at 31 March

	Notes	2004   US$m	2003 Restated US$m
Fixed assets
Intangible assets	12	6,513	6,451
Tangible assets	13	3,758	3,244
Investments		1,212	736
Investments in associates	14	928	705
Other fixed asset investments	15	284	31
		11,483	10,431
Current assets
Stock	16	599	456
Debtors	17	1,035	802
Investments	18	31	2
Cash at bank and in hand		651	559
		2,316	1,819
Creditors – amounts falling due within one year	19	(2,783)	(4,027)
Net current liabilities		(467)	(2,208)
Total assets less current liabilities		11,016	8,223
Creditors – amounts falling due after one year*	20	(3,166)	(1,130)
Provisions for liabilities and charges	22	(866)	(743)
Net assets		6,984	6,350
Capital and reserves
Share capital	23	127	127
Share premium	24	1,383	1,373
Merger relief reserve	24	3,395	3,395
Revaluation and other reserves	24	20	20
Profit and loss reserve	24	1,240	657
Shareholders’ funds		6,165	5,572
Equity minority interests		819	778
Capital employed		6,984	6,350

*Includes US$594 million (2003: US$590 million) 4.25% guaranteed convertible bonds 2006.

View the Balance Sheets of SABMiller plc.
The notes form part of the financial statements.
The financial statements were approved by the directors on 7 June 2004.

Graham Mackay Chief executive	Malcolm Wyman Chief financial officer

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