Nigerian Breweries Plc
RC: 613
Unaudited Condensed Interim Financial Statements
For the Three Months Ended 31st March 2024
Nigerian Breweries Plc | |
Unaudited Condensed Interim Financial Statements | |
For the Three Months Ended 31st March, 2023 | |
Table of Contents | |
Notes to the condensed interim Financial Statements | 11 |
Nigerian Breweries Plc
Unaudited Condensed Interim Financial Statements
For the Three Months Ended 31st March 2024
Condensed interim income statement
31st March | 31st March | 31st March | 31st March | |||||
2024 | 2024 | 2023 | 2023 | |||||
Group | Company | Group | Company | |||||
Notes | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ||||
Net Revenue | 227,120,327 | 227,101,650 | 123,313,951 | 123,271,246 | ||||
Cost of Sales | 6 | (145,240,614) | (145,240,614) | (79,430,019) | (79,430,019) | |||
Gross Profit | 81,879,713 | 81,861,036 | 43,883,932 | 43,841,227 | ||||
Other Income | 621,178 | 621,178 | 356,227 | 356,227 | ||||
Selling and Distribution Expenses | 6 | (45,012,563) | (45,012,563) | (33,697,147) | (33,697,147) | |||
Administrative Expenses | 6 | (10,864,331) | (10,733,594) | (8,217,543) | (8,040,919) | |||
Net charge of expected credit loss on | ||||||||
financial assets | (1,358,860) | (1,358,860) | (441,634) | (441,634) | ||||
Results from operating activities | 25,265,137 | 25,377,197 | 1,883,835 | 2,017,754 | ||||
Finance income | 7a | 141,671 | 141,671 | 39,872 | 39,872 | |||
Net loss on foreign exchange transactions | (72,846,022) | (72,846,022) | (14,641,051) | (14,641,051) | ||||
Finance costs | 7b | (18,141,005) | (18,141,005) | (4,719,716) | (4,719,716) | |||
Net Finance costs | (90,845,356) | (90,845,356) | (19,320,895) | (19,320,895) | ||||
Loss before tax | (65,580,219) | (65,468,159) | (17,437,060) | (17,303,141) | ||||
Income tax expenses | 8 | 13,490,738 | 13,491,432 | 6,721,857 | 6,721,857 | |||
Loss after tax | (52,089,481) | (51,976,727) | (10,715,203) | (10,581,284) | ||||
Loss for the year attributable to: | ||||||||
Owners of the Company | (52,089,481) | (51,976,727) | (10,715,203) | (10,581,284) | ||||
Non-controlling interest | - | - | - | - | ||||
Loss for the period | (52,089,481) | (51,976,727) | (10,715,203) | (10,581,284) | ||||
Earnings per share | ||||||||
Basic Earnings per share (kobo) | (627) | (626) | (129) | (128) | ||||
Diluted earnings per share (kobo) | (627) | (626) | (129) | (128) |
3
Nigerian Breweries Plc
Unaudited Condensed Interim Financial Statements
For the Three Months Ended 31st March 2024
Condensed interim statement of other comprehensive income
31st March | 31st March | 31st March | 31st March | |
2024 | 2024 | 2023 | 2023 | |
Group | Company | Group | Company | |
Notes | ₦'000 | ₦'000 | ₦'000 | ₦'000 |
Loss for the period | (52,089,481) | (51,976,727) | (10,715,203) | (10,581,284) |
Other comprehensive income, net of tax | ||||
Total comprehensive income for the period | (52,089,481) | (51,976,727) | (10,715,203) | (10,581,284) |
Total comprehensive loss for the quarter | ||||
attributable to: | ||||
Owners of the Company | (52,089,481) | (51,976,727) | (10,715,203) | (10,581,284) |
Non-controlling interest | - | - | ||
Total comprehensive loss for the period | (52,089,481) | (51,976,727) | (10,715,203) | (10,581,284) |
The notes on pages 11 to 15 are an integral part of these interim financial statements
4
