PZ Cussons Nigeria : P Z CUSSONS NIGERIA PLC. YEAR END FINANCIAL STATEMENT FOR 2024

PZ CUSSONS NIGERIA PLC

Q4, 2023/24 UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31 MAY 2024

PZ Cussons Nigeria Plc

Q4, 2023/24 unaudited interim financial statements for the quarter ended 31 May 2024

Contents	Page
Corporate information	1
Financial highlights	2
Consolidated statement of comprehensive income (Group)	3
Consolidated statement of comprehensive income (Company)	4
Consolidated statement of financial position	5
Statement of changes in equity	6-7
Statement of cash flows	8
Notes to the consolidated financial statements	9-19

PZ Cussons Nigeria Plc

Q4, 2023/24 unaudited interim financial statements for the quarter ended 31 May 2024

Corporate information

Board of Directors
Mrs. I.M.O Okauru, MFR	-	Chairman, Non-Executive Director
Mr. Dimitris Kostianis	- Managing Director/Chief Executive Officer
Ms. Joyce F. Coker	-	Executive Director
Mr Duncan Anniss	- Non-Executive Director (Resigned w.e.f 30 October 2023)
Mr. K. Massie	-	Non-Executive Director
Mallam Ballama Manu	-	Independent Non-Executive Director
Mrs. Oluwatoyin Odutayo	-	Independent Non-Executive Director
Prof. Fabian Ajogwu, SAN	- Independent Non-Executive Director (Resigned w.e.f 4 March 2024)
Mr. Kamar Bakrin	- Non-Executive Director (Resigned w.e.f 14 October 2023)
Dr. Suleyman Abdu Ndanusa	- Independent Non-Executive Director (Appointed w.e.f 16 November 2023)

Chief Financial Officer

Mr. Brian Egan

Company Secretary

Ms. Olubukola Olonade-Agaga

Registered Office

45/47 Town Planning Way

Ilupeju Industrial Estate

P.M.B. 21132

Ikeja

Registration Number

RC 693

Registrars

First Registrars and Investors Service Limited

Plot 2, Abebe Village Road

Iganmu Complex

P.M.B. 12692

Lagos

Independent Auditors

PricewaterhouseCoopers LLP (''PWC'')

5B Water Corporation Road,

Landmark Towers, Victoria Island, Lagos

Note: The appointment of PWC was approved at the Annual General Meeting (AGM) held on Friday, 8 December 2023

1

PZ Cussons Nigeria Plc

Q4, 2023/24 unaudited interim financial statements for the quarter ended 31 May 2024

Financial highlights
	Group
	31 May 2024	31 May 2023	% Change
	₦'000	₦'000
Revenue	152,156,771	113,964,309	34
Operating (Loss)/Profit	(111,543,410)	8,224,028	(1,456)
(Loss)/Profit before taxation	(108,967,359)	20,463,740	(632)
Taxation	12,531,992	(6,115,395)	305
(Loss)/Profit after tax	(96,435,367)	14,348,345	(772)
Non-controlling interest	(7,429,959)	1,455,559	(610)
(Loss)/Profit attributable to equity holders of parent company	(89,005,408)	12,892,786	(790)
	(96,435,367)	14,348,345	(772)
Share capital	1,985,238	1,985,238	-
Total equity	(47,163,592)	48,360,058	(198)
EPS per 50k share
Basic and diluted earnings per share (Naira)	(24)	4	(772)
Based on 3,970,477,045 ordinary shares of 50k each

2

PZ Cussons Nigeria Plc

Q4, 2023/24 unaudited interim financial statements for the quarter ended 31 May 2024

