FIRST QUARTER MANAGEMENT ACCOUNT FOR PERIOD ENDING IST JANUARY THROUGH 31ST MARCH 2018.
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1 2018 FIRST QUARTER MANAGEMENT ACCOUNT FOR PERIOD ENDING IST JANUARY THROUGH 31ST MARCH 2018.
2 Unit/Dept: COMMERCIAL AND FINANCE Site/Location: TIP BASE Completed By: DOUGLAS ROSEMARY Position: CHIEF FINANCE OFFICER TABLE OF CONTENT TITLE PAGE TABLE OF CONTENT EXECUTIVE SUMMARY STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION CHANGE IN EQUITY CASHFLOW STATEMENT NOTE TO THE ACCOUNTS STATEMENT OF VALUE ADDED FIVE YEARS FINANCIAL SUMMARY Page 1 of 22
3 EXECUTIVE SUMMARY: The company s Quarter One (Q1) Revenue has steadily been on the increase in the last three years 2015: NGN90.07m, 2016: NGN135.68m and 2018: NGN277.28m respectively. The Revenue of NGN277.28m is quite impressive as it represent distinctly 42% of the Total Revenue generated last year 2017 (NGN667.98m) and an increase of 105%.over Q1 of Of the Q1 Revenue of NGN277.28m, the TDU Business Line alone contributed 72.81% (NGN200.72m) as a result of the Addax Njaba Drilling Cutting Collection and Treatment that commenced late last year and was near completion at the end of the quarter under review. Contributions from other Business Line include Cleaning & Decontamination: NGN 72.8m, HWC (Incineration):NGN1.62m and General Waste Disposal: NGN1.92m. TIP posted a whooping Gross Profit of NGN96.4m for the period under review which is 73.41% higher than that of the same period in 2017 (NGN56.24m). However, Total Direct Cost (2018:NGN180.74m, 2017:NGN79.43m) exceeded TIP approved standard benchmark of 60% of Total Turnover by 4.9% which is insignificant in the face of a growing inflation rate of 17.2% according to NBS statistics. Operating expenses increased from N28.6 million in Q1 of 2017 to N33.5 million in Q1 of 2018 representing about 25% increase. Staff costs showed an upward trend for reason of new staff employed and also due to salary increment for some of the staff during the period. The reported Net Profit before Tax for Q1 stood at NGN57.98m (2017:NGN25.49m) which is 21.7% of Turnover for the same period. However, net profit after provision of 32% for income tax expense is N39.4 million representing 14% of the turnover for the period and 65% increase over Q1 of In all the Management is very hopeful that the remaining three quarters will be better and this fiscal year as a whole. Page 2 of 22
4 HIGHLIGHT OF FIRST QUARTER REPORT STATEMENT OF COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31ST CHANGE N'Mn N'Mn % Revenue Direct cost Gross Profit T ot al I ndirect Expenses Financial Cost Profit Before T ax Provision for I ncome T ax Expense Profit for t he period STATEMENT OF FINANCIAL POSITION YEAR ENDED MARCH. 31ST ASSETS N'Mn N'Mn Non-Current Assets Propert y, plant and Equipment Total Non-Current Assets Current Assets I nvent ories T rade receivables Cash and cash equivalent s Current t ax asset s Ot her current t ax asset s Total current Asset Total Assets 1, Non-Current Liabilities Deferred tax Current Liabilities T rade and Ot her payables Current t ax liabilit ies Ot her current t ax liabilit ies Employees' benefits Short t erm borrowings T ot al current liabilit ies T ot al Liabilit ies Working Capit al Net A sset Page 3 of 22
