MOBIL OIL NIGERIA plc. Unaudited Financial Statements for the period ended 30 June, 2014
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1 MOBIL OIL NIGERIA plc Unaudited Financial Statements for the period ended 30 June, 2014
2 Statement of Significant Accounting Policies 30 June, 2014 The Company Mobil Oil Nigeria plc. was incorporated as a Private Limited Liability Company in It became a public limited liability company in 1978 and its share capital is listed on the Nigerian Stock Exchange. The issued share capital is held 60% by ExxonMobil Oil Corporation, Fairfax, U.S.A., and 40% by other investors. The Company was formed principally for the marketing of petroleum products. Petroleum products the company sells include; Premium Motor Spirit (PMS), Diesel, Aviation fuel, kerosene and lubricants. Petrol, Diesel, Kerosene and lubricants are mainly sold through the company s service stations while Aviation fuel through the aviation domestic and international terminal at Murtala Mohammed Airport. All the fuels which the Company sells are purchased from the Nigerian National Petroleum Corporation and from other third party suppliers. Lubricants are blended locally or purchased from associated companies. The company also has some investment properties which are leased out to a related party at market rate in an arm s length transaction. Statement of Compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Significant accounting policies 1 Basis of measurement The financial statements have been prepared under the historical cost convention. 2 Presentation of financial statements The preparation of the financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the directors' best knowledge of current events and actions, actual results may differ from those estimates. 3 Jointly controlled assets The Company has jointly controlled assets with Total Nigeria for storage and handling of jet fuel to aircrafts in its Aviation Domestic Terminal of Murtala Mohammed airport. In addition, the Company has a twenty percent (20%) interest in the Joint Users Hydrant Installation used to refuel aircraft at Murtala Mohammed Airport international terminal. The Company combines its share of the joint assets income and expenditure, assets and liabilities and cash flow on a line-by-line basis with similar items in the Company s financial statements. The Company classifies its share of the jointly controlled assets, according to the nature of the assets; while operating costs of the joint facility are shared based on throughputt. Mobil Oil Nigeria plc. has no obligation to decommission these assets and has not recognized any decommissioning costs. 4 Investment Property Investment property is recognised as an asset when it is probable that the future economic benefits associated with the property will flow to the Company and its costs can be measured reliably. Investment property is initially recognised at cost. Transaction costs are included in the initial measurement. Costs include costs incurred initially and costs incurred subsequently to add to, or to replace a part of, or service a property. Where a replacement part is recognised in the carrying amount of the investment property, the carrying amount of the replaced part is derecognised. Subsequent costs are included in the carrying amount of the investment property or recognized 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. Cost model Investment property is carried at cost, less depreciation and any accumulated impairment losses. Depreciation is provided to write down the cost, less estimated residual value over the useful life of the property, which is as follows: Page 1
3 Statement of Significant Accounting Policies (Contd.) 30 June, Property plant and equipment All categories of property, plant and equipment are initially recorded at cost. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset's carrying amount or recognized 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. Interest is capitalized as an increase in property, plant and equipment on major capital projects during construction. All property, plant and equipment are stated at historical cost less depreciation. Repairs and maintenance costs are charged to the statement of income during the period in which they are incurred. Residual values, method of amortization and useful lives of the assets are reviewed consistently and adjusted when appropriate. Impairment losses and gains and losses on disposals of property, plant and equipment and are included in Statement of Comprehensive Income. Incomplete construction relates to uncompleted project which are not depreciated. Upon completion, balances are reclassified to the relevant asset category for depreciation. The useful lives of items of property, plant and equipment have been assessed as follows: 6 Intangible assets The Company s intangible assets are classified into two groups: a) Software costs: These are acquired computer software licenses and are capitalised on the basis of costs incurred to acquire and bring to use the specific software. The costs are amortised on a straight line basis over 15 years which is the estimated useful life of the software. Costs associated with maintaining computer software programs are recognized in expense as incurred. b) Franchise costs: These are capitalised amounts paid to UAC for giving the Company the right to use the "Mr. Biggs" Brand in Mobil retail outlets. Amortisation is calculated using the straight line method to allocate the franchise costs over the period of the agreement between Mobil and UAC, which has a contractual life of 10years. 