UNAUDITED FINANCIAL RESULTS FOR NINE MONTHS ENDED 31ST DECEMBER 2015

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1 UNAUDITED FINANCIAL RESULTS FOR NINE MONTHS ENDED 31ST DECEMBER 2015 The Directors of Flour Mills of Nigeria Plc (FMN) are pleased to announce the unaudited financial results of the and the for nine months ended 31st December 2015 as follows: 31/12/ /12/ /12/ /12/2014 Revenue 263,679, ,279, ,037, ,779,419 Cost of Sales (235,996,097) (219,350,810) (169,069,999) (157,569,971) Marketing, distribution and administrative expenses (15,200,589) (10,609,588) (14,234,674) (12,200,045) Net financial cost (16,430,173) (11,926,466) (9,312,830) (4,118,587) Share of results of associates - 1,303, Gain on disposal of investment in associate 23,732,452-13,952,039 - Profit before tax 19,785,574 3,696,595 8,372,476 1,890,816 Tax expense (782,230) (401,656) (475,564) (277,742) Profit after tax 19,003,344 3,294,939 7,896,912 1,613,074 Attributable to: Owners of the 18,400,169 2,662,588 7,896,912 1,613,074 Non-controlling interests 603, , ,003,344 3,294,940 7,896,912 1,613,074 Earnings per share - Basic (kobo) Earnings per share - Diluted (kobo) Explanatory Notes: 1.Despite the pressure on top line sales, coupled with operational and logistics issues in Apapa, the and succeeded in growing revenues by 8% year-on-year. The improved top line growth was impacted by devaluation of the Naira which led to rising input costs. In addittion, the decline in Profit Before tax was partly driven by higher financing costs. 2.It is pleasing to note that a gain of N23.7 billion realized on sale of the remaining 15% of the investment in United Cement of Nigeria Limited was a big boost to the 's bottom line. 3. In the light of the current difficult economic environment and tremendous pressure on margins, Management will continue to optimize production levels, costs and sales matrix in order to deliver stronger growth and earnings during the second half of the financial year. 4.The financial statements of the for nine months ended December 31, 2015 incorporate those of Golden Transport Limited, Golden Noodles Limited, New Horizon Limited, FMN Cement Industries Nigeria Limited and Quilvest Properties Limited, which has been merged with Flour Mills of Nigeria Plc in line with an order of the Federal High Court, Lagos dated October 19, 2015 duly registered with the Corporate Affairs Commission. BY ORDER OF THE BOARD Joseph Odion Umolu Secretary FRC/2013/NBA/ th January, 2016

2 CONDENSED CONSOLIDATED AND SEPARATE INTERIM FINANCIAL STATEMENTS 31ST DECEMBER, 2015

3 CONDENSED CONSOLIDATED AND SEPARATE INTERIM FINANCIAL STATEMENTS 31ST DECEMBER, 2015 INDEX PAGE STATEMENT OF COMPREHENSIVE INCOME 1 STATEMENT OF FINANCIAL POSITION 2 STATEMENT OF CHANGES IN EQUITY 3 CONDENSED STATEMENT OF CASH FLOWS 4 ACCOUNTING POLICIES (NOTE 1 TO 4) 5 NOTES 5 6 NOTES 5 CONTINUE 7 NOTES 6 TO 8 8 GROUP FIXED ASSETS SCHEDULE 9 COMPANY FIXED ASSETS SCHEDULE 10 INTANGIBLE ASSETS SCHEDULE 11 NOTES 9 TO NOTES 11 TO 14 13

