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Namibia Breweries

NBS · Namibian Stock Exchange · Consolidated statements

On this page
Company details
Legal name
Namibia Breweries Limited
Listing
NBS on the Namibian Stock Exchange, active (observed 2026-10-06)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

Read with these figures

  • Auditor's emphasis of matter. Emphasis of matter – comparative information: the auditor (KPMG) draws attention to notes 9 and 10, which indicate that the comparative information as at and for the year ended 31 December 2024 has been restated; opinion not modified in respect of this matter (p62)
Full wording and sources

  • Auditor's emphasis of matter

    Emphasis of matter – comparative information: the auditor (KPMG) draws attention to notes 9 and 10, which indicate that the comparative information as at and for the year ended 31 December 2024 has been restated; opinion not modified in respect of this matter (p62)

    Source: Namibia Breweries Limited Integrated Annual Report 2025 (dated 2026-05-22)

  • Revenue

    NAD 6.02 billion

    6,024,580 NAD thousands · p69

    −26.6% vs 2024

  • Operating profit / (loss)

    NAD 830 million

    830,364 NAD thousands · p69

    −7.3% vs 2024

  • Profit / (loss) for the year

    NAD 632 million

    632,234 NAD thousands · p69

    −2.8% vs 2024

  • Total assets

    NAD 3.99 billion

    3,989,239 NAD thousands · p67

    +2.8% vs 2024

  • Total equity

    NAD 2.45 billion

    2,451,810 NAD thousands · p68

    +4.8% vs 2024

  • Cash from operations

    NAD 410 million

    409,611 NAD thousands · p71

    −57.4% vs 2024

Large amounts are rounded for reading (NAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NAD thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source
  • FY2023 — annual report, signed / final; comparative in the FY2024 filing · source

