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Annual Report and 2019 Financial Statement ANNUAL REPORT & FINANCIAL 2019STATEMENTS www.guinnessghana.com TABLE OF CONTENTS Corporate Information 02 Notice of Annual General Meeting 04 Chairman’s Statement 05 Report of the Directors 08 Independent Auditor’s Report 09 Financial Statements Statement of Comprehensive Income 13 Statement of Financial Position 14 Statement of Changes in Equity 15 Statement of Cash Flows 16 Notes to the Financial Statements 18 Shareholder Information Appendix I Five Year Financial Summary Appendix II ANNUAL REPORT & FINANCIAL STATEMENTS 2019 BREWERIES PLC CORPORATE 02 INFORMATION BOARD OF DIRECTORS Felix Addo (Chairman) Gavin Pike Teye Mkushi Stephen Nirenstein (Resigned on 11 February 2019) Ignacio Blázquez Salvador Kofi Sekyere John Boadu Isaac Amedzeafe Tosu Hina Nagarajan (Appointed on 11 February 2019) SECRETARY Suzannè Glenda Butah Guinness Ghana Breweries Plc P. O. Box 3610 Accra REGISTERED OFFICE Guinness Ghana Breweries Plc Industrial Area, Kaasi P. O. Box 1536 Kumasi INDEPENDENT AUDITOR PricewaterhouseCoopers Chartered Accountants No. 12, Airport City Una Home 3rd Floor PMB CT42, Cantonments Accra REGISTRAR Universal Merchant Bank Limited 123 Kwame Nkrumah Avenue Sethi Plaza, Adabraka Accra SOLICITOR Legal Ink Solicitors and Notaries House No. F89/7 Emmaus Road Off 2nd Labone Street, Labone PMB 24, Kanda Accra BANKERS Barclays Bank of Ghana Limited Societe Generale Ghana Limited Stanbic Bank Ghana Limited Standard Chartered Bank (Ghana) Limited BREWERIES PLC CORPORATE INFORMATION 03 BOARD MEMBERS Dr. Felix Addo Gavin Pike Teye Mkushi Board Chairman Managing Director Finance Director Ignacio Blázquez Salvador Hina Nagarajan Kofi Sekyere Board Member Board member Board Member John Boadu Isaac Amedzeafe Tosu Suzannè Glenda Butah Board Member Supply Chain Director Company Secretary ANNUAL REPORT & FINANCIAL STATEMENTS 2019 BREWERIES PLC NOTICE OF ANNUAL 04 GENERAL MEETING Notice is hereby given that the 47th Annual General Meeting of Guinness Ghana Breweries Plc will be held at Golden Bean Hotel, Kumasi on November 13, 2019 at 11:00am for the following purposes: AGENDA 1. To receive the Report of the Directors, the Financial Statements for the year ended 30th June 2019 and the Report of the Auditors thereon. 2. To declare a Dividend 3. To re-elect Directors 4. To approve non-executive directors’ fees 5. To authorize the Directors to fix the remuneration of the Auditors A member of the Company entitled to attend and vote, is entitled to appoint a proxy to attend and vote instead of him. A proxy need not also be a Member. A proxy form is attached and for it to be valid for the purpose of the Meeting, it must be completed and deposited at the Registrars’, Universal Merchant Bank Ghana Limited’s offices not less than 48 hours before the meeting. Dated this 18th day of September, 2019 By order of the Board Suzannè Glenda Butah Company Secretary Board of Directors and Secretary Dr. Felix Addo (Chairman), Gavin Pike (Managing Director), Teye Mkushi, Hina Nagarajan, Kofi Sekyere, Ignacio Blázquez Salvador, John Boadu, Isaac Amedzeafe Tosu, Suzannè Glenda Butah (Secretary). Executive Management Committee Gavin Pike, Teye Mkushi, Isaac Amedzeafe Tosu, Hazel Berrard Amuah, Sylvia Owusu-Ankomah, Obinna Anyalebechi, Samori Gambrah, Helen Opoku-Agyemang, Suzannè Glenda Butah Audit Committee John Boadu (Chairman), Dr. Felix Addo, Ignacio Blázquez Salvador and Teye Mkushi Nominations Committee Gavin Pike (Chairman), Kofi Sekyere Registered Office Guinness Ghana Breweries Plc, Kaase Industrial Area, P. O. Box 1536, Kumasi. Registrar’s Office Universal Merchant Bank Ghana Limited, Registrars Department, 123 Kwame Nkrumah Avenue, Sethi Plaza, Adabraka, P. O. Box GP 401, Accra. BREWERIES PLC CHAIRMAN’S STATEMENT 05 DR. FELIX ADDO Board Chairman Our cherished shareholders, invited partners, ladies and gentlemen, on behalf of the Board of Directors of this great company, I warmly welcome all of you to the 47th Annual General Meeting (AGM) of your business - Guinness Ghana Breweries PLC. I am honoured to be presenting this year’s annual report • proactively engaging our stakeholders, especially and financial statements to you here in Kumasi, following our communities, staff, distributors and consumers. my appointment as Board Chairman on 12 September 2018. I feel obliged to officially introduce myself to you, Board Changes especially our shareholders in Kumasi and those who were The only changes in the Board membership since the last not present at our last AGM in Accra. AGM are that, Stephen Nirenstein has resigned and has taken on a new Managing Director role in our Diageo market You may recall my previous role as Chairman of the audit in Ethiopia, and, we have welcomed Hina Nagarajan in his subcommittee. I am the immediate