NIGERIAN BREWERIES : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

October 25, 2023 at 12:23 pm EDT

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements For the nine months ended 30th September, 2023

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the nine months ended 30th September 2023

Table of Contents
Condensed interim income statement	1
Condensed interim statement of other comprehensive income	3
Condensed interim statement of financial position	5
Condensed interim statement of changes in equity	6
Condensed interim statement of cash flows	100
Notes to the condensed interim financial statements	111

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the nine months ended 30th September 2023

Condensed interim income statement
			GROUP
		Quarter to date	Year to date	Quarter to date	Year to date
		30th September	30th September	30th September	30th September
		2023	2023	2022	2022
	Notes	₦'000	₦'000	₦'000	₦'000
Net Revenue		124,382,017	401,801,300	119,364,354	393,449,148
Cost of Sales	6	(84,146,683)	(249,241,058)	(83,570,227)	(238,919,404)
Gross Profit		40,235,334	152,560,242	35,794,127	154,529,744
Other Income		599,633	1,953,615	506,084	2,506,063
Selling and Distribution Expenses	6	(33,094,031)	(101,553,111)	(31,106,546)	(100,910,363)
Administrative Expenses	6	(8,788,837)	(25,055,554)	(6,158,412)	(20,638,649)
Net (release)/charge of expected
credit loss on financial assets		(71,058)	(645,707)	512,453	(99,501)
Results from operating activities		(1,118,959)	27,259,485	(452,294)	35,387,294
Finance income	7	106,998	292,564	29,922	258,666
Net loss on foreign exchange transactions	(1,566,560)	(86,826,983)	(3,082,035)	(10,362,990)
Finance costs	7b	(7,740,260)	(18,888,289)	(3,099,942)	(6,190,259)
Net Finance costs		(9,199,822)	(105,422,708)	(6,152,055)	(16,294,583)
Profit (loss) before tax		(10,318,781)	(78,163,223)	(6,604,349)	19,092,711
Income tax expenses	8	723,269	20,968,535	2,616,927	(4,337,488)
Profit/(loss) after tax		(9,595,512)	(57,194,688)	(3,987,422)	14,755,223
Profit/(Loss) for the year attributable
to:
Owners of the Company		(9,595,512)	(57,194,688)	(3,969,898)	14,750,673
Non-controlling interest		-	-	(17,524)	4,550
Profit/(loss) for the period		(9,595,512)	(57,194,688)	(3,987,422)	14,755,223
Earnings per share
Basic Earnings per share (kobo)		(116)	(689)	(49)	182
Diluted earnings per share (kobo)		(116)	(689)	(49)	182

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

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the nine months ended 30th September 2023

Condensed interim income statement
			COMPANY
		Quarter to date	Year to date	Quarter to date	Year to date
		30th September	30th September	30th September	30th September
		2023	2023	2022	2022
	Notes	₦'000	₦'000	₦'000	₦'000
Net Revenue		124,354,387	401,692,691	119,305,065	393,336,322
Cost of Sales	6	(84,146,683)	(249,241,058)	(83,570,227)	(238,919,404)
Gross Profit		40,207,704	152,451,633	35,734,838	154,416,918
Other Income		599,520	1,953,502	483,983	2,483,962
Selling and Distribution Expenses	6	(33,094,031)	(101,553,111)	(31,106,546)	(100,910,363)
Administrative Expenses	6	(8,647,512)	(24,576,308)	(5,910,806)	(19,941,056)
Net release of expected credit loss
on financial assets		(71,058)	(645,707)	512,453	(99,501)
Results from operating activities		(1,005,377)	27,630,009	(286,078)	35,949,960
Finance income	7	106,998	292,564	29,922	258,666
Net loss on foreign exchange transactions	(1,566,560)	(86,826,983)	(3,082,035)	(10,362,990)
Finance costs	7b	(7,740,260)	(18,888,289)	(3,099,942)	(6,237,493)
Net Finance costs		(9,199,822)	(105,422,708)	(6,152,055)	(16,341,817)
Profit (loss) before tax		(10,205,199)	(77,792,699)	(6,438,133)	19,608,143
Income tax expenses	8	723,269	20,968,535	2,614,490	(4,350,420)
Profit/(loss) after tax		(9,481,930)	(56,824,164)	(3,823,643)	15,257,723
Profit/(loss) for the year attributable
to:
Owners of the Company		(9,481,930)	(56,824,164)	(3,823,643)	15,257,723
Non-controlling interest		-	-	-	-
Profit/(loss) for the period		(9,481,930)	(56,824,164)	(3,823,643)	15,257,723
Earnings per share
Basic Earnings per share (kobo)		(114)	(685)	(47)	189
Diluted earnings per share (kobo)		(114)	(685)	(47)	189

