MCNICHOLS : CONSOLIDATED PLC- QUARTER 3 - FINANCIAL STATEMENT FOR 2023

McNICHOLS CONSOLIDATED PLC

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED (JANUARY 2023 - SEPTEMBER 2023)

Revenue

Cost of Sales

Selling, Marketing & Admin. Expenses

Finance Charges

Profit Before Taxation

Taxation

Profit From Continuing Operations

Other Comprehensive Income

Prior Year Deferred Tax Adjustment

Total Comprehensive Income

Profit Attributable to the Owners of the Company

Non-Controlling Interest

Total Comprehensive Income Attributable to the Owners of the Company:

NOTE

1

5

9

6

Sep-23

₦

874,730,630

(741,163,658)

(95,881,685)

(7,921,693)

29,763,593

3,246,785

26,516,809

-

-

-

26,516,809

-

26,516,809

Sep-22

₦

628,105,781

(525,235,250)

(76,718,013)

(8,762,617)

17,389,901

(2,120,947)

15,268,954

7,470,490

-

-

22,739,444

-

22,739,444

Jul-Sep 2023

₦

325,540,829

(283,162,638)

(32,846,227)

(2,604,664)

6,927,300

(539,731)

6,387,569

-

-

-

6,387,569

-

6,387,569

Jul-Sep 2022

₦

205,829,708

(173,300,978)

(26,660,146)

(3,014,428)

2,854,156

(513,748)

2,340,408

-

-

-

2,340,408

-

2,340,408

Non-Controlling Interest

-

-

-

-

Total Comprehensive Income for the Period

26,516,809

22,739,444

6,387,569

2,340,408

Earninngs Per Share (Kobo)

3.69

6.96

0.89

0.72

McNICHOLS CONSOLIDATED PLC

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT SEPTEMBER 30,2023

ASSETS

Property, Plant and Equipment

Investment

TOTAL NON-CURRENT ASSETS

CURRENT ASSETS

Inventories

Trade and Other Receivables

Cash and Cash equivalents

Restricted Cash

TOTAL CURRENT ASSETS

TOTAL ASSETS

EQUITY

Share Capital

Share Premium

Retained Earnings

Equity Attributable to Owners of the Company

Non-controlling Interests

TOTAL EQUITY

LIABILITIES

Long Term Borrowings

Provisions

Deferred Tax Liabilities

TOTAL NON-CURRENT LIABILITIES

Trade and Other Payables

Loans and Borrowings

Current Tax Liabilities

TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES

Total EQUITYAND LIABILITIES

	Sep-23	Sep-22	Dec-22
			AUDITED
NOTES	₦	₦	₦
8	290,147,902	288,114,969	281,003,102
7	5,820,000	5,820,000	5,820,000
	295,967,902	293,934,969	286,823,102
	113,509,848	95,266,324	92,610,215
2	169,369,486	124,774,937	114,166,014
	60,870,750	73,029,029	94,227,677
11	37,635,467	51,036,402	65,890,267
	381,385,551	344,106,692	366,894,173
	677,353,453	638,041,661	653,717,275
	359,370,000	163,350,000	359,370,000
	13,723,990	14,887,688	13,723,990
	26,671,120	191,928,512	7,341,710
3	399,765,110	370,166,200	380,435,700
	399,765,110	370,166,200	380,435,700
10A	34,375,000	75,625,000	65,312,500
	92,093,699	89,000,000	87,000,000
	14,056,519	20,945,495	14,056,519
	140,525,218	185,570,495	166,369,019
4	92,566,341	38,728,516	59,855,096
10B	41,250,000	41,250,000	41,250,000
	3,246,785	2,326,449	5,807,460
	137,063,126	82,304,965	106,912,556
	277,588,344	267,875,460	273,281,575
	677,353,453	638,041,661	653,717,275

These financial statements were approved by the Board of Directors on 26th October, 2023 and signed on its

behalf by:

………………………………………………………………………………………….
Chimaraoke Ekpe	Adebayo Temitope Abefe
Managing Director	Finance Manager
FRC/2016/NIM/00000014307	FRC/2021/001/00000022401

McNICHOLS CONSOLIDATED PLC

STATEMENT OF CHANGE IN EQUITY AS AT 30 SEPTEMBER 2023

		Other Reserves
	Share Capital	(Share Premium)	Retained Earnings	Total Equity
Balance as at 01/01/2022	163,500,000	16,913,313	178,892,057	359,305,371
Balance as at 30/09/22	163,350,000	14,887,688	191,928,512	370,166,200
Balance as at 01/01/2023	359,370,000	13,723,990	7,341,710	380,435,700
Issued Share Capital				-
Dividend Paid			(7,187,400.00)	(7,187,400)
Profit for the period			26,516,809	26,516,809
PPE Revaluation Surplus				-
Balance as at 30/09/23	359,370,000	13,723,990	26,671,119	399,765,109

