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May & Baker Nig Plc RC. 558
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THREE MONTHS ENDED 31st MARCH, 2023
1
UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THREE MONTHS ENDED 31st MARCH, 2023.
The Group | The Company | |||||||
3 Months | 12 Months to | 3 Months | 3 Months | 12 Months to | 3 Months | |||
March,2023 | DEC, 2022 | March,2022 | March,2023 | DEC, 2022 | March,2022 | |||
Note | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||
Continuing operations | ||||||||
Revenue | 5 | 4,248,537 | 14,328,266 | 3,339,467 | 4,052,496 | 13,582,890 | 3,194,632 | |
Cost of sales | (3,102,966) | (10,452,985) | (2,309,095) | (3,007,093) | (10,099,256) | (2,226,984) | ||
Gross profit | 1,145,571 | 3,875,281 | 1,030,372 | 1,045,403 | 3,483,634 | 967,648 | ||
Other operating income/(Loss) | 7 | 29,232 | 1,673,747 | 50,290 | 26,801 | 1,670,494 | 50,278 | |
Distribution, sales and marketing expense | (436,436) | (2,149,236) | (475,653) | (405,366) | (1,899,866) | (446,326) | ||
Administrative expenses | (292,700) | (1,235,417) | (247,975) | (273,832) | (1,152,819) | (230,233) | ||
Operating profit/(loss) | 445,667 | 2,164,375 | 357,034 | 393,006 | 2,101,443 | 341,367 | ||
Interest income | 8 | 55,553 | 231,476 | 15,836 | 55,553 | 231,411 | 15,836 | |
Finance costs | 10 | (78,363) | (286,034) | (78,543) | (77,205) | (285,532) | (75,540) | |
Share of Loss of Joint Venture | 17.2 | (4,551) | (25,565) | (7,869) | - | - | - | |
Profit/(Loss) before tax | 418,305 | 2,084,252 | 286,457 | 371,353 | 2,047,322 | 281,662 | ||
Current tax expense | 13.1 | (133,858) | (593,642) | (91,666) | (118,833) | (565,367) | (90,132) | |
Profit for the year | 11 | |||||||
284,448 | 1,490,610 | 194,791 | 252,520 | 1,481,955 | 191,530 | |||
Other comprehensive income: | ||||||||
Items that will not be reclassified | ||||||||
subsequently to profit or loss | ||||||||
Asset revaluation gain net of tax | - | - | - | - | ||||
Total comprehensive income | 284,448 | 1,490,610 | 194,791 | 252,520 | 1,481,955 | 191,530 | ||
Earnings per share | 14. | |||||||
Basic (kobo per share) from continuing operation | 16.49 | 86.40 | 11.29 | 14.64 | 85.90 | 11.10 | ||
Diluted (kobo per share) from continuing operation | 16.49 | 86.40 | 11.29 | 14.64 | 85.90 | 11.10 | ||
All the profit of the Group is attributable to Owners of the Parents as there are no non-controlling interests. |
2
MAY & BAKER NIGERIA PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31st MARCH, 2023
The Group | The Company | |||||||
March | December | March | March | December | March | |||
2023 | 2022 | 2022 | 2023 | 2022 | 2022 | |||
Note | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||
ASSETS | ||||||||
Non-current assets | ||||||||
Property, plant and equipment | 16 | 4,798,385 | 5,011,612 | 3,845,308 | 4,760,267 | 4,969,007 | 3,817,195 | |
Intangible assets | 15 | 8,684 | 11,315 | 19,206 | 8,494 | 11,110 | 18,956 | |
Right of use assets | 17 | 738 | 738 | |||||
Investment in Joint Venture | 17 | 1,137,008 | 1,141,559 | 1,159,255 | 1,326,886 | 1,326,886 | 1,326,886 | |
Investment in subsidiaries | 18 | - | - | - | 3,000 | 3,000 | 3,000 | |
Asset held for sale | 19 | - | - | - | - | - | - | |
Total non-current assets | 5,944,077 | 6,165,224 | 5,023,769 | 6,098,647 | 6,310,741 | 5,166,036 | ||
Current assets | ||||||||
Inventories | 20 | 6,278,973 | 5,342,018 | 5,220,209 | 6,139,829 | 5,228,008 | 4,908,762 | |
Trade and other receivables | 21 | 1,045,912 | 1,068,944 | 1,692,256 | 735,585 | 1,030,697 | 1,646,741 | |
Other assets | 23 | 1,638,653 | 2,474,626 | 3,324,256 | 1,626,480 | 2,451,557 | 3,310,522 | |
Cash and cash equivalents | 22 | 4,114,897 | 2,906,798 | 2,545,816 | 4,002,006 | 2,864,683 | 2,373,088 | |
Total current assets | 13,078,435 | 11,792,386 | 12,782,537 | 12,503,900 | 11,574,945 | 12,239,113 | ||