Nigerian Breweries Plc
Unaudited Condensed Interim Financial Statements
For the Three Months Ended 31st March 2024
Condensed interim statement of financial position
As at:
31st March 2024 | 31st December 2023 | |||||||
Group | Company | Group | Company | |||||
2024 | 2024 | 2023 | 2023 | |||||
ASSETS | Notes | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |||
Property, plant and equipment | 9 | 440,667,524 | 440,100,274 | 441,433,475 | 440,787,687 | |||
Right-of-use assets | 8,962,677 | 8,945,608 | 8,945,331 | 8,929,494 | ||||
Intangible assets and goodwill | 91,506,554 | 91,506,554 | 91,913,959 | 91,913,959 | ||||
Investments | 150,000 | 250,000 | 150,000 | 250,000 | ||||
Deferred tax Asset | 38,343,742 | 38,343,742 | 23,710,466 | 23,710,466 | ||||
Other receivables | 2,000,544 | 2,000,544 | 2,152,592 | 2,152,592 | ||||
Non-current assets | 581,631,041 | 581,146,722 | 568,305,823 | 567,744,198 | ||||
Inventories | 127,562,865 | 127,407,356 | 122,035,547 | 121,872,794 | ||||
Trade and other receivables | 64,203,547 | 66,538,644 | 46,788,739 | 49,075,068 | ||||
Prepayments | 2,742,706 | 2,742,706 | 2,970,328 | 2,970,328 | ||||
Deposit for imports | 28,101,135 | 28,101,135 | 16,206,296 | 16,206,296 | ||||
Cash and cash equivalents | 52,550,242 | 52,386,314 | 39,566,373 | 39,458,309 | ||||
Current assets | 275,160,495 | 277,176,155 | 227,567,283 | 229,582,795 | ||||
Total assets | 856,791,536 | 858,322,877 | 795,873,106 | 797,326,993 | ||||
EQUITY | ||||||||
Share capital | 5,138,066 | 5,138,066 | 5,138,066 | 5,138,066 | ||||
Share premium | 82,943,935 | 82,943,935 | 82,943,935 | 82,943,935 | ||||
Share based payment reserve | 1,688,827 | 1,688,827 | 1,469,827 | 1,469,827 | ||||
Retained earnings | (78,356,932) | (76,359,943) | (26,267,451) | (24,383,216) | ||||
Total equity | 11,413,896 | 13,410,885 | 63,284,377 | 65,168,612 | ||||
LIABILITIES | ||||||||
Loans and borrowings | 172,125,861 | 172,125,861 | 136,283,827 | 136,283,827 | ||||
Lease liabilities | - | - | 1,684 | 1,684 | ||||
Employee benefits | 11,994,079 | 11,994,079 | 11,837,931 | 11,837,931 | ||||
Non-current liabilities | 184,119,940 | 184,119,940 | 148,123,442 | 148,123,442 | ||||
Loans and borrowings | 297,509,280 | 297,509,280 | 205,318,151 | 205,318,151 | ||||
Lease liabilities | 35,932 | 35,932 | 29,561 | 29,561 | ||||
Current tax liabilities | 7,859,002 | 7,855,241 | 6,716,463 | 6,713,397 | ||||
Dividend payable | 14,621,974 | 14,621,974 | 14,621,974 | 14,621,974 | ||||
Trade and other payables | 338,524,126 | 338,062,239 | 355,288,752 | 354,861,470 | ||||
Provisions | 2,707,386 | 2,707,386 | 2,490,386 | 2,490,386 | ||||
Current liabilities | 661,257,700 | 660,792,052 | 584,465,287 | 584,034,939 | ||||
Total liabilities | 845,377,640 | 844,911,992 | 732,588,729 | 732,158,381 | ||||
Total equity and liabilities | 856,791,536 | 858,322,877 | 795,873,106 | 797,326,993 | ||||
Approved by the Board of Directors on 26th April 2024 and signed on its behalf by:
________________________ | __________________________ |
Mr. Hans Essaadi | Mr. Bernardus A. Wessels Boer |
Managing Director/CEO | Finance Director |
FRC/2022/PRO/DIR/003/195502 | FRC/2023/PRO/ANAN/001/417018 |
*Mr. Hiemstra has a waiver from the Financial Reporting Council of Nigeria ("FRCN") to sign the Financial Statements while processing his FRCN registration with the Council.
