INDUSTRIAL AND MEDICAL GASES NIGERIA PLC INDUSTRIAL AND MEDICAL GASES NIGERIA PLC
4TH QUARTER 2021 UNAUDITED INTERIM RESULTS | RC 2035 |
CONTENT PAGE | |
Page | |
Statement of Profit or Loss and Other Comprehensive Income | 1 |
Statement of Financial Position | 2 |
Statement of Cash Flows | 3 |
Statement of Changes in Equity | 3 |
Notes to the financial statements | 4-6 |
BOC Gases Nigeria Plc
QTR 1 FY 2021 Un audited Financial Statements
REPORT TO THE NIGERIAN STOCK EXCHANGE
Industrial & Medical Gases Nigeria plc
Condensed statement of comprehensive income
Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||
Notes | Oct- Dec 2021 | Jan- Dec 2021 | Oct- Dec 2020 | Jan- Dec 2020 | Jan- Dec 2020 | ||
=N='000 | =N='000 | ||||||
Revenue | 15 | 941,598 | 3,699,230 | 822,983 | 3,170,245 | 3,171,173 | |
Cost of sales | (410,950) | (1,715,005) | (405,229) | (1,634,001) | (1,656,802) | ||
Gross profit | 530,648 | 1,984,225 | 417,755 | 1,536,244 | 1,514,371 | ||
Other Income | 16 | 8,523 | 28,528 | 7,654 | 53,060 | 61,399 | |
Other expenses | (2,284) | (10,710) | (2,512) | (39,704) | (24,981) | ||
Selling and Distribution Expenses | 17 | (158,061) | (634,999) | (121,675) | (521,816) | (509,537) | |
Administrative expenses | (207,288) | (706,054) | (185,205) | (664,299) | (648,895) | ||
Operating profit | 171,538 | 660,990 | 116,016 | 363,486 | 392,357 | ||
Finance income | 18 | 20,308 | 58,012 | 9,407 | 79,588 | 85,643 | |
Finance cost | (69,647) | (166,434) | (31,837) | (60,748) | (63,498) | ||
Profit before income tax | 122,199 | 552,567 | 93,586 | 382,326 | 414,502 | ||
Income tax (provision) | (76,744) | (184,742) | (22,878) | (117,325) | (122,395) | ||
Net Profit for the 12 months | 45,455 | 367,825 | 70,708 | 265,001 | 292,107 | ||
Other comprehensive income
Defined benefit plan actuarial gain
Tax on actuarial gain
Total comprehensive income for the 12 months
Basic and diluted earnings per share (kobo)
641 | ||||
(205) | ||||
45,455 | 367,825 | 70,708 | 265,001 | 292,543 |
11 | 88 | 17 | 64 | 70 |
BOC Gases Nigeria Plc
QTR 1 FY 2021 Un audited Financial Statements
Industrial & Medical Gases Nigeria plc
Condensed statement of financial position | ||||
Un audited | Audited | |||
Jan- Dec 2021 | Jan-Dec 2020 | |||
ASSETS | =N='000 | =N='000 | ||
Non current assets | ||||
Property, plant and equipment | 10 | 2,084,837 | 2,167,083 | |
Intangibles | - | - | ||
Right of Use Assets | - | 80,293 | ||
Other tax assets | 362,908 | 307,584 | ||
Prepayments and other assets | - | - | ||
2,447,745 | 2,554,960 | |||
Current assets | ||||
Inventories | 11 | 493,039 | 432,902 | |
Trade debtors and other receivables | 486,339 | 460,417 | ||
Prepayments and other assets | 81,445 | 326,239 | ||
Cash and cash equivalents | 2,017,284 | 1,643,352 | ||
3,078,106 | 2,862,910 | |||
Total assets | 5,525,851 | 5,417,870 | ||
Equity & liabilities | ||||
Equity | ||||
Share Capital | 208,122 | 208,122 | ||
General reserve | 2,840,322 | 2,671,118 | ||
Other reserves | 436 | 436 | ||
Total Equity | 3,048,881 | 2,879,676 | ||
Non current liabilities | ||||
Employee benefit liability | 12 | 18,663 | 18,663 | |
Lease Liabilities | - | - | ||
Deferred tax liabilities | 480,656 | 480,659 | ||
499,319 | 499,322 | |||
Current liabilities | ||||
Current tax liabilities | 240,965 | 140,499 | ||
Trade creditors | 361,759 | 592,027 | ||
Other creditors & accruals | 13 | 528,745 | 449,832 | |
Lease Liabilities | - | 103,818 | ||
Provision | 56,764 | 56,764 | ||
Deferred revenue | 137,502 | 97,180 | ||
Dividend payable | 141,513 | 382,922 | ||
Amount due to related companies | 14 | 510,403 | 215,830 | |
1,977,652 | 2,038,872 | |||
Total liabilities | 2,476,970 | 2,538,194 | ||
Total equity and liabilities | 5,525,851 | 5,417,870 |
BOC Gases Nigeria Plc
QTR 1 FY 2021 Un audited Financial Statements
Industrial & Medical Gases Nigeria plc
Condensed statement of cash flows | ||||
Jan- Dec 2021 | Jan-Dec 2020 | |||
=N='000 | =N='000 | |||
Cash flows from operating activities | ||||
Profit Before Income Tax | 660,990 | 392,357 | ||
Adjustments for non-cash items: | ||||
Depreciation | 270,012 | 266,023 | ||
Profit from sales of fixed assets | (1,103) | (9,457) | ||
Working capital changes: | ||||
Inventories | (60,137) | (206,890) | ||
Trade and other receivables | (81,246) | (141,278) | ||
Trade and other payables | (230,268) | 359,531 | ||
Related companies accounts | 294,573 | 87,406 | ||
Prepayments | 244,794 | (24,153) | ||
Other current liabilities | (122,173) | (450,883) | ||
Right of use | 80,293 | 120,758 | ||
Lease liabilities | (103,818) | - | ||
Income tax paid | (84,279) | (109,772) | ||
Net cash from operating activities | 867,638 | 283,642 | ||
Cash flows from investing activities | ||||
Purchase of fixed assets | (187,782) | (192,391) | ||
Proceeds from sales of fixed assets | 1,119 | 10,223 | ||
Interest received | 58,012 | 85,643 | ||
Net cash from investing activities | (128,652) | (96,525) | ||
Cash flows from financing activities | ||||
Dividend paid | (208,122) | (26,480) | ||
Unpaid dividend received | 9,501 | - | ||
Interest expense | (166,434) | (21,563) | ||
Net cash from financing activities | (365,055) | (48,043) | ||
Net increase in cash and cash equivalent | 373,931 | 139,074 | ||