Total assets | 19,022,512 | 17,957,610 | 17,806,305 | 18,602,547 | 17,885,686 | 17,405,149 | ||
Equity and Liabilities | ||||||||
Share capital | 24 | 862,617 | 862,617 | 862,617 | 862,617 | 862,617 | 862,617 | |
Share premium account | 25 | 3,012,065 | 3,012,065 | 3,012,065 | 3,012,065 | 3,012,065 | 3,012,065 | |
Retained earnings | 26 | 4,246,278 | 3,961,830 | 3,183,581 | 4,093,420 | 3,840,900 | 3,068,044 | |
Asset revaluation reserve | 26.1 | 408,144 | 408,144 | 408,144 | 408,144 | 408,144 | 408,144 | |
Total equity | 8,529,104 | 8,244,656 | 7,466,407 | 8,376,247 | 8,123,726 | 7,350,871 | ||
Non-current liabilities | ||||||||
Borrowings | 27 | 2,322,768 | 2,322,768 | 2,802,436 | 2,322,768 | 2,322,768 | 2,802,436 | |
Employee benefits | 29 | 36,330 | 37,409 | 39,316 | 36,330 | 37,409 | 39,316 | |
Deferred Income | 30 | 414,712 | 414,711 | 431,830 | 414,712 | 414,711 | 431,830 | |
Deferred tax liabilities | 13 | 840,323 | 840,320 | 784,980 | 833,721 | 833,721 | 781,300 | |
Total non-current liabilities | 3,614,133 | 3,615,208 | 4,058,562 | 3,607,531 | 3,608,609 | 4,054,882 | ||
Current liabilities | ||||||||
Trade and other payables | 28 | 2,886,691 | 2,167,360 | 2,382,149 | 2,733,424 | 2,246,667 | 2,233,430 | |
Current tax liabilities | 13 | 571,952 | 542,991 | 451,104 | 535,420 | 519,289 | 390,690 | |
Borrowings | 27 | 3,307,194 | 3,235,680 | 3,171,649 | 3,236,487 | 3,235,680 | 3,098,843 | |
Deferred Income | 30 | 113,439 | 151,715 | 276,432 | 113,439 | 151,715 | 276,432 | |
Total current liabilities | 6,879,275 | 6,097,746 | 6,281,335 | 6,618,769 | 6,153,351 | 5,999,396 | ||
Total liabilities | 10,493,408 | 9,712,954 | 10,339,898 | 10,226,300 | 9,761,960 | 10,054,278 | ||
Total equity and liabilities | 19,022,512 | 17,957,610 | 17,806,305 | 18,602,547 | 17,885,686 | 17,405,149 | ||
Mr. Ayodeji S. Aboderin | Mr. Patrick Ajah |
Finance Director/CFO | Managing Director/CEO |
FRC/2014/ICAN/00000008270 | FRC/2021/003/00000023215 |
These Financial Statements were approved by the Board on 27 April 2023 (Lagos)
3
MAY & BAKER NIGERIA PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THREE MONTHS ENDED 31st MARCH, 2023.
Share | ||||||||
Share | premium | Retained | Revaluation | |||||
capital | account | earnings | Surplus | Total | ||||
N'000 | N'000 | N'000 | N'000 | N'000 | ||||
Equity attributable to equity | ||||||||
holders of the Group | ||||||||
At 1 January 2022 | 862,617 | 3,012,065 | 2,988,790 | 408,144 | 7,271,616 | |||
Right issue | - | - | - | |||||
Profit for the period | - | 194,791 | - | 194,791 | ||||
Dividends paid | - | - | - | - | ||||
- | - | - | - | - | ||||
At 31ST March, 2022 | 862,617 | 3,012,065 | 3,183,581 | 408,144 | 7,466,407 | |||
At 1 January 2023 | 862,617 | 3,012,065 | 3,961,830 | 408,144 | 8,244,656 | |||
Right Issue | - | - | - | |||||
Adjustment | - | - | - | |||||
Profit for the period | - | - | 284,448 | - | 284,448 | |||
Dividends paid | - | - | - | - | ||||
At 31ST March, 2023 | 862,617 | 3,012,065 | 4,246,278 | 408,144 | 8,529,104 | |||
- | ||||||||
Equity attributable to equity | ||||||||
holders of the Company | ||||||||
At 1 January 2022 | 862,617 | 3,012,065 | 2,876,514 | 408,144 | 7,159,340 | |||
Right issue | - | - | - | - | - | |||
Profit for the Period | - | - | 191,530 | - | 191,530 | |||
Dividends paid | - | - | - | - | ||||
- | ||||||||
At 31 March, 2022 | 862,617 | 3,012,065 | 3,068,044 | 408,144 | 7,350,871 | |||
At 1 January 2023 | 862,617 | 3,012,065 | 3,840,900 | 408,144 | 8,123,726 | |||
Adjustment | ||||||||
- | - | - | - | |||||
Profit for the Period | - | - | 252,520 | - | 252,520 | |||
Dividends paid | - | - | - | - | ||||
At 31ST March, 2023 | 862,617 | 3,012,065 | 4,093,420 | 408,144 | 8,376,247 | |||
4
MAY & BAKER NIGERIA PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THREE MONTHS ENDED 31st MARCH, 2023.
