Guinness Nigeria Plc
Unaudited Financial Statements
For the period ended 30 September 2023
Guinness Nigeria Plc
Financial Statements - 30 September 2023
Unaudited Interim Financial Statements
Contents
Page | |
Condensed Statement of Financial Position | |
Condensed Income Statement | |
Condensed Statement of Comprehensive Income | |
Condensed Statement of Changes in Equity | |
Condensed Statement of Cash Flows | |
Notes to the Condensed Financial Statements |
Guinness Nigeria Plc
Financial Statements - 30 September 2023
Unaudited Interim Financial Statements
Statement of Financial Position
As at 30 September
ASSETS | Notes | 30 Sep 2023 | 30 Jun 2023 | |
N'000 | N'000 | |||
Non-current assets | ||||
Property, plant and equipment | 13(a) | 99,538,809 | 99,177,647 | |
Right-of-use assets | 22(a) | 185,439 | 217,574 | |
Intangible assets | 14 | 537,518 | 549,950 | |
Prepayments | 15 | - | - | |
Total non-current assets | 100,261,766 | 99,945,171 | ||
Current assets | ||||
Inventories | 16 | 34,926,999 | 34,469,527 | |
Trade and other receivables | 17(a) | 29,962,226 | 13,213,407 | |
Prepayments | 15 | 1,299,139 | 402,895 | |
Restricted cash | 18(a) | 1,592,461 | 1,592,461 | |
Cash and cash equivalents | 18(b) | 76,323,062 | 92,124,683 | |
Total current assets | 144,103,887 | 141,802,973 | ||
Total assets | 244,365,653 | 241,748,144 | ||
Equity | ||||
Share capital | 1,095,191 | 1,095,191 | ||
Share premium | 47,447,029 | 47,447,029 | ||
Retained earnings | 10,478,449 | 7,882,396 | ||
Total equity | 59,020,669 | 56,424,616 | ||
Liabilities | ||||
Non-current liabilities | ||||
Lease liabilities | 22(b) | 159,713 | 154,272 | |
Employee benefits | 1,189,442 | 1,155,169 | ||
Deferred tax liabilities | 479,144 | 479,144 | ||
Total non-current liabilities | 1,828,299 | 1,788,585 | ||
Current liabilities | ||||
Current tax liabilities | 12(b) | 6,478,308 | 5,256,637 | |
Dividend payable | 20 | 1,668,896 | 1,695,832 | |
Loans and borrowings | 21(a) | 58,995,534 | 63,755,939 | |
Lease liabilities | 22(b) | 30 | 29 | |
Contract liabilities | 7(b) | 232,635 | 1,590,422 | |
Trade and other payables | 23 | 116,141,282 | 116, | 111,236,084 |
Total current liabilities | 183,516,685 | 112, | 183,534,943 | |
Total liabilities | 185,344,984 | 185,323,528 | ||
Total equity and liabilities | 244,365,653 | 241,748,144 | ||
Approved by the Board of Directors on 24 October 2023 and signed on its behalf by:
Dr Omobola Johnson (Chairman)
FRC/2018/IODN/00000018366
John Musunga (Managing Director)
FRC/2023/PRO/DIR/003/432832
Emmanuel Difom (Finance & Strategy Director)
FRC/2022/PRO/ICAN/001/00000024174
The notes on pages 6 to 19 are integral parts of these financial statements.