Cash and cash equivalent at 1 January | 1,643,352 | 1,504,278 | ||
Cash and cash equivalent at 31 December | 2,017,283 | 1,643,352 | ||
Condensed statement of changes in equity
Share capital | Retained earnings | Total equity | |
Balance at 1 January | =N='000 | =N='000 | =N='000 |
Balance at 1 January 2021 | 208,122 | 2,671,554 | 2,879,676 |
Profit for the period | - | - | |
Other Comprehensive Income | - | - | |
Transactions with shareholders: | |||
Unclaimed dividend now statute barred | - | - | |
Dividends declared | - | - | |
Balance at 31 December 2021 | 208,122 | 2,671,554 | 2,879,676 |
Balance at 1 January 2020 | 208,122 | 2,503,884 | 2,712,006 |
Profit for the period | - | - | |
Other Comprehensive Income | - | - | |
Transactions with shareholders: | |||
Unclaimed dividend now statute barred | - | ||
Dividends declared | (124,873) | (124,873) | |
Balance at 31 December 2020 | 208,122 | 2,379,011 | 2,587,133 |
BOC Gases Nigeria Plc
QTR 1 FY 2021 Un audited Financial Statements
Notes to the condensed financial statements
1. Statement of compliance
These condensed financial statements for the twelve months have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), the presentation as well as disclosure requirements of IAS 34 Interim Financial Reporting and the Company and Allied Matters Act as amended
1b.Securities Trading Policy
In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of The Exchange 2015 (Issuers' Rule),
Industrial & Medical Gases Nigeria Plc maintains a Security Trading Policy (Policy) which guides Directors, Audit Committee members, employees and all individuals categorized as insiders in relation to their dealings in the Company's shares.
The Policy undergoes periodic review by the Board and is updated accordingly. The Company has made specific inquiries of all its directors and other insiders and is not aware of any infringement of the Policy during the period.
2. Basis of preparation
The financial statements are prepared in thousands of Nigerian Naira on the historical cost basis
3. Accounting policies
The financial statements have been prepared applying the same accounting policies as used in the last audited financial statements for the year ended 31 December 2020
4. Unusual items
There were no unusual items within the period
5. Changes in estimates
There were no material changes in estimates made, between the last quarter interim report and the current report
6. Debt and equity transactions
A dividend of 50k per share on the issued share capital of 416,244,706 shares of 50k each was declared at the Annual General Meeting held in the second quarter. This translates to a total dividend of =N=208,122,353
7. Contingent liabilities
As at the date of publishing this report, there are no contingent liabilities against the company
8. Changes in the composition of the company
TY Holdings Limited bought the 60% interest in the equity of the company held by BOC Holdings Limited,UK making the total equity interest of TY Holdings Limited in the company to rise to 72%
9.Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
(a)Foreign currency transactions - Transactions in foreign currencies are translated to Naira at the exchange rates at the dates of the transactions.
(b)Property, plant and equipment - Items of property,plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
(c)Inventories - Inventories are measured at the lower of cost and net realisable value.The cost of inventories includes expenditure incurred in acquiring the inventories,production or conversion costs and other costs incurred in bringing them to their present location and condition.
- Employee Benefits - The Company has a defined contribution scheme for junior level employees,which is funded through fixed contributions made by the Company over the service life of the employees and charged accordingly as personnel expense in profit or loss.The company also has long service awards scheme instituted for all permanent employees.
(e)Revenue - Revenue is measured at the fair value of the consideration received or receivable,net of ValueAdded Tax, discounts allowed and rebates in the ordinary course of business.
- Operating profit - Operating profit is the result generated from the continuing principal revenue producing activities of the Company as well as other income and expenses related to operating activities.Operating profit excludes net finance costs and income taxes
(g)Finance income comprises interest income on funds invested and net gains on foreign exchange differences.Interest income is recognised in profit or loss as it accrues,using the effective interest method.Finance costs comprise unwinding of the discount on provisions and interest expenses on borrowings (except interest expenses that are directly attributable to the acquisition,
construction or production of a qualifying asset which are capitalised as part of the related assets) and are recognised in profit or loss using the effective interest method
(h)Income tax -Income tax expense comprises current tax - company income tax and tertiary education tax, and deferred tax.
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Industrial and Medical Gases Nigeria plc published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 10:48:02 UTC.
