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SouthAfricanBrewerie (SAB)

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Thursday 29 November, 2001

SouthAfricanBrewerie

Interim Results - Part 2

South African Breweries PLC
29 November 2001


PART 2

DIRECTORS' RESPONSIBILITY FOR FINANCIAL REPORTING                            10


This statement, which should be read in conjunction with the independent
review report of the auditors set out below, is made to enable shareholders to
distinguish the respective responsibilities of the directors and the auditors
in relation to the consolidated interim financial information, set out on
pages 11 to 26, which the directors confirm has been prepared on a going
concern basis and follows all applicable accounting standards. The directors
consider that the group has used appropriate accounting policies, consistently
applied with the exception of deferred taxation and supported by reasonable
and prudent judgements and estimates.

On behalf of the board

E A G Mackay                       M I Wyman
Chief Executive                    Chief Financial Officer

28 November 2001

INDEPENDENT REVIEW REPORT TO SOUTH AFRICAN BREWERIES plc

Introduction

We have been instructed by the company to review the financial information
which comprises the profit and loss account, the statement of total recognised
gains and losses, the balance sheet, the cash flow statement, comparative
figures and associated notes. We have read the other information contained in
the interim announcement for any apparent misstatements or material
inconsistencies with the financial information.

Directors' responsibilities

The interim announcement, including the financial information contained
therein, is the responsibility of, and has been approved by the directors. The
Listing Rules of the Financial Services Authority require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999
/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and
applying analytical procedures to the financial information and underlying
financial data, and based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed.

A review excludes audit procedures such as tests of controls and verification
of assets, liabilities and transactions. It is substantially less in scope
than an audit performed in accordance with United Kingdom Auditing Standards
and therefore provides a lower level of assurance than an audit. Accordingly
we do not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2001.

PricewaterhouseCoopers
Chartered Accountants

London
28 November 2001


CONSOLIDATED PROFIT AND LOSS ACCOUNTS                                        11
for the six months ended 30 September

                                                 Six months Six months     Year
                                                                          ended
                                                 ended 30/9 ended 30/9  31/3/01
                                                        /01        /00
                                                  Unaudited   Restated Restated
                                           Notes       US$m       US$m     US$m

Turnover (including share of associates'     2      2,176      2,106    4,184
turnover)
Less: share of associates' turnover                  (317)      (287)    (560)

Group turnover                               2      1,859      1,819    3,624
Net operating costs                                (1,553)    (1,522)  (2,987)

Group operating profit                                306        297      637
Share of operating profit of associates      2         42         37       63

Profit on ordinary activities before         2        348        334      700
interest and taxation
Net interest payable                                  (46)       (24)     (54)
Group                                                 (38)       (20)     (43)
Associates                                             (8)        (4)     (11)


Profit on ordinary activities before                  302        310      646
taxation
Taxation on profit on ordinary activities    3        (91)       (91)    (195)

Profit on ordinary activities after                   211        219      451
taxation
Equity minority interests                             (50)       (47)     (99)
Profit for the financial period                       161        172      352

Basic earnings per ordinary share (US        4       23.2       24.7      50.4
cents)
Adjusted basic earnings per ordinary share   4       25.7       24.8      53.3
(US cents)
Diluted earnings per ordinary share (US      4       22.9       24.6      50.3
cents)
Adjusted diluted earnings per ordinary       4       25.4       24.7      53.1
share (US cents)
Dividend per ordinary share (US cents)                6.5        6.5      25.0



CONSOLIDATED BALANCE SHEETS                                                  12
at 30 September

                                                    30/9/01   30/9/00   31/3/01
                                                  Unaudited  Restated  Restated
                                                       US$m      US$m      US$m

Fixed assets
Intangible assets                                     904       573       867
Tangible assets                                     1,737     1,826     1,784
Investments                                         1,073       965     1,016
Investments in associates                             432       359       364
Other fixed asset investments                         641       606       652


