March 2011 Annual Report and Financial Statements - SABMiller

More documents

Recommendations

Info

FINANCIAL STATEMENTS 6 Other income 2011 2010 Sale of maize - 2,324 Gain on disposal of property, plant and equipment 45 177 Interest income 188 66 Sundry income 31 - 264 2,567 7 Finance income/(costs) Interest expense - bank overdraft (876) (1,759) Net foreign exchange gain on cash and cash equivalents 952 813 Net finance income/ (costs) 76 (946) 8 Expenses by nature The following items have been charged in arriving at the profit before income tax 2011 2010 Depreciation on property, plant and equipment (Note 15) 6,191 5,825 Operating lease rentals expensed 21 654 Write down of inventories 3,504 3,947 Employee benefits expense (Note 9) 28,188 23,919 Auditor’s remuneration 202 182 9 Employee benefits expense The following items are included within employee benefits expense: 2011 2010 Retirement benefits costs: - Defined contribution scheme 723 411 - National Pension Scheme Authority 885 703 10 Income tax expense Current income tax 19,840 17,700 Deferred income tax (Note 14) 747 1,160 Income tax expense 20,587 18,860 28 National Breweries PLC Annual Report 2011
10 Income tax expense (continued) The tax on the Company’s profit before income tax differs from the theoretical amount that would arise using the statutory income tax rate as follows: 2011 2010 Profit before income tax 57,757 49,788 Tax calculated at the statutory income tax rate of 35% (2010 − 35%) 20,215 17,426 Tax effect of: Income not subject to tax - (61) Expenses not deductible for tax purposes 372 1,495 FINANCIAL STATEMENTS Income tax expense 20,587 18,860 Current income tax movement in the balance sheet At start of year 3,425 (68) Charge for the year 19,840 17,700 Payments during the year (17,591) (14,207) At end of year (5,674) 3,425 Income tax assessments have been agreed with the Zambia Revenue Authority (ZRA) up to and including the year ended 31 March 2003. A self assessment system for income tax was introduced for periods subsequent to 31 March 2003. Income tax returns have been filed with the ZRA for the years ended 31 March 2004, 2005, 2006, 2007, 2008, 2009 and 2010. Quarterly tax payments for the year ended 31 March 2011 were made on the due dates during the year. 11 Earnings per share Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. 2011 2010 Profit attributable to equity holders of the Company 37,170 30,928 Weighted average number of ordinary shares in issue (millions) 63 63 Basic earnings per share 590 491 National Breweries PLC Annual Report 2011 29
Page 1: March 2011 Annual Report & Financia
Page 5: OUR VISION, MISSION & VALUES COMPAN
Page 8 and 9: COMPANY FINANCIAL REVIEW K Million
Page 10 and 11: MANAGING DIRECTOR’S REPORT Operat
Page 12 and 13: SUSTAINABLE DEVELOPMENT REPORT (CON
Page 14 and 15: DIRECTORS’ REPORT (CONT) Gifts an
Page 16: STATEMENT OF DIRECTOR’S RESPONSIB
Page 19 and 20: REPORT OF THE INDEPENDENT AUDITOR W
Page 21 and 22: Statement of Comprehensive Income Y
Page 23 and 24: Statement of Changes in Equity Year
Page 25 and 26: 1. General Information National Bre
Page 27 and 28: 2. Summary of significant accountin
Page 33: 4. Financial risk management object
Page 37 and 38: 15 Property, plant and equipment At
Page 39 and 40: 20 Bank overdraft The Company has t
Page 41 and 42: 25 Related party transactions (cont
Page 43 and 44: DIRECTORS G Sokota* W Tiedt** B Hir
Page 48: Drink Responsibly. Not to be sold t

March 2011 Annual Report and Financial Statements - SABMiller

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?