 18 155
Bonds – quoted – 251 22 273
Cash and cash equivalents – – 26 26
Property and other – 20 5 25
Total fair value of assets – 408 71 479
Present value of scheme liabilities (141) (338) (81) (560)
(Deficit)/surplus in the scheme (141) 70 (10) (81)
Unrecognised pension asset due to limit – (70) (8) (78)
Pension liability recognised (141) – (18) (159)
In respect of defined benefit pension plans in South Africa, which are included in ‘Other’, the pension asset recognised is limited to the extent that
the employer is able to recover a surplus either through reduced contributions in the future or through refunds from the scheme. Pension fund assets
have not been recognised as the surplus apportionment exercise required in terms of the South African legislation has not yet been completed.
The pension asset recognised in respect of Grolsch is limited to the extent that the employer is able to recover a surplus either through reduced
contributions in the future or through refunds from the scheme. The limit has been set equal to nil due to the terms of the pension agreement with
the pension fund.


The movements in the asset ceiling are as follows:

Grolsch Other Total
US$m US$m US$m
Asset ceiling at 1 April 2013 (79) (8) (87)

Interest costs (3) (1) (4)
Change in the asset ceiling, excluding amounts included in interest costs 18 (1) 17
Exchange adjustments (6) 2 (4)
Asset ceiling at 31 March 2014 (70) (8) (78)
Change in the asset ceiling, excluding amounts included in interest costs 9 (1) 8
Exchange adjustments 14 2 16
Asset ceiling at 31 March 2015 (49) (8) (57)
The movement in the post-employment medical benefit liabilities are as follows. The obligations are wholly unfunded.
Medical and other post-retirement benefits

South Africa Other Total
US$m US$m US$m
Present value of scheme liabilities at 1 April 2013 (47) (48) (95)

Benefits paid – 3 3
Employer contributions 2 – 2
Current service cost (1) (1) (2)
Remeasurements: (3) 5 2
– Gain from change in demographic assumptions – 2 2
– (Loss)/gain from change in financial assumptions (1) 2 1
– Experience (losses)/gains (2) 1 (1)
Present value of scheme liabilities at 31 March 2014 (46) (41) (87)
Benefits paid – 2 2
Employer contributions 2 – 2
Current service cost (1) (2) (3)
Remeasurements: 1 – 1
– Loss from change in demographic assumptions – (1) (1)
– Loss from change in financial assumptions (1) – (1)
– Experience gains 2 1 3
Present value of scheme liabilities at 31 March 2015 (42) (34) (76)

The sensitivity of the pension plan and medical and other post-retirement benefit liabilities at 31 March 2015 to changes in the principal actuarial
assumptions is as follows.
Medical and other

Defined benefit pension plans post-retirement benefits
Change in Increase Decrease Increase Decrease
assumption US$m US$m US$m US$m
Discount rate 1% 72 94 6 7
Salary growth rate 1% 7 7 – –
Pension growth rate 1% 86 48 – –
Life expectancy 1 year 11 11 2 2
Healthcare cost inflation 1% – – 7 6
The above sensitivity analyses assume a change in a single assumption while all other assumptions are held constant. When calculating the
sensitivities, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting
period, consistent with the method used to calculate the defined benefit obligation recognised in the balance sheet. The methods and assumptions
used to prepare the sensitivity analyses are consistent with those used in the prior year.
For funded defined benefit plans, the group is required to provide funding where the fair value of the assets of the scheme are not sufficient to meet
the defined benefit obligations. The South Africa pension schemes no longer have any active members, therefore, funding will only be required in the
event that the scheme becomes less than 100% funded. The remaining funded defined benefit plans are funded using recommendations provided
by the scheme’s actuaries.
Contributions expected to be paid into the group’s major defined benefit schemes during the year ending 31 March 2016 are US$19 million.
The weighted average duration of the defined benefit obligation is 16 years.
31. Related party transactions

a. Parties with significant influence over the group: Altria Group, Inc. (Altria) and the Santo Domingo Group (SDG)
Altria is considered to be a related party of the group by virtue of its 26.8% equity shareholding. There were no transactions with Altria during the year.
SDG is considered to be a related party of the group by virtue of its 14.0% equity shareholding in SABMiller plc. There were no transactions with
SDG during the year ended 31 March 2015. During the year ended 31 March 2014 Bavaria SA and its subsidiaries made donations of US$14 million
to the Fundación Mario Santo Domingo, pursuant to the contractual arrangements entered into at the time of the Bavaria transaction in 2005, under
which it was agreed that the proceeds of the sale of surplus non-operating property assets owned by Bavaria SA and its subsidiaries would be
donated to various charities, including the Fundación Mario Santo Domingo. There were no balances owing to the SDG at 31 March 2015 and
31 March 2014.
b. Associates and joint ventures
Details relating to transactions with associates and joint ventures are analysed below.
2015 2014
US$m US$m
Purchases from associates1 (173) (168)

Purchases from joint ventures2 (88) (93)
Sales to associates3 9 9
Sales to joint ventures4 21 23
Dividends receivable from associates5 423 224
Dividends received from joint ventures6 976 903
Royalties received from associates7 18 25
Royalties received from joint ventures8 1 2
Management fees, guarantee fees and other recoveries received from associates9 14 11
Marketing fees paid to associates10 (1) –
Management fees paid to joint ventures11 (2) (2)
1
The group purchased canned Coca-Cola products for resale from Coca-Cola Canners of Southern Africa (Pty) Limited (Coca-Cola Canners); inventory from Distell Group Ltd (Distell),
Associated Fruit Processors (Pty) Ltd (AFP) and Delta Corporation Ltd (Delta); and accommodation from Tsogo Sun.
2
The group purchased lager from MillerCoors LLC (MillerCoors).
3
The group made sales of lager to Tsogo Sun, Delta, Anadolu Efes Biracılık ve Malt Sanayii AŞ (Anadolu Efes), International Trade and Supply Ltd (ITSL) and Distell.
4
The group made sales to MillerCoors.
5
The group had dividends receivable from China Resources Snow Breweries Ltd (CR Snow) of US$228 million (2014: US$nil), Castel of US$108 million (2014: US$97 million), Coca-Cola Canners
of US$5 million (2014: US$5 million), Distell of US$18 million (2014: US$20 million), Tsogo Sun of US$24 million (2014: US$34 million), Delta of US$18 million (2014: US$17 million), International
Trade and Supply Limited of US$21 million (2014: US$18 million), Grolsch (UK) Ltd of US$1 million (2014: US$1 million), and Anadolu Efes of US$nil (2014: US$32 million).
6
The group received dividends from MillerCoors.
7
The group received royalties from Delta and Anadolu Efes.
8
The group received royalties from MillerCoors.
9
The group received management fees from Delta, consulting fees from Anadolu Efes and other recoveries from AFP.
10
The group paid marketing fees to ITSL.
11
The group paid management fees to MillerCoors.

31. Related party transactions continued

2015 2014
At 31 March US$m US$m
Amounts owed by associates – trade1 28 42

Amounts owed by joint ventures2 4 5
Amounts owed to associates3 (38) (39)
Amounts owed to joint ventures4 (18) (16)
1
Amounts owed by AFP, Delta, Coca-Cola Canners, Castel, ITSL, and Anadolu Efes.
2
Amounts owed by MillerCoors.
3
Amounts owed to AFP and Castel.
4
Amounts owed to MillerCoors.
Guarantees provided in respect of associates’ bank facilities are detailed in note 21.
c. Transactions with key management
The group has a related party relationship with the directors of the group and members of the excom as key management. Key management
compensation is provided in note 6c.
32. Post balance sheet events

On 15 May 2015 the group announced it was to acquire 100% of Meantime Brewing Company Ltd, a UK modern craft brewer. The transaction is
expected to complete in June 2015.

33. Principal subsidiaries, associates and joint ventures
The principal subsidiary undertakings of the group as at 31 March were as follows.
Effective interest
Name Country of incorporation Principal activity 2015 2014
Corporate
SABMiller Holdings Ltd United Kingdom Holding company 100% 100%
SABMiller Africa & Asia BV1 Netherlands Holding company 100% 100%
SABMiller Holdings SA Ltd United Kingdom Holding company 100% 100%
SABMiller International BV Netherlands Trademark owner 100% 100%
SABMiller SAF Limited United Kingdom Holding company/Financing 100% 100%
SABMiller Southern Investments Ltd United Kingdom Holding company 100% 100%
SABMiller Procurement GmbH Switzerland Procurement 100% 100%
SABSA Holdings Ltd South Africa Holding company 100% 100%
SABMiller America Holdings Ltd United Kingdom Holding company 100% 100%
SABMiller Australia Holdings Ltd United Kingdom Holding company 100% 100%
SABMiller SI Ltd United Kingdom Holding company 100% 100%
Latin American operations

