PRESCO PLC PRESCO PLC
Condensed Interim Financial Statements
For the nine months ended
30 September, 2022
Presco Plc
Obaretin Estate
Km 22 Benin / Sapele Road
PO Box 7061
Benin City, Edo State, Nigeria
Tel: +234 8034134444
E-mail:info.presco@siat-group.com
www.presco-plc.com
PRESCO PLC
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2022
Certification Pursuant to Section 60 (2) of Investment and Securities Act No. 29 of 2011
We the undersigned hereby certify the following with regards to our financial reports for the nine months ended 30 September, 2022 that;
- We have reviewed the report;
- To the best of our knowledge, the report does not contain:
- Any untrue statement of materials effect, or
- Omit to state a material fact, which would make the statements misleading in the light of the circumstances under which such statements were made;
- To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operations of the Company as of, and for the period presented in the report.
- We:
- Are responsible for establishing and maintaining internal controls;
- Have designed such internal controls to ensure that material information relating to the Company is made known to such officers by others within entities particularly during the period in which the periodic reports are being prepared;
- Have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;
- Have presented in our report our conclusions about the effectiveness of the company's internal controls based on our evaluation as of that date;
- We are not aware of and have disclosed as such to the Auditors and the Audit Committee:
- Significant deficiencies in the design and operation of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified for the company's auditors any material weakness in internal controls; and
- Any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls;
- We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weakness.
_______________________ | _______________________ |
Felix O. Nwabuko | William Kenneth Crockett |
Managing Director | Chief Financial Officer |
FRC/2016/ICAN/00000014276 | FRC/2019/ICAN/00000019300 |
2
PRESCO PLC
CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2022
Group | Company | ||||||
Notes 30-Sep-22 | 30-Sep-21 | 01/07/2022 | 01/07/2021 | 30-Sep-22 | 30-Sep-21 | 01/07/2022 | 01/07/2021 |
30/09/2022 | 30/09/2021 | 30/09/2022 | 30/09/2021 | ||||
Revenue
Cost of sales
Gross profit
Administrative expenses
Selling and distribution expenses Other gains and losses
Other operating (losses)/income Gains on biological asset revaluation
Operating profit before finance cost and finance income
Finance cost
Finance income
Profit before tax
Tax expense
Profit for the period
Other Comprehensive Income (OCI) Item(s) that will not be reclassified subsequently to profit or loss
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
59,207,743 | - | 17,497,947 | - | 51,257,090 | 34,238,880 | 17,052,696 | 12,773,957 | |
(20,567,237) | - | (9,095,129) | - | (17,370,568) | (8,256,612) | (9,318,052) | (3,320,937) | |
38,640,507 | - | 8,402,819 | - | 33,886,522 | 25,982,268 | 7,734,644 | 9,453,020 | |
(10,750,701) | - | (2,440,240) | - | (8,261,613) | (7,683,048) | (1,564,618) | (4,784,959) | |
(1,242,730) | - | (692,340) | - | (1,051,807) | (449,358) | (538,650) | (143,317) | |
(149,426) | - | (73,310) | - | (67,797) | (713,895) | 8,319 | (323,295) | |
788,254 | - | 399,793 | - | 589,150 | 390,371 | 341,414 | 390,371 | |
- | - | - | - | 600,500 | - | 150,000 | ||
27,285,903 | - | 5,596,721 | - | 25,094,455 | 18,126,838 | 5,981,109 | 4,741,820 | |
(5,973,913) | - | (2,103,777) | - | (3,484,584) | (546,031) | (1,284,012) | (105,882) | |
350 | - | - | - | 350 | 986 | 0 | 986 | |
21,312,341 | - | 3,492,944 | - | 21,610,221 | 17,581,793 | 4,697,097 | 4,636,924 | |
(5,434,357) | - | (1,089,779) | - | (5,434,357) | (3,806,359) | (1,089,779) | (988,357) | |
15,877,984 | - | 2,403,165 | - | 16,175,864 | 13,775,434 | 3,607,318 | 3,648,567 |
Income tax relating to components of OCI (-) | - | - | - | - | - | - | - | |
Other comprehensive income, net of tax | 0 | - | - | - | - | - | - | |
Total comprehensive income for the year | 15,877,984 | - | 2,403,165 | - | 16,175,864 | 13,775,434 | 3,607,318 | 3,648,567 |
Earnings Per Share | ||||||||
Basic (Kobo) | 1,588 | 0 | 240 | 0 | 1,618 | 1,378 | 361 | 365 |
Diluted (Kobo) | 1,588 | 0 | 240 | 0 | 1,618 | 1,378 | 361 | 365 |
The accompanying notes form an integral part of these financial statements.
