UAC of Nigeria PLC
Unaudited Condensed Consolidated Financial Statements for the 3 months period ended 31 March 2024
UAC of Nigeria PLC
Unaudited condensed consolidated financial statements for the 3 months period ended 31 March 2024
Content | Page |
Investor relations statement | 1 |
Unaudited financial statements | |
Condensed consolidated statement of profit or loss and other comprehensive income | 2 |
Condensed consolidated statement of financial position | 3 |
Condensed consolidated statement of changes in equity | 4 |
Condensed consolidated statement of cash flows | 5 |
Notes to the condensed consolidated financial statements | 6 |
UAC of Nigeria PLC
Statement on Investor Relations
UAC of Nigeria PLC has a dedicated investors' portal on its corporate website which can be accessed via this link: https://www.uacnplc.com. The Company's Group Finance Director can also be reached through electronic mail at: investorrelations@uacnplc.com; or telephone on: +234 906 269 2908 for any investment related enquiry.
1
UAC of Nigeria PLC
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the 3 months period ended 31 March 2024
3 month to | 3 months to | ||
March 2024 | March 2023 | ||
Notes | N'000 | N' 000 | |
Continuing operations | |||
Revenue | 3 | 40,556,254 | 24,620,095 |
Cost of sales | 7 | (31,461,808) | (21,341,235) |
Gross profit | 9,094,446 | 3,278,860 | |
Dividend income | 4 | - | - |
Other operating income | 5 | 340,175 | 165,778 |
Impairment (loss)/writeback on financial assets | 6 | (60,917) | 12,004 |
Selling and distribution expenses | 7 | (2,541,563) | (1,969,017) |
Administrative expenses | 7 | (3,430,884) | (2,187,887) |
Operating profit/(loss) | 3,401,257 | (700,262) | |
Finance income | 8 | 6,509,720 | 430,206 |
Finance cost | 8 | (1,373,619) | (661,947) |
Net finance income/(cost) | 5,136,101 | (231,741) | |
Share of profit/(loss) from associates using the equity method | 15 | 493,117 | (4,783) |
Profit/(Loss) before tax | 9,030,475 | (936,786) | |
Income tax expense | 9a | (3,112,061) | (222,343) |
Profit/(Loss) for the period | 5,918,414 | (1,159,129) |
Other comprehensive (loss)/income:
Items not to be subsequently recycled to profit or loss
Net changes in fair value of financial assets
Share of other comprehensive (loss)/income of associates using the equity method
14 | 27,000 | 30,000 |
15 | (71,460) | 8,575 |
Other comprehensive (loss)/income for the period net of tax | (44,460) | 38,575 |
Total comprehensive income/(loss) for the period net of tax | 5,873,954 | (1,120,554) |
Profit/(Loss) attributable to: | ||
Equity holders of the parent | 5,412,162 | (857,453) |
Non controlling interests | 506,252 | (301,675) |
5,918,414 | (1,159,129) | |
Total comprehensive income/(loss) attributable to: | ||
Equity holders of the parent | 5,367,702 | (818,879) |
Non controlling interests | 506,252 | (301,675) |
5,873,954 | (1,120,554) | |
Earnings per share attributable to owners of the parent during the period (expressed | ||
in Kobo per share): | ||
Basic earnings per share | ||
From profit/(loss) for the period (Kobo) | 185 | (29) |
Diluted earnings per share | ||
From profit/(loss) for the period (Kobo) | 185 | (29) |
2
UAC of Nigeria PLC
Condensed Consolidated Statement of Financial Position
As at 31 March 2024
31 March 2024 | 31 December 2023 | ||
Notes | N' 000 | N' 000 | |
Assets | |||
Non-current assets | |||
Property, plant and equipment | 11 | 26,333,205 | 26,210,902 |
Intangible assets and goodwill | 12 | 3,074,846 | 3,198,009 |
Investment properties | 13 | 1,190,629 | 1,190,629 |
Equity instrument at fair value through other comprehensive income | 14 | 358,015 | 266,311 |
Investments in associates | 15 | 9,987,628 | 9,565,970 |
Debt instrument at amortised cost | 16 | 5,796,060 | 4,019,173 |
Right of use assets | 18 | 1,724,540 | 1,739,955 |
Trade and other receivables | 20 | 2,146,881 | 2,146,881 |
Finance lease receivable | 20.1 | 10,372 | 10,372 |
Total non-current assets | 50,622,175 | 48,348,202 | |
Current assets | |||
Right of return assets | 17 | 5,616 | 44,322 |
Inventories | 19 | 37,395,808 | 26,917,295 |
Trade and other receivables | 20 | 14,120,942 | 10,791,678 |
Finance lease receivable | 20.1 | - | 443,640 |
Cash and cash equivalents | 21 | 27,484,056 | 25,269,620 |
Total current assets | 79,006,422 | 63,466,555 | |
Non-current assets held for sale | 32 | 492,678 | 530,714 |
