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
LIVESTOCK FEEDS PLC
LAGOS, NIGERIA
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 year ended 31 December
3 months to | 3 months to | |||||
December | 2022 | December | 2021 | |||
2022 | 2021 | |||||
Notes | N'000 | N'000 | N'000 | N'000 | ||
Revenue from contracts with customers | 4 | 5,227,265 | 16,410,221 | 3,919,764 | 14,640,268 | |
Cost of sales | 7(i) | (5,401,420) | (15,753,125) | (3,499,922) | (13,062,094) | |
Gross profit | - | (174,155) | 657,096 | 419,842 | 1,578,174 | |
Other operating income | 8 | 116,138 | 145,140 | 14,584 | 16,039 | |
Selling and Distribution expenses | 7(ii) | (80,597) | (220,046) | (48,906) | (181,781) | |
Expected Credit Loss | 17 | (4,559) | (4,559) | (22,382) | (47,858) | |
Administrative expenses | 7(iii) | (44,454) | (530,740) | (137,921) | (501,675) | |
Operating profit | (187,627) | 46,892 | 225,217 | 862,900 | ||
Investment income | 9 | 610 | 1,378 | 683 | 683 | |
Finance costs | 10 | (366,644) | (841,212) | (122,076) | (298,449) | |
(Loss)/ profit before taxation | 11 | (553,661) | (792,942) | 103,824 | 565,134 | |
Income tax expense | 12(i) | - | (104,728) | (94,683) | (135,437) | |
(Loss)/profits for the year | (553,661) | (897,670) | 9,141 | 429,697 | ||
Other comprehensive income for the year (net of tax) | - | - | - | - | ||
Total comprehensive income for the year, net of tax | (553,661) | (897,670) | 9,141 | 429,697 | ||
Earnings per share(kobo) | ||||||
Basic earnings for the year attributable to ordinary | ||||||
equity holders | 13 | (18.46) | (29.92) | 0.30 | 14.32 | |
Diluted earnings for the year attributable to ordinary | ||||||
equity holders | 13 | (18.46) | (29.92) | 0.30 | 14.32 | |
The accompanying significant accounting policies and notes form an integral part of these financial statements.
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STATEMENT OF FINANCIAL POSITION
As at 31 December
Notes | 2022 | 2021 | ||
Assets | N'000 | N'000 | ||
Non-current assets | ||||
Property, plant and equipment | 14 | 865,343 | 776,428 | |
Intangible assets | 15 | 231,104 | 34,851 | |
Right of use assets | 18(iii) | - | 8,333 | |
Total non-current assets | 1,096,447 | 819,612 | ||
Current assets | ||||
Inventories | 16 | 5,085,132 | 8,581,643 | |
Trade and other receivables | 17 | 335,408 | 982,112 | |
Refund assets | 17 | 4,683 | 3,327 | |
Prepayments | 18 | 39,891 | 81,147 | |
Other financial assets | 19.2 | 17,283 | 17,283 | |
Cash and cash equivalents | 19 | 480,584 | 342,611 | |
Total current assets | 5,962,981 | 10,008,123 | ||
Total assets | 7,059,427 | 10,827,735 | ||
Equity | ||||
Issued capital | 20 | 1,500,000 | 1,500,000 | |
Share premium | 20 | 693,344 | 693,344 | |
Revenue reserves | (588,539) | 309,131 | ||
Total equity | 1,604,805 | 2,502,475 | ||
Non -current liabilities | ||||
Deferred tax liabilities | 12(iii) | 42,004 | 42,004 | |
Total current liabilities | 42,004 | 42,004 | ||
Current liabilities | ||||
Trade and other payables | 21 | 1,694,211 | 716,517 | |
Refund liabilities | 21.2 | 4,924 | 3,690 | |
Income tax payable | 12(iv) | 117,689 | 93,591 | |
Dividend payable | 22 | 17,384 | 17,384 | |
Interest-bearing loans and borrowings | 23 | 3,571,867 | 7,452,074 | |
Government Grant | 23.1 | 6,545 | - | |
Total current liabilities | 5,412,620 | 8,283,256 | ||
Total liabilities | 5,454,624 | 8,325,260 | ||
Total equity and liabilities | 7,059,427 | 10,827,735 | ||
The Financial statements was approved and authorised for issue by the Board of Directors on 30th January, 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 significant accounting policies and notes form an integral part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY | ||||
Share | Revenue | |||
Issued capital | premium | reserves | Total equity | |
N'000 | N'000 | N'000 | N'000 | |
At 1 January 2021 | 1,500,000 | 693,344 | (120,566) | 2,072,778 |
Profit for the year | - | - | 429,697 | 429,697 |
Other comprehensive income | - | - | - | - |
Total comprehensive income, net of tax | - | - | 429,697 | 429,697 |
At 31 December 2021 | 1,500,000 | 693,344 | 309,131 | 2,502,475 |
At 1 January 2022 | 1,500,000 | 693,344 | 309,131 | 2,502,475 |
Loss for the year | - | - | (897,670) | (897,670) |
Other comprehensive income | - | - | - | - |
Total comprehensive income, net of tax | - | - | (897,670) | (897,670) |
At 31 December 2022 | 1,500,000 | 693,344 | (588,539) | 1,604,805 |
The accompanying significant accounting policies and notes form an integral part of these financial statements.
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STATEMENT OF CASH FLOWS
For the year ended 31 December
Notes | 2022 | 2021 | |
N'000 | N'000 | ||
Operating activities | |||
(Loss)/Profit before tax | (792,942) | 565,134 | |
Depreciation of property, plant and equipment | 14 | 160,406 | 165,552 |
Amortisation of intangible assets | 15 | 12,775 | 543 |
Loss/(Gain) on disposal of property, plant and equipment | 8 | (1,095) | 9,817 |
Expected credit loss | 7(iii) | 4,559 | 47,858 |
Finance cost | 10 | 841,212 | 298,449 |
Interest received | 9 | (1,378) | (683) |
Government grant | (105,559) | - | |
Changes in working capital: | |||
(Increase) in inventories | 3,496,513 | (3,484,700) | |
(Increase) in trade and other receivables | 642,145 | (663,647) | |
(Increase) in prepayments and other receivables | 48,233 | (32,153) | |
(Decrease)/Increase in trade and other payables | 978,928 | (1,623,988) | |
Cash outflow from operating activities | 5,283,797 | (4,717,818) | |
Income tax paid | 12(iv) | (80,631) | (42,875) |
Net cash (used in) operating activities | 5,203,166 | (4,760,692) | |
Investing activities | |||
Interest received | 9 | 1,378 | 683 |
Proceeds from disposal of PPE | 1,241 | 14,720 | |
Acquisition of Intangibles assets | 15(iii) | (209,027) | (35,394) |
Purchase of property, plant and equipment | 14 | (249,469) | (130,955) |
Net cash flows (used in) investing activities | (455,877) | (150,945) | |
Financing activities | |||
Interest paid | 10 | (719,111) | (298,449) |
Proceeds from borrowings | 23 | 10,321,410 | 7,734,103 |
Repayment of borrowings | 23 | (14,211,615) | (2,275,396) |
Net cash flows from financing activities | (4,609,316) | 5,160,258 | |
Increase in cash and cash equivalents | 137,973 | 248,620 | |
Cash and cash equivalents at 1 January | 342,611 | 93,991 | |
Cash and cash equivalents at 31 December | 19 | 480,584 | 342,611 |
The accompanying significant accounting policies and notes form an integral part of these financial statements.
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Livestock Feeds plc published this content on 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 19:53:07 UTC.