Statement of profit or loss and other comprehensive income
			Group
		Quarter to date	Year to date 31	Quarter to date	Year to date 31
	Note	31 May 2024	May 2024	31 May 2023	May 2023
		₦'000	₦'000	₦'000	₦'000
Revenue		41,529,187	152,156,771	26,966,381	113,964,309
Cost of sales	22	(18,940,246)	(91,561,660)	(17,771,820)	(81,015,877)
Gross profit		22,588,941	60,595,111	9,194,561	32,948,432
Selling and distribution expenses		(2,730,246)	(13,092,464)	(2,790,757)	(11,720,884)
Impairment of trade receivables		121,611	264,751	(2,662)	(167,976)
Administrative expenses	21	(1,133,814)	(1,279,642)	(2,906,471)	(7,881,879)
Exchange loss		5,204,821	(158,031,166)	(267,252)	(4,953,665)
Operating profit/(loss)		24,051,313	(111,543,410)	3,227,419	8,224,028
Other income	20	137,910	369,136	1,169,410	7,341,557
Interest income		779,773	6,096,368	1,954,372	5,233,116
Interest cost		(1,632,884)	(3,889,453)	(186,381)	(334,961)
Net interest income		(853,110)	2,206,915	1,767,991	4,898,155
(Loss)/Profit before tax		23,336,112	(108,967,359)	6,164,820	20,463,740
Income tax expense		(24,991,399)	12,531,992	(3,030,326)	(6,115,395)
(Loss)/Profit for the year		(1,655,287)	(96,435,367)	3,134,493	14,348,345
Total comprehensive income/(expense) for the year	(1,655,287)	(96,435,367)	3,134,493	14,348,345
Equity holders of the parent company	(3,195,073)	(89,005,408)	2,675,169	12,892,786
Non-controlling interest		1,539,787	(7,429,959)	459,324	1,455,559
		(1,655,287)	(96,435,367)	3,134,493	14,348,345
Basic and diluted (Loss)/earnings	per share (kobo)	(0.42)	(24.29)	0.79	3.61

The accompanying notes on pages 9 to 19 form an integral part of these financial statements.

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PZ Cussons Nigeria Plc

Q4, 2023/24 unaudited interim financial statements for the quarter ended 31 May 2024

Statement of profit or loss and other comprehensive income

			Company
	Note	31 May 2024	May 2024	31 May 2023	31 May 2023
		₦'000	₦'000	₦'000	₦'000
Revenue		23,874,545	90,717,948	14,303,963	67,413,111
Cost of sales	22	(12,125,533)	(55,645,224)	(9,305,789)	(48,653,086)
Gross profit		11,749,011	35,072,724	4,998,174	18,760,025
Selling and distribution expenses		(2,167,380)	(9,440,285)	(1,783,803)	(8,054,946)
Impairment of trade receivables		114,385	218,989	(66,277)	(187,922)
Administrative expenses	21	(1,042,018)	(683,788)	(2,582,097)	(6,902,928)
Exchange loss		2,975,231	(96,605,120)	(366,419)	(3,808,074)
Operating loss		11,629,229	(71,437,481)	199,578	(193,845)
Other income	20	173,053	509,707	1,034,223	7,311,799
Interest income		771,341	4,259,733	1,423,621	4,149,329
Interest cost		(298,817)	(416,482)	(17)	(1,456)
Net interest income		472,523	3,843,251	1,423,604	4,147,873
Loss before tax		12,274,805	(67,084,523)	2,657,405	11,265,827
Income tax expense		(20,086,780)	357,131	(1,359,472)	(2,737,391)
Loss for the year		(7,811,975)	(66,727,392)	1,297,933	8,528,436
Total comprehensive income/(expense) for the year	(7,811,975)	(66,727,392)	1,297,933	8,528,436
Equity holders of the parent company		(7,811,975)	(66,727,392)	1,297,933	8,528,436
Non-controlling interest		-	-	-	-
		(7,811,975)	(66,727,392)	1,297,933	8,528,436
Basic and diluted Loss per share (kobo)		(1.97)	(16.81)	0.33	2.15

The accompanying notes on pages 9 to 19 form an integral part of these financial statements.

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PZ Cussons Nigeria Plc

Q4, 2023/24 unaudited interim financial statements for the quarter ended 31 May 2024