McNICHOLS CONSOLIDATED PLC

STATEMENT OF CASH FLOW AS AT 30 SEPTEMBER 2023

	30-Sep-23	30-Sep-22	31-Dec-22
	₦	₦	₦
Cash Flow from Operating Activities	18,130,033	57,220,571	98,416,227
Tax Paid	(5,270,357)	(18,424,288)	(5,807,460)
Net Cash Generated from Operating Activities	12,859,676	38,796,283	92,608,767
Cash Flow from Investing Activities
Purchases of property, plant and Equipment	(29,143,550)	(3,896,225)	(5,492,155)
Sale of property, plant and Equipment	-	7,470,490	7,620,490
Net Cash Flow from Investing Activities	(29,143,550)	3,574,265	2,128,335
Cash Flows from Financing Activities
Long Term Loans & Leases	(30,937,500)	(30,937,500)	(41,250,000)
Share Capital	-	-	(3,189,323)
Net Interest Paid	(7,921,693)	(8,762,617)	(11,574,835)
Dividend Paid	(6,468,660)	(8,820,900)	(8,820,900)
Net Cash from Financing Activities	(45,327,853)	(48,521,017)	(64,835,058)
Total Cash Movement for the period	(61,611,727)	(6,150,469)	29,902,044
Cash at beginning of period	160,117,944	130,215,900	130,215,900
Total cash at end of period	98,506,217	124,065,431	160,117,944

McNICHOLS CONSOLIDATED PLC
NOTE TO THE UNAUDITED STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED SEPTEMBER 30, 2023
1	Revenue	Turnover represents the total invoice value of goods sold to third parties.
		30-Sep-23		31-Dec-22
2	Trade and Other Receivables
	Accounts Receivable	136,369,797		102,044,571
	Provision for Doubtful Debts	-		-
		136,369,797		102,044,571
	Other Receivables	28,042,406		4,847,520
	Prepaid Expenses	4,957,284		7,273,923
		169,369,486		114,166,014
3	Total Equity
	Share Capital	359,370,000		359,370,000
	Share Premium	13,723,990		13,723,990
	Retained Earnings	26,671,120		7,341,710
		399,765,110		380,435,700
4	Trade and Other Payables
	Accounts Payable - Vendor	16,648,468		13,071,367
	Other Creditors	75,917,873		46,783,729
		92,566,341		59,855,096
5	Selling, Marketing & Admin. Expenses	30-Sep-23		30-Sep-22
	Admin. Expenses	34,405,880		33,982,659
	Selling & Marketing	61,475,806		42,735,354
		95,881,686		76,718,013
6	Taxation	30-Sep-23		30-Sep-22
	Education tax for the period	541,131		353,491
	Corporate tax for the period	2,705,654		1,767,456
		3,246,785		2,120,947
7	Investment
	This is investment in the ordinary shares
	of Interlinked Technologies Plc.	5,820,000		5,820,000
8	Property, Plant & Equipment
								Office
			Leasehold			Plant and		Furnitures and
		Land	Building	Freehold Building		Machinery	Office Equipment	Fittings	Motor Vehicle	Total
		₦				₦	₦	₦	₦	₦
	At January 1, 2023	123,651,586	30,693,635	169,651,444	295,555,516	22,311,934	36,977,289	71,653,761	750,495,165
	Reclassification between cost and
	depreciation	-	-	-	-	-	-	-	-
	Additions	-	-	888,750	28,254,800	-	-	-	29,143,550
	Disposals/write off	-	-	-	-	-	-	-	-
	Revaluation	-	-	-	-	-	-	-	-
	At 30th September, 2023	123,651,586	30,693,635	170,540,194	323,810,316	22,311,934	36,977,289	71,653,761	779,638,715
	Depreciation:
	At January 1, 2023	-	30,693,635	50,420,119	264,790,933	19,902,978	32,895,714	70,788,683	469,492,062
	Reclassification between cost and
	depreciation	-	-	-	-	-	-	-	-
	Charge for the year	-	-	6,506,319	10,641,812	801,873	1,240,742	808,006	19,998,751
	Disposals/write off	-	-	-	-	-	-	-	-
	At 30th September, 2023	-	30,693,635	56,926,437	275,432,745	20,704,851	34,136,456	71,596,689	489,490,813
	Carrying Amount
	At 30th September, 2023	123,651,586	0	113,613,757	48,377,571	1,607,083	2,840,833	57,072	290,147,902
	At 31st December, 2022	123,651,586	0	119,231,325	30,764,583	2,408,956	4,081,575	865,078	281,003,103
9	Finance Charges
		30-Sep-23		30-Sep-22
	Interest Expenses	3,508,099		5,046,533
	Bank Charges	4,413,594		3,716,084
		7,921,693		8,762,617
	Interest expenses are charges on loans received from other financial institutions
	Bank charges are operating expenses on our bank accounts
10A	Long Term Borrowings
		30-Sep-23		31-Dec-22
	BOI Loan (Non-current Liabilities)	34,375,000		65,312,500
		34,375,000		65,312,500
10B	Loans and Borrowings
		30-Sep-22		31-Dec-22
	BOI Loan (Current Liabilities)	41,250,000		41,250,000
		41,250,000		41,250,000
11	Restricted Cash
	Restricted cash is funding from BOI specifically restricted for the purchase of production machines
	Securities Trading Policy
	In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) McNichols Consolidated Plc maintains a Security
	Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares.
	The Policy undergoes periodic reviews by the Board and is updated accordingly.
	The Company has made specific inquiries of all its directors and other insiders and is not aware of any infringement of the policy during the period.