Total assets | 130,121,275 | 112,345,471 | |
Equity and Liabilities | |||
Ordinary share capital | 30 | 1,463,065 | 1,463,065 |
Share premium | 14,647,616 | 14,647,616 | |
Fair value reserve | (42,141) | 2,319 | |
Equity settled share based payment reserve | 638,599 | 586,809 | |
Other reserve | 91,923 | 91,923 | |
Retained earnings | 39,383,740 | 33,955,558 | |
Equity attributable to equity holders of the Parent | 56,182,801 | 50,747,290 | |
Non controlling interests | 2,940,554 | 2,434,302 | |
Total equity | 59,123,355 | 53,181,592 | |
Liabilities | |||
Non-current liabilities | |||
Lease liability | 18 | 649,306 | 1,144,087 |
Borrowings | 22 | 2,409,345 | 2,460,021 |
Government grant | 25 | - | 62,053 |
Deferred tax liabilities | 23 | 4,596,239 | 2,907,273 |
Employee benefits | 29 | 61,074 | 59,611 |
Provisions | 28 | 40,034 | 40,034 |
Total non-current liabilities | 7,755,999 | 6,673,079 | |
Current liabilities | |||
Current income tax liabilities | 9 | 6,689,737 | 5,275,193 |
Refund liabilities | 17 | 6,240 | 71,832 |
Lease liability | 18 | 961,031 | 373,409 |
Current portion of borrowings | 22 | 28,895,358 | 24,988,599 |
Trade and other payables | 24 | 17,737,807 | 13,726,664 |
Contract liabilities | 26 | 3,054,050 | 2,206,101 |
Dividend payable | 27 | 5,774,611 | 5,768,706 |
Government grant | 25 | 116,540 | 73,748 |
Provisions | 28 | 6,548 | 6,548 |
Total current liabilities | 63,241,921 | 52,490,800 | |
Total liabilities | 70,997,920 | 59,163,879 | |
Total equity and liabilities | 130,121,275 | 112,345,471 | |
The financial statements and the notes on pages 6 to 28 were approved and authorised for issue by the board of directors on 29 April 2024 and were signed on its behalf by:
Mr. Dan Agbor | Mr. Folasope Aiyesimoju | Mrs. Funke Ijaiya-Oladipo |
Chairman | Group Managing Director | Group Finance Director |
FRC/2013/NBA/00000001748 | FRC/2019/IODN/00000019806 | FRC/2021/001/00000022822 |
3
UAC of Nigeria PLC
Condensed Consolidated Statement of Changes in Equity
for the 3 months period ended 31 March 2024 | - | |||||||||
Attributable to owners of the Company | ||||||||||
Equity Settled | ||||||||||
Share-based | ||||||||||
Share | Share | Fair value | Other | Payment | Retained | Non controlling | ||||
Notes | Capital | Premium | Reserve | Reserve | Reserve | Earnings | Total | Interests | Total | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | ||
Total equity at 1 January 2024 | 1,463,065 | 14,647,616 | 2,319 | 91,923 | 586,809 | 33,955,558 | 50,747,290 | 2,434,302 | 53,181,592 | |
Profit for the period | - | - | - | - | - | 5,412,162 | 5,412,162 | 506,252 | 5,918,414 | |
Other comprehensive loss | - | - | (44,460) | - | - | - | (44,460) | - | (44,460) | |
Net changes in equity settled share-based payment | - | - | - | - | 51,790 | - | 51,790 | - | 51,790 | |
Transaction with Equity holders | ||||||||||
Statute barred dividend | - | 16,020 | 16,020 | 16,020 | ||||||
Dividend declared | 27 | - | - | - | - | - | - | - | - | |
Balance at 31 March 2024 | 1,463,065 | 14,647,616 | (42,141) | 91,923 | 638,599 | 39,383,740 | 56,182,801 | 2,940,554 | 59,123,355 | |
Total equity at 1 January 2023 | 1,463,065 | 14,647,616 | 67,815 | 91,923 | 342,870 | 25,350,422 | 41,963,711 | 3,316,500 | 45,280,211 | |
Loss for the period | - | - | - | - | (857,453) | (857,453) | (124,312) | (981,765) | ||
Other comprehensive income | - | - | 38,575 | - | - | - | 38,575 | - | 38,575 | |
Net changes in equity settled share-based payment | - | - | 60,985 | - | 60,985 | - | 60,985 | |||
Transactions with Equity holders | ||||||||||
Dividend declared | 27 | - | - | - | - | - | - | - | - | - |
Balance at 31 March 2023 | 1,463,065 | 14,647,616 | 106,390 | 91,923 | 403,855 | 24,492,970 | 41,205,820 | 3,192,188 | 44,398,007 | |
- | - |
4
UAC of Nigeria PLC
Condensed Consolidated Statement of Cash Flows for the 3 months period ended 31 March 2024
The Group | |||
31 March 2024 | 31 March 2023 | ||
Notes | N' 000 | N'000 | |
Cash flows from operating activities | |||
Cash generated from/(used in) operations | 31 | 64,537 | (413,477) |
Corporate tax paid | 9 | (8,550) | - |
Net cash flows generated from/(used in) operating activities | 55,987 | (413,477) | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment | 11 | (970,753) | (663,215) |
Proceeds from sale of property, plant and equipment | 116,654 | 64,032 | |
