Ratio Calculations (Worksheet)

Current Ratio
B. SHORT TERM LIQUIDITY RATIOS:

Current Ratio 0.92
0.84 0.84
Years Guinness Intbrew 0.73
2013 0.63 0.84 0.63
2014 0.92 0.84
2015 0.73 0.73
2016 0.71 0.51
2017 0.90 0.46 2013 2014 2015
5-average 0.78 0.68 Gui nnes s Intb
Acid Test Ratio

Years
2013
Guinness
0.36
Intbrew
0.41
Acid Test Rati
2014 0.58 0.42
2015 0.46 0.42 0.58
2016 0.48 0.30 0.46
0.41 0.42 0.42
2017 0.52 0.31 0.36
5-average 0.48 0.37
2013 2014 2015

Gui nness Intb
CASHFLOW RATIOS:
Cashflow coverage Ratio Cashflow Coverage
Year Guinness Intbrew
2013 0.40 -0.30 0.54
0.48
2014 0.31 0.48 0.40
0.31
2015 0.54 0.18
0.18
2016 0.06 0.41
2017 0.22 0.24 2013 2014 2015
Average 0.30 0.20
-0.30
Gui nness Int

Operating Cashflow/Sales Ratio
Year Guinness Intbrew
2013 0.24 -0.23
2014 0.25 0.34 Operating Cashflow/S
2015 0.33 0.15
2016 0.05 0.34 0.34 0.33
2017 0.18 0.23 0.24 0.25
Average 0.21 0.17 0.15
2013 2014 2015
-0.23
Gui nnes s Int
DEBT RATIOS:
Total Debt/Total Assets Ratio
Years Guinness Intbrew Total Debt/Total Asse
2013 0.84 0.59
2014 0.95 0.54
2015 0.83 0.79
0.95
0.84 0.83
0.79
0.59 0.54
Total Debt/Total Asse
0.95
2016 1.07 0.58 0.84 0.83
0.79
2017 1.16 0.69 0.59 0.54
Aaverage 0.97 0.64
2013 2014 2015

Fixed Interest Cover Ratio Gui nnes s Int
Years Guinness Intbrew
2013 5.07 17.43
2014 3.39 4.45
2015 2.81 2.55 Fixed Interest Cove
2016 0.56 3.01
2017 1.04 1.56
17.43
Average 2.57 5.80
5.07 4.45
3.39 2.81
2.55
2013 2014 2015
Gui nnes s Int
A. PROFITABILITY RATIOS:
Return on Assets Ratio
2013
Guinness Intbrew
24% 15%
Return on Asse
2014 18% 21%
2015 18% 20%
2016 5% 15%
2017 11% 18% 21% 20%
5-average 15% 18% 24%
15% 18% 18%
2013 2014 2015

Gui nness Int
Net Income Margin Ratio

Years
2013
Guinness Intbrew
10% 13%
Net Income Mar
2014 9% 11%
13%
2015 7% 9% 11%
2016 -2% 11% 10% 9% 9%
2017 2% 3% 7%
5-average 5% 10%
2013 2014 2015
Gui nnes s Int
Inventory Turnover Rati
5.82
4.58 4.62
4.32 4.14
Inventory Turnover Rati
Inventory Turnover Ratio
5.82
2013 4.58 3.36 4.62
4.58
2014 4.32 4.62 4.32 4.14
2015 4.14 5.82 3.36
2016 4.29 4.30
2017 3.97 5.35
Average 4.26 4.69
4.58 4.32 4.14 4.29 3.97

3.36 4.62 5.82 1 4.30 5.35
2 3
Gui nnes s Intbrew
Asset Turnover Ratio

1.42
1.34
1.14
0.91
2013 0.73 1.42
0.73 0.69
2014 0.69 1.14
2015 0.91 1.34
2016 0.76 1.19
2017 0.75 1.38
2013 2014 2015
Average 0.77 1.29
Gui nnes s Intbrew
0.73 0.69 0.91 0.76 0.75

1.42 1.14 1.34 1.19 1.38
Current Ratio
0.92 0.90
0.84
0.73 0.71
0.51 0.46
2014 2015 2016 2017

Gui nnes s Intbrew
Acid Test Ratio

0.58
0.48 0.52
0.46
0.42 0.42
0.30 0.31
2014 2015 2016 2017

Gui nness Intbrew
Cashflow Coverage Ratio

0.54
0.48
0.41
0.31
0.24
0.22
0.18
0.06
2014 2015 2016 2017
Gui nness Intbrew
Operating Cashflow/Sales Ratio

0.34 0.33 0.34
0.25 0.23
0.15 0.18
0.05
2014 2015 2016 2017
Gui nnes s Intbrew

1.16
1.07
0.95
0.83
0.79
0.69
0.54 0.58
1.16
1.07
0.95
0.83
0.79
0.69
0.54 0.58
2014 2015 2016 2017

Gui nnes s Intbrew
Fixed Interest Cover Ratio
4.45
3.39 3.01
2.81
2.55 1.56
0.56 1.04
2014 2015 2016 2017
Gui nnes s Intbrew
Return on Assets
21% 20%
18% 18% 15% 18%
11%
5%
2014 2015 2016 2017
Gui nness Intbrew
Net Income Margin
11% 11%
9% 9%
7%
3%
2%
2014 2015 2016
-2% 2017
Gui nnes s Intbrew
5.82
5.35
4.62
4.32 4.14 4.30
4.29
3.97
5.82
5.35
4.62
4.32 4.14 4.30
4.29
3.97
2 3 4 5
Gui nnes s Intbrew

1.34 1.38
1.14 1.19
0.91
0.69 0.76 0.75
2014 2015 2016 2017

Gui nnes s Intbrew
2017 2016 2015
N'000 N'000 N'000
Average Common Equity 13,878,760 13,997,391 12,168,259
Capital Employed 18,910,641 17,541,372 12,704,635
Total Assets 44,962,735 33,482,106 22,679,843
Total Liabilities 31,083,975 19,484,715 18,003,331
Accounts Receivable 6,938,722 4,072,090 3,675,605
Accounts Payable 12,476,472 6,573,209 4,671,165
Inventory 3,835,324 2,909,333 2,800,392
Working Capital -14,112,845 -7,857,253 -2,645,543
Current Assets 11,939,249 8,083,481 7,329,665
Current Liabilities 26,052,094 15,940,734 9,975,208
Long Term Liabilities 5,031,881 3,543,981 8,028,123
Inventories 3,835,324 2,909,333 2,800,392
Prepayments 0 346,602 373,016
Cash & Cash Equivalent 1,165,203 1,102,058 853,668
Total Dividend 0 823,616 1,054,160
Revenue 32,711,218 23,269,364 20,649,295
Gross Profit 15,164,459 10,708,935 9,061,478
Operating Profit 8,084,425 5,141,112 4,635,261
Profit Before Tax 2,891,749 3,656,826 2,815,554
Profit after Tax 1,034,357 2,652,748 1,946,490
Cash From Operations 7,549,199 7,901,718 3,151,232
Fixed Interest 5,195,659 1,709,387 1,821,034
'000 '000 000

No of Shares 3,294,249 3,294,249 3,294,249
A. PROFITABILITY RATIOS: 2017 2016 2015

i. On Returns:
Return on Common Equity 0.07 0.19 0.16
Return on Assets 0.18 0.15 0.20
Return on Capital 0.43 0.29 0.36
ii. On Margins:
Gross Margin 46% 46% 44%
Net Income Margin 3% 11% 9%
B. SHORT TERM LIQUIDITY RATIOS: 2017 2016 2015

Current Ratio 0.46 0.51 0.73
Acid Test Ratio 0.31 0.30 0.42
Cash Ratio 0.04 0.07 0.09
C. INVESTORS RATIOS:
Dividend Per Share 0 25 32
Earnings Per Share 0.31 0.81 0.59
Dividend Pay Out Ratio 0.00 0.31 0.54
Net Asset Per Share Ratio 4.21 4.25 1.42
D. CASHFLOW RATIOS: 2017 2016 2015
Cashflow coverage Ratio 0.24 0.41 0.18
Operating Cashflow/Sales Ratio 0.23 0.34 0.15
E. DEBT RATIOS: 2017 2016 2015

Long-Term Debt/Equity 0.36 0.25 0.66
Long-Term Debt/Capital 0.27 0.20 0.63
Long-Term Debt/Total Assets 0.11 0.11 0.35
Total Debt/Equity 2.24 1.39 1.48
Total Debt/Capital 1.64 1.11 1.42
Total Debt/Total Assets 0.69 0.58 0.79
Fixed Interest Cover 1.56 3.01 2.55
F. ASSET MANAGEMENT RATIOS: 2017 2016 2015