1
Guinness Nigeria Plc
Financial Statements - 30 September 2023
Unaudited Interim Financial Statements
Income Statement
For the period ended 30 September
Notes | Quarter to date | Year to date | Quarter to date | Year to date | |
30 September | 30 September | 30 September | 30 September | ||
2023 | 2023 | 2022 | 2022 | ||
N'000 | N'000 | N'000 | N'000 | ||
Revenue | 7(a) | 59,536,477 | 59,536,477 | 52,849,881 | 52,849,881 |
Cost of sales | (41,398,835) | (41,398,835) | (34,610,404) | (34,610,404) | |
Gross profit | 18,137,642 | 18,137,642 | 18,239,477 | 18,239,477 | |
Other income | 8(a) | 1,395,931 | 1,395,931 | 660,382 | 660,382 |
Marketing and distribution expenses | 8(b) | (8,313,860) | (8,313,860) | (9,414,001) | (9,414,001) |
Administrative expenses | (3,345,581) | (3,345,581) | (3,580,995) | (3,580,995) | |
Profit from operating activities | 7,874,132 | 7,874,132 | 5,904,863 | 5,904,863 | |
Finance income | 9(a) | 563,929 | 563,929 | 597,504 | 597,504 |
Finance expense | 9(b) | (4,620,337) | (4,620,337) | (2,459,991) | (2,459,991) |
Net finance expense | (4,056,408) | (4,056,408) | (1,862,487) | (1,862,487) | |
Profit before income tax | 3,817,724 | 3,817,724 | 4,042,376 | 4,042,376 | |
Tax expense | 12 | (1,221,671) | (1,221,671) | (1,293,562) | (1,293,562) |
Profit for the period | 2,596,053 | 2,596,053 | 2,748,814 | 2,748,814 | |
Earnings per share | |||||
Basic and diluted earnings per share (kobo) | 119 | 125 | |||
The notes on pages 6 to 19 are integral parts of these financial statements.
2
Guinness Nigeria Plc
Financial Statements - 30 September 2023
Unaudited Interim Financial Statements
Statement of Comprehensive Income
For the period ended 30 September
Profit for the period
Total comprehensive income for the period
Quarter to date | Year to date | Quarter to date | Year to date |
30 September | 30 September | 30 September | 30 September |
2023 | 2023 | 2022 | 2022 |
N'000 | N'000 | N'000 | N'000 |
2,596,053 | 2,596,053 | 2,748,814 | 2,748,814 |
2,596,053 | 2,596,053 | 2,748,814 | 2,748,814 |
The notes on pages 6 to 19 are integral parts of these financial statements.
3
Guinness Nigeria Plc
Financial Statements - 30 September 2023
Unaudited Interim Financial Statements
Statement of Changes in Equity
For the period ended 30 September
Notes | |
Balance at 1 July 2022 | |
Total comprehensive income | |
Profit for the period | |
Total comprehensive income for the | |
period | |
Transaction with owners, recorded | |
directly in equity | |
Unclaimed dividend written back | 20 |
Share-based payment charge | |
Share-based payment recharge | |
Total transactions with owners | |
Balance at 30 September 2022 | |
Balance at 1 July 2023 | |
Total comprehensive income | |
Profit for the year | |
Total comprehensive income for the | |
period | |
Transaction with owners, recorded | |
directly in equity | |
Share-based payment charge | |
Share-based payment recharge | |
Total transactions with owners | |
Balance at 30 September 2023 |
Share | Share | Share | Retained | Total | ||||
based | ||||||||
capital | premium | payment | earnings | equity | ||||
reserve | ||||||||
N'000 | N'000 | N'000 | N'000 | N'000 | ||||
1,095,191 | 47,447,029 | - | 41,437,171 | 89,979,391 | ||||
- | - | - | 2,748,814 | 2,748,814 | ||||
- | - | - | 2,748,814 | 2,748,814 | ||||
- | - | - | 200,000 | 200,000 | ||||
- | - | 57,814 | - | 57,814 | ||||
- | - | (57,814) | - | (57,814) | ||||
- | - | - | 200,000 | 200,000 | ||||
1,095,191 | 47,447,029 | - | 44,385,985 | 92,928,205 | ||||
1,095,191 | 47,447,029 | - | 7,882,396 | 56,424,616 | ||||
- | - | - | 2,596,053 | 2,596,053 | ||||
- | - | - | 2,596,053 | 2,596,053 | ||||
- | - | 35,735 | - | 35,735 | ||||
- | - | (35,735) | - | (35,735) | ||||
- | - | - | - | - | ||||
1,095,191 | 47,447,029 | - | 10,478,449 | 59,020,669 | ||||
The notes on pages 6 to 19 are integral parts of these financial statements.