Proceeds from sale of Intangible asset | - | 384 | |
Proceeds from disposal of investment properties | - | 350,000 | |
Proceeds on disposal of non-current asset held for sale | 38,036 | - | |
Investment in equity instruments measured at fair value through | |||
other comprehensive income | 14 | (64,704) | (7,159) |
Lease prepayment | 18 | (36,001) | - |
Interest received | 537,736 | 342,922 | |
Net cash flows (used in)/generated from investing activities | (379,032) | 86,964 | |
Cash flows from financing activities | |||
Repayment of lease liability principal | 18 | (77,555) | (51,333) |
Proceeds from borrowings | 22 | 19,651,127 | 872,347 |
Repayment of borrowings | 22 | (15,915,136) | (2,932,097) |
Interest paid on loans | 22 | (1,142,879) | (343,853) |
Unclaimed Dividend refunded by registrar | 27 | 5,905 | - |
Statute barred dividend received | 16,020 | - | |
Net cash flows generated from/(used in) financing activities | 2,537,482 | (2,454,936) | |
Cash & cash equivalents at the beginning of the year | 25,271,926 | 16,197,688 | |
Net increase/(decrease) in cash & cash equivalents | 2,214,437 | (2,781,449) | |
Cash & cash equivalents at the end of the period | 21i | 27,486,363 | 13,416,239 |
5
UAC of Nigeria Plc
Notes to the condensed consolidated financial statements for the 3 months period ended 31 March 2024
1. General information
UAC of Nigeria PLC (the "Company") is a company incorporated and domiciled in Nigeria. The Company is a public limited company listed on The Nigerian Exchange Limited and its registered office is at 1-5 Odunlami Street, Marina, Lagos.
UAC of Nigeria PLC and its subsidiaries (together "the Group") is a diversified business with activities in the following principal sectors: Animal Feeds and Other Edibles, Paints, Packaged Food and Beverages, Quick Service Restaurants, Logistics and Real Estate.
2. Summary of Material Accounting Policies
2.1 Basis of Preparation
This condensed consolidated financial statement for the period ended 31 March 2024 has been prepared in accordance with IAS 34 Interim Financial Reporting. The financial statements have been prepared on a historical cost basis except for investment property measured at fair value; financial instruments measured at fair value through other comprehensive income; Inventories measured at the lower of cost and net realisable value; Long term employee benefits measured at present value of the obligation and Equity settled share based payment expenses measured at fair value at the grant date.
2.2 Accounting Policies
The accounting policies adopted are consistent with those for the period ended 31 December 2023.
2.3 Estimates
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these condensed consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2023.
2.4 Financial Risk Management
The Group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's financial performance.
This condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the company's annual financial statements as at 31 December 2023. There have been no changes in the risk management structure since year end or in any risk management policy.
2.5 Securities Trading Policy
In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) UAC of Nigeria PLC maintains an effective Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Policy is regularly reviewed and updated by the Board. The Company has made specific inquiries of all the directors and other insiders and is not aware of any infringement of the policy during the period.
2.6 Management Assessment of Internal Control
The management of UAC of Nigeria PLC and its subsidiary companies are responsible for establishing and maintaining adequate internal control over financial reporting. The group's internal control system was designed to provide reasonable assurance to the Board of Directors regarding the preparation and fair representation of published financial statements. The Group's internal controls were assessed within the reporting period and were deemed to be effective as of 31 March 2024.
2.7 New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2023, except for the adoption of new standards effective as of 1 January 2024. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2024, but do not have an impact on the condensed consolidated financial statements of the Group.