Bavaria SA Colombia Brewing/Soft drinks 99% 99%
Cervecería Argentina SA Isenbeck Argentina Brewing 100% 100%
Cervecería del Valle SA Colombia Brewing 99% 99%
Cervecería Hondureña, SA de CV Honduras Brewing/Soft drinks 99% 99%
Cervecería Nacional (CN) SA2 Ecuador Brewing 96% 96%
Cervecería Nacional SA2 Panama Brewing 97% 97%
Cervecería San Juan SA2 Peru Brewing/Soft drinks 92% 92%
Cervecería Unión SA Colombia Brewing 98% 98%
Industrias La Constancia, SA de CV El Salvador Brewing/Soft drinks 100% 100%
Unión de Cervecerías Peruanas Backus y Johnston SAA2 Peru Brewing 94% 94%
African operations
SABMiller Africa BV Netherlands Holding company 62% 62%
SABMiller Botswana BV Netherlands Holding company 62% 62%
SABMiller Africa Holdings Ltd3 United Kingdom Holding company 100% 100%
SABMiller Investments Ltd Mauritius Holding company 80% 80%
SABMiller Investments II BV Netherlands Holding company 80% 80%
SABMiller Nigeria Holdings BV Netherlands Holding company 50% 50%
SABMiller Zimbabwe BV Netherlands Holding company 62% 62%
Accra Brewery Ltd Ghana Brewing 60% 60%
Ambo Mineral Water Share Company Ethiopia Soft drinks 40% 40%
Appletiser South Africa (Pty) Ltd South Africa Fruit juices 100% 100%
Cervejas de Moçambique SA2 Mozambique Brewing 49% 49%
Chibuku Products Ltd Malawi Sorghum brewing 31% 31%
Crown Beverages Ltd Kenya Soft drinks 80% 80%
Heinrich’s Syndicate Ltd Zambia Soft drinks 62% 62%
Intafact Beverages Ltd Nigeria Brewing 38% 38%
International Breweries plc2 Nigeria Brewing 36% 36%
Kgalagadi Breweries (Pty) Ltd Botswana Brewing/Soft drinks 31% 31%
Maluti Mountain Brewery (Pty) Ltd Lesotho Brewing/Soft drinks 24% 24%
MUBEX Mauritius Procurement 100% 100%
National Breweries plc2 Zambia Sorghum brewing 43% 43%
Nile Breweries Ltd Uganda Brewing 62% 62%
Pabod Breweries Ltd Nigeria Brewing 41% 41%
Rwenzori Bottling Company Ltd Uganda Soft drinks 80% 80%
Southern Sudan Beverages Ltd South Sudan Brewing 80% 80%
Swaziland Beverages Ltd Swaziland Brewing 37% 37%
Tanzania Breweries Ltd2 Tanzania Brewing 36% 36%
The South African Breweries (Pty) Ltd South Africa Brewing/Soft drinks/Holding company 100% 100%
The South African Breweries Hop Farms (Pty) Ltd South Africa Hop farming 100% 100%
The South African Breweries Maltings (Pty) Ltd South Africa Maltsters 100% 100%
Voltic (GH) Ltd Ghana Soft drinks 80% 80%
Voltic Nigeria Ltd Nigeria Soft drinks 50% 50%
Zambian Breweries plc2 Zambia Brewing/Soft drinks 54% 54%

33. Principal subsidiaries, associates and joint ventures continued

Effective interest
Name Country of incorporation Principal activity 2015 2014
Asia Pacific operations

SABMiller Asia BV Netherlands Holding company 100% 100%
SABMiller Asia Ltd Hong Kong Holding company 100% 100%
SABMiller Asia Holdings Ltd4 United Kingdom Holding company 100% 100%
SABMiller Beverage Investments Pty Ltd Australia Holding company 100% 100%
SKOL Beer Manufacturing Company Ltd India Holding company 100% 100%
Foster’s Group Pty Ltd Australia Holding company 100% 100%
Cascade Brewery Company Pty Ltd Australia Brewing 100% 100%
CUB Pty Ltd Australia Brewing 100% 100%
FBG Treasury (Aust) Pty Ltd Australia Financing 100% 100%
Queensland Breweries Pty Ltd Australia Brewing 100% 100%
SABMiller Breweries Private Ltd India Brewing 100% 100%
SABMiller Vietnam Company Ltd Vietnam Brewing 100% 100%
SABMiller India Ltd India Brewing 99% 99%
European operations
SABMiller Europe BV1 Netherlands Holding company 100% 100%
SABMiller Holdings Europe Ltd United Kingdom Holding company 100% 100%
SABMiller Netherlands Coöperatieve WA Netherlands Holding company 100% 100%
Birra Peroni Srl Italy Brewing 100% 100%
Compañia Cervecera de Canarias SA Spain Brewing 51% 51%
Dreher Sörgyárak Zrt Hungary Brewing 100% 100%
Grolsche Bierbrouwerij Nederland BV Netherlands Brewing 100% 100%
Kompania Piwowarska SA Poland Brewing 100% 100%
Miller Brands (UK) Ltd United Kingdom Sales and distribution 100% 100%
Pivovary Topvar as Slovakia Brewing 100% 100%
Plzeňský Prazdroj as Czech Republic Brewing 100% 100%
Ursus Breweries SA Romania Brewing 99% 99%
North American operations

SABMiller Holdings Inc USA Holding company/Financing 100% 100%
Miller Brewing Company USA Holding company 100% 100%
Operates and resident for tax purposes in the United Kingdom.

1
Listed in country of incorporation.

2
Previously SABMiller (A&A) Ltd.

3
Previously SABMiller (A&A2) Ltd.

4
The group comprises a large number of companies. The list above includes those subsidiary undertakings which materially affect the profit or
net assets of the group, or a business segment, together with the principal intermediate holding companies of the group. With the exception of
those noted above, the principal country in which each of the above subsidiary undertakings operates is the same as the country in which each
is incorporated.
Where the group’s nominal interest in the equity share capital of an undertaking is less than 50%, the basis on which the undertaking is a subsidiary
undertaking of the group is as follows.
African operations
The group’s effective interest in the majority of its African operations was diluted as a result of the disposal of a 38% interest in SABMiller Africa BV
and SABMiller Botswana BV on 1 April 2001, in exchange for a 20% interest in the Castel group’s African beverage interests. The operations continue
to be consolidated due to the group’s majority shareholdings, and ability to control the operations.
Kgalagadi Breweries (Pty) Ltd (KBL)
SABMiller Botswana holds a 40% interest in Kgalagadi Breweries (Pty) Ltd with the remaining 60% interest held by Sechaba Brewery Holdings Ltd.
SABMiller Botswana’s shares entitle the holder to twice the voting rights of those shares held by Sechaba Brewery Holdings Ltd. SABMiller Africa BV’s
10.1% indirect interest is held via a 16.8% interest in Sechaba Brewery Holdings Ltd.
Maluti Mountain Brewery (Pty) Ltd (Maluti)
SABMiller Africa BV holds a 39% interest in Maluti with the remaining interest held by a government authority, the Lesotho National Development
Corporation (51%), the Privatisation Unit (5.25%), and the Lesotho Unit Trust (4.75%). Maluti is treated as a subsidiary undertaking based on the
group’s ability to control its operations through its board representation. The day to day business operations are managed in accordance with
a management agreement with a group company.

33. Principal subsidiaries, associates and joint ventures continued
Associates and joint ventures
The principal associates and joint ventures of the group as at 31 March are as set out below. Where the group’s interest in an associate or a joint
venture is held by a subsidiary undertaking which is not wholly owned by the group, the subsidiary undertaking is indicated in a note below.
Effective interest
Name Country of incorporation Nature of relationship Principal activity 2015 2014
African operations
BIH Brasseries Internationales Gibraltar Associate Holding company for 20% 20%
Holding Ltd1 subsidiaries principally
located in Africa
Société des Brasseries et Glacières France Associate Holding company for 20% 20%
Internationales SA1 subsidiaries principally
located in Africa
Algerienne de Bavaroise Spa1,2 Algeria Associate Brewing 40% 40%
BIH Brasseries Internationales Gibraltar Associate Brewing/Soft drinks 27% 27%
Holding (Angola) Ltd1
Coca-Cola Canners of Southern South Africa Associate Canning of beverages 32% 32%
Africa (Pty) Ltd1
Delta Corporation Ltd3,4 Zimbabwe Associate Brewing/Soft drinks 25% 25%
Distell Group Ltd3,5 South Africa Associate Wines and spirits 27% 27%
Marocaine d’Investissements Morocco Associate Brewing 40% 40%
et de Services SA1,3,6
Skikda Bottling Company SARL1,2 Algeria Associate Soft drinks 40% 40%
Société de Boissons de I’Ouest Algeria Associate Soft drinks 40% 40%
Algerien SARL1,2
Société des Nouvelles Brasseries1,2 Algeria Associate Brewing 40% 40%
Asia Pacific operations

China Resources Snow Breweries Ltd1 British Virgin Islands Associate Holding company for 49% 49%
brewing subsidiaries
located in China
European operations
Anadolu Efes Biracılık ve Malt Sanayii AŞ 1,3 Turkey Associate Brewing/Soft drinks 24% 24%
Grolsch (UK) Ltd United Kingdom Associate Brewing 50% 50%
International Trade and Supply Ltd1 British Virgin Islands Associate Sales and distribution 40% 40%
North American operations

MillerCoors LLC1,7 USA Joint venture Brewing 58% 58%
Hotels and Gaming

Tsogo Sun Holdings Ltd3,8 South Africa Associate Holding company for – 40%
Hotels and Gaming
operations
These entities report their financial results for each 12-month period ending 31 December.
1
Effective 18 March 2004, SABMiller acquired 25% of the Castel group’s holding in these entities. Together with its 20% interest in the Castel group’s African beverage interests, this gives
2
SABMiller participation on a 40:60 basis with the Castel group.

