CUTIX : Q4 UNAUDITED FINANCIAL STATEMENT FOR 2024

CUTIX PLC

UNAUDITED FINANCIAL STATEMENTS

FOR THE FOURTH QUARTER ENDED 30TH APRIL, 2024

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CUTIX PLC

CONTENTS	PAGE
Financial Highlight	3
Statement of Profit or Loss and Other Comprehensive Income	4
Statement of Financial Position	5
Statement of Changes in Equity	6-7
Statement of Cash Flows	8
Notes to the Financial Statements	9-28
Value Added Statement	29
Free Float	30

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CUTIX PLC

FINANCIAL HIGHLIGHT

FOR THE PERIOD ENDED 30TH APRIL 2024

GROUP	Unaudited	Unaudited	Increase/
30/04/2023	(Decrease)
	30/04/2024
	N'000	N'000	N'000	%
Total Assets	7,216,296	5,908,780	1,307,517	22%
Total Liabilities	2,695,812	2,305,274	390,538	17%
Net Assets	4,520,485	3,603,506	916,978	25%
Capital Expenditure	393,263	277,327	115,936	42%
Paid-up Share Capital	1,761,322	1,761,322	-	0%
Total Equity	4,520,485	3,603,506	916,978	25%
No. of Shares in Issue	3,522,644	3,522,644	(0)	0%
Revenue	12,178,054	9,260,506	2,917,549	32%
Profit Before Taxation	1,780,650	1,198,453	582,196	49%
Taxation - Income Tax	(582,093)	(389,497)	(192,595)	49%
Profit After Taxation	1,198,557	808,956	389,601	48%
Per Share Data:
Earnings per share - Actual (kobo)	34	23	11	48%
Earnings per share - Adjusted (kobo)	34	23	11	48%
Total assets per share (kobo)	205	168	37	22%
Share price (Kobo)	310	225	85	38%

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CUTIX PLC

CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30TH APRIL 2024

					Group						Company
		4th, quarter	12 months		4th, quarter	12, months		Audited	4th, quarter	12 months	4th, quarter	12, months	Audited
		ended	1/5/23-		ended	1/5/22-		May'22-	ended	1/5/23-	ended	1/5/22-		May'22-
		30/04/2024	30/04/2024	30/04/2023	30/04/2023		April'23	30/04/2024	30/04/2024	30/04/2023	30/04/2023		April'23
	Notes	N'000	N'000		N'000	N'000		N'000	N'000	N'000	N'000	N'000	N'000
Revenue	6	3,759,659	12,178,054	2,194,533	9,260,505	9,248,003	3,757,793	12,168,017	2,193,438	9,223,720		9,225,071
Cost of Sales	7	(2,531,259)	(8,808,309)	(1,720,893)	(6,929,714)	(6,961,650)	(2,529,190)	(8,797,654)	(1,719,167)	(6,907,302)		(6,946,005)
Gross Profit		1,228,400	3,369,745		473,640	2,330,791	2,286,353	1,228,603	3,370,364	474,271	2,316,418		2,279,066
Distribution
Expenses	8	(59,346)	(194,083)	(43,376)	(151,701)	(137,047)	(59,325)	(194,007)	(43,376)	(151,353)		(136,649)
Administrative
Expenses	9	(431,973)	(1,175,850)	(298,521)	(875,169)	(855,273)	(429,518)	(1,166,054)	(296,313)	(865,940)		(846,236)
Operating (Loss)/ Profit	737,081	1,999,812		131,743	1,303,920	1,294,033	739,760	2,010,302	134,582	1,299,126		1,296,181
Other Income	10	12,735	123,101	39,691	77,346	79,698	12,650	123,016	39,635	76,583		79,698
Finance Cost	11	(100,415)	(342,263)	(34,843)	(182,814)	(182,211)	(100,415)	(342,263)	(34,843)	(182,814)		(182,211)
Profit Before Tax	12	649,400	1,780,650		136,591	1,198,453	1,191,520	651,994	1,791,055	139,374	1,192,895		1,193,668
Income Tax Expense	13	(211,898)	(582,093)	(44,392)	(389,497)	(401,535)	(211,898)	(582,093)	(45,297)	(381,726)		(401,535)
Profit for the Period		437,502	1,198,557		92,199	808,955	789,985	440,096	1,208,962	94,078	811,168		792,132

Other Comprehensive Income

The notes to the financial statements form an integral part of these financial statements.

