ARBICO PLC UNAUDITED FINANCIAL STATEMENT FOR NINE MONTHS ENDED SEPT 30TH,
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1 UNAUDITED FINANCIAL STATEMENT FOR NINE MONTHS ENDED SEPT 30TH,
2 Table of Content Results at a glance 3 Statement of comprehensive income 4 Statement of financial position 5 Statement of changes in equity 6 Statement of cash flows 7 Notes to the financial statements 8 2
3 Result at a Glance SEPT SEPT Turnover 2,958,047 2,837,161 Profit before tax 117, ,460 Earnings Per Share BY ORDER OF THE BOARD COMPANY SECRETARY FRC/2013/ th September
4 STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED SEPT 30TH 2016 IAS 1.51 ( c) NOTES IAS 1.51( d ) SEPT SEPT IA S 1.51 ( e) IAS 1.82 ( a) REVENUE 3 2, 958, 047 2, 837, 161 IAS 103 COST OF SALES (2, 320, 360) (2, 252, 215) IA S 1.8 5, IA S GROSS PROFIT 637, ,946 IAS 1.85 FINANCE INCOME 4, 520 3, 040 SALE OF SCRAPS 2, 630 3, 400 INCOME FROM ATTENDANCE 4, RENT INCOME 28, , 641 SALE OF ASSETS 2, INCOME FROM EQUIPMENT RENTALS 18, 214 4, 018 IAS 1.85 INCOME FROM CHANGE IN INVENTORY (684) 1, 285 IAS OPERATING EXPENSES (421, 250) (345, 449) IAS STAFF COST AND EMPLOYEES BENEFIT 4 (159, 401) (141, 578) OPERATING PROFIT BEFORE TAX 117, , 460 IAS 1.82 INCOME TAX EXPENSES - - IAS 1.82 ( F ) PROFIT FOR THE PERIOD 117, , 460 EARNINGS PER SHARE Basic (k)
5 STATEMENT OF FINANCIAL POSITION FOR THE PERIOD ENDED SEPT 30TH, 2016 SEPT SEPT ASSETS NOTES N' 000 N' 000 NON - CURRENT ASSETS PROPERTY PLANT AND EQUIPMENT 5 1,145,485 1,280,713 UNQUOTED INVESTMENT 6 2,000 2,000 INTANGIBLE ASSETS 7 1,055 1,079 TOTAL NON CURRENT ASSETS 1, 148, 540 1, 283, 792 CURRENT ASSESTS INVENTORIES 23,901 11,754 STAFF LIABILITIES 1,946 1,095 TRADE DEBTORS 1,604,043 1,216,178 CONSTRUCTION CONTRACTS RECEIVABLE (UNCERTIFIED CLAIMS) 1,049, ,401 OTHER RECEIVABLES 8 393, ,758 PREPAYMENTS 6,677 9,609 CASH, BANK AND CASH EQUIVALENTS 274, ,309 DEFERRED TAX ASSETS 49,154 49,154 TOTAL NON CURRENT ASSETS 3, 403, 037 2, 299, 258 TOTAL ASSETS 4, 551, 577 3, 583, 050 LIABILITIES NON - CURRENT LIABILITIES SHARE DEPOSIT 1,950,000 1,950,000 ADVANCE FROM CLIENTS 166, ,949 TRADE AND OTHER PAYABLE 9 762, ,761 TOTAL NON CURRENT LIABILITY 2, 879, 522 3, 094, 710 CURRENT LIABILITIES TRADE AND OTHER PAYABLE 9 79,632 48,024 ADVANCE FROM CLIENTS 596, ,090 AMOUNT DUE TO CLIENTS 13,447 - PROVISIONS/ ACCRUALS 791, INCOME TAX PAYABLE - - TOATL CURRENT LIABILITY 1, 481, , 131 TOTAL LIABILITY 4, 360, 947 3, 660, 841 EQUITY SHARE CAPITAL 74,250 74,250 SHARE PREMIUM 141, ,184 RETAINED EARNINGS (24,804) (293,225) TOTAL EQUITY 190, 630 (77, 791) TOTAL EQUITY AND LIABILITY 4, 551, 577 3, 583, 050 Afolabi Aiyeola Director FRC/2015/IODN/ Otunba Tade Aranmolate Director FRC/2015/NSE/ Aderemi Idowu G Financial Officer FRC/2016/ICAN/
6 S TATEMENT O F CHANGES IN EQ UITY F O R THE PERIO D ENDED S EPT 30TH, 2016 S HARE S HARE REVAL UATIO N ACCUMUL ATED TO TAL CAPITAL PREMIUM RES ERVE L O S S ES Balance 1/1/ , , ,934 (1,004,182) 73,186 Profit for the period , ,445 Total Comprehensive Income for the year Dividend paid to shareholders Issue of ordinary shares Balance 3/9/ , , ,934 (886,737) 190,631 Balance 1/1/ , , ,934 (1,275,416) (198,048) Profit for the period , ,234 Total Comprehensive Income for the year Dividend paid to shareholders Issue of ordinary shares Balance 31/12/ , , ,934 (1,004,182) 73,186 6
7 STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED SEPT 30TH, 2016 SEPT DEC Operating activities Profit/ (loss) before tax 117, ,722 Non-cash adjustments to reconcile profit before tax to net cash flows: Depreciation of property, plant and equipment 947, ,838 Amortisation of intangible asset 10,215 1,878 (Gain)/ loss on disposal of property, plant and equipment (2,783) (157) Finance income (4,520) (8,909) Working capital adjustments (Increase)/ decrease in trade and other receivables (357,962) (1,412,419) Decrease/ (Increase) in prepayments 2,932 3,886 Decrease/ (Increase) in inventories (12,148) 7,872 Decrease/ (increase) in amounts due from customers for contract work (468,791) 1,142,369 Increase in trade and other payables (194,177) 258,074 (Decrease)/increase in advance from customers 89,288 (554,515) Increase in amounts due to customers for contract work 13,477 36,795 Income tax paid - - Net cash flows from operating activities 140, ,437 Investing activities Purchase of property, plant and equipment (87,513) (117,369) Finance income 4,520 8,909 Proceeds from sale of property, plant and equipment 2, Advance payment in fixed deposit (restricted) - (52,469) Net cash flows used in investing activities (80,150) (160,333) Net (decrease)/increase in cash and cash equivalents 60,250 (40,896) Cash and cash equivalents at the beginning of the year 214, ,775 Cash and cash equivalents at the end of the year 274, ,878 7
8 NOTES TO THE FINANCIAL STATEMENTS 1. Corporate information Arbico Plc is a company incorporated on 18 June 1958 in Nigeria and commenced business thereafter. The company s shares were quoted on the Stock Exchange on November 30, Its principal activities comprise construction and civil engineering as well as investment in and operation of infrastructure. The registered office is located at Plot D Block 7 Industrial Crescent Ilupeju, Lagos. 2. Basis of preparation The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), the provisions of the Financial Reporting Council of Nigeria Act, No , the provision of the Companies and Allied and Matters Act, CAP 20 and the Laws of the Federation of Nigeria 2004 as applicable. The financial statements have been prepared on a historical cost basis, except for land and buildings that have been measured at fair value. The financial statements are presented in Naira and all values are rounded to the nearest thousand (N 000), except when otherwise indicated. 3. Revenue The company principally operates fixed price contracts, if the outcome of such a contract can be reliably measured, revenue associated with the construction contract is recognized by reference to the stage of completion of the contract activity at year end (the percentage of completion method). The outcome of a construction contract can be estimated reliably when: (i) The total contract revenue can be measured reliably; (ii) It is probable that the economic benefits associated with the contract will flow to the entity; (iii) The costs to complete the contract and the stage of completion can be measured reliably; and (iv) the contract costs attributable to the contract can be clearly identified and measured reliably so that actual contract costs incurred can be compared with prior estimates. When the outcome of a construction cannot be estimated reliably (principally during early stages of a contract), contract revenue is recognized only to the extent of costs incurred that are expected to be recoverable. In applying the percentage of completion method, revenue recognized corresponds to the total contract revenue (as defined below) multiplied by the actual completion rate based on the proportion of total contract costs (as defined below) incurred to date and the estimated costs to complete. Contract revenue Contract revenue corresponds to the initial amount of revenue agreed in the contract and any variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue; and they are capable of being reliably measured. Contract costs Contract costs include costs that relate directly to the specific contract and costs that are attributable to contract activity in general and can be allocated to the contract. Costs that relate directly to a specific contract comprise; site Labour costs (including site supervision); costs of materials 8
9 used in construction; costs of design, cost of depreciation on plant and machinery and technical assistance that is directly related to the contract. The company contracts are typically negotiated for the construction of a single asset or a group of assets which are closely interrelated or interdependent in terms of their design, technology and function. In certain circumstances, the percentage of completion method is applied to the separately identifiable components of a single contract or to a group of contracts together in order to reflect the substance of a contract or a group of contracts. Assets covered by a single contract are treated separately