Austin Laz mpany : AND COMPANY PLC- QUARTER 3 - FINANCIAL STATEMENT FOR 2023

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AUSTIN LAZ & COMPANY PLC

INTERIM STATEMENT OF AFFAIRS FOR THE

THIRD QUARTER ENDED 30TH SEPTEMBER, 2023

SUMMARY

Austin Laz & Company Plc is currently undergoing operational challenges. Consequently, all production activities are in suspension pending the resolution of the challenges. Meanwhile,

the company hereby presents the Statement of Affairs for the third quarter ended 30 September, 2023

	Jan - Sep	Jan - Jun	Jan -Sep	Audited
	2023	2023	2022	31/12/2022
RESULT	N'000	N'000	N'000	N'000
Turnover	-	-	-	-
Profit before tax	-	-	-	(44,568)
Taxation	-	-	-	-
Profit/(loss) after tax	-	-	-	(44,568)

By order of the Board

Barr Offor Ifeanyi

FRC/2016/NBA/0000001416

Company Secretary

Benin City

13-Oct-23

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AUSTIN LAZ & COMPANY PLC

INTERIM STATEMENT OF AFFAIRS FOR THE

THIRD QUARTER ENDED 30TH SEPTEMBER, 2023

CONTENT	PAGE
STATEMENT OF AFFAIRS	4
STATEMENT OF COMPREHENSIVE INCOME	5
NOTES TO THE STATEMENT	6 - 8

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AUSTIN LAZ & COMPANY PLC

INTERIM STATEMENT OF AFFAIRS FOR THE

THIRD QUARTER ENDED 30TH SEPTEMBER, 2023

STATEMENT OF AFFAIRS AS AT 30 SEPTEMBER, 2023

		NOTE	Third Quarter			Audited
			2023	12/31/2022
ASSETS			N'000			N'000
Non Current Assets
Property, Plant & Equipment	1	1,101,595	1,101,595
Intangibles	2	151,835	151,835
			1,253,430	1,253,430
CURRENT ASSETS
Inventories	3	25,830	25,830
Trade receivables	4	22,261	22,261
Cash and Cash Equivalent	5	1,057	1,057
			49,148	49,148
Total Assets		1,302,578	1,302,578
EQUITY AND LIABILITIES:
EQUITY
Authorized Share Capital		750,000	750,000
Paid up Share Capital	4	539,930	539,930
Capital Reserves		1,224,776	1,224,776
Retained Earnings		(511,600)	(511,600)
Equity attributable to
owners of company		1,253,106	1,253,106
NON-CURRENT LIABILITIES:
Long Term Borrowing	5	42,644	42,644
CURRENT LIABILITIES
Trade Payable	7	1,857	1,857
Other Payable	6	4,971	4,971
			6,828	6,828
Total Equity and Liabilities		1,302,578	1,302,578

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AUSTIN LAZ & COMPANY PLC

INTERIM STATEMENT OF AFFAIRS FOR THE

THIRD QUARTER ENDED 30TH SEPTEMBER, 2023

STATEMENT OF COMPREHENSIVE INCOME

	NOTE	2023		2022
								Audited
		Sep	Jan - Sep	Sep Jan - Sep	12/31/2022
		N'000	N'000	N'000	N'000	N'000
Revenue	8	-	-	-		-		-
Cost of Sales	10	-	-	-		-		-
Gross Profit/(Loss)								-
		-	-	-		-
Administration Expenses	12	-	-	-		-		(44,568)
Distribution Expenses	11	-	-	-		-		-
Finance Cost	13							-
Profit before Tax								(44,568)
Tax Provision								-
Profit after Tax								(44,568)
DISCONTINUED
OPERATION
Gain/(Loss) on discontinued
operation net of tax		-	-	-		-		-
Net Profit for the Period								(44,568)
OTHER
COMPREHENSIVE
INCOME NET OF TAX		-	-	-		-		-
Total Comprehensive income
for the Period				-		-		(44,568)
Basic Earning Per Share
	0.00	0.00	0.00		0.00		(0.04)
Diluted Earning Per Share		-	-	-		-		(0.04)

