2023 | Condensed Financial Statements | Quarter Ended 31-Dec-2022 |
CHAIRMAN'S STATEMENT
First Quarter Ended 31 December 2022
in NEL's net cash position having grown significantly quarter over quarter, increasing 167% to $350 Million in the
opportunities for optimizing returns for our shareholders. For this, the Board of Directors will consider quarterly dividends
For the first quarter ended 31 December 2022, National Enterprises Limited (NEL) recorded a net profit of $203 Million versus $33 Million for the comparative period in 2021. This continued strong performance is driven by a significant increase in dividend income of $201 Million compared to $2.8 Million in the comparative quarter of 2022, and a 90%
increase in investment income of $2.3 Million from $1.2 Million in the previous year's comparative.
Prevailing global ammonia prices enabled improved results from the Trinidad Nitrogen Company Limited (Tringen) yielding a persistent and foreseeable flow of dividends to NEL for this financial year. This has resulted
first quarter of the financial year 2023 from $131 Million at the end of the last quarter of the previous 18-month period that ended 30 September 2022.
As we continue to operate in an economic environment that is evolving from economic and market uncertainty, we remain focused on seizing the
to shareholders for the financial year ended 30 September 2023 as inflows permit.
Ingrid L-A Lashley
Chairman
13 February 2023
CONDENSED STATEMENT OF FINANCIAL POSITION
Unaudited | Unaudited | Audited | |||
As at | As at | As at | |||
31 Dec 2022 | 31 Dec 2021 | 30 Sept 2022 | |||
Assets | $ '000 | $ '000 | $ '000 | ||
Investment in subsidiaries | 387,934 | 471,656 | 387,934 | ||
Investment in joint venture and associates | 3,037,307 | 2,133,900 | 3,037,307 | ||
Property, plant and equipment | 447 | 634 | 499 | ||
Other non-current assets | 343,979 | 360,207 | 342,771 | ||
Total non-current assets | 3,769,667 | 2,966,397 | 3,768,511 | ||
Current assets | 474,825 | 124,754 | 271,445 | ||
Total assets | 4,244,492 | 3,091,151 | 4,039,956 | ||
Equity | |||||
Share capital | 1,736,632 | 1,736,632 | 1,736,632 | ||
Investment remeasurement reserve | 16,422 | 16,422 | 16,422 | ||
Translation reserve | 63,866 | 63,866 | 63,866 | ||
Retained earnings | 2,314,105 | 1,270,850 | 2,219,026 | ||
Total equity attributable to equity shareholders | 4,131,025 | 3,087,769 | 4,035,946 | ||
Liabilities | |||||
Current liabilities | 113,467 | 3,382 | 4,010 | ||
Total liabilities | 113,467 | 3,382 | 4,010 | ||
Total equity and liabilities | 4,244,492 | 3,091,151 | 4,039,956 | ||
Director | Director | ||
Ingrid L-A Lashley | Navin Rajkumar |
CONDENSED STATEMENT OF CHANGES IN EQUITY
Share | Translation | Investment | Retained | ||
Remeasurement | Total Equity | ||||
Capital | Reserve | Reserve | Earnings | ||
($'000) | ($'000) | ($'000) | ($'000) | ($'000) | |
Three months ended 31 December 2022 | |||||
Balance as at 1 October 2022 | 1,736,632 | 63,866 | 16,422 | 2,219,026 | 4,035,946 |
Total comprehensive income | - | - | - | 203,079 | 203,079 |
for the period | |||||
Dividends accrued | - | - | - | (108,000) | (108,000) |
Balance as at 31 December 2022 | 1,736,632 | 63,866 | 16,422 | 2,314,105 | 4,131,025 |
Three months ended 31 December 2021 | |||||
Balance as at 1 October 2021 | 1,736,632 | 63,866 | 16,422 | 1,255,051 | 3,071,970 |
Total comprehensive income | - | - | - | 33,799 | 33,799 |
for the period | |||||
Dividends accrued | - | - | - | (18,000) | (18,000) |