Non-Current Asset Turnover Ratio
Account Receivables Turnover Ratio
2014 2013 2017 2016
N'000 N'000 N'000 N'000
11,269,923 9,380,173 Average Common Equity 42,943,015 41,660,605

17,766,093 15,182,245 Capital Employed 25,091,731 22,012,987
24,370,540 23,036,762 Total Assets 88,811,393 89,122,609
13,100,617 13,656,589 Total Liabilities 103,095,201 95,331,839
2,945,043 3,142,040 Accounts Receivable 22,966,508 26,509,663
5,297,015 5,331,892 Accounts Payable 43,052,618 37,529,981
2,236,649 2,439,885 Inventory 23,094,499 13,021,248
-1,029,376 -1,230,199 Working Capital -6,492,839 -19,239,787
5,575,071 6,624,318 Current Assets 57,226,823 47,869,835
6,604,447 7,854,517 Current Liabilities 63,719,662 67,109,622
6,496,170 5,797,254 Long Term Liabilities 39,375,539 28,222,217
2,236,649 2,439,885 Inventories 23,094,499 13,021,248
570,920 956,731 Prepayments 1,232,951 2,494,400
393,379 1,042,393 Cash & Cash Equivalent 6,594,514 2,229,206
815,632 0 Total Dividend 964,000 753,000
18,493,907 17,388,632 Revenue 125,919,817 101,973,030
8,902,634 7,701,230 Gross Profit 48,315,304 41,810,413
5,011,222 3,444,197 Operating Profit 10,186,330 4,415,623
3,925,500 3,555,546 Profit Before Tax 2,662,081 -2,347,241
2,105,500 2,327,342 Profit after Tax 1,923,720 -2,015,886
6,258,083 -4,043,424 Cash From Operations 22,660,383 5,505,119
1,127,342 197,625 Fixed Interest -9,777,634 -7,948,005
000 000 '000 '000
3,294,249 3,294,249 1,506,250,000 1,506,250,000
2014 2013 2017 2016
0.19 0.25 0.04 -0.05

0.21 0.15 0.11 0.05
0.28 0.23 0.41 0.20
48% 44% 38% 41%

11% 13% 2% -2%
2014 2013 2017 2016

0.84 0.84 0.90 0.71
0.42 0.41 0.52 0.48
0.06 0.13 0.10 0.03
25 0 0.06 0.05
0.64 0.71 0.00 0.00
0.39 0.00 0.50 -0.37
3.42 2.85 -0.01 0.00
2014 2013 2017 2016
0.48 -0.30 0.22 0.06
0.34 -0.23 0.18 0.05
2014 2013 2017 2016

0.58 0.62 0.92 0.68
0.37 0.38 1.57 1.28
0.27 0.25 0.44 0.32
1.16 1.46 2.40 2.29
0.74 0.90 4.11 4.33
0.54 0.59 1.16 1.07
4.45 17.43 -1.04 -0.56
2014 2013 2017 2016

2015 2014 2013
N'000 N'000 N'000
48,341,376 45,061,717 46,039,111

42,634,776 47,239,753 37,546,905
88,735,120 91,488,232 88,822,002
73,905,256 87,266,556 75,021,510
15,503,824 19,218,236 15 138
31,482,313 30,723,577 30,433,354
10,750,598 13,469,248 12,400,102
-12,588,832 -3,408,438 -19,036,478
33,511,512 40,840,041 32,238,619
46,100,344 44,248,479 51,275,097
27,804,912 43,018,077 23,746,413
10,750,598 13,469,248 12,400,102
1,452,467 1,861,975 1,510,529
5,804,623 6,290,582 3,189,239
4,820,000 4,820,000 10,500,000
118,495,882 109,202,120 122,463,538
118,495,882 51,333,214 56,078,434
15,667,379 16,123,378 20,933,616
10,795,102 11,681,560 17,008,875
7,794,899 9,573,480 11,863,726
39,686,775 27,108,192 29,949,342
-5,577,720 -4,761,559 -4,125,926
000 000 000
1,506,250,000 1,506,250,000 1,506,250,000
2015 2014 2013
0.16 0.21 0.26

0.18 0.18 0.24
0.37 0.34 0.56
100% 47% 46%

7% 9% 10%
2015 2014 2013

0.73 0.92 0.63
0.46 0.58 0.36
0.13 0.14 0.06
0.32 0.32 0.70

0.01 0.01 0.01
0.62 0.50 0.89
0.01 0.00 0.01
2015 2014 2013
0.54 0.31 0.40
0.33 0.25 0.24
2015 2014 2013

0.58 0.95 0.52
0.65 0.91 0.63
0.31 0.47 0.27
1.53 1.94 1.63
1.73 1.85 2.00
0.83 0.95 0.84
-2.81 -3.39 -5.07
2015 2014 2013

0 25 32 25 0
Years Guinness
0.06
Intbrew
0.05 0.32 Dividend Per Share
0.32 0.70
2013 0.06 0
2014 0.05 25 32
2015 0.32 32
2016 0.32 25 25 25
2017 0.70 0
Average 0.29 16.40
0
0.06 1 0.05 2 0.32 3 0.32 4
Col umn E Col umn F
nd Per Share
32
25
0
0.32 3 0.32 4 0.70 5
mn E Col umn F
A. SHORT TERM LIQUIDITY RATIOS:
1 Current Ratio
2 Acid Test Ratio
3 Cash Ratio
B. INVESTORS RATIOS:
1 Dividend Per Share
2 Earnings Per Share
3 Dividend Pay Out Ratio
4 Net Asset Per Share Ratio

C. PROFITABILITY RATIOS:
1 Retuern on Common Equity (ROCE)
2 Retuern on Assets (ROA)
ON RETURNS
3 Return on Capital Employed (ROCE)
4 Return on Invested Capital (ROIC)
1 Gross Profit Margin
MARGIN 2 Net Profit Margin
3 Operating Expenses Margin

ANNUAL REPORT
FINANCIAL STATEMENTS
&
STATEMENT OF COMPREHENSIVE INCOME FOR THE 15 MONTHS ENDED 31 MARCH, 2013
Note
Continuing operations
Turnover 5
Cost of sales 6
Gross profit
Other income 7
Marketing and promotion expenses 8
Administrative expenses 9
Results from operating activities 10
Finance income
Finance costs
Profit before tax
Company income tax expense 23(a)
Deferred tax 16, 23(a), 24
Profit/(Loss) after tax for the period
Other Comprehensive income
Profit/(Loss) after tax for the period b/fwd
Foreign currency translation differences

Total comprehensive income/(loss) net of tax for the period
Earnings per share (kobo)
Diluted earnings per share (kobo)

The notes on pages 26 to 43 including the statement of accounting policies on pages 26 to 34 form part of these financial state
Page 20
ANNUAL REPORT
&
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH, 2013
Assets Note 15 Months to 12 Months to
31 Mar. 2013 31 Dec. 2011 1J
Non-current assets N'000 N'000 N'000
Property, Plant and Equipment 12
Intangible asset 13
Leased assets 14
Available for sale investment 15
Deferred tax assets 16
Current assets
Inventories 17
Trade and other receivables 18
Cash and cash equivalents 19
Total assets
Current liabilities
Trade and other payables 20
Employee Benefits 21
Borrowings 22
Current tax liabilities 23(b)
Non-current liabilities
Borrowings 20
Deferred tax liabilities 22
Employee Benefits 24
Total liabilities
Net assets
Equity
Share capital 25
Share premium 26
Retained earnings 27
Total shareholders' equity

Other reserves 28
Total equity
The notes on pages 26 to 43 including the statement of accounting policies on pages 26 to 34 form part of these financial state
Page 21
ANNUAL REPORT
&
STATEMENT OF CASH FLOWS
FOR THE 15 MONTHS PERIOD ENDED 31 MARCH, 2013
Note
Cash flows from operating activities
Profit/(Loss) after tax for the period
Company income tax expense
Deferred tax
Interest expense
Deduct: Interest received

(Profit)/loss on sale of fixed assets
Adjustment for items not involving the movement of cash:

Depreciation
Amortisation
Provision for gratuity
Operating profit before working capital changes
Working capital changes:
Increase in returnable containers
(Increase) / Decrease in stocks
Increase in debtors and prepayments
(Decrease) / Increase in creditors and accruals
Income Tax Paid 23 ( b )

VAT Paid
Gratuity Paid 21 ( C )
Net cash flow (applied to)/ from operating activities
Cash flow from investing activities:

