2009 Annual Report TBL

PACKAGING LINE UPGRADE
The brand new state-of-the-art bottling line at TBL was officially

opened on 22 May 2009 and is rated at 48,000 bottles per hour. The
bottle washer reduces water usage by 50%.
Contents
10 Year Review 2
Group Cash Value Added 3
Chairman’s Statement 5
Vision, Mission & Company Values 7
Board of Directors 8
Report of the Directors 10
Corporate Governance 12
Managing Director’s Report 13
TBL Responsible Way 19
Statement of Directors’ Responsibilities 20
Report of the Independent Auditor 21
Profit & Loss Accounts 22
Balance Sheets 23
Statements of Changes in Equity 24
Cash Flow Statement 25
Index to Notes to Financial Statements 26
Notes to Financial Statements 27
Administration and Notice of Meeting 48
Tanzania Breweries Limited Page 1

10 Year Review
For the year ended 31 March 2009
(All amounts in Tshs M)
2009 2008 2007 2006 2005 2004 2003 *2002 2001 #2000
Sales Tshs M 464,199 383,181 314,878 260,628 229,644 197,982 174,048 135,059 125,082 144,795
Profit before income tax Tshs M 115,188 109,168 95,603 85,584 69,332 57,471 47,635 34,218 29,121 31,554
Dividends declared Tshs M 44,239 58,986 58,986 52,202 56,036 36,866 30,790 25,835 25,246 21,407
Cash flow from operations Tshs M 71,981 83,467 79,011 60,099 67,489 42,248 43,242 30,069 32,127 28,530
Net cash invested to expand operations Tshs M 74,741 58,723 30,475 15,121 3,771 4,822 2,723 3,309 827 5,845
Total borrowings Tshs M 105,702 57,899 36,774 25,270 5,760 19,701 13,740 12,434 11,181 7,935
Gearing % 69 48 34 24 6 18 12 15 14 12
Market capitalisation Tshs Bn 531 490 466 442 436 395 472 330 132 130
Earnings per share Tshs 262 242 209 193 157 128 122 110 119 130
Earnings per share growth % 8 16 9 23 22 5 11 (8) (8) 25
Sales and Total Assets Earnings and Dividends

Tshs millions Tshs millions
500000 90000
400000 80000
Total Assets Sales Earnings Dividends
350000 70000
300000 60000
250000 50000
200000 40000
150000 30000
100000 20000
50000 10000
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2002 2003 2004 2005 2006 2007 2008 2009
# For fifteen months ended March 2000

* Tax holiday ended July 2001
Page 2 Tanzania Breweries Limited

Group Cash Value Added
31 March, 2009 31 March, 2008

Tshs M % Tshs M %
Cash generated
Cash derived from sales 557,644 452,045
Other income -
Cash value generated 557,644 452,045
Cash paid to suppliers (261,786) (183,706)
Cash value added 295,858 100 268,339 100
Cash utilised to
Remunerate employees for their services (20,887) 7 (17,015) 6
Pay direct taxes to Government (29,307) 10 (30,662) 11
Pay excise duty and Value Added Tax (161,149) 54 (133,651) 50
Provide lenders with a return on borrowings (10,070) 3 (3,544) 1
Provide shareholders with cash dividends (47,671) 16 (60,649) 23
Cash disbursed among stakeholders (269,084) 91 (245,520) 91
Cash retained to fund replacement of assets and facilitate further growth 26,774 9 22,818 9
Employees
State
Lenders
Shareholders
2008
Retentions
9% 6%
23%
Employees
State
1% Lenders
61%
Shareholders
2009 2008
Retentions
9% 7% 9% 6%
16% 23%
3% 1%
65% 61%
2009
9% 7%
16%
3%
65%
ENERGY EFFICIENCY
As part of TBL’s efforts to become more energy efficient, boilers were
converted to run on natural gas, thereby reducing reliance on Heavy
Furnace Oil with associated reductions in carbon emissions.

Chairman’s Statement
The year under review was again most challenging for Tanzania In order for TBL to grow, the country’s infrastructure must be
Breweries Limited (TBL) due to a significant rise in key raw material continuously improved and upgraded.Transport, water and electricity
input costs, higher fuel prices and the global economic downturn that supplies require sustained improvement and upgrading. TBL shall
started affecting us from the third quarter of the year. co-operate with the Government in pursuit of this objective.
Nevertheless despite these challenges, performance exceeded I remain optimistic about what the future holds, not only for
expectations, with Group volume output rising by 7% to 2.9 Tanzania Breweries Limited but also for the national economy. I am
million hectoliters which translated into an operating profit of Tshs 125 confident that TBL will continue its proud record of positive growth in
billion, a 11% improvement over last year. TBL maintained its proud earnings and its contribution to the economy of Tanzania. These
record of annual growth in profit since the Company was listed on the achievements have been attained because of the commitment,
Dar es Salaam Stock Exchange in 1998. Earnings per share increased dedication and hard work by the management and staff of the TBL
from Tshs 242 per share to Tshs 262 per share, an improvement Group. I would like to thank them all for the achievements.
of 8% over the last year. Dividend per share for the year under
review amounted to Tshs 150 down by Tshs 50 from 2008 due to I would like to thank the directors of TBL for their wise counsel and
capital expenditure on expansion and facility upgrade programe which dedicated service during the past year. The good performance of the
required internal funding to supplement external loans. Group in the year under review is a testimony to their service. I look
forward to their exemplary contribution to TBL as well as towards
TBL continues to make a significant contribution to Government the development of Tanzania in the years to come.
revenues by way of corporate, excise and value added taxes.
Payments to Government increased from Tshs164 billion to Tshs
190.5 billion, an increase of 16% over last year.
Cleopa David Msuya
In the year under review the Group continued to invest for the
Chairman
future of the business through appropriate investment in capital
equipment. More than Tshs 74 billion was invested in fixed assets and
a further Tshs 103 billion is planned for the coming year, which includes
the construction of a new brewery in Mbeya which is due to be
commissioned in November 2009.
These achievements are a testimony to the successful joint venture

which was consumated when SABMiller, one of the largest brewers
in the world, the Tanzanian Government and other shareholders
invested in TBL. The joint venture has since benefited all shareholders,
the national economy and the consumers of TBL products, as well as
the committed and skilled labour force which makes TBL what it is.
Looking ahead, TBL is committed to focusing on the following

strategic objectives:
1) To produce and provide world class quality products and service
to the Tanzanian consumer at affordable prices.
2) To integrate into the national economy and specifically expand
the use of locally produced raw materials which are competitive
in price and quality. In this context and against the background
of the increase of world commodity prices, TBL will continue to
promote local barley production for use in TBL Plants.
3) To continue with the current efforts to increase export sales of
our products to neighbouring countries.
A successful implementation of this strategic programme by TBL

will contribute to the Company’s financial performance, Tanzania’s
economic growth, job creation and poverty reduction, which are
national policy objectives which we fully support.
As a corporate citizen of the nation, TBL has continued to make

contributions to community projects and the emphasis in the past
year has been on educational, environmental, job creation and health
projects. In the period ahead, TBL will prioritize sectors that will
enhance the TBL image and legacy in the unfolding Tanzanian
landscape, keeping policy objectives in mind. In this regard, the
company has decided to set up a Trust to manage funds that shall be
set aside for the purpose.

Taarifa ya Mwenyeketi
Kipindi cha mwaka uliomalizika ulikuwa na changamoto kubwa kwa Kama raia mwema,“Corporate Citizen”, Kampuni ya Bia Tanzania imeen-
Kampuni ya Bia Tanzania kutokana na ongezeko kubwa za gharama za deleza juhudi zake kuchangia katika kuleta maendeleo kwa jamii kwa ku-
mali ghafi, bei kubwa za mafuta na kuporomoka kwa hali ya uchumi duni- wekeza kwenye nyanja za elimu, mazingira, ajira na afya kwa jamii. Kwa
ani ambapo kulituathiri kuanzia kipindi cha robo ya tatu ya mwaka. vipindi vijavyo, mwelekeo wa kampuni ni kuweka kipaumbele kwenye
maeneo yatakayoboresha sifa zitakazoipa kampuni umaarufu kwenye
Pamoja na changamoto hizi mafanikio yalizidi matarajio; Uzalishaji wa
mazingira yanayojitokeza, wakati huo huo kuzingatia sera zilizokubaliwa.
bidhaa uliongezeka asilimia 7 kufikia uzalishaji wa hektolita millioni 2.9.
Kwa mantinki hii basi, Kampuni imeanzisha Mfuko Maalamu (Trust Fund)
Ongezeko hili liliipatia kampuni faida ya shillingi billioni 125, ongezeko la
kwa ajili ya matumizi ya fedha ambazo zitatengwa kwa ajili hii.
asilimia 11 ukilinganisha na mwaka jana. Kwa mara nyingine tena Kampuni
ya Bia Tanzania inajivunia kujiwekea rekodi yake nzuri ya kukuza faida yake Ili Kampuni iendelee kukua, haina budi miundo mbinu ya nchi iendelee
kwa kila mwaka tokea Kampuni ilipoorodheshwa katika Soko la Hisa kuboreshwa. Pia ni muhimu nishati ya umeme, maji, usafiri wa aina zote
la Dar es Salaam mwaka 1998. Mapato kwa hisa yameongezeka kutoka ziweko, ziwe zakuaminika na kuboreshwa kila wakati.
shillingi 242 mwaka jana hadi shillingi 262 mwaka huu, ikiwa ni ongezeko
Nina imani kubwa na hali nzuri ya kuridhisha ya baadae sio tu kwa Kam-
la asilimia 8. Gawio kwa hisa lilikuwa shillingi 150, ambayo ni chini ya
puni ya Bia, bali kwa uchumi wa nchi. Nina imani kubwa Kampuni ya Bia
kiwango cha mwaka 2008 kwa shillingi 50, hii imetokana na uwekezaji
Tanzania itaendeleza rekodi yake ya mafanikio na ufanisi bora kiuzalishaji,
katika shughuli za upanuzi na ukarabati wa majengo na mitambo ambapo
kimasoko na kifedha ili kuiwezesha kuendelea kukua kwa mapato yake na
zinahitajika fedha za ndani zikisaidiana na mikopo kutoka nje kwa ajili ya
gawio kwa wanahisa.
kugharamia mipango hii.
Kampuni ya Bia Tanzania imeendelea kutoa mchango wake mkubwa
kwa Serikali kwa kulipa kodi ya mapato, ushuru na kodi ya ongezeko Ningelipenda kuwashukuru Wakurugenzi wa Bodi ya Kampuni kwa ush-
la thamani. Jumla ya malipo ya aina mbali mbali za kodi kwa Serikali auri wao wa busara na kujitolea kutoa ushauri katika kipindi chote cha
yaliongezeka kutoka shillingi billioni 164 mwaka jana hadi shillingi billioni mwaka uliopita. Utendaji mzuri huu niliouelezea ni ushahidi tosha wa
190.5 ongezeko la asilimia 16 ukilinganisha na mwaka jana. juhudi zao. Nawashukuru kwa dhati kabisa. Ni matumaini yangu kuwa
wataendeleza juhudi zao ili kuiwezesha Kampuni izidi kupata mafanikio na
Kwa kipindi cha mwaka kilichomalizika, Kampuni imeendelea kuwekeza
kuleta maendeleo ya nchi yetu ya Tanzania kwa miaka mingi ijayo.
katika mustakabali wa biashara kwa kuwekeza kwenye mitambo muhimu
inayotumika katika kuzalisha mali. Zaidi ya shillingi billioni 74 ziliwekezwa
katika rasilimali za kudumu. Katika mwaka huu mpya, zaidi ya shillingi bil-
lioni 103 zimetengwa kupanua na kuimarisha viwanda vilivyoko na ujenzi
wa kiwanda kipya cha bia huko Mbeya ambacho kinategemea kukamilika
ifikapo Novemba 2009. Juhudi hizi ni ishara kamili ya matokeo ya mafani-
Cleopa David Msuya
kio mazuri yatokanayo na makubaliano ya pamoja kati ya SABMiller, moja
Mwenyekiti wa Bodi
ya makampuni makubwa ya bia ulimwenguni, kwa upande mmoja, Serikali
ya Tanzania pamoja na wadau wengine waliowekeza kwenye Kampuni hii
kwa upande mwingine. Makubaliano haya yameweza kufaidisha kibiashara
pande zote zilizoshiriki, kuchangia kukua kwa uchumi wa nchi yetu, kunu-
faisha wateja wanaoburudishwa na bidhaa zetu na wafanyakazi mahiri wa
kampuni hii ambao ndio wanaifanya Kampuni yetu kuwa kama ilivyo na
kuipatia sifa tele.
Kwa mtazamo wa kipindi kilicho mbele yetu, Kampuni yetu imejidhatiti
kutekeleza malengo yafuatayo:
• Kuzalisha na kusambaza bidhaa zilizo bora na zenye hadhi ya kimatai-
fa pamoja na kutoa huduma kwa wateja wake kwa hali ya juu na
gharama zinazokubalik
• Kuongeza utumiaji wa mali ghafi zizalishwazo hapa nchini, ambazo
bei zake ni ahueni ukilinganisha na upatikanaji wa mali ghafi hizi ulim-
wenguni ambapo bei zake hupanda siku hadi siku kutokana na hali
halisi na mienendo ya bei za nafaka ulimwenguni kwa sasa. Kwa man-
tiki hii, Kampuni itajitahidi kuongeza ulimaji wa shayiri hapa nchini ili
kuwezesha uzalishaji wa kimea cha kutosheleza mahitaji ya viwanda
vyetu vyote.
• Kuendeleza juhudi na mbinu za kuuza bidhaa zetu nje ya nchi hasa
kwenye nchi jirani.
Utekelezaji wa malengo na mbinu hizi utachangia sana kwenye kuiletea
nchi yetu mafanikio makubwa hasa katika ukuaji wa uchumi wa nchi yetu,
kuongezeka kwa ajira mbalimbali na kupunguza madhara yatokanayo na
umasikini kwa Watanzania, ambayo ni baadhi ya malengo makuu ya nchi
yetu ambayo Kampuni inaunga mkono moja kwa moja.

Vision, Mission & Company Values
Vision
To be the most admired Company in the beer industry in East Africa
• The investment of choice
• The employer of choice
• The partner of choice
Mission
To own and nurture local and international
brands which are the first choice of the consumer
Values
Our people are our enduring advantage
• The caliber, passion and commitment of our people set us apart
• We value and encourage diversity
• We select and develop people for the long term
• Performance is what counts
Accountability is clear and personal

• We favour decentralized management and a practical maximum of local autonomy
• Goals and objectives are aligned and clearly articulated
• We prize both intellectual rigour and emotional engagement
• We are honest about performance
• We require and enable self-management
We work and win in teams

• We actively develop and share knowledge within the Group
• We consciously balance local and group interests
• We foster trust and integrity in internal relationships
• We encourage camaraderie and a sense of fun
We understand and respect our customers and consumers

• We are endlessly concerned with our customers’ needs and perceptions
• We build lasting relationships, based on trust
• We aspire to offer the preferred choices of product and service
• We innovate and lead in a changing world
Our reputation is indivisible

• Our reputation relies on the actions and statements of every employee
• We build our reputation for the long term
• We are fair and ethical in all our dealings
• We benefit the local communities in which we operate
Brand led...
Consumer focused.

