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May & Baker Nig Plc RC. 558
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR SIX MONTHS ENDED 30th JUNE, 2023
1
UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR SIX MONTHS ENDED 30TH JUNE, 2023.
The Group | The Company | ||||||||
3 Months to | 6 Months | 3 Months to | 6 Months | 3 Months to | 6 Months | 3 Months to | 6 Months | ||
June, 2023 | June,2023 | June, 2022 | June,2022 | June, 2023 | June,2023 | June, 2022 | June,2022 | ||
Note | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
Continuing operations
Revenue | 5 | 4,535,115 | 8,783,652 | 3,433,799 | 6,773,266 | 4,212,492 | 8,264,988 | 3,312,218 | 6,506,850 | |
Cost of sales | (2,929,314) | (6,032,280) | (2,410,583) | (4,719,678) | (2,781,613) | (5,788,706) | (2,365,862) | (4,592,846) | ||
Gross profit | 1,605,801 | 2,751,372 | 1,023,216 | 2,053,588 | 1,430,879 | 2,476,282 | 946,356 | 1,914,004 | ||
Other operating income/(Loss) | 7 | (79,194) | (49,962) | 145,596 | 195,886 | (4,166) | 22,635 | 145,571 | 195,849 | |
Distribution, sales and marketing expense | (565,527) | (1,001,963) | (412,219) | (887,872) | (512,536) | (917,902) | (353,272) | (799,598) | ||
Administrative expenses | (424,987) | (717,687) | (306,339) | (554,315) | (403,021) | (676,853) | (302,516) | (532,750) | ||
Operating profit/(loss) | ||||||||||
536,094 | 981,760 | 450,254 | 807,288 | 511,157 | 904,162 | 436,140 | 777,506 | |||
Interest income | 8 | 133,967 | 189,520 | 30,315 | 46,150 | 133,955 | 189,508 | 30,315 | 46,150 | |
Finance costs | 10 | (78,874) | (157,237) | (35,364) | (113,907) | (71,045) | (148,250) | (35,005) | (110,545) | |
Share of Loss of Joint Venture | 17.2 | (3,518) | (8,069) | (7,631) | (15,500) | - | - | - | - | |
Profit/(Loss) before tax | 587,669 | 1,005,974 | 437,574 | 724,032 | 574,067 | 945,420 | 431,449 | 713,112 | ||
Provision for Tax | 13.1 | (188,054) | (321,912) | (140,024) | (231,690) | (183,701) | (302,534) | (138,064) | (228,196) | |
Profit after tax for the Period | ||||||||||
11 | 399,615 | 684,062 | 297,550 | 492,341 | 390,366 | 642,886 | 293,386 | 484,916 | ||
Other comprehensive income: | ||||||||||
Items that will not be reclassified | ||||||||||
Asset revaluation gain net of tax | - | - | - | - | - | - | ||||
Total comprehensive income | 399,615 | 684,062 | 297,550 | 492,341 | 390,366 | 642,886 | 293,386 | 484,916 | ||
Earnings per share | 14. | |||||||||
Basic (kobo per share) from continuing operation | 23.16 | 39.65 | 17.25 | 28.54 | 22.63 | 37.26 | 17.01 | 28.11 | ||
Diluted (kobo per share) from continuing operation | ||||||||||
23.16 | 39.65 | 17.25 | 28.54 | 22.63 | 37.26 | 17.01 | 28.11 | |||
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 30th JUNE, 2023
Note |
ASSETS |
Non-current assets |
The Group | The Company | |||||
June | December | June | June | December | June | |
2023 | 2022 | 2022 | 2023 | 2022 | 2022 | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
Property, plant and equipment | 16 |
Intangible assets | 15 |
Right of use assets | 17 |
Investment in Joint Venture | 17 |
Investment in subsidiaries | 18 |
Asset held for sale | 19 |
Total non-current assets | |
Current assets | |
Inventories | 20 |
Trade and other receivables | 21 |
Other assets | 23 |
Cash and cash equivalents | 22 |
Total current assets | |
Total assets | |
Equity and Liabilities |
5,222,685 | 5,011,612 | 3,940,909 |
6,053 | 11,315 | 16,575 |
738 | ||
1,133,490 | 1,141,559 | 1,151,624 |
- | - | - |
- | - | - |
6,362,228 | 6,165,224 | 5,109,108 |
4,837,820 | 5,342,018 | 4,452,261 |
1,101,965 | 1,068,944 | 1,160,844 |
1,637,961 | 2,474,626 | 2,376,418 |
4,208,907 | 2,906,798 | 2,534,798 |
11,786,653 | 11,792,386 | 10,524,321 |
