May & Baker Nigeria : AND BAKER- QUARTER 2 - FINANCIAL STATEMENT FOR 2023

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May & Baker Nig Plc RC. 558

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR SIX MONTHS ENDED 30th JUNE, 2023

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UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

FOR SIX MONTHS ENDED 30TH JUNE, 2023.

		The Group				The Company
	3 Months to	6 Months	3 Months to	6 Months		3 Months to	6 Months	3 Months to	6 Months
	June, 2023	June,2023	June, 2022	June,2022		June, 2023	June,2023	June, 2022	June,2022
Note	N'000	N'000	N'000	N'000			N'000	N'000	N'000

Continuing operations

Revenue	5	4,535,115	8,783,652	3,433,799	6,773,266	4,212,492	8,264,988	3,312,218	6,506,850
Cost of sales		(2,929,314)	(6,032,280)	(2,410,583)	(4,719,678)		(2,781,613)	(5,788,706)	(2,365,862)	(4,592,846)
Gross profit		1,605,801	2,751,372	1,023,216	2,053,588	1,430,879	2,476,282	946,356	1,914,004
Other operating income/(Loss)	7	(79,194)	(49,962)	145,596	195,886	(4,166)	22,635	145,571	195,849
Distribution, sales and marketing expense		(565,527)	(1,001,963)	(412,219)	(887,872)	(512,536)	(917,902)	(353,272)	(799,598)
Administrative expenses		(424,987)	(717,687)	(306,339)	(554,315)	(403,021)	(676,853)	(302,516)	(532,750)
Operating profit/(loss)
	536,094	981,760	450,254	807,288	511,157	904,162	436,140	777,506
Interest income	8	133,967	189,520	30,315	46,150	133,955	189,508	30,315	46,150
Finance costs	10	(78,874)	(157,237)	(35,364)	(113,907)	(71,045)	(148,250)	(35,005)	(110,545)
Share of Loss of Joint Venture	17.2	(3,518)	(8,069)	(7,631)	(15,500)		-	-	-	-
Profit/(Loss) before tax		587,669	1,005,974	437,574	724,032	574,067	945,420	431,449	713,112
Provision for Tax	13.1	(188,054)	(321,912)	(140,024)	(231,690)	(183,701)	(302,534)	(138,064)	(228,196)
Profit after tax for the Period
11	399,615	684,062	297,550	492,341	390,366	642,886	293,386	484,916
Other comprehensive income:
Items that will not be reclassified
Asset revaluation gain net of tax		-	-	-	-		-		-
Total comprehensive income		399,615	684,062	297,550	492,341	390,366	642,886	293,386	484,916
Earnings per share	14.
Basic (kobo per share) from continuing operation		23.16	39.65	17.25	28.54	22.63	37.26	17.01	28.11
Diluted (kobo per share) from continuing operation
	23.16	39.65	17.25	28.54	22.63	37.26	17.01	28.11

All the profit of the Group is attributable to Owners of the Parents as there are no non-controlling interests.

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MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30th JUNE, 2023

Note

ASSETS

Non-current assets

	The Group			The Company
June	December	June		June	December	June
2023	2022	2022		2023	2022	2022
N'000	N'000	N'000		N'000	N'000	N'000

Property, plant and equipment	16
Intangible assets	15
Right of use assets	17
Investment in Joint Venture	17
Investment in subsidiaries	18
Asset held for sale	19
Total non-current assets
Current assets
Inventories	20
Trade and other receivables	21
Other assets	23
Cash and cash equivalents	22
Total current assets
Total assets
Equity and Liabilities

5,222,685	5,011,612	3,940,909
6,053	11,315	16,575
	738
1,133,490	1,141,559	1,151,624
-	-	-
-	-	-
6,362,228	6,165,224	5,109,108
4,837,820	5,342,018	4,452,261
1,101,965	1,068,944	1,160,844
1,637,961	2,474,626	2,376,418
4,208,907	2,906,798	2,534,798
11,786,653	11,792,386	10,524,321
18,148,881	17,957,610	15,633,429

5,161,820	4,969,007	3,916,888
5,879	11,110	16,340
	738
1,326,886	1,326,886	1,326,886
3,000	3,000	3,000
-	-	-
6,497,584	6,310,741	5,263,114
4,641,662	5,228,008	4,158,853
813,219	1,030,697	1,078,842
1,575,892	2,451,557	2,367,351
3,984,398	2,864,683	2,425,938
11,015,171	11,574,945	10,030,985
17,512,756	17,885,686	15,294,098

Share capital	24
Share premium account	25
Retained earnings	26
Asset revaluation reserve	26.1
Total equity
Non-current liabilities
Borrowings	27
Employee benefits	29
Deferred Income	30
Deferred tax liabilities	13
Total non-current liabilities
Current liabilities
Trade and other payables	28
Current tax liabilities	13
Borrowings	27
Deferred Income	30

Total current liabilities

Total liabilities

Total equity and liabilities

862,617	862,617	862,617
3,012,065	3,012,065	3,012,065
4,128,322	3,961,830	2,963,561
408,144	408,144	408,144
8,411,149	8,244,656	7,246,388
1,927,061	2,322,768	2,663,313
36,330	37,409	36,330
341,646	414,711	431,830
840,324	840,320	784,980
3,145,361	3,615,208	3,916,453
2,259,094	2,167,360	1,162,203
323,508	542,991	292,042
3,861,356	3,235,680	1,733,928
148,413	151,715	1,282,415
6,592,371	6,097,746	4,470,588
9,737,732	9,712,954	8,387,041
18,148,881	17,957,610	15,633,429