7 Financial Instruments a) Initial recognition and measurement Financial instruments are recognised initially when the Company becomes a party to the contractual provisions of the instruments. The Company classifies its financial instruments on initial recognition as a financial asset or a financial liability. Page 2
4 Statement of Significant Accounting Policies 30 June, 2014 b) Derecognition Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. c) The Company s financial instruments are classified as: i. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting Trade and other receivables Trade receivables are measured on initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in the statement of comprehensive income when there is objective evidence that the asset may be impaired. Significant financial difficulties of the debtor, probability that the debtor will file for bankruptcy or conduct financial reorganization, and default or delinquency in payments (more than 180 days overdue) are considered indicators that the trade receivable is impaired. The allowance recognised is measured as the difference between the asset s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in profit and loss within operating expenses. When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against operating expenses in profit and loss. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments. Bank overdrafts are recognized under current liabilities. ii. Financial liabilities at amortized cost Trade and other payables Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method Borrowings Borrowings are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Company s accounting policy for borrowing costs. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. 8 Current and deferred income tax Income tax expense is the aggregate of the charge to the profit and loss account in respect of current income tax, education tax and deferred tax. Current income tax liabilities are recognised in line with the provisions of the Companies Income Tax Act. Education tax is determined at 2% of assessable profits. Capital gains tax liability is charged on applicable capital asset disposals where the proceeds are not to be reinvested in a similar asset. Deferred tax is provided using the liability method on all temporary differences arising between the tax basis of assets and liabilities and their carrying values for financial reporting purposes in accordance with the provisions of IAS 12. Current tax rates are used to determine deferred taxes. Income taxes are recognised in income except when they relate to items recognized in other comprehensive income, in which case the tax is also recognised in other comprehensive income. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current assets against current liabilities and when deferred income taxes assets and liabilities relate to income levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Page 3
5 Statement of Significant Accounting Policies 30 June, Leases a) Finance lease These are leases that transfer substantially all the risks and rewards of ownership to the Company. They are recognised at the commencement of the lease term as finance leases and are capitalized at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. Finance lease payments are apportioned between interest expense and repayments of debt. The Company s finance leases relate to motor vehicles where it bears substantially all risks and rewards.loans and receivables Assets acquired under lease are depreciated using the useful life of the assets. However, if there is no reasonable certainty that the Company will obtain ownership by the end of the lease term, they are depreciated over the shorter of b) Operating lease Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor, are classified as operating leases. The Company owns investment properties which are leased out under operating lease agreements to related parties. The investment properties are presented in the balance sheet in line with the accounting policy disclosed in note 4. The lease income from the operating leases are recognized in income on a straight-line basis over the lease term. They are also received from the lessee on the same basis. Costs, including depreciation, incurred in earning the lease income are recognized as an expense. 