INDUSTRIAL AND MEDICAL GASES NIGERIA PLC

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

5-6

REPORT TO THE NIGERIAN STOCK EXCHANGE

Industrial & Medical Gases Nigeria plc

Condensed statement of comprehensive income

Unaudited

Unaudited

Unaudited

Audited

Notes

Oct - Dec. 2022

Jan - Dec. 2022

Oct - Dec. 2021

Jan- Dec 2021

=N='000

=N='000

=N='000

Revenue

15

1,526,417

5,338,880

941,598

3,699,230

Cost of sales

(749,513)

(2,491,849)

(410,950)

(1,677,381)

Gross profit

776,904

2,847,031

530,648

2,021,849

Other Income

16

12,918

39,902

8,523

28,528

Other expenses

(4,398)

(15,361)

(2,284)

(10,774)

Selling and Distribution Expenses

17

(334,591)

(976,068)

(158,061)

(680,267)

Administrative expenses

(254,572)

(1,231,536)

(276,935)

(863,797)

Operating profit

196,261

663,968

101,891

495,539

Finance income

18

10,858

56,678

20,308

62,794

Finance cost

(30,038)

(30,038)

-

(6,137)

Profit before income tax

177,082

690,609

122,199

552,196

Income tax (provision)

(70,417)

(224,483)

(76,744)

(180,177)

Net Profit for the 12 months

106,665

466,126

45,455

372,019

Other comprehensive income

Defined benefit plan actuarial gain

Tax on actuarial gain

Total comprehensive income for the 12 month

Basic and diluted earnings per share (kobo)

-

-

-

-

-

-

-

-

106,665

466,126

45,455

372,019

26

93

11

89

Industrial & Medical Gases Nigeria plc

Condensed statement of financial position

Un audited

Audited

Jan- Dec. 2022

Jan-Dec 2021

ASSETS

=N='000

=N='000

Non current assets

Property, plant and equipment

10

2,288,881

2,084,838

Other tax assets

34,047

34,047

2,322,928

2,118,885

Current assets

Inventories

11

481,297

493,039

Trade debtors and other receivables

723,141

489,815

Prepayments

1,851,529

189,132

Other tax assets

267,760

287,856

Cash and cash equivalents

1,106,663

2,017,284

4,430,390

3,477,126

Total assets

6,753,318

5,596,011

Equity & liabilities

Equity

Share Capital

249,747

208,122

General reserve

3,269,020

2,844,517

Other reserves

436

436

Total Equity

3,519,203

3,053,075

Non current liabilities

Employee benefit liability

12

19,925

19,925

Deferred tax liabilities

391,659

391,659

411,584

411,584

Current liabilities

Current tax liabilities

379,603

325,394

Trade creditors

394,734

431,920

Other creditors & accruals

13

489,228

532,499

Bank overdraft

70,326

-

Loans and borrowings

1,110,207

-

Provision

86,764

56,764

Contract liability

135,474

141,038

Dividend payable

156,196

133,333

Amount due to related companies

14

-

510,404

2,822,531

2,131,352

Total liabilities

3,234,115

2,542,936

Total equity and liabilities

6,753,318

5,596,011

This financial statements were approved by the Board of Directors on 27 January 2023 and signed on its behalf by:

Industrial & Medical Gases Nigeria plc

Condensed statement of cash flows

Jan- Dec. 2022

Jan-Dec 2021

=N='000

=N='000

Cash flows from operating activities

Profit Before Income Tax

663,968

495,539

Adjustments for non-cash items:

Depreciation

290,669

270,012

Gain/loss from sales of fixed assets

28,846

(1,103)

Working capital changes:

Inventories

11,742

(60,137)

Trade and other receivables

(213,231)

(43,716)

Trade and other payables

(37,186)

178,307

Related companies accounts

(510,404)

-

Prepayments

(1,662,397)

137,106

Other current liabilities

4,028

51,718

Right of use

-

80,293

Lease liabilities

-

(108,600)

Income tax paid

(170,273)

(84,278)

Net cash from operating activities

(1,594,237)

915,141

Cash flows from investing activities

Purchase of fixed assets

(611,414)

(187,782)

Proceeds from sales of fixed assets

87,856

1,118

Interest received

56,678

62,794

Net cash from investing activities

(466,879)

(123,870)

Cash flows from financing activities

Proceed from loans obtained

1,180,533

-

Dividend paid

-

(412,557)

Interest expense - lease

(30,038)

(4,782)

Net cash from financing activities

1,150,495

(417,339)

Net increase in cash and cash equivalent

(910,621)

373,932

Cash and cash equivalent at 1 January

2,017,284

1,643,352

Cash and cash equivalent at 31 December

1,106,663

2,017,284

Industrial & Medical Gases Nigeria plc

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 2022

208,122

2,844,953

3,053,075

Profit for the period

466,126

466,126

Other Comprehensive Income

-

-

Transactions with shareholders:

Unclaimed dividend now statute barred

-

Bonus shares declared

41,625

(41,625)

0

Balance at 31 December 2022

249,747

3,269,454

3,519,201

Balance at 1 January 2021

208,122

2,671,118

2,879,240

Profit for the period

372,019

372,019

Other Comprehensive Income- Actuarial gain

436

436

Transactions with shareholders:

Unclaimed dividend now statute barred

9,502

9,502

Dividends paid/declared

(208,122)

(208,122)

Balance at 31 December 2021

208,122

2,844,953

3,053,075

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Industrial and Medical Gases Nigeria plc published this content on 27 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2023 14:59:09 UTC.