FIDSON HEALTHCARE PLC Lagos, Nigeria
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
FIDSON HEALTHCARE PLC
Unaudited report and financial statements
For the period ended 31 March 2024
Table of Contents | |
FIDSON HEALTHCARE PLC
Unaudited report and financial statements
For the period ended 31 March 2024
Statement of Profit or Loss and Other Comprehensive Income
FOR THE YEAR ENDED 30 JUNE 2020 | 2024 | 2023 | |||
Jan-Mar | Jan-Mar | Jan-Mar | Jan-Mar | ||
Notes | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |
Revenue | 5 | 18,884,593 | 18,884,593 | 11,404,503 | 11,404,503 |
Cost of sales | 6 | (11,210,909) | (11,210,909) | (6,515,124) | (6,515,124) |
Gross profit | 7,673,684 | 7,673,684 | 4,889,379 | 4,889,379 | |
Other gains and losses | 7 | 151,937 | 151,937 | 115,420 | 115,420 |
Administrative expenses | 8 | (1,621,322) | (1,621,322) | (1,320,726) | (1,320,726) |
Net exchange difference | 8 | (2,477,098) | (2,477,098) | 108,753 | 108,753 |
Selling and distribution expenses | 9 | (1,313,197) | (1,313,197) | (1,303,705) | (1,303,705) |
Operating profit | 2,414,003 | 2,414,003 | 2,489,121 | 2,489,121 | |
Finance costs | 10 | (882,670) | (882,670) | (472,733) | (472,733) |
Finance income | 11 | 16,312 | 16,312 | 252 | 252 |
Profit before tax | 12 | 1,547,646 | 1,547,646 | 2,016,640 | 2,016,640 |
Income tax provision | 13a | (510,723) | (510,723) | (655,408) | (655,408) |
Profit for the Period | 1,036,923 | 1,036,923 | 1,361,232 | 1,361,232 |
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FIDSON HEALTHCARE PLC
Unaudited report and financial statements
For the period ended 31 March 2024
Statement of Financial Position
As at 31 March 2024
Mar- 2 4 | Dec - 2 3 | ||
ASSETS | Notes | ₦'0 0 0 | ₦'0 0 0 |
Non-current assets | |||
Property, plant and equipment | 14 | 22,847,437 | 22,672,162 |
Right of use assets | 15 | 305,059 | 315,050 |
Intangible assets | 16 | 28,861 | 25,577 |
Available- for-sale investments | 17a | 8,900 | 7,730 |
Loans and receivables | 17b | 16,183 | 501,193 |
Other non-current financial asset | 18 | 187,074 | 184,432 |
23,393,514 | 23,706,144 | ||
Current assets | |||
Inventories | 19 | 18,591,270 | 16,356,949 |
Trade and other receivables | 20 | 7,221,812 | 5,887,827 |
Prepayments | 21 | 15,377,765 | 5,253,563 |
Cash and cash equivalents | 22 | 2,303,641 | 10,786,643 |
43,494,488 | 38,284,982 | ||
Total assets | 66,888,002 | 61,991,126 | |
Equity and liabilities | |||
Equity | |||
Issued share capital | 29 | 1,147,498 | 1,147,498 |
Share premium | 30 | 4,829,614 | 4,829,614 |
Retained earnings | 14,350,254 | 13,313,331 | |
Financial Asset reserve | 31 | 4,455 | 3,285 |
20,331,821 | 19,293,728 | ||
Non-current liabilities | |||
Interest bearing loans and borrowings | 23 | 6,165,931 | 6,110,810 |
Retirement benefit obligation | 24 | 252,158 | 252,158 |
Government grant | 25 | 608,963 | 608,963 |
Deferred tax liability | 13c | 2,871,885 | 2,871,885 |
9,898,938 | 9,843,816 | ||
Current liabilities | |||
Trade and other payables | 26 | 11,730,493 | 9,076,011 |
Interest bearing loans and borrowings | 23 | 11,299,427 | 11,663,085 |
Bank Overdraft | 22 | 1,885,134 | 781,784 |
Other financial liabilities | 27 | 10,000,000 | 10,000,000 |
Government grant | 25 | 291,627 | 392,863 |
Income tax payable | 13b | 1,349,817 | 839,094 |
Unclaimed dividend | 28b | 100,745 | 100,745 |
36,657,243 | 32,853,582 | ||
Total liabilities | 46,556,181 | 42,697,398 | |
Total equity and liabilities | 66,888,002 | 61,991,126 |
SIGNED ON BEHALF OF THE BOARD OF DIRECTORS ON 29 April 2024
__________________________ | ___________________________ | __________________________ |
Fidelis Ayebae | Abiola Adebayo | Imokha Ayebae |
Managing Director/CEO | Executive Director | Finance Director |
FRC/2014/CIANG/00000002376 | FRC/2013/PSNIG/00000002376 | FRC/2021/001/00000023145 |
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FIDSON HEALTHCARE PLC
Unaudited report and financial statements
For the period ended 31 March 2024
