TOTALENERGIES MARKETING NIGERIA : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

TOTALENERGIES MARKETING NIGERIA PLC

UNAUDITED FINANCIAL STATEMENT

31 December, 2021

Contents	Page
Results at a glance	1
Statement of financial position	2
Statement of profit or loss and other comprehensive income	3
Statement of changes in equity	4
Statement of cash flows	5
Notes to the financial statements	6

TOTALENERGIES MARKETING NIGERIA PLC

RESULTS AT A GLANCE
FOR THE YEAR ENDED	31 December		31 December
	2021		2020		Change
	₦'000		₦'000	%
Revenue	341,168,577	204,721,463	67
Profit before minimum and income taxation	24,989,815	2,909,038	759
Profit for the year	16,725,447	2,063,385	711
Share capital	169,761	169,761	-
Shareholders' funds	41,481,032	28,150,979	47
Total dividend	1,358,087	2,063,385
Interim dividend - proposed	1,358,087	-
Final dividend - proposed	-	2,063,385
Dividend declared	-	2,063,385
	31 December		31 December
	2021		2020		Change
PER SHARE DATA:				%
Based on 339,521,837 ordinary
shares of 50 kobo each:
Earnings per 50 kobo share (Naira) - basic	49.26	6.08	711
Dividend per 50 kobo share (Naira) 1	4.00	6.08	(34)
Dividend cover (times)	12.32	1.00	1,132
Stock exchange quotation (Naira)	221.90	130.00	71
Number of staff	436	438	(0)

1

TOTALENERGIES MARKETING NIGERIA PLC

STATEMENT OF FINANCIAL POSITION
AS AT		31 December		31 December
		2021	2020
	Notes	₦'000		₦'000
Non-current assets
Property, plant and equipment	16	38,734,516	36,207,654
Right-of-use assets	17 (i)	7,838,642	8,189,839
Intangible assets	15	123,302	142,420
Witholding tax receivables	11.2.1	506,653	433,774
Trade and other receivables	19.1	4,260,499		2,326,547
Total non-current assets		51,463,612	47,300,234
Current Assets
Inventories	18	29,679,713	21,619,936
Witholding tax receivables	11.2.1	1,101,887	1,212,223
Trade and other receivables	19	61,732,613	41,335,763
Prepayments	20	809,534	1,130,452
Cash and cash equivalents	24	62,449,910		31,014,277
Total current assets		155,773,657		96,312,651
Total assets		207,237,269	143,612,885
Equity
Share capital	23	169,761	169,761
Retained earnings		41,311,271		27,981,218
Total equity		41,481,032	28,150,979
Non-current liabilities
Deferred tax liabilities	11.3	6,090,629	4,503,670
Lease liabilities	21 (ii)	536,645	498,810
Employee benefits	12	916,924		641,174
Total non-current liabilities		7,544,198	5,643,654
Current liabilities
Current tax liabilities	11.2	6,306,805	438,797
Loans and borrowings	21 (i)	14,991,316	32,614,323
Employee benefits	12	-	67,159
Trade and other payables	22	133,291,642	73,485,400
Deferred income	22.2	3,068,991	2,698,297
Lease liabilities	21 (ii)	553,285		514,276
Total current liabilities		158,212,039		109,818,252
Total liabilities		165,756,237		115,461,906
Total equity and liabilities		207,237,269	143,612,885

These financial statements were approved by the Board of Directors of the Company on 27 January 2022 and signed on behalf of the Board by:

Lesley Green - Executive Director

FRC/2020/003/00000020680

Additionally certified by:

Samson Eghwerehe - Head of Finance

FRC/2018/ICAN/00000018952

The notes form an integral part of these financial statements.

2

TOTALENERGIES MARKETING NIGERIA PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED

		For the three months ended		For the twelve months ended
		31 December		31 December		31 December		31 December
		2021	2020	2021	2020
	Notes	₦'000		₦'000		₦'000		₦'000
Revenue	6	98,944,328	53,014,320	341,168,577	204,721,463
Cost of sales	10	(84,539,836)		(43,296,450)		(286,178,860)		(173,974,052)
Gross profit		14,404,492	9,717,870	54,989,717	30,747,411
Other income	9.1	814,179	(112,236)	4,467,759	1,040,064
Other expenses	9.2	(101,569)	301,609	(101,569)	-
Selling & distribution costs	10	(796,989)	(554,770)	(3,230,780)	(2,962,259)
Administrative expenses	10	(8,839,652)	(7,168,705)	(29,881,769)	(25,058,942)
Impairment loss on trade receivables	27 (iv)	(200,936)		72,965		(312,451)		(228,053)
Operating profit		5,279,525		2,256,733		25,930,907		3,538,221
Finance income	8	484,858	65,947	831,039	2,263,185
Finance costs	8	(497,814)		(326,527)		(1,772,131)		(2,892,368)
Net finance costs		(12,956)		(260,580)		(941,092)		(629,183)
Profit before minimum taxation		5,266,569	1,996,153	24,989,815	2,909,038
Minimum taxation	11.1.3	-		164,546		-		-
Profit before income taxation		5,266,569	2,160,699	24,989,815	2,909,038
Income taxation	11.1.1	(1,927,223)		(597,432)		(8,264,368)		(845,653)
Profit for the year		3,339,346	1,563,267	16,725,447	2,063,385
Other comprehensive income		-		-		-		-
Total comprehensive income for the year		3,339,346	1,563,267	16,725,447	2,063,385
Earnings per share
Basic and diluted earnings per share	14	9.84	4.60	49.26	6.08

The notes form an integral part of these financial statements.

3