Annual Report and Financial Statements For the year ended 31 December 2022
CHAMPION BREWERIES PLC | |
Annual Report and Financial Statements | |
For the year ended 31 December 2022 | |
Table of Contents | |
Statement of Directors' Responsibilities | vi |
Certification of the audited financial statements | vii |
Audit Committee's Report | viii |
Independent Auditor's report | 1 |
Statement of profit or loss and other comprehensive income | 5 |
Statement of financial position | 6 |
Statement of changes in equity | 7 |
Statement of cash flows | 8 |
Notes to the financial statements | 9 |
Value Added Statement | 58 |
Five Year Financial Summary | 59 |
CHAMPION BREWERIES PLC
Annual Report and Financial Statements
For the year ended 31 December 2022
Corporate Information | |||
Date of Incorporation: | 31 July 1974 | ||
Registration Number: | RC 13388 | ||
TIN: | 00463544-0001 | ||
Company's Website: | www.championbreweries.com | ||
Registered Office: | Industrial layout, Aka Offot, PMB 1106 | ||
Uyo | |||
Akwa Ibom State | |||
Nigeria | |||
Directors: | Dr. Elijah Akpan | - | Chairman |
Mr. Georgios Polymenakos (Greek) | - | Managing Director | |
Mr. Samson Aigbedo | |||
Mrs. Helen Umanah | |||
Mr. Thompson Owoka | |||
Alhaji Shuaibu Ottan | |||
Mr. Olufunminiyi Alabi | |||
Mr. Frederik Williem Kurt Linck (Dutch) | |||
Mr. Kevin James Albert Santry (British) | |||
Company Secretary: | Chief Tosan Atle Aiboni | ||
Independent Auditor: | Deloitte & Touche Nigeria | ||
Civic Towers | |||
Plot G1, Ozumba Mbadiwe Avenue | |||
Victoria Island, Lagos | |||
www.deloitte.com.ng | |||
Registrars: | African Prudential Registrars Plc | ||
220B, Ikorodu Road | |||
Palmgrove, Lagos | |||
Nigeria | |||
info@africaprudentialregistrars.com | |||
Bankers: | Access Bank Plc | ||
First Bank of Nigeria Ltd | |||
First City Monument Bank Plc | |||
Guaranty Trust Bank Plc | |||
Stanbic IBTC Bank | |||
United Bank for Africa Plc | |||
Zenith Bank Plc |
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CHAMPION BREWERIES PLC
Annual Report and Financial Statements
For the year ended 31 December 2022
Directors' Report
The Directors are pleased to present the annual report of Champion Breweries Plc ("the Company"), together with the independent auditor's report for the year ended 31 December 2022.
Legal Form and Principal Activity
The Company was incorporated in Nigeria as a limited liability company on 31 July 1974 and was later converted to a public limited liability company on 1 September 1992. The Company's principal activities continue to be brewing and packaging of Champion Lager Beer and Champ Malta as well as the provision of contract brewing services to Nigerian Breweries Plc, a related party within the Heineken group of the Netherlands, the ultimate parent. The immediate parent Company is The Raysun Nigeria Limited, a Company incorporated in Nigeria.
Operating Results
In 2022, the results of the Company were favorably impacted by increased sales volume during the period. A summary of the Company's operating results is shown below:
2022 | Restated 2021 | ||
N'000 | N'000 | ||
Revenue | 12,288,893 | 9,559,079 | |
Operating profit | 2,271,277 | 1,827,474 | |
Profit before tax | 2,248,908 | 1,842,177 | |
Income tax expense | (662,930) | (768,784) | |
Profit after income tax | 1,585,978 | 1,073,393 | |
Other comprehensive income/(loss), net of tax | (25,587) | 192,416 |
Dividend
The Directors did not recommend any dividend during the year (2021: Nil).
