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Seychelles Breweries Ltd

CONTENTSPage

Board of Directors

Administration (Board of Directors and Non-Board Executives)

Corporate Information

Notice of Meeting

Chairman’s Report

Rapor Tyermenn

Report of the Directors

Auditors’ Report

Profit and Loss Account

Balance Sheet

Cash Flow Statement

Financial Summary

Notes to the Financial Statements

Sales Volumes

Financial Highlights

Distribution of Wealth Created

Shareholding Summary / Shareholding Profile

Employee Distribution

Programme for Annual General Meeting

2

3

4

5

6

7

8 - 9

10

12

13

14

15

16 - 21

22

25

26

27

28

Annual Report 2015

Corporate Governance Report 11

23

Other Financial Highlights 24


BOARD OF DIRECTORS

2 Annual Report 2015

JEAN G. WEELING-LEE

DIRECTOR

Appointed as a Director in June 2008. He is the Managing Director of Corvina Investment Company Ltd. He also holds directorship of a number of companies in Seychelles.

PATRICIA BERTHELOT

MANAGING DIRECTOR

Appointed as a Director in May 2013. She was also appointed as the Managing Director in July 2013.

STEVE WHITE

DIRECTOR

Appointed as a Director in September 2015. He is the General Manager for the Diageo Indian Ocean businesses of which Seychelles Breweries Ltd is part.

SIMON HARVEY

CHAIRMAN

Appointed as a Director and Chairman in 2015. He is also the Managing Director for the Diageo’s African Regional Markets (ARM).

LEKHA NAIR

DIRECTOR

Appointed as a Director in April 2015. She is the CEO of the Seychelles Pension Fund.

JEAN PAUL M NUUK

COMPANY SECRETARY &

Joined the company in May 2014 and appointed as Company Secretary on 1st July 2014.

FINANCE & IS DIRECTOR

CAPTAIN ROBERT R. MORGAN

DIRECTOR

Appointed as a Director in April 2004. He is the Managing Director of Naval Services Ltd. He also holds directorship of a number of companies in Seychelles.


ADMINISTRATION (BOARD OF DIRECTORS AND NON-BOARD EXECUTIVES)

BOARD OF DIRECTORS

SIMON HARVEY

STEVE WHITE

ROBERT R. MORGAN

JEAN G. WEELING-LEE

LEKHA NAIIR

COMPANY SECRETARY

NON-BOARD EXECUTIVES

JEAN PAUL M NUUK

JAPHA ALLY

JEAN PAUL M NUUK

CRIONA HARRINGTON

Chairman

Director

Director

Director

Director

Human Resources Director

Finance & IS Director

Supply Chain Director

–

–

–

–

–

–

–

–

Annual Report 2015 3

PATRICIA BERTHELOT Managing Director–

NIXON MOKAYA Sales Manager–


CORPORATE INFORMATION

BOARD OF DIRECTORS


Chairman

Directors

Managing Director

Company Secretary

Solicitors

Auditors

Bankers

S. Harvey

S. White

P. Berthelot

L. Nair

R.R. Morgan

J.G. Weeling-Lee

E. Okoli

C. Beau

W. Confait

P. Berthelot

JP. M Nuuk

Francis Chang-SamAttorney-at-Law

Pool & PatelChartered Accountants

Seychelles International MercantileBanking Corporation Limited (a.k.a. Nouvobanq)

The Mauritius Commercial Bank (Seychelles) Limited

Barclays Bank (Seychelles) Limited

Barclays Bank PLC

(Appointed 2015)

(Appointed 2015)

(Appointed 2013)

(Appointed 2015)

(Appointed 2004)

(Appointed 2008)

(Resigned 2015)

(Resigned 2015)

(Resigned 2015)

(Appointed 2013)

(Appointed 2014)


NOTICE OF MEETING

NOTICE is hereby given that the 47th Annual General Meeting of Seychelles Breweries Limited will be held at Ephelia Resort, Port Launay on Saturday 28th November, 2015 at 11a.m. for the following purposes:

1 To approve the Minutes of the previous Annual General Meeting.

2 To receive the Chairman's Report.

3 To receive and, if thought fit, adopt the Directors' and Auditors' Reports together with the FinancialStatements for the year ended 30th June 2015.

4 To declare a final dividend.

5 To consider and, if thought fit, to pass the following ordinary resolutions:

(a) That Directors be authorised to list the shares of Seychelles Breweries Ltd on the Seychelles Stock Exchange (Trop-X) and to amend the current Authorised and Issued share capital of the Seychelles Breweries Ltd.

(b) That non-executive Directors' remuneration of approximately R198,900 per annum be approved for the the financial year 2015/16.

(c) That Directors' remuneration of approximately R2,915,751 per annum be approved in respect of the Managing Director for the financial year 2015/16.

(d) That the Directors be authorised to fix the remuneration of the Auditors.

(e) That the auditors Pool & Patel, Chartered Accountants continue in office in accordance with the provisions of and subject to the provisions to Section 155(2) of the Companies Act, 1972 be approved for the financial year 2015/16.

A member is entitled to appoint a proxy, who need not also be a member, to attend and vote in his or her stead. A Proxy Form is enclosed for the use of Shareholders.

By order of the Board.

Jean Paul M NuukCompany Secretary

24th September 2015



CHAIRMAN’S REPORT

Performance and Dividend

SBL had a great 2014/15 financial year delivering 8% growth in sales volumes against last year. Spirits delivered a 40% growth underpinned by strong Johnnie Walker Red Label brand equity and improved availability. Sales of Coca-Cola products also grew by 9% due to improved productivity on the PET and the introduction of imported Coke cans into the market. The cans will continue to strategically compete with a growing wave of imported soft drinks into Seychelles and grow our soft drinks market share. The beer category grew by 6%, which shows that the brand equity of Seybrew and Eku continues to be strong. Our profit after tax grew 20%, much faster than volume mainly due to tax refund from the Seychelles Revenue Commission. We also delivered a 13% growth in our net cash position, in spite of the 47% increase in capital investments, and plan to increase capital expenditure by a further 26% this year. Mindful of the impact on the projected cash balance, we have recommended a 47% dividend payout, amounting to SCR2.00 per share to be paid to all shareholders on Friday, 4th December 2015. This would bring the total dividend for the year to SCR3.00 per share, same as last year.

