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 |
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.