Listed in country of incorporation.
3
Interests in this company are held by SABMiller Africa BV which is held 62% by SABMiller Holdings Ltd.
4
This entity reports its financial results for each 12-month period ending 30 June.
5
SABMiller acquired a 25% direct interest in this holding company on 18 March 2004 which has controlling interests in three breweries, a malting plant and a wet depot in Morocco. This 25%
6
interest together with its 20% interest in the Castel group’s African beverage interests, gives SABMiller an effective participation of 40% and the other 60% is held by the Castel group’s Africa
beverage interests.
SABMiller shares joint control of MillerCoors with Molson Coors Brewing Company under a shareholders’ agreement. Voting interests are shared equally between SABMiller and Molson Coors,
7
and each of SABMiller and Molson Coors has equal board representation. Under the agreement SABMiller has a 58% economic interest in MillerCoors and Molson Coors has a 42% economic
interest.
In August 2014 the group disposed of its investment in Tsogo Sun Holdings Limited through an institutional placing and share buyback.
8
The principal country in which each of the above associated undertakings operates is the same as the country in which each is incorporated.
However, Société des Brasseries et Glacières Internationales SA, BIH Brasseries Internationales Holding Ltd’s (Castel) and BIH Brasseries
Internationales Holding (Angola) Ltd’s principal subsidiaries are in Africa, China Resources Snow Breweries Ltd operates in Hong Kong and
its principal subsidiaries are in the People’s Republic of China, and International Trade and Supply Ltd operates in the United Arab Emirates.

Balance sheet of SABMiller plc

at 31 March
2015 2014
Notes US$m US$m
Fixed assets
Tangible fixed assets 2 177 158
Investments in subsidiary undertakings 3 14,069 14,102
14,246 14,260
Current assets
Debtors: amounts falling due after more than one year 4 5,782 5,412
Derivative financial instruments: amounts falling due after more than one year 9 388 301
Debtors: amounts falling due within one year 5 1,201 2,293
Derivative financial instruments: amounts falling due within one year 9 20 52
Cash at bank and in hand 6 449 1,532
7,840 9,590
Creditors: amounts falling due within one year 7 (667) (2,091)
Net current assets 7,173 7,499
Total assets less current liabilities 21,419 21,759

Creditors: amounts falling due after more than one year 8 (1,469) (2,387)
Net assets 19,950 19,372
Capital and reserves

Share capital 168 167
Share premium 6,752 6,648
Merger relief reserve 3,963 4,321
Other reserves (1,186) (1,164)
Profit and loss account 10,253 9,400
Total shareholders’ funds 10 19,950 19,372
The financial statements on pages 176 to 185 were approved by the board of directors on 2 June 2015 and were signed on its behalf by
Alan Clark
Chief Executive
Advantage has been taken of the provisions of section 408(3) of the Companies Act 2006 which permit the omission of a separate profit and loss
account for SABMiller plc. The profit for the parent company for the year was US$2,141 million (2014: US$827 million).
The consolidated financial statements of the group include a consolidated cash flow statement, which includes the cash flows of the company.
The company has therefore taken advantage of the exemption granted by FRS 1 (Revised 1996) not to present a cash flow statement.

Notes to the company financial statements
1. Accounting policies d) Investments in subsidiary undertakings

a) Basis of preparation These comprise investments in shares, capital contributions in respect
SABMiller plc (the company) is a public limited company incorporated of share awards grants to employees of subsidiaries and loans that the
in Great Britain and registered in England and Wales. The company directors intend to hold on a continuing basis in the company’s business.
financial statements have been prepared in accordance with the The investments are stated at cost, together with subsequent capital
Companies Act 2006 and with accounting standards applicable in contributions, less provisions for impairment.
the United Kingdom (UK GAAP).
e) Impairment
The financial statements are prepared on the going concern basis, In accordance with FRS 11, ‘Impairment of fixed assets and goodwill’,
under the historical cost convention, as modified by certain financial fixed assets are subject to an impairment review if circumstances or events
assets and financial liabilities (including derivative instruments) at fair change to indicate that the carrying value may not be fully recoverable.
value through profit and loss. The principal accounting policies, which The review is performed by comparing the carrying value of the fixed asset
have been applied consistently throughout the year are set out below. to its recoverable amount, being the higher of the net realisable value and
value in use. The net realisable value is considered to be the amount that
During the year certain balance sheet disclosures were reassessed.
could be obtained on disposal of the asset. The value in use of the asset is
As a consequence, certain prior year disclosures have been revised.
determined by discounting, at a market-based discount rate, the expected
The derivative financial instrument assets falling due after more than
future cash flows resulting from its continued use, including those arising
one year have been reclassified on the balance sheet from fixed assets
from its final disposal. When the carrying values of fixed assets are written
to current assets to be consistent with current year disclosures.
down by any impairment amount, the loss is recognised in the profit and
b) Foreign currencies loss account in the period in which it is incurred.
The financial statements are presented in US dollars which is the
Should circumstances or events change and give rise to a reversal of a
company’s functional and presentational currency.
previous impairment loss, the reversal is recognised in the profit and loss
The South African rand (ZAR) and British pound (GBP) exchange rates account in the period in which it occurs and the carrying value of the
to the US dollar used in preparing the company financial statements asset is increased. The increase in the carrying value of the asset will
were as follows. only be up to the amount that it would have been had the original
impairment not occurred.
Weighted average rate Closing rate
ZAR GBP ZAR GBP For the purpose of conducting impairment reviews, income generating
units are considered to be groups of assets and liabilities that generate
Year ended 31 March 2015 11.08 0.62 12.13 0.67
income, and are largely independent of other income streams. They
Year ended 31 March 2014 10.13 0.63 10.53 0.60
also include those assets and liabilities directly involved in producing the
income and a suitable proportion of those used to produce more than
Monetary assets and liabilities denominated in foreign currencies are
one income stream.
retranslated at the rate of exchange ruling at the balance sheet date
or at the related forward contractual rate with the resultant translation f) Financial assets and financial liabilities
differences being included in operating profit, other than those arising Financial assets and financial liabilities are initially recorded at fair value
on financial liabilities which are recorded within net finance costs. (plus any directly attributable transaction costs except in the case of
those classified at fair value through profit or loss). For those financial
Non-monetary items that are measured in terms of historical cost in a
instruments that are not subsequently held at fair value, the company
foreign currency are translated at the rate of exchange ruling at the date
assesses whether there is any objective evidence of impairment at
of the transaction. All other non-monetary items denominated in a foreign
each balance sheet date.
currency are translated at the rate of exchange ruling at the balance
sheet date. Financial assets are recognised when the company has rights or other
access to economic benefits. Such assets consist of cash, equity
c) Tangible fixed assets and depreciation
instruments, a contractual right to receive cash or another financial asset,
Tangible fixed assets are stated at cost net of accumulated depreciation
or a contractual right to exchange financial instruments with another
and impairment losses. Cost includes the original purchase price of the
entity on potentially favourable terms. Financial assets are derecognised
assets and the costs attributable to bringing the asset to its working
when the rights to receive cash flows from the asset have expired or
condition for its intended use.
have been transferred and the company has transferred substantially
No depreciation is provided on assets in the course of construction. all risks and rewards of ownership.
In respect of all other tangible fixed assets, depreciation is provided
Financial liabilities are recognised when there is an obligation to transfer
on a straight-line basis at rates calculated to write off the cost, less the
benefits and that obligation is a contractual liability to deliver cash
estimated residual value of each asset, evenly over its expected useful
or another financial asset or to exchange financial instruments with
life as follows:
another entity on potentially unfavourable terms. Financial liabilities are
Office equipment and software 2-10 years derecognised when they are extinguished, that is discharged, cancelled
Short leasehold land and buildings Shorter of the lease term or expired. If a legally enforceable right exists to set off recognised
or 50 years amounts of financial assets and liabilities, which are in determinable
monetary amounts, and there is the intention to settle net, the relevant
The company regularly reviews its depreciation rates to take account
financial assets and liabilities are offset. Interest costs are charged to
of any changes in circumstances. When setting useful economic lives,
the profit and loss account in the year in which they accrue. Premiums
the principal factors the company takes into account are the expected
or discounts arising from the difference between the net proceeds of
rate of technological developments, expected market requirements for
financial instruments purchased or issued and the amounts receivable
the equipment and the intensity at which the assets are expected to
or repayable at maturity are included in the effective interest calculation
be used. The profit or loss on the disposal of an asset is the difference
and taken to net interest payable over the life of the instrument.
between the disposal proceeds and the net book value of the asset.

