FTN COCOA PROCESSORS : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

FTN COCOA PROCESSORS PLC

REPORTS AND FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 MARCH, 2024

TABLE OF CONTENT

CONTENTS PAGE
Corporate information	1
Results at a glance	2
Certification pursuant to section 60	3
Statement of Financial Position	4
Statement of Comprehensive Income	5
Statement of Changes in Equity	6
Statement of Cash Flows	7
Notes to the Financial Statements	8
Other national disclosure
Statement of Value-Added	32
Free float Status	33

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FTN COCOA PROCESSORS PLCCORPORATE INFORMATION

Directors:High Chief (Sir) Simeon Olusola Oguntimehin, OON - (Chairman)

Pastor Akin Laoye- Managing Director

Otunba' Wale Jubril Nathaniel Durant Jr. Titilayo Ayoka Aderonmu

Company Secretaries: Alpha-Genasec Limited,Kresta Laurel Complex,376, Ikorodu Road, Maryland, Lagos. Tel. [phone]

E-mail:[e-mail]

Registered Office: 21, Emmanuel Keshi Street,Oladipo Sessi Close, Magodo, GRA, Lagos. Tel. [phone]

Website:www.ftncocoa.com.ngE-mail:[e-mail]

Registration Number: RC 172292

Factory Address: Km 9, Monatan- Iwo Road, Opposite Arcedem, Wofun Olodo,Ibadan, Oyo State. Tel. [phone]

Independent Auditors:Bakertilly Nigeria, (Chartered Accountants),

	Kresta Laurel Complex (4th Floor), 376, Ikorodu Road, Maryland, Lagos.
	Tel. [phone]
	E-mail:[e-mail]
Registrars:	Meristem Registrars,
	213, Herbert Macaulay Street,Yaba, Lagos.
	Tel.: [phone]
	E-mail:[e-mail]
Bankers:	Ecobank Nigeria Limited
	Guaranty Trust Bank Limited
	Zenith Bank Plc
	United Bank for Africa Plc

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FTN COCOA PROCESSORS PLCRESULTS AT A GLANCE

	Q-T-D	Y-T-D
For the period	2024	2023	Change	Percentage
	N'000	N'000	N'000	Change
Revenue	-	-	-	-
Loss before taxation	(8,885,642)	(10,650,347)	1,764,705	(17)
Taxation	-	-	-	-
Loss after taxation	(8,885,642)	(10,650,347)	1,764,705	(17)
Loss per share	(₦2.28k)	(₦2.73k)	0.45	(17)

For the quarter

Property, Plant and	10,999,834	10,880,178	119,656	1
Equipment
Total Assets	13,006,748.83	13,249,785	(243,036)	(2)
Total Liabilities	17,203,586	9,966,518	7,237,068	73
Share Capital	1,950,000	1,950,000	-	-
Revaluation Reserve	8,748,602	8,748,602	-	-
Equity	(4,196,838)	3,283,267	(7,480,105)	(228)

	Number	Number
Number of Employees	38	38
	===	===

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FTN COCOA PROCESSORS PLC

CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007

We the undersigned hereby certify the following with regards to our audited reports andfinancial statements for the quarter ended 31 March, 2024 that:

We have reviewed the report;

To the best of our knowledge, the report does not contain: Any untrue statement of a material fact, or

Omit to state a material fact, which would make the statements, misleading in the lightof circumstances under which such statements were made;

To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and resultsof operation of the Company as of, and for the periods presented in the report;

We:

Are responsible for establishing and maintaining internal controls;

Have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries is made known to such officers by others within those entities particularly during the period in which the periodic reportsare being prepared;

Have evaluated the effectiveness of the Company's internal controls as of date within90 days prior to the report;

Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;

We have disclosed to the auditors of the Company and Audit Committee:

All significant deficiency in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls; and

Any fraud, whether or not material, that involves management or other employees whohave significant role in the Company's internal controls;

We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the dateof our evaluation, including any corrective actions with regard to significant deficiencies andmaterial weaknesses.

