UACN Property Development : UPDC PLC- QUARTER 4 - FINANCIAL STATEMENT FOR 2022

Unaudited Financial Statements

for the year ended

31 December 2022

UPDC PLC RC.321582

UAC House, 1-5 Odunlami Street, Lagos. [e-mail] |www.updcplc.com

Directors: Mr. O. Oshin (Chairman), Mr. O. Ojo (CEO), Ms. B. Fadayomi (DD), Mr. F. Aiyesimoju, Mr. K. Osilaja, Mr. A. Falade

TABLE OF CONTENT	PAGE

Performance Highlights	1
Consolidated and Separate Statement of Profit or Loss and Other
Comprehensive Income	2
Consolidated and Separate Statement of Financial Position	3
Consolidated and Separate Statement of Changes in Equity	4
Consolidated and Separate Statement of Cash Flows	5
Notes to the Consolidated and Separate Financial Statements	6
Shareholding Structure/Free Float Status	38

UPDC Plc

Financial Statements

For the year ended 31 December 2022

Performance Highlights

	The Group		The Company
	31 Dec 22	31 Dec 21	%	31 Dec 22	31 Dec 21	%
	N'000	N'000	Change	N'000	N'000	Change
Revenue	5,889,888	825,404	614	3,868,800	540,563	616
Operating profit/(loss)	768,169	(897,748)	186	779,649	(7,783,416)	110
Net finance cost	(436,768)	(718,053)	39	(444,249)	(718,778)	38
Profit/ (loss) before taxation	331,401	(1,615,801)	121	335,400	(8,502,194)	104
Taxation	(132,006)	(142,969)	8	(29,664)	(75,717)	61
Loss from discontinued operations	-	(116,286)	100	-	-
Profit/(loss) for the year	199,395	(1,875,056)	111	305,736	(8,577,911)	104
Total comprehensive profit/(loss) for the year	5,946	(2,015,140)	100	112,287	(8,717,995)	101
Total Equity	8,738,951	8,018,068	9	968,728	854,502	13
Total equity and liabilities	18,912,990	19,596,232	(3)	10,847,569	10,966,480	(1)
Cash and Cash equivalents	3,079,542	1,878,320	64	2,530,547	1,329,891	90
Basic Profit/(Loss) Per Share (Kobo)	1	(10)	111	2	(46)	104
NSE quotation as at December 31 (kobo)	91	119		91	119
Number of shares in issue ('000)	18,559,970	18,559,970		18,559,970	18,559,970
Market capitalisation as at December 31 (N'000)	16,889,573	22,086,364		16,889,573	22,086,364

1

UPDC Plc

Consolidated and Separate Statement of Profit or Loss and Other Comprehensive Income For the year ended 31 December 2022

			The Group
		3 months	12 months	3 months	12 months
		ended	ended	ended	ended
		31 Dec 22	31 Dec 22	31 Dec 21	31 Dec 21
	Notes	N'000	N'000	N'000	N'000
Revenue	5 (i)	3,799,902	5,889,888	210,665	825,404
Cost of sales	7	(2,903,907)	(4,223,183)	(155,761)	(685,126)
Gross profit		895,995	1,666,705	54,904	140,278
Profit/(Loss) on disposal on investment properties	15	-	-	31,020	284,734
Selling and distribution expenses	7	(36,358)	(80,562)	(9,907)	(46,420)
Administrative expenses	7	(428,474)	(1,264,422)	(296,800)	(862,103)
Other operating income	6	92,403	288,150	217,356	310,762
Credit Loss (expenses)/reversal	9	158,298	158,298	(382,278)	(724,999)
Operating profit/(loss)		681,864	768,169	(385,705)	(897,748)
Finance income	8	19,104	84,664	4,624	45,654
Finance cost	8	(127,941)	(521,432)	(190,461)	(763,707)
Net finance cost		(108,837)	(436,768)	(185,837)	(718,053)
Profit/ (loss) before taxation		573,027	331,401	(571,542)	(1,615,801)
Taxation	10	(83,008)	(132,006)	(48,922)	(142,969)
Profit/(loss) from continuing operations		490,019	199,395	(620,464)	(1,758,770)
Discontinued operations
Loss from discontinued operations	31	-	-	(72,921)	(116,286)
Profit/(loss) for the year		490,019	199,395	(693,385)	(1,875,056)
Other comprehensive income:
Items not to be subsequently recycled to profit or loss:
Net changes in fair value of financial assets	17	(13,341)	(193,450)	(153,425)	(140,084)
Tax on other comprehensive income		-	-	-	-
Total comprehensive profit/(loss) for the year		476,678	5,946	(846,810)	(2,015,140)
Profit/ (loss) attributable to:
Equity holders of the parent		473,215	163,042	(697,155)	(1,926,111)
Non controlling interest		3,463	36,353	3,770	51,055
Total profit/(loss)		476,678	199,395	(693,385)	(1,875,056)
Total comprehensive profit/(loss) attributable to:
Equity holders of the parent		473,215	(30,407)	(850,580)	(2,066,195)
Non controlling interests		3,463	36,353	3,770	51,055
Total comprehensive profit/(loss)		476,678	5,946	(846,810)	(2,015,140)
Earnings per share for profit/(loss) attributable to the
equity holders of the group:
Basic Profit/(Loss) Per Share (Kobo)
From continuing operations	12	3	1	(5)	(9)
From discontinued operations	12	-	-	-	(1)
From profit/(loss) for the year		3	1	(5)	(10)
Diluted Profit/(Loss) Per Share (Kobo)
From continuing operations	12	3	1	(5)	(9)
From discontinued operations	12	-	-	-	(1)
From profit/(loss) for the year		3	1	(5)	(10)

