STATEMENT OF ACCOUNT (THIRD QUARTER) ENDED 30TH SEPTEMBER, 2016.
STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPTEMBER, 2016 NOTE 3rd Quarter 3rd Quarter As at Year ended 30th ended 30th ended 31st Sept., 2016 Sept., 2015 Dec., 2015 ASSETS N'000 N'000 N'000 Non Current Assets Property, Plant & Equipment 1 1,092,132 1,255,571 1,214,712 Intangibles 2 167,166 167,166 167,166 1,259,298 1,422,737 1,381,878 CURRENT ASSETS Inventories 3 211,744 239,866 239,866 Trade receivables 4 232,307 246,004 242,004 Cash and Cash Equivalent 5 4,969 4,240 4,240 449,020 490,110 486,110 Total Assets 1,708,318 1,912,847 1,867,988 EQUITY AND LIABILITIES: EQUITY Authorized Share Capital 750,000 750,000 750,000 Paid up Share Capital 539,930 539,930 539,930 Capital and Reserves 1,224,776 1,224,776 1,224,776 Retained Earnings (252,136) (98,573) (33,916) Equity attributable to owners of company 1,512,570 1,666,133 1,730,790 NON-CURRENT LIABILITIES: Long Term Borrowing 123,216 224,560 119,655 CURRENT LIABILITIES Trade & Other Payable 8 43,117 20,950 16,235 Short Term Borrowing 28,311 - - Current tax Payable 1,104 1,204 1,308 72,532 22,154 17,543 Total Equity and Liabilities 1,708,318 1,912,847 1,867,988 DIRECTORS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME NOTE 3rd Quarter 3rd Quarter For the Year ended 30th ended 30th ended 31st Sept., 2016 Sept., 2015 Dec., 2015 N'000 N'000 N'000 Revenue 127,438 76,005 261,055 Cost of Sales (139,761) (60,874) (227,313) Gross Profit/(Loss) (12,323) 15,131 33,742 Administration Expenses (13,752) (8,793) (74,984) Distribution Expenses (5,287) (3,840) (14,852) Finance Cost (2,228) (2,405) (2,405) Profit before Tax (33,590) 93 (58,499) Tax Provision (88) (245) (591) Profit after Tax (33,678) (152) (59,090) DISCONTINUED OPERATION Gain/(Loss) on discontinued operation net of tax - - - Net Profit for the Period (33,678) (152) (59,090) OTHER COMPREHENSIVE INCOME NET OF TAX - - - Total Comprehensive income for the Period (33,678) (152) (59,090) Earning Per Share (0.03) (0.0001) (0.05)
DIVISIONAL PROFIT OR LOSS ACCOUNT FOR THE PERIOD ALUMINIUM ICE PLANT THERMO TOTAL N'000 N'000 N'000 N'000 Revenue 57,364 31,855 38,219 127,438 Cost of sales Opening Inventory 52,428 26,169 31,853 110,450 Add Purchases - - - - Add Cost of Production 57,678 36,719 39,193 133,590 110,106 62,888 71,046 244,040 Less Closing Inventory (48,531) (22,864) (32,884) (104,279) Cost of Sales: 61,575 40,024 38,162 139,761 Contribution: (4,211) (8,169) 57 (12,323)
STATEMENT OF CASHFLOW 3rd Quarter 3rd Quarter ended 30th ended 30th Sept., 2016 Sept., 2015 Cashflow from Operating Activities N'000 N'000 Profit/(Loss) before tax (33,590) (152) Add depreciation 40,860 40,860 Interest Payable 2,228 2,405 Net Cashflow from operation before Working Capital Changes 9,498 43,113 WORKING CAPITAL CHANGES (Increase)/Decrease in Inventories 15,561 (118,576) (Increase)/Decrease in Account Receivable (36,139) 107,698 (Increase)/Decrease in Account Payables 12,937 (35,235) 1,857 (3,000) Tax paid - - Interest Paid - - Net Cashflow from Operating activities 1,857 (3,000) CASHFLOW FROM INVESTING ACTIVITIES Purchase of Assets - Proceed from sale of assets - Net Cashflow from Investing activities - - CASHFLOW FROM FINANCING ACTIVITIES Share issued - Overdraft (2,346) Loan - Net Cashflow from Financing activites (2,346) - Cash & Cash equivalent for the Period (489) (3,000) Cash & Cash equivalent brought forward 5,458 7,240 Cash & Cash equivalent carried forward 4,969 4,240
