BETA GLASS : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

BETA GLASS PLC

NIS ISO 9001:2008 CERTIFIED

βHEAD OFFICE

Iddo House, Iddo, P.O.Box 159,

(RC13215)

DELTA PLANT	GUINEA PLANT
KM 17, Warri - Patani Road,	KM 32, Lagos Badagry Express Road,
Lagos, Nigeria	P.M.B. 48, Ughelli, Delta State, Nigeria	Agbara Industrial Estate, Ogun State
Tel: [phone]	Tel: [phone]	P.O.Box 2515, Lagos, Nigeria.
234-01-2806714	234-8070990284	Tel: [phone]

Beta Glass Plc

Unaudited Interim Financial Statements

For the First Quarter Ended 31 March 2022

BETA GLASS PLC, MEMBER OF FRIGOGLASS GROUP

BETA GLASS PLC
Beta Glass Plc
Unaudited Interim Financial Statements
For the Three Months Period Ended 31 March 2022
Table of contents	Page
Compliance Certificate	3
Interim statement of profit or loss and other comprehensive income	4
Interim statement of financial position	5
Interim statement of changes in equity	6
Interim statement of cash flows	7
Accounting policies and notes to the interim financial statements	8
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Beta Glass Plc

Compliance Certificate on the Company's Unaudited Interim Financial Statements

For the Period Ended 31 March 2022

We hereby certify that:

a) We the undersigned have reviewed the Interim financial statements of Beta Glass Plc ("the Company) for the three months period ended 31 March 2022.

Based on our knowledge as officers of the Company, the interim financial statements do not contain:

• i. any untrue statement of a material fact, or

• ii. omit to state a material fact, which would make the statement misleading in the light of the circumstances under which the statement was made.

b) Based on our knowledge, the financial statements and other financial information included in the quarterly report fairly represent in all material respect, the financial conditions and results of operations of the Company as of, and for the period presented in the report.

c) We, the undersigned:

• i. are responsible for establishing and maintaining controls;

• ii. have designed such internal controls to ensure that material information relating to the Company is made known to us by others within those entities particularly during the period in which the periodic reports are being prepared;

• iii. have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report.;

• iv. have presented in the report our conclusions about the effectiveness of their internal controls based on their evaluation as of that date; d) We have disclosed to the external auditors of the Company and the audit committee:

i. all significant deficiencies in the design or operation of the internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified to the Company's Auditors any material weakness in internal controls, and

ii. any fraud, whether or not material, that involves management or other employees who have significant role in the Company's internal controls.

e) We have identified in the report whether or not there were significant changes in internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weakness.

Mr. Darren Bennett-Voci	Mr. Dhanikonda Shanker
Managing Director	Chief Financial Officer
26th April 2022	26th April 2022
FRC/2016/IODN/00000015783	FRC/2013/ANAN/00000002336

3

BETA GLASS PLC

Unaudited Interim Financial Statement for the Three Months Period Ended 31st

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2022

For the period ended

3 months	3 months
31 March	31 March
2022	2021
Notes	N'000	N'000
Revenue from contract with customers	6	10,447,090	8,001,356
Cost of sales	7.1	(8,155,154)	(5,409,739)
Gross profit	2,291,936	2,591,617
Selling and distribution expenses	7.3	(54,557)	(50,248)
Administrative expenses	7.2	(620,756)	(439,416)
Other income / (Loss)	8	(10,060)	146,875
Operating profit	1,606,563	2,248,828
Foreign exchange loss	9	(179,960)	(51,828)
Finance income	10.1	192,008	93,566
Finance cost	10.2	(30,962)	(55,555)
Finance income - net	10	161,046	38,011
Profit before taxation for the period	1,587,649	2,235,011
Income tax expense	11	(508,048)	(715,204)
Profit after tax for the period	1,079,601	1,519,807
Other comprehensive income
Other comprehensive income for the year-net
of tax	-	-
Total comprehensive income for the period	1,079,601	1,519,807
Earnings per share (EPS)
Basic and diluted EPS (Naira)	12	2.16	3.04

The notes on pages 8 to 49 are an integral part of these financial statements.

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BETA GLASS PLC

Unaudited Interim Financial Statement for the Three Months Period Ended 31st March 2022

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2022

31 March	31 December
2022	2021
Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	19	22,372,667	22,511,651
Right-of-use assets	20	138,220	46,806
Intangible assets	14	11,459	12,563
22,522,346	22,571,020
Current assets
Inventories	15	13,089,963	9,179,179
Trade and other receivables	16	15,235,868	15,476,340
Cash in hand and at bank	17	18,545,108	15,885,871
46,870,939	40,541,390
Total assets	69,393,285	63,112,410
Liabilities
Non-current liabilities
Deferred tax liabilities	21	3,584,963	3,584,963
3,584,963	3,584,963
Current liabilities
Borrowings	18	5,796,907	4,829,269
Trade and other payables	22	15,578,982	11,853,395
Current income tax	23	1,084,194	576,145
Dividend payable	24	141,220	141,220
22,601,303	17,400,029
Total liabilities	26,186,266	20,984,992
Equity
Issued share capital	25	249,986	249,986
Share premium	25	312,847	312,847
Other reserves	26	2,429,942	2,429,942
Retained earnings	27	40,214,244	39,134,643
Total equity	43,207,019	42,127,418
Total equity and liabilities	69,393,285	63,112,410

The notes on pages 8 to 49 are an integral part of these financial statements.

The Unaudited Interim financial statements on pages 4 to 49 were approved and authorised for issue by the Board of Directors on 26th April 2022 and were signed on its behalf by:

Mr. Darren Bennett-Voci	Mr. Shanker Dhanikonda
Managing Director	CMhief FiinanDciial Officer
FRC/2016/IODN/00000015783	FRC/2013/ANAN/00000002336

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