Transforming the Dynamic Carib Brewery (Grenada) Ltd. by ANSA McAL Group of Companies

TABLE OF

CONTENTS

Board of Directors ................................................................... 2-3 Report of the Chairman ........................................................ 4-10 Corporate Information ............................................................. 11 Brand Renovation 2021 ........................................................... 12 Report of the Directors ............................................................ 13 Notice of Meeting .............................................................. 14-15 Financial Highl ights 2017-2021.............................................. 16 Independent Aud itors’ Report ........................................... 17-19 Statement of Financial Position ........................................ 20 Statement of Comprehensive Income ............................. 21 Statement of Changes in Equity ....................................... 21 Statement of Cash Flows................................................... 22 Notes to the Financial Statements ..................................... 23-49 Form of Proxy ........................................................................... 50

CHAIRMAN’S REPORT INTRODUCTION In t he face of ongoing chal lenges due to the continued COVID-19 pandemic, Carib Brewery (Grenada) Limited (CBG) ong rresul esul ts in fiscal del iver ed str ivered strong year 2021. These results reflect the resilience of our Company, the strength of our business strategies and the ded ication of our employees. We remained focused on our strategy, leveraging our superior brands, retail execution and excellent customer service while ensuring the wellbeing of our employees. For the financial year, sales grew by 5% while profit before tax improved by 16%. These are strong results in challenging circumstances. Our CBG family continued to step forward, not only by delivering year on year growth and adding value to all our stakeholders, but also by demonstrating their commitment to keeping each other safe while serving our customers and supporting the communities in which we operate. We are very proud, that these results were achieved without any COVID19 subsidies and the retainment of the full complement of employees.

2022 local economic growth is forecast at 4.3%, based on the enhanced domestic value added by tourism, strengthening of agricultural sector linkages, investments in skills development and training, the shift toward renewable energy and the many links provided with the resumption of in-person learning at the St. George’s University.

COMPANY PERFORMANCE I am pleased to report another year of good performance with sales and earnings growth, portfolio expansion and continued cash returns to shareholders exceeding expectations. While we are pleased with these results, and the overall strength of our business, the external environment continues to be volatile and difficult to predict, and we remain cognizant of the many chal lenges we face and actions we need to implement to continue on an upward trajectory. 2021 was a year of extreme global turbulence with high raw material, transport and freight costs, and countries being affected by new variants of COVID-19 which led to continued supply chain d isruptions. In spite of this, CBG remained focused on protecting the interest of shareholders, ensuring the wel l being of al l employees and supporting our loyal customers and local communities. As we navigated the second year of the pandemic, our results demonstrate resilience,

with improved performance during a very d ifficult year, generating year on year growth in both sales revenues and profit before tax. Sales revenues grew by 5%, from $58.323M to $61.265M, a reflection of our continued investment in our brands to strengthen their long-term health and competitiveness, combined with the collaborative spirit across the organization and our many customers. 2021, saw growth on the local market, a direct result of our high quality products and excellent customer service which were complemented by significant brand equity enhancements, including the renovation of: Carib, Mackeson Stout and Shandy Carib which generated tremendous excitement. Further, CBG is convinced that continued evolution of our portfolio is key to accelerating the Company’s longterm growth profile and to del ivering enhanced value to our shareholders. In support of this conviction, our portfolio was expanded with the addition of Pink Ting, which has been enthusiastically received and widely accepted by the market. Our export market contracted marginal ly because of the pandemic coupled with other natural disasters in our main markets. Notwithstanding this, history was made with our first export to Europe - a shipment of

ECONOMIC OUTLOOK The IMF reported that the Grenad ian economy is gradually recovering from the pandemic with a growth of 5.6% in 2021 with that recovery being fuelled by the Construction and Agricultural Sectors and Tourism which responded positively to the lifting of domestic quarantine requirements in late 2021. Food, fuel, and transport prices are expected to continue pushing up inflation, reflecting the impact of strained global supply chains.

CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021

CHAIRMAN’S REPORT Shandy Carib to the United Kingdom. This augurs well for the future of our Company. Cost of sales percentage increased over prior year due to spiralling costs, inclusive of energy, packaging and raw materials, combined with significant repair and maintenance to plant and machinery. This resulted in a contraction of gross margins as our ability to implement significant price increases to adjust for this higher cost was impacted by inflationary factors in the marketplace. Not hwithstand ing, t he financial outlay in our brands and consumers, savings were generated in sales, d istribution and administrative expense includ ing reduct ions in impairment of receivables. Al l these resulted in a net profit before tax of $11.390M, a 16% improvement on 2020 ($9.785M). Achieving these financial results in an extremely challenging environment is a testament to our quality of product, the unwavering support of our employees and the combination of strategies in support of long-term value creation. Cash generated improved by $2.616M, growing from $5.464M to $8.080M while cash balances stood at $28.366M against a prior year balance of $20.284M. Our healthy cash position will facil itate the implementation of focused capital investment projects whilst allowing for the

pursuit of increased shareholder value. The Statement of Financial Position remained strong with shareholders equity and total assets increasing to $44.332M and $66.879M, respectively.

DIVIDEND DECLARATION CBG has a history of creating value for shareholders, paying d ividends that are sustainable and superior over time having regard to its cash flow generation, reinvestment options and balance sheet strength. Today, we continue to generate strong cash flows, and our capital allocation strategy governs how we prioritize the utilization of the strong cash flow we generate. This strategy also guides our continued investment in organic growth, payment of a progressive d ividend. Maintaining a strong balance sheet gives us headroom to make further investments and supports our commitment to return any excess capital to Shareholders. Given CBG’s strong performance, your Board of Directors is pleased to declare an ord inary dividend of $1.00 per share, a 17.6% increase on the prior year. Additionally, a special dividend of $1.00 has also been declared which brings the total d ividend to $2.00, a reward to our

shareholders who had steadfastly stood with us over the years.

CAPITAL INVESTMENTS We have continued to invest in the future of our Company which includes the advancement of our innovation agenda and the substantial expansion of our production capacity thus strengthening our basis for long-term growth. A total capital investment of EC$6.079M was spent on upgrades in support of revenue growth, product quality maintenance, customer service and delivery. Investments were also made in computer hardware and information technology in support of our digital transformation strategy to create more efficient ways of working.

CORPORATE CITIZENSHIP AND ENVIRONMENTAL STEWARDSHIP In 2021, CBG’s deepened its support of both community and country. We remain committed to the long-term health of the communities in which we operate and where our employees l ive and work. Amidst one of t he worst humanitarian and economic crises of our time, we worked to address multiple chal lenges unfold ing in our communities by supporting health workers and non-profit organizations by provid ing refreshments and hand sanitizers among other much needed items. As the country and world begin to return to a sense of normality, we are eager to continue supporting various sport and cultural events and education programmes within the communities. We are ded icated to being a sustainable business by striving to do business in a financially, environmentally, and socially responsible way. The need to reduce the impact on the environment has never been more urgent and CBG continues to strive to reduce energy demand, minimizing waste sent to the landfill and reduce our carbon footprint. Our vision remains to be a Company where the sustainable use of resources and environmental issues are

CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021

embedded in al l our decision-making processes enhancing the economic, social, and environmental well-being of all our stakeholders. We have made great strides forward in the last year by: implementing electronic authorization of documents wherever feasible, thereby reducing our paper and stationery use, working towards minimizing our carbon footprint by carpooling, and reducing air travel with the use of digital platforms for virtual meetings. Also, CBG continued to manage its water usage, maintained 100% production in glass bottles and has also begun the exciting journey of performing feasibility studies into installing a large array of solar panels which wil l offset our demand for gridsourced electricity. This will allow us to reduce our carbon footprint and venture into green sustainable renewable technology for our buildings. CBG uses a large amount of energy to power our network of offices and equipment, and we recognize that the generation and consumption of energy has a significant impact on the environment, through the use of finite resources and the emission of greenhouse gases.

