Eterna Plc

IFRS Financial Statements for Q3 and Period Ended 3oth September 2023

Eterna Plc

Consolidated Financial Statements for the period ended 30th September 2023

Consolidated statement of profit or loss and other comprehensive income for the period ended 30th September 2023

Group

Company

30th

30th

30th

30th

September

September

September

September

Note

2023

2022

2023

2022

N'000

N'000

N'000

N'000

Revenue

1

123,317,355

91,934,486

123,317,355

91,934,485

Cost of sales

2.1

(109,925,014)

(85,714,402)

(110,045,312)

(85,872,456)

Gross profit

13,392,341

6,220,084

13,272,043

6,062,029

Selling and distribution expenses

2.2

(282,423)

(178,614)

(282,423)

(178,614)

General and administrative expenses

2.3

(6,091,952)

(3,801,948)

(5,880,613)

(3,561,085)

Other income

6

45,092

225,858

37,536

225,280

Operating (loss)/profit

7,063,058

2,465,380

7,146,543

2,547,609

Finance income

7

30,868

32,780

30,868

32,780

Net foreign exchange loss

7.1

(9,634,657)

-

(9,634,657)

-

Finance cost

8

(887,627)

(518,004)

(887,627)

(518,004)

(Loss)/profit before tax

(3,428,358)

1,980,156

(3,344,873)

2,062,385

Taxation

9

(1,153,085)

(459,672)

(1,153,047)

(459,672)

(Loss)/profit for the period

(4,581,443)

1,520,483

(4,497,920)

1,602,714

Attributable to:

- Owners of the parent

(4,581,443)

1,520,483

(4,497,920)

1,602,714

- Non-controlling interests

-

-

-

-

(4,581,443)

1,520,483

(4,497,920)

1,602,714

Total comprehensive (loss)/income for the period

(4,581,443)

1,520,483

(4,497,920)

1,602,714

Attributable to:

- Owners of the parent

(4,581,443)

1,520,487

(4,497,920)

1,602,714

- Non-controlling interests

-

(4)

-

-

Total comprehensive (loss)/income for the period

(4,581,443)

1,520,483

(4,497,920)

1,602,714

Earnings per share:

Basic

31

(3.51)

1.17

(3.45)

1.23

Diluted

31

(3.51)

1.17

(3.45)

1.23

Eterna Plc

Consolidated Financial Statements for Quarter 3 ended September 2023

Consolidated statement of profit or loss and other comprehensive income for 3rd-quarter ended 30th September 2023

Group

Company

Q3 2023

Q3 2022

Q3 2023

Q3 2022

Note

N'000

N'000

N'000

N'000

Revenue

10

54,034,412

34,718,575

53,978,800

34,718,575

Cost of sales

11.1

(49,315,795)

(32,633,711)

(49,315,785)

(32,689,345)

Gross profit

4,718,617

2,084,864

4,663,015

2,029,229

Selling and distribution expenses

11.2

(85,032)

(103,324)

(85,032)

(103,324)

General and administrative expenses

11.3

(2,442,846)

(1,556,064)

(2,370,497)

(1,462,242)

Other income

15

14,652

57,373

13,074

56,889

Operating (loss)/profit

2,205,391

482,849

2,220,560

520,553

Finance income

16

16

5,560

16

5,560

Net foreign exchange (loss)/gain

16.1

168,900

-

168,900

-

Finance cost

17

(269,877)

(163,379)

(269,877)

(163,379)

(Loss)/profit before tax

2,104,430

325,030

2,119,599

362,733

Taxation

18

(794,440)

(173,593)

(794,414)

(173,593)

(Loss)/profit for the quarter

1,309,990

151,437

1,325,185

189,141

Attributable to:

- Owners of the parent

1,309,990

151,437

1,325,185

189,141

- Non-controlling interests

-

-

-

-

1,309,990

151,437

1,325,185

189,141

Total comprehensive (loss)/income for the quarter

1,309,990

151,437

1,325,185

189,141

Attributable to:

- Owners of the parent

1,309,990

151,437

1,325,185

189,141

- Non-controlling interests

-

-

-

-

Total comprehensive (loss)/income for the quarter

1,309,990

151,437

1,325,185

189,141

Earnings per share:

Basic

31

1.00

0.12

1.02

0.15

Diluted

31

1.00

0.12

1.02

0.15

Eterna Plc

Consolidated Financial Statements for the period ended 30th September 2023

Consolidated statement of financial position

Group

Company

Note

30th September

31 December

30th September

31 December

2023

2022

2023

2022

N'000

N'000

N'000

N'000

Non-current assets

Property, plant and equipment

19

12,244,971

12,241,840

11,659,316

11,650,591

Intangible assets

19

24,053

40,571

24,053

40,571

Right of Use Assets

20

1,664,249

1,784,325

1,664,249

1,784,325

Other investments

22

575,382

575,382

575,382

575,382

Investment in subsidiaries

22

-

-

50,990

50,990

14,508,655

14,642,118

13,973,991

14,101,859

Current assets

Inventory

23

20,761,901

11,190,254

20,690,613

11,126,474

Trade and other receivables

24

27,017,197

16,691,547

27,896,382

17,443,963

Prepayments

20

215,129

307,291

207,016

306,964

Cash and bank balances

25

7,885,375

11,159,812

7,877,231

11,159,276

55,879,601

39,348,904

56,671,243

40,036,677

Total assets

70,388,257

53,991,022

70,645,234

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

17,051,984

11,759,489

17,032,377

11,714,880

Borrowings

26

42,411,804

26,835,967

42,411,804

26,835,967

Tax payable

9

1,010,748

704,780

1,018,112

711,210

60,474,536

39,300,236

60,462,293

39,262,057

Total liabilities

62,034,737

40,860,439

62,047,407

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

1,905,396

6,682,461

2,149,703

6,843,245

8,353,521

13,130,586

8,597,828

13,291,370

Non -controlling interest

(2)

(2)

-

-

Total equity

8,353,519

13,130,584

8,597,828

13,291,370

Total equity and liabilities

70,388,257

53,991,022

70,645,234

54,138,541

-0.91

0.00

0.00

0.14

(0.91)

-

-

0.14

The financial statements were approved by the board of directors and authorised for issue on 1st November , 2023. They were signed on its behalf by:

Benjamin Nwaezeigwe

Abudukerimu Sule

Managing Director/Chief Executive Officer

Chief Financial Officer

FRC/2022/PRO/DIR/003/00000023332

FRC/2022/PRO/ICAN/001/00000023899

Eterna Plc

Consolidated Financial Statements for the period ended 30th September 2023

Consolidated statement of changes in equity

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

-

-

(4,581,443)

(4,581,443)

-

(4,581,443)

Other Comprehensive income

Total comprehensive loss

-

-

(4,581,443)

-

(4,581,443)

-

(4,581,443)

Transaction with owners

-

-

-

-

-

-

Dividend Paid

(195,622)

(195,622)

-

(195,622)

At 30th September 2023

652,072

5,796,053

1,905,396

-

8,353,521

(2)

8,353,519

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

(4,497,920)

(4,497,920)

Other Comprehensive income

Total comprehensive loss

-

-

(4,497,920)

-

(4,497,920)

Transaction with owners

-

-

-

-

Dividend Paid

(195,622)

(195,622)

At 30th September 2023

652,072

5,796,053

2,149,703

-

8,597,828

Eterna Plc

Consolidated Financial Statements for the period ended 30th September 2023

Consolidated statement of cash flows

Note

Group

Company

30 September

31 December

30 September

31 December

2023

2022

2023

2022

N'000

N'000

N'000

N'000

CASH FLOWS FROM OPERATING ACTIVITIES:

(Loss)/profit before taxation

(3,428,358)

2,097,874

(3,344,873)

2,243,327

Adjustments for non-cash items:

Depreciation

19

685,218

824,327

634,344

753,890

Amortisation of Intangible Assets

19

16,518

22,023

16,518

22,023

Amortisation of prepayments

21

139,364

26,839

139,364

26,839

Amortisation of right of use assets

20

312,983

397,271

312,983

397,271

Bad Debt written off

2.3

613,244

12,155

613,244

12,155

Provision no longer required

6

-

(8,761)

-

(8,761)

(Gain)/Loss on disposals of property, plant and equipment

2.3

2,318

-

2,318

-

Foreign Exchange loss (Unreliazed)

26

8,881,306

-

8,881,306

-

Property, plant & equipment and Intangible assets Written off

19

37,390

76,242

35,724

76,242

Finance Cost

8

1,225,627

449,463

1,225,624

449,463

Finance Income

7

(30,868)

(41,047)

(30,868)

(41,047)