External Environment

Despite the strong performance our company has posted, the macro environment however remained challenging. The Seychelles economy as well as some major global economies such as China and the Eurozone slowed down. There were multiple conflicts and unrest on the world stage, a steady fall in the price of petroleum products and an increase in some indirect taxes in Seychelles. A strong rupee meant that it was more costly to purchase a holiday in Seychelles leading to a stagnating number of tourist arrivals particularly from Europe, impacting on the balance of trade. Hence, Seychelles continued to witness a trend of lower average spend per head from tourism, which remains the engine of growth for the economy.

Investment

We have remained focused on the renewal of our ageing production plant. The capital expenditure for the year represents a 47% increase against last year, the main


Seyche l l e s Brewer ies Ltd ' s ambition is “to remain the best p e r f o r m i n g , m o s t a d m i re d Company & corporate citizen in Seychelles and everyone adores its brands”

Profit After Tax (mSCR)

Capital Expenditure (mSCR)

Recommended Total Dividend - (mSCR)

Net Assets Value per share (SCR)

80.2

61.5

37.8

23.6

+20%

+47%

0%

+11%

investments being payment of the remaining invoices relating to the new bottling line, purchase of bottles and crates in anticipation of a growing demand, new blow moulder investment to remove an important bottleneck in the soft drinks production process, IT and network upgrade to meet the new SAP Accounting System requirement and the installation of fire-fighting systems amidst a growing number of fire accidents in Seychelles. We have also completed a strategic audit of the production plant and have determined the 5 year strategic capex requirement for supply to stay ahead of demand. Moreover, we rolled out the Perfect Plant Management Systems in the year. This has played a key role in delivering volume growth, productivity and behavioral changes that must accompany the capital expenditure to delivery sustainable results. Another accomplishment made in the year was to secure capital expenditure for a new boiler and refrigeration plant, which will also drive efficiency gains and productivity in the coming years.

Looking Ahead

We recognise that as we begin to resolve the supply capacity constraints and production issues that have plagued our performance in the last couple of years, we will be able to capitalise on the commercial opportunities in the market. Indeed we have already started to do so and successfully delivered the first leg of our Route to Consumer strategy by outsourcing Inner Islands and Mahe on-trade distribution to third parties. The next leg is to refocus our commercial team on sales drivers activation and winning through better merchandising and brilliant execution in trade. We will also focus on improving our distributor capabilities, upscaling their skills set. In addition to the importation of the Coke cans, we are progressing in our partnership with The Coca-Cola Company on consumer driven innovation that will compete more effectively against imported soft drinks into the market. Finally, we will upscale our marketing and innovation campaigns through tactical initiatives.

Our People

Our strongest asset is our people and we have continued with tailor-made training and development programmes with many of our staff attending courses outside of Seychelles in the year. The engagement of our staff improved with a record staff attendance of the last Labour Day Fun Event and a successful delivery of various health education and awareness initiatives and activities throughout the year. Through these initiatives we have seen our employees becoming more health conscious and more engaged in ensuring that they have a healthy and well balanced approach to work and their personal lives.

Corporate Affairs

In this year's Annual Report, we have issued our first Corporate Governance report and we are proud of the quality of progress that was made in the area of controls, compliance and ethics, as well as the benefits SAP system implementation project will bring to our business in the coming years. We are proud of the recognitions and awards that our Company won in the year. We won the Best Manufacturing Company in Seychelles award, which was granted by the Seychelles Chamber of Commerce and Industry (SCCI). We received the Best Safe Workplace Award in the Manufacturing category, an award given by the Ministry of Labour and Human Resources Development. The Company also won the Human Resources Development (NHRD) Award for Medium Private Organization as well as the award for the Best Graduate Trainee Programme. Finally, as part of our Corporate Social Responsibility agenda, we worked with Sustainability for Seychelles to raise awareness on the importance of water conservation and rainwater harvesting, and implemented a rain water harvesting project at the University of Seychelles.

Board Appointments

In addition to myself, I am delighted to inform you that this year we have appointed Mrs Lehka Nair and Mr Steve White to the board of the Company to replace Mr Confait and Mr Beau. Mrs Nair is the new CEO of the Seychelles Pension Fund whilst Mr Steve White is the new General Manager for Diageo Indian Ocean businesses of which Seychelles Breweries is part. Please join me in welcoming them to the Seychelles Breweries family.

Many thanks to the shareholders for your continued loyalty, to Diageo plc for its continued support in the management and development of the business and to the staff for their energy and commitment, as they are the people that make our great company. I count on your continued support, and look forward with confidence to better years to come for this Company.

Simon Harvey

Chairman



RAPOR TYERMENN

Performans ek Peyman

SBL in annan en tre bon lannen fiskal 2014/15 kot in delivre 8% lakrwasman dan lakantite lavant konpare avek lannen avan. Bann bwar for in fer en lakrwasman 40% sirtou avek sa mark Johnny Walker Red Label ki pli bon e ki'n vin pli disponib. Lavant bann prodwi Coca Cola in ogmant par 9% vi ki in annan amelyorasyon dan prodiksyon bann PET e lentrodiksyon bann can Cola enporte lo marse. Sa bann can pou kontinyen fer konpetisyon dan nou lavantaz avek lezot labwason non alkolik ki ganny enporte dan Sesel e sa pou agrandir nou marse labwason non alkolik. Kategori labyer in ogmant par 9%, ki montre ki sa bon kalite labyer Seybrew ek EKU i kontinyen pli meyer. Nou profi apre taks in ogmant par 20%, prensipalman akoz ranboursman taks par Seychelles Revenue Commission. Nou'n osi annan en lakrwasman 13% dan nou pozisyon larzan reste apre depans, malgre en logmantasyon 47% dan lenvestisman kapital, ek plan pour ogmant depans kapital par 26% anplis sa lannen. An gardan antet lenpak nou balans larzan ki'n ganny propoze, nou'n rekomann en sonm 47% pour bann peyman, ki fer SCR2.00 pour sak parki pou ganny peye avek tou aksyonner Vandredi le 4 Desanm 2015. Sa pou fer ki peyman total pour sa lannen pou SCR3.00 pour sak par, parey lannen pase.

Lanvironnman Eksteryer

Malgre sa bon performans ki nou Lakonpannyen in demontre, sa lanvironnman makro ekonomik i toudmenm reste en defi. Lekonomi Sesel osi byen ki serten lekonomi mazer global parey Lasin ek Eurozone in diminyen. In annan plizyer konfli ek dezord lo lasenn mondyal, en rediksyon konstan dan pri prodwi petrol ek en logmantasyon dan serten taks endirek dan Sesel. En roupi for ti vedir ki i vin pli ser pour pey pour en vakans Sesel, ki fer lakantite touris ki vin isi sirtou sorti Lerop in bes en kantite. Sa in fer en lenpak lo komers. Alor, Sesel i kontintyen temwanny en tandans kot sekter tourizm, ki reste sa moter pour lakrwasman dan lekonomi, i annan en mwayenn depans par latet ki byen ba.

