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.