Income statement

Income statement, NAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Revenue 6,024,580 8,204,548 4,265,246
Excise tax expense1 (1,155,446) (1,379,500) (876,847)
Net revenue2 4,869,134 6,825,048 3,388,399
Raw material and consumables3 (2,120,666) (3,360,156) Not reported in this filing4
Employment costs (566,499) (776,724) Not reported in this filing5
Administration and marketing expenses6 (733,657) (1,009,583) Not reported in this filing7
Railage and transport8 (262,247) (359,405) Not reported in this filing9
Repairs and maintenance10 (100,209) (90,038) Not reported in this filing11
Depreciation, amortisation and impairments12 (265,361) (329,844) Not reported in this filing13
Impairment loss on trade receivables (6,542) (3,123) Not reported in this filing14
Impairment of investments15 –16 –16 Not reported in this filing17
Gain/(loss) on disposal of PPE18 16,411 (585) Not reported in this filing19
Operating profit/(loss)20 830,364 895,590 421,213
Finance costs (46,378) (101,418) (68,050)
Investment income21 6,381 26,761 54,825
Profit before tax 790,367 820,933 5,161,290
Income tax expense (158,133) (170,249) (71,208)
Profit for the year attributable to owners of the parent22 632,234 650,684 5,094,873
Remeasurement of net defined benefit liabilities23 3,690 (934) 6,643
Income tax relating to items that will not be reclassified24 (1,107) 299 (2,126)
Items that will not be reclassified (unlabelled subtotal)25 2,583 (635) 4,517
Foreign currency translation reserve (“FCTR”)26 (68) (86) (26)
Other comprehensive income for the period net of taxation 2,515 (721) 4,491
Total comprehensive income for the period attributable to equity holders of the parent 634,749 649,963 5,099,364
Operating expenses Not reported in this filing27 Not reported in this filing2728 (2,967,186)
Other gains and losses29 Not reported in this filing30 Not reported in this filing3031 4,753,302
Profit from continuing operations32 Not reported in this filing33 Not reported in this filing3334 5,090,082
Profit from discontinued operations35 Not reported in this filing36 Not reported in this filing3631 4,791
  1. Printed “–”, read as nil: subtotal_arithmetic: is.operating_profit.
Notes and alternative reported figures (35)
  1. “Excise tax expense” is an issuer-specific line, not mapped to a shared definition: Deducted from revenue to give net revenue.
  2. “Net revenue” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: revenue less excise tax.
  3. “Raw material and consumables” is an issuer-specific line, not mapped to a shared definition: Expense by nature.
  4. Not reported in this filing: Not reported separately: the FY2024 group statement of profit or loss (p63, with OCI continued on p64; checked on the page image) presents expenses by function and prints a single 'Operating expenses' line (note 22), (2 967 186) for the 12 months to 30 June 2023; the item is included in that line. Note 22 'Costs by nature' (p108, text layer) lists 'Raw material and consumables' for the group; the note is not the selected statement and its figure is not recorded here.
  5. Not reported in this filing: Not reported separately: the FY2024 group statement of profit or loss (p63, with OCI continued on p64; checked on the page image) presents expenses by function and prints a single 'Operating expenses' line (note 22), (2 967 186) for the 12 months to 30 June 2023; the item is included in that line. Note 22 'Costs by nature' (p108, text layer) lists 'Employment costs'; not recorded from the note.
  6. “Administration and marketing expenses” is an issuer-specific line, not mapped to a shared definition: Expense by nature.
  7. Not reported in this filing: Not reported separately: the FY2024 group statement of profit or loss (p63, with OCI continued on p64; checked on the page image) presents expenses by function and prints a single 'Operating expenses' line (note 22), (2 967 186) for the 12 months to 30 June 2023; the item is included in that line. Note 22 'Costs by nature' (p108, text layer) lists 'Administration and marketing expenses'; not recorded from the note.
  8. “Railage and transport” is an issuer-specific line, not mapped to a shared definition: Expense by nature.
  9. Not reported in this filing: Not reported separately: the FY2024 group statement of profit or loss (p63, with OCI continued on p64; checked on the page image) presents expenses by function and prints a single 'Operating expenses' line (note 22), (2 967 186) for the 12 months to 30 June 2023; the item is included in that line. Note 22 'Costs by nature' (p108, text layer) lists 'Railage and transport'; not recorded from the note.
  10. “Repairs and maintenance” is an issuer-specific line, not mapped to a shared definition: Expense by nature.
  11. Not reported in this filing: Not reported separately: the FY2024 group statement of profit or loss (p63, with OCI continued on p64; checked on the page image) presents expenses by function and prints a single 'Operating expenses' line (note 22), (2 967 186) for the 12 months to 30 June 2023; the item is included in that line. Note 22 'Costs by nature' (p108, text layer) lists 'Repairs and maintenance'; not recorded from the note.
