LIVESTOCK FEEDS PLC (a subsidiary of uac of nigeria plc)
1. Henry Carr Street,
P.M.B 21097, Ikeja, Lagos State, Nigeria
Telephone: +234-8077281600
E-mail: info@livestockfeedsplc.com
Website:www.livestockfeedsplc.com
Regd. Number - RC. 3315
BRANCHES:
IKEJA M1LL
I, Henry Carr Street,
P.M.B. 21097, Ikeja
Tel: 08077281527
ABA MILL
12, Industrial Layout
P.M.B. 7119, Aba
Tel: 08077261492
NORTHERN OPERATlONS
Km l7 Zawan Roundabout
Zawan, Jos South
Plateau State
Tel: 0807 7281465
ONITSHA OPERATIONS
No 15a Pokobros Avenue
Off Atani Road, Onitsha
Anambra State
Tel: 08077257575
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
Board of Directors:
Joseph I.D. Dada (Chairman), Adegboyega Adedeji (Managing Director)
Abayomi Adeyemi, Adebolanle Badejo, Peter B. Mombaur, Temitope Omodele
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the period ended 30 June
3 months to | 6 month to | 3 months to | 6 month to | ||
June 2023 | June 2023 | June 2022 | June 2022 | ||
Notes | N'000 | N'000 | N'000 | N'000 | |
Revenue from contracts with customers | 4 | 4,891,700 | 9,741,094 | 3,557,349 | 7,192,356 |
Cost of sales | 7(i) | (4,563,025) | (9,060,359) | (3,322,533) | (6,556,267) |
Gross profit | 328,675 | 680,735 | 234,816 | 636,089 | |
Other operating income | 8 | 13,100 | 30,516 | 10,522 | 19,330 |
Selling and Distribution expenses | 7(ii) | (37,177) | (87,831) | (40,139) | (80,245) |
Administrative expenses | 7(iii) | (173,332) | (331,136) | (129,879) | (244,129) |
Operating profit | 131,267 | 292,284 | 75,320 | 331,045 | |
Investment income | 9 | 471 | 751 | 470 | 619 |
Finance costs | 10 | (106,280) | (237,249) | (197,809) | (427,034) |
Profit/(Loss) before tax | 25,458 | 55,786 | (122,019) | (95,370) | |
Income tax expense/(credit) | 12(iv) | (8,553) | (18,409) | 8,528 | - |
Profit/(Loss) for the year | 16,905 | 37,376 | (113,491) | (95,370) | |
Other comprehensive income for the year (net of tax) | - | - | - | - | |
Total comprehensive income for the year, net of tax | 25,458 | 37,376 | (135,537) | (95,370) | |
Earnings per share(kobo) | |||||
Basic earnings for the year attributable to ordinary | |||||
equity holders | 13 | 0.85 | 1.25 | (4.52) | (3.18) |
Diluted earnings for the year attributable to ordinary | |||||
equity holders | 13 | 0.85 | 1.25 | (4.52) | (3.18) |
The accompanying notes form an integral part of these financial statements.