Statement of Changes in Equity | |||||
Share | Share | Retained | Available- | Total | |
capital | premium | earnings | for-sale | ||
reserve | |||||
₦000 | ₦000 | ₦000 | ₦000 | ₦000 | |
At 1 January 2023 | 1,147,498 | 4,829,614 | 10,941,812 | 355 | 16,919,279 |
Bonus Issue | - | - | - | ||
Profit for the year | - | - | 1,361,232 | - | 1,361,232 |
Other comprehensive income for the year, net | - | - | - | - | |
Total Comprehensive Income for the year | - | - | 1,361,232 | - | 1,361,232 |
Dividends (Note 32) | - | - | - | - | |
At 31 March 2023 | 1,147,498 | 4,829,614 | 12,303,044 | 355 | 18,280,511 |
At 1 January 2024 | 1,147,498 | 4,829,614 | 13,313,331 | 3,285 | 19,293,728 |
Profit for the year | - | - | 1,036,923 | 1,170 | 1,038,093 |
Other comprehensive income for the year, net | - | - | - | - | - |
Total Comprehensive Income for the year | - | - | 1,036,923 | 1,170 | 1,038,093 |
Dividends (Note 32) | - | - | - | - | |
At 31 March 2024 | 1,147,498 | 4,829,614 | 14,350,254 | 4,455 | 20,331,821 |
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FIDSON HEALTHCARE PLC
Unaudited report and financial statements
For the period ended 31 March 2024
Statement of Cash Flows
Mar-2 4 | Mar-2 3 | |||
Operating activities: | Notes | ₦ '000 | ₦ '000 | |
Profit before tax | 1,547,646 | 2,016,640 | ||
Adjustments to reconcile profit before tax tonet cash flows | ||||
Depreciation of property, plant and equipment | 14 | 346,547 | 264,456 | |
Depreciation - Right of use assets | 15 | 9,993 | 17,667 | |
Gain on disposal of plant, property andequipment | 7 | 2 | (432) | |
Net exchange difference on loan | 23 | (2,477,098) | (108,753) | |
Amortisation of government grant | 7 | (101,236) | (95,709) | |
Amortisation of Intangible assets | 16 | 23,182 | 17,815 | |
Interest income | 11 | (2,642) | (13,440) | |
Finance costs | 10 | 882,670 | 472,733 | |
Operating cash flows before movement in working capital: | ||||
(Increase)/ decrease in trade and other receivables | 20 | (1,333,985) | (2,093,789) | |
Decrease / (increase) in prepayments | 21 | (9,767,797) | 1,144,926 | |
(Increase)/ Decrease in inventories | 19 | (2,234,321) | (1,153,926) | |
Increase in government grant | 25 | (101,236) | (95,709) | |
increase in other financial liabilities | 28 | - | 2,000,000 | |
(Decrease)/increase in trade and other payables | 27 | 2,654,482 | (2,080,184) | |
Cash generated by operations | (10,553,796) | 292,295 | ||
Income tax paid | 13b | - | - | |
Benefits paid | 24 | - | - | |
Net cash flow (used)/ from operating activities | (10,553,796) | 292,295 | ||
Cash flows from investing activities: | ||||
Purchase of property, plant & equipment | 14 | (522,074) | (172,882) | |
Additions to intangible assets | 16 | 26,466 | 56,333 | |
Interest received | 11 | 13,670 | 13,265 | |
Interest income on other non Current Asset | 11 | 2,642 | - | |
Proceeds from sale of property, plant and equipment | 231 | 1,175,000 | ||
Liquidation of investment in other financial asset | 18 | - | (174,542) | |
Net cash (used in)/ from investing activities | (479,064) | 897,174 | ||
Cash flows from financing activities: | ||||
Payments of finance lease liabilities | - | (24,753) | ||
Interest paid on loans & borrowings | 23a | (882,670) | (472,733) | |
Proceed from loans & borrowings | 23 | 263,854 | - | |
Loan repayment (principal) | 23 | (471,153) | (644,283) | |
Net cash used in financing activities | (1,089,969) | (1,141,769) | ||
Net increase/(decrease) in cash and cash equivalents | (12,122,830) | 47,702 | ||
Net foreign exchange difference | 2,477,098 | 108,753 | ||
Cash and cash equivalents at the beginning of the year | 10,064,238 | 1,825,132 | ||
Cash and cash equivalents at the end of the Period | 22 | 418,507 | 1,981,587 | |
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FIDSON HEALTHCARE PLC
Unaudited report and financial statements
For the period ended 31 March 2024
Notes to the financial statements.
-
Corporate information.
