FINANCIAL AND OPERATIONAL
HIGHLIGHTS
2022 | 2021 | |
FINANCIALS | US $ | US $ |
Turnover | 43,489,657 | 41,835,142 |
Operating Loss | (7,211,830) | (9,819,429) |
Loss before Tax | (12,945,825) | (15,169,927) |
Loss for the year | (12,058,964) | (15,088,714) |
Total Assets | 140,964,348 | 160,034,555 |
Net asset per share | 0.0109 | (0.0243) |
No of shares ranking for | ||
dividend | 2,038,074,176 | 2,038,074,176 |
Earnings per share | (0.0059) | (0.0074) |
2022 | 2021 | |
OPERATIONS | MT | MT |
CPC Beans | 13,097 | 13,495 |
% of Throughput | 20% | 21% |
Semi Finished Products Packed
10,908
11,296
Confectionery Products Packed
2,181
2,183
COCOA PROCESSING COMPANY PLC
ANNUAL REPORTS AND FINANCIAL STATEMENTS
30 SEPTEMBER 2021
COCOA PROCESSING COMPANY PLC
ANNUAL REPORTS AND FINANCIAL STATEMENTS 30 SEPTEMBER 2021
CONTENTS | P A G E |
Corporate Information | 1 |
Report of the Directors | 2 - 7 |
Independent Auditor's Report | 8 - 11 |
Statement of Financial Position | 12 |
Statement of Profit or Loss and other Comprehensive Income | 13 |
Statement of Changes in Equity | 14 - 15 |
Statement of Cash Flows | 16 |
Notes to the Financial Statements | 17 - 57 |
COCOA PROCESSING COMPANY PLC
CORPORATE
INFORMATION 30
SEPTEMBER 2021
BOARD OF DIRECTORS | Kwaku Owusu Baah | Chairman |
Nana Agyenim Boateng | Managing Director | |
Hon. Ben Abdullah Banda | Member | |
Philomena Okyere (Mrs) | Member | |
Emmanuel Ray Ankrah (Mr) | Member | |
J oe Forson (Mr) | Member- resigned, 30 | |
December 2021 | ||
Douglas Boateng (Prof) | Member | |
Abdul Samed-Adams (Mr) | Member | |
Vincent Okyere Akomeah | Member - appointed,18 | |
December 2020 | ||
REGISTERED OFFICE | Cocoa Processing Company Plc | |
Heavy Industrial Area | ||
Private Mail Bag Tema | ||
SOLICITORS | A. Ossei-Aidooh & Co | |
1st Floor, Design House, Community 2 | ||
P. O. Box CE 11295 | ||
Tema | ||
Apex Lawconsult | ||
1st Floor, Oburdum Fie, Labone | ||
P. O. Box GP 4889 | ||
Accra | ||
COMPANY SECRETARY | Sheila Minkah-Premo | |
Apex Lawconsult | ||
1st Floor, Oburdum Fie, Labone | ||
P. O. Box GP 4889 | ||
Accra | ||
AUDITOR | Ernst & Young | |
Chartered Accountants | ||
60 Rangoon Lane | ||
Cantonments City Accra | ||
Ghana |
BANKERS
REGISTRAR
Absa Bank Ghana Limited ADB Bank Limited Bank of Ghana Ecobank Ghana Limited GCB Bank Limited
Prudential Bank Limited
Societe Generale Ghana Limited United Bank for Africa (Ghana) Limited
NTHC Limited
Martco House
P. O. Box 9563
Airport, Accra
1
COCOA PROCESSING COMPANY PLC
ANNUAL REPORTS AND FINANCIAL
STATEMENTS
REPORT OF THE DIRECTORS
TO THE MEMBERS OF
COCOA PROCESSING COMPANY PLC
The Directors present their report and the financial statements of the Company for the year ended 30 September 2021.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors are responsible for the preparation of financial statements that give a true and fair view of Cocoa Processing Company Plc, comprising the statements of financial position at 30 September 2021, and the statements of comprehensive income, changes in equity and cash flows for the year ended, and the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes, in accordance with International Financial Reporting Standards and in the manner required by the Companies Act, 2019 (Act 992). In addition, the Directors are responsible for the preparation of the report of the Directors.
The Directors are also responsible for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and for maintaining adequate accounting records and an effective system of risk management.
The Auditor is responsible for reporting on whether the financial statements give a true and fair view in accordance with the applicable financial reporting framework.
GOING CONCERN CONSIDERATION AND STATE OF AFFAIRS OF THE COMPANY
The Company incurred a loss of US$15.09m (2020: US$18.6 m) for the year ended 30 September 2021, and as of
that date its current liabilities exceeded its current assets by US$113m (2020: US$108.82m). In addition, total
liabilities exceeded its total assets by US$49.59m (2020: S$38.2m).
A substantial part of the Company's liabilities is due to the majority shareholder, Ghana Cocoa Board (COCOBOD), a syndicate of banks led by Absa and Prudential Bank US$43.6m, US$24.8m and US$4.51m respectively. During the year, the Company defaulted on both the principal and interest repayment to respective banks and COCOBOD.
The Company's loss-making position is significantly driven by unavailability of cocoa beans to process due to insufficient cashflow during the year.
The Directors have been in discussions with Africa Export-Import Bank (Afreximbank) to obtain a US$86.7m loan facility. Management plans to use this loan to settle amounts due to the syndicate of banks, support its working capital requirements and retool its property, plant, and equipment to expand production capacity. Management expects the agreement to be signed by December 2023 and the first tranche disbursed by J anuary 2024. The ability of the Company to return to profitability and also settle the liabilities due within twelve months is dependent of the Afreximbank loan. At the date of this report, discussions with Afreximbank have not yet been finalised.
The above conditions indicate the existence of a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern and therefore, may be unable to realize its assets and discharge its liabilities in the normal course of business.
COCOBOD as at 30 September 2022 has converted loan of US$32m and trade accounts payable of US$55 to deposit for shares pending finalisation of a legal requirement to recognise it as stated capital.
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Cocoa Processing Company Ltd. published this content on 01 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2023 07:53:09 UTC.