                                                    3,714     3,364     3,667
Current assets
Stock                                                 202       210       205
Debtors                                               353       364       309
Investments                                           297       191        53
Cash at bank and in hand                              195       206       165

                                                    1,047       971       732
Creditors - amounts falling due within one year      (903)   (1,083)   (1,064)
Interest bearing                                     (176)     (315)     (206)
Other                                                (727)     (768)     (858)


Net current assets/(liabilities)                      144      (112)     (332)

Total assets less current liabilities               3,858     3,252     3,335

Creditors - amounts falling due after one year     (1,284)     (616)     (854)
Interest bearing                                   (1,278)     (614)     (847)
Other                                                  (6)       (2)       (7)

Provisions for liabilities and charges               (179)     (229)     (189)
Net assets                                          2,395     2,407     2,292

Shareholders' funds                                 2,046     2,025     2,006
Equity minority interests                             349       382       286
Capital employed                                    2,395     2,407     2,292


CONSOLIDATED CASH FLOW STATEMENTS                                            13
for the six months ended 30 September


                                                 Six months Six months     Year
                                                                          ended
                                                 ended 30/9 ended 30/9  31/3/01
                                                        /01        /00
                                                  Unaudited   Restated Restated
                                           Notes       US$m       US$m     US$m

Net cash inflow from operating activities    5        466        460      859

Dividends received from associates                      6          3       15

Returns on investments and servicing of
finance
Interest received                                      19         19       36
Interest paid                                         (46)       (28)     (74)
Interest element of finance lease rental                -          -       (2)
payments
Dividends received from other investments               2          2        3
Dividends paid to minorities                          (71)       (44)     (71)

Net cash outflow from returns on
investments and servicing
of finance                                            (96)       (51)    (108)

Taxation                                              (97)      (106)    (179)

Capital expenditure and financial
investments
Purchase of tangible fixed assets                    (133)      (195)    (350)
Sale of tangible fixed assets                           7          9       19
Purchase of investments                               (65)        (6)     (15)
Sale of investments                                    13          4       22

Net cash outflow for capital expenditure
and financial
investments                                          (178)      (188)    (324)

Acquisitions and disposals

Purchase of subsidiary undertakings                   (82)         -       (4)
Sale of subsidiary undertakings                         1          8        9
Net cash disposed with subsidiary                       -         (1)      (1)
undertakings
Net overdraft acquired with subsidiary                (15)         -        -
undertaking
Purchase of shares from minorities                    (15)       (49)    (453)
Settlement of deferred creditor (PU)                    -       (230)    (230)
Purchase of shares in associates                       (8)       (54)     (42)
Net funding to associates                              (4)        (4)     (38)
Sale of associates                                      -         62       59

Net cash outflow for acquisitions and                (123)      (268)    (700)
disposals

Dividends paid to ordinary shareholders              (128)      (132)    (177)


Management of liquid resources
(Purchase)/sale of short-term liquid                 (247)       (87)      50
instruments
Cash withdrawn from short-term deposits                 3         14       14

Net cash (outflow)/inflow from management
of liquid
resources                                            (244)       (73)      64

Financing
Issue of shares to SAB shareholders                     3          1        3
Issue of shares to minorities                           1          -        1
New loans raised                                    1,111        408      741
Repayment of loans                                   (663)      (224)    (254)
Net cash inflow from financing                        452        185      491
Increase/(decrease) in cash in the period    6         58       (170)     (59)


CONSOLIDATED STATEMENTS OF TOTAL RECOGNISED GAINS AND LOSSES                 14
for the six months ended 30 September


                                                 Six months Six months     Year
                                                                          ended
                                                 ended 30/9 ended 30/9  31/3/01
                                                        /01        /00
                                                 Unaudited    Restated Restated

                                                       US$m       US$m     US$m

Profit for the financial period                       161        172      352
Currency translation differences on foreign           (79)      (160)    (226)
currency net investments
Share of movement in reserves of associates             -          -        1
Other movements                                         -          -       (7)
Total recognised gains and losses for the period       82         12      120


