Restrictions on production during this period alsocurtailed our ability to service market demand. United Breweries (Holdings) chairman Vijay Mallya. In the alcohol space beer is the most popular drink in India after spirits. Financial performance for the year ended March 31 2020 is summarized below: The financial statements for the year ended March 31 2020 have been prepared underIndian Accounting Standards ("Ind AS") pursuant to notification by theMinistry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules2015 as amended. During FY20 the Company utilised 11.43 million units of electricity from solarenergy at eleven breweries and an additional 14.30 million units of electricity from windenergy at our five breweries in Karnataka and Tamil Nadu. The … -United Breweries announces successful placement of Treasury Stock. Tight cost control measures expanding footprint for premiumbrands and cost-saving projects across the manufacturing footprint have helped us achievethis in an environment of relatively high inflation especially for commodities andbottles. Also in over 60% of the markets StateGovernments directly dictate the price at which beer can be sold. and governmentrestrictions applied on advertising pose huge challenges to industry growth. The Internal Financial Control framework of your Company is established in accordancewith COSO (Committee of Sponsoring Organizations) framework and is commensurate with thesize and operations of your Company's business. Over 30% of the totalpopulation in India comprises youth and beer consumption is increasingly becoming part oftheir social interactions. UBL will file its reply in due course and after hearing by CCI theOrder/demand will be issued. In many parts of the country wholesale and / or retail distribution iscontrolled by State Government monopolies. The programme is ongoing andwill benefit 20000 people through the 2 Safe Drinking Water Hubs that are being installed.In addition to implementing rainwater harvesting and watershed management projects in andaround the breweries recycling of the treated waste water continues within the breweries.The water initiatives have benefitted over 200000 people. It is beingpromoted by leveraging its association with global marketing platforms of Football (UEFAChampions League) James Bond and Music. Responses fromDirectors were submitted through an electronic platform and were kept confidential. Radhakishan Damani - Net Worth: $13.8 Billion. Team Business Standard, IND vs AUS LIVE SCORE, 3rd Test Day 3: Cummins strikes, Rahane departs 22. www.unitedbreweries.comand is available through the weblink: www.unitedbreweries.com and isavailable through the weblink, Profit after Tax available for appropriation, Dividend on Equity Shares (including taxes thereon), Indian Accounting Standards (Ind AS) 115 Adjustment, Balance your Directors propose to carry to the Balance Sheet, Access Exclusive content - articles, features & opinion pieces, Weekly Industry/Genre specific newsletters - Choose multiple industries/genres, Access to 17 plus years of content archives, Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box, End of day news alerts on 5 companies (via email). This In addition due to COVID retail was completely shut fromMarch 23 2020 with on-trade outlets being progressive closed in the weeks prior causinga secular drop in sales for beer and spirits. Human Resources (HR) develops UBL's most important asset - our people - by empoweringthem. United Breweries Holdings Networth: Networth is the difference between a company's total assets and its total liabilities. Note : Support and A Cash Flow Statement for the year ended March 31 2020 is appended. Approval of the Audit Committee and the Board of Directors as required underthe Listing Regulations has been obtained for such transactions. In terms of Section 139 of the Act as amended by the Companies(Amendment) Act 2017 appointment of Auditors need not be ratified at every AGM.Therefore the Notice convening the ensuing AGM does not carry any resolution forratification of appointment of Statutory Auditors. Our employeesand vendors can report any violation of the code via an online platform named Speak-Up.The platform is managed by a third party to ensure that the identity of the whistle bloweris protected. Should theGovernment continue to proactively open-up and regulate online sale of alcohol / homedelivery it would be favourable for the beer industry in the long term. Demand is likely to only gradually recover and is negativelyimpacted due to increased taxation and other impediments. Advertisement . In entirety the industry also faces the threat of partial or total prohibitionbased on political manifesto of the ruling party in a State. During the year one Meeting of Independent Directors was held on June 04 2019. The Industry has evolved from manufacturing standard beerssuch as strong and lager beer to flavoured and variety beers in line with trends in otherdeveloped countries. Industrial Relations continue to be harmonious and peaceful at all levels and at alllocations of the Company. The Company is proud ofthe fact that many of the leading rating agencies have recognized its achievements andprogress with excellent ratings and have acknowledged us as one of the future readycompanies. The consolidated financial statement of the Company including the financial statementof its subsidiary forms part of this Report in terms of the Act and the ListingRegulations. In the financial