AUSTIN LAZ & CO PLC UNAUDITED FINANCIAL STATEMENT FOR THE THIRD QUARTER ENDED 30TH SEPT, 2017.

Transcription

1 AUSTIN LAZ & CO PLC UNAUDITED FINANCIAL STATEMENT FOR THE THIRD QUARTER ENDED 30TH SEPT, 2017.

2 CONTENT Pages 1. Statement of Financial Position 3 2. Statement of Income 4 3. Statement of Cashflow 5 4. Statement of Changes in Equity 6 5. Statement of value Added 7 6. Notes of the Account

3 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER, 2017 NOTE SEPT SEPT ASSETS N'000 N'000 Non Current Assets Property, Plant & Equipment 1 928,693 1,092,132 Intangibles 2 167, ,166 1,095,859 1,259,298 CURRENT ASSETS Inventories 3 407, ,232 Trade receivables 4 214, ,307 Cash and Cash Equivalent 5 6,917 4, , ,508 Total Assets 1,725,088 1,753,806 EQUITY AND LIABILITIES: EQUITY Authorized Share Capital 750, ,000 Paid up Share Capital 539, ,930 Capital Reserves 1,224,776 1,224,776 Retained Earnings (179,234) (201,569) Equity attributable to owners of company 1,585,472 1,563,137 NON-CURRENT LIABILITIES: Long Term Borrowing 132, ,427 CURRENT LIABILITIES 8 Trade Payable 6,774 30,138 Other Payable 799 1,104 7,573 31,242 Total Equity and Liabilities 1,725,088 1,753,806 Unaudited Financial Statement was approved by the Board on the 3rd of October, 2017 The notes to the accounts form an integral part of these Financial Statements 3

4 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME NOTE SEPT SEPT N'000 N'000 Revenue 215, ,438 Cost of Sales (144,451) (139,761) Gross Profit/(Loss) 70,971 (12,323) Administration Expenses (52,217) (23,734) Distribution Expenses (6,508) (8,728) Finance Cost (11,291) (2,228) Profit before Tax 955 (47,013) Tax Provision (147) (88) Profit after Tax 808 (47,101) DISCONTINUED OPERATION - Gain/(Loss) on discontinued operation net of tax - Net Profit for the Period 808 (47,101) OTHER COMPREHENSIVE INCOME NET OF TAX - Total Comprehensive income for the Period 808 (47,101) Earning Per Share 0.00 (0.04) The notes to the accounts form an integral part of these Financial Statements 4

5 STATEMENT OF CASHFLOW SEPT 2017 SEPT Cashflow from Operating Activities N'000 N'000 Profit/(Loss) before tax 955 (47,013) Add depreciation 122,580 81,720 Net Cashflow from operation before Working Capital Changes 123,535 34,707 WORKING CAPITAL CHANGES (Increase)/Decrease in Inventories (46,977) 10,561 (Increase)/Decrease in Account Receivable (34,098) (32,348) (Increase)/Decrease in Account Payables (7,273) 1,937 35,187 14,857 Tax paid (196) - Interest Paid - - Net Cashflow from Operating activities 34,991 14,857 CASHFLOW FROM INVESTING ACTIVITIES Purchase of Assets Proceed from sale of assets Net Cashflow from Investing activities 0 0 CASHFLOW FROM FINANCING ACTIVITIES Share issued Overdraft Loan (29,173) (15,346) Net Cashflow from Financing activites (29,173) (15,346) Cash & Cash equivalent for the Period 5,818 (489) Cash & Cash equivalent as at Jan 1 1,099 5,458 Cash & Cash equivalent as at 30 Sept ,917 4,969 5

6 STATEMENT OF CHANGE IN EQUITY AUSTIN LAZ & COMPANY PLC SHARE SHARE REVALUATIO N RETAINED TOTAL CAPITAL PREMIUM RESERVE EARNINGS EQUITY N'000 N'000 N'000 N'000 N'000 As at 1 Jan ,930 1,224,776 (154,468) 1,610,238 Adjustment made in the period Balance after adjustment 539,930-1,224,776 (154,468) 1,610,238 Share Issued - Total comprehensive income for the period (47,101) (47,101) As at 30 September ,930-1,224,776 (201,569) 1,563,137 As at 1 Jan ,930 1,224,776 (180,042) 1,584,664 Adjustment made in the period Balance after adjustment 539,930-1,224,776 (180,042) 1,584,664 Share Issued - Total comprehensive income for the period As at 30 September ,930-1,224,776 (179,234) 1,585,472 6

