4 CHAIRMAN’S REPORT

6 BOARD OF DIRECTORS AND SECRETARIAT STAFF STRUCTURE

9 CHIEF EXECUTIVE OFFICER’S OPERATIONAL REPORT

17 ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 2014

30 MEMBER LISTING

INDEXFOCUSED INITIATIVE

Impact economic sustainability inline with Vision

2030 goals

FOCUSED INITIATIVE

Inspire competitive standards

FOCUSED INITIATIVE Stimulate consumer

confidence in Namibian products and services

VISION To make Namibian products and services part of everyday life

MISSION To facilitate the increased consumption of Namibian products and services

locally and abroad by inspiring competitive standards, stimulating consumer confidence and impacting economic sustainability

BEHAVIOUR UUKUMWE (working together to make an impact on economic

sustainability in Namibia)

4

CHAIRMAN’S REPORT

Team Namibia supports the National Development goals as set out in Vision 2030. During this period of transformation, Namibia’s economic stewards are witnessing and experiencing close collaboration and consultation, working together to achieving a common vision. As the Fourth National Development Plan (NDP4) and its stipulated targets near expiry in 2017, we have all entered the near final implementation phase.

The manufacturing sector growth has been limited due to competition from formidable global contenders. We have however witnessed substantial investments into infrastructural development, a necessary and enabling environment for trade and investment. The creation of value chains in the Namibian economy remains critical to creating opportunities for economic participation and more rapid economic growth. The establishment and growth of business will require support interventions throughout the various stages of an enterprise’s lifespan. The role of the private sector in the Namibian economy is crucial as the growth of the economy depends, to a large degree, on the growth of the private sector.

Team Namibia has undertaken the correct approach to igniting an increased awareness and demand for Namibian products and services. We are witnessing a period of increased entrepreneurship and an intense consumer belief that if it is Namibian, then it is for the better. We passionately endeavour to make our contribution by increasing consumption and facilitating market access.

I am pleased to announce to you, through this report, that although we are not yet where we are going to, we are a long way from where we are coming from. So, we are making progress.

TARAH SHAANIKACHAIRPERSON OF THE BOARD

6 7

SECRETARIAT STAFF STRUCTUREDaisry Mathias Team Namibia Chief Executive Officer

Jacqueline Angula Office Manager

Gervalda Arnat Membership Administrator

BOARD OF DIRECTORS

Tarah Shaanika CHAIRPERSON

Dixon Norval VICE CHAIRPERSON

Ndiitah Nghipondoka-Robiati

Karape Katjivive

Jaco VenterFidelis Mwazi Gideon Shilongo Ronnie Varkevisser Megan Zondagh

Tim Ekandjo

Pauline Thomas

Henry Feris Lizette Foot

Claudine Mouton

Ueritjiua Kauaria

Gitta Paetzold Moses Shiikwa

9

I am pleased to publish this report which records progress made by Team Namibia. As a member-based, Association-Not-For-Gain, Team Namibia is working actively to realize its vision of “making Namibian products and services part of everyday life”.

Our current three year strategy (2014-2016), to gain a sustainable competitive advantage for Namibian products and services, will be realized through the implementation of the following three high level initiatives:

Team Namibia passionately endeavours to positively impact the sustainable economic development of the country, by growing the consumption of locally produced goods and services, domestically and abroad. We have undertaken a social marketing approach to ignite increased public awareness. Consumer markets play a significant and catalytic role in empowering Namibian owned enterprises, by preferring, consuming and procuring from our Team Namibia member businesses.

Our vision feeds our passion to inspire a consumer movement. At Team Namibia we have identified a common role that EVERY Namibian can assume, which is to become the agent of change. We believe every Namibian has the power to transform our economy, just one Namibian purchase at a time. How inspiring, how empowering, how attainable!

As a fully independent business support organisation, Team Namibia represents multi-sector business organisations from across the value chain. We understand the need to continue to build relevance with both industry and stakeholders and we do so by delivering tangible value and measurable impacts that far exceed member expectations. Team Namibia champions the cause for patriotic consumerism, advocates for competitive standards, facilitates and negotiates market access and promotes the export of competitive goods and services, to create the future we all want for our children.

2014 STRATEGIC SUMMARYOur seal of endorsement is our currency. During the year ended 2013, Team Namibia underwent a transformational re-branding strategy with new membership criteria. The objectives of that process were as follows: - Quantify local value addition- Inspire competitive standards to build consumer confidence

The process necessitated the development of economic measurement tools by Team Namibia, which developed an instrument (Balance Scorecard) to measure the value of contribution made by corporate citizens operating in Namibia, to the local economy.

2014 marked the beginning of the implementation of this strategy, with all previously existing members subject to reapply under the new membership criteria. The change and new process has been widely accepted and supported, as it now enables Team Namibia to conduct a ‘Namibianness Audit’, quantifying local value addition.

Wider sectoral membership representation will remain a priority focus, to ensure continued relevance.

Chief Executive Officer’s Operational Report

CHIEF EXECUTIVE OFFICER’S OPERATIONAL REPORT

Inspirecompetitive

standards

Stimulate consumer

confidence

Impact sustainable economic

development

10 11

Chief Executive Officer’s Operational ReportChief Executive Officer’s Operational Report

ADMINISTRATION, HUMAN RESOURCES AND FINANCE

Team Namibia has managed to celebrate successes albeit in the midst of resource constraints and competing priorities. The Secretariat is unable to advance in its mandate without the necessary resources. Employees are the catalysts who transform knowledge into value and service to our members. For this reason Administration recognized the need to recruit skilled and passionate employees. One highly competent professional was recruited during the period under review, countered by a resignation during the same period. This brought the Secretariat workforce to a total of 3 permanent employees by year end.