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STATEMENT OF FINANCIAL POSITION
As at 30 June
Notes | 2023 | 2022 | ||
Assets | N'000 | N'000 | ||
Non-current assets | ||||
Property, plant and equipment | 14 | 969,515 | 865,343 | |
Intangible assets | 15 | 212,101 | 237,293 | |
Total non-current assets | ||||
1,181,616 | 1,102,636 | |||
Current assets | ||||
Inventories | 16 | 4,131,707 | 4,910,292 | |
Trade and other receivables | 17 | 534,280 | 905,079 | |
Refund assets | 17 | 4,683 | 4,683 | |
Prepayments | 18 | 68,314 | 39,891 | |
Other financial assets | 19.2 | 17,283 | 17,283 | |
Cash and cash equivalents | 19.3 | 116,064 | 477,841 | |
Total current assets | 4,872,332 | 6,355,069 | ||
Total assets | 6,053,948 | 7,457,705 | ||
Equity | ||||
Issued capital | 20 | 1,500,000 | 1,500,000 | |
Share premium | 20 | 693,344 | 693,344 | |
(Accumulated Deficits)/Revenue reserves | (475,710) | (513,087) | ||
Total equity | 1,717,634 | 1,680,257 | ||
Current liabilities | ||||
Trade and other payables | 21 | 3,069,540 | 2,079,364 | |
Refund liabilities | 21.2 | 4,924 | 4,924 | |
Income tax payable | 12(iv) | 31,372 | 95,791 | |
Dividend payable | 22 | 17,384 | 17,384 | |
Interest-bearing loans and borrowings | 23 | 1,213,094 | 3,575,019 | |
Government Grant | 23.1 | - | 4,966 | |
Total current liabilities | 4,336,314 | 5,777,448 | ||
Total liabilities | 4,336,314 | 5,777,448 | ||
Total equity and liabilities | 6,053,948 | 7,457,705 | ||
The Financial statements was approved and authorised for issue by the Board of Directors on 19th July,2023 and was signed on its behalf by:
Chairman | Managing Director | Chief Financial Officer | |
Dr. Joseph Dada | Mr. Adedeji Adegboyega | Mr. Adekunle Adepoju | |
FRC/2016/APCON/00000014735 | FRC/2020/003/00000021439 | FRC/2013/ICAN/00000004478 |
The accompanying notes form an integral part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY | ||||
Accumulated | ||||
Share | Deficits/Revenue | |||
Issued capital | premium | reserves | Total equity | |
N'000 | N'000 | N'000 | N'000 | |
At 1 January 2022 | 1,500,000 | 693,344 | 309,131 | 2,502,475 |
Loss for the year | - | - | (95,370) | (95,370) |
Other comprehensive income | - | - | - | - |
Total comprehensive income, net of tax | - | - | (95,370) | (95,370) |
At 30 June 2022 | 1,500,000 | 693,344 | 213,761 | 2,407,105 |
At 1 January 2023 | 1,500,000 | 693,344 | (513,087) | 1,680,257 |
Profit for the year | - | - | 37,376 | 37,376 |
Other comprehensive income | - | - | - | - |
Total comprehensive income, net of tax | - | - | 37,376 | 37,376 |
At 30 June 2023 | 1,500,000 | 693,344 | (475,710) | 1,717,634 |
The accompanying notes form an integral part of these financial statements.
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STATEMENT OF CASH FLOWS
For the period ended 30 June
Notes | 2023 | 2022 | |
N'000 | N'000 | ||
Operating activities | |||
Profit/(Loss) before tax | 55,786 | (95,370) | |
Depreciation of property, plant and equipment | 14 | 81,093 | 84,544 |
Amortisation of intangible assets | 15 | 25,191 | 326 |
(Gain)/Loss on disposal of property, plant and equipment | 8 | - | (1,165) |
Finance cost | 10 | 237,249 | 427,034 |
Interest income | 9 | (751) | (619) |
Government grant | 8 | (4,966) | - |
Changes in working capital: | |||
Decrease/(Increase) in inventories | 778,587 | (1,021,608) | |
Decrease/(Increase) in trade and other receivables | 370,799 | 517,702 | |
Decrease/(Increase) in prepayments | (28,423) | (73,862) | |
Increase/(Decrease) in trade and other payables | 990,176 | 3,702,504 | |
Cash outflow generated from/(used in) operating activities | 2,504,741 | 3,539,486 | |
Income tax paid | 12(iv) | (82,830) | - |
Net cash generated from operating activities | 2,421,911 | 3,539,486 | |
Investing activities | |||
Interest received | 9 | 751 | 619 |
Proceeds from disposal of PPE | - | 1,241 | |
Acquisition of Intangibles assets | 15(iii) | - | (111,654) |
Purchase of property, plant and equipment | 14 | (185,265) | (46,636) |
Net cash flows used in investing activities | (184,514) | (156,430) | |
Financing activities | |||
Interest paid | 23 | (272,818) | (290,297) |
Proceeds from borrowings | 23 | - | 3,085,587 |
Repayment of borrowings | 23 | (2,326,356) | (6,092,542) |
Net cash flows generated from/ (used in) financing activities | (2,599,174) | (3,297,252) | |
Increase in cash and cash equivalents | (361,777) | 85,804 | |
Cash and cash equivalents at 1 January | 477,841 | 342,611 | |
Cash and cash equivalents at 30 June | 19 | 116,064 | 428,414 |
The accompanying notes form an integral part of these financial statements.
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Livestock Feeds plc published this content on 26 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2023 10:04:30 UTC.
