ETERNA : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

Eterna Plc

IFRS Financial Statements for the Fourth Quarter

Ended 31st December 2022

Eterna Plc

Consolidated Financial Statements for the Quarter and

Year Ended 31st December 2022

Consolidated statement of profit or loss and other comprehensive income for year ended 31st December 2022

		Group			Company
		31 December	31 December		31 December	31 December
	Note	2022			2021	2022			2021
		N'000			N'000		N'000			N'000
Revenue	1	117,459,863			82,197,987	117,459,863			82,197,987
Cost of sales	2.1	(108,339,257)			(77,933,580)	(108,531,923)			(78,192,664)
Gross profit		9,120,606			4,264,407		8,927,940			4,005,323
Selling and distribution expenses	2.2	(283,021)			(235,660)	(282,951)			(233,955)
General and administrative expenses	2.3	(5,870,627)			(4,233,926)	(5,538,878)			(3,954,890)
Other income	6	250,312			231,632	248,967			230,147
Foreign exchange gains	7.1	(150,654)			210,012	(150,654)			210,012
Operating profit		3,066,616			236,465		3,204,424			256,637
Finance income	7	41,047			9,091	41,047			9,091
Finance cost	8	(690,665)			(1,181,972)	(690,665)			(1,180,557)
Profit before tax		2,416,998			(936,415)	2,554,806			(914,829)
Taxation	9	(647,724)			(163,717)		(651,169)			(163,717)
Profit for the year		1,769,273			(1,100,133)	1,903,636			(1,078,545)
Attributable to:
- Owners of the parent		1,769,273			(1,100,133)	1,903,636			(1,078,545)
- Non-controlling interests		-			-	-			-
		1,769,273			(1,100,133)		1,903,636			(1,078,545)
Total comprehensive income for the year
1,769,273			(1,100,133)		1,903,636			(1,078,545)
Attributable to:
- Owners of the parent		1,769,273			(1,100,133)	1,903,636			(1,078,545)
- Non-controlling interests		-			-	-			-
Total comprehensive income for the year	1,769,273			(1,100,133)		1,903,636			(1,078,545)
Earnings per share:
Basic	22	1.36			(0.84)	1.46			(0.83)
Diluted	22	1.36			(0.84)	1.46			(0.83)

Eterna Plc

Consolidated Financial Statements for the Quarter and

Year Ended 31st December 2022

Consolidated statement of profit or loss and other comprehensive income for Quarter ended 31st December 2022

		Group			Company
		Q4 2022	Q4 2021		Q4 2022	Q4 2021
	Note
		N'000			N'000		N'000			N'000
Revenue	10	26,027,582			21,205,028	26,027,582			21,155,801
Cost of sales	11.1	(22,882,729)			(21,025,843)	(23,161,671)			(21,020,042)
Gross profit		3,144,853			179,185		2,865,911			135,758
Selling and distribution expenses	11.2	(104,406)			(67,315)	(104,336)			(67,315)
General and administrative expenses	11.3	(2,068,681)			(1,009,146)	(1,977,793)			(922,919)
Other income	15	24,453			69,543	23,687			64,301
Foreign exchange gains	16.1	(67,611)			79,065	(67,611)			79,065
Operating profit		928,608			(748,668)		739,858			(711,109)
Finance income	16	8,267			4,076	8,267			4,076
Finance cost	17	(172,662)			(470,220)		(172,662)			(465,288)
Profit before tax		764,213			(1,214,813)	575,463			(1,172,322)
Taxation	18	(130,138)			311,649		(130,138)			299,025
Profit for the year		634,075			(903,164)	445,325			(873,297)
Attributable to:
- Owners of the parent		634,075			(903,164)	445,325			(873,297)
- Non-controlling interests		-			-	-			-
		634,075			(903,164)		445,325			(873,297)
Total comprehensive income for the year
634,075			(903,164)		445,325			(873,297)
Attributable to:
- Owners of the parent		634,075			(903,164)	445,325			(873,297)
- Non-controlling interests		-			-	-			-
Total comprehensive income for the year	634,075			(903,164)		445,325			(873,297)
Earnings per share:
Basic	22	0.49			(0.69)	0.34			(0.67)
Diluted	22	0.49			(0.69)	0.34			(0.67)

