GOLDEN GUINEA BREWERIES PLC
RC 3164
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2024
Mokuolu Rubens & Co
(Chartered Accountants)
GOLDEN GUINEA BREWERIES PLC
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH, 2024
CONTENTS | PAGE |
Financial Highlights | 1 |
Directors, Professional Advisers, etc | 2 |
Report of the Directors | 3 |
Statement of Directors' Responsibilities | 17 |
Certification of the Audited Financial Statements | 18 |
Report of the Audit Committee | 19 |
Reports of the Independent Auditors | 20 |
Income Statement | 24 |
Statement of Comprehensive Income | 25 |
Statement of Financial Position | 26 |
Statement of Changes in Equity | 27 |
Statement of Cash Flows | 28 |
Notes to the Financial Statements | 29 |
Statement of Value Added | 61 |
Five - Year Financial Summary | 62 |
GOLDEN GUINEA BREWERIES PLC
FINANCIAL HIGHLIGHTS
2024 | 2023 | Change | |||
N | N | % | |||
Results | |||||
Revenue | 83,706,146 | 122,933,848 | -32% | ||
Profit/(Loss) for the year | (109,493,510) | (543,199,819) | -80% | ||
Total Comprehensive income | (109,493,510) | (543,199,819) | -80% | ||
Total Equity | 1,344,183,945 | 1,453,677,455 | -8% | ||
Data per 50 kobo share (in Kobo) | |||||
Basic and Diluted Earnings/(Loss) per share | (11) | (54) | -80% | ||
Net Assets per share | 134 | 145 | -8% | ||
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GOLDEN GUINEA BREWERIES PLC
DIRECTORS, PROFESSIONAL ADVISERS, ETC
DIRECTORS
Chief J. C. Onyearugbulem | - | Non-Executive Chairman |
Engr. Okechi N. Ndukwe | - | Acting Managing Director/CEO |
HRM. Eze Nwabiaraije Eneogwe | - | Non-Executive Director |
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 |
Prince Osa Osunde | - | Independent Director |
Prof. Martin N. Ike-Muonso | - | Independent Director |
Mrs. Ola Ifezulike | - | Independent Director |
Barr. Chidinma Onyi Obi | - | Independent Director |
COMPANY SECRETARY | ||
Barr. Udo Ogaranya | ||
ogaranyaudo@gmail.com | ||
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
mokuolurubens@gmail.com
REGISTRARS
Carnation Registrars Limited
2A, Gbagada Expressway, Anthony, Lagos info@carnationregistrars.com
BANKERS
Heritage Bank Limited
United Bank for Africa Plc
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GOLDEN GUINEA BREWERIES PLC
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH, 2024
The Directors have pleasure in submitting their report together with the Financial Statements for the year ended 31st March, 2024.
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 resumed operations in 2020 financial year and has sustained the principal activities in 2024 financial year, 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, 2024 was as follows
N | |
Revenue | 83,706,146 |
Profit/(Loss) after taxation | (109,493,510) |
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GOLDEN GUINEA BREWERIES PLC
REPORT OF THE DIRECTORS - Continued
DIRECTORS
The names of the directors as at 31st March, 2024 were as follows:
Chief J. C. Onyearugbulem | - | Non-Executive Chairman |
Engr. Okechi N. Ndukwe | - | Acting Managing Director/CEO |
HRM. Eze Nwabiaraije Eneogwe | - | Non-Executive Director |
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 |
Prince Osa Osunde | - | Independent Director |
Prof. Martin N. Ike-Muonso | - | Independent Director |
Mrs. Ola Ifezulike | - | Independent Director |
Barr. Chidinma Onyi Obi | - | Independent Director |
SHAREHOLDING STRUCTURE
The company has Issued and Fully paid share capital of N501,672,000 comprising
1,003,344,000 Ordinary Shares of 50 kobo each, and are beneficially held as follows:
Number of | ||
Ordinary Shares | ||
Name | held | % Holding |
Abia State Government | 30,991,773 | 3.09% |
Imo State Government | 18,044,208 | 1.80% |
Ebonyi State Government | 1,563,591 | 0.16% |
Philmontan Nigeria Limited | 31,497,850 | 3.14% |
Holsten Baruerei AG Hamburg | 15,000,000 | 1.50% |
Floco Verwaltungs-Und | 20,682,000 | 2.06% |
Other Nigerian Associations and Citizens | 133,056,578 | 13.26% |
Pan Marine Investments Limited | 752,508,000 | 75.00% |
1,003,344,000 | 100.00% |
Except as stated above, no shareholder holds more than 5% of the issued and fully paid share capital of the company.
