Namibia Breweries Limited (NBL) is a publicly owned company listed on the Namibian Stock Exchange (NSX) since 1996. NBL continues to embark on its journey towards international best practice. This report relates to the financial year from 1 July 2015 to 30 June 2016 and covers all operations, with the emphasis on Namibia as its core market. Its content provides a holistic but concise view of social, environmental and economic factors affecting the ability of the business to create value over the short, medium and long term.
The report is aimed at NBL’s providers of financial capital, but considered a wide range of stakeholders and topics in the content development process. The report was furthermore guided by the Vision 2019 strategy developed by Ohlthaver & List (O&L or the O&L Group), and influenced by current Namibian challenges such as critical water supply constraints. The year’s most significant event was the restructuring of the joint venture agreement in South Africa. This is comprehensively covered throughout the report.
The integrated reporting approach and structure allows for comparability of financial and non-financial data. Materiality was applied to information gathered during data collection, as well as Board and management interviews.
The following frameworks and reporting requirements were considered
- Corporate Governance Code for Namibia (NamCode)
- Namibia Companies Act, 2004 (Act No. 28 of 2004)
- Namibian Stock Exchange Listing Requirements
- International Financial Reporting Standards
- International Integrated Reporting Council’s <IR> Framework
Further information is available on the website. To provide feedback or request copies of this report, contact our Company Secretaries, Ohlthaver & List Centre (Proprietary) Limited, on tel: +264 61 207 5111 or email: Gisela.Botha@ol.na.
Reporting boundaries
NBL forms part of the O&L Group of companies – Namibia’s largest privately held Group of companies, with revenues contributing about 4% to gross domestic product (GDP). The Group has business interests in food production, fishing, beverages, farming, retail trade, information technology, property leasing and development, marine engineering, steel retailing and the leisure and hospitality industry. O&L indirectly holds an effective 29.69% stake in NBL.
NBL’s joint venture with leading drinks company Diageo, and brewer Heineken, established in 2003, was restructured in December 2015. The diagram to the right shows the structure after the change.
Click for further details of NBL subsidiaries.
Financial and non-financial data in this report is limited to NBL and its subsidiaries, whereas non-financial reporting, including risks, opportunities and partnerships, considers all stakeholders. Stakeholders have been identified as those individuals or groups who can be affected by NBL’s business activities, outputs or outcomes, or who can significantly affect NBL’s ability to create value over time.
Assurance
The consolidated annual financial statements from page 72 to 130 were audited by Deloitte & Touche. As per the NamCode requirements, NBL follows a combined assurance model based on the three lines of defence, which includes internal controls and systems, supported by external verification. The latter included a SABS audit against the requirements of SANS 10330:2007 on 22 and 23 July 2015 and a SABS recertification against the requirements of ISO 9001:2008. Several internal audits were also conducted by Ernst & Young during the year.
Read more about our internal audit programme.
Forward-looking statements
This integrated report contains statements about NBL that are or may be forward-looking statements. Examples of forward-looking statements include statements regarding a future financial position or future profits, cash flows, strategy, estimates of capital expenditures, acquisition strategy, or future capital expenditure levels, and other economic factors such as interest and exchange rates. These may generally be identified by the use of forward-looking words or phrases such as ‘believe’, ‘aim’, ‘expect’, ‘anticipate’, ‘intend’, ‘foresee’, ‘forecast’, ‘likely’, ‘should’, ‘planned’, ‘may’, ‘estimated’ and ‘potential’, or similar words and phrases.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. NBL cautions that forward-looking statements are not guarantees of future performance.
Board approval
The Board, assisted by the Audit Committee, is ultimately responsible for the integrity and completeness of this report. The Board has applied its collective mind to the preparation and presentation of the report and, accordingly, approved it on 6 September 2016.