CONSOLIDATED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 30 September

                                                Six months Six months     Year
                                                                         ended
                                                ended 30/9 ended 30/9  31/3/01
                                                       /01        /00
                                                Unaudited    Restated Restated

                                                      US$m       US$m     US$m

Profit for the financial period                      161        172      352
Other recognised gains and losses relating to        (79)      (160)    (232)
the period (net)
Issue of shares to SAB shareholders                    3          1        3
Dividend declared by SAB plc *                       (45)       (45)    (174)

Net increase/(decrease) in shareholders' funds        40        (32)     (51)
Shareholders' funds at start of period as          2,006      2,057    2,057
restated
Shareholders' funds at start of period as          2,100      2,161    2,161
previously reported
Prior year adjustment in respect of deferred         (94)      (104)    (104)
taxation
Shareholders' funds at end of period               2,046      2,025    2,006


* Dividend received on shares held by Safari Limited netted off


                                                                             15

NOTES TO THE FINANCIAL STATEMENTS

1.  Basis of preparation

The consolidated financial statements have been prepared under the historical
cost convention in accordance with Accounting Standards applicable in the
United Kingdom, and, with the exception of deferred tax, all have been applied
consistently throughout the period and the preceding year as set out on pages
82 to 85 of the 2001 annual report.

In December 2000 the Accounting Standards Board published FRS19 (Deferred
tax), which requires a form of 'full' provision for accounting for deferred
tax (called the 'incremental liability' approach) that replaces the 'partial'
provision method as used by SAB plc. The results reflect the adoption of the '
full' provision approach. The cumulative cost of recognising the unprovided
liability relating to previous years has been recognised in the accounts as a
prior year adjustment and comparative figures for 2000 have been restated.

The effect of this change in accounting policy is as follows:
                                                               Year  Six months
                                                              ended
                                                            31/3/01 ended 30/9/
                                                                             00
                                                          Unaudited   Unaudited
                                                               US$m        US$m

Increase in deferred taxation provision and decrease in
shareholders'
funds at the beginning of the period                         (104)       (104)
Effect on profit for the financial year                        (7)         (5)
Increase in tax charge                                         (9)         (5)
Decrease in equity minority interest                            2          -
Decrease in currency translation differences                   19          10
Increase in other movements                                    (2)         -
Decrease in shareholders' funds at the end of the period      (94)        (99)

The group financial statements consolidate those of the company and all of its
subsidiary undertakings together with the attributable share of the results of
associated undertakings. The principal subsidiary and associated undertakings
are all coterminous with those of the company, except for the group's
significant associated undertaking, Distell Group Limited (formerly Distillers
Corporation (SA) Limited and Stellenbosch Farmers' Winery Group Limited),
which has a statutory accounting reference date of 30 June and is therefore
accounted for three months in arrears.

Supplementary information

The accompanying supplementary information, which is unaudited, presents the
SAB plc group profit and loss accounts, balance sheets and cash flow
statements in SA rand for the half years ended 30 September 2001 and 30
September 2000 and the year ended 31 March 2001.

                                                                             16


2.  Segmental analysis

                              Six months              Six months     Year ended
Turnover                        ended 30/9/01      ended 30/9/00        31/3/01
                                    Unaudited           Restated       Restated
                                         US$m               US$m           US$m

Business segment analysis

SABI Europe                             736                616          1,097

SABI Africa & Asia                      430                355            700
Associates' share                      (175)              (118)          (206)
                                        255                237            494

Beer South Africa                       594                670          1,365

Other Beverage Interests                327                355            816
Associates' share                      (106)              (117)          (264)
                                        221                238            552

Hotels and Gaming                        89                110            206
Associates' share                       (36)               (52)           (90)
                                         53                 58            116

Group                                 2,176              2,106          4,184
Associates' share                      (317)              (287)          (560)
                                      1,859              1,819          3,624

Geographical market analysis

Europe                                  736                616          1,097

Rest of Africa and Asia                 437                359            710
Associates' share                      (175)              (118)          (206)
                                        262                241            504