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AUSTIN LAZ & COMPANY PLC

INTERIM STATEMENT OF AFFAIRS FOR THE

THIRD QUARTER ENDED 30TH SEPTEMBER, 2023

NOTES TO THE STATEMENT OF AFFAIRS
1. INTANGIBLES:	Sep-23	Sep-22	AUDITED
		N'000	N'000 31-Dec-22
Intangible Asset	151,835	151,835	151,835
Less Impairment for the year		-			-		-
		151,835	151,835	151,835
2. TRADE RECEIVABLES
Trade Receivables	21,386	21,386	21,386
Other Receivables		875		875		875
		22,261	22,261	22,261
3. CASH & CASH EQUIVALENT
Cash at Bank	1,057	1,057	1,057
Cash at Hand		-		-		-
		1,057	1,057	1,057
4. SHARE CAPITAL
Authorized Share CAPITAL	750,000	750,000	750,000
Paid up Share Capital	539,930	539,930	539,930
5. LONG TERM LOAN	42,644	42,644	42,644
6. OTHER PAYABLE
Audit Fees	557	557	557
Taxation	1,704	1,704	1,704
Accrued Salaries & Wages		2,710		2,710		2,710
		4,971	4,971	4,971
7. TRADE PAYABLES
Trade Creditors	1,857	1,857	1,857
8. TURNOVER
Aluminium Section	-		-		-
Ice Plant Section	-		-		-
		-		0	0

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AUSTIN LAZ & COMPANY PLC

INTERIM STATEMENT OF AFFAIRS FOR THE

THIRD QUARTER ENDED 30TH SEPTEMBER, 2023

NOTE TO THE STATEMENT OF AFFAIRS - Continued

				AUDITED
	Sep-23	Sep-22	31/12/2022
9. PRODUCTION COST	N'000	N'000	N'000
Opening Inventories Raw Materials	-	-	3,827
Add Purchase of raw materials	-	-	0
				3,827
Less Closing Inventories raw materials				(3,827)
Carrige Inwards	-	-	0
Prime Cost:	-	-	0
Add factory overheads:
Factory/Manufacturing Expenses	-	-	-
Wages and Salaries	-	-	-
Depreciation of Plant	-	-	-
Add Opening W.I.P	-	-	15,154
Total Production cost	-	-	15,154
Less closing W.I.P	-	-	(15,154)
Production cost to be
transferred to Trading
account	-	-	0
10. COST OF SALES
Opening Finished Stock	-	-	6,849
Add Production cost	-	-	0
Purchases	-	-	6,849
Less closing stock	-	-	(6,849)
		-	-
11. DISTRIBUTION COST
Transport & Travelling	-	-	-
Carriage outward	-	-	-
Advertisement & Promotion	-	-	-
Salaries & Commission	-	-	-
Installation Expenses	-	-	-
Discount Allowances	-	-	-
Entertainment	-	-	-
	-	-	0

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AUSTIN LAZ & COMPANY PLC

INTERIM STATEMENT OF AFFAIRS FOR THE

THIRD QUARTER ENDED 30TH SEPTEMBER, 2023

NOTE TO THE STATEMENT OF AFFAIRS - Continued

AUDITED

Sep-23Sep-22 31/12/2022

N'000 N'000 N'000

12. ADMINISTRATION EXPENSES
Wages & Salaries	-	-	-
Motor Vehicle Maintenance	-	-	-
Printing & Stationery	-	-	-
Telephone & Postage	-	-	-
Medical Expenses	-	-	-
Power and Electricity	-	-	-
General Repairs	-	-	-
Rent & Rates	-	-	-
Entertainment	-	-	-
Audit Fees	-	-	-
Maintenance of Office Equip	-	-	-
Generator Running	-	-	-
Legal & Professional fees	-	-	-
Education & Training	-	-	-
Sanitation & Cleaning	-	-	-
Admin Expenses	-	-	-
Directors Expenses	-	-	-
Depreciation	-	-	44,568
Security Expenses	-	-	-
Folklift Expenses	-	-	-
Computer/Internet Services	-	-	-
Levies & Rates	-	-	-
Equipment Repairs & Maintenance	-	-	-
Newspaper and Periodical	-	-	-
Fuel and Diesel	-	-	-
Impairment of Intangible asset	-	-	-
Local Transport	-	-	-
	-	0	44,568
13. FINANCE COST
Bank Charges	-	-	-
Interest Charges	-	-	-
	-	0	0