10 Inventories Inventories are stated at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring and transporting the stock to its present location. Cost is determined using the first-in, first-out (FIFO) method for lubricant products and weighted average method for fuels products. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. If the carrying value exceeds the net realisable value, an inventory write down is recognised. 11 Employee Benefits a) Short term benefits The cost of short-term employee benefits, (those payable within 12 months after the service is rendered, such as paid vacation and sick leave, and non-monetary benefits such as medical care), are recognised in the period in which the service is rendered and are not discounted. The expected cost of compensated absences is recognised as an expense as the employees render services that increase their entitlement or, in the case of non-accumulating absences, when the absence occurs. b) Post-employment benefits The Company operates a defined benefit pension plan approved by the National Pension Commission. These are retirement plans that define the amount of pension benefit to be provided and are generally funded by payments to independent pension fund administrators. The defined benefits plans define an amount of pension benefit that an employee will receive on retirement usually dependent on one or more factors as determined by the actuary. The defined benefit obligation is calculated by the actuary using the projected unit credit method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the statement of other comprehensive income in the periods in which they arise. Pension cost represents the increase in the actuarial present value of the obligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years, net of the expected return on plan assets. Pension costs are recognized as expenses in the statement of comprehensive income. 12 Provisions and contingencies Provisions are recognized as best estimates on balance sheet dates. They are recognised when the company has a legal or constructive obligation as a result of past events and where it is more likely than not that an outflow of resources will be required to settle the obligation. A reliable estimate of the amount to settle the obligation must also be possible before a provision is made. The measurement of provisions takes into consideration the time value of money and risk specific to the obligation. The increase in provision due to the passage of time is recognised as an interest expense. The carrying amount of provisions are regularly reviewed and adjusted for new facts or changes in law, regulation. Where the above conditions are not met, a contingent asset/liability is disclosed. Page 4
6 Statement of Significant Accounting Policies (Contd.) 30 June, Revenue Recognition Revenue from the sale of all petroleum products (PMS, Aviation fuel, Diesel, Kerosene and lubricants) is recognised at fair value of consideration received or receivable net of taxes and discounts on sales when the significant risk and rewards of ownership have been transferred and title passed to the customer. Revenue is recognized when the following conditions have been met The company has transferred to the buyer the significant risks and rewards of ownership of the goods. The company does not retain managerial involvement usually associated with ownership nor effective control over the goods sold The amount of revenue can be measured reliably It is probable that the economic benefits associated with the transaction will flow to Mobil oil Nigeria plc. The costs incurred in respect of the transaction can be measured reliably. 14 Interest Income Interest income is recognised in the Company s financial statements using the effective interest rate method. 15 Other Income Other income refers to all other sources of income apart from the sale of petroleum products which the Company receives. It includes amongst others; rental income and back court income. Rental income refers to rent the Company gets from its investment property and service stations. This income is recognised when due for payment according to the contract terms in place. Backcourt income refers to income recognised from the use of the food court on some of the Company s service stations by UAC. It is charged at a percentage of total revenue recognised by the UAC at the food courts. 16 Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset until such time as the asset is ready for its intended use. The amount of Actual borrowing costs on funds specifically borrowed for the purpose of obtaining a qualifying asset less any temporary investment of those borrowings. Weighted average of the borrowing costs applicable to the entity on funds generally borrowed for the purpose of obtaining a qualifying asset. The borrowing costs capitalised do not exceed the total borrowing costs incurred. The capitalisation of borrowing costs commences when: expenditures for the asset have occurred; borrowing costs have been incurred, and activities that are necessary to prepare the asset for its intended use or sale are in progress Capitalisation is suspended during extended periods in which active development is interrupted and ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete. All other borrowing costs are recognised in an expense in the period they are incurred. 