4
Guinness Nigeria Plc
Financial Statements - 30 September 2023
Unaudited Interim Financial Statements
Statement of Cash Flows
For the period ended 30 September
Notes | 3 Months Ended | 3 Months Ended | ||
30 September 2023 | 30 September 2022 | |||
N'000 | N'000 | |||
Cash flows from operating activities | ||||
Profit before income tax | 3,817,724 | 4,042,376 | ||
Adjustments for: | ||||
Depreciation of property plant and equipment | 13(a) | 2,418,535 | 2,197,224 | |
Depreciation of right-of-use assets | 22(a) | 32,135 | 37,312 | |
Amortisation of intangible assets | 14 | 35,019 | 39 | |
Write-off of property, plant and equipment | 13(c) | 37,021 | 36,077 | |
Gain on disposal of property, plant and equipment | 13(c) | - | (509,928) | |
Impairment/(Reversal of impairment) of inventories | (220,143) | 81,268 | ||
Impairment of trade and other receivables | 17(b) | 530 | 596 | |
Long service awards | 31,923 | 35,310 | ||
Share-based payments | 35,735 | 57,814 | ||
Finance income | 9(a) | (563,930) | (597,504) | |
Finance expense | 9(b) | 4,620,335 | 2,459,991 | |
Release of other provisions | (32,243) | (12,499) | ||
Changes in working capital: | 10,212,641 | 7,828,076 | ||
Inventories | (237,329) | (4,999,395) | ||
Trade and other receivables | 17(b) | (16,998,618) | (4,216,556) | |
Prepayments | (896,244) | (722,558) | ||
Dividend payables | 20 | (26,936) | (17,177) | |
Trade and other payables | 3,452,704 | 6,811,346 | ||
Cash (used in)/generated from operating activities | (4,493,782) | 4,683,736 | ||
Income tax paid | - | (2,721,426) | ||
Value added tax paid | (2,046,778) | (2,932,860) | ||
Gratuity paid | - | (3,609) | ||
Long service awards paid | (37,051) | (53,222) | ||
Net cash used in from operating activities | ||||
(6,577,611) | (1,027,381) | |||
Cash flows from investing activities | ||||
Finance income received | 9(a) | 359,391 | 311,108 | |
Proceeds from disposal of property, plant and equipment | 13(c) | - | 509,928 | |
Acquisition of property, plant and equipment | 13(b) | (2,511,755) | (2,002,898) | |
Acquisition of intangible assets | 14 | (11,463) | - | |
Net cash used in investing activities | (2,163,827) | (1,181,862) | ||
Cash flows from financing activities | ||||
Proceeds from loans and borrowings | 21(b) | 439,604 | 3,970,304 | |
Repayment of loans and borrowings | 21(b) | (6,171,206) | (6,191,544) | |
Repayment of principal portion of lease liabilities | 22(b) | - | (13,579) | |
Finance expense paid | 9(b) | (1,782,389) | (666,169) | |
Dividends paid | 20 | - | - | |
Net cash used in financing activities | (7,513,991) | (2,900,988) | ||
Net decrease in cash and cash equivalents | (16,255,429) | (5,110,231) | ||
Effect of foreign exchange rate changes on cash and cash | 453,808 | (73,094) | ||
equivalents | ||||
Cash and cash equivalents at 1 July | 92,124,683 | 69,103,716 | ||
Cash and cash equivalents at 30 September | 18(b) | 76,323,062 | 63,920,391 | |
The notes on pages 6 to 19 are integral parts of these financial statements.