The notes on pages 11 to 15 are an integral part of these interim financial statements
5
Nigerian Breweries Plc
Unaudited Condensed Interim Financial Statements
For the Three Months Ended 31st March 2024
Condensed interim statement of changes in equity
Group
Share | Share | Share | Retained | Total | Non- | Total | ||
Capital | Premium | Based | Earnings | Controlling | Equity | |||
Payment | Interest | |||||||
Reserve | ||||||||
Notes | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |
Balance at 1st January 2024 | 5,138,066 | 82,943,935 | 1,469,827 | (26,267,451) | 63,284,377 | - | 63,284,377 | |
Loss for the period | - | - | - | (52,089,481) | (52,089,481) | - | (52,089,481) | |
Other comprehensive income for the period | - | - | - | - | - | - | - | |
Total comprehensive loss for the period | - | - | - | (52,089,481) | (52,089,481) | - | (52,089,481) | |
Transaction with owners, recorded directly in equity | ||||||||
Contributions and distributions | ||||||||
Issue of ordinary shares | - | - | - | - | - | - | ||
Share based payment charge | - | - | 219,000 | - | 219,000 | - | 219,000 | |
- | - | - | ||||||
Share based payment recharge | - | - | - | - | - | - | - | |
Dividends | - | - | - | - | - | - | - | |
Unclaimed dividends written back | - | - | - | - | - | - | - | |
Total contributions and distributions | - | - | 219,000 | - | 219,000 | - | 219,000 | |
Changes in ownership interest | ||||||||
Total transactions with owners of the company | - | - | 219,000 | (52,089,481) | (51,870,481) | - | (51,870,481) | |
Balance as at 31st March, 2024 | 5,138,066 | 82,943,935 | 1,688,827 | (78,356,932) | 11,413,896 | - | 11,413,896 |
6
Nigerian Breweries Plc
Unaudited Condensed Interim Financial Statements
For the Three Months Ended 31st March 2024
Condensed interim statement of changes in equity
Company
Share | Share | Share | Retained | Total | |
Capital | Premium | Based | Earnings | Equity | |
Payment | |||||
Reserve | |||||
Notes | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 |
Balance at 1st January 2024 | 5,138,066 | 82,943,935 | 1,469,827 | (24,383,216) | 65,168,612 |
Loss for the period | - | - | - | (51,976,727) | (51,976,727) |
Other comprehensive income for the period | - | - | - | - | - |
Total Comprehensive loss for the period | - | - | - | (51,976,727) | (51,976,727) |
Transaction with owners, recorded directly in equity | |||||
Contributions and distributions | |||||
Issue of ordinary shares | - | - | - | ||
Share based payment charge | - | - | 219,000 | - | 219,000 |
Share based payment recharge | - | - | - | - | - |
Dividends | - | - | - | - | - |
Unclaimed dividends written back | - | - | - | - | - |
Total contributions and distributions | - | - | 219,000 | - | 219,000 |
Changes in ownership interest | ||||||
Total transactions with owners of the company | - | - | 219,000 | (51,976,727) | (51,757,727) | |
Balance as at 31st March, 2024 | 5,138,066 | 82,943,935 | 1,688,827 | (76,359,943) | 13,410,885 | |
The notes on pages 11 to 15 are an integral part of these interim financial statements
7
Nigerian Breweries Plc
Unaudited Condensed Interim Financial Statements
For the Three Months Ended 31st March 2024
Condensed interim statement of changes in equity
Group
Share | Share | Share | Retained | Total | Non- | Total | ||
