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QUALITY BEVERAGES LIMITED

ABRIDGED AUDITED FINANCIAL STATEM ENTS FOR THE YEAR ENDED 31 DECEMBER 2012

STATEMENTS OF FINANCIAL POSITION

31 December 2012 31 December 2011 31 December 2012 31 December 2011

Rs Rs Rs Rs

ASSETS

Non-current assets 611,497,399 627,236,962 609,060,859 619,288,957

Current assets 286,620,574 308,042,864 280,896,820 296,845,746

TOTAL ASSETSRs

898,117,973 935,279,826 889,957,679 916,134,703

EQUITY AND LIABILITIES

Capital and reserves

Attr ibu tabl e to:

Owners of the company 313,509,453 357,339,453 321,213,909 357,888,551

Non controlling interest (4,837,608) 1,420,055 - -

Non-current liabilities 262,805,879 213,219,069 257,579,135 207,925,286

Current liabilities 326,640,249 363,301,249 311,164,635 350,320,866

TOTAL EQUITY AND LIABILITIES Rs 898,117,973 935,279,826 889,957,679 916,134,703

STATEMENTS OF COMPREHENSIVE INCOME

Year ended Year ended Year ended Year ended

31 December 2012 31 December 2011 31 December 2012 31 December 2011

Rs Rs Rs RsRevenue 606,992,505 583,614,145 586,508,463 553,530,792

Operating Profit/(Loss) (37,893,043) (214,704) (25,139,431) (2,310,414)

Finance costs (18,003,406) (15,141,491) (17,343,997) (14,486,456)Loss before taxation (55,896,449) (15,356,195) (42,483,428) (16,796,870)

Taxation 5,916,786 3,835,897 5,916,786 3,835,897

Loss after taxation for the year Rs (49,979,663) (11,520,298) (36,566,642) (12,960,973)

Other comprehensive income for the year (108,000) 89,636,900 ( 108,000) 89,636,900

Total comprehensive income for the year Rs (50,087,663) 78,116,602 (36,674,642) 76,675,927

(Loss)/Profit attributable to

Owners of the parent (43,722,000) (12,243,131) (36,566,642) (12,960,973)

Non controlling interest (6,257,663) 722,833 - -

Rs (49,979,663) (11,520,298) (36,566,642) (12,960,973)

Total comprehensive income attributable to:

Owners of the parent (43,830,000) 77,393,769 (36,674,642) 76,675,927

Non controlling interest (6,257,663) 722,833 - -

Rs (50,087,663) 78,116,602 (36,674,642) 76,675,927

Loss per share Rs (6.15) (1.72) - -

STATEMENTS OF CHANGES IN EQUITY

Year ended Year ended

31 December 2012 31 December 2011

Equity ho lders No n c on tro llin g Total Eq uity ho ld ers Non con trolling Tota l

of the company Interest of the company Interest

Rs Rs Rs Rs Rs Rs

Balance at 1 January 357,339,453 1,420,055 358,759,508 283,500,976 697,222 284,198,198 357,888,551 284,767,916Loss for the year (43,722,000) (6,257,663) (49,979,663) (12,243,131) 722,833 (11,520,298) ( 36 ,5 66 ,6 42 ) ( 12 ,9 60 ,9 73 )

Other comprehensive income (108,000) - (108,000) 89,636,900 - 89,636,900 (108,000) 89,636,900

Total comprehensive income and expense for the year (43,830,000) (6,257,663) (50,087,663) 77,393,769 722,833 78,116,602 (36,674,642) 76,675,927

Dividend (3,555,292) (3,555,292) (3,555,292)

Balance at 31 December Rs 313,509,453 (4,837,608) 308,671,845 357,339,453 1,420,055 358,759,508 321,213,909 357,888,551

THE GROUP THE COMPANY

THE COMPANY

THE GROUP THE COMPANY

Year ended

31 December 2011

THE GROUP

Year ended

31 December 2012

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QUALITY BEVERAGES LIMITED

STATEMENTS OF CASH FLOWS

Year ended Year ended Year ended Year ended

31 December 2012 31 December 2011 31 December 2012 31 December 2011

Rs Rs Rs Rs

NET CASH GENERATED FROM OPERATING ACTIVITIES 38,437,121 49,838,324 41,854,881 44,384,466

NET CASH USED IN INVESTING ACTIVITIES (19,314,079) (40,278,012) (19,859,870) (36,859,990)

NET CASH USED IN FINANCING ACTIVITIES (12,176,805) (14,430,241) (12,204,401) (14,084,209)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 6 ,946 ,237 (4,869,929) 9 ,790 ,610 (6,559,733)

CASH AND CASH EQUIVALENTS-OPENING (60,028,771) (55,158,842) (58,700,348) (52,140,615)

CASH AND CASH EQUIVALENTS-CLOSINGRs

(53,082,534) (60,028,771) (48,909,738) (58,700,348)

SEGMENTAL INFORMATION - GROUP Year ended Year ended

31 December 2012 31 December 2011

Rs Rs

Revenue

Bottling and distribution 586,508,463 553,530,792

Advertising 20,484,042 30,083,353

Rs 606,992,505 583,614,145

Segment Results

Bottling and distribution (25,285,375) (2,072,536)

Advertising (12,679,668) 1,857,832

(37,965,043) (214,704)

Net Finance costs (1 7,93 1,4 06) (1 5,1 41,4 91 )Loss before taxation (5 5,89 6,4 49) (1 5,3 56,1 95 )

Taxation 5,916,786 3,835,897Loss after taxation Rs (4 9,97 9,6 63) (1 1,5 20,2 98 )

NOTES:

The audited condensed financial statements for the year ended 31 December 2012 are prepared using the same

accounting policies and methods of computation as those adopted in the statutory financial statements for the year ended 31st December 2011.

Group Results:

The group has increased its year on year turnover by 4%. However, the loss after tax has increased from Rs11.5m to Rs50m. This loss has been

driven principally from a fall in sales volume resulting from price increases driven by the water levy on drinks together with subsidiary losses

resulting from higher costs consequential to the introduction of a billboard tax on outdoor media.

PROSPECTS

The beverages industry remains highly competitive. The group has taken corrective measures and expects the results to improve in 2013.

However, the introduction of a significant tax on sugar drinks remains a threat to the industry.

By order of the Board

Currimjee Limited

Secretary

Dated this : 28 March 2013

The Board of Directors of Quality Beverages Limited accepts full responsibility for the accuracy of the informationcontained in these condensed unaudited fi nancial statements prepared in accordance with InternationalFinancial Reporting Standards. Copies of the report are available to the public, free of charge, at the re gistered

office of the Company: 6 Sir William Newton St, Port Louis.

These Financial Statements are issued pursuant to DEM Rule 18

The statement of direct and indirect interests pursuant to the rule 8(2)(m) of the Securities Act(Disclosure Obligations

of Reporting Issuers) Rules 2007 is available upon request from the Company Secretary, Currimjee Limited.

THE GROUP

THE GROUP THE COMPANY