4 CONDENSED CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME 3 months ended 9 months ended 3 months ended 9 months ended 3 months ended 9 months ended 3 months ended 9 months ended 31/12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/2014 Note Revenue 5a 86,096, ,679,981 78,739, ,279,591 55,338, ,037,940 52,593, ,779,419 Cost of sales 5b (76,642,471) (235,996,097) (71,249,012) (219,350,810) (49,234,671) (169,069,999) (48,954,122) (157,569,971) Gross profit 9,454,304 27,683,884 7,490,213 24,928,781 6,104,168 17,967,941 3,639,241 18,209,448 Other gains/ losses 5c (4,904,429) (3,127,857) (469,857) 2,215,453 (4,919,678) (4,502,698) (2,237,862) (1,608,270) Selling and distribution expenses 5d (1,266,925) (3,984,250) (1,870,751) (4,644,045) (1,269,909) (3,700,113) (1,136,000) (3,919,363) Administrative expenses 5e (3,025,546) (8,088,482) (3,333,676) (8,180,996) (2,050,207) (6,031,863) (1,928,654) (6,672,412) Operating profit 257,404 12,483,295 1,815,928 14,319,192 (2,135,626) 3,733,267 (1,663,275) 6,009,403 Investment income 479, ,534 1,354,789 3,413,308 (13,749) 864, ,823 3,471,888 Finance costs (5,061,346) (17,395,707) (5,155,889) (15,339,774) (3,500,294) (10,176,965) (2,265,986) (7,590,475) Share of results of associates - (183,306) 1,303,869 Gain on disposal of investment in associate - 23,732, ,952,039 13,952, Profit before tax (4,324,338) 19,785,574 (2,168,478) 3,696,595 8,302,370 8,372,476 (3,284,438) 1,890,816 Income tax credit / (expense) 6 (691,641) (782,230) 1,003,297 (401,656) (461,543) (475,564) 786,986 (277,742) Profit from countinuing operations (5,015,979) 19,003,344 (1,165,181) 3,294,939 7,840,827 7,896,912 (2,497,452) 1,613,074 Profit from discountinued operation Profit for the year (5,015,979) 19,003,344 (1,165,181) 3,294,939 7,840,827 7,896,912 (2,497,452) 1,613,074 Acturial gain Fair value gain on AFS Total comprehensive income (5,015,979) 19,003,344 (1,165,181) 3,294,939 7,840,827 7,896,912 (2,497,452) 1,613,074 Profit attributable to: Owners of the (5,206,547) 18,400,169 (1,406,885) 2,662,588 7,840,827 7,896,912 (2,497,452) 1,613,074 Non-controlling interests 190, , , ,352 - (5,015,977) 19,003,344 (1,165,180) 3,294,940 7,840,827 7,896,912 (2,497,452) 1,613,074 Total comprehensive income attributable to: Owners of the (5,206,547) 18,400,169 (1,406,885) 2,662,588 7,840,827 7,896,912 (2,497,452) 1,613,074 Non-controlling interests 190, , , , (5,015,977) 19,003,344 (1,165,180) 3,294,940 7,840,827 7,896,912 (2,497,452) 1,613,074 Earnings per share - Basic (kobo) 7 (199) 701 (54) (105) 61 Earnings per share - Diluted (kobo) (199) 701 (54) (105) 61

5 CONDENSED CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2015 As at '31/12/2015 As at '31/03/2015 As at '31/12/2015 As at '31/03/2015 Note Non-current assets Property, plant and equipment 8b, 8d 215,430, ,940,475 88,314,135 80,421,776 Biological assets 8c 58,509 58, Intangible assets 8e, 8f 731, ,248 88,393 96,642 Investment properties 8d , ,655 Goodwill 8a 4,148,022 4,148,022 1,876,816 - Investment in subsidiaries ,591,985 3,787,985 Investment in associates 9 - Trade Investments/Other financial assets 9 114, , , ,966 Deffered tax assets Long term loans receivable 10-3,904, ,255 4,228,758 Other long term assets 1,745,333 1,583, Total non-current assets 222,228, ,245,233 96,200,456 90,024,782 Current assets Inventories 11 57,305,749 68,426,003 39,085,290 47,921,280 Biological assets 8c 401, , Trade receivables 12 11,881,790 9,836,228 4,922,297 4,783,656 Other receivables 12 5,189,251 5,537,220 56,318,985 67,135,284 Other assets 12 6,532,991 3,060,090 7,195,775 1,781,894 Non-current assets held for sale - 3,514, Due from related companies 1,985,432 1,699, ,280 1,652,708 Cash and deposits 13 22,137,686 31,131,719 11,067,066 18,230,274 Total current assets 105,434, ,604, ,509, ,505,096 Total assets 327,662, ,849, ,710, ,529,878 Equity Share capital 1,312,126 1,312,126 1,312,126 1,312,126 Share premium account 36,812,540 36,812,540 36,812,540 36,812,540 Capital reserve 281, , Retained earnings 58,475,337 45,946,617 59,643,412 58,527,000 Equity attributable to owners of the 96,881,204 84,352,484 97,768,078 96,651,666 Non-controlling interest 3,661,086 3,057, ,542,291 87,410,395 97,768,078 96,651,666 Term loans 61,988,639 55,260,645 9,869,383 5,164,630 Deffered revenue 6,553,352 7,182,184 1,200,076 1,102,914 Deferred taxation 9,373,441 9,196,523 8,878,940 8,800,109 Retirement benefit obligation 2,944,334 3,245,308 2,435,149 2,552,715 Long service award 1,181,666 1,340,140 1,006,428 1,142,397 Total non-current liabilities 82,041,431 76,224,800 23,389,976 18,762,765 Current liabilities Bank Overdraft 24,068,264 59,700,951 7,009,420 41,025,619 Short term loans 79,141,789 54,239,491 59,969,597 23,329,671 Unsecured fixed rate bond - 19,248,115-19,248,115 Deffered revenue 192,914 1,472, , ,326 Trade payables 14 17,786,390 22,440,179 9,472,437 18,197,848 Other payables 14 21,676,258 20,120,608 16,494,395 13,319,730 Due to related companies - 22, Provisions 109,828 47,126 70,060 - Current tax liabilities 1,983,447 1,802,610 1,274, ,831 Dividends 120, , , ,307 Total current liabilities 145,079, ,214,204 94,552, ,115,447 Total liabilities 227,120, ,439, ,942, ,878,212 Total equity and liabilities 327,662, ,849, ,710, ,529,878 - The financial statements were approved by the board of directors and authorised for issue on January 29, They were signed on its behalf by: Chief Financial Officer Director 0.71 Page 2