Finance cost on Trading

26

1,555,321

1,182,226

1,555,324

1,182,226

Allowance for impairment

2.3

-

309,432

-

309,432

Adjustment for loan receivables in Juhi-2

-

50,000

-

50,000

Loss on disposal of asset

2.3

2,318

2,318

Change in the unwinding effects on Decommissioning cost

27

-

-

Increase/(Decrease) in employees benefits

27

-

-

10,012,380

5,398,044

10,043,325

5,473,060

Changes in working capital:

(Increase) in inventory

23

(9,571,647)

847,302

(9,564,139)

893,021

(Increase) / decrease in debtors

24

(11,613,686)

(4,808,178)

(11,739,491)

(4,968,282)

(Increase) / decrease in prepayment

21

(11,002)

(210,150)

(3,216)

(210,150)

(Decrease) / increase in payables

28

5,283,941

429,568

5,310,615

422,155

(15,912,393)

(3,741,458)

(15,996,231)

(3,863,256)

Cash flows generated used in operating activities

(5,900,013)

1,656,587

(5,952,906)

1,609,805

Tax paid

9

(87,842)

(7,228)

(87,842)

-

Net cash generated used in operating activities

(5,987,855)

1,649,359

(6,040,748)

1,609,805

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment

19

(706,483)

(781,877)

(661,199)

(742,289)

Proceeds on disposal of Property, plant and equipment

25

-

47,356

-

47,356

Purchase of Intangible assets

19

-

-

-

-

Payments for Right of use assets

20

(229,108)

(116,508)

(229,108)

(116,508)

Loan to JUHI-2

(63,620)

(35,000)

(63,620)

(35,000)

Interest received

7

30,868

41,047

30,868

41,047

-375

Net cash used in investing activities

(968,342)

(844,983)

(923,059)

(805,395)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from borrowings

26

98,816,391

78,366,233

98,816,391

78,366,233

Repayment of borrowings and interest

26

(85,614,318)

(73,496,746)

(85,614,318)

(73,496,746)

Payments for leasehold properties

(36,200)

-

(36,200)

-

Payments for lease liability

-

(147,664)

-

(147,664)

Dividend Paid

(195,622)

-

(195,622)

-

Net cash generated from financing activities

12,970,251

4,721,824

12,970,252

4,721,824

NET CHANGE IN CASH AND CASH EQUIVALENTS

6,014,054

5,526,200

6,006,445

5,526,234

CASH AND CASH EQUIVALENTS AT THE

BEGINNING OF THE YEAR

10,752,628

5,236,519

10,752,092

5,238,154

Effect of foreign exchange rate changes

(8,881,306)

(10,092)

(8,881,306)

(12,297)