Ms Gervalda Arnat assumed office, 01 October 2014 as Membership Administrator. Ms Jacqueline Angula stepped down as Office Manager, effective 31 December 2014.

REMUNERATIONThe Board approved a thirteenth cheque, across all staff levels, in this period.

MEMBERSHIP

Total membership during the period under review has grown by [11%] which brings our total national member network to a number of [236] member organisations.

Retention: 60% New business acquisition: 40%

MARKETING AND PUBLIC RELATIONS

EXHIBITION: MADE IN NAMIBIA EXPO Running in its 3rd year, the Ministry of Trade and Industry’s Made in Namibia Expo was hosted on 29-31 July 2014 at Safari Court and Conference Center in Windhoek, under the theme “Growth at Home”. Team Namibia participated in the capacity of Strategic Partner, alongside the Namibia Chamber of Commerce and Industry (NCCI), the Namibia Manufacturers Association (NMA) and the Namibia Development Corporation (NDC). Over 250 businesses participated in the exhibition.

His Excellency Hifikepunye Pohamba, President of the Republic of Namibia addressed exhibitors at the official launch ceremony. Interactive presentations ensued with discussion were delivered by Team Namibia alongside other strategic partners. The Team Namibia showstand was awarded a Runner-Up prize in the category of Innovation.

EXHIBITION: BANK WINDHOEK KIDZ FUN FAIR Team Namibia participated in the Annual Bank Windhoek Kidz Fun Fair in November. The showstand theme of “Team Work” demonstrated the value of partnerships, in working together towards a common goal. The future custodians of our economy were edutained with a plethora of gaming activities, treats and rewards. It was delightful!

MONTHLY NEWSLETTER PLATFORM: TEAMTALK Various marketing and stakeholder engagement platforms where utilised to inform, sensitise and garner the support of employees, members and stakeholders alike. One such vehicle is the monthly electronic news platform, titled: TeamTalk, which provides a monthly detailed report on activities undertaken by Secretariat on behalf of members and also making provision for member profiling content in line with our ongoing effort to create wider awareness for the available options.

DIGITAL MARKETING: WEBSITE AND SOCIAL MEDIA DRIVE TEAM COMMUNICATIONS With the increasingly enlarging digital penetration footprint, Team Namibia would not be left behind. Our website underwent a backend system upgrade and frontend aesthetic enhancement, capacitating the platform to become the cornerstone for online communications.

Social media platforms are supplementary communication vehicles, used to intercept and bring the Team Namibia conversation closer to consumers, whilst soliciting feedback and connecting businesses, on these online communities. Team Namibia is actively engaged in digital conversations via Facebook, Twitter, LinkedIn, YouTube and Instagram. Relevant and timely communication forms an integral part to the success of the staff and stakeholder engagement initiatives.

ONLINE MEMBER DIRECTORY AND IMAGE BANK The Online Member Directory (OMD) which is a central electronic data repository of all Team Namibia registered businesses and their respective product brands, was successfully implemented and launched December 2014, with all relevant employees having undergone the necessary systems training. OMD is a data management, administrative and communications tool which enables us to manage and retrieve member data.

With this development only running for a few months, we are already seeing the benefit to our organisation and members. The available online Image Bank which includes detailed product specifications is a useful tool for retail buyers, procurement agents and even prospecting importers.

Go to www.teamnamibia.com to review this directory.

12 13

Chief Executive Officer’s Operational ReportChief Executive Officer’s Operational Report

TEAM NAMIBIA DESIGNER SHOPPING BAGS In a partnership with local designers and Team Namibia member retail outlets, Team Namibia produced the first of its kind, truly Namibian Shopper Bag. Four local graphic designers contributed the winning designs. The bags were disseminated exclusively via the participating retail outlets, as rewards to those consumers spotted purchasing Namibian products during the December festive season.

NATIONAL RETAIL MERCHANDISING CAMPAIGN Team Namibia launched a national merchandising campaign in December 2014, aimed at addressing the existing in-store challenges of: - Poor on-shelf product visibility and identification - Varying point-of-purchase display for local goods across retailers and - Supporting retailer promotional, marketing and advertising initiatives for local products

The campaign launched in eleven retail outlets, aiming to create an impactful shopping experience, that would inspire consumer pride, preference and ultimately purchase.

#SHELFIE A consumer awareness promotion titled #shelfie, invited shoppers to participate in an innovative social media campaign, by uploading a photograph of themselves, pictured instore, at point of purchase with a Namibian product of their choice. The

campaign impact assessment was far reaching, positioning the Team Namibia brand and those of its represented members at high consumer engagement levels during and post this intervention.

http://bit.ly/RetailMerchandisingCampaign

14 15

Chief Executive Officer’s Operational ReportChief Executive Officer’s Operational Report

MARKET ACCESS: NAMIBIA RETAIL CHARTER

NDP4 sets the framework for transforming Namibia’ retail sector; it mandates the Ministry of Trade and Industry to initiate growth in the manufacturing sector. Subsequently this development plan has identified a need to diversify locally produced commodity goods, as well as increase their shelving and availability in the local retail market. The proposed Namibia Retail Charter (NRC) seeks to create a suitable climate for local contributions to Namibia’s retail sector. During the period under review the office of the CEO participated in these negotiations, facilitated by the Namibia Trade Forum on the Fast-Moving-Consumer-Goods (FMCG) Task Team.

Negotiations were launched October 2014 and are scheduled for completion and sign off by the signatories in the third Quarter of 2015. Thereafter the NRC would become applicable across Namibia, to be reviewed by end 2017 and its requirements are expected to cease at the end of 2030.