  12. “Depreciation, amortisation and impairments” is an issuer-specific line, not mapped to a shared definition: One printed line.
  13. Not reported in this filing: Not reported separately: the FY2024 group statement of profit or loss (p63, with OCI continued on p64; checked on the page image) presents expenses by function and prints a single 'Operating expenses' line (note 22), (2 967 186) for the 12 months to 30 June 2023; the item is included in that line. Note 22 'Costs by nature' (p108, text layer) lists 'Depreciation, amortisation and impairments'; not recorded from the note.
  14. Not reported in this filing: Not printed: the FY2024 group statement of profit or loss (p63, with OCI continued on p64; checked on the page image) has no 'Impairment loss on trade receivables' line; its lines are Revenue, Excise tax expense, Net revenue, Operating expenses, Operating profit, Finance costs, Investment income, Other gains and losses, Profit before tax, Income tax expense, continuing/discontinued profit. Note 22's costs-by-nature list (p108) has no such line either.
  15. “Impairment of investments” is an issuer-specific line, not mapped to a shared definition: Note 21; Group columns printed '–' (company-only item).
  16. Not reported in this filing: Not printed: the FY2024 group statement of profit or loss (p63, with OCI continued on p64; checked on the page image) has no 'Impairment of investments' line. Impairments of investments in subsidiaries fall under 'Other gains and losses' (note 21), which for the group 2023 column is printed as 4 753 302 and shown in its own row.
  17. “Gain/(loss) on disposal of PPE” is an issuer-specific line, not mapped to a shared definition: Note 21.
  18. Not reported in this filing: Not printed: the FY2024 group statement of profit or loss (p63, with OCI continued on p64; checked on the page image) has no 'Gain/(loss) on disposal of PPE' line; the item is included in 'Operating profit' and disclosed only in note 23 (p109, text layer: 'Gain/(loss) on disposal of property, plant and equipment, intangible assets and assets held for sale'), which is not the selected statement.
  19. Printed under different labels across filings: “Operating profit”; “Operating profit/(loss)”.
  20. “Investment income” is an issuer-specific line, not mapped to a shared definition: Note 25; printed after finance costs.
  21. Printed under different labels across filings: “Profit for the period attributable to owners of the parent”; “Profit for the year attributable to owners of the parent”.
  22. “Remeasurement of net defined benefit liabilities” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
  23. “Income tax relating to items that will not be reclassified” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
  24. “Items that will not be reclassified (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of the OCI items not reclassified.
  25. “Foreign currency translation reserve (“FCTR”)” is an issuer-specific line, not mapped to a shared definition: OCI item that may be reclassified.
  26. Not reported in this filing: Not printed: the FY2025 group statement of profit or loss (p69, checked on the page image) classifies expenses by nature (footnote on p69: 'During the current year, the Group changed the presentation of expenses in the statement of profit or loss to a classification of expenses by nature'); it prints each nature line from 'Raw material and consumables' to 'Gain/(loss) on disposal of PPE' and no 'Operating expenses' total.
  27. Annual report dated 2025-03-28 presents this line for this year: (5 929 458) (p63). Not shown in this column, which follows one filing's presentation.
  28. “Other gains and losses” is an issuer-specific line, not mapped to a shared definition: Note 21; 2023 includes the gain on disposal of the associate; Group 2024 printed '–'.
  29. Not reported in this filing: Not printed: the FY2025 group statement of profit or loss (p69, checked on the page image) has no 'Other gains and losses' line; the items referenced to note 21 are printed within operating profit as 'Impairment of investments' and 'Gain/(loss) on disposal of PPE', each shown in its own row.
  30. Annual report dated 2025-03-28 presents this line for this year: – (p63). Not shown in this column, which follows one filing's presentation.
  31. “Profit from continuing operations” is an issuer-specific line, not mapped to a shared definition: Profit after tax from continuing operations.
  32. Not reported in this filing: Not printed: the FY2025 group statement of profit or loss (p69, checked on the page image) has no continuing/discontinued split; after 'Income tax expense' it prints 'Profit for the year attributable to owners of the parent' (632 234 / 650 684).
  33. Annual report dated 2025-03-28 presents this line for this year: 650 684 (p63). Not shown in this column, which follows one filing's presentation.
  34. “Profit from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Note 13; Group 2024 printed '–'.
  35. Not reported in this filing: Not printed: the FY2025 group statement of profit or loss (p69, checked on the page image) has no discontinued-operations section or 'Profit from discontinued operations' line.