Consolidated and separate statement of financial position as at 31 May 2024

		Q4, 2023/24	Year End 2022/23	Q4, 2023/24 Year End 2022/23
	Notes	₦'000	₦'000	₦'000	₦'000
Assets
Non-current assets
Property, plant and equipment	2a	14,976,784	15,500,551	13,472,071	14,031,270
Right-of-use assets	2b	107,637	203,758	66,418	131,515
Intangibe Assets	2c	317,885	423,847	317,885	423,847
Investments in subsidiaries	3	-	-	504,406	504,406
Investment property	4	1,826,842	1,590,634	1,826,842	1,590,634
Deferred Taxation	16	12,925,507	524,559	-	-
Loan receivables	5	-	-	526,469	3,422,048
Other assets	8	-	32,082	-	32,082
		30,154,656	18,275,432	16,714,092	20,135,803
Current assets
Inventories	6	40,845,450	29,048,718	28,211,172	19,922,450
Trade and other receivables	7	17,795,841	11,452,708	15,279,446	7,664,615
Loan receivables	5	-	-	3,158,814	3,158,814
Other assets	8	4,581,934	951,104	1,896,256	951,104
Deposits for imports	9a	11,332,875	958,058	7,463,967	9,670
Deliverable forwards	9b	148,579	4,056,791	39,026	383,725
Cash and cash equivalents	10	32,730,220	101,623,076	25,958,976	58,599,818
		107,434,899	148,090,454	82,007,657	90,690,196
Total assets		137,589,554	166,365,886	98,721,750	110,825,999
Equity
Ordinary share capital	11	1,985,238	1,985,238	1,985,238	1,985,238
Share premium		6,878,269	6,878,269	6,878,269	6,878,269
Retained earnings		(53,627,451)	34,466,240	(45,859,109)	19,808,961
Equity attributable to equity holders of
the company		(44,763,944)	43,329,747	(36,995,602)	28,672,468
Non controlling interest		(2,399,648)	5,030,311	-	-
Total equity		(47,163,592)	48,360,058	(36,995,602)	28,672,468
Liabilities
Non-current liabilities
Borrowings	15a	59,833,113	18,735,092	59,833,113	18,735,092
Deferred income	14a	-	84,230	-	84,230
Lease liability	2b	57,121	108,131	35,418	70,131
Deferred taxation	17	3,002,312	4,086,413	3,002,312	4,086,413
Provisions	18	245,420	309,078	-	-
		63,137,965	23,322,945	62,870,842	22,975,867
Current liabilities
Trade and other payables	13	94,137,376	79,943,735	69,169,101	54,481,104
Borrowings	15b	24,161,068	5,277,304	1,048,742	-
Lease liability	2b	50,516	95,627	31,000	61,384
Deferred income	14a	1,298,679	5,272	1,298,679	5,272
Contract liabilities	14b	429,954	361,162	394,409	361,162
Current taxation payable	16	1,458,556	8,927,549	904,578	4,268,743
Provisions	18	79,033	72,234	-	-
Total liabilities		121,615,181	94,682,883	72,846,510	59,177,665
	184,753,146	118,005,828	135,717,352	82,153,532
Net equity and liabilities		137,589,554	166,365,886	98,721,750	110,826,000

The 4th quarter (Q4, 2023/24) unaudited financial statements were approved and authorised for issue by the Board of Directors on

28 June 2024 and signed on its behalf by:

_______________________	______________________
Mr. Dimitris Kostianis	Mr. Brian Egan
Chief Executive Officer	Chief Financial Officer
FRC/2023/PRO/DIR/003/204573	FRC/2015/PRO/ANAN/001/00000011227

The notes on pages 9 to 19 are an integral part of these financial statements

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PZ Cussons Nigeria Plc

Q4, 2023/24 unaudited interim financial statements for the quarter ended 31 May 2024

Consolidated and separate statement of changes in equity

		Attributable to owners of the company
			Retained	Non controlling
	Share capital Share premium	earnings	interest	Total
	₦'000	₦'000	₦'000	₦'000	₦'000
At 1 June 2022	1,985,238	6,878,269	25,301,572	3,574,752	37,739,831
					-
Profit for the year	-	-	12,892,785	1,455,559	14,348,344
					-
Total comprehensive income for the year	-	-	12,892,785	1,455,559	14,348,344
Transactions with owners:
					-
Dividend paid relating to year ended 31 May 2022			(4,010,182)		(4,010,182)
Unclaimed dividend forfeited			282,065		282,065
					-
Total transaction with owners	-	-	(3,728,117)	-	(3,728,117)
At 31 May 2023	1,985,238	6,878,269	34,466,240	5,030,311	48,360,058
At 1 June 2023	1,985,238	6,878,269	34,466,240	5,030,311	48,360,058
Profit for the period	-	-	(89,005,408)	(7,429,959)	(96,435,367)
Adjustments for prior year tax adjustments			754,940	-	754,940
Total comprehensive income for the period	-	-	(88,250,468)	(7,429,959)	(95,680,426)
Transactions with owners:
					-
Unclaimed dividend forfeited			156,776		156,776
Total transaction with owners	-	-	156,776	-	156,776
At 31 May 2024	1,985,238	6,878,269	(53,627,451)	(2,399,648)	(47,163,592)
At 31 May 2023	1,985,238	6,878,269	34,466,240	5,030,311	48,360,058

