NOTORE CHEMICAL INDUSTRIES : 15 MONTHS FINANCIAL STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2021

RC: 640303

NOTORE CHEMICAL INDUSTRIES PLC UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE FIFTEEN MONTHS PERIOD ENDED 31 DECEMBER 2021

NOTORE CHEMICAL INDUSTRIES PLC

UNUADITED INTERIM FINANCIAL STATEMENTS

FOR THE FIFTEEN MONTHS PERIOD ENDED 31 DECEMBER 2021

		Page
Financial statements
Consolidated statements of profit or loss and other comprehensive income for Q5 2021	1
Consolidated statements of profit or loss and other comprehensive income for fifteen months ended 31 December 2021	2
Consolidated statements of financial position	3
Statements of changes in equity	4
Statements of cash flows	6
Note	Notes to the financial statements
1.0	General information	7
2.0	Basis of preparation and adoption of IFRSs	7
3.0	Changes in accounting policy and disclosures	7
4.0	Summary of significant accounting policies	8
4.1	Foreign currency translation	8
4.2	Trade receivables	8
4.3	Revenue recognition	8
4.4	Cash and cash equivalents	9
4.5	Inventories	9
4.6	Non-current assets held for sale	9
4.7	Trade payables	9
4.8	Provisions and contingent liabilities	9
4.9	Property, plant and equipment	9
4.10	Intangible assets	10
4.11	Impairment of non-financial assets	10
4.12	Financial instruments	11
4.13	Offsetting financial instruments	12
4.14	Impairment of financial assets	12
4.15	Share capital	12
4.16	Income taxation	12
4.17	Employee benefits	13
4.18	Leases	13
4.19	Government grants	14
4.20	Cost of sales	14
4.21	Borrowings	14
4.22	Borrowings costs	14
4.23	Investment property	14
4.24	Consolidation	14
4.25	Segment reporting	15
4.26	Export expansion grant and Negotiable duty credit certificates	15
4.27	Related parties	15
5	Critical accounting estimates and judgements	15
6	Financial risk management	17
7	Revenue from contracts with customers	18
8	Cost of sales	18
9a	Administrative expenses	18
9b	Selling and distribution expenses	19
10	Other income	19
11	Finance income and costs	19
12	Income tax expense	20
13	Earnings per share (EPS)	21
14	Property, plant and equipment	22
15	Right of use assets	23
16	Investment property	23
17	Intangible assets	23
18	Inventories	23
19	Trade and other receivables	24
20	Cash and cash equivalents	24
21	Share capital	24
22	Retained earnings	24
23	Employee benefit obligations	25
24	Borrowings	26
25	Trade and other payables	27
26	Related party transactions	27
27	Investments in subsidiaries	28
28	Revenue from contracts with customers(Three months)	29
29	Cost of sales(Three months)	29
30a	Administrative expenses(Three months)	29
30b	Selling and distribution expenses(Three months)	30
31	Other income(Three months)	30
32	Finance income and costs(Three months)	30
33	Securities Trading Policy	30

NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTHS PERIOD ENDED 31 DECEMBER 2021

(All amounts are in thousands of Naira, unless otherwise stated)
		Group	Company
		Three months	Three months	Three months	Three months
	Note	31 Dec 2021	31 Dec 2020	31 Dec 2021	31 Dec 2020
		N'000	N'000	N'000	N'000
Revenue from contracts with customers	28	9,558,684	3,569,894	9,205,115	3,308,224
Cost of sales	29	(6,655,957)	(4,962,585)	(6,655,957)	(4,854,546)
Gross profit		2,902,727	(1,392,691)	2,549,158	(1,546,322)
Administrative expenses	30a	(1,211,215)	(1,425,342)	(1,137,091)	(1,358,798)
Selling and distribution expenses	30b	(53,254)	(26,140)	(52,415)	(26,140)
Other income	31	10,372,105	363,386	10,490,350	363,366
Operating income		12,010,362	(2,480,788)	11,850,002	(2,567,894)
Finance income	32	-	96	-	96
Finance cost	32b	(12,072,042)	(4,083,890)	(12,072,042)	(4,083,890)
Exceptional Item	32b		-		-
Finance costs - (net)	32	(12,072,041)	(4,083,793)	(12,072,041)	(4,083,793)
Loss before income tax		(61,679)	(6,564,581)	(222,040)	(6,651,688)
Income tax		-	-	-	-
Profit/(loss) for the period		(61,679)	(6,564,581)	(222,040)	(6,651,688)
Other comprehensive income:
Items that will not be reclassified to profit or loss
Total items that will not be reclassified to profit or loss		-	-	-	-
Items that may be subsequently reclassified to profit or loss
Currency translation difference		(44,672)	370	-	-
Total items that may be reclassified to profit or loss		(44,672)	370	-	-
Other comprehensive income / (loss) for the period-
net of tax		(44,672)	370	-	-
Total comprehensive profit / (loss) for the period		(106,352)	(6,564,211)	(222,040)	(6,651,688)
Total comprehensive profit /(loss) for the year attributable to:
Equity holders of the parent company		(106,352)	(6,564,211)	(222,040)	(6,651,688)
Non controlling interest		-	-	-	-
Earnings per share for loss attributable to the equity
holders of the company
Basic EPS (Naira)		(0.04)	(4.07)	(0.14)	(4.13)

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NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE FIFTEEN MONTHS PERIOD ENDED 31 DECEMBER 2021