GOVERNANCE AND COMPLIANCE CBG is committed to conducting business with integrity and honesty, in accordance with the highest ethical standards and in full compliance with the law. Everyone at CBG is responsible for the prevention of all forms of bribery, corruption, fraud and to perform business in accordance with the highest standards of ethical behavior at al l times. We give high priority to compliance, ethics and governance and are mindful of our responsibility to promote the long-term interest of the company for all our stakeholders.

CARIB BREWERY (GRENADA) LIMITED A nnual Performance and Business Sustainability Report 2021 Annual

CHAIRMAN’S REPORT Strong personal and collective ownership is critical for ensuring the accuracy of information we produce, driving improvements and hold ing ourselves accountable for our actions. The Board is confident that there are sufficient processes and internal systems of control to ful ly meet its obl igations together with appropriate systems and processes in place to allow it to identify, manage, mitigate, and review its risks. The strength of our Board drives and delivers our ambitions for improved performance t hrough its leadership capabil it ies, transparency and governance arrangements. We uphold the highest standards of transparency and openness in performing our functions and dealing with all stakeholders. CBG has access to a wide range of experts who provide advice and support when needed. Our internal aud it funct ion provides assurance, primarily within internal controls of financial processes, IT security and business ethics. We are committed to ensuring the accuracy of our reports. In addition to internal audit, our financial reporting and internal controls of financial reporting processes are aud ited by an independent aud it firm elected at the Annual Meeting of Shareholders. This report, together with the annual financial statements are thoroughly analyzed by the Audit Committee.

Covid pandemic and we were mindful of the strain this placed on the health and wellbeing of our employees. We are extremely grateful for the continued resilience and commitment of our employees who have kept their focus firmly on serving our customers and ensuring business continuity and growth. All COVID-19 protocols continued to be enforced and free testing was provided to employees. Employees who tested positive for COVID-19 were closely monitored on a daily basis by both our HSE teams and qualified medical professionals. We continue to view vaccination as the best way to preserve lives and livelihoods and through various initiatives ensured that our employees had accurate and easy access to information about the benefits of vaccines. A company can only be successful in the longterm if it ensures that its employees remain healthy. At CBG, we address not only safe operations of machines and vehicles, but also mental health issues including stress, depression, emotional and financial wellbeing. During 2021 we intensified our focus on mental health, through our Employee Assistance Programme (EAP) which is confidential, manned by trained

HEALTH AND SAFETY COMPLIANCE As we endured the biggest global health chal lenge of our generat ion, CBG remained unwavering in its fight against the pandemic, focusing on reducing the risk of Covid-19 in the workplace. CBG like most companies, was impacted by the

CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021

personnel and is free of charge for each employee and their immediate family. CBG ad heres to the highest health and safety standards in the workplace. Safety aud its are performed continuously, and corrective actions are taken immed iately. Employees are encouraged to report unsafe cond itions and behaviours (UC-UB) to foster a culture of safety.

to increased supply chain d isruptions. While the near term will be challenging, we are moving forward focused on our integrated strategy and our immed iate priorities to grow even in the face of the current difficulties. The ongoing unrest in Europe has created a new period of uncertainty about the global economy as inflationary pressures worsen due to increases in world energy markets.

HUMAN RESOURCE A CBG, we believe that developing talent is paramount to build ing a flexible and agile organization. In support of this, employees were empowered through training in advanced Human Resource techniques, leadership and management skills, data analysis and d igital transformation, brewing and quality assurance. Additional training was completed in customer service, marketing and electronics and instrumentation, equipping employees with the need competencies to maximize value creation. As a Board we are committed to ensuring strong diversity and having the right competences to meet future chal lenges by unlocking the ful l potential of our people through investment in talent and capabilities. We support, attract, and retain high-performing employees who fit our positive, can-do culture, are committed to serving the community, and uphold ing our Company’s values. We do this by provid ing competitive, equitable benefits; resources for personal and professional development; and set high expectations for high ethical conduct so that employees can be successful in their work - and enjoy doing it.

CONCLUSION While we are pleased with these results and the overall strength of our business, the external environment continues to be volatile and difficult to predict. We remain cognizant of the many challenges we will face. Raw material and freight costs have risen sharply and continue to rise due

In 2022, the Company will focus on value creation through accelerated organic growth driven by portfolio expansion in the year we refer to as “The Year of Innovation”. We wil l concentrate on revitalizing and renewing our Lagers while innovating and exploring beyond beer. For instance, we wil l expand into low calorie “l ight” beer, launching Carib Pilsner Light to capture this growing market segment. Outside of the beer category, CBG will also enter the tonic wine segment with the introduction of its brand, Rockstone, while both the Hard Cider and Ind ian Pale Ale portfol ios wil l be expanded with the launch of new variants. We will focus on deepening our presence in the OECS territory through increased activity in our existing as well as new export markets. To facil itate these expansions and in keeping with our value creation strategy, significant capital investment will be made in plant and equipment to increase production capacity and enhance export. This investment will be headlined by the installation of a new Bottle Washer, Boiler and Filter Plant. We will continue our focus on improving employee engagement and investing in strengthening our human resource capital with high quality training programmes and

CARIB BREWERY (GRENADA) LIMITED A nnual Performance and Business Sustainability Report 2021 Annual

CHAIRMAN’S

CORPORA TE CORPORATE

INFORMATION

REPORT by filling vacancies in key technical and commercial positions. It has been a great privilege and honour for me to be part of the growth and development of the Company. I would like to thank my fel low d irectors for their counsel, commitment, and valuable guidance during this past year, which has been exceptionally challenging. I am also grateful to our many partners, customers and stakeholders for their support and confidence in CBG as we navigated these uncharted waters. To our valued shareholders, I extend a heartfelt thank you for your confidence in us during these most turbulent times. Finally, my appreciation goes to our dedicated employees for their hard work, focus and resil ience. These results would not have been possible without you. While the global economic

outlook remains uncertain, we have a clear vision of the future we want to create, generating value for our shareholders and other stakeholders. We have a strong Company which is well placed to deliver sustainable growth for many years. In closing, I am hopeful that our Annual Shareholders Meeting this year will be back to normal, an open face to face meeting, and I look forward to meeting as many of you who can attend.

BOARD OF DIRECTORS Mr. Anthony N. Sabga III - Chairman Mr. Peter Hall - Beverage Sector Head Mr. Ron Antoine - Managing Director Mrs. Aldyn Henry-Bishop - Financial Comptroller/Company Secretary Mr. Andrew Bierzynski - Chairman of Audit Committee Mr. Mark Wilkin Mr. Averne Pantin Mr. Adrian Sabga Mr. Akash Ragbir

AUDIT COMMITTEE Mr. Andrew Bierzynski - Chairman Mr. Ron Antoine Mr. Averne Pantin

SECRETARY/FINANCIAL COMPTROLLER Mrs. Aldyn Henry-Bishop - Bsc. (Hons), FCCA, MBA

REGISTERED OFFICE ANTHONY N. SABGA III

CHAIRMAN

Grand Anse, St. George’s, Grenada, West Indies.

AUDITORS PKF Accountants and Business Advisers Grand Anse, St. George’s, Grenada.

BANKERS CIBC FirstCaribbean International Bank (Barbados) Limited Church Street, St. George’s, Grenada. RBTT Bank (Grenada) Limited Grand Anse, St. George’s, Grenada.