5 Revenue Direct cost Gross Profit Total Indirect Financial Cost Profit Before Tax Provision for Profit for the period Non- Current Asset Current Asset Total Assets Total current Total Liabilities Working Capital Net Asset DOCUMENT TITLE: 2018 FIRST QUARTER MANAGEMENT ACCOUNT Key Ratios % CHANGE Earnings Per Share 0.04 Kobo 2.56 Kobo Gross Profit Margin % % (14.78) Net Profit Margin 13.63% % Net Asset Per Shares 0.87 Kobo 0.78 Kobo Ret urn on Capit al Employed 4.71% % Current Ratios 1.26 x x (32.52) Net Working Capit al: 0.46 x x (57.94) Fixed Asset Turnover: 0.41x x Receivables Turnover 1.14 x x 3.58 Payables Turnover 1.15 x 1.41 x (18.86) Return On Equity 5.06% 3.29% Return On Assets 21.44% 14.81% Price Earning per Share Kobo Kobo (41.66) 1, , , Q ACTUAL N'Mn Q HISTORY N'Mn Graphical representation of TIP's 2018 First Quarter performance Page 4 of 22
6 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31ST MARCH 2018 Q Q CHANGE 2017 (ANNUAL) Continuing Operations Note N N % N Revenue 5 277,284, ,033, ,901,943 Cost of sales 6 180,873,778 79,297, (451,504,114) Gross profit 96,411,131 55,736, ,397,829 Other income 7-7,061,327 (100.00) 21,367,125 Staff costs 8 17,034,793 13,499, (64,511,420) Depreciation and impairment loss 9 1,690,214 1,239, (5,581,657) Administrative expenses 10 14,790,962 13,904, (82,730,235) 33,515,969 28,642, (131,456,187.00) Results from operating activities 62,895,162 34,154, ,941,642 Finance cost 11 4,915, , (8,475,187) Profit before taxation 57,979,723 33,552, ,466, Provision for Income tax expense ,553,511 10,736, ,511,955 Profit after taxation 39,426,212 22,815, ,978,410 Other Comprehensive income Foreign currency translation difference 5,970, (16,504,401) Other comprehensive income for the period 5,970, (16,504,401) Total comprehensive income for the period 45,396,761 22,815, ,474,009 Basic earnings per share (kobo) Diluted earnings per share (kobo) The notes on pages 9 to 20 form part of these financial statements. Page 5 of 22
7 STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2018 Q Q CHANGE 2017 (ANNUAL) Note N N % N Assets Non-current assets Property, plant and equipment ,953, ,586, ,098,211 Current assets Inventories 15 4,616,075 1,787, ,889,328 Trade and other receivables ,936, ,475, ,107,035 Cash and cash equivalents 17 21,388,769 2,267, ,341,037 Current tax assets 18 83,632,706 79,059, ,477,891 Other current assets 19 1,613,136 22,409,284 (92.80) 2,861,171 Total current assets 619,187, ,999, ,676,462 Total Assets 1,293,141, ,585,992 1,143,774,673 Equity and Liabilities Equity Share capital ,990, ,990, ,990,776 Share premium 21 17,780,000 17,780,000-17,780,000 Revaluation reserve 22 83,410,528 83,410,528-83,410,528 Retained earnings ,571, ,791,504 #DIV/0! ,621,532 Total equity 779,753, ,972,808 #DIV/0! ,802,836 Non-current liabilities Deferred tax liabilities ,276,182 46,537,814 #DIV/0! (37.09) 29,276,182 Current liabilities #DIV/0! Trade and other payables ,994, ,002, ,677,609 Current tax liabilities ,992,056 33,583,480 (61.31) 12,992,056 Other current tax liabilities 25 55,829,932 21,740, ,356,345 Employees' benefits , ,361 (60.55) 2,669,645 Short term borrowings 27 50,000,000-60,000,000 Total current liabilities 484,111, ,075, ,695,655 Total liabilities 513,387, ,613,184 #DIV/0! ,971,837 Total equity and liabilities 1,293,141, ,585, ,143,774,673 These financial statements were approved by the Board of Directors on 25th April, 2018 and signed on its behalf by:.... Mr. Joe Ogbonna Anosikeh Mr. Reuben Mustapha Ossai Chairman Managing Director FRC No:FRC/2014/NIS/ FRC No:FRC/2014/NIAECHI/ Rosemary Douglas Chief Finance Officer FRC No:FRC/2017/ICAN/ The notes on pages 9 to 20 form part of these financial statements. Page 6 of 22
