Report of the Directors

Statement of Cash Flows For the year ended 31st December, 2021 Expr Expr Expr Expr Expr essed in t essed in t essed in t essed in t essed in t housands of Eastern Caribbean Dol housands of Eastern Caribbean Dol housands of Eastern Caribbean Dol housands of Eastern Caribbean Dol housands of Eastern Caribbean Dol lars lars lars lars lars

Operating Activities Operating Activities Operating Activities Operating Activities Operating Activities

Net profit for the year before taxation

Adjustment for: Depreciation Amortization of intangible asset (Gain)/loss on disposal Prior year adjustments 2021 2021 2021 2021 2021 2020

11,390 11,390 11,390 11,390 11,390 9,785

8,262 8,262 8,262 8,262 8,262

5,792 5 5 5 5 5 5 5 5 5 5 55 (11) (11) (11) (11) (11) 17 317 317 317 317 317 -

Operating profit before working capital changes Operating profit before working capital changes Operating profit before working capital changes Operating profit before working capital changes Operating profit before working capital changes 20,013 20,013 20,013 20,013 20,013 15,649

(Increase)/decrease in inventories Decrease in trade and other receivables (1,399) (1,399) (1,399) (1,399) (1,399) 2,942 835 835 835 835 835 3,117

Increase in investment securities (2) (2) (2) (2) (2) (8)

Increase in past service benefits liability

148 148 148 148 148 111 (Decrease)/increase in trade and other payables (176) (176) (176) (176) (176) 1,316 (Decrease)/increase in provision for repayment of deposits on cases (1,402) (1,402) (1,402) (1,402) (1,402) 226 Increase/(decrease) in amounts due to Ansa McAl Group 1,758 1,758 1,758 1,758 1,758 (1,668)

Income tax paid

Net cash provided by Operating Activities Net cash provided by Operating Activities Net cash provided by Operating Activities Net cash provided by Operating Activities Net cash provided by Operating Activities

Investing Activities Investing Activities Investing Activities Investing Activities Investing Activities

Disposal of property, plant and equipment

Purchase of property, plant and equipment

Net cash used in Investing Activities Net cash used in Investing Activities Net cash used in Investing Activities Net cash used in Investing Activities Net cash used in Investing Activities

Financing Activities Financing Activities Financing Activities Financing Activities Financing Activities

Dividends paid

Net cash used in Financing Activities Net cash used in Financing Activities Net cash used in Financing Activities Net cash used in Financing Activities Net cash used in Financing Activities

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

- at end of year 19,775 19,775 19,775 19,775 19,775 21,685 (2,073) (2,073) (2,073) (2,073) (2,073) (2,479)

17,702 17,702 17,702 17,702 17,702 19,206

(11) (11) (11) (11) (11) (17) (6,079) (6,079) (6,079) (6,079) (6,079) (8,823)

(6,090) (6,090) (6,090) (6,090) (6,090) (8,840)

(((( ( 3,532) 3,532) 3,532) 3,532) 3,532) (4,902)

(3,532) (3,532) (3,532) (3,532) (3,532) (4,902)

8,080 8,080 8,080 8,080 8,080 14,940 14,940 14,940 14,940 14,940 5,464 9,476

23,020 23,020 23,020 23,020 23,020 14,940

The accompanying notes form an integral part of these financial statements

Notes to the Financial Statements For the year ended 31st December, 2021 Expr Expr Expr Expr Expressed in t essed in t essed in t essed in t essed in thousands of Eastern Caribbean Dol housands of Eastern Caribbean Dol housands of Eastern Caribbean Dol housands of Eastern Caribbean Dol housands of Eastern Caribbean Dol lars lars lars lars lars

1. 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.

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).

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) (a) (a) (a) (a) Basis of Preparation Basis of Preparation Basis of Preparation Basis of Preparation 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.