SOLICITORS Mitchell & Co. Units 14-16 Excel Plaza Grand Anse, St. George’s Grenada.

REGISTRARS AND TRANSFER OFFICE Aldyn Henry-Bishop, Company Secretary Carib Brewery (Grenada) Limited Grand Anse, St. George’s Grenada.

CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021

REPORT

OF THE DIRECTORS

The Directors have pleasure in presenting their Report to the Members together with the Financial Statements for the year ended December 31, 2021.

RESULTS FOR THE YEAR 2021 $000 8,311

Income Attributable to Shareholders of the Company Deduct: Dividends Paid (2020 Final) 85 cents per share

(3,532)

Retained Income for the Year

4,779

Retained Earnings (b/f as previously reported

39,870

Other Movements in Retained Earnings (Note 26)

(317)

Balance as at December 31st 2021

44,332

Subsequent to year end, a dividend of $1.00 per share in respect of 2021 was declared by the Directors. Additionally, a special dividend of $1.00 per share was also declared by the Directors. These would be paid on May 23rd 2022 to Shareholders on the Register of Ordinary Members on May 3rd 2022.

DIRECTORS The Directors listed on page 3 served during the year. In accordance with By-Law No 1 Section 4.5, Mr. Andrew Bierzynski and Mr. Averne Pantin are the Directors retiring by rotation and being eligible, offer themselves for re-election.

AUDITORS The Auditors Messrs. PKF Accountants and Business Advisers retire and being eligible, offer themselves for re-appointment at a fee to be agreed with the Directors. Shares According to the Company’s Register, the interests of the Directors on the dates indicated are as follows:

Mr. Andrew Bierzynski Mrs. Aldyn Henry-Bishop Mr. Ron Antoine

Shares 134,130 1,560 11,250

(31.12. 2021)

The following companies held more than 5% of the stated capital of the Company: ANSA McAL National Insurance Board

2,307,068 389,336

On behalf of the Board

Aldyn Henry-Bishop Company Secretary April 18th, 2022

CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021

NOTICE

OF ANNUAL MEETING OF SHAREHOLDERS

Carib Brewery (Grenada) Limited (“the Company”) wishes to advise its shareholders that the Sixty-Second Annual Meeting of the Company will be held at the Grenada Room, Radisson Grenada Beach Resort, St. George’s on Monday 23rd May, 2022 from 4.30 pm. The meeting is being held for the following purposes:

Or d inary Business Ord 1.

To receive the Audited Financial Statements for the year ended December 31st, 2021 and the Reports of the Directors and Auditors thereon.

To re-elect Directors.

To re-appoint Auditors and authorize the Directors to fix their remuneration.

ALL shareholders are required to fol low Rad isson Grenada’s established COVID-19 protocols and any other protocols that may be in effect at the time of the meeting. The 2021 Annual Report can be viewed electronically at www.ansamcal.com.

Notes: 1. In accordance with Section 108 (1) and (2) of the Company Act #35 of 1994, the Directors have fixed May 3rd, 2022 as the record date for determining the Shareholders who are entitled to receive dividend payments for the period end ing December 31st 2021 and notice of the Annual Meeting for the period ended December 31st 2021. Only Shareholders on record at the close of business on May 3rd, 2022 are therefore entitled to receive such. A list of such Shareholders will be available for examination by the Shareholders at the Company’s Registered Office during usual business hours and at the Annual Meeting. 2. A Shareholder entitled to attend the Annual Meeting and vote is entitled to appoint one or more proxies to attend and vote instead of him/her; a proxy need not be a Shareholder. Attached is a Proxy Form for your convenience which must be completed and signed in accordance with the Notes on the Proxy Form and then deposited with the Company Secretary at the Registered Office of the Company no later than 48 hours before the time appointed for holding the meeting. 3. The Transfer Books and Register of members will be closed from May 3rd - 23rd 2022, inclusive.

Dated this 18th day of April, 2022

Aldyn Henry-Bishop Company Secretary

CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021

INDEPENDENT AUDITOR’S REPORT Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited) Pannell House P.O. Box 1798 Grand Anse St. George’s Grenada West Indies Tel (473) 440-2562/3014/2127/0414 Fax (473) 440-6750 Email pkf@Spiceisle.com

Accountants & business advisers

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF CARIB BREWERY (GRENADA) LIMITED (FORMERLY GRENADA BREWERIES LIMITED) Report on tthe he Aud it of tthe he Financial Statements Opinion We have audited the financial statements of Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited) (‘the Company’) which comprise the statement of financial position as at 31st December, 2021, and the statement of comprehensive income, statement of changes in equity and the statement of cash flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31st December, 2021 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”). 2017

2018

2019

2020

2021

Net Sales Revenues

51,987

58,629

64,430

58,323

61,265

Profit Before Exceptional Items & Tax

12,343

13,869

13,662

9,785

11,390

Income Attributable to Shareholders

8,775

9,621

9,837

7,097

8,311

Earnings per share

$2.11

$2.32

$2.37

$1.71

2.00

Dividends Amount - Ordinary

$1.06

$1.16

$1.18

$0.85

1.00

16,115

17,009

14,811

20,284

28,366

Cash

CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities under those standards are further described in the Aud itors’ Responsibil ities for the Aud it of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Grenada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Ot her infor mat ion included in tthe he Company’ informat Company’ss 2021 Annual Report Other information consists of the information included in the Company’s 2021 Annual Report, other than the financial statements and our auditor’s report thereon. Management is responsible for the other information. CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021

INDEPENDENT

AUDITOR’S REPORT Report on tthe he Aud it of tthe he Financial Statements (cont inued) (continued) Ot her infor mat ion included in t he Company’ informat mation Company’ss 2021 Annual Report (continued) Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Responsibil it ies of Management and The Aud it Committee for tthe he Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, d isclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

AUDITOR’S REPORT Report on tthe he Aud it of tthe he Financial Statements (cont inued) (continued) Responsibil it ies of Management and The Aud it Committee for t he Financial Statements (continued)  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform aud it procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Aud itors’ Responsibil ity for t he Aud it of t he Financial Statements  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. 

Evaluate the appropriateness of account ing pol icies used and t he reasonableness of accounting estimates and related disclosures made by management.



Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the aud it evidence obtained, whether a material uncertainty exists related to events or cond itions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists; we are required to draw attention in our aud itor’s report to the related d isclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or cond itions may cause the Company to cease to continue as a going concern.



Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

The Audit Committee is responsible for overseeing the Company’s financial reporting process. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. GRENADA February 25th, 2022

CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021

Accountants & Business Advisers

CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Statement of Financial Position at 31st December, 2021

Statement of Comprehensive Income for the year ended

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Notes

2021

2020

61,265

58,323

Cost of sales

(39,874)

(36,141)

Gross profit

21,391

22,182

Administration expenses Selling and distribution expenses Rental income Other income/(expense)

(3,807) (7,272) 1,078

(4,436) (7,963) 8 (6)

(10,001)

(12,397)

11,390

9,785

(3,192) 113

(2,853) 165

(3,079)

(2,688)

8,311

7,097

Net Sales

Non-Current Assets Property, plant and equipment Intangible assets Investment securities

Current Assets Inventories Trade and other receivables Investment securities Cash and cash equivalents

TOT AL TOTAL

Notes

2020

ASSETS 7 8 9

10 11 9 12

ASSETS

26,247 365 25

29,044 420 25

26,637

29,489

7,302 4,574 5,346 23,020

5,903 5,409 5,344 14,940

40,242

31,596

66,879

61,085

Profit for the year before taxation

Provision for taxation - Current expense - Deferred tax

EQUITY AND LIABILITIES

Equity attributable to equity holders of the parent Stated capital Capital reserve Retained earnings