6 CONDENSED CONSOLIDATED AND SEPARATE STATEMENT OF CASHFLOWS 31/12/ /12/ /12/ /12/2014 Cash flows from operating activities Profit before tax 19,785,574 3,696,596 8,372,476 1,890,816 Depreciation and amortization 10,523,898 8,898,716 5,758,392 4,450,646 Interest expenses 17,395,707 15,339,774 10,176,965 7,590,475 Interest received (965,534) (3,413,308) (864,135) (3,471,888) Gain on sale of investment (23,732,452) - (13,952,039) - Share of loss/ (profit) in Unicem - - (9,674,604) - Loss/(profit) on disposal of fixed assets (23,756) 31,249 19,271 3,999 Share of loss/ (profit) in associate - (1,303,869) - Accrued income (Unicem interest income) - (1,118,754) - (1,146,610) Accrued interest expense (Corporate bond interest) - 135, ,614 Profit before changes in working capital 22,983,437 22,266,018 (163,675) 9,453,052 Changes in Working Capital (Increase)/ Decrease in Inventory 11,120,254 2,517,150 8,835,990 3,620,946 (Increase)/ Decrease in Net trade receivables (2,045,562) 3,327,597 (138,641) 731,147 (Increase)/ Decrease in Other receivables 347,969 (7,289,449) 10,816,299 (38,539,997) (Increase)/ Decrease in Biological assets (current) (2,549) 2,216 - (Increase)/ Decrease in Other assets (3,472,901) 136,229 (5,413,881) (28,474) (Increase)/ Decrease in due from related companies (285,642) (1,764,468) 732,428 (1,605,763) (Increase)/ Decrease in Biological assets (Non-current) - 98,874 - (Increase)/ Decrease in Other long term assets (162,258) (131,401) - Increase/ (Decrease) in Trade creditors (4,653,789) (5,034,178) (8,725,411) (5,001,848) Increase/ (Decrease) in Other payable 1,555,650 (2,926,992) (3,174,665) 7,574,460 Increase/ (Decrease) in Amount due to related companies (22,290) 3,954,999 - (2,085,338) Increase/ (Decrease) in Dividend payable (0) 10 (0) 10 Increase/ (Decrease) in Retirement benefit obligations (300,974) (121,814) (117,566) 124,503 Increase/ (Decrease) in Long service award (158,474) (467,389) (135,969) (461,231) Increase/ (Decrease) in Sundry provisions 62,702 (590,353) 70,060 (1,449,170) Increase/ (Decrease) in Deferred taxation 176,918 (737,137) 78,831 7,697 Increase/ (Decrease) in Deferred revenue (1,908,446) (2,141,942) (8,628,249) (301,815) Increase/ (Decrease) in investment/ asset held for sale - (1,309,370) - - Net changes in working capital 250,608 (12,477,418) (5,800,773) (37,414,873) Cash Flow from operating activities 23,234,045 9,788,600 (5,964,448) (27,961,821) Tax paid (859,683) (1,641,645) (83,704) (1,337,107) - Net Cash Flow from operating activities 22,374,361 8,146,955 (6,048,152) (29,298,928) Investing activities Purchase of assets (17,088,490) (35,678,832) (4,962,172) (11,165,774) Purchase of investment property - - Proceeds on sale of assets 102,668 5,756 11,542 16,116 Purchase of intangible assets (313,702) (35,025) Investment in subsidiaries - (5,000) Proceeds on sale of investment 27,246,488 27,246,488 26,633,020 Investment income 965,534 3,413, ,135 3,471,888 Long term loan receivable 3,904,188 3,372,503 1,146,610 Net Cash flow from investing activities 14,816,687 (32,259,768) 26,492,471 20,101,860 Financing activities Term loans 6,727,994 27,436,466 4,704, ,402 Repayment of bond (19,248,115) (8,234,707) (19,248,115) (8,234,707) Short term loan 24,902,298 40,044,645 36,639,926 30,618,492 Dividend paid (5,538,864) (5,047,172) (5,510,928) (5,009,938) Interest paid (17,395,707) (15,339,774) (10,176,965) (7,590,475) Net Cash flow from Financing activities (10,552,394) 38,859,459 6,408,671 10,059,774 Net Cash Flow 26,638,654 14,746,646 26,852, ,706 Cash and cash equivalents at beginning of Period/year (28,569,232) (31,924,924) (22,795,345) (17,290,494) Cash and cash equivalents at end of the period (1,930,578) (17,178,278) 4,057,645 (16,427,788) Closing Bank deposits balances and cash 22,137,686 12,474,163 11,067,066 9,513,646 Bank overdrafts (24,068,264) (29,652,442) (7,009,420) (25,941,434) (1,930,579) (17,178,278) 4,057,645 (16,427,788) Opening Bank deposits balances and cash 31,131,719 16,825,163 18,230,274 11,224,448 Bank overdrafts (59,700,951) (48,750,087) (41,025,619) (28,514,942) (28,569,232) (31,924,924) (22,795,345) (17,290,494) Page 4

