Download the Zambian Breweries 2009 Annual report ... - SABMiller

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30 Zambian Breweries Plc Consolidated Financial Statements For The Year Ended 31 March 2009 (all amounts are in millions of Kwacha unless otherwise stated) NOTES (continued) d) Liquidity risk The Group manages liquidity risk by maintaining cash and cash equivalent balances and available credit facilities to ensure that it is able to meet its short term and long term obligations as and when they fall due. Group-wide cash projections are managed centrally and regularly updated to reflect the dynamic nature of the business and fluctuations caused by exchange rate movements. The table below analyses the group's financial liabilities, which will be settled on a net basis, into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity dates. The amounts disclosed in the table are the contractual undiscounted cash flows. Less than 1 year Between 1 and 2 years At 31 March 2009: - borrowings 152,927 8,490 - trade and other payables 272,862 - 425,789 8,490 At 31 March 2008: - borrowings 49,015 - - trade and other payables 113,006 - - Forward foreign exchange contracts - 29,058 162,021 29,058
Zambian Breweries Plc Consolidated Financial Statements For The Year Ended 31 March 2009 (all amounts are in millions of Kwacha unless otherwise stated) 31 NOTES (continued) e) Capital risk The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new capital or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of a gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is calculated as equity plus net debt. During the year Group’s strategy, which changed from prior year’s, was to maintain a gearing ratio less than 75%. The gearing ratio at 31 March 2009 was 40% (2008: 16%) 2009 2008 Total borrowings 158,326 46,914 Less: cash and cash equivalents (20,439) (8,257) Net debt 137,887 38,657 Total equity 210,558 208,642 Total capital 348,445 247,229 Gearing ratio 40% 16%
Page 1 and 2: AnnualReport & Accounts 2009 Zambia
Page 3 and 4: Financial Highlights 1 Restated K
Page 5 and 6: 3 Government engagement We are grat
Page 7 and 8: 5 imported beers and offer our loca
Page 9 and 10: Board of Directors 7 Valentine Chit
Page 11 and 12: freshing change 9
Page 13 and 14: 11 Exports No goods were exported f
Page 15 and 16: 13 Company Secretary The company se
Page 17 and 18: 15 REPORT OF THE INDEPENDENT AUDITO
Page 19 and 20: Zambian Breweries Plc Consolidated
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Page 48: COPPERBELT BOTTLING COMPANY LTD P O

Download the Zambian Breweries 2009 Annual report ... - SABMiller

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