INTERNATIONAL BREWERIES PLC International Breweries Plc
Unaudited Condensed Financial Statements for the 3 months ended 31st March 2024
International Breweries Plc Unaudited Condensed Financial Statements for the 3 months ended 31st March 2024
Contents
Certification of financial statements | 2 |
Statement of directors' responsibilities | 3 |
Statement of profit or loss | 4 |
Statement of other comprehensive income | 5 |
Statement of financial position | 6 |
Statement of changes in equity | 7 |
Statement of cash flows | 8 |
Notes to the financial statements | 9 |
1
International Breweries Plc Unaudited Condensed Financial Statements for the 3 months ended 31st March 2024
Certification of the unaudited condensed financial statements
Futher to the provisions of section 405 of the Companies and Allied Matters Act, 2020, we the Managing Director/CEO and Finance Director of International Breweries Plc ("the company") respectively hereby certify as follows:
- That we have reviewed the Unaudited condensed financial statements of the company for the period ended 31st March 2024.
- That the Unaudited condensed financial statements represents the true and correct financial position of our company as at the said date of 31st March 2024.
- That the Unaudited condensed financial statements does not contain any untrue statement of material fact or omit to state a material fact, which would make the statement misleading.
- That the Unaudited condensed financial statements fairly presents, in all material respects, the financial condition and results of operation of the company as of and for the period ended 31st March, 2024.
- That we are responsible for establishing and maintaining internal controls and affirm that the company's internal controls were effective as of 31st March, 2024.
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That all significant deficiencies in the design or operation of internal controls which could adversely affect the company's ability to record, process, summarise and report financial data have been disclosed to the independent Auditor and the Audit Committee.
Signed
Mr. Carlos Countino | Mr. David Tomlinson | Mr. Echezona Ifewulu |
Managing Director | Director | Head of Financial Control |
FRC/2023/PRO/DIR/003/877967 | FRC/2023/PRO/DIR/003/147669 | FRC/2021/002/00000025092 |
25 April, 2024 | 25 April, 2024 | 25 April, 2024 |
2
International Breweries Plc Unaudited Condensed Financial Statements for the 3 months ended 31st March 2024
Statement of directors' responsibilities
The Companies and Allied Matters Act requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of financial affairs of the Company at the end of the year and of its profit or loss. The responsibility includes:
- ensuring that the Company keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Company and comply with the requirements of the Companies and Allied Matters Act;
- designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to fraud or error; and
- preparing the Company's financial statements using suitable accounting policies supported by reasonable and prudent judgements and estimates that are consistently applied.
The directors accept responsibility for the unaudited condensed quartely financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards and the requirements of the Companies and Allied Matters Act.
Nothing has come to the attention of the directors to indicate that the Company will not remain a going concern for at least twelve months from the date of this statement.
HRM Nnaemeka Alfred Achebe, CFR,MNI | Mr. David Tomlinson | Mr. Carlos Countino |
Chairman | Director | Managing Director |
FRC/2013/NIM/00000001568 | FRC/2023/PRO/DIR/003/147669 | FRC/2023/PRO/DIR/003/877967 |
25 April, 2024 | 25 April, 2024 | 25 April, 2024 |
3
International Breweries Plc Unaudited Condensed Financial Statements for the 3 months ended 31st March 2024
Statement of profit or loss
for the period ended 31st March 2024
31 Mar 2024 | 31 Mar 2023 | ||
Note | N'000 | N'000 | |
Revenue | 3 | 103,215,766 | 54,398,676 |
Cost of sales | 4 | (74,360,942) | (37,363,676) |
Gross profit | 28,854,824 | 17,035,000 | |
Administrative, Marketing and distribution expenses | 4 | (21,868,745) | (17,342,977) |
Impairment charge on financial assets | 14,875 | (99,946) | |
Other expense | 5 | (87,579,431) | (2,567,568) |
(80,578,477) | (2,975,491) | ||
Finance income | 6 | 859,791 | 3,434,866 |
Finance cost | 6 | (9,635,533) | (4,577,182) |
Finance costs - net | (8,775,742) | (1,142,316) | |
Loss before tax | (89,354,219) | (4,117,807) | |
Income tax credit | 28,962,564 | 1,811,774 | |
Loss for the period | (60,391,655) | (2,306,033) | |
Basic and diluted loss per share (Naira) | 13 | (2.25) | (0.09) |
The notes on pages 9 to 12 are an integral part of these financial statements.