Capital | Premium | Based | Earnings | Controlling | Equity | |||
Payment | Interest | |||||||
Reserve | ||||||||
Notes | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |
Balance at 1st January 2023 | 5,138,066 | 82,943,935 | 944,383 | 90,773,894 | 179,800,278 | 113,437 | 179,913,715 | |
Loss for the period | - | - | - | (10,715,203) | (10,715,203) | - | (10,715,203) | |
Other comprehensive income for the period | - | - | - | - | - | - | - | |
Total comprehensive loss for the period | - | - | - | (10,715,203) | (10,715,203) | - | (10,715,203) | |
Transaction with owners, recorded directly in equity | ||||||||
Contributions and distributions | ||||||||
Issue of ordinary shares | - | - | - | - | - | - | ||
Share based payment charge | - | - | 217,394 | - | 217,394 | - | 217,394 | |
- | - | - | ||||||
Share based payment recharge | - | - | - | - | - | - | - | |
Dividends | - | - | - | - | - | - | - | |
Unclaimed dividends written back | - | - | - | - | - | - | - | |
Total contributions and distributions | - | - | 217,394 | - | 217,394 | - | 217,394 | |
Changes in ownership interest | ||||||||
Total transactions with owners of the company | - | - | 217,394 | (10,715,203) | (10,497,809) | - | (10,497,809) | |
Balance as at 31st March, 2023 | 5,138,066 | 82,943,935 | 1,161,777 | 80,058,691 | 169,302,469 | 113,437 | 169,415,906 |
8
Nigerian Breweries Plc
Unaudited Condensed Interim Financial Statements
For the Three Months Ended 31st March 2024
Condensed interim statement of changes in equity
Company
Share | Share | Share | Retained | Total | |
Capital | Premium | Based | Earnings | Equity | |
Payment | |||||
Reserve | |||||
Notes | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 |
Balance at 1st January 2023 | 5,138,066 | 82,943,935 | 944,383 | 91,852,695 | 180,879,079 |
Loss for the period | - | - | - | (10,581,284) | (10,581,284) |
Other comprehensive income for the period | - | - | - | - | - |
Total Comprehensive loss for the period | - | - | - | (10,581,284) | (10,581,284) |
Transaction with owners, recorded directly in equity | |||||
Contributions and distributions | |||||
Issue of ordinary shares | - | - | - | ||
Share based payment charge | - | - | 217,394 | - | 217,394 |
Share based payment recharge | - | - | - | - | - |
Dividends | - | - | - | - | - |
Unclaimed dividends written back | - | - | - | - | - |
Total contributions and distributions | - | - | 217,394 | - | 217,394 |
Changes in ownership interest | ||||||
Total transactions with owners of the company | - | - | 217,394 | (10,581,284) | (10,363,890) | |
Balance as at 31st March, 2023 | 5,138,066 | 82,943,935 | 1,161,777 | 81,271,411 | 170,515,189 | |
The notes on pages 11 to 15 are an integral part of these interim financial statements
9
Condensed interim statement of cash flows
Loss for the period Adjustments for: Depreciation
Amortization of intangible assets Finance income
Interest expenses
Loss /(Gain) on foreign exchange transactions
Gratuity, employee benefits and share based payment charges Loss/(Gain) on sale of property, plant, and equipment Changes in provisions
Income tax expense
Changes in:
Inventories
Trade and other receivables
Prepayments
Trade and other payables
Deposit for imports
Cash generated from operating activities
Income tax paid
Gratuity paid
