Carib Brewery (Grenada) Limited (formerly Grenada Breweries Limited)
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
1.
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
Activities
- at end of year
2.
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
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CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021
CARIB BREWERY (GRENADA) LIMITED Annual Business and Performance Report 2021
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