7 STATEMENT OF VALUE ADDED SEPT SEPT N'000 % N'000 % Turnover 215, ,438 Bought in goods and services (87,778) (75,487) Value Added 127, , Applied as follows: To Employees As Salaries and Wages 4, ,821 7 To Government Taxation Retained for Expansion Depreciation 122, , Profit/(Loss) (33,678) (65) 127, , The value added represents the wealth created through the use of the company's assets by its employees. 7

8 NOTE TO THE ACCOUNTS 1 PROPERT, PLANT & EQUIPMENT LAND & PLANT & MOTOR FURN. & TOTAL BUILDING MACHINERY VEHICLE FITTINGS & EQUIPMENT N'000 N'000 N'000 N'000 N'000 As at 1/1/ ,825 1,448,430 12,000 5,468 2,395,723 Additional Asset As at 30/09/ ,825 1,448,430 12,000 5,468 2,395,723 Depreciation: As at 1/1/ ,403 1,186,579 12,000 5,468 1,344,450 For the Period 13, , ,580 As at 30/09/ ,350 1,295,212 12,000 5,468 1,467,030 NBV as at 30/09/ , , ,693 2 INTANGIBLES: SEPT 2017 SEPT 2016 N'000 N'000 Intangible Fixed Asset 167, ,166 3 INVENTORIES Finished Goods 217, ,049 Raw Materials 35,974 26,721 Work In Progress 154, , , ,232 4 TRADE RECEIVABLES Trade Receivables 214, ,307 Other Receivables , ,307 5 CASH & CASH EQUIVALENT Cash at Bank 6,912 4,902 Cash at Hand ,917 4,969 6 SHARE CAPITAL Authorized Share CAPITAL 750, ,000 Paid up Share Capital 539, ,930 7 LONG TERM LOAN 59, ,427 8

9 NOTE TO THE ACCOUNTS CONT'D SEPT 2017 SEPT OTHER PAYABLE N'000 N'000 Audit Fees 139 Taxation 660 1,104 Accrued Salaries & Wages ,104 9 TRADE PAYABLES Trade Creditors 6,774 30, TURNOVER Aluminium Section 110,926 61,008 Ice Plant Section 36,257 17,801 ThermoplasticSection 68,239 48, , , PRODUCTION COST Opening Inventories Raw Materials 41,726 21,092 Add Purchase of raw materials 78,917 52, ,643 73,991 Less Closing Inventories raw materials (35,974) (26,721) Carrige Inwards Prime Cost: 84,697 47,483 Add factory overheads: Factory/Manufacturing Expenses 2,629 33,128 Wages and Salaries 1,211 12,432 Depreciation of Plant 108,633 72,422 Add Opening W.I.P 163, ,000 Total Production cost 360, ,465 Less closing W.I.P (154,067) (114,462) Production cost to be transferred to Trading account 206, , COST OF SALES Opening Finished Stock 154,971 69,807 Add Production cost 206, ,003 Purchases , ,810 Less closing stock (217,354) (116,049) 144, ,761 9

10 NOTE TO THE ACCOUNTS CONT'D SEPT 2017 SEPT DISTRIBUTION COST N'000 N'000 Transport & Travelling 2,493 2,515 Carriage outward Advertisement & Promotion Salaries & Commission 1,952 2,098 Installation Expenses Discount Allowances 1,251 2,813 Entertainment ,508 8, ADMINISTRATION EXPENSES Wages & Salaries 4,109 3,821 Motor Vehicle Maintenance 3, Printing & Stationery Telephone & Postage Medical Expenses Power and Electricity General Repairs 3, Rent & Rates Entertainment Audit Fees 21 Donation Charity Maintenance of Office Equip 5,721 4,166 Generator Running Legal & Professional fees Education & Training Miscellaneous Expenses Sanitation & Cleaning Admin Expenses Directors Expenses Depreciation 13,947 9,298 Security Expenses Folklift Expenses 5, Computer/Internet Services Levies & Rates Equipment Repairs & Maintenance 6, Newspaper and Periodical Fuel and Diesel 4, Local Transport ,217 23,734 10