ETERNA : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

Group

Company

30th June

30th June

30th June

30th June

Note

2023

2022

2023

2022

N'000

N'000

N'000

N'000

Revenue

1

69,338,555

57,215,911

69,338,555

57,215,910

Cost of sales

2.1

(60,768,933)

(53,080,692)

(60,833,628)

(53,183,112)

Gross profit

8,569,622

4,135,219

8,504,927

4,032,798

Selling and distribution expenses

2.2

(197,391)

(75,291)

(197,391)

(75,291)

General and administrative expenses

2.3

(3,552,404)

(2,245,884)

(3,406,018)

(2,103,297)

Other income

6

30,441

168,486

24,462

168,392

Operating (loss)/profit

4,850,268

1,982,530

4,925,980

2,022,602

Finance income

7

30,852

27,220

30,852

27,220

Foreign exchange loss

7.1

(9,803,557)

(76,146)

(9,803,557)

(76,146)

Finance cost

8

(617,750)

(354,624)

(617,750)

(354,624)

(Loss)/profit before tax

(5,540,187)

1,578,980

(5,464,475)

1,619,052

Taxation

9

(346,845)

(326,399)

(346,815)

(326,399)

(Loss)/profit for the period

(5,887,032)

1,252,581

(5,811,290)

1,292,655

Attributable to:

- Owners of the parent

(5,887,032)

1,252,581

(5,811,290)

1,292,655

- Non-controlling interests

-

-

-

-

(5,887,032)

1,252,581

(5,811,290)

1,292,655

Total comprehensive (loss)/income for the period

(5,887,032)

1,252,581

(5,811,290)

1,292,655

Attributable to:

- Owners of the parent

(5,887,032)

1,252,585

(5,811,290)

1,292,655

- Non-controlling interests

-

(4)

-

-

Total comprehensive (loss)/income for the period

(5,887,032)

1,252,581

(5,811,290)

1,292,655

Earnings per share:

Basic

31

(4.51)

0.96

(4.46)

0.99

Diluted

31

(4.51)

0.96

(4.46)

0.99

Group

Company

Q2 2023

Q2 2022

Q2 2023

Q2 2022

Note

N'000

N'000

N'000

N'000

Revenue

10

38,156,089

30,392,908

38,156,090

30,436,572

Cost of sales

11.1

(33,125,446)

(28,558,304)

(33,149,772)

(28,660,744)

Gross profit

5,030,643

1,834,604

5,006,318

1,775,827

Selling and distribution expenses

11.2

(127,046)

(41,800)

(127,046)

(41,800)

General and administrative expenses

11.3

(1,844,618)

(1,046,855)

(1,770,636)

(971,368)

Other income

15

12,371

127,707

12,371

127,653

Operating (loss)/profit

3,071,350

873,656

3,121,007

890,313

Finance income

16

26,432

6,334

26,432

6,334

Foreign exchange loss

16.1

(9,621,657)

(76,146)

(9,621,657)

(76,146)

Finance cost

17

(307,105)

(236,442)

(307,105)

(236,442)

(Loss)/profit before tax

(6,830,980)

567,402

(6,781,323)

584,059

Taxation

18

(190,752)

(192,284)

(190,734)

(192,502)

(Loss)/profit for the quarter

(7,021,732)

375,118

(6,972,058)

391,557

Attributable to:

- Owners of the parent

(7,021,732)

375,118

(6,972,058)

391,557

- Non-controlling interests

-

-

-

-

(7,021,732)

375,118

(6,972,058)

391,557

Total comprehensive (loss)/income for the quarter

(7,021,732)

375,118

(6,972,058)

391,557

Attributable to:

- Owners of the parent

(7,021,732)

375,118

(6,972,058)

391,557

- Non-controlling interests

-

-

-

-

Total comprehensive (loss)/income for the quarter

(7,021,732)

375,118

(6,972,058)

391,557

Earnings per share:

Basic

31

(5.38)

0.29

(5.35)

0.30

Diluted

31

(5.38)

0.29

(5.35)