8 STATEMENT OF CHANGES IN EQUITY PERIOD ENDED 31ST MARCH 2018 Share Share Revaluation Retained Total capital premium reserve earnings Equity N N N N N At 1 January 444,990,776 17,780,000 83,410, ,621, ,802,836 Profit for the year ,579,723 55,579, ,990,776 17,780,000 83,410, ,201, ,382,559 Other comprehensive income: Foreign currency translation difference ,970,550 5,970,550 At 31st March ,990,776 17,780,000 83,410, ,171, ,353,108 PERIOD ENDED 31ST MARCH 2017 Share Share Revaluation Retained Total capital premium reserve earnings Equity N N N N N At 1 January 444,990,776 17,780,000 83,410, ,938, ,120,217 Dividend payable (26,699,447) (26,699,447) Performance Bonus payable (12,000,000) (12,000,000) Profit for the year ,552,037 33,552, ,990,776 17,780,000 83,410, ,791, ,972,808 Other comprehensive income: Foreign currency translation difference At 31st March ,990,776 17,780,000 83,410, ,791, ,972,808 YEAR ENDED 31ST DECEMBER 2017 Share Share Revaluation Retained Total capital premium reserve earnings Equity N N N N N At 1 January 444,990,776 17,780,000 83,410, ,938, ,120,217 Prior year adjustments (16,091,944) (16,091,944) Performance Bonus (6,000,000) (6,000,000) Dividend paid (26,699,446) (26,699,446) Profit for the year ,978,410 81,978, ,990,776 17,780,000 83,410, ,125, ,307,237 Other comprehensive income: Foreign currency translation difference (16,504,401) (16,504,401) At 31st December ,990,776 17,780,000 83,410, ,621, ,802,836 Page 7 of 22
9 STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31ST MARCH 2018 Q Q CHANGE 2017 ANNUAL Note N N % N Cash flows from operating activities Cash received from customers 175,762, ,487, ,031,520 Cash paid to suppliers and employees (137,756,840) (80,585,008) (362,666,816) Tax paid (3,164,897) (4,507,759) Cash paid to Employees (2,374,389) Interest on Loan (2,418,271) Net cash provided by operating activities 29 30,047,731 21,902, ,856, Cash flows from investing activities Payments for property, plant and equipment 15 - (16,162,473) (100.00) (110,471,372) Interest received 7-21,544 (100.00) 21,687 Net cash provided by investing activities - (16,140,929) (100.00) (110,449,685) Cash flows from financing activities Short term loan receipt/repayment (10,000,000) (11,000,000) (9.09) 49,000,000 Dividend paid - (602,514) (100.00) (26,699,446) Interest paid (8,475,187) Net cash provided by financing activities (10,000,000) (11,602,514) (13.81) 13,825,367 Decrease in cash and cash equivalents 20,047,731 (5,841,168) (443.21) (6,767,373) Cash and cash equivalents at 1 January 1,341,037 8,108,410 (83.46) 8,108,410 Cash and cash equivalents at 31st March 18 21,388,769 2,267, ,341,037 Page 8 of 22
10 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2018 Q Q CHANGE 2017 (ANNUAL) 5. Turnover N N % N TDU Inflow 200,762,450 6,993, ,166,607 HCW (Incineration) 1,629, ,630,035 E- Waste ,000 Cleaning and Decontamination 72,831,826 13,138, ,255,889 Asbestos - 114,902,475 (100.00) 372,282,112 General Waste /Municipal 1,940, ,767,300 Secondary products 120, ,000 (81.54) 3,087, ,284, ,683, ,989, Cost of sales Waste disposal 30,866,000 25,133, ,992,550 Hiring of equipment 37,556,201 1,150,125 3, ,859,586 Purchases ,200,999 Diesel and lubricants 4,826,845 1,688, ,229,400 Repairs and Maintenance 8,613,235 6,301, ,778,482 Consumables 71,587,850 32,558, ,536,205 Depreciation 6,208,243 4,262, ,375,398 Direct wages 1,403, , ,905,035 Community relations and security 9,046,632 6,117, ,987,856 Compliance 5,233, ,000 1, ,368,722 Other direct costs 5,532,399 1,729, ,269, ,873,778 79,416, ,504,114 6a. Other Direct Cost Business Development 1,839,832 1,150, ,088,917 Insurance 375, ,453,976 QHSE 3,317, , ,988 5,532,399 1,729, ,269,881 6b. Consumables TDU 386, NPDC 22,048, SNEPCO 3,298, , ADDAX PET 45,650, NNPC 205, SPDC (ASBESTOS) - 31,804,500 (100.00) 67,536,205 71,587,850 32,558, ,536, Other income Interest received - 21, ,687 Debts recovery (note 7.1) Foreign exchange gains (note 14) ,207,938 Sundry income - 67, ,000-88, ,279,625 Page 9 of 22