5
Guinness Nigeria Plc
Financial Statements - 30 September 2023
Unaudited Interim Financial Statements
Notes to the Financial Statements
For the period ended 30 September
Note | Page | Note | Page | ||
1 | Reporting entity | 15 | Prepayments | 14 | |
2a | Basis of preparation | 16 | Inventories | 14 | |
2b | Going concern basis of accounting | 17 | Trade and other receivables | 15 | |
2c | Securities Trading Policy | 18 | Cash and cash equivalents | 15 | |
3 | Functional and presentation currency | 19 | Share capital and reserves | 16 | |
4 | Use of estimates and judgements | 20 | Dividends | 16 | |
5 | Changes in accounting policies | 21 | Loans and borrowings | 17 | |
6 | Significant accounting policies | 22 | Leases | 18 | |
7 | Revenue | 23 | Trade and other payables | 19 | |
8 | Other income and marketing and | 24 | Events after the reporting date | 19 | |
distribution expenses | |||||
9 | Finance income and finance expense | 9 | |||
10 | Profit before taxation | 10 | |||
11 | Personnel expenses | 10 | |||
12 | Taxation | 10 | |||
13 | Property, plant and equipment (PPE) | 11 | |||
14 | Intangible assets | 13 |
6
Notes to the Financial Statements | Guinness Nigeria Plc |
Financial Statements - 30 September 2023 | |
Unaudited Interim Financial Statements |
1. Reporting entity
Guinness Nigeria Plc, ('the Company'), a public Company quoted on the Nigerian Stock Exchange, was incorporated in Nigeria on 29 April 1950, as a trading company importing Guinness Stout from Dublin. The Company has since transformed itself into a manufacturing operation and its principal activities continue to be brewing, packaging, marketing and selling of of Guinness Foreign Extra Stout, Guinness Smooth, Malta Guinness, Guinness Gold, Harp Lager, Smirnoff Ice, Satzenbrau Lager, Dubic Malt, Snapp, Orijin Spirit Mixed Drink, Orijin Bitters, Smirnoff Ice Double Black with Guarana, Orijin Zero and Orijin Herbal Gin, Baileys Delight, Gordons Moringa among others.
The address of the Company's registered office is at 24 Oba Akran Avenue, Ikeja, Lagos.
2a. Basis of preparation
The interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC). The financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB), and both requirements of the Financial Reporting Council of Nigeria Act and the Companies and Allied Matters Act. The financial statements were authorised for issue by the Board of Directors on 24 October 2023.
2b. Going concern basis of accounting
The financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet the mandatory repayment terms of banking facilities, trade, lease and other liabilities.
2c. Securities Trading Policy
In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule), Guinness Nigeria Plc maintains a Dealing in Securities Code (the "Code") which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Code undergoes periodic reviews by the Board and is updated accordingly to comply with national and international best practice of corporate governance. The Company has made specific enquiries and given relevant notifications to all its Directors, Audit Committee members, employees and other insiders and is not aware of any infringement of the Code during the period under review.
3. Functional and presentation currency
These financial statements are presented in Naira, which is the Company's functional currency. All financial information presented in Naira (N) has been rounded to the nearest thousand unless otherwise stated.
4. Use of estimates and judgements
The preparation of the financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
5. Changes in accounting policies
There were no significant accounting policy change in the current financial year.
6. Significant accounting policies
The Company applied accounting policies consistent to those applied in the Company's financial statement as at year ended 30 June 2023.
7
Notes to the Financial Statements | Guinness Nigeria Plc |
Financial Statements - 30 September 2023 | |
Unaudited Interim Financial Statements |
7. Revenue
a. Disaggregation of revenue from contract with customer
30 Sep 2023 | 30 Sep 2022 | ||
Nigeria | N'000 | N'000 | |
58,692,740 | 51,907,701 | ||
Export | 843,737 | 942,180 | |
59,536,477 | 52,849,881 | ||
b. Liabilities relating to contracts with customers | |||
30 Sep 2023 | 30 Jun 2023 | ||
Contract liabilities | N'000 | N'000 | |
232,635 | 1,590,422 | ||
8. Other income and marketing and distribution expenses a. Other income comprises:
30 Sep 2023 | 30 Sep 2022 | ||
N'000 | N'000 | ||
Income from leased assets | - | 61,922 | |
Sale of by-products | 42,485 | 88,532 | |
Gain on disposal of property, plant and equipment | - | 509,928 | |
Promisory note from EEG | 1,353,446 | - | |
1,395,931 | 660,382 | ||
b. Marketing and distribution expenses: | |||
30 Sep 2023 | 30 Sep 2022 | ||
Marketing expenses | N'000 | N'000 | |
4,552,361 | 4,897,906 | ||
Distribution expenses | 3,761,499 | 4,516,095 | |
8,313,860 | 9,414,001 | ||
8
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Guinness Nigeria plc published this content on 25 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2023 17:12:22 UTC.