Industrial and Medical Gases Nigeria : IMD Q1 2023 UNAUDITED FINANCIALS

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 Equity

4

Notes to the financial statements

5-6

Un audited

Audited

Jan-Mar 2023

Jan-Dec 2022

ASSETS

=N='000

=N='000

Non current assets

Property, plant and equipment

10

2,356,877

2,350,139

Other tax assets

88,748

62,478

2,445,625

2,412,617

Current assets

Inventories

11

422,411

478,296

Trade debtors and other receivables

832,357

785,704

Related Party Receivable

-

1,591,979

Prepayments

1,076,312

220,839

Other tax assets

258,110

222,042

Cash and cash equivalents

2,031,186

1,072,412

4,620,376

4,371,272

Total assets

7,066,001

6,783,889

Equity & liabilities

Equity

Share Capital

249,747

249,746

General reserve

3,390,747

3,251,672

Total Equity

3,640,494

3,501,418

Non current liabilities

Employee benefit liability

12

18,819

18,819

Deferred tax liabilities

357,346

357,345

376,165

376,164

Current liabilities

Bank overdraft

-

70,326

Current tax liabilities

503,178

445,477

Trade payables

420,217

411,362

Other creditors & accruals

13

655,184

525,222

Loans and borrowings

1,136,738

1,099,128

Provision

101,764

86,764

Contract liability

99,707

135,474

Dividend payable

132,554

132,554

3,049,343

2,906,307

Total liabilities

3,425,508

3,282,471

Total equity and liabilities

7,066,001

6,783,889

Condensed statement of cash flows

Un audited

Audited

Jan-Mar 2023

Jan-Dec 2022

=N='000

=N='000

Cash flows from operating activities

Profit Before Income Tax

196,776

704,386

Adjustments for non-cash items:

Depreciation

71,340

290,668

Profit from sales of fixed assets

-

1,343

Finance Income

(8,564)

(56,625)

Finance cost

37,611

42,053

Provision

15,000

30,000

Working capital changes:

Inventories

55,885

(70,024)

Trade and other receivables

(46,653)

(291,354)

Related party receivables

1,591,979

(1,600,000)

Other tax assets

(62,338)

(87,302)

Prepayments

(855,473)

(31,707)

Trade and other payables

8,855

(732,285)

Contract liability

(35,767)

(5,564)

Other current liabilities

129,962

54,842

Income tax paid

-

(21,870)

Net cash from operating activities

1,098,613

(1,773,439)

Cash flows from investing activities

Purchase of fixed assets

(78,077)

(672,672)

Proceeds from sales of fixed assets

-

115,359

Interest received

8,564

56,625

Net cash from investing activities

(69,513)

(500,688)

Cash flows from financing activities

Dividend paid

-

(779)

Proceeds from Commercial Papers

-

1,058,438

Net cash from financing activities

-

1,057,659

Net increase in cash and cash equivalent

1,029,100

(1,216,468)

Cash and cash equivalent at 1 January

1,002,086

2,017,284

Effect of Foreign exchange on cash and cash equivalent

201,270

Cash and cash equivalent at 31 December

2,031,186

1,002,086

Share capital

Retained earnings

Total equity

Balance at 1 January

=N='000

=N='000

=N='000

Balance at 1 January 2023

249,746

3,251,672

3,501,418

Profit for the period

139,075

139,075

Other Comprehensive Income

-

-

Transactions with shareholders:

Unclaimed dividend now statute barred

-

Dividends paid/declared

-

Balance at 31 March 2023

249,746

3,390,746

3,640,492

Balance at 1 January 2022

208,122

2,844,953

3,053,075

Profit for the period

448,343

448,343

Other Comprehensive Income- Actuarial gain

-

Transactions with shareholders:

Bonus Issue Declared

41,624

(41,624)

-

Balance at 31 December 2022

249,746

3,251,672

3,501,418