862,617	862,617	862,617
3,012,065	3,012,065	3,012,065
3,966,206	3,840,900	2,843,860
408,144	408,144	408,144
8,249,032	8,123,726	7,126,686
1,927,061	2,322,768	2,663,313
36,330	37,409	36,330
341,646	414,711	431,830
833,721	833,721	781,300
3,138,758	3,608,609	3,912,773
2,139,526	2,246,667	1,057,245
322,174	519,289	286,276
3,514,851	3,235,680	1,628,703
148,413	151,715	1,282,415
6,124,965	6,153,351	4,254,639
9,263,723	9,761,960	8,167,412
17,512,756	17,885,686	15,294,098

Mr. Ayodeji S. Aboderin

Finance Director/CFO

FRC/2014/ICAN/00000008270

Mr. Patrick Ajah

Managing Director/CEO

FRC/2021/003/00000023215

These Financial Statements were approved by the Board on 27 July 2023 (Lagos)

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MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR SIX MONTHS ENDED 30TH JUNE, 2023.

			Share
	Share		premium		Retained		Revaluation
	capital		account		earnings		Surplus	Total
	N'000		N'000		N'000		N'000	N'000
Equity attributable to equity
holders of the Group
At 1 January 2022	862,617	3,012,065	2,988,790	408,144	7,271,616
Right issue		-			-	-
Profit for the period		-	492,341	-	492,341
Dividends paid	-	-	(517,570)	-	(517,570)
	-	-	-	-	-
At 30th June, 2022	862,617	3,012,065	2,963,561	408,144	7,246,388
At 1 January 2023	862,617	3,012,065	3,961,830	408,144	8,244,656
Right Issue		-			-	-
Adjustment		-			-	-
Profit for the period	-	-	684,062	-	684,062
Dividends paid	-	-	(517,570)	-	(517,570)
At 30th June, 2023
862,617		3,012,065		4,128,322		408,144	8,411,149
				-
Equity attributable to equity
holders of the Company
At 1 January 2022	862,617	3,012,065	2,876,514	408,144	7,159,340
Right issue	-	-	-	-	-
Profit for the Period	-	-	484,916	-	484,916
Dividends paid	-	-	(517,570)	-	(517,570)
						-
As at 30th June, 2022	862,617	3,012,065	2,843,860	408,144	7,126,686
At 1 January 2023
862,617	3,012,065	3,840,890	408,144	8,123,716
Adjustment
-	-			-	-
Profit for the Period	-	-	642,886	-	642,886
Dividends paid	-	-	(517,570)	-	(517,570)
At 30th June, 2023	862,617	3,012,065	3,966,206	408,144	8,249,032

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MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR SIX MONTHS ENDED 30TH JUNE, 2023.

	The Group			The Company
	June	December	June		June	December	June
	2023	2022	2022		2023	2022	2022
	N'000	N'000	N'000		N'000	N'000	N'000
Cash flows from operating activities
Cash received from customers	8,740,411	14,844,327	6,789,614	8,339,956	14,029,869	6,536,306
Cash paid to suppliers and employees	(5,759,388)	(12,423,267)	(4,677,047)	(5,321,559)	(11,544,000)	(4,334,381)
Taxes paid	(521,028)	(359,288)	(303,628)	(499,649)	(298,757)	(247,020)
Net cash from operating activities	2,459,995	2,061,772	1,808,939	2,518,748	2,187,112	1,954,905
Cash flows from Investing activities
Proceed from contract manufacturing	13,605	-	54,044	13,605	-	54,044
Rent received	3,000	-	3,200	3,000	-	3,200
Other sundry income	11,924	-	72,097	11,924	-	72,060
Proceeds from sale of fixed assets	29,624	1,219,586	1,006,940	29,624	1,218,490	1,006,940
Interest received	189,520	231,476	46,150	189,508	231,411	46,150
Purchases of Intangible assets	-	-	-	-	-	-
Purchases of property, plant and equipment	(826,535)	(1,741,610)	(473,363)	(796,767)	(1,706,764)	(468,401)
Net cash used in investing activities	(578,862)	(290,548)	709,068	(549,106)	(256,863)	713,993
Cash flows from financing activities
Dividends paid	(517,570)	(517,570)	(517,570)	(517,570)	(517,570)	(517,570)
Additions to/(Repayment of) import facility	569,892	(198,549)	(1,865,250)	290,001	(199,472)	(1,927,645)
Loan received	-	-	-	-	-	-
Loans repaid	(446,111)	(677,099)	(236,112)	(446,111)	(677,099)	(236,112)
Pay down on overdraft	-	-	-	-		-
Unclaimed dividend returned	-	37,200	-	-	37,200	-
Net proceeds from right issue	-	-	-	-	-	-
Finance cost	(157,237)	(286,034)	(113,907)		(148,250)	(285,532)	(110,545)
Net cash used in financing activities	(551,026)	(1,642,052)	(2,732,839)	(821,930)	(1,642,473)	(2,791,872)
Net increase/(decrease) in cash and cash
equivalents	1,330,106	129,172	(214,831)	1,147,711	287,776	(122,973)
Cash and cash equivalents at 1 January	2,878,801	2,749,629	2,749,629	2,836,687	2,548,911	2,548,911
Cash and cash equivalents at 30th June	4,208,907	2,878,801	2,534,798	3,984,398	2,836,687	2,425,938
Reconciliation of cash and bank
balances to cash and cash equivalents
Cash and bank balance	4,208,907	2,906,797	2,534,798	3,984,398	2,864,683	2,425,938
Bank overdrafts and commercial papers	-	(27,996)	-		-	(27,996)	-
	4,208,907	2,878,801	2,534,798		3,984,398	2,836,687	2,425,938

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