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

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the nine months ended 30th September 2023

Condensed interim statement of other comprehensive income
		GROUP
	Quarter to date	Year to date	Quarter to date	Year to date
	30th September	30th September	30th September	30th September
	2023	2023	2022	2022
Notes	₦'000	₦'000	₦'000	₦'000
Profit/(loss) for the period	(9,595,512)	(57,194,688)	(3,969,898)	14,750,673
Other comprehensive income, net of tax
Total comprehensive income for the period	(9,595,512)	(57,194,688)	(3,969,898)	14,750,673

Total comprehensive income for the year attributable to:

Owners of the Company	(9,595,512)	(57,194,688)	(3,969,898)	14,750,673
Non-controlling interest	-	-	(17,524)	4,550
Total comprehensive income for the period	(9,595,512)	(57,194,688)	(3,987,422)	14,755,223

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

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the nine months ended 30th September 2023

Condensed interim statement of other comprehensive income

		COMPANY
	Quarter to date	Year to date	Quarter to date	Year to date
	30th September	30th September	30th September	30th September
	2023	2023	2022	2022
Notes	₦'000	₦'000	₦'000	₦'000
Profit/(loss) for the period	(9,481,930)	(56,824,164)	(3,823,643)	15,257,723
Other comprehensive income, net of tax
Total comprehensive income for the period	(9,481,930)	(56,824,164)	(3,823,643)	15,257,723

Total comprehensive income for the year attributable to:

Owners of the Company	(9,481,930)	(56,824,164)	(3,823,643)	15,257,723
Total comprehensive income for the period	(9,481,930)	(56,824,164)	(3,823,643)	15,257,723

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

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the nine months ended 30th September 2023

Condensed interim statement of financial position

As at 30th September, 2023.

		30th September	30th September	31st December	31st December
		2023	2023	2022	2022
		Group	Company	Group	Company
	Notes	₦'000	₦'000	₦'000	₦'000
ASSETS
Property, plant and equipment	9	387,855,200	387,067,982	358,967,704	357,922,963
Intangible assets and goodwill		92,274,672	92,274,672	93,425,102	93,425,102
Right of Use Asset (ROUA)		9,022,738	9,006,333	9,901,779	9,828,656
Investments		150,000	929,625	150,000	929,625
Deferred tax Asset		6,525,359	6,525,359	-	-
Other receivables		4,431,643	4,431,643	2,022,169	2,022,169
Non-current assets		500,259,612	500,235,614	464,466,754	464,128,515
Inventories		102,137,339	101,979,764	83,517,310	83,344,213
Trade and other receivables		70,959,582	73,222,436	40,709,753	42,837,156
Prepayments		2,428,790	2,428,790	1,958,201	1,958,201
Deposit for imports		12,765,311	12,765,311	6,898,323	6,898,323
Cash and cash equivalents		21,134,994	21,018,591	22,180,841	22,151,846
Assets held for sale		157,500	-	157,500	-
Current assets		209,583,516	211,414,892	155,421,928	157,189,739
Total assets		709,843,128	711,650,506	619,888,682	621,318,254
EQUITY
Share capital		5,138,066	5,138,066	5,138,066	5,138,066
Share premium		82,943,935	82,943,935	82,943,935	82,943,935
Share based payment reserve		1,270,560	1,270,560	944,383	944,383
Retained earnings		22,994,790	24,444,115	90,773,894	91,852,695
Equity attributable to
owners of the company	11	112,347,351	113,796,676	179,800,278	180,879,079
Non-controlling interest		113,437	-	113,437	-
Total Equity		112,460,788	113,796,676	179,913,715	180,879,079
LIABILITIES
Loans and borrowings		60,183,599	60,183,599	2,425,875	2,425,875
Lease liabilities		1,297	1,297	14,622	14,622
Employee benefits		11,961,542	11,961,542	11,422,347	11,422,347
Deferred tax liabilities		-	-	18,407,463	18,407,463
Non-current liabilities		72,146,438	72,146,438	32,270,307	32,270,307
Loans and borrowings		247,811,527	247,811,527	119,824,926	119,824,926
Lease liabilities		22,771	22,771	17,313	17,313
Current tax liabilities		10,260,815	10,260,815	13,002,683	13,002,683
Dividend payable		14,464,260	14,464,260	9,007,012	9,007,012
Trade and other payables		249,605,790	250,077,280	264,089,648	264,553,856
Provisions		3,070,739	3,070,739	1,763,078	1,763,078
Current liabilities		525,235,902	525,707,392	407,704,660	408,168,868
Total liabilities		597,382,340	597,853,830	439,974,967	440,439,175
Total equity and liabilities		709,843,128	711,650,506	619,888,682	621,318,254

Approved by the Board of Directors on 26th October, 2023 and signed on its behalf by:

___________________________	__________________________
Mr. Hans Essaadi	Mr. Ben Wessels Boer
Managing Director/CEO	Finance Director

FRC/2022/PRO/DIR/003/195502

*Mr. Boer has a waiver from the Financial Reporting Council of Nigeria ("FRCN") to sign the Financial Statements while processing his FRCN registration with the Council.

