Berger Paints Nigeria Plc Unaudited Report - First Quarter ended
31 March, 2024
1
Berger Paints Nigeria Plc
First Quarter Report
31 March 2024
Contents | Page |
Corporate Information | 3 |
Shareholding Structure and free float status | 4 |
Financial Highlights | 5 |
Statement of Financial Position | 6 |
Statement of Profit or Loss and Other Comprehensive Income | 7 |
Statement of Changes in Equity | 8 |
Statement of Cash Flows | 9 |
Notes to the Financial Statements | 10 |
Other National Disclosures | 52 |
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Berger Paints Nigeria Plc
First Quarter Report
31 March 2024
Corporate Information
Board of Directors: | Abi Ayida | - | Chairman |
Adekunle Olowokande | - | Non - Executive Director | |
Raj Mangtani (Indian) | - | Non - Executive Director | |
Ogechi Iheanacho | - | Non - Executive Director | |
Erejuwa Gbadebo | - | Independent Non - Executive Director | |
Aisha Umar | - | Independent Non - Executive Director | |
Alaba Fagun | - | Managing Director | |
Company | |||
Secretary/Legal | Omolara Bello | ||
Adviser | |||
Registered Office: | 102, Oba Akran Avenue, | ||
Ikeja, Industrial Estate | |||
P.M.B. 21052, Ikeja, Lagos. | |||
Contact Details | Mobile: +234 810 216 4586 | ||
0700BERGERPAINTS [0700237437724687] | |||
Email: customercare@bergerpaintnig.com | |||
Website: www.bergerpaintsnig.com | |||
Social Media | Facebook: www.facebook.com/BergerPaintsNigeriaPlc | ||
Accounts |
LinkedIn: www.linkedin.com/company/berger-paints-nigeria-
Twitter: www.twitter.com/BergerPaintsNg
Instagram: www.instagram.com/bergerpaintsnigeriaplc
You Tube: www.youtube.com/channel/UCD_T-Wid299NWbfHxA4rGXg
Investors Relation | Berger Paints Nigeria Plc. has a dedicated investors' portal on its corporate | ||
website which can be accessed via this link: | |||
https://bergerpaintsnig.com/investor/ | |||
The Company's Investors' Relations Officer can also be reached through | |||
electronic mail at: investors@bergerpaintnig.com; or telephone on: | |||
+234 9037757191 for any investment related enquiry. | |||
NSE Trading | |||
Information | Trading Name: | Berger Paints Nig. Plc. (Berger) | |
Ticker Symbol: | Berger | ||
Sector: | Industrial Goods | ||
Sub Sector: | Building Materials | ||
Market Classification: | Main Board | ||
Registration | |||
Number: | RC: 1837 | ||
TIN | 01335257-0001 | ||
FRC Registration | |||
Number: | FRC/2012/0000000000295 | ||
Registrars: | Meristem Registrars Limited | ||
213, Herbert Macaulay Way, Adekunle, Yaba, Lagos. | |||
P.O. Box 51585, Falomo, Ikoyi, Lagos | |||
Tel: 8920491, 8920492, 01-2809250-3 | |||
Email: info@meristemregistrars.com | |||
Website: www.meristemregistrars.com | |||
Independent | |||
Auditor: | KPMG Professional Services | ||
KPMG Tower | |||
Bishop Aboyade Cole Street, | |||
Victoria Island, Lagos | |||
Tel: +234 1 271 8955 (or 8599) | |||
Bankers: | Access Bank Plc | Keystone Bank Limited | |
Ecobank Nigeria Limited | Polaris Bank Limited | ||
Fidelity Bank Plc | Union Bank of Nigeria Plc | ||
First Bank of Nigeria Limited | United Bank for Africa Plc | ||
First City Monument Bank Limited | Wema Bank Plc | ||
Guaranty Trust Bank Plc | Zenith Bank Plc | ||
Heritage Bank Ltd | Sterling Bank Plc |
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Berger Paints Nigeria Plc
Annual Report
31 December 2023
Shareholding Structure and Free Float Status | |||||
Company Name: | Berger Paint Nigeria PLC | ||||
Board Listed: | Main Board | ||||
