CAPITAL OIL PLC MANAGEMENT ACCOUNTS FOR THE MONTH ENDED

Transcription

1 MANAGEMENT ACCOUNTS FOR THE MONTH ENDED 30TH SEPTEMBER, 2016

2 STATEMENT OF COMPREHENSIVE INCOME FOR THE MONTH ENDED 30TH SEPTEMBER, 2016 Actual Notes 2016 Sept, 2016 August, 2016 July, 2016 June, 2016 May, 2016 Apr Mar Feb Jan Sales / Turnover 661,790,830 68,235,709 68,019,206 82,768,519 68,420,210 25,775,982 64,851,264 62,617,687 94,469, ,633,180 Purchases / Cost of Sales (568,853,926) (55,479,000) (60,099,250) (69,666,450) (58,225,582) (22,794,345) (52,000,980) (49,693,390) (85,164,766) (115,730,163) Gross Profit 92,936,904 12,756,709 7,919,956 13,102,069 10,194,628 2,981,637 12,850,284 12,924,297 9,304,307 10,903,017 Operating Expenses Selling & Distribution Expenses 1 (21,195,529) (1,612,250) (2,329,871) (2,186,050) (1,760,273) (2,147,575) (2,666,795) (1,765,047) (3,808,442) (2,919,227) Staff Costs 2 (18,054,127) (1,635,034) (1,689,427) (1,739,285) (1,739,285) (2,182,296) (2,232,696) (2,214,031) (2,235,464) (2,386,608) Administrative Overhead Cost 3 (74,083,142) (9,608,084) (9,441,949) (7,018,807) (8,433,664) (7,661,685) (7,600,600) (8,055,719) (8,951,546) (7,311,086) Total Operating Expenses (113,332,798) (12,855,367) (13,461,247) (10,944,142.45) (11,933,223.17) (11,991,556.25) (12,500,091.21) (12,034,796.64) (14,995,451.98) (12,616,921.53) Operating Profit/Loss (20,395,894) (98,659) (5,541,291) 2,157,927 (1,738,595) (9,009,919) 350, ,500 (5,691,145) (1,713,905) Other Operating Incomes Other Incomes 4 30,954,827 3,431,370 3,431,370 3,431,370 3,449,703 3,449,703 3,449,703 3,449,703 3,449,703 3,412,203 Trading Profit Before Interest & Similar Charges 10,558,933 3,332,711 (2,109,921) 5,589,296 1,711,108 (5,560,216) 3,799,896 4,339,203 (2,241,442) 1,698,298 Finance Cost 5 (14,600,556) (1,655,926) (1,745,192) (1,721,142) (1,612,440) (1,573,091) (1,515,938) (1,558,635) (1,536,295) (1,681,897) PROFIT/ (LOSS) BEFORE TAX (4,041,623) 1,676,785 (3,855,114) 3,868,155 98,668 (7,133,307) 2,283,958 2,780,568 (3,777,737) 16,401 Taxation (2,056,914.11) (503,035.42) - - (29,600.43) - (685,187.43) (834,170.44) - (4,920.39) Profit/(Loss) After Tax (6,098,537) 1,173,749 (3,855,114) 3,868,155 69,068 (7,133,307) 1,598,771 1,946,398 (3,777,737) 11,481 Dividend (10% of PAT) Profit Transferred to Reserves (6,098,537) 1,173,749 (3,855,114) 3,868,155 69,068 (7,133,307) 1,598,771 1,946,398 (3,777,737) 11,481 Earnings / (Loss) per share (kobo) (0.20) 0.04 (0.13) (0.23) (0.12) 0.00

3 Notes to the Statement Of Comprehensive Income FOR THE MONTH ENDED 30TH SEPTEMBER, 2016 Actual 2016 Sept, 2016 August, 2016 July, 2016 June, 2016 May, 2016 Apr Mar Feb Jan SELLING & DISTRIBUTION EXPENSES Depot Expenses and Sales Commission 21,195,529 1,612,250 2,329,871 2,186,050 1,760,273 2,147,575 2,666,795 1,765,047 3,808,442 2,919,227 2 STAFF COST Salaries and Wages 13,345,158 1,201,074 1,248,463 1,288,087 1,288,087 1,608,191 1,651,548 1,632,883 1,655,026 1,771,798 Staff Payee 909,408 68,253 71,264 72,464 72, , , , , ,507 Staff Pension 1,247, , , , , , , , , ,159 Employer Pension Contribution 2,551, , , , , , , , , ,144 18,054,127 1,635,034 1,689,427 1,739,285 1,739,285 2,182,296 2,232,696 2,214,031 2,235,464 2,386,608 3 ADMINISTRATIVE EXPENSES Directors Emolument 9,690,000 1,076,667 1,076,667 1,076,667 1,076,667 1,076,667 1,076,667 1,076,667 1,076,667 1,076,667 Gratuity 2,472, , , , ,307 - Transport and Travelling 3,424, , , , , , , , , ,149 Entertainment 855,042 57, ,515 40, , ,470 94,345 36, ,490 45,010 Utilities 1,360, , ,980 73, , , , , , ,450 Printing and Stationeries 639,215 48,860 20,250 30, ,350 61,850 76,600 61,125 25, ,630 Medical Expenses 576, , , Donations and gifts 120,000 50,000 20, ,000 0 General/Office Expenses 1,056,032 59, ,255 49, ,300 90, , , , ,262 Security Expenses 616,000 64,000 64,000 64,000 64,000 64,000 94,000 36,000 82,000 84,000 Insurance 1,512, , ,426 33, , , , , , ,728 Rent & Rate 3,373, , , , , , , , , ,500 Motor Running/Fueling Expenses 1,096, , , ,903 92, ,250 58,470 54,200 46,000 48,000 Repairs & Maintenance 3,665, , , , , , , , , ,800 Gen set Fueling Expenses 3,487, , , , , , , , ,202 Directors Fueling Expenses 2,653, , , , , , , , , ,388 Licence and Registration 670, , ,000 Professional Fees 5,126, ,764 1,178,764 1,041, , , , , , ,533 # Auditor Fees 525,000 58,333 58,333 58,333 58,333 58,333 58, ,333 58,333 58,333 Lease Charges 2,775, , , , , , , , , ,333 Depreciation 17,709,261 1,966,529 1,966,529 1,970,029 1,970,029 1,968,279 1,966,529 1,968,279 1,966,529 1,966,529 Directors Sittings Allowance 240,002 26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667 Fine and Penalties 314, AGM Expenses Staff Welfare/Benefit 10,000, , , , ,431 1,236,603 1,242,453 1,243,479 1,468,344 1,071,420 Staff Training 122,950 82,950 40, ,083,142 9,608,084 9,441,949 7,018,807 8,433,664 7,661,685 7,600,600 8,055,719 8,951,546 7,311,086 4 OTHER INCOMES Adamo Alatise Isolo lube rent 109, ,333 18,333 18,333 18,333 18,333 18,333 Masaka outlet mart Rent Received 300, ,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 0 RCCG Okota office space Rent 599, ,667 66,667 66,667 66,667 66,667 66,667 66,667 66,667 66,667 Ibadan Outlet:Leased income for 10mths 720, Uzoma-Okota outlet Alignment Rent 599, ,667 66,667 66,667 66,667 66,667 66,667 66,667 66,667 66,667 Solomon Okota Outlet mart Rent 243, Amazing-Isolo outlet mart Rent Received 180, ,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 Profit On Fixed Asset Disposal 28,201, ,133,453 3,133,453 3,133,453 3,133,453 3,133,453 3,133,453 3,133,453 3,133,453 3,133,453 30,954,827 3,431,370 3,431,370 3,431,370 3,449,703 3,449,703 3,449,703 3,449,703 3,449,703 3,412,203 5 INTEREST EXPENSES AND SIMILAR CHARGES Interest On Bank Overdraft and other facili 13,755,865 1,596,353 1,649,564 1,611,248 1,524,195 1,538,416 1,455,298 1,468,877 1,389,232 1,522,682 Bank Charges 844,691 59,573 95, ,894 88,245 34,675 60,640 89, , ,215 14,600,556 1,655,926 1,745,192 1,721,142 1,612,440 1,573,091 1,515,938 1,558,635 1,536,295 1,681,897

4 STATEMENTS OF FINANCIAL POSITION AS AT 30TH SEPTEMBER, 2016 ` % SEPTEMBER., 2016 SEPTEMBER., 2015 Change ASSETS Notes NON-CURRENT ASSETS Property, Plant & Equipment 1 1,165,841,443 1,219,567,885 (4) Deffered Tax Assets Total Non-Current Assets 1,165,841,443 1,219,567,885 (4) CURRENT ASSETS Inventory 2 2,853,636 17,384,185 Trade & Other Receivables 3 412,525, ,524,759 3 Prepayments 4 7,730,065 11,345,931 (32) Cash and Cash Equivalents 5 45,795,751 29,298, Total Current Assets 468,905, ,553,731 2 TOTAL ASSETS 1,634,746,477 1,678,121,616 (3) EQUITY AND LIABILITIES EQUITY Share Capital ,294, ,294,325 Share Premium 7 1,240,109,765 1,240,109,765 Accumulated Loss 8 (1,116,016,922) (1,058,065,026) 5 Equity Attributable to Owners of the Company 742,387, ,339,064 (7) NON-CURRENT LIABILITIES Borrowings 9 619,902, ,844,443 0 Deffered Tax Liabilities ,164, ,164,600 0 Total Non-Current Liabilities 730,067, ,009,043 0 CURRENT LIABILITIES Trade Payables 11 32,417,619 26,055, Bank Overdraft 5 30,656 30, Other Payables & Accruals 12 65,249,205 54,398, Current Income Tax Payable 13 64,594,325 70,288,086 (8) Total Current Liabilities 162,291, ,773,509 8 TOTAL EQUITY AND LIABILITIES 1,634,746,477 1,678,121,616 (3) 1 DEAC. JEROME IKHINE MANAGING DIRECTOR/CEO FRC/2014/NIM/ MR. AMOS OTUATA EXECUTIVE DIRECTOR FINANCE FRC/2014/ICAN/

5 COMPARATIVE STATEMENTS OF COMPREHENSIVE INCOME FOR THE MONTH ENDED 30TH SEPTEMBER, 2016 % Notes SEPTEMBER, SEPTEMBER, Change Revenue 650,141, ,513,775 (28) Cost of Sales (594,425,547) (753,449,881) (21) Gross Profit 55,716, ,063,894 (62) Selling & Distribution Expenses 14 (21,453,599) (44,536,782) (52) Staff Cost Per Payroll 15 (18,054,127) (29,419,438) (39) Administrative And Overhead Cost 16 (74,133,142) (81,609,561) (9) Total Operating Expenses (113,640,868) (155,565,780) (27) Operating Income /(Loss) (57,924,584) (10,501,886) 452 Other Incomes 17 2,167,083 1,608, Profit/(Loss) from Operating Activities (55,757,501) (8,893,105) 527 Finance Income , ,000 (4) Finance Cost 19 (14,600,556) (12,163,502) 20 Profit/(Loss) Before Tax (PBT) (69,638,057) (20,306,608) 243 Taxation 20 (2,056,914) (1,565,984) 31 Income (Net of Tax) (71,694,971) (21,872,591) 228 Profit On Disposal Of Fixed Asset ,201,076 - Profit/(Loss) After Tax (43,493,895) (21,872,591) 99 Earning/(loss) per share (kobo) 21 (1.42) (2.38) (41) Dividend Per Share (kobo) - - 2

6 STATEMENT OF CHANGES IN EQUITY FOR THE MONTH ENDED 30TH SEPTEMBER, 2016 Share Capital Share Premium Treasury Share Retained Earning Total Balance As At January, ,464,394,325 3,036,209,766 (2,642,200,000) (1,073,056,022) 785,348,069 Changes In The Year (43,493,895) (43,493,895) Prior Year Adjustment 532, ,993 Total Comprehensive Income For The Year 1,464,394,325 3,036,209,766 (2,642,200,000) (1,116,016,923) 742,387,168 Payment Of Dividend Balance As At Sept, ,464,394,325 3,036,209,766 (2,642,200,000) (1,116,016,923) 742,387,168 3

7 CASH FLOW STATEMENT FOR THE MONTH ENDED 30TH SEPTEMBER, % CASH FLOW FROM OPERATING ACTIVITIES Change Cash Flow from Ordinary Activities Receipts from customers 621,695, ,687,303 (31) Other Income 2,887,083 2,358, Payment to Employees/Services (677,317,324) (906,776,899) (25) Tax Paid (7,608,539) (2,500,000) Net Cashflow from operating activities (60,343,333) (2,230,816) 2,605 Cashflow on Investing Activities Purchase of fixed assets 30,320,915 (681,500) (4,549) Proceeds from sale of Asset 28,201,076 - Cashflow From Financing Activities - Bank Interest & Similar Charges (14,600,556) (12,163,502) 20 Net (increase)/decrease in Liquid funds (16,421,898) (15,075,818) 9 Opening Cash & Bank Balances (587,576,243) (572,500,425) 3 Closing Cash & Bank Balances (603,998,141) (587,576,243) 3 REPRESENTED BY: Closing Cash & Bank Balances 45,795,751 29,298, Closing Borrowing (619,902,905) (616,844,443) 0 Closing Bank Overdraft Balances (30,656) (30,656) - (574,137,810) (587,576,243) (2) 4

8 ACCOUNTS FOR THE MONTH ENDED 30TH SEPTEMBER, 2016 Notes to the Accounts 1. The movement of these accounts during the year were as folows: Head Office Freehold Plant Motor Equipment Gas Plant Free/lease Computer Work Total FIXED ASSETS Building Land Machinery Vehicle Furnit & Hold Station System/Software In &Equip. Fittings Progress COST Balance 1st January ,470,000 80,022,270 73,118,596 8,800,000 11,194,947 19,023, ,275,021 5,526, ,775,706 1,333,206,187 Additions , , , ,650 Reclassification Disposal 0 (30,798,565) (30,798,565) As At 30th September ,470,000 49,223,705 73,275,846 8,800,000 11,484,947 19,023, ,275,021 5,556, ,775,706 1,302,885,272 DEPRECIATION Balance 1st January ,290,288 3,080,000 5,027,484 1,033,217 65,191,254 3,712, ,334,569 Charge For The Year 0 0 4,767,655 1,320,000 1,701, ,353 9,142, , ,709,261 Disposal As At 30th September ,057,944 4,400,000 6,729,404 1,318,570 74,334,205 4,203, NET BOOK VALUE As At 30th September ,470,000 49,223,705 27,217,903 4,400,000 4,755,543 17,704, ,940,816 1,352, ,775,706 1,165,841,442 As At 30th September, ,470,000 80,022,270 37,411,609 7,333,333 7,783, ,258,486 1,343, ,768,204 1,234,730,395 5

9 ACCOUNTS FOR THE MONTH ENDED 30TH SEPTEMBER, 2016 NOTES ON THE ACCOUNTS SEPTEMBER., 2016 SEPTEMBER., INVENTORY Total Nig plc Lubricant stock LPG Accessories -Canaanland Gas Plant 138, ,570 LPG Accessories -Sagamu Gas Plant 150, ,495 Canaanland Outlet Lubricant - 2,432,925 Dopemu outlet Lubricants - - Dudu Outlet Lubricant 0 - Isolo Outlet Lubricant 301, ,741 Okota Outlet Lubricant 161, ,833 Sagamu Outlet Lubricant 982, ,660 Warehouse Lube. stock at Isolo Outlet 852,943 2,012,540 Algasco Energy Service 61,950 0 Total Nig plc / Voyage petrochemical 204, ,500 Eternal plc ( AGO) - 0 Stock- OtherDepots (Pms and Ago) - 10,362,000 NNPC Mosimi (33000 ltrs of # 77.66/lt) - 0 Ago Stock- Other Depots (Power in Christ Global) 0 TOTAL VALUE OF THE STOCK 2,853,636 17,384, TRADE AND OTHER RECEIVABLES Trade Receivables 334,233, ,551,809 Sundry Debtors 75,137,421 77,785,754 Staff Debtors & Advances 3,154,362 2,187, ,525, ,524,759 PREPAYMENTS Insurance Premium 731,064 1,235,098 Rent & Rate 1,881,875 1,942,500 Professional fees 1,833,793 1,185,000 Stations Lease Charges 3,283,333 6,983,333 Tank Farm (Index Petrolube Africa Ltd) 0 0 Others 0 0 7,730,065 11,345,931 5 CASH AND CASH EQUIVALENTS Cash at Hand 25,496 64,310 Bank Balances 45,770,255 29,234,546 45,795,751 29,298,856 Bank Overdraft (30,656) (30,656) ,765,095 29,268,200 SHARE CAPITAL AUTHORISED 120 Million Ordinary Shares of 25k each 30,000,000 30,000,000 16,000,000,000 Ordinary 25k each 4,000,000,000 4,000,000,000 16,120,000,000 Ordinary each 4,030,000,000 4,030,000,000 6

10 ACCOUNTS FOR THE MONTH ENDED 30TH SEPTEMBER, 2016 NOTES ON THE ACCOUNTS SEPTEMBER., 2016 SEPTEMBER., ISSUED & FULLY PAID 117,547,300 Ordinary 25k each 29,386,825 29,386,825 Addition: 2,355,630,000 ordinary each 588,907, ,907, ,294, ,294,325 7 RESERVES SHARE PREMIUM ACCOUNT Balance Brought Forward 1,240,109,765 1,240,109,765 Addition During The Year 0 0 Balance Carried Forward 1,240,109,765 1,240,109,765 Total 1,240,109,765 1,240,109,765 8 ACCUMULATED PROFIT/ (LOSS) Accumulated Profit/(Loss) Brought Forward (1,072,523,028) (1,036,192,434) Profit/(loss) For The Financial Year (43,493,895) (21,872,591) Accumulated Profit/(Loss) Carried Forward (1,116,016,922) (1,058,065,026) 9 BORROWINGS (UNSECURED) Medium Term Loan-PAC Asset Mgt Ltd 72,611,242 59,552,780 Medium Term Loan-World Mission Agency 547,291, ,291, ,902, ,844, DEFERRED TAXATION Balance Brought Forward 110,164, ,164,600 Charged in the year Balance Carried Forward 110,164, ,164, TRADE PAYABLE Individual Suppliers Apapa Depot 32,385,168 26,055,917 32,385,168 26,055, OTHER PAYABLE & ACCRUALS Sundry Creditors 25,714,503 20,096,117 Accruals 39,534,701 34,302,733 65,249,205 54,398,850 7

11 ACCOUNTS FOR THE MONTH ENDED 30TH SEPTEMBER, 2016 NOTES ON THE ACCOUNTS SEPTEMBER., 2016 SEPTEMBER., CURRENT INCOME TAX PAYABLE Balance Brought Forward 70,145,950 71,222,102 Provision for the year 2,056,914 1,565,984 Paid in the year (7,608,539) (2,500,000) Balance Carried Forward 64,594,325 70,288, SELLING & DISTRIBUTION EXPENSES Depot Expenses and Sales Commission 21,453,599 44,536, STAFF COST PER PAYROLL Salaries and Wages 13,345,158 22,333,025 Paye 909,408 1,630,959 Staff Pension 1,247,788 1,899,141 Employer Pension Contribution 2,551,772 3,556,313 18,054,127 29,419, ADMINISTRATIVE EXPENSES Directors Emoluments 9,690,000 13,120,000 Gratuity 2,472,348 0 Transport and Travelling 3,424,080 3,188,574 Entertainment 855, ,955 Utilities 1,360,934 1,443,425 Printing & Stationeries 639, ,320 Medical Expenses 576,235 0 Donation & Gifts 120,000 0 Office Cleaning/General Expenses 1,056, ,255 Insurance 1,512,115 1,148,631 Security Expenses 616, ,000 Rent & Rates 3,373,625 4,179,400 Motor Running/Fueling Expenses 954, ,695 Advertising 0 0 Repairs & Maintenance 3,921,599 8,326,586 Gen set Fueling Expenses 2,876,788 0 Directors Fueling Expenses 3,150,588 0 Licences & Registration 670, ,386 Fines & Penalty 314, ,000 Professional Services 5,126,927 4,781,600 AGM Expenses 0 0 Directors Sittings Allowance 240, ,000 Auditors Fees 525, ,000 Lease Charges 2,775,000 11,775,000 Development Levy 50,000 0 Depreciation 17,709,261 17,576,674 Bad Debt 0 0 Staff Welfare 10,000,692 10,797,949 Staff Training 122, ,140 74,133,142 81,609,590 8

12 ACCOUNTS FOR THE MONTH ENDED 30TH SEPTEMBER, 2016 NOTES ON THE ACCOUNTS SEPTEMBER., 2016 SEPTEMBER., OTHER INCOMES : Accrued Rents Receivable 1,151,667 0 Rent Receivable 1,015,417 1,498,750 Excess amount on recoup of Cledop Inv ,167,083 1,608, FINANCE INCOME: Leased Income from Outlets 720, , , , FINANCE COST Interest On Bank Overdraft and other facilities 13,755,865 11,136,312 Bank and Similar Charges 844,691 1,027,191 14,600,556 12,163, TAXATION COMPREHENSIVE INCOME 13 Balance Sheet -Taxation 2,056,914 1,565, Deferred Taxation 0 0 2,056,914 1,565, EARNINGS PER SHARE Earning per share calculated on basis of the company's profit after taxation based on the number of ordinary shares issued and fully paid at the end of the ye(kobo) (1.42) (2.18) 9