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

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the nine months ended 30th September 2023

Condensed interim statement of changes in equity
Group	Share	Share	Share	Retained	Total	Non-	Total
	Capital	Premium	Based	Earnings		Controlling	Equity
			Payment			Interest
			Reserve
Notes	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
Balance as at 1st January 2023	5,138,066	82,943,935	944,383	90,773,894	179,800,278	113,437	179,913,715
Loss for the period	-	-	-	(57,194,688)	(57,194,688)	-	(57,194,688)
Other comprehensive income for the period	-	-	-	-	-	-	-
Total comprehensive income for the year	-	-	-	(57,194,688)	(57,194,688)	-	(57,194,688)
Transaction with owners, recorded directly in equity	-	-	-	-	-	-	-
Contributions and distributions
Issue of ordinary shares	-	-	-	-	-	-	-
Share based payment charge	-	-	556,839	-	556,839	-	556,839
Share based payment recharge	-	-	(230,662)	-	(230,662)	-	(230,662)
Dividends	-	-	-	(10,584,416)	(10,584,416)	-	(10,584,416)
Unclaimed dividends written back	-	-	-	-	-	-	-
Total contributions and distributions	-	-	326,177	(10,584,416)	(10,258,239)	-	(10,258,239)
Changes in ownership interest
Total transactions with owners of the company	-	-	326,177	(67,779,104)	(67,452,927)	-	(67,452,927)
Balance as at 30th September, 2023	5,138,066	82,943,935	1,270,560	22,994,790	112,347,351	113,437	112,460,788

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

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the nine months ended 30th September 2023

Condensed interim statement of changes in equity
Company	Share	Share	Share	Retained	Total
	Capital	Premium	Based	Earnings	Equity
			Payment
			Reserve
Notes	₦'000	₦'000	₦'000	₦'000	₦'000
Balance as at 1st January 2023	5,138,066	82,943,935	944,383	91,852,695	180,879,079
Loss for the period	-	-	-	(56,824,164)	(56,824,164)
Other comprehensive income for the period	-	-	-	-	-
Total Comprehensive income for the period	-	-	-	(56,824,164)	(56,824,164)
Transaction with owners, recorded directly in equity	-	-	-	-	-
Contributions and distributions
Issue of ordinary shares	-	-	-	-	-
Share based payment charge	-	-	556,839	-	556,839
Share based payment recharge	-	-	(230,662)	-	(230,662)
Dividends	-	-	-	(10,584,416)	(10,584,416)
Unclaimed dividends written back	-	-	-	-	-
Total contributions and distributions	-	-	326,177	(10,584,416)	(10,258,239)
Changes in ownership interest
Total transactions with owners of the company	-	-	326,177	(67,408,580)	(67,082,403)
Balance as at 30th September, 2023	5,138,066	82,943,935	1,270,560	24,444,115	113,796,676

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

Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the nine months ended 30th September 2023

Condensed interim statement of changes in equity
Group	Share	Share	Share	Retained	Total	Non-	Total
	Capital	Premium	Based	Earnings		Controlling	Equity
			Payment			Interest
			Reserve
Notes	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
Balance as at 1st January 2022	4,037,916	77,499,797	170,753	90,094,911	171,803,377	108,887	171,912,264
Profit for the period	-	-	-	14,750,673	14,750,673	4,550	14,755,223
Other comprehensive income for the period	-	-	-	-	-	-	-
Total comprehensive income for the year	-	-	-	14,750,673	14,750,673	4,550	14,755,223
Transaction with owners, recorded directly in equity	-	-	-	-	-	-	-
Contributions and distributions
Issue of ordinary shares	72,537	6,471,751	-	-	6,544,288	-	6,544,288
Share based payment charge	-	-	647,237	-	647,237	-	647,237
Share based payment recharge	-	-	(164,404)	-	(164,404)	-	(164,404)
Dividends	-	-	-	(9,690,998)	(9,690,998)	-	(9,690,998)
Unclaimed dividends written back	-	-	-	420,561	420,561	-	420,561
Total contributions and distributions	72,537	6,471,751	482,833	(9,270,437)	(2,243,316)	-	(2,243,316)
Changes in ownership interest
Total transactions with owners of the company	72,537	6,471,751	482,833	5,480,236	12,507,357	4,550	12,511,907
Balance as at 30th September, 2022	4,110,453	83,971,548	653,586	95,575,147	184,310,734	113,437	184,424,171

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

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Original Link
Original Document
Permalink

Disclaimer

NB - Nigerian Breweries 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 16:22:40 UTC.