Lenvestisman

Nou'n reste konsantre pour repar nou faktori ki pe vye. Depans kapital pour sa lannen i reprezant 47% logmantasyon konpare avek lannen pase, bann lenvestisman prensipal i peyman bann leres invoices ki relye avek

“Dezir Seychelles Breweries Ltd se

ki i reste sa Lakonpannyer ek biznes

ki perform pli byen, ganny plis

respekte dan Sesel e ki tou dimoun i

kontan son bann prodwi.”

Profi apre Taks (mSCR)

Depans Kapital (mSCR)

Peyman total ki rekomande - (mSCR)

Net Assets Value per share (SCR)

80.2

61.5

37.8

23.6

+20%

+47%

0%

+11%

nouvo laninny prodiksyon, aste boutey ek kret akoz demann ki ogmante, envestir dan en nouvo “blow moulder” (Masin pour gonfle nou bann boutey PET) pour elimin en retar signifikan danprosedir prodiksyon bann labwason non alkolik, moderniz IT ek rezo pour zwenn rekomandasyon sa nouvo sistenm kontabilite SAP ek lenstalasyon bann sistenm tenny dife, vi ki i annan gran logmantasyon dan aksidan dife dan Sesel. Nou'n osi konplet en odit neseser lo faktori e nou'n determin sa 5 an dapre sa ki bidze kapitali demande pour ki nou fourni plis ki demann. Deplis, nou'n lans sa Perfect Plant Management Systems sa lannen. Sa in zwe en rol enportan pour logmantasyon dan lakantite ki nou delivre, prodiktivite ek sanzman dan konportman ki devret akonpanny depans kapital pour delivre rezilta soutenab. En lot lakonplisman ki'n ganny fer sa lannen se pour ganny kapital pour en nouvo boiler ek refrigeration plant, ki pou anmenn bann profi efikas ek prodiktivite dan bann lannen ki vini.

Konsantre lo lavenir

Nou rekonnet ki anmezir ki nou komans rezourd bann konstrent dan nou kapasite pour fourni e prodwir ki'n afekte nou performans dan sa bann dernyen lannen, nou pou osi kapab kapitaliz lo bann loportinite komersyal lo marse. Annefe, nou'n deza konmans pe fer li e avek sikse nou'n ganny nou premye lipye pour nou stratezi Route to Consumer par donn kontra lezot dimoun pour fer distribisyon lo Mahe ek bann zil pros. Nou lot lipye se pour fer nou tim komersyal rekonsantre lo bann fason ki pour anmenn en pli bon lavant e fer sikse atraver pli bon promosyon ek fer ekselan komers. Nou pou osi konsantre pour amelyor kapabilite nou distribiter, fer zot vin pli kalipa. Anplis ki enport bann can Cola nou pe fer progre dan nou kolaborasyon avek Lakonpannyen Coca Cola lo fason pour ganny nouvo lide pour fer konpetisyon avek bann lezot prodwir labwason non alkolik ki ganny enporte lo marse. Finalman, nou pou remont nou bann stratezi piblisiter ek bann kanpany inovativavek bann linisyativ byen kalkile.

Nou bann Dimoun

Nou bann byen pli for se nou bann dimoun e nou'n kontinyen avek bann lantrennman ideal ek progranm devlopman ki'n fer plizyer nou bann travayer in swiv bann kour aletranze pandan lannen. Sa langazman avek nou bann travayer in amelyor rikord lakantite travayer ki ti prezan pour nou aktivite lwazir pour lazournen travayer ek en sikse pour plizyer ledikasyon lasante ek bann lezot aktivite padan lannen. Atraver sa bann linisyativ nou'n remarke ki nou bann travayer in vin pli konsyan avek zot lasante e pli angaze pour asire ki zot annan en lapros balanse anver zot travay ek lavi personel.

Bann Aktivite Lakonpannyen

Dan Rapor Annyel sa lannen, nou'n fer sorti nou premye rapor (gouvernans pour nou bizness) Corporate Governance e nou fyer

pour sa kalite progre ki'n ganny fer dan domenn kontrol, soumisyon ek bann valer moral, osi byen ki bann benefis ki proze lenplimatasyon sistenm SAP pou anmennen alavenir. Nou fyer pour bann rekonnesans ek rekonpans ki nou Lakonpannyen in gannyen sa lannen. Nou'n ganny pri pour Pli bon Lizin pour Prodiksyon dan Sesel, ki ti ganny aprouve par Lasanm Komers ek Lendistri Sesel (SCCI). Nou'n osi resevwar pri pour Landrwa pli an sekirite pour travay dan kategori Lizin, en pri ki ti ganny donnen par Minister Lanplwa ek Devlopman Resours Imen. Lakonpannyen in osi ganny pri Devlopman Resours Imen (NHRD) pour bann lorganizasyon prive mwayennosi byen ki pri pour pli bon progranmlantrennman bann etidyan kin retournen sorti etidye.Finalman, koman parti nou progranm Responsabilite Sosyal Lakonpannyen, nou ti travay avek Sustainability for Seychelles pour fer dimoun pli konsyan konservasyon delo ek anmas delo lapli, e nou ti enplimant en proze anmas delo lapli kot Liniversite Sesel.

Lapwentman Bord

Anplis ki mwan, mon annan gran plezir enform zot ki sa lannen nou'n apwent Madanm Lekha Nair ek Msye Steve White lo bord Lakonpannyen pour ranplas Msye Confait ek Msye Beau. Madanm Nair i nouvo Zofisye Sef Egzekitif kot Fon Pansyon Sesel tandis ki Msye Steve White i nouvo Direkter pour bann biznes Diageo dan Losean Endyen ki Seychelles Breweries i form parti ladan. Silvouple zwenn avek mwan pour akey zot dan fanmiy Seychelles Breweries.

Nou remersye bokou bann aksyonner pour zot lentegrite kontinyel, pour Lakonpannyen Diageo pour zot sipor kontinyel dan ladministrasyon ek devlopman biznes ek bann staf pour zot lenerzi ek komitman akoz zot bann dimoun ki form nou gran lakonpannyen. Mon kont lo zot sipor ki zot kontinyen donnen e mon espe re avek konf idans k i Lakonpannyen i fer pli byen dan lavenir.