(All amounts are in thousands of Naira, unless otherwise stated)
		Group		Company
		Fifteen months		Twelve months	Fifteen months	Twelve months
	Note	31 Dec 2021		30 Sept 2020	31 Dec 2021	30 Sept 2020
		N'000		N'000	N'000	N'000
Revenue from contracts with customers	7	27,025,385		18,799,043	25,484,426	18,799,043
Cost of sales	8	(28,696,351)		(21,678,653)	(27,991,343)	(21,678,653)
Gross profit		(1,670,966)		(2,879,610)	(2,506,917)	(2,879,610)
Administrative expenses	9a	(6,955,713)		(6,016,297)	(6,537,019)	(5,997,731)
Selling and distribution expenses	9b	(272,047)		(293,696)	(266,707)	(293,696)
Other income	10	17,266,551		18,675,245	17,939,101	18,675,245
Operating income		8,367,825		9,485,642	8,628,458	9,504,208
Finance income	11a	388		1,074	388	1,074
Finance cost	11b	(28,770,914)		(23,409,290)	(28,770,914)	(23,409,290)
Finance costs - (net)	11	(28,770,526)		(23,408,216)	(28,770,526)	(23,408,216)
Loss before income tax		(20,402,701)		(13,922,574)	(20,142,068)	(13,904,008)
Income tax		-		7,525,938	-	7,525,938
Profit/(loss) for the period		(20,402,701)		(6,396,636)	(20,142,068)	(6,378,070)
Other comprehensive income:
Items that will not be reclassified to profit or loss
Remeasurement of employee benefit obligations		-		(371,864)	-	(371,864)
Deferred tax credit/(charge) on actuarial loss/gain		-		111,559	-	111,559
Revaluation surplus on property, plant and equipment		-		233,472	-	233,472
Deferred tax charge on revaluation surplus		-		(70,042)	-	(70,042)
Total items that will not be reclassified to profit or loss		-		(96,875)	-	(96,875)
Items that may be subsequently reclassified to profit or loss
Currency translation difference		-		27,621	-	-
Total items that may be reclassified to profit or loss		-		27,621	-	-
Other comprehensive income / (loss) for the period-
net of tax		-		(69,254)	-	(96,875)
Total comprehensive profit / (loss) for the period		(20,402,701)		(6,465,890)	(20,142,068)	(6,474,945)
Total comprehensive profit /(loss) for the year attributable to:
Equity holders of the parent company		(20,402,701)		(6,465,890)	(20,142,068)	(6,474,945)
Non controlling interest		-		-	-	-
Earnings per share for loss attributable to the equity
holders of the company
Basic EPS (Naira)	13	(12.66)		(3.97)	(12.49)	(3.96)

The notes on pages 7 to 30 are an integral part of these financial statements.

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NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

(All amounts are in thousands of Naira, unless otherwise stated)
		Group	Company
			30 Sept 2020		30 Sept 2020
	Note	31 Dec 2021	Restated	31 Dec 2021	Restated
		N'000	N'000	N'000	N'000
Non-current assets
Property, plant and equipment	14	148,640,207	145,278,255	148,640,207	145,278,254
Right of use assets	15(a)	30,429	152,647	30,429	152,647
Investment property	16	68,333,559	53,174,118	68,333,559	53,174,118
Intangible asset	17	-	12,509	-	12,509
Investments in subsidiaries	27	-	-	50,255	50,255
Total non-current assets		217,004,195	198,617,529	217,054,450	198,667,783
Current assets
Inventories	18	9,978,056	5,950,222	9,937,080	5,950,222
Trade and other receivables	19	4,631,971	11,315,718	4,917,085	11,315,718
Pledged assets	19	4,540,129	4,540,129	4,540,129	4,540,129
Cash at bank and in hand	20	1,164,890	337,347	1,029,885	336,207
Total current assets		20,315,046	22,143,416	20,424,179	22,142,276
Total assets		237,319,241	220,760,945	237,478,629	220,810,059
Equity
Ordinary shares	21	806,033	806,033	806,033	806,033
Share premium		27,995,916	27,995,916	27,995,916	27,995,916
Asset revaluation reserves		60,531,534	63,961,570	60,531,534	63,961,570
Foreign currency translation reserve		-	544,995	-	-
Retained earnings	22	(46,217,611)	(29,164,393)	(45,967,914)	(29,255,882)
Treasury shares reserve		(1,080,831)	(1,080,831)	(1,080,831)	(1,080,831)
Total equity		42,035,041	63,063,290	42,284,738	62,426,806
Liabilities
Non-current liabilities
Borrowings	24a	79,962,615	89,669,185	79,962,615	89,669,185
Employee benefit obligation	23	1,895,681	1,620,322	1,895,681	1,620,322
Grant liability	24b	2,596,828	4,026,113	2,596,828	4,026,113
Deferred tax liability	12b	10,247,000	10,247,000	10,247,000	10,247,000
Total non-current liabilities		94,702,124	105,562,620	94,702,124	105,562,620
Current liabilities
Borrowings	24a	49,102,306	18,681,317	49,102,306	18,681,317
Lease liability	15(b)	-	135,120	-	135,120
Trade and other payables	25	50,312,526	32,076,683	50,222,220	32,762,281
Grant liability	24b	1,167,241	1,202,959	1,167,241	1,202,959
Current tax liabilities	12	(1)	38,956	(1)	38,956
Total current liabilities		100,582,072	52,135,035	100,491,766	52,820,633
Total liabilities		195,284,196	157,697,655	195,193,890	158,383,253
Total equity and liabilities		237,319,241	220,760,945	237,478,629	220,810,059

The financial statements on pages 1 to 30 were approved and authorised for issue by the board of directors on 28 January 2022 and signed on its behalf by:

Mr. Ohis Ohiwerei		Mr. Onajite P. Okoloko		Mr. Bolarin Tolujo
Managing Director/CEO		Director		Chief Financial Officer
FRC/2017/CIBN/00000016412		FRC/2014/NIM/00000007662		FRC/2018/ICAN/00000018981

The notes on pages 7 to 30 are an integral part of these financial statements.

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