MRS OIL NIGERIA : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

MRS Oil Nigeria Plc

2021 4th Quarter Financial Statements

MRS Oil Nigeria Plc.

Financial Statements - 31 December 2021

Contents	Page
Corporate information	2
Statement of directors' responsibilities	3
Statement of financial position	4
Statement of profit or loss and other comprehensive income	5
Statement of changes in equity	6
Statement of cash flows	7
Notes to the financial statements	8

MON Plc. Q4, 2021 - 1

MRS Oil Nigeria Plc.

Financial Statements - 31 December 2021

Corporate information

RC 6442
Board of directors	Mr. Patrice Alberti	Chairman
	Mr. Marco Storari	Managing Director
	Ms. Amina Maina	Non Executive Director
	Mr. Matthew Akinlade	Independent Director
	Sir. Sunday Nnamdi Nwosu	Non Executive Director
	Chief Sir Amobi Daniel Nwokafor	Non Executive Director
	Mrs Priscilla Ogwemoh	Non Executive Director
Registered office	2, Tincan Island
	Apapa
	Lagos
Company secretary	Mrs. O.M. Jafojo
	2, Tincan Island
	Apapa
	Lagos
Registrar	First Registrars and Investor Services Limited
	Plot 2, Abebe Village Road,
	Iganmu Lagos
	PMB 12692 Marina
	Lagos
Auditor	Deloitte & Touche
	Civic Tower
	Ozumba Mbadiwe Road
	Victoria Island
	Lagos
Principal bankers	Access Bank Plc
	Fidelity Bank Plc
	First Bank of Nigeria Limited
	First City Monument Bank Plc
	Polaris Bank Limited)
	Standard Chartered Bank Nigeria Limited
	Sterling Bank Plc
	Union Bank of Nigeria Plc
	Unity Bank Plc
	Zenith Bank Plc
Leadership team
	Marco Storari	Stacey Obielu
	Managing Director	Treasury Manager
	Oluwakemi M. Jafojo	Asuquo Ukoh
	Company Secretary	Logistics Manager
	Samson Adejonwo	Nkem Fasanmi
	Chief Finance Officer	Supply Manager
	Samuel Moses	Emeka Agugua
	Sales and Marketing Manager	Engineering Manager
	Abiodun Alabi	Oyeyiola Olayemi
	Chief Internal Auditor (Ag.)	Human Resources Manager
	Salami Muideen	Olawale Badru
	Accounts Manager	Chief Legal Counsel
	Col. Adebisi Adesanya
	Chief Security Officer

MON Plc. Q4, 2021 - 2

MRS Oil Nigeria Plc.

Financial Statements - 31 December 2021

Statement of Directors' responsibilities in relation to the financial statements for the period ended 31 December 2021

The directors accept responsibility for the preparation of the interim financial statements that give a true and fair view in accordance with International Financial Reporting Standards and in the manner required by the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria, 2004 and Financial Reporting Council of Nigeria Act, 2011.

The directors further accept responsibility for maintaining adequate accounting records as required by the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria, 2004 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error.

The directors have made an assessment of the Company's ability to continue as a going concern and have no reason to believe the Company will not remain a going concern in the year ahead.

SIGNED ON BEHALF OF THE BOARD OF DIRECTORS BY:

Signature

Mr Marco Storari (Managing Director)

Name

FRC/2020/003/00000022083

FRC

28 January 2022

Date

Signature

Dr. Amobi D. Nwokafor (Director)

Name

FRC/2013/ICAN/00000002770

FRC

28 January 2022

Date

MON Plc. Q4, 2021 - 3

					MRS Oil Nigeria Plc.
				Financial Statements - 31 December 2021
Statement of Financial Position
as at 31 December 2021
	Notes	31 Dec. 2021		31 Dec. 2020
		₦'000		₦'000
Assets		14,742,547	14,762,285
Property, plant and equipment	15
Right of use	31	802,333	1,071,483
Intangible assets	16	28		300
Total non-current assets		15,544,908		15,834,068
Inventories	21	3,221,936	3,831,314
Withholding tax receivables	20	9,747	56,356
Prepayments	29	56,415	111,085
Trade and other receivables	18	11,309,226	12,364,105
Cash and cash equivalents	22	2,798,788		4,462,166
Total current assets		17,396,113		20,825,026
Total assets		32,941,021	36,659,094
Equity
Share capital	23	152,393	152,393
Retained earnings	23(b)	16,826,552		16,691,078
Total equity		16,978,945	16,843,471
Liabilities
Employee benefit obligation	24	14,403	15,935
Provisions	30	52,291	52,581
Lease Liabilities	31	509,387	653,732
Deferred tax liabilities	14e)	200,321		221,048
Total non-current liabilities		776,402		943,296
Security deposits	25	1,674,725	1,693,582
Dividend payable	26	170,735	170,735
Trade and other payables	27	11,519,453	15,288,496
Short term borrowings	28	1,411,105	1,411,105
Provisions	30	46,139	46,139
Tax payable	14d)	363,517		262,270
Total current liabilities		15,185,674	18,872,327
Total liabilities		15,962,075	19,815,623
Total equity and liabilities		32,941,021	36,659,094

Approved by the Board of Directors on 28 January 2022 and signed on its behalf by:

)Mr Marco Storari (Managing Director) FRC/2020/003/00000022083

) Dr. Amobi D. Nwokafor (Director) FRC/2013/ICAN/000000002770

) Mr. Samson Adejonwo(Chief Finance Officer) FRC/2020/001/00000021998

The accompanying notes on pages 8 to 57 form an integral part of these financial statements.

MON Plc. Q4, 2021 - 4