11 NOTES TO THE FINANCIAL STATEMENTS FOR THEPERIOD ENDED 31 MARCH 2018 Q Q CHANGE 2017 (ANNUAL) N N % N 8. Staff costs Salaries and allowances 14,810,968 12,249, ,374,037 Employer's pension contribution 1,357,450 1,182, ,000,500 Staff welfare ,390,250 Medical expenses 866,375 67,000 1, ,746,633 17,034,793 13,499, ,511, De pre ciation and impairme nt loss Depreciation 1,690, ,239, ,581, ,690, ,239, ,581, Administrative e xpe nse s Directors' remuneration 3,060,000 3,060,000-12,913,300 Directors' allowances and expenses 944, , ,029,963 Directors' fees ,000 Transport and travelling expenses 727, ,440 (7.13) 7,640,165 Professional fees 1,606,189 1,271, ,455,136 Electricity 343, ,222,219 Fuel and diesel 1,220,155 2,567,870 (52.48) 6,530,862 Licenses/Permits and levies 183, ,600 (73.11) 352,000 Donation & Gift 250,000 60, ,000 Repairs and maintenance 1,475, , ,914,375 Printing and stationery 337, ,080 (3.76) 1,194,640 Insurance 676, , ,407,707 Telephone and postage 209,900 55, ,060 Entertainment 173, , ,710 Internet expenses 235, ,300 (11.13) 2,114,127 Bank charges 598, , ,332,733 Training expenses 30, ,000 (94.78) 1,038,443 Local content tax 1,495, , ,337,963 Subscription 30, ,900 (70.07) 374,400 Meal expenses 562, , ,359,875 Corporate social responsibility ,145,000 Advertisement - 35,000 (100.00) 10,000 Provision for doubtful debt - 235,360 (100.00) - Audit fee - 2,500,000 Balances written off ,957 Office Consumables 630, , ,280,600 14,790,962 13,899, ,730,235 Page 10 of 22
12 NOTES TO THE FINANCIAL STATEMENTS FOR THEPERIOD ENDED 31 MARCH Finance cost This represents interests charged by Guaranty Trust Bank Plc and Wema Bank Plc on invoice discounting and loan facilities obtained respectively by The Initiates Plc. Q Q CHANGE 2017 ANNUAL N N % N Other financial charges 4,350, , ,818,000 Interest on loans 565, ,657,187 4,915, , ,475, Taxation 12.1 Income tax expense Company income tax - 22,279,761 (100.00) 6,813,361 Education tax - 4,507,759 (100.00) 1,932,316 26,787,520 (100.00) 8,745,677 Deferred tax (note 12.3) 29,276,182 38,265,357 (23.49) (17,257,632) 29,276,182 65,052,877 (123) (8,511,955) 12.2 Movement in current tax liabilities At 1 January 12,992,056 29,172, ,172,189 Payments during the year (4,507,759) Tax charge for the period - 8,745,677 Withholding tax credit notes applied (20,418,051) At 31 March ,992,056 29,172,189-12,992, Deferred tax liabilities At 1 January 29,276, ,533,814 Movement in the year - - (17,257,632) At 31st March 29,276, ,276, Foreign currency translation difference This represents exchange difference arising from translation of foreign currency transactions during the period under review. The following rates were applied : N350 TO $1 USD, N400 TO 1 EURO and N500 TO 1 GBP. Page 11 of 22