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GOLDEN GUINEA BREWERIES PLC
REPORT OF THE DIRECTORS - Continued
ANALYSIS OF SHAREHOLDING
The range of the shareholding of the company is as follows:
Number of | |||||
Range | Shareholders | Percentage | Units | Percentage | |
1 - 500 | 11,924 | 49.20% | 3,767,986 | 0.38% | |
501 - 1,000 | 4,674 | 19.29% | 3,793,576 | 0.38% | |
1,001 | - 5,000 | 6,199 | 25.58% | 13,012,396 | 1.30% |
5,001 | - 1,000,000 | 1,421 | 5.86% | 36,244,531 | 3.61% |
1,000,001 and above | 18 | 0.07% | 946,525,511 | 94.34% | |
24,236 | 100.00% | 1,003,344,000 | 100.00% | ||
Analysis of Shareholding by Category of Shareholders
Number of | ||
Ordinary Shares | ||
Category of Shareholder | held | % Holding |
General Public - Individuals and Associations | 165,773,620 | 16.52% |
Government Shareholding - Abia, Imo, Ebonyi | 53,519,063 | 5.33% |
Directors Shareholding (Direct/Indirect) | 31,543,317 | 3.14% |
Strategic Investors - Pan Marine Inv. Ltd | 752,508,000 | 75.00% |
Total | 1,003,344,000 | 100% |
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GOLDEN GUINEA BREWERIES PLC
REPORT OF THE DIRECTORS - Continued
DIRECTORS' INTERESTS
The interests of the Directors of Golden Guinea Breweries Plc in the issued share capital of the Company, as recorded in the Register of Members and as notified by them for the purposes of Sections 301 and 385 of the Companies and Allied Matters Act 2020, and the Listing requirements of The Nigerian Stock Exchange are as follows:
Name | Remarks | Number of Shares |
Chief J. C. Onyearugbulem | 31,497,851 (Indirect) | 31,497,851 |
Engr. Okechi N. Ndukwe | 37,280 | 37,280 |
HRM. Eze Nwabiaraije Eneogwe | Nil | 0 |
Ms. Ugo Agwu (FCA) | 8,186 | 8,186 |
Dr. Oluchi Joachin Nzenwa | Nil | 0 |
Mr. Ferguson O. Uzomah (PMP) | Nil | 0 |
Barr. Ochei Odiawa | Nil | 0 |
Prince Osa Osunde | Nil | 0 |
Prof. Martin N. Ike-Muonso | Nil | 0 |
Mrs. Ola Ifezulike | Nil | 0 |
Barr. Chidinma Onyi Obi | Nil | 0 |
Total - Directors Interest | 31,543,317 | |
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GOLDEN GUINEA BREWERIES PLC
REPORT OF THE DIRECTORS - Continued
PROFILE OF DIRECTORS
CHIEF J. C. ONYEARUGBULEM
Chief Joe C. Onyearugbulem is the Chairman, Board of Directors of Golden Guinea Breweries Plc. He is a consummate Human Resource Manager with enormous experience in Personnel Management and Industrial Relations.
He had previously worked as Personnel Manager at Ibru Organization, Administrative Manager at Nigeria Bottling Company Plc. and International Glass Industries Ltd Respectively. Chief Onyearugbulem holds a Bachelor of Arts Honours Degree in Public Administration from Panjab University, Chandigarh, India.
