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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