13 14. Property, plant and equipment The carrying amount of property, plant and equipment is stated as follows; Cost/valuation Depreciation and Carrying impairment loss amount N N N Land and Building 149,533,285 7,295, ,238,019 Plant and machinery 432,497,400 48,964, ,532,979 Capital work-in-progress 141,475, ,475,720 Motor vehicles 2,694,000 1,808, ,250 Furniture and fittings 3,906,000 2,909, ,235 Office & HSE equipment 8,048,060 3,222,385 4,825, ,154,465 64,200, ,953,879 Land and Building Plant and Machinery Capital Workin-Progress (note 15.4) Motor Vehicles Furniture and Fittings Office & HSE Equipment Total 14.1 Cost/valuation N N N N N N N At 1 January ,162, ,293, ,672,816 2,694,000 3,044,000 6,544, ,410,860 Adjustments - - (4,319,212) (4,319,212) Additions in the year 5,371,285 3,615,933 98,948, ,000 1,673, ,471,372 Transfer - 75,826,638 (75,826,638) Adjustments - 7,761, (170,000) 7,591,445 Disposals At 31 March ,533, ,497, ,475,720 2,694,000 3,906,000 8,048, ,154, Depreciation and impairment loss At 1 January ,475,689 42,756,177-1,640,375 2,584,297 2,896,940 56,353,478 Charge for the year 819,577 6,208, , , ,445 7,847,108 Adjustments Disposals At 31st March ,295,266 48,964,421-1,808,750 2,909,765 3,222,385 64,200,586 Carrying amount At 31st March ,238, ,532, ,475, , ,235 4,825, ,953,879 At 31st March ,060, ,994, ,962,922 1,727,125 1,522,152 4,319, ,586,452 At 31st December ,857, ,823, ,491,035 1,053,625 1,321,703 4,550, ,098,211 Page 12 of 22
14 NOTES TO THE FINANCIAL STATEMENTS FOR THEPERIOD ENDED 31 MARCH Assets revaluation On 1 April 2008, the company's property, plant and equipment were revalued by Messrs. Jide Taiwo & Co., on the basis of depreciated replacement cost to arrive at open market value of N76,586,905. The revalued amount was incorporated in the 2008 financial statements.the surplus of N45,909,136 arising therefrom was transferred to revaluation reserve account. On 9 July 2015, the company's property, plant and equipment were revalued by Messrs. Ubochi Eleh & Co., on the basis of open market value of N445,148,000. The revalued amount was incorporated in these financial statements.the surplus of N37,501,392 arising therefrom was transferred to revaluation reserve account Capital work-in-progress This represents costs incurred by The Initiates Plc on property,plant and equipment which have not been put to use as at 31 December Q Q CHANGE 2017 ANNUAL N N % N Incinerator and E-Waste Plant Buildings 34,632, ,314, ,632,715 E-Waste Plant 36,723, ,697, ,723,693 Incinerator Plant 42,442, ,000, ,457,970 Vacuum Pump Bullseye ,826,638 Rotocar 24,676, ,676, (0.00) 24,676,657 Transformer 3,000, ,424, (59.59) 3,000,000 Transfer (75,826,638) 141,475, ,112, ,491, Inventories Technical material 204, QHSE inventory 1,101, Stationeries 37, Diesel 3,272, ,887, ,889, ,616, ,887, ,889,328 Page 13 of 22
15 NOTES TO THE FINANCIAL STATEMENTS FOR THEPERIOD ENDED 31 MARCH 2018 Q Q CHANGE 2017 (ANNUAL) N N % N 16. Trade receivables 507,936, ,784, ,874,662 Less: Provision for doubtful debts (69,294) 507,936, ,784, ,805, Cash and cash equivalents Cash and cash equivalents represent cash in hand and at bank as at end of the period. Cash in hand 24, , ,250 Cash at bank 21,364, ,141, , ,300,787 21,388,769 1,162,955 1, ,341, Current tax assets This represents withholding tax receivable in the year. 83,632,706 79,059, ,477,891 Page 14 of 22
16 NOTES TO THE FINANCIAL STATEMENTS FOR THEPERIOD ENDED 31 MARCH 2018 Q Q CHANGE N N % 2017 ANNUAL 19. Other current assets N Prepaid expenses 1,613,136 7,500,000 (78.49) 2,861,171 Advance to third party - 7,853,933 (100.00) - 1,613,136 15,353,933 (89.49) 2,861, Share capital Authorised: (note 20.1) 900,000,000 ordinary shares of N0.50 each 450,000, ,000, ,000, ,000,000 Issued and fully paid: (note 20.2) 889,981,552 ordinary shares of N0.50 each 444,990, ,990, ,990, ,990, Authorized share capital At the 12th - 16th Annual General Meeting held on 23rd March 2015, the authorized share capital of the company which was formerly 350,000,000 ordinary shares of N1.00 each was converted to 900,000,000 ordinary shares of N0.50 each Paid up share capital At the 12th - 16th Annual General Meeting held on 23rd March 2015, the paid up share capital of the company was increased by the capitalization of dividends for 2013 and 2014 and also issue of bonus shares to shareholders. Page 15 of 22
