GOLDEN GUINEA BREWERIES : AUDITED FINANCIAL STATEMENT 31 MARCH 2022

GOLDEN GUINEA BREWERIES PLC

RC 3164

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022

Mokuolu Rubens & Co

(Chartered Accountants)

GOLDEN GUINEA BREWERIES PLC

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH, 2022

CONTENTS	PAGE
Financial Highlights	1
Directors, Professional Advisers, etc	2
Report of the Directors	3
Statement of Directors' Responsibilities	15
Certification of the Audited Financial Statements	16
Report of the Audit Committee	17
Reports of the Independent Auditors	18
Income Statement	22
Statement of Comprehensive Income	23
Statement of Financial Position	24
Statement of Changes in Equity	25
Statement of Cash Flows	26
Notes to the Financial Statements	27
Statement of Value Added	59
Five - Year Financial Summary	60

GOLDEN GUINEA BREWERIES PLC

FINANCIAL HIGHLIGHTS

	2022		2021		Change
	N		N		%
Results
Revenue	2,047,585,736		1,463,181,724		40%
Profit/(Loss) for the year	(498,666,273)		(225,879,517)		121%
Total Comprehensive income	(498,666,273)		(225,879,517)		121%
Total Equity	1,996,877,273		2,495,543,547		-20%
Data per 50 kobo share (in Kobo)
Basic and Diluted Earnings/(Loss) per share	(50)		(23)		121%
Net Assets per share	199		249		-20%

1

GOLDEN GUINEA BREWERIES PLC

DIRECTORS, PROFESSIONAL ADVISERS, ETC

DIRECTORS

Chief J. C. Onyearugbulem	-	Non-Executive Chairman
Mr. Ifeanyi G. Idika	-	Managing Director/CEO (Deceased, Aug. 2021)
Engr. Okechi N. Ndukwe	-	Acting Managing Director/CEO (wef Aug. 2021)
Dr. J. A. Alumonah	-	Non-Executive Director (Retired; Feb. 25, 2022)
HRM. Eze Nwabiaraije Eneogwe	-	Non-Executive Director
Elder N. C. U. Okoro	-	Non-Executive Director (Retired; Feb 25, 2022)
Ms. Ugo Agwu (FCA)	-	Non-Executive Director
Dr. Oluchi Joachin Nzenwa	-	Non-Executive Director
Mr. Ferguson O. Uzomah (PMP)	-	Non-Executive Director
Barr. Ochei Odiawa	-	Non-Executive Director
Mr. Olalekan Najeem Busari	-	Non-Executive Director

COMPANY SECRETARY

Barr. Udo Ogaranya

[e-mail]

REGISTERED OFFICE

Aba Road, Umuahia

Abia State

REGISTRATION NO.

RC 3164

AUDITORS

Mokuolu Rubens & Co

Chartered Accountants

62, Akanro Street

Apapa - Oshodi Expressway, Ilasamaja, Lagos

[e-mail]

REGISTRARS

Carnation Registrars Limited

2A, Gbagada Expressway, Anthony, Lagos [e-mail]

BANKERS

Heritage Bank Limited

United Bank for Africa Plc

2

GOLDEN GUINEA BREWERIES PLC

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST MARCH, 2022

The Directors have pleasure in submitting their report together with the Financial Statements for the year ended 31st March, 2022.

LEGAL FORM

The company was incorporated as a private limited liability company on 26th September, 1962 with registration number RC 3164 under the name Independence Brewery Limited. The name was changed to Golden Guinea Breweries Limited on 6th May, 1971. The company became a public limited liability company and the name was changed to Golden Guinea Breweries Plc in 1978.

PRINCIPAL ACTIVITIES

The principal activities of the company are brewing, packaging, marketing, and distribution of Golden Guinea lager beer, Golden Guinea Malta, Eagle Stout, Bergedorf lager beer, Golden Malta, Oldsborg lager beer, and Oldsborg Malta.

The company gradually increased business operations in 2022, as it resumed in 2020 financial year the principal activities, with brewing, bottling, and marketing of Golden Guinea Lager beer, Golden Malta, Oldsborg Lager beer, and Oldsborg Malta. The Company continues to carry out activities focused on expanding capacities and accelerating penetration across the markets.

Also, positive results are being achieved in sourcing the funds and working capital required to accomplish remaining rehabilitation activities and resume operations on all the company's product lines before the end of the next financial year.

OPERATING RESULT

The Operating Result of the company as at 31st March, 2022 was as follows

	N
Revenue	2,047,585,736
Profit/(Loss) after taxation	(498,666,273)

3