1 Top Management and Board of Directors; 2 Peer Comparison & Ranking of NB; 3 Currency Synopsis: Nigerian Naira (NGN)

Top Management and Board of Directors

Top Management
Top Management [Three top executives with tenure > 15 yrs]

NameDesignationSince Appointment
Uaboi AgbebakuCompany Secretary15 Yrs, 9 Mos
Nicolaas VerveldeChief Executive Officer-
Kolawole JamoduNon-Executive Chairman-


Board Of Directors
Board Of Directors [Nine directors with tenure > 9 yrs]

NameDesignationSince Appointment
Mark P. RuttenDirector9 Yrs, 9 Mos
Olusegun AdebanjiNon-Executive Director16 Yrs, 9 Mos
Sijbe HiemstraNon-Executive Director12 Yrs, 9 Mos
Frank NwekeNon-Executive Director12 Yrs, 9 Mos
Atedo PetersideNon-Executive Director15 Yrs, 9 Mos
Thomas de ManNon-Executive Director20 Yrs, 9 Mos
Obadiah MailafiaDirector-
Ishmael YamsonNon-Executive Director-
Paul HamersNon-Executive Director-



Peer Comparison & Ranking of NB
GLOBAL PEER COMPARISON: NB - SIZE (all figures in $)

In its Global Peer Group of 9 companies NB is ranked NB is ranked second (2) by Revenue, third (3) by Total Assets and fifth (5) by MCap, Net Profit.


Name (Code)MCapRevenueNet ProfitTotal Assets
Rank of NB5253
Nigerian Breweries (NB)514M705.9M16.9M794.7M
Thai Vegetable Oil (TVO)530.1M1.1B43.8M502.5M
PT Sariguna Primatirta (CLEO)524.7M88.3M12.7M110.1M
Nippon Indosari Corpindo (ROTI)520.6M255.8M28.1M268.5M
Orior (ORON)519.2M692.1M32.8M416.5M
Diamond Food Indonesia (DMND)510.8M550M24.6M447.1M
Nanning Sugar Manufacturing - A Share (000911)507M442.7M(7.3M)1B
Australian Agricultural (AAC)499.5M351.4M2.9M1.5B
Shandong Delisi Food (002330)497.9M421M4.3M475.1M

GLOBAL PEER COMPARISON: NB - RELATIVE VALUE INDICATORS

In value terms, comparing relative value of its shares, NB is ranked

+ 3 out of 9 by Dividend Yield (%) [3.6]
+ 5 out of 9 by Price/Earnings per share [25.0]
+ 2 out of 9 by Price/Sales per share [0.7]
+ 5 out of 9 by Price/Book value per share [5.3]


Name (Code)Currency CodeLast PriceDiv Yld (%)P/EP/SP/Book
Rank of NB by value3525
Nigerian Breweries (NB)NGN393.625.00.75.3
Thai Vegetable Oil (TVO)THB21.84.612.10.51.8
PT Sariguna Primatirta (CLEO)IDR6750.241.45.96.8
Nippon Indosari Corpindo (ROTI)IDR1,4007.618.72.03.1
Orior (ORON)CHF72.93.415.80.818.4
Diamond Food Indonesia (DMND)IDR83020.80.91.5
Nanning Sugar Manufacturing - A Share (000911)CNY9.2
Australian Agricultural (AAC)AUD1.31.4
Shandong Delisi Food (002330)CNY5.71.11.7

USD 1=
779.810604 Nigerian Naira (NGN); 0.915 Swiss Franc (CHF)


BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING:
Nigerian Breweries vs Nigerian Market

Out of 110 stocks in the Nigerian Market, Nigerian Breweries is ranked first(1) by Revenue, twelfth(12) by Premium to 52-Wk Low, thirteenth(13) by P/Sales and twentieth(20) by P/Earnings/ Growth.