Year End: | 31-Mar | ||||
Reporting Period: | 31-Mar-24 | ||||
Share Price at end of reporting period: | N15.65 (31 Mar 2023: N7.00) | ||||
31 March 2024 | 31 March 2023 | ||||
Description | Unit | Percentage | Unit | Percentage | |
Issued Share Capital | 289,823,447 | 100.00 | 289,823,447 | 100.00 | |
Substantial Shareholdings (5% and above): | |||||
JUREWA INVESTMENTS LIMITED | 16,685,111 | 5.76 | 16,685,111 | 5.76 | |
HARMONY TRUST & INVT. CO LTD. | 20,000,000 | 6.90 | 20,000,000 | 6.90 | |
ALEMAJE AND COMPANY LIMITED | 16,315,506 | 5.63 | 16,315,506 | 5.63 | |
CAB (OVERSEAS HOLDINGS) LIMITED | 16,315,506 | 5.63 | 16,315,506 | 5.63 | |
MIKEADE INVESTMENTS LIMITED | 19,196,095 | 6.62 | 19,196,095 | 6.62 | |
Total Substantial Shareholdings | 88,512,218 | 30.54 | 88,512,218 | 30.54 | |
Directors Shareholdings (Direct & Indirect, excluding Directors with Substantial Interests | |||||
MR. AYIDA ABI | 625,601 | 0.22 | 625,601 | 0.22 | |
MR. RAJ MANGTANI | - | - | - | - | |
MR. ADEKUNLE OLUROTIMI OLOWOKANDE | 197,965 | 0.07 | 197,965 | 0.07 | |
MRS. OGECHI IHEANACHO | 100,000 | 0.03 | - | - | |
MRS. EREJUWA GBADEBO | - | - | - | - | |
MRS. AISHA UMAR | - | - | - | - | |
Total Directors' Shareholdings | 923,566 | 0.32 | 823,566 | 0.29 | |
FREE FLOAT IN UNITS & PERCENTAGE | 200,387,663 | 69.14 | 200,487,663 | 69.17 | |
FREE FLOAT IN VALUE (N) | 3,136,066,926 | 1,403,413,641 |
Declaration: Berger Paints PLC with a free float value of N3,136,066,926 (69.14%) as at 31 March, 2024 (31 March 2023: N1,403,413,641 (69.17%)) is compliant with the Nigerian Exchange's free float requirements for companies listed on the Main Board.
Omolara Bello
Company Secretary/ Legal Adviser
FRC/2019/NBA/00000019782
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Berger Paints Nigeria Plc
First Quarter Report
31 March 2024
Financial Highlights
In thousands of naira
2024 | 2023 | |||||||
GROUP | COMPANY | COMPANY | % | |||||
3 Mths to | 31 | 3 Mths to 31 | 3 Mths to 31 | |||||
Mar 2024 | Mar 2024 | Mar 2023 | ||||||
Revenue | 2,409,595 | 2,387,241 | 1,834,488 | 30 | ||||
Gross profit | 742,131 | 730,145 | 606,675 | 20 | ||||
Operating profit | 211,340 | 205,629 | 270,878 | (24) | ||||
Profit before taxation | 205,756 | 200,045 | 270,867 | (26) | ||||
Profit for the period | 139,914 | 136,031 | 184,188 | (26) | ||||
Share capital | 144,912 | 144,912 | 144,912 | - | ||||
Total equity | 3,647,847 | 3,667,432 | 3,531,399 | 4 | ||||
Data per 50k share | ||||||||
Basic earnings per share (kobo) | 48 | 47 | 64 | (27) | ||||
Net assets per share (Naira) | 12.59 | 12.65 | 11.18 | 13 | ||||
Market price per share as at period end (Naira) | 15.65 | 15.65 | 7.00 | 124 | ||||
Market capitalization as at period end | 4,535,737 | 4,535,737 | 2,028,768 | 124 |
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Berger Paints Nigeria Plc
First Quarter Report
31 March 2024
Separate and Consolidated Statement of Financial Position
As at 31 March 2024 | ||||||
In thousands of naira | 2024 | 2023 | ||||
GROUP | COMPANY | COMPANY | ||||
Assets | ||||||
Notes | 31-Mar-24 | 31-Mar-24 | 31-Dec-23 | |||
Property, plant and equipment | 13(a) | 2,496,147 | 2,482,559 | 2,518,366 | ||
Intangible assets | 14 | 19,790 | 19,790 | 17,602 | ||
Tax assets | 11(c)(ii) | - | (0) | 0 | ||
Investment property | 15 | 336,425 | 336,425 | 341,514 | ||
Investment in Subsidiary | 28 | - | 20,000 | 20,000.00 | ||
Total non-current assets | 2,852,362 | 2,858,774 | 2,897,482 | |||
Inventories | 16 | 2,745,827 | 2,745,827 | 2,148,260 | ||