Purchase of fixed assets
Net investment in intangible assets
Proceeds on sale of fixed
Interest received
Net cash flow applied to investing activities
Cash flow from financing activities:
Decrease in foreign loan
Decrease in finance lease obligation
Increase/(decrease) in bank loan & overdraft
Share capital subscriptions
Share premium on rights issue
Interest payment
Net cash flow from/(applied to) financing activities
Net increase in cash and cash equivalent

Cash and cash equivalent at beginning of period
Cash and cash equivalent at end of period
The notes on pages 26 to 43 including the statement of accounting policies on pages 26 to 34 form
part of these financial statements.
STATEMENT OF CHANGES IN EQUITY AT CONVERSION
Opening statement reconciliation adjustments as at 1 January, 2011
Share capital
Beginning Equity at 1 January 2011, N'000

as previously reported under NGAAP 1,056,457
Deferred tax assets -
Other Debtors - derecognised -
Education tax liabilities -
Pension Claims expired -
Sundry creditors derecognised -
Other debtors derecognised -
Restated balance at 1 January 2011 1,056,457
=======
STATEMENT OF CHANGES IN EQUITY

For the 15 Months ended 31 March, 2013
Share
capital
N'000
Equity as at 1st January, 2012 1,056,457
Deferred tax assets arising from Employee Benefits -
Deferred tax assets arising from PPE -
Deferred tax liabilities -
Education Tax Liability for the Period -
Right issue of Ordinary Shares 574,806
Profit before tax for the year -
Other Comprehensive Income -
Foreign Currency Exchange Loss -
-------------
Equity as at 31st March, 2013 1,631,263
=======
15 months to 12 months to
31 Mar. 2013 31 Dec. 2011
N'000 N'000
17,388,632 9,908,167
(9,687,402) (6,785,005)
7,701,230 3,123,162
30,121 312,043
(2,201,408) (1,649,175)
(2,085,746) (1,066,127)
3,444,197 719,903
308,974 23,669
(18,477) (65,685)
3,734,694 677,887
(87,934) (31,436)
(1,140,270) (2,331,793)
2,506,490 (1,685,342)
======== ========
2,506,490 (1,685,342)
(179,148) (487,546)
2,327,342 (2,172,888)
======== ========
71 (103)
71 (67)
31 Dec. 2011 1 Jan. 2011
15,496,354 9,662,962 7,323,499

24,765 33,020 21,060
- 89,394 118,472
1,000 1,000 1,000
890,325 1,448,484 2,612,460
16,412,444 11,234,860 10,076,491
2,439,885 1,636,459 1,741,257

3,142,040 1,098,644 489,002
1,042,393 318,349 209,283
6,624,318 3,053,452 2,439,542
23,036,762 14,288,312 12,516,033
5,327,074 9,971,271 1,672,593

17,820 3,178 -
2,421,689 136,149 658,320
87,934 42,993 11,557
7,854,517 10,153,591 2,342,470
------------ ------------- -------------
3,789,474 39,642 7,338,030

4,818 1,123,325 61,182
1,749,928 1,167,817 -
257,852 220,614 257,671
5,802,072 2,551,398 7,656,883
13,656,589 12,704,989 9,999,353
-------------- ------------- --------------
9,380,173 1,583,323 2,516,680
======== ======== ========
1,631,263 1,056,457 1,056,457

5,570,705 676,003 676,003
817,449 (1,509,893) 662,995
------------- ------------ ------------
8,019,417 222,567 2,395,455
1,360,756 1,360,756 121,225
------------- ------------ ------------
9,380,173 1,583,323 2,516,680
======== ======== ========
15 Months to 12 Months to
31 Mar.2013 31 Dec. 2011
N'000 N'000
2,327,342 (2,172,888)
87,934 31,436
1,140,270 2,331,793
18,477 65,685
-------------- -------------
3,574,023 256,026
(308,974) (23,669)
(7,919) 13,088
-------------- -------------
3,257,130 245,445
1,291,829 1,082,016
8,255 -
70,389 34,606
4,627,603 1,362,067
- (849,169)
(803,425) 43,383
(2,043,396) (594,871)
(4,967,568) 2,504,673
-------------- -------------
(3,186,786) 2,466,083
(42,993) 0
(782,543) (283,777)
(31,102) (80,904)
(4,043,424) 2,101,802
(7,056,865) (1,251,127)
0 (33,020)
28,956 9,866
308,974 23,669
(6,718,935) 1,250,612
(61,521) (477,226)
(1,334) (46,905)
6,098,226 (152,306)
574,806 -
4,894,702 -
(18,477) (65,686)
11,486,402 (742,123)
-------------- --------------
724,043 109,067
318,350 209,283
-------------- -------------
1,042,393 318,350
======= ======
Share premium Other Reserves Retained Total
Earnings Equity
N'000 N'000 N'000 N'000
676,003 121,225 (1,937,906) (84,221)
- - 2,612,460 2,612,460
- - (10,643) (10,643)
- - (11,557) (11,557)
- - 6,060 6,060
- - 2,319 2,319
- - 2,262 2,262
676,003 121,225 662,995 2,516,680
====== ====== ======== ========
Share premium Other Reserves Retained Total

Earnings Equity
N'000 N'000 N'000 N'000
676,003 1,360,756 (1,509,893) 1,583,323
- - (569,945) (569,945)
- - 11,786 11,786
- - (582,111) (582,111)
- - (87,934) (87,934)
4,894,703 - - 5,469,509
- - 3,734,693 3,734,693
- -
- - (179,148) (179,148)
------------- ------------- ------------- -------------
5,570,706 1,360,756 817,448 9,380,173
======= ======= ======= =======
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH, 2014
12 Months to
Note 31 Mar. 2014
N'000
Revenue 5 18,493,907
Cost of sales 6 (9,591,273)
Gross profit 8,902,634
Other income 7 13,966
Marketing and promotion expenses 8 (2,412,707)
Administrative expenses 9 (1,492,671)
Results from operating activities 10 5,011,222
Finance income 41,620
Finance costs (1,127,342)
Profit before tax 3,925,500
Company income tax expense 22(a) (451,307)
Deferred tax 15, 22(a), 23 (1,368,693)
Total comprehensive income for the period 2,105,500
Earnings per share (kobo) 64 ======== 71
Diluted earnings per share (kobo) 64 71
STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH, 2014
Assets Note 12 Months to
31 Mar. 2014
Non-current assets N'000
Property, Plant and Equipment 12 18,677,771
Intangible asset 13 22,444
Available for sale investment 14 1,000
Deferred tax assets 15 94,254
18,795,469
Current assets -------------
Inventories 16 2,236,649
Trade and other receivables 17 2,945,043
Cash and cash equivalents 18 393,379
5,575,071
-------------
Total assets 24,370,540
--------------
Current liabilities
Trade and other payables 19 5,297,015
Employee Benefits 20 79,335
Borrowings 21 771,856
Current tax liabilities 22(c) 456,241
6,604,447
------------
Borrowings 21 3,854,913
Deferred tax liabilities 23 2,322,550
Employee Benefits 20 318,707
6,496,170
Total liabilities 13,100,617
-------------
Net assets 11,269,923
========
Equity
Share capital 24(b) 1,647,125
Share premium 25 6,154,725
Retained earnings 26 2,107,317
Total shareholders' equity 9,909,167
Other reserves 27 1,360,756
Total equity 11,269,923
========

Note 12 Months to
Cash flows from operating activities 31 Mar.2014
N'000
Cash Receipts:
From Customers for sales of goods 21,104,275
From royalties and other income 13,966
Cash Payments:
To suppliers for goods and services (12,122,764)
To and on behalf of employees (1,420,938)
For premiums and other policy benefits (58,462)
Excise duty paid (1,133,306)
Income tax paid 22(c) (117,570)
Gratuity paid 20(a) (7,118)
Net cash flow from/(applied to) operating activities 6,258,083
Cash flow from investing activities: ------------
Purchase of Property plant and equipment (4,145,981)

Proceeds on sale of Property plant and equipment 6,935
Interest received 41,620

Net cash flow applied to investing activities (4,097,426)
Cash flow from financing activities: --------------
Increase/(Decrease) in foreign loan 3,854,913
Dividends paid (815,632)
Decrease in finance lease obligation -
(Decrease)/ increase in bank loan & overdraft (5,439,307)
Share capital scrip dividend/ subscriptions 15,862
Share premium on scrip dividend/rights issue 584,020
Interest payment (1,009,527)
Net cash flow (applied to)/from financing activities (2,809,671)
Net (decrease)/increase in cash and cash equivalent -------------- (649,014)
Cash and cash equivalent at beginning of period 1,042,393

