PAINTS AND COATINGS MANUFACTURERS NIGERIA PLC UNAUDITED FINANCIAL STATEMENT FOR FIRST QUARTER ENDED 31ST MARCH, 2018

Transcription

1 UAUDITED FIACIAL STATEMET FOR FIRST QUARTER EDED 31ST MARCH, 2018

2 ICOME STATEMET for the period ended 31st March (Unaudited) (Audited) (Audited) 3 Months 3 Months 12 Months 31st March 31st March 31st Dec REVEUE- (Turnover) 680, ,193 3,223,088 Cost of sales (338,852) (571,417) (2,321,555) GROSS PROFIT 341, , ,533 Administrative Expenses (337,272) (304,459) (848,806) Selling and Distribution Expenses (5,951) (4,711) (17,655) Operating Profit/(Loss) (1,285) 7,606 35,072 Other income 28,161 14,150 17,392 Interest Received Provision for Bad debt Profit/Loss on Disposal of Assets - - 3,095 Financing Costs (2,937) (5,175) (11,373) PROFIT BEFORE TAX EXPESES 23,945 16,595 44,210 Taxation Expenses (7,662) (5,310) (23,933) PROFIT AFTER TAXATIO 16,282 11,284 20,277 Other Comprehensive Income net of Tax Capital Gain Tax on Impairment Prior Year Income Tax Adjustment - Total Other Comprehensive Income net of Tax Total Comprehensive Income net of Tax 16,282 11,284 20,277 Profits Attributable to: Owners of the Company 16,282 11,284 20,277 Profit/(Loss) from Discontinued Operations ,282 11,284 20,277 Total Comprehensive Income Attributable to : Owners of the Company 16,282 11,284 20,277 Profit/(Loss) from Discontinued Operations ,282 11,284 20,277 Key Ratio Earnings Per Share (Kobo) 2k 1k 2.6k The accounting policies and notes to the accounts form part of these financial statements. 1

3 STATEMET OF FIACIAL POSITIO as at 31st March 2018 Unaudited Audited 3 Months to 12 Months to 31st March, 31st March, otes '000 '000 oncurrent Assets Property, Plant and Equipment 278, ,639 Intangible Assets , ,649 Current Assets 2 2,397,490 2,368,716 TOTAL ASSETS 2,676,301 2,657,364 EQUITY AD LIABILITIES Authorised share capital 600,000, ,000,000 (1,200,000,000 Ordinary Shares of 50 Kobo Per Share) Share Capital 396, ,457 (792,914,256 Ordinary Shares of 50 Kobo Per Share) Share Premium 415, ,072 Revaluation Reserve 113, ,006 Revenue Reserve 881, ,941 1,805,757 1,789,476 on-current Liabilities 29,450 29,450 Current Liabilities 3 841, ,439 2,676,301 2,657,364 The financial statements were approved by the Board of Directors on the 18th April 2018and signed on 19th April

4 STATEMET OF CHAGE I EQUITY as at 31st March 2018 Share Capital Share Premium Retained Earnings Revaluation Reserved Total Equity '000 '000 '000 '000 '000 As At 1st January , , , ,006 1,769,199 Dividends for the year Total Comprehensive income ,277-20, As At 31st December , , , ,006 1,789,476 Share Capital Share Premium Retained Earnings Revaluation Reserved Total Equity '000 '000 '000 '000 '000 As At 1st January , , , ,006 1,789,476 Dividends for the year Total Comprehensive income ,282-16, As At 31st March , , , ,006 1,805,758 3