Trade and other receivables | 17(a) | 205,030 | 211,730 | 310,035 | ||
Deposit for imports | 18 | 46,601 | 46,601 | 46,601 | ||
Prepayments and advances | 19 | 224,520 | 220,020 | 153,433 | ||
Other financial assets | 21 | 629,099 | 629,099 | 257,122 | ||
Cash and cash equivalents | 20 | 628,016 | 626,186 | 798,037 | ||
Total current assets | 4,479,093 | 4,479,463 | 3,713,488 | |||
Total assets | 7,331,455 | 7,338,238 | 6,610,970 | |||
Equity | ||||||
Share capital | 22(a) | 144,912 | 144,912 | 144,912 | ||
Share premium | 22(b) | 635,074 | 635,074 | 635,074 | ||
Retained earnings | 2,867,862 | 2,887,446 | 2,751,415 | |||
Total equity | 3,647,847 | 3,667,432 | 3,531,401 | |||
Liabilities | ||||||
Loans and borrowings | 25 | 322,815 | 322,815 | 322,815.00 | ||
Deferred income | 24 | 157,823 | 157,823 | 166,138 | ||
Deferred taxation | 11(e) | 533,748 | 533,748 | 533,748 | ||
Total non-current liabilities | 1,014,386 | 1,014,386 | 1,022,701 | |||
Loans and borrowings | 25 | 22,403 | 22,403 | 22,403 | ||
Current tax liabilities | 11(c) | 199,885 | 198,057 | 184,330 | ||
Trade and other payables | 23 | 2,006,584 | 1,995,611 | 1,409,786 | ||
Deferred income | 24 | 58,068 | 58,068 | 58,068 | ||
Dividend payable | 27 | 382,281 | 382,281 | 382,281 | ||
Total current liabilities | 2,669,221 | 2,656,420 | 2,056,868 | |||
Total liabilities | 3,683,608 | 3,670,806 | 3,079,569 | |||
Total equity and liabilities | 7,331,455 | 7,338,238 | 6,610,970 | |||
These financial statements were approved by the Board of Directors on 26 April, 2024 and signed on its behalf by:
Abi Ayida (FRC/2019/IODN/00000019260) | |
Chairman | |
Alaba Fagun (FRC/2023/PRO/DIR/003/234540) | |
Director | |
Additionally certified by: | Onyebuchi Roberts (FRC/2013/PRO/ICAN/001/00000002109) |
Chief Finance Officer |
The significant accounting policies and accompanying notes form an integral part of these financial statements.
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Berger Paints Nigeria Plc
First Quarter Report
31 March 2024
Consolidated and Separate Statement of Profit or Loss and Other
Comprehensive Income
For the period ended 31 March 2024 | ||||||
2024 | 2023 | |||||
In thousands of naira | Notes | GROUP | COMPANY | COMPANY | ||
31-Mar-24 | 31-Mar-24 | 31-Mar-23 | ||||
Revenue | 5 | 2,409,595 | 2,387,241 | 1,834,488 | ||
Cost of sales | 9(a) | (1,667,464) | (1,657,096) | (1,227,813) | ||
Gross profit | 742,131 | 730,145 | 606,675 | |||
Other income | 6 | 19,149 | 19,149 | 22,373 | ||
Selling and distribution expenses | 9(a) | (116,374) | (116,374) | (49,953) | ||
Administrative expenses | 9(a) | (433,566) | (427,291) | (308,217) | ||
Operating profit before impairment charges | 211,340 | 205,629 | 270,878 | |||
Impairment loss on trade receivables | 8 | - | - | - | ||
Operating profit | 211,340 | 205,629 | 270,878 | |||
Finance income | 7 | 3,011 | 3,011 | 544 | ||
Finance costs | 7 | (8,595) | (8,595) | (553) | ||
Net finance income | (5,584) | (5,584) | (9) | |||
Profit before minimum tax | 205,756 | 200,045 | 270,867 | |||
Minimum tax expense | 11 | - | - | - | ||
Profit before income tax | 8 | 205,756 | 200,045 | 270,867 | ||
Income tax expense | 11(a) | (65,842) | (64,014) | (86,677) | ||
Profit for the period | 139,914 | 136,031 | 184,188 | |||
Other comprehensive income | ||||||
Other comprehensive income for the | ||||||
period | - | - | ||||
Total comprehensive income for the period | 139,914 | 136,031 | 184,188 | |||
Earnings per share: | ||||||