Nigerian AvgNBNB Rank
Revenue $374.9 M 1
Premium to 52-Wk Low (%)58.221.912
P/Sales1.5x0.7x13
P/Earnings/ Growth0.4x38.8x20
Net Profit $54.6 M16.9 M23
P/Earnings10.8x24.7x38
Yield (%)4.53.741
EPS Growth YOY (%)-0.646
Total Debt/Equity (the lower the better)0.6x0.7x49
Discount to 52-Wk High (%)4.918.355
ROA (%)2.72.160
ROE (%)13.87.360
Price/Net Tangible Assets3.5x5.2x64
EBITDA Margin%26.24.769
Negative values are shown in brackets.
Stock in Index and Stock in Sector

DescriptionNBAll Shares Index% of All Shares IndexFood/beverage/tobacco sector% of Food/beverage/tobacco sector
Net Profit $16.9 M1.1 B1.5115.4 M14.6
Revenue $705.9 M6.8 B10.43.3 B21.4
Total Assets $794.7 M58.3 B1.43.1 B26.0
MCap $514 M10.3 B5.02.6 B19.4

Relative Valuation Indicators: Stock vs Index and Stock vs Sector

DescriptionNBAll Shares Index Avg.Food/beverage/tobacco sector Avg.
Price/Earnings24.76.725.8
P/Earnings/Growth38.750.3-6.27
Yield (%)3.675.364.6
Price/Net Tangible Assets5.231.454.22
Total Debt/Equity (the lower the better)0.68x0.61x1.76x

MARKET SHARE
Nigerian Breweries vs Food/Beverage/Tobacco sector [Food/Beverage/Tobacco sector Total in Brackets]
Revenue of NGN550.6 billion ($705.9 million)[39.6% of aggregate sector revenue of NGN2,568.5 billion; down from 40.3% in the previous year.]
Net Profit of NGN13.2 billion ($16.9 million) [20.5% of aggregate sector net profit of NGN90 billion; down from 25.1% in the previous year.]
EBIT of NGN25.8 billion ($33 million) [18.9% of aggregate sector EBIT of NGN175.5 billion; down from 30.0% in the previous year.]

GLOBAL RANK [out of 46,828 stocks] AND RANK OF NIGERIAN BREWERIES IN THE MIDDLE EAST & AFRICA REGION [out of 1,841 stocks]

DescriptionValueGlobal RankIn MEA Region
MCap ($)514M12,353424
Total Assets ($)794.7M11,966470
Revenue ($)705.9M8,519226
Net Profit ($)16.9M13,335558
Return on Equity %7.317,787831
Net Profit Margin %2.423,8071,167
Price to Book5.330,5831,217
Price/Earnings25.015,353791
Yield %3.69,725647
PV1000 (1Year) $*51238,7521,369
$* Change (1Year) %-51.338,9221,378

* 1 year ago $1 = NGN 431.97
Sep 29, 2023: $ 1 equals NGN 780.03

RANK OF NIGERIAN BREWERIES IN THE ALL SHARES INDEX [out of 82 stocks], IN THE NIGERIAN MARKET [out of 123 stocks] AND IN THE FOOD/BEVERAGE/TOBACCO SECTOR [out of 12 stocks]

DescriptionValueIn All Shares IndexIn Nigerian MarketIn Food/beverage/tobacco sector
MCap (NGN)400.9B7172
Total Assets (NGN)619.9B12182
Revenue (NGN)550.6B362
Net Profit (NGN)13.2B15214
Return on Equity %7.344586
Net Profit Margin %2.451756
Price to Book5.261915
Price/Earnings24.740506
Yield %3.730443
PV1000 (1Year) NGN9257410210

LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best]
Nigerian Breweries is ranked number 2 out of 12 listed food/beverage/tobacco companies in the Nigeria with a market capitalization of NGN400.9 billion ($514 million).
Within its sector it has a relatively moderate P/E of 24.7 and moderate Price/Sales of 0.7.

