NESTLÉ NIGERIA PLC Nestlé Nigeria Plc
Unaudited Financial Statements
for the period ended 30 September 2022
Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 September 2022
Contents
Page | |
Corporate Information | 3 |
Financial Highlights | 4 |
Directors' Report | 5 |
Statement of Directors' Responsibilities | 13 |
Statement of Profit or loss and Comprehensive Income | 14 |
Statement of Financial Position | 16 |
Statement of Changes in Equity | 17 |
Statement of Cash Flows | 18 |
Notes to the Financial Statements | 19 |
13 |
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Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 September 2022
Board of Directors: | Mr. David Ifezulike | Chairman |
Mr.Wassim Elhusseini (Lebanese) | Managing Director/Chief Executive Officer | |
Mr. Sarmad Saleem (Pakistani) | Finance & Control Director - From 01/06/2022 | |
Mr. Jagdish Singla (Indian) | Finance & Control Director - Up to 31/05/2022 | |
Mr. Ibukun-Olu Ipinmoye | Executive Director | |
Mr. Ricardo Chavez (Mexican) | Non-Executive Director | |
Mr. Mauricio Alarcon (Mexican) | Non-Executive Director | |
Mr. Gbenga Oyebode | Independent 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 | ||
Registrars: | Greenwich Registrars & Data Solutions Limited | |
274 Murtala Muhammed Way | ||
Alagomeji, Yaba, Lagos | ||
Tel: 01- 5803369, 5451399, 5803367 | ||
Independent Auditors: | 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 | Directors' Representative | |
Mrs. Adebisi Lamikanra | Directors' Representative |
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Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 September 2022
Financial Highlights | |||||
In thousands of naira | 2022 | 2021 | Increase/ | ||
(decrease) % | |||||
Revenue | 333,472,223 | 261,591,053 | 27% | ||
Profit before income tax | 58,385,532 | 51,584,238 | 13% | ||
Profit for the period | 40,152,150 | 33,584,476 | 20% | ||
Declared dividend | 20,212,734 | 28,139,297 | -28% | ||
Share capital | 396,328 | 396,328 | 0% | ||
Total equity | 41,272,042 | 34,719,900 | 19% |
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Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 September 2022
Directors' Report
-
Financial Statements
The directors present their report on the affairs of Nestlé Nigeria Plc ("the Company"), together with the unaudited financial statements for the period ended 30 September 2022. - 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. - Operating Results
The following is a summary of the Company's operating results:
2022 | 2021 | |
N'000 | N'000 | |
Revenue | 333,472,223 | 261,591,053 |
Results from operating activities | 64,877,062 | 56,121,516 |
Profit before income tax | 58,385,532 | 51,584,238 |
Profit for the period | 40,152,150 | 33,584,476 |
Total comprehensive income for the period | 40,152,150 | 33,584,476 |
4 Directors and Their Interests
- The directors who served during the period and their interests in the shares of the Company at the period end were as follows:
Interest in the Ordinary Shares of the Company | |||
2022 | 2021 | ||
Mr. David Ifezulike | - Chairman | 56,255 | 56,255 |
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) | Nil | Nil | |
Mr. Gbenga Oyebode | Nil | Nil | |
Ms. Juliet Ehimuan | 2,146 | 2,146 | |
Mrs Adebisi Lamikanra | Nil | Nil |
*Out of the 2,328 shares of Nestle Nigeria Plc held by Mr. Ibukun Ipinmoye, 2,250 shares are managed on his behalf by FBN Quest Trustees Limited while the remaining 78 shares are in his name. Mr. Ipinmoye has 274 RSUP options of Nestle S.A. Switzerland
- 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. Information relating to this share based payment scheme is disclosed in Note 15 (c) to the financial statements.
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Nestlé Nigeria plc published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 16:56:04 UTC.
