Champion Breweries Plc
RC: 13388
Unaudited Condensed Interim Financial Statements
30th September, 2023
Champion Breweries Plc
Condensed Interim Financial Statements for the nine months period ended - 30th September 2023
Contents | Page |
Condensed interim income statement for the three months period ended 30th September | 2 |
Condensed interim statement of other comprehensive income for the | |
Month period ended 30th September | 3 |
Condensed interim statement of financial position | 4 |
Condensed interim statement of changes in equity | 5 |
Condensed interim statement of cash flows | 6-7 |
Notes to the condensed interim financial statements | 8-10 |
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Champion Breweries Plc
Condensed Interim Financial Statements for the nine months period ended - 30th September 2023
CONDENSED INTERIM INCOME STATEMENT | ||||
For the nine month period ended 30th September | Quarter to date | Quarter to date | Year to date | Year to date |
30th September | 30th September 30th September | 30th September | ||
Restated | Re-stated | |||
2023 | 2022 | 2023 | 2022 | |
N'000 | N'000 | N'000 | N'000 | |
Revenue | 2,657,974 | 2,384,648 | 8,363,922 | 8,960,332 |
Cost of Sales | (1,355,766) | (970,285) | (5,788,687) | (5,179,199) |
Gross Profit | 1,302,208 | 1,414,363 | 2,575,235 | 3,781,133 |
Other Income | 10,913 | 23,462 | 54,578 | 127,412 |
Selling and Distribution Expenses | (638,243) | (453,080) | (1,339,901) | (1,009,260) |
Administrative Expenses | (797,540) | (733,285) | (1,336,657) | (1,135,917) |
Results from operating activities | (122,661) | 251,461 | (46,743) | 1,763,367 |
Finance income | 1,036 | 22,164 | 11,289 | 75,184 |
Finance costs | (15,673) | (14,686) | (56,026) | (50,497) |
Net Finance costs | (14,637) | 7,478 | (44,737) | 24,686 |
Profit or Loss before tax | (137,298) | 258,939 | (91,480) | 1,788,054 |
Income tax expenses | 36,798 | (75,032) | 13,789 | (528,412) |
Profit or Loss after tax | (100,500) | 183,907 | (77,691) | 1,259,642 |
Profit or Loss for the year attributable to: | ||||
Owners of the Company | (100,500) | 183,907 | (77,691) | 1,259,642 |
Non-controlling interest | - | - | - | - |
Profit or Loss for the period | (100,500) | 183,907 | (77,691) | 1,259,642 |
Basic and diluted earnings per share (kobo) | (1.28) | 2.35 | (0.99) | 16.09 |
2
Champion Breweries Plc
Condensed Interim Financial Statements for the nine months period ended - 30th September 2023
CONDENSED INTERIM STATEMENT OF | ||||
OTHER COMPREHENSIVE INCOME | ||||
For the nine months period ended 30th September 2023 | ||||
Quarter to date | Quarter to date | Year to date | Year to date | |
30th September | 30th September | 30th September | 30th September | |
2023 | 2022 | 2023 | 2022 | |
N'000 | N'000 | N'000 | N'000 | |
Profit/(Loss) for the period | (100,500) | 183,907 | (77,691) | 1,259,642 |
Other comprehensive income, net of tax | - | - | - | - |
Total comprehensive income for the period | (100,500) | 183,907 | (77,691) | 1,259,642 |
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Champion Breweries Plc
Condensed Interim Financial Statements for the nine months period ended - 30th September 2023
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
As at: | Restated | ||||
30th September | 31st Dec | ||||
2023 | 2022 | ||||
N'000 | N'000 | ||||
ASSETS | |||||
Property, plant and equipment | 12,693,565 | 10,298,837 | |||
Right of use asset | 673,557 | 482,335 | |||
Deferred tax assets | 55,590 | - | |||
Non-current assets | 13,422,712 | 10,781,172 | |||
Inventories | 2,010,280 | 1,401,426 | |||
Trade and other receivables | 101,758 | 73,196 | |||
Contract asset | 736,866 | 947,029 | |||
Prepayments | 72,640 | 61,957 | |||
Cash and cash equivalents | 1,326,777 | 2,188,805 | |||
Current assets | 4,248,321 | 4,672,413 | |||
Total assets | 17,671,033 | 15,453,585 | |||
EQUITY | |||||