It has a moderate relative ROE of 7.3% and ROA of 2.1%. The company paid a dividend of NGN1.03 in the last twelve months. The dividend yield is moderate at 3.7%. Finally, its earnings growth in the past 12 months has been a comparatively moderate 0.6%.
Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.


Currency Synopsis: Nigerian Naira (NGN)
% Change of NGN vs Currency Basket Period-Based
In the past year the Nigerian Naira fell 44.8% against the US Dollars; in the past three years the Nigerian Naira fell 51.2% against the US Dollars.

LastCountry1-day %1-week %1-Year %3-Yrs %
NGN1=0.001USDUnited States Of America-0.3-1.6-44.8-51.2
NGN1=0.009CNYChina-0.4-1.8-44.1-47.9
NGN1=0.191JPYJapan-0.2-0.4-43.0-31.1
NGN1=0.001EUREuropean Union-0.4-0.7-49.6-46.3
NGN1=1.729KRWSouth Korea-0.4-1.0-48.3-44.1
NGN1=0.002SGDSingapore-0.5-1.6-47.6-51.7
NGN1=0.002NZDNew Zealand-0.8-2.2-47.6-46.6
NGN1=0.001GBPUnited Kingdom-0.9-1.0-51.4-49.3
NGN1=0.002AUDAustralia-0.8-1.5-44.2-46.6
NGN1=0.01HKDHong Kong-0.3-1.7-45.0-50.8
NGN1=0.001CHFSwitzerland-0.4-0.2-48.4-51.9
NGN1=0.002CADCanada-0.5-1.7-45.6-51.0
NGN1=0.014SEKSweden-0.8-3.9-46.6-41.5
NGN1=0.014NOKNorway-0.5-2.0-45.1-45.3
NGN1=0.023MXNMexico-0.10.9-52.1-61.7

1 Dividend; 2 Financials as Reported FY 2022, Past 10 Years

Dividend
Dividend History
In the past 5 years annual dividends have decreased by NGN1.0 from NGN2.4 to NGN1.4. Based on a start date of 5 years ago, there has been one increases in dividends over the last 5 years.

Date PaidValue (NGN)Type
17 Mar 20231.03Final
24 Nov 20220.4Interim
Tr 12 Months1.43
2021 - 20221.6
2020 - 20210.94
2019 - 20202.01
2018 - 20192.43


Financials as Reported FY 2022, Past 10 Years
Financials as reported (FY 2022 [year-ended 31 December 2022 ])

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In NGN Thousand, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (FY 2022 [year-ended 31 December 2022 ])

DescriptionNGN ThousandNGN Thousand
Dec 3120222021Change %
Revenue550,637,994437,285,189Up 25.9
Cost of sales-337,310,437-276,871,996Deterioration 21.8
Gross profit213,327,557160,413,193Up 33.0
Other income2,986,7464,626,570Down 35.4
Selling and distribution expenses-135,829,790-98,358,455Deterioration 38.1
Administrative expenses-28,153,418-26,241,295Deterioration 7.3
Net release of expected credit* loss on financial assets-575,0741,054,261Deterioration
Profit from operating activities51,756,02141,494,274Up 24.7
Finance income349,192313,523Up 11.4
Net loss on foreign exchange transactions-26,342,415-7,041,448Deterioration 274.1
Finance costs-8,422,249-11,065,209Improved 23.9
Net finance costs-34,415,472-17,793,134Deterioration 93.4
Profit before tax17,340,54923,701,140Down 26.8
Income tax expense-4,153,788-11,029,181Improved 62.3
Profit after tax13,186,76112,671,959Up 4.1
Profit for the year attributable to: Owners of the Company13,182,21112,665,701Up 4.1
Non-controlling interest4,5506,258Down 27.3
Profit for the year13,186,76112,671,959Up 4.1
Earnings per share Basic earnings per share (kobo)NGN1.58NGN1.57Up 0.6
Diluted earnings per share (kobo)NGN1.58NGN1.57Up 0.6
Weighted average number of ordinary shares8,042,944,4637,996,902,051Up 0.6