Cash and cash equivalent at end of period 18 393,379
=======

For the year ended 31 March, 2014
Share
capital
N'000
Equity as at 31 March, 2013 1,631,263
Dividends paid 15,862
Total comprehensive income for the year -
15 Months to
31 Mar. 2013
N'000
17,388,632
(9,687,402)
7,701,230
30,121
(2,201,408)
(2,085,746)
3,444,197
308,974
(197,625)
3,555,546
(87,934)
(1,140,270)
2,327,342
========
15 Months to
31 Mar. 2013
N'000
15,496,354
24,765
1,000
890,325
16,412,444
-------------
2,439,885
3,142,040
1,042,393
6,624,318
--------------
23,036,762
--------------
5,331,892
17,820
2,421,689
87,934
7,859,335
-------------
3,789,474
1,749,928
257,852
5,797,254
13,656,589
-------------
9,380,173
========
1,631,263
5,570,705
817,449
8,019,417
1,360,756
9,380,173
=========
15 Months to
31 Mar. 2013
N'000
17,735,246
22,202
(18,832,391)
(1,842,228)
(72,447)
(979,711)
(42,993)
(31,102)
(4,043,424)
-------------
(7,056,865)
28,956
308,974
(6,718,935)
---------------
(61,521)
(1,334)
6,098,226
574,806
4,894,702
(18,477)
11,486,402
--------------
724,043
318,350
1,042,393
=======
Share premium Other Reserves Retained Earnings Total Equity
N'000 N'000 N'000 N'000

5,570,705 1,360,756 817,449 9,380,173
584,020 - 815,632 215,750
- - 2,105,500 2,105,500
6,154,725 1,360,756 3,738,581 11,701,423
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Continuing operations Note
Revenue 5
Cost of sales 6
Gross profit
Other income 7
Finance income
Finance costs 10(b)
Profit before tax
Total comprehensive income for the period

Assets
Non-current assets Note

Intangible asset 13
Current assets
Inventories 16
Total assets
Current liabilities
Employee Benefits 20(a)
Borrowings 21(a)
Current tax liabilities 22(c)
Employee Benefits 20(b)
Borrowings 21(b)
Total liabilities
Net assets
Equity
Share capital 24
Share premium 25
Other reserves 27
Total equity

Equity as at 31 March, 2014

Dividends paid
Total comprehensive income for the year

Cash flows from operating activities Note
Cash Receipts:
From Customers for sales of goods
From royalties and other income
Cash Payments:
To suppliers for goods and services
To and on behalf of employees
For premiums and other policy benefits
Excise duty paid
Income tax paid 22(c)
Gratuity paid 20
Net cash flow from/ (applied to) operating activities
Purchase of Property plant and equipment
Purchase of intangible assets
Proceeds on sale of Property plant and equipment
Interest received
Increase/ (Decrease) in foreign loan
Dividends paid
(Decrease)/ increase in bank loan & overdraft
Share capital scrip dividend/ subscriptions
Share premium on scrip dividend/rights issue
Interest payment
Net cash flow (applied to)/from financing activities
Net (decrease)/increase in cash and cash equivalent
Cash and cash equivalent at end of period 18
INCOME
2015 2014
N'000 N'000
20,649,295 18,493,907
(11,587,817) (9,591,273)
9,061,478 8,902,634
191,192 13,966
(2,859,260) (2,412,707)
(1,758,149) (1,492,671)
4,635,261 5,011,222
1,327 41,620
(1,821,034) (1,127,342)
2,815,554 3,925,500
(420,376) (451,307)
(448,688) (1,368,693)
1,946,490 2,105,500
59 64
2015 2014
N'000 N'000
22,679,843 18,677,771
54,383 22,444
1,000 1,000
106,699 94,254
22,841,925 18795469
-------------
2,800,392 2,236,649
3,675,605 2,945,043
853,668 393,379
7,329,665 5,575,701
30,171,590 24,370,540
4,671,165 5,297,015
59,054 79,335
4,844,127 771,856
400,862 456,241
9,975,208 6,604,447
------------
355,664 318,707
4,901,221 3,854,913
2,771,238 2,322,550
8,028,123 6,496,171
18,003,331 13,100,617
12,168,259 11,269,923
1,647,125 1,647,125
6,160,731 6,154,725
2,999,647 2,107,317
10,807,503 9,909,167
1,360,756 1,360,756
12,168,259 11,269,923
Share Share premium Other Reserves Retained

capital Earnings
N'000 N'000 N'000 N'000
1,647,125 6,154,725 1,360,756 2,107,317

0 6,006 (1,054,160)
0 0 0 1,946,490
1,647,125 6,160,731 1,360,756 2,999,647
2015 2014
N'000 N'000
22,459,466 21,104,275
191,192 13,966
(15,921,507) (12,109,264)
(1,736,407) (1,420,938)
(64,071) (58,462)
(1,286,037) (1,133,306)
(451,307) (117,570)
(40,097) (7,118)
3,151,232 6,271,583
(5,876,558) (4,145,981)
(35,871) (13,500)
156,172 6,935
1,327 41,620
(5,754,930) (4,110,926)
(3,854,913) 3,854,913
(1,054,160) (815,632)
8,973,492 (5,439,307)
- 15,862
6,006 584,020
(1,006,438) (1,009,527)
3,063,987 (2,809,671)
460,289
393,379 (649,014)
1,042,393
853,668 393,379
======= =======
Total Equity
N'000
11,269,923
(1,048,154)
1,946,490
12,168,259
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Continuing operations Note
Revenue 5
Cost of sales 6
Gross profit
Other income 7
Interest income
Interest expense 10(b)
Profit before tax

Total comprehensive income for the period

Assets
Note
Non-current assets

Intangible asset 13
Current assets
Inventories 16
Total assets
Current liabilities 19
Trade and other payables
Borrowings 21(a)
Non-current liabilities 20(b)

Employee Benefits
Borrowings 21(b)
Total liabilities
Net assets
Equity
Share capital 24
Share premium 25
Other reserves 27
Total equity


Dividends paid
Total comprehensive Income for the year

Cash flow from operating activities

Cash Receipts: Note
From Customers for sales of goods
From royalties and other income
Cash Payments:
To suppliers for goods and services
To and on behalf of employees
For premiums and other policy benefits
Excise duty paid
VAT paid
Gratuity paid 20
Net cash flow from operating activities
Purchase of Property plant and equipment
Purchase of intangible assets
Interest received

Decrease in foreign loan
Dividends paid
(Decrease)/ increase in bank loan & overdraft
Share premium on scrip dividend/rights issue
Interest payment
Net cash flow (applied to)/from financing activities

Cash and cash equivalent at end of period
NSIVE INCOME
2016 2015
N'000
N'000
23,269,364 20,649,295
(12,560,429) (11,587,817)
10,708,935 9,061,478
44,772 191,192
(3,596,407) (2,859,260)
(2,016,188) (1,758,149)
5,141,112 4,635,261
225,101 1,327
(1,709,387) (1,821,034)
3,656,826 2,815,554
(676,952) (420,376)
(327,126) (448,688)
2,652,748 1,946,490
======= ========
81 59
2016 2015
N'000 N'000
25,216,244 22,679,843
54,923 54,383
- 1,000
127,458 106,699
25,398,625 22,841,925
2,909,333 2,800,392
4,072,090 3,675,605
1,102,058 853,668
8,083,481 7,329,665
33,482,106 30,171,590
6,573,209 4,671,165
138,153 59,054
8,552,420 4,844,127
676,952 400,862
15,940,734 9,975,208
424,859 355,664
- 4,901,221
3,119,122 2,771,238
3,543,981 8,028,123
19,484,715 18,003,331
13,997,391 12,168,259
1,647,125 1,647,125
6,160,731 6,160,731
4,828,779 2,999,647
12,636,635 10,807,503
1,360,756 1,360,756
13,997,391 12,168,259
Share Share premium Other Reserves Retained Earnings

capital
N'000 N'000 N'000 N'000
1,647,125 6,160,731 1,360,756 2,999,647

0 0 0 (823,616)
0 0 0 2,652,748
1,647,125 6,160,731 1,360,756 4,828,779
2016 2015
N'000 N'000
25,808,685 22,459,466
44,772 191,192
(12,910,050) (14,985,432)
(1,978,220) (1,736,406)
(75,664) (64,071)
(1,528,272) (1,286,037)
(1,014,251) (936,076)
(420,375) (451,307)
(24,907) (40,097)
7,901,718 3,151,232
(4,176,593) (5,876,558)
(9,643) (35,871)
14,530 156,172
225,101 1,327
(3,946,605) (5,754,930)
- (3,854,913)
(823,616) (1,054,160)
(1,192,928) 8,973,492
- 6,006
(1,690,179) (1,006,438)
(3,706,723) 3,063,987
248,390 460,289
853,668 393,379
1,102,058 853,668
Total Equity
N'000
12,168,259
(823,616)
2,652,748
13,997,391
Statement of profit or loss
and other comprehensive income
Statement of profit or loss

and other comprehensive income
Note
Revenue 5
Cost of sales 6
Gross profit
Other income 7
Interest income
Finance cost 10(b)
Profit before tax
Deferred tax Total comprehensive income for the period 14, 21(a), 22
The notes on pages 42 to 65 including the statement of accounting policies on pages 49 to 63 form part of these financial
statements.
34
INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements
Statement of financial position