3
PRESCO PLC
CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
Group | Company | |||||||
30-Sep-22 | 31-Dec-21 | 30-Sep-22 | 31-Dec-21 | |||||
Note | N'000 | N'000 | N'000 | N'000 | ||||
Assets: | s | |||||||
Non-current assets | ||||||||
Intangible assets | 126,658 | 149,755 | 15,122 | 16,409 | ||||
Property, plant and equipment | 90,714,677 | 84,568,445 | 57,133,355 | 53,704,380 | ||||
Right-of-use assets | 2,975,960 | 4,009,859 | 1,601,065 | 1,601,066 | ||||
Investment in subsidiaries | - | - | 23,000,000 | 23,000,000 | ||||
Total non-current assets | 93,817,295 | 88,728,059 | 81,749,542 | 78,321,855 | ||||
Current assets | 9,510,867 | 4,195,922 | 7,627,304 | 3,919,619 | ||||
Inventories | ||||||||
Biological assets | 15,236,318 | 15,236,322 | 12,784,291 | 12,784,291 | ||||
Trade and other receivables | 13,860,070 | 10,081,412 | 14,265,456 | 9,509,148 | ||||
Cash and bank balances | 10,732,238 | 22,364,597 | 9,555,717 | 22,253,957 | ||||
Total current assets | 49,339,493 | 51,878,253 | 44,232,767 | 48,467,015 | ||||
Total assets | 143,156,788 | 140,606,312 | 125,982,309 | 126,788,870 | ||||
Equity and Liabilities | ||||||||
Equity | ||||||||
Share capital | 500,000 | 500,000 | 500,000 | 500,000 | ||||
Share premium | 1,173,528 | 1,173,528 | 1,173,528 | 1,173,528 | ||||
Other reserves | 113,544 | 113,544 | 5,375 | 5,375 | ||||
Acquisition premium on SNL | - 17,848,831 | - 17,848,831 | - | - | ||||
Retained earnings | 55,121,026 | 45,843,042 | 55,920,450 | 46,344,585 | ||||
Total Equity | 39,059,267 | 29,781,283 | 57,599,353 | 48,023,488 | ||||
Non-current liabilities | ||||||||
Borrowings | 59,792,260 | 22,373,286 | 40,855,581 | 5,458,339 | ||||
Deferred benefit obligations | 1,206,134 | 1,077,797 | 954,621 | 826,284 | ||||
Deferred tax liabilities | 11,109,084 | 10,946,164 | 11,109,084 | 10,894,084 | ||||
Deferred income | 455,916 | 455,916 | 455,916 | 455,916 | ||||
Lease liabilities | 501,691 | 2,511,775 | 186,527 | 186,527 | ||||
Total Non-current liabilities | 73,065,083 | 37,364,938 | 53,561,727 | 17,821,150 | ||||
Current liabilities | ||||||||
Trade and other payables | 16,235,095 | 32,840,900 | 5,152,267 | 26,747,965 | ||||
Current tax liabilities | 6,876,737 | 5,397,904 | 6,876,737 | 5,397,904 | ||||
Bank overdraft | 1,131,392 | 5,655,259 | 196,873 | 1,945,241 | ||||
Borrowings | 5,907,100 | 28,685,891 | 1,735,171 | 25,992,941 | ||||
Deferred income | 828,653 | 826,675 | 826,675 | 826,675 | ||||
Lease liabilities | 53,461 | 53,461 | 33,506 | 33,506 | ||||
Total current liabilities | 31,032,437 | 73,460,090 | 14,821,228 | 60,944,232 | ||||
Total liabilities | 104,097,520 | 110,825,028 | 68,382,955 | 78,765,382 | ||||
Total equity and liabilities | ||||||||
143,156,788 | 140,606,311 | 125,982,308 | 126,788,870 | |||||
The financial statements were approved and authorised for issue by the Board of Directors on 26 Oct 2022 and were signed on its behalf by:
Felix Nwabuko | William Kenneth Crockett | |
Managing Director | Chief Financial Officer | |
FRC/2016/ICAN/00000014276 | FRC/2019/ICAN/00000019300 | |
The accompanying notes form an integral part of these financial statements. |
4
PRESCO PLC
CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2022
Group | Share | Share | Retained | Other | Total |
Capital | Premium | Earnings | Reserves | ||
N'000 | N'000 | N'000 | N'000 | N'000 | |
Balance at 1 January, 2021 | - | - | - | - | - |
Profit for the year | - | - | - | - | - |
Net remeasurement gain on defined benefit plan | - | - | - | - | - |
Total Comprehensive Income | - | - | - | - | - |
Other reserves from consolidation | - | - | - | ||
Status bar dividend | - | - | |||
Dividend paid | - | - | - | - | - |
Balance at 30 September 2021 | - | - | - | - | - |
- | - | - | - | - | |
Balance at 1 January 2022 | 500,000 | 1,173,528 | 45,843,042 | (17,735,287) | 29,781,283 |
Profit for the year | - | - | 15,877,984 | - | 15,877,984 |
Total Comprehensive Income | - | - | 15,877,984 | - | 15,877,983 |
Dividend paid | - | - | (6,600,000) | - | (6,600,000) |
Balance at 30 September, 2022 | 500,000 | 1,173,528 | 55,121,026 | ####### | 39,059,266 |
Company | Share | Share | Retained | Other | Total |
Capital | Premium | Earnings | Reserves | ||
N'000 | N'000 | N'000 | N'000 | N'000 | |
Balance at 1 January, 2021 | 500,000 | 1,173,528 | 29,518,014 | (140,088) | 31,051,454 |
Profit for the year | - | - | 10,126,867 | - | 10,126,867 |
Total Comprehensive Income | - | - | 10,126,867 | - | 10,126,867 |
Balance at 30 September 2021 | 500,000 | 1,173,528 | 39,644,881 | (140,088) | 41,178,321 |
Balance at 1 January 2022 | 500,000 | 1,173,528 | 46,344,585 | 5,375 | 48,023,488 |
Profit for the year | - | - | 16,175,864 | - | 16,175,864 |
Total Comprehensive Income | - | - | 16,175,864 | - | 16,175,864 |
Dividend paid | - | - | (6,600,000) | - | (6,600,000) |
Balance at 30 September, 2022 | 500,000 | 1,173,528 | 55,920,450 | 5,375 | 57,599,352 |
The accompanying notes form an integral part of these financial statements.
5
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