when: (a) The separate proposals have been submitted for each asset (b) Each asset has been subject to separate negotiation and the contractor and customer have been able to accept or reject that part of the contract relating to each asset (c) The costs and revenues of each asset can be identified A group of contracts are treated as a single construction contract when: (a) the group of contracts is negotiated as a single package; (b) the contracts are so closely interrelated that they are, in effect, part of a single project with an overall profit margin (c) the contracts are performed concurrently or in a continuous sequence The three criteria must be met before combination can occur. Losses on contracts are recognized in the period in which they first become foreseeable. Contract losses are determined to be the amount by which estimated direct and indirect costs of the contract exceed the estimated total revenues that will be generated by the contract. During the period until the percentage of completion calculation is completed, all contract costs are accumulated in contract work in progress. The costs of the contract attributable to the stage of contract completion are transferred to cost of sales. Where the costs incurred plus recognized profits are greater than the sum of the recognized losses and progress billings, then this amount is shown in debtors as amounts due from customers for contract work. Where the sum of recognized losses and progress billings is greater, then this amount is shown in creditors as amounts due to customers for contract work. Revenue Construction contracts 2,958,047 2,837, Staff cost & Employees Benefit Wages & Salaries 142, ,388 Medical 9,477 11,127 Staff Training 5,490 2,001 Staff Welfare 2,409 1, , ,578 9
10 5. Plant Property & Equipment There are no restrictions on title to the items of property, plant and equipment. The Company has not pledged any item of property, plant and equipment as security for liabilities. The fair value of the company s buildings is in line with the carrying amount. However, revaluation of the buildings are done at management discretion SUMMARY OF ASSETS SCHEDULE JAN, 2016 SEPT, 2016 Carrying Value Additions Consumables Disposals Depreciation Carrying Value Leasehold Land & Building 733,500 42, ,319 Plant, Tools & Equipment 933,117 83,837 6, , ,508 IT Infrastructure 27, ,290 4,300 Furniture 1,395 1, ,810 Motor Vehicles 325,557 1, , ,608 79,549 2,021,475 87,513 6,849 9, ,424 1,145, Unquoted Investment Arbico Plc acquired 2,000,000 units of ordinary shares of N1 each in Home Trust Limited, which is involved in building and management of properties, in As at 31 December 2015, Arbico Plc holds less than 20% of the equity interest of Home Trust Limited. Home Trust Limited is a private entity that is not listed on any public exchange. In line with IAS 39.46c, the investment is measured at cost since the Company s equity is not quoted in an active market and the fair value of the asset cannot be reliably measured. The company has no intention to dispose this investment in the foreseeable future. 7. Intangible Assets JAN, 2016 SEPT, 2016 Carrying Value Additions Consumables Disposals Depreciation Carrying Value Intangible Assets 10, ,215 1,055 10
11 8. Other Receivables Due From Service 46,656 9,425 Withholding tax receivable 346, , , ,758 Withholding tax receivable (WHT) represent amount deducted at source by customers from payment to the Company in line the withholding tax law. The customer is expected to remit the amount withheld to the relevant tax authority and obtain withholding tax credit note in the name of Arbico Plc. The WHT credit note can be used to offset future tax liability. 9. Trade & other Payables Pension 21,528 23,474 Other Taxes 241, ,160 Suppliers and other Service providers 580, , ,613 1,036,790 Other taxes payable include Pay-As-You-Earn (PAYE), value added tax payable and withholding tax payable. Accruals are with respect to job done by sub-contractors for which project certificate/invoices have not been received as agreed milestones have not been reached. 11
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