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

Zambian Breweries Plc
Consolidated Financial Statements
For The Year Ended 31 March 2009
(all amounts are in millions of Kwacha unless otherwise stated)
35
NOTES (continued)
7. Expenses by nature
2009 2008
The following items have been charged/(credited) in arriving at the profit before
income tax:
Depreciation on property, plant and equipment (Note 15) 30,138 29,993
Receivables-provision for impairment losses 555 361
Employee benefits 58,661 53,010
Auditors’ remuneration 550 496
8. Employee benefits expense
2009 2008
The following items are included within employee benefits expense:
Retirement benefits costs:
- Defined contribution scheme 1,925 1,752
- National Pension Scheme Authority 1,602 1,583
9. Net finance costs
2009 2008
Interest expense:
- Bank borrowings 13,626 4,756
- Related party loans 2,042 1,303
- Finance leases - 136
15,668 6,195
Net foreign exchange loss 4,170 2,715
Net finance costs 19,838 8,910
10. Income tax expense As
restated
2009 2008
Current income tax 10,098 31,010
Deferred income tax (Note 22) 19,286 2,943
Over provision of prior year current tax - (883)
Income tax expense 29,384 33,070
The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using
the statutory income tax rate as follows:
Profit before income tax 73,476 89,298
Tax calculated at domestic rates applicable to profits - 35% (2008 ! 35%) 25,717 31,254
Tax effect of:
- Over provision of current tax in prior years - (883)
- Expenses not deductible for tax purposes 3,667 2,699
Income tax expense 29,384 33,070
Current income tax movement in the balance sheet:
- At start of the year 13,226 (13,788)
- Charge for the year 10,098 31,010
- Prior year over provision - (883)
Paid during the year (33,238) (3,113)
At end of the year (9,914) 13,226