Nigerian Breweries Balance Sheet

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	61,140	150,588	39,566	22,181	16,730
Cash & Short-Term Investments	61,140	150,588	39,566	22,181	16,730
Cash Growth	-59.40%	280.60%	78.38%	32.58%	-44.91%
Accounts Receivable	41,245	26,377	26,377	20,225	3,040
Other Receivables	9,512	24,887	19,395	17,526	6,248
Receivables	50,757	51,264	45,771	37,750	9,288
Inventory	193,789	181,259	122,036	83,517	62,192
Prepaid Expenses	4,449	4,150	2,970	1,958	2,853
Other Current Assets	27,638	37,443	17,224	10,015	29,104
Total Current Assets	337,771	424,704	227,567	155,422	120,166
Property, Plant & Equipment	593,699	544,266	450,379	368,869	269,737
Long-Term Investments	150	150	150	150	150
Goodwill	90,996	90,996	84,723	84,723	84,723
Other Intangible Assets	7,344	8,848	7,191	8,702	9,612
Long-Term Deferred Tax Assets	33,310	66,676	23,710	-	-
Other Long-Term Assets	2,847	2,636	2,153	2,022	1,134
Total Assets	1,066,118	1,138,276	795,873	619,889	485,522
Accounts Payable	125,448	120,017	183,960	119,954	140,992
Accrued Expenses	-	-	44,484	17,934	5,674
Current Portion of Long-Term Debt	59,711	169,050	205,318	119,825	23,887
Current Portion of Leases	-	2.81	29.56	17.31	654.63
Current Income Taxes Payable	32,236	10,402	6,716	13,003	10,624
Other Current Liabilities	274,256	325,114	143,957	136,972	90,701
Total Current Liabilities	491,651	624,586	584,465	407,705	272,533
Long-Term Debt	-	40,000	136,284	2,426	4,098
Long-Term Leases	-	-	1.68	14.62	2,734
Pension & Post-Retirement Benefits	14,245	9,746	11,838	11,422	10,964
Long-Term Deferred Tax Liabilities	-	-	-	18,407	23,282
Total Liabilities	505,896	674,332	732,589	439,975	313,610
Common Stock	15,492	15,492	5,138	5,138	4,038
Additional Paid-In Capital	615,903	615,903	82,944	82,944	77,500
Retained Earnings	-75,963	-171,793	-29,616	87,761	90,110
Comprehensive Income & Other	4,790	3,430	4,818	3,958	155.38
Total Common Equity	560,222	463,031	63,284	179,800	171,803
Minority Interest	-	912.24	-	113.44	108.89
Shareholders' Equity	560,222	463,944	63,284	179,914	171,912
Total Liabilities & Equity	1,066,118	1,138,276	795,873	619,889	485,522
Total Debt	59,711	209,053	341,633	122,283	31,373
Net Cash (Debt)	1,429	-58,466	-302,067	-100,102	-14,643
Net Cash Per Share	0.05	-4.87	-36.40	-12.06	-1.46
Filing Date Shares Outstanding	30,983	30,983	10,276	10,276	10,095
Total Common Shares Outstanding	30,983	30,983	10,276	10,276	10,095
Working Capital	-153,879	-199,882	-356,898	-252,283	-152,366
Book Value Per Share	18.08	14.94	6.16	17.50	17.02
Tangible Book Value	461,882	363,188	-28,630	86,375	77,469
Tangible Book Value Per Share	14.91	11.72	-2.79	8.41	7.67
Land	1,990	1,990	1,990	1,550	3,891
Buildings	120,942	96,278	81,659	79,245	72,989
Machinery	587,857	475,313	375,911	302,345	280,915
Construction In Progress	47,243	122,649	134,850	116,461	51,076

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.