past Country Senior place. Hina was appointed onto the Board on 11 February Partner of PricewaterhouseCoopers (PwC) Ghana and a 2019. Since 31 August 2018, she has held the role of former member of the PwC Africa Governance Board. I hold Managing Director, Africa Emerging Markets – Diageo a BSc (Administration) from the University of Ghana and an Plc, leading business operations across Ghana, Ethiopia, MA (Professional Accounting) from Loyola College, Maryland Cameroon, Indian Ocean, Angola and several other West (USA). I am also a member of the American Institute of and Central Africa countries. Her key responsibilities include Certified Public Accountants and the Institutes of Chartered Profit & Loss delivery, investment, category and innovation Accountants Ghana and Sierra Leone. I was recently honored strategies, M&A as well as partnership opportunities. She with a D.Sc (honorary causa) by the University of Mines and is responsible for Corporate Governance and Compliance Technology, Tarkwa. within all the business units in her region and leads over As your new Chairman, I am currently focusing on: 1,400 people in her current role. • ensuring a sustainable performance and value She was previously the Senior Vice President - Regional creation for your company (i.e. delivering on our Director of RB (Reckitt Benckiser) North Asia in 2015, strategic priorities); leading business operations across China, Hong Kong and • ensuring that we maintain our best in class corporate Taiwan. governance structures and behaviours; and ANNUAL REPORT & FINANCIAL STATEMENTS 2019 BREWERIES PLC 06 CHAIRMAN’S STATEMENT CONT’D Hina has an MBA from the Indian Institute of Management, Bottom line growth was challenged by the significant Ghana Ahmedabad, India. Cedi devaluation, VAT regulation change which increased all our cost base by 5% and broader commodity inflation. Our cherished shareholders, ladies and gentlemen, in the period under review, your company saw a number of positive changes and with your kind permission, I will now Ensuring excellence in Governance provide the key highlights: Shareholders, ladies and gentlemen, Guinness Ghana is committed to achieving the highest standards of corporate Macro-Economic Indicators governance, corporate responsibility and risk management in the conduct of our business. Guinness Ghana is also During the financial year, 2018 GDP growth was 6.3%, albeit committed to carrying out its business responsibly and in down from 8.4% GDP growth reported in 2017. Inflation accordance with all laws and regulations which its business remained below 10%, although we note that there continues is subject to. Thus, in the year under review, all aspects of to be a divergence between food inflation and non-food your company’s operations were conducted in compliance inflation. There has been a rising trajectory of non-food with applicable laws and regulations and the company’s inflation, taking it up to an average 10.5%. This has been code of business conduct and other related policies. driven by rising utility and commodity costs. In addition, Quarterly Board and audit committee meetings were held, Ghana Cedi depreciation has fuelled inflation on imported and the nominations committee also met twice. items. In the fiscal year to June 2019, the Ghana Cedi to US Dollar rate cumulatively depreciated by 18%, compared with I am also happy to inform you that in addition to the external 2.4% depreciation over the comparative period ended June audit carried out by PwC, the company also satisfactorily 2018. The Monetary Policy Committee kept the policy rate underwent two internal audits. steady at 16% as at June 2019. The 91-day Treasury bill rate, which is the reference rate for our company loan, increased Engagement with Communities to 14.8% in June 2019 from 13.3% over the comparative As a socially responsible company, we continued to deliver period. safe accessible water to vulnerable and water stressed communities. A total amount of GH¢ 345,520 was invested Business Performance in Waterhealth centres to provide potable water to over In F19, Guinness Ghana delivered strong sales performance 100,000 beneficiaries in communities in the Northern driven by pricing and the continued volume growth of region where we source local raw materials for production. our premium non-alcoholic category, particularly as we We also continue to work with local farmers and aggregators commissioned our second PET plant in the Achimota Site to support our action plan to create awareness and address to take advantage of the growth in one-way formats which specific risks associated with child labour issues across our consumers find more convenient. We also focused on supply chains. This is to ensure that these aggregators and growing market share especially
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