BALANCE SHEET AS REPORTED (FY 2022 [year-ended 31 December 2022 ])

DescriptionNGN ThousandNGN Thousand
Dec 3120222021Change %
ASSETS
Property plant and equipment358,967,704257,216,814Up 39.6
Right-of-use assets9,901,77912,520,277Down 20.9
Intangible assets and goodwill93,425,10294,334,332Down 1.0
Investments150,000150,000Steady
Other receivables2,022,1691,134,459Up 78.2
Non-current assets464,466,754365,355,882Up 27.1
Inventories83,517,31062,191,510Up 34.3
Trade and other receivables40,709,75326,500,516Up 53.6
Prepayments1,958,2012,852,868Down 31.4
Deposit for imports6,898,32311,891,422Down 42.0
Cash and cash equivalents22,180,84116,730,029Up 32.6
Assets held for sale157,500
Current assets155,421,928120,166,345Up 29.3
Total assets619,888,682485,522,227Up 27.7
EQUITY
Share capital5,138,0664,037,916Up 27.2
Share premium82,943,93577,499,797Up 7.0
Share based payment reserve944,383170,753Up 453.1
Retained earnings90,773,89490,094,911Up 0.8
Equity attributable to owners of the Company179,800,278171,803,377Up 4.7
Non-controlling interest113,437108,887Up 4.2
Total equity179,913,715171,912,264Up 4.7
LIABILITIES
Loans and borrowings2,425,8754,097,694Down 40.8
Lease liabilities14,6222,733,579Down 99.5
Employee benefits11,422,34710,964,102Up 4.2
Deferred tax liabilities18,407,46323,281,997Down 20.9
Non-current liabilities32,270,30741,077,372Down 21.4
Loans and borrowings119,824,92623,887,436Up 401.6
Lease liabilities17,313654,631Down 97.4
Current tax liabilities13,002,68310,623,647Up 22.4
Dividend payable9,007,01210,437,847Down 13.7
Trade and other payables264,089,648226,418,019Up 16.6
Provisions1,763,078511,011Up 245.0
Current liabilities407,704,660272,532,591Up 49.6
Total liabilities439,974,967313,609,963Up 40.3
Total equity and liabilities619,888,682485,522,227Up 27.7

CASH FLOW AS REPORTED (FY 2022 [year-ended 31 December 2022 ])

DescriptionNGN ThousandNGN Thousand
Dec 3120222021Change %
Profit for the year13,186,76112,671,959Up 4.1
Adjustments for:
Depreciation38,033,32639,777,442Down 4.4
Amortisation of intangible assets1,567,3631,522,215Up 3.0
Finance income-349,192-313,523Deterioration 11.4
Interest expenses8,422,24911,065,209Down 23.9
Gain/ (Loss) on foreign exchange transactions-122,48046,463Deterioration
Employee benefit charge1,661,588298,482Up 456.7
Share based payment charge1,307,194-43,753Recovery
Gain on sale of property plant and equipment-692,924-2,982,451Improved 76.8
Changes in provisions1,252,067475,157Up 163.5
Income tax expense4,153,78811,029,181Down 62.3
68,419,74073,546,381Down 7.0
Changes in:
Inventories-21,325,800-26,104,300Improved 18.3
Trade and other receivables-15,096,947-15,306,177Improved 1.4
Prepayments894,667892,554Up 0.2
Trade and other payables21,853,54496,538,921Down 77.4
Deposit for imports4,993,099-315,912Recovery
Cash generated from operating activities59,738,303129,251,467Down 53.8
Income tax paid-6,675,437-8,142,435Improved 18.0
Gratuity paid-930,560-823,757Deterioration 13.0
Other long term employee benefits paid-1,379,880-694,629Deterioration 98.6
Share-based payment-533,564
VAT paid-27,690,633-27,975,295Improved 1.0
Net cash from operating activities22,528,22991,615,351Down 75.4
Cash flows from investing activities
Finance income349,192313,523Up 11.4
Proceeds from sale of property plant and equipment434,82654,576Up 696.7
Acquisition of property plant and equipment-97,860,954-59,406,797Deterioration 64.7
Acquisition of right-of-use asset-1,523,596-1,390,308Deterioration 9.6
Acquisition of intangible assets-658,133-584,229Deterioration 12.6
Net cash used in investing activities-99,258,665-61,013,235Deterioration 62.7
Cash flows from financing activities
Repayment of loans and borrowings-66,782,300-95,449,588Improved 30.0
Proceeds from loans and borrowings161,047,97167,601,949Up 138.2
Repayment of lease liabilities-113,540-8,638,138Improved 98.7
Interest paid-4,648,017-5,461,161Improved 14.9
Cash received from Registrars141,4412,730,756Down 94.8
Dividends paid-7,586,787-4,979,289Deterioration 52.4
Net cash from (used in) financing activities82,058,768-44,195,471Recovery
Net increase (decrease) in cash and cash equivalents5,328,332-13,593,355Recovery
Effect of foreign exchange rate changes on cash and cash equivalent122,480-46,463Recovery
Cash and cash equivalents at 1st January16,730,02930,369,847Down 44.9
Cash and cash equivalents at 31st December22,180,84116,730,029Up 32.6