Simon Harvey

Tyermenn



REPORT OF THE DIRECTORS

The Directors present their report together with the Auditor's Report and the Audited Financial Statements for the year ended 30th June 2015.

1. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act, 1972. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

2. The Directors, having prepared the financial statements, have requested the Auditors to take whatever steps and undertake whatever inspections they consider to be appropriate for the purpose of enabling them to give their audit report.

The principal activities of the Company during the period continued to be the production of beer and soft drinks.

Statement of Directors' Responsibilities

Principal Activities of the Company

Dividends

Fixed Assets

Reserves

In May 2015, the Company paid an interim dividend of R1.0 per share. The Directors recommend the payment of a final dividend of R2.0 per share making a total of R3.0 per share for the year.

The directors are of the opinion that the market of saleable value of the fixed assets at 30th June 2015 does not differ substantially from the amounts at which they are included in the accounts at that date.

The profit for the period of R42,389,243 when added to the profit retained at 30th June 2014 of R153,678,743 makes a total net retained profit of R196,067,986.

At 30th June 2015, the capital reserves amounted to R15,804,703.

Results for the Year

Profit (Loss) before Taxation Taxation Profit (Loss) after Taxation

Dividends Profit (Loss) for the year

Year to30th June

2015R

Year to30th June

2014R

93,344,997

(26,642,115)

66,702,882

(37,800,000)

28,902,882

94,815,034

(14,625,791)

80,189,243

(37,800,000)

42,389,243



REPORT OF THE DIRECTORS CONTINUED

Directors

The Directors of the Company during the year and their interests in accordance with the register maintained under Section 111 of the Companies Act, 1972 were as follows:

Ordinary shares held at 30th June 2015 were:

Simon Harvey (British & South African) NilPatricia Berthelot Cameroonian NilSteve White (British) NilLekha Nair (Seychellois) NilRobert R. Morgan (Seychellois) 5,321Jean G. Weeling-Lee (Seychellois) Nil

( )

Otherwise no Directors had any material interest, directly or indirectly, in any contract with the company, nor did any Director hold any share option during the period under review.

DIRECTORS

24th September 2015

S. Harvey S. White

R.R. Morgan L. Nair J. G. Weeling-Lee

P. Berthelot


INDEPENDENT AUDITOR'S REPORT

SEYCHELLES BREWERIES LIMITED

We have audited the accompanying financial statements of Seychelles Breweries Limited on pages 12 to 21 which comprise the balance sheet as at June 30 2015, the profit and loss account including cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. The financial statements have been prepared by management, under the historical cost convention and the financial reporting provisions of the Seychelles Companies Act 1972.

This report is made solely for the Company’s members as a body in accordance with Section 158 of the Companies Act 1972. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company’s Members as a body for our audit work, for this report or for the opinion we have formed.

Management’s Responsibility for the Financial StatementsManagement is responsible for keeping proper accounting records and for the preparation of financial statements that give a true and fair view of the company’s affairs in accordance with the financial reporting provisions of the Seychelles Companies Act 1972, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those 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 from material misstatement.

We have no relationship with, or material interest in the company other than in our capacity as auditors and arms length dealings with the company in the ordinary course of business.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and that these are in accordance with the accounting records maintained by the management. The procedures selected depend on the auditor’s 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 evaluating 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.

OpinionIn our opinion, the accompanying financial statements set out on pages 12 to 21 give a true and fair view of the financial position of Seychelles Breweries Limited as at June 30 2015, and of its financial performance and its cash flows for the year then ended in accordance with the financial reporting provisions of the Seychelles Companies Act 1972.

POOL & PATELCHARTERED ACCOUNTANTS

24th September 2015

MOORE STEPHENSINTERNATIONAL LIMITED

An independent member firm of Moore Stephens International Limited - members in principal cities throughout the world

Maison La Rosiere; P.O.Box 117; Victoria; Mahé; Seychelles

Tel: +248 323210

Email: [email protected]

Fax: +248 232518

Website: www.moorestephens.com

Bernard L. Pool FCA • Suketu Patel FCA • Gémma Roberts FCCA

Chartered AccountantsPool & Patel


CORPORATE GOVERNANCE REPORT


IntroductionSeychelles Breweries Ltd (SBL) accepts the importance of achieving the highest standards of corporate governance, corporate responsibility and risk management when conducting its business. SBL is also committed to carrying out its business responsibly and in accordance with all laws and regulations which its business activities are subject to. The Board and management team are as a whole collectively responsible for ensuring that the highest standards of corporate governance are achieved when directing and controlling the business.

Board of Directors

CompositionPlease refer to page 3 of this Annual Report for details regarding the Board composition

Meetings heldThe Board met 5 (five) times during the financial year under review.

Board ProcedureThe Board which is chaired by a non-executive director is responsible for promoting the success of the Company by directing and supervising the Company's affairs. The Board:

1) Provides leadership of the Company with a framework of prudent and effective controls which enable risk to be assessed and managed;

2) Provides input into the development of the long-term objectives and overall commercial strategy for the company and is responsible for the oversight of the company's operations while evaluating and directing the implementation of the company's controls and procedures;

3) Provides oversight of the Company's strategic aims, ensuring that the necessary financial and human resources are in place for the Company to meet its objectives, as well as reviewing management performance; and

4) Upholds the Company's values and standards and ensures that its obligations to its shareholders and others are understood and met.

There were five well-attended meetings of the Board of Directors during the year under review scheduled to ensure that the Directors could provide the appropriate guidance and necessary approvals as well as perform their statutory obligations.

Audit Sub-Committee

The Audit Sub-Committee (ASC) of the Board is comprised of four directors two of whom are non-executive directors. It is chaired by a non-executive director and is required to exert a high level of oversight over, and scrutiny into, the Company's operations and financial reporting and internal controls and compliance systems. The ASC assists the Board in fulfilling its oversight responsibilities relating to the integrity of the financial statements, compliance with legal and regulatory requirements, the independent auditor's qualifications, independence and remuneration, the performance

“We ask our customers, consumers, shareholders, governments and the communities in which we operate, to trust that we understand our responsibility as the leading premium drinks Company in Seychelles and that we behave accordingly.”

of the internal compliance function and the performance of our independent auditors (Pool & Patel). The ASC ensures that recommendations by the auditors and the ASC itself, for procedural improvements and rectification, are duly completed by the Company.

