INTERNATIONAL BREWERIES 2017 ANNUAL REPORT

Notes to the financial statements (cont’d) Notes to the financial statements (cont’d))

9. Administrative expenses N'000 N'000
443,298 406,137
Salaries, wages and allowances (admin staff) 179,662 194,685
Contribution to Pension
Staff recruitment and training expenses 78,266 75,508
Staff retirement benefits 100,958 94,102
Auditor's remuneration 21,618
Corporate social responsibilities & donations 23,780 79,992
Loss on asset disposal 163,608 117,412
Bad and doubtful debts 12,000
Other staff related costs - 222,706
Business running Costs 36,046 679,581
Depreciation 170,900 112,447
588,244 2,016,188
307,920 =======
2,092,682
======

10. Results from operating activities

(a) This is arrived at after charging – N'000 N'000

Depreciation/amortisation of PPE & intangible assets 1,903,328 1,513,586

Directors' emoluments - Fees 9,600 13,965

- allowances 25,643 25,943

Audit fee 23,780 21,618

Directors' allowances include sitting and transport allowances for Nigerian directors for both board and committee

meetings.

(b) Finance costs N'000 N'000
1,379,284
Interest expense on bank borrowings and overdraft 784,624
71,297
Interest expense on finance guarantees amortisation 102,181 235,459

Realised exchange losses on financing 454,599 4,139
1,690,179
Intergroup company interest payments -
19,208
1,341,403 1,709,387

Unrealised net exchange losses on financing 3,854,256 2016
N'000
5,195,659 3,990
8,189
2017 ======

(c) Emoluments of directors – N'000

The Chairman's emoluments totalled -

The highest paid director's emoluments totalled 12,004

======

INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements 51

Notes to the financial statements (cont’d)) Notes to the financial statements (cont’d)

(d) The Directors received emoluments in the range of N 3.1 million to N 12.1 million as follows.

Number Number
4
3.1 million to 5.0 million 0 0
3
5.1 million to 7.0 million 0

7.1 million and above 3

Only Nigerian Directors received fees and allowances during the year

11. Staff cost and particulars

(I) The average number of persons employed (excluding Number Number

directors) was as follows: - 34
223
Management staff 41 272
529
Senior staff 216 ===

Junior staff 299 N'000
1,783,535
556
194,685
=== 1,978,220
=======
(ii) The aggregate payroll costs of the employees amounted to -
Number
N'000 62

Wages and salaries including staff bonus 2,129,558 407
47
Contributions to pension scheme 179,662 13

2,309,220 529
===
======

(iii) The number of employees in receipt of annual Number
emoluments within the following ranges is: 10
0 - N1,500,000
N1,500,001 - N3,000,000 342
N3,000,001 - N4,500,000 135
N4,500,000 and above
69
556
===

52 INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements

Notes to the financial statements (cont’d) Notes to the financial statements (cont’d))

12 Property, Plant and Equipment
Property Plant and Equipment movements in 2017

Land and Plant and Vehicles, Returnable Assets in course Total
buildings machinery furniture & containers of construction
equipment

Gross value: N'000 N'000 N'000 N'000 N'000 N'000
Cost/valuation at
01/04/2016 2,802,616 17,218,124 1,136,703 6,063,314 5,079,032 32,299,789
Additions - - - 3,221,388 5,288,650 8,510,038
Reclassifications (5,392,488) -
Impairment 643,686 4,235,948 512,854 (12,909) (12,909)
Disposals - - - - - (226,790)
At 31/03/2017 - -
(9,385) (217,405) 9,271,793 4,975,194 40,570,128
Depreciation: 3,446,302 21,444,687 1,432,152 ====== ====== ======
At 01/04/2016 ====== ======= ======
For the year
Impairment 220,637 4,294,269 573,786 1,994,853 - 7,083,545
Disposals 57,268 978,711 169,853 688,311 - 1,894,143
At 31/03/2017 - - (8,391) -
- (5,600) - - - (8,391)
(141,637) - (147,237)
277,905 5,267,380 2,674,773 ====== 8,822,060
===== ======= 602,002 ====== ======
======