Notes to the company financial statements continued
1. Accounting policies continued g) Revenue recognition

(i) Loans and receivables (i) Interest income
Loans and receivables are non-derivative financial assets with fixed or Interest income is recognised on an accruals basis using the effective
determinable payments that are not quoted in an active market. They interest method.
arise when the company provides money, goods or services directly to a
(ii) Dividend income
debtor with no intention of trading the receivable. Loans and receivables
Dividend income is recognised when the right to receive payment
are included in debtors in the balance sheet.
is established.
Loans and receivables are initially recognised at cost including originating
h) Deferred taxation
fees and transaction costs and subsequently measured at amortised
Deferred tax is recognised in respect of all timing differences that have
cost using the effective interest method less provision for impairment.
originated but not reversed at the balance sheet date, where transactions
Loans and receivables include loans and amounts owed by subsidiary
or events that result in an obligation to pay more tax in the future or
undertakings, amounts owed by associated undertakings and
a right to pay less tax in the future have occurred at the balance
other debtors.
sheet date.
(ii) Cash at bank and in hand
A net deferred tax asset is regarded as recoverable and therefore
Cash at bank and in hand includes cash in hand, bank deposits
recognised only when, on the basis of all available evidence, it can be
repayable on demand, other short-term highly liquid investments with
regarded as more likely than not that there will be suitable taxable profits
original maturities of three months or less. Bank overdrafts are shown
against which to recover carried forward tax losses and from which
within creditors – amounts falling due within one year.
the future reversal of underlying timing differences can be deducted.
(iii) Derivative financial assets and financial liabilities
Deferred tax is measured at the tax rates that are expected to apply
Derivative financial assets and financial liabilities are financial instruments
in the periods in which the timing differences are expected to reverse,
whose value changes in response to an underlying variable, require little
based on tax rates and laws that have been enacted or substantively
or no initial investment and are settled in the future.
enacted by the balance sheet date. Deferred tax is measured on a
Derivative financial assets and liabilities are analysed between current non-discounted basis.
assets and creditors on the face of the balance sheet, depending on
i) Dividend distributions
when they are expected to mature. For derivatives that have not been
In accordance with FRS 21, ‘Events after the balance sheet date’,
designated to a hedging relationship, all fair value movements are
dividend distributions to equity holders are recognised as a liability in the
recognised immediately in the profit and loss account. See note k
financial statements of the company in the period in which the dividends
for the company’s accounting policy on hedge accounting.
are approved by the company’s shareholders. Dividends declared after
(iv) Trade creditors the balance sheet date are not recognised, as there is no present
Trade creditors are initially recognised at fair value and subsequently obligation at the balance sheet date. Interim dividends are recognised
measured at amortised cost. when paid.
Trade creditors are classified as creditors falling due within one year j) Share-based compensation
unless the company has an unconditional right to defer settlement for The company operates several equity-settled share-based
at least 12 months from the balance sheet date. compensation schemes. These include share option and stock
appreciation rights plans (with and without market performance
(v) Borrowings
conditions attached), performance share award plans (with and without
Borrowings are recognised initially at fair value, net of transaction costs
market performance conditions attached) and awards related to the
and are subsequently stated at amortised cost and include accrued
employee element of the Broad-Based Black Economic Empowerment
interest and prepaid interest. Borrowings are classified as current
(BBBEE) scheme in South Africa. In addition the company has granted
liabilities unless the company has an unconditional right to defer
an equity-settled share-based payment to retailers in relation to the
settlement of the liability for at least 12 months from the balance sheet
retailer component of the BBBEE scheme.
date. Borrowings classified as hedged items are subject to hedge
accounting requirements (see note k). In accordance with FRS 20 ‘Share-based payments’, an expense is
recognised to spread the fair value at date of grant of each award over
(vi) Financial guarantees
the vesting period on a straight-line basis, after allowing for an estimate
FRS 26, ‘Financial instruments – recognition and measurement’, requires
of the share awards that will eventually vest. A corresponding adjustment
that issued financial guarantees, other than those previously asserted by
is made to equity over the remaining vesting period. The estimate of
the entity to be insurance contracts, are to be initially recognised at their
the level of vesting is reviewed at least annually, with any impact on the
fair value and subsequently measured at the higher of the amount initially
cumulative charge being recognised immediately. The charge is based
recognised less cumulative amortisation recognised and the amount
on the fair value of the award at the date of grant, as calculated by
determined in accordance with FRS 12 ‘Provisions, contingent liabilities
binomial model calculations and Monte Carlo simulations.
and contingent assets’.
The charge is not reversed if the options or rights have not been
Financial guarantee contracts are defined in FRS 26 as contracts that
exercised because the market value of the shares is lower than the
require the issuer to make specified payments to reimburse the holder
option price at the date of grant. The proceeds received net of any
for a loss it incurs because a specified debtor fails to make payment
directly attributable transaction costs are credited to share capital
when due in accordance with the original or modified terms of a
(nominal value) and share premium when the options are exercised,
debt instrument.
unless the options are satisfied by the transfer of treasury or the
Financial guarantees are amortised over the life of the guarantee, or Employees’ Benefit Trust (EBT) shares.
accelerated if the third party obligation is settled early. The amortisation
is taken to the profit and loss account.

1. Accounting policies continued (i) Fair value hedges
The issue by the company to employees of its subsidiaries of a grant Fair value hedges comprise derivative financial instruments designated
over the company’s shares represents additional capital contributions in a hedging relationship to manage the company’s interest rate risk to
by the company to its subsidiaries, except to the extent the company which the fair value of certain assets and liabilities are exposed. Changes
is reimbursed. An additional investment in subsidiaries results in a in the fair value of the derivative offset the relevant changes in the fair
corresponding increase in shareholders’ equity. The additional capital value of the underlying hedged item attributable to the hedged risk in
contribution is based on the fair value of the grant issued allocated the profit and loss account in the period incurred. Gains or losses on fair
over the underlying grant’s vesting period. value hedges that are regarded as highly effective are recorded in the
profit and loss account together with the gain or loss on the hedged
The company has an employee benefit trust, the SABMiller Associated
item attributable to the hedged risk.
Companies’ Employees’ Benefit Trust (AC-EBT). The AC-EBT may hold
shares in SABMiller plc for the purposes of providing share incentives (ii) Cash flow hedges
for employees of companies in which SABMiller has a significant Cash flow hedges comprise derivative financial instruments designated
economic and strategic interest but over which it does not have in a hedging relationship to manage currency and interest rate risk
management control. to which the cash flows of certain assets and liabilities are exposed.
The effective portion of changes in the fair value of the derivative that
Shares held by EBTs and in treasury are treated as a deduction from
is designated and qualifies for hedge accounting is recognised as a
capital and reserves until the shares are utilised.
separate component of equity. The ineffective portion is recognised
k) Hedge accounting immediately in the profit and loss account. Amounts accumulated in
The derivative instruments used by the company, which are used solely equity are recycled to the profit and loss account in the period in which
for hedging purposes (i.e. to offset foreign exchange and interest rate the hedged item affects profit or loss. However, where a forecasted
risks), comprise interest rate swaps, cross currency swaps and forward transaction results in a non-financial asset or liability, the accumulated
foreign exchange contracts. Such derivative instruments are used to fair value movements previously deferred in capital and reserves are
alter the risk profile of an existing underlying exposure of the company included in the initial cost of the asset or liability.
in line with the company’s risk management policies.
Details of the group’s financial risk management objectives and policies
Derivatives are initially recorded at fair value on the date a derivative are provided in note 21 to the consolidated financial statements of
contract is entered into and are subsequently remeasured at their fair the group.
value. The method of recognising the resulting gain or loss depends on
l) Operating leases
whether the derivative is designated as a hedging instrument, and if so,
Rentals paid on operating leases are charged to the profit and loss
the nature of the hedging relationship.
account on a straight-line basis over the lease term.
In order to qualify for hedge accounting, the company is required to
m) Pension obligations
document the relationship between the hedged item and the hedging
The company operates a defined contribution scheme. Contributions
instrument. The company is also required to document and demonstrate
to this scheme are charged to the profit and loss account as incurred.
that the relationship between the hedged item and the hedging instrument
will be highly effective. This effectiveness test is reperformed at each
period end to ensure that the hedge has remained and will continue
to remain highly effective.
The company designates certain derivatives as hedges of the fair value
of recognised assets or liabilities or a firm commitment (fair value hedge)
or hedges of highly probable forecast transactions or commitments
(cash flow hedge).
Where a derivative ceases to meet the criteria of being a hedging
instrument or the underlying exposure which it is hedging is sold,
matures or is extinguished, hedge accounting is discontinued and
amounts previously recorded in equity are recycled to the profit and loss
account. A similar treatment is applied where the hedge is of a future
transaction and that transaction is no longer likely to occur. When the
hedge is discontinued due to ineffectiveness, hedge accounting is
discontinued prospectively.
Certain derivative instruments, while providing effective economic
hedges under the company’s policies, are not designated as hedges.
Changes in the fair value of any derivative instruments that do not qualify
or have not been designated as hedges are recognised immediately
in the profit and loss account. The company does not hold or issue
derivative financial instruments for speculative purposes.

2. Tangible fixed assets

Assets in Short leasehold Office
course of land and equipment
construction buildings and software Total
US$m US$m US$m US$m
Cost
At 1 April 2014 38 37 215 290
Additions 44 2 9 55
Transfers (8) – 8 –
At 31 March 2015 74 36 232 342
Accumulated depreciation
At 1 April 2014 – 22 110 132
Charge for the year – 4 31 35
At 31 March 2015 – 24 141 165
Net book amount

At 1 April 2014 38 15 105 158
At 31 March 2015 74 12 91 177
3. Investments in subsidiary undertakings

US$m
Cost
At 1 April 2014 14,242
Additions 14
Capital contribution relating to share-based payments 49
At 31 March 2015 14,305
Accumulated impairment
At 1 April 2014 140
Impairment provision 96
At 31 March 2015 236
Net book value

At 31 March 2014 14,102
At 31 March 2015 14,069
During the year, the company increased its investment in SABMiller Holdings Europe Ltd by US$11 million and in SABMiller Africa & Asia BV
by US$3 million.
The company recorded an impairment of US$96 million against its investment in SABMiller Africa & Asia BV related to its business in India.
Further information relating to this is detailed in note 10 to the consolidated financial statements of the group.
The directors believe that the carrying value of the investments is supported by their underlying net assets.

