The emphasis of this report is on Namibia, which is our core market and where 57.8% of volumes are sold. Although we focus on what shareholders and investors want to know, we include examples and data relevant to our broader stakeholder community. We are guided by the principle of materiality: we report on the social, environmental, governance and economic factors where these affect our ability to create value over the short, medium and long term. To determine materiality, we follow a formal process that we explain in the material matters section.
The following frameworks and reporting requirements were considered in developing content for this report:
- Corporate Governance Code for Namibia (NamCode)
- Namibia Companies Act, 2004 (No. 28 of 2004)
- Namibian Stock Exchange Listing Requirements
- International Financial Reporting Standards
- International Integrated Reporting Council’s (IIRC) Integrated Reporting <IR> Framework
We do not report on the six capitals according to the definition contained in the <IR> Framework. However, our stakeholder-oriented approach means that we consider all of them in our materiality process. We act as stewards of all six capitals by living our purpose: Creating a Future, Enhancing Life.
We welcome feedback. To make contact or request copies of this report, contact our Company Secretaries, Ohlthaver & List Centre (Proprietary) Limited, on telephone: +264 61 207 5111 or email: Roberta.Brusa@ol.na.
Reporting boundary and comparability
Namibia Breweries Limited (NBL) forms part of the Ohlthaver & List Group of companies (the O&L Group or the Group), which indirectly holds an effective 29.69% stake in NBL. The financial and non-financial data in this report is limited to NBL and its subsidiaries and associate. Full details of the latter entities are set out in Annexure C of the annual financial statements. There were no changes to the ownership, structures or reporting approach compared to our 2018 report.
This integrated report contains statements about NBL that are or may be forward-looking statements. Examples of forward-looking statements include statements about 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.
Assurance and approval
As per the Corporate Governance Code for Namibia (NamCode) requirements, NBL follows a combined assurance model based on the three lines of defence, which include internal controls and systems, supported by external verification. The consolidated annual financial statements were audited by Deloitte & Touche. The unqualified audit opinion is available here. Further external verification included a South African Bureau of Standards (SABS) audit against the requirements of SANS 10330:2007 and an SABS certification audit against ISO 9001:2015. Several internal audits were also conducted by Ernst and Young (EY). The governance report contains detail of internal controls and specific focus areas for internal auditing during 2019.
The Board, assisted by the Audit Committee, is ultimately responsible for the integrity and completeness of this report. The Board acknowledges that the report reflects continued improvement towards compliance with the <IR> Framework. The Board has applied its collective mind to the preparation and presentation of the report and, accordingly, approved it on 4 September 2019.
Non-executive Directors Sven Thieme Günter Hanke Hans-Bruno Gerdes Peter Grüttemeyer Steven Siemer Carl-Ludwig List Lieven van der Borght Laura McLeod-Katjirua Roland Pirmez
Executive DirectorsHendrik van der Westhuizen Graeme Mouton