NIGERIAN BREWERIES : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

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
Condensed Interim Income statement	3
Condensed Interim Statement of other comprehensive income	4
Condensed Interim Statement of financial position	5
Condensed Interim Statement of changes in equity	6
Condensed Interim Statement of cash flows	10
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