IMG Nigeria Plc
QTR 3 FY 2023 Un audited Financial Statements
INDUSTRIAL & 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 | 5-7 |
IMG Nigeria Plc
QTR 3 FY 2023 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 | Jul - Sept 2023 | Jan- Sept 2023 | Jul - Sept 2022 | Jan- Sept 2022 | Jan- Dec 2022 | ||
=N='000 | =N='000 | =N='000 | |||||
Revenue | 15 | 1,501,068 | 4,226,617 | 1,433,807 | 3,812,463 | 5,338,879 | |
Cost of sales | (847,765) | (2,040,845) | (630,844) | (1,742,339) | (2,609,336) | ||
Gross profit | 653,303 | 2,185,772 | 802,964 | 2,070,125 | 2,729,543 | ||
Other Income | 16 | 19,856 | 64,729 | 4,517 | 26,984 | 68,471 | |
Other expenses | (7,308) | (19,715) | (3,667) | (10,964) | (16,817) | ||
Gain/(Losses) on foreign exchange transactions | 178,579 | 53,112 | (248,037) | (354,520) | (404,283) | ||
Selling and Distribution Expenses | 17 | (287,077) | (724,949) | (233,280) | (641,477) | (922,036) | |
(Impairment)/write-back of credit loss on receivables | - | - | - | - | (3,485) | ||
Administrative expenses | (251,131) | (715,050) | (210,496) | (622,417) | (761,579) | ||
Operating profit | 306,222 | 843,899 | 112,002 | 467,731 | 689,814 | ||
Finance income | 18 | 45,924 | 79,783 | 5,840 | 45,820 | 56,625 | |
Finance cost | (8,972) | (109,722) | - | - | (42,053) | ||
Profit before income tax | 343,174 | 813,960 | 117,841 | 513,551 | 704,386 | ||
Income tax (provision) | (103,899) | (249,621) | (27,156) | (154,066) | (256,043) | ||
Net Profit for the 9 months | 239,275 | 564,339 | 90,686 | 359,486 | 448,343 | ||
Other comprehensive income
Defined benefit plan actuarial gain
Tax on actuarial gain
Total comprehensive income for the 9 months
Basic and diluted earnings per share (kobo)
- | - | - | - | |
- | - | - | - | |
239,275 | 564,339 | 90,686 | 359,486 | 448,343 |
48 | 113 | 22 | 86 | 90 |
The Board believes that barring any unforeseen negative circumstances, the performance shall be sustained.
IMG Nigeria Plc
QTR 3 FY 2023 Un audited Financial Statements
Industrial & Medical Gases Nigeria plc
Condensed statement of financial position
Un audited | Audited | |||
Jan-Sept 2023 | Jan-Dec 2022 | |||
ASSETS | =N='000 | =N='000 | ||
Non current assets | ||||
Property, plant and equipment | 10 | 2,906,585 | 2,350,139 | |
Other tax assets | (0) | 62,478 | ||
2,906,584 | 2,412,617 | |||
Current assets | ||||
Inventories | 11 | 539,348 | 478,296 | |
Trade debtors and other receivables | 813,247 | 785,704 | ||
Related Party Receivable | - | 1,591,979 | ||
Prepayments | 844,810 | 220,839 | ||
Other tax assets | 151,545 | 222,042 | ||
Cash and cash equivalents | 1,980,290 | 1,072,412 | ||
4,329,240 | 4,371,272 | |||
Total assets | 7,235,824 | 6,783,889 | ||
Equity & liabilities | ||||
Equity | ||||
Share Capital | 249,746 | 249,746 | ||
General reserve | 3,816,010 | 3,251,672 | ||
Total Equity | 4,065,756 | 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 | 258,529 | 445,477 | ||
Trade and other payables | 13 | 1,804,601 | 1,069,138 | |
Loans and borrowings | - | 1,099,128 | ||
Short-term loan - related companies | 14 | 500,133 | ||
Provision | 111,764 | 86,764 | ||
Contract liability | 118,877 | 135,474 | ||
2,793,904 | 2,906,307 | |||
Total liabilities | 3,170,068 | 3,282,471 | ||
Total equity and liabilities | 7,235,824 | 6,783,889 |
IMG Nigeria Plc
QTR 3 FY 2023 Un audited Financial Statements
Industrial & Medical Gases Nigeria plc
Condensed statement of cash flows
Jan-Sept 2023 | Jan-Dec 2022 | |||
=N='000 | =N='000 | |||
Cash flows from operating activities | ||||
Profit Before Income Tax | 813,960 | 704,386 | ||
Adjustments for non-cash items: | ||||
Depreciation | 222,847 | 290,668 | ||
(Gain)/Loss on sale of property, plant and equipment | (10,972) | 1,343 | ||
Finance Income | (79,783) | (56,625) | ||
Finance cost | 109,722 | 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) | ||
1,080,774 | 1,070,309 | |||
Working capital changes: | ||||
Inventories | (61,052) | (70,024) | ||
Trade and other receivables | (27,543) | (291,354) | ||
Related party receivables | 1,591,979 | (1,600,000) | ||
Other tax assets | 132,976 | (87,302) | ||
Prepayments | (623,971) | (31,707) | ||
Trade and other payables | 735,463 | (732,285) | ||
Contract liability | (16,597) | (5,564) | ||
Long service award paid | (3,642) | |||
Income tax paid | (436,569) | (21,870) | ||
Net cash from operating activities | 2,375,460 | (1,773,439) | ||
Cash flows from investing activities | ||||
Purchase of fixed assets | (833,924) | (672,672) | ||
Proceeds from sales of fixed assets | 65,602 | 115,359 | ||
Interest received | 79,783 | 56,625 | ||
Net cash from investing activities | (688,539) | (500,688) | ||
Cash flows from financing activities | ||||
Dividend paid | - | (779) | ||
Short-term loan - related companies | 500,133 | - | ||
Proceeds from Commercial Papers | - | 1,058,438 | ||
Repayment of Commercial Papers and loans | (1,208,850) | - | ||
Net cash from financing activities | (708,717) | 1,057,659 | ||
Net increase in cash and cash equivalent | 978,204 | (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 | 1,980,290 | 1,002,086 | ||
IMG Nigeria Plc
QTR 3 FY 2023 Un audited Financial Statements
Industrial & Medical Gases Nigeria plc
Condensed statement of changes in equity
For the Period ended September 30, 2023
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 | 564,339 | 564,339 | |
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 | 3,816,010 | 4,065,756 |
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 |
IMG Nigeria Plc
QTR 3 FY 2023 Un audited Financial Statements
Industrial & Medical Gases Nigeria plc
Notes to the condensed financial statements
1. Statement of compliance
These condensed financial statements for the nine 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 2022
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 in respect of the year ended 31 December 2022 of N0.40 kobo per share amounting to N199.767 million was declared at the Annual General Meeting held in the second quarter.
