FLOUR MILLS OF NIGERIA PLC
CONDENSED CONSOLIDATED AND SEPARATE INTERIM FINANCIAL STATEMENTS
30TH JUNE, 2023
FLOUR MILLS OF NIGERIA PLC
UNAUDITED FINANCIAL RESULTS FOR THREE MONTHS ENDED 30 JUNE 2023
The Directors of Flour Mills of Nigeria Plc (FMN) are pleased to announce the unaudited financial results of the Group and the Company for the three months ended 30 June 2023 as follows:
Revenue
Cost of sales
Gross profits
Selling and distribution expenses Administrative expenses
(Impairment loss)/write-back on trade and intercompany receivables
Net operating losses
Operating profit/(loss)
Investment income
Finance costs
(Loss)/profit before tax
Tax expense
(Loss)/profit for the period
Cashflow hedge
Related tax
Total comprehensive (loss)/income
(Loss)/profit attributable to: Owners of the Company Non-controlling interests
Total comprehensive (loss)/income attributable to: Owners of the Company
Non-controlling interests
(Loss)/earnings per share - Basic (kobo) (Loss)/earnings per share - Diluted (kobo)
Explanatory Notes:
Group | Company | ||
Three months ended | Three months ended | ||
30/06/2023 | 30/06/2022 | 30/06/2023 | 30/06/2022 |
N'000 | N'000 | N'000 | N'000 |
456,376,259 | 339,601,314 | 276,526,631 | 193,235,158 |
(406,081,101) | (306,352,907) | (250,092,787) | (173,720,630) |
50,295,158 | 33,248,407 | 26,433,844 | 19,514,528 |
(5,968,575) | (4,609,201) | (3,999,680) | (3,464,777) |
(11,312,955) | (10,073,532) | (6,804,356) | (6,411,406) |
(115,634) | (659,110) | 343,261 | 180,093 |
(25,778,030) | (2,621,430) | (21,678,775) | (957,253) |
7,119,964 | 15,285,134 | (5,705,706) | 8,861,185 |
168,362 | 193,283 | 1,274,452 | 1,220,849 |
(16,625,346) | (8,150,042) | (9,674,356) | (4,578,083) |
(9,337,020) | 7,328,375 | (14,105,609) | 5,503,950 |
- | (1,832,460) | - | (1,376,263) |
(9,337,020) | 5,495,915 | (14,105,609) | 4,127,688 |
- | 421,882 | - | 469,785 |
- | (105,471) | - | (117,446) |
(9,337,020) | 5,812,326 | (14,105,609) | 4,480,027 |
(10,203,056) | 5,631,853 | (14,105,609) | 4,127,689 |
866,037 | (135,938) | - | - |
(9,337,020) | 5,495,915 | (14,105,609) | 4,127,689 |
(10,203,056) | 5,948,264 | (14,105,609) | 4,480,027 |
866,037 | (135,938) | - | - |
(9,337,020) | 5,812,326 | (14,105,609) | 4,480,027 |
(249) | 137 | (344) | 101 |
(249) | 137 | (344) | 101 |
FMN Plc has experienced continued strong revenue growth with the gross profit growing ahead of revenue. The operating profit dropped significantly due to foreign exchange loss of N22.5bn in the last quarter leading to loss before tax of N9.3bn. Without the devaluation of the exchange rate, the operating profit would have increased by 52%. Management remains optimistic that with the current government monetary policies at stabilising the FOREX market, and management continues effort in sales and marketing activities geared towards boosting our top line while keeping cost under control, we expect to see significant improvement in profit generation in the coming period.
Security Trading Policy
Flour Mills of Nigeria Plc has in place a Code of Conduct which aligns with section 14 of the Amendment to the Listing Rules of the Nigerian Exchange Limited. During the period under review, the Directors and employees of the company complied with the Nigerian Exchange Limited Rules relating to securities transactions and the provisions of the FMN Code on Insider Trading.
