BETA GLASS : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

		NIS ISO 9001:2008 CERTIFIED
HEAD OFFICE	DELTA PLANT	GUINEA PLANT
Iddo House, Iddo, P.O.Box 159,	KM 17, Warri - Patani Road,	KM 32, Lagos Badagry Express Road,
Lagos, Nigeria	P.M.B. 48, Ughelli, Delta State, Nigeria	Agbara Industrial Estate, Ogun State
Tel: [phone]	Tel: [phone]	P.O.Box 2515, Lagos, Nigeria.
234-01-2806714	234-8070990284	Tel: [phone]

BETA GLASS PLC

(RC: 13215)

Unaudited Interim Financial Statements

For the Three Months Period Ended 31 March 2024

BETA GLASS PLC

Unaudited Interim Financial Statements

For the Three Months Period Ended 31 March 2024

Table of contents	Page
Certification of Unaudited Interim Financial Statements	3
Interim statement of profit or loss and other comprehensive income	4
Interim statement of financial position	5
Interim statement of changes in equity	6
Interim statement of cash flows	7
Accounting policies and notes to the interim financial statements	8

2

BETA GLASS PLC

Unaudited Interim Financial Statement for the Three Months Period Ended 31 March 2024

Certification of Unaudited Interim Financial Statements

We hereby certify that:

1. We the undersigned have reviewed the Interim financial statements of Beta Glass Plc ("the Company) for the three months period ended 31 March 2024.

Based on our knowledge as officers of the Company, the interim financial statements do not contain:

i. any untrue statement of a material fact, or

1. omit to state a material fact, which would make the statement misleading in the light of the circumstances under which the statement was made.

1. Based on our knowledge, the financial statements and other financial information included in the quarterly report fairly represent in all material respect, the financial conditions and results of operations of the Company as of, and for the period presented in the report.
2. We, the undersigned:

i. are responsible for establishing and maintaining controls;

1. have designed such internal controls to ensure that material information relating to the Company is made known to us by others within those entities particularly during the period in which the periodic reports are being prepared;
2. have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report.;
3. have presented in the report our conclusions about the effectiveness of their internal controls based on their evaluation as of that date;

d) We have disclosed to the external auditors of the Company and the audit committee:

i. all significant deficiencies in the design or operation of the internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified to the Company's Auditors any material weakness in internal controls, and

ii. any fraud, whether or not material, that involves management or other employees who have significant role in the Company's internal controls.

1. There are no significant changes in internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weakness.

Mr. Darren Bennett-Voci	Mr. Dhanikonda Shanker
Managing Director	Chief Financial Officer
29th April 2024	29th April 2024
FRC/2016/IODN/00000015783	FRC/2013/ANAN/00000002336

3

BETA GLASS PLC

Unaudited Interim Financial Statement for the Three Months Period Ended 31 March 2024

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024

		For the period ended
		3 months	3 months
		31 March	31 March
		2024	2023
	Notes	N'000	N'000
Revenue from contract with customers	6	24,309,293	14,983,716
Cost of sales	7.1	(20,772,295)	(11,392,559)
Gross profit		3,536,998	3,591,157
Selling and distribution expenses	7.3	(94,408)	(76,924)
Administrative expenses	7.2	(912,324)	(811,820)
Other income / (Loss)	8	(371,076)	15,241
Operating profit		2,159,190	2,717,654
Foreign exchange Gain / (loss)	9	(21,981)	(92,074)
Finance income	10.1	1,590,953	422,386
Finance cost	10.2	(1,667,957)	(249,110)
Profit before taxation for the period		2,060,205	2,798,856
Income tax expense	11	(620,796)	(907,154)
Profit after tax for the period		1,439,409	1,891,702
Other comprehensive income
Other comprehensive income for the year-net of
tax		-	-
Total comprehensive income for the period		1,439,409	1,891,702
Earnings per share (EPS)
Basic and diluted EPS (Naira)	12	2.40	3.15

The accompanying notes to the financial statements are an integral part of these financial statements.

