11 September 2018 | Sakenuus

NBL confident of higher profit

Financial results out on Thursday

In a trading statement, the group said earnings per share for the period ended 30 June 2018 were expected to increase materially by between 20% and 30% compared to the previous year.

Those developments are a result of NBL’s investment in Heineken South Africa delivering an exceptional performance, with growth in volume and operating profit for the period ahead of the original business case.

NBL said during the previous comparative period, the results were affected by the increased share of losses in Heineken SA.

The group results are also expected to show a constant operating profit compared to the previous year.

The NBL management, while preparing financial statements for the group for period ended 30 June 2018, noticed that the treatment of losses in the associate in determining the headline earnings was not in line with Circular 02/2017 issued by South African Institute of Charted Accountants.

The headline earnings as previously stated were N$474.2 million and the headline earnings per share (HEPS) were 229.6 cents per share. The error had to be accounted for retrospectively.

Consequently, NBL has adjusted the comparative amounts presented in the current year's financial statements affected by the error.

A third statement of financial position as at the beginning of the preceding period has not been presented as the retrospective restatement did not have a material effect on the information in the statement of financial position at the beginning of the preceding period.

There are no other line items on the financial statements affected except the disclosure on the HEPS, it said.