TOTALENERGIES MARKETING NIGERIA PLC
UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2024
Contents | Page |
Results at a glance | 1 |
Statement of financial position | 2 |
Statement of profit or loss and other comprehensive income | 3 |
Statement of changes in equity | 4 |
Statement of cash flows | 5 |
Notes to the financial statements | 6 |
TOTALENERGIES MARKETING NIGERIA PLC
RESULTS AT A GLANCE | ||||||
FOR THE PERIOD ENDED | 31 March | 31 March | ||||
2024 | 2023 | Change | ||||
₦'000 | ₦'000 | % | ||||
Revenue | 269,836,192 | 135,277,607 | 99 | |||
Profit before income taxation | 16,841,121 | 6,423,965 | 162 | |||
Profit for the period | 11,498,833 | 4,162,848 | 176 | |||
Total comprehensive income for the period | 11,498,833 | 4,162,848 | 176 | |||
Share capital | 169,761 | 169,761 | - | |||
Shareholders' funds | 59,088,529 | 47,319,699 | 25 | |||
31 March | 31 March | |||||
2024 | 2023 | Change | ||||
PER SHARE DATA: | % | |||||
Based on 339,521,837 ordinary | ||||||
shares of 50 kobo each: | ||||||
Earnings per 50 kobo share (Naira) - basic | 33.87 | 12.26 | 176 | |||
Stock exchange quotation (Naira) | 385.00 | 218.80 | 76 | |||
Number of staff | 420 | 428 | (2) |
1
TOTALENERGIES MARKETING NIGERIA PLC
STATEMENT OF FINANCIAL POSITION
AS AT
Notes | |
Non-current assets | |
Property, plant and equipment | 16 |
Right-of-use assets | 17 (i) |
Intangible assets | 15 |
Trade and other receivables | 19.1 |
Total non-current assets | |
Current Assets | |
Inventories | 18 |
Witholding tax receivables | 11.2.1 |
Trade and other receivables | 19 |
Prepayments | 20 |
Cash and cash equivalents | 27 |
Total current assets | |
Total assets | |
Equity | |
Share capital | 26 |
Retained earnings | |
Total equity | |
Non-current liabilities | |
Deferred tax liabilities | 11.3 |
Lease liabilities | 22 |
Employee benefits | 12 |
Total non-current liabilities | |
Current liabilities | |
Current tax liabilities | 11.2 |
Loans and borrowings | 21 |
Trade and other payables | 24 |
Deferred income | 25 |
Lease liabilities | 22 |
Total current liabilities
Total liabilities
Total equity and liabilities
31 March | 31 December | |
2024 | 2023 | |
₦'000 | ₦'000 | |
43,620,111 | 43,130,868 | |
7,382,402 | 7,950,570 | |
183,428 | 207,391 | |
5,944,409 | 7,124,287 | |
57,130,350 | 58,413,116 | |
74,188,592 | 73,906,481 | |
1,060,072 | 1,060,072 | |
271,186,823 | 152,113,177 | |
1,605,342 | 1,464,074 | |
179,162,181 | 88,158,753 | |
527,203,010 | 316,702,557 | |
584,333,360 | 375,115,673 | |
169,761 | 169,761 | |
58,918,768 | 55,907,981 | |
59,088,529 | 56,077,742 | |
8,154,480 | 8,459,307 | |
163,043 | 469,398 | |
1,711,798 | 1,586,944 | |
10,029,321 | 10,515,649 | |
10,428,620 | 4,781,505 | |
103,223,658 | 84,540,792 | |
396,776,742 | 214,105,902 | |
4,618,391 | 4,610,130 | |
168,099 | 483,953 | |
515,215,510 | 308,522,282 | |
525,244,831 | 319,037,931 | |
584,333,360 | 375,115,673 | |
These financial statements were approved and authorised for issue by the Board of Directors of the Company on 26th April 2024 and signed on behalf of the Board by:
Seye Samba - Managing Director | Olubunmi Popoola-Mordi - Executive Director |
FRC/2021/003/00000024858 | FRC/2013/ICSAN/00000002042 |
Additionally certified by: |
Samson Eghwerehe - Head of Finance
FRC/2018/ICAN/00000018952
The accompanying notes form an integral part of these financial statements.