Basic and diluted earnings per share (kobo | 12 | 48 | 47 | 64 | ||
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Berger Paints Nigeria Plc | |||||||||
First Quarter Report | |||||||||
31 March 2024 | |||||||||
Consolidated Statement of Changes in Equity | |||||||||
For the period ended 31 March 2024 | |||||||||
In thousands of naira | |||||||||
Share | Share | Retained | |||||||
Note | capital | premium | earnings | Total equity | |||||
GROUP | |||||||||
Balance at 1 January 2024 | 144,912 | 635,074 | 2,727,948 | 3,507,934 | |||||
Comprehensive income for the period | |||||||||
Profit for the period | - | - | 139,914 | 139,914 | |||||
Other comprehensive income for the period | - | - | - | - | |||||
Total comprehensive income for the period | - | - | 139,914 | 139,914 | |||||
Transactions with owners, recorded directly in equity | |||||||||
Dividend | - | - | - | - | |||||
Total transactions with owners | - | - | - | - | |||||
Balance at 31 March, 2024 | 144,912 | 635,074 | 2,867,862 | 3,647,848 | |||||
COMPANY | |||||||||
Balance at 1 January 2024 | 144,912 | 635,074 | 2,751,415 | 3,531,401 | |||||
Comprehensive income for the period | |||||||||
Profit for the period | - | - | 136,031 | 136,031 | |||||
Other comprehensive income for the period | - | - | - | - | |||||
Total comprehensive income for the period | - | - | 136,031 | 136,031 | |||||
Transactions with owners, recorded directly in equity | |||||||||
Dividend | 26 | - | - | - | - | ||||
Total transactions with owners | - | - | - | - | |||||
Balance at 31 March 2024 | 144,912 | 635,074 | 2,887,446 | 3,667,431 | |||||
COMPANY | |||||||||
Balance at 1 January 2023 | 144,912 | 635,074 | 2,543,459 | 3,323,445 | |||||
IFRS transition adjustment (net of tax) | - | - | |||||||
Adjusted balance at 1 January, 2023 | 144,912 | 635,074 | 2,543,459 | 3,323,445 | |||||
Comprehensive income for the period | |||||||||
Profit for the period | - | - | 468,797 | 468,797 | |||||
Other comprehensive income for the period | - | - | - | - | |||||
Total comprehensive income for the period | - | - | 468,797 | 468,797 | |||||
Transactions with owners, recorded directly in equity | |||||||||
Dividend | 27 | - | - | (260,841) | (260,841) | ||||
Total transactions with owners | - | - | (260,841) | (260,841) | |||||
Balance at 31 December 2023 | 144,912 | 635,074 | 2,751,415 | 3,531,401 | |||||
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Berger Paints Nigeria Plc
First Quarter Report
31 March 2024
Consolidated and Separate Statement of Cash Flows
For the period ended 31 March 2024
In thousands of naira | 2024 | 2023 | |||||
Note | GROUP | COMPANY | COMPANY | ||||
Cash flows from operating activities | 31-Mar-24 | 31-Mar-24 | 31-Dec-23 | ||||
Profit for the period | 139,914 | 136,031 | 468,797 | ||||
Adjustments for: | |||||||
- Depreciation | 9(b) | 51,595 | 50,895 | 224,352 | |||
- Transfer of Property, plant and equipment | 11,262 | ||||||
- Amortisation | 14 | 2,795 | 2,795 | 10,877 | |||
- Finance income | 7 | (3,011) | (3,011) | (53,458) | |||
- Writeback/(impairment loss) on trade receivables | 44,566 | ||||||
- Finance cost | 7 | 8,595 | 8,595 | 28,419 | |||
- Gain on sale of property, plant and equipment | 8 | (5,990) | (5,990) | (18,514) | |||
- Taxation | 11(a) | 65,842 | 64,014 | 330,986 | |||
259,740 | 253,329 | 1,047,287 | |||||
Changes in: | |||||||
- Inventories | 16 | (597,567) | (597,567) | (781,473) | |||
- Trade and other receivables | 17(c) | 122,160 | 98,305 | (111,250) | |||
