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Zambian Breweries Plc
Consolidated Financial Statements
For The Year Ended 31 March 2009
(all amounts are in millions of Kwacha unless otherwise stated)
23
NOTES (continued)
1. General Information
Zambian Breweries Plc is incorporated in Zambia under the Zambia Companies Act as a public listed company
and is domiciled in Zambia. The address of the registered office of Zambian Breweries Plc is:
Plot Number 6438, Mungwi Road
Heavy Industrial Area
Lusaka
Zambia.
2. Summary of significant accounting policies
The principal accounting policies adopted in the preparation of these financial statements are set out below.
These policies have been consistently applied to all years presented, unless otherwise stated.
a) Basis of Preparation
The financial statements are prepared in compliance with International Financial Reporting Standards
(IFRS). The measurement basis applied is the historical cost basis, unless otherwise stated in the
accounting policies below. The financial statements are presented in Zambian Kwacha (K), rounded to
the nearest million.
The preparation of financial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying
the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or
where assumptions and estimates are significant to the financial statements, are disclosed in note 4.
b) Adoption of new and revised standards
In 2009 new and revised standards and interpretations became effective for the first time and have been
adopted by the Group where relevant to its operations. The adoption of these new and revised standards
and interpretations had no material effect on the Group’s accounting policies or disclosures:
! IAS 1 Amendment, Capital Disclosures. The amendment to IAS 1 introduces disclosures about the
level of the Company’s capital and how it manages capital
! IFRS 7, Financial Instruments: Disclosures. IFRS 7 introduces new disclosures to improve the
information about financial instruments. It requires the disclosure of qualitative and quantitative
information about exposure to risks arising from financial instruments, including specified minimum
disclosures about credit risk, liquidity risk and market risk, including sensitivity analysis to market
risk.
c) Standards and amendments to published standards that are not yet effective
The Group has not early adopted the following amendment to an existing standard and new standard that
will be mandatory for the Group for accounting periods beginning on or after 1 April
2009:
! IFRS 8 – Operating Segments – from 1 January 2009
! IAS 23 – Borrowing Cost – from 1 January 2009