13 14

TOTAL EQUITY Non-Current Liabilities Past service benefits liability Deferred tax liability Current Liabilities Trade and other payables Provision for repayment of deposits on cases Amount due to ANSA McAL Group of Companies Taxation payable

TOT AL TOTAL

15 16

17 18

LIABILITIES

TOTAL EQUITY AND LIABILITIES

4,155 571 39,606

4,155 571 35,144

44,332

39,870

2,867 191

2,719 304

3,058

3,023

9,075 3,275 5,098 2,041

9,251 4,677 3,340 924

19,489

18,192

22,547

21,215

66,879

61,085

The accompanying notes form an integral part of these financial statements Approved by the Board of Directors on 25th February, 2022 and signed on its behalf by: :Director

:Director

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

31st December, 2021

Net profit for the year after taxation

Statement of Changes in Equity For the year ended 31st December, 2021 Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Stated

Revaluation

Retained Capital

Total Reserve

Earnings

Equity

Balance at 1st January, 2020

4,155

571

32,949

37,675

Dividends paid

(4,902)

Net profit for the year after taxation

7,097

4,155

571

35,144

39,870

Prior year adjustment (Note 26)

(317)

Dividends paid

(3,532)

Net profit for the year after taxation

8,311

4,155

571

39,606

44,332

Balance at 31st December, 2020

Balance at 31st December December,, 2021

The accompanying notes form an integral part of these financial statements CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Statement of Cash Flows

Notes to the Financial Statements

For the year ended 31st December, 2021 Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Operating

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

2021

2020

11,390

9,785

Adjustment for: Depreciation Amortization of intangible asset (Gain)/loss on disposal Prior year adjustments Operating profit before working capital changes (Increase)/decrease in inventories Decrease in trade and other receivables Increase in investment securities Increase in past service benefits liability (Decrease)/increase in trade and other payables (Decrease)/increase in provision for repayment of deposits on cases Increase/(decrease) in amounts due to Ansa McAl Group

8,262 55 (11) 317 20,013

15,649

(1,399) 835 (2) 148 (176) (1,402) 1,758

2,942 3,117 (8) 111 1,316 226 (1,668) 21,685 (2,479)

17,702

19,206

Disposal of property, plant and equipment Purchase of property, plant and equipment

(11) (6,079)

(17) (8,823)

Net cash used in Investing Activities

(6,090)

(8,840)

Dividends paid

(3,532)

(4,902)

Net cash used in Financing Activities

(3,532)

(4,902)

Increase in cash and cash equivalents Cash and cash equivalents - at beginning of year

8,080 14,940

5,464 9,476

23,020

14,940

Income tax paid Net cash provided by Operating Activities

Financing

Corporate Information Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited) was incorporated in Grenada on 27th July, 1960. The Company was issued a certificate of continuance under Section 365 of the Company’s Act. The Company’s registered office and principal place of business is Maurice Bishop Highway, St. George’s, Grenada.

5,792 55 17 -

19,775 (2,073)

Investing

Activities

Net profit for the year before taxation

For the year ended 31st December, 2021

In accordance with a resolution of change of name dated 27th August, 2020, the name of the Company previously Grenada Breweries Limited was changed to Carib Brewery (Grenada) Limited by the issue of a Certificate of Amendment dater 1st October, 2020 by the Registrar of Companies. The Company’s principal activities are the brewing, bottling and distribution of Beers, Stout, Maltas and Soft Drinks. Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited) is a subsidiary of the Ansa McAl Group of Companies, which owns 55.54% of the ordinary share capital of the Company. Ansa McAl Limited is incorporated in the Republic of Trinidad and Tobago and is a diversified public conglomerate which is listed on the Trinidad and Tobago Stock Exchange. The Company’s registered office is 11 Maraval Road, Port of Spain, Trinidad. During the year the Company employed on average two hundred and six (206) persons (2020-197).

Activities

- at end of year

Significant Accounting Policies The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to the years presented, unless otherwise stated. (a)

Basis of Preparation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The financial statements have been prepared under the historical cost convention modified by the revaluation of land and buildings. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.

The accompanying notes form an integral part of these financial statements

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Significant Accounting Policies (continued)

(b)

Changes in accounting policies and disclosures

(b)

Changes in accounting pol icies and disclosures - continued

(i)

New Accounting Standards, Amendments and Interpretations

(ii)

Standards in issue not yet effective

The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended December 31st, 2021 except for the adoption of new standards and interpretations below. Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Interest Rate Benchmark Refor fect ive 1 st January Reform (Effect January,, 2021) m - Phase 2 (Ef The amendments in Interest Rate Benchmark Reform – Phase 2 (Amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) introduce a practical expedient for mod ifications required by the reform, clarify that hedge accounting is not discontinued solely because of the interbank offered rates (IBOR) reform and introduce disclosures that allow users to understand the nature and extent of risks arising from the IBOR reform to which the entity is exposed to and how the entity manages those risks as well as the entity’s progress in transitioning from IBORs to alternative benchmarks rates and how the entity is managing this transition. (ii)

Standards in issue not yet effective The following is a list of standards and interpretations that are not yet effective up to the date of issuance of the Company’s financial statements. These standards and interpretations may be applicable to the Company at a future date and will be adopted when they become effective. The Company is currently assessing the impact of adopting these standards and interpretations.  Amendments to IFRS 16 - Covid-19 Related Rent Concessions beyond 30 June, 2021 (Effective 1st April 2021) In March 2021, the Board amended the conditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease modifications to rent concessions arising as a direct consequence of the COVID-19 pandemic. Fol lowing the amendment, the practical exped ient now appl ies to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022, provided the other conditions for applying the practical expedient are met. In the reporting period in which a lessee first applies the 2021 amendment, the lessee will not be required to disclose the information by paragraph 28 (f) of ISAS 8. In accordance with paragraph 2 of IFRS 16, a lessee is required to apply the relief consistently to eligible contracts with similar characteristics and in similar circumstances, irrespective of whether the contract become eligible for the practical expedient before or after the amendment.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

 Amendments to IAS 1 6 - Pr operty oceeds Property operty,, Plant and Equipment: Pr Proceeds befor e Intended Use (Ef fect ive 1st January before (Effect January,, 2022) The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment (PP&E), any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss.  Amendments to IFRS 3 - Reference to the Conceptual Framework (Ef fect ive 1 January January,, 2022) (Effect In May 2020, the IASB issued Amendments to IFRS 3 Business Combinations – Reference to the Conceptual Framework. The amendments are intended to replace a reference to a previous version of the IASB’s Conceptual Framework (the 1989 Framework) with a reference to the current version issued in March 2018 (the Conceptual Framework) without significantly changing its requirements. The amendment add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date.  Amendments to IAS 37 - Oner ous Contracts, Costs of Ful fil l ing a Onerous Contract (Ef fect ive 1 January (Effect January,, 2022) In May 2020, the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a ‘directly related cost approach’. The costs that relate directly to a contract to provide goods or services include both incremental costs (e.g., the cost of direct labour and materials) and an allocation of costs directly related to contract activities (e.g., depreciation of equipment used to fulfill the contract as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Significant Accounting Policies (continued)

(b)

Changes in accounting policies and disclosures - continued

(b)

Changes in accounting pol icies and disclosures - continued

(ii)

Standards in issue not yet effective

(ii)

Standards in issue not yet effective

 Amendments to IAS 1 - Classificat ion of Liabil it ies as Curr ent and Current Non-Curr ent (Ef Non-Current (Effect January,, 2023) fect ive 1 January

 Amendments to IAS 8 - Definition of Accounting Estimates (Effective 1st January January,, 2023)

In January 2020, the Board issued amendments to paragraphs 69 to 76 of IAS 1 Presentation of Financial Statements to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”.