year 2015/16, UBL had posted a consolidated net profit of Rs 295.45 crore, on a revenue of Rs 5,075.81 crore. United Breweries Ltd (UBL) on Wednesday said Yes Bank has invoked 19 lakh of its shares worth Rs 156 crore which were pledged by McDowell Holdings, a unit of Vijay Mallya-led UB Group. The details of the Familiarization Programme for Independent Directorsis disclosed on the Company's website at the weblink: http://unitedbreweries.com/pdf/policyandcodes/Familiarisation%20Programme.pdf, The Company has adopted vigil mechanism which is a channel for receiving and redressingof complaints about any misconduct actual or suspected fraud actual or potentialviolations of the Company's code of conduct and any other unethical unlawful or improperpractices acts or activities within the Company. Additionally the effectiveness of the Board andCommittees was also evaluated by each Member of the Board and Committee. As required under Regulation 43A of the Listing Regulations the Company has formulateda Dividend Distribution Policy. Transfer ofthese shares therefore may not constitute a transfer of ownership. In order to maintain confidentiality of the entire process the exercise was carriedout on an anonymous basis and summary of responses received from Directors was placed anddiscussed at a Board Meeting and individual scores circulated to the Director concerned.Discussions on a one-to-one basis with individual Directors were also organized for thoseDirectors who wanted a more in-depth understanding. Mr. Rudolf Gijsbert Servaas van Den Brink a Heineken nominee Director resigned fromthe Board of the Company w.e.f. Depreciation for the year was Rs.2850million as compared to Rs.2598 million in the previous year which reflects increase inassets due to expansion of breweries. In order to cater to new consumers capture market opportunities compete with newlaunches by competitors and in continuous endeavour to offer new product ranges UBL hasadded to its portfolio via "Kingfisher Ultra Witbier" in the premium segment. Keeping in view the sensitivity and confidentiality associated with the exercise anexternal agency was engaged to anchor the process. The Company has entered into an agreement with National Securities DepositoryLimited and Central Depository Services (India) Limited in accordance with the provisionsof the Depositories Act 1996 and as per the directions issued by the Securities andExchange Board of India. 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Other details including the composition of the Board and variousCommittees and Meetings thereof held in FY20 are given in the Corporate Governance Reportforming part of this Report. Maltex Malsters Limited is a non-listed entity and is not a materialnon-listed subsidiary as defined in Regulation 16(1)(c) of the Listing Regulations. Copyrights © 2021 Business Standard Private Ltd. All rights reserved. London Pilsner announced its association withlegendary English cricketer Ben Stokes. Your Company's Directors have pleasure in presenting this Annual Report on the businessand operations of the Company and the audited accounts of United Breweries Limited ('UBL'or 'your Company' or 'the Company') for the financial year ended March 31 2020 ('the yearunder review' 'the year' or 'FY20'). The threat to sales in some territories in the country arises due to changes ingovernment regulations as also the threat of prohibitive actions which stems from constantchanges in the political climate in the country. Which stock to buy and why? In India the beer sector is at its growth stage with competing companies in the marketlooking for further market expansion with introduction of new products and bystrengthening their distribution network. Mid-day meals have been supported for 1666 children in 23 Government schoolsof Mangalore. Kingfisher Ultra and Kingfisher UltraMax continues to gain traction with their association with various Fashion and Styleplatforms. Howeverfor a variety of socio economic and religious reasons India's current per capitaconsumption of beer still hovers around 2 litres which is well below the Global average ofaround 30 litres and Asia average of about 27 litres. This constituted 3.4% of revenue from operations.Your Directors place on record their sincere appreciation to all employees for theircontribution towards the continuous success of the organization. How much will banks get if they sell Vijay Mallyau2019s shares? We articulate key issues as well asopportunities that emerge and update our engagements. icTracker; icTopTen; Services. The dividend declared for the previous year was Rs.2.50/- per Equity Share of Re.1/- each. 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The Company has since commenced manufacture of non-alcoholic beveragesat its above facility. Three leading players contribute over85% of the total industry sales with our Company being the market leader having a marketshare of about 52%2. Debt Equity Ratio: Net debt which was 6% of Shareholder funds as on March 31 2019stood at same level of 6% as on March 31 2020 as a result of net debt increased by15.75% while shareholder funds increased 11%. It remains highly regulated with high taxationrestrictions on cross border movements constraints on production retailing and otherbarriers. 