…………………………	…………………………
Mr. Mayowa Jimoh	Pastor Akin Laoye
FRC/2022/PRO/ICAN/001/00000024076	FRC/2021/003/00000023888
Chief Finance Officer	Chief Executive Officer
25 April, 2024	25 April, 2024

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FTN COCOA PROCESSORS PLC

STATEMENT OF FINANCIAL POSITION FOR THE QUARTER ENDED 31 MARCH,2024

		2024	2023
Non-Current Assets	Note	N'000	N'000
Property, Plant and Equipment	5	10,999,834	10,880,178
Available for sale financial assets	6	300	300
Other Receivables	7.2	1,106,115	1,106,115

Total Non-Current assets		12,106,249	11,986,593
Current assets
Trade and other receivables	7.1	50,588	52,023
Inventories	8	338,515	336,339
Cash and cash equivalents	9	511,397	874,830
Total Current Assets		900,500	1,263,192
Total Assets		13,006,749	13,249,785
		========	=======
Non-Current Liabilities
Borrowings	10.1	14,816,522	7,658,077
Total Non-Current Liabilities		14,816,522	7,658,077
		------------	------------
Current Liabilities
Borrowings	10.2	1,876,021	1,735,887
Trade and other payables	11	445,115	506,626
Current taxation	12	65,928		65,928
Total current liabilities		2,387,064	2,308,441
Total Liabilities		17,203,586	9,966,518
		========	=======
Equity:
Share capital	14	1,950,000	1,950,000
Share premium	15	1,045,577	1,045,577
Revaluation reserve	16	8,748,602	8,748,602
Revenue reserve	17	(15,941,017)	(8,460,912)
Total equity		(4,196,838)	3,283,267
Total Liabilities and Equity		13,006,749	13,249,785
		========	========

The financial statements were approved by the Board of Directors on 25 April, 2024 and signed on its behalf by:

………………………….……..………. ……………………..……...	……………………………………..
High Chief (Sir) Simeon O. Oguntimehin OON	Pastor Akin Laoye	Olumayowa P Jimoh
Chairman	Managing Director	Chief Finance Officer
FRC/2013/ICAN/00000003428	FRC/2021/003/00000023888	FRC/2022/PRO/ICAN/001/00000024076

6

The accounting policies and notes on pages 8 to 30 form an integral part of these financial statement

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FTN COCOA PROCESSORS PLC

STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME FOR THE

QUARTER ENDED 31 MARCH, 2024

		31/03/2024	31/03/2023	31/12/2023		31/12/2022
	Note
			N'000	N'000		N'000	N'000
Revenue	18	-			-		-		62,192
Cost of sales	19.1		-		(46,766)	-		(241,838)
Gross Loss			-			(46,766)	-		(179,644)
Selling and distribution cost	19.2	(5,574)		-		(65)		(360)
Operating expenses	19.3	(104,560)	(18,126)	(486.308)		(124,744)
Allowance for impairment loss	19.5	-			-		-
Other operating income	20	5,197		-		222,315		6,692
Exchange gain/(loss)		(8,218,454)	-			(10,176,549)	13,303
Operating Loss		(8,323,392)	(64,892)	(10,440,607)	(284,753)
Finance cost	20.1					(24,861)	(209,740)		(146,124)
		(562,251)
						_______	__________	________
Loss before taxation	22	(8,885,642)	(89,753)	(10,650,347)	(430,877)
Current taxation	12		-		-	-		(311)
Loss after taxation transferred to revenue reserve		(8,885,642)	(89,753)	(10,650,347)	(431,188)
Other Comprehensive Income
Net appreciation on revaluation of
Property, plant & equipment	16								4,731,233
		(8,885,642)	(89,753)		(5,919,114)		(431,188)
Loss per share			(₦2.28k)	(₦0.20)		(₦2.73k)	( ₦0.11)

The accounting policies and notes on pages 8 to 30 form an integral part of these financial statements

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FTN COCOA PROCESSORS PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE QUARTER ENDED 31 MARCH, 2024