Balance sheet

Balance sheet, NAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Property, plant and equipment 1,715,995 1,639,103 1,200,767
Intangible assets 98,586 128,709 122,741
Right-of-use assets 56,742 45,897 43,046
Investment in subsidiaries1 –2 –2 –2
Goodwill3 744,385 744,385 744,385
Non-current assets (unlabelled subtotal) 2,615,708 2,558,094 2,110,939
Inventories 604,571 645,104 615,935
Trade and other receivables 698,753 618,484 835,657
Current tax receivable 23,739 10,308 8,474
Cash and cash equivalents 46,468 43,441 96,587
Derivative financial instruments –4 384 251
Current assets (unlabelled subtotal) 1,373,531 1,317,721 1,556,904
Non-current assets held for sale5 –6 5,075 18,797
Total assets 3,989,239 3,880,890 3,686,640
Share capital 1,024 1,024 1,024
Reserves7 (119) (51) 35
Retained earnings 2,450,905 2,339,205 2,106,345
Ordinary shareholders' equity 2,451,810 2,340,178 2,107,404
Interest-bearing loans and borrowings8 54,911 199,751 251,563
Post-employment retirement and medical aid benefits9 51,005 52,233 Not reported in this filing10
Deferred taxation 286,838 239,185 226,707
Non-current liabilities (unlabelled subtotal) 392,754 491,169 524,180
Interest-bearing loans and borrowings11 4,495 15,634 381,668
Bank overdraft 315,472 231,770 –12
Trade and other payables 799,408 775,234 632,771
Post-employment retirement and medical aid benefits13 –12 3,987 Not reported in this filing14
Income tax payable –12 –12 2,053
Derivative financial instruments 249 –12 Not reported in this filing15
Dividends payable 25,051 22,918 26,626
Current liabilities (unlabelled subtotal) 1,144,675 1,049,543 1,055,056
Total equity and liabilities 3,989,239 3,880,890 3,686,640
Provisions16 Not reported in this filing17 Not reported in this filing1718 45,910
Provisions Not reported in this filing19 Not reported in this filing1920 11,938
  1. Printed “–”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “–”, read as nil: subtotal_arithmetic: bs.current_assets.
  3. Printed “–”, read as nil: subtotal_arithmetic: bs.total_assets.
  4. Printed “–”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (16)
  1. “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 7; Group columns printed '–' (company-only item).
  2. “Goodwill” is an issuer-specific line, not mapped to a shared definition: Note 8; non-current.
  3. “Non-current assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 13; printed below the current-assets subtotal.
  4. “Reserves”: mapping to a shared definition is uncertain. Printed 'Reserves' (note 34; non-distributable reserves in the statement of changes in equity, p72).
  5. “Interest-bearing loans and borrowings”: mapping to a shared definition is uncertain. Non-current interest-bearing loans and borrowings (note 15 includes lease liabilities; not split on the face).
  6. “Post-employment retirement and medical aid benefits” is an issuer-specific line, not mapped to a shared definition: Note 16; non-current.
  7. Not reported in this filing: Not reported under this label in this filing: the FY2024 group statement of financial position (equity and liabilities p62, checked on the page image) prints this non-current item as 'Provisions' (note 16, p62), shown in the row 'Provisions' (non-current).
  8. “Interest-bearing loans and borrowings”: mapping to a shared definition is uncertain. Current interest-bearing loans and borrowings (note 15 includes lease liabilities; not split on the face).
  9. “Post-employment retirement and medical aid benefits” is an issuer-specific line, not mapped to a shared definition: Note 16; current.
  10. Not reported in this filing: Not reported under this label in this filing: the FY2024 group statement of financial position (equity and liabilities p62, checked on the page image) prints this current item as 'Provisions' (note 16, p62), shown in the row 'Provisions' (current).
  11. Not reported in this filing: Not printed: the FY2024 group statement of financial position (equity and liabilities p62, checked on the page image) has no derivative liability line; liabilities are interest-bearing loans and borrowings, provisions, deferred taxation, bank overdraft, trade and other payables, income tax payable and dividends payable. ('Derivative financial instruments' appears only among current assets, p61.)
  12. “Provisions” is an issuer-specific line, not mapped to a shared definition: Note 16; non-current.
  13. Not reported in this filing: Not reported under this label in this filing: the filing prints this non-current item as 'Post-employment retirement and medical aid benefits' (note 16, p68), shown in the row 'Post-employment retirement and medical aid benefits' (non-current).
  14. Annual report dated 2025-03-28 presents this line for this year: 52 233 (p62). Not shown in this column, which follows one filing's presentation.
  15. Not reported in this filing: Not reported under this label in this filing: the filing prints this current item as 'Post-employment retirement and medical aid benefits' (note 16, p68), shown in the row 'Post-employment retirement and medical aid benefits' (current).
  16. Annual report dated 2025-03-28 presents this line for this year: 3 987 (p62). Not shown in this column, which follows one filing's presentation.

