INDUSTRIAL & MEDICAL GASES NIGERIA : AUDITED FINANCIAL STATEMENT FOR 2021

Industrial and Medical Gases Nigeria Plc

(Formerly BOC Gases Nigeria Plc)

Annual Report and Financial statements For the year ended 31 December 2021

Industrial and Medical Gases Nigeria Plc

(Formerly BOC Gases Nigeria Plc) Annual Report and Financial statements

For the year ended 31 December 2021

Table of Contents

Corporate information ............................................................................................................................................. i

The year at a glance ................................................................................................................................................. ii

Directors' report ..................................................................................................................................................... iii

Statement of Directors' responsibilities ................................................................................................................ xii

Certification of Financial Statements .................................................................................................................. xiii

Report of the audit committee ............................................................................................................................. xiv

Independent Auditor's Report ................................................................................................................................. 1

Statement of profit or loss and other comprehensive income ............................................................................... 5

Statement of financial position ............................................................................................................................... 6

Statement of changes in equity ............................................................................................................................... 7

Statement of cash flows .......................................................................................................................................... 8

Notes to the Financial Statements .......................................................................................................................... 9

Value added statement ......................................................................................................................................... 58

Five- Year Financial summary ................................................................................................................................ 59

Industrial and Medical Gases Nigeria Plc

(Formerly BOC Gases Nigeria Plc) Annual Report and Financial statements

For the year ended 31 December 2021

Corporate information Board of directors:

Name

• Mr. Abiodun Olabode Alabi

• Mr. Ayodeji Oseni

  - -

• Mr. Hendrik Mentz De Waal (South African) Resigned 10 August 2021 -

• Mr. Oyeniyi Olawale Oyedele

• Mr. Adebayo Adeleke

• Mr. Joseph Ramashala (South African) Resigned 10 August 2021

• Mr. Adeshina Alayaki

• Mr. Aminu Ado (Appointed 26/01/22)

• Mr. Ishaya Danjuma (Appointed 26/01/22)

Mrs Adebola Oluwadeji (Appointed 26/01/22)

Engr Funmilola Ojelade (Appointed 26/01/22)

- - - - - - - -

Chairman Managing Director Non-executive Non-executive Non-executive Non-executive Finance Director Non-executive Non-executive Non-executive Non-executive

Company secretary:

Mrs Aderonke Segun-Alabi

Registered office:Registrar:Auditor:Principal bankers:Members of the audit committee:

Plots 1-3, Block H Oshodi Industrial Estate Oshodi

Lagos State

First Registrar & Investors Services 2 Abebe Village Road

Iganmu

PMB 12692, Marina Lagos

Deloitte & Touche Civic Towers

Plot GA 1, Ozumba Mbadiwe Avenue, Victoria Island

Lagoswww.deloitte.com.ng

Standard Chartered Bank Nigeria Limited Zenith Bank Plc

United Bank of Africa

Rand Merchant Bank Nigeria Limited First Bank of Nigeria Limited

First City Monument Bank Plc Fidelity Bank Plc

Mr. Emmanuel Okafor (Chairman) Mr. Bello Owonikoko

Mr. Kenneth Nwosu Mrs. Adebola Oluwadeyi Mr. Aminu Ado

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Industrial and Medical Gases Nigeria Plc

(Formerly BOC Gases Nigeria Plc) Annual Report and Financial statements

For the year ended 31 December 2021

The year at a glance % increase

2021	2020	/(decrease)
N'000	N'000
Revenue	3,699,230	3,171,173	16.65
Results from operating activities	643,596	392,357	64.03
Profit before income tax	552,196	414,502	31.52
Income tax expense	(180,177)	(122,395)	47.21
Profit for the year	372,019	292,107	24.94
Total comprehensive income for the year	372,019	292,543	24.76
Declared dividend during the year*	208,122	124,873	66.67
Share capital	208,122	208,122	-
Total equity	3,046,028	2,879,676	5.78
Number of 50 kobo ordinary shares issued	416,244,706	416,244,706
Per 50k share data
Basic earnings per share (kobo)	89	70	25.26
Dividend per share:
- Declared during the year	50k	30k
Net assets per share (Naira)	7.33	6.92	5.99
Stock exchange quotation at end of year	N9.45	N8.70	8.62
Market capitalisation at end of year (N: '000)	3,933,512	3,621,329	8.62

* Dividend declared during the year represents the dividend proposed during the preceding year and approved by the shareholders for payment in the current year.

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Industrial and Medical Gases Nigeria Plc

(Formerly BOC Gases Nigeria Plc) Annual Report and Financial statements

For the year ended 31 December 2021

Directors' report

The directors present their report on the affairs of Industrial and Medical Gases Nigeria Plc ("the Company") together with the financial statements and the auditor's report for the year ended 31 December 2021.

1 Legal status

Industrial & Medical Gases Nigeria Plc (formerly BOC Gases Nigeria Plc hereinafter "the Company"), a public company quoted on the Nigerian Stock Exchange in 1979, was incorporated as a public limited liability company on 12 November 1959 under the name Industrial Gases (Nigeria) Limited. The name was changed on 10 July 1961 to Industrial Gases Limited and thereafter to BOC Gases Nigeria Plc on 17 March 1997. The Company was a subsidiary of BOC Holdings Limited, U.K., which holds 60% interest in the equity of BOC Gases Nigeria Plc. BOC Holdings Limited, U.K. is a subsidiary of Linde Plc, United Kingdom, the ultimate holding company. The Company's registered office address is Plots 1-3, Block H, Oshodi Industrial Estate, Oshodi, Lagos. In August 2021, TY Holdings Limited acquired additional 60% of the entire shares of the Company owned by BOC Holdings UK. The purchase is in addition to the existing 12% shares of the Company owned by TY Holdings Limited prior to this transaction bringing the ownership of TY Holdings Limited in BOC Gases Nigeria Plc to 72%. As a result of this development, the name of BOC Gases Nigeria Plc was changed to Industrial and Medical Gases Nigeria Plc, with a new logo and trademark.

2 Principal activities

The Company engages in the manufacture of industrial and medical gases as well as the sale of special gases, welding and medical equipment.

3 Operating results

The following is a summary of the Company's operating results:

4

2021	2020
N'000	N'000
Revenue	3,699,230	3,171,173
Results from operating activities	643,596	392,357
Profit before income tax	552,196	414,502
Profit for the year	372,019	292,107
Total comprehensive income for the year	372,019	292,543
Retained earnings	2,844,517	2,671,118
Dividend

The directors have awarded a stock dividend of one for every five shares held (2020: Cash dividend of 50k) on the issued share capital of 416,244,706 (2020: 416,244,706).

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