5 CASH FLOW STATEMET AS AT 31st March 2018 CASH FLOW FROM OPERATIG ACTIVITIES 3 Months Unaudited 12 Months Audited Cash receipts from customers 802,126 3,136,047 Cash Paid to suppliers (846,517) (3,332,636) Tax Paid - (3,470) et cash from operating activities (44,391) (200,059) CASH FLOWS FROM FIACIG ACTIVITIES Finance Cost (2,937) (11,373) Other Incomes 28,161 17,392 Interest Received 6 23 Proceeds on Disposal of Assets - 5,560 Dividend Paid - - et cash from Financing activities 25,230 11,602 CASH FLOWS FROM IVESTIG ACTIVITIES Purchase of Property Plants & Equipment (1,737) (32,422) Purchase of Intagible Assets - - et cash from Investing activities (1,737) (32,422) et Increase in cash and cash equivalents (20,898) (220,879) Cash and Bank Balance equivalent as at 1 Jan'18 55, ,293 Cash and Bank Balance equivalent 34,516 55,414 Comprising: Cash and Bank Balance as at 31st March, ,516 55,414 Cash and Bank Balance equivalent 34,516 55,414 4

6 STATEMET OF ACCOUTIG POLICIES The principal accounting policies adopted in the presentation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless overwise stated. 1 Basis Of Preparation of Financial Statements These financial statements are prepared in compliance with the International Financial Reporting Council (IFRC) and presented in igerian aira and prepared under the historical cost convention. 2 Turnover Turnover represents the net value(excluding value added tax) of goods and services invoiced to third party in the period in which the Company delivers products to the customer and the collectability of the related receivable is reasonably assured. 3 Property, Plant and Equipment All categories of property, plant and equipment are recorded at cost.subsequent costs are included in the asset's carrying amount or recognised 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. All other repairs and maintenance are charged to the profit and loss account during the financial period in which they are incurred. Leasehold land relates to a ninety nine (99) years lease from Ogun State Government, the cost include the original purchase price, brokers fees, legal fees, cost of survey, clearing, soil test and government levies. Gains and losses on disposal of property, plant and equipment are taken into the profit and loss account. 4 Depreciation Depreciation is calculated to write off the cost of fixed assets on a straight - line method to write down their cost over the estimated useful lives, as follows: % Freehold Land Over the lease period Leasehold improvement Over the lease period Plant & machinery Office equipment and furniture Motor Vehicle Impairment All asset have been duly tested for Impairment for the period under review 5

7 6 Foreign Currency Items Transactions in foreign currency are translated into aira at the rate of exchange ruling at the date of the transaction. Foreign currency balances are translated at the exchange rates applicable at period ends. Exchange differences are included in the profit and loss account for the period. 7 Retirement Benefits The company in line with Pension Reform Act, 2014, has instituted a Contributory Pension Scheme for its employees. The employee and the company each contribute 18% of the basic salary, housing and transport allowances. The Company's contributions are accrued and charged to the profit and loss account. The fund is being managed by the under listed Pension Funds Administrators : 1) ZPC/Stanbic IBTC Pension Managers Limited 2)ZPC/Trustfund Pensions Plc 3) UBA Pension Custodians/PAL 4) UBA Pensions Custodians/ARM Pension 5) UBA/IEI Anchor 6) FPCL Re Aiico 8 Taxation The igeria Investment Promotion Commission has granted a pioneer certificate to the company under the Industrial Development Income Tax Relief Act o. 22 of 1971 as amended and the igeria Investment Promotion Act o.16 of Deferred Taxation Deferred income tax is provided using the liability method for all temporary differences arising between the tax bases of the assets and liabilities and their carrying values for financial reporting purposes. Currently enacted tax. tax rates are used to determine deferred income. The principal temporary differences arise from depreciation of fixed assets. 10 Debtors Receivables are recognised initially at fair value. A provsion for impairment of receivable is established when there are reasonable evidence that the amount is no longer receivable. The amount of the provision is recognised in the profit and loss account. 11 Inventories Stock is stated at lower of cost and net realisable value after making adequate provisions for obsolescence and damaged stock. In the case of goods manufactured by the company, cost include production overheads. Work in progress are stated at lower of cost and net realisable value, which consist of direct materials, direct labour and production overheads. Goods-in-transit are stated at invoice price and direct cost incurred to date. 6