Balance as at 31 December 2021 | 1,736,632 | 63,866 | 16,422 | 1,270,850 | 3,087,770 |
Eighteen months ended 30 September 2022 | |||||
Balance as at 1 April 2021 | 1,736,632 | 63,866 | 16,422 | 407,268 | 2,224,188 |
Total comprehensive income | - | - | - | 1,979,758 | 1,979,758 |
for the period | |||||
Dividends paid | - | - | - | (168,000) | (168,000) |
Balance as at 30 September 2022 | 1,736,632 | 63,866 | 16,422 | 2,219,026 | 4,035,946 |
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Unaudited | Unaudited | Audited | |||
3 months ended | 3 months ended | Year ended | |||
31 Dec 2022 | 31 Dec 2021 | 30 Sep 2022 | |||
$ '000 | $ '000 | $ '000 | |||
Dividend income | 201,299 | 2,796 | 296,431 | ||
Other income | 2,330 | 1,224 | 9,734 | ||
Operating expenses | (470) | (1,831) | (8,761) | ||
Operating profit | 203,159 | 2,189 | 297,404 | ||
Change in fair value of investments | 2,672 | 31,974 | 1,685,865 | ||
Profit before tax | 205,831 | 34,163 | 1,983,269 | ||
Tax expense | (2,753) | (364) | (3,511) | ||
Total comprehensive income | 203,079 | 33,799 | 1,979,758 | ||
CONDENSED STATEMENT OF CASHFLOWS
Unaudited | Unaudited | Audited | |||
Three Months | Three Months | 18 months | |||
Ended | Ended | ended | |||
31 Dec 2022 | 31 Dec 2021 | 30 Sept 2022 | |||
($ '000) | ($ '000) | ($ '000) | |||
OPERATING ACTIVITIES | |||||
Net profit before taxation | 203,079 | 33,799 | 1,983,270 | ||
Depreciation | 51 | 51 | 296 | ||
Other non-cash movements | 81 | (31,610) | (1,685,575) | ||
Net change in operating assets and liabilities: | 203,211 | 2,239 | 297,991 | ||
Net change in accounts receivables and | 15,233 | (715) | (17,078) | ||
prepayments | |||||
Net change in accounts payables and accruals | 1,454 | (17,659) | 85 | ||
Net change in related parties | 34 | (416) | 682 | ||
219,932 | (16,551) | 281,680 | |||
Taxation paid | (2,269) | 455 | (3,623) | ||
Cash generated from/(used by) operating activities | 217,663 | (16,096) | 278,057 | ||
INVESTING ACTIVITIES | |||||
Net change in other long-term investments and | 1,613 | 944 | (24,065) | ||
financial assets | |||||
Purchase of fixed assets | - | (12) | (112) | ||
Cash generated from/(used by) operating activities | 1,613 | 932 | (24,177) | ||
FINANCING ACTIVITIES | |||||
Dividends paid | - | - | (168,000) | ||
Cash used by financing activities | - | - | (168,000) | ||
Net change in cash resources | 219,276 | (15,164) | 85,880 | ||
Net cash resources at beginning of period/year | 131,204 | 138,143 | 45,324 | ||
Net cash resources at end of period/year | 350,480 | 122,979 | 131,204 | ||
Notes to the Condensed Financial Statements
First Quarter Ended 31 December 2022
-
Basis of Preparation
These interim financial statements are prepared in accordance with International Accounting
Standards (IAS 34 Interim Financial Reporting). They do not include all of the information required for full annual financial statements and should be read in conjunction with the audited financial statements for the period ended 30 September 2022. These condensed interim financial statements have not been audited and were approved by the Board of
Directors on 13 February 2023. - Summary of Significant Accounting Policies
The accounting policies in these unaudited condensed interim financial statements are consistent with those applied in the audited financial statements for the 18-month period ended 30 September 2022.
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National Enterprises Ltd. published this content on 14 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2023 18:21:02 UTC.