Surinaamse Brouwerij NV ANNUAL REPORT 2012parbobier.com/.../uploads/2016/11/annualreport_2012.pdfAnnual Report 2012 Surinaamse Brouwerij NV Surinaamse Brouwerij NVJaarverslag 2012

Surinaamse Brouwerij NV

ANNUAL REPORT 2012

Annual Report 2012

Surinaamse Brouwerij NV

Surinaamse Brouwerij NV Jaarverslag 2012

Supervisory Board and The Management Team

Company Profile

Preliminary Report of the Supervisory Board

Management Report

Five years consolidated key figures

Financial Statements

Consolidated balance sheet as at 31 December 2012

Consolidated income statement over 2012

Consolidated Statement of changes in equity

Consolidated cash flow statement

General notes

Notes to the consolidated balance sheet as at 31 December 2012

Notes to the consolidated income statement over 2012

Company balance sheet as at 31 December 2012

Company income statement over 2012

Notes to the company balance sheet and income statement

Additional information

Independent Auditor’s Report

Colophon

TABLE OF CONTENTS

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Surinaamse Brouwerij NV Jaarverslag 2012 3

Supervisory Board and The Management TeamSupervisory Board: S.E. Jharap (voorzitter)

E. Ubalijoro

M. Loor

H. Parson

The Management TeamGeneral Manager: M.M. Kruijt

Brewery Manager: B. Rutten

Finance Manager: Z. Ramdjan-Habieb

Commercial Manager: M.H. Telting

Human Resource Manager: T. Wijdenbosch


Company profileThe roots of Surinaamse Brouwerij NV origina-

tes from the Dutch Zeeland province where the

brothers Piet and Arthur Dumoleyn made the

decision around 1950 to continue their brewery

business in Suriname.

Suriname, at the time a Dutch overseas territory, did

not yet have a brewery. In October 1955, the brewery

was officially opened by His Royal Highness Prince

Bernhard, Prince of the Netherlands. At the end of

December 1955, the company produced its first Parbo

Beer. The first shareholder was Amstel Brouwerij NV,

later taken over by Heineken NV, in 1968.

From the start, Surinamese beer proved to be of an

excellent quality as was evidenced by the acknow-

ledgement of the ‘Prix d’ Excellence’ in 1958, at the

global beer competition in the Belgian Gent. Quality has

always played an important role within the company’s

policy as it still does today. As such, Surinaamse

Brouwerij NV belonged to the first breweries of South

and North America to achieve both ISO and HACCP

certification. Today, Surinaamse Brouwerij NV has

established as its goal to produce and sell beer that

meets international norms. Its policy is aimed at

achieving profitable and sustainable growth in order

to strengthen the company’s position. In doing so,

Surinaamse Brouwerij NV aims to maximize its return

to shareholders, continuous customer and consumer

satisfaction, optimum welfare of its employees and a

responsible business and social involvement.

Surinaamse Brouwerij NV brews, produces, sells and

distributes Parbo Beer, Parbo Stout and Parbo Chiller

for the Surinamese market. In addition, Surinaamse

Brouwerij NV exports Parbo Beer to a few select

countries. The company imports and distributes

Heineken® beer, Kaiser beer and Vitamalt in Suriname.


Preliminary Report of the Supervisory BoardTo the shareholders

Pursuant to article 17, sub 3, of the statutes of

association, we herewith report on the financial

statements 2012 as drawn up by the Executive

Board. These documents have been approved by

the Supervisory Board and have been audited by

BDO Assurance NV.

The 2012 net profit amounts to SRD 34,406,334. From

this amount, in conformity with article 18, sub 2 of

the statutes of association, SRD 3.00 per preferential

share of SRD 50 nominal is accrued to the preferential

shareholders and SRD 0,25 per ordinary share of SRD 5

nominal is accrued to the ordinary shareholders. These

amounts are respectively 6% and 5% of the subscribed

and paid-in capital per share. This entitles the preferential

and ordinary shareholders to a statutory claim of

SRD 132 and SRD 23,715, respectively, after which an

amount of SRD 34,382,487 is at the disposal of the Ge-

neral Meeting of Shareholders.

The Executive Board’s proposal is to pay out a cash

dividend of SRD 357.75 per ordinary share of SRD 5

and SRD 3,577 per preferential share of SRD 50. With

this, the total dividend, including the statutory share,

amounts to SRD 358 per ordinary share of SRD 5 and

SRD 3,580 per preferential share of SRD 50.

With our approval, an interim-dividend of SRD 134 per

ordinary share of SRD 5 and SRD 1,340 per preferen-

tial share of SRD 50 was declared in December 2012.

The final dividend, at acceptance of our proposal, is

established at SRD 224 per ordinary share of SRD

5 and SRD 2,240 per preferential share of SRD 50.

These amounts are inclusive of the aforesaid statutory

dividend and shall become payable subject to deduction

of dividend tax.

We recommend that you approve the proposal from

the Executive Board and to adopt these financial

statements. This adoption thus discharges the

Executive Board for the administration and

management and the Supervisory Board for their

supervision.

We would like to express our gratitude for the way in

which the Executive Board and the personnel have

once again devoted their efforts in the reporting year

at hand.

Paramaribo, May 31 , 2013

Supervisory Board

S.E. Jharap

E. Ubalijoro

M. Loor

H. Parson


ManagementReport The year 2012 has been an exciting year and a year of

change in which Surinaamse Brouwerij NV has realized

important strategic and operational results.

The total beer volume reached 228,681 hectoliter, a

growth of 8.3% compared to 2011, whilst EBIT (Earning

Before Interest and Taxes) reached a growth of 10.4%.

We managed to maintain our high market share.

The net result after tax amounted to SRD 34m, which

meant a growth of 11% compared to 2011.

Operating profit grew with 10% to SRD 54.7m and net

sales revenue with 18% to SRD 158.2m.

The revenue growth was mainly driven by the dispro-

portionate volume growth of the Heineken brand, a

positive change in the mix between Heineken (+5%)

and PARBO (-5%) and moderate price increases for

PARBO and Heineken in 2011 and a Heineken price

increase in 2012.

The variable costs grew with 32% primarily due to

Heineken volume growth +54%, increased malt

prices, increased packaging costs, extra truck ren-

tal costs and higher storage/demurrage costs of

production materials and Heineken imported product.

SRD / 1000 2012 2011 Delta

Revenue

Variable Cost

158,207

53,489

133,880

40,492

24,327

12,997

18%

23%

Gross Profit

Operational Cost

104,718

50,046

93,388

43,792

11,330

6,254

12%

14%

EBIT

Net Financing expenses

54,672

-912

49,596

-1,116

5,076

204

10%

-18%

Result before profit

Income tax

53,760

19,354

48,480

17,453

5,280

1,901

11%

11%

Net Result 34,406 31,027 3,379 11%

FINANCIAL OVERVIEW

The operational costs increased with 14% mainly

due to higher marketing costs related to rollout ‘Tru

Sranan Prisiri’ campaign, the introduction of new pa-

ckaging and packaging innovations, extra repair and

maintenance cost vehicles, purchase extra CO₂, higher

depreciation costs due to new investments, sala-

ry increase of average 15%, addition of Full Time

Employees (+1.9%), and net settlement fee for the

PARBO beer Trademark license for the Benelux.