South Africa                          1,003              1,131          2,377
Associates' share                      (142)              (169)          (354)
                                        861                962          2,023

Group                                 2,176              2,106          4,184
Associates' share                      (317)              (287)          (560)
                                      1,859              1,819          3,624


                                                                            17

2.  Segmental analysis (continued)

                              Six months              Six months     Year ended
Operating profit                ended 30/9/01      ended 30/9/00        31/3/01
                                    Unaudited           Restated       Restated
                                         US$m               US$m           US$m
Business segment analysis

SABI Europe                             124                100            130

SABI Africa & Asia                       72                 54            130
Associates' share                       (31)               (16)           (23)
                                         41                 38            107

Beer South Africa                       132                147            343

Other Beverage Interests                 25                 31            106
Associates' share                        (5)               (12)           (24)
                                         20                 19             82

Hotels and Gaming                        10                 17             25
Associates' share                        (6)                (9)           (16)
                                          4                  8              9

Central administration                  (15)               (15)           (34)

Group                                   348                334            700
Associates' share                       (42)               (37)           (63)
                                        306                297            637

Geographical market analysis

Europe                                  111                 93            104

Rest of Africa and Asia                  74                 56            136
Associates' share                       (31)               (16)           (23)
                                         43                 40            113

South Africa                            163                185            460
Associates' share                       (11)               (21)           (40)
                                        152                164            420

Group                                   348                334            700
Associates' share                       (42)               (37)           (63)
                                        306                297            637


                                                                             18

3.  Taxation on profit on ordinary activities

                                             Six months   Six months      Year
                                                                         ended
                                             ended 30/9/ ended 30/9/   31/3/01
                                                      01          00
                                               Unaudited   Unaudited  Restated
                                                    US$m        US$m      US$m

Current taxation                                    75          73       159
Deferred taxation                                    4           7         5
Prior year adjustments                               -           -         8
Withholding taxes and secondary taxation on          4           3        10
companies
Share of associates' taxation charge                 8           8        13
                                                    91          91       195

Effective tax rate, before goodwill               28.6        28.6      29.3
amortisation (%)

4.  Earnings per share
                                          Six months     Six months Year ended
                                           ended 30/9/  ended 30/9/    31/3/01
                                                    01           00
                                             Unaudited     Restated   Restated
                                              US cents     US cents   US cents

Basic earnings per ordinary share                 23.2        24.7       50.4

Adjusted basic earnings per ordinary              25.7        24.8       53.3
share

Diluted earnings per ordinary share               22.9        24.6       50.3

Adjusted diluted earnings per ordinary            25.4        24.7       53.1
share

The calculation of basic earnings per ordinary share has been based on the
profit for the financial period as shown in the table that follows, and on a
weighted average number of shares in issue of 697,888,455 (2000: 696,974,243).

At 30 September 2001 there were 9,151,000 share purchase options outstanding
under the SAB Limited Executive Share Purchase Scheme, 3,538,000 share
purchase options outstanding under SAB plc option schemes, 680,455 shares
which may be issued in accordance with The SAB Share Awards Scheme and
69,192,181 shares potentially outstanding in terms of the 4.25% guaranteed
convertible bonds. The calculation of diluted earnings per share is based on a
weighted average number of shares in issue of 719,692,472 after adjusting for
21,804,017 weighted dilutive potential ordinary shares and the profit for the
financial period as shown below adjusted for the interest saving of US$4
million on the 4.25% guaranteed convertible bond. The average share price of
SAB plc since the beginning of the period, used in determining the number of
potentially dilutive ordinary shares, is US$7.05  compared with an average
strike price on the outstanding options of US$5.79.

