ARBICO PLC UNAUDITED FINANCIAL STATEMENT FOR PERIOD ENDED 30 SEPTEMBER 2023
1
Table of Content
Results at a glance | 3 |
Statement of comprehensive income | 4 |
Statement of financial position | 5 |
Statement of changes in equity | 6 |
Statement of cash flows | 7 |
2
Result at a Glance:
THE GROUP | THE COMPANY | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
SEP | SEP | SEP | SEP | |||||||||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | |||||||||||
Revenue | 4,348,332 | 6,774,796 | 4,281,309 | 6,381,248 | ||||||||||
Profit/Loss Before | (105,245.00) | 72,859 | 232,162 | 143,979 | ||||||||||
Tax | ||||||||||||||
Earnings per share | (0.69) | 0.49 | 1.56 | 0.97 | ||||||||||
BY ORDER OF THE BOARD
COMPANY SECRETARY FRC/2013/NBA/00000000001615 26th October 2023
3
UNAUDITED CONSOLIDATED &
SEPARATE STATEMENTS OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER
2023
THE | THE | |||||||||
GROUP | COMPANY | |||||||||
NOTES | ||||||||
9 MONTHS | 3 MONTHS | 9 MONTHS | 3 | 9 MONTHS | 3 MONTHS | 9 MONTHS | 3 MONTHS | |
JAN- | MONTHS | |||||||
JUL- SEPT | JAN- SEPT | JAN- SEPT | JUL- SEPT | JAN- SEPT | JUL- SEPT | |||
SEPT | JUL- SEPT | |||||||
2023 | 2023 | 2022 | 2022 | 2023 | 2023 | 2022 | 2022 | |
₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |
Revenue 6 | 4,348,332 | 1,359,961 | 6774796 | 2241770 | 4,281,309 | 1,349,865 | 6381248 | 2032167 |
Cost of Sales 7 | (4,053,311) | (1,432,900) | (6002190) | (3165263) | (3,721,505) | (1,426,937) | -5594116 | -2762877 |
Gross Profit | 295,021 | (72,939) | 772,606 | (923,493) | 559,804 | (77,072) | 787,132 | (730,710) |
Other Operating Income 8 | 30,375 | 17,303 | 8,037 | 4,509 | 30,375 | 17,303 | 7,921 | 4,499 |
Administrative Expenses 9 | (430,641) | (188,884) | (707,784) | (351,669) | (358,017) | (134,704) | (651,074) | (340,065) |
Expected Credit loss | - | - | . | - | - | |||
Operating (loss)/profit | (105,245) | (244,520) | 72,859 | (1,270,653) | 232,162 | (194,473) | 143,979 | (1,066,276) |
Finance income 10 | - | - | - | |||||
(Loss)/profit before income taxation | (105,245) | (244,520) | 72,859 | (1,270,653) | 232,162 | (194,473) | 143,979 | (1,066,276) |
Income Tax Expenses 11 | - | - | - | - | - | - | - | - |
(Loss)/profit For The Period | (105,245) | (244,520) | 72,859 | (1,270,653) | 232,162 | (194,473) | 143,979 | (1,066,276) |
Other comprehensive income (loss)/income | - | - | - | - | - | |||
for the year, ne | ||||||||
Total Comprehensive (loss)/Income | (105,245) | (244,520) | 72,859 | (1,270,653) | 232,162 | (194,473) | 143,979 | (1,066,276) |
attributable to: | ||||||||
Equity holders of parent | (101,871) | 9,467 | 73,570 | (1,271,945) | 232,162 | (194,473) | ||
Non Controlling Interest | (3,374) | 1,333 | (711) | 1,292 | - | - | ||
to | ||||||||
Ordinary equity holders of the parent 12 | (0.69) | (1.65) | 0.49 | (8.56) | 1.56 | (1.31) | 0.97 | (7.18) |
4
ARBICO PLC
UNAUDITED CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2023
NOTES
ASSETS
NON - CURRENT ASSETS
THE GROUP | |||||||
9 MONTHS | 9 MONTHS | ||||||
JAN-SEPT 2023 | JAN-SEPT 2022 | JAN-DEC 2022 | |||||
₦'000 | ₦'000 | ₦'000 |
THE COMPANY | ||||||
9 MONTHS | 9 MONTHS | |||||