7 CONDENSED CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY GROUP Equity attributable to equity holders of the Parents Share Capital Share premium Capital reserve Retained Non controlling Earnings interest Total Equity N'000 N'000 Balance at 1 April ,192,842 36,812, ,201 41,636,076 3,636,773 83,559,432 - Transfer from total comprehensive income for the period 2,662, ,352 3,294,940 FMN Registrar adjustment (178,930) (178,930) Premier Feeds Adjustment (1,548,710) (1,548,710) Bonus issue 119,284 (119,284) - Dividend payment (5,047,182) (5,047,182) Balance at 31 December ,312,126 36,812, ,201 37,404,558 4,269,125 80,079,550 Balance at 1 April ,312,126 36,812, ,201 45,946,617 3,057,911 87,410,395 Transfer from total comprehensive income for the period 18,400, ,175 19,003,344 Transfer to Capital reserve - - Dividend declared FMN (5,510,928) (5,510,928) Dividend declared NNFM (27,935) (27,935) Under provision of tax (332,585) (332,585) Balance at 31 December ,312,126 36,812, ,201 58,475,337 3,661, ,542,291 COMPANY Equity attributable to equity holders of the Share Capital Share premium Capital reserve Retained Earnings Total Equity N'000 Balance as at 1 April ,192,842 36,812,540 60,937,729-98,943,111 Transfer from total comprehensive income for the period 1,613,074 1,613,074 Bonus issue 119,284 (119,284) - Dividend payment - - (5,009,938) - (5,009,938) Balance at 31 December ,312,126 36,812,540-57,421,581-95,546,247 Balance at 1 April ,312,126 36,812,540 58,527,000-96,651,666 Transfer from total comprehensive income for the period 7,840,827 7,840,827 Golden Noodles Adjustment (3,537,212) (3,537,212) Golden Transport Adjustment (992,672) (992,672) New Horizon Adjustment (1,239,447) (1,239,447) FMN Cement Adjustment 4,888,430 4,888,430 Under provision of tax (332,585) (332,585) Dividend payment (5,510,928) (5,510,928) Balance at 31 December ,312,126 36,812,540-59,643,412 97,768,078 Page 3