4

BETA GLASS PLC

Unaudited Interim Financial Statement for the Three Months Period Ended 31 March 2024

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024			31
		31 March	December
		2024	2023
	Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	19	34,682,791	33,755,079
Right-of-use assets	20	74,493	39,852
Intangible assets	14	2,907	3,934
		34,760,191	33,798,865
Current assets
Inventories	15	17,355,259	17,743,383
Trade and other receivables	16	54,843,958	28,500,192
Cash in hand and at bank	17	21,277,465	26,809,458
		93,476,682	73,053,033
Total assets		128,236,873	106,851,898
Liabilities
Non-current liabilities
Deferred tax liabilities	21	3,828,471	3,828,471
		3,828,471	3,828,471
Current liabilities
Borrowings	18	38,075,446	24,647,423
Trade and other payables	22	29,154,502	23,257,755
Current income tax	23	3,550,801	2,930,005
Dividend payable	24	183,238	183,238
		70,963,987	51,018,421
Total liabilities		74,792,458	54,846,892
Equity
Issued share capital	25	299,983	299,983
Share premium	25	312,847	312,847
Other reserves	26	2,429,942	2,429,942
Retained earnings	27	50,401,643	48,962,234
Total equity		53,444,415	52,005,006
Total equity and liabilities		128,236,873	106,851,898

The accompanying notes to the financial statements are an integral part of these financial statements.

The Unaudited Interim financial statements were approved and authorised for issue by the Board of Directors on 29th April 2024 and were signed on its behalf by:

Mr. Darren Bennett-Voci		Mr. Shanker Dhanikonda
Managing Director		M	i Di
	Chief Financial Officer
FRC/2016/IODN/00000015783		FRC/2013/ANAN/00000002336

5

BETA GLASS PLC

Unaudited Interim Financial Statement for the Three Months Period Ended 31 March 2024

STATEMENT OF CHANGES IN EQUITY

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024

	Issued Share	Share	Other	Retained
	capital	premium	reserves	earnings	Total
	N'000	N'000	N'000	N'000	N'000
At 1 January 2024	299,983	312,847	2,429,942	48,962,234	52,005,006
Profit for the year	-	-	-	1,439,409	1,439,409
Other comprehensive income for the year - net of
tax	-	-	-	-	-
Total comprehensive income for the year - net of
tax	-	-	-	1,439,409	1,439,408
Transaction with owners:
Dividend declared (Note 24)	-	-	-	-	-
Bonus Issue from retained earnings					-
Statute barred dividend returned (Note 24)	-	-	-	-	-
Total transaction with owners	-	-	-	-	-
At 31 March 2024	299,983	312,847	2,429,942	50,401,643	53,444,415
At 1 January 2023	299,983	312,847	2,429,942	43,220,578	46,263,350
Profit for the year	-	-	-	1,891,702	1,891,702
Other comprehensive income for the year - net of
tax	-	-	-	-	-
Total comprehensive income for the year - net of
tax	-	-	-	1,891,702	1,891,702
Transaction with owners:
Dividend paid (Note 24)	-	-	-	-	-
Statute barred dividend returned (Note 24)	-	-	-	-	-
Total transaction with owners	-	-	-	-	-
At 31 March 2023	299,983	312,847	2,429,942	45,112,280	48,155,052

The accompanying notes to the financial statements are an integral part of these financial statements.

6

BETA GLASS PLC

Unaudited Interim Financial Statement for the Three Months Period Ended 31 March 2024

STATEMENT OF CASHFLOWS

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024

		31 March	31 March
		2024	2023
	Notes	N'000	N'000
Cash flows from operating activities	28
Cash used in operations	(17,877,363)	(707,899)
Net cash flows used in operating activities		(17,877,363)	(707,899)
Cash flows from investing activities
Acquisition of property, plant and equipment	19	(2,067,869)	(266,413)
Acquisition of right-of-use asset	20	(77,410)	(12,222)
Proceeds from disposal of property, plant and equipment		1,251	285
Interest received	10.1	1,590,953	422,386
Net cash flow (used in) /generated from investing		(553,075)	144,036
activities
Cash flows from financing activities
Proceeds from short term borrowings	18	1,090,439	2,196,269
Repayment of short term borrowings	18	-	(190,925)
Interest paid	18	(55,052)	(249,110)
Net cash flow generated from financing activities		1,035,387	1,756,234

Net increase in cash and cash equivalents

Effect of exchange rate changes on cash and cash equivalents

Cash and cash equivalents at 1 January

(17,395,051) 1,192,371

11,863,058 633,439

26,809,458 15,792,616

Cash and cash equivalents at 31 March	21,277,465	17,618,426

The accompanying notes to the financial statements are an integral part of these financial statements.