Board of Directors
The Directors of the Company at the date of this report, all of whom have Directors who resigned during the year:
served since 1 April 2008, unless otherwise stated, are:
Mr. C. McDougall (South African)
Hon. C.D. Msuya (Tanzanian) Managing Director, Tanzania Breweries Ltd - resigned 5 January 2009.
Chairman. He is the (Rtd) Vice President and Prime Minister and was
appointed to the TBL Board on the 18 August 2005. For the year Dr. S.L.Tax (Tanzanian) - resigned 16 February 2009.
under review, he was an appointee of SABMiller Africa & Asia.
Mr. G.H. Nel (South African)
Mr. Mark Bowman (South African) Senior Finance Manager, SABMiller Africa & Asia. Appointed to the
Managing Director of SABMiller Africa appointed to the TBL Board in Board in February 2005, and represented SABMiller Africa & Asia.
December 2007. He is an appointee of SABMiller, Africa and Asia. - resigned 30 July 2008.
Mr. D. Carruthers (British)

Director of Marketing of SABMiller Africa & Asia, and has been serving the
Operating Board:
Board since July 2001. He is an appointee of SABMiller Africa & Asia.
Mr. R. Goetzsche (South African), Managing Director,
Mr. R. Goetzsche (South African)
Tanzania Breweries Ltd - appointed 6 January 2009
Director of Operations, East Africa, for SABMiller Africa & Asia and
the Managing Director, Tanzania Breweries Limited. He was appointed Mr. K.H. O’Flaherty (South African), Finance Director
to the Board on 6 January 2009. He is representing SABMiller Africa - appointed 1 May 2008
& Asia.
Mr. D. Minja (Tanzanian), Marketing Director
Mr. J.G. Kiereini (Kenyan) - appointed 1 June 2008
Chairman of East African Breweries Limited, who have appointed him
to the Board with effect from January 2003. Mr. P.J.I. Lasway (Tanzanian), Corporate Affairs Director
Ambassador A.R. Mpungwe (Tanzanian) Mr. D. Mgwassa (Tanzanian), Commercial Director (South)
Businessman and Director of several companies, appointed by - appointed 1 June 2008
SABMiller Africa & Asia, in October 2001.
Mr. S.F. Kilindo (Tanzanian), Company Secretary/
Mr. J. Haule (Tanzanian) Human Resources Director - appointed 1 March 2008
He is the Deputy Permanent Secretary, Ministry of Finance, sitting on
Mr.T.W. Gray (South African), Technical Director
the Board as the Government’s representative with effect from March
- appointed May 2007
2008.
Mr. N. Brookes (British), Commercial Director (North)
Mr. R.O.S. Mollel (Tanzanian)
- appointed 1 May 2008
(Rtd) Permanent Secretary, Vice President’s Office. Appointed to the
Board in 1997, representing the Government of Tanzania up to April Mr. C. McDougall (South African), Managing Director,
2000, and from May 2002 to date, he is an appointee of SABMiller Africa Tanzania Breweries Ltd - resigned 5 January 2009
& Asia, and is the Chairman of the Audit Committee.
Mr. J.A. van Breda (South African), Finance Director
Ms. Joyce Mapunjo (Tanzanian) - resigned 30 April 2008
She is the Permanent Secretary, Ministry of Industry, Trade and Market-
ing. She was appointed to the Board in February 2009, representing the Mr. J. Cochran (South African), Marketing Director
Government of Tanzania. - resigned 31 May 2008
Mr. A.B.S. Kilewo (Tanzanian)

Former Executive Managing Director of Tanzania Breweries
Limited, and the Managing Director of Tanzania Oxygen Limited. He
was appointed in September 1999.
In accordance with the Company’s Articles of Association, the

directors are not required to retire by rotation.

WASTE WATER TREATMENT PLANT
In the context of a city drastically short of water, the new water
recovery plant will enable TBL to re-use 65% of its waste water in
secondary, non-product applications. This effective recovery of water
demonstrates our commitment to water conservation.
Report of the Directors
PRINCIPAL ACTIVITIES EMPLOYEE WELFARE
The Company’s principal activities are the production, distribution and The Company provides medical services through its dispensary and
sale of malt beer and alcoholic fruit beverages (AFB’s) in Tanzania. It other outside hospitals. Staff are entitled to access referral hospitals as
operates breweries in Dar es Salaam, Arusha and Mwanza and thirteen the need arise.
depots throughout the country. It also farms barley, which is used to
produce malt at its malting plant in Moshi. The company places considerable value on the involvement of its
employees and has continued its previous practice of keeping them
The Company partially owns and manages Tanzania Distilleries Limited, informed on matters affecting them as employees. This is achieved
a spirituous liquor company that is situated in Dar es Salaam. through formal and informal meetings.
Tanzania Breweries Group owns some of Tanzania’s most popular

liquor brands, notably: DISABLED PERSONS
Safari Lager Applications for employment by disabled persons are always fully
Kilimanjaro Premium Lager considered, bearing in mind the aptitudes of the applicant concerned. In
Konyagi the event of members of staff becoming disabled, every effort is made
to ensure that their employment with the company continues and that
The Company also produces and distributes Castle Lager, Castle Milk
appropriate training is arranged. It is the policy of the company that
Stout and Redds Premium Cold under licence from SABMiller Plc. The
the training, career development and promotion of disabled persons
Company further manufactures and distributes certain East African
should, as far as possible, be identical to that of other employees.
Breweries (EABL) brands under licence, the most notable being Tusker
Lager, Pilsner Lager and Guinness. Konyagi Ice is manufactured and
distributed under licence from Tanzania Distillers Limited.The subsidiary
POLITICAL AND CHARITABLE DONATIONS
undertaking, Tanzania Distilleries Limited, also distributes Amarula and
various other international brands of wines and spirits under licence The company did not make any political donations during the year.
from Distell (Pty) Limited of South Africa. Donations made to charitable organizations during the year amounted
to Tshs 392 million (2008: Tshs 353 million).
REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

AUDITORS
Sales for the year amounted to Tshs 464,199 million (2008: Tshs
383,181million), resulting in a profit after taxation of Tshs 80,797 The auditors, PricewaterhouseCoopers, have expressed their
million (2008: Tshs 74,195million). willingness to continue in office as auditors and are eligible for
re-appointment. A resolution proposing the re-appointment of
The level of business and the year end position is satisfactory. The
PricewaterhouseCoopers as auditors of the Company for the year
Company will continue with its expansion and facility upgrade
2010 will be put to the Annual General Meeting.
programme. The Directors consider that the future prospects of the
Company and the Group are promising.
BY ORDER OF THE BOARD

DIVIDEND

The total dividend for the year was Tshs 150 per share, compared with

Tsh 200 per share paid last year. Similar to last year, no special dividend has

been proposed by the Board for the year under review. The dividend, as
Hon. C.D. Msuya
was the case last year, has been paid by way of a first and second interim
dividend of Tshs 60 and Tshs 90 per share respectively. Chairman

Taarifa ya Wakurugenzi
Shughuli Kuu Maslahi ya Wafanyakazi
Shughuli kuu za Kampuni hapa Tanzania ni kuzalisha, kusambaza na Kila mfanyakazi anapatiwa matibabu bure kupitia vituo vyetu vya matibabu
kuuza bia itengenezwayo kwa kimea; na vinywaji vilivyo na ladha ya ma- na ikibidi kwenye hospitali nje ya Kampuni na hospitali za rufaa.
tunda. Kampuni inamiliki viwanda vya bia kwenye miji ya Dar es Salaam,
Kampuni inatilia maanani na kudhamini sana ushirikishaji na michango ya
Arusha na Mwanza, pamoja na kuwa na maghala na vituo vya kuhifadhi
wafanyakazi katika uendeshaji wa Kampuni kwa kuhakikisha wanajulishwa
na kuuza bia kumi na tatu kwenye mikoa mbali mbali hapa nchini.Pia
kwa dhati kabisa mabo na matokeo yanayowahusu katika shughuli zao. Hii
Kampuni inajishughulisha na ulimaji wa zao la shayiri na ina mtambo wa
inafanyika katika mikutano na vikao vya mara kwa mara.
kusindika shayiri ili kupata kimea huko Moshi.
Kampuni inamiliki hisa nyingi kwenye Kampuni ya kutengeneza vinywaji

vikali (TDL) iliyoko Dar es Salaam. Walemavu
Kampuni ya Bia Tanzania na Kampuni yake tanzu inamiliki aina mbali Maombi ya kazi ya wenzetu walemavu hupewa nafasi sawa sawa kama
mbali ya vileo hapa nchini; kama Safari Lager, Kilimanjaro Premium walio na hali kamili, kulingana na uwezo na utaalamu wa mwombaji.
Lager, Konyagi. Ikiwa mfanyakazi ye yote atapata ajali ya kumfanya kuwa kilema,
kila juhudi zitafanywa kulinda ajira yake kwa kumpatia mafunzo
Aidha Kampuni inatengeneza na kusambaza bia aina ya Castle Lager, yatayomwezesha kuendelea na ajira yake. Kumsomesha, kumwendeleza
Castle Milk Stout, na Redds Premiun Cold kwa leseni na kibali cha na kumpandisha cheo kwa mfanyakazi mlemavu hakutofautiani na
SABMiller plc. Pia Kampuni inatengeneza na kusambaza baadhi ya mfanya kazi mwingine kwani wote hupewa nafasi sawa kabisa.
bidhaa zinazomilikiwa na Kampuni ya Bia ya Afrika ya Mashariki (EABL)
ambazo ni Tusker Lager, Pilsner Lager, Guinness na Guiness Malta.
Kampuni ya Kutengeneza Vinywaji Vikali (TDL) ambayo ni kampuni Michango ya kisiasa na Huduma kwa Jamii
tanzu ya Kampuni ya Bia Tanzania, inasambaza Amarula na aina nyingine Kampuni haikutoa wala kushirika kuchangia kwenye shughuli zo zote
mbali mbali za kimataifa za vinywaji vikali, mvinyo kwa kibali cha Distell za kisiasa kwa mwaka uliopita. Mchango wa Kampuni katika kuendeleza
(Pty) kutoka Afrika ya Kusini. Jamii ilikuwa kiasi cha shillingi 392 millioni ( shillingi 353 millioni 2008) ,
kiasi kikubwa kikilenga sekta ya Elimu.
Taarifa fupi ya kibiashara na matarajio ya
baadaye
Wakaguzi wa Hesabu
Mauzo kwa mwaka ulioishia Machi 31 2009 yalifikia kiasi cha shillingi
PricewaterhouseCoopers, ambao ni wakaguzi wetu wa mahesabu
464,199 millioni ( shillingi 318,181 millioni mwaka 2008); faida baada
kama walivyochagulwa mwaka jana, wameonyesha nia yao yakuendelea
ya kodi ya mapato shillingi 80,797 millioni ( shillingi 74,195 millioni
na kazi ya kukagua mahesabu yetu mwakani na ni mapendekezo
mwaka 2008) .
wateuliwe tena kuendelea. Azimio la kuwakukabalia kuendelea kuwa
Hali ya kibiashara kwa kumalizia mwaka ni yakuridhisha kabisa. Kwa Wakaguzi wetu wa Mahesabu litapendekezwa kwenye Mkutano Mkuu
hali hii Kamuni itaendelea na mipango yake ya kupanua na kukarabati wa Mwaka.
wa miundo mbinu ya uzalishaji na usambazaji. Wakurugenzi wana imani
na matumaini makubwa kwa mafanikio ya kuridhisha ya Kampuni yetu
kwa sasa na hapo baadaye. AGIZO LA BODI YA WAKURUGENZI
Gawio Lililopendekezwa na Kulipwa
Jumla ya gawio kwa mwaka lilikuwa shillingi 150 kwa kila hisa, tofauti na Mh C D Msuya
ilivyokuwa mwaka uliotangulia. Sawa na mwaka uliopita hakukuwa na Mwenyekiti
gawio maalumu ambalo lilipendekezwa na Bodi kwa kipindi cha mwaka
wa mapitio. Gawio kama ilivyokuwa kwa mwaka uliopita, limelipwa
kama gawio la kwanza na la pili la shillingi 60 na shillingi 90 kwa kila hisa
kwa mfuatano huo.

Corporate Governance
Tanzania Breweries Limited continued to be committed to the highest FINANCIAL STATEMENTS AND ANNUAL REPORT
standards of corporate governance set out in the Turnbull Report on The responsibility for the preparation of the financial statements is
Internal Control and appropriate best practice that has evolved from that of the Company’s Operating Board. The financial statements are
guidance issued by leading institutional investor bodies.The Board strives prepared in accordance with generally accepted accounting practices,
to provide the right leadership, strategic oversight, and control consistently applied, and in accordance with the requirements of the
environment to produce and sustain delivery of value to all of the Tanzania Companies Act 2002 and International Financial Reporting
company’s shareholders. The Board applies integrity, principles of good Standards (IFRS). Reasonable judgment and estimates support the
governance and accountability throughout its activities and each director information contained in the financial statements.
brings independence of character and judgment to the role. All of the
The Board of Directors is responsible for the integrity, objectivity, and
members of the board are individually and collectively aware of their
reliability of the Annual Report. The Board of Directors believe that
responsibilities to the company shareholders.
the financial statements fairly represent the financial position of the
Company and the Group as at the end of the financial year and the
THE BOARD OF DIRECTORS results of its operations and cash flow information for the period then
The Board consists of Non-Executive Directors and the Managing ended.
Director and meets quarterly and has a formal schedule of matters
referred to it for decision but otherwise delegates specific responsibilities EXTERNAL AUDITORS AND OUR RELATIONSHIP WITH
to the Operating Board and Group Audit Committee. It retains, THEM
however, overall responsibility for the activities of the Company, including
The external auditors are responsible for the independent review and
the implementation of corporate strategy.
the expression of an opinion on the truth and fairness of the financial
statements.
GROUP AUDIT COMMITTEE During the year, PricewaterhouseCoopers continued as the auditors
The Group Audit Committee monitors and reviews the effectiveness of of the Company. The Group Audit Committee has kept under review
the internal control and the internal financial control of the Company its policy on, and the independence and objectivity of, the external
and its subsidiaries. auditors. The committee examines the processes for and the nature and
The Group Audit Committee is a sub-committee of the Board and quantum of non-audit projects awarded to the auditors for compliance
comprises of three Non-Executive Members. It is regulated by specific with the committee’s policies. The committee is satisfied that the
terms of reference and meets at least three times during the year. auditors have established internal policies and procedures to ensure
The Committee meets the external auditors and the internal audit services are not provided to the Company and its subsidiaries that would
departments to review inter alias, accounting, auditing, internal control, impair auditor independence. As a reassurance, the auditors are required
financial reporting matters and the published financial statements of the to provide summary details highlighting relationships which the auditors
Company. The external auditors have unrestricted access, at all times, consider might have a bearing on their independence and objectivity as
to the Group and subsidiary audit committees. Mr. R. O. S. Mollel has well as written confirmation of independence and an assurance that all
chaired the Group Audit Committee during the year. requirements for partner rotation have been met. The Group Audit
Committee is satisfied that, for the period under review, the auditors
The overall objective of the Group Audit Committee is to ensure that
have remained independent and objective in their assessments.
the Operating Board has created and maintained an effective control
environment within the organization and that management demonstrates
and stimulates the necessary respect of the internal control structure RELATIONSHIP WITH SHAREHOLDERS
amongst all parties. During the year the Company held the statutory Annual General
The Group Audit Committee members, as well as the internal and Meeting (AGM). A mandatory 21 days notice was issued together with
external auditors, have unlimited access to whatever information they annual reports detailing the Company’s operations under the year of
require in performing their responsibilities. review. The Company paid considerable care and attention to ensure
The Company also has an Audit Sub-Committee which meets that the AGM was once again an informative, productive and positive
quartely and reviews the effectiveness of risk management processes; the experience for all involved. The Company considers the AGM a key
appropriateness and adequacy of the systems of internal financial and event in disseminating information to shareholders which gives them the
operational controls. The Audit Sub-Committee also tracks timeliness opportunity to ask questions to the Board.
of management implementation of prior audit recommendations, and is Prior to the meeting all members duly filed the registration forms
chaired by the Group Internal Audit Manager. including those who had proxy forms. The financial results were
communicated directly to the various stakeholders including the
regulator via the newspapers.
REMUNERATION COMMITTEE
We have completed formation of the remuneration committee that will
be responsible for the assessment and approval of a broad remuneration SHARE DEALINGS BY DIRECTORS AND OFFICERS
strategy for the Company, including short term incentives for The Company operates closed periods prior to publications of its
executive and senior management. The remuneration strategy is aimed at interim and final results.The closed periods are from 1st October and1st
rewarding employees at market related levels and in accordance with April until the date of publication of the results. During these periods,
their contribution to the Company’s operating and financial performance directors, officers and employees of the Company may not deal in shares
in terms of basic pay as well as short-term incentives. or any other instrument pertaining to the shares of the Company.