AS AT 31 MARCH, 2017
Assets Note
Non-current assets
Intangible asset 13
Current assets
Inventories 15
Total assets
Current liabilities
Trade and other payables 18(a)
Borrowings 20(a)
Employee Benefits 19(b)
Other payables 18(b)
Total liabilities
Net assets
Equity
Share capital 23
Share premium 24
Other reserves 26
Total equity
Approved by the Board of Directors on 23 May, 2017 and signed on its behalf according to Law by:
Akintoye Omole Michiel Oerlemans Christopher Tyne Olugbenga Adebajo
Chairman Chief Operating officer Director Chief Accountant
FRC/2017/I0DN/00000016560 FRC/2017/I0DN/00000016579 FRC/2013/IODN/8084 FRC/2014/ICAN/006878
statements.
35
Statement of financial position
Statement of changes in equity
Statement of changes in equity

Share
capital
N'000
Equity as at 1 April, 2016 1,647,125
Dividends paid -
FOR THE YEAR ENDED 31 MARCH, 2016 Share
Capital
N'000
Equity as at 1 April, 2015 1,647,125
Dividends paid -
36
Statement of cash flows
40
Statement of cash flows

Note

Cash flow from operating activities before changes
in working capital 27(a)
Changes in working capital 27(b)
Cash generated from operations
VAT paid
Back duty on vat and penalty paid
Gratuity paid 19(c)
Net cash flow from operating activities
Purchase of Property plant and equipment 12
Purchase of intangible assets 13
Interest received
Dividends paid
Increase/ (decrease) in bank loan & overdraft 20
Interest paid 10(b)
Net cash flow from/(applied to) financing activities
Cash and cash equivalent at end of period 17
statements.
The reconciliation of cash and cash equivalents is as shown in note 17

2017 2016
N'000 N'000
32,711,218 23,269,364
(17,546,759) (12,560,429)
15,164,459 10,708,935
102,403 44,772
(5,089,755) (3,596,407)
(2,092,682) (2,016,188)
8,084,425 5,141,112
2,983 225,101
(5,195,659) (1,709,387)
2,891,749 3,656,826
(1,693,181) (676,952)
(164,211) 1,034,357 (327,126) 2,652,748
31 81
m part of these financial
2,017 2,016
N'000 N'000
31,748,068 25,216,244
45,738 54,923
1,229,680 127,458
33,023,486 25,398,625
3,835,324 2,909,333
6,938,722 4,072,090
1,165,203 1,102,058
11,939,249 8,083,481
44,962,735 33,482,106
12,476,472 6,479,361
165,438 138,153
11,987,582 8,552,420
1,422,602 676,952
26,052,094 15,846,886
509,803 424,859
136,522 93,848
4,385,556 3,119,122
5,031,881 3,637,829
31,083,975 19,484,715
13,878,760 13,997,391
1,647,125 1,647,125
6,160,731 6,160,731
4,710,148 4,828,779
12,518,004 12,636,635
1,360,756 1,360,756
13,878,760 13,997,391
quity
Share Other Retained Total
premium Reserves Earnings Equity
N'000 N'000 N'000 N'000
6,160,731 1,360,756 4,828,779 13,997,391
- - (1,152,988) (1,152,988)
1,034,357 1,034,357
6,160,731 1,360,756 4,710,148 13,878,760
Share Other Retained Total
Premium Reserves Earnings Equity
N'000 N'000 N'000 N'000
6,160,731 1,360,756 2,999,647 12,168,259
- - (823,616) (823,616)
2,652,748 2,652,748
6,160,731 1,360,756 4,828,779 13,997,391
2017 2016
N'000 N'000
6,238,297 6,871,281
3,621,175 2,489,970
9,859,472 9,361,251
(1,346,726) (1,014,251)
(70,086) -
(877,446) (420,375)
(16,015) (24,907)
7,549,199 7,901,718
(8,510,037) (4,176,593)
- (9,643)
80,230 14,530
2,983 225,101
(8,426,824) (3,946,605)
(1,152,988) (823,616)
3,435,161 (1,192,928)
(1,341,403) (1,690,179)
940,770 (3,706,723)
63,145 248,390
1,102,058 853,668
1,165,203 1,102,058

56
^ AMIIAL REPORT &FHAHCULSTnQEVrS 2017
Statement of Financial Position

as at 30 June
Notes
ASSETS
Non-current assets
Property, plant and equipment 15(a)

Intangible assets 16(a)
Prepayments 18(a)
Other receivables 17
Total non-current assets
Current assets
Inventories 19
Prepayments 18(b)
Restricted cash 21(a)
Cash and cash equivalents 21(b)
Total current assets
Total assets
Equity
Share capital 22(b)
Share premium 22(c)
Retained earnings
Total equity
Liabilities
Loans and borrowings 24(a)

Employee benefits 25
Deferred tax liabilities 27(a)
Tota l non-cu roent ti ab i lities
Current liabilities
Bank overdrafts 21
Current tax l iabili ties 13(e)
Dividend payable 23(b)
Total current liabilities
Total liabilipes
Total equity and liabilities
Approved by the Board of Directors on 30 August 2017 and signed on its behalf by:
Peter Ndegwa
FRC/2017/IODN/00000016989
Ronald Plumridge (Finance & Strategy Director)

FRC/2015/MULTI/000000012370
Babatunde A. Savage (Chairman)
FRC/2013/ICAN/00000003514
The notes on pages 61 to 100 are integral parts of these financial statements.
^ AMIIAL REPORT &FIIUCULSTn»NrS 2017
57
Income Statement
for the year ended 30 June
Notes
Revenue 8
Cost of sales
Gross profit
Other income 9(a)
Marketing and distribution expenses 9(b)
Administrative expenses
Operating profit
Finance income 10(a)
Finance costs 10(b)
Net finance costs
Profit/(loss) before taxation 11
Tax (expense)/credit 13(a)
Profit/(loss) for the year
Earnings per share
Basic and diluted earnings/(loss) per share (kobo) 14(a)
58
Statement of Other Comprehensive Income

Notes
Profit/(loss) for the year

Other comprehensive income Items that will never be reclassified to the income
statement
Defined benefit plan actuarial (loss)/gain 25(a)
Tax credit/(charge) on other comprehensive (loss)/income 27(b)
Other comprehensive (loss)/income for the year, net of tax
Total comprehensive income/(loss) for the year
^ AMIIAL REPORT &FIIUCULSTn»NrS 2017
59
Statement of Changes in Equity

Notes
Balance at 1 July 2015

Total comprehensive income
Loss for the year
Other comprehensive income
Transaction with owners, recorded directly in equity
Dividends to equity holders
Share-based payment reserve write-back
Share-based payment charge
Share-based payment recharge
Total transactions with owners
Balance at 30 June 2016
Profit for the year
Other comprehensive loss
Dividends to equity holders 23(b)
Unclaimed dividends written back 23(d)
Share-based payment charge 26(c)
Share-based payment recharge 26(c)
60
Statement of Cash Flows

Notes

Profit/(loss) before taxation
Adjustments for:
Depreciation 15(a)
Amortisation of intangible assets 16(a)
Share-based payment credit 26(c)
Share-based payment reserve write-back
Finance costs 10(b)
Impairment of inventories 19
Write-off of property, plant and equipment 15(h)
Gain on disposal of property, plant and equipment 9(a)
Long service awards credit 25(a)
Curtailment loss on gratuity 25(b)
Changes in working capital:

Increase in inventories
Decrease/(increase) in trade and other receivables 20(b)
Decrease/(increase) in prepayments
Increase in trade and other payables 28(b)
Cash generated from operating activities
Income tax paid 13(e)
Gratuity paid 25(a)
Value added tax paid 28(b)
Long service awards paid 25(b)
Net cash generated from/ (used in) operating activities
Cash flows from investing activities
Finance income received 10(a)
Proceeds from disposal of property, plant and equipment 15(h)
Acquisition of intangible assets 16(a)
Acquisition of property, plant and equipment 15(g)
Net cash used in investing activities
Cash flows from financing activities
Proceeds from loans and borrowings 24(c)
Repayment of loans and borrowings 24(c)
Repayment of finance lease liabilities 24(c)
Finance costs paid 10(b)
Dividends paid 23(b)
Net cash (used in)/generated from financing activities
Net decrease in cash and cash equivalents
Effect of foreign exchange rate changes on cash and cash equivalents
Cash and cash equivalents at 1 July
Cash and cash equivalents at 30 June 21(b)
2,017 2,016
M'000 M'000
87,324,546 87,232,984
1,364,420 1,708,807
120,813 180,818
1,614 -
88,811,393 89,122,609
23,094,499 13,021,248
22,966,508 26,509,663
1,232,951 2,494,400
3,338,351 3,615,318
6,594,514 2,229,206
57,226,823 47,869,835
146,038,216 136,992,444
752,944 752,944
8,961,346 8,961,346
33,228,725 31,946,315
42,943,015 41,660,605
24,889,439 14,034,546
979,785 1,246,856
13,506,315 12,940,815
39,375,539 28,222,217
7,537,760 2,938,068
150,756 585,724
3,482,928 3,860,475
9,495,600 22,195,374
43,052,618 37,529,981
63,719,662 67,109,622
103,095,201 95,331,839
146,038,216 136,992,444
2017 2016
Nt'000 tt'000
125,919,817 101,973,030
(77,604,513) (60,162,617)
48,315,304 41,810,413
847,333 539,362
(25,286,661) (24,886,620)
(13,689,646) (13,047,532)
10,186,330 4,415,623
2,253,385 1,185,141
(9,777,634) (7,948,005)
(7,524,249) (6,762,864)
2,662,081 (2,347,241)
(738,361) 331,355
1,923,720 (2,015,886)
128 (134)
2017 2016
M'000 M'000
1,923,720 (2,015,886)
(50,476) 246,484
15,143 (73,945)
(35,333) 172,539
1,888,387 (1,843,347)
Share Share Share based Retained Total

capital premium payment earnings equity
reserve
N'000 N'000 M'000 M'000 M'000
752,944 8,961,346 18,582 38,608,504 48,341,376
- - - (2,015,886) (2,015,886)
- - - 172,539 172,539
- - - (1,843,347) (1,843,347)
- - - (4,818,842) (4,818,842)
- - (18,582) - (18,582)
- - 114,311 - 114,311
- - (114,311) - (114,311)
- - (18,582) (4,818,842) (4,837,424)
752,944 8,961,346 - 31,946,315 41,660,605
752,944 8,961,346 - 31,946,315 41,660,605
- - - 1,923,720 1,923,720
- - - (35,333) (35,333)
- - - 1,888,387 1,888,387
- - - (752,944) (752,944)
- - - 146,967 146,967
- - 159,460 - 159,460
- - (159,460) - (159,460)
- - - (605,977) (605,977)
752,944 8,961,346 - 33,228,725 42,943,015
2017 2016
Nt'000 tt'000
2,662,081 (2,347,241)
8,635,004 8,651,575
358,628 271,946
159,460 96,987
- (18,582)
(2,253,385) (1,185,141)
9,777,634 7,948,005
782,957 919,165
344,749 165,493
(364,943) (38,845)
(8,206) (329,047)
76,964 297,854
20,170,943 14,432,169
(10,856,208) (3,189,815)
4,574,079 (11,063,895)
1,321,454 (1,209,468)
7,450,115 6,536,128
22,660,383 5,505,119
(592,686) (1,807,544)
(384,077) (849,454)
(3,501,289) (4,245,271)
(136,790) (126,698)
18,045,541 (1,523,848)
478,736 924,564
391,144 84,704
- (1,037,866)
(8,438,204) (8,503,641)
(7,568,324) (8,532,239)
25,430,412 24,378,091
(27,085,585) (4,458,209)
(1,269,580) (4,961,940)
(7,662,933) (4,288,063)
(706,557) (2,033,860)
(11,294,243) 8,636,019
(817,026) (1,420,068)
582,642 203,751
(708,862) 507,455
(943,246) (708,862)
as at 30 June 2016
Notes
ASSETS
Non-current assets
Prepayments 18(a)
Current assets
Inventories 19
Prepayments 18(b)
Total assets
EQUITY
Share capital 22(b)
Share premium 22(c)
Share based payment rese rve 22(d)
Retained earnings
Total equity
LIABILITIES
Loans and bo rrowings 24(a)
Employee ben efits 25
Deferred tax lialdilities 27
Total non-cu r-ent lia bil ities
Current labilities
Bank overdrafts 21
Current tax liabilities 13(e)
Trade and o her payables
r
28
Total liabilities
Total eqmty and tiabilitie s
Approved by the Board of Directors on 19 September 2016 and signed on its behalf by:
FRC/2013/ICAN/00000003514
arck Rewane
F RC/2014/CIBN/00000006624
Ronald Plumridge (Finance & Strategy Director)

FRC/2015/IODN/000000012370
57
INCOME STATEMENT
for the year ended 30 June 2016
Notes
Revenue 8
Cost of sales
Gross profit
Other income Marketing and distribution expenses Administrative expenses 9(a) 9(b) 11(d)
Operating profit
Finance costs 10(b)
Net finance costs
(Loss) / profit before taxation 11

Tax credit / (expense) 13(a)
(Loss) / profit for the year
Earnings per share
Basic and diluted (loss) / earnings per share (kobo) 14(a)
58
STATEMENT OF OTHER COMPREHENSIVE INCOME

Notes

Items that will never be reclassified to the income statement
Defined benefit plan actuarial gain (IAS 19) 25(a)
Tax on other comprehensive income 27(b)
Other comprehensive income for the year, net of tax
Total comprehensive (loss) / income for the year
59
Notes Share Share

capital premium
N'000 N'000
752,944 8,961,346
-
Profit for the year Other comprehensive income
Total comprehensive income for the year -
Dividends to equity holders -
Unclaimed dividends written back -
Share based payment charge -
Share based payment recharge -
Total transactions with owners -
Balance at 30 June 2015 752,944
Balance at 1 July 2015 752,944
Total comprehensive income Loss for the year Other comprehensive income
--
Total comprehensive income for the year --

Dividends to equity holders 23(b) - -
Shared based payment reserve write-back --
Share based payment charge 26(c) - -
Share based payment recharge 26(c) - -
Total transactions with owners --
Balance at 30 June 2016 752,944 8,961,346
60

Notes

Adjustments for:
Depreciation 15(a)
Share based payment credit/(charge) 26(c)
Share based payment reserve write-back
Finance costs 10(b)
Write-off of property, plant and equipment 15(i)
(Gain)/loss on disposal of property, plant and equipment 15(i)
Long service awards (credit)/charge 25(b)
Curtailment loss on gratuity 25(b)
Income tax expense 13(a)
Changes in:
Inventories
Trade and other receivables 20(b)
Prepayments
Trade and other payables 28(b)
Gratuity paid 25(a)
Net cash (used in) / generated from operating activities
Proceeds from disposal of property, plant and equipment 15(i)
Acquisition of property, plant and equipment 15(h)
Net cash generated from / (used in) financing activities
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at 30 June 21
61
2,016 2,015
N'000 N'000
87,232,984 87,754,074
1,708,807 942,887
180,818 13,283
- 24,876
89,122,609 88,735,120
13,021,248 10,750,598
26,509,663 15,503,824
2,494,400 1,452,467
5,844,524 5,804,623
47,869,835 33,511,512
136,992,444 122,246,632
752,944 752,944
8,961,346 8,961,346
- 18,582
31,946,315 38,608,504
41,660,605 48,341,376
14,034,546 12,250,754
1,246,856 2,212,922
12,940,815 13,341,236
28,222,217 27,804,912
2,938,068 1,471,762
585,724 2,275,704
3,860,475 3,903,005
22,195,374 6,967,560
37,529,981 31,482,313
67,109,622 46,100,344
95,331,839 73,905,256
136,992,444 122,246,632
2016 2015
N'000 N'000
101,973,030 118,495,882
(60,162,617) (63,551,962)
41,810,413 54,943,920
500,517 (24,886,620) (13,008,687) 722,587 (27,113,449

