May & Baker Nigeria : AND BAKER- QUARTER 4 - FINANCIAL STATEMENT FOR 2022

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May & Baker Nig Plc RC. 558

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER, 2022

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UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31st DECEMBER, 2022.

			The Group				The Company
		3 Months to	12 Months	3 Months to	12 Months		3 Months to	12 Months	3 Months to	12 Months
		DEC, 2022	DEC,2022	DEC, 2021	DEC,2021		DEC, 2022	DEC,2022	DEC, 2021	DEC,2021
	Note	N'000	N'000	N'000	N'000			N'000	N'000	N'000
Continuing operations
Revenue	5	3,981,533	14,328,266	3,837,484	11,901,583	3,735,106	13,582,890	3,589,160	11,038,948
Cost of sales		(2,894,972)	(10,416,789)	(2,851,742)	(7,202,971)		(2,787,987)	(10,063,060)	(2,774,184)	(6,823,985)
Gross profit		1,086,561	3,911,476	985,742	4,698,612	947,119	3,519,829	814,976	4,214,963
Other operating income/(Loss)	7	232,025	1,691,644	192,242	43,017	231,573	1,686,926	192,266	43,017
Distribution, sales and marketing expense		(672,260)	(2,196,298)	(506,801)	(1,811,937)	(558,770)	(1,940,881)	(453,149)	(1,669,628)
Administrative expenses		(294,332)	(1,146,167)	(455,576)	(1,228,123)		(266,545)	(1,081,313)	(429,177)	(1,157,195)
Operating profit/(loss)		351,995	2,260,655	215,608	1,701,569	353,378	2,184,561	124,917	1,431,157
Interest income	8	169,293	256,766	38,774	59,432	169,228	256,701	38,480	59,138
Finance costs	10	(98,456)	(330,660)	(78,900)	(266,826)	(88,535)	(315,382)	(74,065)	(255,845)
Share of Loss of Joint Venture	17.2	(8,411)	(24,917)	(12,799)	(33,798)		-	-	-	-
Profit/(Loss) before tax		414,421	2,161,844	162,684	1,460,377	434,071	2,125,880	89,333	1,234,450
Current tax expense	13.1	(113,895)	(431,071)	(45,759)	(410,768)		(120,183)	(419,562)	(23,419)	(323,610)
Profit for the year	11	300,526	1,730,774	116,925	1,049,609	313,888	1,706,318	65,914	910,840
Other comprehensive income:
Items that will not be reclassified
subsequently to profit or loss
Asset revaluation gain net of tax		-	-	-	-		-		-
Total comprehensive income		300,526	1,730,774	116,925	1,049,609	313,888	1,706,318	65,914	910,840
Earnings per share	14.
Basic (kobo per share) from continuing operation	17.42	100.32	6.78	60.84	18.19	98.90	3.82	52.80
Diluted (kobo per share) from continuing operation	17.42	100.32	6.78	60.84		18.19	98.90	3.82	52.80
All the profit of the Group is attributable to Owners of the Parents as there are no non-controlling interests.

The accompanying notes form an integral part of these consolidated financial statements.

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MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31st DECEMBER, 2022

		The Group		The Company
		December	December		December	December
		2022	2021		2022	2021
	Note	N'000	N'000		N'000	N'000
ASSETS
Non-current assets
Property, plant and equipment	16	4,664,303	3,860,715	4,621,351	3,833,151
Intangible assets	15	11,314	21,836	11,110	21,571
Right of use assets	17		3,688			3,688
Investment in Joint Venture	17	1,142,207	1,167,124	1,326,886	1,326,886
Investment in subsidiaries	18	-	-	3,000	3,000
Asset held for sale	19	-	-		-	-
Total non-current assets		5,817,824	5,053,362	5,962,346	5,188,295
Current assets
Inventories	20	5,687,435	3,588,145	5,573,425	3,351,580
Trade and other receivables	21	633,003	1,165,389	392,889	1,006,063
Other assets	23	2,063,632	4,934,622	2,035,385	4,909,415
Cash and cash equivalents	22	3,033,648	2,880,699		2,990,566	2,849,311
Total current assets		11,417,718	12,568,855		10,992,265	12,116,369
Total assets		17,235,542	17,622,217	16,954,611	17,304,664
Equity and Liabilities
Share capital	24	862,617	862,617	862,617	862,617
Share premium account	25	3,012,065	3,012,065	3,012,065	3,012,065
Retained earnings	26	3,898,799	2,988,790	3,762,067	2,876,515
Asset revaluation reserve	26.1	408,144	408,144		408,144	408,144
Total equity		8,181,625	7,271,617	8,044,893	7,159,341
Non-current liabilities
Borrowings	27	2,332,591	2,893,510	2,332,591	2,893,510
Employee benefits	29	37,409	40,506	37,409	40,506
Deferred Income	30	414,712	784,980	414,712	781,300
Deferred tax liabilities	13	784,980	556,771		781,300	556,771
Total non-current liabilities		3,569,692	4,275,767	3,566,012	4,272,087
Current liabilities
Trade and other payables	28	1,536,351	1,870,350	1,451,728	1,726,711
Current tax liabilities	13	443,692	363,981	459,045	305,100
Borrowings	27	3,352,467	3,643,661	3,281,218	3,644,584
Deferred Income	30	151,714	196,842		151,714	196,842
Total current liabilities		5,484,224	6,074,834		5,343,705	5,873,237
Total liabilities		9,053,917	10,350,601		8,909,718	10,145,324
Total equity and liabilities		17,235,542	17,622,218	16,954,611	17,304,665
Mr. Ayodeji S. Aboderin					Mr. Patrick Ajah
Finance Director/CFO					Managing Director/CEO
FRC/2014/ICAN/00000008270					FRC/2021/003/00000023215