The Free Operating Cash Flow increased with SRD

3.7m from SRD 16.2m to SRD 19.9m. This increase was

mainly due to our EBIT growth of SRD 5.1m and a

positive change of our working capital partly offset by

higher tax payments and more capex expenditures.


Company VisionSurinaamse Brouwerij NV is the nr 1 preferred supplier

of all beverage suppliers in Suriname with the strongest

perceived offer to our customers in terms of volume,

value by preferred brands, beer of constant and high

quality and most committed people with respect for

society.

In summary the following highlights of 2012 can be

noted:

• Total volume growth of 8.3%

• Revenue growth of 18.2%

• EBIT growth of 10.4%

• Net Profit growth of 11%

• Total Rejuvenation of the PARBO packaging;

• A new 360 degrees advertising campaign “Tru

Sranan Prisiri” for PARBO

• Intensified sponsorships, activations and improved

visibility for PARBO

• Increased brand activities for the Heineken brand

in line with global advertising and sponsorship

programs,

• Further expansion of our Sub Zero Fridge Program

with another 500 fridges

• Expansion of our capacity and ensuring a consis-

tent high quality

• Renewal of a large part of our distribution fleet

• We regained the Trademark license of the PARBO

brand for the Benelux in May and restarted export

to the Netherlands in June.

• We won the Heineken Regional TPM (Total Produc-

tive Management) Award 2011 and reached the

highest level ever for the 2012 TPM Audit.

• Surinaamse Brouwerij NV is the # 1 performing

brewery in the Caribbean region and the # 3 in the

Americas within the Heineken Group of Companies

• Increased Sustainability activities with amongst

others extension of our scholarship program.

Sales & Marketing One of our key strategic pillars is to be Consumer

inspired, Customer Focused and Brand led.

The brand portfolio consists of two key brands: PARBO

beer, the true original Surinamese brand since 1955 and

Heineken® beer, the # 1 International premium brand.

Furthermore, we operate with Kaiser, a Brazilian brand

and Vitamalt, a non-alcoholic malt brand imported

from Denmark.

In a rapidly changing environment with growing

consumer demands the challenge is to keep your

brands appealing to a broad consumer audience and to

attract new consumers.

Brand developmentIn 2012 our total sales volumes reached a growth of

8.3% of which the domestic volumes grew with 7.6%

and the export volumes with 55%.

Brand portfolio - PARBO BeerThe PARBO brand had a moderate growth on the

domestic market of 1.4%, reaching

184,125 hl. In December 2011

we launched a fully integ-

rated new marketing cam-

paign for our Flagship brand

PARBO, “Tru Sranan Prisiri”.

During the course of 2012,

we have launched a number

of different TV spots and

installed various billboards around the country around

this theme.


As part of the rejuvenation of the brand we upgraded

the core packaging for the Djogo with a new metalized

gold finish label and the 50cl and 33cl cans with a new

gold finish look. In September we launched our new

One Way 25cl bottle which replaced the mini Djogo

bottle. This new bottle is an attractive new pack within

the PARBO range and taps into the growing need of

more premium packaging.

PARBO has been exciting and inspiring many consu-

mers throughout the year with lots of events, sponsor-

ships and promotions. The major sponsorships were:

PARBO Phagwa Party, PARBO Beer Cup, PARBO Beer

Nights, PARBO Kawina and PARBO Pagara Prisiri. The

annual PARBO Kawina party moved to a new venue at

KKF that offered a safer, easier to reach, more qualitative,

better and broader experience to its thousands of

visitors.

PARBO has also been very active via Digital platforms.

Its webpages, but moreover its own Facebook page

is amongst the most frequented and popular in the

nation.

PARBO has demonstrated to be very close to the hearts

and minds of its many consumers.

Its appreciation is reflected in an equity score of 9,2, the

highest ever.

Consumers continue to inspire us and we will continue

to be innovative to further drive growth for the unique

PARBO brand, the pride of the nation of Suriname.

Brand portfolio - HEINEKEN BeerHeineken, the # 1 International premium beer brand

is sold, marketed and distributed by Surinaamse

Brouwerij since 2004. The last few years, the brand has

experienced impressive growth. This has been realized

through global advertising and sponsorship programs,

modern packaging, distinct taste and above all its

cosmopolitan and aspirational image. The brand grew

54% in volume and improved its consumer appreciation

(equity) with 10%. Heineken has grown into a substantial

brand within our portfolio with a share of 17%. We are

very proud of these results and feel blessed to have this

unique brand at the top of our range.

Brand Portfolio – other The rest of our portfolio consists of the Vitamalt brand

and the Kaiser brand.

Vitamalt continued on a relative stable, yet quite small

volume base.

The Kaiser brand, a brand from our sister Heineken

operation in Brazil, was launched two years ago for

tactical reasons, tapping into the growing Brazilian

consumer base.

During the course of 2012 we witnessed a strong

decline in demand for the brand due to the growing

demand of the Heineken brand. This has led to the

decision to terminate Kaiser within our brand portfolio

and stop selling it.

Sranan Biri – In December we launched our new brand;

Sranan Biri. Sranan Biri is a slightly caramelized dark

larger beer with 5% alcohol. It is ideally suited for festive

occasions as a so called special beer.

At the time of writing this report, there has been a ru-

ling on a legal procedure in which Surinaamse Brou-

werij NV is not considered the legitimate owner of the

Sranan Biri trademark. The Surinaamse Brouwerij NV

has decided to appeal this decision.


ExportIn May 2012 we settled a long lasting legal dispute on

the Trademark license for the PARBO brand. We signed

a new distributor agreement and started the export of

PARBO beer to the Netherlands. In August we launched

the brand during a VIP party.

As a result, we have increased our export sales volumes

with 55% in 2012.

We continued exporting to both Guyana and French

Guyana. The growth of the export volume contributed

to the overall success of 2012.

Surinaamse Brouwerij will continue to conduct market

research to get insights on what other offerings would

be appealing to Surinamese consumers. Being part

of Heineken International, the world’s number three

brewing organization, gives us enormous leverage

in terms of brands to offer to consumers. We remain

committed to continuously engage with consumers

and be part of their conversations and offer them

attractive new packaging and possibly new brand

propositions.


Supply Chain

Organization & safetyThe supply chain organization is the engine of our

brewery. It sources the raw and packaging materials

across the world. (given that most of it is simply not

available to buy in Suriname with the exception of

water and rice). It produces PARBO beer. Furthermore

it organizes the importation of HEINEKEN Beer from

the Netherlands and the exportation of PARBO beer

to the various export markets. Moreover it takes care

of the distribution of all products to all outlets across

Suriname.