Managing Director’s Report
Tanzania Breweries Group (TBL) is once again pleased to report to anticipated demand we will invest more than US$ 55 million to
an outstanding performance for the twelve months ended 31 build a fourth brewery in Mbeya, which is due to start producing in
March 2009. November 2009. A fourth packaging line in Dar es Salaam Brewery
has been installed and came on line in May 2009, with a capacity of
Sales Revenue grew by 21% on the same period last year, and producing 48,000 returnable bottles each hour.
operating profit by 11%. The growth in sales was due to
organic growth in clear beer, wines and spirits volumes. Volume Wines and spirits also recorded good volume growth of 14.8%
growth benefited from more effective promotional activities as well as compared to last year. Nevertheless, the company has been fighting
an increase in disposable income mainly from agriculture, urban counterfeit homemade Konyagi to ensure brand integrity
consumption and the multiplier effect from increased mining activities. and availability of a genuine quality product. Through continued
implementation of tax stamps, supported by the Tanzania Revenue
Clear beer volumes grew by 6.1% during the past financial year, Authority (TRA), the threat of rampant tax evasion has been reduced,
with North East Region performing particularly well. The drought but still continues to pose a threat. Tanzania Distilleries market share
conditions in certain areas of the country during financial year has improved while simultaneously enhancing margins and profitability
added pressure to the business, nevertheless performance for the year further.
exceeded expectations. Export volumes grew, recording a 74%
increase compared to the previous year. Over the past year TBL has introduced and supported numerous
innovations as far as our brand portfolio is concerned. During the
The interruptions in water and electricity supply during the year had year we introduced packaging graphics upgrade – new labels for
an impact on production efficiencies and costs. Despite increased our brands, Safari lager and Castle lager. These were supported
operation cost pressures resulting from a combination of rising with a new package of brand, commercial communication, television,
oil and raw materials prices, together with a depreciating shilling radio, print, outdoor and point of sale material. We also launched
which made imports even more expensive, as well as unfavourable Kilimanjaro Premium lager in a non returnable 330ml bottle offering,
trading conditions resulting from uncharacteristic weather conditions, adding to the existing 330ml can while Malta Guinness moved into
the group’s cash generated from operating activities still exceeded a non returnable 300ml bottle. TBL will continue to ensure that our
Tsh 111 billion. Of this amount Tsh 29 billion was utilised to pay brand portfolio keeps abreast of the changing consumer dynamics to
corporate tax, Tsh 75 billion funded capital expenditure and interest meet our consumer expectations.
while Tsh 45 billion was paid as dividends to shareholders.
During the year the Route to Market (RTM) Project was launched
To reduce the impact of imported raw materials prices, the with a view of developing profitable and sustainable beer distribution
company has continued promoting sourcing of its key raw materials centres, reducing price to retail eventually leading to better
locally, a policy that has also created new livelihoods. Project Saidiana recommended retail pricing and products availability. In the long term,
is one of the initiatives geared towards developing a market for local the project’s vision is to transform Wholesalers and Bulk buyers into
barley farmers. With this project we expect Tanzania to achieve self Distribution Centres that will focus on distributing beer to retail
sufficiency in providing this critical raw material, saving precious outlets at Recommended Prices. The objective is to “own” the
foreign exchange, while providing income to a significant number distribution channel to retail.
of small scale farmers. The “Saidiana” project covers the southern
highlands area - Rukwa, Mbeya, Iringa and Ruvuma Regions and will, The company continued adhering to SABMiller’s “The Responsible
apart from fulfilling TBL requirements, also contribute to poverty Way” principles, a communication pack that provides our
alleviation through contract farming. In line with this initiative, business with all the information and guidance needed in implementing
Arusha Brewery in North East Tanzania recently launched Eagle Lager, our alcohol manifesto and, in particular, the Code of Commercial
which is produced from local sorghum. The same applies for Winery Communication. As one of the leading brewers in East Africa, TBL
development in Central Dodoma region where grapes produced believe that our brands contribute to the enjoyment of life for the
from small scale farmers are used by Tanzania Distilleries in the overwhelming majority of our consumers, who drink responsibly.
production of Valeur brandy and Overmeer box wine. We also care about the harmful effect of irresponsible alcohol
consumption on individuals and society. We have continued with
Total production volumes for the year were 7.4% higher than the our program of educating retailers to sell our products responsibly.
previous year. This resulted in plant utilisation running at 60%, which We are one of key stake holders in National Road Safety through
enhanced productivity considerably and recorded good improvement our contributions to the National Road Safety Council which
in both packaging and operating efficiencies to 60.5% and 69.2% encourages consumers to plan responsibly to avoid drinking and
from 57% and 63.4% last period respectively. As a result of this, the driving. The company has lived up to its promise of investing in the
company achieved energy reduction across the board. Mwanza plant social cause to the community in the areas of Health,Water, Education
did particularly well as the production volume increased by 14.1% and Job Creation. The year under review has seen numerous
from last year. Brewer’s taste results were up to 7.45 from previous contributions to the nationwide campaign of building second-
year 7.04. TBL achieved a record Malt production of 9,700 tons. Due ary schools in different regions. Mwananyamala Hospital in Dar es

Salaam was among the beneficiaries of the water support project that
involved putting up two new water pumps and the rehabilitation of
their water supply infrastructure.
In 2008 Tanzania Breweries Ltd plants participated in the NOSA

grading programme in terms of health and safety at the work place.
Mwanza Plant achieved the highest, a 5 Star NOSA rating, while
Arusha and Dar es Salaam plants each scored a 4 Star NOSA rating.
This is a demonstration of our company’s commitment to employees’
health and safety at the workplace as well as the environment we
operate in. The coming year will see Arusha and Dar aiming for a 5
Star Platinum grading while striving to maintain the 5 Star in Mwanza.
TBL strongly believes that “People make the difference” and the
company continues to invest in the development of its staff. The
Performance Management Way initiative was launched in 2008.
During the past year; we spent approximately 3% of our payroll on

training and development, very commendable by any international
measure. On average each employee underwent 7 days of training,
in line with the American Society for Training and Development’s
benchmark. Training ranged from technical, hands-on training in all
aspects of our production engineering disciplines, to marketing, sales
and customer service and management training and development.
The company remains committed to the fight against HIV/AIDS,

continuing with HIV/AIDS education and awareness campaigns aimed
at equipping employees with life skills that will influence behaviour
change and prevent infection amongst employees. The treatment of
opportunistic infections and Sexual Transmitted Diseases’ (STD’s) is
provided free of charge at all TBL medical facilities.
The outlook for the year ahead will depend on the sustainability
of the economy and the utilities infrastructure, the strength of the
Tanzanian shilling and the impact of excise and other direct tax
increases. However, the Board remains optimistic that the Tanzania
Breweries Group will maintain its proud record of achieving positive
earnings and dividend growth in the year ahead
Mr. Robin Goetzsche

MANAGING DIRECTOR

Taarifa ya Mkurugenzi Mkuu
Kampuni ya Bia Tanzania (Tanzania Breweries Limited) kwa mara Katika mwaka wa fedha uliopita uzalishaji ulikua asilimia 7.4
nyingine tena inayo furaha kutangaza matokeo mazuri ya kiutendaji ukilinganisha na mwaka uliopita. Ongezeko hili limewezesha matumizi
kwa kipindi cha miezi kumi na mbili cha mwaka ulioishia tarehe 31 ya mitambo kufikia asilimia 60, kufanya uzalishaji uwe wa hali ya juu
Machi 2009. sana na kuweka rekodi ya uzalishaji bora kwenye sehemu ya ujazaji bia
na uendeshaji wa mitambo kufikia asilimia 60.5, na 69.4 kulinganisha
Mapato ya kampuni yaliongezeka kwa asilimia 21 ikilinganishwa na na asilimia 55.3 na 63.7 mwaka ulipoita. Kwa matokeo hayo, kam-
kipindi kama hicho mwaka jana. Faida ya uendeshaji iliongezeka kwa puni iliweza kupata ahueni katika matumizi ya nishati kwa maeneo
asilimia 11 kutokana ukuaji wa mauzo ya bia na bidhaa zitokanazo yote. Kiwanda cha Mwanza kilifanya vizuri kwa uzalishaji kuongezeka
na mvinyo na vinywaji vikali. Ongezeko hili la mauzo limechangiwa kwa asilimia 14.1 ukilinganisha na mwaka uliopita. Matokeo ya uonjaji
na jitihada na mbinu dhabiti za mauzo na ukuaji wa pato la matumizi wa bia yalionyesha kuwa ubora wa bia uliongezeka na kufikia alama
ya binafsi la wananchi hasa kutokana na kilimo, kukua kwa miji na 7.45 kulinganisha na alama 7.04 mwaka uliopita. Kampuni ya Bia
matokeo ya kukua kwa sekta ya madini. Tanzania iliweza kufikia kiwango cha awali cha uzalishaji kimea tani 9,700.
Kutokana na kuongezeka kwa mahitaji ya bia, tutawekeza zaidi ya dola
Mauzo ya bia yaliongezeka kwa asilimia 6.1 katika mwaka wa fedha za Kimarekani millioni 55 kwa kujenga kiwanda cha nne huko Mbeya;
uliomalizika, kanda ya Kaskazini Mashariki ikiongoza kwa kufanya ambacho kinatarajia kuanza uzalishaji mwezi Novemba 2009. Mtambo
vizuri. Madhara yaliyotokana na ukame katika baadhi ya maeneo wa Nne wa kujaza bia kwenye chupa unajengwa kwenye kiwanda cha
nchini yalichangia kuathirika kwa hali ya kibiashara, pamoja na kwamba Dar es Salaam na unatarajia kukamilika mnamo Aprili 2009. Mtambo
matokeo ya utendaji yalizidi mategemeo. Mauzo ya nje yalikua kwa huu una uwezo wa kujaza chupa 48,000 kwa saa.
rekodi ya asilimia 74 ukilinganisha na mwaka uliopita.
Uzalishaji wa mvinyo na vinywaji vikali uliongezeka kwa asilimia
Kukatika kwa umeme na maji mara kwa mara kulichangia sana 14.8 ukilinganisha na mwaka jana. Kampuni imekuwa ikipambana na
kupunguza ufanisi wa kiutendaji na kuongezeka kwa gharama za “konyagi haramu” zinazotengenezwa majumbani kinyemela bila ya
uzalishaji. Pamoja na ongezeko la gharama za uzalishaji zilizotokana na utaalamu wowote, kwa minajili ya kuhakikisha umakini, ubora na
ongezeko la bei ya mafuta na mali ghafi, kuteremka kwa thamani ya upatikanaji wa Konyagi halisi. Uwekaji wa stampu kama Mamlaka ya
sarafu ya Tanzania, kulisababisha uagizaji nje kuwa na gharama kubwa. Kodi Tanzania (TRA) inavyosisitiza, umesaidia kupunguza ukwepaji wa
Licha ya hali duni ya kufanya biashara iliyosabishwa na hali mbaya ya kodi, licha ya kwamba hili bado ni tishio kubwa. Soko la Kampuni ya
hewa isiyokuwa ya kawaida, kiasi cha fedha kilichotokana na utendaji Konyagi limekuwa likiongezeka na wakati huo huo kuwezesha faida
wa shughuli mbalimbali kilizidi shillingi billioni 111; kati ya hizo kuongezeka zaidi.
shillingi billioni 29 zilitumika kulipia kodi ya mapato, shillingi billioni 75
ziliwekezwa katika kuboresha mitambo na majengo na kulipa riba, Mwaka jana, Kampuni ya Bia Tanzania imebuni na kuanzisha mikakati
wakati shillingi billioni 45 zililipwa kama salio kwa wanahisa. mingi kwa ajili ya kuimarisha aina zetu mbali mbali za bia. Kwa mwaka
huo tulifanya marekebisho kwenye nembo ya chupa – nembo mpya
Ili kupunguza makali yatokanayo na gharama za ununuzi wa mali ghafi kwa bia ya Safari na Castle. Mabadiliko haya yalihusisha pia aina mpya
kutoka nje, kampuni imeendelea na juhudi za kununua baadhi ya mali ya matangazo ya kibiashara kwenye luninga, radio, magazeti, mabango
ghafi zake kuu humu nchini, sera ambayo imezalisha matumaini mapya. na vipeperushi mbalimbali. Pia tulizindua Kilimanjaro Premium lager
Mradi wa Saidiana, ni mbinu iliyobuniwa kwa makusudi ya kuibua soko kwenye chupa ya moja kwa moja ya ujazo wa milimita 330, hii ni
la uhakika kwa zao la shayiri linalolimwa hapa nchini. Utekelezaji mradi ongezeko kwenye ujazo wa milimita 330 wa kopo uliopo, wakati Malta
huu utaiwezesha Tanzania kujitegemea kuzalisha zao hili muhimu la Guinness pia ilianza kupatikana kwenye chupa hiyo hiyo. Kampuni ya
shayiri na kuokoa fedha za kigeni ambazo zinahitajika kununua zao Bia Tanzania itaendelea kuhakikisha kuwa aina za bia zetu zinakwenda
hili nje ya nchi, na wakati huo huo kuwapa kipato wakulima wado- sambamba na mabadiliko na matakwa ya wateja wetu ili kukidhi na
go wadogo. Mradi huu wa Saidiana umebuniwa kwa ajili ya eneo la mahitaji yao.
kanda za juu Kusini yaani mikoa ya Rukwa, Mbeya, Iringa na Ruvuma.
Pamoja na kutimiza mahitaji ya mali ghafi kwa Kampuni ya Bia , mradi Kwa kipindi hicho, mradi wa Route to Market (RTM) ulizinduliwa
huu utachangia kupunguza umaskini kwa kuingia kwenye kilimo cha kwa minajili ya kuanzisha njia mbadala ya usambazaji wenye faida zaidi,
mikataba. Sambamba na mradi huu, Kiwanda cha Arusha kilichoko kupunguza bei za reja reja, wakati huo kudhibiti bei kwa mlaji wa reja
Kanda ya Kaskazini Mashariki ya Tanzania, kilizindua bia aina ya “Eagle” reja na upatikanaji wa bia kwa wingi. Lengo la muda mrefu la mradi
inayozalishwa kutokana na mtama ulimwao hapa nchini. Vivyo hivyo, huu ni kuwabadilisha wauzaji wa jumla na wanunuzi wa jumla kuwa
Kampuni ya Konyagi (Tanzania Distilleries Limited) inatumia zabibu vituo vya usambazaji, ambavyo vitaweka maanani usambazaji wa bia
zinazolimwa na wakulima wadogo wadogo Dodoma kwenye uzalishaji kwa wauzaji wa rejareja kwa bei zilizodhibitiwa na kuhakikiwa. Nia ni
wa brandi ya Valeur na mvinyo aina ya Overmeer. “kumiliki” njia zote za usambazaji hadi ngazi ya reja reja.