CASH AND CASH EQUIVALENTS AS AT 30th

September 2023

25

7,885,375

10,752,628

7,877,231

10,752,092

Eterna Plc

Consolidated Financial Statements for the period ended 30th September 2023

Notes to the consolidated financial statements

N'000

Group

Company

2023

2022

2023

2022

1

Revenue

Trading

-

305,397

-

305,397

Fuel

109,001,151

75,006,652

109,001,151

75,006,652

Lubricants

14,192,893

11,758,557

14,192,893

11,758,557

Others

123,311

4,863,880

123,311

4,863,880

123,317,355

91,934,486

123,317,355

91,934,485

2

Expenses by nature

Group

Company

2023

2022

2023

2022

2.1 Cost of sales

Trading

-

-

-

-

Fuel

98,488,277

71,379,959

98,488,277

71,538,201

Lubricants

11,333,202

9,928,578

11,453,500

9,928,391

Others

103,535

4,405,865

103,535

4,405,865

109,925,014

85,714,402

110,045,312

85,872,456

Group

Company

2023

2022

2023

2022

2.2 Selling and Distribution expenses

Marketing and sales commission

280,823

176,811

280,823

176,811

Sampling and analysis

1,600

1,803

1,600

1,803

282,423

178,614

282,423

178,614

Group

Company

2023

2022

2023

2022

2.3

General and Administration expenses

Staff costs

1,102,213

895,744

1,034,891

833,966

Legal and Professional fees

134,037

28,497

134,037

11,944

Depreciation

684,996

614,940

634,122

561,238

Employee welfare

49,832

1,436

49,529

1,436

Travelling & Entertainment

137,480

75,552

135,948

70,542

Rental Expenses

303,131

302,884

303,131

302,884

Technical Supports Service fees

984,434

459,672

984,434

459,672

Repairs and Maintenance

586,398

490,814

527,437

420,450

Business Development

163,371

40,242

163,211

40,092

Other expenses

63,831

50,080

53,339

40,821

Stationery and communication

85,601

93,779

80,532

92,801

Bank Charges

338,000

337,201

337,997

337,199

Insurance, medical and security

171,308

71,448

166,690

63,974

Licence fees

237,831

138,917

230,635

133,861

Directors remuneration

91,094

26,000

91,094

26,000

Amortisation on Prepayments

139,364

26,839

139,364

26,839

Provision for doubtful debts

613,244

-

613,244

-

Pension costs

35,883

31,274

32,852

28,522

Auditors' remuneration

41,667

45,000

34,167

37,500

Amortisation of Intangible assets

16,518

16,518

16,518

16,518

Loss on disposal of property, plant and equipment

2,318

1,521

2,318

1,521

Board Expenses

74,830

18,136

80,550

18,136

Training and staff Development

33,856

35,454

33,856

35,169

6,091,952

3,801,948

5,880,613

3,561,085

Fees for services as a director Other emoluments as management

Eterna Plc

Consolidated Financial Statements for the period ended 30th September 2023

N'000

4

Employees' remuneration and numbers

Group

Company

2023

2022

2023

2022

Number

Number

Number

Number

Administration

15

28

15

27

Operations

68

37

54

30

Sales and marketing

25

18

25

18

108

83

94

75

Senior Management

11

12

10

11

Management

9

9

9

8

Senior staff

88

62

75

56

108

83

94

75

The number of employees, other than directors, who earned over N3,000,000 in the year:

Group

Company

2023

2022

2023

2022

Number

Number

Number

Number

N3,000,001 - N4,000,000

32

25

26

22

N4,000,001 - N5,000,000

19

10

14

6

Above 5,000,000

57

48

54

47

108

83

94

75

The total employee benefits expense in the year comprise the following:

Group

Company

2023

2022

2023

2022

N'000

N'000

N'000

N'000

Salaries and wages

1,102,213

895,744

1,034,891

833,966

Employee welfare

49,832

1,436

49,529

1,436

Pension Costs

35,883

31,274

32,852

28,522

1,187,928

928,455

1,117,273

863,924

5

Directors' remuneration

Group

20232022

91,09426,000

76,05839,285

167,15265,285

Company

20232022

91,09426,000

76,05839,285

167,15265,285

The emoluments of the chairman of the board (excluding

pension contributions)

18,000

8,000

18,000

8,000

The table below shows the numbers of directors of the company whose remuneration excluding pension contributions fell within the bands stated.

Number

Number

Number

Number

2023

2022

2023

2022

Less than N500,001

-

-

-

-

N500,001 - N3,000,000

-

-

-

-

N8,000,001 - N12,000,000

5

6

5

6

More than N12,000,000

3

2

3

2

8

8

8

8

6 Other income

Group

Company

2023

2022

2023

2022

Other income

14,825

125,768

7,269

125,190

Rent income

30,267

100,090

30,267

100,090

45,092

225,858

37,536

225,280

Eterna Plc

Consolidated Financial Statements for the period ended 30th September 2023

N'000

Group

Company

2023

2022

2023

2022

7 Finance income

Interest income on short-term bank deposits

30,868

32,780

30,868

32,780

30,868

32,780

30,868

32,780

7.1 Net Foreign Exchange (Loss)/Gain

Unrealized foreign exchange loss

(8,881,306)

-

(8,881,306)

-

Realised foreign exchange loss

(754,680)

(83,043)

(754,680)

(83,043)

Realised foreign exchange gain

1,329

-

1,329

-

(9,634,657)

(83,043)

(9,634,657)

(83,043)

As at September 2023, included in the Foreign Exchange Loss is a N9.6billion attributed to foreign exchange revaluation loss due to the collapse of the Nigerian FX market into a single window by the Central Bank of Nigeria (CBN) on June 14, 2023.

Group

Company

8 Finance cost

2023

2022

2023

2022

Interest on Loan

750,410

371,578

750,410

371,578

Interest on bank overdrafts

137,216

146,425

137,216

146,425

887,627

518,004

887,627

518,004

This amount represents interest charges on various short term loans, overdrafts and trade finances.

