FTN COCOA PROCESSORS : AUDITED FINANCIAL STATEMENT FOR 2021

FTN COCOA PROCESSORS PLC

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2021

TABLE OF CONTENT

CONTENTS	PAGE
Corporate information	1
Results at a glance	2
Report of the directors	3
Statement of directors' responsibility	9
Certificate of No misstatements and adequate internal control system	10
Statement of management discussion and analysis	11
Certification pursuant to section 60	12
Report of the audit committee	13
Independent auditors' report	14
Statement of financial position	17
Statement of comprehensive income	18
Statement of changes in equity	19
Statement of cash flows	20
Notes to the financial statements	21
Other national disclosure
Statement of value added	45
Five-year financial summary	46

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FTN COCOA PROCESSORS PLC

CORPORATE INFORMATION

Directors:

High Chief (Sir) Simeon Olusola Oguntimehin, OON - (Chairman)Mr. A.A Aderounmu Pastor Akin Laoye Otunba' Wale Jubril

-Died on 25th July, 2021.

- Managing Director

Company Secretaries:Registered Office:Registration Number:

Alpha-Genasec Limited, Kresta Laurel Complex, 376, Ikorodu Road, Maryland, Lagos. Tel. [phone]

E-mail:[e-mail]

21, Emmanuel Keshi Street,

Oladipo Sessi Close, Magodo, GRA, Lagos. Tel. [phone]

Website:www.ftncocoa.com.ng E-mail:[e-mail]

RC 172292

Factory Address:Independent Auditors:Registrars:

Km 9, Monatan- Iwo Road, Opposite Arcedem, Wofun Olodo, Ibadan, Oyo State.

Tel. [phone]

Bakertilly Nigeria, (Chartered Accountants),

Kresta Laurel Complex (4th Floor), 376, Ikorodu Road, Maryland, Lagos. Tel. [phone]

E-mail:[e-mail]

Meristem Registrars,

213, Herbert Macaulay Street, Yaba, Lagos.

Tel.: [phone] E-mail:[e-mail]

Bankers:

Ecobank Nigeria Limited Guaranty Trust Bank Plc United Bank for Africa Plc

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FTN COCOA PROCESSORS PLC

RESULTS AT A GLANCE

For the year	2021	2020	Change	Percentage
N'000	N'000	N'000	Change
Revenue	290,779	235,209	55,570	24
Loss before taxation	(1,477,894)	(842,807)	(635,087)	75
Taxation	(727)	(588)	(139)	24
Loss after taxation	(1,478,621)	(843,395)	(635,226)	75
Loss per share	(67k)	(38k)	(29k)	76
At year end
Property, plant and equipment	5,913,813	2,968,519	2,945,294	99
Total assets	7,441,390	4,632,684	2,808,705	61
Total liabilities	8,192,988	6,021,188	2,171,800	36
Share capital	1,100,000	1,100,000	-	-
Revaluation reserve	4,017,369	983,017	3,034,352	309
Equity	(751,598)	(1,388,504)	637,633	(46)
Number	Number
Number of employees	74	83
===	===

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FTN COCOA PROCESSORS PLC

REPORT OF THE DIRECTORS

1.

The directors hereby submit their report and the financial statements of the company for the year ended 31 December, 2021

2.

3.

Review of operating performance	N'000
Loss before taxation	(1,477,894)
Taxation	(727)
Loss after taxation	(1,478,621)
=========
Legal form

FTN Cocoa Processors Plc started as Fantastic Abiola Nigeria Limited, a private Company limited by shares which was incorporated on 26 August, 1991. The name Fantastic Abiola Nigeria Limited was changed to Fantastic Traders Nigeria Limited on 26 August, 1998 and further changed to FTN Cocoa Processors Limited on 3 December, 2007. The status of the company was changed to FTN Cocoa Processors Plc on 29 February, 2009 and the shares of the company were listed on the Nigerian Stock Exchange on 24 July, 2009.

4.

Principal activities

The principal activities of the company are the processing of cocoa beans and palm kernel into Cocoa Cake, Liquor, Butter, Powder, Palm Kernel oil and Palm Kernel cake. Cocoa Cake, Liquor and butter are exported while Cocoa powder, Palm Kernel oil and Palm Kernel cakes are marketed locally to manufacturing companies.

5.

Review of operational performance

The company sustained a loss after tax of N1,478.621 million compared with a loss after tax of N843.395 million in the preceding year. The Company sustained a loss as a result of lack of adequate working capital in order to produce at optimal level coupled with heavy finance cost.

6.

Directors

The names of the directors of the company are as stated on page 1 of these Reports and financial statements. Meanwhile, the Board regrets the sudden death of Mr. Ademola Aderounmu on 25th July, 2021. He was the founder/promoter and the first Managing Director of this company. Mr. Aderounmu served the company diligently from the beginning to his end and strove hard to ensure the Company was brought out of the woods, this however was unfortunately still to materialize before he passed away. We pray that his soul continues to rest in perfect peace with his maker.