The group has also presented an adjusted basic earnings per share figure to
exclude the impact of exceptional items in order to present a more meaningful
comparison for the periods shown in the consolidated financial information.
Adjusted earnings per share has been based on adjusted headline earnings for
each financial period and on the same number of weighted average ordinary
shares in issue as the basic earnings per share calculation.  Headline
earnings per share has been calculated in accordance with the Institute of
Investment Management and Research ('IIMR')'s Statement of Investment Practice
No. 1 entitled 'The Definition of Headline Earnings'.  The adjustments made to
arrive at headline earnings and adjusted earnings are as follows:

                                                                             19


4.  Earnings per share (continued)

                                            Six months     Six months      Year
                                                                          ended
                                             ended 30/9/  ended 30/9/   31/3/01
                                                      01           00
                                               Unaudited     Restated  Restated
                                                    US$m         US$m      US$m

Profit for the financial period                    161          172       352
Amortisation of goodwill                            16            9        20
Impairment of Monyaka                                -            -         6
Profit on sale of Sun International                  -           (5)       (5)
Profit on sale of fixed assets and                  (1)          (3)       (4)
investments (1)

Headline earnings (basic)                          176          173       369
Reorganisation costs (2)                             3            -         3
Adjusted earnings                                  179          173       372



(1) Profit on sale of fixed assets and investments is stated after the impact
of taxation and minority interests.

(2) Includes reorganisation costs of Distell Group Limited, prior represents
reorganisation costs of Distell Group

    Limited and Hotels and  Gaming.



5.  Reconciliation of operating profit to net cash inflow from operating
activities


                                              Six months   Six months      Year
                                                                          ended
                                              ended 30/9/ ended 30/9/   31/3/01
                                                       01          00
                                                Unaudited    Restated  Restated
                                                     US$m        US$m      US$m

Operating profit                                    306         297       637
Depreciation                                         85          86       167
Container amortisation                               13          16        34

Container breakages and shrinkage                     5           4        11

Amortisation of intangible fixed assets              16           9        20

Dividends received from other investments            (2)         (2)       (3)
Profit on sale of fixed assets                        -          (6)       (6)
Non-cash impairment of Monyaka                        -           -         5
Profit on sale of Sun International                   -          (5)       (5)
Deferred income                                       -          (1)      (12)
Other non-cash movements                              (3)        10         6

Net cash inflow from operating activities
before working
capital movements ('EBITDA')                        420         408       854

Increase in stock                                     -          (4)      (15)
Increase in debtors                                 (55)        (81)      (42)
Increase in creditors                               101         137        62
Net cash inflow from operating activities           466         460       859




                                                                             20

6.  Reconciliation of net cash flow to movement in net debt

                                                 Six months Six months     Year
                                                                          ended
                                                 ended 30/9 ended 30/9  31/3/01
                                                        /01        /00
                                                  Unaudited   Restated Restated
                                                       US$m       US$m     US$m

Increase/(decrease) in cash                            58       (170)     (59)
Cash inflow from increase in debt and lease          (448)      (184)    (487)
financing
Cash outflow/(inflow) from decrease/(increase)        244         73      (64)
in liquid resources

Change in net debt resulting from cash flows         (146)      (281)    (610)
Loans and finance leases acquired with                 (4)         -        -
subsidiary undertakings
Loans and finance leases disposed with                  -          1        2
subsidiary undertakings
Exchange movements                                     23         34       59

Movement in net debt in the period                   (127)      (246)    (549)
Opening net debt                                     (835)      (286)    (286)
Closing net debt                                     (962)      (532)    (835)





7.  Post balance sheet events



China



On 9 October 2001 subsequent to the end of the half year, SAB announced the
establishment of a new joint venture (JV) - China Resources (Sichuan) Blue
Sword Breweries - through its Chinese joint venture company, CR Beverage
Limited (CRB) together with the Sichuan Blue Sword Breweries group in Sichuan
province, south west China. CRB will hold approximately 62% of the JV and its
total investment cost in the JV will amount to approximately US$64 million.
SAB's contribution to CRB's shareholder funding, with regard to this
transaction, will amount to approximately US$26 million. The formation of the
JV is subject to the fulfilment of certain conditions precedent.