End-of-day quote Nigerian S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
26.8 ^NGN	-2.90%		-4.29%	-25.56%

Nigerian Breweries Plc Reports Earnings Results for the Full Year Ended December 31, 2023	Feb. 13	CI
Nigerian Breweries Plc Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	23-10-25	CI
Nigerian Breweries Plc Reports Earnings Results for the Half Year Ended June 30, 2023	23-07-28	CI
Nigerian Breweries Plc Reports Earnings Results for the First Quarter Ended March 31, 2023	23-04-29	CI
Nigerian Breweries Plc Reports Earnings Results for the Full Year Ended December 31, 2022	23-02-24	CI
Nigerian Breweries Plc Reports Earnings Results for the Full Year Ended December 31, 2022	23-02-24	CI
Nigerian Breweries Plc Reports Earnings Results for the Nine Months Ended September 30, 2022	22-10-26	CI
Nigerian Breweries Plc Reports Earnings Results for the Half Year Ended June 30, 2022	22-07-14	CI
Nigerian Breweries Plc Reports Earnings Results for the First Quarter Ended March 31, 2022	22-04-27	CI
Wall Street struggles for direction after cyberattacks	22-02-23
Nigerian Breweries Plc Reports Earnings Results for the Full Year Ended December 31, 2021	22-02-18	CI
Nigerian Breweries Plc Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021	21-10-29	CI
Nigerian Breweries plc Reports Earnings Results for the Second Quarter Ended June 30, 2021	21-07-30	CI
Nigerian Breweries plc Announces Executive Changes, Effective July 31, 2021	21-05-17	CI
Nigerian Breweries plc Reports Earnings Results for the First Quarter Ended March 31, 2021	21-04-27	CI
Nigerian Breweries Plc Reports Earnings Results for the Full Year Ended December 31, 2020	21-02-16	CI
Nigerian Breweries plc Reports Earnings Results for the Third Quarter Ended September 30, 2020	20-10-31	CI
Nigerian Breweries plc Reports Earnings Results for the Second Quarter Ended June 30, 2020	20-07-30	CI
Nigerian Breweries plc Reports Earnings Results for the First Quarter Ended March 31, 2020	20-04-22	CI
Nigerian Breweries plc Reports Earnings Results for the Full Year Ended December 31, 2019	20-02-13	CI
Nigerian Breweries plc Reports Earnings Results for the Third Quarter Ended September 30, 2019	19-10-25	CI
Nigerian Breweries plc Reports Earnings Results for the Second Quarter Ended June 30, 2019	19-07-30	CI
Nigerian Breweries plc Reports Earnings Results for the First Quarter Ended March 31, 2019	19-04-24	CI
Nigerian Breweries plc Reports Earnings Results for the Full Year Ended December 31, 2018	19-02-15	CI
Nigerian Breweries plc Announces Unaudited Earnings Results for the Nine Months Ended September 30, 2017	17-10-26	CI

	1st Jan change	Capi.
NIGERIAN BREWERIES PLC	-25.56%	207M
DELTA CORPORATION LIMITED	+384.45%	67.41B
HEINEKEN N.V.	-0.59%	55.17B
CONSTELLATION BRANDS, INC.	+7.57%	47.58B
AMBEV S.A.	-12.53%	36.89B
HEINEKEN HOLDING N.V.	0.00%	23.13B
CARLSBERG A/S	+12.68%	19.06B
BUDWEISER BREWING COMPANY APAC LIMITED	-25.17%	18.42B
ASAHI GROUP HOLDINGS, LTD.	+3.94%	17.59B
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED	+6.29%	15.06B

Nigerian Breweries Plc

Equities

NB

NGNB00000005

Brewers

NIGERIAN BREWERIES : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

Latest news about Nigerian Breweries Plc

Chart Nigerian Breweries Plc

Company Profile

Income Statement Evolution

Ratings for Nigerian Breweries Plc

Analysts' Consensus

EPS Revisions

Annual profits - Rate of surprise

Sector Other Brewers

Feb. 14	Nigerian Breweries Plc Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Nigerian Breweries Plc Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI