At CARIB Brewery (Grenada) Limited, our commitment to tomorrow drives every step we take
As we look to the future, we pledge to foster innovation, champion sustainability and empower our people. We are dedicated to creating enduring value for our communities, advancing environmental stewardship and nurturing the talent that propels us forward. Together, we embrace our commitment to making a positive impact now, for a brighter world
Some of the information provided in this document is forward-looking and therefore could change over time to reflect changes in the environment in which Carib Brewery (Grenada) Limited competes. Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contain references to our consolidated financial statements and financial information about our reporting segments. Forward-looking statements in this document are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. These forward-looking statements are reflective of our opinions only up to the date they were originally made to the public. Carib Brewery (Grenada) Limited expressly assumes no obligation to and does not intend to update these forward-looking statements.
We have empowered our sectors and subsidiary teams through these 6 Pillars of Culture in our Sustainability Report.
RECRUITING AND RETAINING THE BEST
CORE VALUES
EMPLOYEE RECOGNITION
Pillars of Culture
MEANING AND PURPOSE
CONNECTION AND COMMUNITY
OPPORTUNITIES TO GROW AND DEVELOP
Through our Vision, Purpose and Sustainability Business Priorities, we create hope for the future and generate value for all our stakeholders.
OUR PURPOSE
INSPIRING BETTER CHOICES FOR A BETTER WORLD
OUR VISION
WITH INHERENT CARIBBEAN CREATIVITY AND RESILIENCE, WE UNLEASH A FUTURE OF INFINITE AND SUSTAINABLE POSSIBILITIES FOR PEOPLE EVERYWHERE.
We consistently promote awareness and reinforce our company values and behaviours through established employee recognition and engagement programmes. Our cultural journey is continually evolving and improving.
BEING UNSTOPPABLE
OWNING OUR MISSION
SHOWING RESPECT AND TRUST
CARING WITH PURPOSE
LOVING OUR CUSTOMERS
PLAYING HARD
WINNING TOGETHER
Here is a snapshot of some of the CARIB Brewery (Grenada) Limited’s progress in making our operations more sustainable, and as well as the United Nations Sustainable Development Goals that are directly supported by these.
Investment in Green energy
CARIB Brewery (Grenada) Limited invested in green (solar) energy in 2024, which will generate 240 kW of renewable energy. This project will be fully operational in 2025.
Circular economy
Continued production in returnable bottles and crates which when no longer usable is returned to the supplier for recycling.
Reduce impact on the landfill as a result of donation of spent malt grain from the brewing process to local farmers as a low-cost additive to supplement animal feed.
Employee Well-Being
As part of the Company’s ongoing culture transformation efforts, there was a strong focus on enhancing employee engagement. Initiatives were expanded and revitalised, including the new-employee orientation, regular town hall meetings and health-focused activities. These efforts reinforced a more connected, supportive, and engaging workplace culture across the Company.
Safe Working
CARIB Brewery (Grenada) Limited recorded a reduction in accidents for the second consecutive year. The Company, as part of Ansa McAL Group, also launched a new safety management system, and 11 life-saving rules aimed at the prevention of accidents on the job.
IFRS S1 Compliance
The Company as part of Ansa McAl Group Beverage Sector, was assessed against the new IFRS S1 (Sustainability Disclosure Standard released in 2023), for the Beverage Sector there was 34% compliance or partial compliance with the requirements of the new IFRS S1 standard. We are encouraged by these results as we work towards full compliance with this new standard.
Chairman’s MESSAGE
Anthony N. Sabga III
REVENUES FOR THE PERIOD ENDED 31ST DECEMBER 2024 GREW TO $75.023 MILLION, A 5% INCREASE OVER THE PREVIOUS YEAR ($71.153 MILLION – 2023).
In 2024, CARIB Brewery (Grenada) Limited navigated a year of both accomplishments and challenges. We recorded a substantial increase in sales, reaching $75.03 million, a testament to the growing demand for our products, the effective execution of strategic initiatives and the dedication of our team. This strong revenue growth was accompanied by a rise in the cost of sales, influenced by multiple factors: Increased production costs were driven by higher repairs and maintenance expenses; additional measures implemented to mitigate the effects of a devastating drought, and further investments to achieve FSSC22000 certification, an important milestone in quality assurance. Moreover, higher advertising, selling, and distribution expenses contributed to a rise in overall operational expenditure (OPEX). As a result of these combined factors, profit before tax declined by 7% to $10.38 million, reflecting the cost pressures faced despite revenue gains.
Strategic Investment: Capital Expenditure (CAPEX)
In line with our commitment to building a resilient and forward-looking organization, CARIB Brewery (Grenada) Limited continued to make deliberate and strategic investments aimed at supporting sustainable growth and operational efficiency. In 2024, the company invested $8.9 million in capital expenditure (CAPEX), focusing on strengthening core infrastructure, expanding production capacity and fostering innovation, ensuring that our business remains competitive and adaptable.
Notable investments included the installation of an additional CO2 storage tank, a new boiler, new sales trucks, and extensive equipment overhauls, all contributing to our FSSC22000 certification journey. Over the past three (3) years, total CAPEX has surpassed $31 million, underscoring our ongoing commitment to competitiveness, operational excellence, and the creation of longterm value for all stakeholders.
Delivering Shareholder Value
Despite the operational challenges experienced in 2024, CARIB Brewery (Grenada) Limited remains committed to rewarding our shareholders. Following a thorough review of the company’s financial performance, future projections, and investment priorities, the Board of Directors approved an ordinary final dividend of $0.89 per share for the year ending December 2024. In addition, the Board approved a special dividend of $1.61 per share, bringing the total dividend payout for the year to $2.50 per share, a significant increase from $1.50 per share in the prior year.
This decision reflects the Board’s confidence in the company’s strategic direction and financial stability. On behalf of the Board, sincere gratitude is extended to shareholders for their continued trust and support, which remain vital to the company’s ongoing success.
Environmental, Social, and Governance (ESG) Commitment
CARIB Brewery (Grenada) Limited recognizes that long-term success requires a steadfast commitment to sustainability, social responsibility, and strong governance practices. Our unwavering commitment to Environmental, Social, and Governance (ESG) principles ensure that we drive value for stakeholders while making meaningful contributions to society and the environment
In 2024, the company’s dedication to Environmental, Social, and Governance (ESG) principles was evident through multiple initiatives and achievements. FSSC22000 certification was attained demonstrating our focus on product quality, environmental responsibility, and operational excellence. In response to climaterelated challenges, such as the severe droughts experienced during the year, the company implemented resource optimization strategies, designed to protect both production processes and the natural environment and as ESG remains central to our business strategy, we continue to prioritize environmental stewardship, social responsibility, and governance ensuring that CARIB Brewery (Grenada) Limited remains a sustainable, innovative, and resilient enterprise.
By integrating ESG principles into our operations, we will continue to drive positive change, strengthen stakeholder relationships, and build a future where sustainability and profitability go hand in hand.
Advancing Sustainability Reporting: IFRS S1 Compliance and Climate Related Disclosures: IFRS S2
By voluntarily aligning with IFRS S1, we are strengthening transparency, improving decisionmaking, and reinforcing our ESG leadership. The insights gained from IFRS S1 will help us optimise operations, reduce risks, and identify growth opportunities, making the company as part of the
ANSA McAL Group more agile and prepared for the future.
This is simply smart business, enhancing our ability to create lasting value for stakeholders and future-proofing our success. So, while IFRS S1-related efforts may not immediately show up in accounting metrics like book value, they align closely with the principles of intrinsic value — building sustainable competitive advantages, strengthening stakeholder confidence, and ensuring long-term profitability. In this way, CARIB Brewery (Grenada) Limited work with IFRS S1 is a vital component of its intrinsic value equation.
CARIB Brewery (Grenada) Limited, a proud member of the ANSA McAL Group Beverage Sector, remains steadfast in its pursuit of ESG excellence. In 2024, the company conducted a gap analysis comparing its ESG initiatives against the IFRS S1 Standard for sustainabilityrelated financial disclosures. This review identified both areas of alignment and opportunities for enhancement, including improvements in climate-related risk disclosures, the integration of sustainability metrics into financial reporting, and the refinement of governance structures.
Although IFRS S1 has yet to be mandated across the Caribbean and Latin America, the ANSA McAL Group is proactively investing in capacitybuilding initiatives and regulatory planning to ensure future compliance. Encouraged by the findings, CARIB Brewery (Grenada) Limited has already begun refining its reporting processes to enhance decision-making, strengthen stakeholder confidence, and reinforce its position as an ESG leader.
Recognizing the significance of climate-related risks and opportunities, the company has embedded sustainability considerations into its governance framework. With oversight from both the board and management, climate resilience remains a strategic priority. By continuously assessing the financial and operational impacts of climate change, the company implements forward-looking risk management strategies that drive long-term value. In line with IFRS S2, CARIB Brewery (Grenada) Limited transparently reports key sustainability metrics, such as energy efficiency improvements and environmental footprint reduction targets. Through this commitment to responsible business practices, the company aims to provide stakeholders with meaningful insights into its sustainability journey.
Outlook & Future Vision
Looking forward, CARIB Brewery (Grenada) Limited remains focused on delivering sustainable growth, improving profitability and efficiency, reducing operational costs, and maximizing long-term shareholder value. While economic challenges persist, the company’s strong strategic foundation, operational resilience, and dedicated team, positions it for continued success. In the coming year, we aim to drive innovation, enhance operational excellence, and maintain our competitive advantage in the market.
We extend heartfelt appreciation to our shareholders, employees, customers, partners, and stakeholders for their unwavering trust and collaboration. Special thanks are also extended to the Board of Directors for their invaluable leadership and insights, which have been instrumental in guiding the company forward. As we embrace new opportunities and navigate future challenges, CARIB Brewery (Grenada) Limited remains confident in its trajectory, committed to innovation, strategic investment, and building a prosperous, sustainable future together.
Anthony N. Sabga III Chairman
Managing Director’s Report
Ron Antoine
Introduction
Throughout 2024, the global economy continued to face uncertainty, with rising costs, logistical challenges, escalating geopolitical tensions, and extreme weather events shaping industries and communities. These challenges impacted businesses large and small, and CARIB Brewery (Grenada) Limited (CBG) was no exception.
Despite this challenging global environment and rising input costs across the brewing industry, CBG delivered solid revenue growth, reflecting the resilience of our business, strength of our brand, and the dedication of our teams. However, profitability decreased as operational costs increased as CBG contended with three significant and unusual external events: 1) a major “once in 20-year” drought, 2) Hurricane Beryl, and 3) logistics disruptions.
As we look ahead, we remain focused on driving efficiency, strengthening our operations to better withstand external shocks such as those seen in 2024, and innovating to meet the evolving needs of our market.
Financial Performance Overview
2024 was a year of contrasts for CBG, highlighted by strong domestic demand that led to revenue growth, but shaped by several external shocks that led to cost increases and ultimately to lower profitability. Revenue increased to $75.023 million, a 5.4% rise from $71.153 million in 2023 driven by strong demand across core product lines and sustained market presence. This reflects the strength of our brands, customers’ loyalty, the success of our marketing strategies which included a significant increase in brand investment versus 2023. To support this growth advertising and promotional spend was increased by $0.45 million versus 2023 levels. However, profit before tax (PBT) declined to $10.377 million, compared to $11.185 million in 2023 due to rising costs, supply chain pressures, and drought.
Gross profit rose modestly to $24.84 million, up from $24.61 million the previous year, reflecting the impact of increased production costs which grew faster than revenue. These cost increases were largely due to inflationary factors, water supply disruptions and related production inefficiencies due to the May/June drought, and logistics problems as a result of industrial action
at trans-shipment ports which led to out of stock issues. The second quarter drought significantly affected production and also resulted in higher cost of water delivery from private suppliers.
To ensure high-quality output and safety compliance, we maintained strong production standards. This was cemented with the company becoming FSSC22000 Certified. To attain this certification and maintain our high quality, significant investments were made in plant maintenance, cleaning materials, and replacement parts which reflects both increased usage and broader inflationary effects. As a result of these pressures, our gross profit margin was modestly compressed.
Managing these cost headwinds remains a strategic priority for the business with the implementation of a continuous improvement programme in 2025. Controlling operational expenses (OPEX) through :investment in energysaving initiatives, such as renewable energy sources(solar energy) to lower utility costs, reduce maintenance costs with improvements to our preventative maintenance programs for equipment , improve efficiencies and reducing losses thus generating improved results for all stakeholders.
While Administration expenses remained fairly stable, selling and distribution expenses rose by about 7.9% .This was as a result of increased sales whilch resulted in higher personnel cost, higher fuel cost due to the volatility of fuel prices, higher repairs and maintenance cost of the delivery fleet combined with our successful aggressive advertising campaigns.
Concomitantly, profit before tax declined by 7.2% to $10.38 million, and net profit after tax stood at $7.42 million, down from $8.11 million in 2023 — a decrease of 8.5%. While this marks a decline in bottom-line performance, it is important to note that our core operations remained healthy and profitable.
During the year, our net cash provided by operating activities increased to $12.04 million, up from $10.83 million in 2023. This was driven primarily by effective working capital management and sustained profitability. Cash flow from operations remains the cornerstone of our financial strength, providing the necessary resources for capital investments, dividend
payments, and strategic initiatives. Financing activities recorded a net outflow of $6.23 million, largely due to dividend payments. This reinforces our consistent approach to shareholder returns, underpinned by sustainable cash generation. As a result, our cash and cash equivalents closed the year at $4.98 million, compared to $8.14 million at the end of 2023. While this reflects deliberate reinvestment and distributions, the company remains well-positioned with sufficient liquidity to meet its obligations and invest in future growth.
CBG’s equity remains robust with shareholders’ equity increasing to $49.10 million, up from $47.91 million in 2023. This growth was supported by the strong performance of our core operations and careful capital stewardship and underpins our commitment to maximizing shareholder value while maintaining a conservative financial profile. Our debt-to-equity ratio remains low as the company has no debt, reinforcing our financial resilience and capacity to pursue future growth initiatives without compromising financial stability. Our 2024 financial results reflect a solid foundation and consistent execution of our strategic priorities. Strong cash generation, increased shareholder equity, and a resilient financial position, allows us to navigate uncertainties and capitalize on opportunities in the coming year.
Capital Expenditure (CAPEX)
In 2024, the Company continued to execute its capital investment strategy aimed at enhancing operational efficiency, supporting innovation, and strengthening the foundation for sustainable long-term growth. Capital investments were made prudently, reflecting a balanced approach to growth and cash flow management.
Total expenditure on property, plant and equipment (PPE) amounted to $8.90 million, representing a significant yet measured investment compared to $13.64 million in the prior year. This reduction reflects a prudent alignment of capital spending with current operational needs and financial priorities. The most significant investments were made in: purchase of a new 35 Ton boiler to replace non functional unit for producing steam for production, additional C02 storage tank to increase volume stored on plant thus reducing out of stock issues, new sales trucks and marketing vehicles to improve delivery of product and service to our valued customers.
Additionally, investment was allocated toward the acquisition of intangible assets, consistent with strategic efforts to invest in digital capabilities and software tools that support improved analysis and future growth. These capital investments during the year were financed through internally generated funds, underscoring the Company’s commitment to financial sustainability, disciplined cash management and CBG’s ability to support capital expansion without reliance on external borrowing. Looking ahead, the Company remains committed to capital investment that aligns with its long-term strategic objectives. Future projects will focus on: enhancing automation and operational efficiency, selective expansion of production capacity and investment in digital systems and sustainability initiatives.
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures
As a company committed to transparency and sustainability, we have formally adopted the IFRS S1 General Requirements for Disclosure
of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures to enhance our reporting and accountability. These standards allow us to provide stakeholders with clearer, more comprehensive insights into the environmental, social, and governance (ESG) factors influencing our business.
With IFRS S1, we ensure that material sustainability-related financial information is integrated into our financial reporting, demonstrating how these factors impact our long-term strategy and performance. This approach strengthens investor confidence and aligns our disclosure practices with global standards.
IFRS S2 reinforces our commitment to addressing climate-related risks and opportunities. We have embedded climate considerations into our governance framework, identifying risks such as regulatory shifts, extreme weather events, and market transitions. Our mitigation strategies include emissions reduction initiatives, energy efficiency improvements, and investment in sustainable technologies—all aimed at strengthening resilience and driving long-term value.
As we advance our sustainability journey, we remain dedicated to providing clear and decision-useful information that reflects both our financial and environmental commitments.
By embracing these disclosure standards, we reinforce our role as a responsible corporate leader while fostering trust and confidence among our stakeholders.
Environmental, Social, and Governance (ESG)
At CARIB Brewery (Grenada) Limited, we recognize that sustainability and responsible business practices are fundamental to longterm success. Our commitment to Environmental, Social, and Governance (ESG) principles guides our decisions, ensuring we create lasting value for our stakeholders while positively impacting society and the environment.
We remain dedicated to reducing our carbon footprint, improving resource efficiency, and implementing sustainable production practices. Our continued investments in water conservation initiatives, energy-efficient technologies, and waste reduction programs reflect our proactive approach to environmental responsibility. Additionally, our attainment of FSSC22000 certification reflects our dedication to food safety and sustainability while ensuring our business aligns with internationally recognized best practices.
As part of our commitment to sustainable growth and responsible corporate stewardship, we continued to make meaningful progress in reducing our environmental footprint
and supporting the communities we serve. These efforts reflect our core belief that long-term business success must be aligned with environmental and social responsibility. Throughout the year, we strengthened our partnership with local agriculture by donating the by-product from our brewing process to farmers for use as animal feed. This not only reduces waste but also supports the livelihoods of farmers. In parallel, we enhanced energy efficiency across our operations through the installation of low-energy lighting, helping to lower electricity consumption and contribute to a more sustainable production environment. Our products continue to be delivered in returnable bottles and crates, reinforcing our long-standing commitment to reducing single-use packaging waste and promoting a circular economy. In addition, we commenced the installation of a solar energy system, marking a significant step in our transition to renewable energy. Once completed, this initiative will reduce our reliance on fossil fuel-generated electricity and lower our greenhouse gas emissions, in line with our long-term environmental objectives; embedding sustainability into every aspect of our operations. We remain focused on delivering value to our shareholders while building a business that is environmentally responsible, socially conscious, and operationally resilient.
At CBG, we recognize that long-term success is deeply intertwined with our responsibility to the communities we serve. As a company firmly rooted in these communities, we are committed to fostering a sustainable, inclusive, and ethical business model—one that uplifts people, protects the environment, and strengthens society.
Throughout the year, we remained dedicated to social responsibility by investing in educational, sporting, and community development initiatives that improve lives and create opportunities. CBG proudly sponsored key cultural and sporting events, including the annual Intercollegiate Sports Meet (Intercol), the Waggy T Football Competition, the Star Malt Secondary School Soccer Competition, and our premier cultural festival, Carnival. Additionally, we actively participated in Grenada’s 50th anniversary celebrations, reinforcing our commitment to national pride and heritage.
Education remains at the heart of our mission. In support of our future leaders, we provided financial assistance to selected students of TA Marryshow Community College, complementing this support with internship opportunities for both TAMCC and SGU students. These efforts reflect our unwavering belief in empowering individuals through education and skills development, ensuring that we continue to build a brighter, more prosperous future together.
In times of crisis, CBG remains steadfast in its commitment to supporting the community. When Hurricane Beryl struck Carriacou, leaving many families in urgent need, we responded
by providing essential products and supplies to aid in relief efforts. By working closely with local authorities and community leaders, we ensured that much-needed resources reached those most affected, reinforcing our dedication to resilience and solidarity in moments of hardship.
At CBG, strong corporate governance is the foundation of our success and sustainability. We are committed to maintaining the highest standards of transparency, integrity, and accountability in all aspects of our operations. Our governance framework ensures responsible decision-making, safeguards stakeholder interests, and fosters long-term value creation. Throughout the year, we continued to strengthen our governance practices, adhering to regulatory requirements and industry best practices. Our Board of Directors remains dedicated to sound oversight, ethical leadership, and strategic guidance, ensuring that CBG operates in a manner aligned with our values and long-term objectives.
A critical component of our governance structure is the comprehensive internal audit process conducted by Ansa McAl’s Group Internal Audit Department. These audits provide valuable insights into our operational efficiency, financial
integrity, and regulatory compliance, reinforcing our commitment to accountability and continuous improvement. Risk management is an integral part of our governance framework. We leverage the Group’s Enterprise Risk Management System to identify, assess, and proactively manage risks that could impact our business. Through this structured approach, we mitigate potential threats while capitalizing on opportunities, ensuring resilience, stability, and sustainable growth.
In addition, our governance policies support diversity, inclusion, and sustainability. By embedding ethical and responsible business practices into our operations, we promote fairness, equal opportunity, and environmental stewardship. We remain committed to fostering a culture of accountability and trust, ensuring that CBG continues to be a responsible corporate citizen that serves the best interests of our stakeholders.
Our People: The Heartbeat of CARIB Brewery (Grenada) Limited
At CARIB Brewery (Grenada) Limited, our people are the driving force of our success. Their talent, dedication, and resilience power our reputation for quality, innovation, and excellence. We recognize that our success is built on their hard work and dedication and we are deeply committed to fostering a workplace where they feel valued, supported, and empowered to thrive.
Over the past year, we continued to invest in employee development and enhance our health and safety initiatives. We delivered targeted training programs across departments to strengthen technical capabilities, leadership
and operational excellence. In 2024, employees were trained in many disciplines including quality assurance, digital transformation, mental health, conflict resolution, financial analysis, workplace safety and defensive driving. Through these training programs, leadership development initiatives, and wellness support, we equipped our team not only to perform at their best today but to lead the business into the future.
At CBG, safety is our number one priority. This statement reflects our core commitment to fostering a safe and healthy work environment. In 2024, we strengthened this commitment by enhancing workplace safety protocols, providing ongoing training, and promoting employee wellness through activities such as mental health awareness initiatives. Our efforts, combined with our industry-leading Unsafe Condition/Unsafe Behavior (UC/UB) reporting—have significantly contributed to a strong safety culture across the company. These initiatives have helped create a safe, supportive work environment and an energized, engaged CBG workforce.
As part of our commitment to employee safety and well-being, CBG provides all required personal protective equipment (PPE) to employees at no cost to them. Whether it is safety goggles, gloves, back support , high visibility vest or steel-toe boots, we ensure every team member receives the right protective gear tailored to their role and work environment. This proactive investment not only reinforces our safety-first culture but also removes barriers to compliance and supports an inclusive, equitable workplace where every team member has the tools to stay safe and perform with confidence.
We also take pride in maintaining strong industrial relations and open communication with all our stakeholders, including our union partner. This approach has helped us foster a stable and productive environment, where people feel heard and where collective success is prioritized. From production lines to leadership teams, every employee contributes to our mission and embodies the values that define the CARIB brand: quality, integrity, resilience, and pride. Looking ahead, we will continue to invest in our people and build a culture that attracts, retains, and grows the very best talent. Because at CARIB Brewery (Grenada) Limited, our greatest asset will always be our people.
Advancing Sustainability Reporting: IFRS S1 Compliance and Climate Related Disclosures: IFRS S2
In 2024, CARIB Brewery (Grenada) Limited proactively embraced sustainability reporting under the new IFRS S1 Sustainability Disclosure Standard, released in 2023. As part of the ANSA McAL Group’s proactive approach to anticipating
market trends and regulatory changes, CBG was assessed for alignment with the new standard. The insights gained will assist us to optimize operations, reduce risks and identify growth opportunities, making the Company more agile and prepared for the future.
Encouraged by this result, the company has already begun refining reporting processes with the goal of improving decision-making, building sustainable competitive advantages, strengthening stakeholders confidence and reinforcing ESG leadership. This proactive stance ensures that CARIB Brewery (Grenada) Limited remains at the forefront of sustainability reporting with the aim of delivering long-term value for all stakeholders.
As part of our ongoing commitment to sustainability, we recognize the importance of addressing climate-related risks and opportunities in our business operations. Our governance framework ensures that climate considerations are integrated into strategic decision-making, with oversight from both our board and management. We continuously assess potential
impacts of climate change on our financial and operational performance, implementing risk management strategies to enhance resilience and drive long-term value. In line with IFRS S2, we disclose key metrics, including energy efficiency improvements, while setting ambitious targets for reducing our environmental footprint. By transparently reporting on our progress, we aim to provide stakeholders with meaningful insights into our sustainability journey and our dedication to responsible business practices.
Looking Ahead
CARIB Brewery (Grenada) Limited enters the new year with strong sales momentum and a focused strategy to drive profitability. While rising costs in 2024 impacted our margins, our proven ability to adapt and overcome challenges remains a competitive strength. We are streamlining operations, tightening cost controls, and actively pursuing new growth opportunities to safeguard margins and boost efficiency. With a resilient team, trusted brands, and a history of navigating change successfully, we are confident in our ability to deliver stronger results and long-term value.
Strategic capital investments will be central to our continued progress. We have invested in solar energy to reduce operational costs and advance our sustainability goals—demonstrating our commitment to environmental responsibility. In addition, we are reinstating our recycling efforts by crushing and returning damaged crates to suppliers, further supporting our waste-reduction and circular economy initiatives.
We are also upgrading our facilities to improve the work environment for our employees, enhancing both safety and job satisfaction. In line with our growth strategy, we are relaunching our owned Juicy Cool soft drink brand with updated packaging, refined taste profiles, and a revitalized marketing approach. We expect a strong market response and see Juicy Cool playing a more prominent role in our product portfolio moving forward.
With disciplined execution, a strong brand foundation, loyal customers and continued investment in our people, operations, and sustainability efforts, CARIB Brewery (Grenada) Limited is well-positioned to achieve improved financial performance and create lasting value for our shareholders. As we move forward, we remain focused on strengthening profitability, enhancing sustainability, and driving meaningful progress. The future holds exciting opportunities, and we are ready to embrace them with determination and resilience.
Closing Remarks
I extend my deepest gratitude to all those who contribute to the success of CARIB Brewery (Grenada) Limited. To our shareholders, thank you for your trust and unwavering support, which fuels our commitment to growth and excellence. To our
employees, your dedication, passion, and hard work are the foundation of our achievements: we are truly grateful for your efforts. To my fellow managers and leadership team, your resilience, strategic thinking, and commitment to excellence have been instrumental in navigating challenges and driving progress. To our Board of Directors, thank you for your guidance, oversight, and steadfast leadership that continues to shape the success of our company.
To our valued customers, thank you for your loyalty and belief in our brands. Your support drives us to continually innovate and improve, ensuring we deliver the highest quality products and experiences. To our stakeholders, business partners, and community leaders, we appreciate your collaboration and shared vision in fostering a stronger, more sustainable future together.
As we move forward, we remain dedicated to delivering value, strengthening relationships, and pursuing new opportunities with determination and integrity. Together, we will continue to build a future of prosperity and growth.
Ron Antoine Managing Director
OUR SUSTAINABILITY REPORT
Our Commitment to Sustainability From Promise to Progress: Advancing Sustainability Together
The demand for sustainability information continues to grow exponentially. It is both investor-driven and demand-driven. Investors are in pursuit of improved investment performance with reduced risk. Internally, the demand is driven by our corporate executives who seek to drive business success via sustainable practices to achieve sustainable performance. At CARIB Brewery (Grenada) Limited as part of the ANSA McAL Group, we are committed to sustainability
and to providing relevant and timely sustainability information for investors and other stakeholders alike.
As a public corporation, CARIB Brewery (Grenada) Limited understands the shareholders’ need for information about sustainability-related risks and opportunities, which affect financial performance but are not typically reported in the audited financial statements.
Our Roadmap to IFRS S1 and S2 Compliance
In 2023, the International Sustainability Standards Board (ISSB), an independent standards-setting body with the International Financial Reporting Standards (IFRS) Foundation, issued the IFRS Sustainability Disclosure Standards:
1. IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information 2. IFRS S2 Climate-related Disclosures
While the IFRS Sustainability Reporting system is still in its early adoption stage internationally and is not yet mandated in any Caribbean jurisdiction, CARIB Brewery (Grenada) Limited as part of the ANSA McAL Group is committed to working towards compliance.
IFRS S1 is intended to be an overarching standard and addresses general features of sustainability reporting, including materiality. IFRS S1, alongside IFRS S2, is structured across four key content areas: Governance, Strategy, Risk Management, and Metrics & Targets.
ISSB disclosure requirements are underpinned by the concept of materiality, both from the perspective of material information and material metrics. ISSB has leveraged the definition of materiality set forth by IFRS: “Information is material if omitting, misstating or obscuring it could reasonably be expected to
influence the decisions that the primary users of general-purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.”
In 2024, the Group partnered with KPMG to conduct an independent IFRS S1 gap assessment, which assessed current processes and disclosures against IFRS S1 processes and disclosure requirements. This was aimed at identifying areas where current reporting and related practices could be enhanced to facilitate future compliance with IFRS S1 reporting requirements.
This exercise, completed in 2024, assessed 137 requirements/ sub-requirements of the IFRS S1 Standard including 126 Disclosure Requirements and 11 process requirements for each of the four sectors identified.
As a first mover in the region, and early adopter of IFRS S1 and S2 compliance, we at CARIB Brewery (Grenada) Limited, a member of ANSA McAL Group are encouraged by the results of the assessment which revealed that on average, there was 34% compliance or partial compliance with the IFRS S1 requirements. This underscores the progress that the Company has already made in integrating and enhancing sustainability in its businesses and operations.
Based on the results, KPMG made a series of recommendations ranging from quick wins to short-term improvements and strategic initiatives to guide the Group on the most effective approach to working towards compliance.
KPMG’s recommendations to close the gaps identified present a clear way forward to capitalise on opportunities and define processes that can further enhance the sustainability of the Group by working towards achieving full compliance with the IFRS S1 standard.
The ESG data baseline reports and the IFRS S1 assessment reports will be used to review and refine the ESG data gathering process in 2025, to ensure that the usefulness of data is maximised for Accountability and decision-making by the sector and Head Office executive teams.
While IFRS S1 compliance is a priority, CARIB Brewery (Grenada) Limited as part of the ANSA McAL Group has also maintained its focus on assessing double materiality: Financial materiality and Impact materiality. Efforts will also be placed on improving data collection and reporting processes with the intention of disclosing more ESG data with time, to increase transparency and accountability with all of our stakeholders.
At CARIB Brewery (Grenada) Limited we hold a unique perspective that sets us apart. We firmly believe that our people and teams are the driving force behind true progress, growth and creating a sustainable future. We continue to prioritize employee engagement development and satisfaction through: training courses, regular town halls, safety, health and wellness.
Our environmental commitments are in support of the following seven United Nations Sustainable Development Goals
ENVIRONMENT
Investing in
SOLAR POWER
CARIB Brewery (Grenada) Limited has embraced renewable/solar energy with the commencement of a solar energy project in 2024, which augments our position as a responsible manufacturer. This will have a positive effect on the environment through the reduction of greenhouse gas emissions which contributes to global warming.
ENERGY EFFICIENCY
CARIB Brewery (Grenada) Limited prioritizes sustainability and reduction in our environmental footprint with the use of energy-efficient LED lighting LED lights consume significantly less energy than traditional bulbs, leading to lower electricity costs and reduced carbon emissions. With their extended lifespan, they also minimize waste and maintenance efforts. By integrating LED technology, CARIB Brewery (Grenada) Limited continues to prioritize energy efficiency, environmental conservation, and a greener future for all.
Committed to Smarter Water Use
Water and Marine Resources
Water plays a vital role in brewing— not just as a key ingredient but also in cooling processes and maintaining the high hygiene standards of the food and beverage industry. At CBG, we implement three key strategies to enhance water efficiency: conservation, optimized use, and waste water management.
Our commitment to sustainability is reflected in initiatives such as the installation of a new bottle washer designed to reduce water consumption, proactive leak repairs, and timing sensors at all handwashing stations to minimize unnecessary water use. Looking ahead, we will introduce a rainwater harvesting system, further reinforcing our dedication to responsible water management.
Committing to a Cleaner Tomorrow Through Pollution Reduction
Modern technology, less waste
CARIB Brewery (Grenada) Limited commissioned a more sustainable beer filtration system that was installed in 2023. The new filtration system is more efficient, allows for uninterrupted production and saves on costs associated with raw materials and waste. The new system reduced waste as it does not require the use of powders for filtration. The former filtration system is still in place and is only used when there is increased demand and as part of equipment maintenance.
Shaping Tomorrow with Smarter Resource Use Today:
Resource Use and Circular Economy
Reusable Packaging
CARIB Brewery (Grenada) Limited uses three types of reusable packaging: glass bottles, plastic crates, and cardboard cartons. We operate a refundable deposit program, where customers are reimbursed upon returning these packaging. Additionally, CBG produces draft beer in reusable kegs, which are served in reusable mugs at bars and restaurants. In Grenada, more than 25 kegs are actively in circulation, further supporting our commitment to sustainable packaging.
Understanding the importance of environmental responsibility, the company runs radio campaigns to encourage customers to return bottles and crates while promoting the benefits of reducing waste.
Recycling Glass
CARIB Brewery (Grenada) Limited embraces sustainability through responsible recycling. By crushing and returning glass to Ansa Packaging’s CARIB Glasswork, we actively reduce waste, conserve resources, and support a circular economy. This process minimizes landfill accumulation, decreases carbon emissions from new glass production, and promotes reinforcing our commitment to responsible business practices and environmental preservation. Through efficient recycling, we contribute to a greener future while reinforcing our commitment to responsible business practices.
REDUCING PAPER WASTE
Reducing paper waste
To reduce paper waste, we have incorporated digitalization in many areas including: HR processes where payslips are now emailed to employees, eliminating the need for printed copies. In some areas, we have adopted electronic signatures to streamline approvals and introduced a paperless Human Resource Management System, covering everything from vacation requests to performance appraisals. These changes not only cut paper use but also improve efficiency across our operations.
UPCYCLING & RECYCLING WASTE OUTPUTS
Spent malt grains donated to farmers (kg)
2023 442,248 2024 418,929
Spent grains for farmers
We, are actively diverting spent malt grains from the brewing process away from local landfills. The grains are distributed free of cost to farmers as an additive to supplement animal feed. This initiative turns what would be waste into a valuable resource.
Our social commitments are in support of the following six United Nations Sustainable Development Goals
Our People, Our Future
2024 was a transformative year for the Human Resources function at CARIB Brewery (Grenada)
Limited as part of the ANSA McAL Group. It reflected our commitment to the future—our people. Guided by the ambitious 2X growth agenda, HR played a pivotal role in driving organisational transformation while embedding the core values of CARIB Brewery (Grenada)
Limited into every facet of the employee experience.
This year, we focused on creating an environment that not only nurtures engagement but also strengthens retention and accelerates talent development. Through leadership development programmes and the alignment of Key Performance Indicators (KPIs) with our core values, HR has laid the foundation for sustainable growth and a high-performing culture.
CARIB Brewery (Grenada) Limited continues to redefine our workplace excellence. Our priorities in 2024 were clear: to cultivate strong leadership, instil a culture of stewardship, and create an inclusive and dynamic workplace that reflects ANSA McAL’s purpose, vision and core values. These efforts reaffirm our commitment to building an agile, resilient organisation that is future-ready.
Empowering a Fairer Tomorrow
EQUAL OPPORTUNITY
At CARIB Brewery (Grenada) Limited, we remain steadfast in our commitment to fostering an inclusive, equitable, and diverse workplace. In 2024, we continued to make meaningful strides in promoting equal opportunities across all levels of our organisation.
Commitment To Diversity & Inclusion
Fostering Inclusion and Diversity
At CARIB Brewery (Grenada) Limited, we view diversity and inclusion as strategic strengths that enhance our operations and contribute to sustainable growth. In previous years, we took a meaningful step by employing three hearingimpaired individuals-who remain valued members of our team today. Their continued presence reflects our belief that an inclusive workplace is a stronger, more resilient one.
We are committed to providing equal access to opportunities and have implemented workplace initiatives designed to support all employees in reaching their full potential. These efforts are part of our broader commitment to social responsibility and to building a workforce that reflects the diverse communities we serve. By embedding these values into our culture, we continue to cultivate an environment where everyone has the opportunity to contribute, grow, and succeed.
Transforming Tomorrow
NURTURING
TOMORROW’S INNOVATORS (EDUCATION)
Nurturing tomorrow’s innovators by education means empowering the next generation with the skills, creativity, and critical thinking necessary to tackle the world’s most pressing challenges. By providing highquality education, we can unlock the full potential of young minds, fostering a new wave of pioneers who will drive progress, improve lives, and shape a brighter future. This is the sole purpose of the Vita Malt T.A Marryshow Community College Scholarship. The scholarship provides the access and opportunity to students who are not financially capable and are in good academic standing. The scholarship offers selected students with a laptop, meal allowance, transportation allowance and uniform allowance. After completing the first year of college, the scholars are given a two- month internship at CARIB Brewery (Grenada) Limited, where they receive mentorship and taught life skills.
Key Human Resources Achievements
Culture Transformation: Embedding Stewardship in Every Action
In 2024, we continued building on the introduction of our new Core Values in 2023, focusing on their deeper implementation in both our workplace culture and employee Key Performance Indicators (KPls). The year began with the continuation of our culture transformation journey, embedding these core values into every interaction, decision and achievement.
In the latter half of the year, we introduced the principle of Stewardship, further strengthening our commitment to Bravery, Agility, Responsibility, Inclusivity, and Vision. These principles guided our efforts as we worked to create a workplace that truly embodies the spirit of ANSA McAL.
Core Values
From the start of the year, Core Values were integrated into employee KPIs, reinforcing the behavioural expectations essential to achieving the company’s vision.
At CARIB Brewery (Grenada) Limited, our core values are more than guiding principles— they shape our leadership and drive our success. Since the start of the year, these values have been integrated into managers’ KPIs, reinforcing behavioral expectations that align with our company’s vision. This ensures that leadership remains accountable for fostering a culture of excellence, integrity, teamwork, and sustainability, strengthening our commitment to progress and innovation. Top performing employees were awarded each month, recognizing their diligence and appreciation of their dedication. This culminated with and awards ceremony in January 2025.
KEY HIGHLIGHTS IN THE HUMAN RESOURCE STRATEGY
Additionally, the health and wellness of all remain of paramount importance. In keeping with this we hosted two health fairs allowing employees to understand their overall physical, mental and social well-being and promote healthy living. A food safety treasure hunt was used to sensitize employees to food safety and to ensure that they know and understand its importance while having fun.
Stewardship Leadership Principles
This year, we focused on our Stewardship Leadership Principles, a leadership framework that emphasises the values and behaviours essential for ANSA McAL’s leadership success. By integrating stewardship into every facet of leadership development, we are equipping leaders not just to excel in their roles today but to build a legacy for tomorrow. These principles, rooted in Bravery, Responsibility, Inclusivity, Vision, and Agility, inspire our leaders to make thoughtful decisions, mentor emerging talent, and foster an environment of trust and collaboration. Through this approach, we are cultivating a new generation of leaders who will embody ANSA McAL’s & CARIB Brewery (Grenada) Limited’s mission and values, ensuring our continued growth and driving sustainable success for years to come.
Employee Engagement and Retention: Strengthening Our Foundation
Employee engagement and retention remained key priorities for HR in 2024. While pulse survey scores across the group showed a slight decrease from our 2023 scores, this highlighted areas for growth and reinforced our commitment to listening to employee feedback. In response, we implemented targeted programmes and initiatives that foster connection, strengthen loyalty, and
enhance the overall employee experience. These efforts have laid the groundwork for sustained improvement in engagement and retention as we continue to build a culture that supports and empowers our people.
CARIB Brewery (Grenada) Limited hosted two health fairs to allow employees to understand their overall physical, mental and social wellbeing and promote healthy living. A food safety treasure hunt was used to sensitise employees to food safety and to ensure that they know and understand its importance while having fun. Additionally, employees were awarded each month so as to publicly recognise their diligence and appreciate their dedication. This culminated with an awards ceremony in January 2025.
Highlights in Employee Engagement
NURTURING TOMORROW CERTIFICATIONS
CARIB Brewery (Grenada) Limited is proud to achieve internationally recognized certifications that uphold the highest quality standards. For the first time, CBG has attained Food Safety System Certification (FSSC) 22000 and ISO 22000, marking a significant milestone in our commitment to excellence and sustainable development. These certifications reinforce our dedication to producing safe, high-quality products while continuously improving our operations to meet global industry standards. development.
Prioritising Safe Working Environments Today
CARIB Brewery (Grenada) Limited as part of the ANSA McAL Group continues to grow and implement advanced measures in Health, Safety, Security, and Environment (HSSE) to enhance safe working conditions across its operations. With a steadfast commitment to the wellbeing of its employees and stakeholders, the Company has introduced innovative systems, rigorous training programmes, and strategic risk management initiatives. These efforts ensure that all sectors maintain high standards of safety while supporting operational excellence and sustainability.
The HSSE Department reported 5 accidents in total in 2024, a reduction in comparison to 2023. This is attributable to an increase in leadership support and visibility, continued impact of Energy Chamber Safe System of Work (SSOW) training launched in 2023, and continued for all new hires in 2024. There has also been an overall focus on training and the new Safety Management System.
SECURING TOMORROW GROUP-WIDE ADVANCEMENTS IN
HSE AND SECURITY
Advancements in Security
CARIB Brewery (Grenada) Limited as part of the ANSA McAL Group continues to strengthen its security measures as part of its commitment to sustainable business practices. Security remains integral to safeguarding employees, assets, and data while fostering a secure working environment across all operations.
Embedding Security into Our Culture
Building a culture of security awareness is central to ANSA McAL Group’s strategy. Regular training sessions and workshops empower employees to recognise and respond to security challenges effectively. By fostering vigilance and accountability, the Group ensures that every employee plays a role in maintaining a safe and resilient organisation for all teams.
ADVANCEMENTS IN HSE AND SECURITY
Advancements in HSSE
New Safety Management System (SMS) and Life-Saving Rules.
Launched in 2024, the new SMS simplifies the procedures within the HSE and Security Blue Books into 14 Standards:
The SMS establishes the requirements for operating activities, as well as providing a process for improving all our operating activities in the form of the Performance Improvement Cycle (Plan > Do > Check > Improve). The standards are assessed on a quarterly basis and gaps and improvement actions are
noted.
All SMS-controlled documents are housed in a singular SharePoint platform, SMS Connect, where all employees can access the current versions of all SMS Standards and Assessments
ADVANCEMENTS IN HSE AND SECURITY
The 11 Life-Saving Rules
11 Life-Saving Rules (LSRs) were crafted to provide the foundation for the prevention of accidents and harm to people, environmental damage, maintenance of appropriate security levels, and efficiency in the delivery of business goals
aving Rules
and assessed for
on a quarterly basis and are rigorously enforced through workforce engagement and ownership
HIGHLIGHTS: SAFE WORKING
A major milestone was the launch of the new Safety Management System (SMS) in October 2024, introducing 14 Safety Standards, including 11 “Life Savers.” Training for managers and supervisors concluded by December 2024. The UC-UB (Unsafe Conditions-Unsafe Behaviours) reporting has also been enhanced, moving closer to best practices in safety observation by 2025.
Throughout the year, CARIB Brewery (Grenada) Limited prioritized workplace safety and health awareness through various activities and training programs. Employees received training in CPR, first aid, fire extinguisher handling, and defensive driving, equipping them with essential skills for emergency situations. Additionally, health sessions covered personal hygiene, hand washing, mental health, and health check-ups, reinforcing our dedication to employee wellbeing. These initiatives reflect our ongoing commitment to protecting and educating our people our most valuable asset.
CARIB Brewery (Grenada) Limited as part of the ANSA McAL Group of Companies has achieved significant advancements in its cybersecurity posture as part of its multi-year Information Security Strategic Programme. In 2024, the Company demonstrated its commitment to strengthening cybersecurity resilience through strategic initiatives, advanced technologies, and a culture of proactive risk management.
Advancing Business Continuity and Disaster Recovery (BCDR)
In 2024, CARIB Brewery as part of the ANSA McAL Group enhanced its Business Continuity and Disaster Recovery (BCDR) capabilities. By implementing a robust framework for Business Impact Analysis (BIA), the Group established a consistent methodology to evaluate business priorities and apply tailored protections to critical information assets. These advancements ensure operational continuity and minimise disruptions in the face of potential incidents.
Strengthening Data Protection
Data protection remained a priority in 2024, with the development of a comprehensive framework emphasising the identification and classification of information assets. This effort reinforces the Company’s ability to secure sensitive data, align with regulatory standards, and safeguard information integrity across its operations.
Evolving
Cybersecurity Risk Management
The Group’s including CARIB Brewery (Grenada) Limited’s approach to managing cybersecurity risk matured further in 2024:
• Cyber Risk Assessments: The Group implemented a robust methodology to assess cybersecurity risks across its companies, enabling consistent evaluation and prioritisation of mitigations.Incident Response and Employee Awareness
• Incident Response Preparedness: Regular tabletop exercises and simulations strengthened the readiness of the Group’s cybersecurity incident response team,
RESPONSIBLE MARKETING AND INNOVATION
The inclusion of the @EASE symbol on alcohol product packaging serves as a consistent reminder to consumers about the importance of drinking responsibly.
ensuring effective handling of real-world scenarios.
• Cybersecurity Awareness Campaigns: The Group fostered a security-conscious culture among employees through targeted awareness initiatives, reducing the likelihood of successful social engineering attacks and enhancing organisational resilience.
GOVERNANCE
Our governance commitments are in support of the following four United Nations Sustainable Development Goals
Guiding the Future: Strong Board Governance
for a Sustainable Future
CGB BOARD
DUTIES OF THE BOARD OF DIRECTORS
The Board of Directors oversees the management of the Company, ensuring its long-term success and value creation for its shareholders. In the performance of its duties, the Board secures the interests of shareholders by balancing the interests of its stakeholders as well as other interested parties. In addition to its legal requirements, the Board is governed by its Charter which has been developed and is updated from time to time in accordance with international best practice. The sub committee of the Board, the Audit Committee plays a crucial role in supporting the Board by overseeing the
AUDIT COMMITTEE
integrity of financial reporting, ensuring the effectiveness of internal controls, managing the audit process, and monitoring the company’s compliance with applicable laws and regulations. Additionally, the committee is responsible for reviewing management’s enterprise risk policies and procedures, ensuring that key risk exposures— such as financial, operational, and regulatory risks—are identified and effectively managed. Through diligent oversight, the committee helps maintain transparency, accountability, and robust governance across the organization.
SUSTAINABILITY ESG REPORTING
IFRS S1 Assessment & Compliance progress
Although not yet mandatory in the Caribbean region, as part of ANSA McAL’s commitment to sustainability and transparency, the Group has decided to adopt the International Financial Reporting Standards (IFRS) S1 General Requirements for Disclosure of Sustainabilityrelated Financial Information starting with its Head Office and its most influential sectors: Beverage, Construction, Financial Services and Manufacturing (Utilities and Packaging). The first step towards compliance, conducting a gap analysis, was completed in 2024. The Group partnered with KPMG’s Caribbean Sustainability Office for this exercise. This involved assessing current processes and disclosures against each IFRS S1 process or disclosure requirement and aimed to identify areas where current reporting and related practices could be enhanced to facilitate future compliance with IFRS S1 reporting requirements. This exercise, completed in 2024, assessed 137 requirements/sub-requirements
of the IFRS S1 Standard including 125 Disclosure Requirements and 11 Process Requirements for each of the four sectors identified. Based on the results, KPMG made a series of recommendations ranging from quick wins to short-term improvements and strategic initiatives to guide the Group on the most effective approach to working towards compliance. The results of the assessment, summarised in the chart below, revealed that on average there was 35% compliance or partial compliance with the IFRS S1 requirements in the entities assessed. This underscored the progress that the Group has already made in integrating and enhancing sustainability in its businesses and operations. KPMG’s recommendations to close the identified gaps present a clear way forward to capitalise on opportunities and define processes that can further enhance the sustainability of the Group by working towards achieving full compliance with the IFRS S1 standard.
Building a Better Tomorrow OUR PHILANTHROPY REPORT
At CARIB Brewery (Grenada) Limited, our commitment to building a better tomorrow is grounded in meaningful action across education, culture, health, and community resilience. We continue to invest in schools and educational initiatives, recognizing that knowledge is the foundation of progress. By supporting cultural events and Carnival celebrations, we help preserve and uplift Grenadian heritage. We actively promote social well-being and healthy lifestyles through community outreach and public awareness campaigns. Our investment in sports, including support for youth development and regional events like CARIFTA, empowers the next generation to excel. In times of crisis, we stand with our communities, offering critical assistance in hurricane relief efforts. These initiatives reflect our belief that long-term success is shared - and built on the strength, health, and spirit of the people we serve.
CORPORATE INFORMATION
BOARD OF DIRECTORS
Chairman
PETER J. HALL
Sector Head – Beverage Director
ANTHONY N. SABGA III
BOARD OF DIRECTORS
RON ANTOINE
Managing Director
ANDREW J. BIERZYNSKI
Chairman of Audit Committee Independent Director
BOARD OF DIRECTORS
Managing Director of International and Business Development/Director
Financial Comptroller Company Secretary Director
ADRIAN SABGA
ALDYN HENRY–BISHOP
BOARD OF DIRECTORS
AKASH RAGBIR
Director
MARK A. WILKIN
Director
AVERNE PANTIN
DBA BSMP/BSP MSC (DISTINCTION) MBA PMP
BENG BSC MAPETT MPMI MBSI Independent Director
BOARD OF DIRECTORS’ PROFILES
ANTHONY N. SABGA III
Group Chief, Executive Officer, Chairman, Board of Directors CARIB Brewery (Grenada) Limited
MR. ANTHONY N. SABGA Ill holds the position of Group Chief Executive Officer (CEO) of ANSA McAL Limited and Chairman of the Board of CARIB Brewery (Grenada) Limited.
Mr. Sabga holds a Bachelor of Science Degree in Economics from City University and a Masters in International Business Administration from Regents Business School, United Kingdom.
In 2001, Mr. Sabga started his early career at Trinidad Publishing Company (now known as Guardian Media Limited) as Promotions and Circulations Manager.
In 2003, he was appointed as the Executive at ANSA McAL’s Head Office with the focus on Strategic Development of the Group’s IT Infrastructure and the development and implementation of the Group’s Balanced Score Card and Strategic Management Frameworks. Mr. Sabga’s career included diverse portfolios as General Manager at Classic Motors and President of CARIB Beer USA.
As Group CEO, Mr. Sabga is accountable for the leadership of the Group’s Executive Team in providing long-term strategic vision to maintain the Group’s competitiveness and sustainability, while expanding and diversifying the business portfolio and geographic reach to ensure the agility necessary to embrace and respond to the business opportunities in the region and globally.
PETER J. HALL Sector Head - Beverage Director
MR. PETER J. HALL is the Sector Head – Beverage within the ANSA McAL Group of Companies. The Beverage Sector consists of four (4) owned and operated Breweries and an International (Export) business that develops the Carib® Brand in over 30 countries.
Prior to his current role, Peter was the President of Dean & DeLuca Consumer Brands, SVP Sales and Marketing for Heineken Americas, having joined Heineken in 2007. He also worked with Treasury Wine Estates (Beringer), Diageo and Marakon Associates. Peter holds a Bachelor’s Degree from the University of Melbourne, Australia and Master’s from Cambridge University, England.
BOARD OF DIRECTORS’ PROFILES
RON ANTOINE Managing Director
MR. RON ANTOINE is currently the Managing Director of CARIB Brewery (Grenada) Limited and has been for the past fourteen (14) years. Currently, he is also the Chairman of the Grenada Ports Authority.
Prior to Ron’s current role, he served as Chairman of both the National Insurance Board and Caribbean Brewers’ Association.
Ron is a member of both the CBA & MBAA, having joined in 2007 and also previously served as Chairman of the CBA.
Ron holds a Bachelor’s Degree in Mechanical Engineering from the University of the West Indies and a MBA in Accounting from Cornell University, USA.
ANDREW J. BIERZYNSKI Chairman Of Audit Committee Independent Director
MR. ANDREW J. BIERZYNSKI’s business career began in Insurance, with now defunct Carib Insurance Co. Ltd. At age 21 he was appointed to the Board of Directors. As a result of the political environment in the 1970s he emigrated to pursue other opportunities and worked in the Health Food Industry.
Returning to Grenada in 1979 he worked in the Automotive Industry with J. B. Hubbards, and then with G. F. Huggins in Marketing. In 1985 joined Renwick Thompson & Co. Ltd and established Best of Grenada Ltd., his main occupations to today, where he is Director and Managing Director respectively.
He has served in many capacities viz. formally a Director of the National Commercial Bank, several of his own Companies covering a range of diverse interests in LPG Distribution, Agricultural Goods, Chemicals, Household Cleaners, Financial Services, Liquor/Wine Distribution, Real Estate Development, Hospitality Services. Currently serving as a Director of the Grenada Building & Loan Association. He holds interests in several other Public/Private Companies.
He was educated at the GBSS and Mapps College Barbados.
BOARD OF DIRECTORS’ PROFILES
ADRIAN SABGA Managing Director of International and Business Development Director
MR. ADRIAN SABGA currently holds the position of Managing Director of International and Business Development at CARIB Brewery (Grenada) Limited. He is charged with managing all export markets (currently 33 and growing) as well as managing all business development prospects which encompasses both organic and inorganic growth opportunities. Before this, he also led the innovation team and had the pleasure of launching some of CARIB Breweries most exciting
innovations like CARIB Blue, Caribé, Hurricane Reef, and Rockstone to name a few.
Mr. Sabga holds a Master of Science, MSc–Management, Information System & Innovation from the London School of Economics and Political Science, and a BSc in Management and Economics from the University of West of England.
ALDYN HENRY-BISHOP Financial Comptroller Company Secretary Director
MRS. ALDYN HENRY–BISHOP holds the position of Chief Financial Officer at CARIB Brewery (Grenada) Limited with over 20 years experience in Finance and Accounting.
She holds a Bachelors of Science Degree (Hons.) in Management from the University of the West Indies, Cave Hill Campus, a Fellow Member of Association of Chartered Certified Accountants and possess a Masters of Business Administration
with specialization in Strategic Planning from Edinburgh Business School, Heriot-Watt University. Mrs. Henry-Bishop is also an Accredited Director through the Chartered Governance Institute of Canada. She also served for over 5 years as a Director of Sissons Paints Grenada Limited and Chairperson of their Audit Committee and is currently a Director of the Grenada Investment Development Corporation.
AKASH RAGBIR Director
MR. AKASH RAGBIR has been working in the Brewing Industry for the past 29 years.
He started his career at CARIB Brewery Trinidad in 1992 and has worked in a number of management positions across all areas of a Brewery. He holds a B.Sc. in Biochemistry and an M.Sc. in Production and Operations Management from the University of the West Indies and is a
qualified Brewmaster having pursed Brewing Studies in USA, UK and Germany.
He previously held senior management positions in the brewing industry in Jamaica and Barbados and in 2017 re-joined the ANSA McAL family as the Sector Supply Chain Director for the Beverage Sector of the ANSA McAL Group.
BOARD OF DIRECTORS’ PROFILES
MARK A. WILKIN Director
MR. MARK A. WILKIN is the Managing Director of CARIB Brewery (St. Kitts and Nevis) Ltd. for the past 20 years. He also sits as a Non-Executive Director of S. L. Horsford and Co. Limited (A diversified trading Co) and a Director of St. Kitts Developments Limited (Land development Co). Prior to his current role, Mark was an Executive Director S. L. Horsford & Co Ltd, Basseterre, St Kitts.
Mark is currently Chairman of the Manufacturing Division of the St Kitts – Nevis Chamber of Industry and Commerce (SKNCIC). He was President of the
SKNCIC from 2008 to 2010 and has served as a Chamber Director and Allied Director of St Kitts – Nevis Hotel and Tourism Association for many years.
Mark is a member of both the CBA and MBAA, having joined both in 2003. He also served as Chairman of the CBA in 2007/2008 and President of the MBAA in 2007 and 2017.
He holds a Bachelor’s Degree (BA) from the University of Western Ontario, Canada and a Master’s (MBA) from University of Keele, England.
DR. AVERNE PANTIN
DBA BSMP, BSP MSC (DISTINCTION)
MBA PMP BENG BSC MAPETT MPMI MBSI Independent Director
DR. AVERNE PANTIN has a proven executive management track record with over 30 years of experience driving growth and development in areas of strategic manufacturing, engineering and port management.
As a senior executive in the area of Logistics and Supply Chain Industry, he is responsible for the strategic trust for PLIPDECO.
Before the world of logistics, Dr. Pantin once headed all green, brown field and turnaround operational type projects for Brauhaase International Management GmbH, Germany. Such
projects were undertaken regionally, in Africa, Asia and South Pacific.
Dr. Pantin presently serves as Director and Council Advisor for the Beverage and Real Estate Development Sectors of the ANSA McAL Group of Companies. He is also a part-time Lecturer at the University of the West Indies for Graduate Studies in the field of Supply Chain Management. He is a senior member of the Association of Professional Engineers of Trinidad and Tobago, a member of the Project Management Institute, Trinidad Charter, and a Global Partner for Balance Score Card Institute, USA.
EXECUTIVE TEAM
RON ANTOINE MANAGING DIRECTOR
PAULA LAMBERT LOGISTICS MANAGER
CECIL FRANCIS JR. ASSISTANT PLANT ENGINEER
ALDYN HENRY-BISHOP FINANCIAL COMPTROLLER COMPANY SECRETARY
Mr. Andrew Bierzynski (Chairman of Audit Committee Independent Director)
Mr. Mark Wilkin
Dr. Averne Pantin (Independent Director)
Mr. Adrian Sabga
Mr. Akash Ragbir
Audit Committee
Mr. Andrew Bierzynski (Chairman)
Mr. Ron Antoine
Dr. Averne Pantin
Secretary/Financial Comptroller
Mrs. Aldyn Henry-Bishop – BSc. (Hons), FCCA, MBA , Accr. Director
Registered Office
Grand Anse, St. George, Grenada, West Indies.
Auditors
PKF Accountants and Business Advisers Grand Anse, St. George, Grenada.
Bankers
Grenada Co-operative Bank Limited, Church Street, St. George’s, Grenada.
ACB Grenada Bank Ltd Grand Anse, St. George, 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, Grenada.
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, 2024
RESULTS FOR THE YEAR 2024
DIVIDENDS
Subsequent to year end, a ordinary dividend of $0.89 per share plus a special dividend of $1.61 in respect of 2024 were declared by the Directors. These would be paid on 2nd July, 2025, to Shareholders on the Register of Ordinary Members on 11th June, 2025
DIRECTORS
The Directors listed on page 3 served during the year.
In accordance with By-Law No 1 Section 4.5, Mr. Anthony N. Sabga III and Mr. Akash Ragbir are the Directors retiring by rotation and being eligible, offer themselves for re-election.
AUDITORS
The Auditors Messrs. PKF Accountants and Business Advisers have expressed their willingness to continue in office.
On behalf of the Board
Aldyn Henry-Bishop Company Secretary 24th April, 2025
DIRECTORS AND SENIOR OFFICERS’ INTEREST
According to the Company’s Register, the interests of the Directors on the dates indicated are as follows:
The following companies held more than 5% of the stated capital of the Company:
Notice of Annual Meeting of Shareholders
CARIB Brewery (Grenada) Limited (“the Company”) wishes to advise its shareholders that the Sixty-Fifth Annual Meeting of the Company will be held at the Greenery Room, Radisson Grenada Beach Resort, Grand Anse, St. George on Wednesday, 2nd July, 2025 from 4:30 pm for the following purposes:
ORDINARY BUSINESS
1. To receive and consider the Audited Financial Statements for the year ended 31st December, 2024 and the Reports of the Directors and Auditors thereon.
2. To re-elect Directors.
3. To re-appoint Auditors and authorize the Directors to fix their remuneration.
All shareholders are required to follow Radisson Grenada’s established protocols and any other protocols that may be in effect at the time of the meeting.
The 2024 Annual Report can be viewed electronically at www.ansamcal.com
Dated this 24th day of April, 2025
Aldyn Henry-Bishop Company Secretary
NOTES:
1. In accordance with Section 108 (1) and (2) of the Companies Act #35 of 1994, the Directors have fixed 11th June, 2025 as the record date for determining the Shareholders who are entitled to receive dividend payments for the period ending 31st December, 2024 and notice of the Annual Meeting for the period ended 31st December, 2024. Only Shareholders on record at the close of business on 11th June, 2025 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 11th June, 2025 – 2nd July, 2025, inclusive.
Form of Proxy
The Company Secretary CARIB Brewery (Grenada) Limited P. O. Box 202 Grand Anse, St. George’s Grenada
Sixty-Fifth Annual Meeting of CARIB Brewery (Grenada) Limited to be held on Wednesday 2nd July, 2025 at 4.30pm at the Grenada Room, Radisson Grenada Beach Resort, Grand Anse, St. George, Grenada.
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 failing 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 adjournment 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 adjournment or adjournments 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.
RESOLUTIONS
ORDINARY RESOLUTIONS FOR AGAINST
1. The Audited Financial Statements of the Company for the year ended December 31, 2024 and the Reports of the Directors and Auditors thereon be adopted.
2. In accordance with By-Law No. 1 Section 4.5, each of the following persons who retire and being eligible be and each of them hereby is re-elected as a Director of the Company: i. Mr. Anthony N. Sabga III ii. Mr. Akash Ragbir
3. 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 2025 Signature of Shareholder Name in block letters
Notes:
4. If it is desired to appoint as a proxy a person other than those named on the form, delete as necessary and insert the name and address of the person appointed.
5. If the shareholder is a corporation, this Proxy Form must be under its common seal or under the hand of some officer or attorney duly authorised in writing.
6. A shareholder that is a corporate body may, in lieu of appointing a proxy, authorise an individual by resolution of its directors or governing body to represent it at this Annual Meeting.
7. In the case of a joint shareholder, the signature of one joint shareholder is sufficient, but the names of all joint shareholders should be stated.
8. If the Proxy Form is returned without any indication as to how the person appointed shall vote, the proxy will exercise his/her discretion as to how he/she votes or whether he/she abstains from voting.
9. Any alteration made to this form of proxy must be initialled
10. To be valid, this Proxy Form must be completed and deposited at the Registered office of the Company, at the address below not less than 48 hours before the time for holding the Annual Meeting or adjournment meeting.
Return to:
The Company Secretary CARIB Brewery (Grenada) Limited
P. O. Box 202
Grand Anse, St. George’s Grenada
Notes
Six-year summary of financial performance
in Thousands in Eastern Caribbean Dollars
Pannell House | P.O. Box 1798 | Grand Anse | St. George Grenada | West Indies
Tel: (473)–440–2562 | 3014 | 2127 | 0414
Email: pkf@pkfgrenada.com
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF CARIB BREWERY (GRENADA) LIMITED
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Carib Brewery (Grenada) Limited (‘the Company’) which comprise the statement of financial position as at 31st December, 2024, 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, 2024 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”).
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 Auditors’ Responsibilities for the Audit 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.
Other information included in the Company’s 2024 Annual Report
Other information consists of the information included in the Company’s 2024 Annual Report, other than the financial statements and our auditor’s report thereon. Management is responsible for the other information.
Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.
Partners: Henry A. Joseph FCCA, CA (Managing), Michaelle A. Millet B.A., CPA, CGA (Mrs.), Michelle K. Bain FCCA (Miss.)
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF CARIB BREWERY (GRENADA) LIMITED
Report on the Audit of the Financial Statements (continued)
Other information included in the Company’s 2024 Annual Report (continued)
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.
Responsibilities of Management and The Audit Committee for the 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, disclosing, 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.
The Audit Committee is responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibility for the Audit of the Financial Statements
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 auditor’s 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.
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF CARIB BREWERY (GRENADA) LIMITED
Report on the Audit of the Financial Statements (continued)
Auditor’s Responsibility for the Audit of the Financial Statements (continued)
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit 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.
• 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 accounting policies used and the 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 audit evidence obtained, whether a material uncertainty exists related to events or conditions 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 auditor’s report to the related disclosures 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 conditions 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.
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
May 6th 2025
Accountants & Business Advisers:
CARIB BREWERY (GRENADA) LIMITED
STATEMENT OF FINANCIAL POSITION AT 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars)
The accompanying notes form an integral part of these financial statements
Approved by the Board of Directors on May 6th, 2025 and signed on its behalf by: :Director :Director 5
CARIB BREWERY (GRENADA) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars)
The accompanying notes form an integral part of these financial statements
CARIB BREWERY (GRENADA) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31st DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars)
The accompanying notes form an integral part of these financial statements
CARIB BREWERY (GRENADA) LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars)
Operating profit before working capital changes
Increase in inventories
Increase in trade and other receivables
Decrease in amount due from Ansa McAl Group of Companies
Decrease in investment securities
Increase in past service benefits liability
(Decrease)/increase in trade and other payables
Decrease in provision for repayment of deposits on cases Inccrease/(decrease) in amount due to Ansa McAl Group of Companies
Decrease in due from related party
The accompanying notes form an integral part of these financial statements
CARIB BREWERY (GRENADA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars)
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 Companies Act. The Company’s registered office and principal place of business is Maurice Bishop Highway, St. George’s, Grenada.
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 sixty-five (265) persons (2023-243).
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 judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(b) Changes in accounting policies and disclosures
(i) New Accounting Standards, Amendments and Interpretations adopted
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 31st December, 2023 except for the adoption of new standards and interpretations below.
Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback (effective 1 January 2024)
In September 2022, the Board issued Lease Liability in a Sale and Leaseback (Amendments to IFRS 16).
The amendment to IFRS 16 Leases specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains.
The amendment does not prescribe specific measurement requirements for lease liabilities arising from a leaseback. The initial measurement of the lease liability arising from a leaseback may result in a seller-lessee determining ‘lease payments’ that are different from the general definition of lease payments in Appendix A of IFRS 16. The seller-lessee will need to develop and apply an accounting policy in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors that results in information that is relevant and reliable.
A seller-lessee applies the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application (i.e., the amendment does not apply to sale and leaseback transactions entered into prior to the date of initial application). The date of initial application is the beginning of the annual reporting period in which an entity first applied IFRS16.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES
(continued)
(b) Changes in accounting policies and disclosures (continued)
(i) New Accounting Standards, Amendments and Interpretations adopted (continued)
Amendments to IAS 1 – Classification of Liabilities as Current and Non-current with Covenants (effective 1 January 2024)
In January 2020 and October 2022, 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:
• 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.
The amendments also clarify that the requirement for the right to exist at the end of the reporting period applies to covenants which the entity is required to comply with on or before the reporting date regardless of whether the lender tests for compliance at that date or at a later date.
The amendments must be applied retrospectively.
Amendments to IAS 7 and IFRS 7 – Disclosures: Supplier Finance Arrangements (effective 1 January 2024)
In May 2023, the Board issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures.
The amendments specify disclosure requirements to enhance the current requirements, which are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.
The amendments require an entity to provide information about the impact of supplier finance arrangements on liabilities and cash flows, including terms and conditions of those arrangements, quantitative information on liabilities related to those arrangements as at the beginning and end of the reporting period and the type and effect of non-cash changes in the carrying amounts of those arrangements.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(b) Changes in accounting policies and disclosures (continued)
(i) New Accounting Standards, Amendments and Interpretations adopted (continued)
IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information (effective 1 January 2024)
IFRS S1 sets out overall requirements for sustainability-related financial disclosures with the objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.
IFRS S2 Climate-related Disclosures (effective 1 January 2024)
IFRS S2 sets out the requirements for identifying, measuring and disclosing information about climate-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.
These amendments and standards had no impact on the financial statements.
(ii) Standards in issue not yet effective
The following is a list of standards and interpretations that were 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 IAS 21 – Lack of exchangeability (effective 1 January 2025)
In August 2023, the Board issued lack of exchangeability (Amendments to IAS 21).
The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking.
The amendment states that a currency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations.
When applying the amendments, comparative information is not restated.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(b) Changes in accounting policies and disclosures (continued)
(ii) Standards in issue not yet effective (continued)
Amendments to the SASB standards to enhance their international applicability (effective 1 January 2025)
The amendments remove and replace jurisdiction-specific references and definitions in the SASB standards, without substantially altering industries, topics or metrics.
Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective 1 January 2026)
In May 2024, the Board issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures), which:
• Clarifies that a financial liability is derecognised on the ‘settlement date’, i.e., when the related obligation is discharged, cancelled, expires or the liability otherwise qualifies for derecognition. It also introduces an accounting policy option to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met
• Clarified how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features
• Clarifies the treatment of non-recourse assets and contractually linked instruments
• Requires additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income
The new requirements will be applied retrospectively with an adjustment to opening retained earnings. Prior periods are not required to be restated and can only be restated without using hindsight.
Amendments to IFRS 9 and IFRS 7 – Power Purchase Agreements\Contracts Referencing Nature-dependent Electricity (effective 1 January 2026)
In December 2024, the Board issued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).
CARIB BREWERY (GRENADA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(b) Changes in accounting policies and disclosures (continued)
(ii) Standards in issue not yet effective (continued)
Amendments to IFRS 9 and IFRS 7 – Power Purchase Agreements\Contracts Referencing Nature-dependent Electricity (effective 1 January 2026) (continued)
The amendments include:
• Clarifying the application of the ‘own-use’ requirements
• Permitting hedge accounting if these contracts are used as hedging instruments
• Adding new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Early adoption is permitted but will need to be disclosed. The clarifications regarding the ‘own use’ requirements must be applied retrospectively, but the guidance permitting hedge accounting have to be applied prospectively to new hedging relationships designated on or after the date of initial application.
IFRS 18 – Presentation and Disclosure in Financial Statements (effective 1 January 2027)
In April 2024, the Board issued IFRS 18 Presentation and Disclosure in Financial Statements which replaces IAS 1 Presentation in Financial Statements. IFRS 18 introduces new categories and subtotals in the statement of profit or loss. It also requires disclosure of management-defined performance measures (as defined) and includes new requirements for the location, aggregation and disaggregation of financial information.
An entity will be required to classify all income and expenses within its statement of profit or loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. In addition, IFRS 18 requires an entity to present subtotals and totals for ‘operating profit or loss’, ‘profit or loss before financing and income taxes’ and ‘profit or loss’.