JAN-SEPT 2023 | JAN-SEPT 2022 | JAN-DEC 2022 | ||||
₦'000 | ₦'000 | ₦'000 |
Property Plant and Equipment | 13 | 1,317,242 | 1,505,370 | 1,317,242 | 1,382,713 | |||||||||||||
1,579,986 | 1,457,348 | |||||||||||||||||
Intangible Assets | 14 | 2,490 | 3,280 | 2,490 | 3,280 | |||||||||||||
4,070 | 4,070 | |||||||||||||||||
Deferred Tax Asset | 11 | 1,261,958 | 1,261,958 | 1,261,958 | 1,261,958 | 1,261,958 | 1,261,958 | |||||||||||
Investment in Subsidiary | 15 | 27,104 | 27,104 | 27,104 | ||||||||||||||
Other assets | ||||||||||||||||||
TOTAL NON CURRENT ASSETS | 2,581,690 | 2,846,014 | 2,770,608 | 2,608,793 | 2,750,480 | 2,675,055 | ||||||||||||
CURRENT ASSESTS | ||||||||||||||||||
Inventories | 4,340,404 | 1,788,233 | 2,904,179 | 3,205,720 | 1,292,878 | 2,276,697 | ||||||||||||
Contract asset | 12,600,303 | 7,205,646 | 10,716,279 | 11,719,038 | 6,827,594 | 10,256,400 | ||||||||||||
Trade and other receivables | 289,593 | 738,783 | 5,746,024 | 1,618,657 | 2,145,654 | 7,617,168 | ||||||||||||
Prepayments | 8,614,628 | 4,209,457 | 5,183,663 | 8,559,706 | 3,751,603 | 4,810,420 | ||||||||||||
Other asset | - | 1,093,151 | - | - | 925,398 | |||||||||||||
Cash and cash equivalents | 884,711 | 910,614 | 40,869 | 665,262 | 1,292,155 | 12,347 | ||||||||||||
TOTAL CURRENT ASSETS | 26,729,638 | 14,852,733 | 25,684,165 | 25,768,384 | 15,309,884 | 25,898,430 | ||||||||||||
TOTAL ASSETS | 29,311,329 | 17,698,747 | 28,454,773 | 28,377,177 | 18,060,364 | 28,573,485 | ||||||||||||
LIABILITIES | ||||||||||||||||||
NON - CURRENT LIABILITIES | ||||||||||||||||||
Share Deposit | 22 | 1,950,000 | 1,950,000 | 1,950,000 | 1,950,000 | 1,950,000 | 1,950,000 | |||||||||||
TOTAL NON-CURRENT LIABILITY | 1,950,000 | 1,950,000 | 1,950,000 | 1,950,000 | 1,950,000 | 1,950,000 | ||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||
Contract liability | 10,729,308 | 6,542,089 | 15,685,856 | 9,745,351 | 5,696,691 | 14,701,899 | ||||||||||||
Bank overdraft | - | 151,321 | - | 151,321 | ||||||||||||||
Trade and other payables | 19,504,226 | 9,771,650 | 10,929,816 | 19,296,144 | 9,428,559 | 11,146,022 | ||||||||||||
Income tax payable | 185,999 | 52,036 | 217,400 | 185,999 | 52,036 | 217,400 | ||||||||||||
TOATL CURRENT LIABILITY | 30,419,534 | 16,365,775 | 26,984,393 | 29,227,494 | 15,177,286 | 26,216,642 | ||||||||||||
TOTAL LIABILITY | 32,369,534 | 18,315,775 | 28,934,393 | 31,177,494 | 17,127,286 | 28,166,642 | ||||||||||||
EQUITY | ||||||||||||||||||
Share Capital | 21 | 74,250 | 74,250 | 74,250 | 74,250 | 74,250 | 74,250 | |||||||||||
Share Premium | 21 | 141,184 | 141,184 | 141,184 | 141,184 | 141,184 | 141,184 | |||||||||||
1,193,534 | 1,193,534 | |||||||||||||||||
Asset revaluation reserve | 21 | 1,193,534 | (2,021,030) | 1,193,534 | (475,890) | |||||||||||||
Accumulated losses | (4,463,799) | 1,193,534 | (1,878,821) | (4,209,285) | 1,193,534 | (1,002,125) | ||||||||||||
Non-controlling interests | (3,374) | (9,767) | - | - | - | |||||||||||||
(4,966) | ||||||||||||||||||
TOTAL EQUITY | (3,058,205) | (617,028) | (479,620) | (2,800,317) | 933,078 | 406,843 | ||||||||||||
TOTAL EQUITY AND LIABILITY | 29,311,329 | 17,698,747 | 28,454,773 | 28,377,178 | 18,060,364 | 28,573,485 | ||||||||||||