Total Comprehensive Income for the period

Total Comprehensive Income	437,502	1,198,557	92,199	808,955	789,985	440,096	1,208,962	94,078	811,168	792,132
Earnings per Share (Kobo) - B	12.42	34.02	2.62	22.96	22.43	12.49	34.32	9.76	20.34	22.49

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CUTIX PLC
CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION
AS AT 30TH APRIL, 2024
				Group			Company
				Unaudited
		Unaudited as		as at	Audited as at	Unaudited as at		Unaudited as	Audited as at
		at 30/04/2024	30/04/2023	30/4/2023		30/04/2024		at 30/04/2023	30/4/2023
Assets:	Note	N'000		N'000	N'000		N'000		N'000	N'000
Non-Current Assets
Property, Plant and Equipment	14	1,260,707	1,098,316	1,090,727		1,139,014	972,306		964,723
Intangible Assets	15	0	1,517	1,517		0	1,517		1,517
Long Term Prepayments	16	3,600	37,120	37,120		3,600	37,120		37,120
Investment	17	-		-	-		71,691		107,538		107,537
Total Non-Current Assets		1,264,308	1,136,953	1,129,364		1,214,306	1,118,481		1,110,897
Current Assets
Inventories	18	3,532,072	2,990,953	2,983,499		3,505,836	2,954,251		2,954,063
Trade and other Receivables	19	2,119,422	1,582,419	1,553,103		2,145,744	1,594,325		1,565,008
Other Prepayments	20	46,193	58,506	53,616		46,193	58,506		53,616
Cash and Bank Balances	21.1	254,301		139,948	122,422		239,547		130,730		113,205
Total Current Assets		5,951,988	4,771,827	4,712,640		5,937,320	4,737,813		4,685,892
Total Assets		7,216,296	5,908,780	5,842,004		7,151,624	5,856,294		5,796,790

Equity and Liabilities

Equity:

Capital and Reserves

Share Capital	23
Retained Earnings	24

Total equity attributable to owners of the Company

1,761,322	1,761,322	1,761,322	1,761,322	1,761,322	1,761,322
2,759,163		1,842,184	1,406,628		2,834,418		1,899,330		1,471,479
4,520,485	3,603,506	3,167,950	4,595,740	3,660,652	3,232,801

Liabilities:
Non-Current Liabilities
Deferred Tax Liabilities	13.3	235,919	214,267	235,918	231,837		210,185	231,837
Borrowings	25	392,784		-	-		392,784		-	-
Total Non-Current Liabilities		628,703	214,267	235,918	624,621		210,185	231,837
Current Liabilities
Short Term Borrowings	26	1,231,262	1,291,961	1,303,228	1,231,262		1,291,961	1,303,228
Trade and other Payables	22	835,847	798,976	754,956	700,001		693,426	648,972
Current Tax Liabilities	13.2	0		70	379,952		0		70	379,952
Total Current Liabilities		2,067,109	2,091,007	2,438,136	1,931,263		1,985,457	2,332,152
Total Liabilities
	2,695,812	2,305,274	2,674,054		2,555,884		2,195,642	2,563,989
Total Equity and Liabilities		7,216,296	5,908,780	5,842,004		7,151,624		5,856,294		5,796,790

The Financial Statements on pages 4 to 8 and Notes to the Financial Statement on pages 9 to28 were approved by the Board of Directors on May 23, 2024 and signed on its behalf by:

