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.

  1. 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.

  1. 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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Disclaimer

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.