Issued share		Share	Fair value	Retained	Total
Capital							Premium	Reserve	Earnings	Equity
			N'000		N'000	N'000	N'000	N'000
Fund as at January 2024	1,950,000				1,405,577	8,748,602	(8,460,912)	3,283,267
Revaluation Surplus			-					-		-		-	-
Increase in share capital			-					-		-		-	-
Other loan restatement			-					-		-		-	-
Restatement of foreign loan			-				-		-		1,405,537	1,405,537
Total comprehensive income for the year		-	-		-		(8,885,642)	(8,885,642)
Balance as a t 31 March 2024			1,950,000		1,045,577	8,748,602	(15,941,017)	(4,196,838)
			======			=======	=======	========	=========
Fund as at January 2023			1,950,000			1,413,439	4,017,369	(8,935,347)	(1,554,539)
Revaluation Surplus			-					-		4,731,233	-	4,731,232
Increase in share capital			-						(367,862)	-		-	(367,862)
									-
Other loan restatement													2,755,914	2,755,914
Equity statement of convertible loan
Total comprehensive income													8,368,868	8,368,868
for the year			-					-		-		(10,650,347)	(10,650,347)
Balance as at 31 December 2023 1,950,000		1,045,577	8,748,602	(8,460,912)	3,283,267
			=======		=======	=======	========	========
Fund as at January 2022	1,100,000				1,413,439	4,017,369	(8,504,161)	(1,973,352)
Increase in share capital expenses	850.000			-		-		-	850,000
Total comprehensive income for the year				-		-		(431,187)	(431,187)
Balance as at 31 December, 2022	1,950,000			1,413,439	4,017,369	(8,935,347)	(1,554,539)
			=======		=======	=======	========	========

The accounting policies and notes on pages 8 to 30 form an integral part of these financial statements

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FTN COCOA PROCESSORS PLC
STATEMENT OF CASH FLOWS
FOR THE QUARTER ENDED 31 MARCH, 2024
			2024		2023
		Note	N'000	N'000
Cash flows from Operating Activities
Operating loss before working capital changes	22	(104,938)	(151,140)
Working capital changes	23	77,882		1,290,195
			(27,056)		1,139,055
Cash flows from Investing Activities
Purchase of property, plant and equipment		(119,656)	(457,029)
Interest received		(562,251)	(209,739)
Revaluation surplus		-		-
Proceeds from disposal		-		-
Net cash (utilised)/generated Investing Activities		(681,907)	(666,768)
Cash flows from Financing Activities
Borrowing		7,158,445	(231,766)
Share increase		-	997,225
Revenue reserve movement	22.1	(6,812,917)	(367,862)
Net cash generated from Financing Activities		345,528		397,597
Net decrease in cash and cash equivalents		(363,433)	869,884
Cash and cash equivalents at beginning of year		874,830		4,946
Cash and cash equivalents at end of year	9	511,397		874,830
			======		======

The accounting policies and notes on pages 8 to 30 form an integral part of these financial statements

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31 MARCH, 2024

1. General Information
   FTN Cocoa Processors Plc was incorporated on 26 August 1991 in Nigeria as a private Company limited by shares under the name Fantastic Abiola Nigeria Limited which later became Fantastic Traders Nigeria Limited on 26 August, 1998. The Company became a public limited liability Company on 29 February, 2008 and got listed on the Nigeria Stock Exchange. The principal activities of the Company is the processing of cocoa beans and palmkernel into cocoa cake, liquor, butter, palm kernel oil and palm kernel cake for export and sales to local manufacturing companies.
2. Statement of Compliance
   The financial statement has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) with the Interpretations issued by the International Financial Reporting InterpretationsCommittee (IFRIC).
3. Significant Accounting Policies

The principal accounting policies adopted in the preparation of the Company's financial statements are set out below.

3.1 Basis of preparation of the financial statements

1. Basis of Measurement

The accounts have been prepared on an accrual basis and under the historical cost conventionexcept for available for certain financial instruments which are measured at fair value.

These financial statements are presented in Nigerian Naira (N), which is the Company's functional currency. All financial information presented in Naira has been rounded to the nearest thousand unless otherwise stated.

1. Use of Estimates and Judgements

The preparation of financial statements requires management to exercise judgement and to make estimates and assumptions that affect the application of policies, reported amounts of revenues, expenses, assets and liabilities and disclosures. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis and revisions to accounting estimates are recognized in the period in which the estimate is 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.