The core of the supply chain is to deliver high quality

products On Time and In Full. We aim for the highest

possible and consistent quality with zero losses. This

has to be done in a safe working environment where

the target is: ZERO accidents.

In 2012 we recorded two accidents, fortunately with

minor impact. Enormous efforts have been done

to make Surinaamse Brouwerij a safe(r) working

environment. A safety coordinator has been recruited,

many safety trainings were done for all staff, unsafe

conditions and unsafe acts have been identified in

order to prevent potential incidents and accidents. As a

result, for all brewery visitors, the rules have been tigh-

tened.

PerformanceIn 2012, we have been able to produce completely ac-

cording to demand, whilst the volumes increased. This

has been achieved with the same production team.

Hence, we significantly improved our productivity. We

have exceeded a level of 5,000 hectoliters per produc-

tion employee, which is the highest productivity in the

Caribbean region.

TPM – Total Productive ManagementTPM is not any more a philosophy but simply a way

of working. Introduced many years ago within the

World of Heineken and just a few years ago with The

Surinaamse Brouwerij, it has let to great results. TPM

drives the organization to systematically signal potential

losses and inefficiencies and teaches the emplo-

yees how to deal with it. Our brewery has been able

to raise the bar year after year. In 2012 we were ho-

nored with the TPM award for the region, a major

achievement. We also managed to again pass the

TPM audit, despite the needed increase to pass.

Our goal for the near future is to become the best

performing brewery in our category in the within the

Global Heineken Group of companies.

ProjectsTo stay ahead of the curve and to accommodate the

growth of the market and to adhere to changing,

increased safety or environmental regulations,

Surinaamse Brouwerij each year invests substantial

amounts of money. Fortunately, we have a solid track

record in delivering speedy and solid returns on these

high investments. This supports us to convince our top

management to continue to invest in order to deliver

growth in a long term sustainable way.

In 2012 we continued with our capacity extension

projects. We installed another two fermenting &

lagering tanks on our platform. We now have 16 of

these fermenting & lagering tanks. We modernized our

cellars. We installed a larger capacity CO-2 recuperation

installation and a new larger cooling plant; a total

investment of € 1.6m. The first preparations for the


installation of a Waste Water Treatment Plant were done

in 2012; the whole project is estimated to be finalized

early 2014; a total investment of € 2.2m.

Management & distributionIn 2012 we further improved the efficiency of the

supply chain as well as the sustainability of it.

All our suppliers were audited against an international

supplier code, whereby they have to adhere to specific

rules & regulations. We reached a score of 98%. Joint

efforts between the Sales, production and distribution

departments have led to better forecasting the specific

market needs which has led to zero days Out of Stock,

an improvement versus 2011 and contribution to

satisfying our customers.

Quality Control & ImprovementIn our ongoing passion for quality, we aim at the

highest possible and consistent quality for all our

raw materials in order to guarantee the highest

quality of our beer. It is of crucial importance to check all

incoming raw materials on their quality specs. On top

of this we conduct various quality checks along the

process of brewing and fermenting and obviously of the

end result, our PARBO beer. In 2012 we have invested

in modern laboratory equipment which enables us to

better monitor processes and do analyses. For many

years Surinaamse Brouwerij has been ISO certified

already. In 2012 we reached the highest possible ISO

norm of ISO 9001- FSSC22000.

We realized again a significant improvement on our

first time right performance. First time right packaging

quality and beer production reached a level of 90%. This

level indicates a very good process control which allows

us to continuously produce high quality beer.


Human ResourcesThe total number of employees (excluding employees

hired through external agencies) increased from 61.6 to

63.1. The people are key to our success.

In a high performing organization as Surinaamse

Brouwerij it is important to invest in people. For that

reason we continuously look for ways to support our

people by coaching and training. In 2012 we have

run a number of training programs. We spent a lot of

time and effort on training all staff on specific safety

modules. Furthermore, we worked on developing

leadership skills. A good example is the First Line

|Managers training in which our managers learn how

to train and coach their teams. This international

Heineken program has been proven successful in many

of our HEINEKEN operations across the world. Finally, we

have made a first start with developing specific Functional

Competencies. Our policy to aim at reducing the

sickness absence rates has been proven to be successful.

From 2009 onwards, when we introduced this policy,

rates have decreased from close to 4 % to 2.4%.

Corporate Social Responsibility – Brewing a Better FutureSustainability is essential in realizing our business

goals. We have fully embedded the HEINEKEN

Corporate framework “Brewing a Better Future”.

“Brewinga Better Future”, is a framework to support

realizing our responsibilities towards our employees,

the local community in which we operate and the

environment.

The HEINEKEN ambition is to be the greenest brewer of

the world. It consists of three strategic pillars:

1. Improvement - continuous improvement of the

environmental effects of our company and brands

In our brewery we constantly measure and aim to reduce

the quantities of water and energy used.

We also aim at reducing CO2 in all what we do. We are

100% compliant with environmental friendly fridges

and draft machines and we replaced eight delivery

trucks by new trucks with engines with all new specs

and lower CO2 emissions.

2. Empowerment - for our people and the community

that we operate in.

A good example of empowerment is the scholarship

program that Surinaamse Brouwerij NV started in 2011

and that we continued in 2012 with scholarships for

another three local students. We now support one in-

ternational scholar and five local scholars.

3. Impact - a positive impact of the role of beer in society.

In 2012 we continued our efforts to improve respon-

sible alcohol consumption. “Drink, but don’t drive”

and 18+ are the warnings that we published during

all our events and which we constantly mention on all

our delivery and commercial vehicles. We do realize


Outlook 2013

The year 2013 will be the year of

change.

Our company has been growing

rapidly for the last decade. We have

reached international levels of

product quality, production

efficiency, brand performance

and consistent solid financial

performance. In order to continue

to deliver we recognize the need

for change and adapt to the

changing environment around us.

The management team will take

up the challenge to guide the

organization through this process

in a structured way. We have

indicated to the top management

that 2013 will be a transition year

in which we need to invest in

people (training, coaching and

hire of extra FTE’s), automation

of some of our key administrative

processes and further optimize our

production process to support the

organization in realizing its

ambitious goals.

Our aim is to create a solid foun-

dation for long-term sustainable

growth with the target to not only

grow but also win and outperform

the competition. We will spend

more time, effort and money

to build a position as sustainable

business partner with a solid

contribution to the environment

and society we operate in. We are

confident to state that Surinaamse

Brouwerij NV is well on its way to

meet this new challenge.

The Management Team

we need to further engage with

governmental and non-govern-

mental organizations to start

a dialogue on how to reduce

thenegative impact of alcohol

abuse.

In 2012 we were amongst a number

of HEINEKEN operating compa-

nies that developed a sustainabili-

ty factsheet in which we reported

the progress made in 2011 on the

above pillars and programs.