While at the Nigeria Bottling Company Ltd, Chief Onyearugbulem headed the training team for the Eastern Plants.
He is married with children.
ENGR. OKECHI N. NDUKWE
Engineer Okechi N. Ndukwe is the Acting Managing Director of Golden Guinea Breweries Plc. He joined Golden Guinea Breweries Plc Umuahia as Mechanical Engineer in training after employment and undergoing training as a Drilling Engineer with SANTA-FE Oil drilling Company, a Multi-National based in Port Harcourt.
He holds Honour's Bachelor of Science Degree in Mechanical Engineering from University of
Nigeria Nsukka. He rose through hard work and training to the posts of Chief Engineer, Production Director and Technical Director. He presently occupies the posts of Technical Director and Acting Managing Director. Engr. Okechi Ndukwe has benefitted immensely from trainings and workshops organized by various Multi-National Companies in their home countries such as:
- HRCH Huppmann Maschinefabrik, kitzen, West Germany -on Reciprocating Ammonia compressors
- Theodor Loos GmbH, Gunzen Hausen, West Germany -on Hot Water and Steam Boilers.
- APV Hall Dartford Kent, United kingdom- on Basic and Advanced Industrial
Refrigeration, including Overhaul and Servicing of Mono and Double Screw compressors .
- Assmann and Stockder Stuttgart, West Germany- for Industrial Refrigeration.
- Alfa- Laval in Bergdorf, off Hamburg, West Germany- for Carbon dioxide liquefaction Compressors.
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GOLDEN GUINEA BREWERIES PLC
REPORT OF THE DIRECTORS - Continued
He has delivered lectures on Hot water Boilers and Steam Boilers to the National and Local Bodies of the Nigeria Society of Engineers in Logos and Umuahia. He has also on invitation, organized workshop/Trainings for staffs of Abia State University Works Department on Maintenance of Surface and Submersible Pumps.
He is married and blessed with children. He is a member of Nigerian Society of Engineers
HRM EZE (DR.) ISRAEL K. NWABIARAIJE ENEOGWE
His Royal Majesty, Eze Nwabiaraije Enogwe is a highly respected and first class traditional ruler in Abia State. He is the Founder/Pioneer Chairman of Ngwa Royal Fathers Supreme Council. He is also the First Deputy Chairman Abia State Council of Traditional Rulers.
Eze Nwabiaraije, a veteran of Sales and Marketing is currently the Managing Director of Nwabiaraije Enterprises Ltd.,
His Royal Majesty is married with children.
MS U. U. AGWU
Agwu, Ugoaha, is a Director in Golden Guinea Breweries Plc. She is a fellow of the Institute of Chartered Accountants of Nigeria. She is also an Associate Member of Chartered Institute of Taxation of Nigeria, and an Associate Member, Nigeria Institute of Management.
Ugoaha has over twenty years' experience with a leading Reinsurer, demonstrating consistent record of increasing profit during the period. Strengths include general ledger, Financial Statements, Financial Analysis, Budgeting Cash Management, and Internal and external reporting. She had a prior experience in auditing with a reputable audit firm.
DR. OLUCHI JOACHIN NZENWA
Dr. Oluchi Joachin Nzenwa is a Director in Golden Guinea Breweries Plc. He is a Medical Doctor. He obtained the MB, BS from the University of Nigeria, Nsukka and an MBA from Walden University. He is the Chief Medical Director of Pamo Clinic and Hospitals Ltd.
Dr. Oluchi J. Nzenwa is a professional member of the Nigeria Medical Association (NMA), a fellow of the Institute of Management Consultants IMC-Nigeria. He is also a member of the British Medical Ultrasound Society (BMUS), Port Harcourt City Chamber of Commerce (PHCC), and Association of Project Managers APM.
He is happily married with children
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