LAUNCH OF NAMIBIA CUSTOMER SERVICE EXCELLENCE AWARDS The First Customer Service Excellence Awards was held on Wednesday 5 November 2014. This is the first ever customer service awards based on research findings, commissioned by the Harold Pupkewitz Graduate School of Business (HP-GSB) of the Polytechnic of Namibia. The study was part of a campaign to promote excellent customer service in Namibia. The survey undertaken by Business Intelligence Africa (BIA) a proudly Namibian research company was the first step in this movement. Team Namibia joined the conversation, asserting that excellence in customer service is the competitive differentiator and cannot therefore be overemphasised.

KEY PARTNERSHIPS Because our members have diverse interests and different expectations, it was important to engage them to understand their needs and concerns. Amongst the best valued partnerships we have maintained is that with the private sector, who constitute our member base. We have also enjoyed positive cooperation from the Government, through the Ministry of Trade and Industry and local offices, through engagement strategies. Team Namibia strives to add value and to be in the forefront of accomplishing the national developmental agenda.

It is important to further strengthen relationships with the industry and the donor community who provide channels for developmental partnerships, driving specific initiatives.

We engage with our members and associations on an ongoing basis, both formally and informally, either in reply to specific questions or in response with targeted interventions. We actively participate in working groups and forums and apply our minds when providing written responses in consultation processes.

We enjoy good working relationships with our external partners, who include board members and industry bodies, the media and the general public. Regular and relevant media releases and briefings also affirm the relationship with our media partners.

2015 STRATEGIC OUTLOOK In a period when Namibia is transforming herself from consumer to producer, our focus to grow the consumptive capacities in the domestic and foreign markets, is imperative and complimentary to current Government priority focus. Advocacy and market access facilitation through avenues such as increased retail, public and private sector procurement, will increase the output volumes required to boost productive capacities at a firm level. We will simultaneously continue with our drive to position Team Namibia as a formidable movement of competitive, locally produced goods and services.

The year 2015 is also set to be a year of prominence and high marketplace visibility for the Team Namibia brand, as we plan to produce and launch a National Consumer Advertising campaign, a social marketing drive intended to sensitise Namibian consumers of the impacts of preferring and purchasing local.

Financial sustainability is critical to the long-term success of the organisation. Securing consistent revenue streams therefore becomes paramount. Operational capacity is planned to be increased, by a move to larger office premises, done to accommodate the growing team of employees, so as to increase service capacity.

The online member directory will be translated into a mobile based application, to provide member contact information to the fingertips of the consumer and optimize business sales leads. Membership growth and representation is central to the continued success of the Team Namibia. We will promote and advocate for local procurement, as our forefront developmental initiative.

In closing, what an exciting time to be in Namibia and Africa; I thank the senior leadership and the rest of the team for not losing sight of the goal, for their continued efforts, dedication and determination, as we work to serve our members and communities.

DAISRY MATHIAS CHIEF EXECUTIVE OFFICER

Go to facebook.com/teamnamibia for more photos

17

Annual Financial Statements

GENERAL INFORMATION

Country of incorporation and domicile Namibia

Nature of business and principal activities To market Namibia locally and internationally as a united entity by promoting quality products, brands, services, opportunities and destinations under one generic national trademark.

Directors Jaco Venter Claudine Desiree Josephine Dixon Norval Pauline Thomas Gideon Shilongo Karape Katjivive Gitta Paetzold Henry Feris Fidelis Mwazi Megan Zondagh Moses Shiikwa Ndiitah Nghipondoka-Robiati Ronnie Varkevisser Tarah Natangwe Shaanika Timoteus Ekandjo Ueritjiua Kauaria Lizette Foot

Auditors Saunderson & Co Chartered Accountants (Namibia)

Secretary Price Waterhouse Coopers Tax & Advisory Services (Pty) Ltd

Tax reference number 3796378011

ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 2014

18 19

Annual Financial StatementsAnnual Financial Statements

DIRECTORS’ RESPONSIBILITIES AND APPROVAL

The directors are required by the Namibian Companies Act, No 28 of 2004, to maintain adequate accounting records and are responsible for the content and integrity of the annual financial statements and related financial information included in this report. It is their responsibility to ensure that the annual financial statements fairly present the state of affairs of the company as at the end of the financial year and the results of its operations and cash flows for the period then ended, in conformity with the International Financial Reporting Standard for Small and Medium-sized Entities. The external auditors are engaged to express an independent opinion on the annual financial statements.

The annual financial statements are prepared in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities and are based upon appropriate accounting policies consistently applied and supported by reasonable and prudent judgements and estimates.

The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the company and place considerable importance on maintaining a strong control environment. To enable the directors to meet these responsibilities, the board of directors sets standards for internal control aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the company and all employees are required to maintain the highest ethical standards in ensuring the company’s business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in the company is on identifying, assessing, managing and monitoring all known forms of risk across the company. While operating risk cannot be fully eliminated, the company endeavours to minimise it by ensuring that appropriateinfrastructure, controls, systems and ethical behaviour are applied and managed within predetermined proceduresand constraints.

The directors are of the opinion, based on the information and explanations given by management, that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the annual financial statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement or loss.