17 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2018 Q Q CHANGE 2017 ANNUAL N N % N 21. Share premium At 1 January 17,780,000 17,780,000-17,780,000 Bonus shares in the year At 31 December 17,780,000 17,780,000-17,780, Revaluation Reserve On 1 April 2008, the company's property, plant and equipment were revalued by Messrs. Jide Taiwo & Co., on the basis of depreciated replacement cost to arrive at open market value of N76,586,905. The revalued amount was incorporated in the 2008 financial statements.the surplus of N45,909,136 arising therefrom was transferred to revaluation reserve account. On 9 July 2015, the company's property, plant and equipment were revalued by Messrs. Ubochi Eleh & Co., on the basis of open market value of N445,148,000. The revalued amount was incorporated in these financial statements.the surplus of N37,501,392 arising therefrom was transferred to revaluation reserve account. At 1 January 83,410,528 83,410,528-83,410,528 Revaluation surplus At 31 March ,410,528 83,410,528-83,410, Retained earnings At 1 January 169,621, ,938,913 Prior Year Adjustments (note 23.1) (16,091,944) Performance Bonus (note 23.2) (6,000,000) Dividend paid (26,699,446) Profit for the year 55,579,723 33,552, ,978, ,201,255 33,552, ,125,933 Other comprehensive income: Foreign currency translation difference (16,504,401) At 31 March ,201,255 33,552, ,621, Trade and other payables Trade payables 150,707,849 52,642, ,235,794 Dividend payable (note 24.1) 526, ,641 (34.46) 526,676 Other payables 7,150 15,090 (52.62) 110,200 Accruals (note 24.2) 216,152,814 55,384, ,804, ,394, ,846, ,677,609 Page 16 of 22
18 NOTES TO THE FINANCIAL STATEMENTS FOR THEPERIOD ENDED 31 MARCH 2018 Q Q CHANGE 2017 ANNUAL N N % N 24.1 Dividend payable At 1 January 526, ,641 (34.46) 803,641 Prior Year Dividends approved during the year (note ) ,699,446 Payments made during the period - (276,965) (100.00) (26,976,411) At 31 March , , , Cash Dividend At the 18th Annual General Meeting held on 30 June 2017, 3 kobo per ordinary share was declared out of the profit for the year ended 31 December 2016, to be paid to Shareholders whose names were in the register as at 16 June Accruals Accrued Directors' Fees 65, ,000 (91.05) 650,000 Accrued Directors' Allowances 392, , ,000 Accrued Director's Emolument Accrued interest on loan 1,931, ,483,879 Accrued Audit Fees 1,500, ,500,000 Accrued Professional Fees 2,167,905 1,000, ,167,905 Provision for cost 177,796,863 47,525, ,802,085 Accrued CSR (note 24.3) 1,200,000 1,200, Accrued direct wages 230,000 3,173,254 (92.75) 804,345 Accrued security and community expenses 30,728,958 1,367,399 2, ,884,291 Accrued staff salaries and performance bonus 140, , , ,152,814 55,384, ,804, Accrued CSR: This represent four year scholarship 0f N300, 000 per year awarded by the Management to the children of Late Mr. Frank Igeleke (Procurement Office) on his demise on the 21st of August Other current tax liabilities Pay As You Earn 4, ,058 (98.67) 1,237,568 Withholding tax payable 16,748,225 21,423,080 (21.82) 14,656,078 Value Added Tax (VAT) Liability 2,624,482-1,219,119 Value Added Tax - Customers 36,452,238 21,423, ,243,580 55,829,932 43,220, ,356,345 Page 17 of 22
