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AGENDA

1. WELCOME AND INTRODUCTION 2. SIX MONTHS TRADING HIGHLIGHTS & FINANCIALS 3. BUSINESS REVIEW SIX MONTHS TO SEPTMBER 2013 4. DISCUSSION/QUESTIONS 5. REFRESHMENTS

PEARSON GOWERO MATTS VALELA

PEARSON GOWERO

ALL ALL

AGENDA

1. TRADING HIGHLIGHTS

2. FINANCIAL STATEMENTS

VOLUME BY BUSINESS
LAGER BEER

Declined by 10%

SPARKLING BEVERAGES

Grew by 8%

CHIBUKU

Grew by 9%

ALTERNATIVE BEVERAGES (MAHEU)

Grew by 57%

GROSS SALES
LAGER BEER

Down 4% to $164 million

SPARKLING BEVERAGES

Up 8% to $110 million

CHIBUKU

Up 24% to $76 million

ALTERNATIVE BEVERAGES (MAHEU)

Up 59% to $7 million

FINANCIAL HIGHLIGHTS
REVENUE Increased by 5% to $315,5 million (Turnover - $367,3m)

EBIT Up by 10% to $62,6 million

OPERATING MARGIN % Up from 21.92% to 23.04%

FINANCIAL HIGHLIGHTS
EBITDA
Up by 10% to $77,7 million

cont

ATTRIBUTABLE INCOME
Increased by 12% to $47,2 million

INTERIM DIVIDEND
Up by 14% to $16 million

EARNINGS PER SHARE

SEPT 2013 Normal EPS Cents Fully Diluted EPS - Cents Dividend per share - Cents 3,83 3,79 1,30

SEPT 2012 3,50 3,42 1,17

% Change +9% +11% +11%

VOLUME PERFORMANCE SUMMARY


Category 1. BEVERAGES (HLS 000) 1.1 Clear Beer 1.2 Sorghum Beer 1.3 Sparkling Beverages 1.4 Maheu (Alt. Beverages) Total Excluding Associates 2. Plastic Tonnage 3. Malt Tonnage Actual Volume 000hl 925 1 794 776 80 3 575 4 767 16 480 % Growth on Prior Year (10) 9 8 57 4 11 (10)

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD


SEPT 2013 US$000s REVENUE Operating income Net finance Income /(expenses) Share of associates profit PROFIT BEFORE TAX Taxation TOTAL COMPREHENSIVE INCOME 315 468 62 578 1 189 361 64 128 (16 420) 47 708 SEPT 2012 US$000s 299 612 57 058 (566) 657 57 149 (14 508) 42 641

ANALYSIS OF ATTRIBUTABLE INCOME


2013 US$000s Profit for the half year from operations attributable to: Owners of the parent Non-controlling interests 47 202 506 47 708 42 018 623 42 641 2012 US$000s

STATEMENT OF FINANCIAL POSITION SEPTEMBER


ASSETS Non-current assets Property, plant and equipment Investments, loans and trademarks TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories Trade and other receivables Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS 86 920 52 767 81 669 221 356 582 135 83 502 46 390 58 876 188 768 506 472 329 540 31 239 360 779 288 854 28 850 317 704 2013 US$000s 2012 US$000s

STATEMENT OF FINANCIAL POSITION SEPTEMBER cont


EQUITY AND LIABILITIES Share Capital Share Premium Reserves Dividend Payable Non-controlling Interests Shareholders equity Long- term borrowings Deferred taxation CURRENT LIABILITIES Short term borrowings Interest free liabilities TOTAL CURRENT LIABILITIES TOTAL EQUITY AND LIABILITES 2013 US$000s 12 311 25 656 234 968 16 000 7 287 370 222 60 000 33 036 93 036 15 728 103 149 118 877 582 135 2012 US$000s 12 024 20 331 261 566 14 845 5 589 299 510 61 137 27 208 88 345 18 627 99 990 118 617 506 472

CASH FLOW
2013 US$000s Cash flow from operations Net cash invested 2012 US$000s

63 183

54 597

(27 770)

(36 432)

Net funding

5 941

(20 888)

SHARE CAPITAL MOVEMENTS

Shares in Issue as at 31 March 2013 Share Options Exercised

1 227 362 815

8 233 800

Shares in Issue at 30 September 2013

1 235 596 615

AGENDA

1. Review of volume performance by product category 2. Key Highlights for the first half 3. Focus Areas for the second half 4. Update on Associates

LAGER BEER HALF YEAR VOLUME PERFORMANCE F10 TO F14


HLs 000

1 200 945 1 000 724 800 491 600 400 200 0 F10
-

1 027 925

F11

F12

F13

F14

Affordability affected by RRP rounding up after excise increase. Held market share.

SOFT DRINK HALF YEAR VOLUME PERFORMANCE F10-F14


HLs 000 800 700 600 500 400 300 200 100 0 F10 F11 F12 F13 F14 299 488 720 648 776

PET Driving Volume

SORGHUM BEER HALF YEAR PERFORMANCE F10-F14


HLs 000 1 900 1 700 1 500 1 300 1 100 900 700 500 300 F10 F11 F12 F13 F14 1 784 1 616 1 549 1 639 1 794

Chibuku Super Driving Growth

BEVERAGE VOLUME CONTRIBUTION

F13

F14

2% 21% 47% 30% 22%

2% 26%

50%

Lagers

Sorghum

SBs

Maheu

Lagers

Sorghum

SBs

Maheu

VOLUME CONTRIBUTION BEER CATEGORY

F13

F14

39% 61% 66%

34%

Lagers

Sorghum

Lagers

Sorghum

KEY HIGHLIGHTS OF THE FIRST HALF


1. Portfolio Mix allows us to retain consumer spend within the business

2. Lager Premium contribution holds on declining total volumes

3. Launch of Chibuku Super drives sorghum beer category growth

4. Volume growth in SBs on improved availability and pack innovation

5. Renewal of distribution fleet to optimise on distribution effectiveness 6. Capex spend focused on container and productivity improvements

FOCUS AREAS FOR THE HALF KEY HIGHLIGHTS OF THE SECOND SECOND HALF
1. Lobby for excise duty reduction to drive lager beer growth

2. Commission a second plant for Chibuku Super 3. Launch 1,25 lt Chibuku Super to access the US$1 RRP sweet spot 4. Roll out 350ml PET pack for SBs

5. Continue expanding portfolio of Alternative Beverages

ASSOCIATES
SZL Volumes up on prior year Contribution of Juice Drinks and Water up Some pressure on margins Mazoe Orange Crush price roll back Market share in cordials stable AFDIS Local production of spirit coolers To localise production of ciders Cautionary published Recent update at AGM

THANK YOU

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