Principal subsidiary undertakings

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The principal subsidiary undertakings of the group, as at 31 March, were as follows:

Country of
  Effective interest in
ordinary share capital
Name incorporation Principal activity 2004 2003
Central administration        
SABMiller Finance BV Netherlands Holding and finance company 100% 100%
SABSA Holdings (Pty) Ltd South Africa Holding company 100% 100%
SABMiller Africa and Asia BV Netherlands Holding company 100% 100%
North American operations        
Miller Brewing Company USA Brewing 100% 100%
Foster’s USA, LLC USA Import and sale of beer 50% 50%
Jacob Leinenkugel Brewing Co., Inc. USA Brewing 100% 100%
Pilsner Urquell USA, Inc.(1) USA Import and sale of beer 100% 100%
Central American operations        
Bevco Ltd(2) British Virgin Islands Holding company 58% 58%
Cervecería Hondureña, S.A. Honduras Brewing/CSDs 58% 58%
Industrias La Constancia, S.A. El Salvador Brewing/CSDs/water 58% 58%
Tres Montanas S.A.(3) El Salvador Leasing 58%
La Constancia, S.A.(3) El Salvador Leasing 58%
Embotelladora Salvadoreña, S.A.(3) El Salvador Leasing 58%
Industrias Cristal, S.A.(3) El Salvador Leasing 58%
European operations        
SABMiller Europe BV Netherlands Holding company 100% 100%
Birra Peroni SpA(4) Italy Brewing 60%
Compania de Bere Romania Romania Brewing 98% 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(5) Poland Brewing 72% 72%
Browar Dojlidy Sp z.o.o.(6) Poland Brewing 71%
Pivovar Šariš AS(7) Slovakia Brewing 100% 100%
Plzeňský Prazdroj AS Czech Republic Brewing 97% 97%
African operations        
SABMiller Africa BV Netherlands Holding company 62% 62%
SABMiller Botswana BV Netherlands Holding company 62% 62%
Accra Brewery Ltd(8) Ghana Brewing 43% 43%
Botswana Breweries (Pty) Ltd Botswana Sorghum brewing 31% 29%
Cervejas de Moçambique SARL(8)(9) Mozambique Brewing 49% 43%
Coca-Cola Bottling Luanda SARL Angola CSDs 28% 28%
Coca-Cola Bottling Sud de Angola SARL Angola CSDs 37% 37%
Chibuku Products Ltd Malawi Sorghum brewing 31% 31%
Kgalagadi Breweries (Pty) Ltd Botswana Brewing/CSDs 31% 29%
Lesotho Brewing (Pty) Ltd Lesotho Brewing/CSDs 24% 24%
National Breweries plc(8) Zambia Sorghum brewing 43% 43%
Nile Breweries Ltd Uganda Brewing 59% 59%
Swaziland Brewers Ltd Swaziland Brewing 37% 37%
Tanzania Breweries Ltd(8) Tanzania Brewing 33% 33%
Zambian Breweries plc(8) Zambia Brewing/CSDs 54% 53%
Asian operations        
SABMiller Asia BV(10) Netherlands Holding company 100% 100%
Mysore Breweries Ltd(11) India Brewing 83%
Narang Breweries (Pvt) Ltd(11) India Brewing 85%
Rochees Breweries Ltd(11) India Brewing 81%
Beer South Africa(12)        
The South African Breweries Ltd(12) South Africa Brewing and holding company 100% 100%
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(8) South Africa Beverages 74% 74%
Appletiser South Africa (Pty) Ltd South Africa Fruit juices and water 100% 100%


(1)Pilsner Urquell USA, Inc. was transferred to the North American operations from the European operations on 1 April 2003.
(2)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.
(3)La Constancia, S.A., Embotelladora Salvadoreña, S.A. and Industrias Cristal, S.A. have been merged into Tres Montanas S.A.
(4)The acquisition of a 60% interest in Birra Peroni SpA was completed on 4 June 2003.
(5)SABMiller Poland BV, a wholly owned subsidiary of SABMiller Europe, holds 71.9% of Kompania Piwowarska SA (KP) at 31 March 2004.
(6)KP completed the acquisition of a 98.8% interest in Browar Dojlidy Sp z.o.o. on 30 April 2003. Subsequent purchases from minority shareholders have increased KP’s interest to 99.4%.
(7)Pivovar v Sarivs AS is 100% owned by BBG Austria, a wholly owned subsidiary of SABMiller Europe BV.
(8)Listed in country of incorporation.
(9)Effective 1 December 2003, SABMiller Africa BV acquired a further 9.5% interest in Cervejas de Moçambique SARL, bringing SABMiller’s effective stake to 49.1%.
(10)This company holds a 49% interest in China Resources Breweries, Ltd – see the table for associated undertakings.
(11)These businesses now form part of the Shaw Wallace joint venture which has been reclassified as a trade investment.
(12)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 is less than 50%, the basis on which the undertaking is a subsidiary undertaking of the group is as follows:

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.

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’s 10.1% indirect interest (2003: 6.8%) is held via a 16.8% interest (2003: 11.3%) 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.

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