Net book value: 3,168,397 16,177,307 830,150 6,597,020 4,975,194 31,748,068
At 31/03/2017 ====== ======= ====== ====== ====== ======
2,581,979 12,923,855 4,068,461 5,079,032 25,216,244
At 31/03/2016 ====== ======= 562,917 ====== ====== ======
======

INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements 53

Notes to the financial statements (cont’d)) Notes to the financial statements (cont’d)

Property Plant and Equipment movements in 2016

Land and Plant and Vehicles, Returnable Assets in course Total
buildings machinery furniture & containers of construction
equipment

Gross value: N'000 N'000 N'000 N'000 N'000 N'000

Cost/valuation at

01/04/2015 2,646,086 15,266,361 951,886 5,119,661 4,484,939 28,468,933

Additions -- 986,708 3,189,884 4,176,593

Reclassifications 156,530 2,197,917 231,701 - (2,595,791) (9,643)

Impairment - - (43,055) - (43,055)

Disposals - (246,155) (46,884) - - (293,039)

At 31/03/2016 2,802,616 17,218,124 1,136,703 6,063,314 5,079,032 32,299,789

====== ======= ====== ====== ====== ======

At 01/04/2015 166,191 3,583,669 506,154 1,533,076 - 5,789,091

For the year 54,446 836,628 108,577 504,832 - 1,504,482

Impairment - - - (43,055) - (43,055)

Disposals - (126,029) (40,945) - - (166,974)

At 31/03/2016 220,637 4,294,269 573,786 1,994,853 - 7,083,545

===== ======= ====== ====== ====== ======

Net book value:

At 31/03/2016 2,581,980 12,923,855 562,916 4,068,462 5,079,032 25,216,244

====== ======= ====== ====== ====== ======

At 31/12/2015 2,479,896 11,682,692 445,731 3,586,585 4,484,939 22,679,843

====== ======= ====== ====== ====== ======

(b ) During the year, the company incurred capital expenditure on projects that were under construction as at balance sheet

date. The cost of property plant and Equipment under construction, development or processing as at the balance sheet

date was N4.975billion (2016: N5.079billion).

54 INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements

Notes to the financial statements (cont’d) Notes to the financial statements (cont’d))

13. Intangible asset 2017 2016
N'000 N'000
Computer software 83,779 74,136
Balance 01/04 9,643
Addition - 83,779
83,779 (28,856)
Depreciation (38,041) 54,923
Balance 31/03 45,738 =====
=====

14. Deferred tax assets 2017 2016
N'000 N'000
The amount of deferred tax assets by type is as follows: 127,458 106,699
Employee benefits b/forward
Deferred tax assets in the year: 1,076,739 -
Unrealised exchange loss 25,483 20,759
Employee benefits 127,458
Carried forward 1,229,680 =====
======

Additional deferred tax assets have been recognised on part of unrealised foreign exchange loss and employee benefits that
probable future taxable profits will be available against which deductible temporary differences can be utilised.

15. Inventories

N'000 N'000

Raw materials 2,050,725 1,183,086

Spare parts, fuel and lubricants 1,114,753 1,032,033

Production in progress 397,167 150,413

Finished products 272,679 543,801

3,835,324 2,909,333

====== ======

16. Trade and other receivables

2017 2016

N'000 N'000

(a) Current trade and other receivables

Trade receivables 16(c) 3,164,113 3,509,082

Deposit for supplies 16(b) 3,165,236 27,472

Amount due from associated companies 28 78,041 82,679

Other receivables 98,868 106,255

Prepayments - Others 432,464 346,602

6,938,722 4,072,090

====== ======

(b) Deposit for supplies

Deposit for supplies represent Naira deposits for foreign currencies purchased for funding of letters of credit as well as

deposits made for related domestic supplies of raw materials, machinery and spare parts.

INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements 55

Notes to the financial statements (cont’d)) Notes to the financial statements (cont’d)

(c) Trade receivables 2017 2016
Allowances for impairment N'000 N'000
3,276,328 3,585,455
(112,215) (76,373)
3,164,113 3,509,082
======= =======

(d) Age analysis of trade receivables

-----------------2017-------------- -----------------2016----------------

Gross Amt. Allow'ce Net Amt. Gross Amt. Allow'ce Net Amt.

N'000 N'000 N'000 N'000 N'000 N'000

Aged current 1,750,300 - 1,750,300 785,354 - 785,354
1 to 30 days
30 to 60 days 339,981 - 339,981 125,919 - 125,919
60 to 90 days
90 to 180 days 151,422 - 151,422 1,875,145 - 1,875,145
Over 180 days
80,154 - 80,154 232,541 - 232,541

63,292 - 63,292 341,011 - 341,011

891,179 (112,215) 778,964 225,475 (76,373) 149,102

3,276,328 (112,215) 3,164,113 3,585,455 (76,373) 3,509,082

====== ====== ====== ====== ===== ======

(e) The management of the company has credit policies in place to monitor the exposure to credit risk on an ongoing
basis. Under the credit policies all customers requiring credit over a certain amount are reviewed and prospective
credit customers analysed individually for creditworthiness before the company's payment and delivery terms and
conditions are offered. Credit limits are established for qualifying customers and these limits are regularly reviewed.
Customers that fail to meet the company's creditworthiness standards are allowed to transact business with the
company only on cash basis.

The estimates of deductible allowances for incurred losses on impairment in respect of trade and other receivables are
established by the company. The main components of this allowance are a specific loss component that relates to
individually significant exposures and customers with outstanding amounts but who have not placed orders for a period of
one year or more. The collective loss allowance is determined based on historical data of payment statistics.

In monitoring customer credit risk, customers are grouped according to their credit mappings, including whether they
are individual or corporate entities, whether they are key distributors or retail distributors and the verification of the
existence of previous financial difficulties.

56 INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements

Notes to the financial statements (cont’d) Notes to the financial statements (cont’d))

(f) Impairment provision movement analysis - Trade debtors 2017 2016
N'000 N'000
Balance as at 01/04/16 (76,373) (85,369)
Write-off during the year 20,996
85 (64,373)
Increase in allowances (76,288) (12,000)
Closing Balance (35,927) (76,373)
(112,215) =====
======

17. Reconciliation of cash and cash equivalents

The company classifies its cash on hand and in banks, and investments in short term liquid instruments as cash and

cash equivalents. Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the

related items in the balance sheet as follows:

2017 2016

N'000 N'000

Cash - 583

Cash in transit - (3,820)

Bank 1,165,203 1,105,295

1,165,203 1,102,058

====== ======

18. Trade and other payables 2017 2016
(a) Current N'000 N'000
Trade payables 2,722,201 2,506,696
Other payables 928,348 1,073,748
Customers' deposits 602,012 267,519
Associated companies (Note 28) 6,963,207 2,341,888
Dividends payable 753,558 4,620
Accrued expenses 507,146 284,890
12,476,472 6,479,361
(b) Non-current ======= ======
Unclaimed dividends
136,522 93,848
19. Employee benefits ===== =====
(a) Current
Short term benefits accrued N'000 N'000
165,438 138,153
(b) Non-Current ===== =====
Staff gratuities (Note 20(c))
509,803 424,859
(c) Gratuities ===== =====
Balance as at 1 March
Additional provisions during the year 424,859 355,664
100,959 94,102
Payments made during the year 525,818
(16,015) 449,766
509,803 (24,907)
===== 424,859
=====

INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements 57

Notes to the financial statements (cont’d)) Notes to the financial statements (cont’d)

International Breweries Plc operates contributory pension scheme under the Nigerian Pension Reform Act, 2014.
Contributions are through appointed Pension Fund Administrators that provide pension benefits for employees upon retirement.