The Company was incorporated as a private limited liability Company on 13 March 1995 and commenced business activities on 15 March 1995. The principal activities of the Company include manufacturing and distribution of pharmaceutical products. The Company's shares were quoted the
Nigerian Stock Exchange on 5 June 2008. The issued share capital is held as to 38.86% directly by the Directors, 5.74% indirectly by the Directors and 54.94% by the Nigerian Public. - Composition of the financial statements
The Financial statements are drawn up in Naira, the functional currency of Fidson Healthcare Plc. In accordance with IFRS accounting presentation, the Financial Statements comprise: - Statement of Profit or Loss and Other Comprehensive Income
- Statement of Financial Position
- Statement of Changes in Equity
•Statement of Cash flows
• Notes to the Financial Statements.
1.2 Financial period
These Financial Statements cover the financial period 31 March 2024 with comparative amounts for the year ended 31 March 2023.
- Material accounting policy information
-
Basis of preparation and measurement
These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) that are effective at 31 December 2023 and Financial Reporting Council Act as issued by the Financial Reporting Council of Nigeria (FRCN), and the requirements of Companies and Allied Matters Act (CAMA) of Nigeria.
The financial statements have been prepared on a historical cost basis, except for certain financial assets which have been measured at fair value. The financial statements are presented in the Nigerian Naira and all values are rounded to the nearest thousands (₦'000), except where otherwise indicated. - Reclassification
Certain reclassifications have been made to prior year's financial statements to aid comparability with the current year's financial statements. This reclassification has had no impact on prior year's reported position. - Material accounting policy information
The following are the significant accounting policies applied by the Company in preparing its financial statements:
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FIDSON HEALTHCARE PLC
Unaudited report and financial statements
For the period ended 31 March 2024
Notes to the financial statements.
2.3.1 Current versus non-current classification
The Company presents assets and liabilities in statement of financial position based on current/non- current classification. An asset is current when it is:
- Expected to be realised or intended to sell or consumed in normal operating cycle.
- Held primarily for the purpose of trading.
- Expected to be realised within twelve months after the reporting period. Or
- Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle.
- It is held primarily for the purpose of trading.
- It is due to be settled within twelve months after the reporting period. Or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
2.3.2 Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability, or
- In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, if market participants act in their economic best interest.
A fair value measurement of a non-financial asset considers a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the relevant observable inputs and minimizing the use of unobservable inputs.
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FIDSON HEALTHCARE PLC
Unaudited report and financial statements
For the period ended 31 March 2024
Notes to the financial statements.
2.3.3 Revenue recognition
Revenue is recognised to depict the transfer of promised goods to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods.
Revenue is recognised by applying a five-step approach:
- Identify the contract
- Identify the separate performance obligations in the contract for Ethical and OTC when the products are delivered to the customer and for consumer healthcare when the customer picks up the product from the factory.
- Determine the transaction price
- Allocate the transaction price to separate performance obligations
- Recognise revenue when (or as) each performance obligation is accomplished (delivery of Ethical and Consumer healthcare product)
The Company recognises revenue from the following major sources:
- Sale of Ethical Products, ethical product category are infusion, capsule, and tablet. Revenue Is recognise when products are delivered to customers.
- Sale of Over the Counter (OTC) products. OTC product category are tablet, capsule, and syrup. Herbal product. Revenue is recognised when products are delivered to customer.
- The company also recognises revenue from manufacturing pharmaceutical products on behalf of its customers. The performance obligation in this type of contract involves the delivery of finished pharmaceutical drugs to its customers. Revenue is recognised overtime for this type of contract.
Revenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when the ethical and OTC products are delivered to the customer and or when the consumer healthcare customer picks their product from the factory.
Cost to obtain a contract.
In addition to the cost of the product, the Company pays sales commission to its employees and distributor for certain contracts that they obtain for sales of products. The Company has elected to apply the optional practical expedient for costs to obtain a contract which allows the Company to immediately expense sales commissions (included under sales expenses) because the amortisation period of the asset that the Company otherwise would have used is one year or less.
Dividends
Dividends are recognised when the Company's right to receive the payment is established, which is generally when shareholders approve the dividend.
2.3.4 Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the period that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.
When the Company receives grants of non-monetary assets, the asset and the grant are recorded at fair value amounts and released to the profit or loss over the expected useful life in a pattern of
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FIDSON HEALTHCARE PLC
Unaudited report and financial statements
For the period ended 31 March 2024
Notes to the financial statements.
-
Government grants (cont'd)
consumption of the benefit of the underlying asset by equal annual instalments. When loans or similar assistance are provided by governments or related institutions, with an interest rate below the current applicable market rate, the effect of this favourable interest is regarded as a government grant. The loan or assistance is initially recognised and measured at fair value and the government grant is measured as the difference between the initial carrying value of the loan and the proceeds received. The loan is subsequently measured as per the accounting policy in Note 2.2.12 (ii). - Taxes
Current income tax
The income tax assets or liabilities for the current year are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are determined in accordance with the Companies Income Tax Act (CITA) 2007 at 30% of total profit after deducting capital allowances and loss relief. Education tax is also assessed at 2.5% of the assessable profits.
Current income tax relating to items recognised outside the profit or loss are recognised outside profit or loss.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except: - When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
- In respect of taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:
- When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
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Fidson Healthcare plc published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 08:24:12 UTC.