UNION DICON SALT : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

UNION DICON SALT PLC

UNAUDITED FINANCIAL STATEMENTS 31ST MARCH 2023

UNION DICON SALT PLC						4
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31ST MARCH, 2023
			1ST QTR		YEAR TO DATE
	NOTES	2023	2022	2023	2022
		N'000	N'000	N'000	N'000
Revenue	7		-	-	-	-
Cost of sales	8		-	-	-	-
Gross profit			-	-	-	-
Other operating income	9		93,625	17,460	93,625	17,460
Administrative expenses	10		(37,142)	(14,550)	(37,142)	(14,550)
Profit before tax			56,483	2,910	56,483	2,910
Current tax expense	13(i)	-	-	-	-
Profit for the year			56,483	2,910	56,483	2,910
Other comprehensive income			-	-	-	-
Total comprehensive Profit/(Loss)			56,483	2,910	56,483	2,910

The accompanying notes on pages 6 to 24 and other national dislocures on pages 25 and 26 form an integral part of these financial statements.

UNION DICON SALT PLC														5
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH, 2023
		2023		2022			DECEMBER 2022
Assets	Notes	N'000	N'000		N'000	N'000		N'000	N'000
Non-current
Property, plant and equipment	14	44,348				43,923				43,900
Investment in subsidiary	15	57,682			102,030	53,981			97,904	57,682		101,582
Current Assets
Trade and other receivables	16	5,970				5,710				1,191
Cash and cash equivalents	21	76,917				5,269					94,553
		82,887				10,979				95,744
Current liabilities
Trade and other payables	17	(1,387,374)				(1,317,158)				(1,542,916)
Current tax liabilities	13(iii)	(60,080)				(61,587)					(53,593)
		(1,447,454)				(1,378,745)				(1,596,509)
Net current liabilities					(1,364,567)					(1,367,766)				(1,500,765)
Total assets less current liabilities					(1,262,537)					(1,269,862)				(1,399,183)
Non-current liabilities
Employee benefit liabilities	18	(61,252)				(61,856)				(61,552)
Deferred tax liabilities	13(v)	(5,384)				(39,591)				(39,591)
					(66,636)					(101,447)				(101,143)
Net liabilities					(1,329,173)					(1,371,309)				(1,500,326)
Equity
Share capital	19(a)				136,673					136,673				136,673
Share premium	19(b)				250,638					250,638				250,638
Actuarial Valuation Reserve					65,692					65,692				65,692
Revenue reserve	20				(1,782,176)					(1,824,313)				(1,953,330)
Total equity					(1,329,173)					(1,371,309)				(1,500,326)

The financial statements were approved by the Board of Directors on , 13th April 2023 and signed on its behalf by:

(i) LT. General T.Y Danjuma (RTD), GCON	Chairman	FRC/2013/IODN/00000003130
(ii) Florence S. Iroye	Ag. Managing Director	FRC/2021/002/00000023527
(iii) Adebunmi Amos	Financial Controller	FRC/2014/ICAN/00000006105

The accompanying notes on pages 6 to 24 and other national dislocures on pages 25 and 26 form an integral part of these financial statements.

UNION DICON SALT PLC				6
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
		Reserve for
Share	Share	Actuarial	Restated	Total
Capital	Premium	Valuation	Earnings	Equity
N'000	N'000	N'000	N'000	N'000

Balance at 1 January 2023		136,673	250,638	65,692	(1,838,659)	(1,385,656)
Comprehensive income for the year:
Profit for the year		-	-	-	56,483	56,483
Other comprehensive income		-	-	-	-	-
Total comprehensive Profit /(Loss) for the year		-	-	-	56,483	56,483
Transactions with owners recorded directly in equity		-	-		-	-
Balance at 31 March 2023		136,673	250,638	65,692	(1,782,176)	(1,329,173)
Balance at 1 January 2022		136,673	250,638	65,692	(1,827,223)	(1,374,220)
Comprehensive income for the year	-		-		-	-
Profit/(Loss) for the year		-	-	-	(11,436)	(11,436)
Other comprehensive income		-	-	-	-	-
Total comprehensive Profit for the year		-	-	-	(11,436)	(11,436)
Transactions with owners, recorded directly in equity:		-	-	-	-	-
Balance at 31 December 2022		136,673	250,638	65,692	(1,838,659)	(1,385,656)

The accompanying notes on pages 8 to 23 and other National disclosures on pages 24 and 25 form an integral part of these finacial statements.

UNION DICON SALT PLC			7
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 MARCH 2023
		2023	2022
	Notes	N'000		N'000
Cash flows from operating activities
Profit YTD		56,483	2,910
Adjustments for non cash items:
Depreciation of property, plant and equipment	14	-	-
Accruals	18(e)	83,625	-
Income tax expense	13(i)	-		-
		140,108	2,910
Changes in working capital
(Increase)/decrease in other receivables	16	(4,780)	(5,200)
(Decrease)/increase in employee benefit liabilities	18(d)	(300)	(500)
Decrease in trade and other payables	17	(147,779)	(4,962)
Tax paid	13	-		(800)
Cash generated from operations		(12,751)	(8,552)
Cash flows from investing activities
Purchase of property, plant and equipment	14	(802)		(535)
Net cash outflow from investing activities		(802)		(535)
Net increase in cash and cash equivalents		(13,553)	(9,087)
Cash and cash equivalents at the beginning of the year		90,470		14,355
Cash and cash equivalents at the end of the quarter	22	76,917	5,269

The accompanying notes on pages 8 to 23 and other national dislocures on pages 24 and 25 form an integral part of these financial statements.