Provision is made for gratuities due to staff upon disengagement based on their years of service and current emoluments as
contained in the staff conditions of service. No actuarial valuation had been under taken to ascertain the liabilities due on staff
gratuities.

20. Borrowings

2017 2016

N'000 N'000

(a) Current

Bank overdrafts 4,025,350 3,656,857

Term Bank Loan 7,944,300 5,016,060

Financial guarantee maturing within 12 months 17,932 (120,497)

11,987,582 8,552,420

======= =======

The overdraft facilities from the various banks are all secured by corporate guarantee of the company. Interest on the bank

overdrafts is payable at rates ranging from 19.5% to 20%; (2016:15% to 16.5%).

In 2015, the company benefited from a United States Dollar denominated syndicated Bank loan facility with Stanbic IBTC the
lead banker, amounting to $62 million of which $25.2 million has been drawn at year end. The balance as at the yearend was
$25.266 million. The facility accrued interest at a margin of 1.9% plus LIBOR. The loan is repayable had been extended by
mutual agreement to 5 February 2018.

Borrowing Maturity 2017 2016
Due between 1 and 2 years N'000 N'000

11,987,582 5,016,060
======= =======

There were no facilities in default of scheduled repayments during the year.

21. Taxation

(a) Income tax expense in statement of comprehensive income

N'000 N'000
105,617
Education tax 187,123 571,335

Company income tax 1,305,564 -
676,952
Additional assessment for 2013 to 2015 200,494 347,885
(20,759)
1,693,181 327,126
1,004,078
Deferred tax liabilities 1,266,434 =======

Deferred tax assets (1,102,223)

164,211

1,857,392

=======

58 INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements

Notes to the financial statements (cont’d) Notes to the financial statements (cont’d))

(b) The income tax expense for the year can be reconciled to the accounting profit as follows:-

Profit before tax from continuing operation 2017 Effective 2016 Effective
Expected tax based on statutory rate of 32% tax rate tax rate
Effect of expenses that are not deductible in N'000 N'000
determining taxable profit 2,891,749 %rate 3,656,826 %rate
Effect of balancing charge - 1,170,184 -
Effect of capital allowance on taxable profit 925,360
Effect of expenses that are deductible in 32.00 573,254 32.00
determining taxable profit 2,059,322 -
Additional tax assessment (2013 - 2015) 14,634 71.21 15.68
Income tax expense recognized in income statement 0.51 (1,012,919) -
Effect of temporary difference in carrying (1,501,287)
amount and tax base of PPE (51.92) (53,567) (27.70)
Income tax expense (5,341) -
200,494 (0.18) (1.46)
1,693,181 6.93 676,952 -

164,211 58.55 327,126 18.51
1,857,392 1,004,078
======= 5.68 ======= 8.95
64.23 27.46
==== ====

(c) Current taxation 2017 2016
Balance as at 1 April N'000 N'000
Under provision 676,952 400,862
Current period provision: Education tax 130,409 19,513
Company income tax 187,123 105,617
1,305,564 571,335
Payments made during the year 2,300,048 1,097,327
(877,446) (420,375)
1,422,602 676,952
======= =======

22. Deferred tax liability 2017 2016
N'000 N'000
Balance b/forward 3,119,122 2,771,238
Arising during the year 1,266,434 347,885
As at March, 4,385,556 3,119,122
======= =======
23. Share capital

(a) Authorised – 2,000,000
4,000,000,000 Ordinary shares of 50 kobo each 2,000,000 =======
=======
1,647,125
(b) Allotted, called-up and fully paid - =======
3,294,249,280 Ordinary shares of 50 kobo each 1,647,125
=======

INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements 59

Notes to the financial statements (cont’d)) Notes to the financial statements (cont’d)

24. Share premium N'000 N'000
6,160,731 6,160,731
Balance as at 31 March ======= ========

25. Retained earnings 4,828,779 2,999,647
(a) Balance as at 1 January (1,152,988) (823,616)
2,652,748
Dividends paid 1,034,357 4,828,779
Profit after tax during the year 4,710,148 ========
=======
(b) Earnings per share Kobo
Earnings per share (adjusted) Kobo 81
EBT on ordinary shares 31 81
EBIT on ordinary shares 31
Dividends per share (Prior year) 88 111
156
245
35 25