7

BETA GLASS PLC

Unaudited Interim Financial Statement for the Three Months Period Ended 31 March 2024

Notes to the Unaudited Interim Financial Statements

1 General information

Beta Glass Plc (the Company) manufactures, distributes and sells glass bottles and containers for the leading soft drinks, breweries, wine and spirit, pharmaceutical, foods and cosmetics companies. The company has manufacturing plants in Agbara Ogun State and in Ughelli Delta State. Beta Glass Plc exports to some countries including: Ghana, Burkina-Faso, Ivory Coast and Liberia.

The company is a public limited company, which is listed on the Nigerian Exchange and incorporated and domiciled in Nigeria. The address of its registered office is Iddo House, Iddo, Lagos State, Nigeria. P.O. Box 159.

Beta Glass Plc is a subsidiary of Frigoglass Industries Nigeria Limited (the parent company) which holds 61.9% of the ordinary shares of the Company. The ultimate controlling party is Frigo Debtco Plc (incorporated in United Kingdom). All press releases, annual reports and other information are available at website of Beta Glass Plc: www.betaglass.com

2 Summary of material accounting policies

2.1 Basis of preparation

These financial statements are the stand alone financial statements of the company.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs), including International Accounting Standards (IAS) issued by International Accounting Standards Board and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and in accordance with requirements of Financial Reporting Council of Nigeria (Amendment) Act 2023 and provisions of Companies and Allied Matters Act (CAMA), 2020. These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all disclosures that would otherwise required in a complete set of financial statements and should be read in conjuction with 2023 annual report. 2023 annual report and audited financial statements can be accessed via this link: https://www.betaglass.com/investor-relations/financials/

Differences that may exist between the figures of the financial statements and those of the notes are due to rounding. Wherever it was necessary, the comparative figures have been reclassified in order to be comparable with the current year's presentation.

The financial statements have been prepared on a historical cost basis except for Inventories at lower of cost and net realisable value, zero depreciation for land, and Financial asset and financial liabilities measured initially at fair value and subsequently at amortised cost.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires directors to exercise judgement in the process of applying the Company's accounting policies. Changes in assumptions may have a significant impact on the financial statements in the period the assumptions changed. Directors believes that the underlying assumptions are appropriate and that the Company's financial statements therefore present the financial position and results fairly. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4.

The financial statements comprise the statement of financial position, the statement of Profit or Loss and other comprehensive income, the statement of changes in equity, the statement of cash flows and the notes to the Unaudited interim financial statements.

The financial statements have been prepared in Naira and all values are rounded to the nearest thousand (N'000), except where otherwise indicated.

8

BETA GLASS PLC

Unaudited Interim Financial Statement for the Three Months Period Ended 31 March 2024

Notes to the unaudited interim financial statements - continued

2.1 Basis of preparation - continued 2.1.1 Going concern

The company's management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern. Therefore, the financial statements is continue to be prepared on the going concern basis.

2.1.2 Changes in accounting policies and disclosures

(a) New standards, amendments and interpretations adopted by the Company

The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Company's annual financial statements for the year ended 31 December 2023, except for the adoption of new standards effective as of 1 January 2024. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Amendments to IFRS 16: Lease Liability in a Sale and Leaseback

In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller- lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains.

The Company is currently assessing the impact of the amendments to determine the impact they will have on the Company's accounting policy disclosures.

Amendments to IAS 1: Classification of Liabilities as Current or Non-current

In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

• What is meant by a right to defer settlement
• That a right to defer must exist at the end of the reporting period
• That classification is unaffected by the likelihood that an entity will exercise its deferral right
• That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification.
  In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity's right to defer settlement is contingent on compliance with future covenants within twelve months.

The Company is currently assessing the impact of the amendments to determine the impact they will have on the Company's accounting policy disclosures.

Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7

In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk.

The Company is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.

There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company in the current or future reporting period and on foreseeable future transactions.

9

BETA GLASS PLC

Unaudited Interim Financial Statement for the Three Months Period Ended 31 March 2024

Notes to the Unaudited Interim Financial Statements - Continued

1. Segment reporting
   Operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Board of Directors of Beta Glass Plc.
2. Foreign currency translation
   (a) Functional and presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The functional currency and presentation currency of Beta Glass PLC is the Nigerian naira (N).

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at the reporting date at exchange rates of monetary assets and liabilities denominated in currencies other than the Company's functional currency are recognized in the foreign exchange gain or loss in the profit or loss.

Foreign exchange gain and losses are presented in the statement of profit or loss as foreign exchanges gain or loss.

2.4 Property, plant and equipment

All property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

10