Africa



Subsequent to the period end, South African Breweries International (Africa)
BV (SABI Africa) announced that it has signed an agreement with The Coca-Cola
Export Corporation to purchase a 45% shareholding in Coca-Cola Bottling Luanda
SARL (CCBL) for some US$19.1 million. This investment, along with the existing
management agreement, gives SABI Africa an effective controlling stake in
CCBL.



India



SAB announced on 7 November 2001 that it had acquired through its subsidiary
company, SAB India Limited, a 53% controlling interest in Rochees Breweries
Limited, a company listed on a number of stock exchanges in India, including
the Bombay Stock Exchange. The purchase consideration for SAB's interest is
US$2 million, payable in cash.



Central America



On 29 November 2001, and simultaneously with this announcement, SAB announced
a major investment in El Salvador and Honduras. Full details can be found in
the announcement.




                                                                             21

SUPPLEMENTARY INFORMATION


SA rand



Consolidated Profit and Loss Accounts

Consolidated Balance Sheets

Consolidated Cash Flow Statements

Segmental Analysis


Reporting currency

SAB's reporting currency is US dollars. The group's South African businesses
operate and report in rand, while the international businesses, which operate
in a basket of underlying currencies, use US dollars as their functional and
reporting currency.



Rand figures in the consolidated supplementary information have been
translated into US dollars as follows:


                                                  Weighted
                                                                        Closing
                                                   average
                                                      rate                 rate

Period      :  30 September                           8.29                 9.00
ended       2001
            :  30 September                           6.96                 7.24
            2000
            :  31 March 2001                          7.34                 8.00







Rand highlights


                      Six months                            Six months
                                                                         Change
                   ended 30/9/01                         ended 30/9/00
                              Rm                                              %
                                                                    Rm

Turnover                  18,038                                14,659       23
Operating profit           2,883                                 2,324       24
Profit before tax          2,508                                 2,160       16








                                                                             22

CONSOLIDATED PROFIT AND LOSS ACCOUNTS
for the six months ended 30 September




                                               Six months   Six months     Year
                                                                          ended
                                               ended 30/9/ ended 30/9/  31/3/01
                                                        01          00
                                                 Unaudited    Restated Restated
                                                        Rm          Rm       Rm

Turnover (including share of associates'          18,038      14,659   30,689
turnover)
Less: share of associates' turnover               (2,630)     (1,999)  (4,105)

Group turnover                                    15,408      12,660   26,584
Net operating costs                              (12,870)    (10,592)  (21,913)


Group operating profit                             2,538       2,068    4,671
Share of operating profit of associates              345         256      461

Profit on ordinary activities before interest      2,883       2,324    5,132
and taxation
Net interest payable                                (375)       (164)    (395)
Group                                               (311)       (135)    (313)
Associates                                           (64)        (29)     (82)


Profit on ordinary activities before taxation      2,508       2,160    4,737
Taxation on profit on ordinary activities           (757)       (636)  (1,430)

Profit on ordinary activities after taxation       1,751       1,524    3,307
Equity minority interests                           (412)       (327)    (729)
Profit for the financial period                    1,339       1,197    2,578

Basic earnings per ordinary share (SA cents)       191.7    171.7       369.8
Adjusted basic earnings per ordinary share (SA     213.0       172.6    390.9
cents)
Diluted earnings per ordinary share (SA cents)     190.0       171.3    368.7
Adjusted diluted earnings per ordinary share       210.6       172.3    389.7
(SA cents)
Dividend per ordinary share (SA cents)              64.7        50.8    197.4






CONSOLIDATED BALANCE SHEETS                                                  23
at 30 September




                                                    30/9/01   30/9/00   31/3/01
                                                  Unaudited  Restated  Restated
                                                         Rm        Rm        Rm

Fixed assets
Intangible assets                                   8,135     4,153     6,938
Tangible assets                                    15,633    13,218    14,268
Investments                                         9,660     6,987     8,126
Investments in associates                           3,887     2,599     2,912
Other fixed asset investments                       5,773     4,388     5,214