The year 2012 has been a dynamic

year with lots of challenges on our

path.

Helped by the growing economy

with GDP growth of 4.5% and a

substantial lower inflation rate of

4.4% compared to last year 15.3%,

we have been able to realize ano-

ther year of solid volume growth.



FIVE YEAR CONSOLIDATED KEY FIGURES To get a better insight into the actual development of the operating results, below table shows important data

from 2012-2008 from the annual figures expressed in Euros. For the balance sheet, the year-end exchange rate

is used and for the other variables, the average exchange rate.

In Euro‘s 2012 2011 2010 2009 2008

Balance sheet total 25,169,285 21,239,181 25,135,247 18,957,139 20,279,372

Net Revenue 36,792,230 30,337,664 27,764,303 22,196,962 17,974,607

Net profit 8,001,473 7,030,932 6,832,204 4,795,950 4,288,738

Cash dividend 7,934,279 7,018,468 6,832,169 4,779,834 4,286,771

Payout Ratio in % of net profit 100% 100% 100% 100% 100%

Cash dividend/ ordinary shares SRD 5 83.26 73.59 71.69 50.15 44.98

Number of issued and paid up

ordinary shares94,860 94,860 94,860 94,860 94,860

Net profit per SRD 5 share 84.35 74.12 72.02 50.56 45.21

Stock Market Value year-end 170.93 89.51 76.16 54.48 31.41

Share price/ earnings ratio 2.0 1.2 1.1 1.1 0.7

Number of personnel 97 96 92 89 92

Euro-exchange rates (SRD/Euro)

Year-end 4.420 4.330 3.770 4.130 3.989

Average 4.300 4.413 3.808 3.908 4.135

USD-exchange rates (SRD/USD)

Year-end 3.350 3.350 2.800 2.800 2.800

Average 3.350 3.350 2.800 2.800 2.800


FINANCIAL STATEMENTS

(before profit appropriation)

Notes 2012 2011

SRD SRD SRD SRD

ASSETS

Non current assets

Intangible fixed assets 1 1,752 5,256

Tangible fixed assets 2 78,247,444 67,659,807

Deferred tax assets 3 - 233,869

78,249,165 67,898,932

Current Assets

Inventories 4 12,823,945 8,352,184

Tradeble securities 5 1 1

Receivables 6 5,278,049 6,239,678

Cash and Cash Equivalents 7 14,897,048 9,474,859

32,999,043 24,066,722

Total Assets 111,248,239 91,965,654

LIABILITIES

Shareholders’ equity 21,22 51,174,142 49,223,455

Long-term liabilities 10 124,706 131,041

Provisions 11 13,813,371 14,934,657

Short-term liabilities 12 46,136.020 27,676,501

Total Equity and Liabilities 111,248,239 91,965,654

CONSOLIDATED balance sheet AS at 31 DECEMBER 2012


Notes 2012 2011

SRD SRD SRD SRD

Gross revenue 13 183,041,321 157,841,623

Less: excise duties/sales taxes 24,834,730 23,961,514

Net revenue 158,206,591 133,880,109

Variable cost of sales 14 53,488,606 40,491,766

Gross margin 104.717,985 93,388,343

Personnel expenses 15 18,174,127 17,100,172

Depreciation 16 9,821,176 9,160,347

Other operating expenses 17 22.050.952 17,531,848

Total operating expenses 50,046,255 43,792,367

Results from operating activities 54,671,730 49,595,976

Financial income/ expense 18 -911,890 1,115,506

Results before tax 53,759,840 48,480,470

Income tax 19 19,353,506 17,452,969

Net profit 34,.406,334 31,027,501

Attributable to:

- Shareholders of

Amstel Brouwerij BV 26,.252,033 23,673,983

- Other shareholders 8,154,301 7,353,518

Earnings per share: 9 361 326

CONSOLIDATED INCOME STATEMENT OVER 2012


Issued and paid

capitalRetained earnings Net profit Total

SRD SRD SRD SRD

Balance at 1 January 2012 476,500 17,743,301 31,003,654 49,223,455

Addition to retained earnings from

profit distribution 201155,001 -55,001 -

Dividend distribution 2011 - 11,150,100 -30,948,653 -19,798,553

Paid-out interim dividend 2012 - 12,770,200 - -12,770,200

Actuarial result provision post retirement

medical benefits- 120,196 - 120,196

Actuarial result provision post

retirement medical benefits (Parbo

Centrale NV).- 191 - 191

Excess Long Term Incentive Plan - 16,566 - 16,566

Net profit 2012 - - 34,406,334 34,406,334

Statutory dividend 2012 - - -23,847 -23,847

Balance at 31 December 2012 476,500 16,315,155 34,382,487 51,174,142

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


CONSOLIDATED CASH FLOW STATEMENT 2012

2012 2011

SRD SRD SRD SRD

OPERATIONAL ACTIVITIES

Net profit 34,406,334 31,027,501

Adjustments for:

Depreciation intangible and

tangible fixed assets

9,823,154 9,188,474

Net financing income/ expenses 14,488 -30,716

Income tax expense 19,353,506 17,452,969

Cash Flow operational activities before changes in working

capital and provisions 63,597,482 57,638,228

Changes in inventories -4,471,761 -440,470

Changes in receivables 961,629 -3,567,781

Changes in short term debts 6,669,339 -3,152,036

Total changes in working capital 3,159,207 -7,160,337

Changes in provisions -1,121,286 2,832,236

Changes in deferred tax assets 233,869 -233,869

Changes in provisions and deferred tax -887,417 2,598,367

Cash flow business activities 65,869,272 53,076,258

Interest paid and received -14,488 30,716

Income tax paid -25,550,295 22,043,263

Cash flow used for interest and income tax -25,564,783 -22,012,547

Cash flow operational activities 40,304,489 31,063,711

INVESTING ACTIVITIES

Investment tangible fixed assets -20,407,287 -14,831,855

Cash flow investing activities -20,407,287 -14,831,855

Free operating cash flow 19,897,202 16,231,856

FINANCING ACTIVITIES

Dividends paid -32,190,614 -28,851,555

Changes in Long Term Incentive Plan 10,231 69,816

Changes in Acturial Results 120,387 -412,078

Cash flow financing activities -32,059,996 -29,193,817

Net cash flow -12,162,794 -12,961,961

Balance cash and cash equivalent (incl. bank overdraft)

January 1st7,539,458 20,501,419

Balance cash and cash equivalent (incl. bank overdraft)

December 31st -4,623,336 7,539,458


Company informationSurinaamse Brouwerij NV is incorporated and domi-

ciled in Paramaribo, Suriname. The company is a majority

owned subsidiary of Amstel Brouwerij BV, a private

limited company established and registered in

Amsterdam, the Netherlands. Amstel Brouwerij BV

owns 76.3% of the shares of Surinaamse Brouwerij NV

and is a 100% subsidiary of Heineken NV, a corporation

established and registered in Amsterdam, the

Netherlands.