Cash flow

Cash flow, NAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Cash flow from operating activities 409,611 962,649 (5,091,101)
Cash generated by operations 1,059,236 1,558,915 450,630
Dividends paid (520,984) (420,897) (5,422,419)
Income tax paid (121,104) (161,359) (114,622)
Employer benefit payments on post employment medical aid benefit plans1 (2,196) (2,907) (697)
Employer benefit payments on severance benefits2 (2,973) (3,152) (3,993)
Employer benefit payments on restructuring provisions3 (2,369) (7,951) –4
Cash flow from investing activities (261,206) (707,823) 4,392,632
Interest income5 4,597 23,613 52,801
Dividends received6 1,784 3,148 2,024
Acquisition of subsidiaries (Group is shown net of cash acquired)7 –8 –8 Not reported in this filing9
Acquisition of property, plant and equipment10 (294,092) (725,545) (243,293)
Acquisition of intangible assets11 (1,198) (30,331) (1,107)
Proceeds from disposal of property, plant and equipment12 928 478 1,185
Proceeds from disposal of non-current assets held for sale1314 26,775 20,814 –8
Cash flow from financing activities (229,012) (1,389,656) 893,517
Interest paid – interest-bearing loans (4,664) (78,502) Not reported in this filing15
Interest paid – bank overdraft16 (19,057) –17 Not reported in this filing18
Interest paid – lease liabilities (17,133) (14,030) Not reported in this filing19
Advances from interest bearing loans and borrowings 300,000 680,000 1,641,000
Repayment of interest bearing loans and borrowings (470,000) (1,946,000)20 (682,674)
Repayment of lease liabilities (18,158) (31,124) Not reported in this filing21
Net decrease in cash and cash equivalents22 (80,607) (1,134,830) 195,048
Effect of translation of cash held at foreign entities23 (68) (86) (26)
Cash and cash equivalents at beginning of the year24 (188,329) 946,587 751,565
Cash and cash equivalents at end of the year25 (269,004) (188,329) 946,587
Interest income from discontinued operations26 Not reported in this filing27 Not reported in this filing2728 4,791
Business combinations29 Not reported in this filing30 Not reported in this filing3028 (939,394)
Proceeds from repayment of loans receivable31 Not reported in this filing32 Not reported in this filing3228 73,625
Proceeds from disposal of associate33 Not reported in this filing34 Not reported in this filing3428 5,442,000
Finance costs35 Not reported in this filing36 Not reported in this filing3637 (64,809)
  1. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (34)
  1. “Employer benefit payments on post employment medical aid benefit plans” is an issuer-specific line, not mapped to a shared definition: Note 16.1; operating.
  2. “Employer benefit payments on severance benefits” is an issuer-specific line, not mapped to a shared definition: Note 16.2; operating.
  3. “Employer benefit payments on restructuring provisions” is an issuer-specific line, not mapped to a shared definition: Note 16.3; operating.
  4. “Interest income”: mapping to a shared definition is uncertain. Printed 'Interest income' in investing activities (cash received).
  5. “Dividends received” is an issuer-specific line, not mapped to a shared definition: Note 25; investing.
  6. “Acquisition of subsidiaries (Group is shown net of cash acquired)” is an issuer-specific line, not mapped to a shared definition: Note 8; investing; Group printed '–'.
  7. Not reported in this filing: Not reported under this label in this filing: the FY2024 group statement of cash flows (p65, checked on the page image) prints this item as 'Business combinations' (note 8, p65), shown in the row 'Business combinations'.
  8. Printed under different labels across filings: “Acquisition of property, plant and equipment”; “Acquisition of property, plant and equipment (Company shown net of additions in note 8)”.
  9. Printed under different labels across filings: “Acquisition of intangible assets”; “Acquisition of intangible assets (Company shown net of additions in note 8)”.
  10. Printed under different labels across filings: “Proceeds from disposal of property, plant and equipment”; “Proceeds on disposal of property, plant and equipment”.
  11. “Proceeds from disposal of non-current assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 13; investing.
  12. Printed under different labels across filings: “Proceeds from disposal of non-current assets held for sale”; “Proceeds on disposal of non-current assets held for sale”.
  13. Not reported in this filing: Not reported separately: the FY2024 group statement of cash flows (p65, checked on the page image) prints no interest-paid split; financing activities print a single 'Finance costs' line (note 36), (64 809) for the 12 months to 30 June 2023, shown in its own row. No 'Interest paid – interest-bearing loans' line is printed.
  14. “Interest paid – bank overdraft” is an issuer-specific line, not mapped to a shared definition: Note 24; financing.