(12,885,679)
4,415,623 15,667,379
1,185,141 705,443
(7,948,005) (5,577,720)
(6,762,864) (4,872,277)
(2,347,241) 10,795,102
331,355 (3,000,203)
(2,015,886) 7,794,899
(134) 518
2016 2015
N'000 N'000
(2,015,886) 7,794,899
246,484 45,879
(73,945) (13,764)
172,539 32,115
(1,843,347) 7,827,014
Share based Retained Total
payment earnings equity
reserve
N'000 N'000 N'000
18,582 35,328,845 45,061,717
- -
7,794,899 32,115 7,794,899 32,115
- - 7,827,014 7,827,014
- - (4,818,842) (4,818,842)
- - 271,487 271,487
- 57,064 - 57,064
- (57,064) - (57,064)
- - (4,547,355) (4,547,355)
8,961,346 18,582 38,608,504 48,341,376
8,961,346 18,582 38,608,504 48,341,376
- (2,015,886)
(2,015,886) 172,539 172,539
- (1,843,347) (1,843,347)
- (4,818,842) (4,818,842)
(18,582) - (18,582)
114,311 - 114,311
(114,311) - (114,311)
(18,582) (4,818,842) (4,837,424)
- 31,946,315 41,660,605
2016 2015
N'000 N'000
(2,015,886) 7,794,899
8,651,575 11,215,213
271,946 117,743
96,987 (33,607)
(18,582) -
(1,185,141) (705,443)
7,948,005 5,577,720
919,165 1,099,852
165,493 162,974
(38,845) 136,642
(329,047) 151,884
297,854 -
(331,355) 3,000,203
14,432,169 28,518,080
(3,189,815) 1,618,798
(10,860,144) 3,718,965
(1,209,468) 567,344
6,536,128 5,263,588
5,708,870 39,686,775
(1,807,544) (1,520,648)
(849,454) (1,052,319)
(4,245,271) (4,374,215)
(126,698) (200,608)
(1,320,097) 32,538,985
924,564 700,822
84,704 73,269
(1,037,866) (35,676)
(8,503,641) (9,192,991)
(8,532,239) (8,454,576)
24,378,091 1,273,052
(4,458,209) (9,593,078)
(4,961,940) (3,096,902)
(4,288,063) (5,190,152)
(2,243,948) (4,754,825)
8,425,931 (21,361,905)
(1,426,405) 2,722,504
4,332,861 1,610,357
2,906,456 4,332,861
as at 30th June
Notes
ASSETS
Non-current assets
Prepayments 18(a)
Current assets
Inventories 19
Prepayments 18(b)
Total assets
Equity
Share capital 22(b)
Share premium 22(c)
Share based payment reserve 22(d)
Retained earnings
Total equity
Liabilities
Employee benefits 25
Total non-current liabilities
Current liabilities
Bank overdrafts 21
Current tax liabilities 13(e)
Total liabilities
FRC/2013/ICAN/00000003514
fist.?
Ronald Plumridge (Ag. Managing Director)
FRC/2015/IODN/000000012370
Additionally certified by:
Bolarinwa Lamidi (Financial Controller)
FRC/2013/ICAN/00000003511
U Guinness annual report 2015
57
Income Statement
for the year ended 30th June
Notes
Revenue 8
Cost of sales
Gross profit
Other income 9
Marketing and distribution expenses
Administrative expenses 11(d)
Operating profit
Finance costs 10(b)
Net finance costs
Profit before taxation 11
Taxation 13(a)
Profit for the year
Earnings per share
Basic and diluted earnings per share (kobo) 14(a)
The notes on pages 62 to 96 are integral parts of these financial statements
58
X Guinness annual report 2015
Statement of Comprehensive Income

Notes
Profit for the year

Items that will never be reclassified to income statement
Defined benefit plan actuarial gain/(loss) 25(a)
Tax on other comprehensive income 27(b)
The notes on pages 62 to 96 are integral parts of these financial statements
59

j. .. .. I
Notes

Profit for the year
Transaction with owners, recorded directly
in equity
Unclaimed dividends written back 23(b)
Share based payment charge 26(c)
Share based payment recharge 26(c)
Profit for the year
Transaction with owners, recorded directly
in equity
Share based payment charge 26(c)
Share based payment recharge 26(c)

60
X Guinness annual report 2015

Notes

Profit for the year
Adjustments for:
Depreciation 15(a)
Share based payment credit/(charge) 26(c)
Finance costs 10(b)
Write-off of property, plant and equipment 15(i)
Loss on disposal of property, plant and equipment 15(i)
Long service awards charge 25(b)
Income tax expense 13(a)
Changes in:
Inventories
Trade and other receivables 20(b)
Prepayments
Trade and other payables 28(b)
Gratuity paid 25(a)
Net cash generated from operating activities
Proceeds from disposal of property, plant and equipment 15(i)
Acquisition of property, plant and equipment 15(h)
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 30 June 21
61
2,015 2,014
N'000 N'000
87,754,074 90,683,405
942,887 608,138
13,283 171,119
24,876 25,570
88,735,120 91,488,232
10,750,598 13,469,248
15,503,824 19,218,236
1,452,467 1,861,975
5,804,623 6,290,582
33,511,512 40,840,041
122,246,632 132,328,273
752,944 752,944
8,961,346 8,961,346
18,582 18,582
38,608,504 35,328,845
48,341,376 45,061,717
12,250,754 27,429,985
2,212,922 3,028,651
13,341,236 12,559,441
27,804,912 43,018,077
1,471,762 4,680,225
2,275,704 1,585,320
3,903,005 4,110,475
6,967,560 3,148,882
31,482,313 30,723,577
46,100,344 44,248,479
73,905,256 87,266,556
122,246,632 132,328,273
2015 2014
N'000 N'000
118,495,882 109,202,120
(62,604,362) (57,868,906)
55,891,520 51,333,214
722,587 734,346
(27,113,449) (25,931,970)
(13,833,279) (10,012,212)
15,667,379 16,123,378
705,443 319,741
(5,577,720) (4,761,559)
(4,872,277) (4,441,818)
10,795,102 11,681,560
(3,000,203) (2,108,080)
7,794,899 9,573,480
518 636
2015 2014
N'000 N'000
7,794,899 9,573,480
45,879 (111,358)
(13,764) 33,408
32,115 (77,950)
7,827,014 9,495,530
Share Share Share based Retained Total

capital premium payment earnings equity
reserve
N'000 N'000 N'000 N'000 N'000
752,944 8,961,346 18,582 36,306,239 46,039,111
- - - 9,573,480 9,573,480
- - - (77,950) (77,950)
- - - 9,495,530 9,495,530
- - - (10,541,217) (10,541,217)
- - - 68,293 68,293
- - 103,465 - 103,465
- -
(103,465) -
(103,465)
- - - (10,472,924) (10,472,924)
752,944 8,961,346 18,582 35,328,845 45,061,717
752,944 8,961,346 18,582 35,328,845 45,061,717
- - - 7,794,899 7,794,899
- - - 32,115 32,115
- - - 7,827,014 7,827,014
- - - (4,818,842) (4,818,842)
- - - 271,487 271,487
- - 57,064 - 57,064
- - (57,064) - (57,064)
- - - (4,547,355) (4,547,355)
752,944 8,961,346 18,582 38,608,504 48,341,376
2015 2014
N'000 N'000
7,794,899 9,573,480
11,215,213 10,525,929
117,743 94,433
(33,607) 75,809
(705,443) (319,741)
5,577,720 4,761,559
1,099,852 733,940
162,974 333,775
136,642 67,223
151,884 37,893
3,000,203 2,108,080
28,518,080 27,992,380
1,618,798 (1,803,086)
3,718,965 (4,056,051)
567,344 (423,797)
5,263,588 5,398,746
39,686,775 27,108,192
(1,520,648) (3,902,176)
(1,052,319) (353,833)
(4,374,215) (3,588,494)
(200,608) (106,487)
32,538,985 19,157,202
700,822 268,582
73,269 14,828
(35,676) (123,800)
(9,192,991) (13,843,305)
(8,454,576) (13,683,695)
1,273,052 21,796,544
(9,593,078) (3,249,756)
(3,096,902) (6,645,599)
(5,190,152) (4,356,801)
(4,754,825) (10,849,192)
(21,361,905) (3,304,804)
2,722,504 2,168,703
1,610,357 (558,346)
4,332,861 1,610,357
as at 30 June
Notes
ASSETS Non-current assets Properly plant and equipment Intangible assets
Prepayments Other receivables
15(a) 16 a 18(a) 17
Current assets Inventories Trade and other receivables Prepayments Cash