3. Investments in subsidiary undertakings continued
The investments in subsidiary undertakings are as follows (all interests are 100% direct investments unless stated otherwise).
2015 2014
Name Country of incorporation Principal activity US$m US$m
SABMiller Holdings Ltd United Kingdom Holding company 10,633 10,633

Miller Brands (UK) Ltd United Kingdom Sales and distribution 39 39
SABMiller Management BV Netherlands Group management services – –
SABMiller Africa & Asia BV 1 Netherlands Holding company 195 288
Appletiser International BV Netherlands Holding company – –
SABMiller (Safari) United Kingdom Finance company 506 506
Pilsner Urquell International BV Netherlands Holding company – –
SABMiller Holdings Europe Ltd United Kingdom Holding company 2,117 2,106
Racetrack Colombia Finance SAS Colombia Finance company – –
SABMiller Horizon Ltd United Kingdom Agent company – –
SABSA Holdings Ltd2 South Africa Holding company 5 5
SABMiller Capital UK Ltd United Kingdom Holding company – –
SABMiller Asia Capital LLP 3 United Kingdom Finance company – –
13,495 13,577
Capital contribution relating to share-based payments 574 525
14,069 14,102
Operates and resident for tax purposes in the United Kingdom.

1
SABMiller plc contributed ZAR36 million towards the cost of a guarantee fee to SABSA Holdings Ltd, a fellow group undertaking. It has no direct interest in the share capital of that company.
2
1% direct interest and 100% effective interest.

3
4. Debtors: amounts falling due after more than one year

2015 2014
US$m US$m
Loans owed by subsidiary undertakings 5,529 5,405
Amounts owed by subsidiary undertakings 231 –
Financial guarantee asset 2 1
Prepayments 20 6
5,782 5,412
Interest on loans owed by subsidiary undertakings is charged at either fixed or floating rates. The floating rate is one month LIBOR plus 180 bps and
the loan is repayable in 2017. The fixed rate is 3.27% and the loan is repayable in 2021. Amounts owed by subsidiary undertakings are non-interest
bearing with a fixed repayment date.
5. Debtors: amounts falling due within one year

2015 2014
US$m US$m
Loans owed by subsidiary undertakings 938 1,843

Amounts owed by subsidiary undertakings 200 328
Amounts owed by associated undertakings 1 –
Other debtors 31 33
Corporation tax 28 55
Financial guarantee asset 3 2
Loan participation deposit – 32
1,201 2,293
Interest on loans owed by subsidiary undertakings is charged at either fixed interest rates or floating rates of one or six month LIBOR plus zero
to 80 bps depending on the location of the subsidiary undertaking. Amounts owed by subsidiary and associated undertakings are non-interest
bearing and are repayable on demand or with a fixed repayment date.
6. Cash at bank and in hand

2015 2014
US$m US$m
Short-term deposits 449 1,532
The company has short-term deposits in US dollars. The effective interest rate was 0.18% (2014: 0.17%).

7. Creditors: amounts falling due within one year

2015 2014
US$m US$m
Trade and other creditors 35 39

Loans owed to subsidiary undertakings 434 366
Amounts owed to subsidiary undertakings 26 40
Taxation and social security 25 42
Derivative financial instruments (see note 9) 32 11
Accruals and deferred income 64 84
Dividends payable to shareholders 1 1
Unsecured bonds – 1,452
Financial guarantee 50 56
667 2,091
Interest on loans owed to subsidiary undertakings is at floating rates of one or six month LIBOR minus zero to 13 bps. All amounts owed to subsidiary
undertakings are unsecured and repayable on demand.
8. Creditors: amounts falling due after more than one year

2015 2014
US$m US$m
Unsecured bonds 1,220 2,089

Amounts owed to subsidiary undertakings 3 –
Derivative financial instruments (see note 9) 5 1
Other creditors 5 10
Deferred income 5 6
Financial guarantee in respect of subsidiary borrowings 231 281
1,469 2,387
The maturity of creditors falling due after more than one year is as follows.
Between one and two years 57 67
Between two and five years 847 1,790
1,469 2,387
The amount due after five years consists of a bond and a financial guarantee. The bond matures in 2033 with a fixed interest rate of 6.625%.
The financial guarantee matures in 2042.
9. Derivative financial instruments

Notional Notional
amounts Assets Liabilities amounts Assets Liabilities
2015 2015 2015 2014 2014 2014
Current derivative financial instruments

Forward foreign currency contracts 563 20 (7) 1,023 9 (11)
Forward foreign currency contracts as cash flow hedges 290 – (25) 388 15 –
Interest rate swaps designated as fair value hedges – – – 838 21 –
Cross currency swaps – – – 121 7 –
853 20 (32) 2,370 52 (11)
Non-current derivative financial instruments

Forward foreign currency contracts 1 – – 18 – –
Forward foreign currency contracts as cash flow hedges 46 – (1) 32 – –
Interest rate swaps 1,600 64 (4) 600 50 (1)
Interest rate swaps designated as fair value hedges 300 146 – 800 138 –
Cross currency swaps 286 178 – 352 113 –
2,233 388 (5) 1,802 301 (1)

Derivatives designated as hedging instruments
(i) Cash flow hedges
The company has entered into forward exchange contracts designated as cash flow hedges to manage short-term foreign currency exchange
exposures to future creditor payments.
(ii) Fair value hedges
The company has entered into interest rate swaps to pay floating and receive fixed interest which have been designated as fair value hedges
to manage changes in the fair value of its fixed rate borrowings. The borrowings and interest rate swaps have the same critical terms.
As at 31 March 2015, the carrying value of the hedged borrowings was US$460 million (2014: US$2,313 million).
Held for trading derivative financial instruments
(i) Forward foreign currency contracts
The company has entered into several forward foreign currency contracts to manage the group’s exposure to foreign exchange risk on the
investments in subsidiaries and fellow group undertakings in South Africa and Poland (2014: South Africa, the Czech Republic and Poland).
(ii) Cross currency swaps
The company has entered into several cross currency swaps to manage the group’s exposure to foreign exchange risk relating to subsidiaries
and fellow group undertakings in South Africa and the Netherlands (2014: South Africa, Australia, Poland and the Netherlands).
(iii) Interest rate swaps
The company has entered into interest rate swaps to manage exposures to fluctuations in interest rates. The derivatives are fair valued based
on discounted future cash flows with gains and losses taken to the profit and loss account.
Fair values of financial assets and financial liabilities
Book value Fair value Book value Fair value

2015 2015 2014 2014
US$m US$m US$m US$m
Current borrowings – – (1,452) (1,486)

Non-current borrowings (1,220) (1,202) (2,089) (2,172)
Non-current loans to subsidiary undertakings 5,529 6,044 5,405 5,814
Current borrowings in the table above exclude amounts owed to subsidiary undertakings. All financial assets and liabilities, other than disclosed in
the table above, have a book value which approximates to their fair value.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded
as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
and these prices represent actual and regularly occurring transactions on arm’s length basis.
The fair values of financial instruments that are not traded in an active market are based on the net present value of the anticipated future cash flows
associated with these instruments, using rates currently available for debt on similar terms, credit risk and remaining maturity.
Fair value gain on financial instruments recognised in the profit and loss account
2015 2014
US$m US$m
Derivative financial instruments:

Forward foreign currency contracts 40 115
Fair value gain on forward foreign currency contracts transferred from other comprehensive loss 1 –
Interest rate swaps (10) (9)
Interest rate swaps designated as fair value hedges 17 (104)
Cross currency swaps 66 –
114 2
Other financial instruments:
Guarantee fees 58 61
Early repayment costs (48) –
Borrowings designated as the hedged item in a fair value hedge (27) 99
(17) 160
Total fair value gain on financial instruments recognised in the profit and loss account 97 162


Other financial liabilities
Other financial liabilities include guarantee fee liabilities as disclosed in notes 7 and 8.
The company has guaranteed the bank overdrafts and drawn components of bank loans and issued bonds of a number of subsidiaries. Under the
terms of the financial guarantee contracts, the company will make payments to reimburse the lenders upon failure of the guaranteed entity to make
payments when due.
Terms and notional values of the liabilities guaranteed were as follows.
2015 2014
US$m US$m
Financial year of maturity

2015 – 1,164
2016 640 155
2017 2,251 2,222
2018 257 149
2019 1,100 1,100
2020 1,073 1,367
2022 2,500 2,500
2042 1,500 1,500
9,321 10,157
10. Reconciliation of movements in shareholders’ funds

Share Share Merger relief Hedging Treasury Profit and loss
capital premium reserve reserve EBT shares account Total
At 1 April 2014 167 6,648 4,321 12 (168) (1,008) 9,400 19,372