The external auditors are responsible for independently auditing and reporting on the company’s annual financial statements. The annual financial statements have been examined by the company’s external auditors and their report is presented on page 20. The annual financial statements set out on pages 18 to 29, which have been prepared on the going concern basis, were approved by the board of directors on 19 June 2015 and were signed on its behalf by:

TARAH SHAANIKA DIXON NORVALCHAIRPERSON VICE- CHAIRPERSON

The reports and statements set out below comprise the annual financial statements presented to the shareholders:

19 DIRECTORS’ RESPONSIBILITIES AND APPROVAL

20 INDEPENDENT AUDITORS’ REPORT

21 DIRECTORS’ REPORT

22 STATEMENT OF FINANCIAL POSITION

23 STATEMENT OF COMPREHENSIVE INCOME

24 STATEMENT OF CHANGES IN EQUITY

25 STATEMENT OF CASH FLOWS

26 ACCOUNTING POLICIES

28 NOTES TO THE ANNUAL FINANCIAL STATEMENTS

INDEX

20 21

Annual Financial StatementsAnnual Financial Statements

INDEPENDENT AUDITORS’ REPORT

TO THE SHAREHOLDERS OF TEAM NAMIBIAWe have audited the annual financial statements of Team Namibia, as set out on pages 18 to 29, which comprise the statement of financial position as at 31 December 2014, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, apolicies and other explanatory information.

DIRECTORS’ RESPONSIBILITY FOR THE ANNUAL FINANCIAL STATEMENTSThe company’s directors are responsible for the preparation and fair presentation of these annual financial statements in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities, and requirements of the Namibian Companies Act, No 28 of 2004, and for such internal control as the directors determine is necessary to enable the preparation of annual financial statements that are free from material misstatements, whether due to fraud or error.

AUDITORS’ RESPONSIBILITYOur responsibility is to express an opinion on these annual 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 andplan and perform the audit to obtain reasonable assurance whether the annual financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual financial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the annual 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 annual 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 annual 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 annual financial statements present fairly, in all material respects, the financial position of Team Namibia as at 31 December 2014, and its financial performance and its cash flows for the year then ended in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities, and the requirements of the Namibian Companies Act, No 28 of 2004.

Saunderson & CoRegistered Accountants and AuditorsChartered Accountants (Namibia)

Per: Edingtone TafirenyikaPartner

19 June 2015Windhoek

DIRECTORS’ REPORT

The directors have pleasure in submitting their report on the annual financial statements of Team Namibia for the year ended 31 December 2014.

NATURE OF BUSINESSTeam Namibia was incorporated in Namibia with interests in the Service industry. The company operates principally in Namibia. There have been no material changes to the nature of the company’s business from the prior year.

REVIEW OF FINANCIAL RESULTS AND ACTIVITIESThe annual financial statements have been prepared in accordance with International Financial Reporting Standard for Small and Medium-sized Entities and the requirements of the Namibian Companies Act, No 28 of 2004. The accounting policies have been applied consistently compared to the prior year.

Full details of the financial position, results of operations and cash flows of the company are set out in these annual financial statements.

DIRECTORSThe directors in office at the date of this report are as follows:DirectorsJaco VenterClaudine Desiree JosephineDixon NorvalPauline ThomasGideon ShilongoKarape KatjiviveGitta PaetzoldHenry FerisFidelis MwaziMegan ZondaghMoses ShiikwaNdiitah Nghipondoka-RobiatiRonnie VarkevisserTarah Natangwe ShaanikaTimoteus EkandjoUeritjiua KauariaLizette Foot

There have been no changes to the directorate for the period under review.

EVENTS AFTER THE REPORTING PERIODThe directors is not aware of any material event which occured after the reporting date and up to the date of this report.

GOING CONCERNThe annual financial statements have been prepared on a going concern basis. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. The directors have satisfied themselves that the company is in a sound financial position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements. The directors are not aware of any new material changes that may adversely impact the company. The directors are also not aware of any material noncompliance with statutory or regulatory requirements or of any pending changes to legislation which may affect the company.

AUDITORSSaunderson & Co will continue in office.

SECRETARYThe company secretary is Price Waterhouse Coopers Tax & Advisory Services (Pty) Ltd.

Postal address P O Box 1571 Windhoek Namibia

Business address 344 Independence Avenue Windhoek Namibia

22 23

Annual Financial StatementsAnnual Financial Statements

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014

Notes2014

N$ 000’s2013

N$ 000’s

Assets

Non-Current AssetsProperty, plant and equipment 2 9 677 16 033

Current AssetsTrade and other receivables 3 491 093 295 939 Cash and cash equivalents 4 62 831 103 799

553 924 399 738Total Assets 563 601 415 771

Equity and Liabilities

EquityAccumulated funds 503 210 401 066

Liabilities

Current LiabilitiesTrade and other payables 5 60 391 14 705 Total Equity and Liabilities 563 601 415 771

STATEMENT OF COMPREHENSIVE INCOME

Notes2014

N$ 000’s2013

N$ 000’s

RevenueMembership fees 1 682 714 1 226 386

Other incomeRebate commission 17 214 0Sponsorships received 26 087 390 000Sundry income 33 350 0Interest received 1 035 934

77 686 390 934Operating expensesAGM expenses 0 80 382Accounting fees 37 895 18 796Auditors remuneration 22 458 20 416Bad debts 281 791 208 917Bank charges 3 847 4 803Cleaning 0 993Computer expenses 8 22 906 5 025Courier and postage 0 1 869Depreciation 18 369 11 549Employee costs 675 600 618 227Entertainment 2 576 984General expenses 1 609 10 786Insurance 0 10 202Levies 0 281Marketing 473 295 680 924Medical expenses 553 2 930Printing and stationery 22 076 12 592Rent paid 60 000 60 000Repairs and maintenance 36 341Secreterial fees 2 709 3 918Telephone and fax 25 788 20 808Travel and accommodation 6 748 15 317

1 658 256 1 790 060Surplus (deficit) for the year 102 144 (172 740)Total comprehensive income (loss) for the year 102 144 (172 740)