In line with these requirements the ASC was created after the financial year under review, met for the first time and was fully engaged in reviewing both the internal and external audit reports and ensuring that the Company followed through on issues to be addressed. In addition the Committee reviewed in detail the Company's financial statements to ensure they provide a true and accurate record of the state of the Company's affairs.

Risk Management and Internal ControlOur company is proud of its commitment to operate in a compliant and prudent manner and to this end undergoes a stringent programme of internal and external auditing each year. This year in addition to the annual financial audit undertaken by Pool & Patel (external audit) the Company underwent internal audits and reviews in key areas of its operations. We also underwent the Controls Assurance and Risk Mitigation (CARM) process to drive improvement and adherence to controls.

Occupational Health and Environmental SafetyOur company is committed to providing the highest standards of health, safety and welfare for its employees, and to its responsibility to minimise its environmental footprint. All aspects of our operation are therefore conducted in compliance with applicable health and safety laws and regulations and company policies.

Patricia BerthelotManaging Director


FOR THE YEAR ENDED 30TH JUNE 2015PROFIT AND LOSS ACCOUNT

Notes

TURNOVER 2

Trading Profit for the Year 3

Exchange Gains / (Losses)

22 Interest Received / (Paid)

PROFIT/(LOSS) BEFORE TAXATION

5 Taxation

PROFIT/(LOSS) AFTER TAXATION

Dividends 6

PROFIT/(LOSS) FOR THE YEAR

Prior Years' Retained Profits

RETAINED PROFITS AT END OF PERIOD

Year to30th June

2015R

Year to30th June

2014R

23

452,781,652

93,912,171

(875,261)

308,087

93,344,997

(26,642,115)

66,702,882

(37,800,000)

28,902,882

124,775,861

153,678,743

472,161,921

95,848,939

(1,233,424)

199,519

94,815,034

(14,625,791)

80,189,243

(37,800,000)

42,389,243

153,678,743

196,067,986


BALANCE SHEET AT 30TH JUNE 2015

Notes

SHARE CAPITAL 8

CAPITAL RESERVES 9

PROVISION FOR RETIREMENT LIABILITY 13

DEFERRED TAX LIABILITY

RETAINED PROFITS

SHAREHOLDERS INTERESTS

FIXED ASSETS 11

DEFERRED TAX ASSET 19

INVESTMENT 20

CURRENT ASSETS

Stocks 12

Debtors

Cash in Hand and at Banks 14

CURRENT LIABILITIES

Due to Diageo Group Companies 17

Owing to other Creditors

Liability for Deposits

Provisions for Dividends 6

NET CURRENT ASSETS

Year to30th June

2015R

Year to30th June

2014R


Tax paid in advance 10

19

63,000,000

15,804,703

20,984,586

54,399,145

47,908,265

142,348,701

2,106,025

14,411,585

153,678,743

10,338,709

267,879,617

12,444,734

41,111,853

68,206,935

211,626,198

37,880,494

21,518,074

4,355,140

40,601,598

104,355,306

107,270,892

267,879,617

63,000,000

15,804,703

19,631,752

170,247,105

2,106,025

441,333

196,067,986

10,269,657

294,945,774

12,375,682

58,346,239

54,073,070

31,022,973

44,860,238

188,302,520

15,240,056

32,852,130

5,349,251

28,353,386

81,794,823

106,507,697

294,945,774

ASSETS HELD FOR SALE 21 5,815,2905,815,290

24th September 2015


DIRECTORS

S. Harvey S. White

R.R. Morgan L. Nair J. G. Weeling-Lee

P. Berthelot


DRINK RESPONSIBLY. 18

FOR THE YEAR ENDED 30TH JUNE 2015CASH FLOW STATEMENT

NET CASH INFLOW FROM OPERATING ACTIVITIES

Trading Profit Depreciation Charges

Payments of Compensation

Movement in Stocks Movement in Debtors

Movement in Creditors Movement in Deposits Movement in Employees’ Retirement Scheme

Fixed Assets scrapped

NET CASH INFLOW FROM OPERATING ACTIVITIES

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE

Movement in Balances with Diageo Group Companies

Year to30th June

2015R'000

Year to30th June

2014R'000

TAXATION (Business and Provisional Taxes)

INVESTING ACTIVITIES Payments to acquire tangible fixed assets

INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT 1ST JULY

CASH AND CASH EQUIVALENTS AT 30TH JUNE

6,195

(49,848)

(5,180)

(46,420)

Interest Received

Dividends Paid

93,912 20,204

(2,067)

3,539

617

(2,879) (3,688)

22

123,613

308

23,893

(75,660)

(92,727)

(55,777)

(64,169)

(50,769)

123,568

47,908

(93,035)

(1,955)

95,849 17,099

(666)

(3,947)

11,334

994 (688)

0

107,613

(23,874)

10,089

Profit on disposal of tangible fixed asset 0 Profit on disposal of investment 0

200(50,048)

Receipts from sale of tangible fixed assets

Receipts from sale of investment

(46,420)

0

0

6,600

47,908

54,073

(4,977)(3,008)

6,800

WIP expensed during the year 01,423



FINANCIAL SUMMARY

TURNOVER

Profit Before Taxation

Taxation

Profit After Taxation

Dividends

RETAINED PROFIT / (LOSS)

Share Capital

Capital Reserves

Deferred Liability

Retained Profits

Shareholders’ Interests

CAPITAL EMPLOYED

Annual Investment in Fixed Assets – R’000

Dividend per Share (R)

Earnings per Share (R)

Net Assets Value per Share (R)

The Net Asset Value per share is calculated by reference to the Shareholders’ Interest.

465,869

133,031

(40,699)

92,332

(63,630)

28,702

63,000

15,805

45,369

161,171

285,345

285,345

15,241

5.05

7.33

22.65

Year to30/062011

R’000(Restated)

527,143

104,341

(16,885)

87,456

(95,760)

(8,304)

63,000

15,805

42,468

152,866

274,139

274,139

19,221

7.60

6.94

21.76

Year to30/062012

R’000(Restated)

499,153

100,045

(34,517)

65,528

(93,618)

(28,090)

63,000

15,805

43,523

124,776

247,104

247,104

12,713

7.43

5.20

19.61

Year to30/062013

R’000

Year to30/062014

R’000

452,782

93,345

(26,642)

66,703

(37,800)

28,903

63,000

15,805

35,395

153,680

267,880

267,880

64,169

3.00

5.29

21.26

Year to30/062015

R’000

472,162

94,815

(14,626)

80,189

(37,800)

42,389

63,000

15,805

20,073

198,392

297,270

297,270

46,420

3.00

6.36

23.59



FOR THE YEAR ENDED 30TH JUNE 2015NOTES TO THE FINANCIAL STATEMENTS

1

The principal accounting policies adopted by the company are as follows:

(a)

The financial statements have been prepared under the historical cost convention, other than accounting for the fixed assets which are at professional valuations at open market value for existing use at 30th April 1990, and in accordance with applicable accounting standards.

