Nigerian Breweries : Interim Financial Statements (Q1) 2021

Nigerian Breweries Plc

RC: 613

Unaudited Condensed Interim Financial Statements

For the Three Months Ended 31st March, 2021

	Nigerian Breweries Plc
Unaudited Condensed Interim Financial Statements
	For the Three Months Ended 31st March, 2021
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, 2021

Condensed interim income statement

		31st March		31st March		31st March	31st March
		2021	2021	2020		2020
		Group		Company		Group	Company
	Notes	₦'000		₦'000		₦'000	₦'000
Net Revenue		105,675,764	105,661,870	83,225,575		83,200,623
Cost of Sales	5	(66,004,762)		(66,004,762)	(48,334,963)		(48,334,963)
Gross Profit		39,671,002	39,657,108	34,890,612		34,865,660
Other Income		368,027	368,027	181,362		181,362
Marketing and Distribution Expenses	5	(19,803,914)	(19,803,914)	(18,796,759)		(18,796,759)
Administrative Expenses	5	(5,744,835)		(5,650,387)		(5,339,407)		(5,291,311)
Results from operating activities		14,490,280		14,570,834		10,935,808		10,958,952
Finance income	6a	25,436	25,436	7,944		7,944
Finance costs	6b	(3,001,463)		(3,022,685)		(2,646,641)		(2,666,243)
Net Finance costs		(2,976,027)		(2,997,249)		(2,638,697)		(2,658,299)
Profit before tax		11,514,253	11,573,585	8,297,111		8,300,653
Income tax expenses	7	(3,854,721)		(3,848,804)		(2,770,311)		(2,764,118)
Profit after tax		7,659,532	7,724,781	5,526,800		5,536,535
Profit for the year attributable to:
Owners of the Company		7,658,055	7,724,781	5,504,278		5,536,536
Non‐controlling interest		1,477		‐		1,274		‐
Profit for the period		7,659,532	7,724,781	5,505,552		5,536,536
Earnings per share
Basic Earnings per share (kobo)		96	97	69		69
Diluted earnings per share (kobo)		96	97	69		69

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Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the Three Months Ended 31st March, 2021

Condensed interim statement of other comprehensive income

	31st March	31st March	31st March	31st March
	2021	2021	2020	2020
	Group	Company	Group	Company
Notes	₦'000	₦'000	₦'000	₦'000
Profit for the period	7,659,532	7,724,781	5,505,552	5,536,536
Other comprehensive income, net of tax
Total comprehensive income for the period	7,659,532	7,724,781	5,505,552	5,536,536
Total comprehensive income for the quarter
attributable to:
Owners of the Company	7,658,055	7,724,781	5,504,278	5,536,536
Total comprehensive income for the period	7,659,532	7,724,781	5,505,552	5,536,536

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

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Nigerian Breweries Plc

Unaudited Condensed Interim Financial Statements

For the Three Months Ended 31st March, 2021

Condensed interim statement of financial position

As at:

		31st March 2021	31st December 2020
		Group	Company	Group	Company
ASSETS	Notes	₦'000	₦'000	₦'000	₦'000
Property, plant and equipment	8	211,959,152	210,952,722	213,412,133	212,369,121
Intangible assets and goodwill		94,879,777	94,879,777	95,272,318	95,272,318
Right of Use of Assets (ROUA)		41,608,593	41,608,593	42,915,964	42,834,781
Investments		150,000	929,625	150,000	929,625
Other receivables		992,427	992,427	911,375	911,375

	Non‐current assets	349,589,949	349,363,144	352,661,790	352,317,220
	Inventories	39,645,681	39,511,594	36,087,210	35,992,172
	Trade and other receivables	23,479,096	22,415,283	11,417,423	10,457,436
	Prepayments	4,416,718	4,335,132	3,745,422	3,745,422
	Deposit for imports	9,887,813	9,887,813	11,575,510	11,575,510
	Cash and cash equivalents	18,434,788	18,416,422	30,369,847	30,349,614
	Current assets	95,864,096	94,566,244	93,195,412	92,120,154
	Total assets		445,454,045	443,929,388	445,857,202	444,437,374
	EQUITY
	Share capital	3,998,451	3,998,451	3,998,451	3,998,451
	Share premium	73,770,356	73,770,356	73,770,356	73,770,356
	Share based payment reserve	210,649	210,649	214,506	214,506
	Retained earnings		90,751,157	90,892,347	83,093,100	83,167,564
	Equity attributable to owners of the Company 11		168,730,613	168,871,803
	161,076,413		161,150,877
	Non‐controlling interest		104,106	‐		102,629		‐
	Total Equity		168,834,719	168,871,803		161,179,042		161,150,877
	LIABILITIES
	Loans and borrowings			35,653,339	35,653,339		39,636,707		39,636,707
	Employee benefits				17,107,990	17,107,990		16,719,748		16,719,748
	Deferred tax liabilities				18,172,070	18,172,070		17,854,115		17,854,115
	Non‐current liabilities	70,933,399	70,933,399		74,210,570		74,210,570
	Loans and borrowings		15,869,767	15,869,767		51,810,629		51,810,629
	Bank Overdraft and Commercial Papers			21,443,447	21,443,447
	Current tax liabilities			15,249,828	15,194,344		11,713,346		11,663,778
	Dividend payable				7,704,346	7,704,346		7,707,091		7,707,091
	Trade and other payables				145,409,674	143,903,417		139,200,670		137,858,575
	Provisions				8,865	8,865		35,854		35,854
	Current liabilities		205,685,927	204,124,186		210,467,590		209,075,927
	Total liabilities		276,619,326	275,057,585		284,678,160		283,286,497
	Total equity and liabilities						445,857,202		444,437,374
			445,454,045	443,929,388

Approved by the Board of Directors on 22nd April, 2021 and signed on its behalf by:

_________________________	___________________________
Mr. Jordi Borrut Bel	Mr. Rob Kleinjan
(Managing Director/CEO)	(Finance Director)
FRC/2018/IODN/00000018359	FRC/2014/MULTI/00000009921

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

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