Note 2
Excluded in the Dividend income above are the following:
1. N$ 12 000 worth of dividends paid out by Namibian Breweries, of which 50% was paid
out of the Share Premium Account.
2. Five tickets to the next soccer world cup were given to the five directors of the
company. This was received as a gift out of the fact that W& Tis a shareholder and holds
25% of the issued share capital of a listed brewing company. The market value of one
ticket at the time of granting the gift was N$ 15 000.
The following additional costs/items have not been taken into account above:
Head Office
W& T's Head office was moved from the Windhoek Central Business District to the Southern
Industrial Area of Windhoek. The prior head office was leased from Olthaver & List, of which the
contract ended 31 July 2022. The contract had a total lease term of 10 years. The offices were
vacated in the last week of July 2022. The contract required W& Tto pay a monthly rental of N$
20 000 per month, as well as a lease premium of N$ 10 000 and a lease deposit of N$ 20 000.
The deposit was only returned to W& Ton 30 October 2022.
W& T entered into a new lease agreement on 01 August, for a lease term of 30 years, to lease a
building in the southern industrial area. According to this contract W& T needs to pay a rental of
N$ 15 000 per month, a lease premium of N$ 5 000 and a deposit equivalent to one month's
rental. The contract further requires W& T to effect lease improvements to the property to the
value of N$ 200 000. These improvements were completed 30 September at a final cost of N$
250 000.
Manufacturing site
W& T have historically operated their entire manufacturing process from a building situated in
the northern industrial area of Windhoek. This building was completed 02 May 2016 at a total
cost of N$ 420 500. As W& T has expanded their operation, W& T decided in 2019 to construct
another manufacturing site which will be used to manufacture solely the rubber compound
used in the manufacturing of tyres. The building was completed in June 2022 at a cost of N$ 3
100 500 and brought into use on 01 September 2022.
In order to finance the construction of the new manufacturing site, W& T entered into a loan
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