24 25

Annual Financial Statements

STATEMENT OF CHANGES IN EQUITY

Accumulated Funds

N$ 000’s

Total Equity

N$ 000’s

Balance at 01 January 2013 573 805 573 805Total comprehensive deficit for the year (172 739) (172 739)

Balance at 01 January 2014 401 066 401 066Total comprehensive deficit for the year 102 144 102 144

Balance at 31 December 2014 503 210 503 210

Annual Financial Statements

STATEMENT OF CASH FLOWS

Notes2014

N$ 000’s2013

N$ 000’s

Cash flows from operating activities

Cash used in operations 9 (29 990) (85 113)Interest income 1 035 934Net cash from operating activities (28 955) (84 179)

Cash flows from investing activities

Purchase of property, plant and equipment 2 (12 013) 0

Total cash movement for the year (40 968) (84 179)Cash at the beginning of the year 103 799 187 978Total cash at end of the year 4 62 831 103 799

26 27

Annual Financial Statements

ACCOUNTING POLICIES

1. PRESENTATION OF ANNUAL FINANCIAL STATEMENTSThe annual financial statements have been prepared in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities, and the Namibian Companies Act, No 28 of 2004. The annual financial statements have been prepared on the historical cost basis, and incorporate the principal accounting policies set out below. They are presented in Namibia Dollars.

These accounting policies are consistent with the previous period.

1.1 Property, plant and equipmentProperty, plant and equipment are tangible items that:- are held for use in the production or supply of goods or services, for rental to others or for administrative purposes; and- are expected to be used during more than one period.

Property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.

Cost includes all costs incurred to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it. If a replacement cost is recognised in the carrying amount of an item of property, plant and equipment, the carrying amount of the replaced part is derecognised.

Depreciation is provided using the straight-line method to write down the cost, less estimated residual value over the useful life of the property, plant and equipment, which is as follows:

Item Average useful lifeFurniture and fixtures 5 yearsOffice equipment 5 yearsIT equipment 3 yearsOther assets 5 years

The residual value, depreciation method and useful life of each asset are reviewed at each annual reporting period if there are indicators present that there has been a significant change from the previous estimate.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss in the period.

1.2 Impairment of assetsThe company assesses at each reporting date whether there is any indication that an asset may be impaired.

If there is any indication that an asset may be impaired, the recoverable amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash-generating unit to which the asset belongs is determined.

If an impairment loss subsequently reverses, the carrying amount of the asset (or group of related assets) is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset (or group of assets) in prior years. A reversal of impairment is recognised immediately in profit or loss.

Annual Financial Statements

ACCOUNTING POLICIES

1.3 Employee benefitsShort-term employee benefitsThe cost of short-term employee benefits, (those payable within 12 months after the service is rendered, such as paid vacation leave and sick leave, bonuses, and non-monetary benefits such as medical care), are recognised in the period in which the service is rendered and are not discounted.

Termination benefitsTermination benefits are recognised as an expense with its resulting liability when the entity is demonstrably committed either:- to terminate the employment of an employee or group of employees before the normal retirement date; or- to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

The termination benefits are measured at the best estimate of the expenditure that would be required to settle the obligation at the reporting date.

1.4 RevenueRevenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for goods and services provided in the normal course of business, net of trade discounts and volume rebates, and value added tax.

28 29

Annual Financial Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

2. Property, plant and equipment

Reconciliation of property, plant and equipment - 2014Opening balance Additions Depreciation Total

Furniture and fixtures 5 814 0 (5 814) 0Computer equipment 10 219 12 013 (12 555) 9 677

16 033 12 013 (18 369) 9 677

Reconciliation of property, plant and equipment - 2013Opening balance Depreciation Total

Furniture and fixtures 7 347 (1 533) 5 814Computer equipment 20 235 (10 016) 10 219

27 582 (11 549) 16 033

3. Trade and other receivablesTrade receivables 410 666 242 022VAT 80 427 53 917

491 093 295 939

4. Cash and cash equivalentsCash and cash equivalents consist of:Cash on hand 51 1Bank balances 38 494 80 547Investments/deposits 24 286 23 251

62 831 103 799

2014 2013

Cost/Valuation

Accumulateddepreciation

andimpairments

Carryingvalue

Cost/Valuation

Accumulateddepreciation

andimpairments

Carryingvalue

Furniture and fixtures 32 991 (32 991) 0 32 991 (27 177) 5 814Office equipment 38 829 (38 829) 0 38 829 (38 829) 0Computer equipment 89 616 (79 939) 9 677 77 603 (67 384) 10 219Other property, plant and equipment 2 006 (2 006) 0 2 006 (2 06) 0Total 163 442 (153 765) 9 677 151 429 (135 396) 16 033

Annual Financial Statements

2014N$ 000’s

2013N$ 000’s

5. Trade and other payablesTrade payables 60 391 14 705

6. RevenueMembership fees 1 682 714 1 226 386

7. Other incomeRebate commission 17 214 0Sponsorship received 26 087 390 000Sundry income 33 350 0

76 651 390 000

8. Auditor’s remunerationFees 22 458 20 416

9. Cash used in operationsDeficit before taxation 102 144 (172 739)Adjustment for:Depreciation 18 369 11 549Interest received - investment (1 035) (934)Changes in working capital:Trade and other receivables (195 154) 68 648Prepayments 0 5 612Trade and other payables 45 686 2 751

(29 990) (85 113)

30 31

Member Listing

Adcon ccHendriette EnslinTel: 061 215 340Fax: 061 238 429Email: admin1@adcon.com.nawww.adcon-namibia.com

African Image Designs and Events ccChristina SaundersonTel: 081 607 3111africanimage@live.com

African Kirikara Art & CraftClaudia von HaseTel: O81 124 5268Fax: 062 581 416Email: claudia@kirikara.comwww.kirikara.com