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

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MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST DECEMBER, 2022.

			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 2021	862,617	3,012,065	2,459,119	408,144	6,741,945
Right issue		-			-	-
Profit for the period		-	1,049,609	-	1,049,609
Dividends paid	-	-	(517,570)	-	(517,570)
	-		-		-		-	-
At 31ST DEC, 2021	862,617	3,012,065	2,991,158	408,144	7,273,984
At 1 January 2022	862,617	3,012,065	2,988,790	408,144	7,271,616
Right Issue		-			-	-
Adjustment		-	(303,195)	-	(303,195)
Profit for the period	-	-	1,730,774	-	1,730,774
Dividends paid	-		-		(517,570)		-	(517,570)
At 31ST DEC, 2022	862,617		3,012,065		3,898,799		408,144	8,181,625
					-
Equity attributable to equity
holders of the Company
At 1 January 2021	862,617	3,012,065	2,483,243	408,144	6,766,069
Right issue	-	-	-	-	-
Profit for the Period	-	-	910,840	-	910,840
Dividends paid	-		-		(517,570)		-	(517,570)
						-
At 31 DEC, 2021	862,617	3,012,065	2,876,513	408,144	7,159,339
At 1 January 2022	862,617	3,012,065	2,876,514	408,144	7,159,340
Adjustment
-	-	(303,195)	-	(303,195)
Profit for the Period	-	-	1,706,318	-	1,706,318
Dividends paid	-		-		(517,570)		-	(517,570)
At 31ST DEC, 2022	862,617		3,012,065		3,762,067		408,144	8,044,893
					-

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MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR YEAR ENDED 31ST DECEMBER, 2022.

	The Group		The Company
	December	December		December	December
	2022	2021		2022	2021
	N'000	N'000		N'000	N'000
Cash flows from operating activities
Cash received from customers	14,844,327	12,281,100	14,029,869	11,442,424
Cash paid to suppliers and employees	(12,568,828)	(14,067,456)	(11,728,822)	(13,295,307)
Taxes paid	(351,359)	(522,621)	(265,617)	(493,488)
Net cash from operating activities	1,924,140	(2,308,977)	2,035,430	(2,346,371)
Cash flows from Investing activities
Proceed from contract manufacturing	152,697	-	152,697	-
Rent received	3,200	-	3,200	-
Other sundry income	39,985	-	39,485	-
Proceeds from sale of fixed assets	1,213,988	54,268	1,213,638	52,056
Interest received	256,766	-	256,701	-
Purchases of Intangible assets	-	(1,781)	-	(1,516)
Purchases of property, plant and equipment	(1,468,481)	(538,958)	(1,434,896)	(521,754)
Net cash used in investing activities	198,155	(486,471)	230,825	(471,214)
Cash flows from financing activities
Dividends paid	(517,570)	(517,570)	(517,570)	(517,570)
Additions to/(Repayment of) import facility	(651,400)	1,907,378	(653,002)	1,864,048
Loan received	-	850,000	-	850,000
Loans repaid	(375,833)	(502,500)	(375,833)	(502,500)
Pay down on overdraft	-	-	-
Unclaimed dividend returned	37,186	43,951	37,186	43,951
Net proceeds from right issue	-	-	-	-
Finance cost	(330,660)	(207,394)		(315,382)	(196,707)
Net cash used in financing activities	(1,838,277)	1,573,865	(1,824,601)	1,541,222
Net increase/(decrease) in cash and cash
equivalents	284,019	(1,221,583)	441,655	(1,276,363)
Cash and cash equivalents at 1 January	2,749,629	3,971,212		2,548,911	3,825,274
Cash and cash equivalents at 31 DEC	3,033,648	2,749,629	2,990,566	2,548,911
Reconciliation of cash and bank balances
to cash and cash equivalents
Cash and bank balance	3,033,648	2,880,699	2,990,566	2,679,981
Bank overdrafts and commercial papers	-	(131,070)		-	(131,070)
	3,033,648	2,749,629	2,990,566	2,548,911

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