  15. Not reported in this filing: Not reported separately: the FY2024 group statement of cash flows (p65, checked on the page image) prints no interest-paid split; financing activities print a single 'Finance costs' line (note 36), (64 809) for the 12 months to 30 June 2023, shown in its own row. No 'Interest paid – bank overdraft' line is printed.
  16. Not reported in this filing: Not reported separately: the FY2024 group statement of cash flows (p65, checked on the page image) prints no interest-paid split; financing activities print a single 'Finance costs' line (note 36), (64 809) for the 12 months to 30 June 2023, shown in its own row. No 'Interest paid – lease liabilities' line is printed.
  17. Annual report dated 2025-03-28 prints (1 977 124) (thousands, p65) for this line and year.
  18. Not reported in this filing: Not printed: the FY2024 group statement of cash flows (p65, checked on the page image) has no 'Repayment of lease liabilities' line; financing activities print only 'Finance costs', 'Advances from interest bearing loans and borrowings' and 'Repayment of interest bearing loans and borrowings' (682 674) for 2023.
  19. Printed under different labels across filings: “Net (decrease)/increase in cash and cash equivalents”; “Net decrease in cash and cash equivalents”.
  20. Printed under different labels across filings: “Effect of translation of cash held at foreign entities”; “Effect of translation of foreign entities”.
  21. Printed under different labels across filings: “Cash and cash equivalents at beginning of the period”; “Cash and cash equivalents at beginning of the year”.
  22. Printed under different labels across filings: “Cash and cash equivalents at end of the period”; “Cash and cash equivalents at end of the year”.
  23. “Interest income from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Note 13; investing; Group 2024 printed '–'.
  24. Not reported in this filing: Not printed: the FY2025 group statement of cash flows (p71, checked on the page image) has no 'Interest income from discontinued operations' line; investing activities list interest income, dividends received, acquisition of subsidiaries, PPE and intangibles acquired, and disposal proceeds.
  25. Annual report dated 2025-03-28 presents this line for this year: – (p65). Not shown in this column, which follows one filing's presentation.
  26. “Business combinations” is an issuer-specific line, not mapped to a shared definition: Note 8; investing; Group 2024 printed '–'.
  27. Not reported in this filing: Not reported under this label in this filing: the filing prints this item as 'Acquisition of subsidiaries (Group is shown net of cash acquired)' (note 8, p71), shown in the row 'Acquisition of subsidiaries (Group is shown net of cash acquired)'.
  28. “Proceeds from repayment of loans receivable” is an issuer-specific line, not mapped to a shared definition: Note 13; investing; Group 2024 printed '–'.
  29. Not reported in this filing: Not printed: the FY2025 group statement of cash flows (p71, checked on the page image) has no 'Proceeds from repayment of loans receivable' line.
  30. “Proceeds from disposal of associate” is an issuer-specific line, not mapped to a shared definition: Note 13; investing; Group 2024 printed '–'.
  31. Not reported in this filing: Not printed: the FY2025 group statement of cash flows (p71, checked on the page image) has no 'Proceeds from disposal of associate' line.
  32. “Finance costs” is an issuer-specific line, not mapped to a shared definition: Note 36; financing: finance costs paid, not split.
  33. Not reported in this filing: Not reported under this label in this filing: the FY2025 group statement of cash flows (p71, checked on the page image) prints no single 'Finance costs' line; finance costs paid are printed as three lines, 'Interest paid – interest-bearing loans', 'Interest paid – bank overdraft' and 'Interest paid – lease liabilities' (note 24, p71), each shown in its own row. No total of the three is printed.
  34. Annual report dated 2025-03-28 presents this line for this year: (92 532) (p65). Not shown in this column, which follows one filing's presentation.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Earnings / (loss) per share (per share)51 3.0612 3.1513 24.6694
  1. Printed as 306.1 cents; value converted to NAD at 100 cents = 1 NAD.
  2. Printed as 315.1 cents; value converted to NAD at 100 cents = 1 NAD.
  3. Printed as 2 466.9 cents; value converted to NAD at 100 cents = 1 NAD.
Notes and alternative reported figures (2)
  1. Printed under different labels across filings: “Basic and diluted earnings per ordinary share (cents)”; “Basic earnings per ordinary share (unlabelled total)”.
  2. Earnings / (loss) per share: printed as “Basic and diluted earnings per ordinary share (cents)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividends paid (520,984) NAD thousands Annual report, p71
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid (420,897) NAD thousands Annual report, p71
30 Jun 2023 Dividends paid (cash flow statement) Dividends paid (5,422,419) NAD thousands Annual report, p65