African Leadership InstituteChrisna von Gericke - FourieTel: 061 250 229Fax: 061 258 324Email: chrisna@thenamibiandream.infowww.thenamibiandream.info

African Packaging (Pty) LtdWerner GouwsTel: 061 268 400Fax: 061 262 921Email: wernerg@africa-group.net

Agricon MushroomsLiana van der MerweTel: 062 50 0175Email: sales@agricon.com.na

AIDS Care Trust of NamibiaSarah DamasesTel: 061 259 590/1Fax: 061 218 673Email: sdamases@iway.nainfo@aidscaretrust.org

Air NamibiaPaul Homateni NakawaTel: 061 299 6298Fax: 61 299 6217Email: pro@airnamibia.aerowww.airnamibia.com.na

Avril Payment SolutionHardus ViljoenTel: 061 373 210Fax: 061 241 773Email: info@apsnamibia.comwww.apsnamibia.com

Bank WindhoekMarlize HornTel: 061 299 1267Fax: 061 299 1287Email: hornm@bankwindhoek.com.nawww.bankwindhoek.com.na

Berry Buzz FarmingAllan le HanéTel: 085 550 8589Email: allan@berrybuzznam.com

Black Gold Compost Waldi SieberhagenTel: 081 233 4341Email: waldik@iway.na

Capricorn Asset ManagementAngelica KruseTel: 061 299 1955Fax: 061 299 1949Email: info@cam.com.nawww.cam.com.na

TEAM NAMIBIA MEMBER LISTING

Member Listing

Closwa BiltongHerman FourieTel: 062 501123Fax: 062 501593Email: info@closwa.comwww.closwa.com

Conference LinkNamukolo MwangalaTel: 061 251 014Email: namukolo@conferencelink. com.na

Consulting Services AfricaPeter ForsterTel: 061 23 7427/ 065 23Fax: 061 22 5704Email: info@csa-nam.comwww.csa-nam.com

Corporate Logistics ccTanya LiebenbergTel: 064 462 666Fax: 064 462 680Email: corporatelogistics@iway.nawww.corporatelogisticsnamibia.com

Dani’sDaniela KempTel: 062 500 618Fax: 088 61 5281Email: cdkemp@iway.na

DB AudioErnst SteynbergTel: 061 244 944Fax: 061 244 933Email: ernst@dbaudio.com.nawww.dbaudio.com.na

Desert Hills Farming & CookingStefanie HuemmerTel: 064 46 1361Fax: 064 461 361Email: huemmer@iway.nawww.nara.com.na

Desert Secrets Investments ccSophia SynmanTel: 081 275 5283Email: desertsecrets@afol.com.na

Development Bank of NamibiaJerome MutumbaTel: 061 290 8007Fax: 061 8049Email: jmutumba@dbn.com.nawww.dbn.com.na

DF Advertising Solutions CCFran MusvamiriTel: 081 222 2824Fax: 061 222 290Email: fran@dfadvertisingnam.comwww.dfadvertisingnam.com

Dinapama Manufacturing and SuppliesDavid NamalengaTel: 061 260 717 / 061 402 364Fax: 061 221 299Email: info@dinapama.com Email: marketing@dinapama.comwww.dinapama.com

Dorkambo Teppiche Co-operative LtdSamuel SheyanenaTel: 065 24 8155Fax: 065 24 0564Email: sptsheyanena@yahoo.com

Dynamic Mobile SolutionsTaná PesatTel: 061 250 576Fax: 061 248 132Email: dmsinfo@dymoso.comwww.dymoso.com

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Member Listing

Elegance InvestmentsMay HikumwahTel: 081 483 0680Email: eleganceandfoodnam@gmail.com

Engen NamibiaGarth GreylingTel: 061 296 9017Fax: 061 296 9046Email: garth.greyling@engenoil.com

Engineering CentreMeike BöhmeTel: 061 22 0696Fax: 061 22 0703Email: meike.bohme@ecentre.com.na

Etosha Fishing CorporationCharlene HartungTel: 061 215 600Fax: 061 215 653Email: charleneh@etoshafish.com.na

FabLab NamibiaKirstin WiedowTel: 061 207 2666Email: fablabnamibia@gmail.comwww.fablabnamibia.org

FNB Namibia HoldingsVictoria MurandaTel: 061 299 2944Fax: 061 225 994Email: vmuranda@fnbnamibia.com.nawww.fnbnamibia.com.na

Galaxi ProductionsRoland EnkeTel: 061 25 3545Fax: 061 25 0865renke@iway.na

Gateway IndustriesWayne ShawTel: 067 222 672Fax: 067 222 679Email: industries@gatewaynam.comwww.gatewaynam.com

Green Enterprise Solutions (Pty) LtdAgnes NyirendaTel: 061 416 300Fax: 061 402 2652Email: sales@green.com.nawww.green.com.na

Herrle & Herma JewellersBenita HermaTel: 061 22 4578Fax: 061 22 0341Email: herrle.herma@iway.na

Hospitality Association of NamibiaGitta PaetzoldTel: 061 22 2904Fax: 088 61 7807Email: info@hannamibia.comwww.HANnamibia.com

Ibenstein Weavers ccWolfgang RamdohrTel: 062 573 524Fax: 088 627 922Email: info@ibenstein-weavers.com.nawww.ibenstein-weavers.com.na

Member Listing

IJG Securities (Proprietary) LimitedMark SpäthTel: 061 383 500Fax: 061 304 671Email: ijg@ijg.netwww.ijg.net

JJDS Engineering ccMattie DavidTel: 065 224 561Fax: 065 224 665Email: info@jjdsengineering.com

