MANAGEMENT ACCOUNTS FOR THE QUARTER ENDED 31st, MARCH 2018
STATEMENT OF COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31st March, 2018 Actual Notes 2018 c., Mar. 2018 Feb. 2018 Jan. 2018 =N Sales / Turnover 0 0 0 0 Purchases / Cost of Sales 0 0 0 0 Gross Profit 0 0 0 0 Operating Expenses Selling & Distribution Expenses 1 (762,200) (181,400) (213,400) (367,400) Staff Costs 2 (4,227,030) (1,355,524) (1,436,427) (1,435,079) Administrative Overhead Cost 3 (10,569,545) (2,155,807) (4,296,085) (4,117,654) Total Operating Expenses (15,558,775) (3,692,730.96) (5,945,911.93) (5,920,132.56) Operating Profit/(Loss) (15,558,775) (3,692,731) (5,945,912) (5,920,133) Other Operating Incomes Other Incomes 4 2,015,252 393,751 320,251 1,301,250 Trading Profit Before Interest & Similar Charges (13,543,524) (3,298,980) (5,625,661) (4,618,882) Finance Cost 5 (7,186,191) (2,535,437) (2,232,360) (2,418,394) PROFIT/ (LOSS) BEFORE TAX (20,729,715) (5,834,417) (7,858,021) (7,037,276) Taxation - - - - Profit/(Loss) After Tax (20,729,715) (5,834,417) (7,858,021) (7,037,276) Dividend (10% of PAT) 0 0 0 0 Profit Transferred to Reserves (20,729,715) (5,834,417) (7,858,021) (7,037,276) Earnings / (Loss) per share (kobo) (0.67) (0.19) (0.26) (0.23)
Notes to the Statement of Comprehensive income FOR THE QUARTER ENDED 31st March, 2018 Actual 2018 c., Mar. 2018 Feb. 2018 Jan. 2018 1 SELLING & DISTRIBUTION =N EXPENSES Depot Expenses and Sales Commission 762,200 181,400 213,400 367,400 2 STAFF COST Salaries and Wages 3,262,093 1,045,752 1,108,845 1,107,496 Staff Payee 163,455 51,437 56,009 56,009 Staff Pension 292,774 93,669 99,553 99,553 Employer Pension Contribution 508,708 164,666 172,021 172,021 4,227,030 1,355,524 1,436,427 1,435,079 3 ADMINISTRATIVE EXPENSES Directors Emolument 1,430,000 476,667 476,667 476,667 Gratuity 0 Transport and Travelling 270,300 65,600 143,500 61,200 Entertainment 115,990 33,820 80,720 1,450 Utilities 167,500 44,400 62,100 61,000 Printing and Stationeries 32,600 5,000 27,600 Medical Expenses 0 Donations and gifts 100,000 100,000 Office/Sundry Expenses 102,135 24,500 53,660 23,975 Security Expenses 30,000 30,000 Insurance 419,443 126203.38 146,620 146,620 Rent & Rate 1,134,550 348,600 392,975 392,975 Motor Running/Fueling Expenses 0 Repairs & Maintenance 55,400 15,000 40,400 Gen set Fueling Expenses 450,450 34,300 296,850 119,300 Directors Fueling Expenses 115,500 115,500 Licence and Registration 15,300 15,300 Professional Fees 228,985 75,495 75,495 77,995 Business Development 91,000 91,000 Facilitation Fee 0 Auditor Fees 212,500 70,833 70,833 70,833 Lease Charges 0 Depreciation 3,326,891 1,663,445 1,663,445 Amortization 3,308 1,654 1,654 Directors Sittings Allowance 195,000 65,000 65,000 65,000 Fine and Penalties 0 AGM Expenses 0 Staff Welfare/Benefit 2,072,693 685,389 693,965 693,338 Staff Training 0 Development Charges 0 10,569,545 2,155,807 4,296,085 4,117,654 4 OTHER INCOMES Sagamu Lube/Maruwa 184,000.00 65,000 56,500 62,500 KC Investment 125,001.00 41,667 41,667 41,667 Kingdom Ways Living Church Okota 249,999.99 83,333 83,333 83,333 Uzoma-Okota outlet Alignment Rent 81,249.00 27,083 27,083 27,083 Solomon Okota Outlet mart Rent 200,001.00 66667 66667 66667 Amazing/Eagle masterpiece Isolo 125,000.00 85,000 20,000 20,000 Masaka Church & Jos Hall/Owo 1,050,000.66 25,000 25,000 1,000,000 2,015,252 393,751 320,251 1,301,250 5 INTEREST EXPENSES AND SIMILAR CHARGES Interest On Bank Overdraft and other facilities 7,162,061 2,521,439 2,229,540 2,411,082 Bank Charges 24,130 13,997 2,820 7,312 7,186,191 2,535,437 2,232,360 2,418,394