17 Translation of foreign currencies The Company s presentation currency and functional currency is Nigerian Naira. Transactions in foreign currencies are recorded at the official rates of exchange on the transaction date. Assets and liabilities denominated in foreign currency are translated at the applicable official rates of exchange on the balance sheet date. Exchange gains and losses are included in the profit and loss account of the period in which they arise. 18 Segment Reporting The Company has two business segments - Petroleum Products Marketing & Property Business. These business segments have been grouped in a manner consistent with internal reporting and as provided to the chief operating decision maker (Executive Directors). The Company's activities that are significantly integrated or interdependent are not considered as separate business segments. 19 Dividend payable Proposed dividends for the year are recognised as a liability after the balance sheet date when declared and approved by shareholders at the Annual General Meeting. Page 5
7 Statement of Significant Accounting Policies (Contd.) 30 June, Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. 21 Deferred income This relates toadvance rent received from investment property. The current portion is amortized to income within one year on a straight line basis while the non-current portion is initially carried at initial cost and subsequently at face 22 Impairment a) Financial assets At each reporting date the company assesses all financial assets, other than those at fair value through profit or loss, to determine whether there is objective evidence that a financial asset or group of financial assets has been impaired. The Company adopts the following criteria when considering the financial assets not at fair value, in the books: Indication of any material decline in market value. Significant changes with long term adverse impacts that have taken place during the period or will take place in the near future. Material changes in interest rates. Evidence of adverse economic performance Impairment losses are reversed when an increase in the financial asset's recoverable amount can be related objectively to an event occurring after the impairment was recognised, subject to the restriction that the carrying amount of the financial asset at the date that the impairment is reversed shall not exceed what the carrying amount would have been had the impairment not been recognized. b) Tangible and intangible assets Impairment test is carried out on group of fixed assets only when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company assesses at each end of the reporting period whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If there is any indication that an asset may be impaired, the recoverable amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cashgenerating unit to which the asset belongs is determined. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. That reduction is recognised as an impairment loss. An impairment loss of assets carried at cost less any accumulated depreciation or amortisation is recognised immediately in profit or loss. Any impairment loss of a revalued asset is treated as a revaluation decrease. 23 Key Accounting Estimates and Jungements In preparing the financial statements, management is required to make estimates and assumptions that affect the amounts represented in the financial statements and related disclosures. Use of available information and the application of judgment is inherent in the formation of estimates. Actual results in the future could differ from these estimates which may be material to the financial statements. Significant judgments include: a) Provisions Provisions made in the financial statements are determined by management using estimates based on the information available. Additional disclosures of provisions are included in the provisions note (Note 20). The provision made by management during the year is 100% of the litigation claim filed against the company. Provisions for litigation claims are classified as non-current liabilities based on the time frame for legal cases to be settled. b) Defined benefit pension plans Defined benefit plan assets and obligations are subject to significant volatility as market values and actuarial assumptions change. The assumptions used in determining the net cost/income for pensions include the discount rate, mortality rates, and expected increase in salaries. Any change in these assumptions will impact the carrying amount of the pension obligation. The Actuary determines the appropriate discount rate to use at the end of the year based on the interest rates of government bonds with extrapolated maturities corresponding to the expected duration of the defined benefit obligation. The interest rate is used to determine the present value of estimated future cash outflows to be required to settle the pension obligations. Due to the complexity of valuation, the underlying assumption and its long term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All the assumptions are reviewed at each reporting date. Under the accounting policy applied, experienced gains or losses are recognised immediately in the statement of other comprehensive income. Pension Fund Administrators manage the pension funds in accordance with National Pension Commission (PENCOM) regulations. Page 6