18,148,881 | 17,957,610 | 15,633,429 |
5,161,820 | 4,969,007 | 3,916,888 |
5,879 | 11,110 | 16,340 |
738 | ||
1,326,886 | 1,326,886 | 1,326,886 |
3,000 | 3,000 | 3,000 |
- | - | - |
6,497,584 | 6,310,741 | 5,263,114 |
4,641,662 | 5,228,008 | 4,158,853 |
813,219 | 1,030,697 | 1,078,842 |
1,575,892 | 2,451,557 | 2,367,351 |
3,984,398 | 2,864,683 | 2,425,938 |
11,015,171 | 11,574,945 | 10,030,985 |
17,512,756 | 17,885,686 | 15,294,098 |
Share capital | 24 |
Share premium account | 25 |
Retained earnings | 26 |
Asset revaluation reserve | 26.1 |
Total equity | |
Non-current liabilities | |
Borrowings | 27 |
Employee benefits | 29 |
Deferred Income | 30 |
Deferred tax liabilities | 13 |
Total non-current liabilities | |
Current liabilities | |
Trade and other payables | 28 |
Current tax liabilities | 13 |
Borrowings | 27 |
Deferred Income | 30 |
Total current liabilities
Total liabilities
Total equity and liabilities
862,617 | 862,617 | 862,617 |
3,012,065 | 3,012,065 | 3,012,065 |
4,128,322 | 3,961,830 | 2,963,561 |
408,144 | 408,144 | 408,144 |
8,411,149 | 8,244,656 | 7,246,388 |
1,927,061 | 2,322,768 | 2,663,313 |
36,330 | 37,409 | 36,330 |
341,646 | 414,711 | 431,830 |
840,324 | 840,320 | 784,980 |
3,145,361 | 3,615,208 | 3,916,453 |
2,259,094 | 2,167,360 | 1,162,203 |
323,508 | 542,991 | 292,042 |
3,861,356 | 3,235,680 | 1,733,928 |
148,413 | 151,715 | 1,282,415 |
6,592,371 | 6,097,746 | 4,470,588 |
9,737,732 | 9,712,954 | 8,387,041 |
18,148,881 | 17,957,610 | 15,633,429 |
862,617 | 862,617 | 862,617 |
3,012,065 | 3,012,065 | 3,012,065 |
3,966,206 | 3,840,900 | 2,843,860 |
408,144 | 408,144 | 408,144 |
8,249,032 | 8,123,726 | 7,126,686 |
1,927,061 | 2,322,768 | 2,663,313 |
36,330 | 37,409 | 36,330 |
341,646 | 414,711 | 431,830 |
833,721 | 833,721 | 781,300 |
3,138,758 | 3,608,609 | 3,912,773 |
2,139,526 | 2,246,667 | 1,057,245 |
322,174 | 519,289 | 286,276 |
3,514,851 | 3,235,680 | 1,628,703 |
148,413 | 151,715 | 1,282,415 |
6,124,965 | 6,153,351 | 4,254,639 |
9,263,723 | 9,761,960 | 8,167,412 |
17,512,756 | 17,885,686 | 15,294,098 |
Mr. Ayodeji S. Aboderin
Finance Director/CFO
FRC/2014/ICAN/00000008270
Mr. Patrick Ajah
Managing Director/CEO
FRC/2021/003/00000023215
These Financial Statements were approved by the Board on 27 July 2023 (Lagos)
3
MAY & BAKER NIGERIA PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR SIX MONTHS ENDED 30TH JUNE, 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 | - | 492,341 | - | 492,341 | ||||
Dividends paid | - | - | (517,570) | - | (517,570) | |||
- | - | - | - | - | ||||
At 30th June, 2022 | 862,617 | 3,012,065 | 2,963,561 | 408,144 | 7,246,388 | |||
At 1 January 2023 | 862,617 | 3,012,065 | 3,961,830 | 408,144 | 8,244,656 | |||
Right Issue | - | - | - | |||||
Adjustment | - | - | - | |||||
Profit for the period | - | - | 684,062 | - | 684,062 | |||
Dividends paid | - | - | (517,570) | - | (517,570) | |||
At 30th June, 2023 | ||||||||
862,617 | 3,012,065 | 4,128,322 | 408,144 | 8,411,149 | ||||
- | ||||||||
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 | - | - | 484,916 | - | 484,916 | |||
Dividends paid | - | - | (517,570) | - | (517,570) | |||
- | ||||||||
As at 30th June, 2022 | 862,617 | 3,012,065 | 2,843,860 | 408,144 | 7,126,686 | |||
At 1 January 2023 | ||||||||
862,617 | 3,012,065 | 3,840,890 | 408,144 | 8,123,716 | ||||
Adjustment | ||||||||
- | - | - | - | |||||
Profit for the Period | - | - | 642,886 | - | 642,886 | |||
Dividends paid | - | - | (517,570) | - | (517,570) | |||
At 30th June, 2023 | 862,617 | 3,012,065 | 3,966,206 | 408,144 | 8,249,032 | |||
4
MAY & BAKER NIGERIA PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR SIX MONTHS ENDED 30TH JUNE, 2023.