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UAC of Nigeria PLC
Notes to the condensed consolidated financial statements for the 3 months period ended 31 March 2024
3. Segment Analysis
The Group
The chief operating decision-maker has been identified as the Executive Committee (EXCO), made up of the management of the Company. The EXCO reviews the Group's internal reporting in order to assess performance and allocate resources.
Management has determined the operating segments based on these reports.
The Group has identified the following as segments:
Animal Feeds & Other Edibles- Made up of business units involved in the manufacturing and sale of livestock feeds and edible oil.
Paints - Made up of a business unit involved in the manufacturing and sale of decorative and protective paints.
Packaged Food & Beverages - Made up of a business unit involved in the manufacturing and sale of bottled water, snacks and ice-cream.
QSR (Quick Service Restaurants) - Made up of a business unit involved in the making and sale of snacks and meals.
Others - This is a non-reportable segment made up of the corporate head office.
The following measures are reviewed by Exco; with Profit Before Tax taken as the segment profit. - Revenue from third parties
- Operating profit - Profit before tax
- Property, plant and equipment - Net assets
Animal Feeds & | Paints | Packaged Food | QSR | Others | Total | |
Other Edibles | & Beverages | |||||
31 March 2024 | N' 000 | N' 000 | N' 000 | N' 000 | N' 000 | N' 000 |
Revenue from contracts with customers | 19,693,898 | 8,505,762 | 12,156,803 | 818,784 | 353,625 | 41,528,871 |
Rental income | - | - | - | - | 51,008 | 51,008 |
Total Revenue | 19,693,898 | 8,505,762 | 12,156,803 | 818,784 | 404,633 | 41,579,879 |
Intergroup revenue | (523,384) | - | (143,370) | - | (356,871) | (1,023,625) |
Revenue from third parties | 19,170,514 | 8,505,762 | 12,013,433 | 818,784 | 47,762 | 40,556,254 |
Operating profit/(loss) | 1,554,035 | 1,062,410 | 1,127,942 | (208,322) | (134,809) | 3,401,257 |
Profit/(loss) before tax | 462,298 | 1,902,888 | 2,164,980 | (275,407) | 4,775,714 | 9,030,475 |
Property, plant and equipment | 12,290,920 | 2,473,065 | 9,798,577 | 911,286 | 859,357 | 26,333,205 |
Net assets/(liability) | 10,228,991 | 9,244,642 | 11,220,739 | (2,528,246) | 30,957,229 | 59,123,355 |
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UAC of Nigeria PLC
Notes to the condensed consolidated financial statements for the 3 months period ended 31 March 2024
Animal Feeds & | Paints | Packaged Food | QSR | Others | Total | |
Other Edibles | & Beverages | |||||
31 March 2023 | N' 000 | N' 000 | N' 000 | N' 000 | N' 000 | N' 000 |
Revenue from contracts with customers | 15,101,406 | 3,971,244 | 5,406,710 | 941,609 | 163,941 | 25,584,909 |
Rental income | - | - | - | - | 58,035 | 58,035 |
Total Revenue | 15,101,406 | 3,971,244 | 5,406,710 | 941,609 | 221,975 | 25,642,943 |
Intergroup revenue | (810,757) | - | (62,108) | - | (149,983) | (1,022,848) |
Revenue from third parties | 14,290,649 | 3,971,244 | 5,344,601 | 941,609 | 71,992 | 24,620,095 |
Operating profit/(loss) | (832,467) | 390,894 | 67,214 | (152,478) | (173,425) | (700,262) |
Profit / (Loss) before tax | (1,279,161) | 576,496 | (6,491) | (195,307) | (32,323) | (936,786) |
Property, plant and equipment | 11,947,170 | 2,143,424 | 8,545,515 | 1,134,752 | 831,393 | 24,602,254 |
Net assets/(liability) | 11,068,949 | 6,988,736 | 8,233,691 | (1,181,432) | 19,110,700 | 44,220,643 |
Entity wide information | ||||||
31 March 2024 | 31 March 2023 | |||||
Analysis of revenue by category: | N'000 | N'000 | ||||
Revenue from contracts with customers | 40,508,492 | 24,565,306 | ||||
Rental income | 47,762 | 54,789 | ||||
40,556,254 | 24,620,095 | |||||
31 March 2024 | 31 March 2023 | |||||
Analysis of revenue by geographical location: | N'000 | N'000 | ||||
Nigeria | 40,556,254 | 24,620,095 | ||||
Others | - | - | ||||
40,556,254 | 24,620,095 |
Concentration risk
The Group is not exposed to any concentration risk, as there is no single customer with a contribution to total revenue of more than 10%.
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UAC of Nigeria plc published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 08:38:06 UTC.