LIVESTOCK FEEDS : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

LIVESTOCK FEEDS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31ST DECEMBER 2021

		3 months to		3 months to
		December 2021	2021 December 2020	2020
	Note	N'000	N'000	N'000	N'000
Revenue from contracts with customers	4	3,910,033	14,630,538	3,190,871	11,179,328
Cost of sales	7i	(3,492,648)	(13,054,820)	(2,831,645)	(9,893,710)
Gross profit		417,385	1,575,718	359,226	1,285,618
Other operating income/(loss)	8	15,609	17,065	11,275	85,740
Selling and Distribution expenses	7ii	(48,896)	(181,771)	(64,035)	(316,723)
Expected Credit Loss	17	(19,345)	(44,822)	13,296	(7,991)
Administrative expenses	7iii	(144,498)	(508,252)	(78,564)	(360,785)
Operating profit		220,255	857,938	241,198	685,858
Interest revenue	9	683	683	31	302
Finance Expense	10	(122,076)	(298,449)	(25,753)	(140,090)
Profit before tax	11	98,862	560,172	215,477	546,070
Income tax expense	12	(13,368)	(54,122)	62,906	(42,884)
Profit after taxation		85,495	506,050	278,382	503,186
Other comprehensive income		-	-	-	-
Total comprehensive income for the year, net of tax	85,495	506,050	278,382	503,186
Earnings per share(Kobo)
Basic earnings for the year attributable to ordinary
equity holders	13	2.85	16.87	7.18	16.77
Diluted, earnings for the year attributable to ordinary
equity holders	13	2.85	16.87	7.18	16.77

The notes on pages 6 to 45 are integral part of this financial statements.

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LIVESTOCK FEEDS PLC

STATEMENT OF FINANCIAL POSITION

AS AT 31ST DECEMBER 2021

	Note	2021	2020
Assets		N'000	N'000
Non-current assets
Property, plant and equipment	14	809,835	835,562
Intangible assets	15	1,412	-
Total non-current assets		811,247	835,562
Current assets
Inventories	16	8,563,975	5,096,943
Trade and other receivables	17	1,019,915	366,323
Refund assets	17	12,101	10,147
Prepayments	18	89,834	50,507
Other financial assets	19.2	17,283	20,668
Cash and short term deposit	19	330,439	93,991
Total current assets		10,033,548	5,638,578
Total assets		10,844,795	6,474,140
Equity
Issued capital	20	1,500,000	1,500,000
Share premium	20	693,344	693,344
Revenue reserves		385,485	(120,566)
Total equity		2,578,829	2,072,778
Current liabilities
Trade and other payables	21	806,208	2,332,999
Refund liabilities	21.2	13,421	11,194
Income tax payable	12	54,281	43,034
Dividend Payable	22	17,384	20,768
Interest-bearing loans and borrowings	23	7,374,669	1,993,367
Total current liabilities		8,265,963	4,401,362
Total liabilities
	8,265,963	4,401,362
Total equity and liabilities		10,844,795	6,474,140

The Financial statements was approved and authorised for issue by the Board of Directors on 20th January 2022 and was signed on its behalf by:

Chairman	Managing Director		Finance Manager
Dr. Joseph Dada	Mr. Adedeji Adegboyega	Mr. Adekunle Adepoju
FRC/2016/APCON/00000014735	FRC/2020/003/00000021439	FRC/2013/ICAN/00000004478

The notes on pages 6 to 45 are integral part of this financial statements.

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LIVESTOCK FEEDS PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31ST DECEMBER 2021

		Share
	Issued capital	premium	Revenue
	(Note 20)	(Note 20)	reserves	Total equity
	N'000	N'000	N'000	N'000
At 1 January 2020	1,500,000	693,344	(623,752)	1,569,592
Profit for the year	-	-	503,186	503,186
Other comprehensive income	-	-	-	-
Total comprehensive income, net of tax	-	-	503,186	503,186
At 31 December 2020	1,500,000	693,344	(120,566)	2,072,778
At 1 January 2021	1,500,000	693,344		2,072,778
(120,566)
Profit for the year	-	-		506,050
506,050
Other comprehensive income	-	-	-	-
Total comprehensive income, net of tax	-	-	506,050	506,050
At 31 December 2021	1,500,000	693,344	385,484	2,578,829

The notes on pages 6 to 45 are part of this financial statements.

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LIVESTOCK FEEDS PLC

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2021

	Note	2021		2020
		N'000		N'000
Operating activities
Profit before tax		560,172		546,070
Depreciation of property, plant and equipment	14	165,552		154,306
Amortisation of intangible assets	15	543		36
(Gain)/Loss on disposal of property, plant and equipment	8	9,942		(3,176)
Expected credit loss	7iii	44,822		7,991
Finance cost	10	298,449		140,090
Interest revenue	9	(683)
Government grant		-		(66,212)
Working capital adjustments:
Decrease/(Increase) in inventories		(3,467,027)		(2,228,110)
Decrease/(Increase) in trade and other receivables		(698,415)		(209,031)
Decrease/(Increase) in prepayments and other assets		(41,281)		19,769
Decrease in trade and other payables		(1,524,563)		912,451
Cash (used in)/ generated from operating activities		(4,652,489)	-	(725,816)
Income tax paid	12	(42,875)		(6,277)
Net cash (used in)/flows from operating activities		(4,695,364)		(732,093)
Investing activities
Interest received	9	683		-
Proceeds from disposal of PPE		14,595		3,571
Purchase of property, plant and equipment	14	(166,320)		(131,600)
Net cash flows used in investing activities		(151,042)		(128,029)
Financing activities
Interest paid	10	(298,449)		(79,259)
Proceed from borrowing	23	7,734,103		2,293,368
Loan Repayment	23	(2,352,801)		(1,300,000)
Net cash flows from/(used in) financing activities		5,082,853		914,109
Increase/(decrease) in cash and cash equivalents		236,448		53,986
Cash and cash equivalents at 1 January		93,991		40,004
Cash and cash equivalents at 31 December 2021	19	330,439		93,991

The notes on pages 6 to 45 are part of this financial statements.

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