Share capital | 3,914,748 | 3,914,748 | |||
Share premium | 519,100 | 519,100 | |||
Other Reserves | 3,701,612 | 3,701,612 | |||
Accumulated losses/gains | 2,906,233 | 2,983,924 | |||
Total Equity | 11,041,693 | 11,119,384 | |||
LIABILITIES | |||||
Employee benefits | 531,066 | 479,047 | |||
Lease Liability | 731,955 | 445,076 | |||
Deferred tax laibility | 509,231 | 483,117 | |||
Non-current liabilities | 1,772,253 | 1,407,240 | |||
Income tax liabilities | 37,270 | 178,699 | |||
Lease Liability | 0 | 79,023 | |||
Trade and other payables | 4,015,069 | 1,951,516 | |||
Contract liability | 130,462 | 227,676 | |||
Provision | 674,286 | 490,047 | |||
Current liabilities | 4,857,087 | 2,926,961 | |||
Total liabilities | 6,629,340 | 4,334,201 | |||
Total equity and liabilities | 17,671,033 | 15,453,585 |
Approved by the Board of Directors in October 26th, 2023 and signed on its behalf by:
__ | Imo- Abasi Jacob (Chairman) FRC/2018/ICAN/00000018401 | |
__ | Georgios Polymenakos (Managing Director) FRC/2021/003/00000023702 |
Additionally certified by:
Rasheed Adebiyi (Chief Finance Officer) FRC/2023/PRO/ICAN/001/423509
The notes on pages 8 to 10 are an integral part of these financial statements.
4
Champion Breweries Plc
Condensed Interim Financial Statements for the nine months period ended - 30th September 2023
Condensed interim statement of changes in equity | |||||||
For the nine-months period ended 30th September,2023 | |||||||
Share | Share | Accumulated | Other | ||||
capital | premium | loss | reserves | Total | |||
N'000 | N'000 | N'000 | N'000 | N'000 | |||
Balance at 1 | st | January 2023 | 3,914,748 | 519,100 | 2,983,924 | 3,701,612 | 11,119,384 |
Profit/(Loss) for the period | - | - | (77,691) | (77,691) | |||
Other comprehensive income for the period | - | - | - | - | - | ||
Total comprehensive income for the period | - | - | (77,691) | - | (77,691) | ||
Balance as at 30th September, 2023 | 3,914,748 | 519,100 | 2,906,233 | 3,701,612 | 11,041,693 | ||
Condensed interim statement of changes in equity | |||||||
(Re-stated) | |||||||
For the nine months period ended 30th September 2022 | |||||||
Share | Share | Accumulated | Other | ||||
capital | premium | loss | reserves | Total | |||
N'000 | N'000 | N'000 | N'000 | N'000 | |||
Balance at 1 | st | January 2022 | 3,914,748 | 519,100 | 1,084,183 | 3,701,612 | 9,219,643 |
Profit/(Loss) for the period | - | - | 1,259,642 | - | 1,259,642 | ||
Total comprehensive income for the period | - | - | 1,259,642 | - | 1,259,642 | ||
Balance as at 30th September, 2022 | 3,914,748 | 519,100 | 2,343,825 | 3,701,612 | 10,479,285 |
The notes on pages 8 to 10 are an integral part of these financial statements.
5
Champion Breweries Plc
Condensed Interim Financial Statements for the nine months period ended - 30th September 2023
The notes on pages 8 to 10 are an integral part of these financial statements.*
Value Added Tax (VAT) paid shown separately above has been adjusted for in deriving the change in trade and other payables.
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Champion Breweries Plc
Condensed Interim Financial Statements for the nine months period ended - 30th September 2023
Notes to the condensed interim financial statements
1. REPORTING ENTITY
Champion Breweries Plc ('the Company'), was incorporated in Nigeria as a limited liability Company on 31July 1974 and was later converted to a public limited liability Company on 1 September 1992. The address of the Company's registered office is Industrial layout, Aka Uffot, Uyo, Akwa Ibom State, Nigeria.
The Company is involved in the brewing and marketing of Champion lager beer,Champion Ginger beer, Champ Malta & Champ Malt with Butter Cookies and Champ Malt with Tigernut. The company also provides contract brewing and packaging services to Nigerian Breweries Plc, a related party within the Heineken group.