Issue of share capital 1 61 – – – – – 62
Profit for the year – – – – – – 2,141 2,141
Dividends paid – – – – – – (1,696) (1,696)
Cash flow hedges – fair value losses – – – (38) – – – (38)
Transfer into EBT – – – – (53) 53 – –
Purchases of EBT shares – – – – (146) – – (146)
Utilisation of EBT shares – – – – 112 – (112) –
Utilisation of treasury shares – 43 – – – 50 – 93
Utilisation of merger relief reserve – – (358) – – – 358 –
Credit entry relating to share-based
payments – – – – – – 113 113
Capital contribution relating to share-
based payments – – – – – – 49 49
At 31 March 2015 168 6,752 3,963 (26) (255) (905) 10,253 19,950
Foreign exchange differences recognised in the profit for the year, except for those arising on financial instruments measured at fair value under
FRS 26, were losses of US$70 million (2014: US$82 million).
The profit and loss account includes US$3,645 million of non-distributable reserves (2014: US$3,645 million).
Merger relief reserve
At 1 April 2014 the merger relief reserve comprised US$3,395 million in respect of the excess of value attributed to the shares issued as consideration
for Miller Brewing Company over the nominal value of those shares and US$926 million relating to the merger relief arising on the issue of SABMiller
plc ordinary shares for the buyout of non-controlling interests in the group’s Polish business. During the year ended 31 March 2015, the group
transferred US$358 million of the reserve relating to the Polish business to retained earnings upon realisation of qualifying consideration.
Further information relating to the share capital, share premium, the treasury shares and the EBT reserve of the company is detailed in notes 25 and
26 to the consolidated financial statements of the group. Details of share incentive schemes are provided in note 25 to the consolidated financial
statements of the group. Details of dividends paid and proposed for the year are provided in note 9 to the consolidated financial statements of
the group.

11. Profit and loss information
Information relating to directors’ remuneration is included in the directors’ remuneration report on pages 74 to 96.
The fee charged for statutory audit was US$0.1 million (2014: US$0.1 million).
Operating leases
Operating lease charges recognised in profit and loss during the year were as follows.
2015 2014
US$m US$m
Plant and machinery 4 4

Other 6 7
12. Other information

a. Deferred tax assets have not been recognised in respect of the following.
2015 2014
US$m US$m
Tax losses 58 60
Depreciation in excess of capital allowances 6 3
Accruals and provisions 1 1
112 92
b. Contingent liabilities and guarantees

The company has guaranteed borrowings in respect of certain subsidiary undertakings. Guarantee fees received from 100% owned subsidiaries
were US$57 million (2014: US$56 million).
Guarantees provided on behalf of related parties in respect of bank facilities were US$525 million (2014: US$430 million). Note 13 details guarantee
fees received from and paid to related parties.
Guarantees provided on behalf of third parties in respect of bank facilities were US$54 million (2014: US$54 million).
At 31 March 2015 the company had annual commitments under non-cancellable operating leases as follows.
2015 2014
US$m US$m
Land and buildings

Within one year 1 –
Between two and five years 3 4
Other
Within one year 3 –
Between two and five years – 1
13. Related party transactions

Transactions with undertakings which are not wholly owned
The company has taken advantage of the exemption provided under FRS 8 not to disclose transactions with subsidiaries which are wholly owned.
During the year the company had transactions with undertakings in which it does not hold a 100% interest as follows.
2015 2014
US$m US$m
Guarantee fees received from fellow group subsidiaries 3 2

Income from recharges to subsidiary undertakings – 2
Guarantee fees paid to subsidiary undertakings (1) (1)
2015 2014
At 31 March US$m US$m
Amounts owed by subsidiary undertakings falling due within one year 1 18

Amounts owed by associated undertakings falling due within one year 1 –
Amounts owed by subsidiary undertakings falling due after more than one year 4 –
Amounts owed to subsidiary undertakings falling due within one year (4) (6)
Amounts owed to subsidiary undertakings falling due after more than one year (3) –

Five-year financial review

for the years ended 31 March
2015 20141 2013 2012 2011

Income statements
Group NPR 26,288 26,719 26,932 24,949 n/a
Group revenue 33,558 34,084 34,487 31,388 28,311
Revenue 22,130 22,311 23,213 21,760 19,408
Operating profit 4,384 4,242 4,192 5,013 3,127
Net finance costs (637) (645) (726) (562) (525)
Share of post-tax results of associates and joint ventures 1,083 1,226 1,213 1,152 1,024
Taxation (1,273) (1,173) (1,192) (1,126) (1,069)
Non-controlling interests (258) (269) (237) (256) (149)
Profit for the year attributable to owners of the parent 3,299 3,381 3,250 4,221 2,408
Adjusted earnings 3,835 3,865 3,772 3,400 3,018
Adjusted EBITDA 6,677 6,656 6,564 n/a n/a
Balance sheets
Non-current assets 40,552 48,366 50,588 50,998 34,870
Current assets 4,359 5,385 5,683 4,851 4,178
Assets of disposal group classified as held for sale – – 23 79 66
Total assets 44,911 53,751 56,294 55,928 39,114
Derivative financial instruments (111) (115) (86) (109) (135)
Borrowings (12,544) (17,047) (18,548) (19,226) (8,460)
Other liabilities and provisions (7,901) (9,107) (10,199) (10,554) (7,694)
Liabilities of disposal group classified as held for sale – – (1) (7) (66)
Total liabilities (20,556) (26,269) (28,834) (29,896) (16,355)
Net assets 24,355 27,482 27,460 26,032 22,759
Total shareholders’ equity 23,172 26,319 26,372 25,073 22,008

Non-controlling interests in equity 1,183 1,163 1,088 959 751
Total equity 24,355 27,482 27,460 26,032 22,759
Cash flow statements

Net cash generated from operations before working capital movements 5,680 5,677 5,758 4,979 4,502
Net working capital movements 132 93 (204) 258 66
Net cash generated from operations 5,812 5,770 5,554 5,237 4,568
Net interest paid (651) (743) (770) (407) (640)
Tax paid (1,439) (1,596) (683) (893) (885)
Net cash inflow from operating activities 3,722 3,431 4,101 3,937 3,043
Net capital expenditure and other investments (1,503) (1,416) (1,440) (1,522) (1,245)
Net investments in subsidiaries, joint ventures and associates 755 (338) (223) (11,095) (183)
Dividends received from joint ventures, associates and other investments 1,407 1,128 1,000 1,017 911
Net cash inflow before financing and dividends 4,381 2,805 3,438 (7,663) 2,526
Net cash outflow from financing (3,677) (1,195) (517) 8,819 (1,214)
Dividends paid to shareholders of the parent (1,705) (1,640) (1,517) (1,324) (1,113)
Effect of exchange rates (117) (61) (51) (39) 25
(Decrease)/increase in cash and cash equivalents (1,118) (91) 1,353 (207) 224
Per share information (US cents per share)

Basic earnings per share 205.7 211.8 204.3 266.6 152.8
Diluted earnings per share 203.5 209.1 202.0 263.8 151.8
Adjusted basic earnings per share 239.1 242.0 237.2 214.8 191.5
Total number of shares in issue (millions) 1,675.7 1,672.6 1,669.7 1,664.3 1,659.0
Other operating and financial statistics

Return on equity (%)2 16.6 14.7 14.3 13.6 13.7
EBITA margin (as a percentage of group NPR) 24.2 24.2 23.7 n/a n/a
EBITA margin (as a percentage of group revenue) n/a n/a n/a 17.9 17.8
Adjusted EBITDA margin (as a percentage of NPR) 31.7 31.4 30.0 n/a n/a
Net debt: adjusted EBITDA 1.6 2.1 2.4 n/a n/a
Interest cover (times) 10.7 10.3 8.9 n/a n/a
Free cash flow (US$m) 3,233 2,563 3,230 3,048 2,488
Gearing ratio (%) 43.0 52.0 56.8 68.4 31.2
Average monthly number of employees 68,808 69,947 70,486 71,144 69,212
¹ Restated for the adjustments made on the adoption of IFRS 10.

This is calculated by expressing adjusted earnings as a percentage of total shareholders’ equity.
2

2015 20141 2013 2012 2011
Group NPR
Segmental analysis
Latin America 5,768 5,745 5,802 5,315 n/a
Africa 7,462 7,421 7,765 7,834 n/a
Asia Pacific 3,867 3,944 4,005 2,600 n/a
Europe 4,398 4,574 4,300 4,235 n/a
North America 4,682 4,665 4,656 4,544 n/a
Retained operations 26,177 26,349 26,528 24,528 n/a
South Africa: Hotels and Gaming 111 370 404 421 n/a
26,288 26,719 26,932 24,949 n/a
Operating profit (excluding share of associates and joint ventures)

Segmental analysis
Latin America 2,110 2,069 1,983 1,736 1,497
Africa 1,471 1,478 1,491 1,513 1,362
Asia Pacific 438 468 461 124 (22)
Europe 548 576 652 804 857
North America 14 9 7 – 16
Corporate (122) (161) (202) (190) (147)
Operating profit – before exceptional items 4,459 4,439 4,392 3,987 3,563
Exceptional credit/(charge)
Latin America – 47 (63) (119) (106)
Africa 45 (8) 57 121 (192)
Asia Pacific (452) (103) (104) (70) –
Europe – (11) (64) 1,135 (261)
North America – – – – –
Corporate (69) (122) (26) (41) 123
Retained operations (476) (197) (200) 1,026 (436)
South Africa: Hotels and Gaming 401 – – – –
Operating profit – after exceptional items 4,384 4,242 4,192 5,013 3,127
EBITA
Segmental analysis
Latin America 2,224 2,192 2,112 1,865 1,620
Africa 1,907 1,954 1,957 1,911 1,714
Asia Pacific 768 845 854 321 92
Europe 700 703 784 836 887
North America 858 804 740 756 741
Corporate (122) (161) (202) (190) (147)
Retained operations 6,335 6,337 6,245 5,499 4,907
South Africa: Hotels and Gaming 32 123 134 135 137
6,367 6,460 6,379 5,634 5,044
¹ Restated for the adjustments made on the adoption of IFRS 10.