4
International Breweries Plc Unaudited Condensed Financial Statements for the 3 months ended 31st March 2024
Statement of other comprehensive income
for the period ended 31st March 2024
31 Mar 2024 | 31 Mar 2023 | |
N'000 | N'000 | |
Loss for the period | (60,391,655) | (2,306,033) |
Other comprehensive income: | ||
Items that will be subsequently reclassified to profit or loss: | ||
Change in fair value of hedging instrument recognised in OCI | (49,661,877) | 892,952 |
Other comprehensive income/(loss) for the period | (49,661,877) | 892,952 |
Total comprehensive loss for the period | (110,053,532) | (1,413,080) |
Basic and diluted loss per share (Naira) | (2.25) | (0.09) |
The notes on pages 9 to 12 are an integral part of these financial statements. |
5
International Breweries Plc Unaudited Condensed Financial Statements for the 3 months ended 31st March 2024
Statement of financial position
As at 31st March 2024
31 March | 31 December | ||
2024 | 2023 | ||
Note | |||
ASSETS | N'000 | N'000 | |
Non-current assets | |||
90,735,481 | 61,984,389 | ||
Deferred tax assets | |||
Property, plant and equipment | 254,102,785 | 253,320,308 | |
Right of use assets | 16,104,697 | 18,629,570 | |
Intangible assets | 5,103,141 | 4,954,604 | |
366,046,104 | 338,888,871 | ||
Current assets | |||
Inventories | 59,520,784 | 48,503,249 | |
Derivative financial instruments | 237,682,408 | 193,670,263 | |
Trade and other receivables | 37,052,714 | 11,062,213 | |
Restricted cash | 9 | 8,145,768 | 8,880,441 |
Cash and cash equivalents | 9 | 37,873,027 | 123,492,424 |
380,274,701 | 385,608,590 | ||
Total assets | |||
746,320,806 | 724,497,461 | ||
LIABILITIES | |||
Non-current liabilities | |||
Employee benefit obligations | 2,370,354 | 2,723,587 | |
Lease liabilities | 10,900,034 | 15,765,510 | |
13,270,388 | 18,489,097 | ||
Current liabilities | |||
Current tax liabilities | 2,547,026 | 2,758,498 | |
Trade and other payables | 244,215,554 | 209,177,420 | |
Borrowings | 473,883,316 | 374,339,382 | |
Lease liabilities | 7,051,009 | 4,326,020 | |
727,696,906 | 590,601,320 | ||
Total liabilities | 740,967,294 | 609,090,417 | |
EQUITY | |||
Share capital | 13,431,034 | 13,431,034 | |
Share premium | 159,803,396 | 159,803,396 | |
Other reserves | 1,360,756 | 1,360,756 | |
Cash flow hedge reserve | 19,448,140 | 69,110,017 | |
Employee benefit reserves | 33,363 | 33,363 | |
Retained losses | (188,723,177) | (128,331,522) | |
Total equity | 5,353,512 | 115,407,044 | |
Total equity and liabilities | 746,320,806 | 724,497,461 |
The notes on pages 9 to 12 are an integral part of these financial statements.