8 Unaudited Statement of Financial Position As at 30 June, 2014 =N='000 Note June 2014 December 2013 Assets Non-current assets Property plant and equipment 2a 7,020,673 7,111,042 Lease assets 2b 32, Intangible assets 3 137, ,706 Investment property 4 23,577,862 20,695,199 Deferred tax 11 1,048, ,964 Prepayments 5 1,689,182 1,525,090 Total non-current assets 33,506,077 29,817,606 Current assets Inventories 6 4,211,060 4,509,924 Assets held for sale 4-128,075 Trade and other receivables 7 6,048,663 5,311,211 Cash and cash equivalents 16 60, ,706 Total current asset 10,320,382 10,910,916 Total assets 43,826,459 40,728,522 Equity and Liabilities Equity Share capital 180, ,298 Share premium 14,380 14,380 Reserves 18 11,995,463 9,342,953 Total capital and reserves 12,190,141 9,537,631 Current liabilities Current tax payable 13 2,992,002 1,940,830 Current portion of long-term borrowings ,864 - Bank overdraft 20,048 - Payables and other liabilities 8 8,096,661 7,913,886 Current portion of deferred income 9b 1,280,665 4,526,160 Total current liabilities 13,380,240 14,380,876 Non current liabilities Pension plan asset /(reserve) 12 1,420,712 1,253,087 Long-term borrowings ,760 1,086,259 Deferred income 9a 16,667,606 14,470,669 Total non-current liabilities 18,256,078 16,810,015 Total liabilities 31,636,318 31,190,891 Total Equity and Liabilities 43,826,459 40,728, Page 7
9 Unaudited Statement of Total Comprehensive Income =N='000 Statement of Income Note Jan - June 2014 Jan - June 2013 Turnover 42,167,608 38,741,038 Cost of sales (36,559,747) (33,960,354) Gross profit 5,607,861 4,780,684 Other income 14 1,242,590 1,044,805 Selling and distribution expenses (2,553,415) (2,361,024) Administrative expenses (1,069,051) (987,252) Other non-operating income /(expense) 15 2,793,875 * (55) Operating profit 6,021,860 2,477,158 Finance income 146,518 13,517 Finance costs (15,018) (39,876) Profit before taxation 6,153,360 2,450,799 Taxation 13 (1,337,278) (792,631) Profit for the period 4,816,082 1,658,168 Basic earnings per share (kobo) 1, Statement of Other Income Jan - June 2014 Jan - June 2013 Items that will not be reclassified to profit or loss Actuarial gains /(losses) - - Other comprehensive income net of tax - - Total comprehensive income for the period 4,816,082 1,658,168 Note: * Included in other non-operating income is the sum of N2,851,584,800 which relates to profit on sale of a surplus property Page 8
10 Unaudited Changes in Equity =N='000 Share Share Total share Reserves Accumulated other 2014 June capital premium capital reserves Total equity At the beginning of the year 180,298 14, ,678 10,249,955 (907,002) 9,537,631 Comprehensive Income for the period ,816,082-4,816,082 Dividend payment (2,163,572) - (2,163,572) At the end of the period 180,298 14, ,678 12,902,465 (907,002) 12,190,141 Share capital Share Total share Reserves Accumulated other 2013 December premium capital reserves Total equity At the beginning of the year 180,298 14, ,678 8,572,146 (2,176,856) 6,589,968 Comprehensive Income for the period ,480,785-3,480,785 Dividend payment (1,802,976) - (1,802,976) Other Comprehensive Income/(loss) for the period ,269,854 1,269,854 At the end of the period 180,298 14, ,678 10,249,955 (907,002) 9,537,631 Page 9
11 Unaudited Statement of Cash Flows =N='000 Note Jan - June 2014 Jan - June 2013 OPERATING ACTIVITIES Operating Profit 6,021,860 2,477,158 Adjustment for non cash items Depreciation of fixed assets 513, ,456 Provision for pension plan 215, ,099 Amortization of intangible assets 12,494 15,214 (Gain) / Loss on disposal of fixed assets (2,793,875) (2,052,766) 622,824 Changes in current assets and liabilities Decrease/(Increase) in inventories 298,864 (1,092,216) Decrease/(Increase) in due from associated companies (103,134) (382,932) Decrease/(Increase) in foreign currency deposit for imports (49,488) 56,293 Decrease/(Increase) in trade debtors and bridging claims (487,188) (154,512) Decrease/(Increase) in other debtors and prepayments (261,734) (169,012) Increase/(Decrease) in due to associated companies 44, ,240 Increase/(Decrease) in trade creditors (138,130) 1,786,699 Increase/(Decrease) in other creditors and accruals 244,227 (307,606) Increase/(Decrease) in unamortised rental income (1,048,558) 