(c) The number of shares was: 2017 2016
Ordinary shares Shares Shares
(in Thousands) (in Thousands)
3,294,249 3,294,249
======= ========

26. Other reserves N'000 N'000
Accretion on revalued land and buildings
1,360,756 1,360,756
======= ========

At the adoption of IFRS the carrying amount of land and building was recognised as deemed cost. The accretion on revaluation
of land and building is recognised as none distributable reserve.

27. Reconciliation of cash flows
(a) Cash flow from operating activities before changes in working capital

Profit after tax N'000 N'000
1,034,357 2,652,748
Adjustments for non-cash items:
1,903,328 1,513,586
Depreciation, amortization 12, 13 4,519 -

Impairment of Property Plant and Equipment 12 100,959 94,102
1,338,420 1,465,078
Additions in provisions for employee benefits 19(b)
(678) 117,412
Net finance cost 1,857,392 1,004,078

(Gain)/loss on sale of property, plant and equipment 7, 9 - 24,277
6,238,297 6,871,281
Income tax expense 21(a) ====== ======

Other provisions included in profit

60 INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements

Notes to the financial statements (cont’d) Notes to the financial statements (cont’d))

(b) Changes in working capital

Increase in trade and other receivables (2,866,632) (396,485)
Increase in inventories (925,991) (108,940)
Increase in trade and other payables (including vat paid) 7,413,798 2,995,395
3,621,175 2,489,970
28 Transactions with related parties ====== ======

The company's related parties include the ultimate parent company, AB InBev, SAB-Miller Finance BV and SAB-Miller Plc a
subsidiary of AB InBev; its group entities; the directors, their close family members and employees who are able to exert a significant
influence on the company's operating policies. These may also include key management personnel having authority and
responsibility for planning, directing and controlling the activities of the entity, directly or indirectly.

Brauhaase International Management GMBH and its ultimate holding company as at 31 March, 2017 held an equity interest of
72.17% in International Breweries Plc.

During the year, transactions with companies related to the ultimate holding company were in respect of the following:

Receivables from parent company 2017 2017 2016 2016
Receivables from other related parties N'000 N'000 N'000 N'000
Transaction Transaction
Value Balance Value Balance
- -
- -
10,686,378 780,41 2,298,053 82,679

Total receivables from related parties 78,041 82,679
===== =====

Payables to parent company 778,228 606,883 223,299 506,698
Payables to other related parties 11,457,872 6,356,325 2,103,164 1,835,031
Total payables to related parties 6,963,207 2,341,888
====== ======

INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements 61

Notes to the financial statements (cont’d)) Notes to the financial statements (cont’d)