- Deposit for imports | 18 | 0 | 0 | 41,324 | |||
- Prepayments and advances | 19(a) | (71,087) | (66,587) | (88,410) | |||
- Trade and other payables | 23(c) | 582,481 | 585,825 | 183,312 | |||
- Deferred income | 24 | (8,315) | (8,315) | 132,165 | |||
Cash generated from operating activities | 287,412 | 264,990 | 422,955 | ||||
WHT credit notes utilised | 11(c) | (48,007) | (48,007) | - | |||
Tax paid | 11(c) | (2,337) | (2,337) | (14,759) | |||
Net cash generated from operating activities | 237,068 | 214,646 | 408,196 | ||||
Cash flows from investing activities | |||||||
Purchase of property plant and equipment | 13(g) | (9,944) | (9,944) | (284,088) | |||
Acquisition of Intangible assets | (4,983) | (4,983) | (652.00) | ||||
Proceeds from sale of property, plant and equipment | 5,990 | 5,990 | 20,348.00 | ||||
Interest income on other financial assets | 7 | 3,011 | 3,011 | 30 | |||
Additions to investment in financial assets | 22 | (371,977) | (371,977) | 143,171 | |||
Investment in Subsidiary | - | 0 | (20,000.00) | ||||
Net cash used in investing activities | (377,902) | (377,902) | (141,191) | ||||
Cash flows from financing activities | |||||||
Additions to loans and borrowings | 25(b) | 44,203 | 26,262 | 345,604 | |||
Repayment of borrowings | 26(b) | (69,044) | (26,262) | (25,131) | |||
Interest paid | 7 | (8,595) | (8,595) | (15,923) | |||
Dividend paid | 27 | 0 | 0 | (269,356) | |||
Net cash used in financing activities | (33,436) | (8,595) | 35,194 | ||||
Net decrease in cash and cash equivalents | (174,271) | (171,852) | 302,199 | ||||
Cash and cash equivalents at 1 January | 802,287 | 798,037 | 495,838 | ||||
Cash and cash equivalents at 31 March 2024 | 20 | 628,016 | 626,186 | 798,037 | |||
0 | |||||||
BS | 626,186 |
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Berger Paints Nigeria Plc
First Quarter Report
31 March 2024
Notes to the Consolidated and Seperate financial statements
For the period ended 31 March 2024
S/n | Page | S/n | Page | ||
1 | Reporting entity | 20 | 18 | Deposit for imports | 45 |
2 | Basis of preparation | 20 | 19 | Prepayments and advances | 45 |
3 | Changes in Significant Accounting Policies | 21 | 20 | Cash and cash equivalents | 46 |
4 | Significant accounting policies | 22 | 21 | Other financial assets | 46 |
5 | Revenue | 33 | 22 | Capital and reserves | 46 |
6 | Other income | 33 | 23 | Trade and other payables | 47 |
7 | Finance income and finance costs | 34 | 24 | Deferred income | 47 |
8 | Profit before tax | 34 | 25 | Loans and borrowings | 48 |
9 | Expenses | 34 | 26 | Dividends | 49 |
10 | Personnel expenses | 35 | 27 | Dividend payable | 49 |
11 | Taxation | 36 | 28 | Related Parties | 50 |
12 | Basic earnings and diluted earning per share | 38 | 29 | Financial instruments - Fair values and | 51 |
financials risk management | |||||
13 | Property, plant and equipment | 39 | 30 | Leases | 57 |
14 | Intangible assets | 42 | 31 | Provision of Non Audit Services | 58 |
15 | Investment property | 44 | 32 | Contingencies | 58 |
16 | Inventories | 44 | 33 | Subsequent events | 58 |
17 | Trade and other receivables | 45 | 34 | Operating segments | 59 |
35 | Condensed Statement of Financial Position | 61 | |||
36 | Condensed Statement of Profit or Loss | 62 | |||
37 | Condensed Statement of Cashflow | 63 |
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Berger Paints Nigeria plc published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2024 16:35:47 UTC.