What is meant by a right to defer settlement. That a right to defer must exist at the end of the reporting period That classification is unaffected by the likelihood that an entity will exercise its deferral right That only if an embedded derivative in a convertible liability is itself an equity instrument, would the terms of a liability not impact its classification.

 Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Account ing Pol icies (Ef fect ive 1st January (Effect January,, 2023) The amendments change the requirement in IAS 1 with regard to disclosure of accounting pol icies. The amendments replace al l instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or cond itions is immaterial and need not be d isclosed. Accounting pol icy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The Board has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

The definition of a change in accounting estimates was deleted. However, the Board retained the concept of changes in accounting estimates in the Standard with the following clarifications: -

A change in accounting estimate that results from new information or new developments is not the correction of an error. The effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors.

 Amendments to IAS 12 – Deferr ed T ax rrelated elated to Assets and Liabil it ies Deferred Tax arising fr om a Single T ransact ion (ef (effect January,, 2023) from Transact fect ive 1 st January The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary d ifferences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting nor taxable profit. Following the amendments to IAS 12, an entity is required to recognize the related deferred tax asset and liability, with the recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12. The amendments apply to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period an entity recognizes:

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Significant Accounting Policies (continued)

(b)

Changes in accounting policies and disclosures - continued

(b)

Changes in accounting pol icies and disclosures - continued

(ii)

Standards in issue not yet effective

(ii)

Standards in issue not yet effective The amendments to IFRS 4 – Extension of the Temporary Exemption from applying IFSA 9 cshanges the fixed date for the temporary exemption n IFRS 4 Insurance Contracts from applying IFRS 9 Financial Instruments, so that entities would be required to apply IFRS 9 for annual periods beginning on or after 1 January 2023.

 A deferred tax asset (to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized) and a deferred tax liability for all deductible and taxable temporary differences associated with: -

Right-of use assets and lease liabilities. Decommissioning, restoration and similar liabilities and the corresponding amounts recognised as part of the cost of the related asset. The cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date.

 IFRS 17 – Insurance Contract (Ef fect ive 1 January (Effect January,, 2023) In May 2017, the International Accounting Standards Board (IASB) issued IFRS 17 Insurance Contracts (IFRS 17), a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts (IFRS 4) that was issued in 2005. IFRS 17 appl ies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features.

(iii)

Improvements to International Reporting Standards The annual improvements process for the International Accounting Standards Board deals with non-urgent but necessary clarifications and amendments to IFRS. Annual improvements to IFRS Standards 2018-2020 cycle The following amendments are applicable to annual periods beginning on or after 1 January, 2022 IFRSs – Subject of Amendment IFRS 1

First-time Adoption of International Reporting Standards – Subsidiary as a first-time adopter. IFRS 9 Financial Instruments - Fees in the ’10 per cent’ test for derecognition of financial liabilities. IFRS 16 Leases – Lese incentives IAS 41 Agriculture – Taxation in fair value measurements

A few scope exceptions will apply. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. In contrast to the requirements in IFRS 4, which are largely based on grandfathering previous local accounting pol icies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. The core of IFRS 17 is the general model, supplemented by: -

A specific adaptation for contracts with direct participation features (the variable fee approach) A simplified approach (the premium allocation approach) mainly for short-duration contracts)

IFRS 17 is effective for reporting periods beginning on or after 1 January 2023, with comparative figures required. Early application is permitted, provided the entity also applies IFRS 9 and IFRS 15 on or before the date it first applies IFRS 17.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Significant Accounting Policies (continued) (c)

Property, Plant and Equipment

Significant Accounting Policies (continued) (d)

Inventories are valued as follows:

Some items of property, plant and equipment are stated at valuation less subsequent depreciation. The others are stated at cost less accumulated depreciation. Subsequent costs are included in the assets carrying amounts or are recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the Statement of Comprehensive Income during the financial period in which they are incurred. Increases in the carrying amount arising on revaluation of land and buildings are credited to revaluation surplus in equity. Decreases that offset previous increases of the same asset are charged against the surplus d irectly in equity; all other decreases are charged to the Statement of Comprehensive Income. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. The rates used are as follows:

2% - 2.50% 2.5% - 33.33% 20% - 33.33% 10% - 33.33% 16.67% - 33.33%

Bottles

33.3%

Crates

10% - 12.5%

The assets’ residual values and useful lives are reviewed and adjusted if appropriate, at each Statement of Financial Position date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on d isposals are determined by comparing proceeds with carrying amounts. These are included in the Statement of Comprehensive Income. When revalued assets are sold, the amounts included in revaluation surplus are transferred to retained earnings.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

1) Raw materials and general stocks

- The lower of landed cost determined on the average price basis and net realizable

2) Consumable stores

- The lower of landed cost and net realizable value on a first-in, firstout basis.

3) Work-in-progress

- Raw material costs, d irect labour and overheads incurred in brewing.

4) Finished products

- Raw material costs, d irect labour and overheads incurred in brewing, bottling and packaging

5) Goods in transit

- Suppliers’ invoiced cost

Adequate provision has been made for slow-moving and obsolete items.

Per annum Freehold Properties Plant and Machinery Motor Vehicles Furniture, Fixture and Equipment Computers

Inventories

(e)

Returnable Bottles and Crates in Circulation The provision is based on the number of bottles and crates in circulation at the end of the financial year.

(f)

Foreign Currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are re-translated at the rate of exchange ruling at the date of the Statement of Financial Position. The resulting profits and losses are dealt with in the Statement of Comprehensive Income. There are no foreign currency borrowings.

(g)

Past Service Benefits Other Than Pensions The Company provides, to all employees who are members of the Technical and Al l ied Workers’ Union (TAWU), a past service benefit payable at the end of employment. This is charged against profit on a systematic basis over the employees’ period of employment with the Company. The benefit is calculated on a monthly basis by applying a percentage of current salary levels and is accrued in non-current liabilities. CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Significant Accounting Policies (continued) (h)

Profit Sharing Scheme The Company operates an employee profit sharing scheme and the amount to be distributed to employees each year is based on the terms outlined in the union agreement. Employees receive their profit share in cash. The Company accounts for the profit share as an expense, through the Statement of Comprehensive Income.

(i)

(j)

Financial Instruments (continued)

(i)

Recognition and Measurement - continued

Subsequent measurement categories of financial assets and l iabilities The Company classifies all its financial assets based on the business model for managing the assets and the asset’s contractual terms.

Cash and cash equivalents comprise of cash on hand and at bank and short-term demand deposits with original maturity of three (3) months or less.

Amortized cost

Trade and Other Receivables

Financial Instruments Financial instruments are contracts that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Recognition and Measurement Al l regular way purchases and sales of financial assets are recognised or derecognised on the trade date, that is the date on which the Company commits itself to purchase or sell an asset. A regular way purchase and sale of financial assets is a purchase or sale of an asset under a contract whose terms require delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned. Initial Measurement The classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the instruments. Financial instruments are initially measured at their fair value, except in the case of financial assets and financial liabilities recorded at fair value through profit or loss (FVPL) whereby transaction costs are added to, or subtracted from, this amount. Trade receivables are measured at transaction price.

(k)

The Company classifies its financial assets at amortized cost except equity which is at fair value through profit and loss.

Trade and other receivables are recognised initially at fair value and subsequently measured at amortized cost using the effect interest method, less provision for expected credit loss. The Company uses a provision matrix to calculate expected credit loss (ECL) for trade receivables.

