Industrial and Medical Gases Nigeria : IMD Q2 2023 UNAUDITED FINANCIALS

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

4

Notes to the financial statements

5-7

Hypothetical Case on Free Float

8

Un audited

Audited

Jan-Jun 2023

Jan-Dec 2022

ASSETS

=N='000

=N='000

Non current assets

Property, plant and equipment

10

2,726,916

2,350,139

Other tax assets

(0)

62,478

2,726,916

2,412,617

Current assets

Inventories

11

500,647

478,296

Trade debtors and other receivables

876,137

785,704

Related Party Receivable

-

1,591,979

Prepayments

463,268

220,839

Other tax assets

47,941

222,042

Cash and cash equivalents

2,804,310

1,072,412

4,692,303

4,371,272

Total assets

7,419,219

6,783,889

Equity & liabilities

Equity

Share Capital

249,746

249,746

General reserve

3,576,736

3,251,672

Total Equity

3,826,482

3,501,418

Non current liabilities

Employee benefit liability

12

18,819

18,819

Deferred tax liabilities

357,345

357,345

376,164

376,164

Current liabilities

Bank overdraft

-

70,326

Current tax liabilities

85,409

445,477

Trade and other payables

1,706,481

1,069,138

Loans and borrowings

1,199,877

1,099,128

Provision

111,764

86,764

Contract liability

113,040

135,474

3,216,572

2,906,307

Total liabilities

3,592,736

3,282,471

Total equity and liabilities

7,419,219

6,783,889

Jan-Jun 2023

Jan-Dec 2022

=N='000

=N='000

Cash flows from operating activities

Profit Before Income Tax

470,787

704,386

Adjustments for non-cash items:

Depreciation

144,080

290,668

(Gain)/Loss on sale of property, plant and equipment

(10,882)

1,343

Finance Income

(33,859)

(56,625)

Finance cost

100,750

42,053

Provision

25,000

30,000

Write-off inventory

-

84,767

Write back on credit loss

-

(4,536)

Impairment on related party receivables

-

8,021

Current service cost-long service award

-

1,173

Withholding tax receiveable write back

-

(23,719)

Unrealized exchange (gains)/loss on forex transactions

-

(7,222)

695,876

1,070,309

Working capital changes:

Inventories

(22,351)

(70,024)

Trade and other receivables

(90,433)

(291,354)

Related party receivables

1,591,979

(1,600,000)

Other tax assets

236,580

(87,302)

Prepayments

(242,429)

(31,707)

Trade and other payables

637,343

(732,285)

Contract liability

(22,434)

(5,564)

Long service award paid

(3,642)

Income tax paid

(505,788)

(21,870)

Net cash from operating activities

2,278,342

(1,773,439)

Cash flows from investing activities

Purchase of fixed assets

(575,237)

(672,672)

Proceeds from sales of fixed assets

65,261

115,359

Interest received

33,859

56,625

Net cash from investing activities

(476,117)

(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

1,802,225

(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

2,804,311

1,002,086

Share capital

Retained earnings

Total equity

=N='000

=N='000

=N='000

Balance at 1 January 2023

249,746

3,251,672

3,501,418

Comprehensive income for the period

Profit for the period

325,065

325,065

Other Comprehensive Income

-

-

Total comprehensive income for the period

Transactions with shareholders:

Unclaimed dividend now statute barred

-

Bonus Issue Declared

Dividends paid/declared

-

Balance at 30 June 2023

249,746

3,576,736

3,826,482

For the Period ended December 31, 2022

Balance at 1 January 2022

208,122

2,844,953

3,053,075

Comprehensive income for the period

Profit for the period

448,343

448,343

Other Comprehensive Income

-

Total comprehensive income for the period

Transactions with shareholders:

Unclaimed dividend now statute barred

Bonus Issue Declared

41,624

(41,624)

-

Dividends paid/declared

Balance at 31 December 2022

249,746

3,251,672

3,501,418