5
ARBICO Plc
Statement of changes in equity
30 September 2023
The Group | |||||||||||||
Issued Capital (Note | Share Premium (Note | Asset revaluation | Non controlling | ||||||||||
21) | 21) | surplus | Other reserves | Total | interest | Total | |||||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |||||||
As at 1 January 2023 | 74,250 | 141,184 | 1,193,534 | (4,361,928) | (2,952,960) | - | (2,952,960) | ||||||
Effective of adoption of new standard | - | - | - | - | - | - | - | ||||||
As at 1 January 2023 | 74,250 | 141,184 | 1,193,534 | (4,361,928) | (2,952,960) | - | (2,952,960) | ||||||
Profit/(Loss) for the year/Changes | - | - | - | (101,871) | (101,871) | (3,374) | (105,245) | ||||||
Other comprehensive income | - | - | - | - | - | - | - | ||||||
Total comprehensive income | - | - | - | (101,871) | (101,871) | (3,374) | (105,245) | ||||||
Acquisition of subsidiary | - | - | - | - | - | - | |||||||
At 30 September 2023 | 74,250 | 141,184 | 1,193,534 | (4,463,799) | (3,054,831) | (3,374) | (3,058,205) | ||||||
Issued Capital (Note | Share Premium (Note | Asset revaluation |
21) | 21) | surplus |
₦'000 | ₦'000 | ₦'000 |
Other reserves
₦'000
Total
₦'000
Non controlling interest
₦'000
Total
₦'000
- | - | |||
- | - |
6
ARBICO PLC
UNAUDITED CONSOLIDATED & SEPARATE STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
THE GROUP THE COMPANY
Sept. | Sept | Dec. | Sept. | Sept. | Dec. | ||
2022 | 2022 | 2023 | 2022 | 2022 | |||
2023 | |||||||
₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ||
Operating activities | Notes | ||||||
(Loss)/profit before tax | (105,245) | 72,859 | 514,792 | 232,162 | 143,980 | 441,027 | |
Adjustments to reconcile profit before tax to net cash flows | |||||||
Depreciation of property, plant and equipment | 13 | 72,025 | 193,857 | 275,018 | 72,025 | 193,875 | 275,038 |
Amortisation of intangible assets | 790 | 1,579 | 2,369 | 790 | 2,369 | ||
Net Unrealized foreign exchange (gain)/loss | 9 | (54,437) | - | (14,647) | |||
Profit on disposal of property, plant and equipment | 8&9 | - | - | - | |||
Finance income | 10 | - | |||||
Impairment of receivables | 9 | - | - | - | |||
Expected credit loss - Contract asset | 217,913 | - | 217,913 | ||||
Expected credit loss - Intercompany receivables | 9 | - | 139,103 | - | 139,103 | ||
Contract asset recognised in revenue | - | - | 85,663 | ||||
Contract liability recognised in revenue | - | ||||||
(32,430) | 268,295 | 1,094,758 | 304,977 | 337,855 | 1,146,466 | ||
Working capital adjustments | |||||||
Increase in trade and other receivables | 252,021 | (556,073) | (3,203,669) | (971,993) | (52,860) | (5,000,163) | |
(Increase)/ decrease in prepayments | (8,494,351) | (55,290) | (2,888,664) | (8,447,469) | 64,217 | (2,685,998) | |
increase in inventories | (2,941,842) | (894,338) | (935,795) | (2,061,232) | 679,701 | (643,952) | |
Increase in contract asset | (6,310,121) | (5,668,246) | (8,507,657) | (5,546,804) | (5,278,151) | (8,060,327) | |
Increase/ (decrease) trade and other payables | 11,670,744 | 3,793,273 | 4,186,166 | 11,895,128 | 1,777,619 | 4,981,411 | |
Increase/(decrease) in advance from customers | - | 4,372,913 | 9,976,221 | - | 4,527,596 | 9,985,535 | |
