Nigerian Breweries Balance Sheet

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	69,247	150,588	39,566	22,181	16,730	30,370
Cash & Short-Term Investments	69,247	150,588	39,566	22,181	16,730	30,370
Cash Growth	97.64%	280.60%	78.38%	32.58%	-44.91%	377.43%
Accounts Receivable	100,969	26,377	26,377	20,225	3,040	3,983
Other Receivables	-	24,887	19,395	17,526	6,248	3,912
Receivables	100,969	51,264	45,771	37,750	9,288	7,895
Inventory	224,121	181,259	122,036	83,517	62,192	36,087
Prepaid Expenses	2,279	4,150	2,970	1,958	2,853	3,745
Other Current Assets	3,672	37,443	17,224	10,015	29,104	15,098
Total Current Assets	400,288	424,704	227,567	155,422	120,166	93,195
Property, Plant & Equipment	572,469	544,266	450,379	368,869	269,737	256,328
Long-Term Investments	150	150	150	150	150	150
Goodwill	-	90,996	84,723	84,723	84,723	84,723
Other Intangible Assets	98,661	8,848	7,191	8,702	9,612	10,550
Long-Term Deferred Tax Assets	35,307	66,676	23,710	-	-	-
Other Long-Term Assets	3,748	2,636	2,153	2,022	1,134	911.38
Total Assets	1,110,622	1,138,276	795,873	619,889	485,522	445,857
Accounts Payable	362,691	196,363	183,960	119,954	140,992	75,215
Accrued Expenses	-	59,203	44,484	17,934	5,674	2,313
Short-Term Debt	-	-	-	-	-	43,149
Current Portion of Long-Term Debt	137,173	169,050	205,318	119,825	23,887	8,662
Current Portion of Leases	-	2.81	29.56	17.31	654.63	-
Current Income Taxes Payable	17,125	10,402	6,716	13,003	10,624	11,713
Other Current Liabilities	11,492	189,566	143,957	136,972	90,701	69,416
Total Current Liabilities	528,480	624,586	584,465	407,705	272,533	210,468
Long-Term Debt	25,000	40,000	136,284	2,426	4,098	4,022
Long-Term Leases	-	-	1.68	14.62	2,734	35,615
Pension & Post-Retirement Benefits	10,561	9,746	11,838	11,422	10,964	16,720
Long-Term Deferred Tax Liabilities	-	-	-	18,407	23,282	17,854
Total Liabilities	564,041	674,332	732,589	439,975	313,610	284,678
Common Stock	15,492	15,492	5,138	5,138	4,038	3,998
Additional Paid-In Capital	615,903	615,903	82,944	82,944	77,500	73,770
Retained Earnings	-85,568	-171,793	-29,616	87,761	90,110	80,024
Comprehensive Income & Other	754.81	3,430	4,818	3,958	155.38	3,283
Total Common Equity	546,581	463,031	63,284	179,800	171,803	161,076
Minority Interest	-	912.24	-	113.44	108.89	102.63
Shareholders' Equity	546,581	463,944	63,284	179,914	171,912	161,179
Total Liabilities & Equity	1,110,622	1,138,276	795,873	619,889	485,522	445,857
Total Debt	162,173	209,053	341,633	122,283	31,373	91,447
Net Cash (Debt)	-92,926	-58,466	-302,067	-100,102	-14,643	-61,077
Net Cash Per Share	-3.38	-4.87	-36.40	-12.06	-1.46	-6.11
Filing Date Shares Outstanding	32,339	30,983	10,276	10,276	10,095	9,996
Total Common Shares Outstanding	32,339	30,983	10,276	10,276	10,095	9,996
Working Capital	-128,193	-199,882	-356,898	-252,283	-152,366	-117,272
Book Value Per Share	16.90	14.94	6.16	17.50	17.02	16.11
Tangible Book Value	447,921	363,188	-28,630	86,375	77,469	65,804
Tangible Book Value Per Share	13.85	11.72	-2.79	8.41	7.67	6.58
Land	-	1,990	1,990	1,550	3,891	3,891
Buildings	-	96,278	81,659	79,245	72,989	70,088
Machinery	-	475,313	375,911	302,345	280,915	261,123
Construction In Progress	-	122,649	134,850	116,461	51,076	16,343

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.