STATEMENTS OF FINANCIAL POSITION FOR THE QUARTER ENDED 31ST MARCH, 2018 ` % MARCH., 2018 MARCH., 2017 Change ASSETS Notes NON-CURRENT ASSETS Property, Plant & Equipment 1 1,095,601,241 1,148,516,169 (5) Software 2 410,234 607,079 Total Non-Current Assets 1,096,011,474 1,149,123,248 (5) CURRENT ASSETS Inventory 3 786,256 817,806 Trade & Other Receivables 4 12,791,395 82,110,411 (84) Prepayments 5 4,541,606 7,529,612 (40) Cash and Cash Equivalents 6 5,472,609 40,300,939 (86) Total Current Assets 23,591,866 130,758,768 (82) TOTAL ASSETS 1,119,603,343 1,279,882,016 (13) 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 (1,722,395,400) (1,536,421,323) Equity Attributable to Owners of the Company 210,198,395 396,172,471 NON-CURRENT LIABILITIES Borrowings 9 655,841,375 629,556,101 4 Deffered Tax Liabilities 10 110,164,600 110,164,600 0 Total Non-Current Liabilities 766,005,975 739,720,701 4 CURRENT LIABILITIES Trade Payables 11 26,055,918 26,055,918 (0) Bank Overdraft 6 30,656 30,656 0 Other Payables & Accruals 12 58,434,795 57,774,321 1 Current Income Tax Payable 13 58,877,603 60,127,951 (2) Total Current Liabilities 143,398,972 143,988,845 (0) TOTAL EQUITY AND LIABILITIES 1,119,603,343 1,279,882,016 (13) 1 These Financial Statements were approved by the Board of Directors of the Company on 30th April 2018 and Signed on its behalf by: Amos Otuata FRC/2014/ICAN/00000010022 Executive Director Finance & Admin Dr. J.N. Taiwo FRC/2014/CIBN/00000010020 Chairman
COMPARATIVE STATEMENTS OF COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31st March, 2018 % Notes MARCH., 2018 MARCH., 2017 Change Revenue - 205,480,020 (100.00) Cost of Sales (0) (191,111,724) (100.00) Gross Profit (0) 14,368,296 (100.00) Selling & Distribution Expenses 14 (762,200) (5,502,242) (86.15) Staff Cost Per Payroll 15 (4,227,030) (4,832,179) (12.52) Administrative And Overhead Cost 16 (10,569,545) (22,980,534) (54.01) Total Operating Expenses (15,558,775) (33,314,955) (53.30) Operating Income /(Loss) (15,558,775) (18,946,659) (17.88) Other Incomes 17 2,015,252 677,084 197.64 Profit/(Loss) from Operating Activities (13,543,524) (18,269,575) (25.87) Finance Income 18 - - Finance Cost 19 (7,186,191) (5,664,990) 26.85 Profit/(Loss) Before Tax (PBT) (20,729,715) (23,934,565) (13.39) Taxation 20 - - Income (Net of Tax) (20,729,715) (23,934,565) (13.39) Profit On Disposal Of Fixed Asset 19.1 - - Profit/(Loss) After Tax (20,729,715) (23,934,565) (13) ` Earning/(loss) per share (kobo) 21 (0.67) (0.78) (14) Dividend Per Share (kobo) - - 2
STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER ENDED 31st March, 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 (20,729,715) (20,729,715) Prior Year Adjustment - - Total Comprehensive Income For The Year 1,464,394,325 3,036,209,766 (2,642,200,000) (1,497,308,675) 361,095,416 Payment Of Dividend Balance As At Dec, 2018 1,464,394,325 3,036,209,766 (2,642,200,000) (1,497,308,675) 361,095,416 3
CASH FLOW STATEMENT FOR THE QUARTER ENDED 31st March, 2018 2018 2017 % CASH FLOW FROM OPERATING ACTIVITIES Change Cash Flow from Ordinary Activities Receipts from customers 1,748,233 249,066,817 (99) Other Income 2,015,252 677,084 198 Payment to Employees/Services (57,580,598) (284,533,730) (80) Tax Paid - (5,000,000) Net Cashflow from operating activities (53,817,113) (39,789,829) 35 Cashflow on Investing Activities Purchase of fixed assets (110,300) (3,280,000) (97) Proceeds from sale of Asset - - Cashflow From Financing Activities - Bank Interest & Similar Charges (7,186,191) (5,664,990) 27 Net (increase)/decrease in Liquid funds (61,113,604) (48,734,819) 25 Opening Cash & Bank Balances (589,285,818) (540,550,999) 9 Closing Cash & Bank Balances (650,399,422) (589,285,818) 10 REPRESENTED BY: Closing Cash & Bank Balances 5,472,609 40,300,939 (86) Closing Borrowing (655,841,375) (629,556,101) 4 Closing Bank Overdraft Balances (30,656) (30,656) - (650,399,422) (589,285,818) 10 4
ACCOUNTS FOR THE QUARTER ENDED 31ST MARCH, 2018 Notes to the Accounts 1. The movement of these accounts during the year were as folows: Head Office Leasehold Plant Motor Equipment Gas Plant Lease Computer Work Total FIXED ASSETS Land Land Machinery Vehicle Furnit & Hold Station System In &Equip. Fittings Progress COST Balance 1st January 2018 264,300,000 48,239,470 76,644,696 0 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 0 110,300 0 110,300 Reclassification 0 0 0 0 0 0 0 0 0 0 Disposal 0 0 0 0 0 0 0 0 0 0 As At 31st December, 2018 264,300,000 48,239,470 76,644,696 0 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 0 9,594,296 1,794,159 89,589,857 4,417,928 0 160,398,948 Charge For The Year 0 0 856,696 0 334,378 63,412 2,033,100 39,305 0 3,326,891 Disposal 0 0 0 0 0 0 0 0 As At 31st December, 2018 0 0 55,859,404 0 9,928,674 1,857,570 91,622,958 4,457,233 0 163,725,839 NET BOOK VALUE As At 31st December, 2018 264,300,000 48,239,470 20,785,292 0 1,639,773 17,165,980 544,222,062 255,863 198,992,800 1,095,601,240 As At 31st December, 2017 264,300,000 48,239,470 21,641,988 0 1,914,035 17,229,392 546,255,162 184,868 228,663,705 1,128,428,620 5
ACCOUNTS FOR THE QUARTER ENDED 31ST MARCH, 2018 NOTES ON THE ACCOUNTS MARCH., 2018 MARCH., 2017 2 SOFTWARE Software 992,500 992,500 Amortization (582,266) (385,421) 410,234 607,079 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 83,457 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) Eterna(AGO)/NNPC(33000 ltrs of pms @77.66 (2,018) (2,018) Goods In Transit-Total Nig Plc 268,638 268,638 TOTAL VALUE OF THE STOCK 786,256 817,806 4 TRADE AND OTHER RECEIVABLES Trade Receivables 251,692,642.79 290,459,058 Sundry Debtors 66,509,087.27 72,617,422 318,201,730.06 363,076,480 Impairment Allowance (306,612,419.70) (283,248,954) 11,589,310.36 79,827,526 Staff Debtors & Advances 1,202,084.54 2,282,885 12,791,395 82,110,411 5 PREPAYMENTS Salary & Pension - - Insurance Premium 416,016 224,583 Rent & Rate 3,834,600 4,414,600 Professional fees 290,990 925,151 Stations Lease Charges - 1,965,278 4,541,606 7,529,612 6 CASH AND CASH EQUIVALENTS Cash at Hand 659,331 32,116 Bank Balances 26,380,286 61,835,831 27,039,617 61,867,947 Impairment Allowance (21,567,008) (21,567,008) 5,472,609 40,300,939 Bank Overdraft (30,656) (30,656) 5,441,953 40,270,283 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 QUARTER ENDED 31ST MARCH, 2018 NOTES ON THE ACCOUNTS CALLED UP SHARE CAPITAL MARCH., 2018 MARCH., 2017 5,857,577,300 Ordinary Shares @ 25k each - - Addition: 0-0 - Issued & Fully Paid 2,473,177,300units@ 25k each 692,484,029 692,484,029 TREASURY SHARES 3,384,400 units @25k per share 0 - Premium 0-0 -.2 RESERVES SHARE PREMIUM ACCOUNT Balance Brought Forward 1,240,109,766 1,240,109,766 Addition During The Year 0 0 Balance Carried Forward 1,240,109,766 1,240,109,766 Total 1,240,109,766 1,240,109,766 8 ACCUMULATED PROFIT/ (LOSS) Accumulated Profit/(Loss) Brought Forward (1,701,665,685) (1,536,421,323) Profit/(loss) For The Financial Year (20,729,715) (14,833,683) Accumulated Profit/(Loss) Carried Forward (1,722,395,400) (1,551,255,006) 9 BORROWINGS (UNSECURED) Medium Term Loan-PAC Asset Mgt Ltd 108,549,712 82,264,438 Medium Term Loan-World Mission Agency 547,291,663 547,291,663 655,841,375 629,556,101 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 15,401,669 1,623,644 Accruals 43,033,126 41,542,677 58,434,795 43,166,321 7
ACCOUNTS FOR THE QUARTER ENDED 31ST MARCH, 2018 NOTES ON THE ACCOUNTS MARCH., 2018 MARCH., 2017 13 CURRENT INCOME TAX PAYABLE Balance Brought Forward 58,877,603 65,127,951 Provision for the year - 0 Paid in the year - (5,000,000) Balance Carried Forward 58,877,603 60,127,951 14 SELLING & DISTRIBUTION EXPENSES Depot Expenses and Sales Commission 762,200 5,502,242 15 STAFF COST PER PAYROLL Salaries and Wages 3,262,093 3,575,545 Paye 163,455 202,438 Staff Pension 292,774 325,198 Employer Pension Contribution 508,708 728,997 4,227,030 4,832,179 16 ADMINISTRATIVE EXPENSES Directors Emoluments 1,430,000 3,230,000 Gratuity 0 0 Transport and Travelling 270,300 952,535 Entertainment 115,990 225,860 Utilities 167,500 640,203 Printing & Stationeries 32,600 88,570 Medical Expenses 0 0 Donation & Gifts 100,000 0 Office Cleaning/General Expenses 102,135 217,090 Insurance 419,443 297,081 Security Expenses 30,000 204,000 Rent & Rates 1,134,550 1,368,850 Motor Running/Fueling Expenses 0 292,096 Advertising 0 0 Repairs & Maintenance 55,400 1,248,515 Gen set Fueling Expenses 450,450 1,678,093 Directors Fueling Expenses 115,500 1,175,771 Licences & Registration 15,300 580,700 Fines & Penalty 0 0 Professional Services 228,985 1,034,475 AGM Expenses 0 0 Directors Sittings Allowance 195,000 225,000 Auditors Fees 212,500 212,500 Lease Charges 0 393,056 Development Levy 0 0 Depreciation 3,326,891 5,976,122 Amortization 3,308 4,963 Business Development 91,000 102,000 Facilitation Fee 0 0 Staff Welfare 2,072,693 2,833,055 Staff Training 0 0 10,569,545 22,980,534 8
ACCOUNTS FOR THE QUARTER ENDED 31ST MARCH, 2018 NOTES ON THE ACCOUNTS MARCH., 2018 MARCH., 2017 17 OTHER INCOMES : Bad dabt Recovery 0 Accrued Rents Receivable 450,002 387,501 Rent Receivable 1,565,250 289,583 2,015,252 677,084 18 FINANCE INCOME: Leased Income from Outlets 0-0 0 0 0 19 FINANCE COST Interest On Loans and other facilities 7,162,061 5,390,222 Bank and Similar Charges 24,130 274,768 7,186,191 5,664,990 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) (0.67) (0.78) 9