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. 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 Value Added 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.
10. Property,Plant & Equipment | Jan-Sept 2023 | Jan-Dec 2022 |
=N='000 | =N='000 | |
Land | 2,542 | 2,542 |
Buildings | 105,770 | 108,310 |
Plant & machinery | 1,180,842 | 1,147,161 |
Motor Vehicle | 321,883 | 311,417 |
Furniture & fittings | 26,078 | 12,349 |
Cylinders | 378,027 | 346,350 |
IMG Nigeria Plc
QTR 3 FY 2023 Un audited Financial Statements
WIP | 891,443 | 422,010 |
2,906,585 | 2,350,139 | |
11. Inventories | ||
Raw materials | 81,507 | 38,267 |
Spares and consumables | 160,403 | 140,321 |
Finished goods | 293,523 | 295,793 |
Goods-in-transit | 3,915 | 3,915 |
539,348 | 478,296 | |
12.Employee benefit liability | ||
The long service award benefit plan | 18,819 | 18,819 |
13. Trade and Other payables | ||
Trade payables | 928,706 | 411,362 |
Statutory deductions( VAT, WHT & PAYE) | 2,928 | 86,568 |
Leave allowance payable | 9,758 | 9,759 |
Professional fee payable | 10,548 | 18,550 |
Other accrued expenses | 461,040 | 162,300 |
Dividend payable | 113,675 | 132,554 |
Pension | 16,602 | 23 |
Cylinder deposits | 261,343 | 248,022 |
1,804,601 | 1,069,138 |
14. Group Current Account
IMG due to TY Holdings
15.Revenue Gas sales Engineering services Sales of gas equipment Delivery charges revenue
Rental Income on Gas equipment
16.Other income
Income from hire of genset (Loss)/Gain on Sale of PPE Recovery of WHT previously written-off Gain on sale of scrap
17.Selling & Distribution Selling expenses Distribution expenses
18.Finance Income and finance cost (a)Finance income comprises
Interest income on bank deposits
Net gain on foreign exchange transactions
(b)Finance expenses comprises Interest expense on lease liabilities Interest cost on employee benefit obligation Interest cost on Commercial Paper
500,133 | - | |||
500,133 | - | |||
Jul-Sept 2023 | Jan - Sept 2023 | Jul-Sept 2022 | Jan - Sept 2022 | Jan-Dec 2022 |
1,402,513 | 4,017,048 | 1,353,333 | 3,586,894 | 5,015,917 |
2,467 | 22,574 | 18,032 | 38,338 | 101,826 |
4,224 | 9,154 | 11,123 | 22,240 | 24,952 |
34,730 | 62,875 | 14,313 | 34,751 | 46,959 |
57,135 | 114,967 | 37,007 | 130,241 | 149,225 |
1,501,068 | 4,226,617 | 1,433,807 | 3,812,463 | 5,338,879 |
12,852 | 45,425 | 9,139 | 27,923 | 45,000 |
90 | 10,972 | (4,622) | (1,343) | (1,343) |
- | - | - | 23,719 | |
6,914 | 8,332 | - | 404 | 1,095 |
19,856 | 64,729 | 4,517 | 26,984 | 68,471 |
(82,514) | (221,938) | (54,879) | (187,941) | (224,168) |
(204,563) | (503,011) | (178,400) | (453,536) | (697,868) |
(287,077) | (724,949) | (233,280) | (641,477) | (922,036) |
45,924 | 79,783 | 5,840 | 45,820 | 56,625 |
- | - | - | ||
45,924 | 79,783 | 5,840 | 45,820 | 56,625 |
- | - | - | - | - |
- | - | - | - | (1,363) |
(8,972) | (109,722) | - | - | (40,690) |
(8,972) | (109,722) | - | - | (42,053) |
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Industrial and Medical Gases Nigeria plc published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 16:43:09 UTC.