All outstanding balances with these Sections 334 and 335 of the Companies it to a variety of financial risks; market
related parties are priced on arm's length and Allied Matters Act, Cap. C20 LFN risk (foreign exchange risk, cash flow
basis and are to be settled within the 2004, the company's directors are interest risk, product risk and equity risk),
agreed periods. None of the balances are responsible for the preparation of the credit risk and liquidity risk. The
secured and do not bear interest. annual financial statements which give a company analyses each of these risks
true and fair view of the state of affairs of individually as well as on an
29 Guarantees and other financial the company as at 31 March, 2017 and interconnected basis and defines
commitments of its profit for the year ended on that strategies to manage the economic
date, and comply with the requirements impact on the company's performance in
There are certain lawsuits and claims of the Companies and Allied Matters Act, line with its financial risk management
pending against the Company in various Cap C20 LFN 2004. These policy. The management meets on a
courts of Law which are being handled by responsibilities include ensuring that: frequent basis and is responsible for
external legal counsels. reviewing the results of the risk
In the opinion of the directors and based (I) a d e q u a t e i n t e r n a l c o n t r o l assessment, approving recommended
on independent legal advice, contingent procedures are instituted to risk management strategies, monitoring
liabilities at the balance sheet date in safeguard assets and prevent compliance with the financial risk
respect of pending litigation claims by the and detect fraud and other management policy and reporting to the
company on default of contractual irregularities; Board of Directors.
obligation are not likely to arise, thus no
provision has been made in the financial (ii) proper accounting records are Credit risk
statements. maintained.
Credit risk encompasses all forms of
30 Going concern (iii) applicable accounting standards counter party exposure, i.e. where
Management has made an assessment of are followed and counter parties may default on their
the company's ability to continue as a obligations to IB Plc in relation to lending,
going concern and is satisfied that the (iv) suitable accounting policies are settlement and other financial activities.
company has the resources to continue in used and consistently applied. The company has a credit policy in place
business for the foreseeable future. and the exposure to counter party credit
Furthermore, management is not aware (v) it is appropriate for the financial risk is closely monitored.
of any material uncertainties that may statements to be prepared on a
cast significant doubt upon the going concern basis unless it is Liquidity risk
company's ability to continue as a going presumed that the Company will
concern. Therefore, the financial not continue in business. International Breweries' primary sources
statements continue to be prepared on of cash flow have historically been cash
the going concern basis. 33 Comparative figures flows from operating activities, the
Certain prior year figures have been issuance of debt, bank borrowings and
31 Post balance sheet events restated or reclassified in line with the the issuance of equity securities.
There were no post balance sheet events current period's position.
which could have a material effect on the The company believes that cash flows
state of affairs of the company as at 31 34 Approval of financial statements from operating activities, available cash
March, 2017 and the profit for the year The financial statements were approved and cash equivalent and short term
ended on the date by the board of directors of the company investments and access to borrowing
on 23 May, 2017. facilities, will be sufficient to fund capital
32 Responsibilities of directors on expenditures and financial instrument
the financial statements 35 Risks arising from financial liabilities. It is the intention of the
instruments company to continue to reduce its
In accordance with the provisions of
International Breweries' activities expose

62 INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements

Notes to the financial statements (cont’d) Notes to the financial statements (cont’d))

financial indebtedness through a combination of strong operating cash flow generation and equity contribution by members.

Foreign currency risk
Foreign currency risk is the risk that the financial results of the company will be adversely impacted by unfavorable changes in
exchange rates to which the company is exposed. The company incurs foreign currency risk on borrowings, purchases and interest
expense and does not currently use any derivatives to manage such exposure.

The carrying value of the company's foreign currency denominated liabilities as at the reporting date was as follows;

Trade and other Payables 2017 2016
N'000 N'000

SA Rand 31,241 -
US Dollar 24,457 165,700
Euro 488,249
Currencies Total - 654,249
55,698

Borrowings

US Dollar 7,962,232 4,914,118

Intra-group liabilities

US Dollar 9,644,342 1,727,883

Total Foreign exchange risk

SA Rand 31,241 -
US Dollar 14,931,031 6,807,701
Euro
- 488,549
14,962,272 7,296,250
======= ======

INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements 63

Statement of value added Statement of value added

FOR THE YEAR ENDED 31 MARCH, 2017

Revenue 2017 % 2016 %
Bought-in materials and services N'000 N'000
Value added 32,711,218 100 23,269,364 -
(22,424,941) === (13,229,406) 100
10,286,277 10,039,958 ===
======= =======

Distribution of value added: 2,309,220 23 1,978,220 20
To pay employees' salaries, wages and 1,903,328 19 1,513,586 15
fringe benefits 1,341,403 13 1,690,179 17
To provide for maintenance of assets – amortisation
To pay bank interest 3,497,475 35 2,205,224 22
To pay Government – 1,034,357 10 2,652,748 26
In taxes 10,286,277 100 10,039,958 100
Retained Earnings ======= === ======= ===
Value added