Eterna Plc

Consolidated Financial Statements for the Quarter and

Year Ended 31st December 2022

Consolidated statement of financial position

			Group			Company
	Note	31 December		31 December		31 December		31 December
		2022	2021	2022	2021
		N'000		N'000		N'000		N'000
Non-current assets
Property, plant and equipment	10	12,401,266	12,401,291	11,810,016	11,779,193
Intangible assets	10	40,571	64,452	40,571	64,451
Right of Use Assets	11	1,868,515	2,065,088	1,868,515	2,065,088
Other investments	13	660,382	625,382	660,382	625,382
Investment in subsidiaries	13	-		-		50,990		50,990
		14,970,734	15,156,213	14,430,474	14,585,104
Current assets
Inventory	14	10,615,341	12,037,556	10,551,562	12,019,495
Trade and other receivables	15	17,479,087	12,367,815	18,285,614	12,960,123
Prepayments	11	218,742	94,560	225,409	94,233
Cash and bank balances	16	10,986,479		6,426,159		10,985,943		6,422,003
		39,299,649		30,926,091		40,048,528		31,495,855
Total assets		54,270,384	46,082,304	54,479,002	46,080,960
Non-current liabilities
Borrowings	17	-	1,060,374	-	1,060,374
Lease Liability	20	149,447	147,664	149,447	147,664
Deferred tax liability	14	951,208	951,211	992,212	992,212
Decomissioning liability	18	170,866		170,866		157,020		157,020
		1,271,522	2,330,115	1,298,679	2,357,270
Current liabilities
Trade and other payables	19	13,267,782	11,329,921	13,291,095	11,292,725
Borrowings	17	25,162,058	20,056,872	25,162,058	20,051,081
Tax payable	9	681,335		247,017		651,169		246,220
		39,111,175		31,633,810		39,104,322		31,590,026
Total liabilities		40,382,697	33,963,926	40,403,001	33,947,296
Equity attributable to shareholders
Share capital	21	652,072	652,072	690,772	652,072
Share premium	21	5,796,053	5,796,053	5,796,053	5,796,053
Retained earnings		7,439,481		5,670,207		7,589,176		5,685,540
		13,887,606	12,118,332	14,076,002	12,133,665
Non -controlling interest		80	46	-	-
Total equity		13,887,686		12,118,378		14,076,002		12,133,665
Total equity and liabilities		54,270,384		46,082,304		54,479,002		46,080,960
		-0.36	0.00	0	0.14

The financial statements were approved by the board of directors and authorised for issue on 24th January, 2023. They were signed on its behalf by:

Benjamin Nwaezeigwe		Abudukerimu Sule
Managing Director/Chief Executive Officer		Chief Financial Officer
FRC/2022/PRO/DIR/003/23332		FRC/2022/PRO/ICAN/001/00000023899

									Eterna Plc
						Consolidated Financial Statements for the Quarter and
							Year Ended 31st December 2022
Consolidated statement of changes in equity
			Attributable to equity holders
				of the parent
				Group
					Total amount	Non -
			Retained		attributable to	controlling
	Share Capital	Share premium	Earnings	Other Reserves	equity holders	interest	Total Equity
	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2021	652,072	5,796,053	6,900,750		13,348,875	61	13,348,937
Comprehensive income
Profit for the year	-	-	(1,100,128)		(1,100,128)	(15)	(1,100,143)
Other Comprehensive income
Total comprehensive income	-	-	(1,100,128)	-	(1,100,128)	(15)	(1,100,143)
Transaction with owners					-	-	-
Dividend paid			-130,414		(130,414)	-	(130,414)
At 31 December 2021	652,072	5,796,053	5,670,208	-	12,118,333	46	12,118,378
Balance at 1 January 2022	652,072	5,796,053	5,670,208		12,118,333	46	12,118,378
Comprehensive income
Profit for the year	-	-	1,769,273		1,769,273	-	1,769,273
Other Comprehensive income
Total comprehensive income	-	-	1,769,273	-	1,769,273	-	1,769,273
Transaction with owners	-	-	-		-	-	-
Dividend Paid					-	-	-
At 31 December 2022	652,072	5,796,053	7,439,481	-	13,887,606	46	13,887,651
					Company
			Share	Share	Retained	Other	Total
			capital	premium	earnings	Reserves	Equity
			N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2021			652,072	5,796,053	6,894,501		13,342,626
Comprehensive income							-
Profit for the year					(1,078,546)		(1,078,546)
Other Comprehensive income							-
Total comprehensive income			-	-	(1,078,546)	-	(1,078,546)
Transaction with owners			-	-	-		-
Dividend paid					(130,414)		(130,414)
At 31 December 2021			652,072	5,796,053	5,685,540	-	12,133,665
Balance at 1 January 2022			652,072	5,796,053	5,685,540		12,133,665
Comprehensive income							-
Profit for the year					1,903,636		1,903,636
Other Comprehensive income
Total comprehensive income			-	-	1,903,636	-	1,903,636
Transaction with owners			-	-	-		-
Dividend Paid					-		-
At 31 December 2022			652,072	5,796,053	7,589,176	-	14,037,301