(b)

Except for Company houses, all fixed assets acquired up to 30th April 1990 are stated at professional valuations at replacement cost and depreciated so as to include them net in the accounts at their open market value for existing use at that date.Company houses are stated at open market value professionally ascertained at 30th April 1990.

Additions from 1st May 1990 are stated at cost.

Depreciation is provided to write off the valuations or the cost of fixed assets over the terms of their anticipated useful lives set out below.

At valuations:Brewery Buildings - 40 yearsOffice Buildings - 50 yearsPlant, Equipment andMotor Vehicles - Over their professionally evaluated

remaining useful lives restricted to amaximum period of 10 years fromacquisition.

At cost:Brewery Buildings - 40 yearsPlant - 10-15 yearsEquipment - 5 yearsMotor Vehicles - up to 6 years

No depreciation is provided on land and Company houses.

(c)

(i) The company charges its customers refundable deposits of R2 on glass bottle and R20 on each crate. The liabilities for returnable deposits are disclosed under Current Liabilities in the Balance Sheet.

(ii) Glass bottles and crates are dealt with in the accounts at cost.

(iii) Bottles and crates, held both at the Brewery and by customers, are set out separately in the Balance Sheet and stated at their standard values.

(iv) Depreciation of bottles and crates is provided to write their cost over their anticipated useful lives as set out below:

Bottles - 5 yearsCrates - 10 years

ACCOUNTING POLICIES

Basis of Accounting

Fixed Assets and Depreciation

Bottles and Crates



2

Turnover represents the value of the sales of the Company's products.

3

The trading profit for the year has been stated after charging:

TURNOVER

TRADING PROFIT FOR THE YEAR

Year to30th June

2015R

NOTES CONTINUED

(d)

Trading stocks are valued at cost or, if lower, net realisable value. Costs of raw materials include all expenses incurred in bringing the stocks to store. In the instances of finished and semi- finished products costs consist of the direct cost of materials attributable to that stage of production.

(e)

Foreign currencies transactions are converted into rupees at the rates of exchange ruling at dates of transactions. Balances of overseas currencies at the Balance Sheet date are converted at the rates ruling at that date. Realised gains and losses from trading are brought into account in arriving at the trading profit, while the unrealised gains and losses are shown seperately.

(f)

The accounts are prepared so as to disclose current taxation payable, and business tax paid in advance.

Deferred business tax is provided for using the balance sheet liability method of accounting for differences between tax bases of assets and their carrying amounts for financial reporting purposes. Full provision is made for all timing differences which have arisen but not reversed at the balance sheet date.

(g)

The Company has set aside amounts to provide benefits for employees who leave the Company after 3 or more years of service, or who retire at the age of 63 or later having completed that period of service.

(h)

The Employment (Amendment) Act 1999 requires employees to be compensated upon retirement orresignation for continuous service from their date of original employment. The current financial statements include the liability accrued to employees in full under this Act.

(I)

Where an asset is to be recovered principally through a sale transaction and not through continuing use, and an active plan has been entered into to dispose of the asset it is reclassified as held for sale. On reclassification, the asset is measured at the lower of its carrying amount or fair value less costs to sell. Any losses on re-measurement are recognised in profit and loss.

Stocks

Foreign Currencies

Taxation

Employees' Retirement Scheme

Effect of Employment (Amendment) Act 1999

Assets held for Sale

Auditor’s RemunerationDepreciation of fixed assets

Year to30th June

2014R

345,00020,203,629

380,00017,098,900



NOTES CONTINUED

5 TAXATION (Profit and Loss Account)

Provision for business tax based on the profit for the period

Deferred Tax

Interim Dividends of on 12,600,000 R1.00shares in issue (2014 - R1.00)

6 DIVIDENDS

4 DIRECTORS’ EMOLUMENTS

Year to30th June 2015Salaries/Fees

R

21,000,000

3,888,203

26,642,115

Year to30th June

2015R

Except for payment of the above fees, none of the Directors received or waived any emoluments during the year.

Year to30th June 2014Salaries/Fees

R

Year to30th June

2014R

Proposed Final Dividend of on 12,600,000 R2.00shares in Issue (2014 - R2.00)

21,000,000

Corporate Social Responsibility Tax 1,753,912

P. BerthelotR.R. MorganJ.G. Weeling-LeeW. ConfaitL. Nair

2,542,17144,22044,22044,220

Year to30th June

2015R

Year to30th June

2014R

12,600,000

25,200,000

37,800,000

2,432,32366,33666,33649,75216,584

26,824,121

(13,901,200)

14,625,791

26,706,247

1,820,744

12,600,000

25,200,000

37,800,000

(93,034,646)(50,048,212)Paid in the year

40,601,59828,353,386Balance at 30th June

53,556,12840,601,598Balance at 1st July

Provided for the year

Refund in respect of prior year 0(117,874)

£ Stg € Euro US $ South African Rand Singapore $

7 FOREIGN CURRENCIES

21.120016.896012.35091.16179.9155

Balances in foreign currencies at 30th June 2015 have been translated into Seychelles Rupees at the following rates:

Year to30th June

2015R

Year to30th June

2014R

20.710014.687913.19111.08379.7689


-


NOTES CONTINUED

SHARE CAPITAL

Authorised, Issued and Fully Paid: 12,600,000 Shares of R5 each

CAPITAL RESERVES

Value of bottles and crates brought into the accounts on:

- the introduction of bottle deposits

- increase in value of bottle deposit to R2 per bottle

Surplus on the revaluation of fixed assets

Value at 30th June

Paid for prior year Provision for business tax current year

Paid on account

Balance at 30th June

FIXED ASSETS

At Valuation or Cost:

At 30th June 2014 1,600,000

Additions –

At 30th June 2015 1,600,000

Depreciation:

At 30th June 2014 –

Charge for the year –

Disposals

At 30th June 2015 –

Net Book Value:-

At 30th June 2015 1,600,000

At 30th June 2014 1,600,000

Year to30th June

2015R

63,000,000

21,000,000

(54,023,048)

(68,206,935)

8

9

10

11

OtherFreehold

PropertiesR

Plant&

EquipmentR

BreweryFreeholdLand &

BuildingsR

Bottles&

CratesR

Year to30th June

2014R

63,000,000

5,650,166

7,421,223

13,071,389

2,733,314

15,804,703

Balance at 1st July (35,183,587)

-

–

75,016,341

75,016,341

41,257,071

41,257,071

33,759,270

33,759,270

276,954,054

44,555,947

319,726,956

189,354,413

10,214,154

199,568,567

120,158,389

87,239,641

56,365,773

1,864,402

58,230,175

36,615,983

6,884,746

43,500,729

14,729,446

19,749,790

CURRENT TAXATION (Balance Sheet)

TotalR

409,576,168

46,420,349

454,573,472

267,227,467

17,098,900

284,326,367

170,247,105

142,348,701

Disposals –

Year to30th June

2015R

Year to30th June

2014R

Year to30th June

2015R

Year to30th June

2014R

5,650,166

7,421,223

13,071,389

2,733,314

15,804,703

24,500,000

(3,477,424)

(47,184,359)

(68,206,935)

-

Reclassification (1,423,045) ( )1,423,045– – – – – –

–

–

– – – –


–


NOTES CONTINUED

12

Raw, packaging and cleaning materials Finished and semi-finished products Engineering spares Engineering spares write-off provision Goods in transit

13

Seychelles Breweries Retirement Scheme Employment (Amendment) Act 1999

13,380,892

15,422,086

25,575,842

(5,880,403)

5,900,728

54,399,145

14,107,681

6,876,905

20,984,586

PROVISION FOR RETIREMENT LIABILITY

STOCKS

Year to30th June

2015R

Year to30th June

2014R

The Cash at Banks represent cash held at banks.

Cash in Hand

Cash at Banks

122,644

123,445,183

123,567,827

14 CASH IN HAND AND AT BANKS

COMMITMENTS FOR CAPITAL EXPENDITURE FOR WHICH NO PROVISION HAS BEEN MADE IN THE ACCOUNTS

Capital commitments of R 52,869,000 have been contracted and a further R 77,686,000 has been approved by the Directors but not contracted as at 30 June 2015.

15

Year to30th June

2015R

Year to30th June

2014R

16 CONTINGENT LIABILITIES

The directors are not aware of any contingent liabilities as at 30th June 2015.

Year to30th June

2015R

Year to30th June

2014R

175,590

47,732,675

47,908,265

12,530,214

16,357,037

34,090,368

(5,589,285)

957,905

58,346,239

13,137,353

6,494,399

19,631,752

243,406

53,829,664

54,073,070

The cash comprises of:


Amounts due to Diageo Group companies in foreign exchange comprising trading debt for the supply of raw materials, plant and machinery, commission, royalties and fees for technical services amounted to R15,240,056 .

Royalties to Guinness and technical services fees for the year were R2,118,566 and R1,853,440 respectively .

(2014: R37,880,494)

(2014 R1,924,620 and R1,592,370 respectively)

17 DUE TO DIAGEO GROUP COMPANIES


NOTES CONTINUED

18

The Company has overdraft facilities which are secured by mortgages of £110,000 and R1,500,000 and over the Company's freehold property.

MORTGAGES AND CHARGES

19

The accounting policy for deferred taxation is based on balance sheet full liability method. Current charges on deferred tax are accounted for as part of the current year tax charge.

DEFERRED TAX

Deferred tax liability 441,333

Deferred tax asset:

Employees Retirement Scheme and Compensation 6,478,478

Other 3,791,179

10,269,657

Year to30th June

2015R

20

Investment is stated at cost in the following unquoted company incorporated in Seychelles:

INVESTMENT

Seybrew Employees Retirement Scheme Limited

2,106,025

Long term loan

2,106,025

Year to30th June

2015R

The loan does not bear interest and has no specific terms of repayment.

The results of this subsidiary have not been taken into account in these financial statements as the directors consider that in view of the insignificant amounts involved, it would be of no real value to the members of the company.

14,411,585

6,924,914

3,413,795

10,338,709

Year to30th June

2014R

2,106,025

2,106,025

Year to30th June

2014R

100%

Holding


22

The Seychelles Breweries Limited ultimate holding company is Diageo plc.

ULTIMATE HOLDING COMPANY

21

The asset relates to a plot of land which has been transferred from fixed assets and presented as held for sale following approval of the board of directors.

ASSETS HELD FOR SALE


SALES VOLUMES

BEER VOLUME in Thousand Hectolitres

0

5

10

15

20

25

30

35

40

F11 F12 F13 F14

('0

00

Hls

)

SEYBREW

EKU

GUINNESS

SMIRNOFF ICE

F15

0

10

20

30

40

50

60

F11 F12 F13 F14

SEYPEARL RANGE

COCA-COLA RANGE

SOFT DRINK VOLUME in Thousand Hectolitres

('0

00

Hls

)

F15

0

2

4

6

8

10

12

F11 F12 F13 F14

JW RED LABEL

JW BLACK LABEL

SPIRITS VOLUME in Thousand Equivalent Units

('0

00

EU

s

F15

SMIRNOFF RED VODKA

BAILEYS

BEER, SOFT DRINKS AND SPIRITS VOLUMES

EKU: 10%

SMIRNOFF ICE: 2%

GUINNESS: 6%

COCA-COLA RANGE: 33%

SEYBREW: 24%

SPIRITS: 11%

SEYPEARL RANGE: 14%



FINANCIAL HIGHLIGHTS

0

20

40

60

80

100

120

140

PROFIT BEFORE TAX - R’m

(Ru

pe

es

’m

)

F11 F12 F13 F14 F15

0

100

200

300

400

500

600

DIVIDENDS - Cents per Share

(Ce

nts

)

700

800

F11 F12 F13 F14 F15

760.0

505.0

743.0

300.0 300.0

NET ASSETS VALUE - Rupees per Share

(Ru

pe

es

)

0

5

10

15

20

25

F11 F12 F13 F14 F15

21.822.7

19.6

21.3

23.6

104.0

133.0

100.093.3 94.8



OTHER FINANCIAL HIGHLIGHTS


0

20

40

60

80

100

120

FIVE (5) YEAR CAPEX AND DIVIDEND TREND

(mS

CR

)

F11 F12 F13 F14 F15

CAPEX DIVIDEND

12

14

16

18

20

22

24

FIVE (5) YEAR RECOMMENDED RETAIL PRICE AND FOREX TREND

(SC

R)

F11 F12 F13 F14 F15

COKE (50cl) SEYBREW (28cl) FX RATE (vs. GBP)

0

10

20

30

40

50

60

70

NET SALES VALUE AND MARKETING SPEND

(pe

rce

nta

ge

)

SEYPEARL COKE SPIRITS BEER & RTD

NSV MARKETING SPEND

11%

0%

23%

7% 7%

38%

59%55%

The above figures represent the percentage (%) of total Net Sales and the percentage (%) of total marketing spend across the brand categories.