64 INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements

Five-year financial summary Five-year financial summary

----------------------------12 Months------------------------ 15 Months

Capital employed: 2017 2016 2015 2014 2013
Share capital N'000 N'000 N'000 N'000 N'000
Share premium 1,647,125 1,647,125 1,647,125 1,647,125 1,631,263
Profit and loss account 6,160,731 6,160,731 6,160,731 6,154,725 5,570,705
Shareholders' fund 4,710,148 4,828,779 2,999,647 2,107,317 817,449
Other reserve 12,518,004 12,636,635 10,807,503 9,909,167 8,019,417
1,360,756 1,360,756 1,360,756 1,360,756 1,360,756
Represented by: - 13,878,760 13,997,391 12,168,259 11,269,923 9,380,173
Property, Plant & Equipment ======= ======= ======= ======= =======
Intangible assets
Trade investments 31,748,068 25,216,244 22,679,843 18,677,771 15,496,354
Deferred tax asset 45,738 54,923 54,383 22,444 24,765
Total Non-current assets - - 1,000 1,000 1,000
Current assets 94,254
Total assets 1,229,680 127,458 106,699 890,325
33,023,486 22,841,925 18,795,469 16,412,444 11,234,860
11,939,249 5,575,071
44,962,735 8,083,481 7,329,665 6,624,318
======= 33,482,106 30,171,590 24,370,540 23,036,762
======= ======= ======= =======

Current liabilities 26,052,094 15,846,886 (9,975,208) (6,604,447) (7,854,517)
Non-current liabilities 5,031,881 3,637,829 (8,028,123) (6,496,170) (5,802,072)
Total liabilities (18,003,331) (13,100,617) (13,656,589)
31,083,975 19,484,715 12,168,259 11,269,923 9,380,173
Highlights: 13,878,760 13,997,391 ======= ======= =======
Revenue ======= =======
Profit before taxation
Tax expense 32,711,218 23,269,364 20,649,295 18,493,907 17,388,632
Profit/ (Loss) after taxation 2,891,749 3,656,826 2,815,554 3,925,500 3,555,546
(869,064)
Financial ratios: (1,857,392) (1,004,078) 1,946,490 (1,820,000) (1,228,204)
Earnings per share (kobo) 1,034,357 2,652,748 2,105,500 2,327,342
Earnings per share (kobo) (adjusted) =======
Dividends per share (kobo) (declared) ======= ======= ======= =======
Net assets per share (Naira)
31 81 59 64 71
31 81 59 64 71
32 25
- 4.25 3.69 - -
4.21 3.42 2.88

INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements 65

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66 INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements

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INTERNATIONAL BREWERIES PLC | 2017 Annual Report & Financial Statements 67





BREWERIES PLC
PLC



INTERNATIONAL BREWERIES PLC

Electronic Delivery Mandate Form

Dear Sir/Madam,

To enable you receive your Annual Reports promptly, your company wishes to introduce electronic delivery of Annual Reports,
Proxy Forms and other statutory documents to shareholders.

With this service, instead of receiving the hard copy of our Annual Report and other corporate documents in future, you can
elect to receive a soft copy of the Annual Report, Proxy Form, through the electronic link to be forwarded to your email address
or opt to elect receive a soft copy of the (Compact Disk) of the Annual Report by post.

Please complete this self-addressed form to capture your preference and return the completed form to:

The Managing Director
APEL CAPITAL REGISTRARS
8, Alhaji Bashorun Street,
Off Norman Williams
S. W. Ikoyi, Lagos
or any of their branches nationwide

Muyiwa Ayo.jimi
Company Secretary

I, ______________________________________________________________________________________________________

_______________________________________________________________________________________________________

OF ____________________________________________________________________________________________________
ANNUAL REPORT, PROXY FORM, PROSPECTUS, NEWSLETTER AND STATUTORY DOCUMENTS OF INTERNATIONAL
BREWERIES TO ME, THROUHG:

PLEASE TICK ONE OPTION ONLY

ELECTRONIC COPY VIA A COMPACT DISK (CD) SENT TO MY POSTAL ADDRESS
OR

I WILL DOWNLOAD FROM THE WEB ADDRESS FORWARDED TO MY E-MAIL ADDRESS BELOW:

MY EMAIL ADDRESS:

DESCRIPTION OF SERVICE:
By enrolling in electronic delivery service, you have agreed to receive future announcements/shareholder communication
materials stated above by E-mail?COmpact Disk (CD)/Internet Address (URL). These materials can be made available to you
electronically, either sent annually or annually, Annual Report, Proxy Form, Prospectus and Newsletters are examples of
shareholders communication that can be made available to you electronically. The subscription enrollment will be effective for
all your holdings International Breweries Plc. on an on-going basis unless you change or cancel your enrollment.

This intiative is in line with our determination to help protect our planet’s environment, and the consolidated SEC rule 128 (E)
of September 2011 which states that a public company may dispatch Annual Reports and Notices of General Meetings to
Shareholders by electronics means

_________________________________________ _________________________________________
Name (Surname First) Signature and Date

PROXY FORM

INTERNATIONAL BREWERIES PLC No. of Shares

40TH Annual General Meeting to be held in the Banquet Hall, Zenababs Resort, Ilesa, Osun Resolutions For Against
State on Tuesday 12 September, 2017 at 11am.
To ratify the appointment of
I/We…………………………………………………………..................... Mr. Michiel Oerlemans as a
of...........………………………………… being a member/members of International Director
Breweries Plc hereby appoint ....………....………………… or failing him, the Chairman of
the meeting as my /our proxy to act and vote for me/us and on my/our behalf at the Annual To re-elect Mr. Andries Du
General Meeting of the Company to be held on Tuesday, 12 September 2017. Plessis as a Director

Dated this ………day of ……………………….2017 To re-elect Mrs. Afolake Lawal
Shareholder Signature…………………………………………. as a Director
*Delete as necessary
To authorize the Directors to
The Proxy Form should NOT be completed and sent to the address overleaf if the member fix the remuneration of the
will be attending the meeting Independent Auditors

NOTES: To elect/re elect members of
1 A member (shareholder) who is unable to attend an Annual General Meeting is allowed the Audit Committee
by law to vote by proxy and this Proxy Form has been prepared to enable such shareholder
exercise the right to vote despite not physically present at the meeting. To fix the remuneration of the
Directors
2 The Chairman of the meeting has been entered on the form to ensure that someone will
be at the Meeting to act as your proxy but if you wish you may insert in the blank space on To approve the change in the
the form (marked**) the name of any person whether member (shareholder) of the financial year end from 31
Company or not who will attend the Meeting and vote on your behalf instead of one of the March, to 31 December of
Chairman of the meeting. every year with its first
application being for the
3 Please sign this Proxy Form and post or deliver it to reach the Registrars- Apel 9month period ending 31
Capital Registrars 8 Alhaji Bashorun Street, off Norman Williams, S.W. Ikoyi, Lagos not December, 2017.
later than 48hrs to the time of holding the meeting on the. If executed by a Corporation
the form must be sealed with the Common Seal or under the hand of an officer of
attorney duly authorized.

4 The proxy must produce the Admission Card (below) to the meeting.

ADMISSION CARD

Please admit the shareholder named on this Admission Card or his duly appointed proxy to the 40th Annual General
Meeting to be held at the Banquet Hall, Zenababs Resort, Ilesa, Osun State on Tuesday 12 September, 2017 at
11.00.a.m.

……………………………………………………..…. ……………………………………………………..….
Name of Shareholder Number of Shares

…………………………………………………………………………………………………………………………………..
Address of Shareholder

………………………………………………
Signature of Shareholder or Proxy

This admission card must bear a stamp/stamp duty and be produced by the shareholder or his Proxy in order to
obtain entry to the meeting. Tear off and retain it for admission to the meeting.
Shareholders or their proxies are requested to sign the Admission Card before attending the meeting.

................................................
Company Secretary





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