The Group | The Company | ||||||
June | December | June | June | December | June | ||
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 | 8,740,411 | 14,844,327 | 6,789,614 | 8,339,956 | 14,029,869 | 6,536,306 | |
Cash paid to suppliers and employees | (5,759,388) | (12,423,267) | (4,677,047) | (5,321,559) | (11,544,000) | (4,334,381) | |
Taxes paid | (521,028) | (359,288) | (303,628) | (499,649) | (298,757) | (247,020) | |
Net cash from operating activities | 2,459,995 | 2,061,772 | 1,808,939 | 2,518,748 | 2,187,112 | 1,954,905 | |
Cash flows from Investing activities | |||||||
Proceed from contract manufacturing | 13,605 | - | 54,044 | 13,605 | - | 54,044 | |
Rent received | 3,000 | - | 3,200 | 3,000 | - | 3,200 | |
Other sundry income | 11,924 | - | 72,097 | 11,924 | - | 72,060 | |
Proceeds from sale of fixed assets | 29,624 | 1,219,586 | 1,006,940 | 29,624 | 1,218,490 | 1,006,940 | |
Interest received | 189,520 | 231,476 | 46,150 | 189,508 | 231,411 | 46,150 | |
Purchases of Intangible assets | - | - | - | - | - | - | |
Purchases of property, plant and equipment | (826,535) | (1,741,610) | (473,363) | (796,767) | (1,706,764) | (468,401) | |
Net cash used in investing activities | (578,862) | (290,548) | 709,068 | (549,106) | (256,863) | 713,993 | |
Cash flows from financing activities | |||||||
Dividends paid | (517,570) | (517,570) | (517,570) | (517,570) | (517,570) | (517,570) | |
Additions to/(Repayment of) import facility | 569,892 | (198,549) | (1,865,250) | 290,001 | (199,472) | (1,927,645) | |
Loan received | - | - | - | - | - | - | |
Loans repaid | (446,111) | (677,099) | (236,112) | (446,111) | (677,099) | (236,112) | |
Pay down on overdraft | - | - | - | - | - | ||
Unclaimed dividend returned | - | 37,200 | - | - | 37,200 | - | |
Net proceeds from right issue | - | - | - | - | - | - | |
Finance cost | (157,237) | (286,034) | (113,907) | (148,250) | (285,532) | (110,545) | |
Net cash used in financing activities | (551,026) | (1,642,052) | (2,732,839) | (821,930) | (1,642,473) | (2,791,872) | |
Net increase/(decrease) in cash and cash | |||||||
equivalents | 1,330,106 | 129,172 | (214,831) | 1,147,711 | 287,776 | (122,973) | |
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 30th June | 4,208,907 | 2,878,801 | 2,534,798 | 3,984,398 | 2,836,687 | 2,425,938 | |
Reconciliation of cash and bank | |||||||
balances to cash and cash equivalents | |||||||
Cash and bank balance | 4,208,907 | 2,906,797 | 2,534,798 | 3,984,398 | 2,864,683 | 2,425,938 | |
Bank overdrafts and commercial papers | - | (27,996) | - | - | (27,996) | - | |
4,208,907 | 2,878,801 | 2,534,798 | 3,984,398 | 2,836,687 | 2,425,938 |
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May & Baker Nigeria plc published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2023 14:40:05 UTC.