Board of Directors
The Directors are responsible for oversight of the business, long-term strategy and objectives, and oversight of the Company's risks. The Directors are also responsible for evaluating and directing the implementation of the Company's controls and procedures including, in particular, maintaining a sound system of internal control to safeguard shareholders' investments and the Company's assets.
Directors and their Interests
The names of directors who held office during the year as well as their interest in the issued shares of the Company as recorded in the Register of Members and / or notified by the Directors in compliance with Section
301 of the Companies and Allied Matters Act, 2020 were as follows:
2022 | 2021 | ||
Number of Ordinary Shares | |||
Dr. Elijah Akpan (Chairman)** | - | - | |
Mr. Georgios Polymenakos (Greek) (Managing Director) * | - | - | |
Mr. Thompson Owoka** | 500,000 | 500,000 | |
Alhaji Shuaibu Ottan** | 165,916 | 165,916 | |
Mrs. Helen Umanah** | 8,110 | 8,110 | |
Mr. Olufunminiyi Alabi** | - | - | |
Mr. Samson Aigbedo** | - | - | |
Mr. Kevin James Albert Santry (British)** | - | - | |
Mr. Frederik Williem Kurt Linck (Dutch)** | - | - | |
*Executive Director | |||
** Non-executive Director |
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CHAMPION BREWERIES PLC
Annual Report and Financial Statements
For the year ended 31 December 2022
Directors' Report (cont'd)
In accordance with Section 303 of the Companies and Allied Matters Act, 2020, none of the Directors notified the Company of any declarable interest in any contract in which the Company was involved during the year under review (2021: Nil).
Analysis of Shareholding
As at prior and current reporting dates, the Company's ordinary shares were held as follows:
2022 | 2021 | ||||||||||
Ordinary | Ordinary | ||||||||||
shares | Share | shares | Share | ||||||||
of 50k each | capital | of 50k each | capital | ||||||||
% | Number '000 | N'000 | % | Number '000 | N'000 | ||||||
The Raysun Nigeria Limited* | 86.4 | 6,761,283 | 3,380,641 | 84.7 | 6,632,918 | 3,316,459 | |||||
Akwa Ibom Investment | |||||||||||
Corporation | 10.1 | 787,407 | 329,757 | 10.1 | 787,407 | 393,704 | |||||
Other shareholders. | 3.5 | 280,806 | 204,350 | 5.2 | 409,171 | 204,585 | |||||
100 | 7,829,496 | 3,914,748 | 100 | 7,829,496 | 3,914,748 | ||||||
On 2nd January 2022, The Securities and Exchange Commission (SEC) gave authority to The Raysun Nigeria Limited to proceed with the Mandatory Takeover Offer (MTO), for the 1,196,799,164 minority shares of the Company at N2.60 per share. Based on the MTO The Raysun Nigeria Limited acquired additional 128,365,129 ordinary shares from the minority shareholders.
Property, Plant and Equipment
Information relating to movement in property, plant and equipment during the year is disclosed in Note 11 to the financial statements.
Donations and sponsorship | |||
The Company gave donations and provided sponsorship as follows: | |||
2022 | 2021 | ||
N'000 | N'000 | ||
Community Bursary Award | 3,600 | - | |
Donation of schools (Desks, Chairs and Books) | 8,372 | - | |
Donation of exercise books | 2,922 | - | |
Sponsorship of sports tournament | 215 | 400 | |
Sponsorship of beauty pageant | 1,000 | 1,000 | |
Donation to Manufacturers Association of Nigeria | 200 | 100 | |
16,309 | 1,500 | ||
In accordance with Section 43(2) of the Companies and Allied Matters Act, 2020 ("CAMA"), the Company did not make any donation or give gifts to any political party, political association or for any political purpose during the year (2021: Nil).
Business Review and Future Development
The Company intends to continue the fulfilment of its objectives as indicated in its Memorandum and Articles of Association.
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Champion Breweries plc published this content on 16 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2023 06:16:08 UTC.