Principal Subsidiary Undertakings
The principal subsidiary undertakings of the group, as at 31 March, were as follows:
         
     
Effective
     
interest in
     
ordinary
  Country of  
share capital
Name incorporation Principal activity
2003 
2002 
Central administration        
SABMiller Finance BV(1) Netherlands Holding and
100% 
100% 
    finance company    
SABSA Holdings (Pty) Ltd South Africa Holding company 100% 100%
SABMiller Africa and Asia BV(2) Netherlands Holding company 100% 100%
         
Miller – US operations        
Miller Brewing Company USA Brewing 100%
Foster's USA, LLC USA Import and sale of    
    beer 50%
         
Central American operations    
 
Bevco Ltd(3) British Virgin Islands Holding company 58% 58%
Cervecería Hondureña, S.A. Honduras Brewing/CSDs 58% 57%
Industrias La Constancia, S.A.(4) El Salvador Brewing/CSDs/Water 58%
La Constancia, S.A.(5) El Salvador Leasing 58% 58%
Embotelladora Salvadoreña, S.A.(5) El Salvador Leasing 58% 58%
Industrias Cristal, S.A.(5) El Salvador Leasing 58% 58%
         
European operations    
 
SABMiller Europe BV(6) Netherlands Holding company 100% 100%
Compania de Bere Romania(7) Romania Brewing 97%
Compania Cervecera de Canarias SA Spain Brewing 51% 51%
Dreher Sörgyárak Rt Hungary Brewing 99% 99%
Kaluga Brewery Company OOO Russia Brewing 100% 100%
Kompania Piwowarska SA(8) Poland Brewing 72% 72%
Pivovar Šariš(9) Slovakia Brewing 100% 98%
Plzenskny Prazdroj SA Czech Republic Brewing 97% 98%
     
 
African operations    
 
SABMiller Africa BV(10) Netherlands Holding company 62% 62%
SABMiller Botswana BV(11) Netherlands Holding company 62% 62%
Accra Brewery Ltd(12) Ghana Brewing 43% 43%
Botswana Breweries (Pty) Ltd Botswana Sorghum brewing 29% 29%
Castle Brewing Kenya Ltd(13) Kenya Brewing
54%
Cervejas de Moçambique SARL(12) Mozambique Brewing 43% 49%
Coca-Cola Bottling Luanda Ltd Angola CSDs 28% 28%
Coca-Cola Bottling Sul de Angola SARL Angola CSDs 37% 37%
Chibuku Products Ltd Malawi Sorghum brewing 31% 31%
Kgalagadi Breweries (Pty)Ltd Botswana Brewing/CSDs 29% 29%
Lesotho Brewing Company (Pty)Ltd Lesotho Brewing/CSDs 24% 24%
National Breweries plc(12) Zambia Sorghum brewing 43% 43%
Nile Breweries Ltd Uganda Brewing 59% 59%
Swaziland Brewers Ltd Swaziland Brewing 37% 37%
Tanzania Breweries Ltd(12)(14) Tanzania Brewing 33% 41%
Zambian Breweries plc(12) Zambia Brewing/CSDs 53% 56%
         
Asian operations        
SABMiller Asia BV(15)(16) Netherlands Holding company 100% 100%
Mysore Breweries Ltd India Brewing 83% 82%
Narang Breweries (Pvt) Ltd India Brewing 85% 85%
Rochees Breweries Ltd(17) India Brewing 81%
         
Beer South Africa(18)        
The South African Breweries Ltd(18) South Africa Brewing and 100% 100%
    holding company    
South African Breweries Hop Farms (Pty) Ltd South Africa Hop farming 100% 100%
Southern Associated Maltsters (Pty) Ltd South Africa Maltsters 100% 100%
         