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PZ Cussons Nigeria Plc

Q4, 2023/24 unaudited interim financial statements for the quarter ended 31 May 2024

Statement of changes in equity

			Company
		Attributable to owners of the company
			Retained	Non controlling
	Share capital Share premium	earnings	interest	Total
	₦'000	₦'000	₦'000	₦'000	₦'000
At 1 June 2022	1,985,238	6,878,269	15,008,640	-	23,872,147
Profit for the year	-	-	8,528,438	-	8,528,438
					-
Total comprehensive income for the year	-	-	8,528,438	-	8,528,438
Transactions with owners:
Dividend paid relating to year ended 31 May 2022			(4,010,182)		(4,010,182)
Unclaimed dividend forfeited			282,065		282,065
Total transaction with owners	-	-	(3,728,117)	-	(3,728,117)
					-
At 31 May 2023	1,985,238	6,878,269	19,808,961	-	28,672,468
At 1 June 2023	1,985,238	6,878,269	19,808,961	-	28,672,468
Profit for the year	-	-	(66,727,394)	-	(66,727,394)
Adjustments for prior year tax adjustments			902,548		902,548
Total comprehensive income for the year	-	-	(65,824,846)	-	(65,824,846)
Transactions with owners:
Unclaimed dividend forfeited			156,776		156,776
Total transaction with owners	-	-	156,776	-	156,776
					-
At 31 May 2024	1,985,238	6,878,269	(45,859,109)	-	(36,995,602)
At 31 May 2023	1,985,238	6,878,269	19,808,961	-	28,672,468

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PZ Cussons Nigeria Plc

Q4, 2023/24 unaudited interim financial statements for the quarter ended 31 May 2024

Consolidated and separate statement of cash flows

			The Group			The Company
				Year End			Year End
		Q4 2023/24	Q4 2022/23	2022/23	Q4 2023/24	Q4 2022/23	2022/23
	Notes	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
Cash flows from operating activities
Cash generated from operations	19	(79,377,411)	20,340,431	20,340,431	(31,625,167)	5,067,897	5,067,897
Taxation		(7,893,626)	(2,401,590)	(2,401,590)	(3,415,105)	(1,202,219)	(1,202,219)
Net cash flow generated from		(87,271,037)	17,938,841		(35,040,272)	3,865,678
operating activities		17,938,841	3,865,678
Cash flows from investing activities
Interest received		6,096,368	5,233,116	5,233,116	4,259,733	4,149,329	4,149,329
Loan receivables	5b	-	-	-			-
Purchase of property, plant and
equipment	4	(2,715,399)	(911,180)	(911,180)	(2,495,434)	(622,528)	(622,528)
Loan advanced		-	(5,000,000)	(5,000,000)	-	(11,296,509)	(11,296,509)
Loan repayment			5,000,000	5,000,000		4,715,647	4,715,647
Proceeds from sale of property, plant
and equipment		2,903	6,537,131	6,537,131	2,871	6,536,745	6,536,745
Net cash used in investing activities		3,383,871	10,859,067	10,859,067	1,767,171	3,482,684	3,482,684
Cash flows from financing activities
Borrowing from parent company			17,031,902	17,031,902		17,031,902	17,031,902
Trade obligation with banks		41,754,812	5,277,304	5,277,304	3,488,026
Interest Expense		(3,889,453)	(334,961)	(334,961)	(416,482)	(1,456)	(1,456)
Loan repaid		(22,871,048)	-	-	(2,439,285)	-	-
Lease payment		-	(96,121)	(96,121)	-	(65,097)	(65,097)
Loan receipt		-	-	-	-	-	-
Dividends paid to Company
shareholders		-	(1,071,739)	(1,071,739)	-	(1,071,739)	(1,071,739)
Net cash flow used in financing
activities		14,994,311	20,806,385	20,806,385	632,259	15,893,610	15,893,610
Net increase in cash, cash		(68,892,856)	49,604,293	49,604,293	(32,640,842)	23,241,972	23,241,972
equivalents and bank overdrafts
Cash, cash equivalents and bank
overdrafts at the beginning of the		101,623,076	52,845,333	52,845,333	58,599,818	35,830,975	35,830,975
year
Foreign exchange gains/ (losses) on
cash and cash equivalents		-	(826,550)	(826,550)	-	(473,129)	(473,129)
overdrafts at the end of the year		32,730,220	101,623,076	101,623,076	25,958,976	58,599,818	58,599,818

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