FAN MILK PLC FAN MILK PLC
Un-Audited Financial Statements for the full year ended December 31, 2022
Statement of Comprehensive Income for the | |||||||
full year ended December 31, 2022 | 2022 | 2021 | 2022 | 2021 | |||
GH¢'000 | GH¢'000 | GH¢'000 | GH¢'000 | ||||
Revenue | 536,938 | 468,095 | EQUITY | ||||
Cost of Sales | (421,066) | (344,819) | Stated capital | 10,000 | 10,000 | ||
Gross Profit | 115,872 | 123,276 | Retained earnings | 186,985 | 236,675 | ||
Sales and Distribution Costs | (96,419) | (97,136) | TOTAL SHAREHOLDERS' EQUITY | 196,985 | 246,675 | ||
Administrative Expenses | (53,247) | (52,123) | LIABILITIES | ||||
Other Income | 3,651 | 5,927 | Non-current liabilities | ||||
Operating Profit | (30,143) | (20,056) | Deferred Tax | 1,906 | 1,906 | ||
Finance Income | 18,341 | 2,513 | 1,906 | 1,906 | |||
Finance Cost | (21,755) | (3,329) | |||||
Net Profit (Loss) | before tax | (33,557) | (20,872) | Current liabilities | |||
Current Tax | (16,133) | 7,443 | |||||
Net Profit (Loss) | after tax | (49,690) | (13,429) | Loan Facility | 70,000 | 40,000 | |
Other Comprehensive Income | - | - | Trade and Other Payables | 306,198 | 279,980 | ||
Total Comprehensive Income | (49,690) | (13,429) | Tax | - | - | ||
Dividends | 3,000 | 3,001 | |||||
Number of Shares outstanding | 116,207,288 | 116,207,288 | 379,198 | 322,981 | |||
TOTAL LIABILITIES | 381,104 | 324,887 | |||||
Earnings per Share | (0.43) | (0.12) | TOTAL EQUITY AND LIABILITIES | 578,089 | 571,562 | ||
Statement of Financial Position as at | |||||||
December 31, 2022 | |||||||
ASSETS | Statement of Changes in Equity | ||||||
Non-current assets | |||||||
Property, Plant and Equipment | 183,099 | 197,073 | Stated capital | 10,000 | 10,000 | ||
183,099 | 197,073 | Retained earnings - January 1 | 236,675 | 250,104 | |||
Current Assets | Total comprehensive income | (49,690) | (13,429) | ||||
Inventories | 150,977 | 168,083 | Dividend for previous year | - | - | ||
Tax | 6,908 | 9,013 | Retained earnings - December 31 | 186,985 | 236,675 | ||
Trade and Other Receivables | 175,786 | 131,812 | Total equity | 196,985 | 246,675 | ||
Bank and Cash Balances | 61,320 | 65,581 | |||||
394,991 | 374,489 | ||||||
TOTAL ASSETS | 578,089 | 571,562 |
COMMENTS TO THE FINANCIAL STATEMENTS:
Fan Milk PLC registered a positive growth in revenue by 14.7% over prior year. The growth in the last quarter was 25.7% , higher than previous year; driven by festive season activities. The overall strategy for 2022 to grow the outdoor business while accelerating the indoor business yielded another year of double digit growth . Whereas there was growth in topline, cost was strongly challenged
by a number of factors.Gross profit margin was 21.6%, down from 26.3% last year. This was as a result of high inflation recorded over the months hitting 54.1% as at end of December. In addition the results include a significant net exchange loss of GHS 39.4m due to the steep depreciation of the local currency against the USD and the EURO. These macro economics factors severely affected
FML to record a negative net profit before tax of GHS 33.6m for the full year 2022. The tax payment of GHS 16.1million in spite of the loss made was due to tax reassessment emanating from tax audits.
Statement of Cash Flows for the full year ended December | ||
31, 2022 | 2022 | 2021 |
Cash Flows from Operating Activities | GH¢'000 | GH¢'000 |
Cash generated from Operations | (1,005) | 11,845 |
Interest Paid | (21,755) | (3,329) |
Interest Received | 18,341 | 2,513 |
Tax Paid | (16,133) | (4,300) |
Net Cash Generated from Operating Activities | (20,552) | 6,729 |
Cash Flows from Investing Activities | ||
Purchase of Property, Plant and Equipment | (11,704) | (38,677) |
Proceeds from sale of Property, Plant and Equipment | 1,393 | 6,059 |
Net Cash used in Investing Activities | (10,311) | (32,618) |
Cash Flows from Financing Activities | ||
Lease Payment | (3,397) | (2,546) |
Dividends Paid | (1) | (5) |
Loan Facility | 30,000 | 40,000 |
Net Cash used in Financing Activities | 26,602 | 37,449 |
Increase (Decrease) in Cash and Cash Equivalents | (4,261) | 11,560 |
Cash and Cash Equivalents at January 1 | 65,581 | 54,021 |
Cash and Cash Equivalents at December 31 | 61,320 | 65,581 |
Notes to the Financial Statement for the full year ended December 31, 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these quarterly financial statements are consistent to that of the most recent Annual Report and Accounts.
2. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).
3. Administrative expenses include: | 2022 | 2021 |
GH¢'000 | GH¢'000 | |
Directors Remuneration | 465 | 1,178 |
Auditors Remuneration | 256 | 229 |
4. Other Income | ||
Profit on Sale of Fixed Assets | 1,197 | 2,272 |
Sale of Scraps & Sundry Income | 87 | 1,061 |
Rent Income | 1,228 | 1,003 |
Bad Debt Recovered | 1,137 | 1,590 |
TO THE BEST OF OUR KNOWLEDGE THE FINANCIAL STATEMENTS DO NOT CONTAIN UNTRUE STATEMENTS, MISLEADING FACTS OR OMIT MATERIAL FACTS
Dr. Charles Mensa | Ziobeieton Yeo |
Board Chairman | Managing Director |
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Fan Milk Limited published this content on 07 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2023 08:25:10 UTC.