Other Beverage Interests        
Other Beverage Interests (Pty) Ltd South Africa Holding company 100% 100%
Amalgamated Beverage Industries Ltd(12) South Africa Beverages 74% 74%
Appletiser South Africa (Pty) Ltd South Africa Fruit juices and water 100% 100%
Notes:  
(1) Previously named South African Breweries International (Finance) BV.
(2) Previously named South African Breweries International BV.
(3) Voting rights are different from the nominal interest. A 50% voting right can be exercised. Control vests in SABMiller plc by virtue of the management agreement.
(4) In March 2003, the trade of Industrias Cristal, SA, Embotelladora Salvadoreña, SA and La Constancia, SA, were transferred into this company.
(5) In March 2003, the trade of these companies was transferred to Industrias La Constancia, SA. These companies retained the land and buildings which are leased to Industrias La Constancia, SA.
(6) Previously named South African Breweries International (Europe) BV.
(7) This company was formed following the merger of Bere Timisoreana SA and SC Ursus SA.
(8) SABMiller Poland BV, a wholly owned subsidiary of SABMiller Europe, holds 71.9% of Kompania Piwowarska SAat 31 March 2003.
(9) Pivovar Šariš AS is 100% owned by BBG Austria, a wholly owned subsidiary of SABMiller Europe BV.
(10) Previously named South African Breweries International (Africa) BV.
(11) Previously named AntlerCorporationBV.
(12) Listed in country of incorporation.
(13) In December 2002 SABMiller Africa BV disposed of its subsidiary Castle Brewing Kenya Ltd in exchange for a 20% shareholding in Kenya Breweries Ltd, a subsidiary of East African Breweries Ltd.
(14) The shareholding in Tanzania Breweries Ltd has reduced as a result of the East African restructuring detailed in note 29.
(15) This company holds a 49% interest in China Resources Breweries Ltd – see the table for associated undertakings.
(16) Previously named South African Breweries International (Asia) BV.
(17) On 26 March 2003 Mysore Breweries Ltd acquired a 97.35% interest in Rochees Breweries Ltd, replacing a contract brewing arrangement that had been in place for the full year.
(18) When the operations and assets of the South African Beer Division were a part of SAB Ltd, they were held as a division of that company. Following the restructuring, these operations and assets were incorporated into a corporate legal entity, The South African Breweries Ltd.
   
 
The group comprises a large number of companies. The list above only includes those subsidiary undertakings which materially affect the profit or net assets of the group, or a business segment, together with the principal intermediate holding companies of the group. The principal country in which each of the above subsidiary undertakings operates is the same as the country in which each is incorporated.

Where the group's nominal interest in the equity share capital of an undertaking was less than 50%, the basis on which the undertaking is a subsidiary undertaking of the group is as follows:

Botswana Breweries (Pty) Ltd and Kgalagadi Breweries (Pty) Ltd
SABMiller Africa holds a 40% interest in each of Botswana Breweries (Pty) Ltd and Kgalagadi Breweries (Pty) Ltd with the remaining 60% interest in each held by Sechaba Brewery Holdings Ltd. SABMiller Africa's shares entitle the holder to twice the voting rights of those shares held by Sechaba Brewery Holdings Ltd. SABMiller Africa's7% indirect interest is held via an 11% interest in Sechaba Brewery Holdings Ltd.

Lesotho Brewing Company (Pty) Ltd (Lesotho Brewing)
SABMiller Africa holds a 39% interest in Lesotho Brewing with the remaining interest held by a government authority, the Lesotho National Development Corporation (51%), and the Commonwealth Development Corporation (10%). Lesotho Brewing is treated as a subsidiary undertaking based on the group's ability to control its operations through its board representation. The day to day business operations are managed in accordance with a management agreement with Bevman Services AG, a group company.

Coca-Cola Bottling Luanda SARL (CCBL)
SABMiller Africa is the largest shareholder in CCBL with a 45% holding. Management control is exercised through a contractual agreement with Bevman Services AG, a group company.

African operations
The group's effective interest in its African operations was diluted as a result of the disposal of a 38% interest in SABMiller Africa BV on 1 April 2001, in exchange for a 20% interest in the Castel group's African beverage interests. The operations continue to be consolidated due to SABMiller Africa BV's majority shareholdings, and ability to control the operations.