Other long term employee benefits paid
VAT paid*
Net cash from operating activities
Cash flows from investing activities
Finance income
Proceeds from sale of property, plant, and equipment Acquisition of property, plant, and equipment Acquisition of right-of-use asset
Acquisition of intangible assets
Net cash used in investing activities
Cash flows from financing activities
Proceeds from loans and borrowings
Repayment of loans and borrowings
Interest paid
Payment of Lease Liability
Dividends paid
Net cash used in financing activities
Net increase/(decrease) in cash and cash equivalents
Effect of foreign exchange rate changes on cash and cash equivalent Cash and cash equivalents at 1st January
Cash and cash equivalents at 31st March
Represented by:
Cash balance
Nigerian Breweries Plc Unaudited Condensed Interim Financial Statements For the Three Months Ended 31st March 2024
Group | Company | Group | Company |
2024 | 2024 | 2023 | 2023 |
₦'000 | ₦'000 | ₦'000 | ₦'000 |
(52,089,481) | (51,976,727) | (10,715,203) | (10,581,284) |
12,089,781 | 12,011,243 | 11,316,462 | 11,206,426 |
407,405 | 407,405 | 408,218 | 408,218 |
(141,671) | (141,671) | (39,872) | (39,872) |
18,141,005 | 18,141,005 | 4,719,716 | 4,719,716 |
31,581,114 | 31,581,114 | ||
668,164 | 668,164 | 623,607 | 623,607 |
(10,259) | (10,259) | (30,164) | (30,164) |
217,000 | 217,000 | 4,064,069 | 4,064,069 |
(13,490,737) | (13,491,432) | (6,721,857) | (6,721,857) |
(1,952,094) | (1,918,573) | 3,624,976 | 3,648,859 |
(5,527,318) | (5,534,562) | (21,492,144) | (21,463,165) |
(17,262,760) | (17,311,528) | (10,428,333) | (10,502,977) |
227,622 | 227,622 | (813,463) | (813,463) |
(19,147,109) | (19,181,714) | (31,098,027) | (31,060,300) |
(11,894,839) | (11,894,839) | (302,552) | (302,552) |
(55,556,498) | (55,613,594) | (60,509,543) | (60,493,598) |
- | - | - | - |
(188,925) | (188,925) | (187,100) | (187,100) |
(466,377) | (466,377) | (553,580) | (553,580) |
(12,117,751) | (12,117,751) | (6,615,916) | (6,615,916) |
(68,329,551) | (68,386,647) | (67,866,139) | (67,850,194) |
141,671 | 141,671 | 39,872 | 39,872 |
20,232 | 20,232 | 31,809 | 31,809 |
(6,839,896) | (6,839,896) | (2,362,461) | (2,362,461) |
(293,780) | (292,548) | (34,872) | (34,872) |
- | - | (51,675) | (51,675) |
(6,971,773) | (6,970,541) | (2,377,327) | (2,377,327) |
121,047,263 | 121,047,263 | 145,738,242 | 145,738,242 |
(20,732,285) | (20,732,285) | (75,157,850) | (75,157,850) |
(8,171,066) | (8,171,066) | (2,009,185) | (2,009,185) |
(10,105) | (10,105) | (4,120) | (4,120) |
- | - | (649,230) | (649,230) |
92,133,807 | 92,133,807 | 67,917,857 | 67,917,857 |
16,832,483 | 16,776,619 | (2,325,609) | (2,309,664) |
(3,848,614) | (3,848,614) | - | - |
39,566,373 | 39,458,309 | 22,180,841 | 22,151,846 |
52,550,242 | 52,386,314 | 19,855,232 | 19,842,182 |
52,550,242 | 52,386,314 | 19,855,232 | 19,842,182 |
52,550,242 | 52,386,314 | 19,855,232 | 19,842,182 |
The notes on pages 11 to 15 are an integral part of these interim financial statements.
* Value Added Tax (VAT) paid shown separately above has been adjusted for in deriving the change in trade and other payables
10
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NB - Nigerian Breweries plc published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2024 15:00:13 UTC.