Download NIGERIAN BREWERIES Financials Past 10 Years


Description (December 31)20222021202020192018
Income Statement
Revenue per share 68.4654.6842.3240.5640.56
EBIT (B)25.834.829.935.537.3
Interest (B)8.411.118.312.17.9
Profit before tax (B)17.323.711.623.429.4
Tax (B)(4.2)(11)(4.2)(7.2)(10)
Net profit (B)13.212.77.416.119.4
EPS 1.581.570.922.012.43
Balance Sheet
Equity Share Capital (B)179.8171.8161.1167.7166.7
Retained Earnings (B)90.890.183.189.488.2
Total Debt (B)122.331.491.455.742.6
Total Assets (B)619.9485.5445.9382.8388.3
Current Asset (B)155.4120.293.272.586.3
Fixed Asset (B)359257.2213.4201.9203.5
Working Capital (B)(252.3)(152.4)(117.3)(55)(63.1)
Cash Flow
Operating Cash Flow (B)22.591.683.338.930.5
Investing Cash Flow (B)(99.3)(61)(37.2)(30.1)(29.8)
Financing Cash Flow (B)82.1(44.2)(22.1)(15.7)(2.8)
Net Cash Flow (B)5.3(13.6)24(7)(2.1)

Description (December 31)20172016201520142013
Income Statement
Revenue per share 43.2639.735.87
Other Revenue 615.7 M1.7 B2.1 B
EBIT (B)57.353.370.469.7
Interest (B)10.713.615.97.5
Profit before tax (B)46.639.754.562.2
Tax (13.6 B)11.3 B16.5 B18.9 B(19.2 M)
Net profit (B)3328.438.142.543.1
EPS 4.133.584825625.7
Balance Sheet
Equity Share Capital (B)178.2165.8172.2172112.4
Retained Earnings (B)99.796.3103104
Total Debt (B)8.517.922.210.79
Total Assets (B)382.2367.1356.2349.2252.8
Current Asset (B)87.574.657.552.745.3
Fixed Asset (B)195.2191.2197.3193.8153.4
Working Capital (B)(68.6)(69.7)(82.6)(61.3)(55)
Cash Flow
Operating Cash Flow (B)72.170.272.660.995.2
Investing Cash Flow (B)(32.1)(18.8)(32.4)(28.6)(32.5)
Financing Cash Flow (B)(35.9)(26)(59.8)(36.3)(62.6)
Net Cash Flow 4.1 B25.4 B(19.6 B)(4.1 B)14.6 M