-

Barr Mrs Ifeoma Nwahiri	Mrs. Ijeoma Oduonye	Mrs Jane Nwabueze
Chairman	Chief Executive Officer	Chief Financial Officer
FRC/2022/PRO/DIR/003/000000177451	FRC/2016/PRO/DIR/003//00000015363	FRC/2021/PRO/ICAN/001/00000025337

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6

At April 30, 2023

Company

1,761,322

Profit for the period

Other Comprehensive Income for the period

Total Equity in the period1,761,322

Transactions with owners recorded directly in Equity

Dividend paid during the period

Unclaimed Dividend written back

At April 30, 2024

Balance at May 1, 2022 Changes in Equity for the period

1,761,322

1,761,322

Changes in Equity for the period Revaluation Reserve

Profit for the period

Other Comprehensive items for the quarter

Total Equity in the period1,761,322

Transactions with owners recorded directly in Equity Dividend paid during the period

Unclaimed Dividend written back Unclaimed Dividend Refund

Balance at May 1, 2023

Share Capital

N'000

1,761,322

CUTIX PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30TH APRIL 2024 Group

Retained
Earnings		Total
N'000		N'000
1,406,627	3,167,950
	-
	-
1,780,650	1,780,650
		-
3,187,277		4,948,600

(422,717) (422,717)

-

(5,398) (5,398)

2,759,162 4,520,485

943,134 2,704,456

1,198,453 1,198,453

2,141,587 3,902,909

(325,176) (325,176)

25,773 25,773

1,842,184 3,603,506

Retained

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30TH APRIL 2024

			Retained
	Share Capital		Earnings	Total
	N'000		N'000	N'000
Balance at May 1, 2023	1,761,322	1,471,479		3,232,801
Changes in Equity for the period
Revaluation Reserve
Profit for the period		1,791,055		1,791,055
Other Comprehensive Income for the period
Total Equity in the period	1,761,322	3,262,534		5,023,856
Transactions with owners recorded directly in equity
Dividend paid during the period		(422,717)		(422,717)
Unclaimed Dividend written
back
Unclaimed Dividend Refunded		(5,398)		(5,398)
At April 30, 2024	1,761,322	2,834,418		4,595,740
Balance at May 1, 2022
Changes in Equity for the period	1,761,322	1,005,838		2,767,160
Profit for the period		1,192,895		1,192,895
Other Comprehensive Income for the period		-		-
Total Equity in the period	1,761,322	2,198,732		3,960,055
Transactions with owners recorded directly in Equity
Dividend paid during the period		(325,176)		(325,176)
Unclaimed Dividend written
back		25,773		25,773
At April 30, 2023	1,761,322	1,899,329		3,660,652

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CUTIX PLC

CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30TH APRIL 2024

		Group			Company
		Unaudited	Audited	Unaudited	Audited
		30-04-2024	30/4/2023		30-04-2024	'30/4/2023
	Note	N'000	N'000	N'000	N'000
Cashflow from Operating Activities
Cash Receipts from Customers		11,623,475	8,940,542		11,616,244	8,900,342
Cash Paid to Suppliers and Employees		(10,156,471)	(7,867,617)		(10,154,776)	(7,834,317)
Value Added Tax - Input		406,353	155,651		406353	155,651
Value Added Tax - (Output)		(498,831)	(338,646)		(498,831)	(336,926)
Cash Generated from Operations		1,374,527	889,930		1,368,991	884,750
Income Taxes paid through WHT		(32,943)	(20,042)		(32,943)	(20,042)
Tax Paid	13.2	(366,881)	(349,858)		(366,881)	(349,858)
Net cash generated /(used) from Operating Activities		974,703	520,030		969,167	514,849
			`
Cashflow from Investing Activities
Purchase of Property, Plant and Equipment	14	(393,263)	(271,689)		(393,263)	(271,689)
Sales proceed from disposal of Assetss		-	8,436		-	8,436
Investment - Adswitch
Net Cash used for Investing Activities		(393,263)	(263,252)		(393,263)	(263,253)
Cashflow from financing Activities
Dividend paid		(422,717)	(352,264)		(422,717)	(352,264)
Unclaimed Dividend written back			25,773			25,773
Refund Unclaimed Dividend account		(5,398)			(5,398)
Finance Costs		(342,263)	(182,211)		(342,263)	(182,211)
Long Term Borrowing	25	392,784	-		392,784	-
Short Term Borrowing	26	(71,966)	249,717		(71,966)	249,717
Net Cash (used)/ generated in Financing Activities		(449,561)	(258,984)		(449,561)	(258,985)
Net Increase in Cash and Cash Equivalents		131,880	(2,214)		126,343	(7,388)
Cash and Cash Equivalents at beginning of year	21.1	122,422	124,636		113,204	120,592
Cash and Cash Equivalents at end of year	21.1	254,301	122,422		239,547	113,204

