MANAGEMENT ACCOUNTS FOR THE NINE MONTH ENDED 30TH SEPTEMBER, 2018
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018 Actual CUMMULATIVE Actual CUMMULATIVE Notes 2018 JULY TO SEPT 2017 JULY TO SEPT Sales / Turnover 0 0 429,225,388 79,407,991 Purchases / Cost of Sales 0 0 (397,746,406) (72,956,443) Gross Profit 0 0 31,478,982 6,451,548 Operating Expenses Selling & Distribution Expenses 1 (1,713,049) (437,900) (13,587,553) (3,288,316) Staff Costs 2 (8,330,810) (1,722,150) (14,833,280) (4,967,200) Administrative Overhead Cost 3 (43,479,459) (19,092,169) (71,530,186) (25,121,553) Total Operating Expenses (53,523,318) (21,252,219) (99,951,019) (33,377,069) Operating Profit/(Loss) (53,523,318) (21,252,219) (68,472,037) (26,925,521) Other Operating Incomes Other Incomes 4 4,127,822 1,085,320 2,097,918 793,750 Trading Profit Before Interest & Similar Charges (49,395,496) (20,166,899) (66,374,119) (26,131,771) Finance Cost 5 (23,366,167) (8,417,020) (17,985,248) (6,367,476) PROFIT/ (LOSS) BEFORE TAX (72,761,663) (28,583,919) (84,359,367) (32,499,247) Taxation - - - - Profit/(Loss) After Tax (72,761,663) (28,583,919) (84,359,367) (32,499,247) Dividend (10% of PAT) 0 0 0 0 Profit Transferred to Reserves (72,761,663) (28,583,919) (84,359,367) (32,499,247) Earnings / (Loss) per share (kobo) (2.37) (0.93) (2.75) (1.06)
Notes to the Statement of Comprehensive income FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018 Actual CUMMULATIVE Actual CUMMULATIVE 2018 JULY TO SEPT 2017 JULY TO SEPT 1 SELLING & DISTRIBUTION EXPENSES Depot Expenses and Sales Commission 1,713,049 437,900 13,587,553 3,288,316 2 STAFF COST Salaries and Wages 6,323,910 1,268,481 10,927,742 3,667,855 Staff Payee 314,331 62,079 573,386 169,812 Staff Pension 561,704 110,484 1,171,283 418,826 Employer Pension Contribution 1,130,864 281,106 2,160,869 710,707 8,330,810 1,722,150 14,833,280 4,967,200 3 ADMINISTRATIVE EXPENSES Directors Emolument 4,290,000 1,430,001 9,690,000 3,230,001 Gratuity 0 - - - Transport and Travelling 861,984 134,220 2,845,066 1,041,870 Entertainment 169,990 20,000 505,885 130,840 Utilities 792,852 455,452 2,055,815 511,010 Printing and Stationeries 242,150 176,700 393,280 89,730 Medical Expenses 0-23,350 23,350 Donations and gifts 100,000 - - - Office/Sundry Expenses 248,905 65,000 539,860 167,150 Security Expenses 30,000-606,000 222,000 Insurance 917,577 141,276 815,460 365,989 Rent & Rate 3,536,775 1,178,925 3,654,513 1,198,614 Motor Running/Fueling Expenses 0 0 1,334,631 400,516 Repairs & Maintenance 86,900 18,000 2,782,635 887,565 Gen set Fueling Expenses 1,012,583 266,865 4,555,948 1,342,030 Directors Fueling Expenses 115,500 0 3,414,663 1,077,242 Licence and Registration 15,300-2,353,329 1,049,000 Professional Fees 6,255,169 4,260,194 5,005,351 2,696,725 Business Development 91,000 0 662,000 420,000 Facilitation Fee 0-70,000 - Auditor Fees 637,500 212,499 637,500 212,499 Lease Charges 0-1,768,750 589,584 Depreciation 13,761,982 4,039,509 17,944,385 5,985,640 Amortization 14,888 4,962 14,888 4,962 Directors Sittings Allowance 85,000-675,000 225,000 Fine and Penalties 0 0 650,000 300,000 AGM Expenses 5,470,000 5,470,000 - - Staff Welfare/Benefit 4,743,404 1,218,564 8,421,880 2,773,363 Staff Training 0-110,000 50,000 Development Charges 0 0-0 43,479,459 19,092,169 71,530,186 25,121,553 4 OTHER INCOMES Sagamu Lube/Maruwa 667,400.00 262,400 45,000 15,000 KC Investment 375,003.00 125,001 562,500 187,500 Kingdom Ways Living Church Okota 749,999.97 249,999 466,667 249,999 Uzoma-Okota outlet Alignment Rent 243,747.00 81,249 600,001 200,001 Solomon Okota Outlet mart Rent 600,003.00 200,001 243749.97 81,250 Amazing/Eagle masterpiece Isolo 275,000.00 75,000 180,000 60,000 Masaka Church & Jos Hall/Owo 1,216,669.31 91,668 0 0 4,127,822 1,085,320 2,097,918 793,750 5 INTEREST EXPENSES AND SIMILAR CHARGES Interest On Bank Overdraft and other facilities 23,320,257 8,402,860 17,384,079 6,237,250 Bank Charges 45,910 14,160 601,169 130,226 23,366,167 8,417,020 17,985,248 6,367,476
STATEMENTS OF FINANCIAL POSITION AS AT 30TH SEPTEMBER, 2018 ` AS AT 30TH SEPT. 2018 AS AT 31ST DEC. 2017 UNAUDITED AUDITED ASSETS Notes NON-CURRENT ASSETS Property, Plant & Equipment 1 1,085,166,149 1,098,817,829 Software 2 398,655 413,542 Total Non-Current Assets 1,085,564,804 1,099,231,371 CURRENT ASSETS Inventory 3 517,618 5,274,253 Trade & Other Receivables 4 7,738,070 18,374,579 Prepayments 5 1,813,000 1,844,794 Cash and Cash Equivalents 6 5,966,378 6,247,779 Total Current Assets 16,035,067 31,741,405 TOTAL ASSETS 1,101,599,873 1,130,972,776 EQUITY AND LIABILITIES EQUITY Share Capital 7.2 692,484,029 692,484,029 Treasury Shares 7.3 0 0 Share Premium 7 1,240,109,766 1,240,109,766 Accumulated Loss 8 (1,774,427,348) (1,701,665,685) Equity Attributable to Owners of the Company 158,166,447 230,928,110 NON-CURRENT LIABILITIES Borrowings 9 671,999,571 648,679,314 Deffered Tax Liabilities 10 110,164,600 110,164,600 Total Non-Current Liabilities 782,164,171 758,843,914 CURRENT LIABILITIES Trade Payables 11 26,055,918 26,055,918 Bank Overdraft 6 0 30,656 Other Payables & Accruals 12 76,435,734 56,236,574 Current Income Tax Payable 13 58,777,603 58,877,604 Total Current Liabilities 161,269,255 141,200,752 TOTAL EQUITY AND LIABILITIES 1,101,599,873 1,130,972,776 The Unaudited Financial Statements and notes were approved by the Directors on 29th of October 2018 and Signed on its behalf by: Dr. J.N. Taiwo FRC/2014/CIBN/00000010020 Chairman MR. AMOS OTUATA EXECUTIVE DIRECTOR FINANCE FRC/2015/ICAN/00000010022
COMPARATIVE STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018 2018 2017 2018 2017 Notes JAN - SEPT JAN - SEPT JULY - SEPT JULY - SEPT Revenue - 429,225,388-79,407,991 Cost of Sales (0) (397,746,406) - (72,956,443) Gross Profit (0) 31,478,982-6,451,548 Selling & Distribution Expenses 14 (1,713,049) (13,587,553) (437,900) (3,288,316) Staff Cost Per Payroll 15 (8,330,810) (14,833,280) (1,722,150) (4,967,200) Administrative And Overhead Cost 16 (43,479,459) (71,530,186) (19,092,169) (25,121,553) Total Operating Expenses (53,523,318) (99,951,019) (21,252,219) (33,377,069) Operating Income /(Loss) (53,523,318) (68,472,037) (21,252,219) (26,925,521) Other Incomes 17 4,127,822 2,097,918 1,085,320 793,750 Profit/(Loss) from Operating Activities (49,395,496) (66,374,119) (20,166,899) (26,131,771) Finance Income 18 - - - - Finance Cost 19 (23,366,167) (17,985,248) (8,417,020) (6,367,476) Profit/(Loss) Before Tax (PBT) (72,761,663) (84,359,367) (28,583,919) (32,499,247) Taxation 20 - - - - Income (Net of Tax) (72,761,663) (84,359,367) (28,583,919) (32,499,247) Profit On Disposal Of Fixed Asset 19.1 - - - - Profit/(Loss) After Tax (72,761,663) (84,359,367) (28,583,919) (32,499,247) ` Earning/(loss) per share (kobo) 21 (2.37) (2.75) (0.93) (1.06) Dividend Per Share (kobo) - -
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018 Share Capital Share Premium Treasury Share Retained Earning Total Balance As At January, 2018 1,464,394,325 3,036,209,766 (2,642,200,000) (1,476,578,960) 381,825,131 Changes In The Year (72,761,663) (72,761,663) Prior Year Adjustment - - Total Comprehensive Income For The Year 1,464,394,325 3,036,209,766 (2,642,200,000) (1,549,340,623) 309,063,467 Payment Of Dividend Balance As At Sept, 2018 1,464,394,325 3,036,209,766 (2,642,200,000) (1,549,340,623) 309,063,467 CAPITAL OIL PLC STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30th SEPTEMBER, 2018 Share Capital Share Premium Treasury Share Retained Earning Total Balance As At January, 2017 1,464,394,325 3,036,209,766 (2,642,200,000) (1,438,297,056) 420,107,035 Changes In The Year (84,359,367) (84,359,367) Prior Year Adjustment - - Total Comprehensive Income For The Year 1,464,394,325 3,036,209,766 (2,642,200,000) (1,522,656,423) 335,747,667 Payment Of Dividend Balance As At Sept, 2017 1,464,394,325 3,036,209,766 (2,642,200,000) (1,522,656,423) 335,747,667
CASH FLOW STATEMENT FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018 2018 2017 % CASH FLOW FROM OPERATING ACTIVITIES Change Cash Flow from Ordinary Activities Receipts from customers 1,838,053 547,624,822 (100) Other Income 4,127,822 2,097,918 97 Payment to Employees/Services (9,968,386) (582,132,795) (98) Tax Paid (100,000) (10,500,000) Net Cashflow from operating activities (4,102,512) (42,910,056) (90) Cashflow on Investing Activities Purchase of fixed assets (110,300) (3,421,100) (97) Proceeds from sale of Asset - - Cashflow From Financing Activities - Bank Interest & Similar Charges (23,366,167) (17,985,248) 30 Net (increase)/decrease in Liquid funds (27,578,979) (64,316,404) (57) Opening Cash & Bank Balances (638,454,214) (574,137,810) 11 Closing Cash & Bank Balances (666,033,193) (638,454,214) 4 REPRESENTED BY: Closing Cash & Bank Balances 5,966,378 3,126,400 91 Closing Borrowing (671,999,571) (641,549,958) 5 Closing Bank Overdraft Balances (0) (30,656) (100) (666,033,193) (638,454,214) 4
ACCOUNTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018 Notes to the Accounts 1. The movement of these accounts during the year were as folows: Head Office Leasehold Plant Equipment Gas Plant Lease Computer Work Total FIXED ASSETS Land Land Machinery Furnit & Hold Station System In &Equip. Fittings Progress COST Balance 1st January 2018 264,300,000 48,239,470 76,644,696 11,568,447 19,023,550 635,845,019 4,602,796 198,992,800 1,259,216,779 Additions 0 0 0 0 0 0 110,300 0 110,300 Reclassification 0 0 0 0 0 0 0 0 0 Disposal 0 0 0 0 0 0 0 0 0 As At 31st Sept, 2018 264,300,000 48,239,470 76,644,696 11,568,447 19,023,550 635,845,019 4,713,096 198,992,800 1,259,327,079 DEPRECIATION Balance 1st January 2018 0 0 55,002,709 9,594,296 1,794,159 89,589,857 4,417,928 0 160,398,948 Charge For The Year 0 0 2,924,857 1,263,399 285,353 9,148,951 139,423 0 13,761,982 Disposal 0 0 0 0 0 0 0 0 As At 31st Sept, 2018 0 0 57,927,565 10,857,694 2,079,512 98,738,809 4,557,350 0 174,160,930 NET BOOK VALUE As At 31st Sept, 2018 264,300,000 48,239,470 18,717,131 710,753 16,944,038 537,106,211 155,746 198,992,800 1,085,166,149 As At 31st Sept, 2017 264,300,000 48,239,470 21,641,988 1,914,035 17,229,392 546,255,162 184,868 228,663,705 1,128,428,620
ACCOUNTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018 NOTES ON THE ACCOUNTS SEPTEMBER., 2018 SEPTEMBER., 2017 2 SOFTWARE Software 992,500 992,500 Amortization (593,845) (395,346) 398,655 597,154 3 INVENTORY Total Nig plc Lubricant stock - - LPG Accessories -Canaanland Gas Plant - - LPG Accessories -Sagamu Gas Plant 43,720 43,720 Canaanland Outlet Lubricant - - Dudu Outlet Lubricant 0 - Isolo Outlet Lubricant 67,378 69,754 Okota Outlet Lubricant 56,254 56,254 Sagamu Outlet Lubricant 166,372 181,843 Warehouse Lube. stock at Isolo Outlet 185,912 185,912 Algasco Energy Service - - Total Nig plc / Voyage petrochemical (0) (2,018) Eterna(AGO)/NNPC(33000 ltrs of pms @77.66 (2,018) Goods In Transit-Total Nig Plc - 268,638 TOTAL VALUE OF THE STOCK 517,618 804,103 4 TRADE AND OTHER RECEIVABLES Trade Receivables 251,602,823 288,397,844 Sundry Debtors 62,065,583 72,516,588 313,668,405 360,914,432 Impairment Allowance (306,612,420) (283,248,954) 7,055,986 77,665,478 Staff Debtors & Advances 682,085 1,535,085 7,738,070 79,200,562 5 PREPAYMENTS Salary & Pension - 178,450 Insurance Premium 0 1,135,707 Rent & Rate 1,743,000 1,971,438 Professional fees 70,000 441,700 Stations Lease Charges - 589,583 1,813,000 4,316,878 6 CASH AND CASH EQUIVALENTS Cash at Hand 11,060 161,786 Bank Balances 27,522,326 24,531,622 27,533,386 24,693,408 Impairment Allowance (21,567,008) (21,567,008) 5,966,378 3,126,400 Bank Overdraft 0 (30,656) 5,966,378 3,095,744 7.1 SHARE CAPITAL AUTHORISED 120 Million Ordinary Shares of 25k each 30,000,000 30,000,000 16,000,000,000 Ordinary Shares @ 25k each 4,000,000,000 4,000,000,000 16,120,000,000 Ordinary Shares @25k each 4,030,000,000 4,030,000,000 6
ACCOUNTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018 NOTES ON THE ACCOUNTS CALLED UP SHARE CAPITAL SEPTEMBER., 2018 SEPTEMBER., 2017 5,857,577,300 Ordinary Shares @ 25k each - 0 Addition: 0 0 0 0 Issued & Fully Paid 2,769,936,117units@ 25k each 692,484,029.00 692,484,029.00 TREASURY SHARES 3,384,400,000 units @25k per share 0 0 Premium 0 0 0 0.2 RESERVES SHARE PREMIUM ACCOUNT Balance Brought Forward 1,240,109,766 3,036,209,766 Addition During The Year 0 0 Balance Carried Forward 1,240,109,766 3,036,209,766 Total 1,240,109,766 3,036,209,766 8 ACCUMULATED PROFIT/ (LOSS) Accumulated Profit/(Loss) Brought Forward (1,701,665,685) (1,438,297,056) Profit/(loss) For The Financial Year (72,761,663) (84,359,367) Accumulated Profit/(Loss) Carried Forward (1,774,427,348) (1,522,656,423) 9 BORROWINGS (UNSECURED) Medium Term Loan-PAC Asset Mgt Ltd 124,707,908 94,258,295 Medium Term Loan-World Mission Agency 547,291,663 547,291,663 671,999,571 641,549,958 10 DEFERRED TAXATION Balance Brought Forward 110,164,600.00 110,164,600 Charged in the year Balance Carried Forward 110,164,600 110,164,600 11 TRADE PAYABLE Individual Suppliers Apapa Depot 26,055,918 26,055,918 26,055,918 26,055,918 12 OTHER PAYABLE & ACCRUALS Sundry Creditors 23,323,994 16,679,976 Accruals 53,111,740 39,877,378 76,435,734 56,557,354 7
ACCOUNTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018 NOTES ON THE ACCOUNTS SEPTEMBER., 2018 SEPTEMBER., 2017 13 CURRENT INCOME TAX PAYABLE Balance Brought Forward 58,877,603 65,127,951 Provision for the year - 0 Paid in the year (100,000) (10,000,000) Balance Carried Forward 58,777,603 55,127,951 14 SELLING & DISTRIBUTION EXPENSES Depot Expenses and Sales Commission 1,713,049 13,587,553 15 STAFF COST PER PAYROLL Salaries and Wages 6,323,910 10,927,742 Paye 314,331 573,386 Staff Pension 561,704 1,171,283 Employer Pension Contribution 1,130,864 2,160,869 8,330,810 14,833,280 16 ADMINISTRATIVE EXPENSES Directors Emoluments 4,290,000 9,690,000 Gratuity 0 0 Transport and Travelling 861,984 2,845,066 Entertainment 169,990 505,885 Utilities 792,852 2,055,815 Printing & Stationeries 242,150 393,280 Medical Expenses 0 23,350 Donation & Gifts 100,000 0 Office Cleaning/General Expenses 248,905 539,860 Insurance 917,577 815,460 Security Expenses 30,000 606,000 Rent & Rates 3,536,775 3,654,513 Motor Running/Fueling Expenses 0 1,334,631 Advertising 0 0 Repairs & Maintenance 86,900 2,782,635 Gen set Fueling Expenses 1,012,583 4,555,948 Directors Fueling Expenses 115,500 3,414,663 Licences & Registration 15,300 2,353,329 Fines & Penalty 0 650,000 Professional Services 6,255,169 5,005,351 AGM Expenses 5,470,000 0 Directors Sittings Allowance 85,000 675,000 Auditors Fees 637,500 637,500 Lease Charges 0 1,768,750 Development Levy 0 0 Depreciation 13,761,982 17,944,385 Amortization 14,888 14,888 Business Development 91,000 662,000 Facilitation Fee 0 70,000 Staff Welfare 4,743,404 8,421,880 Staff Training 0 110,000 43,479,459 71,530,189 8
ACCOUNTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2018 NOTES ON THE ACCOUNTS SEPTEMBER., 2018 SEPTEMBER., 2017 17 OTHER INCOMES : Bad dabt Recovery 0 Accrued Rents Receivable 1,546,672 1,535,836 Rent Receivable 2,581,150 562,081 4,127,822 2,097,918 18 FINANCE INCOME: Leased Income from Outlets 0-0 0 0 0 19 FINANCE COST Interest On Loans and other facilities 23,320,257 17,384,079 Bank and Similar Charges 45,910 601,169 23,366,167 17,985,248 20 TAXATION COMPREHENSIVE INCOME 13 Balance Sheet -Taxation - 0 10 Deferred Taxation 0 0 0 0 21 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) (2.37) (2.75) 9