NESTLÉ NIGERIA PLC Nestle Nigeria Plc
Unaudited Interim Financial Statements for the Six Months ended 30 June 2023
Nestle Nigeria Plc
Unaudited Interim Financial Statements
For the Six Months ended 30 June 2023
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Nestle Nigeria Plc
Unaudited Interim Financial Statements for the Six Months ended 30 June 2023
Contents | Page |
Directors and Other Corporate Information | 3 |
Financial Highlights | 4 |
Directors' Report | 5-11 |
Statement of Directors' Responsibilities | 12 |
Statement of Profit or Loss and Other Comprehensive Income | 13-14 |
Statement of Financial Position | 15 |
Statement of Changes in Equity | 16 |
Statement of Cash Flows | 17 |
Notes to the Financial Statements | 18-27 |
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Nestle Nigeria Plc
Unaudited Interim Financial Statements for the Six Months ended 30 June 2023
Directors' and other Corporate Information
Board of Directors: | Mr. David Ifezulike | Up to 17/05/2023 | Chairman |
Mr. Gbenga Oyebode | From 18/05/2023 | Chairman | |
Mr.Wassim Elhusseini (Lebanese) | Managing Director/Chief Executive Officer | ||
Mr. Sarmad Saleem (Pakistani) | Finance & Control Director | ||
Mr. Ibukun-olu Ipinmoye | Executive Director | ||
Mr. Mauricio Alarcon (Mexican) | Non-Executive Director | ||
Mr. Martin Kruegel (German) | From 01/02/2023 | Non-Executive Director | |
Mr. Ricardo Chavez (Mexican) | Up to 31/01/2023 | Non-Executive Director | |
Ms. Juliet Ehimuan | Independent Non-Executive Director | ||
Mrs Adebisi Lamikanra | Independent Non-Executive Director | ||
Company Secretary/ | |||
Legal Adviser | Mr. Bode Ayeku | ||
Registered Office: | 22-24 Industrial Avenue | ||
Ilupeju, Lagos | |||
Tel: 01 - 2798184, 2798188, 2790707 | |||
Registrar: | Greenwich Registrars & Data Solutions Limited | ||
274 Murtala Muhammed Way | |||
Alagomeji, Yaba, Lagos | |||
Tel: 01- 5803369, 5451399, 5803367 | |||
Independent Auditor: | Ernst & Young | ||
10th & 13th floors, UBA House | |||
57 Marina | |||
Lagos, Nigeria | |||
Tel: +234(1)6314500 | |||
Members of the | Mr. Matthew Akinlade | Chairman | |
Audit Committee | Alhaji Kazeem Owonikoko Bello | Shareholders' Representative | |
Mr. Christopher Nwaguru | Shareholders' Representative | ||
Mr. Gbenga Oyebode | Up to 17/05/2023 | Directors' Representative | |
Ms. Juliet Ehimuan | From 18/05/2023 | Directors' Representative | |
Mrs. Adebisi Lamikanra | Directors' Representative |
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Nestle Nigeria Plc
Unaudited Interim Financial Statements for the Six Months ended 30 June 2023
Financial Highlights
Jan -Jun 2023 | Jan- Jun 2022 | Increase/ | |
In thousands of naira | (decrease) % | ||
Revenue | 261,769,509 | 222,450,780 | 18% |
(Loss)/ Profit before income tax | (69,117,596) | 43,739,909 | -258% |
(Loss)/Profit for the period | (49,981,345) | 27,751,036 | -280% |
Declared dividend | 28,931,953 | 20,212,735 | 0% |
Share capital | 396,328 | 396,328 | 0% |
Total equity | (48,642,659) | 28,849,116 | -269% |
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Nestle Nigeria Plc
Unaudited Interim Financial Statements for the Six Months ended 30 June 2023
Directors' Report
1 Financial Statements
The directors present their Unaudited financial statements on the affairs of Nestlé Nigeria Plc ("the Company") for the period ended 30 June 2023
2 Principal Activities
The principal activities of the Company continue to be the manufacturing, marketing and distribution of food products including purified water throughout the country. The Company also exports some of its products to other countries within and outside Africa.
3 Operating Results
The following is a summary of the Company's operating results:
In thousands of naira | Jan -Jun 2023 | Jan- Jun 2022 | |
Revenue | 261,769,509 | 222,450,780 | |
Results from operating activities | 60,792,659 | 46,181,498 | |
Profit before income tax | (69,117,596) | 43,739,909 | |
Profit for the period | (49,981,345) | 27,751,035 | |
Total comprehensive income for the period | (49,981,345) | 27,751,035 | |
4 Directors and Their Interests
-
The directors who served during the period and their interests in the shares of the Company at the period ended
30 June 2023 were as follows:
Interest in the Ordinary Shares of the | ||||||
Company | ||||||
2023 | 2022 | |||||
Mr. David Ifezulike | Up to 17/05/2023 | - Chairman | 56255 | 56255 | ||
Mr. Gbenga Oyebode From-18/05/2023 | - Chairman | Nil | Nil | |||
Mr. Wassim Elhusseini (Lebanese) | - MD/CEO | Nil | Nil | |||
Mr. Sarmad Saleem (Paskitani) | Nil | Nil | ||||
Mr Ibukun-olu Ipinmoye | 2,328* | 2,328* | ||||
Mr. Mauricio Alarcon (Mexican) | Nil | Nil | ||||
Mr. Ricardo Chavez (Mexican) | Up to 31/01/2023 | Nil | Nil | |||
Mr. Martin Kruegel | (German) | From 01/02/2023 | Nil | Nil | ||
Ms. Juliet Ehimuan | 2146 | 2146 | ||||
Mrs Adebisi Lamikanra | Nil | Nil |
*Out of the 2,328 shares of Nestle Nigeria Plc held by Mr. Ibukun-olu Ipinmoye, 2,250 shares are managed on his behalf by FBN Quest Trustees Limited,while the remaining 78 shares are registered in his name.
- Mr. Gbenga Oyebode is the Chairman of CFAO Nigeria Plc, one of our vehicle suppliers. Mrs. Adebisi Lamikanra is a director of Standard Chartered Bank,one of our bankers. In accordance with Section 303 of the Companies and Allied Matters Act of Nigeria, they have notified the Company of their position with CFAO Nigeria Plc and Standard Chartered Bank respectively.
- No share options were granted to the directors by Nestlé Nigeria Plc. However, Nestlé S. A., the ultimate parent company has a share based payment scheme offered to certain key management personnel including certain directors of the Company.
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Nestlé Nigeria plc published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2023 16:19:48 UTC.
