FTN COCOA PROCESSORS : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

FTN COCOA PROCESSORS PLC

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2022

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)
	Pastor Akin Laoye	- Managing Director
	Otunba' Wale Jubril
Company Secretaries:	Alpha-Genasec Limited,
	Kresta Laurel Complex,
	376, Ikorodu Road,
	Maryland, Lagos.
	Tel. [phone]
	E-mail:[e-mail]
Registered Office:	21, Emmanuel Keshi Street,
	Oladipo Sessi Close,
	Magodo, GRA, Lagos.
	Tel. [phone]
	Website:www.ftncocoa.com.ng
	E-mail:[e-mail]
Registration Number:	RC 172292
Factory Address:	Km 9, Monatan- Iwo Road,
	Opposite Arcedem, Wofun Olodo,
	Ibadan, Oyo State.
	Tel. [phone]
Independent Auditors:	Bakertilly Nigeria,
	(Chartered Accountants),
	Kresta Laurel Complex (4th Floor),
	376, Ikorodu Road, Maryland, Lagos.
	Tel. [phone]
	E-mail:[e-mail]
Registrars:	Meristem Registrars,
	213, Herbert Macaulay Street,
	Yaba, Lagos.
	Tel.: [phone]
	E-mail:[e-mail]
Bankers:	Ecobank Nigeria Limited
	Guaranty Trust Bank Plc

Zenith Bank Plc

United Bank for Africa Plc

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	FTN COCOA PROCESSORS PLC
		RESULTS AT A GLANCE
For the year	2022	2021	Change	Percentage
		N'000	N'000	N'000	Change
Revenue	62,194	290,779	(228,585)	(79)
Loss before taxation	(430,876)	(1,477,894)	1,047,018	(71)
Taxation	(311)	(727)	416	(57)
Loss after taxation	(431,187)	(1,478,621)	1,047,438	(71)
Loss per share	(11k)	(38k)	27k	(71)
At year end
Property, plant and equipment	5,804,832	5,913,813	(108,981)	(2)
Total assets	7,276,723	7,441,390	(164,667)	(2)
Total liabilities	8,831,261	8,192,988	638,273	8
Share capital	1,950,000	1,100,000	850,000	77
Revaluation reserve	4,017,369	4,017,369	-	0
Equity	(1,554,538)	(751,598)	802,937	107
		Number	Number
Number of employees	63	74
		===	===

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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, 2022.

2. Review of operating performance	N'000
Loss before taxation	(430,876)
Taxation	(311)
Loss after taxation	(431,187)
	=========

1. 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 a public company and renamed 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.
2. 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.
3. Review of operational performance
   The company sustained a loss after tax of N431.1 million compared with a loss after tax of N1.478billion 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.
4. Directors
   The names of the directors of the company are as stated on page 1 of these Reports and financial statements.

7 Directors' interests

1. The interest of the directors in the issued share capital of the company are as follows: -