Notes to Financial Statements
UBUNGO DISTRIBUTION WAREHOUSE

The new warehouse situated at Ubungo was commissioned during
November 2008. This allows for more efficient distribution of TBL’s
products, whilst simultaneously relieving city congestion through
inter-depot night transfers.
Kampuni iliendeleza mfumo wa SABMiller “The Responsible Way”, mbalimbali zitakazowafanya wabadili tabia na kuzuia maambukizi
ambao ni mkusanyiko wa maelekezo mbalimbali ambayo yanaipa mapya ya UKIMWI. Matibabu ya magonjwa yanayoambatana na
biashara yetu mwelekeo na maelekezo yote yanayohitajika kwa UKIMWI pamoja na yale yanayoambukizwa kwa njia ya zinaa huwa
kutekeleza dira yetu kuhusu kilevi na kanuni kuhusu mawasiliano yanatolewa bure katika zahanati za Kampuni.
ya biashara yetu. Kama mmoja wa watengenezaji wakubwa wa
kileo katika Afrika ya Mashariki, Kampuni ya Bia Tanzania inaamini na Mtazamo wa huko mbele unategemea hali ya uchumi na
kusisitiza kwamba aina zetu mbali mbali za bia zinasaidia kuleta furaha ufanisi wa mamlaka husika katika kufanikisha na kuongeza ubora wa
na raha kwa wengi wa wateja wetu ambao wanakifurahia kinywaji miundo mbinu, kuimarika kwa sarafu ya Tanzania na faida au hasara
chetu kwa uangalifu. Tunajali madhara yanayoweza kutokea kwa wa- zinazotokana na ongezeko la kodi ya forodha na kodi nyinginezo.
teja wale ambao wanakunywa bila kujali na madhara kwa mnywaji
mwenyewe na jamii kwa ujumla. Tumeendelea na mikakati yetu ya Pamoja na hayo, Baraza la Wakurugenzi linaimani na matumaini
kuelemisha wauzaji wetu wa reja reja kuwauzia wateja bidhaa zetu makubwa, TBL na Kampuni yake tanzu itaendelea na rekodi yake safi
kwa uangalifu. Kampuni imekuwa mmoja ya wadau wazuri wa Wiki na ya kujivunia ya kupata matokeo mazuri ya mapato na ongezeko la
ya Kwenda kwa Usalama Barabarani kwa kuchangia kwa hali na mali gawio katika mwaka unaokuja.
kwenye Baraza la Taifa la Kwenda kwa Usalama. Kampuni imetimiza
ahadi zake kwa kuwekeza katika maeneo muhimu kwa jamii hasa Afya,
Maji, Elimu, na Ajira. Mwaka uliomalizika, kampuni imeshiriki kikamilifu
kwenye jitihada za Kitaifa za kujenga shule za sekondari kwenye mikoa
mbali mbali. Hospitali ya Mwanyamala Dar es Salaam ilikuwa mmoja Robin Goetzsche
wa wafaidika wa mradi kabambe wa maji uliohusu ununuzi na ujenzi Mkurugenzi Mkuu
wa mashine mbili za kusukuma maji na ukarabati wa mfumo mzima
wa maji hospitalini hapo.
Mwaka 2008 Viwanda vyote vya Kampuni ya Bia Tanzania vilishiriki

kwenye mpango wa Usalama na Afya Kazini (NOSA). Kiwanda cha
Mwanza kiliibuka mshindi kwa kuweza kujipatia alama ya Nyota Tano
(5 Star Nosa rating), wakati viwanda vya Arusha na Dar es Salaam
kila kimoja kiliibuka na ushindi wa alama Nne. Hii ni ishara tosha
kabisa kwamba Kampuni yetu inajali afya na usalama wa wafanyakazi
wake mahali pa kazi na kwenye mazingira yake. Mwaka ujao unaleta
changamoto kwa viwanda vya Arusha na Dar es Salaam kuwania tuzo
ya alama ya tano, wakati Mwanza ikijitahidi kulinda tuzo yake iliyopata.
Kampuni ya Bia Tanzania inaamini kwa dhati kabisa “Watu ndio

waletao mabadiliko”, hivyo Kampuni imeendeleza uwekezaji kwenye
maendeleo ya wafanya kazi wake. Mfumo wa Performance Management
Way ulizunduliwa mwaka 2008.
Kwa kipindi cha mwaka huo kampuni ilitumia kiasi cha karibu
asilimia 3 ya mishahara kwa ajili ya mafunzo na maendelezo ya
wafanyakazi, kiasi ambacho kinakubalika kwa vigezo vyovyote vya
kimataifa. Kwa wastani kila mfanyakazi alitumikia idadi ya siku saba kwa
ajili ya mafunzo, kiasi muafaka kinachokubalika na American Society
for Training and Development. Mafunzo haya yalishirikisha kuanzia
utaalamu, mafunzo ya vitendo kwenye nyanja za uzalishaji, masoko na
huduma kwa wateja na uongozi.
Kampuni inaendelea na dhamira yake ya kupambana na maambukizi

ya virusi vya UKIMWI na kampeni ya kutoa na kuongeza elimu ya
ugonjwa huu ambayo inawapa wafanyakazi na jamii zao mbinu

TBL Responsible Way - Kuwajibika kwa TBL
1. Responsible alcohol use 1. Matumizi mazuri ya vileo

TBL Group practices and promotes the responsible use of alcohol by TBL na kampuni zake tanzu inatumia na kutangaza matumizi mazuri ya
those who have decided to consume our products, while at the same vileo kwa wale walioamua kutumia bidhaa zetu, na wakati huohuo
time endeavouring to prevent alcohol misuse and abuse. tukijitahidi kuzuia matumizi yasiyofaa na mabaya ya vileo.
2. Alcohol policy 2. Sera ya vileo

Our alcohol policy sets a consistent national standard that TBL group Sera yetu ya vileo imeweka viwango vya kitaifa vilivyo thabiti ambavyo
companies must meet or exceed, and is integral to how we do TBL na kampuni zake tanzu inapaswa kuvifikia au kuvipita, na ni muhimu
business. kwa jinsi tunavyofanya shughuli za Kibiashara.
3. Employees’ behavior 3. Tabia za wafanyakazi

TBL group companies have an alcohol policy in place, which provides TBL na kampuni zake tanzu ina sera ya vileo kwa wafanyakazi inayotumika
guidelines on responsible behavior. ambayo inatoa miongozo kuhusiana na matumizi mazuri na ya kuwajibika
ya vileo.
4. Commercial communication 4. Mawasiliano ya kibiashara

Our Compliance Committee meet periodically to monitor and Kamati yetu ya Ridhaa inakutana mara kwa mara ili kufuatilia na kupitia
review commercial communications presented by respective mawasiliano ya kibiashara yanayowasilishwa na kurugenzi husika, na
directorates, and develop recommendations and endorsements while kutoa mapendekezo na idhini na wakati huohuo ikihakikisha kuwa
ensuring that these comply with the Company Alcohol Policy, existing yanakubaliana na Sera ya Vileo ya Kampuni, Sheria zilizopo, kanuni
legislation, statutory regulations and self-regulatory codes and the zilizokubalika na kanuni za udhibiti binafsi na Kanuni za SABMiller za
SABMiller plc Code of Commercial Communication. Mawasiliano ya Kibiashara.
5. Drinking and driving 5. Kunywa vileo na kuendesha gari

In partnership with the National Road Safety Council and Tan- Kwa kushirikiana na Baraza la Taifa la Usalama Barabarani na Jeshi la Polisi
zania Police Force we have continued to remind drivers and the Tanzania, tumeendelea kuwakumbusha madereva na wananchi kupitia
community through our campaign Drink Responsibly, Drive kampeni yetu, Kunywa kwa Kiasi Endesha kwa Uangalifu.
Responsibly. Annually we sponsor branded T-shirts on responsible
drinking, and also part of the Road safety week.
6. Under age drinking 6. Unywaji vileo katika umri mdogo

Our underage restriction signage “ Watoto chini ya miaka 18 Msemo wetu wa kudhibiti matumizi ya vileo katika umri mdogo,
hawaruhusiwi” reminds all parents and the community that we are “Watoto chini ya miaka 18 hawaruhusiwi” unawakumbusha wazazi na
active partners with them in efforts to prevent underage access in jamii yote kuwa tunashirikiana nao katika jitihada zetu za kuzuia watoto
line with the liquor law. kupata mwanya wa kutumia vileo kama sheria ya vileo inavyosema.
Our cooperation with retail sales people presents a united front and Ushirikiano wetu na wauzaji reja reja wa bidhaa zetu ni nguvu dhabiti
strengthens the retailer’s hand in refusing alcohol sales to anyone inayowaimarisha wauzaji hao katika kuhakikisha hawauzi vileo kwa
under the age of 18. yeyote mwenye umri chini ya miaka 18.
7.Trade Brewing 7. Biashara ya Utengenezaji wa Vileo

We have been hosting Barman’s guild or Beer connoisseurs Tumekuwa tukidhamini mafunzo ya vyama vya wenye baa na pia
training for retail establishments to equip our partners with the skills magwiji wa bia yanayohusiana na uanzishaji wa bishara za rejareja ili
necessary to serve alcohol responsibly as well as intervene effectively kuwapa washirika wetu ujuzi wa kutoa huduma kwa kiasi pamoja na
with those who may have over-consumed. The program has been kuwadhibiti ipasavyo wale wote watakaokuwa wametumia vileo kupita
directed at bartenders, waiters and waitresses at beer outlets and kiasi. Jitihada hizi zimeelekezwa kwa wahudumu wa kiume na wa kike
restaurants store clerks and managers in bulk stores, liquor and katika baa na migahawa na kwa makarani na mameneja wa maduka ya
grocery stores. jumla ya vileo na ya vyakula.

Statement of Directors’ Responsibilities
The Tanzanian Companies Act 2002 requires the directors to prepare

financial statements for each financial year that give a true and fair view
of the state of affairs of the company and the group as at the end of
the financial year and their profit or loss. It also requires the directors
to ensure that the company keeps proper accounting records that
disclose, with reasonable accuracy, the financial position of the
company. The directors are also responsible for safeguarding the assets
of the company.
The directors accept responsibility for the annual financial statements,

which have been prepared using appropriate accounting policies
supported by reasonable and prudent judgments and estimates in
conformity with International Financial Reporting Standards and the
requirements of the Tanzanian Companies Act 2002. The directors
are of the opinion that the financial statements give a true and fair
view of the state of the financial affairs of the company and the group
and of their profit in accordance with International Financial Reporting
Standards. The directors further accept responsibility for the
maintenance of accounting records that may be relied upon in the
preparation of financial statements, as well as designing, implementing
and maintaining internal control relevant to the preparation and
fair presentation of financial statements that are free from material
misstatement.
Nothing has come to the attention of the directors to indicate that the
company and the group will not remain a going concern for at least
twelve months from the date of this statement.
Hon. C. D. Msuya
Chairman
4 June 2009

Report of the Independent Auditor
to the members of Tanzania Breweries Limited
We have audited the accompanying consolidated financial statements We believe that the audit evidence we have obtained is sufficient and
of Tanzania Breweries Limited, which comprise the balance sheets appropriate to provide a basis of our audit opinion.
as at 31 March 2009, and the profit and loss accounts, statements
of changes in equity and cash flow statements for the year then
ended, and a summary of significant accounting policies and other Opinion
explanatory notes.
In our opinion, the accompanying financial statements give a true and
fair view of the state of the company’s and group’s affairs as at 31
Directors’ responsibility for the financial statements March 2009 and of their profits and cash flows for the year then
ended in accordance with International Financial Reporting Standards
As described in the Statement of Directors’ Responsibilities, the and have been properly prepared in accordance with the Tanzanian
company’s directors are responsible for the preparation and fair Companies Act 2002.
presentation of these financial statements in accordance with
International Financial Reporting Standards and with the requirements
of the Tanzanian Companies Act 2002. This responsibility includes: Report on Other Legal and Regulatory Requirements
designing, implementing and maintaining internal control relevant
to the preparation and fair presentation of financial statements that This report, including the opinion, has been prepared for, and only for,
are free from material misstatement, whether due to fraud or error; the company’s members as a body in accordance with the Tanzanian
selecting and applying appropriate accounting policies; and making Companies Act 2002 and for no other purposes.
accounting estimates that are reasonable in the circumstances.
As required by the the Tanzanian Companies Act 2002, we are also
required to report to you if, in our opinion, the Directors’ Report
is not consistent with the financial statements, if the company has
Auditor’s responsibility not kept proper accounting records, if we have not received all the
Our responsibility is to express an opinion on these financial information and explanations we require for our audit, or if
statements based on our audit. We conducted our audit in information specified by law regarding directors’ remuneration and
accordance with International Standards on Auditing. Those transactions with the company is not disclosed.There is no matter to
standards require that we comply with ethical requirements and plan report in respect of the foregoing requirements.
and perform the audit to obtain reasonable assurance whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence Certified Public Accountants 4 June 2009
about the amounts and disclosures in the financial statements. Dar es Salaam
The procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material misstatement Signed by Michael M. Sallu
of the financial statements, whether due to fraud or error. In
making those risk assessments, the auditor considers internal control
relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the
financial statements.