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CUTIX PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30TH APRIL 2024

1.The Company

1.1 Legal Form

Cutix Plc was incorporated on November 4, 1982 as a private limited liability Company. The Company was initially quoted in the second tier of the Nigerian Stock Exchange on August 12, 1987 and later migrated to the first tier of the Stock Exchange on February 18, 2008. The address of Company is 17, Osita Onyejianya Street, Umuanuka, Otolo Nnewi, Anambra State.

1.2Principal Activity

The principal activities of the Company is manufacturing and marketing of electrical, automobile and telecommunication wires, cables and related products.

2. Basis of Preparation of Account s

2.1 Statement of Compliance

The consolidated and separate financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued the International Accounting Standards Board (IASB). It is also prepared in compliance with Companies and Allied Matters Act, 2020 (as amended) and Financial Reporting Council of Nigeria, Act No. 6, 2011 (as amended).

2.2 Basis of Measurement

The consolidated and separate financial statements have been prepared under the historical cost convention, except for the areas as indicated below:- * Available for sale financial assets are measured at fair value,

• Financial instruments are measured at fair value,
• Loans and advances are stated at Amortised cost,
• Inventory is measured at net realisable value,
• Land and buildings are carried at cost or revalued amount,
• Investment properties are measured at fair value, and
• Defined benefit asset is recognised at the net total of the plan assets plus unrecognised past service cost and unrecognised actuarial loss, less unrecognised actuarial gains and the present value of the defined benefit obligation.

Judgments made by management in the application of IFRS that have significant effect on the consolidated and separate financial statements and estimates that may have significant risk of material adjustment in the next year are discussed.

1. Functional and Presentation CurrencyThe consolidated and separate financial statements are drawn up in Naira (?) which is the functional currency of Cutix Plc and the figures are rounded to the nearest thousands except stated otherwise.
2. Composition of Financial Statements

The Company has been preparing its financial statements prepared under IFRS comprises of:

• 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

2.5 Financial Period

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These financial statements cover the financial period ended 30th April 2024, with comparative amounts for the financial period ended 30th April 2023.

2.6 Going Concern Considerations

The business entity will continue to operate in the foreseeable future without the need or intention on the part of management to liquidate the entity or to significantly curtail its operational activities as the Company has consistently been making profits. The Directors believe that there is no intention or threat from any source to curtail significantly its lines of business in the foreseeable future.

2.7 Critical Estimates and Judgments

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. Changes in assumptions may have a significant impact on the financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate and that the Company's financial statements therefore present the financial position and results fairly.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

3 Significant Accounting Policies

The significant accounting polices set out below have been applied consistently to all periods presented in these financial statements.

3.1 Property, Plant and Equipment

Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Such cost includes the cost of replacing component parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company derecognises the replaced part, and recognises the new part with its own associated useful life and depreciation.

Likewise, when a major inspection is performed, its costs are recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. Land is carried at cost, less any recognised impairment loss.When the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount.

3.1.1 Subsequent Costs

Cost arising subsequent to the acquisition of an asset are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financial year in which they are incurred.

3.1.2 De-recognition

Items of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income statement in the year the asset is derecognised.

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