2,048,050 Net changes in current assets and liabilities (1,500,605) 2,158,004 Income taxes paid (725,229) (712,144) Witholding tax credit utilised (258,269) - Retirement benefits paid (47,388) - Net cash generated from operating activities 1,437,603 4,545,842 INVESTING ACTIVITIES Purchase of fixed assets (3,411,165) (3,371,942) Proceeds from disposal of assets 2,995,077 1,211 Payment for franchise/permit (15,045) - Interest received 146,518 13,517 Net cash used in investing activities (284,615) (3,357,214) FINANCING ACTIVITIES Increase/(Decrease) in overdraft 20,048 (429,378) Dividend paid (2,163,572) (1,802,976) Long-term borrowings 72,365 1,630,289 Increase/(Decrease) in lease obligations 32,142 (8,283) Interest charges (15,018) (39,876) Net cash used in financing activities (2,054,035) (650,225) Net Increase/(Decrease) in cash and cash equivalents (901,047) 538,403 Cash and cash equivalents at beginning of the period 961, ,697 Cash and cash equivalents at end of the period 60, ,100 (0) 20,640 Page 10
12 Notes to the Unaudited Interim Financial Statement 1 The Company The Company was incorporated as a private limited liability company in It became a public limited liability company in 1978 and its share capital is listed on the Nigerian Stock Exchange. The issued share capital is held 60% by ExxonMobil Oil Corporation, Fairfax, U.S.A., and 40% by other investors. The Company was formed principally for the marketing of petroleum products. All the fuels which the Company sells are purchased from the Nigerian National Petroleum Corporation and other third party suppliers. Lubricants are blended locally or purchased from associated companies. 2a Property plant and equipment movement analysis June 2014 Plant Fixtures and and Motor Incomplete Land Buildings Equipment Fittings Vehicles Construction Total N'000 N'000 N'000 N'000 N'000 N'000 Cost At beginning of the period 718,268 3,892,688 5,707, , , ,157 11,581,159 Additions - 66,916 16,913 1, , ,506 Transfers from Incomplete Construction - 54,437 98,830 4,720 - (157,987) - Disposals - (12,365) (127,470) (11,690) (12,029) - (163,554) At end of the period 718,268 4,001,676 5,695, , , ,227 11,621,111 Depreciation At beginning of the period - (1,353,192) (2,762,479) (165,848) (188,598) - (4,470,117) Charge for period - (101,192) (148,815) (15,614) (12,246) - (277,867) Disposals - 10, ,478 8,946 9, ,546 At end of the period - (1,444,152) (2,792,816) (172,516) (190,954) - (4,600,438) Net book value 30 June ,268 2,557,524 2,903, ,513 81, ,227 7,020,673 0 December 2013 Plant Fixtures and and Motor Incomplete Land Buildings Equipment Fittings Vehicles Construction Total N'000 N'000 N'000 N'000 N'000 N'000 Cost At beginning of the period 686,854 3,787,818 5,684, , , ,823 11,288,422 Additions - 74, ,318 6, , ,224 Transfers from Lease ,754-29,754 Transfers 31, , ,249 1,320 - (403,478) - Disposals - (75,878) (364,548) (44,392) (83,423) - (568,241) At end of the period 718,268 3,892,688 5,707, , , ,157 11,581,159 Depreciation At beginning of the period - (1,255,110) (2,715,468) (185,877) (236,731) - (4,393,186) Charge for period - (150,815) (329,762) (24,026) (27,296) - (531,899) Transfers from Lease (7,438) - (7,438) Disposals - 52, ,751 44,055 82, ,406 At end of the period - (1,353,192) (2,762,479) (165,848) (188,598) - (4,470,117) Net book value 31 December ,268 2,539,496 2,945, ,531 96, ,157 7,111,042 Page 11
13 Notes to the Unaudited Interim Financial Statement N'000 2b Leasehold asset movement analysis June 2014 Leasehold Land Motor Vehicles Total 50 years below N'000 N'000 N'000 Cost At beginning of the period 2,275-2,275 Additions - 35,116 35,116 At end of the period 2,275 35,116 37,391 Depreciation At beginning of the period (1,670) - (1,670) Charge for period - (2,974) (2,974) At end of the period (1,670) (2,974) (4,644) Net book value 30 June ,142 32,747 0 December 2013 Leasehold Land Motor Vehicles Total 50 years below N'000 N'000 N'000 Cost At beginning of the period 2,275 29,754 32,029 Transfers - (29,754) (29,754) At end of the period 2,275-2,275 Depreciation At beginning of the period (1,670) (1,101) (2,771) Charge for period - (6,337) (6,337) Transfers - 7,438 7,438 At end of the period (1,670) - (1,670) Net book value 31 December Intangible assets movement analysis June 2014 Software Costs Franchise Costs Permit Total N'000 N'000 N'000 Cost At beginning of the period 201, , ,829 Additions - 15,045 15,045 At end of the period 201, ,278 15, ,874 Amortization At beginning of the period (96,298) (103,825) - (200,123) Amortization for the period charged to expense (6,718) (5,588) (188) (12,494) At end of the period (103,016) (109,413) (188) (212,617) Net Book Value 30 June ,535 23,865 14, , ,257 December 2013 Software Costs Franchise Costs Permit Total N'000 N'000 N'000 Cost At beginning of the period 201, , ,829 At end of the period 201, , ,829 Amortization At beginning of the period (82,861) (87,805) - (170,666) Amortization for the period charged to expense (13,437) (16,020) - (29,457) At end of the period (96,298) (103,825) (200,123) Net Book Value 31 December ,253 29, ,706 Intangible assets are made up of the cost of upgrading the Company's computer systems, permits and the franchise cost paid, which gives the Company the right to use named brands in Mobil service stations. The assets are amortised using straight line method with a useful life of fifteen and ten years for the software and franchise cost respectively. Page 12