Joe Vision ProductionNora ThomaTel: 081 434 7542Email: info@joe-vision.com

Klawerjas DairyClint DautiTel: 061 239 833Fax: 061 239 833Email: cintd@diazfishing.com

Media Nova PublishingMynard SlabbertTel: 085 227 23807Email: Mynard@media-namibia.com

Meike’s GuesthouseKlaus WürriehausenTel: 064 405 863Fax: 064 405 862Email: meike@africaonline.com.nawww.meikes-guesthouse.net

Mobile Telecommunications Ltd (MTC)PR DepartmentTel: 081 280 2000Fax: 061 280 2458Email: jekongo@mtc.com.nawww.mtc.com.na

Model Pick n PayGilbert BothaTel: 061 296 4539Fax: 061 2964550Email: gilbert.botha@olfitra.com.na

MonochromeGeorge NghipandulwaTel: 081 315 1018

Motor Vehicle Accident Fund of NamibiaCorporate CommunicationsTel: 061 289 7000Fax: 061 249 688Email: info@mvafund.com.nawww.mvafund.com.na

Namdeb Corporate CommunicationsPauline ThomasTel: 061 2043327Fax: 061 204 3367Email: pauline.thomas@namdeb.comwww.namdeb.com

NaMedia (Namibia Media Monitoring) Pty LtdNatasja BeyleveldTel: 061 240 036Fax: 061 246 881Email: Natasja@namedia-nam.comwww.namedia-nam.com

Namib Mills (Pty) LtdMegan ZondaghTel: 061 290 1000Fax: 061 262 678Email: info@namibmills.com.na

Namib WoodLezette ThiartTel: 061 246 564Fax: 061 21 5796Email: solezda@mweb.com.na

Joe Vision Production

Always there for you.

34 35

Member Listing

Namibia Fish Consumption Promotion Trust (NFCPT)Eveline StephanusTel: 064 204 508Fax: 064 204 494Email: info@nfcpt.com.nawww.nfcpt.com.na

Namibia Asset ManagementEtienne le RouxTel: 061 27 5700Fax: 061 24 9444Email: eleroux@namasset.com.na

Namibia Breweries LimitedTel: 061 320 4999Fax: 061 26 3327Email: nambrew@olfitra.com.nawww.nambrew.com

Namibia Business SchoolTaosoni NaarisesTel: 061 413 500Fax: 061 413 512Email: info@nbs.edu.nawww.nbs.edu.na

Namibia Chamber of Commerce & IndustryAugusta NegongoTel: 061 228 809Fax: 061 228 009Email: anegongo@ncci.org.nawww.ncci.org.na

Namibia DairiesTel: 061 299 4730Fax: 061 299 4778Email: leonie.prinsloo@olfitra.com.na

Namibia Insurance Brokers AssociationKyron RaadTel: 081 147 8991Fax: 061 270 4642Email: kyron@rfs-namibia.comwww.nibanam.com

Namibia Manufacturers Association (NMA)Gail DraghoenderTel: 061 30 8053Fax: 88 62 1079Email: nma@nmanamibia.comwww.nmanamibia.com

Namibia Preferential Procurement CorporationJenne-Lee Dos RamosTel: 061 248 007Fax: 886 552 865Email: nppc@iway.nawww.nppc.com.na

Namibia Qualifications AuthorityCatherine ShipushuTel: 061 384 107Fax: 061 384 114Email: info@namqa.orgwww.namqa.org

Namibia Trade DirectoryKelly BeukesTel: 061 420 520Fax: 061 420 500Email: kelly@namibiatradedirectory.comwww.namibiatradedirectory.com

Namibia Trade ForumLapitomhinda HashingolaTel: 061 235 337Fax: 061- 235343Email: nrobiati@ntf.org.nawww.ntf.org.na

Member Listing

Namibian Agronomic BoardTel: 061 379 501Fax: 061 225 371Email: NatHortMan@nammic.com.nawww.nab.com.na

Namibian Chefs AssociationBarbara Huber-SchenckTel: 061 253 542Fax: 061 88 614 422Email: secretariat@namibianchefs.comwww.namibianchefs.com

Namibian Drilling Contractors AssociationMaike KöpplingerTel: 061 240 191 / 081 314 9693Fax: 061 240 196Email: secretary@namdrill.comwww.namdrill.com

Namibian Standards Institute (NSI)Ueritjiua KauariaTel: 061 386 400Fax: 061 386 454Email: kauaria@nsi.com.nawww.nsi.com.na

NamPowerTangeni KambangulaTel: 061 205 2335Fax: 061 205 2372Email: tangeni.kambangula@nampower.com.nawww.nampower.com

National Theatre of NamibiaFrieda KaripiTel: 061 374 404Fax: 061 374 401Email: pro@ntn.org.na Email: info@ntn.org.nawww.ntn.org.na

National Union of Namibian WorkersMoses ShiikwaTel: 061 215 037Fax: 061 215 589Email: nunw@mweb.com.na

Neu Onis ccDanie VogesTel: 063 293 283Fax: 063 293 326neuonis@mweb.com.na

New Era Publications CorporationRoy KlassenTel: 061 273 300Fax: 061 273 339Email: rklassen@nepc.com.nawww.nepc.com.na

New Media ConsultFrauke KrettaTel: 061 237 496Email: frauke@new-media-consult.comwww.new-media-consult.com

Ohlthaver & List Group of CompaniesGideon ShilongoTel: 061 207 5111Fax: 061 255 599Email: gideon.shilongo@olfitra.com.nawww.ohlthaverlist.com

P O Consultants Three SixtyEddie OlivierTel: 061 23 3333Fax: 061 22 9277Email: 3sixty@iway.na