19 20
and cash equivalents

Total assets
Equity Share capital Share premium Share based payment reserve
22(b) 22(c)
Retained earnings
Total equity
Liabilities Non-current liabilities Loans and borrowings Employee benefits

Deferred tax liabilities
24(a) 25 27
Total non current liabilities
Current liabilities Bank overdrafts Current tax liabilities Dividend payable

21 13(e) 23(b) 24(aj
Loans ana borrowings Trade and other payables

Total liabilities
Babatunde A. Savage (Chairman) Seni Adetu (Managing Director)
FRC/2013/1 CAN/00000003514 FRC/2013/10 D N/00000003516
Additionally certified by:
Bolarinwa Lamidi (Financial Controller)
FRC/2013/1 CAN/00000003511
The notes on pages 57 to 92 are an integral part of these financial statements.
Guinness Nigeria Pic Annual Report & Financial Statements 2014
51
Performance summary Notice of AGM Chairman’s statement & directors’ report Board of direcotrs & corporate events! Financial statements Additional information
Income Statement
Notes
Revenue 8
Cost of sales
Gross profit
Other income 9
Marketing and distribution expenses
Administrative expenses
Operating profit
Finance costs 10(b)
Net finance costs
Profit before taxation 11
Taxation 13(a)
Profit for the year after taxation
Earnings per share
Basic and diluted earnings per share (kobo) 14(a)
52
Statement
Profit for the year after taxation
Defined benefit plan actuarial loss

Tax on other comprehensive income
of Comprehensive
Income
Notes 2014
N’000
9,573,480
25(a) (111,358)
13(b) 33,408
(77,950)
9,495,53ol
53

Notes

Comprehensive income for the year
Profit for the year
Total other comprehensive income
Transaction with owners,
recorded directly in equity
Shares issued during the year 20(b)
Share based payment charge
Share based payment recharge
Comprehensive income for the year

Profit for the year
Total other comprehensive income
Transaction with owners,
recorded directly in equity
Share based payment recharge

54

Profit for the year
Adjustments for:
Depreciation and impairment loss

Amortisation of intangible assets
Finance income
Finance costs
Write-off of property, plant and equipment

Loss/(gain) on disposal of property, plant and equipment
Long service awards charge
Income tax expense
Changes in:
Inventories
Trade and other receivables
Prepayments
Trade and other payables
Income tax paid
Gratuity paid
Long service awards paid
Net cash generated from operating activities
Finance income
Proceeds from sale of property, plant and equipment
Acquisition of intangible assets

Acquisition of property, plant and equipment
Repayment of loans and borrowings

Repayment of finance lease liabilities
Proceeds from loans and borrowings
Finance costs paid
Dividends paid
Net cash used in financing activities
Net increase/fdecrease) in cash and cash equivalents

Cash and cash equivalents at 30 June
Notes 2014
N’000
9,573,480
15(a) 10,525,929
16(a) 94,433
26 75,809
10(a) (319,741)
10(b) 4,761,559
333,775
67,223
25(b) 37,893
13(a) 2,108,080
27,258,440
(1,069,146)
(4,056,051)
(423,797)
1,810,252
23,519,698
13(e) (3,902,176)
25(a) (353,833)
25(b) (106,487)
19,157,202
268,582
14,828
16(a) (123,800)
(13,843,305)
(13,683,695)
(6,645,599)
(3,249,756)
21,796,544
(4,356,801)
23(b) (10,849,192)
(3,304,804)
2,168,703
(558,346)
21 1,610,357
55
2014 N’000 2013 N’000
90,683,405 608 138 171 88,112,852 578 771 98

119 25,570 768 3i;ei 1
91,488,232 88,822,002
13,469,248 19 218 236 12,400,102 15 138 749

1,861,975 6,290,582 1,510,529 3,189,239
40,840,041 32,238,619
132,328,273 121,060,621
752,944 8,961 346 18 752,944 8,961 346 18
582 35,328,845 582 36,306^239
45,061,717 46,039,111
27,429,985 3 028 651 8,796,183 2,994,557

12,559,441 11,955,673
43,018,077 23,746,413
4,680,225 1 585 320 3,747,585 4,050,356

4,110,475 3 148 882 4,486,743 8 557 059
30;723!577 30;433!354
44,248,479 51,275,097
87,266,556 75,021,510
132,328,273 121,060,621
Additional information
2014 2013
N'000 N'000
109,202,120 122,463,538
(57,868,906) (66,385,104)
51,333,214 56,078,434
734,346 815,505
(25,931,970) (26,003,038)
(10,012,212) (9,957,285)
16,123,378 20,933,616
319,741 201,185
(4,761,559) (4,125,926)
(4,441,818) (3,924,741)
11,681,560 17,008,875
(2,108,080) (5,145,149)
9,573,480 11,863,726
636 793
2013
N’000
11,863,726
(119,672)
35,902
(83,770)
11,779,956
Share Share Share Retained Total

capital premium based earnings equity
reserve
N’000 N’000 N'OOO N’OOO N'OOO
737,463 1,545,787 62,308 36,265,956 38,611,514
- - -
11,863,726 11,863,726
" " " (83,770) (83,770)
- - - 11,779,956 11,779,956
- - -
(11,799,404) (11,799,404)
- -
15,481 7,415,559 7,431,040
- - -
59,731 59,731
- - 76,558 - 76,558
" " (120,284) " (120,284)
15,481 7,415,559 (43,726) (11,739,673) (4,352,359)
752,944 8,961,346 18,582 36,306,239 46,039,111
752,944 8,961,346 18,582 36,306,239 46,039,111
- - -
9,573,480 9,573,480
" " " (77,950) (77,950)
- - - 9,495,530 9,495,530
- - -
(10,541,217) (10,541,217)
- - -
68,293 68,293
- - 103,465 - 103,465
" " (103,465) " (103,465)
- - - (10,472,924) (10,472,924)
752,944 8,961,346 18,582 35,328,845 45,061,717
2013
N’000
11,863,726
10,122,393
102,609
88,821
(201,185)
4,125,926
957,100
(24,158)
232,337
5,145,149
32,412,718
793,660
(5,661,916)
(48,080)
2,452,960
29,949,342
(5,191,667)
(372,052)
(87,486)
24,298,137
198,151
50,386
-
(14,330,438)
(14,081,901)
(2,536,571)
-
(3,806,649)
(4,274,600)
(10,617,820)
(401,584)
(156,762)
(558,346)

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Current Ratio

B. SHORT TERM LIQUIDITY RATIOS:

Acid Test Ratio

2013 2014 2015

Gui nness Int

2013 2014 2015

Gui nnes s Int

2013 2014 2015

Gui nnes s Int

2013 2014 2015

Net Income Margin Ratio

2013 2014 2015

Gui nnes s Int

Inventory Turnover Rati

4.58 4.32 4.14 4.29 3.97

Asset Turnover Ratio

0.73 0.69 0.91 0.76 0.75

2014 2015 2016 2017

Acid Test Ratio

2014 2015 2016 2017

Cashflow Coverage Ratio

Gui nness Intbrew

Operating Cashflow/Sales Ratio

Gui nnes s Intbrew

Total Debt/Total Assets Ratio

2014 2015 2016 2017

Fixed Interest Cover Ratio

Gui nnes s Intbrew

Net Income Margin

Gui nnes s Intbrew

Inventory Turnover Ratio

Asset Turnover Ratio

2014 2015 2016 2017

'000 '000 000

A. PROFITABILITY RATIOS: 2017 2016 2015

B. SHORT TERM LIQUIDITY RATIOS: 2017 2016 2015

E. DEBT RATIOS: 2017 2016 2015

F. ASSET MANAGEMENT RATIOS: 2017 2016 2015

11,269,923 9,380,173 Average Common Equity 42,943,015 41,660,605

000 000 '000 '000

3,294,249 3,294,249 1,506,250,000 1,506,250,000

2014 2013 2017 2016

0.19 0.25 0.04 -0.05

48% 44% 38% 41%

2014 2013 2017 2016

2014 2013 2017 2016

2014 2013 2017 2016

48,341,376 45,061,717 46,039,111

000 000 000

1,506,250,000 1,506,250,000 1,506,250,000

2015 2014 2013

0.16 0.21 0.26

100% 47% 46%

2015 2014 2013

0.32 0.32 0.70

2015 2014 2013

2015 2014 2013

2 Acid Test Ratio

1 Dividend Per Share

2 Earnings Per Share

3 Dividend Pay Out Ratio

4 Net Asset Per Share Ratio

1 Retuern on Common Equity (ROCE)

2 Retuern on Assets (ROA)