2
TOTALENERGIES MARKETING NIGERIA PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | |||
FOR THE PERIOD ENDED | |||
31 March | 31 March | ||
2024 | 2023 | ||
Notes | ₦'000 | ₦'000 |
Revenue | 6 | 269,836,192 | 135,277,607 | |
Cost of sales | 7 | (234,720,264) | (120,267,170) | |
Gross profit | ||||
35,115,928 | 15,010,437 | |||
Other income | 8.1 | 1,621,391 | 968,580 | |
Selling & distribution costs | 10.1 | (3,616,488) | (915,988) | |
Administrative expenses | 10.2 | (14,431,187) | (7,802,026) | |
Net impairment (loss)/ write-back on financial assets | 30 (iv) | (1,279) | 21,152 | |
Operating profit | ||||
18,688,365 | 7,282,155 | |||
Finance income | 9 | |||
1,671,678 | 746,088 | |||
Finance costs | 9 | (3,518,922) | (1,604,278) | |
Net finance costs | ||||
(1,847,244) | (858,190) | |||
Profit before income taxation | ||||
16,841,121 | 6,423,965 | |||
Income taxation | 11.1.1 | (5,342,288) | (2,261,117) | |
Total comprehensive income for the period | ||||
11,498,833 | 4,162,848 | |||
Earnings per share | ||||
Basic and diluted earnings per share | 14 | 33.87 | 12.26 | |
The accompaying notes form an integral part of these financial statements.
3
TOTALENERGIES MARKETING NIGERIA PLC
STATEMENT OF CHANGES IN EQUITY
Balance at 1 January 2024
Profit for the period
Total comprehensive income for the period
Transactions with owners of the Company:
Contributions and Distributions
Prior year final dividend
Total transactions with owners of the Company
Balance at 31 March 2024
for the period ended 31 March 2024
Share | Retained | Total | ||
capital | earnings | equity | ||
₦'000 | ₦'000 | ₦'000 |
Notes
169,761 55,907,981 56,077,742
- 11,498,833 11,498,833
- 11,498,833 11,498,833
13.1 | - | (8,488,046) | (8,488,046) | ||
- | (8,488,046) | (8,488,046) | |||
169,761 | 58,918,768 | 59,088,529 | |||
for the period ended 31 March 2023 | |||||
Share | Retained | Total | |||
capital | earnings | equity | |||
₦'000 | ₦'000 | ₦'000 |
Notes
Balance as at 1 January 2023 | 169,761 | 50,117,049 | 50,286,810 | |||
Profit for the period | - | 4,162,848 | 4,162,848 | |||
Total comprehensive income for the period | - | 4,162,848 | 4,162,848 | |||
Transactions with owners of the Company: | ||||||
Contributions and Distributions | ||||||
Prior year final dividend | 13.1 | - | (7,129,959) | (7,129,959) | ||
Total transactions with owners of the Company | - | (7,129,959) | (7,129,959) | |||
Balance at 31 March 2023 | 169,761 | 47,149,938 | 47,319,699 | |||
The accompanying notes form an integral part of these financial statements.