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INTERIM FINANCIAL REPORT FOR THE

PERIOD ENDED 30 SEPTEMBER 2023

1. General Information

The company was incorporated as privately owned company in 1982 and was converted to public company in 2011 quoted on the stock exchange in 2012. The company is domiciled in Nigeria and its shares are listed on the Nigeria Stock Exchange (NSE)

The company started as pioneer manufacturer of ICE machine. Because of growth opportunities in the company's region, it diversified into other divisions which include thermoplastic industry for the production of coolers and other plastic products, Aluminium factory for the production of corrugated longspan roofing sheets.

The company currently has 1,079,860,000 shares held by about 370 Nigerians.

2. Shareholding Structure/Free float

Description	30-Sep-23		30-Sep-22
	Unit	Percentage	Unit	Percentage
Issued Share Capital	1,079,860,000	100%	1,079,860,000	100%
Substantial Shareholdings (5% and above)
Dr. Austin Asimonye	542,000,000	50.19%	542,000,000	50.19%
Arin Labs Int'l Ltd	100,000,000	9.26%	100,000,000	9.26%
Unibake Limited	100,000,000	9.26%	100,000,000	9.26%
Resort Securities Limited	100,000,000	9.26%	100,000,000	9.26%
Total Substantial Shareholdings	842,000,000	77.97%	842,000,000	77.97%
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests
Prof. Pat Utomi	1,500,000	0.14%	1,500,000	0.14%
Bar. Ifeanyi Ofor	100,000	0.01%	100,000	0.01%
Dr. Austin Asimonye	-	-	-	-
Bar. Obiageli C. Asimonye	8,000,000	0.74%	8,000,000	0.74%
Dr. Oguike Temple	100,000	0.01%	100,000	0.01%
Engr. Charles Odita	11,240,000	1.04%	11,240,000	1.04%
Total Directors' Shareholdings	20,940,000	1.94%	20,940,000	1.94%
Other Influential Shareholdings
Nil	-	-	-	-
Total Other Influential
Shareholdings	-	0.00%	-	0.00%
Free Float in Units and
Percentage	216,920,000	20.09%	216,920,000	20.09%
Free Float in Value	₦ 108,460,000.00	₦ 108,460,000.00

Declaration:

(A) Austin Laz & Co. Plc with a free float percentage of 20.09% as at 30 September 2023, is compliant with the Exchange's free float requirements for companies listed on the Growth Board.

(B) Austin Laz & Co. Plc with a free float value of N108,460,000.00 as at 30 September 2023, is compliant with the Exchange's free float requirements for companies listed on the Growth Board.

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INTERIM FINANCIAL REPORT FOR THE

PERIOD ENDED 30 SEPTEMBER 2023

3. Basis of preparation of Statements Affairs

These Statements of Affairs are the unaudited interim results (hereafter ''the interim report'') of Austin Laz

• Co. Plc for the Third quarter ended September 30, 2023 (hereafter ''the interim period''). They are prepared according to International Accounting Standard 34 (IAS 34) Interim Financial Reporting. This Interim report should be read in conjunction with the audited financial statements for the year ended December 31, 2022 prepared under IFRS (hereafter "the annual financial statements''), as they provide an update of previously reported information. The Interim report has been prepared in accordance with the accounting policies set out in the annual financial statements. The presentation of the Interim report is consistent with the annual financial statements. Where necessary, comparative information has been reclassified or expanded from
  the previously reported interim report to take into account any presentational changes made in the annual financial statements or this interim report.

4. Securities Trading Policy

In compliance with Rule 17.15 Disclosure of Dealings in issuers' shares, Rule book of the Exchange 2015 (issuers' Rule) Austin Laz & Co. Plc maintains a Security Trading Policy (Policy) which guides Directors, audit committee members, employees and all individuals categorized as insiders in relation to their dealings in the company's shares. The

Policy undergoes periodic review by the Board and is updated accordingly. The company has made specific inquiries of all its directors and other insiders and is not aware of any infringement of the policy during the period.

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