Surinaamse Brouwerij NV brews, bottles, imports, sells,

distributes and exports beer under the brand names

Parbo Bier, Parbo Chiller, Parbo Stout, Heineken®,

Kaiser and Vitamalt.

Summary of significant accounting policies

ConsolidatedThe financial statements have been prepared based on

historical cost prices.

These financial statements are prepared based on

management making certain judgments, estima-

tes and assumptions that affect the application of

accounting policies and reported amounts of as-

sets and liabilities, income and expenses. Estima-

tes in the financial statements are, amongst others,

related to the economic life span of the intangible

and tangible fixed assets and provisions. The esti-

mates and associated assumptions are based on

historical experience, actuarial calculations and on

various other factors that under the prevailing

circumstances are to be considered reasonable.

These factors form the basis for the assessment about

carrying values of assets and liabilities. This information

is not readily available from other sources. Actual

results may differ from these estimates.

GENERAL NOTEs The estimates and underlying assumptions are

continuously evaluated. Changes of estimates are

accounted for in the period in which the estimates

are adjusted, in case the changes solely impact the

reported year or are accounted for in the period in

which the estimates were adjusted and, in future

periods, in case the adaptation will impact both current

and future years.

The key judgments in applying estimates of

Surinamese Brouwerij NV for valuation and

determination of results are described in the notes to

the consolidated financial statements.

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements comprise of the

financial data of Surinaamse Brouwerij NV and its 100%

subsidiaries Parbo Centrale NV and Premium Beverage

NV (dormant), of which Surinaamse Brouwerij NV has

the decisive control.

Elimination of transactions and balances at consolidationIntercompany balances and transactions and non-rea-

lized margins resulting from transactions between the

holding company and Parbo Centrale are eliminated in

the the consolidated financial statements.

FOREIGN CURRENCY translation

The functional and reporting currency is Suriname Dol-

lars (SRD).

Monetary balance sheet items denominated in foreign

currency are converted at the foreign exchange rates as

of the balance sheet date of ‘De Surinaamsche Bank N.V.’

These are as follows:

USD 1 = SRD 3.35

(at the end of 2011: USD 1 = SRD 3.35)

EURO 1 = SRD 4.42

(at the end of 2011: EURO 1 = SRD 4.33)


Exchange rate differences occurring at the settlement or

otherwise, conversion of monetary balance sheet items,

are entered in the income statement. Transactions

in foreign currencies are converted in the income

statement to Surinamese Dollars at the exchange rate

prevailing at the date of the transaction.

PRINCIPLES BALANCE SHEET VALUATION

Intangible fixed assetsThe intangible fixed assets, comprise computer soft-

ware, which are valuated at cost price, less a straight line

depreciation based on the estimated economic life of 3

years, or otherwise lower net recoverable amount.

Tangible fixed assetsTangible fixed assets are valuated at the historic cost

price or manufacturing price, less straight line accumu-

lated depreciation based on the estimated economic

lives or lower recoverable amount. No depreciation is

applied to land and projects in progress. The estimated

economic lives are as follows:

• Buildings and premises 15-40 years

• Plant, equipment, furniture and fixtures 10-30 years

• Other tangible assets 5-15 years

InventoriesThe raw & auxiliary material inventories are valued at

cost price or lower market value. Semi finished products

are valued at the manufacturing costs i.e. the cost price

of the used raw and auxiliary material and the direct

production costs. Other stock is valued at the cost price.

Where necessary a provision is recorded for obsolete in-

ventory and deducted from the inventory value.

ReceivablesReceivables are valued at the nominal value, net of an

allowance for doubtful accounts

Long-term liabilitiesLong term liabilities relates to the Long Term Incentive

Plan for management, a remuneration system

maintained by Heineken International which is valued

at nominal value.

Provisions (general)The provisions are valued at the nominal value with the

exception of the provision for post employee benefits

which are determined by the actuary on a descounted

basis, pursuant to actuarial methods.

Provision deferred tax liabilities and assetsThe provision for deferred tax liabilities are calcu-

lated over temporary differences between com-

mercial and fiscal valuations of the balance sheet

items tangible fixed assets, stock and the pro-

vision for employee benefits, at the nominal

tax rate. Movements in the provision resulting from a

change of the tax rate are processed, depending on

the nature of the principles for the valuation, in the

income statement or in retained earnings.

Provision for post retirement medical be-nefitsThe provision for post retirement medical benefits is

build up based on commitments made by virtue of the

free medical health care for current and future pensi-

oners. The provision is determined based on actuarial

valuations.

Other assets and liabilitiesAll other assets and liabilities in the balance sheet are

valuated at par value.


PRINCIPLES DETERMINATION OF RESULTS

Net revenue represents the proceeds from delivery of

goods and services to third parties, and is presented

after deduction of discounts, sales taxes and excise

duties.

The operating costs are determined taking into consi-

deration the principles for valuation and determination

of results and are allocated to the year to which they

relate.

Profits are accounted for in the year in which the goods

and/or services are delivered. Losses are accounted for

in the year in which they are identified.

The depreciation expenses are calculated on a straight

line basis, based on the expected economic lives.

Depreciation of investments during the year are made

proportionally from the date of acquisition or econo-

mic use in case of work in progress transfers.

Income tax is computed on the basis of the pre tax results

as accounted for in the income statement, taking into

account tax allowances and wholly or partially nonde-

ductible expenses.

CONSOLIDATED CASH FLOWThe consolidated cash flow statement is prepared using

the indirect method, whereby a distinction is made

between cash flows from operating, investing and

financing activities. The net cash flow from operating

activities is adjusted for income items in the profit and

loss account and changes in balance sheet items which

did not actually constitute a cash flow during the year.

In the cash flow statement are included cash items with

a maturity of less than one year, including cash and

bank balances/ overdrafts repayable on demand.


NOTES TO THE CONSOLIDATED balance sheetAS at 31 DECEMBER 2012

2012 2011

SRD SRD

Balance as of 1 January 5,256 8,760

Depreciation -3,504 -3,504

Book value as of 31 December 1,752 5,256

2012 2011

SRD SRD

Land 2,348,762 2,348,762

Buildings 6,917,956 6,597,895

Plant, Equipment, furniture & fixtures 44,258,413 44,041,892

Returnable packaging 7,413,049 7,532,729

Vehicles 4,591,885 1,751,521

Projects in progress 12,717,379 5,387,008

Total 78,247,444 67,659,807

Land Buildings

Plant,

equipment,

furniture &

fixtures

Returnable

PackagingVehicles

Projects in

progressTotal

SRD SRD SRD SRD SRD SRD SRD

Book value 1 January 2012 2,348,762 6,597,895 44.041.892 7,532,729 1,751,521 5,387,008 67,659,807

Investments - 855,672 6,778,753 1,620,292 3,843,671 7,330,371 20,428,759

Disposals - - - - -197,725 - -197,725

Depreciation charge - -535,611 -6,562,232 -1,739,972 -981,835 - -9,819,650

Reversed depreciation

disposals- - - - 176,253 - 176,253

Book value 31 December

20122,348,762 6,917,956 44,258,413 7,413,049 4,591,885 12,717,379 78,247,444

1. INTANGIBLE FIxED ASSETS

2. TANGIBLE FIxED ASSETS

The movement of this item, in relation to the asset computer software is represented as follows:

The item tangible fixed assets are comprised of as follows:

The progress of this item per category is as follows:


Depreciation is based on the estimated economic lives of the relevant assets. Land is not depreciated. ‘Projects in

progress’ includes advance payments on ordered tangible fixed assets under construction.

