Download the National Breweries Zambia 2009 Annual ... - SABMiller

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Financial Statements for the year ended 31st March 2009 (cont.) 20 Bank overdraft The company has an overdraft facility up to a limit of K 8 billion. The facility is renewable quarterly and is subject to review on 30 June 2009. The bank facility is unsecured. The carrying amount of the bank overdraft approximates to the fair value. 21 Contingent liabilities (i) Guarantees At 31 March 2009 the Company had given excise bond guarantees amounting to K 4,500 million (2008: K 4,500 million) to the Zambia Revenue Authority. The directors do not that any anticipate that any significant loss will arise from these contingent liabilities. (ii) Legal proceedings The Company is the subject of a number of legal claims relating primarily to employment issues. In the director’s opinion, after taking appropriate legal advice, the outcome of these claims will not give raise to any significant loss. 22 Commitments Capital commitments Capital expenditure contracted for at the balance sheet date but not recognised in the financial statements is as follows: 2009 2008 Property, plant and equipment 2 378 1 684 Operating lease commitments 2009 2008 Not later than 1 year 1 095 900 p36
Financial Statements for the year ended 31st March 2009 (cont.) 23 Cash generated from operations Reconciliation of profit before income tax to cash generated from operations: 2009 2008 Profit before income tax 37 514 35 323 Adjustments for: Interest income (Note 7) (104) (414) Interest expense (Note 7) 257 - Depreciation (Note 15) 4 800 4 199 (Profit) on sale of property, plant and equipment (1 534 ) (110) Changes in working capital ! receivables and prepayments (11) 10 954 ! inventories (7 444 ) (4 094 ) ! payables and accrued expenses 10 787 2 105 ! retirement benefit obligations - (161) Cash generated from operations 44 265 47 802 24 Related party transactions The Company is controlled by Heinrich’s Syndicate Limited (incorporated in Zambia) which owns 70% of the Company’s shares. The remaining 30% of the shares are held by various investors. The ultimate parent of the Company is SABMiller Plc (incorporated in England and Wales). The following transactions were carried out with related parties: i) Interest on loans to related parties 2009 2008 Fellow subsidiary 59 302 ii) Purchase of services SABMiller Management BV 3 417 2 365 p37
Page 1: 31st March 2009 Annual Report & Fin
Page 4 and 5: Mission Statement and Values
Page 6 and 7: Company Financial Review for the ye
Page 8 and 9: Chairman’s Statement for the year
Page 10 and 11: Managing Director’s report for th
Page 12 and 13: Report of the Directors for the yea
Page 14 and 15: Report of the Directors for the yea
Page 16 and 17: REPORT OF THE INDEPENDENT AUDITOR T
Page 18 and 19: Financial Statements for the year e
Page 40 and 41: Principal Shareholders and Share Di
Page 42 and 43: Directorate and Corporate Informati
Page 44 and 45: NOTICE OF THE ANNUAL GENERAL MEETIN
Page 46 and 47: p46
Page 48: What do you see? We see beyond the

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