4
TOTALENERGIES MARKETING NIGERIA PLC
STATEMENT OF CASH FLOWS | ||||
FOR THE PERIOD ENDED | 31 March | 31 March | ||
2024 | 2023 | |||
Note | ₦'000 | ₦'000 | ||
Profit for the period | 11,498,833 | 4,162,848 | ||
Adjustments for: | ||||
Depreciation of property, plant and equipment | 16 | 1,611,996 | 1,314,988 | |
Depreciation of right-of-use asset | 17 (i) | 563,005 | 516,740 | |
Amortisation of intangible assets | 15 | 23,963 | 18,640 | |
Provision for employee benefits | 12 (i) | 132,004 | 84,642 | |
Write back of inventory (Net) | 18 (a) | - | 60,000 | |
Gain on disposal of property, plant and equipment | 8.1 | (7,501) | (6,613) | |
Net foreign exchange gain | 8.2 | (389,149) | (1,081) | |
Net finance costs | 9 | 1,847,244 | 858,190 | |
Income taxation | 11.1.1 | 5,342,288 | 2,261,117 | |
20,622,684 | 9,269,471 | |||
Changes in: | ||||
- Inventories | 18 (a) | (282,111) | (3,226,517) | |
- Trade and other receivables | 19.1 (a) | (113,581,399) | (5,299,616) | |
- Prepayments | 20 (a) | (141,268) | (874,398) | |
- Trade and other payables | 24 (a) | 118,808,075 | (30,045,927) | |
- Witholding tax credit note utilized | 11.2.1 | - | (10,235) | |
- Deferred income | 25 (a) | 8,261 | 78,455 | |
Cash generated from/(used in) operating activities | 25,434,242 | (30,108,767) | ||
Payment for employee benefits | 12 (i) | (7,150) | - | |
Interest on staff loans | 9 | 42,495 | 163,162 | |
Interest on lease liabilities | 9 | (26,700) | (23,567) | |
Tax paid | 11.2 | - | (62,089) | |
Net cash generated from/(used in) operating activities | 25,442,886 | (30,031,260) | ||
Cash flows from investing activities | ||||
Additions to right-of-use asset | 17 (iii) | - | (46,875) | |
Purchase of property, plant and equipment | 16 | (2,101,238) | (500,899) | |
Purchase of intangible assets | 15 | - | (13,272) | |
Derecognition of right-of-use asset | 17(iii) | 5,163 | - | |
Effect of foreign exchange rate change | 23 | (36,190) | 178,012 | |
Interest received on deposits for unclaimed dividend | 9 | 27,444 | 25,818 | |
Interest received on deposits | 9 | 1,601,739 | 557,108 | |
Proceeds from disposal of property, plant and equipment | 16.2 | 7,501 | 17,352 | |
Net cash (used in)/generated from investing activities | (495,581) | 217,244 | ||
Cash flows from financing activities | ||||
Interest paid on bank overdraft | 9 | (1,828,046) | - | |
Interest paid on import loans | 9 | (277,358) | (893,877) | |
Interest paid on other loans | 9 | (1,386,818) | (686,834) | |
Payment on lease liabilities | 23 | (586,018) | (497,770) | |
Additional borrowings | 23 | 57,165,000 | 65,828,745 | |
Repayment of borrowings | 23 | (3,123,109) | (60,388,833) | |
Dividends paid | 13.1 | - | (4,449,999) |
Net cash generated/(used in) from financing activities Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Effect of movement in exchange rates on cash held
Cash and cash equivalents as at period ended 31 March
Cash and cash equivalents as at year ended 31 December
49,963,650 | (1,088,568) | ||
74,910,955 | (30,902,584) | ||
32,004,468 | 82,724,315 | ||
8.2 | 27,566,748 | 3,277,136 | |
27 | 134,482,171 | 55,098,866 | |
32,004,468 | |||
The accompanying notes form an integral part of these financial statements.
5
TOTALENERGIES MARKETING NIGERIA PLC
NOTES TO THE FINANCIAL STATEMENTS
1 The Company
Legal form:
The Company was incorporated as a private limited liability company in 1956 and was converted to a public company in 1978. The merger of the Company with Elf Oil Nigeria Limited which commenced globally in November 1999 was completed in Nigeria in 2002. With this development, the authorised, issued and fully paid share capital was ₦148,541,000 made up of 297,082,000 ordinary shares of 50k each. In 2003, to mark the completion of its corporate mergers, Total Group worldwide reverted to its former name Total and adopted a new logo with a unifying design to express its corporate ambition.
