UAC OF NIGERIA : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

UAC of Nigeria PLC

Unaudited Condensed Consolidated Financial Statements for the 12 month Period ended 31 December 2022

UAC of Nigeria PLC

Unaudited condensed consolidated financial statements for the 12 month period ended 31 December 2022

Content	Page
Investor relations statement	1
Unaudited financial statements
Condensed consolidated statement of profit or loss and other comprehensive income	2
Condensed consolidated statement of financial position	3
Condensed consolidated statement of changes in equity	4
Condensed consolidated statement of cash flows	5
Notes to the condensed consolidated financial statements	6
Shareholding structure/free float status	31

UAC of Nigeria PLC

Statement on Investor Relations

UAC of Nigeria PLC has a dedicated investors' portal on its corporate website which can be accessed via this link: https://www.uacnplc.com. The Group Finance Director can be reached through electronic mail at: [e-mail]; or telephone on: [phone] for any investment related enquiry.

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UAC of Nigeria PLC

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the 12 month period ended 31 December 2022

		3 months to	12 months to	3 months to	12 months to
		December 2022	December 2022	December 2021	December 2021
	Notes	N'000	N'000	N'000	N' 000
Continuing operations
Revenue	3	31,412,396	109,217,231	30,009,103	101,376,839
Cost of sales	6	(28,514,962)	(94,000,717)	(24,827,198)	(83,837,291)

Gross profit		2,897,434	15,216,514	5,181,905	17,539,548
Dividend income	4	925	9,250	246,930	260,093
Other operating income	5	(281,280)	886,645	1,680,497	2,076,149
Write back/(Impairment loss) on financial assets	6	40,416	(17,521)	22,597	(15,950)
Selling and distribution expenses	6	(2,269,914)	(8,466,386)	(1,802,717)	(6,345,986)
Administrative expenses	6	(2,410,832)	(8,893,295)	(2,542,606)	(8,499,938)
Operating (loss)/profit		(2,023,251)	(1,264,793)	2,786,606	5,013,916
Finance income	7	326,028	1,056,793	290,588	1,211,391
Finance cost	7	(796,606)	(3,342,742)	(63,522)	(1,221,498)
Net finance cost/income		(470,578)	(2,285,949)	227,066	(10,107)
Share of profit/(loss) from associates using the equity method	14	143,119	104,894	(283,030)	(895,436)
(Loss)/profit before tax		(2,350,710)	(3,445,848)	2,730,642	4,108,373
Income tax expense	8	(342,711)	(1,230,332)	(706,706)	(1,519,214)
(Loss)/profit after tax for the period from continuing operations		(2,693,421)	(4,676,180)	2,023,936	2,589,159
Discontinued operations
Loss after tax for the period from discontinued operations	30b	(9)	(25,829)	-	(2,105)
(Loss)/profit for the period/year		(2,693,430)	(4,702,009)	2,023,936	2,587,054
Other comprehensive income:
Items not to be subsequently recycled to profit or loss
Net changes in fair value of financial assets	13	(21,375)	(72,375)	17,875	36,000
Share of other comprehensive loss of associates using the equity method	14	(5,717)	(82,893)	(65,743)	(60,026)
Other comprehensive loss for the period/year net of tax		(27,092)	(155,268)	(47,868)	(24,026)
Total comprehensive loss/(income) for the period/year net of tax		(2,720,522)	(4,857,277)	1,976,068	2,563,028
(Loss)/profit attributable to:
Equity holders of the parent		(2,142,411)	(3,499,193)	1,896,584	1,806,907
Non controlling interests		(551,019)	(1,202,816)	127,352	780,147
		(2,693,430)	(4,702,009)	2,023,936	2,587,054
Total comprehensive (loss)/income attributable to:
Equity holders of the parent		(2,169,503)	(3,654,461)	1,848,716	1,782,881
Non controlling interests		(551,019)	(1,202,816)	127,352	780,147
		(2,720,522)	(4,857,277)	1,976,068	2,563,028
Earnings per share attributable to owners of the parent during the period/year
(expressed in Kobo per share):
Basic earnings per share
From continuing operations (Kobo)	9	(74)	(120)	66	63
From discontinued operations (Kobo)	9	-	(1)	-	-
From (loss)/profit for the period/year (Kobo)		(74)	(121)	66	63
Diluted earnings per share
From continuing operations (Kobo)	9	(74)	(120)	66	63
From discontinued operations (Kobo)	9	-	(1)	-	-
From (loss)/profit for the period/year (Kobo)		(74)	(121)	66	63