DISTRIBUTION OF WEALTH CREATED

The distribution of wealth created statement shows how wealth created by the Company goes back directly and indirectly into the Seychelles economy. The calculation also takes into account the portion retained for the replacement and expansion of the assets employed by the Company.

Year toJune 2015

R’000

Turnover

Less:

Paid to suppliers for materials and services

Total Wealth Created

Distributed as follows:

Members of staff

Salaries, wages, bonuses, pensions and other benefits 22%

Providers of Capital

Dividends 14%

Government Taxes

Trades Tax

Company Tax

Import Duties

42%

Reinvestment in the Company

Depreciation

Retained Profit/(Loss)

22%

Total Distributed and Retained

472,162

270,531

59,075

37,800

96,668

14,626

114,168

17,099

42,389

59,488

270,531

100%

TOTAL DISTRIBUTED AND RETAINED WEALTH

Year toJune 2014

R’000

17%

14%

51%

18%

452,782

(174,638)

278,144

47,590

37,800

94,820

26,642

22,185

143,648

20,204

28,903

49,107

278,144

100%

Members ofStaff: 22%

Providers ofCapital: 14%

GovernmentTaxes: 42%

Reinvestment inthe Company: 22%

(201,631)

2,874



SHAREHOLDING PROFILE The share ownership and the categories of shareholders at 30th June 2015 are set out below.

SHAREHOLDING SUMMARY

FOREIGN SHAREHOLDERS

% Holding

GUINNESS OVERSEAS LTD 3,276,000 26.00%

DIAGEO HOLDINGS NETHERLANDS BV 3,074,756 24.40%

AARDVARK NOMINEES LTD 504,000 4.00%

Total Foreign Shareholders 6,854,756 54.40%

LOCAL SHAREHOLDERS

SEYCHELLES PENSION FUND 3,314,606 26.31%

OTHER LOCAL SHAREHOLDERS (Corporate Bodies & Individuals) 2,430,638 19.29%

Total Local Shareholders 5,745,244 45.60%

GRAND TOTAL12,600,000 100.00%

Numberof shares

964 166 158

313025 1 3

178,358 134,964 367,638 235,513 658,289 153,787 701,887 504,000 9,665,362

1.42%1.07%2.92%1.87%5.22%1.22%5.57%4.00%

76.71%

1,360

1 - 500 shares 501 - 1,000 shares

1,001 - 5,000 shares 5,001 - 10,000 shares

10,001 - 50,000 shares 50,001 - 100,000 shares

100,001 - 250,000 shares 250,001 - 1,000,000 shares

Over 1,000,000 shares

12,600,000 100.00%

Number ofShareholders

Size of Shareholding Number ofShares Owned

% of TotalIssued Shares

17.54%

54.40%

0.10%26.31%

1.65%

100.00%

2,210,301

6,854,756

13,001 3,314,606 207,336

12,600,000

Individuals

Diageo Group

Haase Group Seychelles Pension Fund Other Corporate Bodies

1,351

3

3 1 2

1,360

Number ofShareholders

Category of Shareholders Number ofShares Owned

% of TotalIssued Shares



EMPLOYEE DISTRIBUTION

Age Group

Nu

mb

er

of

Em

plo

ye

es

pe

r G

rou

p

AGE DISTRIBUTION THROUGHOUT THE COMPANY

30

25

20

15

10

5

0

<20 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 60+

0

22 23 23

19

23

14

75

0

35

Years of Service

Nu

mb

er

of

Em

plo

ye

e P

er

Gro

up

LENGTH OF SERVICE

60

50

40

30

20

10

0

0-5 06-10 11-15 16-20 21-25 26-30 31-35 36-40 40+

80

21

7

16

60 2 0

4

70

80

90

MD’s Office: 3%

Human Resources,Facilities & Services: 5%

Supply Chain: 71%

Finance & IS: 8%

Commercial: 13%(18)

(11)

(7)

(4)

(96)



PROGRAMME FOR ANNUAL GENERAL MEETING

Only Shareholders or their proxies are entitled to attend the Annual General Meeting on Saturday 28th November 2015.

Transport departs various locations on Mahe from 9.00 a.m.

Arrival at Ephelia Resort, Port Launay 10.45 a.m.

Assemble for Annual General Meeting 10.55 a.m.

Annual General Meeting to Commence 11.00 a.m.

Refreshments (non-alcoholic) and lunch 12.00 noon

Transport departs Ephelia Resort, Port Launay 1.30 p.m.

Buses will depart from and return to the following locations:

Bel Ombre - Danzilles via St Louis, Bel Eau, Mont Fleuri, Cascade, Anse Aux Pins, Anse Royale via Les Cannelles, Anse Boileau, Grand Anse to Ephelia Resort, Port Launay. Beau Vallon - Beau Vallon Police Station via Glacis, Anse Etoile via La Misere to Ephelia Resort, Port Launay.

SPTC Platform S - Mont Fleuri, Cascade,Anse Aux Pins, Anse Royale, Les Cannelles, Anse Boileau, Grand Anse to Ephelia Resort, Port Launay.

SPTC Platform S - Mont Fleuri, Roche Caiman, Anse Aux Pins, Anse Royale via Takamaka, Baie Lazare to Ephelia Resort, Port Launay.

Buses “properly identified” with SEYBREW banners will stop at all Bus Stop along the way to Ephelia Reosrt, Port Launay.

For Shareholders from Praslin and La Digue, “Cat Cocos” will leave Praslin at 9.00 a.m. A bus will be stationed at the Inter Island Quay on arrival. Similar arrangements will be made for departure.

Seychelles Breweries LtdO’Brien House, PO Box 273, Le Rocher, Mahé, Seychelles

Tel (+248) 4 382 600 • Fax (+248) 4 382 [email protected]


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