14 Notes to the Unaudited Interim Financial Statement =N='000 June 2014 December Investment Property Opening balance 20,695,199 13,164,228 Additions 3,172,543 8,155,120 Asset held for sale - (128,075) Disposals (57,119) (32,057) Depreciation (232,761) (464,017) Closing balance 23,577,862 20,695,199 The investment property previously disclosed as asset held for sale was disposed during the period. The gain on disposal has been reported as part of other non-operating income in the Statement of Comprehensive Income. 1 Amounts recognized in statement of comprehensive income for the period Rental income from investment property Direct operating expenses from rental generating investment property 914,938 1,930,945 (230,590) (476,080) 5 Prepayments (Non-Current) Rent 1,524,558 1,338,703 Employee benefits 46,915 54,180 Loan 117, ,207 Prepayment and deferred charges 1,689,182 1,525,090 This represents prepaid rent for company owned service stations, prepaid employee benefits and prepaid loan. 6 Inventories Raw materials 2,655,185 3,559,978 Finished products 1,555, ,946 Total 4,211,060 4,509,924 7 Trade debtors and other receivables Trade debtors 2,400,859 2,044,650 Bridging claims 506, ,948 Other debtors 630, ,355 Current portion of prepayments 45, ,372 Foreign currency deposit for imports 87,548 38,060 Advances and employee receivables 327, ,256 Due from associated companies 1,861,988 1,758,854 Value Added Tax net receivable 187, ,716 Total 6,048,663 5,311,211 Aging analysis of trade debtor Current 2,129,698 2,015,676 Overdue 1-30 Days 210,259 26,402 Overdue days 60,902 - Overdue days Overdue days Overdue 181 days - 2,133 Total 2,400,859 2,044,650 8 Payables and other liabilities Trade creditors 4,047,204 4,185,334 Other creditors 2,705,269 2,431,326 Accruals 123, ,019 Lease obligation 32,142 - Due to associated companies 1,188,743 1,144,207 Total 8,096,661 7,913,886 The fair value of financial liabilities included above aproximates the carrying amount. Page 13
15 Notes to the Unaudited Interim Financial Statement =N='000 June 2014 December Deferred revenue 9a (a) Portion of deferred revenue due after one year (Non-current) 16,667,606 14,470,669 9b (b) Portion of deferred revenue due within a year (Current) 1,280,665 4,526,160 This represents advance rent for the company's real estate occupied by a related party company, Mobil Producing Nigeria Unlimited. The fair value of financial liabilities included above approximates the carrying amount. 10 Long-term Borrowings (a) Borrowings due after one year (Non-current) 167,760 1,086,259 The lender of the term loan is Zenith Bank plc. (b) Borrowings due within one year (Current) 990, Deferred income tax (a) Deferred tax movement At beginning of the period 350, ,963 Current period charge/(provision) 697,392 67,001 At the end of the period 1,048, ,964 (b) Deferred tax Deferred tax asset Retirement benefits 454, ,988 Advance rent 2,755,340 2,231,765 Deferred tax on remmitable service charge 76,305 - Others 31,868 14,541 Total deferred tax asset 3,318,141 2,647,294 Deferred tax liability Accelerated depreciation (2,195,534) (2,222,079) Capital gains tax rollover (74,251) (74,251) Total deferred tax liability (2,269,785) (2,296,330) Net deferred tax asset/(liability) 1,048, , Pension plan liability Movement Analysis: At beginning of the period (1,253,087) (2,530,145) Provision for the period (215,013) (604,197) Payments made during the period 47,388 13,824 Additional Provision - 1,867,431 At the end of the period (1,420,712) (1,253,087) Additional Provision relates to Actuarial gains & losses recognized in Other Comprehensive Income (OCI) Reconciliation of amount recoginised in the statement of financial position Defined Benefit Obiligation (5,786,876) (5,339,333) Funded Asset 4,366,164 4,086,246 Net Liability at the end of the period (1,420,712) (1,253,087) The Company operates a defined benefit pension plan. As at the end of the reporting years, the outstanding obligations as valued by the actuary, comprised of both unfunded reserves and funded assets. The requirements of Section 39 of the Pension Reforms Act specifies that any deficit is funded within 90 days.the pension plan liability balance at the end of the year represents the shortfall of the cumulative funding over the benefits liability accrued in income. Page 14