The fair value of the tangible fixed assets does not deviate significantly from the book value as of 31 December 2012.

For further details, reference is made to the provision for post retirement medical benefits.

2012 2011

SRD SRD

Opening balance 233,869 -

Actuarial losses year 2011 (SRD 649,636 at 36%) - 233,869

Actuarial gains year 2012 (SRD 187,807 at 36%) -67,611 -

Settlement with income tax payable 2012 -166,258 -

Closing balance - 233,869

3. DEFERRED TAx ASSETSIn 2011, in conformity with Heineken’s policy regarding ‘Pension accounting’, deferred tax was calculated over the actuarial result regarding the provision for employee benefits. At the end of 2012, the deferred tax asset was nil. In the reporting year it was decided to take the balance of the deferred tax asset as a tax deduction in the final tax return of 2012. The progress of this item is as follows:

2012 2011

SRD SRD

Raw and auxiliary materials 642,820 540,407

Semi-finished product 880,207 670,759

Finished product 5,359,332 2,249,518

POS materials 1,256,288 938,720

Packaging, technical, and materials 4,685,298 3,952,780

Total 12,823,945 8,352.,184

4. INVENTORIES The item ‘inventories’ is compiled as follows:

5. TRADABLE SECURITIES

The item ‘tradable securities’ regards one share of NV Hotelmaatschappij Torarica, valued at cost price. The market

value of the share at balance sheet date amounts to SRD 75.00.


2012 2011

SRD SRD

Trade receivables 3,352,354 1,640,503

Group receivables 3,182 -

Other receivables and pre payments 1,922,513 4,599,175

Total 5,278,049 6,239,678

2012 2011

SRD SRD

Cash balances 147,590 131,700

Bank balances 14,749,458 9,343,159

Total 14,897,048 9,474,859

8. SHAREHOLDERS’ EQUITY

9. EARNINGS PER SHARE

6. RECEIVABLES

7. CASH AND CASH EQUIVALENTS

For a specification of the shareholders’ equity, reference is made to the company balance sheet as of 31 December

2012 of Surinaamse Brouwerij NV on page 74.

The calculation of the earnings per share for the amount of SRD 361.03 (2011: SRD 325.58) is based on the net

earnings of SRD 34,406,334 (2011: SRD 31,027,501) and the total number of issued shares converted to numbers of

nominal share of SRD 5 each. In 2012, this number is 95,300 shares similar as in 2011.

The compilation of the item ‘receivables’ is as follows:

The cash and cash equivalents comprise as follows:

With the exception of an amount of SRD 150,000 a fixed deposit at De Surinaamsche Bank N.V., has been

pledged as collateral for guarantees for benefit of the Collector of Import and Excise Duties, the cash and cash

equivalents are at free disposal of the company.

10. LONG-TERM LIABILITIES

This regards a liability for the Long Term Incentive Plan (LTIP) within the scope of the remuneration system as

maintained by Heineken International for management. At the end of the financial year, the liability amounted to SRD

124,706.


2012 2011

SRD SRD

Deferred tax liabilities 5,876,343 6,098,731

Provision for post retirement medical benefits 7,937,028 8,183,720

Provision for reorganization expenses - 652,206

Total 13,813,371 14,934,657

11. PROVISIONS The item ‘provisions’ is comprised as follows:

Deferred tax liabilities

The provision for deferred tax liabilities is established through:

1. the difference between the tax and commercial valuation and profit determination. This tem-

porary difference relates to the balance sheet items ‘tangible fixed assets’ and inventory valuation.

The deviation for tangible fixed assets is on the one hand due to deviating principles of valuation

for tax purposes and on the other hand due to deviating useful lives resulting from fiscally accelerated depre-

ciation on specific production assets. The ‘iron stock system’ is applied for the tax valuation of specific inventory

groups.

2. a change in accounting policies with respect to the actuarial results on the provision for post retirement medical

benefits.

Fixed assets InventoriesPost Retirement

medical benefitsTotal

SRD SRD SRD SRD

Balance as of 1 January 2012 5,509,271 587,385 2,075 6,098,731

Release due to depreciations -454,489 - - -454,489

Increase due to elimination of

intercompany profit Parbo Centrale - 188,794 - 188,794

Increase due to increase valuation

difference of inventories - 46,638 - 46,638

Settlement actuarial result provision for

post retirement medical benefits with

income tax payable 2012

- - -2,075 -2,075

Adjustments -1,256 2 - -1,255

Balance as of 31 December 2012 5,053,524 822,819 - 5,876,343

The provision is specified as follows:


Provision for post retirement medical benefits

This provision is based on commitments made by the employer for free medical care for beneficiaries and their rela-

tives entitled to these rights. The provision is based on actuarial calculations performed by the external actuary. The

movements in the financial year regard on the one hand, deductions for benefit withdrawals and premium

payments to Assuria Insurances and on the other hand additions to the provision based on the actuarial

valuation of the liability at the end of the reporting year. The calculation is based on current actuarial

assumptions in Suriname and a discount rate of 1,9%.

Effective fiscal year 2011, according to Heineken policies, a change occurred in the accounting policies and pre-

sentation of actuarial gains and losses whereby these actuarial results are recorded as comprehensive income in

shareholder’s equity taking into account a provision for deferred taxes.

The movement of this provision is as follows:

At the end of the financial year, the movement of the provision for reorganization expenses is as follows:

2012 2011

SRD SRD

PBO liabilities as of 1 January 8,183,720 5,172,422

Withdrawals -581,622 -528,758

Current service expenses (including interest) 638,011 649,930

Current and back service expenses -114,975 2,246,255

Actuarial results -188,106 643,871

PBO of liabilities as of 31 December 7,937,028 8,183,720

Actuarial (profit)/ loss Surinaamse Brouwerij NV -187,807 649,636

Actuarial profit Parbo Centrale NV -299 -5,764

Balance actuarial losses -188,106 643,872

Deferred tax assets (36% over the actuarial profit - Surinaamse Brouwerij NV) -67,611 233,869

Deferred tax assets (36% over the actuarial profit - Parbo Centrale NV) -108 2,075

Movement in shareholders’ equity (balanced) -120,387 412,078

Provision reorganization expenses

The withdrawal in the reporting year pertains to the settlement of a lawsuit with a former employee.

