AUSTIN LAZ & CO PLC UNAUDITED FINANCIAL STATEMENT FOR THE THIRD QUARTER ENDED 30TH SEPT, 2017.
CONTENT Pages 1. Statement of Financial Position 3 2. Statement of Income 4 3. Statement of Cashflow 5 4. Statement of Changes in Equity 6 5. Statement of value Added 7 6. Notes of the Account 8 -- 10
STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER, 2017 NOTE SEPT. 2017 SEPT. 2016 ASSETS N'000 N'000 Non Current Assets Property, Plant & Equipment 1 928,693 1,092,132 Intangibles 2 167,166 167,166 1,095,859 1,259,298 CURRENT ASSETS Inventories 3 407,395 257,232 Trade receivables 4 214,917 232,307 Cash and Cash Equivalent 5 6,917 4,969 629,229 494,508 Total Assets 1,725,088 1,753,806 EQUITY AND LIABILITIES: EQUITY Authorized Share Capital 750,000 750,000 Paid up Share Capital 539,930 539,930 Capital Reserves 1,224,776 1,224,776 Retained Earnings (179,234) (201,569) Equity attributable to owners of company 1,585,472 1,563,137 NON-CURRENT LIABILITIES: Long Term Borrowing 132,043 159,427 CURRENT LIABILITIES 8 Trade Payable 6,774 30,138 Other Payable 799 1,104 7,573 31,242 Total Equity and Liabilities 1,725,088 1,753,806 Unaudited Financial Statement was approved by the Board on the 3rd of October, 2017 The notes to the accounts form an integral part of these Financial Statements 3
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME NOTE SEPT. 2017 SEPT. 2016 N'000 N'000 Revenue 215,422 127,438 Cost of Sales (144,451) (139,761) Gross Profit/(Loss) 70,971 (12,323) Administration Expenses (52,217) (23,734) Distribution Expenses (6,508) (8,728) Finance Cost (11,291) (2,228) Profit before Tax 955 (47,013) Tax Provision (147) (88) Profit after Tax 808 (47,101) DISCONTINUED OPERATION - Gain/(Loss) on discontinued operation net of tax - Net Profit for the Period 808 (47,101) OTHER COMPREHENSIVE INCOME NET OF TAX - Total Comprehensive income for the Period 808 (47,101) Earning Per Share 0.00 (0.04) The notes to the accounts form an integral part of these Financial Statements 4
STATEMENT OF CASHFLOW SEPT 2017 SEPT. 2016 Cashflow from Operating Activities N'000 N'000 Profit/(Loss) before tax 955 (47,013) Add depreciation 122,580 81,720 Net Cashflow from operation before Working Capital Changes 123,535 34,707 WORKING CAPITAL CHANGES (Increase)/Decrease in Inventories (46,977) 10,561 (Increase)/Decrease in Account Receivable (34,098) (32,348) (Increase)/Decrease in Account Payables (7,273) 1,937 35,187 14,857 Tax paid (196) - Interest Paid - - Net Cashflow from Operating activities 34,991 14,857 CASHFLOW FROM INVESTING ACTIVITIES Purchase of Assets Proceed from sale of assets Net Cashflow from Investing activities 0 0 CASHFLOW FROM FINANCING ACTIVITIES Share issued Overdraft Loan (29,173) (15,346) Net Cashflow from Financing activites (29,173) (15,346) Cash & Cash equivalent for the Period 5,818 (489) Cash & Cash equivalent as at Jan 1 1,099 5,458 Cash & Cash equivalent as at 30 Sept 2017 6,917 4,969 5
STATEMENT OF CHANGE IN EQUITY AUSTIN LAZ & COMPANY PLC SHARE SHARE REVALUATIO N RETAINED TOTAL CAPITAL PREMIUM RESERVE EARNINGS EQUITY N'000 N'000 N'000 N'000 N'000 As at 1 Jan 2016 539,930 1,224,776 (154,468) 1,610,238 Adjustment made in the period - - - - 0 Balance after adjustment 539,930-1,224,776 (154,468) 1,610,238 Share Issued - Total comprehensive income for the period (47,101) (47,101) As at 30 September 2016 539,930-1,224,776 (201,569) 1,563,137 As at 1 Jan 2017 539,930 1,224,776 (180,042) 1,584,664 Adjustment made in the period - - - - 0 Balance after adjustment 539,930-1,224,776 (180,042) 1,584,664 Share Issued - Total comprehensive income for the period 808 808 As at 30 September 2017 539,930-1,224,776 (179,234) 1,585,472 6