                                                   33,428    24,358    29,332
Current assets
Stock                                               1,811     1,521     1,637
Debtors                                             3,178     2,637     2,472
Investments                                         2,675     1,383       422
Cash at bank and in hand                            1,757     1,488     1,324

                                                    9,421     7,029     5,855
Creditors - amounts falling due within one year    (8,126)   (7,843)   (8,514)
Interest bearing                                   (1,579)   (2,282)   (1,651)
Other                                              (6,547)   (5,561)   (6,863)


Net current assets/(liabilities)                    1,295      (814)   (2,659)

Total assets less current liabilities              34,723    23,544    26,673

Creditors - amounts falling due after one year    (11,561)   (4,461)   (6,828)
Interest bearing                                  (11,505)   (4,444)   (6,778)
Other                                                 (56)      (17)      (50)

Provisions for liabilities and charges             (1,605)   (1,658)   (1,512)
Net assets                                         21,557    17,425    18,333

Shareholders' funds                                18,413    14,660    16,051
Equity minority interests                           3,144     2,765     2,282
Capital employed                                   21,557    17,425    18,333


CONSOLIDATED CASH FLOW STATEMENTS                                            24
for the six months ended 30 September




                                               Six months   Six months     Year
                                                                          ended
                                               ended 30/9/ ended 30/9/  31/3/01
                                                        01          00
                                                 Unaudited    Restated Restated
                                                        Rm          Rm       Rm

Net cash inflow from operating activities          3,863       3,202    6,298

Dividends received from associates                    53          23      107

Returns on investments and servicing of
finance
Interest received                                    153         132      267
Interest paid                                       (380)       (198)    (543)
Interest element of finance lease rental              (1)          -      (12)
payments
Dividends received from other investments             17          12       25
Dividends paid to minorities                        (586)       (303)    (524)

Net cash outflow from returns on investments
and servicing
of finance                                          (797)       (357)    (787)

Taxation                                            (801)       (741)  (1,310)

Capital expenditure and financial investments
Purchase of tangible fixed assets                 (1,104)     (1,360)  (2,566)
Sale of tangible fixed assets                         55          65      136
Purchase of investments                             (537)        (40)    (110)
Sale of investments                                  105          29      161

Net cash outflow for capital expenditure and
financial
investments                                       (1,481)     (1,306)  (2,379)

Acquisitions and disposals
Purchase of subsidiary undertakings                 (682)          -      (33)
Sale of subsidiary undertakings                        8          54       66
Net cash disposed with subsidiary undertakings         -          (6)      (5)
Net overdraft acquired with subsidiary              (126)          -        -
undertaking
Purchase of shares from minorities                  (119)       (341)  (3,323)
Settlement of deferred creditor (PU)                   -      (1,595)  (1,680)
Purchase of shares in associates                     (69)       (385)    (312)
Net funding to associates                            (30)        (23)    (278)
Sale of associates                                     -         433      431

Net cash outflow for acquisitions and             (1,018)     (1,863)  (5,134)
disposals

Dividends paid to ordinary shareholders           (1,064)       (918)  (1,300)


Management of liquid resources
(Purchase)/sale of short-term liquid              (2,046)       (604)     365
instruments
Cash withdrawn from short-term deposits               20          96      106

Net cash (outflow)/inflow from management of
liquid
resources                                         (2,026)       (508)     471

Financing
Issue of shares to SAB shareholders                   24           3       23
Issue of shares to minorities                          9           -        5
New loans raised                                   9,209       2,838    5,433
Repayment of loans                                (5,493)     (1,557)  (1,860)
Net cash inflow from financing                     3,749       1,284    3,601
Increase/(decrease) in cash in the period            478      (1,184)    (433)






                                                                             25

SEGMENTAL ANALYSIS






                              Six months              Six months     Year ended

Turnover                        ended 30/9/01      ended 30/9/00        31/3/01
                                    Unaudited           Restated       Restated
                                           Rm                 Rm             Rm