(i)

Significant Accounting Policies (continued)

Cash and Cash Equivalents

Trade receivables are amounts due from customers for merchand ise sold or services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.

(k)

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Financial assets are measured at amortized cost if both of the following conditions are met: 

The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and



The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

(ii)

Impairment In relation to the impairment of financial assets, IFRS 9 requires an expected credit loss (ECL) model as opposed to an incurred credit loss model under ISA 39. The expected credit loss model requires the Company to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. Therefore, it is no longer necessary for a credit event to have occurred before credit losses are recognized. The Company records an al lowance for expected cred it loss for its trade receivables using a simplified approach to calculate ECLs whereby it recognizes a loss allowance based on lifetime ECLs at each reporting date. The ECL on these financial assets are estimated using a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The provision rates used in the provision matrix are based on days past due. For all other financial instruments, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. If on the other hand the credit risk on a financial instrument has not increased significantly since initial recognition the Company recognizes the loss allowance for the financial instrument at an amount equal to 12-month ECL where applicable. The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or actual default occurring. CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Significant Accounting Policies (continued)

(k)

Financial Instruments (continued)

(k)

Financial Instruments (continued)

(ii)

Impairment ( continued)

(v)

Financial Liabilities

Lifetime ECL represents the expected credit losses that will result for all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible with 12 months after the reporting date.

When financial liabilities are recognised they are measured at fair value of the consideration given plus transactions cost directly attributable to the acquisition of the liability. Financial liabilities are re-measured at amortised cost using the effective interest rate. Financial liabilities are derecognized when they are extinguished, that is when the obligation specified in the contract as d ischarged, cancelled or expired. The difference between the carrying amount of a financial liability extinguished and the consideration price is recognized in the statement of comprehensive income.

A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial assets have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: (l)

(iii)

(i)

Significant financial difficulty of the issuer or borrower;

(ii)

A breach of contract, such as a default or past due event;

(iii)

It is becoming probable that the borrower will enter in bankruptcy or other financial re-organisation; and

(iv)

The disappearance of an active market for that financial asset because of financial difficulties.

Write offs

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Company’s activities. Revenue is shown net of estimated returns, rebates and discounts. Revenue is recognized when the Company has delivered products to the customer; the customer has accepted the products and collectability of the related receivables is reasonably assured. (m)

The gross carrying amount of a financial asset is written off to the extent that there is no real istic prospect of recovery. This is general ly when the Company determines that the borrower does not have assets or resources of income that would generate sufficient cash flows to repay the amount subject to the write-of. (iv)

On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating decisions. Transactions entered into with related parties in the normal course of business are carried out on commercial terms and conditions during the year.

Derecognition of Financial Assets The company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the company recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Revenue Recognition

(n)

Income Tax The charge for the current year is based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using the applicable tax rates for the period. Deferred income tax is provided using the liabil ity method, on all temporary differences at the Statement of Financial Position date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are measured at the tax rate that is expected to apply to the period when the asset is realized or the liability is settled, based on the enacted tax rate at the Statement of Financial Position date. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Significant Accounting Policies (continued) (o)

Critical Accounting Estimates and Judgments in Applying Accounting Policies The development of estimates and the exercise of judgement in applying accounting policies may have a material impact on the Company’s reported assets, liabilities, revenues and expenses. The items which may have the most effect on these financial statements, are set out below.

Stated Capital Ordinary shares are classified as equity.

(p)

Trade Payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

The Company utilizes professional valuators to determine the fair value of its properties. Valuations are determined through the application of a variety of different valuation methods which are all sensitive to the underlying assumptions chosen. ii)

(q)

The Company uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due.

Provisions

The provision matrix is initially based on the Company’s historical observed default rates. The Company will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Company’s historical cred it loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future.

Dividends Dividends that are proposed and declared during the period are accounted for as an appropriation of retained earnings in the Statement of Changes in Equity.

(s)

Finance Charges Finance charges are recognized in the Statement of Comprehensive Income as an expense in the period in which they are incurred.

(t)

Provisions for expected credit losses of trade receivables

Trade payables are recognised initially at fair value and subsequently measured at amortized cost using the effective interest rate method.

Provisions are recognized when the Company has a present legal or constructive obligation, as a result of past events, if it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. (r)

Valuation of property

iii)

Management exercises judgment in determining whether future economic benefits can be derived from expenditures to be capitalized and in estimating the useful lives and residual values of these assets.

Intangible Assets Amortisation is charged to comprehensive income on a straight-line basis over the estimated useful lives of the intangible asset unless such lives are indefinite.

Property, plant, equipment

(iv)

Provision for inventory obsolescence Provision for obsolescence on inventory is based on the age of the inventory, assessment of the physical cond ition and the levels of obsolete or unsaleable inventory items on hand.

Computer software - 10 years.

(v)

Impact of COVID-19 Background COVID-19, which is a respiratory illness caused by a new virus, was declared a world-wide pandemic by the World Health Organisation on March 11, 2020. The Company has considered the impact of COVID-19 in preparing its financial statements.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

26,247 888 790 12,676 1,360 3,242 6,515 Net Book V alue Value

776

91,102 (64,855) 4,528 (3,640) 1,864 (1,074) 57,630 (44,954) 5,985 (4,625) 3,242 17,077 (10,562) Balance at 31st December December,, 2021 Cost/Valuation Accumulated depreciation

776 -

26,247 888 790 12,676 1,360 3,242 6,515 Net Book V alue Value

776

97 (614) (8,262) 95 (403) 2 (63) 2,187 4 (2,419) (2,187) -

(123)

29,044 6,079 (97) 849 442 (95) 824 29 (2) 12,500 404 1,307 176 776 2,187 3,242 -

For t he year ended 31st December December,, 2021 Opening book value 10,601 Additions for the year 1,786 Disposal for the year - cost Disposal for the year - accumulated depreciation Transfer Adjustment (618) Depreciation charge for the year (5,254)

29,044 849 824 12,500 1,307 2,187 10,601 Net Book V alue Value

776

85,116 (56,072) 4,181 (3,332) 1,837 (1,013) 55,035 (42,535) 5,809 (4,502) 2,187 15,291 (4,690)

776 -

849 824 12,500 1,307 776

1,179 65 (395)

Balance at 31st December December,, 2020 Cost/valuation Accumulated depreciation

60 5 5,792 55

770 58 65 (69)

2,187

60 3 8,262 55

11,130 2,455 1,254 (2,339)

10,601

2020

1,291 119 3 (106)

Net Book V alue Value

Auditors’ remuneration Directors’ fees and expenses Depreciation Amortization

2021

776 -

1,179 770 11,130 1,291 776

4,463 (3,284) 1,830 (1,060) 51,326 (40,196) 5,687 (4,396) 776 6,096 -

6,096 302 (4,211) -

Profit for the Year This profit is stated after charging:

Motor Vehicles

Other Income Other income comprises sundry sales, profit on the disposal of property, plant and equipment, interest income and provision for case deposits’ write back.

For t he year ended 31st December December,, 2020 Opening book value 4,771 Additions for the year 5,854 Transfer 2,859 Depreciation charge for the year (2,883)

6,096

Net sales comprise the value of sale of Beer, Stout, Maltas and Soft Drinks in Grenada, Trinidad and St. Vincent excluding Value Added Tax and Stamp Tax.

4,771

Net Sales

Net Book V alue Value

6,578 (1,807)

Going concern In accordance with the requirements of IAS 1 ‘Presentation of Financial Statements’, the Company has performed a going concern assessment as of the reporting date. While the COVID-19 pandemic has heightened the inherent uncertainty in the going concern assessment, the Company has concluded that there are no material uncertainties that may cast significant doubt on the ability to continue to operate as a going concern. The financial statements have therefore been prepared on the going concern basis.