Definitions
Financial definitions Group net producer revenue (NPR)

This comprises group revenue less excise duties and other similar
Adjusted earnings
taxes, together with the group’s share of excise duties and other
Adjusted earnings are calculated by adjusting headline earnings
similar taxes from associates and joint ventures.
(as defined below) for the amortisation of intangible assets (excluding
computer software), exceptional integration and restructuring costs, Headline earnings
and other items which have been treated as exceptional but not included Headline earnings are calculated by adjusting profit for the financial
above or as headline earnings adjustments together with the group’s period attributable to owners of the parent for items in accordance with
share of associates’ and joint ventures’ adjustments for similar items. the South African Circular 2/2013 entitled ‘Headline Earnings’. Such
The tax and non-controlling interests in respect of these items are items include exceptional impairments of non-current assets and profits
also adjusted. or losses on disposals of non-current assets and their related tax and
non-controlling interests. This also includes the group’s share of
Adjusted EBITDA
associates’ and joint ventures’ adjustments on a similar basis.
This comprises operating profit before exceptional items, depreciation
and amortisation, and includes the group’s share of MillerCoors’ Interest cover
operating profit on a similar basis. This is the ratio of adjusted EBITDA to adjusted net finance costs.
Adjusted net finance costs Net debt
This comprises net finance costs excluding any exceptional finance This comprises gross debt (including borrowings, financing derivative
charges or income. financial instruments, overdrafts and finance leases) net of cash and
cash equivalents (excluding overdrafts).
Adjusted profit before tax
This comprises EBITA less adjusted net finance costs and less the Organic information
group’s share of associates’ and joint ventures’ net finance costs Organic results and volumes exclude the first 12 months’ results and
on a similar basis. volumes relating to acquisitions and the last 12 months’ results and
volumes relating to disposals.
Constant currency
Constant currency results have been determined by translating the Total shareholder return (TSR)
local currency denominated results for the year ended 31 March TSR is the measure of the returns that a company has provided for
at the exchange rates for the prior year. its shareholders, reflecting share price movements and assuming
reinvestment of dividends.
EBITA
This comprises operating profit before exceptional items, and Sales volumes
amortisation of intangible assets (excluding computer software) and In the determination and disclosure of sales volumes, the group
includes the group’s share of associates’ and joint ventures’ operating aggregates 100% of the volumes of all consolidated subsidiaries and
profit on a similar basis. its equity accounted percentage of all associates’ and joint ventures’
volumes. Contract brewing volumes are excluded from volumes although
EBITA margin (%)
revenue from contract brewing is included within group revenue.
This is calculated by expressing EBITA as a percentage of group net
Volumes exclude intra-group sales volumes. This measure of volumes
producer revenue.
is used for lager volumes, soft drinks volumes, other alcoholic beverage
EBITDA volumes and beverage volumes and is used in the segmental analyses
This comprises EBITA (as defined above) plus depreciation and as it more closely aligns with the consolidated group net producer
amortisation of computer software, including the group’s share of revenue and EBITA disclosures.
associates’ and joint ventures’ depreciation and amortisation
of computer software. KPI definitions – how we measure
EBITDA margin (%) Total shareholder return (TSR) in excess of the median
This is calculated by expressing EBITDA as a percentage of group net of peer group over five-year periods
producer revenue. TSR performance is measured by taking the percentage growth in
Effective tax rate (%) our TSR over the five-year period to the date aligned with the related
The effective tax rate is calculated by expressing tax before tax on measurement date of value share (2014 and 2013: performance share)
exceptional items and on amortisation of intangible assets (excluding awards for the excom, and deducting the percentage growth in the
computer software), including the group’s share of associates’ and TSR of the median of our peer group over the same period.
joint ventures’ tax on a similar basis, as a percentage of adjusted Growth in adjusted earnings per share (EPS)
profit before tax. Growth in adjusted EPS is measured by comparing the adjusted EPS
Free cash flow for the year with that of the prior year. Adjusted EPS is measured using
This comprises net cash generated from operating activities less cash adjusted earnings divided by the basic number of shares in issue.
paid for the purchase of property, plant and equipment, and intangible Adjusted earnings are measured using the definition above.
assets, net investments in existing associates and joint ventures (in both Growth in adjusted earnings per share (EPS) (constant currency)
cases only where there is no change in the group’s effective ownership Growth in adjusted EPS compared with the prior year is measured
percentage) and dividends paid to non-controlling interests plus cash on a constant currency basis (as defined above). Adjusted EPS
received from the sale of property, plant and equipment and intangible is measured using adjusted earnings divided by the basic number
assets and dividends received. of shares in issue. Adjusted earnings are measured using the
Group revenue definition above.
This comprises revenue together with the group’s share of revenue Free cash flow
from associates and joint ventures. Free cash flow is measured using the definition above.

Proportion of our total lager volume from markets in which KPI explanation of changes
we have no. 1 or no. 2 national market share positions
We have moved to TSR measurement associated with the value share
Lager volumes generated in markets where we have a number one or
awards as the performance share awards with a TSR performance
number two national beer market share position divided by total lager
measure have all now vested and only value share awards have a
volumes. Lager volumes are measured as defined on page 188.
TSR performance measure.
Proportion of group EBITA from developing economies
We have added a new KPI, adjusted EPS on a constant currency basis,
EBITA generated in developing economies divided by group EBITA
to align with the measures used to determine remuneration, as detailed
before corporate costs. EBITA is defined on page 188. Developing
in the directors’ remuneration report on pages 74 to 96.
economies are as defined by the International Monetary Fund (IMF).
We have amended our volume KPI to cover total beverage volumes
Organic growth in total beverage volumes
as we have increased the focus on other beverages, in particular
Organic growth in total beverage volumes is measured by comparing
soft drinks.
total beverage volumes in the year with those in the prior year excluding
the effects of acquisitions and disposals (organic information is defined We have amended our KPI in relation to EBITA margin progression to
on page 188). Total beverage volumes are measured as defined on measure this on an organic, constant currency basis to better monitor
page 188. the underlying progression.
Group net producer revenue growth (organic, constant currency) Following the conclusion of our business capability programme in 2014,
Growth in group net producer revenue compared with the prior year we are no longer reporting the accumulated benefits of that programme
is measured on a constant currency basis (as defined on page 188) and as a KPI. Instead we are reporting the cumulative annual financial benefits
excluding the effects of acquisitions and disposals (organic information from our cost and efficiency programme which was initiated in 2014.
is defined on page 188). Group net producer revenue is defined on As a result we do not have full three-year history for this new KPI.
page 188.
Net producer revenue growth in premium brands Non-financial definitions
(constant currency) Corporate Governance Code
Growth in subsidiary net producer revenue from sales of premium The UK Corporate Governance Code, as adopted by the Financial
brands compared with the prior year is measured on a constant Reporting Council.
currency basis (as defined on page 188). Premium brands are those
in the premium segment as defined below. Altria
Altria Group, Inc., our largest shareholder.
EBITA growth (organic, constant currency)
EBITA growth compared with the prior year is measured on a constant BevCo Ltd
currency basis (as defined on page 188) and excluding the effects of A holding company for the Santo Domingo Group, our second
acquisitions and disposals (organic information is defined on page 188). largest shareholder.
EBITA is defined on page 188. Direct economic value generated
EBITA margin progression (organic, constant currency) Revenue plus interest and dividend receipts, royalty income and
Progression in EBITA margin compared with the prior year is measured proceeds of sales of assets (in accordance with guidance by the
on a constant currency basis (as defined on page 188) and excluding Global Reporting Initiative GRI EC1).
the effects of acquisitions and disposals (organic information is defined Economy segment
on page 188). EBITA margin is defined on page 188. Taking the leading brand in the most popular pack type as the standard
Hectolitres of water used at our breweries per hl (=100), brands with a weighted average market price which fall below
of lager produced an index of 90 form the economy segment. Normally, all brands in
Water used at our breweries divided by the volume of lager produced. this segment will be local brands.
All consolidated subsidiaries are included on a 100% basis together with Mainstream segment
our equity accounted percentage share of the MillerCoors joint venture. Taking the leading brand in the most popular pack type as the standard
Fossil fuel emissions from energy used at our breweries per hl (=100), the mainstream segment is formed of brands with a weighted
of lager produced average market price which fall into the 90-109 band. Mainstream
Fossil fuel emissions are measured by the total amount of carbon dioxide brands tends to be local.
equivalent (CO2e) in kilograms released to the atmosphere by our brewery PET
operations divided by the volume of lager produced. The total amount of PET is short for polyethylene terephthalate, a form of plastic which
CO2e is the sum of direct emissions produced by the combustion of fuel is used for bottling alcoholic and non-alcoholic drinks.
(e.g. coal, oil, gas) and indirect emissions from the use of electricity and
steam. Emissions are calculated using the internationally recognised PwC
WRI/WBCSD Greenhouse Gas Protocol. All consolidated businesses PricewaterhouseCoopers LLP, our external auditors.
are included on a 100% basis together with our equity accounted Premium segment (worthmore segment in the USA)
percentage share of the MillerCoors joint venture. Taking the leading brands in the most popular pack type as the standard
Cumulative financial benefits from our cost and efficiency (=100), brands with a weighted average market price which have an
programme index of 110+ form the premium segment. The premium segment
Cumulative annual cost savings as a result of the roll out of global comprises local, regional and global brands.
business services organisation and the expansion of the scope of our STRATE
supply chain activities. South Africa’s Central Securities Depository, which exists to allow
share transactions in South Africa to be settled electronically.