With the capitalisation of the bonus issue of 42,440,228 ordinary shares of 50k each in March 2004, the authorised share capital became ₦169,760,918 made up of 339,521,837 ordinary shares of 50k each. 61.72% of the Company's ordinary shares were held by Total Societe Anonyme up until 2013 when a restructuring was concluded and Total Raffinage Marketing became the shareholders of 61.72% of Total Nigeria Plc (now TotalEnergies Marketing Nigeria Plc) while the remaining 38.28% are held by some members of the general public. Total Raffinage Marketing is now called TotalEnergies Marketing Services.
In 2021, Total Group worldwide changed its name to TotalEnergies and adopted a new logo, thereby anchoring the transformation into a broad energy business within the Company's identity. Accordingly, the Company changed its name from Total Nigeria Plc to TotalEnergies Marketing Nigeria Plc in the same year.
31 March 2024 | 31 December 2023 | ||||||
Number | Holdings | Number | Holdings | ||||
'000 | % | '000 | % | ||||
TotalEnergies Marketing Service | 209,560 | 61.72 | 209,560 | 61.72 | |||
Other shareholders | 129,962 | 38.28 | 129,962 | 38.28 | |||
339,522 | 100.00 | 339,522 | 100.00 | ||||
No shareholder, except as disclosed above, held more than 5% of the issued share capital of the Company as at 31 March 2024 (2023: nil).
Principal activities
The principal activity of the Company is the blending of lubricants, sales and marketing of refined petroleum products and solar products .
Description of business
TotalEnergies Marketing Nigeria Plc. ("the Company") is a subsidiary of TotalEnergies Marketing Services ("the Parent Company") in France and operates in the petroleum marketing and distribution business in Nigeria. The Company's registered office is situated at:
No. 4, Churchgate Street
Victoria Island
Lagos State
2 Basis of preparation
-
Statement of compliance
These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS, in the manner required by the Financial Reporting Council (FRC) of Nigeria (Amendment) Act, 2023 and the Companies and Allied Matters Act (CAMA), 2020. - Basis of measurement
These financial statements have been prepared on the historical cost basis except otherwise indicated. Defined benefit liability is measured using the projected unit credit method. - Functional and presentation currency
These financial statements are presented in Nigerian Naira (NGN), which is the Company's functional currency. All financial information presented in Nigerian Naira have been rounded to the nearest thousand except otherwise stated.
6
TOTALENERGIES MARKETING NIGERIA PLC
NOTES TO THE FINANCIAL STATEMENTS
-
Financial period
These financial statements cover the financial period from 01 January 2024 to 31 March 2024, with corresponding figures for the financial period from 01 January, 2023 to 31 March, 2023 and 01 January 2023 to 31 December, 2023 where applicable. - Going concern
The directors have undertaken a review of the Company's business activities and have concluded that the Company will still be able to realise its assets and settle its obligations as they fall due and as such these financial statements have been prepared on the basis applicable to a going concern. - Significant events and transactions
Other than events already disclosed in the various notes, there are no other significant events in the period that are required to be disclosed. - Use of estimates and judgments
In preparing these financial statements, the directors have made certain judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised prospectively. - Judgement
Information about judgements made in applying accounting policies that have the most significant effects on amounts recognised in the financial statements are as follows;
- Judgement
- Cash held with TotalEnergies Treasury - Note 27
Determining if balances held with Total Treasury meets the criteria for classification as cash and cash equivalents. - Lease term - Note 17 (iv)
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). - Asset retirement - Note 17 (iv)
Whether the Company will dismantle and remove its leasehold improvements on underlying asset or restore underlying asset.
- Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties at 31 March 2024 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year includes;
- Measurement of defined benefit obligation: Key actuarial assumptions
The amount recognised in note 12 of the financial statements as employee benefits - measurement of the Company's employee benefits. This estimate relates to the discount rate, withdrawal, mortality and inflation rate applied in the computation of the Company's liabilities. - Measurement of Expected Credit Loss (ECL) allowance - Note 30(iv)
Information about measurement of trade receivables and contract assets: Key assumptions in determining the weighted-average loss rate. - Measurement of contingencies - Note 28
Recognition of contingencies - key assumptions about likelihood and magnitude of an outflow of resources. - Incremental borrowing rate - Note 23 Estimation of the applicable borrowing rates.
