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Condensed Consolidated Interim Financial Statements

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Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Financial Statements Interim consolidated statement of comprehensive Interim consolidated statement of changes income for the six months ended 31 December 2009 2008 in equity Issued Retained Notes to the interim condensed consolidated financial statements Note 10 - Related parties Unaudited Unaudited capital earnings Total During the six month period ended 31 December 2009, the group sold products and services to Continuing operations Notes N$’000 N$’000 Attributable to equity holders of parent N$’000 N$’000 N$’000 Note 1 - Reporting entity companies within the Ohlthaver & List Group to the value of N$1,917,000 (2008: N$4,664,000). Namibia Breweries Limited is a company domiciled in the Republic of Namibia. The condensed consolidated Outstanding debtor balances at the reporting date, amounted to N$685,000 (2008: N$5,514,000). Balance at 1 July 2008 1,024 530,291 531,315 financial statements of the Group as at and for the six month period ended 31 December 2009 comprise Intercompany interest paid amounted to N$ Nil (2008: N$742,000). The outstanding loan balance Sales of goods (net of discounts allowed) 917,598 802,611 Profit for the period 0 84,616 84,616 the Company and its subsidiaries (together referred to as the “Group”). The audited consolidated financial at 31 December 2009 amounted to N$ Nil (2008: N$8,000,000). The Group sold goods to its joint Royalty income 24,504 15,227 Dividends paid to equity holders 0 (36,419) (36,419) statements of the Group as at and for the year ended 30 June 2009 are available upon request from the venture and its largest single customer, DHN Drinks (Pty) Ltd to the value of N$398,213,000 (2008 : Operating leases 5,412 4,992 Balance at 31 December 2008 (unaudited) 1,024 578,488 579,512 Company’s registered office. N$ 314,403,000) and earned royalty income from DHN Drinks (Pty) Ltd to the value of N$20,563,000 Rent received 936 934 (2008 : N$15,227,000). Outstanding DHN Drinks (Pty) Ltd receivables balance at reporting date Revenue 948,450 823,764 Balance at 1 July 2009 1,024 618,583 619,607 Note 2 - Statement of compliance amounted to N$158,164,000 (2008 : N$ 217,246,000). Management fees accrued to Diageo plc, Heineken International B.V. and Ohlthaver & List Finance and Trading Corporation Limited for the six Raw materials and consumables (530,070) (451,531) Profit for the period 0 84,456 84,456 These condensed consolidated financial statements have been prepared in accordance with International month period ended 31 December 2009 amounted to N$5,573,000 (2008: N$3,000,000). Employment costs (85,974) (75,040) Dividends paid to equity holders 0 (44,512) (44,512) Financial Reporting Standard (IFRS) IAS 34, Interim Financial Reporting. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated Administration and marketing expenses (56,840) (62,637) Balance at 31 December 2009 (unaudited) 1,024 658,527 659,551 financial statements of the Group as at and for the year ended 30 June 2009. Note 11 - Significant balance sheet changes Railage and transport (74,706) (66,539) Our joint venture in South Africa continues to perform in line with expectations, the Group has Repairs and maintenance (13,229) (11,032) Interim consolidated cash flow statement Note 3 - Significant accounting policies advanced loans to DHN Drink (Pty) Ltd during the period in line with the initial operating plans. The Depreciation and amortisation (20,930) (18,862) for the six months ended 31 December 2009 2008 Group has also continued to invest in plant and equipment in line with its expansion and replacement The accounting policies applied by the Group in these condensed consolidated financial statements are Operating profit 166,701 138,123 Unaudited Unaudited plans. The increased investment in assets has been funded by a term facility which has been secured substantially the same as those applied by the Group in its consolidated financial statements as at and for Finance income 3,854 3,719 N$’000 N$’000 by the cession of our debtors. the year ended 30 June 2009. All new, revised and amended accounting standards and pronouncements, Finance costs (4,466) (1,315) effective for the year have been adopted by the group. The most significant of these were IAS 1 Financial Cash flows from operating activities Group operational and financial review Equity loss from Joint Venture (40,133) (22,266) Statement Presentation and IFRS 8 Operating Segments. Both IAS 1 and IFRS 8 focus on presentation and Receipts from customers 888,094 698,505 Profit before tax 125,956 118,261 disclosure and had no impact on the recognition or measurement of amounts presented. The accounting The Board is pleased to