BY ORDER OF THE BOARD
Joseph Odion A. Umolu
Company Secretary / Director, Legal Services
FRC/2013/NBA/0000003687
28 August 2023
Contents | Page |
CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | 1 |
CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION | 2 |
CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY | 3 |
CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS | 4 |
NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS | 5 to 16 |
FLOUR MILLS OF NIGERIA PLC
CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 30 JUNE 2023
Note | |
Revenue | 5 |
Cost of sales | 6 |
Gross profit | |
Selling and distribution expenses | 7 |
Administrative expenses | 8 |
(Impairment loss)/write-back on trade and | |
intercompany receivables | |
Net operating losses | 9 |
Operating profit/(loss) | |
Finance income | |
Finance costs | |
(Loss)/profit before tax | |
Income tax expense | 10 |
(Loss)/profit for the period
Cashflow hedge
Related tax
Total comprehensive (loss)/income
(Loss)/profit attributable to: Owners of the Company Non-controlling interests
Total comprehensive (loss)/income attributable to: Owners of the Company
Non-controlling interests
(Loss)/earnings per share - Basic (kobo) | 11 |
Earnings per share
Group | |
3 months ended | 3 months ended |
30/06/2023 | 30/06/2022 |
N'000 | N'000 |
456,376,259 | 339,601,314 |
(406,081,101) | (306,352,907) |
50,295,158 | 33,248,407 |
(5,968,575) | (4,609,201) |
(11,312,955) | (10,073,532) |
(115,634) | (659,110) |
(25,778,030) | (2,621,430) |
7,119,964 | 15,285,134 |
168,362 | 193,283 |
(16,625,346) | (8,150,042) |
(9,337,020) | 7,328,375 |
- | (1,832,460) |
(9,337,020) | 5,495,915 |
- | 421,882 |
- | (105,471) |
(9,337,020) | 5,812,326 |
(10,203,056) | 5,631,853 |
866,037 | (135,938) |
(9,337,020) | 5,495,915 |
(10,203,056) | 5,948,264 |
866,037 | (135,938) |
(9,337,020) | 5,812,326 |
(249) | 137 |
Company
3 months ended | 3 months ended |
30/06/2023 | 30/06/2022 |
N'000 | N'000 |
276,526,631 | 193,235,158 |
(250,092,787) | (173,720,630) |
26,433,844 | 19,514,528 |
(3,999,680) | (3,464,777) |
(6,804,356) | (6,411,406) |
343,261 | 180,093 |
(21,678,775) | (957,253) |
(5,705,706) | 8,861,185 |
1,274,452 | 1,220,849 |
(9,674,356) | (4,578,083) |
(14,105,609) | 5,503,950 |
- | (1,376,263) |
(14,105,609) | 4,127,688 |
- | 469,785 |
- | (117,446) |
(14,105,609) | 4,480,027 |
(14,105,609) | 4,127,688 |
- | - |
(14,105,609) | 4,127,688 |
(14,105,609) | 4,480,027 |
- | - |
(14,105,609) | 4,480,027 |
(344) | 101 |
(Loss)/earnings per share - Diluted (kobo) | (249) | 137 |
(344)101
1
FLOUR MILLS OF NIGERIA PLC | ||||||||
CONDENSED CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION | ||||||||
AS AT 30 JUNE 2023 | ||||||||
Group | Company | |||||||
30/06/2023 | 31/03/2023 | 30/06/2023 | 31/03/2023 | |||||
Note | N'000 | N'000 | N'000 | N'000 | ||||
Assets | ||||||||
Non-current assets | ||||||||
Property, plant and equipment | 13 | 342,321,966 | 340,804,379 | 122,726,132 | 122,019,533 | |||
Right of use assets | 15,323,924 | 15,501,196 | 2,813,493 | 2,709,056 | ||||
Biological assets | 14 | 49,351 | 54,498 | - | - | |||
Intangible assets | 15 | 13,664,139 | 13,705,232 | 47,433 | 61,775 | |||
Investment properties | 16 | 1,321,820 | 1,322,333 | 50,166 | 50,680 | |||
Goodwill | 12 | 4,148,022 | 4,148,022 | 1,876,816 | 1,876,816 | |||
Investment in subsidiaries | 17 | - | - | 85,164,727 | 85,164,727 | |||
Other investments | 18 | 47,260 | 47,260 | 47,260 | 47,260 | |||
Deferred tax assets | 11,929,031 | 11,484,351 | - | - | ||||