16 Notes to the Unaudited Interim Financial Statement =N='000 June 2014 December Current tax analysis: Movement in current income tax balance At beginning of the period 1,940,830 1,171,254 Payments (725,229) (1,306,567) Provision for the period 2,034,670 2,306,797 Withholding tax credit (258,269) (230,654) At the end of the period 2,992,002 1,940,830 June 2014 June 2013 Taxation charge for the period Based on profit for the period : Company income tax 1,643,275 1,162,284 Capital gains tax 271,474 83,801 Education tax 119,921 85,648 Current taxes 2,034,670 1,331,733 Deferred tax Profit & Loss (697,392) (539,102) Deferred tax Other Comprehensive income - - Total Company Deferred taxes (697,392) (539,102) Taxation Charge Profit & Loss 1,337, ,631 Taxation Charge Other Comprehensive income - - Total company Taxation charge 1,337, ,631 The tax charge comprises of company income tax at 30% of taxable income plus education tax at 2% of taxable income before capital allowances. 14 Other income Rent income 1,056, ,678 Gain/(Loss) on foreign exchange transactions (880) 3,061 Back-court income 76,023 78,109 Others 111, ,957 Total 1,242,590 1,044,805 Included in the Rent Income is N915M relating to rents received from a related party. 15 Other non-operating income /(expense) Profit/(Loss) on disposal of investment property assets 2,788,961 - ` Profit/(Loss) on disposal of fixed assets 4,914 (55) Total 2,793,875 (55) June 2014 December Cash and cash equivalents Short-term bank deposits 60, ,706 Cash intransit - - At the end of the period 60, ,706 Of the 61M short-term bank deposits at the end of June 2014, 61M is domiciled in dollars and subject to exchange rate fluctuations. 17 Dividends At beginning of the period - - Dividend Proposed 2,163,572 1,802,976 Dividend Paid (2,163,572) (1,802,976) At the end of the period Reserves At the beginning of the period 9,342,953 6,395,290 Profit for the period 4,816,082 3,480,785 Other comprehensive income/(loss) for the period - 1,269,854 Dividend paid (2,163,572) (1,802,976) At the end of the period 11,995,463 9,342,953 Page 15
17 . Notes to the Unaudited Interim Financial Statement 19 Segmental Information As at 31 March 2014, the Company had two reportable business segments: Property Business - This is the lease out of Company buildings to associated and other third party companies. Management has determined operating segments based on the performance reports reported to the Chief Operating Decision Maker (CODM). The Petroleum Products Marketing segment generates revenue from the sale of white products and company lubricants while the Property business generates income from the rent paid on MONs investment properties leased out solely (100%) to a related party. Petroleum Products Marketing Property Business Total A The segment results for the period ended 30 June 2014 are as follows: Turnover 42,167,608-42,167,608 Cost of sales (36,559,747) - (36,559,747) Operating expense (3,391,876) (230,590) (3,622,466) Other income 327, ,938 1,242,590 Other non-operating income /(expense) 4,914 2,788,961 2,793,875 Finance income 146, ,518 Finance costs (15,018) - (15,018) Profit before taxation 2,680,051 3,473,309 6,153,360 Taxation (864,069) (473,209) (1,337,278) Profit for the period 1,815,982 3,000,100 4,816,082 The segment results for the period ended 30 June 2013 are as follows: Turnover 38,741,038-38,741,038 Cost of sales (33,960,354) - (33,960,354) Operating expense (3,315,281) (32,995) (3,348,276) Other income 331, ,952 1,044,805 Other non-operating income /(expense) (55) - (55) Finance income 13,517-13,517 Finance costs (39,876) - (39,876) Profit before taxation 1,770, ,957 2,450,799 Taxation (574,385) (218,246) (792,631) Profit for the period 1,196, ,711 1,658,168 B Reconciliation of segment asset and liabilities to total assets and liabilities as at 30 June 2014 Segmented total assets (excl. cash and cash equivalents & deferred tax) 19,283,317 23,434,127 42,717,444 Segmented total liabilities (14,495,503) (17,140,815) (31,636,318) Deferred tax 1,048,356-1,048,356 Cash and cash equivalents 60,659-60,659 Segmented net asset 5,896,829 6,293,312 12,190,141 Capital expenditure 253,666 3,172,543 3,426,209 Reconciliation of segment asset and liabilities to total assets and liabilities as at 31 December 2013: Segmented total assets (excl. cash and cash equivalents & deferred tax) 18,864,672 20,551,180 39,415,852 Segmented total liabilities (16,719,777) (14,471,114) (31,190,891) Deferred tax 350, ,964 Cash and cash equivalents 961, ,706 Segmented net asset 3,457,565 6,080,066 9,537,631 Capital expenditure 831,224 8,155,120 8,986,344 Segment assets consist primarily of Investment property, property, plant and equipment, leasehold properties, intangible assets, long term investments, stock, long term receivables, debtors and other receivables. Unallocated assets comprise deferred taxation and cash and short term deposits. Segment liabilities comprise current taxation, unamortized rental income, payables and other liabilities and provision for liabilities & charges. Unallocated liability is deferred taxation. Capital expenditure comprises additions to property, plant and equipmentand intangible assets. Page 16
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