Balance at 1st January, 2020 Cost/valuation Accumulated depreciation

Trade and ot her rreceivables: eceivables: For trade and other receivables, the Company adopted the simplified approach for determining the provision for expected credit losses, as permitted by IFRS 9. In response to the COVID-19 pandemic, the Company assessed the need to adjust the loss rates to incorporate forward-looking information, taking into account the expected recovery rate of receivables and various applicable macroeconomic factors. Based on the analysis performed as at 31 December 2021, no material overlay adjustments specifically related to COVID-19 pandemic was considered necessary.

Fixtures & Fittings

Expected Cr ed it Losses Cred

Plant & Machinery

Key considerations of the impact of COVID-19 on statements of financial Position and related disclosures were as follows:

Building

Consideration of the statements of financial position and further d isclosures

Land

Impact of COVID-19 (continued)

Work in Progress

(v)

Bottles in Circulation

Critical Accounting Estimates and Judgments in Applying Accounting Policies (continued)

29,044

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed 26,013 8,853 (30) (5,792)

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

26,013

Notes to the Financial Statements for theyear ended 31st December, 2021 76,756 (50,743)

Notes to the Financial Statements for theyear ended 31st December, 2021

Total

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Property, Plant and Equipment

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

Intangible Assets

11. Trade and Other Receivables 2021

2020

2021

2020

150 3,801 215 408

1,162 3,627 10 610

4,574

5,409

Computer Software: 548

548

Accumulated amortization 1 January, 2021 Amortization for the year

(128) (55)

(73) (55)

Accumulated amortization 31 December, 2021

(183)

(128)

365

420

Gross carrying amount, 31 December, 2021

Net carrying amount, 31 December, 2021

Investment Securities Equity security at fair value through profit and loss Eastern Caribbean Securities Exchange -2,500 share of $10 each Investment security at amortized cost Fixed deposits

5,346

5,344

The fair value of the Eastern Caribbean Securities Exchange Shares was estimated at cost since insufficient recent information was unavailable to measure at fair value.

10. Inventories Finished goods Raw materials and work in progress Goods in Transit Consumables and spares

Inter Company receivables Trade receivables - net Other receivables Prepayments and accrued income

Movements in provision for expected credit loss of trade receivables were as follows: As at 1st January, 2021 Net (decrease)/increase in expected credit loss

488 (53)

196 292

As at 31st December, 2021

435

488

The carrying value of trade and other receivables approximates their fair value.

12. Cash and Cash Equivalents First Caribbean International Bank (Barbados) Limited - Current Accounts - Cash on hand

23,006 14

14,920 20

23,020

14,940

The Company has an unused EC$5.0 million overdraft facility available with First Caribbean International Bank (Barbados) Limited.

97 3,036 1,190 2,979

819 2,366 476 2,242

13. Stated Capital

7,302

5,903

Authorised - 6,000,000 Ordinary shares of no par value

The difference between the purchase price or production cost of inventories and their replacement value is not material.

- 300,000 10% Preference shares of no par value Al located, Cal led Up and Ful ly Paid - 4,154,652 ordinary shares of no par value

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

4,155

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

14. Capital Reserve Account

Balance at 31st December, 2020

18. Amount Due to Ansa McAl Group of Companies 2021

2020

571

This reserve consists of surplus derived from revaluation of property, plant and equipment less amounts utilised in the issue of bonus shares.

15. Past Service Benefits Liability Balance at 1st January, 2021 Net contributions for the year Balance at 31st December, 2021

2,719

2,608

148

111

2,867

2,719

Ansa Chemicals Limited Ansa Polymer Ansa McAL Limited - Head Office Carib Brewery TNT Limited/Caribbean Development Company Limited Ansa McAL (USA) Inc. Carib Brewery USA Carib Brewery (St. Kitts & Nevis) Limited DCI Miami Trinidad & Tobago Insurance Limited

2021

2020

66 179 -

86 (3) 131

2,861 1,962 3 21 6

1,816 1,299 5 3 3

5,098

3,340

19. Taxation This amount is a provision for retirement benefits for persons employed with the Company and represented by the Grenada Technical and Allied Workers’ Union.

Net profit before taxation

16. Deferred Tax Liability Balance at 1st January, 2021 Deferred tax decrease Balance at 31st December, 2021

304

469

(113)

(165)

191

304

The deferred tax liability is due to the acceleration of tax depreciation.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

11,390

9,785

Tax at applicable statutory rate 28% Income not subject to tax Expenses not deducted for tax purposes Other

3,189 (8) 698 (687)

2,740 (2) 120 (5)

Taxation expense

3,192

2,853

3,532

4,902

20. Dividends Paid Final Dividends paid

17. Trade and Other Payables Trade payables Due to other parties Due to statutory authorities Accruals Other payables

Income taxes in the Statement of Comprehensive Income vary from amounts that would be computed by applying the statutory tax rate for the following reasons:

1,692 11 67 1,849 5,456

1,314 9 68 2,787 5,073

9,075

9,251

21. Contingent Liabilities At the Statement of Financial Position date the Company was contingently liable to the Government of Grenada for custom bonds in the amount of $226,179.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

22. Related Party Transactions

24. Risk Management (continued) 2021

2020

i) The following transactions were carried out with other Ansa McAL Group companies during the year: a) Sales of goods b) Purchase of goods c) Payment of dividends

5,065

18,932

22,442

1,978

2,723

Significant changes in the economy, or in the state of a particular industry segment that represent a concentration of the Company’s customer base, could result in losses that are different from those provided at the date of the Statement of Financial Position.

1,540

Cash and Short-term Deposits These funds are placed with highly rated banks and management therefore considers the risk of default of these institutions to be very low.

1,460

Trade Receivables

23. Earnings Per Share Net profit for the year after taxation

8,311

7,097

Number of ordinary shares outstanding during the year

4,155

Basic earnings per share

$2.00

$1.71

24. Risk Management Risk is inherent in the Company’s activities but is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The management of risk is important to the Company’s continuing profitability and each person is accountable for the risk exposures relating to their functions and responsibilities. The Company is exposed to credit risk, liquidity risk and market risk. The Board of Directors is responsible for the overall risk management approach and for approving the risk strategies, principles, policies and procedures. Day to day ad herence to risk principles is carried out by the executive management of the Company in compliance with the policies approved by the Board of Directors.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

The Company has exposure to credit risk, which is the potential for loss due to debtors or counterparties failure to pay amounts when due. Credit risk is the most important risk for the Group’s business: therefore, management carefully manages its exposure to it. Credit risk exposures arise principally from the Company’s receivables and financial transactions. The Company extends credit to recognized, creditworthy third parties who are subject to a credit verification process.

4,396

ii) Compensation of key management personnel of the company: Salaries and other benefits

Cr ed it Risk Management Cred

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Executive Committee has established a credit policy under which each customer is analyzed individually for creditworthiness prior to the Company offering them a credit facility. Credit limits are assigned to each customer, which represents the maximum credit allowable without approval from the Board of Directors. The Company has procedures in place to restrict customers’ orders if the order will exceed their credit limits. Customers that fail to meet the Company’s benchmark creditworthiness can only trade with the Company on a cash basis. Customer credit risk is monitored according to their credit characteristics such as whether it is an ind ividual or company, types of industry, aging profile and previous financial difficulties. The Company’s credit period is thirty (30) days. Trade receivables over one hundred and eighty (180) days are fully provided for. The following table shows the maximum exposure to credit risk for the components of the Statement of Financial Position. Gross Maximum Exposure

Investment securities - Equity Trade and other receivables Investment securities - amortised cost Cash and cash equivalents

2021

2020

25 4,574 5,346 23,020

25 5,409 5,344 14,940

32,965

25,718

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

24. Risk Management (continued)

Set out below is the information about the credit risk exposure on the Company’s trade receivables. Current

31-90 days

90-180 days

Over 180 days

Total

December 31st, 2021 Expected credit loss rate

The table below summaries the maturity profile of the Company’s financial liabilities at 31st December, 2021 based on contractural undiscounted payments.