8 NOTES TO THE CONDENSED CONSOLIDATED AND SEPARATE INTERIM FINANCIAL STATEMENTS 1 Description of business Flour Mills of Nigeria Plc was incorporated as a private limited on 29th September 1960 and was converted to a public liability company in November Its registered head office is located at 1 Golden Penny Place, Apapa, Lagos. 2 The is primarily engaged in flour milling; production of pasta, noodles, edible oil and refined sugar; production of livestock feeds; farming and other agro-allied activities; distribution and sale of fertiliser; manufacturing and marketing of laminated woven polypropylene sacks and flexible packaging materials; operation of Terminals A and B at the Apapa Port; customs clearing and forwarding agents, shipping agents and logistics. Reporting entity The condensed consolidated and separate interim financial report of the as at and for the 31st December 2015 comprises the alone (referred to as the '') and the and its subsidiaries (together referred to as the ''). 3 Basis of preparation (a) Statement of compliance This condensed consolidated and separate interim financial report has been prepared in accordance with IAS 34 Interim Financial Reporting. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the since the last consolidated financial statements as at and for the year ended 31 March This condensed consolidated and separate interim financial report does not include all of the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards. (b) Judgements and estimates Preparing the interim financial report requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing this condensed consolidated and separate interim financial report, significant judgements made by Management in applying the 's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March Significant accounting policies The accounting policies applied by the in this condensed consolidated and separate interim financial report are the same as those applied by the in its consolidated statements as at and for the year ended 31 March Page 5

9 NOTES TO THE CONDENSED CONSOLIDATED AND SEPARATE INTERIM 5a Operating segments Information about reportable segments The following is an analysis of the s revenue and results from continuing operations by reportable segment. Segment revenue Profit before tax 31/12/ /12/ /12/ /12/2014 Food 193,009, ,127,598 (4,489,563) (2,230,981) Agro Allied 59,450,602 38,618,321 1,506,658 2,567,990 Packaging 10,860,298 10,961,888 (439,389) 831,876 Port operations 510, , , ,767 Others 79,106 3,927,243 13,281,182 2,053,944 Total 263,910, ,279,591 10,030,688 3,696,596 Segment revenue Profit before tax 31/12/ /12/ /12/ /12/2014 Food 162,207, ,741,013 (6,812,872) (1,016,461) Agro Allied 12,596,860 10,958,954 1,853,694 1,970,367 Packaging 11,371,553 12,079,452 (460,074) 936,910 Others 862,409-13,791, Total 187,037, ,779,419 8,372,476 1,890,816 Segment revenue reported above represents revenue generated from external customers. The accounting policies of the reportable segments are the same as the s accounting policies. Segment profit represents the profit earned by each segment without allocation of share of profits of associates, IFRS adjustment and income tax expense. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance. 5b Cost of sales 31/12/ /12/ /12/ /12/2014 Material costs 201,938, ,286, ,678, ,947,517 Transport costs 2,339,964 1,758,173 1,121, ,256 Depreciation 9,145,042 7,120,659 4,535,427 3,179,429 Direct staff costs 8,587,399 8,805,727 6,556,559 5,573,899 Other direct costs 3,537,418 3,301,511 1,740,917 1,568,670 Power Cost 7,169,620 5,924,118 5,035,808 3,945,653 Repairs and maintenance 2,499,732 2,652,337 1,982,165 2,014,754 Bank Charges, Commissions 778, , , , ,996, ,350, ,069, ,569,971 5c Other gain and losses 235,996,097 31/12/ /12/ /12/ /12/2014 Management fees 1,200 1,200 Rent received 821,291 2,002, , ,695 Insurance claims 153,324 50, ,293 25,402 Income on government grant 392, ,334 67,871 35,138 Sundry income 1,146,842 2,616, , ,889 Profit / Loss on disposal of fixed (23,756) (31,249) (19,271) (3,999) Exchange gain/loss (5,965,084) (2,616,883) (5,672,048) (2,563,395) Wheat handling charges 346,141-5,841 - Sales of Investments - - (3,127,857) 2,215,453 (4,502,698) (1,608,270) Page 6

