BETA GLASS : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

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(RC13215)

BETA GLASS PLC	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

Unaudited Interim Financial Statements

For the Third Quarter (Nine Month)

Period Ended 30 September 2023

BETA GLASS PLC, MEMBER OF FRIGOGLASS GROUP

BETA GLASS PLC

Beta Glass Plc

Unaudited Interim Financial Statements

For the Period Ended 30 September 2023

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

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Beta Glass Plc

Corporate responsibility for the Company's Unaudited Interim Financial Statements

For the Nine Months Period Ended 30 September 2023

We hereby certify that:

1. We the undersigned have reviewed the Interim financial statements of Beta Glass Plc ("the Company) for the period ended 30 September 2023.

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
26th October 2023	26th October 2023
FRC/2016/IODN/00000015783	FRC/2013/ANAN/00000002336

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BETA GLASS PLC

Unaudited Interim Financial Statement for the Nine Months Period Ended 30th September 2023

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2023

			For the period ended
		3 months	9 months	3 months	9 months
		July-	30	July-	30
		September	September	September	September
		2023	2023	2022	2022
	Notes	N'000	N'000	N'000	N'000
Revenue from contract with customers	6	15,558,046	45,399,754	15,727,474	38,935,138
Cost of sales	7.1	(12,802,281)	(35,512,993)	(13,737,838)	(31,491,207)
Gross profit		2,755,765	9,886,761	1,989,636	7,443,931
Selling and distribution expenses	7.3	(72,653)	(246,357)	(54,239)	(150,528)
Administrative expenses	7.2	(678,838)	(2,300,825)	(840,884)	(2,165,129)
Net Impairment loss	16.2		-		-
Other income / (Loss)	8	(247,132)	(630,189)	292,826	291,843
Operating profit		1,757,142	6,709,390	1,387,339	5,420,117
Foreign exchange Gain / (loss)	9	57,320	670,841	63,673	(304,360)
Finance income	10.1	552,377	1,586,004	309,565	689,945
Finance cost	10.2	(566,486)	(1,142,182)	(472,408)	(725,320)
Finance income - net	10	(14,109)	443,822	(162,843)	(35,375)
Profit before taxation for the period		1,800,353	7,824,053	1,288,169	5,080,382
Income tax expense	11	(579,639)	(2,552,449)	(412,212)	(1,625,722)
Profit after tax for the period		1,220,714	5,271,604	875,957	3,454,660
Other comprehensive income
Other comprehensive income for the year-net of
tax		-	-	-	-
Total comprehensive income for the period		1,220,714	5,271,604	875,957	3,454,660
Earnings per share (EPS)
Basic and diluted EPS (Naira)	12	2.03	8.79	1.46	5.76

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

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BETA GLASS PLC

Unaudited Interim Financial Statement for the Nine Months Period Ended 30th September 2023

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2023		30	31
		September	December
		2023	2022
	Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	19	25,805,354	24,344,205
Right-of-use assets	20	81,303	51,025
Intangible assets	14	4,961	8,146
		25,891,618	24,403,376
Current assets
Inventories	15	12,683,397	9,617,231
Trade and other receivables	16	28,974,750	26,131,329
Cash in hand and at bank	17	23,993,278	15,792,616
		65,651,425	51,541,176
Total assets		91,543,043	75,944,552
Liabilities
Non-current liabilities
Deferred tax liabilities	21	3,538,605	3,538,605
		3,538,605	3,538,605
Current liabilities
Borrowings	18	18,359,258	9,597,897
Trade and other payables	22	15,886,542	13,950,402
Current income tax	23	2,769,217	2,432,315
Dividend payable	24	161,983	161,983
		37,177,000	26,142,597
Total liabilities		40,715,605	29,681,202
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	47,784,666	43,220,578
Total equity		50,827,438	46,263,350
Total equity and liabilities		91,543,043	75,944,552

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 26th October 2023 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

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BETA GLASS PLC

Unaudited Interim Financial Statement for the Nine Months Period Ended 30th September 2023

STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2023

	Issued Share	Share	Other	Retained
	capital	premium	reserves	earnings	Total
	N'000	N'000	N'000	N'000	N'000
At 1 January 2023	299,983	312,847	2,429,942	43,220,578	46,263,350
Profit for the year	-	-	-	5,271,604	5,271,604
Other comprehensive income for the year - net of
tax	-	-	-	-	-
Total comprehensive income for the year - net of
tax	-	-	-	5,271,604	5,271,603
Transaction with owners:
Dividend declared (Note 24)	-	-	-	(701,961)	(701,961)
Bonus Issue from retained earnings				(5,555)	(5,555)
Total transaction with owners	-	-	-	(707,516)	(707,516)
At 30 September 2023	299,983	312,847	2,429,942	47,784,666	50,827,438
At 1 January 2022	249,986	312,847	2,429,942	39,134,643	42,127,418
Profit for the year	-	-	-	3,454,660	3,454,660
Other comprehensive income for the year - net of
tax	-	-	-	-	-
Total comprehensive income for the year - net of
tax	-	-	-	3,454,660	3,454,660
Transaction with owners:
Dividend paid (Note 24)	-	-	-	(549,969)	(549,969)
Statute barred dividend returned (Note 24)	-	-	-	487	487
Total transaction with owners	-	-	-	(549,482)	(549,482)
At 30 September 2022	249,986	312,847	2,429,942	42,039,821	45,032,596

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

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BETA GLASS PLC

Unaudited Interim Financial Statement for the Nine Months Period Ended 30th September 2023

STATEMENT OF CASHFLOWS

FOR THE NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2023

		30	30
		September	September
		2023	2022
	Notes	N'000	N'000
Cash flows from operating activities	28
Cash generated from operations	7,168,439	245,530
Tax paid	23	(2,060,190)	(312,596)
Net cash generated from / (used in) operating		5,108,249	(67,067)
activities
Cash flows from investing activities
Acquisition of property, plant and equipment	19	(4,465,233)	(2,636,030)
Acquisition of right-of-use asset	20	(151,526)	(151,590)
Proceeds from disposal of property, plant and equipment		22,760	98,418
Interest received	10.1	1,586,004	689,945
Net cash used in investing activities		(3,007,995)	(1,999,257)
Cash flows from financing activities
Proceeds from short term borrowings	18	4,102,404	8,695,169
Repayment of short term borrowings	18	(1,731,038)	(4,501,312)
Interest paid	10.2	(1,142,182)	(725,320)
Dividend paid	24	(701,961)	(549,969)
Withholding tax paid on Bonus Issued	27	(5,555)	-
Unclaimed dividend returned	24	-	487
Net cash generated from financing activities		521,668	2,919,055

Net increase in cash and cash equivalents

Effect of exchange rate changes on cash and cash equivalents

Cash and cash equivalents at 1 January

2,621,922 852,732

5,578,740 101,806

15,792,616 15,885,871

Cash and cash equivalents at 30 September	23,993,278	16,840,409

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

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BETA GLASS PLC

Unaudited Interim Financial Statement for the Nine Months Period Ended 30th September 2023

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 namely: Ghana, Burkina-Faso,Sierra-leone, Liberia, and South Africa.

The company is a public limited company, which is listed on the Nigerian Stock 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 Detco Plc, United Kingdom (UK).

2 Summary of significant 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 (FRCN) Act No 6, 2011 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 2022 annual report. 2022 annual report and audited financial statements can be accessed via this link: https//www.frigoglass.com/beta-glass-investors

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.

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.

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BETA GLASS PLC

Unaudited Interim Financial Statement for the Nine Months Period Ended 30th September 2023

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 2022, except for the adoption of new standards effective as of 1 January 2023. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2

IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.

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

Definition of Accounting Estimates - Amendments to IAS 8

IASB issued amendments to IAS 8, in which it introduces a definition of 'accounting estimates'. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates.

The amendments are not expected to have a material impact on the Company.

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

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
  The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and must be applied retrospectively. The Company is currently assessing the impact the amendments will have on current practice.

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.

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BETA GLASS PLC

Unaudited Interim Financial Statement for the Nine Months Period Ended 30th September 2023

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 impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the

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