Nestlé Nigeria Plc
Annual Report for the year ended 31 December 2022
Nestlé Nigeria Plc
Annual Report for the year ended 31 December 2022
Contents
Page | |
Directors and Other Corporate Information | 3 |
Financial Highlights | 4 |
Directors' Report | 5 |
Statement of Corporate Responsibility for the Financial Statements | 12 |
Statement of Directors' Responsibilities in relation to the preparation of financial statements | 13 |
Statutory Audit Committee Report | 14 |
Independent Auditor's Report | 15 |
Statement of Profit or Loss and Other Comprehensive Income | 20 |
Statement of Financial Position | 21 |
Statement of Changes in Equity | 22 |
Statement of Cash Flows | 23 |
Notes to the Financial Statements | 24 |
Other National Disclosures | 65 |
Value Added Statement | 66 |
Five-Year Financial Summary | 67 |
2
Nestlé Nigeria Plc
Annual Report for the year ended 31 December 2022
Directors' and other Corporate Information
Board of Directors:
Registered Company Number
Company Secretary/
Legal Adviser
Registered Office:
Registrar:
Independent Auditor:
Members of the
Audit Committee
Mr. David Ifezulike | Chairman |
Mr.Wassim Elhusseini (Lebanese) | Managing Director/Chief Executive Officer |
Mr. Jagdish Singla (Indian) | Finance & Control Director - Up to 31/05/2022 |
Mr. Sarmad Saleem (Pakistani) | Finance & Control Director - From 01/06/2022 |
Mr. Ibukun-olu Ipinmoye | Executive Director |
Mr. Mauricio Alarcon (Mexican) | Non-Executive Director |
Mr. Ricardo Chavez (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 |
6540 | |
Mr. Bode Ayeku |
22-24 Industrial Avenue
Ilupeju, Lagos
Tel: 01 - 2798184, 2798188, 2790707
Greenwich Registrars & Data Solutions Limited
274 Murtala Muhammed Way
Alagomeji, Yaba, Lagos
Tel: 01- 5803369, 5451399, 5803367
Ernst & Young
10th & 13th floors, UBA House
57 Marina
Lagos, Nigeria
Tel: +234(1)6314500
Mr. Matthew Akinlade | Chairman (Shareholders' Representative) |
Alhaji Kazeem Owonikoko Bello | Shareholders' Representative |
Mr. Christopher Nwaguru | Shareholders' Representative |
Mr. Gbenga Oyebode | Directors' Representative |
Mrs. Adebisi Lamikanra | Directors' Representative |
3
Nestlé Nigeria Plc
Annual Report for the year ended 31 December 2022
Financial Highlights
In thousands of naira | 2022 | 2021 | Increase/ | ||
(decrease) % | |||||
Revenue | |||||
446,819,260 | 351,822,329 | 27% | |||
Profit before income tax | 71,109,371 | 61,875,342 | 15% | ||
Profit for the year | 48,965,488 | 40,037,277 | 22% | ||
Declared dividend* | 40,029,141 | 47,955,703 | -17% | ||
Issued Share capital | 396,328 | 396,328 | 0.00 | ||
Total equity | 30,291,224 | 21,378,209 | 42% | ||
Data per 50k share | |||||
Basic earnings | N61.77 | N50.51 | |||
Declared dividend | N50.50 | N60.50 | |||
Net assets | N38.21 | N26.98 | |||
Dividend per 50k share in respect of current year results only | |||||
Interim dividend declared | N25.00 | N25.00 | |||
Final dividend proposed** | N36.50K | N25.50K | |||
Stock Exchange Information | |||||
Stock exchange quotation at 31 December | |||||
in Naira per share | 1,100.00 | 1,556.50 | -29% | ||
Number of shares issued ('000) | 792,656 | 792,656 | - | ||
Market capitalisation at 31 December (N: million) | 871,922 | 1,233,769 | -29% | ||
- Declared dividend represents the interim dividend of N25.00 declared during the year from the current year 2022 profit and final dividend of N25.50K proposed for the preceding year but paid in the current year.
- The directors propose a final dividend of N 36.50K, from current year profit (2021:N25.50) per share on the issued share capital of 792,656,252 (2021:792,656,252) ordinary shares of 50k each, subject to approval by the shareholders at the Annual General Meeting.
4
Nestlé Nigeria Plc
Annual Report for the year ended 31 December 2022
Directors' Report
-
Financial Statements
The directors present their annual report on the affairs of Nestlé Nigeria Plc ("the Company") for the year ended 31 December 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 | 446,819,260 | 351,822,329 |
Results from operating activities | 86,866,483 | 71,965,945 |
Profit before income tax | 71,109,371 | 61,875,342 |
Profit for the year | 48,965,488 | 40,037,277 |
Total comprehensive income for the year | 48,965,488 | 40,037,277 |
4 Dividend
The Directors recommend the payment of a final dividend of N 36.50K (2021: N25.50K) per share having earlier declared an interim dividend
of N25.00 (2021: N25:00) from the profit of 2022 on the issued share capital of 792,656,252 (2021:792,656,252) ordinary shares of 50k each. The proposed final dividend of N 36.50K is from the after tax profit for the year ended 31st December 2022. If the proposed final dividend of N 36.50k is approved by the shareholders, it will be subject to deduction of withholding tax at the applicable rate and the total dividend paid for the year will be N 61.50K.
5 Directors and Their Interests
- The directors who served during the year and their interests in the shares of the Company at the year 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. Jagdish Singla (Indian) | Up to 31/05/2022 | Nil | Nil |
Mr. Sarmad Saleem (Paskitani) | From 01/06/2022 | 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 | 2146 | 2146 | |
Mrs Adebisi Lamikanra | Nil | Nil |
No Shares of the Company were held by Nestle S.A Switzerland and Societe Des Produits Nestle S.A. as indirect holdings in favour of Directors. However, as at 31 December 2022, Mr. Wassim Elhusseini has 2,438 shares of Nestlé S.A. Switzerland. Mr. Jagdish Singla has 1,651 shares of Nestlé S.A. Switzerland plus 1214 RSUP options of Nestlé S.A. Switzerland and 75 shares of Nestlé India Limited; Mr Sarmad Saleem has 1,134 shares of Nestlé S.A. Switzerland. Mr. Ricardo Chavez has 22,047 shares of Nestlé S.A.Switzerland and Mr. Mauricio Alarcon has 7,626 shares of Nestlé S.A. Switzerland. Mr. Mauricio Alarcon and Mr. Ricardo Chavez are representing Nestlé S.A., Switzerland on the Board. *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. Ipinmoye has 576 RSUP/PSUP stock units of Nestle S.A. Switzerland.
- Mr. Gbenga Oyebode is the Chairman of CFAO Nigeria Plc, one of the 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 23(a)(iv) to the financial statements.
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Nestlé Nigeria plc published this content on 03 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2023 16:19:08 UTC.