The financial statements of Champion Breweries Plc as at and for the year ended 31st December 2022 are available on the Company's registered website www.championbreweries.com
2. BASIS OF PREPARATION
-
Statement of compliance
These condensed interim financial statements have been prepared in accordance with International Financial
Reporting Standard (IFRS) IAS 34 'Interim Financial Reporting'. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the financial statements of Champion Breweries Plc as at and for the year ended 31st December 2022.
These condensed interim financial statements were approved by a written resolution of the Board of Directors of the Company on October 26th, 2023. - Functional and presentation currency
These condensed interim financial statement are presented in Naira, which is the Company's functional currency. All financial information presented in Naira has been rounded to the nearest thousand unless stated. - Use of estimates and judgements
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimate and assumptions that affects the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these condensed interim financial statements, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements as at and for the year ended 31st December 2022.
3. SIGNIFICANT ACCOUNTING POLICIES
-
General
The accounting policies applied in these condensed interim financial statements are the same as those applied in the Company's financial statements as at and for the year ended 31st December 2022. - Income tax
Income tax expenses are recognised based on management's best estimate of the weighted average expected full year income tax rate.
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Champion Breweries Plc
Condensed Interim Financial Statements for the nine months period ended - 30th September 2023
-
SEASONALITY
The performance of the Company is subject to seasonal fluctuations as a result of weather conditions and festivities. The Company's full year results and volumes are depended on the performance in the peak-selling season, typically resulting in higher revenue and profitability in the last quarter of the year. The impact from this seasonality is also noticeable in several working capital related items such as inventory, trade receivables and payables. - ANALYSIS OF EXPENSES BY NATURE
For the nine-months period ended 30th September:
EXPENSES BY NATURE | ||
Re-stated | ||
2023 | 2022 | |
N'000 | N'000 | |
Raw materials & consumables | 2,689,414 | 2,915,079 |
Advertising & sales expenses | 288,764 | 119,430 |
Depreciation | 1,288,121 | 930,515 |
Employee Benefits | 1,284,353 | 1,300,706 |
Repairs & maintenance | 784,737 | 583,909 |
Energy & water | 1,169,270 | 732,718 |
Other Fixed Expenses | 455,385 | 348,164 |
Distribution | 505,200 | 393,855 |
Total cost of sales, selling and | ||
ditribution and administrative | ||
expenses | 8,465,244 | 7,324,377 |
- INCOME TAX EXPENSES
The Company's effective tax rate in respect of continuing operations for the nine-months period ended 30th September 2023 was 30 per cent (for the nine-months period ended 30th September 2022: 30 per cent). - PROPERTY PLANT AND EQUIPMENT Acquisitions
During the six-months period ended 30th September 2023 the Company acquired, property, plant and equipment with a cost of N2.4Billion (nine-months period ended 30th September 2022: N1.3Billion).
8
Champion Breweries Plc
Condensed Interim Financial Statements for the nine months period ended - 30th September 2023
Capital commitments
As at 30th September 2023, the Company's capital expenditure commitments for property, plant and equipment amounted to N1.3Billion (30th September 2022: N1.62Billion).
-
FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS Financial risk management
The aspect of the Company's financial risk management objectives and policies are consistent with those disclosed in the financial statements as at end for the year ended 31st December 2022. - CONTINGENCIES
No material updates in comparison with 2022 year-end reporting were identified that need to be reported. -
RELATED PARTY TRANSACTIONS
The Company has related party relationships with its parent company, Heineken N.V. and Heineken group entities. These transactions are conducted on terms comparable to transactions with third parties. The related party transactions in the first nine-months period ended 30th September 2023 do in substance not deviate from the transactions as reflected in the financial statements as at and for the year 31st December 2022. - SUBSEQUENT EVENTS
There are no significant subsequent events, which could have had a material effect on the state of affairs of the Company as at 30th September 2023 that have not been adequately provided for or disclosed in these condensed interim financial statements.
12. SECURITIES TRADING
In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) Champion Breweries Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Policy undergoes periodic reviews by the Board and is updated accordingly. The Company has made specific inquiries of all its directors and other insiders and is not aware of any infringement of the policy during the period.
13. RESTATEMENT
The company reclassified and represented its revenue in a manner that reflects the nature of the transaction in line with the requirements of the applicable International Financial Reporting Standards (IFRS) Consequently, the presentation of the comparative figures and the prior year's balances have been restated in line with IAS 1 (Presentation of financial statements), IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors), and other applicable financial reporting standards for meaningful comparison.
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Champion Breweries plc published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 15:43:41 UTC.