NIGERIAN BREWERIES : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

Nigerian Breweries Plc

RC: 613

Unaudited Condensed Interim Financial Statements

For the Three Months Ended 31st March, 2022

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the Three Months Ended 31st March, 2022

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, 2022

Condensed interim income statement

Notes

31st March	31st March	31st March	31st March
2022	2022	2021	2021
Group	Company	Group	Company
₦'000	₦'000	₦'000	₦'000

Net Revenue Cost of Sales

5

137,771,644137,746,648105,675,764105,661,870 (75,318,946)(75,318,946)(66,004,762)(66,004,762)

Gross Profit

Other Income

Marketing and Distribution Expenses Administrative Expenses

• 5 (32,136,698)(32,136,698)(19,803,914)(19,803,914)

• 5 (7,451,554)

62,452,698	62,427,702	39,671,002	39,657,108
859,347	859,347	368,027	368,027

(7,247,713)

(5,744,835)

(5,650,387)

Results from operating activities

23,723,793

23,902,638

14,490,280

14,570,834

Finance income

Net loss on foreign exchange transactions

Finance costs

6a

73,514

73,514

25,436

25,436

6b

(1,876,640)(1,157,982)

• (1,876,640)(611,873)

• (1,181,208)(2,389,590)

(611,873) (2,410,812)

Net Finance costs

(2,961,108)

(2,984,334)

(2,976,027)

(2,997,249)

Profit before tax Income tax expenses

7

20,762,685(7,149,092)

20,918,304(7,143,961)

11,514,253(3,854,721)

11,573,585 (3,848,804)

Profit after tax

13,613,593

13,774,343

7,659,532

7,724,781

Profit for the year attributable to: Owners of the Company Non-controlling interest

13,611,7641,829

13,774,343-

7,658,0551,477

7,724,781 -

Profit for the period

Earnings per share

Basic Earnings per share (kobo) Diluted earnings per share (kobo)

13,613,593

13,774,343

7,659,532

7,724,781

169169

171171

9697

9697

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the Three Months Ended 31st March, 2022

Condensed interim statement of other comprehensive income

31st March

31st March	31st March	31st March
2022	2022	2021	2021
Group	Company	Group	Company

• Profit for the period 13,613,593 13,774,343

  Other comprehensive income, net of tax

• Total comprehensive income for the period 13,613,593 13,774,343

  Total comprehensive income for the quarter attributable to:

• Owners of the Company 13,611,764 13,774,343

Non-controlling interest

Total comprehensive income for the period

₦'000	₦'000
Notes
7,659,532	7,724,781
7,659,532	7,724,781
7,658,055	7,724,781
-
7,724,781

₦'000

₦'000

1,829

13,613,593

13,774,343

The notes on pages 11 to 15 are an integral part of these interim financial statements

1,477 7,659,532

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the Three Months Ended 31st March, 2022

Condensed interim statement of financial position As at:

31st March 2022

31st December 2021

Group	Company	Group	Company
2022	2022	2021	2021
ASSETS	Notes	₦'000	₦'000	₦'000	₦'000
Property, plant and equipment	8	273,107,674	271,607,926	257,216,814	255,630,534
Right-of-use assets	9,532,789	9,357,517	12,520,277	12,364,126
Intangible assets and goodwill	93,960,302	93,960,302	94,334,332	94,334,332
Investments	150,000	929,625	150,000	929,625
Other receivables	1,026,303	1,026,303	1,134,459	1,134,459
Non-current assets	377,777,068	376,881,673	365,355,882	364,393,076
Inventories	68,461,051	68,257,446	62,191,510	62,067,403
Trade and other receivables	36,515,838	34,561,762	26,500,516	24,714,756
Prepayments	4,015,143	4,015,143	2,852,868	2,852,868
Deposit for imports	11,554,507	11,554,507	11,891,422	11,891,422
Cash and cash equivalents	23,046,498	23,037,377	16,730,029	16,720,040
Current assets	143,593,037	141,426,235	120,166,345	118,246,489
Total assets	521,370,105	518,307,908	485,522,227	482,639,565
EQUITY
Share capital	4,037,916	4,037,916	4,037,916	4,037,916
Share premium	77,499,797	77,499,797	77,499,797	77,499,797
Share based payment reserve	245,299	245,299	170,753	170,753
Retained earnings	104,082,819	104,581,324	90,094,911	90,430,837
Equity attributable to owners of the Company	11	185,865,831	186,364,336	171,803,377	172,139,303
Non-controlling interest	110,716	-	108,887	-
Total equity	185,976,547	186,364,336	171,912,264	172,139,303
LIABILITIES
Loans and borrowings	3,540,562	3,540,562	6,831,273	6,831,273
Employee benefits	10,927,602	10,927,602	10,964,102	10,964,102
Deferred tax liabilities	22,808,354	22,808,354	23,281,997	23,281,997
Non-current liabilities	37,276,518	37,276,518	41,077,372	41,077,372
Loans and borrowings	43,302,159	43,302,159	24,542,067	24,542,067
Current tax liabilities	18,246,383	18,165,136	10,623,647	10,547,531
Dividend payable	9,742,946	9,742,946	10,437,847	10,437,847
Trade and other payables	226,314,541	222,945,802	226,418,019	223,384,434
Provisions	511,011	511,011	511,011	511,011
Current liabilities	298,117,040	294,667,054	272,532,591	269,422,890
Total liabilities	335,393,558	331,943,572	313,609,963	310,500,262
Total equity and liabilities	521,370,105	518,307,908	485,522,227	482,639,565

Approved by the Board of Directors on 22nd April, 2022 and signed on its behalf by:

____________________________ Mr. Hans Essaadi*

Managing Director/CEO

__________________________ Mr. Rob Kleinjan

Finance Director FRC/2019/ANAN/ 00000019433

*Mr. Essaadi has a waiver from the Financial Reporting Council of Nigeria ("FRCN") to sign the Financial Statements while pro cessing his FRCN[OO1] registration with the Council.

The notes on pages 11 to 15 are an integral part of these interim financial statements 5