36 37

Member Listing

Performance Development CentreChomba NgambiTel: 061 246 596Fax: 061 224697Email: pdcentre@outlook.comwww.pdcentre.com

Plastic PackagingDanie GroblerTel: 061 299 5000Fax: 061 228 984Email: danie@ppnam.comwww.ppnam.com

PointBlunt Multimedia Productions cc Brendan IhmigTel: 061 247 321Email: brendan@pointbluntpro.com

Polytechnic of Namibia Margaret BennetTel: 061 207 2038Email: mbennet@polytechnic.com.na

Polyoak Packaging Namibia (Pty) LtdAmanda de JagerTel: 061 301892Fax: 061 301879Email: adjager@polyoaknam.comwww.polyoak.co.za

Positive SolutionsMike LucasTel: 061 26 9362Fax: 061 26 9361Email: pos@iway.na

PricewaterhousecoopersStefan HugoTel: 061 284 1000Fax: 061 284 1001Email: stefan.hugo@na.pwc.comwww.pwc.com.na

Promatria Buschbrunn Simmentaler StudTania SwartzTel: 061 239 831Fax: 061 239 831Email: tania@diazfishing.com

Pupkewitz Holdings (Pty) LtdMauriza FredericksTel: 061 427 008Fax: 061 427 058Email: Mauriza.Fredericks@pupkewitz.comwww.pupkewitz.com

Q&A Consulting ServicesDaleen Hugo-SmallTel: 061 308 586 / 081 297 7634Email: daleen@qaconsultingnamibia.comwww.qaconsultingnamibia.com

Rennies Travel Namibia (Pty) LtdJacqueline EbenauTel: 061 289 0760Tel: 061 225 932Email: windhoek@rennieshrgworldwide.comwww.renniestravel.com

Rentokil NamibiaMichael DemtschukTel: 061 271 515Fax: 061 21 5560Email: rentokil_namibia@hotmail.com

Member Listing

Retief Sales PromotionFrancios RetiefTel: 061 218 610Fax: 061 215 560Email: francios@shop-expo.comwww.shop-expo.com

SabMiller Namibia (Pty) LtdMaija-Liisa PrizonskyTel: 061 215 433Fax: 061 259 672Email: Maija-LiisaPrizonsky@za.sabmiller.com

Salt Essential IT (Pty) LtdVanessa MareschTel: 061 4339900Fax: 061 4339909Email: contact@salt.nawww.salt.na

Seena legal consult (Pty) ltdNicholine SmitTel: 064 416 116Fax: 088 655 0291Email: md@seenalegal.comwww.seenalegal.com

Shoprite NamibiaSchalk PienaarTel: 061 372 400Fax: 061 372 405Email: spienaar@shoprite.co.za

Slowtown Coffee Roasters cc Dennis De WetTel: 081 127 7681Email: info@slowtowncoffee.comwww.slowtowncoffee.com

SMEs Competitiveness Consultancy (Pty) LtdDanny Meyer & Claudine MoutonTel: 061 247 129Fax: 061 247 129Email: reception@smecompete.comwww.smecompete.com

Standard Bank Namibia Holdings LimitedSurihe Gaomas-GuchuTel: 061 294 2529Fax: 061 294 2583Email: surihe.gaomas-guchu@standardbank.com.nawww.standardbank.com.na

Telecom NamibiaNataza AfrikanerTel: 061 201 9211Fax: 061 201 2074Email: afrikanern@telecom.nawww.telecom.na

Tunacor Group LimitedPeya HitulaTel: 064 24 8100Fax: 064 20 6523Email: phitula@tunacor.com.na

United Fishing EnterprisesAngela KrielTel: 064 21 7500Fax: 064 20 5273Email: angela.kriel@ufefish.comwww.namsov.com/group

Vision 2030 Focus MagazineTofirei DubeTel: 061 231 901Fax: 061 231 907info@vision2030group.com

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Member Listing

Vision Africa Research Services NamibiaCornelius D’AltonTel: 061 24 4660Fax: 061 24 4551Email: cornelius.dalton@vision-africa.comwww.vision-africa.com

Visions ConsultingDr. Rudi KoekemoerTel: 081 122 7471Fax: 064 404 840Email: rudi@visions.com.nawww.visions.com.na

Weathermen & CoLeon CrousTel: 061 207 5273Email: leoncrous@weathermen.cofacebook.com/weathermenco

Welwitschia Travel ccDebbie LouwTel: 061 225710Fax: 061 226103Email: debbiel@galileo.com.nawww.welwitschiatravel.com

Westhook Fish ProcessorsSharifa FernandesTel: 064 202526Fax: 064 202561sharifa@westhook.com.na

White feather creations & deco ccMathilde Taati IshitileTel: 061 24 7310Fax: 088 63 4031Email: mathildeishitile@yahoo.comwww.whitefeathercreation.com

Who’s Who NamibiaThea VisserTel: 061 229 414Fax: 088 61 8285Email: thea.visser@whonamibia.comwww.whonamibia.com

Windhoek Country ClubTony BoucherTel: 061 205 5911Fax: 061 205 5205Email: tboucher@legacyhotels.co.za

Wordweaver Publishing HouseBryony van der MerweTel: 061 257 071Fax: 061 253 471Email: bryony@wordweaverpublishing.comwww.wordweaverpublishing.com

Windhoek SchlachtereiRobin Rhode Tel: 061 299 4628Email: robin.rhode@ol.na

For more information about Team Namibia, please visit www.teamnamibia.com

Call or emailTel 061 307 246/7 Email info@teamnamibia.com

Visit our officeParagon Crescent, 40 Eros Road, Eros, Windhoek, Namibia

Write us a letterPO Box 9543, Eros, Windhoek, Namibia