FTN COCOA PROCESSORS PLC
REPORTS AND FINANCIAL STATEMENTS
FOR THE THIRD QUARTER ENDED 30 SEPTEMBER, 2021
TABLE OF CONTENT
CONTENTS | PAGE |
Corporate information | 1 |
Results at a glance | 2 |
Statement of financial position | 5 |
Statement of comprehensive income | 6 |
Statement of changes in equity | 7 |
Statement of cash flows | 8 |
Notes to the financial statements | 9 |
Other national disclosure | |
Statement of value added | 31 |
P a g e | 3 | ||
FTN COCOA PROCESSORS PLC | ||
CORPORATE INFORMATION | ||
Directors: | High Chief (Sir) Simeon Olusola Oguntimehin, OON - (Chairman) | |
Pastor Akin Laoye | - Managing | |
Otunba' Wale Jubril | ||
Company Secretaries: | Alpha-Genasec Limited, | |
Kresta Laurel Complex, | ||
376, Ikorodu Road, | ||
Maryland, Lagos. | ||
Tel. 234-7035051231 | ||
E-mail:alphagenasec@bakertillynigeria.com | ||
Registered Office: | 21, Emmanuel Keshi Street, | |
Oladipo Sessi Close, | ||
Magodo, GRA, Lagos. | ||
Tel. 234-1-7409651 | ||
Website: www.ftncocoa.com.ng | ||
E-mail:info@ftncocoa.com.ng | ||
Registration Number: | RC 172292 | |
Factory Address: | Km 9, Monatan- Iwo Road, | |
Opposite Arcedem, Wofun Olodo, | ||
Ibadan, Oyo State. | ||
Tel. 234-2-7404744 | ||
Independent Auditors: | Bakertilly Nigeria, | |
(Chartered Accountants), | ||
Kresta Laurel Complex (4th Floor), | ||
376, Ikorodu Road, Maryland, Lagos. | ||
Tel. 234-9031613983 | ||
E-mail:btnlag@bakertillynigeria.com | ||
Registrars: | Meristem Registrars, | |
213, Herbert Macaulay Street, | ||
Yaba, Lagos. | ||
Tel.: 234-1-8920491,234-1-8920492 | ||
E-mail:info@meristemregistrars.com | ||
Bankers: | Ecobank Nigeria Limited | |
Guaranty Trust Bank Plc | ||
United Bank for Africa Plc | ||
Union Bank of Nigeria Plc |
P a g e | 4 | ||||||
FTN COCOA PROCESSORS PLC | ||||||
RESULTS AT A GLANCE | ||||||
Y-T-D | Y-T-D | |||||
For the period | 30/09/2021 | 30/09/2020 | Change | Percentage | ||
N'000 | N'000 | N'000 | % | |||
Revenue | 278,180 | 227,260 | (50,920) | 22 | ||
Loss before taxation | (848,119) | (351,719) | (496,400) | 141 | ||
Taxation | - | - | - | - | ||
Loss after taxation | (848,119) | (351,719) | (496,400) | 141 | ||
Loss per share | (38.55k) | (15.99k) | (22.56K) | 141 | ||
Y-T-D | Y-T-D | |||||
At period end | 30/09/2021 | 31/12/2020 | Change | Percentage | ||
N'000 | N'000 | N'000 | % | |||
Property, plant and equipment | 5,831,700 | 2,968,519 | 2,863,181 | 96 | ||
Total assets | 7,366,426 | 4,632,684 | 2,733,742 | 59 | ||
Total liabilities | 7,416,091 | 6,940,011 | 547,510 | 8 | ||
Share capital | 1,100,000 | 1,100,000 | - | - | ||
Revenue reserve | (6,651,903) | (5,803,784) | (848,119) | (15) | ||
Equity | (121,095) | (2,307,328) | 2,186,233 | 95 | ||
Number | Number | |||||
Number of employees | 69 | 73 | ||||
=== | === |
P a g e | 5
FTN COCOA PROCESSORS PLC
STATEMENT OF FINANCIAL POSITION
FOR THIRD QUARTER ENDED 30 SEPTEMBER, 2021
Y-T-D | Y-T-D | |||||
30/09/2021 | 31/12/2020 | |||||
Note | N'000 | N'000 | ||||
Non-current assets | ||||||
Property and equipment | 5 | 5,831,700 | 2,968,519 | |||
Available for sale financial assets | 6 | 300 | 300 | |||
Other receivables | 7.2 | 1,085,038 | 1,085,038 | |||
Total non-current assets | 6,917,038 | 4,053,857 | ||||
------------ | ------------ | |||||
Current assets | ||||||
Inventories | 8 | 351,423 | 500,348 | |||
Trade and other receivables | 7.1 | 30,205 | 30,045 | |||
Cash and cash equivalents | 9 | 67,760 | 48,434 | |||
Total current assets | 449,388 | 578,827 | ||||
---------- | ---------- | |||||
Total assets | 7,366,426 | 4,632,684 | ||||
======= | ======== | |||||
Current liabilities | ||||||
Trade and other payables | 10 | 720,698 | 723,973 | |||
Borrowings | 11.1 | 76,588 | 76,588 | |||
Current taxation | 12.2 | 66,261 | 66,261 | |||
Total current liabilities | 863,548 | 866,822 | ||||
------------ | ------------ | |||||
Non-current liabilities | ||||||
Borrowings | 11.2 | 6,623,973 | 6,073,191 | |||
Total non-current liabilities | 6,623,973 | 6,073,191 | ||||
------------ | ------------ | |||||
Total liabilities | 7,487,521 | 6,940,011 | ||||
Equity: | ||||||
Share capital | 15 | 1,100,000 | 1,100,000 | |||
Share premium | 16 | 1,413,439 | 1,413,439 | |||
Revaluation reserve | 17 | 4,017,369 | 983,017 | |||
Revenue reserve | 18 | (6,651,903) | (5,803,784) | |||
Total equity | (121,095) | (2,307,328) | ||||
------------- | ------------- | |||||
Total liabilities and equity | 7,366,426 | 4,632,684 | ||||
======== | ======== | |||||
…………………………….…………. | ……………………………… | |||||
Mr. Akin Laoye | Mr. Olumayowa P. Jimoh | |||||
Managing Director | for: Chief Finance Officer |
FRC/2021/003/00000023888
22ND OCTOBER, 2021
The accounting policies and notes on pages 9 to 30 form an integral part of these financial statements
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FTN Cocoa Processors plc published this content on 22 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 10:33:02 UTC.