10 NOTES TO THE CONDENSED CONSOLIDATED AND SEPARATE INTERIM FINANCIAL STATEMENTS 5d Selling and distribution 31/12/ /12/ /12/ /12/2014 Salaries and related staff costs 1,167,662 1,709,084 1,078,093 1,440,430 Selling expenses 2,658,473 2,794,504 2,463,905 2,338,476 Depreciation 158, , , ,456 3,984,250 4,644,045 3,700,113 3,919,363 5e Administrative expense 31/12/ /12/ /12/ /12/2014 Executive emoluments 104, ,957 72,746 36,125 Salaries and allied costs 2,474,369 2,439,855 1,971,994 2,061,427 Insurance and licenses 126, ,624 70,635 99,430 Medical expenses 202, , , ,510 Communication expenses 206, , , ,858 Recruitment expenses 8,528 3,966 6,138 2,767 Canteen expenses 185, , , ,818 Uniforms and safety gear 17,671 19,121 12,306 16,827 Restructuring costs 8, , Trade unions Computer related expenses 268, , , ,333 Subscriptions 44,362 59,276 33,724 49,249 Donations 95,925 46,795 15,248 39,271 Legal and professional fees 552, , , ,008 Audit fee 205, , ,384 71,393 Power costs 86, ,032 60, ,290 Local and overseas travel 231, , , ,193 Rent and rates 559, , , ,949 Social events 31, ,339 29, ,941 Other administrative expenses 622, , , ,314 Repairs and maintenance 193, ,370 86,956 99,775 Motor vehicle expenses 35,093 63,478 23,611 37,244 Industrial training fund levy 58,578 57,638 27,028 51,556 Bad debts 39, ,228 24, ,568 Depreciation 1,354,201 1,768,328 1,162,825 1,213,492 Third party services 445, , , ,684 overhead allocation - - (309,785) - Provisions (69,520) - 48,040-8,088,482 8,180,996 6,031,863 6,672,412 Page 7

11 NOTES TO THE CONDENSED CONSOLIDATED AND SEPARATE INTERIM 6 Tax 01/04/ /12/ /04/ /12/ /04/ /12/ /04/ /12/2014 Corporation tax: Year end computations Income tax 652, , , ,291 Education tax 54,971 34,191 32,056 22,754 Capital Gains tax , , , ,045 - Deferred tax 74,294 (88,800) 74,678 7, , , , ,742 - The charge for taxation in these interim financial statements is based on the provisions of Companies Income Tax Act, CAP C21, LFN as amended to date Interim period income tax is accrued based on the following estimated average annual effective income tax rate: 01/04/ /12/ /04/ /12/ /04/ /12/ /04/ /12/2014 Effective rate -20% 11% 6% 15% 7 Earnings Per share 01/04/ /12/ /04/ /12/ /04/ /12/ /04/ /12/2014 Profit attributable to shareholders 18,400, ,662,588-7,896,912 1,613,074 - Number or ordinary shares in issue 2,624,253,380 2,624,253,380 2,624,253,380 2,624,253,380 Basic earning per share(kobo) a. Goodwill 31/12/ /03/ /12/ /03/2015 Goodwill 4,148,022 4,148,022 1,876,816-4,148,022 4,148,022 1,876,816 - Page 8

12 NOTES TO THE QUARTERLY UNAUDITED FINANCIAL STATEMENTS GROUP 8b PROPERTY PLANT AND EQUIPMENT Leasehold Land Capital Plant & Furniture & Motor Bearer plant & Building WIP Machinery Equipment Vehicle Total N '000 N '000 N '000 N '000 N '000 N '000 N '000 Cost or valuation 1 April ,487,548 54,807, ,402,106 6,112,466 10,660, , ,737,598 - Additions 809,225 13,135,576 5,343, ,927 67,595 19,520,934 Reclassification 6,208,956 (21,416,869) 12,331,032 94, ,550 (2,467,095) Disposals (26,560) (36) (56,046) (81,156) (100,926) (264,724) 31st December ,479,169 46,526, ,020,703 6,290,473 10,942, , ,526,713 Depreciation 1 April ,699,680 56,700,344 3,028,225 6,349,542 19,332 70,797,123 Charge for the period 1,375,288 7,438, ,226 1,082,511 5,306 10,523,898 Reclassification (948) (78,454) (596) 40,887 (39,111) Disposals (4,648) (21,294) (71,217) (88,653) (185,812) 31st December ,069,372-64,039,163 3,578,638 7,384,287 24,638 81,096,098 NBV 31st December ,409,797 46,526, ,981,540 2,711,835 3,558, , ,430,615 1 April ,787,868 54,807, ,701,762 3,084,241 4,311, , ,940,475 BIOLOGICAL ASSETS 8c Dec-15 N'000 Mar-15 N'000 Non-current assets 58,509 58,509 Current assets 401, , , ,590 Page 9