Profit & Loss Accounts
Group Company
Notes 2009 2008 2009 2008
Revenue 6 464,199 383,181 418,561 346,771

Cost of sales 7 (264,157) (205,722) (239,967) (186,418)
Gross profit 200,042 177,459 178,594 160,353
Selling and distribution costs 7 (51,145) (44,537) (49,580) (41,896)

Administrative expenses 7 (26,496) (21,062) (22,040) (20,102)
Other income 9 2,919 852 9,422 4,040
Operating profit 125,320 112,712 116,396 102,395
Finance income 10 270 732 955 732

Finance costs 10 (10,340) (4,276) (10,361) (3,827)
Finance costs - net 10 (10,070) (3,544) (9,406) (3,095)

Share of loss from associate 16 (62) - (62) -
Profit before income tax 115,188 109,168 106,928 99,300
Income tax expense 11 (34,391) (34,973) (30,254) (31,453)
Profit for the year 80,797 74,195 76,674 67,847
Attributable to:
Minority interests 3,639 2,763
Equity holders of the Company 77,158 71,432
Basic earnings per share (Tshs) 12 261.6 242.2

Diluted earning per share (Tshs) 12 261.6 242.2
Dividend per share (Tshs) 13 150.0 200.0
Notes and related statements forming part of these financial statements appear on pages 26 to 47

Balance Sheets
As at 31 March 2009
Group Company
Notes 2009 2008 2009 2008
ASSETS
Non-current assets
Property, plant and equipment 14 198,787 137,737 194,966 134,840
Intangible assets 15 40,632 40,017 1,002 387
Investments 16 49 369 45,068 45,388
239,468 178,123 241,036 180,615
Current assets
Inventories 17 71,234 49,874 64,633 44,250
Accounts receivable 18 28,407 21,766 29,277 23,329
Bank and cash balances 19 9,274 10,572 7,813 8,940
108,915 82,212 101,723 76,519
Total assets 348,383 260,335 342,759 257,134
EQUITY
Capital and reserves attributable to the Company’s equity holders
Share capital 20 29,493 29,493 29,493 29,493
Share premium 45,346 45,346 45,346 45,346
Retained earnings 79,298 46,379 78,964 46,529
154,137 121,218 153,803 121,368
Minority interests 2,718 2,041 - -
Total equity 156,855 123,259 153,803 121,368
LIABILITIES
Non-current liabilities
Deferred income tax 21 10,217 9,691 9,790 9,405
Provisions 22 355 417 355 417
10,572 10,108 10,145 9,822
Current liabilities
Trade and other payables 23 67,608 65,981 65,548 65,669
Borrowings 24 105,702 57,899 105,557 57,437
Income tax payable 7,646 3,088 7,706 2,838
180,956 126,968 178,811 125,944
Total liabilities 191,528 137,076 188,956 135,766
Total equity and liabilities 348,383 260,335 342,759 257,134
Directors approved the financial statements on pages 22 to 47 on 4 June 2009 and they were signed on their behalf by:-
Hon. C. D. Msuya

Statement of Changes in Equity
Notes Attributable to equity holders of the Company

GROUP Share Capital Share Premium Retained Earnings Minority interest Total
Balance at 1 April 2007 29,493 45,346 33,933 659 109,431

Profit for the year - - 71,432 2,763 74,195
Dividends paid 13 - - (58,986) (1,381) (60,367)
Balance at 31 March 2008 29,493 45,346 46,379 2,041 123,259
Balance at 1 April 2008 29,493 45,346 46,379 2,041 123,259

Profit for the year - - 77,158 3,639 80,797
Dividends paid 13 - - (44,239) (2,962) (47,201)
Balance at 31 March 2009 29,493 45,346 79,298 2,718 156,855
COMPANY
Balance at 1 April 2007 29,493 45,346 37,668 - 112,507

Profit for the year - - 67,847 - 67,847
Dividends paid 13 - - (58,986) - (58,986)
Balance at 31 March 2008 29,493 45,346 46,529 - 121,368

Balance at 1 April 2008 29,493 45,346 46,529 - 121,368
Profit for the year - - 76,674 - 76,674
Dividends paid 13 - - (44,239) - (44,239)
Balance at 31 March 2009 29,493 45,346 78,964 - 153,803

Cash Flow Statement
Group Company
Notes 2009 2008 2009 2008
Cash flows from operating activities
Adjusted for:
Interest expense 10,340 4,273 10,361 3,824
Interest income (270) (732) (955) (732)
Foreign exchange transaction losses - 3 - 3
Depreciation, amortisation and breakages 13,414 13,794 13,067 13,519
Impairment charges 14 421 - 421 -
Movement on provisions 883 502 892 509
Profit on disposal of fixed assets (269) (143) (238) (143)
Adjustment to investment in associate 16 258 - 258 -
Share of loss from associate 16 62 - 62 -
Changes in working capital 27(i) (28,669) (9,192) (28,707) (6,988)
Cash generated from operations 111,358 117,673 102,089 109,292
Interest paid (10,340) (4,276) (10,361) (3,827)

Interest received 270 732 955 732
Income tax paid 27(ii) (29,307) (30,662) (25,001) (27,421)
Net cash generated from operating activities 71,981 83,467 67,682 78,776
Cash flows from investing activities
Purchase of property, plant and equipment 14 (74,741) (58,723) (73,457) (57,186)

Purchase of intangible assets 15 (795) (73) (795) (73)
Proceeds from disposal of property, plant and equipment 305 152 261 152
Net cash used in investing activities (75,231) (58,644) (73,991) (57,107)
Cash flows from financing activities
Dividends paid to company shareholders 27(iii) (44,708) (59,268) (44,708) (58,171)

Dividends paid to minority interests 27(iii) (2,962) (1,381) - -
Increase in intergroup indebtedness 1,819 8,173 1,770 8,865
Net cash used in financing activities (45,851) (52,476) (42,938) (49,306)
Net decrease in cash and cash equivalents (49,101) (27,653) (49,247) (27,637)
Cash and cash equivalents at the start of year (47,327) (19,674) (48,497) (20,860)
Cash and cash equivalents at the end of year (Note 19) (96,428) (47,327) (97,744) (48,497)

NOTE PAGE
1 General information 27
2 Significant accounting policies 27
3 Critical accounting estimates and judgments 32
4 Financial risk management 32
5 Business segments information 35
6 Revenue 37
7 Cost of sales and operating expenses 37
8 Employees’ benefit costs 37
9 Other income 37
10 Finance costs 38
11 Income tax expense 38
12 Earnings per share 38
13 Dividends 38
14 Property, plant and equipment 39
15 Intangible assets 41
16 Investments 41
17 Inventories 42
18 Accounts receivable 42
19 Bank and cash balances 43
20 Share capital 43
21 Deferred income tax 43
22 Provisions 44
23 Trade and other payables 44
24 Borrowings 44
25 Commitments 45
26 Contingent liabilities 45
27 Cash flow information 45
28 Related party transactions and balances 46
29 Ultimate holding company 47

1 GENERAL INFORMATION (Amended) from 1 January 2009 but is currently not applicable to
Tanzania Breweries Limited is incorporated in the United Republic of the group as there are not qualifying assets.
Tanzania as a limited liability company under the Companies Act. The • IFRS 8,‘Operating segments’ (effective from 1 January 2009). IFRS 8
Company is listed on the Dar es Salaam Stock Exchange and is domi- replaces IAS 14 and aligns segment reporting with the requirements
ciled in the United Republic of Tanzania. The principal activities of the of the US standard SFAS 131, ‘Disclosures about segments of an
Company and its subsidiaries are disclosed in the Directors Report. The enterprise and related information’. The new standard requires
address of its registered office is: a ‘management approach’, under which segment information is
Uhuru Street, presented on the same basis as that used for internal reporting
Mchikichini, Ilala District, purposes. The group will apply IFRS 8 from 1 January 2009. The
Plot 79, Block “AA”, expected impact is still being assessed in detail by management, but
P O Box 9013, it appears likely that the number of reportable segments, as well as
Dar es Salaam,Tanzania the manner in which the segments are reported, will change in a
manner that is consistent with the internal reporting provided to the
chief operating decision maker. As goodwill is allocated to groups
of cash generating units based on segment level, the change will also
2 SIGNIFICANT ACCOUNTING POLICIES require management to reallocate goodwill to the newly identified
operating segments. Management does not anticipate that this will
The principal accounting policies adopted in the preparation of these
result in any significant impact on the Group.
financial statements are set out below.
• IAS 1 (Revised),‘Presentation of financial statements’ (effective from

(a) Basis of preparation
1 January 2009).The revised standard will prohibit the presentation
These financial statements have been prepared in accordance with of items of income and expenses (that is, ‘non-owner changes in
International Financial Reporting Standards (IFRS) under the historical cost equity’) in the statement of changes in equity, requiring ‘non-owner
convention. The preparation of financial statements in conformity with changes in equity’ to be presented separately from owner changes
IFRS requires the use of estimates and assumptions. It also requires the in equity. All non-owner changes in equity will be required to
directors to exercise their judgment in the process of applying the Group’s be shown in a performance statement, but entities can choose
and the Company’s accounting policies. The areas involving a higher degree of whether to present one performance statement (the statement of
judgment or complexity, or where assumptions and estimates are significant comprehensive income) or two statements (the income statement
to the financial statements, are disclosed in Note 3. and statement of comprehensive income).Where entities restate or
reclassify comparative information, they will be required to present
a restated balance sheet as at the beginning comparative period in
Standards, interpretations and amendments effective from 2008.
addition to the current requirement to present balance sheets at
In 2008, the following new interpretations became effective for the first the end of the current period and comparative period.
time but did not have an impact on the Group’s and Company’s financial
statements:
(b) Consolidation
- IFRIC 11 – IFRS 2 - Group and treasury share transactions
(i) Subsidiaries
- IFRIC 12 – Service Concession Arrangements
Subsidiaries are all entities over which the Group has the power to
- IFRIC 14 – IAS 19 - The limit on a defined benefit asset,
govern the financial and operating policies. This generally accompanies
minimum funding requirements and their interaction
a shareholding of more than one half of voting rights. The existence
and effect of potential voting rights that are currently exercisable or
Standards, interpretations and amendments to published standards that are convertible are considered when assessing whether the Group controls
not yet effective. another entity. Subsidiaries are fully consolidated from the date on which
control passed to the Group and are de-consolidated from the date that
The following standards, amendments and interpretations to existing control ceases. The Group uses the purchase method of accounting to
standards have been published and are mandatory for accounting account for the acquisition of subsidiaries.
periods beginning on or after 1 January 2009 or later periods, but which
the group has not early adopted. The cost of an acquisition is measured as the fair value of the assets given,
equity instruments issued and liabilities incurred or assumed at the date
of exchange, plus costs directly attributable to the acquisition. Identifiable
• IAS 23 (Amendment), ‘Borrowing costs’ (effective from 1 January assets and liabilities and contingent liabilities assumed are measured at
2009). The amendment to the standard. It requires an entity to fair value, at acquisition date, irrespective of the extent of any minority
capitalise borrowing costs directly attributable to the acquisition, interest. The excess of the cost of acquisition over the fair value of the
construction or production of a qualifying asset (one that takes a Group’s share of the identifiable net assets acquired is recorded as
substantial period of time to get ready for use or sale) as part of goodwill. If the cost of acquisition is less than the fair value of the net
the cost of that asset. The option of immediately expensing those assets of the subsidiary acquired, the difference is recognized directly in
borrowing costs will be removed. The group will apply IAS 23 the profit and loss account.

Intercompany transactions, balances and unrealized gains on transactions settlement of such transactions and from the translation at the year end
between Group companies are eliminated. Unrealized losses are also exchange rates of monetary assets and liabilities denominated in foreign
eliminated unless the transaction provides evidence of an impairment currencies are recognised in the profit and loss account.
of the asset transferred. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies
adopted by the Group. (e) Property, plant and equipment
All property, plant and equipment are shown at cost, less subsequent
depreciation and impairment. Cost includes expenditure directly
(ii) Transactions and minority interests attributable to the acquisition of the items. Subsequent costs are included
The Group applies a policy of treating transactions with minority in the asset’s carrying amount or recognised as a separate asset, as
interests as transactions with parties external to the Group. Disposals appropriate, only when it is probable that future economic benefits
to minority interests result in gains and losses for the Group that are associated with the item will flow to the Group or Company and the
recorded in the income statement. Purchases from minority interests cost of the item can be reliably measured.
result in goodwill, being the difference between any consideration paid Depreciation is calculated using the straight-line method to allocate the
and the relevant share acquired of the carrying value of net assets of the cost of each asset to its residual value over the estimated useful life as
subsidiary. follows:
Freehold buildings 20 – 50 years
(iii) Associates Leasehold buildings Shorter of the lease term or
Associates are all entities over which the Group has significant influence 50 years
but not control, generally accompanying a shareholding of between 20% Plant and machinery 10 – 15 years
and 50% of the voting rights. Investments in associates are accounted for
by the equity method of accounting and are initially recognised at cost. Furniture, equipment and vehicles 3 – 12 years
Containers in circulation are recorded within property, plant and equip-
ment at cost net of accumulated depreciation less any impairment loss.
Depreciation of returnable bottles and containers is recorded to write
(c) Segment reporting the containers off over the course of their economic life.This is typically
A business segment is a Group of assets and operations engaged in undertaken in a two stage process:
providing products or services that are subject to risks and returns that - The excess over deposit value is written down over a period of 1-3
are different from those of other business segments. years.
Segment results, assets and liabilities include items directly attributable to - Provisions are made against the deposit values for breakages and
a segment as well as those that can be allocated on a reasonable basis. loss in trade together with a design obsolescence provision held to
The Group’s primary segmental analyses are in accordance with the write off the deposit value over the expected bottle design period
basis on which the businesses are managed and according to the differing which is a period of no more than 10 years from inception of a
risk and reward profiles. The Group presents its product analysis as bottle design. This period is shortened where appropriate by refer-
its primary segmentation which has been analysed in Note 5. There is ence to market dynamics and the ability of the entity to use bottles
no secondary segment analysis as all entries operate within the same for different brand.
geographical area which is Tanzania. Major renovations are depreciated over the remaining useful life of the
related asset or to the date of the next major renovation, whichever is
sooner. All other repairs and maintenance expenditures are charged to
the profit and loss account during the financial period in which they are
(d) Foreign currency translation incurred.
(i) Functional and presentation currency The assets’ residual values and useful lives are reviewed, and adjusted if
appropriate, at each balance sheet date.
Items included in the financial statements of each of the Group’s entities
are measured using the currency of the primary economic environment An asset’s carrying amount is written down immediately to its recover-
in which the entity operates (the functional currency). The consolidated able amount if the asset’s carrying amount is greater than its estimated
financial statements are presented in Tanzanian Shillings (Tshs), rounded recoverable amount.
to the nearest million, which is the Company’s functional currency. Gains and losses on disposals are determined by comparing proceeds
with carrying amount and are included in the profit and loss account.
(ii) Transactions and balances
Foreign currency transactions are translated into Tanzania Shillings using
the exchange rate prevailing at the dates of the transactions. Monetary
assets and liabilities at the balance sheet date, which are expressed in
foreign currencies, are translated into Tanzania Shillings at rates
ruling at that date. Foreign exchange gains and losses resulting from the

(f) Intangible assets When an impairment is recognised, the impairment loss is held firstly
(i) Goodwill against any specifically impaired assets of the CGU, then taken against
goodwill balances and if there is a remaining loss it is set against the
Goodwill arising on consolidation represents the excess of the costs of remaining intangible and tangible assets on a pro-rata basis.
acquisition over the Group’s interest in the fair value of the identifiable
assets (including intangibles), liabilities and contingent liabilities of the Should circumstances or events change and give rise to a reversal of a
acquired entity at the date of acquisition. Where the fair value of the previous impairment loss, the reversal is recognised in the profit and
Group’s share of identifiable net assets acquired exceeds the fair value loss account in the period in which it occurs and the carrying value of
of the consideration, the difference is recorded as negative goodwill. the asset is increased. The increase in the carrying value of the asset
Negative goodwill arising on an acquisition is recognised immediately in is restricted to the amount that it would have been had the original
the income statement. impairment not occurred. Impairment losses in respect of goodwill are
irreversible.
Goodwill is stated at cost less impairment losses and is reviewed for
impairment on an annual basis. Any impairment identified is recognised Intangible non-current assets with an indefinite life and goodwill are test-
immediately in the income statement and is not reversed. ed annually for impairment. Assets subject to amortisation are reviewed
for impairment if circumstances or events change to indicate that the
carrying value may not be fully recoverable.
(ii) Software
Where computer software is not an integral part of a related item of (h) Inventories
property, plant and equipment, the software is capitalised as an intangible
asset. Inventories are stated at the lower of cost incurred in bringing each
product to its present location and condition, and net realizable value,
Acquired computer software licenses are capitalised on the basis of the as follows:
costs incurred to acquire and bring them to use. Direct costs associated
with the production of identifiable and unique internally generated • Raw materials: Purchase cost net of discounts and rebates on a first-
software products controlled by the Group or Company that will probably in first-out basis (FIFO).
generate economic benefits exceeding costs beyond one year are • Consumable stores and spares: Purchase cost net of discounts and
capitalised. Direct costs include software development employment rebates on a weighted average basis.
costs (including those of contractors used) and an appropriate portion • Finished goods and work in progress: Raw material cost plus direct
of overheads. Capitalised computer software, license and development costs and a proportion of manufacturing overhead expenses on a
costs are amortised over their useful economic lives of between 3 and FIFO basis.
5 years.
Net realisable value is based on estimated selling price less further costs
Internally generated costs associated with maintaining computer expected to be incurred to completion and disposal.
software programmes are expensed as incurred.
(i) Deposits by customers

(g) Impairment of assets
Bottles and containers in circulation are recorded within property plant
This policy covers all assets except inventories (see note H), financial and equipment and a corresponding liability is recorded in respect of the
assets and deferred income tax assets (see note M). obligation to repay the customers’ deposits. Deposits paid by custom-
Impairment reviews are performed by comparing the carrying value of ers for branded returnable containers are reflected in the balance sheet
the non-current asset to its recoverable amount, being the higher of the within current liabilities. Any estimated liability that may arise in respect
fair value less costs to sell and value in use. of deposits for containers and bottles is shown in provisions.
The fair value less costs to sell is considered to be the amount that
could be obtained on disposal of the asset.The value in use of the asset is (j) Trade receivables
determined by discounting, at a market based pre-tax discount rate, the
expected future cash flows resulting from its continued use, including Trade receivables are initially recognised at fair value and subsequently
those arising from its final disposal. When the carrying values of non- measured at amortized cost.
current assets are written down by any impairment amount, the loss is Provision for impairment of trade receivables is established when there
recognised in the income statement in the period in which it is incurred. is objective evidence that the Group or Company will not be able to
Where the asset does not generate cash flows that are independent collect all amounts due according to the terms of the receivables. The
from the cash flows of other assets the group or company estimates amount of the provision is the difference between the asset’s carrying
the recoverable amount of the cash generating unit (CGU) to which the value and the present value of the estimated future cash flows discount-
assets belongs. For the purpose of conducting impairment reviews, CGUs ed at the original effective interest rate. This provision is recognised in
are considered to be groups of assets and liabilities that have separately the profit and loss account.
identifiable cash flows. They also include those assets and liabilities di-
rectly involved in producing the income and a suitable proportion of
those used to produce more than one income stream.