STATEMENT OF VALUE ADDED SEPT. 2017 SEPT. 2016 N'000 % N'000 % Turnover 215,422 127,438 Bought in goods and services (87,778) (75,487) Value Added 127,644 100 51,951 100 Applied as follows: To Employees As Salaries and Wages 4,109 3 3,821 7 To Government Taxation 147 0 88 0 Retained for Expansion Depreciation 122,580 96 81,720 157 Profit/(Loss) 808 1 (33,678) (65) 127,644 100 51,951 100 The value added represents the wealth created through the use of the company's assets by its employees. 7
NOTE TO THE ACCOUNTS 1 PROPERT, PLANT & EQUIPMENT LAND & PLANT & MOTOR FURN. & TOTAL BUILDING MACHINERY VEHICLE FITTINGS & EQUIPMENT N'000 N'000 N'000 N'000 N'000 As at 1/1/2017 929,825 1,448,430 12,000 5,468 2,395,723 Additional Asset - - - - - As at 30/09/2017 929,825 1,448,430 12,000 5,468 2,395,723 Depreciation: As at 1/1/2017 140,403 1,186,579 12,000 5,468 1,344,450 For the Period 13,947 108,633 - - 122,580 As at 30/09/2017 154,350 1,295,212 12,000 5,468 1,467,030 NBV as at 30/09/2017 775,475 153,218 - - 928,693 2 INTANGIBLES: SEPT 2017 SEPT 2016 N'000 N'000 Intangible Fixed Asset 167,166 167,166 3 INVENTORIES Finished Goods 217,354 116,049 Raw Materials 35,974 26,721 Work In Progress 154,067 114,462 407,395 257,232 4 TRADE RECEIVABLES Trade Receivables 214,917 232,307 Other Receivables - - 214,917 232,307 5 CASH & CASH EQUIVALENT Cash at Bank 6,912 4,902 Cash at Hand 5 67 6,917 4,969 6 SHARE CAPITAL Authorized Share CAPITAL 750,000 750,000 Paid up Share Capital 539,930 539,930 7 LONG TERM LOAN 59,621 159,427 8
NOTE TO THE ACCOUNTS CONT'D SEPT 2017 SEPT 2016 8 OTHER PAYABLE N'000 N'000 Audit Fees 139 Taxation 660 1,104 Accrued Salaries & Wages - 799 1,104 9 TRADE PAYABLES Trade Creditors 6,774 30,138 10 TURNOVER Aluminium Section 110,926 61,008 Ice Plant Section 36,257 17,801 ThermoplasticSection 68,239 48,629 215,422 127,438 11 PRODUCTION COST Opening Inventories Raw Materials 41,726 21,092 Add Purchase of raw materials 78,917 52,899 120,643 73,991 Less Closing Inventories raw materials (35,974) (26,721) Carrige Inwards 28 213 Prime Cost: 84,697 47,483 Add factory overheads: Factory/Manufacturing Expenses 2,629 33,128 Wages and Salaries 1,211 12,432 Depreciation of Plant 108,633 72,422 Add Opening W.I.P 163,731 135,000 Total Production cost 360,901 300,465 Less closing W.I.P (154,067) (114,462) Production cost to be transferred to Trading account 206,834 186,003 12 COST OF SALES Opening Finished Stock 154,971 69,807 Add Production cost 206,834 186,003 Purchases 0 0 361,805 255,810 Less closing stock (217,354) (116,049) 144,451 139,761 9
NOTE TO THE ACCOUNTS CONT'D SEPT 2017 SEPT 2016 13 DISTRIBUTION COST N'000 N'000 Transport & Travelling 2,493 2,515 Carriage outward 523 527 Advertisement & Promotion 68 427 Salaries & Commission 1,952 2,098 Installation Expenses 142 38 Discount Allowances 1,251 2,813 Entertainment 79 310 6,508 8,728 14 ADMINISTRATION EXPENSES Wages & Salaries 4,109 3,821 Motor Vehicle Maintenance 3,172 476 Printing & Stationery 255 363 Telephone & Postage 510 742 Medical Expenses 241 102 Power and Electricity 815 112 General Repairs 3,521 356 Rent & Rates 121 68 Entertainment 47 267 Audit Fees 21 Donation Charity Maintenance of Office Equip 5,721 4,166 Generator Running 416 217 Legal & Professional fees 47 64 Education & Training 26 188 Miscellaneous Expenses Sanitation & Cleaning 47 213 Admin Expenses 728 225 Directors Expenses 629 544 Depreciation 13,947 9,298 Security Expenses 482 231 Folklift Expenses 5,724 146 Computer/Internet Services 23 375 Levies & Rates 152 61 Equipment Repairs & Maintenance 6,152 512 Newspaper and Periodical 48 15 Fuel and Diesel 4,725 312 Local Transport 538 860 52,217 23,734 10