7
TOTALENERGIES MARKETING NIGERIA PLC
NOTES TO THE FINANCIAL STATEMENTS
3 New standards and interpretations not yet adopted (cont'd)
Amendments to Standards and Interpretations are effective for annual periods beginning after 1 January 2024 and early application is permitted; however, the Company has not applied the amended standards in preparing these financial statements. Those Amendments to Standards and Interpretations which may be relevant to the Company are set out below.
Effective date | ||||
Standard/Interpretation not yet | Date issued by | Periods | Summary of the requirements and assessment of impact | |
effective as at 31 March 2024 | IASB | beginning on or | ||
after | ||||
IFRS 18 | Presentation and | April 2024 | 1 January 2027 | The objective of IFRS 18 is to set out requirements for the presentation |
disclosure in | and disclosure of information in general purpose financial statements | |||
financial | (financial statements) to help ensure they provide relevant information that | |||
statements | faithfully represents an entity's assets, liabilities, equity, income and | |||
expenses. [IFRS 18.1] | ||||
IFRS 18 applies to all financial statements that are prepared and presented | ||||
in accordance with International Financial Reporting Standards (IFRSs). | ||||
[IFRS 18.2] Standards for recognising, measuring, and disclosing specific | ||||
transactions are addressed in other Standards and Interpretations. [IFRS | ||||
18.4] | ||||
A complete set of financial statements comprises: [IFRS 18.10] | ||||
-a statement (or statements) of financial performance for the reporting | ||||
period (presented as either a single statement or by presenting a statement | ||||
of profit or loss immediately followed by a separate statement presenting | ||||
comprehensive income beginning with profit and loss); | ||||
-a statement of financial position as at the end of the reporting period; | ||||
-a statement of changes in equity for the reporting period; | ||||
-a statement of cash flows for the reporting period; | ||||
-notes for the reporting period; | ||||
-comparative information in respect of the preceding period as specified by | ||||
the standard; | ||||
-a statement of financial position as at the beginning of the preceding | ||||
period if the entity applies an accounting policy retrospectively, makes a | ||||
retrospective restatement of items in its financial statements or reclassifies | ||||
items in its financial statements (given that this results in material | ||||
information). | ||||
IFRS 18 identifies the statements listed above as "primary financial | ||||
statements" and they all are required to be presented with equal | ||||
prominence. Regards the statements' titles, an entity may use other than | ||||
those stated above. | ||||
IFRS 18 assigns distinct and complementary roles to the primary financial | ||||
statements as well as to the notes: The primary financial statements offer | ||||
structured summaries of an entity's recognized assets, liabilities, equity, | ||||
income, expenses, and cash flows, assisting users in understanding the | ||||
entity's financial status, making comparisons across entities and reporting | ||||
periods, and identifying areas requiring further information. The notes, on | ||||
the other hand, supplement these primary financial statements by providing | ||||
additional, necessary material information to ensure comprehension of line | ||||
items and advance the overall objective of financial reporting. | ||||
Amendments to | Lack of | August 2023 | 1 January 2025 | In August 2023, the IASB amended IAS 21 to add requirements to help |
IAS 21 | Exchangeability | entities to determine whether a currency is exchangeable into another | ||
currency, and the spot exchange rate to use when it is not. These new | ||||
requirements will apply from 2025, with early application permitted. | ||||
The IASB issued amendments to IAS 21 to help entities: | ||||
- assess exchangeability between two currencies; and | ||||
- determine the spot exchange rate, when exchangeability is lacking | ||||
An entity is impacted by the amendments when it has a transaction or an | ||||
operation in a foreign currency that is not exchangeable into another | ||||
currency at a measurement date for a specified purpose. A currency is | ||||
exchangeable when there is an ability to obtain the other currency (with a | ||||
normal administrative delay), and the transaction would take place through | ||||
a market or exchange mechanism that creates enforceable rights and | ||||
obligations. | ||||
8
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Total Nigeria plc published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 14:33:24 UTC.