The fiscal year F12 (ending in March 12) is half complete. The driver of sales and earnings growth continues to be the strong developing market performance

Operational Highlights:

– Lager volumes increase 3% on an organic basis led by robust growth in Latin America, Africa and Asia

– Reported group revenue up 10%, with organic, constant currency revenue growth of 6%

– Reported EBITA up 10%, with organic, constant currency EBITA up 6%:

– Latin America EBITA1 up 16% reflecting good volume growth, positive mix and fixed cost efficiencies

– Europe EBITA1 down 6% constrained by challenging economic and market conditions

– North America EBITA1 down by 6% reflecting lower volumes and higher costs

– Africa EBITA1 up 23% benefiting from strong volume growth and price and mix benefits

– Asia EBITA1 up 29% reflecting higher profits in China

– South Africa Beverages EBITA1 up 8% driven by price and mix benefits

– Adjusted earnings up 11% and adjusted EPS up 11% to 103.3 US cents per share

– Continued improvement in free cash flow2, up 19% to US$1,479 million