Group

Company

9

Taxation

2023

2022

2023

2022

Current taxes on income for the year

616,812

410,189

616,774

410,189

Education tax levy for the year

-

49,484

-

49,484

Provision for Tax expense

202,552

-

202,552

-

Deferred Tax

333,720

-

333,720

-

Tax expense on Income statement

1,153,085

459,672

1,153,047

459,672

Tax on Other Comprehensive Income

-

-

-

-

Total tax expense

1,153,085

459,672

1,153,047

459,672

Group

Company

2023

Dec'2022

2023

Dec'2022

Opening balance

704,780

247,017

711,210

246,220

Tax paid

(87,842)

(7,228)

(87,842)

-

WHT utilised

(759,274)

(206,618)

(758,303)

(206,618)

Income tax charge

1,153,085

671,609

1,153,047

671,609

Closing balance

1,010,748

704,780

1,018,112

711,210

Current

1,010,748

704,780

1,018,112

711,210

Non-current

-

-

-

-

1,010,748

704,780

1,018,112

711,210

Corporation tax is calculated at 30 percent of the taxable profit for the year. The charge for taxation on these financial statements is based on the provisions of the Companies Income Tax Act CAP C21 LFN 2004 and Finance Act 2022. The Tertiary Education tax of 3 per cent is based on the provisions of the Tertiary Education Trust Fund Act 2011 and Finance Act 2022.

Eterna Plc

Consolidated Financial Statements for Quarter Three ended 30th Septmber 2023

Notes to the consolidated financial statements

N'000

Group

Company

Q3 2023

Q3 2022

Q3 2023

Q3 2022

10

Revenue

Trading

-

122,165

-

122,165

Fuel

47,280,525

29,222,853

47,280,525

29,222,853

Lubricants

6,698,145

4,316,718

6,642,533

4,316,718

Others

55,742

1,056,839

55,742

1,056,839

54,034,412

34,718,575

53,978,800

34,718,575

11

Expenses

Group

Company

Q3 2023

Q3 2022

Q3 2023

Q3 2022

11.1 Cost of sales

Trading.

-

-

-

-

Fuel.

43,906,555

28,375,489

43,906,555

28,431,224

Lubricants.

5,362,725

3,560,624

5,362,715

3,560,523

Others.

46,515

697,597

46,515

697,597

49,315,795

32,633,711

49,315,785

32,689,345

Group

Company

Q3 2023

Q3 2022

Q3 2023

Q3 2022

11.2 Selling and Distribution expenses

Marketing and sales commission

85,032

102,576

85,032

102,576

Sampling and analysis

-

748

-

748

85,032

103,324

85,032

103,324

Group

Company

Q3 2023

Q3 2022

Q3 2023

Q3 2022

11.3 General and Administration expenses

Staff costs

409,076

288,201

385,922

268,537

Legal and Professional fees

19,780

28,497

19,780

11,944

Depreciation

246,880

204,479

230,006

186,815

Employee welfare

2,284

351

2,160

351

Travelling & Entertainment

84,336

21,717

83,599

20,688

Rental Expenses

102,753

105,373

102,753

105,373

Technical Supports Service fees

529,509

405,339

529,509

407,486

Repairs and Maintenance

257,642

156,602

233,382

123,473

Business Development

123,137

10,710

123,087

10,660

Other expenses

22,386

18,476

18,688

18,476

Stationery and communication

45,941

39,288

46,877

38,835

Bank Charges

60,140

114,036

60,139

114,035

Insurance, medical and security

57,838

52,271

57,311

50,368

Licence fees

72,640

43,526

72,524

41,433

Directors remuneration

31,571

10,300

31,571

10,300

Amortisation on Prepayments

46,455

7,181

46,455

7,181

Provision for doubtful debts

280,674

-

280,674

-

Pension costs

12,502

10,635

11,257

9,797

Auditors' remuneration

13,750

15,000

11,250

12,500

Amortisation of Intangible assets

5,506

5,506

5,506

5,506

Loss on disposal of property, plant and equipment

-

59

-

59

Board Expenses

8,823

6,045

8,823

6,045

Training and staff Development

9,223

12,472

9,223

12,380

2,442,846

1,556,064

2,370,497

1,462,242

Expenses by function

Group

Company

Q3 2023

Q3 2022

Q3 2023

Q3 2022

12

Cost of sales

49,315,795

32,633,711

49,315,785

32,689,345

Selling and Distribution expenses

85,032

103,324

85,032

103,324

General and Administration expenses

2,442,846

1,556,064

2,370,497

1,457,793

51,843,673

34,293,099

51,771,314

34,250,462

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Eterna plc published this content on 01 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2023 18:58:43 UTC.