8 12 Dividends o dividend was declared 13 Provisions Provision is recognized when the Company has a present obligation, whether legal or constructive, as a result of a past event for which it is probable that an outflow of resources would be involved and a reliable estimate of such obligation can be made in line with the stipulations of the International Financial Reporting Council (IFRC) 14 Comparatives Where necessary, comparative figues have been adjusted to conform with changes in the presentation in the current period. 15 Profit on Ordinary Activities before Taxation Profit on ordinary activities before taxation is stated after charging /(crediting) the following : 3 Months Months Depreciation 11,575 9,620 7

9 OTES TO THE ACCOUTS 1 oncurrent Assets Freehold Land Intangible Asset Asset Under Construction Furniture and Equipment Motor Vehicles Leasehold Improvement Plant & Machinery Total Costs At 1st Jan., , ,024 77,007 89, , ,575 Additions , ,737 Disposal Bal.at 31 Mar., , ,024 78,744 89, , ,312 Depreciation At 1st Jan., , ,678 75, , ,927 Charge for the year ,386 4,717-3,472 11,574 Disposal During the year - - Bal.at 31 Mar, , ,064 80, , ,501 et Book Value 31st March, , ,024 23,680 8,628-24, ,811 FREEHOLD LAD The details of the land is as listed below: Location : Within 2KLM off Lagos/Ibadan Expressway, Kenta Oyewolu Village, Ogun State. Size of Property : Hectares per plan no. L.C (OG). Title of Property : Ogun State of igeria Certificate of Occupancy o dated 17th May 2009 for a term of inety - ine (99) years commencing 1st January Current Value : The value is based on Revaluation Value Method, and was valued by Ubosi Eleh Valuers in December, 2011 Debt secured on property : one Unaudited Audited 2 CURRET ASSETS otes Inventory and Good in Transit 1,236,101 1,274,391 Trade and other receivables 649, ,880 Other Receivables 477, ,031 Cash and bank 34,516 55,413 TOTAL 2,397,490 2,368,715 3 CURRET LIABILITIES otes Trade and other payables 352, ,496 Current Tax liabilities 39,463 39,463 Sundry Creditors and Accruals 134,714 7,700 Customer Deposit 11,295 5,664 Unclaimed Dividend 9,068 9,068 Other payables 294, ,048 TOTAL 841, ,439 8

10 4 SHARE CAPITAL Authorised : '000 '000 1,200,000,000 ordinary shares of 50 Kobo per share 600, ,000 Allotted, called up and fully paid 792,914,256 ordinary shares of 50 Kobo per share 396, , Share Capital History The company was incorporated on March 16, 2001 as a limited liability company with an initial authorised share capital of 5,000,000 divided into 5,000,000 ordinary shares of 1 each. The share capital history is as stated below: Year End Authorised Authorised Issued Cum Issued Issued Consideration Share Capital Share Capital Share Capital Share Capital Share Capital Reason for Increase 'o of shares'' '000 'o of shares'' 'o of shares'' ' ,000 5,000 5,000 5,000 5,000 Cash ,000 5,000 5,000 10,000 10,000 Cash , , , , ,173 Bonus Issue , , , , ,500 Deposit Capitalised ,200, , , , ,500 Split Issue ,200, , , , ,598 Private Placement ,200, , , , ,457 Bonus Issue 4.2 Revenue Reserve Movement in Revenue Reserve Retained Income/(Accumulated Loss) 864, ,665 Dividend Paid - - Tax Expenses(Adjustment) - - et Profit/(Loss) this year 16,282 20, , ,941 5 Turnover Revenue represents the net value of goods and services invoiced to third party and analysed as follows: 2018 % 000 Protective Coating & Marine 658, % Grit & Consumables % Others 21, % Total 680, % 6 TAXATIO a Per Profit and Loss Account Education Tax - - Company Income Tax 39,463 39,463 Deferred income tax - - TOTAL 39,463 39,463 The igerian Investment Promotion Commission issued a Pioneer Certificate to the Company under the provisions of the Industrial Development Tax Relief Act o. 22 of 1971 as amended and igeria Investment Promotion Commission Act o. 16 of CASH AD BAK Cash at bank 32,857 55,317 Cash in hand 1, Short term deposit - - TOTAL 9 34,516 55,414