The Group | The Company | ||||||
March | December | March | March | December | March | ||
2023 | 2022 | 2022 | 2023 | 2022 | 2022 | ||
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||
Cash flows from operating activities | |||||||
Cash received from customers | 4,171,156 | 14,844,327 | 2,803,791 | 4,078,434 | 14,029,869 | 2,648,176 | |
Cash paid to suppliers and employees | (2,551,605) | (12,423,267) | (2,654,877) | (2,534,405) | (11,544,000) | (2,479,222) | |
Taxes paid | (104,897) | (359,288) | (4,542) | (102,702) | (298,757) | (4,542) | |
Net cash from operating activities | 1,514,654 | 2,061,772 | 144,372 | 1,441,327 | 2,187,112 | 164,412 | |
Cash flows from Investing activities | |||||||
Proceed from contract manufacturing | 6,426 | - | 1,592 | 6,426 | - | 1,592 | |
Rent received | - | - | 3,000 | - | - | 3,000 | |
Other sundry income | 5,895 | - | 20,519 | 5,895 | - | 20,507 | |
Proceeds from sale of fixed assets | 5,120 | 1,219,586 | 871 | 5,120 | 1,218,490 | 871 | |
Interest received | 55,553 | 231,476 | 15,836 | 55,553 | 231,411 | 15,836 | |
Purchases of Intangible assets | - | - | - | - | - | - | |
Purchases of property, plant and equipment | (266,262) | (1,741,610) | (193,405) | (265,412) | (1,706,764) | (188,446) | |
Net cash used in investing activities | (193,268) | (290,548) | (151,587) | (192,418) | (256,863) | (146,640) | |
Cash flows from financing activities | |||||||
Dividends paid | - | (517,570) | - | - | (517,570) | - | |
Additions to/(Repayment of) import facility | 216,128 | (198,549) | - | 216,670 | (199,472) | - | |
Loan received | - | - | - | - | - | - | |
Loans repaid | (223,055) | (677,099) | (118,056) | (223,055) | (677,099) | (118,056) | |
Pay down on overdraft | - | - | - | - | - | ||
Unclaimed dividend returned | - | 37,200 | - | - | 37,200 | - | |
Net proceeds from right issue | - | - | - | - | - | - | |
Finance cost | (78,363) | (286,034) | (78,543) | (77,205) | (285,532) | (75,540) | |
Net cash used in financing activities | (85,290) | (1,642,052) | (196,599) | (83,590) | (1,642,473) | (193,596) | |
Net increase/(decrease) in cash and cash | |||||||
equivalents | 1,236,096 | 129,172 | (203,813) | 1,165,319 | 287,776 | (175,823) | |
Cash and cash equivalents at 1 January | 2,878,801 | 2,749,629 | 2,749,629 | 2,836,687 | 2,548,911 | 2,548,911 | |
Cash and cash equivalents at 31 March | 4,114,897 | 2,878,801 | 2,545,816 | 4,002,006 | 2,836,687 | 2,373,088 | |
Reconciliation of cash and bank | |||||||
balances to cash and cash equivalents | |||||||
Cash and bank balance | 4,114,897 | 2,906,797 | 2,545,816 | 4,002,006 | 2,864,683 | 2,373,088 | |
Bank overdrafts and commercial papers | - | (27,996) | - | - | (27,996) | - | |
4,114,897 | 2,878,801 | 2,545,816 | 4,002,006 | 2,836,687 | 2,373,088 | ||
5
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May & Baker Nigeria plc published this content on 27 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2023 16:36:08 UTC.