3. Profit before Taxation for the year stood at Rs.5674 million as compared to Rs.8785million in the previous year reflecting a decrease of 35%. Interest cost was contained at same level of previous year with effectiveworking capital management. The State Government of Bihar has challenged theJudgement of Patna High Court in Supreme Court which is pending. EBITDA for the year under review stood at Rs.8835 million ascompared to Rs.11695 million in the previous year reflecting a decrease of about 24%.Increased input cost and increase in price of beer to consumers due to increases in dutiesand consequent reduction in volumes not only dampened the demand but were alsoinstrumental in putting pressure on margins. The Companyis a key partner of Sunburn India's largest music festival. The Authorized Share Capital of the Company stands at Rs.9990 million comprisingEquity Share Capital of Rs.4130 million and Preference Share Capital of Rs.5860 million.The Issued Subscribed and Paid-up Equity Share Capital of the Company as on March 312020remains unchanged at Rs.264.4 million comprising 264405149 Equity Shares of Re.1/-each. Amstel Strong has crossed 1 million cases in sale in itsfirst full year in the market. It has commenced this initiative with a programme toengage with key stakeholders of our business. However the Secretarial Auditor has observed delay/ deviation with respect to (i)disclosure on related party transactions for half year ended March 2019 to Stock Exchangesand (ii) non-intimation of Board Meeting held on August 13 2019 to Stock Exchanges.Deviations in the nature of delay in submissions have been addressed by making requisitefilings with the Stock Exchanges and the matters stand resolved. Sep 23 2019 10:09 AM, UBHL pleads with Karnataka High Court not to wind up company Mallya’s personal wealth, like most high net worth individuals is a subject for speculation – for most part at least. Following are the Key Financial Ratios where variance of more than 25% is noticed ascompared to the previous financial year; Interest Coverage Ratio: EBITDA 37 times interest in 2018-19 has come down to 28 timesin 2019-20 on account of EBITDA degrowth by 24% while interest costs is at same level. The Company has formulated a policy on materiality of Related Party Transactions andalso on dealing with Related Party Transactions which is placed on the website of theCompany www.unitedbreweries.com and isavailable through the weblink http://unitedbreweries.com/pdf/policyandcodes/Policy%20on%20Related%20Party%20Transactions.pdf. 2. The Board of Directors has complete access to requisite information within theCompany. Also aquestionnaire for Committees is framed on parameters such as adherence to the terms ofreference and adequate reporting to the Board. Theindustry may witness further acquisitions entry of new players and brands and tie-upswhich will drive this market further towards growth. In a year where industry remained sluggish due to a variety of economic factors yourCompany maintained its Net turnover with a marginal increase of 0.5% over the previousfinancial year. Return on Net worth: Return on Net worth decreased from 18% in 2018-19 to 12% in2019-20. The rippling effect of lockdown will have a key impact on India's economy as allbusiness sectors get affected resulting in low revenue generation due to an eventual halt/ slump on the sale of products and / or services. Besides this 5 large new water conservation projects were launched in TelanganaKarnataka Maharashtra Kerala and Tamil Nadu which aims at creating groundwater rechargepotential sustainable livelihood through natural resource management and training offarmers to promote sustainable livelihood through organic farming and climate resilientfarming practices. The Super Premium beersegment within both the Strong and Mild beer categories has been growing faster than theoverall beer industry and has grown at a Compounded Annual Growth Rate (CAGR) of almost 30per cent over the last three years. We at moneycontrol are continually attempting to improve our products and what’s more, carry the best to our users! (ii) As per disclosures received by UBL in May 2018 under SEBI (Prohibition of InsiderTrading) Regulations 2015 and SEBI (Substantial Acquisition of Shares and Takeovers)Regulations 2011 from a few Promoter companies controlled by Dr. Vijay Mallya we noticethat 41315690 Equity Shares held by such entities in UBL constituting 15.63% of thetotal paid up capital have been transferred to the demat account of EnforcementDirectorate (ED) Mumbai Government of India. Bengaluru: United Breweries Ltd on Wednesday reported net profit decline of 39.35% at Rs 41.19 crore for the quarter ended March, mainly due to Covid-19 led disruption intensified by overall consumption slowdown, policy changes in Andhra Pradesh and input cost increase. The information on conservation of energy technology absorption foreign exchangeearnings and outgo as stipulated under Clause (m) of sub-section (3) of Section 134 ofthe Act read with the Companies (Accounts) Rules 2014 is set out herewith as Annexure-Dto this Report. Significant changes in Key Financial Ratios. UBL uses technology effectively in all stages of employee life cycle from hire toretire. Listing fees have been paid to these Stock Exchanges for the year2020-2021. We are continually working towardsreducing our water and energy consumption and adopting renewable sources of energy therebyreducing our carbon footprint. There are no qualifications reservations or adverse remarks in the Secretarial AuditReport. The Kingfisher Calendar continues to maintain its high aspirational value. Report on Corporate Governance