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Namibia Breweries Limited Integrated Annual Report 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: KPMG Namibia, unmodified opinion · signed

    Auditor's sign-off: KPMG Namibia, Per: Robert Grant, Partner

    Final status: Independent auditor's report of KPMG Namibia to the members of Namibia Breweries Limited (opinion PDF p62) closes on PDF p65 with a handwritten signature above 'KPMG Namibia, Registered Accountants and Auditors, Chartered Accountants (Namibia), Per: Robert Grant, Partner, Windhoek, Namibia, 22 May 2026' (page image). Approval of consolidated and separate financial statements (PDF p61): approved by the Board on 12 May 2026 and signed by V.J. Mungunda (Chairman) and W.J. von Lieres und Wilkau (Managing Director), handwritten signatures visible (page image).

    Document date
    22 May 2026
    Auditor's report
    22 May 2026
    Board approval
    12 May 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NAD thousands (printed “N$'000”)
    • 'Emphasis of matter – comparative information: We draw attention to notes 9 and 10 ... which indicates that the comparative information presented as at and for the year ended 31 December 2024 has been restated. Our opinion is not modified in respect of this matter.' (PDF p62). Other matter: the 2024 statements were audited by another auditor (unmodified opinion, 28 March 2025); KPMG audited only the restatement adjustments (PDF p63). The statement-of-financial-position comparative columns are not headed 'restated' on the face; the income-statement comparative columns are headed '(*reclassified)' for a change to an expense-by-nature presentation (note 2(e), p69).
    • Change of year end: the current period is the 12 months ended 31 December 2025; the comparative is the 18 months ended 31 December 2024 (1 July 2023 to 31 December 2024; report of the directors p66 and statement of changes in equity p72).
    • Unlabelled subtotals (non-current assets, current assets, non-current liabilities, current liabilities, OCI items not reclassified) are read from four-figure rows at positions 2-3. Non-current assets held for sale are printed below the current-assets subtotal. No total liabilities line is printed. Operating, investing and financing totals are printed on the section heading lines above their components; dividends paid sit in operating activities.
    • Basic and diluted EPS printed as one line in cents (306.1; 2024: 315.1, note 27.1, p70), stored in N$ with the printed figure and unit kept (minor_unit). Company columns not transcribed.
    Technical details
    File
    158 pages, with a text layer
    SHA-256
    d45e0c4692dc9a0a70f454cc0c48b7606e50bea7fe73163275354da05868473f
    Entity as printed
    Namibia Breweries Limited (the Group and Company)
    Issuer copy
    retrieved 2026-10-08T18:49:32Z