19 NOTES TO THE FINANCIAL STATEMENTS FOR THEPERIOD ENDED 31 MARCH 2018 Q Q CHANGE 2017 ANNUAL N N % N 26. Employees' benefits Pension Contr Payable-Employees (172,196) 307,282 (156.04) Pension Contr Payable- Employer 467, , Defined contribution plans (note 27.1) 295, ,361 (60.55) 2,669, Defined contribution plans These represent pension contribution. It is computed as follows: 8% of the employee's basic salary, housing and transport is contributed monthly by the employee and 10% of the employee's basic salary, housing and transport is contributed by the employer. The monthly contribution is remitted to the Pension Fund Administrators in accordance with the Nigerian Pension Reform Act At 1 January 2,669,645 21,661 12, ,661 Provision for the year ,223,599 Payments made during the year (2,374,389) (6,575,615) At 31 March ,256 21,661 1, ,669, Short term borrowings In 2017, a loan facility of N70.0 Million was obtained from Wema Bank Plc by The Initiates Plc to finance the purchase of equipment (Vaccum Pump Bullseye) for execution of the contract awarded by Shebah Exploration & Production Company, and this facility has a tenor of 180 days with interest rate of 29% per annum. Guaranty Trust Bank Plc (note 28.1) - 11,000,000 (100.00) - Wema Bank Plc (note 28.2) 50,000,000 (11,000,000) - 60,000,000 50,000, ,000, Invoice Discounting Facility from GTB Plc At 1 January ,000,000 Invoice Discounting Facility in the period ,193,410 Repayments in the year (105,193,410) At 31 March Loan facility from Wema Bank Plc At 1 January 60,000, Loan in the year ,000,000 Repayments in the period (10,000,000) - - (10,000,000) At 31 March ,000, ,000,000 Page 18 of 22
20 NOTES TO THE FINANCIAL STATEMENTS FOR THEPERIOD ENDED 31 MARCH Information regarding directors and employees Q Q CHANGE 2017 ANNUAL N N % N 28.1 Directors Directors' emoluments comprises: Fees ,000 Others ,943, ,593,263 The number of directors with gross emoluments within the band stated were: Number Below N3,000,000 - N3,000,001 - N7,000,000 - N7,000,001 and above Employees Number Average numbers of persons employed during the year: Management Senior Staff Junior Staff (41.18) Aggregate payroll costs N Salaries and allowances 17,034,793 13,499, ,511,420 The number of employees in Nigeria with gross Number emoluments within the bands stated were: N100,000 - N500, (44.44) 12 N500,001 - N1,000, N1,000,001 - N1,500, N1,500,001 and above Page 19 of 22
21 NOTES TO THE FINANCIAL STATEMENTS FOR THEPERIOD ENDED 31 MARCH Guarantees and other financial commitments The company did not guarantee any loan to the directors and officers of the company during the period. 30. Financial commitments The Directors are of the opinion that all known liabilities and commitments which are relevant in assessing the company's financial statements have been taken into account in the preparation of the financial statements under review. 31. Contingent liabilities There were no contingent liabilities arising from litigations in the ordinary course of business. 32. Capital commitments There were no capital commitments at 31 March Reclassification of Balances. Certain comparative balances have been reclassified to provide a more meaningful comparison. 34. Events after the reporting date There were no events after reporting date which could have had material effect on the state of affairs of the company at 31 March 2018 and on the total comprehensive income for the year ended on that date which have not been adequately provided for or recognized. 