|Independent Auditors' Report to
the members of SABMiller plc
|We have audited the financial statements which comprise
the profit and loss account, the balance sheet, the cash flow statement,
the statement of total recognised gains and losses and the related
notes which have been prepared under the historical cost convention
and the accounting policies set out in the statement of accounting
policies. We have also audited the disclosures required by Part 3
of Schedule 7A to the Companies Act, 1985, contained in the directors'
remuneration report ('the auditable part').
Respective responsibilities of directors and auditors
The directors' responsibilities for preparing the annual report, the
directors' remuneration report and the financial statements in accordance
with applicable United Kingdom law and accounting standards, are set
out in the statement of directors' responsibilities.
Our responsibility is to audit the financial statements and the auditable
part of the directors' remuneration report in accordance with relevant
legal and regulatory requirements and United Kingdom Auditing Standards
issued by the Auditing Practices Board. This report, including the
opinion, has been prepared for and only for the company's members
as a body in accordance with Section 235 of the Companies Act, 1985,
and for no other purpose. We do not, in giving this opinion, 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.
We report to you our opinion as to whether the financial statements
give a true and fair view and whether the financial statements and
the auditable part of the directors' remuneration report have been
properly prepared in accordance with the Companies Act, 1985. We also
report to you if, in our opinion, the directors' report is not consistent
with the financial statements, if the company has not kept proper
accounting records, if we have not received all the information and
explanations we require for our audit, or if information specified
by law regarding directors' remuneration and transactions is not disclosed.
We read the other information contained in the annual report as described
in the contents, including the unaudited part of the remuneration
report, and consider the implications for our report if we become
aware of any apparent misstatements or material inconsistencies with
the financial statements.
We review whether the corporate governance statement reflects the
company's compliance with the seven provisions of the Combined Code
specified for our review by the Listing Rules of the Financial Services
Authority, and we report if it does not. We are not required to consider
whether the board's statements on internal control cover all risks
and controls, or to form an opinion on the effectiveness of the company's
and group's corporate governance procedures or its risk and control
Basis of audit opinion
We conducted our audit in accordance with auditing standards issued
by the Auditing Practices Board. An audit includes examination, on
a test basis, of evidence relevant to the amounts and disclosures
in the financial statements and the auditable part of the directors'
remuneration report. It also includes an assessment of the significant
estimates and judgements made by the directors in the preparation
of the financial statements, and of whether the accounting policies
are appropriate to the company's circumstances, consistently applied
and adequately disclosed.
We planned and performed our audit so as to obtain all the information
and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the
financial statements and the auditable part of the directors' remuneration
report are free from material misstatement, whether caused by fraud
or other irregularity or error. In forming our opinion we also evaluated
the overall adequacy of the presentation of information in the financial
In our opinion the financial statements give a true and fair view
of the state of affairs of the company and the group at 31 March 2003
and the profit and cash flows of the group for the year then ended,
the financial statements have been properly prepared in accordance
with the Companies Act, 1985, and those parts of the directors prepared
in accordance with the Companies Act, 1985.
|Chartered Accountants and Registered Auditors
9 June 2003
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