SABMiller's chief executive has warned that the Chinese and German beer markets were not currently attractive markets.

Speaking from the World Economic Forum in an interview with news agency AFX, Graham Mackay said that China - where SABMiller is the second largest brewer by volume - was a country where: "Yes we make money, we always have done. Not a great deal, and the returns are inadequate… Prices are still grindingly low and haven't shown any signs of increasing.

"Until consumer level deflation turns up, I don't think we will see significantly higher or even acceptable margins coming out of China."

Germany, according to Mackay, is "not an attractive market. Per capita consumption is in long term decline, prices are low, it's highly fragmented, which should provide an opportunity for consolidation, but German beer tastes themselves are still fragmented at consumer level," he said.

Mackay did point out, however, that Germany "is not something that we ignore."