13 NOTES TO THE QUARTERLY UNAUDITED FINANCIAL STATEMENTS 8d. PROPERTY PLANT AND EQUIPMENT Leasehold & Land Capital Plant & Furniture & Motor SUB TOTAL Investment Properties WIP Machinery Equipment Vehicles Properties Total N '000 N '000 N '000 N '000 N '000 N '000 N '000 N '000 Cost or valuation 1 April ,191,283 23,217,283 83,471,757 4,054,190 8,600, ,534,776 1,113, ,648, Additions 459,251 1,645,987 4,636,551 32,417 36,197 6,810,403 6,810, Reclassification 4,425,982 (14,460,770) 7,964,148 71, ,897 (1,803,604) (1,803,604) Disposals (26,615) (79,254) (105,869) (105,869) 31st December ,049,901 10,402,500 96,072,456 4,157,746 8,753, ,435,706 1,113, ,548,951 Depreciation 1 April ,864,291 43,162,707 2,582,161 4,890,452 53,499, ,590 53,627, Charge for the period 712,528 3,804, , ,642 5,741,643 16,749 5,758,392 Reclassification (41,969) (331) (2,327) (44,627) (44,627) Disposals (4,644) (70,412) (75,056) (75,056) 31st December ,572,175-46,925,014 2,917,027 5,707,355 59,121, ,339 59,265,910 NBV 31st December ,477,726 10,402,500 49,147,442 1,240,719 3,045,748 88,314, ,906 89,283,041 1 April ,326,992 23,217,283 40,309,050 1,472,029 3,709,811 89,035, ,655 90,020,820 Page 10

14 NOTES TO THE QUARTERLY UNAUDITED FINANCIAL STATEMENTS 8e Intangible assets Software Berth Rehabilitation Total N'000 N'000 N'000 Cost At 1 April , ,742 1,026,889 Additions 37, , ,702 '31 December , ,548 1,340,591 Amortisation At 1 April , , ,641 Charge for the period 57,157 21,599 78,756 '31 December , , ,397 Net book value '31 December , , ,194 At 31 March , , ,248 8f software Other Intangible Total N'000 N'000 N'000 Cost At 1 April , ,575 Additions 35,025 35,025 31st December , ,600 Amortisation At 1 April , ,933 Charge for the period 43,274 43,274 31st December , ,207 Net book value 31st December ,393-88,393 At 31 March ,642-96,642 Page 11

15 NOTES TO THE CONDENSED CONSOLIDATED AND SEPARATE INTERIM 9a. INVESTMENT IN SUBSIDIARIES 31/12/ /03/ /12/ /03/2015 Unquoted Apapa Bulk Terminal Limited ,000 50,000 Golden Shipping Nigeria Limited ,000 10,000 Golden Noodles Limited ,000 Golden Transport Limited ,000 Golden Sugar Limited ,000 10,000 Southern Star Shipping (Nigeria) Limited ,000 10,000 Kaboji Farms Limited ,000 30,000 Premier Feed Mills Limited ,750 12,750 Nigerian Eagles Flour Mills Limited , ,000 Golden Penny Rice Limited ,000 10,000 Crestview Towers Limited ,000 10,000 Olympic Towers Limited ,000 10,000 New Horizon Limited ,000 ROM Oil Mills Limited - - 1,915,728 1,915,728 Thai Farm International Limited , ,066 Agri Palm Limited ,000 10,000 Agric Estate Limited ,000 10,000 Agro Allied Farms Sunti Limited ,000 10,000 Agro Allied Syrups Limited ,000 10,000 FMN Cement Industries Nigeria Limited - 1,000 Sunti Golden Sugar Estates Limited 5,000 5,000 Best Chickens Limited 10,000 10,000 Golden Agri Input Limited 5,000 - Provision for investment in unquoted company Southern Star Shipping (Nigeria) Limited - - (10,000) (10,000) 3,288,544 3,484,544 Quoted Northern Nigeria Flour Mills Plc , , , ,441 Total - - 3,591,985 3,787,985 9b. TRADE INVESTMENTS Unquoted Maiduguri Flour Mills Limited 5,956 5,956 5,956 5,956 Nextport Tradings Limited 2,000 2,000 2,000 2,000 Less: Allowance for impairment ,956 7,956 7,956 7,956 Quoted Transnational Corporation Plc 127, , , ,500 Less: Allowance for impairment (20,740) (20,740) (20,740) (20,740) 106, , , ,760 Interest free loan to Subsidiary ROM Oil Mills Limited , , , , LONG TERM LOANS RECEIVABLE Long-term loans receivable 114, , , ,966 United Cement of Nigeria Limited 0 3,904, Nigerian Eagles Flour Mills Limited ,959 FMN Cement Industry Nigeria Limited ,904,508 Thai Farm International Limited , ,250-3,904, ,255 4,228,758 Movement in long-term loans receivable At 1 April 3,904,188 11,457,561 4,228,758 11,743,706 Additions during the year 208,000 1,384, ,100 1,422,303 4,112,188 12,841,758 4,777,858 13,166,009 Repayments in the year (4,112,188) (8,937,570) (3,921,603) (8,937,251) At the end of the period 0 3,904, ,255 4,228,758 Page 12