IFRS 18 introduces the concept of a management-defined performance measure (MPM) which it defines as a subtotal of income and expenses that an entity uses in public communications outside financial statements, to communicate management’s view of an aspect of the financial performance of the entity as a whole to users. IFRS 18 requires disclosure of information about all of an entity’s MPMs within a single note to the financial statements and requires several
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(b) Changes in accounting policies and disclosures (continued)
(ii) Standards in issue not yet effective (continued)
IFRS 18 – Presentation and Disclosure in Financial Statements (effective 1 January 2027) (continued)
disclosures to be made about each MPM, including how the measure is calculated and a reconciliation to the most comparable subtotal specified by IFRS 18 or another IFRS accounting standard.
IFRS 18 must be applied retrospectively.
IFRS 19 - Subsidiaries without Public Accountability: Disclosures (1 January 2027)
In May 2024, the Board issued IFRS 19 Subsidiaries without Public Accountability: Disclosures (IFRS 19), which allows eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. Unless otherwise specified, eligible entities that elect to apply IFRS 19 will not need to apply the disclosure requirements in other IFRS accounting standards.
An entity may elect to apply IFRS 19 if at the end of the reporting period:
• It is a subsidiary as defined in IFRS 10 Consolidated Financial Statements; It does not have public accountability; and
• It has a parent (either ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards.
• An entity has public accountability if:
• Its debt or equity instruments are traded in a public market, or it is in the process of issuing such instruments for trading in a public market; or
• It holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses (i.e., not for reasons incidental to its primary business).
If an eligible entity chooses to apply the standard earlier, it is required to disclose that fact. An entity is required, during the first period (annual and interim) in which it applies the standard, to align the disclosures in the comparative period with the disclosures included in the current period under IFRS 19, unless IFRS 19 or another IFRS accounting standard permits or requires otherwise.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(b) Changes in accounting policies and disclosures (continued)
(ii) Standards in issue not yet effective (continued)
Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
In December 2015, the IASB decided to defer the effective date of the amendments until such time as it has finalised any amendments that result from its research project on the equity method. Early application of the amendments is still permitted.
The amendments address the conflict between IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures in dealing with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture.
The amendments clarify that a full gain or loss is recognised when a transfer to an associate or joint venture involves a business as defined in IFRS 3 Business Combinations. Any gain or loss resulting from the sale or contribution of assets that does not constitute a business, however, is recognised only to the extent of unrelated investors’ interest in the associate or joint venture.
The amendments must be applied prospectively
(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 - Volume 11
The following amendments are applicable to annual periods beginning on or after 1 January, 2026
IFRSs – Subject of Amendment
IFRS 1 Hedge accounting by a first-time adopter
IFRS 7 Gain or loss on derecognition
IFRS 7 Disclosure of deferred difference between fair value and transaction price
IFRS 7 Introduction and credit risk disclosures
IFRS 9 Lessee derecognition of lease liabilities
IFRS 9 Transaction price
IFRS 10 Determination of a ‘de facto agent’
IAS 7 Cost method
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(c) Property, plant and equipment
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 directly 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 straightline method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. The rates used are as follows:
2.5% - 33.33%
20% - 33.33 %
- 33.33%
10% - 12.5%
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(c) Property, plant and equipment (continued)
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 disposals 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.
(d) Inventories
Inventories are valued as follows:
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, first-out basis.
3) Work-in-progress – Raw material costs, direct labour and overheads incurred in brewing,
4) Finished products – Raw material costs, direct 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.
(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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(g) Past Service benefits other than pensions
The Company provides, to all employees who are members of the Technical and Allied 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.
(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) Cash and Cash Equivalents
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.
(j) Trade and Other Receivables
Trade receivables are amounts due from customers for merchandise 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.
Trade and other receivables are recognized 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.
(k)
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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(k) Financial instruments (continued)
(i) Recognition and measurement
(ii)
All 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 market-place 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.
Subsequent measurement categories of financial assets and liabilities
The Company classifies all it’s financial assets based on the business model for managing the assets and the asset’s contractual terms.
The Company classifies its financial assets at amortised cost except equity which is at fair value through profit and loss.
Amortized cost
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.
Impairment
In relation to the impairment of financial assets, the company utilizes an expected credit loss (ECL) model. This 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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(k) Financial instruments (continued)
(ii) Impairment (continued)
Therefore, it is no longer necessary for a credit event to have occurred before credit losses are recognised.
The Company records an allowance for expected credit losses for its trade receivables using a simplified approach to calculating ECLs whereby it recognizes a loss allowance based on lifetime ECLs at each reporting date. The ECL on these financial assets are estimated used a provision matrix that is based on it 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 recognises 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 recognised 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.
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.
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 date about the following events:
(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-organization; and
(iv) The disappearance of an active market for that financial asset because of financial difficulties
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(k) Financial instruments (continued)
(iii) Write offs
The gross carrying amount of a financial asset is written off to the extent that there is no realistic prospect of recovery. This is generally 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-off.
(iv) Derecognition of financial assets
The Company derecognises 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 recognises 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.
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 recognised in profit or loss.
(v) Financial liabilities
When financial liabilities are recognised they are measured at fair value of the consideration given plus transactions costs 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 discharged, cancelled or expired. The difference between the carrying amount of a financial liability extinguished and the consideration price is recognised in the statement of comprehensive income.
(l) Revenue Recognition
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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(l) Revenue Recognition (continued)
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) 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.
(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 liability 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.
(o) 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.
Trade payables are recognised initially at fair value and subsequently measured at amortized cost using the effective interest rate method.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(q) Provisions
(r)
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.
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) Intangible assets
The Company’s intangible assets represent computer software. 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. The computer software is being amortised over ten years.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS IN APPLYING ACCOUNTING POLICIES
The development of estimates and the exercise of judgment 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.
i) Valuation of property
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) Provision for expected credit losses of trade receivables
The Company uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS IN APPLYING ACCOUNTING POLICIES
(continued)
ii) Provision for expected credit losses of trade receivables (continued)
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 credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future.
iii) Property, plant and equipment
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.
iv) Provision for inventory obsolescence
Provision for obsolescence on inventory is based on the age of the inventory, assessment of the physical condition and the levels of obsolete or unsaleable inventory items on hand.
4. NET SALES
Net sales comprise the value of sale of Beer, Stout, Maltas, and Soft Drinks in Grenada, Trinidad and St. Vincent excluding Value Added Tax.
5.
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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
6. PROFIT FOR THE YEAR
This profit is stated after charging:
LIMITED | NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars)
at 1 st January, 2023
the year ended 31 st December, 2023
book value
for the year
for the year –cost Disposals for the year –
Balance at 31 st December, 2023 Cost/valuation
For the year ended 31 st December, 2024
Opening book value Additions for the year Disposals for the year –cost Disposals for the year –accumulated depreciation
TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
8. INTANGIBLE ASSETS
9. INVESTMENT SECURITIES
The fair value of the Eastern Caribbean Securities Exchange Shares was estimated at cost since insufficient recent information was available to measure at fair value.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
10. INVENTORIES
The difference between the purchase price or production cost of inventories and their replacement value is not material.
11. TRADE AND OTHER RECEIVABLES
Movements in provision for expected credit loss of trade receivables were as follows:
The carrying value of trade and other receivables approximates their fair value.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
12. AMOUNT DUE FROM RELATED PARTY
Balance at 31st December, 2024
This amount is due from Sissons Paint (Grenada) Limited. There was a moratorium on principal payment to December 31, 2022. This loan is repayable in monthly instalment of $39,199.84 inclusive of principal and interest at a rate of 3.5% per annum, over five (5) years.
The loan is secured by a promissory note of the ultimate parent – Ansa McAl Limited.
13. CASH AND CASH EQUIVALENTS
The Company has an unused EC$5.0 million overdraft facility available with Grenada Cooperative Bank Limited.
14. STATED CAPITAL
Authorised - 6,000,000 ordinary shares of no par value - 300,000 10% preference shares of no par value
Allocated, called up and fully paid - 4,154,652 ordinary shares of no par value $4,155 $4,155
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
15. CAPITAL RESERVE ACCOUNT
Balance at 31st December, 2024
This reserve consists of surplus derived from revaluation of property, plant and equipment less amounts utilised in the issue of bonus shares.
16. PAST SERVICE BENEFITS LIABILITY
This amount is a provision for retirement benefits for persons employed with the Company and represented by the Grenada Technical and Allied Workers’ Union.
17. DEFERRED TAX ASSET
The deferred tax asset is due to the acceleration of tax depreciation.
CARIB BREWERY (GRENADA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
18. TRADE AND OTHER PAYABLES
19. AMOUNT DUE FROM/(TO) ANSA MCAL GROUP OF COMPANIES
Carib Brewery TNT Limited/ Caribbean Development Company Limited (913) (1,406)
Ansa McAl (USA) Inc. (2,043)Carib Brewery USA (4) (3)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
20. TAXATION
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:
21.
22. 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 (2023: 226,179).
23. RELATED PARTY TRANSACTIONS
The following transactions were carried out with other Ansa McAl Group companies during the year:
v) Compensation of key management personnel of the company:
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
24. EARNINGS PER SHARE
25. 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 adherence to risk principles is carried out by the executive management of the Company in compliance with the policies approved by the Board of Directors.
Credit risk management
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.
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.
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.
Trade receivables
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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
25. RISK MANAGEMENT (continued)
Trade receivables (continued)
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 individual 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.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
25. RISK MANAGEMENT (continued)
Trade receivables (continued)
Set out below is the information about the credit risk exposure on the Company’s trade receivables
December, 2023
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
25. RISK MANAGEMENT (continued)
Liquidity
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 liquidity 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
3. terminated if required.
4. Maintaining committed lines of credit.
5. Maximizing cash returns on investment.
The table below summaries the maturity profile of the Company’s financial liabilities at 31st December, 2024 based on contractual undiscounted payments.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
25. RISK MANAGEMENT (continued)
Fair values
Fair value of the financial assets and liabilities represents the amounts at which the instrument could be exchanged in a current transaction between willing parties, other than in a fored 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, Trinidad and Tobago and Guyana Dollars.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
25. RISK MANAGEMENT (continued)
Currency risk (continued)
The
and
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2024 (Expressed in thousands of Eastern Caribbean Dollars) (continued)
25. RISK MANAGEMENT (continued)
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 has no significant interest-bearing assets or liabilities, its income and operating cash flows are substantially independent of changes in market interest rates.