Ordinary shareholding analyses
Listed below are analyses of holdings extracted from the register of ordinary shareholders at year end:
Number of Percentage of
shareholders share capital
Portfolio size
1 – 1,000 59,029 0.85
1,001 – 10,000 8,354 1.48
10,001 – 100,000 2,448 5.69
100,001 – 1,000,000 1,196 22.78
1,000,001 and over 345 69.20
71,372 100.00
Category
Banks 6 0.04
Individuals Nominees & Trusts 69,192 5.28
Insurance Companies 166 4.39
Investment Companies 25 0.75
Medical Aid Schemes 41 0.22
Mutual Funds 927 22.47
Other Corporate Entities 22 43.59
Pension Funds 806 13.72
Other 187 9.54
71,372 100.00
Shareholders’ diary
Financial reporting calendar and annual general meeting
Annual general meeting July 2015
Announcement of interim results, for the half year to September November 2015
Preliminary announcement of annual results May 2016
Annual Report published June 2016
Dividends Declared Paid
Ordinary:
Interim November December
Final May August
Unsolicited investment advice – warning to shareholders

Many companies have become aware that their shareholders have received unsolicited phone calls or correspondence concerning investment
matters. These are typically from overseas-based ‘brokers’ who target UK shareholders offering to sell them what often turn out to be worthless or
high-risk shares in US or UK investments. They can be very persistent and extremely persuasive. A 2006 survey by the Financial Services Authority,
now the Financial Conduct Authority (FCA), reported that the average amount lost by investors was around £20,000. It is not just the novice investor
that has been duped in this way; many of the victims had been successfully investing for several years. Shareholders are advised to be very wary
of any unsolicited advice, offers to buy shares at a discount or offers of free reports into the company.
If you receive any unsolicited investment advice:
• make sure you get the correct name of the person and organisation.
• check that they are properly authorised by the FCA before getting involved.
You can check at http://www.fca.org.uk/firms/systems-reporting/register/search
• the FCA also maintains on its website a list of unauthorised overseas firms who are targeting, or have targeted, UK investors and any approach
from such organisations should be reported to the FCA so that this list can be kept up to date and any other appropriate action can be considered.
• report the matter to the FCA either by calling 0800 111 6768 or by completing an online form at:
http://www.fca.org.uk/consumers/scams/investment-scams. If you deal with an unauthorised firm, you would not be eligible to receive
payment under the Financial Services Compensation Scheme.
South African shareholders may report such approaches to the Financial Services Board (FSB) on:
Toll free: 0800 110443 or 0800 202087
Email: [email protected]

Administration
SABMiller plc Registrar (United Kingdom)

Incorporated in England and Wales (Registration No. 3528416) Equiniti
Aspect House
Group Company Secretary Spencer Road
Stephen Shapiro Lancing
West Sussex
Registered office BN99 6DA
SABMiller House Telephone 0871 384 2395 (from UK calls cost 8p per minute
Church Street West plus network extras)
Woking Overseas telephone +44 121 415 7047 (outside UK)
Surrey, England www.equiniti.com
GU21 6HS www.shareview.co.uk
Telephone +44 1483 264000
Registrar (South Africa)
Head office Computershare Investor Services (Pty) Limited
One Stanhope Gate 70 Marshall Street, Johannesburg
London, England PO Box 61051
W1K 1AF Marshalltown 2107
Telephone +44 20 7659 0100 South Africa
Telephone +27 11 370 5000
Internet address
www.sabmiller.com United States ADR Depositary
JP Morgan Depositary Bank
Investor relations 4 New York Plaza, floor 12
Telephone +44 20 7659 0100 New York, NY 10004
Email: [email protected] Telephone U.S: 866 JPM-ADRS
Outside the U.S: +1 866 576-2377
Sustainable development Email: [email protected]
Telephone +44 1483 264134
Email: [email protected]
Independent auditors
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
1 Embankment Place
London, England
WC2N 6RH
Telephone +44 20 7583 5000

Cautionary statement
This document does not constitute an offer to sell or issue or
the solicitation of an offer to buy or acquire ordinary shares in the
capital of SABMiller plc (the “company”) or any other securities
of the company or its subsidiaries or associates in any jurisdiction
or an inducement to enter into investment activity.
This document is intended to provide information to shareholders.
It should not be relied upon by any other party or for any other purpose.
This document includes ‘forward-looking statements’ with respect
to certain of SABMiller plc’s plans, current goals and expectations
relating to its future financial condition, performance and results.
These statements contain the words “anticipate”, “believe”, “intend”,
“estimate”, “expect” and words of similar meaning. All statements other
than statements of historical facts included in this document, including,
without limitation, those regarding the company’s financial position,
business strategy, plans and objectives of management for future
operations (including development plans and objectives relating to
the company’s products and services) are forward-looking statements.
Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual
results, performance or achievements of the company to be materially
different from future results, performance or achievements expressed
or implied by such forward-looking statements. Such forward-looking
statements are based on numerous assumptions regarding the
company’s present and future business strategies and the environment
in which the company will operate in the future. These forward-looking
statements speak only as at the date of this document. Factors which
may cause differences between actual results and those expected or
implied by the forward-looking statements include, but are not limited to:
material adverse changes in the economic and business conditions
in the markets in which SABMiller operates; increased competition and
consolidation in the global brewing and beverages industry; changes
in consumer preferences; changes to the regulatory environment; failure
to deliver the integration and cost-saving objectives in relation to the
Foster’s acquisition; failure to derive the expected benefits from the
global efficiency programmes; and fluctuations in foreign currency
exchange rates and interest rates.
The company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statements
contained herein to reflect any change in the company’s expectations
with regard thereto or any change in events, conditions or circumstances
on which any such statement is based. The past business and financial
performance of SABMiller plc is not to be relied on as an indication
of its future performance.

The paper used in the report contains 75% recycled content, all of
which is sourced from de-inked post-consumer waste. All of the pulp
is bleached using an elemental chlorine free process (ECF).
Printed in the UK by CPI Colour, a CarbonNeutral® company. Both Designed and produced by
manufacturing mill and the printer are registered to the Environmental
Management System ISO14001 and are Forest Stewardship Council®
(FSC®) chain-of-custody certified.
Registered office
SABMiller House
Church Street West
Woking
Surrey
England
GU21 6HS
Telephone +44 1483 26400
www.sabmiller.com

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SABMiller plc

We are passionate about brewing and have a long tradition

Group net producer revenue1 Revenue3 EBITA4 EBITA margin progression

Africa’s strong local portfolio, Alan Clark

Asia Pacific p26 Improved group NPR per Governance

Our Approach to Tax

SABMiller plc Annual Report 2015 1

We have a balanced spread

Latin America Africa

Where we operate Where we operate

Read more on page 22

2 SABMiller plc Annual Report 2015

69,000 25% Our global brands are Peroni Nastro Azzurro,

Asia Pacific Europe North America

Where we operate Where we operate Where we operate

Read more on page 26

SABMiller plc Annual Report 2015 3

We are confident in our long-term growth strategy and remain

4 SABMiller plc Annual Report 2015

Finally, we say farewell this year to John

The other change to note this year was

SABMiller plc Annual Report 2015 5

Chief Executive’s review

We’re making good progress in our strategy to drive topline

We aspire to be in the top quartile

6 SABMiller plc Annual Report 2015

SABMiller plc Annual Report 2015 7

8 SABMiller plc Annual Report 2015

Coca-Cola Beverages Africa (CCBA)

With a shared vision, extensive

SABMiller plc Annual Report 2015 9

Significant savings through

In the year we used an average of 3.3

Read more online

Outlook Global brands

10 SABMiller plc Annual Report 2015

SABMiller plc Annual Report 2015 11

Our business model is built

Understanding consumer tastes Refreshing our success: innovation

Creating sustainable value chains

Sourcing Brewing Bottling and distribution

Using global skills and scale Investing in talent for

12 SABMiller plc Annual Report 2015

We generate a signiﬁcant amount of group NPR from interests in

Retail Consumers • jobs and career

SABMiller plc Annual Report 2015 13

Beer accounts for almost one-third of global retail sales value in

Delivering topline growth in these markets

• improving core mainstream lager to

14 SABMiller plc Annual Report 2015

The key performance indicators (KPIs) outlined below are used to

Financial goal 2015 2014 2013

Growth in adjusted earnings per share To determine the improvement in underlying

Free cash ﬂow To track cash generated to pay down debt,

Commercial goals 2015 2014 2013

Net producer revenue growth in To monitor progress in building our portfolio

SABMiller plc Annual Report 2015 15

Focused on managing our risks

Principal risk Context Specific risks we face Possible impact

16 SABMiller plc Annual Report 2015