On Demand Trade and other payables Provision for repayments of deposits on cases Due to Ansa McAl Group of Companies

100%

Gross carrying amount Expected credit loss booked

3,052 (40)

784 (25)

31 (1)

369 (369)

4,236 (435)

Balance at 31st December December,, 2021

Net carrying amount

3,012

759

3,801

Trade and other payables Provision for repayments of deposits on cases Due to Ansa McAl Group of Companies

December 31st, 2020 Expected credit loss rate

Balance at 31st December, 2020 0%

100%

Gross carrying amount Expected credit loss booked

2,958 -

650 -

19 -

488 (488)

4,115 (488)

Net carrying amount

2,958

650

3,627

Total

9,075 3,275 -

5,098

9,075 3,275 5,098

12,350

5,098

17,448

9,251 4,677 -

3,340

9,251 4,677 3,340

13,928

3,340

17,268

Fair V alues Values

Liquid ity Risk Liquidity risk is the risk that the Company will be unable to meet its payment obligations when they fall due under normal and stress circumstances. The Company monitors its liquid ity risk by considering the maturity of its financial investments, financial assets and projected cash flow from operations. Where possible the Company utilizes surplus internal funds to finance its operations on on-going projects. Liquidity risk management process: The Company’s liquidity management process includes: 1. Monitoring liquidity on a daily basis and further cash flows on a monthly basis. 2. Maintaining a portfolio of cash investments with staggered maturity dates that can be easily terminated if required. 3. Maintaining committed lines of credit.

<1 year

Fair value of the financial assets and liabilities represents the amounts at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The fair values of cash and cash equivalents, trade and other receivable, trade and other payables and due to Ansa McAl Group of Companies approximate their carrying amounts due to the short-term maturities of these instruments. Market Risk The Company takes on exposure to market risk which is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risks mainly arise from changes in foreign currency exchange rates and interest rates. There have been no changes to the Company’s exposure to market risks or the manner in which it manages and measures the risk from the previous years. Currency

Risk

Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. Such exposure arises from sales or purchases in currencies other than the Company’s functional currency. Management monitors its exposure to foreign currency fluctuation and employs appropriate strategies to mitigate any potential losses. The Company operates primarily in the Eastern Caribbean; although some of these transactions are in United States Dollars, the currency risk exposures are minimal due to the fact that the Eastern Caribbean dollar is pegged to the United States Dollar. The Company is also exposed to a minimal amount of currency risks from transactions conducted, in Euro, Pounds Sterling and Trinidad and Tobago and Guyana Dollars.

4. Maximizing cash returns on investment.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)

Notes to the Financial Statements for theyear ended 31st December, 2021

Expr essed in tthousands housands of Eastern Caribbean Dol lars Expressed

24. Risk Management (continued)

The aggregate value of financial assets and liabilities by reporting currency are as follows:

TT$

GBP

EURO

US$

EC$

TOTAL

Investment securities Trade and other receivables Investment securites Cash and cash equivalents

150 2,333

25 4,424 5,346 20,687

25 4,574 5,346 23,020

Balance at 31st December December,, 2021

2,483

30,482

32,965

Assets

Interest Rate Risk Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rate. Since the Company holds primarily fixed rate financial instruments and also has no significant interest-bearing assets or liabilities, its income and operating cash flows are substantially independent of changes in market interest rates.

25. Inventory Ad justment 2021 (a) Change in accounting estimates - Provision for inventory (b) Inventory overstatement

Liabil it ies Due to Ansa McAl Group of Companies 6 Trade and other payables Provision for repayment of deposits on cases 3,275

240 -

275 -

4,556 700 -

21 8,375 -

5,098 9,075 3,275

Balance at 31st December December,, 2021

240

275

5,256

11,671

17,448

Investment securities Trade and other receivables Investment securities Cash and cash equivalents

1,156 2,486

25 4,253 5,344 12,454

25 5,409 5,344 14,940

Balance at 31st December, 2020

3,642

22,076

25,718

Due to Ansa McAl Group of Companies 3 Trade and other payables Provision for repayment of deposits on cases 4,677

3,332 855 -

5 8,396 -

3,340 9,251 4,677

Balance at 31st December, 2020

4,187

13,078

17,268

Assets

Liabil it ies

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

2020

16 (333)

(317)

(a) Inventories in the statement of financial position have bee remeasured to confom to the current year’s financial disclosure.

25. Events after the Reporting Period The duration and extent of the COVID-19 pandemic and related financial, social and public health impacts of the pandemic are uncertain. As such, the actual economic events and conditions in the future may be materially different from those estimated by the Company at the reporting date. No matters have arisen since the end of the financial year which have significantly affected or may significantly affect the operations of the Company. The Company will continue to closely monitor the situation in order to plan its response, if necessary.

CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021

FORM OF PROXY The Company Secretary Carib Brewery (Grenada) Limited P.O. Box, 202 Grand Anse, St. George’s Grenada Sixty-Second Annual Meet ing of Carib Br ewery (Gr enada) Ltd. to be held on Monday 23r d May Meeting Brewery (Grenada) 23rd May,, 2022 at 4.30pm at the Grenada Room, Radisson Grenada Beach Resort, Grand Anse, St. George’s, Grenada and virtually. I/We ___________________________________________________________________________________________________________ (Name of Shareholder/s) (Block Letters) of______________________________________________________________________________________________________________ (Address) (Block Letters) Shareholder (s) of the above Company, hereby appoint Mr. Anthony N. Sabga III Chairman or fail ing him, ___________________________________________________________________________________________________________________ (Name of Proxy) of______________________________________________________________________________________________________________ (Address of Proxy) as my/our proxy to vote for me/us on my/our behalf at the above meeting and any ad journment thereof as indicated below on the resolutions to be proposed in the same manner, to the same extent and with the same powers as if I/we were present at the said meeting or such ad journment or ad journments thereof. Please indicate with an “X” in the spaces below how you wish your Proxy to vote in the Resolutions referred to. If no such indication is given the proxy will exercise his discretion as to how he votes or whether he abstains from voting.

For Resolution No.

Ordinary Resolutions IT WAS RESOLVED THAT:

The Audited Financial Statements of the Company for the year ended December 31, 2021 and the Reports of the Directors and Auditors thereon be adopted.

i.) In accordance with By-Law No. 1 Section 4.5, each of the following persons who retire and being el igible be and each of them hereby is re-elected as a Director of the Company: Mr. Andrew Bierzynski Mr. Averne Pantin

PKF Accountants and Business Advisers be re-appointed Auditors of the Company and the Directors be authorised to fix their remuneration for the ensuing year.

Dated this_____________________________ day of _____________________________________ 2022

______________________________________ Signature of Shareholder

________________________________________ Name in Block Letters

Against

Transforming the Dynamic Carib Brewery (Grenada) Ltd.

Articles inside

Report of the Chairman

Report of the Directors

Notice of Meeting

Statement of Cash Flows

Corporate Information

Independent Auditors’ Report

Statement of Financial Position

Financial Highlights 2017-2021