(k) Cash and cash equivalents

Cash and cash equivalents include cash in hand, bank deposits repayable (iv) Termination benefits
on demand, other short-term highly liquid investments with original Termination benefits are payable when employment is terminated before
maturities of three months or less, and bank overdrafts. the normal retirement date, or whenever an employee accepts voluntary
Bank overdrafts are shown within borrowings in current liabilities on redundancy in exchange for these benefits. The Group recognizes
the balance sheet and are included within cash and cash equivalents on termination benefits when it is demonstrably committed to terminating
the face of the cash flow statement as they form an integral part of the the employment of current employees according to a detailed formal
Group’s or Company’s cash management. plan without possibility of withdrawal, or providing termination benefits
as a result of an offer made to encourage voluntary redundancy. Benefits
falling due more than 12 months after balance sheet date are discounted
(l) Share capital to present value in a similar manner to all long term employee benefits.
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of new shares or options are shown in equity
as a deduction, net of tax, from the proceeds. Incremental costs directly (o) Provision
attributable to the issue of new shares or options, or for the acquisition Provisions are recognised when there is a present obligation, whether
of a business, are included in the share premium account. legal or constructive, as a result of a past event for which it is probable
that a transfer of economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the
(m) Income tax obligation. Such provisions are calculated on a discounted basis where
Income tax expense is the aggregate of the charge to the profit and loss the effect is material to the original undiscounted provision.The carrying
account in respect of current and deferred income tax. Current income amount of the provision increases in each period to reflect the passage of
tax is the amount of income tax payable on the taxable profit for the year time and the unwinding of the discount and the movement is recognised
determined in accordance with the Tanzania Income Tax Act, 2004. in the income statement within interest costs.
Deferred income tax is provided in full using the liability method on tem-
porary differences arising between the tax bases of assets and liabilities (p) Restructuring provisions
and their carrying amounts in the financial statements. Deferred income
tax is determined using tax rates (and laws) that have been enacted or Restructuring provisions comprise lease termination penalties and
substantially enacted at the balance sheet date and are expected to apply employee termination payments. Provisions are not recognised for
when the related deferred income tax asset is realized or the deferred future operating losses. However provisions are recognised for onerous
income tax liability is settled. contracts where the unavoidable cost exceeds the expected benefit.
Deferred income tax assets are recognised to the extent that the direc-
tors consider that it is probable that future taxable profit will be available (q) Revenue recognition
against which the temporary differences can be utilized. (i) Sale of goods
Revenue represents the fair value at consideration received or receiv-
(n) Employee benefits able for goods sold to third parties and is recognised when the risks and
(i) Wages and salaries rewards of ownership are substantially transferred.
Wages and salaries for current employees are recognised in the profit The Group or Company presents revenue gross of excise duties because
and loss account as the employees’ services are rendered. unlike value added tax, excise is not directly related to the value of sales.
It is not generally recognised as a separate item on invoices, increases in
excise are not always directly passed on to customers, and the Group
(ii) Bonus plans or Company cannot reclaim the excise where customers do not pay for
product received.The Group or Company therefore considers excise as
The Group or Company recognizes a liability and an expense for
a cost to the entity and reflects it as a production cost. Consequently any
bonuses, based on a formula that takes into consideration the profit
excise that is recovered in the sale price is included in revenue.
attributable to the company’s shareholders after certain adjustments.
Revenue excludes value added tax. It is stated net of price discounts,
The Group or Company recognizes a provision where contractually
promotional discounts and after an appropriate amount has been
obliged or where there is a past practice that has created a constructive
provided to cover the sales value of credit notes yet to be issued that
obligation.
relate to the current and prior periods.
The same recognition criteria also apply to the sale of by-products and
(iii) Defined contribution plan waste (such as spent grain, malt dust and yeast).
The Group makes contribution to a defined contribution plan. The
contributions to defined contribution plans are recognised as an
expense as the costs become payable.The contributions are recognised as
employee benefit expense when they are due.

(ii) Interest income to the host contract. There are certain currency exemptions which the
Interest income is recognised on a time-proportion basis using the effec- Group and Company have applied to these rules which limit the need
tive interest method. to account for certain potential embedded foreign exchange derivatives,
namely where a contract is denominated in the functional currency of
When a receivable is impaired the Group or Company reduces the car- either party or in a currency that is commonly used in contracts to
rying amount to its recoverable amount by discounting the estimated purchase or sell non-financial items in the economic environment in
future cash flows at the original effective interest rate, and continuing to which the transaction takes place.
unwind the discount as interest income.
Derivative financial assets and liabilities are analysed between current
and non-current assets and liabilities on the face of the balance sheet,
(iii) Royalty income depending on when they are expected to mature.
Royalty income is recognised on an accruals basis in accordance with the
relevant agreements and is included in other income. (v) Financial assets
The Group and the Company classify their financial assets in the
(iv) Dividend income following categories: at fair value through profit or loss, loans and
receivables, and available for sale. The classification depends on the
Dividend income is recognised when the right to receive payment is
purpose for which the financial assets were acquired. Management
established.
determines the classification of its financial assets at initial recognition.
(r) Operating leases

(i) Financial assets at fair value through profit or loss
Leases in which a significant portion of the risks and rewards of owner-
Financial assets at fair value through profit or loss are financial assets
ship are retained by the lessor are classified as operating leases.
held for trading. A financial asset is classified in this category if acquired
Payments made under operating leases (net of any incentives received principally for the purpose of selling in the short-term. Assets in this
from the lessor) are charged to the income statement on a straight-line category are classified as current assets.
basis over the period of the lease.
(ii) Loans and receivables

(s) Earnings per share
Loans and receivables are non-derivative financial assets with fixed or
Basic earnings per share represents the profit on ordinary activities after determinable payments that are not quoted in an active market.They are
taxation attributable to the equity shareholders of the parent entity, di- included in current assets.The company’s loans and receivables comprise
vided by the weighted average number of ordinary shares in issue during trade and other receivables in the balance sheet unless recoverable after
the year, less the weighted average number of ordinary shares held in the 12 months.
Group’s employee benefit trust during the year.
Diluted earnings per share represents the profit on ordinary activities
(iii) Available-for-sale financial assets
after taxation attributable to the equity shareholders, divided by the
weighted average number of ordinary shares in issue during the year, less Available-for-sale financial assets are non-derivatives that are either
the weighted average number of ordinary shares held in the Group’s em- designated in this category or not classified in any of the other
ployee benefit trust during the year, plus the weighted average number of categories. They are included under non-current assets unless the
dilutive shares resulting from share options and other potential ordinary management intends to dispose of the investment within 12 months of
shares outstanding during the year. the balance sheet date.
(t) Dividends distribution (w) Comparative

Dividend distribution to the Company’s shareholders is recognised as Where necessary comparatives figures have been adjusted or
a liability in the Group’s financial statements in the period in which the reclassified to conform with changes in the presentation in the current
dividends are approved by the Company’s shareholders. year.

(u) Derivative financial assets and financial liabilities
Derivative financial assets and financial liabilities are financial instruments
whose value changes in response to an underlying variable, require little
or no initial investment and are settled in the future.
These include derivatives embedded in host contracts. Such
embedded derivatives need not be accounted for separately if the host
contract is already fair valued; if it is not considered as a derivative if it
was freestanding; or if it can be demonstrated that it is closely related

3 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS 4. FINANCIAL RISK MANAGEMENT

In determining and applying accounting policies, judgment is often The Group’s activities expose it to a variety of financial risks including:
required where the choice of specific policy, assumption or accounting market risk (including foreign exchange, interest rate and price risk),
estimate to be followed could materially affect the reported results or credit risk and liquidity risk. The Group’s overall risk management
net position of the Group or Company, should it later be determined programme seeks to minimize potential adverse effects on the Group’s
that a different choice would be more appropriate. financial performance. Risks management is carried out by the
Management considers the following to be areas of significant judgment management on behalf of the Board of Directors.
for the Group and Company:
(i) The determination of the carrying amount of goodwill; Market risk
(ii) The determination of the carrying amount of plant, property (i) Foreign exchange risk
and equipment and related depreciation, capitalisation of costs, The group imports raw materials, capital equipment and services and
estimation of useful economic life and recoverability of such assets; is exposed to foreign exchange risk arising from various currency
(iii) The calculation of the Group’s total tax charge where tax treatment exposures, primarily with respect to the US dollar, Euro and SA Rand.
cannot be finally determined until a formal resolution has been Foreign exchange risk arises from future commercial transactions, and
reached with the relevant tax authority; recognized assets and liabilities.
(iv) The determination of the recoverable amount of impaired receivables. Currency exposure arising from liabilities denominated in foreign
The carrying amount of impaired receivables is set out in Note 4. currencies is managed primarily through the holding of bank balances in
the relevant foreign currencies. Occasionally, when considered prudent,
exposure to foreign currency risk is hedged, by forward contracts.
The Group adopts a policy of ensuring that net monetary assets or
liabilities denominated in a non functional currency are lower than Tshs
20 billion. In addition, the Group’s policy is to limit the impact to 1%
of Group operating profit (excluding exceptional items) for each 10%
change in foreign exchange rates.
The tables below set out the group’s currency exposures from financial
assets and liabilities held by the group companies in currencies other
than their functional currencies and resulting in exchange movements in
the income statement and balance sheet.
Total in functional Exposure in Exposure in Exposure in Exposure in

31 March 2009 currency Rand US$ Euro GBP
Financial Assets
Current Assets
Cash & Cash Equivalents 7,137 319 3,249 3,569 -
Current Liabilities
Trade & Other Payables (3,067) 161 (2,260) (977) -
Non-monetary Assets 4,061 480 989 2,592 -
Total in functional Exposure in Exposure in Exposure in Exposure in

31 March 2008 currency ZAR US$ Euro GBP
Financial Assets
Current Assets
Cash & Cash Equivalents 8,644 764 5,766 2,115 -
Current Liabilities
Trade & Other Payables (19,836) (3,064) (3,147) (13,624) (1)
Non-monetary Assets/(liabilities) (11,191) (2,300) 2,619 (11,509) (1)

Group Company
2009 2008 2009 2008
At 31 March 2009, if the Tanzania shilling (Tshs) had weakened/
strengthened by 10% against the US dollar with all other variables held
constant, post-tax profit for the year would have been Tshs 99 mil- Cash at bank and short term bank 9,274 10,572 7,813 8,940
lion (2008: Tshs 262 million) higher/lower, mainly as a result of foreign deposits
exchange gains/losses on translation of US dollar-denominated cash and Trade receivables 11,656 12,366 10,192 11,431
cash equivalents, trade and other payables. Receivables from related companies 2,486 1,265 6,386 4,789
At 31 March 2009, if the Tanzania shilling (Tshs) had weakened/ Other receivables 8,993 6,598 7,676 6,161
strengthened by 10% against the Euro with all other variables held 32,409 30,801 32,067 31,321
constant, post-tax profit for the year would have been Tshs 259
million (2008: Tshs 1,151 million) higher/lower, mainly as a result of
foreign exchange gains/losses on translation of Euro-denominated cash
All major credit customers are required to give collateral in the form of
and cash equivalents on hand, trade and other payables.
cash deposits or bank guarantees. Credit risk is managed by limiting the
At 31 March 2009, if the Tanzania shilling (Tshs) had weakened/ aggregate amount of exposure to any counterparty.
strengthened by 10% against the SA Rand with all other variables
held constant, post-tax profit for the year would have been Tshs 48 Group Company
million (2008:Tshs 230 million) lower/higher, mainly as a result of foreign 2009 2008 2009 2008
exchange losses/gains on translation of SA Rand-denominated cash and
Collateral held comprises:
cash equivalents on hand, trade and other payables.
Cash security 5,097 3,800 5,097 3,800
Bank guarantees 3,303 3,012 3,303 3,012
(ii) Price risk
The group is exposed to variability in the price of raw materials used
in the production or in the packaging of finished products, such as The group does not grade the credit quality of receivables. All receivables
the price of malt, barley, sugar and aluminum. These price risks are that are neither past due nor impaired are within their approved credit
managed principally through multi year fixed price contracts with limits, and no receivables have had their terms renegotiated.
suppliers internationally. None of the above assets are either past due or impaired except for the
following amounts in trade receivables (which are due within 30 days
of the end of the month in which they are invoiced). The individually
(iii) Cash flow and fair value interest rate risk impaired receivables mainly relate to trading debt. It was assessed a
The Group’s interest bearing financial liabilities include its bank portion of the receivables is expected to be recovered. The aging of
overdrafts and short-term loans, some of which are at a variable rate, these receivables is as follows:
and on which it is therefore exposed to cash-flow interest rate risk.
The company regularly monitors financing options available to ensure Group Company
optimum interest rates are obtained. At 31 March 2009, an increase/ 2009 2008 2009 2008
decrease of 100 basis points would have resulted in a decrease/increase
Receivables individually
in post tax profit of Tshs 382 million (2008:Tshs 185 million).
determined to be impaired:
Within 30 days - - - -
Credit risk 30-60 days 1,018 570 971 570
Credit risk is managed by the National Credit Manager. Credit risk 60-90 days - 365 - 365
arises from cash at bank and short-term deposits with banks, as well as Over 90 days 249 259 249 213
trade and other receivables. The group or company has no significant
concentrations of credit risk. The national credit manager assesses the Carrying amount before
credit quality of each customer, taking into account its financial position, provision for impairment loss 1,267 1,194 1,220 1,148
past experience and other factors. Individual risk limits are set based on Provision for impairment loss (1,220) (1,115) (1,173) (1,069)
internal or external ratings in accordance with limits set by the Board.
The utilisation of credit limits is regularly monitored. Net carrying amount 47 79 47 79
The amount that best represents the group’s and company’s maximum
exposure to credit risk at 31 March 2009 is made up as follows: The remaining trade receivables as tabled below were all current and
therefore not impaired.
Within 30 days 11,609 11,172 8,972 10,283
30-60 days - - - -
60-90 days - - - -
Over 90 days - - - -
11,609 11,172 8,972 10,283

Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
Prudent liquidity risk management includes maintaining sufficient cash and cash equivalents, the availability of funding from an adequate amount of committed
credit facilities and the ability to close out marketpositions. Due to the dynamic nature of the underlying businesses, the group maintains flexibility in
funding by maintaining availability under committed credit lines and through inter-company short term advances. Management monitors rolling forecasts of
the group’s liquidity reserve on the basis of expected cash flows.
The table below shows the availability of funding from Banks and their related utilisation at the balance sheet dates.
Company 31 March 2009 31 March 2008

Credit limit Utilised Credit limit Utilised
Banks
Stanbic Bank Tanzania Limited 9,000 7,327 8,200 4,929
Standard Chartered Bank Tanzania Limited 20,000 17,767 20,000 -
Citibank Tanzania Limited 33,175 24,566 24,375 23,846
National Bank of Commerce Limited 11,000 7,079 11,000 10,799
CRDB Bank Plc 28,500 23,210 16,000 9,404
National Microfinance Bank Plc 30,000 25,608 20,000 8,459
131,675 105,557 99,575 57,437

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 date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
Group Within 1 Between 1 Between 2 Over 5

year and 2 years and 5 years years
At 31 March 2008
Borrowings 57,899 - - -
Trade and other payables 65,981 - - -
At 31 March 2009
Borrowings 105,702 - - -

Trade and other payables 67,608 - - -
Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future developments of the
business.
The Board seeks to maintain a balance between the higher returns that might be possible with the higher levels of borrowings and the
advantages and the security afforded by a sound capital position. The Board monitors capital on the basis of the gearing ratio, Gross debt/ EBITDA ratio,
interest cover ratio and the free funds from operations. The Gearing 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. The following were the key credit ratios:

Group strategy 2009 2008
Gearing ratio Below 150% 76.0% 59.2%
Gross debt / EBITDA Below 2 times 0.87 0.58
Interest cover Over 6 times 13.5 times 35 times
Minimum
Free funds from operations Tshs 74,444 million Tshs 83,467 million
Tshs 50,000 million

5. BUSINESS SEGMENTS INFORMATION

The group comprises two businesses – Clear Beer and Wines and Spirits. Costs relating to the general group management are shared between the Company
and its subsidiaries. Segment information about the group’s businesses is presented below.
Year ended 31 March 2009 Clear Beer Wines & Spirits Eliminations Total Group
Revenue
Exports 5,939 - - 5,939
Local 412,935 45,978 (653) 458,260
Total revenue 418,874 45,978 (653) 464,199
Operating profit 115,926 15,209 (5,815) 125,320

Finance costs (9,406) (664) - (10,070)
Share of loss from associate (62) - - (62)
Profit before tax 106,458 14,545 (5,815) 115,188
Income tax (30,244) (4,147) - (34,391)
Profit for the year 76,214 10,398 (5,815) 80,797
Depreciation and amortisation 12,902 347 - 13,249

Impairment losses 421 - - 421
Segment assets and liabilities and capital expenditure

Assets
Investment in associate 49 - - 49
Other non-current assets 241,055 3,753 (5,389) 239,419
Current assets 103,095 11,167 (5,347) 108,915
344,199 14,920 (10,736) 348,383
Liabilities & Equity

Current liabilities 178,894 7,568 (5,506) 180,956
Non current liabilities 10,145 427 - 10,572
Owner’s equity 155,160 6,925 (7,948) 154,137
Minority interest - - 2,718 2,718
344,199 14,920 (10,736) 348,383
Capital additions
Property, plant and equipment 73,457 1,284 - 74,741
Intangible assets 795 - - 795
74,252 1,284 75,536

Year ended 31 March 2008 Clear Beer Wines & Spirits Eliminations Total Group
Revenue
Exports 3,406 - - 3,406
Local 343,365 36,410 - 379,775
Total revenue 346,771 36,410 - 383,181
Operating profit 102,395 11,863 (1,546) 112,712

Finance costs (3,095) (449) - (3,544)
Profit before tax 99,300 11,414 (1.546) 109,168
Income tax (31,453) (3,520) - (34,973)
Profit for the year 67,847 7,894 (1,546) 74,195
Depreciation and amortisation 12,864 275 - 12,959
Segment assets and liabilities and capital expenditure

Assets
Other non-current assets 180,615 2,829 (5,321) 178,123
Current assets 76,519 8,688 (2,995) 82,212
257,134 11,517 (8,316) 260,335
Liabilities & Equity

Current liabilities 125,944 5,759 (4,735) 126,968
Non current liabilities 9,822 286 - 10,108
Owner’s equity 121,368 5,472 (5,622) 121,218
Minority interest - - 2,041 2,041
257,134 11,517 (8,316) 260,335
Capital additions
Property, plant and equipment 57,186 1,537 - 58,723
Intangible assets 73 - - 73
57,259 1,537 - 58,796

Group Company
2009 2008 2009 2008
6. REVENUE
Sale of goods – Local 458,260 379,775 412,622 343,365
Sale of goods – Export 5,939 3,406 5,939 3,406
464,199 383,181 418,561 346,771
7. COST OF SALES AND OPERATING EXPENSES

Excise taxes 97,860 83,517 87,195 74,805
Raw materials used 128,712 88,778 115,190 78,808
Distribution costs 27,120 25,892 25,262 24,685
Depreciation and amortisation 13,249 12,959 12,902 12,684
Impairment losses 421 - 421 -
Employees benefit costs 27,032 22,120 25,287 20,716
Marketing costs 15,097 8,914 14,230 8,258
Administrative costs 4,092 4,909 5,552 4,725
Operating lease rentals 3,412 2,655 2,401 2,602
Operating costs 5,181 3,704 4,794 4,246
Maintenance 8,133 7,920 7,714 7,593
Managerial, technical and administrative fees 11,254 9,731 10,440 9,100
Auditors remuneration- audit services 141 129 111 101
Auditors remuneration- non audit services 94 93 88 93
341,798 271,321 311,587 248,416
Made up as follows:
Cost of sales 264,157 205,722 239,967 186,418
Selling and distribution costs 51,145 44,537 49,580 41,896
Administrative expenses 26,496 21,062 22,040 20,102
341,798 271,321 311,587 248,416
8. EMPLOYEES’ BENEFIT COSTS

The following items are included within employees’ benefits expenses
- Wages, salaries and other benefits 25,506 20,895 23,894 19,572
- Pension costs (defined contribution plans) 1,526 1,225 1,393 1,144
27,032 22,120 25,287 20,716
9. OTHER INCOME
Profit on disposal of property, plant and equipment 269 143 238 143
Dividend income - - 5,815 2,564
Management fees - - 814 629
Sundry income 2,650 709 2,555 704
2,919 852 9,422 4,040

Group Company
2009 2008 2009 2008
10. FINANCE COSTS
Interest income 270 732 955 732
Finance income 270 732 955 732

Finance expense
Interest expense (10,340) (4,273) (10,361) (3,824)
Net foreign exchange transaction losses - (3) - (3)
Finance costs (10,340) (4,276) (10,361) (3,827)

Finance costs - net (10,070) (3,544) (9,406) (3,095)
11. INCOME TAX EXPENSE

Current tax 33,865 32,876 29,869 29,478
Deferred tax (Note 21) 526 2,097 385 1,975
34,391 34,973 30,254 31,453
The tax on the company’s profit before tax differs from the theoretical amount that would arise using the basic tax rate as follows:
Tax calculated at a rate of 30% 34,556 32,750 32,078 29,790

Income not subject to tax - - (1,745) (769)
Expenses not deductible for tax purposes (165) 2,223 (80) 2,432
Tax charge 34,391 34,973 30,254 31,453
12. EARNINGS PER SHARE 2009 2008

Net profit attributable to shareholders (Tshs 000’s) 77,157,740 71,431,999
Weighted average number of share in issue (000’s) (Note 20) 294,928 294,928
Basic and diluted earnings per share (Tshs per share) 261.6 242.2
There being no dilutive or dilutive potential share options, the basic and diluted earnings per share are the same.
13. DIVIDENDS
Group Amount Dividend per
share
2009 2008 2009 2008
Tshs M Tshs M Tshs / share Tshs / share
First interim dividend 17,695 26,544 60.0 90.0
Second interim dividend 26,544 32,442 90.0 110.0
44,239 58,986 150.0 200.0

14. PROPERTY, PLANT AND EQUIPMENT - GROUP

Furniture,
Plant and equipment and Capital work
Buildings machinery vehicles in progress Containers Total
At 31 March 2007
Cost 24,374 99,736 21,733 3,976 15,310 165,129
Accumulated depreciation (7,775) (49,927) (13,522) - (1,253) (72,477)
Net book value 16,599 49,809 8,211 3,976 14,057 92,652
Year ended 31 March 2008

Opening net book value 16,599 49,809 8,211 3,976 14,057 92,652
Additions - - - 58,723 - 58,723
Disposals –others - - (9) - - (9)
Transfers 5,248 17,671 7,380 (43,433) 13,134 -
Breakages and shrinkage - - - - (670) (670)
Depreciation charge for the year (1,056) (7,981) (2,216) - (1,706) (12,959)
Closing net book value 20,791 59,499 13,366 19,266 24,815 137,737
At 31 March 2008
Cost 29,622 117,407 29,104 19,266 27,774 223,173
Net book value 20,791 59,499 13,366 19,266 24,815 137,737

Additions - - - 74,741 - 74,741
Disposals –others - (3) (33) - - (36)
Transfers 3,599 3,210 6,411 (19,707) 6,487 -
Impairment - (421) - - - (421)
At 31 March 2009
Cost 33,140 119,424 35,482 74,300 34,096 296,442
Net book value 23,120 56,226 16,762 74,300 28,379 198,787
The Group’s buildings, plant and machinery have been secured against borrowings as set out in Note 24 to the financial statements.
The impairment charge arises from the purchase of new packaging machinery during the year intended to replace an existing one.

14. PROPERTY, PLANT AND EQUIPMENT - COMPANY

Furniture,
Plant and equipment and Capital work
Buildings machinery vehicles in progress Containers Total
At 31 March 2007
Cost 23,250 97,298 20,241 3,972 15,287 160,048
Net book value 16,025 49,087 7,898 3,972 14,035 91,017

Additions - - - 57,186 - 57,186
Disposals –others - - (9) - - (9)
Transfers 5,094 16,985 7,068 (42,266) 13,119 -
At 31 March 2008
Cost 28,344 114,283 27,300 18,892 27,736 216,555
Net book value 20,118 58,180 12,872 18,892 24,778 134,840

Additions - - - 73,457 - 73,457
Disposals –others - (3) (20) - - (23)
Transfers 3,098 2,365 6,152 (18,089) 6,474 -
Impairment - (421) - - - (421)
At 31 March 2009
Cost 31,442 116,646 33,432 74,260 34,045 289,825
Net book value 22,007 54,189 16,182 74,260 28,328 194,966
The Company’s buildings, plant and machinery have been secured against borrowings as set out in Note 24 to the financial statements.
The impairment charge arises from the purchase of new packaging machinery during the year intended to replace an existing one.

15. INTANGIBLE ASSETS
Group Company
Goodwill Software Total Software
At 31 March 2007 42,339 653 42,992 653
Accumulated amortisation (2,709) (175) (2,884) (175)
Net book value 39,630 478 40,108 478

Opening net book value 39,630 478 40,108 478
Additions - 73 73 73
Amortisation charge - (164) (164) (164)
Closing net book value 39,630 387 40,017 387
As at 31 March 2008 42,339 726 43,065 726

Accumulated amortisation (2,709) (339) (3,048) (340)
Net book value 39,630 387 40,017 387

Opening net book value 39,630 387 40,017 387
Additions - 795 795 795
Amortisation charge - (180) (180) (180)
Closing net book value 39,630 1,002 40,632 1,002
At 31 March 2009 42,339 1,522 43,861 1,522

Accumulated amortisation (2,709) - (3,229) (520)
Net book value 39,630 1,002 40,632 1,002
Group Company
2009 2008 2009 2008
16. INVESTMENTS
Investment in associate company 49 369 49 369
Investment in subsidiaries - - 45,019 45,019
49 369 45,068 45,388
Investment in associate company

At 1 April 369 369 369 369
Share of loss (62) - (62) -
Adjustment* (258) - (258) -
At 31 March 49 369 49 369
* The adjustment relates to share of prior year losses from associate.

The investments relate to:
Name of undertaking Nature of business Description of shares held % of issued shares held
2009 2008
Tanzania Distilleries Ltd Manufacturer of spirituous liquor Ordinary 65% 65%
Mountainside Farms Ltd Crop farming Ordinary 50% 50%
Kibo Breweries Ltd Selling and distribution of clear beer Ordinary 100% 100%
The Group’s share of results of its associate company, Mountainside Farms Limited, and its aggregate assets and liabilities are as follows:
Year ended
31 October 2008 31 October 2007
Assets 562 647
Liabilities 606 630
Revenue 801 714
(Loss)/Profit (62) 13
Group Company
2009 2008 2009 2008
17. INVENTORIES
Raw materials 30,678 27,023 28,325 25,060
Work in progress 9,205 3,290 9,136 3,225
Finished goods 12,152 9,579 8,076 5,974
Consumable stores and spares 21,267 11,210 21,132 11,177
73,302 51,102 66,669 45,436
Provision for obsolete and damaged stocks (2,068) (1,228) (2,036) (1,186)
71,234 49,874 64,633 44,250
The cost of inventories recognised as an expense and included in ‘cost of sales’ in the Group’s profit and loss account amounted to Tshs 128,712 M (2008:Tshs 88,778 M) and
Tshs115,190 M (2008:78,808 M) for the Company.
18. ACCOUNTS RECEIVABLE

Trade receivables 12,876 13,481 11,365 12,500
Less: Provision for impairment (1,220) (1,115) (1,173) (1,069)
Trade receivables-net 11,656 12,366 10,192 11,431

Advances to suppliers 6,450 5,235 6,450 5,235
Staff advances and loans 566 235 520 212
Sundry advances and deposits - 242 - 190
Prepayments 5,272 1,537 5,023 948
Other receivables 1,977 886 706 524
Due from related parties (Note 28 (iv)) 2,486 1,265 6,386 4,789
28,407 21,766 29,277 23,329
Movements on the provision for impairment of trade receivables are as follows:

At start of year (1,115) (709) (1,069) (640)
Provision in the year (129) (508) (104) (485)
Receivables written off during the year as uncollectible 24 56 - 56
Unused amounts reversed - 46 - -
At end of year (1,220) (1,115) (1,173) (1,069)
The carrying amounts of the above receivables and prepayments approximate to their fair values.