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UAC of Nigeria PLC

Condensed Consolidated Statement of Financial Position

As at 31 December 2022

		31 December	31 December
		2022	2021
	Notes	N' 000	N' 000
Assets
Non-current assets
Property, plant and equipment	10	24,746,992	22,223,664
Intangible assets and goodwill	11	3,664,096	1,519,649
Investment properties	12	2,565,860	3,470,685
Equity instrument at fair value through other comprehensive income	13	514,965	449,975
Investments in associates	14	8,513,447	8,491,446
Debt instrument at amortised cost	15	2,232,103	2,468,868
Right of use assets	17	879,077	717,894
Trade and other receivables	19	2,146,876	2,676,292
Finance lease receivable	19.1	10,372	10,372
Total non-current assets		45,273,788	42,028,845
Current assets
Right of return assets	16	4,683	3,328
Inventories	18	25,531,934	36,213,523
Trade and other receivables	19	7,136,605	8,722,956
Finance lease receivable	19.1	3,300	3,300
Cash and cash equivalents	20	16,602,507	11,409,946
Total current assets		49,279,029	56,353,053
Non-current assets held for sale	30a	541,850	545,993
Assets of disposal group classified as held for distribution to owners	30b	3,865	3,865
Total assets		95,098,532	98,931,756
Equity and Liabilities
Ordinary share capital	28	1,463,065	1,440,648
Share premium		14,647,616	14,174,606
Contingency reserve		69,571	69,571
Fair value reserve		60,577	215,845
Equity settled share based payment reserve		342,870	98,931
Other reserve		91,923	91,923
Retained earnings		24,581,408	29,889,951
Equity attributable to equity holders of the Parent		41,257,030	45,981,475
Non controlling interests		3,053,305	4,856,831
Total equity		44,310,335	50,838,306
Liabilities
Non-current liabilities
Lease liability	17	195,261	271,009
Borrowings	21	2,686,516	339,723
Deferred tax liabilities	22	4,658,741	4,649,022
Employee benefits	27	72,296	72,296
Provisions	26	49,071	16,643
Total non-current liabilities		7,661,885	5,348,693
Current liabilities
Current income tax liabilities	8	3,649,992	3,726,695
Refund liabilities	16	4,924	3,690
Lease liability	17	498,553	341,627
Current portion of borrowings	21	15,851,364	19,571,889
Trade and other payables	23	15,795,064	11,347,484
Contract liabilities	24	1,816,627	2,425,294
Dividend payable	25	5,475,511	5,193,036
Government grant	24	6,545	-
Provisions	26	6,548	92,948
Total current liabilities		43,105,128	42,702,663
Liabilities of disposal group classified as held for distribution to owners	30b	21,184	42,094
Total liabilities		50,788,197	48,093,450
Total equity and liabilities		95,098,532	98,931,756

The financial statements and the notes on pages 6 to 30 were approved and authorised before issue by the board of directors on 30 January 2023 and were signed on its behalf by:

Mr. Dan Agbor	Mr. Folasope Aiyesimoju	Mrs. Funke Ijaiya-Oladipo
Chairman	Group Managing Director	Group Finance Director
FRC/2013/NBA/00000001748	FRC/2019/IODN/00000019806	FRC/2021/001/00000022822

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