2012 2011

SRD SRD

Balance as at 1 January 652,206 652,206

Withdrawals -652,206 -

Balance as at 31 December - 652,206


2012 2011

SRD SRD

Income tax payable 3,585,853 6,961,987

Affiliated companies 1,714,116 4,185,300

Returnable deposit liabilities 3,045,653 3,531,073

Suppliers 9,539,225 2,975,890

Excise duties and sales tax payable 2,666,240 2,190,495

Bank overdraft 19,520,384 1,935,401

Dividend payable 1,770,317 1,368,331

Personnel cost payable 1,573,357 1,274,157

Pensions contributions payable 548,537 548,537

Reorganizational expenses 205,916 481,871

Wage tax and AOV premiums payable 1,244,942 260,459

Other payables and accrued liabilities 721,480 1,963,000

Total 46,136,020 27,676,501

12. SHORT-TERM LIABILITIES The item ‘short term liabilities’ is compiled of as follows:


NOTES TO THE CONSOLIDATED INCOME STATEMENT OVER 2012

2012 2011

SRD SRD

Domestic sales 182,575,173 157,477,820

Export 1,905,663 1,345,306

Total revenue 184,480,836 158,823,126

Discounts -1,439,515 -981,503

Gross revenue 183,041,321 157,841,623

2012 2011

SRD SRD

Raw and auxiliary materials 7,532,949 6,856,245

Packaging materials 10,860,433 8,674,273

Purchase value import beer 31,694,743 22,534,698

Other variable expenses 3,400,481 2,426,550

Total 53,488,606 40,491,766

13. GROSS REVENUE

14. VARIABLE COST OF SALES

Gross revenue is comprised as follows:

The variable expenses pertain primarily to the consumption of raw, auxiliary and packaging materials in the production process and the purchase value of import beer; this is compiled as follows:

2012 2011

SRD SRD

Wages, holiday allowances and bonuses 10,461.822 8,712,115

Employer’s pension contributions 1,265,800 1,598,944

Medical expenses including addition to provision post retirement medical benefits 1,106,834 3,463,827

Other personnel expenses 5,339,671 3,325,286

Total 18,174,127 17,100,172

Number of employed personnel in the reporting year in FTE’s (calculated in

conformity with the definition of Heineken International) at:

Surinaamse Brouwerij NV 66.9 64.5

Parbo Centrale NV 75.7 75.4

Total 142.6 139.9

15. PERSONNEL ExPENSESThe personnel expenses comprise as follows:


2012 2011

SRD SRD

Depreciation tangible fixed assets 9,819,650 9,184,970

Depreciation intangible fixed assets 3,504 3,504

Profit on sale of tangible fixed assets -1,978 -28,127

Total 9,821,176 9,160,347

16. DEPRECIATIONUnder depreciation the results from the sale of tangible fixed assets is also accounted for. The item comprises as follows:

2012 2011

SRD SRD

Repair & Maintenance 3,012,329 2,126,748

Energy & Water 3,565,084 3,049,571

Marketing & Sales expenses 7,629,898 5,782,851

General and administrative expenses 7.843,641 6,572,678

Total 22,050,952 17,531,848

2012 2011

SRD SRD

Financial income

Interest income 31,214 41,254

Sub-total 31,214 41,254

Financial expenses

Exchange results -897,402 -1,146,222

Interest expenses -45,702 -10,538

Sub-total -943,104 -1,156,760

Balance financial income /expenses -911,890 -1,115,506

17. OTHER OPERATING ExPENSES

18. FINANCIAL INCOME/ExPENSES

These comprise of:

2012 2011

SRD SRD

Amount over which the income tax is calculated (pre tax income) 53,759,840 48,480,470

Commercial tax rate (36 %) 19,353,506 17,452,969

19. INCOME TAxThe result before income tax is calculated as follows:



Notes 2012 2011

SRD SRD SRD SRD

ASSETS

Fixed assets

Intangible fixed assets 1,752 5,256

Tangible fixed assets 78,247,444 67,659,807

Financial fixed assets- subsidiaries 20 4,733,944 5,067,971

Deferred taxation receivables - 233,869

82,983,140 72,966,903

Current assets

Inventories 5,846,744 4,158,485

Tradable securities 1 1

Receivables 5,006,334 4,032,352

Cash and cash equivalents 8,989,298 5,653,868

19,842,377 13,844,706

Total assets 102,825,517 86,811,609

LIABILITIES

Shareholders’ Equity

Issued and paid capital 21 476,500 476,500

Retained earnings 22 16,315,155 17,743,301

Result financial year 34,382,487 31,003,654

51,174,142 49,223,455

Long-term liabilities 124,706 131,041

Provisions 12,513,253 13,878,502

Short-term liabilities 39,013,416 23,578,611

Total equity end liabilities 102,825,517 86,811,609

COMPANY BALANCE SHEET AS OF 31 DECEMBER 2012(before profit appropriation)


2012 2011

SRD SRD SRD SRD

Gross revenues 105,145,775 117,842,932

Less: excise duties and sales taxes 24,834,730 23,961,514

Net revenue 80,311,045 93,881,418

Variable cost of sales 19,031,732 27,765,946

Gross margin 61,279,313 66,115,472

Personnel expenses 12,624,777 11,372,242

Depreciation 9,821,176 9,160,347

Other operating expenses 6,929,859 6,524,832

Total operating expenses 29,375,812 27,057,421

Results from operating activities 31,903,501 39,058,051

Financial income/expenses -1,001,558 -1,071,206

Results before income tax 30,901,943 37,986,845

Income tax 11,124,699 13,675,264

Results after taxes 19,777,244 24,311,581

Results from subsidiaries (Parbo Centrale) 14,629,090 6,715,920

Net profit 34,406,334 31,027,501

Less: Statutory dividend 23,847 23,847

Results after statutory dividend 34,382,487 31,003,654

COMPANY INCOME STATEMENT oVER 2012


NOTEs TO THE COMPANY BALANCE sheetAND INCOME STATEMENTIn order to provide insight in the valuation and movement of the company financial statement items “finan-

cial fixed assets” and “shareholders’ equity”, are separately disclosed in the company financial statements.

GeneralThe principles of valuation and determination of results for the company financial statements are the same as those

disclosed in the notes to the consolidated financial statements.

The wholly owned subsidiaries (Parbo Centrale and Premium Beverage Suriname NV) companies are valued at net

asset value. The result from the subsidiaries corresponds to the share in earnings of the relevant companies, over the

reporting year.