Group Company
2009 2008 2009 2008
19. BANK AND CASH BALANCES
Cash at bank and in hand 9,274 10,572 7,813 8,940
For the purpose of the cash flow statement, cash and cash equivalents comprise the following:
Cash and bank balances 9,274 10,572 7,813 8,940
Bank overdrafts (Note 24) (105,702) (57,899) (105,557) (57,437)
Net cash and cash equivalents (96,428) (47,327) (97,744) (48,497)
20. SHARE CAPITAL

20.1 Ordinary share capital
Authorised, issued and fully paid:
294,928,463 ordinary shares of Tshs 100 each 29,493 29,493 29,493 29,493
There were no movements in the share capital of the company during the year. The company has only one class of ordinary shares which carries no right to fixed income.
The ownership structure is as set out below:
20.2 Ownership structure Ordinary Ordinary Shares % holding % holding

Shares
2009 2008 2009 2008
Resident shareholders:
United Republic of Tanzania 11,797,139 11,797,139 4.00 4.00
Unit Trust of Tanzania 13,239,696 13,503,962 4.49 4.58
Public Service Pension Fund 8,180,547 8,530,547 2.77 2.89
Parastatal Pension Fund 3,910,000 7,304,903 1.33 2.48
National Social Security Fund 1,340,000 9,977,436 0.45 3.38
General Public 30,439,725 17,181,120 10.32 5.83
Total resident 68,907,107 68,295,107 23.36 23.16
Non-resident shareholders:
SABMiller Africa BV 155,799,698 155,799,698 52.83 52.83
East African Breweries Limited 58,985,693 58,985,693 20.00 20.00
International Finance Corporation (IFC) 11,235,965 11,847,965 3.81 4.02
Total non-resident 226,021,356 226,633,356 76.64 76.85
Total ordinary shares in issue 294,928,463 294,928,463 100.00 100.00
21. DEFERRED INCOME TAX

Deferred income taxes are calculated on temporary differences under the liability method using a principal tax rate of 30% (2008: 30%). The movement on the deferred
income tax account is as follows:
At the beginning of the year 9,691 7,594 9,405 7,430
Income statement charge (Note 11) 526 2,097 385 1,975
At the end of the year 10,217 9,691 9,790 9,405
Details of the deferred tax liability:

Accelerated depreciation for tax purposes 9,323 8,684 8,893 8,389

Group Company
2009 2008 2009 2008
Other temporary differences 894 1,007 897 1,016
10,217 9,691 9,790 9,405
22. PROVISIONS
At the start of the year 417 401 417 401
Net (decrease)/ increase in provision (62) 16 (62) 16
At the end of the year 355 417 355 417
At the year end, there was a number of pending legal cases where the Company or its subsidiaries were defendants.These include disputes with employees, contractors and
transporters. The directors have considered it probable that the outcome of these cases will be unfavourable to the Company and its subsidiaries and could result into an
estimated loss of Tshs 355 million (2008:Tshs 417 million). According to the nature of such disputes the timing of settlement of these cases is uncertain. Contingent liabilities
relating to other pending legal cases have been disclosed in note 26.
23.TRADE AND OTHER PAYABLES

Trade payables 7,937 14,093 7,151 14,061
Other payables and accrued expenses 23,538 16,166 22,660 15,828
VAT payable 4,127 5,374 3,463 4,784
Excise duty payable 8,510 8,202 7,406 7,429
Dividends payable 1,566 2,035 1,566 2,035
Payable to related parties (Note 28 (iv)) 21,930 20,111 23,302 21,532
67,608 65,981 65,548 65,669

The carrying amounts of the above payables and accrued expenses approximate to their fair values.
24. BORROWINGS
Bank overdrafts 105,702 57,899 105,557 57,437
Overdrafts are made up as follows:

Stanbic Bank Tanzania Limited 7,327 4,929 7,327 4,929
Citibank Tanzania Limited 24,711 24,159 24,566 23,846
National Bank of Commerce Limited 7,079 10,799 7,079 10,799
Standard Chartered Bank Tanzania Limited 17,767 - 17,767 -
International Commercial Bank Limited - 150 - -
National Microfinance Bank Plc 25,608 8,459 25,608 8,459
CRDB Bank Plc 23,210 9,403 23,210 9,404
105,702 57,899 105,557 57,437
The carrying amount of the borrowings approximate to their fair value.
The facilities are annual facilities subject to review between August 2009 and February 2010.
The weighted average effective interest rate of the overdrafts was 12.57% (2008: 11.67%).The overdrafts are secured by a first charge over the buildings, plant and machinery
at the company’s plant in Dar es Salaam, Mwanza and Arusha.Total value of the security given is Tshs 211 billion (2008:Tshs 91.7 billion).

25. COMMITMENTS
Capital commitments
The Group had capital commitments approved and contracted but not recorded in its books as at 31 March 2009 of Tshs 52.9 billion (2008:Tshs 13.8 billion).
Operating lease commitments – where a group company is the lessee
The future aggregate minimum lease payments under non-cancellable operating lease are as follows:
Group Company
2009 2008 2009 2008
Not later than 1 year 2,177 1,268 2,177 1,268
Later than 1 year and not less than 5 years 1,580 354 1,580 354
3,757 1,622 3,757 1,622
26. CONTINGENT LIABILITIES

26.1 Litigation
As at 31 March 2009, the Company was a defendant in several lawsuits. While liability in these lawsuits is not admitted, if defence against the actions is unsuccessful, then
amount claimed in these lawsuits could amount to Tshs 63 million (2008:Tshs 144 million).
Similarly for the company’s subsidiary,Tanzania Distilleries Limited (TDL) the amount claimed in such lawsuits could amount to Tshs 300 million (2008:Tshs 300 million).
Based on legal advice, the directors do not expect the outcome of the actions to have material effect on the Company and Group’s financial position.
26.2 Foreign exchange contracts

As at 31 March 2009 the company had not entered into any foreign exchange contracts. (2008: Nil).
27. CASH FLOW INFORMATION

(i) Changes in working capital
Inventories (22,200) (17,111) (21,233) (14,502)
Receivables (6,746) (8,660) (6,052) (8,953)
Payables 277 16,579 (1,422) 16,467
(28,669) (9,192) (28,707) (6,988)

(ii) Income tax paid
Income tax payable at 1 April (3,088) (874) (2,838) (781)
Current income tax provided (33,865) (32,876) (29,869) (29,478)
Provision for income tax at end of year 7,646 3,088 7,706 2,838
(29,307) (30,662) (25,001) (27,421)

(iii) Dividends paid
By the Company
Dividends payable at the beginning of the year (2,035) (2,317) (2,035) (1,220)
Current year interim dividend (44,239) (58,986) (44,239) (58,986)
Dividends payable at end of year 1,566 2,035 1,566 2,035
(44,708) (59,268) (44,708) (58,171)

By subsidiaries
Minority’s share of dividends declared and paid (2,962) (1,381) - -
(47,670) (60,649) (44,708) (58,171)

Group Company
2009 2008 2009 2008
28. RELATED PARTY TRANSACTIONS AND BALANCES
i) Sale of goods and services
Sale of goods
Nile Breweries Limited 1,961 - 1,961 -
East African Breweries Limited 3,925 2,769 3,925 2,769
5,886 2,769 5,886 2,769
During the year, the Company continued exporting bottled beer to East African Breweries Limited, an associate holding of SABMiller Africa BV and a minority shareholder of
the Company.The Company also started exporting bottled beer to Nile Breweries Limited, a subsidiary of SABMiller Plc.
Sale of services
Tanzania Distilleries Limited - Management fees - - 814 629
ii) Purchase of goods and services

Purchase of goods
Tanzania Distilleries Limited - - 340 40
SABEX 98,947 43,323 98,947 43,244
South African Breweries Limited - 1,487 - 1,487
East African Breweries Limited 2,855 294 2,855 294
Distillers Corporation International Limited 15,211 2,150 - -
MUBEX 13,768 - 13,768 -
130,781 47,254 115,910 45,065
SABEX, a division of SABMiller Africa & Asia (Pty) Limited, is used as the Group’s procurement agent for other items except capital equipment.
MUBEX, a subsidiary of SABMiller Plc, is used as the Group’s procurement agent for capital equipment.
During the year, the Company continued purchasing empty bottles from East African Breweries Limited, an associate holding of SABMiller Africa BV.
The company imports beer from South African Breweries Limited, a subsidiary of SABMiller Plc.
Tanzania Distilleries Limited import specialized wines and spirits from Distillers Corporation International Limited.
Purchase of services
Kibo Breweries Limited - - 313 436
Bevman Services A.G 10,440 9,101 10,440 9,101
SABMiller Finance B.V. 3,590 3,019 3,566 3,019
Distillers Corporation International Limited 814 629 - -
17,730 14,961 17,205 14,768

The Company leases certain plant and machineries, motor vehicles and furniture from its subsidiary, Kibo Breweries Limited.
Fees are payable in terms of a management agreement with Bevman Services A.G and Distillers Corporation International Limited.
The Company produces and distributes SABMiller Finance B.V and East African Breweries
Limited’s brands under license
iii) Interest on Intercompany accounts:

Interest on intercompany accounts
Tanzania Distilleries Limited - - 685 422
The Company charges interest on current accounts held with it by its subsidiary,Tanzania Distilleries Limited.

Group Company
2009 2008 2009 2008

iv) Year- end balances arising from transactions with related parties:
Receivable from related parties
National Breweries Limited 36 - 36 -
East African Breweries Limited 725 - 725 -
Mountainside Farms Limited 1,498 1,265 1,498 1,265
Tanzania Distilleries Limited - - 4,127 3,524
Distillers Corporation International Limited 227 - - -
2,486 1,265 6,386 4,789

Payable to related parties
Zambia Breweries Limited 10 - 10 -
SABMiller Africa & Asia (Pty) Limited 13 79 98 79
SABEX 1,892 14,999 1,807 14,999
Nile Breweries Limited 698 - 698 -
Bevman Services A.G 2,210 1,822 2,210 1,822
SABMiller Finance B.V. 790 588 790 588
Kibo Breweries Limited - - 1,372 1,421
MUBEX 11,231 - 11,231 -
21,930 20,111 23,302 21,532
v) Key management remuneration

Management salaries and other benefits 2,526 2,234 2,163 2,104
vi) Director emoluments

Non-executive Chairman 19 10 16 5
Non-executive Directors 34 27 27 24
Executive Directors 157 163 157 163
A schedule detailing remuneration of each director will be annexed to these financial statements for presentation to the annual general meeting.
The Directors of the Company own directly and indirectly 26,801 (2008: 43,301) ordinary shares of the Company as 31 March 2009.
29 . ULTIMATE HOLDING COMPANY

SABMiller Africa BV (incorporated in the Netherlands) owns 52.83% of the company’s issued shares. The ultimate holding company is SABMiller plc, incorporated in the
United Kingdom.

Administration & Notice of Meeting
Notice to Shareholders
ADMINISTRATION
Notice is hereby given that the 36th Annual General Meeting of the
Shareholders of Tanzania Breweries Limited will be held at Kilimanjaro Tanzania Breweries Limited
Kempinski Hotel in Dar es Salaam on 15th July 2009 at 10h00, for the (Registration Number 2497)
following purposes:
Company Secretary:
Steve F. Kilindo
1. Notice of Meeting P.O. Box 9013, Dar es Salaam,
Notice convening the meeting to be taken as read. Tanzania.
Registered Office:
2. Approval of Minutes Uhuru Street
To approve and sign the minutes of the 35th Annual General Meeting held on 17th Plot No.79, Block “AA”
July 2008. Mchikichini, Ilala District,
Dar es Salam,Tanzania.
3. Matters Arising Telephone: +255 (0) 22 2182779-82
Fax: +255 (0) 22 2182783
4. Financial Statements and Directors’ Report
To receive and consider the Directors’ Report, Auditors’ Report and the audited Transfer Secretaries:
financial statements for the year ended 31st March, 2009. CRDB Bank Ltd.,
Head Office: Azikiwe Street,
5. Dividend for the year ended 31 March 2009 P.O. Box 268, Dar es Salaam.
To consider and approve total dividend paid for the year ended 31 March 2009. Tel: +255 (0) 22 2117441-7
Fax: +255 (0) 22 2113341
6. Appointment of Statutory Auditors
To approve PricewaterhouseCoopers as the auditors for the next financial year. External Auditors:
PricewaterhouseCoopers,
7. Any other business International House, 5th Floor,
Any member entitled to attend and vote, if unable to attend for any reason, is Garden/Shaaban Robert Street,
entitled to appoint a proxy or proxies to attend, speak, and, on a poll, vote in his/ P.O.Box 45, Dar es Salaam,Tanzania.
her stead and such a proxy need not also be a member of the Company. Tel: +255 (0) 22 2133100
Proxy forms should be forwarded to reach the registered office of the Company Shareholders:
or the office of the Company Secretary at least 48 hours before the time fixed for Financial Year End: 31 March
the holding of the meeting. Annual General Meeting: July
Please note that a member wishing to attend the Annual General Meeting must Results:
arrive with a copy of his/her original share certificate or depository receipt (CDR) Interim announcement - November
and his/her Identification Card. Year end announcement - May
Annual financial statement - July
By the order of the Board Dividends:

First Interim: declaration - September 2008
payment - September 2008
Second Interim: declaration - February 2009
Note: i. Any other business needs to be brought to the attention of the payment - March 2009
Secretary by the 1 July 2009.
ii. Shareholders shall meet all the costs for attending the meeting.


2009 Annual Report TBL

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2009 Annual Report TBL

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PACKAGING LINE UPGRADE

The brand new state-of-the-art bottling line at TBL was officially

Group Cash Value Added 3

Vision, Mission & Company Values 7

Report of the Directors 10

Managing Director’s Report 13

TBL Responsible Way 19

Statement of Directors’ Responsibilities 20

Report of the Independent Auditor 21

Profit & Loss Accounts 22

Statements of Changes in Equity 24

Cash Flow Statement 25

Index to Notes to Financial Statements 26

Notes to Financial Statements 27

Administration and Notice of Meeting 48

Tanzania Breweries Limited Page 1

Earnings per share growth % 8 16 9 23 22 5 11 (8) (8) 25

Sales and Total Assets Earnings and Dividends

# For fifteen months ended March 2000

Page 2 Tanzania Breweries Limited

31 March, 2009 31 March, 2008

Page 4 Tanzania Breweries Limited

These achievements are a testimony to the successful joint venture

Looking ahead, TBL is committed to focusing on the following

A successful implementation of this strategic programme by TBL

As a corporate citizen of the nation, TBL has continued to make

Tanzania Breweries Limited Page 5

Page 6 Tanzania Breweries Limited

Accountability is clear and personal

We work and win in teams

We understand and respect our customers and consumers

Our reputation is indivisible

Tanzania Breweries Limited Page 7

Mr. D. Carruthers (British)

Mr. A.B.S. Kilewo (Tanzanian)

In accordance with the Company’s Articles of Association, the

Page 8 Tanzania Breweries Limited

PRINCIPAL ACTIVITIES EMPLOYEE WELFARE

Tanzania Breweries Group owns some of Tanzania’s most popular

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

BY ORDER OF THE BOARD

Page 10 Tanzania Breweries Limited

Shughuli Kuu Maslahi ya Wafanyakazi

Kampuni inamiliki hisa nyingi kwenye Kampuni ya kutengeneza vinywaji

Gawio Lililopendekezwa na Kulipwa

Tanzania Breweries Limited Page 11

Page 12 Tanzania Breweries Limited

Tanzania Breweries Limited Page 13

In 2008 Tanzania Breweries Ltd plants participated in the NOSA

During the past year; we spent approximately 3% of our payroll on

The company remains committed to the fight against HIV/AIDS,

Mr. Robin Goetzsche

Page 14 Tanzania Breweries Limited

Tanzania Breweries Limited Page 15

UBUNGO DISTRIBUTION WAREHOUSE

Mwaka 2008 Viwanda vyote vya Kampuni ya Bia Tanzania vilishiriki

Kampuni ya Bia Tanzania inaamini kwa dhati kabisa “Watu ndio

Kampuni inaendelea na dhamira yake ya kupambana na maambukizi

Page 18 Tanzania Breweries Limited

1. Responsible alcohol use 1. Matumizi mazuri ya vileo

2. Alcohol policy 2. Sera ya vileo

3. Employees’ behavior 3. Tabia za wafanyakazi