Long term loans receivable | 19 | 45,612 | 43,534 | 27,355,651 | 20,853,541 | |||
Total non-current assets | 388,851,125 | 387,110,805 | 240,081,677 | 232,783,388 | ||||
Current assets | ||||||||
Inventories | 20 | 293,117,248 | 336,374,640 | 119,236,050 | 151,925,626 | |||
Biological assets | 14 | 1,846,085 | 666,274 | - | - | |||
Trade and other receivables | 21 | 46,228,226 | 47,469,558 | 111,343,345 | 97,817,112 | |||
Prepayment & deposit for import | 22 | 299,982,670 | 228,073,084 | 225,651,172 | 169,592,143 | |||
Cash and cash equivalents | 23 | 129,519,385 | 97,702,029 | 81,584,145 | 67,167,053 | |||
Total current assets | 770,693,613 | 710,285,585 | 537,814,712 | 486,501,934 | ||||
Total assets | 1,159,544,738 | 1,097,396,390 | 777,896,389 | 719,285,322 | ||||
Equity and liabilities | ||||||||
Capital and reserves | ||||||||
Share capital | 2,050,197 | 2,050,197 | 2,050,197 | 2,050,197 | ||||
Share premium | 75,377,444 | 75,377,444 | 75,377,444 | 75,377,444 | ||||
Fair value reserve | (88,196) | (88,196) | (88,196) | (88,196) | ||||
Hedging reserve | - | - | - | - | ||||
Retained earnings | 122,464,885 | 132,667,941 | 90,375,473 | 104,481,082 | ||||
Equity attributable to owners of the Company | 199,804,330 | 210,007,386 | 167,714,918 | 181,820,527 | ||||
Non-controlling interest | 16,083,539 | 15,217,502 | - | - | ||||
Total Equity | 215,887,868 | 225,224,888 | 167,714,918 | 181,820,527 | ||||
Liabilities | ||||||||
Non-current liabilities | ||||||||
Borrowings | 25 | 218,686,980 | 210,240,706 | 111,319,453 | 64,608,656 | |||
Lease liabilities | 23,071,267 | 15,722,575 | 592,512 | 427,938 | ||||
Retirement benefit obligation | 11,912,221 | 11,205,123 | 8,777,049 | 8,418,371 | ||||
Long service award | 4,253,124 | 4,060,137 | 3,177,730 | 2,529,289 | ||||
Deferred taxation | 19,361,334 | 19,489,454 | 14,582,143 | 14,582,143 | ||||
Deferred income | 29,956,202 | 27,362,183 | 2,265,061 | 2,998,181 | ||||
Total non-current liabilities | 307,241,127 | 288,080,178 | 140,713,948 | 93,564,578 | ||||
Current liabilities | ||||||||
Bank Overdraft | 23 | 8,750,800 | 32,806,764 | 8,246,787 | 20,191,541 | |||
Trade and other payables | 24 | 388,977,163 | 320,649,144 | 292,459,392 | 244,339,315 | |||
Borrowings | 25 | 155,682,189 | 139,450,591 | 132,502,495 | 127,557,304 | |||
Lease liabilities | 426,693 | 1,952,565 | 11,499 | - | ||||
Current tax payable | 30,594,413 | 28,862,614 | 18,601,857 | 18,242,070 | ||||
Deferred income | 9,887,901 | 9,153,955 | 1,163,944 | 1,224,144 | ||||
Derivative liability | 2,942,620 | 2,942,620 | 2,088,559 | 2,088,559 | ||||
Dividend payable | 853,057 | 516,502 | 516,502 | 516,502 | ||||
Customer deposits | 38,300,907 | 47,756,569 | 13,876,488 | 29,740,782 | ||||
Total current liabilities | 636,415,743 | 584,091,324 | 469,467,522 | 443,900,217 | ||||
Total liabilities | 943,656,869 | 872,171,502 | 610,181,471 | 537,464,795 | ||||
Total equity and liabilities | 1,159,544,738 | 1,097,396,390 | 777,896,389 | 719,285,322 | ||||
- | - | - | - |
The financial statements were approved by the board of directors and authorised for issue on 28 August, 2023. They were signed on its behalf by:
Omoboyede O. Olusanya | Anders Kristiansson | ||
Group Managing Director | Group Chief Finance Officer | ||
FRC/2017/IODN/00000017634 | - | 0.41 | FRC/2014/ANAN/00000009819 |
2
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Flour Mills of Nigeria plc published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 09:02:07 UTC.