PAINTS AND COATINGS MANUFACTURERS NIGERIA PLC UNAUDITED FINANCIAL STATEMENT FOR SECOND QUARTER ENDED 30TH JUNE, 2017
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1 UAUDITED FIACIAL STATEMET FOR SECOD QUARTER EDED 30TH JUE, 2017
2 ICOME STATEMET for the period ended 30th June 2017 (Unaudited) (Unaudited) 6 Months 6 Months 30th June 30th June REVEUE- (Turnover) 1,416,428 1,297,889 Cost of sales (892,350) (805,185) GROSS PROFIT 524, ,704 Administrative Expenses (511,087) (441,282) Selling and Distribution Expenses (12,085) (7,497) Operating Profit/(Loss) ,925 Other income 27,810 9,023 Interest Received Provision for Bad debt - - Profit/Loss on Disposal of Assets Financing Costs (6,648) (3,011) PROFIT BEFORE TAX EXPESES 22,084 51,131 Taxation Expenses (7,067) (16,362) PROFIT AFTER TAXATIO 15,017 34,769 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 15,017 34,769 Profits Attributable to: Owners of the Company 15,017 34,769 Profit/(Loss) from Discontinued Operations ,017 34,769 Total Comprehensive Income Attributable to : Owners of the Company 15,017 34,769 Profit/(Loss) from Discontinued Operations ,017 34,769 Key Ratio Earnings Per Share (Kobo) 2k 4k The accounting policies and notes to the accounts form part of these financial statements. Wale Jubril Executive Director - Finance Olabanji Kazeem G.M - Finance & Corporate Services 1
3 STATEMET OF FIACIAL POSITIO as at 30th June 2017 Unaudited Audited 6 Months to 12 Months to 30th June, 31st Dec., oncurrent Assets Property, Plant and Equipment 292, ,716 Intangible Assets , ,726 Current Assets 2,406,533 2,129,891 TOTAL ASSETS 2,699,276 2,440,617 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 859, ,664 1,784,217 1,769,199 on-current Liabilities 29,450 29,450 Current Liabilities 885, ,968 2,699,276 2,440,617 The financial statements were approved by the Board of Directors on the 26th July 2017 and signed on 26th July
4 STATEMET OF CHAGE I EQUITY as at 30th June 2017 Share Capital Share Premium Retained Earnings Revaluation Reserved Total Equity '000 '000 '000 '000 '000 As At 1st January , , , ,006 1,787,014 Dividends for the year (39,646) - (39,646) Total Comprehensive income 21,831 21,831 As At 31st Dec , , , ,006 1,769,199 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 15,017 15,017 As At 30th June , , , ,006 1,784,217 3
5 CASH FLOW STATEMET AS AT 30th June Months Unaudited 12 Months Audited CASH FLOW FROM OPERATIG ACTIVITIES Cash receipts from customers 1,585,744 2,724,292 Cash Paid to suppliers (1,804,692) (2,594,199) Cash generated from operations (218,948) 130,093 Tax Paid - (290) Interest paid (6,648) (10,757) Other Incomes 27,810 4,059 Interest Received 16 1,137 et cash from operating activities (197,770) 124,242 CASH FLOWS FROM IVESTIG ACTIVITIES Purchase of Property Plants & Equipment (8,578) (63,587) Purchase of Intagible Assets - - Proceeds from Disposal of Assets et interest Received - - Other Income - - et cash from Investing activities (8,578) (63,237) CASH FLOWS FROM FIACIG ACTIVITIES Dividend paid - (39,646) et cash from Financing activities - (39,646) et Increase in cash and cash equivalents (206,348) 21,359 Cash and Bank Balance equivalent as at 1st of Jan'17 276, ,934 Cash and Bank Balance equivalent 69, ,293 Comprising: Cash and Bank Balance as at 30th June, , ,293 Cash and Bank Balance equivalent 69, ,293 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 proposed in the year under review 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 : 6 Months Months Depreciation 20,397 16,423 7
9 OTES TO THE ACCOUTS 1 oncurrent Assets Freehold Land Construction in Progress Intagible Asset Furniture and Equipment Motor Vehicles Leasehold Improvement Plant & Machinery Total Costs At 1st Jan., ,000 23, , , , ,875 Disposal During the Year Additions , ,476 8,578 Bal.at 30 June., ,000 23, , , , ,453 Depreciation At 1st Jan., , ,992 77,005-86, ,312 Disposal During the Year Charge for the year ,170 9,433-7,794 20,397 Bal.at 30 June, , ,162 86,438-94, ,709 et Book Value 30th June, ,351 23, ,248 22,778-32, ,744 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 Trade and other receivables 557, ,613 Other Receivables 269, ,273 Inventory and Good in Transit 1,084, ,712 Cash and bank 69, ,293 TOTAL 1,981,533 2,129,891 3 CURRET LIABILITIES otes Trade and other payables 331, ,797 Current Tax liabilities 33,841 33,841 Provisions and Accruals 267,754 18,600 Customer Deposit 53, ,666 Other payables 189, ,824 Unclaimed Dividends 9,241 9,241 TOTAL 885, ,969 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 '000 '000 Movement in Revenue Reserve Retained Income/(Accumulated Loss) 844, ,644 Dividend Paid - - Tax Expenses(Adjustment) - - et Profit/(Loss) this year 15, , ,644 5 Turnover Revenue represents the net value of goods and services invoiced to third party and analysed as follows: 2017 % 000 Protective Coating & Marine 1,251, % Grit & Consumables 48, % Others 116, % Total 1,416, % 6 TAXATIO a Per Profit and Loss Account Education Tax 442 2,227 Company Income Tax 6,625 33,407 Deferred income tax 22,089 22,089 TOTAL 29,156 57,723 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 278, ,344 Cash in hand - - Short term deposit - - TOTAL 9 278, ,344
11 8 ADMIISTRATIVE EXPESES The breakdown of Administrative Expenses is listed below Jan-June Jan-June == == 1 Depreciation 17,845, ,437, Personal Emolument 242,992, ,614, Training 2,950, , Directors fees & Expenses 10,275, ,275, Travel Expenses 11,516, ,617, General Administrative Exp 123,539, ,587, Telephone Expenses 6,644, ,334, Rents, Rate & Insurance 89,515, ,431, Repairs & Maintenance 10,587, ,543, Legal & Professional Fees 11,453, ,700, Audit & Taxation Fees 2,500, ,500, ,820, ,790,
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