report on the Group’s Financial Results for the six month period ended Payments to suppliers and employees (755,354) (587,784) Income tax expense 4 (41,500) (33,645) policies adopted and the estimates and judgments made in applying the accounting policies are consistent 31 December 2009. Profit for the period 84,456 84,616 Income tax paid (21,623) (12,013) with those applied and disclosed in the annual financial statements for the year ended 30 June 2009, with the Other comprehensive income for the period 0 0 Dividends paid to equity holders (44,512) (36,419) exception of the change in required disclosures as noted above. Certain balances reported previously were Financial performance Total comprehensive income for the period Net cash flows from operating activities 66,605 62,289 restated in the current period to allow for improved classification. These reclassifications did not impact equity, The Group’s Operating Profit (before equity losses) for the six month period ended 31 December 2009 attributable to equity holders of the parent 84,456 84,616 total assets or profit for the period. showed a 21% increase over the previous period. The increase was driven by continued overall sales Cash flows from investing activities For the six months For the six months For the year volume growth. Profit after tax is substantially the same as the prior comparative period due to the increase in equity accounted losses from DHN Drinks (Pty) Ltd. Ordinary shares in issues (thousands) 206,529 206,529 Proceeds from sale of plant and equipment 117 1,822 ended 31 Dec ended 31 Dec ended 30 Jun 2009 2008 2009 Basic earnings per share (cents) 40.9 41.0 Interest received 1,175 3,719 Namibia market Purchase of plant and equipment (68,412) (86,708) Dividend per ordinary share (cents) 21.6 17.6 Unaudited Unaudited Audited The home market of the Group remains a significant contributor to total volumes and profits, thus Loan to joint venture (112,000) (40,000) N$’000 N$’000 N$’000 continued focus on this market is essential. Driven by the strong performance of Windhoek Lager, Interim consolidated statement of financial Net cash flows used in investing activities (179,120) (121,167) Note 4 - Taxation the Group has delivered an increase in revenues and profits. The Windhoek Lager brand continues to position at 31 Dec 2009 30 Jun 2009 Namibia - Deferred Taxation (11,984) 5,427 (17,806) deliver strong performance. Overall domestic beer volumes grew by 10% year on year. In the period Unaudited Audited the Group exited the Pepsico licence and distribution agreement on 31 December 2009, but will Cash flows from financing activities Namibia - Normal Taxation (22,524) (33,895) (43,687) Notes N$’000 N$’000 continue to co-pack for the new agent in the short term. Proceeds from borrowings 153,144 2,687 South Africa - Deferred Taxation 0 (5,177) (7,331) Repayment of borrowings (1,781) (9,708) South Africa - Normal Taxation (6,992) 0 (2,094) The Group also invested in its returnable bottle market with the introduction of a fantastic new bottle ASSETS Interest paid (4,466) (1,315) (41,500) (33,645) (70,918) shape for our quart bottles. The new look bottle has been very well received by our consumers, Non-current assets Net cash flows from / (used in) financing activities 146,897 (8,336) Property, plant and equipment 5 469,330 421,769 Note 5 - Property, plant and equipment who have described the bottle as having a more premium feel. The chance to introduce brands to our home market from our international partners is an exciting opportunity for the Group. On 1 July Intangible assets 429 622 Net book value at beginning of the period 421,769 348,954 348,954 Net increase / (decrease) in cash and cash equivalents 34,382 (67,214) 2009, in terms of the licence and distribution agreement with our partner Diageo plc, the Group Investment in a joint venture 6 543,956 469,411 Capital expenditure 68,412 86,708 110,756 Cash and cash equivalents at 1 July 66,714 153,004 expanded its portfolio offering to its customers with a range of Ready To Drink (RTD) beverages Loans 12,899 12,899 Disposals (119) (1,764) (1,808) Cash and cash equivalents at end of period 101,096 85,790 Depreciation (20,732) (16,927) (36,133) including Smirnoff Spin, Smirnoff Storm and Archers Aqua alongside with Foundry Cider, Kilkenny Available-for-sale investments 14 14 and Guinness Draught. 1,026,628 904,715 Net book value at end of the period 469,330 416,971 421,769 South Africa Current assets Interim consolidated segment information Investment in a joint venture 6 20,150 20,150 Note 6 - Investment in a joint venture Volumes produced and supplied to South Africa also increased, registering double digit growth for the for the six months ended 31 December 2009 2008 six months to December 2009, with NBL’s brands doing well.
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