Increase/(decrease) in contract liabilities | 4,069,885 | - | 3,931,326 | - | |||
Other asset(restricted) | (525,784) | (504,715) | |||||
Income tax paid | 11 | (39,588) | (39,588) | ||||
Cash flows from/(used in) operating activities | (1,786,095) | 1,260,534 | (844,012) | (896,066) | 2,055,977 | (821,331) | |
Net cash flows from/(used in) operating activities | (1,786,095) | 1,260,534 | (844,012) | (896,066) | 2,055,977 | (821,331) | |
Investing activities | |||||||
Purchase of property, plant and equipment | 13 | (239,582) | (247,536) | (239,582) | (247,536) | ||
Finance income | 1,329 | - | - | 1,329 | - | ||
Proceed from sale of property, plant and equipment | 250,332 | - | 127,694 | ||||
Purchase of intangible assets | 14 | 1,974 | - | 1,974 | |||
Increase in other Investment | |||||||
Advance payment in fixed deposit (restricted) | - | ||||||
Financing activities Movement | 10 | 1,690,206 | (837,070) | 364,065 | (1,174,194) | ||
Net cash flows used in investing activities | 1,942,513 | (1,075,323) | (247,536) | 493,733 | (1,412,447) | (247,536) | |
Net increase/(decrease) in cash and cash equivalents | 156,418 | 185,211 | (1,091,548) | (402,333) | 643,530 | (1,068,867) | |
Net foreign exchange difference | - | - | 54,437 | - | - | 14,647 | |
Cash and cash equivalents at the beginning of the year | 728,293 | 725,403 | 926,659 | 1,067,596 | 648,625 | 915,246 | |
Cash and cash equivalents at the end of the period | 20 | 884,711 | 910,614 | (110,452) | 665,263 | 1,292,155 | (138,974) |
7
ARBICO PLC
NOTES TO THE FINANCIAL STATEMENTS
1. Corporate information
Arbico Plc is a company incorporated on 18 June 1958 in Nigeria and commenced business thereafter. The company's shares were quoted on the Stock Exchange on November 30, 1978.
Its principal activities comprise construction and civil engineering as well as investment in and operation of infrastructure. The registered office is located at Plot D Block 7 Industrial Crescent Ilupeju, Lagos.
2. Basis of preparation
The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), the provisions of the Financial Reporting Council of Nigeria Act, No. 6 2011, the provision of the Companies and Allied and Matters Act, CAP 20 and the Laws of the Federation of Nigeria 2004 as applicable. The financial statements have been prepared on a historical cost basis, except for land and buildings that have been measured at fair value.
The financial statements are presented in Naira and all values are rounded to the nearest thousand. (₦'000), except when otherwise indicated.
3. Revenue
Construction contracts
The company principally operates fixed price contracts however sometimes the contract cost are varied due to additional works, If the outcome of such a contract can be reliably measured, revenue associated with the construction contract is recognized by reference to the stage of completion of the contract activity at year end (output method e.g. Surveys of Work completed to date) or obligations satisfied. In accordance with IFRS 15 revenue is recognized:
The outcome of a construction contract can be estimated reliably when:
- The contract obligation has been performed.