Business segment analysis


SABI Europe                           6,103              4,284          8,045


SABI Africa & Asia                    3,563              2,472          5,135
Associates' share                    (1,452)              (822)        (1,509)
                                      2,111              1,650          3,626

Beer South Africa                     4,925              4,661         10,014

Other Beverage Interests              2,711              2,475          5,986
Associates' share                      (877)              (813)        (1,935)
                                      1,834              1,662          4,051

Hotels and Gaming                       736                767          1,509
Associates' share                      (301)              (364)          (661)
                                        435                403            848

Group                                18,038             14,659         30,689
Associates' share                    (2,630)            (1,999)        (4,105)
                                     15,408             12,660         26,584

Geographical market analysis

Europe                                6,103              4,284          8,045

Rest of Africa and Asia               3,619              2,503          5,207
Associates' share                    (1,452)              (822)        (1,509)
                                      2,167              1,681          3,698

South Africa                          8,316              7,872         17,437
Associates' share                    (1,178)            (1,177)        (2,596)
                                      7,138              6,695         14,841

Group                                18,038             14,659         30,689
Associates' share                    (2,630)            (1,999)        (4,105)
                                     15,408             12,660         26,584


                                                                             26


                              Six months              Six months     Year ended

Operating profit                ended 30/9/01      ended 30/9/00        31/3/01
                                    Unaudited           Restated       Restated
                                           Rm                 Rm             Rm

Business segment analysis

SABI Europe                           1,026                699            958

SABI Africa & Asia                      600                375            951
Associates' share                      (255)              (111)          (171)
                                        345                264            780

Beer South Africa                     1,095              1,021          2,520

Other Beverage Interests                208                218            774
Associates' share                       (43)               (80)          (176)
                                        165                138            598

Hotels and Gaming                        79                117            180
Associates' share                       (47)               (65)          (114)
                                         32                 52             66

Central administration                 (126)              (106)          (251)

Group                                 2,882              2,324          5,132
Associates' share                      (345)              (256)          (461)
                                      2,537              2,068          4,671

Geographical market analysis

Europe                                  920                 651           759

Rest of Africa and Asia                 614                387          1,003
Associates' share                      (255)              (111)          (171)
                                        359                276            832

South Africa                          1,348              1,286          3,370
Associates' share                       (90)              (145)          (290)
                                      1,258              1,141          3,080

Group                                 2,882              2,324          5,132
Associates' share                      (345)              (256)          (461)
                                      2,537              2,068          4,671


ADMINISTRATION                                                               27



South African Breweries plc
(Registration No. 3528416)

Company Secretary
A O C Tonkinson

Registered Office
Dukes Court, Dukes Street
Woking
Surrey GU21 5BH
England
Telefax +44-1483-264117
Telephone +44-1483-264000

Head Office
One Stanhope Gate
London W1K 1AF
Telefax +44-20-7659-0111
Telephone +44-20-7659-0100

Internet address
http://www.sabplc.com

Investor Relations
amillersalzman@sabplc.com
Telephone +44 20 7659 0100

Independent Auditors
PricewaterhouseCoopers
1 Embankment Place
London WC2N 6RH
England
Telefax +44-20-7804-4770
Telephone +44-20-7583-5000

Registrar (United Kingdom)
Capita IRG plc
Balfour House
390-398 High Road
Ilford, Essex IG1 1NQ
United Kingdom
Telefax +44-20-8478-7717
Telephone +44-20-8639-2000

Registrar (South Africa)
Mercantile Registrars Limited
11 Diagonal Street, Johannesburg
PO Box 1053
Johannesburg 2000
South Africa
Telefax +27-11-370-5591
Telephone +27-11-370-5000

United States ADR Depositary
The Bank of New York
ADR Department
620 Avenue of the Americas, Floor 6,
New York, NY 10011
United States of America
Telefax +1-212-462-6215
Telephone +1-212- 462- 6667

Internet http://111.bankofny.com/adr
Toll free 1-888-269-2377 (USA & Canada)