35. Earnings per Share Earning per share are based on profit after tax and number of fully paid ordinary shares. Q Q CHANGE 2017 ANNUAL N N % N Profit attributable to ordinary shareholders (in naira) 37,794,212 22,815, ,978,410 Number of ordinary shares issued and fully paid for basic earnings per share (in number) 889,981, ,981, ,981,552 Number of ordinary shares issued and fully paid for diluted earnings per share (in number) 889,981, ,981, ,981,552 Basic earnings per 50 kobo share Diluted earnings per 50 kobo share Page 20 of 22
22 STATEMENT OF VALUE ADDED FOR THEPERIOD ENDED 31 MARCH 2018 Q Q CHANGE 2017 ANNUAL N N % N % Turnover 277,284, ,033, ,901,943 Other income 5,970,550 7,061,327 (15.45) 21,367, ,255, ,095, ,269,068 Less: Bought in materials and services Imported 105,590,999 Local 202,980,179 93,804, ,247,540 Value added 80,275,279 48,290, ,430, Applied as follows: 144,430,529 To pay employees' salaries wages and 17,034,793 13,499, ,511, other benefits To pay Government taxation 17,785,511 10,736, ,745, To provide for enhancement of assets and expansion: - deferred tax (17,257,632) - - depreciation of fixed assets 1,690,214 1,239, ,957, retained in the business 43,764,761 22,815, ,474, ,275,279 48,290, ,430, Note: "Value added" represents the additional wealth which the company has been able to create by its own and its employees' efforts. This statement shows the allocation of that wealth amongst employees, capital providers, government, and that retained for future creation of wealth. Page 21 of 22
23 FIVE YEARS FINANCIAL SUMMARY Assets employed 31 December N N N N N Non-current Assets 678,098, ,311, ,297, ,615, ,051,523 Other non-current assets ,000,000 6,778,298 32,131,887 Current Assets 465,676, ,955, ,027, ,667, ,758,848 Total Assets 1,143,774, ,267, ,324, ,061, ,942,258 Equity Issued capital 444,990, ,990, ,990, ,490, ,471,108 Share premium 17,780,000 17,780,000 17,780,000 17,280,000 17,280,000 Revaluation reserve 83,410,528 83,410,528 83,410,528 45,909,136 45,909,136 Retained earnings 169,621, ,938,913 33,869,063 94,800,809 (12,658,659) Other component of equity ,646,916 Liabilities 715,802, ,120, ,050, ,480, ,648,501 Non-current liabilities 29,276,182 46,533,814 8,268,457-27,333,333 Current liabilites 398,695, ,613, ,005, ,581, ,960,424 Total liabilities and equity 1,143,774, ,267, ,324, ,061, ,942,258 Turnover 664,901, ,144, ,766, ,828, ,749,514 Profit before taxation 73,466, ,183,451 60,051, ,655,217 85,950,899 Taxation 8,511,955 (65,052,877) (22,883,903) (36,485,715) (30,757,650) Profit after taxation 81,978, ,130,574 37,167,193 96,169,502 55,193,249 Other Comprehensive income Foreign currency translation difference (16,504,401) (2,507,724) - 13,606,283 (989,501) Revaluation surplus on property, plant and equipment ,501,392-3,681,500 Other comprehensive income for the year (16,504,401) (2,507,724) 37,501,392 13,606,283 2,691,999 Total comprehensive income for the year 65,474, ,622,850 74,668, ,775,785 57,885,248 Basic earnings per share (kobo) Diluted earnings per share (kobo) Net assets per share (kobo) Basic earnings per share are calculated on the profit after tax and the number of fully paid ordinary shares at the end of each year. Diluted earnings per share are calculated on profit after tax for each of the years and number of fully paid ordinary shares as at 31 December Net assets per share are based on the net assets and the number of fully paid ordinary shares at the end of each year. Page 22 of 22
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