- The work done can been accurately estimated or surveyed.
- The company's performance does not create an asset with an alternative use to the entity and the company has an enforceable right to payment for performance completed to date.
When the work done does not satisfy these conditions the contact cost to date is the held as a current asset (recoverable cost).
In applying output method, revenue recognized corresponds to the total contract revenue (as defined below) multiplied by the actual completion rate based on survey of work done. Contract revenue not yet billed are recognized and consequently held as contract assets in current assets.
8
Contract revenue - Contract revenue corresponds to the initial amount of revenue agreed in the contract and any variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue; and they are capable of being reliably measured.
Contract costs - Contract costs include costs that relate directly to the specific contract and costs that are attributable to contract activity in general and can be allocated to the contract. Costs that relate directly to a specific contract comprise; site labor costs (including site supervision); costs of materials used in construction; costs of design, cost of depreciation on plant and machinery and technical assistance that is directly related to the contract.
Company contracts are typically negotiated for the construction of a single asset or a group of assets which are closely interrelated or interdependent in terms of their design, technology and function. In certain circumstances, the percentage of completion method is applied to the separately identifiable components of a single contract or to a group of contracts together in order to reflect the substance of a contract or a group of contracts.
Assets covered by a single contract are treated separately when:
- The separate proposals have been submitted for each asset.
- Each asset has been subject to separate negotiation and the contractor and customer have been able to accept or reject that part of the contract relating to each asset.
- The costs and revenues of each asset can be identified.
Contract cost for which their obligations have not been expressly stated or cannot be reliable measured are held as recoverable cost under current assets.
A group of contracts are treated as a single construction contract when:
- the group of contracts is negotiated as a single package.
- the contracts are so closely interrelated that they are, in effect, part of a single project with an overall profit margin.
- the contracts are performed concurrently or in a continuous sequence
The three criteria must be met before combination can occur.
3. Revenue
Revenue
Profit/Loss Before Tax Earnings per share
THE GROUP | THE COMPANY | ||
2023 | 2022 | 2023 | 2022 |
SEP | SEP | SEP | SEP |
₦'000 | ₦'000 | ₦'000 | ₦'000 |
4,348,332 | 6,774,796 | 4,281,309 | 6,381,248 |
(105,245) | 72,859 | 232,162 | 143,979 |
(0.69) | 0.49 | 1.56 | 0.97 |
9
4. Other Income:
THE GROUP | THE COMPANY | |||
2023 | 2022 | 2023 | 2022 | |
SEP | SEP | SEP | SEP | |
₦'000 | ₦'000 | ₦'000 | ₦'000 | |
Claims on Insurance | 3,202 | - | 3,202 | - |
Other Income | 27,171 | 8,037 | 27,171 | 7,921 |
Finance Income | - | - | - | - |
30,375 | 8,037 | 30,375 | 7,921 | |
5. Staff cost & Employees Benefit
THE GROUP | THE COMPANY | ||||
2023 | 2022 | 2023 | 2022 | ||
SEP | SEP | SEP | SEP | ||
₦'000 | ₦'000 | ₦'000 | ₦'000 | ||
Salaries & Wages | 99,506 | 122,235 | 128,832 | 89,994 | |
Staff Welfare | 1,897 | 12,651 | 6,302 | 12,531 | |
Staff Medical | 16,832 | 24,809 | 16,503 | 24,809 | |
Labour | 152,341 | 42,308 | 19,353 | 40,188 | |
256,115 | 202,003 | 170,990 | 167,522 | ||
6. Plant Property & Equipment
There are no restrictions on title to the items of property, plant and equipment. The Company has not pledged any item of property, plant and equipment as security for liabilities. The fair value of the company's buildings is in line with the carrying amount. However, revaluation of the buildings is done at management discretion.
10
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Arbico plc published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 09:21:05 UTC.