forms a part of this Report along with the Certificatefrom the Company Secretary in Practice. Is the company as good as it looks? Intellectual Capital Reporting; Intellectual Investing Insights; Intellectual Capital News; Tools. Strong beer which has an alcohol content between 6% and 8% dominates the beermarket accounting for over 85% of the total beer consumed in India. All the wage agreements have been renewed in a timely manner and are valid andsubsisting. Duringthe year under review the state of Andhra Pradesh introduced a new alcohol policy whichcancelled existing bar licenses and reduced the number of retail outlets by about 40%.Such a conservative and anti-industry approach in a few states poses a challenge for theCompany. The Company operates out of a large number of locations across the country that arecharacterized by non-uniformity in levels of awareness socio-economic developmenteducation poverty practices and rituals. In line with statutory requirements the Board of Directorshas adopted a Remuneration Policy for Directors Key Managerial Personnel (KMP) and otheremployees of the Company. No order/s have been passed or stringent action taken by any Regulator or Court orTribunal impacting the going concern status of the Company. Shiv Nadar was born on 14 July, 1945 at … Learning is ingrained in the UBL culture and employees are constantly encouraged andgiven ample opportunities to upgrade their knowledge and skill. A statement containing the salient features of the financial statement of thesubsidiary and associate is attached as Annexure-C to this Report. UBL has 3207 employees on its rolls across all locations. Consumer acceptance of our beers hasled to further innovations and new product introductions. (Net Worth)/Number of Shares. Thesecompanies compete healthily based on product variants product quality distributionnetwork brand value and promotion strategies. Familiarization is done at the Board Meeting itself where business is discussed atlength along with Industry dynamics Strategic planning and other relevant information.Presentations are regularly made to the Board of Directors /Audit Committee / Nomination& Remuneration Committee on various related matters where Directors get anopportunity to interact with Senior Managers. The maker of Kingfisher reported a 10.65% drop in net sales in the second quarter at Rs 3099.58 crore. Inhis place Mr. Jan Cornelis van der Linden was appointed as an additional Director w.e.f.June 01 2020 and a Resolution for regularisation of his appointment has been proposed forapproval of Members at this Annual General Meeting (AGM). UBL continues toinvest in both capacities and brands year on year. UBL has formulated a policy for determining material subsidiaries which is placed onthe website of the Company www.unitedbreweries.comand is available through the weblink: http://unitedbreweries.com/pdf/policyandcodes/Policy%20for%20Determining%20Material%20Subsidiaries-PDF.pdf. UBL has formulated a Performance Evaluation Policy inter-alia prescribingevaluation criteria for Independent Directors and the Board of Directors of the Company.The Policy is posted on the website of the Company and is available through the weblink http://unitedbreweries.com/pdf/policyandcodes/Directors%20Performance%20Evaluation%20Policy.pdf. Parameters for the Directors includingintellectual independence of the Director participation in formulation of business plansconstructive engagement with colleagues and understanding of the risk profile of theCompany. Ratio of Remuneration and Particulars of Employees. Direct impact of COVID istherefore estimated at Rs. Apart from procuring barley-malt locallyCompany also imports barley from other countries. From a total industry consumption of about 100 million cases in2005 the consumption crossed over 300 million cases in 2019. Manufacturing expenses for the FY20 amounted to Rs. Though sales have been prohibited incertain states we have effectively identified avenues for increasing sales in otherstates. The distribution of beer in India is still largely controlled by the state-orstate-owned corporations resulting in stricter regulations across various states so as tohave better control over prices consumption and excise duty. Accordingly the Companyhas remitted the aforesaid dividend amounts to the account of Official Liquidator. Our brands are sold in 60+ countries We create employment for over 7000 people. Note : Support and Resistance level for the Beer has registered robust growth in thelast one and half decades. It also launched Kingfisher Airlines, an airline in India … With a P/E ratio of 71.7, United Breweries is expected to grow earnings very strongly in the years to come. Catering to the growing demand for a premium international strong beer in the Indianmarket the Company launched the iconic Dutch beer brand Amstel. In February 2009, Foster's announced the decision to separate the Australian Wine division from the Australian Beer, Cider & … Details of complaints pertaining to sexualharassment filed disposed of and pending during the financial year are provided in theCorporate Governance and Business Responsibility Reports of this Annual Report. Pursuant to the Section 204 of the Act 2013 and Rule 9 of the Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014 the Company has appointed Mr.Sudhir Hulyalkar Company Secretary to undertake Secretarial Audit of the Company for theFY20. 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