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 1/7/2016 929,825 1,448,430 12,000 5,538 2,395,793 Additional Asset - - - - - As at 30/9/2016 929,825 1,448,430 12,000 5,538 2,395,793 Depreciation: As at 1/7/2016 131,195 1,114,158 12,000 5,448 1,262,801 For the Period 4,649 36,211 - - 40,860 As at 30/9/2016 135,844 1,150,369 12,000 5,448 1,303,661 NBV as at 30/9/2016 793,981 298,061-90 1,092,132 2 INTANGIBLES: 2016 2015 N'000 N'000 Intangible Fixed Asset 167,166 167,166 3 INVENTORIES Finished Goods 104,279 82,501 Raw Materials 9,205 22,365 Work In Progress 98,260 135,000 211,744 239,866 4 TRADE RECEIVABLES Trade Receivables 232,307 316,004 Other Receivables - 232,307 316,004 5 CASH & CASH EQUIVALENT Cash at Bank 4,902 4,201 Cash at Hand 67 39 4,969 4,240 6 SHARE CAPITAL Authorized Share CAPITAL 750,000 750,000 Paid up Share Capital 539,930 539,930
7 LONG TERM LOAN 123,216 224,560 AUSTIN LAZ & COMPANY PLC NOTE TO THE ACCOUNTS PRODUCTION COST 2016 2015 8 CURRENT LIABILITIES N'000 N'000 Trade & Other Payable 43,117 20,950 Short term borrowing 28,311 Audit Fees Taxation 1,104 1,204 72,532 22,154 9 PRODUCTION COST Opening Inventories Raw Materials 14,255 9,763 Add Purchase of raw materials 42,216 24,973 56,471 34,736 Less Closing Inventories raw materials (9,205) (22,365) Carrige Inwards 213 136 Labour Wages 2,200 1,642 Prime Cost: 49,679 1,778 Add factory overheads: Electricity & Lighting 87 52 Fuelling & Diesel 12,432 6,785 Machine maintenance 15,871 7,963 Wages and Salaries 14,970 4,987 Depreciation of Plant 36,211 36,211 Add Opening W.I.P 102,600 178,535 Total Production cost 231,850 236,311 Less closing W.I.P (98,260) (135,000) Production cost to be transferred to 133,590 101,311 transferred to Trading account 10 COST OF SALES Opening Inventories 110,450 42,064 Add Production cost 133,590 101,311 244,040 143,375 Less closing stock (104,279) (82,501) 139,761 60,874
NOTE TO THE ACCOUNTS 11 DISTRIBUTION COST 2016 2016 Year ended 31st Dec., 2015 N'000 N'000 N'000 Transport & Travelling 2,515 1,240 1,576 Carriage outward 431 325 1,564 Advertisement & Promotion 189 387 1,960 Salaries & Commission 748 982 5,074 Installation Expenses 32 25 1,181 Discount Allowances 1,062 865 3,470 Entertainment 310 16 27 5,287 3,840 14,852 12 ADMINISTRATION EXPENSES Wages & Salaries 2,355 2,319 2,995 Motor Vehicle Maintenance 476 110 6,366 Printing & Stationery 363 10 210 Telephone & Postage 742 15 1,596 Medical Expenses 102 20 2,950 Power and Electricity 112 85 1,840 General Repairs 356 15 5,834 Rent & Rates 68 45 150 Entertainment 267 10 300 Audit Fees 3,855 Donation Charity 3,932 Generator Running 375 140 1,359 Legal & Professional fees 217 120 2,290 Annual Subscription Education & Training 188 135 2,140 Miscellaneous Expenses 146 Sanitation & Cleaning 213 10 2,267 Admin Expenses 225 110 1,358 Directors Expenses 544 475 3 Depreciation 4,649 4,649 552 Security Expenses 231 50 3,230 Folklift Expenses 146-2,218 Computer/Internet Services 375 240 1,190 Levies & Rates 49 40 300 Equipment Repairs & Maintenance 512 115 6,542 Newspaper and Periodical 15 5 18,596 Fuel and Diesel 312 35 1,425 Local Transport 860 40 1,320 13,752 8,793 74,964
STATEMENT OF CHANGE IN EQUITY SHARE SHARE REVALUATION RETAINED TOTAL CAPITAL PREMIUM RESERVE EARNINGS EQUITY N'000 N'000 N'000 N'000 N'000 As at 1 January 2015 539,930 1,224,776 25,176 1,789,882 Adjustment made in the - - - - - Balance after adjustment 539,930 1,224,776 25,176 1,789,882 Share Issued - Total comprehensive income for the period -123,749-123,749 As at 30 September, 2015 539,930 1,224,776-98,573 1,666,133 As at 1 January 2016 539,930 1,224,776 (33,916) 1,730,790 Adjustment made in the period - - - - - Balance after adjustment 539,930-1,224,776-33,916 1,730,790 Share Issued - Total comprehensive income for the period -218,220 (218,220) As at 30 September, 2016 539,930-1,224,776 (252,136) 1,512,570