The Company

3 months	12 months	3 months	12 months
ended	ended	ended	ended
31 Dec 22	31 Dec 22	31 Dec 21	31 Dec 21
N'000	N'000	N'000	N'000
3,208,349	3,868,800	131,493	540,563
(2,568,794)	(2,952,935)	(133,421)	(604,918)
639,555	915,865	(1,928)	(64,355)
-	-	31,020	284,734
(33,382)	(69,535)	(4,968)	(39,705)
(190,156)	(611,936)	(263,976)	(773,490)
247,673	386,957	54,169	98,608
158,298	158,298	(6,946,487)	(7,289,208)
821,988	779,649	(7,132,170)	(7,783,416)
19,104	77,183	3,899	44,929
(127,941)	(521,432)	(190,461)	(763,707)
(108,837)	(444,249)	(186,562)	(718,778)
713,151	335,400	(7,318,733)	(8,502,194)
(25,665)	(29,664)	(21,706)	(75,717)
687,486	305,736	(7,340,439)	(8,577,911)
	-	-	-
687,486	305,736	(7,340,439)	(8,577,911)
(13,341)	(193,450)	(153,425)	(140,084)
-	-	-	-
674,145	112,287	(7,493,864)	(8,717,995)
674,145	305,736	(7,340,439)	(8,577,911)
-	-	-	-
674,145	305,736	(7,340,439)	(8,577,911)
674,145	112,287	(7,493,864)	(8,717,995)
-	-	-	-
674,145	112,287	(7,493,864)	(8,717,995)
4	2	(40)	(46)
-	-	-	-
4	2	(40)	(46)
4	2	(40)	(46)
-	-	-	-
4	2	(40)	(46)

2

UPDC Plc

Consolidated and Separate Statement of Financial Position

At 31 December 2022

		The Group
		31 Dec 22	31 Dec 21
	Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	13	8,352,262	49,928
Intangible assets	14	30,460	16,389
Investment properties	15	-	-
Investments in joint ventures	16 (ii)	130,393	130,393
Equity instrument at fair value	17	400,240	593,690
Investments in subsidiaries	18	-	-
		8,913,355	790,400
Current assets
Inventories	19	4,874,529	6,084,508
Trade and other receivables	20	1,917,801	2,659,414
Current tax assets	10 (i)	127,762	96,908
Cash at bank and in hand	21	3,079,542	1,878,320
		9,999,634	10,719,150
Assets of disposal group classified as held for sale/distribution	31	-	8,086,682
to owners
Total assets		18,912,990	19,596,232
Equity
Share capital	27	9,279,985	9,279,985
Share premium	27 (i)	8,971,551	8,971,551
Fair value reserve of financial assets at FVOCI		(166,767)	26,683
Other reserves		391,420	391,420
Revenue reserve		(9,776,153)	(10,654,133)
Equity attributable to equity holders of the Company		8,700,036	8,015,506
Non controlling interest		38,915	2,562
Total equity		8,738,951	8,018,068
Liabilities
Non-current liabilities
Interest bearing Loans and Borrowings	22	4,368,232	5,511,653
Deferred taxation liabilities	26	72,537	72,537
		4,440,769	5,584,190
Current liabilities
Trade and other payables	19	5,488,185	4,561,683
Current income tax liabilities	10	146,475	145,784
Deferred revenue	20	98,610	98,610
		5,733,270	4,806,077
Liabilities of disposal group classified as held for	31	-	1,187,897
sale/distribution to owners
Total liabilities		10,174,039	11,578,164
Total equity and liabilities		18,912,990	19,596,232

The Company

31 Dec 22	31 Dec 21
N'000	N'000

28,744 31,402

10,970 14,315

--

129,589 129,589

400,240 593,690

1,719,716 1,719,716

2,289,258 2,488,712

3,927,220 4,468,168

1,972,783 2,582,801

127,762 96,908

2,530,547 1,329,891

8,558,311 8,477,768

--

10,847,569 10,966,480

9,279,985 9,279,985

8,971,551 8,971,551

(166,767) 26,683

391,420 391,420

(17,507,461) (17,815,137)

968,728 854,502

--

968,728 854,502

4,368,232 5,511,653

72,537 72,537

4,440,769 5,584,190

5,298,718 4,350,646

40,742 78,532

98,610 98,610

5,438,071 4,527,788

9,878,840 10,111,978

10,847,569 10,966,480

The unaudited financial statements were approved by the board of directors on 30 January 2023 and signed on its behalf by:

Wole Oshin		Odunayo Ojo		Olugbenga Fagbami
Chairman		Chief Executive Officer		Financial Controller
FRC/2013/CIIN/00000003054		FRC/2016/NIESV/00000014322		FRC/2018/ICAN/00000018050

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