The financial statements on pages 4 to 12 were approved and authorised for issue by the board of Directors on 25 April 2024 and were signed on its behalf by:
HRM Nnaemeka Alfred Achebe, CFR,MNI (Chairman) FRC/2013/NIM/00000001568
Mr. Carlos Countino (Director) FRC/2023/PRO/DIR/003/877967
Mr. David Tomlinson (Director) FRC/2023/PRO/DIR/003/147669
Mr. Echezona Ifewulu (Head of Financial Control) FRC/2021/02/00000025092
6
International Breweries Plc Unaudited Condensed Financial Statements for the 3 months ended 31st March 2024
Statement of changes in equity
for the period ended 31st March 2024
Employee | Retained | ||||||
Share | Share | Other | Cash flow hedge | benefit | (losses)/ | Total | |
capital | Premium | reserves | reserve | reserves | earnings | equity | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
At 1 January 2024 | 13,431,034 | 159,803,396 | 1,360,756 | 69,110,017 | 33,363 | (128,331,522) | 115,407,044 |
Loss for the period | - | - | - | - | - | (60,391,655) | (60,391,655) |
Other comprehensive loss | - | - | - | (49,661,877) | - | - | (49,661,877) |
Total comprehensive loss for the period | - | - | - | (49,661,877) | - | (60,391,655) | (110,053,532) |
Balance at 31 March 2024 | 13,431,034 | 159,803,396 | 1,360,756 | 19,448,140 | 33,363 | (188,723,177) | 5,353,512 |
At 1 January 2023 | 13,431,034 | 159,803,396 | 1,360,756 | 1,268,140 | (227,281) | (58,305,612) | 117,330,432 |
Loss for the period | - | - | - | - | - | (2,306,033) | (2,306,033) |
Other comprehensive income | - | - | - | 892,952 | - | - | 892,952 |
Total comprehensive loss for the period | - | - | - | 892,952 | - | (2,306,033) | (1,413,081) |
Balance at 31 March 2023 | 13,431,034 | 159,803,396 | 1,360,756 | 2,161,092 | (227,281) | (60,611,645) | 115,917,351 |
The notes on pages 9 to 12 are an integral part of these financial statements.
7
International Breweries Plc Unaudited Condensed Financial Statements for the 3 months ended 31st March 2024
Statement of cash flow
31 March | 31 March | ||
2024 | 2023 | ||
Note | N'000 | N'000 | |
Cash flows from operating activities | |||
Cash generated from operations | 14 | (789,027) | (29,498,064) |
Employee benefits paid | (227,802) | - | |
Net cash inflow from operating activities | (1,016,829) | (29,498,064) | |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment | (9,581,900) | (7,239,389) | |
Investment in debt securities | - | 8,543,966 | |
Interest received | 6 | 859,791 | 3,434,866 |
Net cash outflow from investing activities | (8,722,108) | 4,739,443 | |
Cash flows from financing activities | |||
Proceeds/(Repayment) from/of borrowings | (70,892,000) | 21,528,320 | |
Lease payment | 2,588,027 | - | |
Interest paid | (8,311,161) | (3,479,695) | |
Net cash outflow from financing activities | (76,615,133) | 18,048,625 | |
Net decrease in cash and cash equivalents | (86,354,070) | (6,709,996) | |
Cash and cash equivalents at the beginning of the period | 132,372,865 | 36,025,067 | |
Cash and cash equivalents at the end of the period | 9 | ||
46,018,795 | 29,315,071 |
The notes on pages 9 to 12 are an integral part of these financial statements.
8
International Breweries Plc Annual report and financial statements for the 3 months ended 31st March 2024
Notes to the financial statements
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General information
These financial statements are the financial statements of International Breweries Plc ("the Company"). The Company was incorporated in Nigeria as a private limited liability company on 22 December 1971 under the Companies and Allied Matters Act, and is domiciled in Nigeria. The Company became a public limited liability company on 26 April, 1994.
The address of its registered office is: Plot 5A Abuja Street, Banana Island, Ikoyi,
Lagos, Nigeria
The principal activities of the Company are brewing, packaging and marketing of beer, alcoholic flavoured/ non-alcoholic beverages and soft drinks. The parent company is AB InBev Nigeria Holdings BV, the ultimate parent company is Anheuser-Busch InBev SA/NV. - Summary of accounting policies
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Introduction to summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. - Basis of preparation
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The condensed financial statements for the period ended 31 December 2023 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Additional information required by national regulations is included where appropriate. They do not include all the information required for a full annual financial statements, and should be read in combination with the year end financial statement of International Breweries Plc for the year ended 31st December, 2023.
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All values are rounded to the nearest thousand, except when otherwise indicated. The financial statements are presented in thousands of Naira.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment 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. Management believes that the underlying assumptions are appropriate and that the Company's financial statements therefore present the financial position and results fairly.
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Going concern
The financial statements have been prepared on a going concern basis. The directors have no doubt that the company will be in existence after 12 months from the reporting date. The directors do not intend to cease operations or stop any of the production lines. - Changes in accounting policy and disclosures
The Company has applied the accounting policies in these condensed financial statements consistently with those applied in the financial statements for the year ended 31st December 2023.
No new accounting policy in the period under review has significant impact on the financial statements that require disclosure.
9
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International Breweries plc published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 19:57:07 UTC.