Parbo Centrale NVPremium Beverage

Suriname NVTotal

SRD SRD SRD

Net asset value as at 1 January 2012 6,719,778 5 6,719,783

Profit distribution -6,715,920 - 6,715,920

3,858 5 3,863

Result 2012 14,629,090 - 14,629,090

14,632,948 5 14,632,953

Actuarial results on provision post retirement medical

benefits 191 - 191

Net assset value as at 31 december 2012 14,633,139 5 14,633,144

Current account liabilities -9,899,200 - -9,899,200

Balance 4,733,939 5 4,733,944

20. FINANCIAL FIxED ASSETS-SUBSIDIARIESThe financial fixed assets are related to the wholly owned subsidiary Parbo Centrale NV and Premium Beverage Suriname NV (dormant), of which the progress is as follows:

Premium Beverage Suriname NV is a dormant company in which there are currently no activities.


2012 2011

SRD SRD

Balance as at January 1st 17,743,301 20,347,147

- addition profit appropriation form previous financial year 55,001 132

- actuarial result from provision post retirement medical benefits (Surinaamse

Brouwerij NV)120,196 -415,767

- actuarial result from provision post retirement medical benefits (Parbo Centrale NV) 191 3,689

- Long Term Incentive Plan (LTIP) 16,566 -

- dividend payment from last year 11,150,100 8,958,200

- interim-dividend payment current year -12,770,200 -11,150,100

Balance as at December 31st 16,315,155 17,743,301

22. RETAINED EARNINGSThe progress of the item ‘retained earnings’ is as follows:

A revaluation reserve of SRD 3,389,954 is included (2011: SRD 4,001,553) in the balance of retained earnings as at 31

December 2012

Issued and paid share capital2012 2011

SRD SRD

94,860 nominal shares of par value SRD 5 474,300 474,300

44 preferential shares of par value SRD 50 2,200 2,200

Total 476,500 476,500

21. SHARE CAPITALShare capital amounts to SRD 2,382,500 and comprises of 476,060 authorised equity shares of SRD 5 and 44 preferenti-al shares at SRD 50, each. Of this amount, the following shares have been issued and paid in full, at the end of the reporting year:


Additional InformationSharesThe preference shares are registered, ordinary bearer shares and if desired by name.

Authority rights meeting of preferential shareholdersThe executive board members are appointed by the General Meeting of Shareholders based on a binding nomination

of two persons for each vacancy where by the nomination is established by the meeting of preferential shareholders.

This procedure also applies at the appointment of the Supervisory Board members.

Statutory stipulation for profit distribution Of the net profits, 6% dividend is initially distributed over the paid-in preferential share capital to the holders of

preferential shares or to a lesser amount due to a lesser net profit and subsequently, 5% to the ordinary shareholders

over the paid-in capital on the ordinary shares or to a lesser amount due to a lesser net profit. The remaining amount

of the net profit is at the disposal of the General Meeting of Shareholders.

If, according to the adopted profit and loss account in any year loss was suffered, not covered by a reserve, no profit

distribution shall take place in the subsequent years, as long as said loss has not been settled.

Distribution of earnings 2011The General Meeting of Shareholders adopted the financial statements 2011 on July 4, 2012, and has approved below

profit distribution of 2011, as follows:

Per share In total

SRD SRD

Dividend preferential shares (44 shares at SRD 50 par value) 3,247.00 142,868

Dividend ordinary shares (94,860 shares at SRD 5 par value) 324.75 30,805,785

Total 30,948,653

Statutory dividend 23,847

Addition to the retained earnings 55,001

Net profit 2011 31,027,501


Proposed distribution of earnings 2012The Management Team proposed the following distribution of earnings after deduction of the statutory profit sha-

ring, to the General Meeting of Shareholders, for approval.

This proposed distribution of earnings is not yet entered in the financial statements at issue.

In total

SRD

Net profit 2012 34,406,334

Less:

Statutory profit distribution preferential shares -132

Statutory profit distribution ordinary shares -23,715

At disposal for the General Meeting of Shareholders 34,382,487

The executive board proposed the following distribution of earnings of the net profit 2012, to be available to the

shareholders as follows:

In totaal

SRD

Cash dividend of SRD 3,577 to 44 preferential shares at SRD 50 par value 157,388

Cash dividend of SRD 357.75 to 94,860 equity shares at SRD 5 par value 33,936,165

Addition to retained earnings 288,934

Total 34,382,487


INDEPENDENT AUDITOR’S REPORTIntroductionWe have audited the accompanying financial

statements 2012 of Surinaamse Brouwerij NV, included

on page 55 up to and inclusive of page 76 of the

annual report. These financial statements comprise the

consolidated and company balance sheet as at December

31, 2012, the consolidated and company income

statement, the consolidated statement of changes in

equity and the consolidated statement of cash flows

for the year ended December 31, 2012 and the notes,

comprising a summary of the accounting policies and

other explanatory information.

Management’s responsibility Management is responsible for the preparation and

fair presentation of these financial statements and for

the preparation of the management board report in

accordance with generally accepted accounting

principles. Furthermore management is responsible

for such internal control as it determines is necessary

to enable the preparation of the financial statements

that are free from material misstatement, whether due

to fraud or error.

Auditors’ responsibilityOur responsibility is to express an opinion on these

financial statements based on our audit. We conducted

our audit in accordance with generally accepted

auditing standards. These standards require that

we comply with ethical requirements and plan and

perform the audit to obtain reasonable assurance

about whether the financial statements are free of

material misstatement.

An audit involves performing procedures to obtain

audit evidence about the amounts and disclosures

in the financial statements. The procedures selected

depend on the auditors’ judgment, including the

assessment of the risks of material misstatement 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 eval ating the overall

presentation of the financial statements.

We believe that the audit evidence we have obtained

is sufficient and appropriate to provide a basis for our

audit opinion.

Opinion with respect to the financial statementsIn our opinion, the financial statements give a true

and fair view of the financial position of Surinaamse

Brouwerij NV, as at December 31, 2012, and of its result

and cash flows for the year then ended in accordance

with generally accepted principles for financial

reporting.

Paramaribo, May 31, 2013

for BDO Assurance N.V.

W.K. Achthoven RA

Partner

Aan: de Algemene Vergadering van Aandeelhouders van Surinaamse Brouwerij NV


Colofon

Surinaamse Brouwerij NVBrouwerijweg 1

PO BOx 1854

Paramaribo-Suriname

Telefoon: (597) 402255

Fax: (597) 404093

www.parbobier.com

Tekst / TextSurinaamse Brouwerij NV

BDO Assurance N.V.

Grafisch Ontwerp / Graphic designSpang Makandra Studio NV

Paramaribo-Suriname

Fotografie / PhotographyCollectie Surinaamse Brouwerij NV

Druk / PrintingQuick O‘ Print

Documents

Surinaamse Brouwerij NV ANNUAL REPORT 2012parbobier.com/.../uploads/2016/11/annualreport_2012.pdfAnnual Report 2012 Surinaamse Brouwerij NV Surinaamse Brouwerij NVJaarverslag 2012