16 NOTES TO THE CONDENSED CONSOLIDATED AND SEPARATE INTERIM 31/12/ /03/ /12/ /03/ INVENTORIES Raw materials 42,248,604 48,390,832 28,343,961 32,930,463 Work in Progress 2,112,056 1,287, ,188 1,003,951 Finished goods 4,546,818 6,380,153 3,150,835 4,296,449 Consumables stores and maintenance Spares 9,108,482 13,059,607 7,262,542 10,002,562 Allowance for obsolete stock (710,212) (692,265) (627,236) (312,145) 57,305,749 68,426,003 39,085,290 47,921, TRADE AND OTHER RECEIVABLES 12a. TRADE RECEIVABLES Trade Debtors 13,679,044 11,243,468 6,606,583 6,138,459 Provision for bad debts (1,797,254) (1,407,240) (1,684,286) (1,354,803) 11,881,790 9,836,228 4,922,297 4,783,656 12b. OTHER RECEIVABLES Staff debtors 474, , , ,822 Other debtors 4,714,495 5,006,849 2,663,862 2,631,165 Intercompany receivables ,236,095 64,114,297 5,189,251 5,537,220 56,318,985 67,135,284 12c. OTHER ASSETS Advance to contractors and suppliers 1,771, , ,255 0 Prepayments 2,175,074 2,362,131 1,883,153 1,781,894 Prepaid rent on operating lease 95,496 1,745,333 Deposit for LC 2,586,034 2,586, ,532,991 3,060,090 7,195,775 1,781,894 23,604,032 18,433,538 68,437,056 73,700, CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash at bank and in hand, including treasury bills and short term deposits with a maturity date of six months or less from the date of acquisition. The group and parent company use overdraft facilities, which are repayable on demand as an integral part of their cash management policy. Therefore cash and cash equivalents in the cash flow statements are cash and deposits less overdraft. 31/12/ /03/ /12/ /03/2015 N' N'000 Cash on hand 554,984 5,840,461 23,151 5,692,251 Bank balance 21,582,702 25,291,258 11,043,915 12,538,023 Cash and bank balances 22,137,686 31,131,719 11,067,066 18,230,274 Bank overdrafts (24,068,264) (59,700,951) (7,009,420) (41,025,619) (1,930,579) (28,569,232) 4,057,645 (22,795,345) 14 TRADE AND OTHER PAYABLES 4,149,021 Trade payables 17,786,390 22,440,179 9,472,437 18,197,848 Other Payables Advance payment by customer 9,137,055 8,051,993 6,871,456 7,064,827 Sundry creditors 9,692,926 3,688,828 1,040, ,623 VAT payables 1,407,737 1,532,318 1,188,682 1,495,604 WHT payables 104, , , ,450 Intercompany payables , ,838 Accruals 1,334,345 6,635,953 6,268,428 3,235,388 21,676,258 20,120,608 16,494,395 13,319,730 39,462,648 42,560,787 25,966,832 31,517,578 Page 13

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