0.30

Group

Company

Note

30th June

31 December

30th June

31 December

2023

2022

2023

2022

N'000

N'000

N'000

N'000

Non-current assets

Property, plant and equipment

19

12,240,217

12,241,840

11,675,465

11,650,591

Intangible assets

19

29,559

40,571

29,559

40,571

Right of Use Assets

20

1,688,606

1,784,325

1,688,606

1,784,325

Other investments

22

575,382

575,382

575,382

575,382

Investment in subsidiaries

22

-

-

50,990

50,990

14,533,764

14,642,118

14,020,002

14,101,859

Current assets

Inventory

23

16,429,927

11,190,254

16,360,217

11,126,474

Trade and other receivables

24

20,628,087

16,691,547

21,285,176

17,443,963

Prepayments

20

303,402

307,291

310,027

306,964

Cash and bank balances

25

15,048,324

11,159,812

15,041,813

11,159,276

52,409,740

39,348,904

52,997,234

40,036,677

Total assets

66,943,505

53,991,022

67,017,236

54,138,541

Non-current liabilities

Deferred tax liability

23

1,365,221

1,365,224

1,406,225

1,406,225

Decomissioning liability

27

194,979

194,979

178,889

178,889

1,560,201

1,560,203

1,585,114

1,585,114

Current liabilities

Trade and other payables

28

15,066,869

11,759,489

14,879,185

11,714,880

Borrowings

26

42,887,782

26,835,967

42,887,782

26,835,967

Tax payable

9

380,723

704,780

380,697

711,210

58,335,374

39,300,236

58,147,663

39,262,057

Total liabilities

59,895,575

40,860,439

59,732,777

40,847,171

Equity attributable to shareholders

Share capital

30

652,072

652,072

652,072

652,072

Share premium

30

5,796,053

5,796,053

5,796,053

5,796,053

Retained earnings

599,806

6,682,461

836,333

6,843,245

7,047,931

13,130,586

7,284,459

13,291,370

Non -controlling interest

(2)

(2)

-

-

Total equity

7,047,930

13,130,584

7,284,459

13,291,370

Total equity and liabilities

66,943,505

53,991,022

67,017,236

54,138,541

-0.66

0.00

0.00

0.14

(0.66)

-

-

0.14

Benjamin Nwaezeigwe

Abudukerimu Sule

Managing Director/Chief Executive Officer

Chief Financial Officer

FRC/2022/PRO/DIR/003/00000023332

FRC/2022/PRO/ICAN/001/00000023899

Attributable to equity holders

of the parent

Group

Total amount

Non -

Retained

attributable to

controlling

Share Capital

Share premium

Earnings

Other Reserves

equity holders

interest

Total Equity

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Balance at 1 January 2022

652,072

5,796,053

5,670,208

-

12,118,333

42

12,118,375

Comprehensive income

Profit for the year

-

-

1,012,252

-

1,012,252

(44)

1,012,209

Other Comprehensive income

Total comprehensive income

-

-

1,012,252

-

1,012,252

(44)

1,012,209

Transaction with owners

-

-

-

Dividend paid

-

-

-

-

At 31 December 2022

652,072

5,796,053

6,682,461

-

13,130,586

(2)

13,130,584

Balance at 1 January 2023

652,072

5,796,053

6,682,461

13,130,586

(2)

13,130,584

Comprehensive income

Loss for the period

-

-

(5,887,032)

(5,887,032)

-

(5,887,032)

Other Comprehensive income

Total comprehensive loss

-

-

(5,887,032)

-

(5,887,032)

-

(5,887,032)

Transaction with owners

-

-

-

-

-

-

Dividend Paid

(195,622)

(195,622)

-

(195,622)

At 30th June 2023

652,072

5,796,053

599,806

-

7,047,931

(2)

7,047,930

Company

Share

Share

Retained

Other

Total

capital

premium

earnings

Reserves

Equity

N'000

N'000

N'000

N'000

N'000

Balance at 1 January 2022

652,072

5,796,053

5,685,540

-

12,133,665

Comprehensive income

-

Profit for the year

1,157,705

1,157,705

Other Comprehensive income

-

Total comprehensive income

-

-

1,157,705

-

1,157,705

Transaction with owners

-

-

-

-

Dividend paid

-

-

At 31 December 2022

652,072

5,796,053

6,843,245

-

13,291,370

Balance at 1 January 2023

652,072

5,796,053

6,843,245

13,291,370

Comprehensive income

-

Loss for the period

(5,811,290)

(5,811,290)

Other Comprehensive income

Total comprehensive loss

-

-

(5,811,290)

-

(5,811,290)

Transaction with owners

-

-

-

-

Dividend Paid

(195,622)

(195,622)

At 30th June 2023

652,072

5,796,053

836,333

-

7,284,458