  • Namibia Breweries Limited Integrated Annual Report 2024

    Year ended 31 December 2024 · Annual report · signed / final

    Audit: Deloitte & Touche (Namibia), unmodified opinion · signed

    Auditor's sign-off: Deloitte & Touche, Per: Piquet Parry, Partner

    Final status: Independent auditor's report of Deloitte & Touche to the members of Namibia Breweries Limited (opinion PDF p56, unmodified) closes on PDF p59 with a handwritten 'Deloitte & Touche' signature above 'Registered Accountants and Auditors, Chartered Accountants (Namibia), Per: Piquet Parry, Partner, Windhoek, 28 March 2025' (page image). Approval of consolidated and separate financial statements: approved by the Board of Directors on 26 March 2025 and signed by V.J. Mungunda (Chairman) and W.J. von Lieres und Wilkau (Managing Director), handwritten signatures (PDF p55, page image).

    Document date
    28 Mar 2025
    Auditor's report
    28 Mar 2025
    Board approval
    26 Mar 2025
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2023
    Basis
    consolidated statements · NAD thousands (printed “N$'000”)
    • Group cash and cash equivalents at 30 June 2023 are printed 96 587 on the statement of financial position (p61, page image; the current-asset subtotal 1 556 904 adds up with it) but 946 587 as the cash at the end of the 2023 period and at the beginning of the 2024 period in the statement of cash flows (p65). Company figures show the same 850 000 gap (85 792 against 935 792). Kept as printed; the cf.*_equals_balance_sheet checks for 30 June 2023 fail on this.
    • Change of year end: following the transaction between NBL, Distell Namibia and HEINEKEN on 17 April 2023, NBL became a subsidiary of HEINEKEN Beverages and changed its financial year-end to December (report of the directors, PDF p60). The current period is the 18 months ended 31 December 2024; the comparative is the 12 months ended 30 June 2023 (column headings pp61-65). The auditor's opinion refers to 'the year then ended' (p56).
    • Unlabelled subtotals (non-current assets, current assets, non-current liabilities, current liabilities, OCI items not reclassified) are read from four-figure rows at positions 2-3. Non-current assets held for sale are printed below the current-assets subtotal. No total liabilities line is printed. Operating, investing and financing totals are printed on the section heading lines above their components; dividends paid sit in operating activities.
    • The FY2025 report restates the 31 December 2024 comparatives (notes 9 and 10 there; KPMG emphasis of matter) and reclassifies the income statement by nature; this document's figures are the originally reported ones.
    • Basic EPS printed in cents: continuing 315.1 (2023: 2 464.6), discontinued – (2023: 2.3), unlabelled total 315.1 (2023: 2 466.9); '* There is no difference between basic and diluted earnings per share.' (p64). Stored in N$ with the printed figure and unit kept (minor_unit cents). Company columns not transcribed.
    Technical details
    File
    166 pages, with a text layer
    SHA-256
    30581a095f95230097010e43d527a04f2e3030f735acfc34136c0075202c8b1c
    Entity as printed
    Namibia Breweries Limited ("Company") and its subsidiaries ("the Group")
    Issuer copy
    retrieved 2026-10-08T18:49:52Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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