PRESCO PLC

Condensed Interim Financial Statements

For the twelve months ended

31 December, 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

1

PRESCO PLC

FOR THE TWELVE MONTHS ENDED 31 DECEMBER 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 twelve months ended 31 December, 2022 that;

  1. We have reviewed the report;
  2. To the best of our knowledge, the report does not contain:
    1. Any untrue statement of materials effect, or
    2. Omit to state a material fact, which would make the statements misleading in the light of the circumstances under which such statements were made;
  4. 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.
  5. We:
    1. Are responsible for establishing and maintaining internal controls;
    2. 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;
    3. Have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;
    4. Have presented in our report our conclusions about the effectiveness of the company's internal controls based on our evaluation as of that date;
  7. We are not aware of and have disclosed as such to the Auditors and the Audit Committee:
    1. 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
    2. Any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls;
  9. 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 TWELVE MONTHS ENDED 31 DECEMBER 2022

Group

Company

Notes 31-Dec-22

31-Dec-21

01/10/2022

01/10/2021

31-Dec-22

31-Dec-21

01/10/2022

01/10/2021

31/12/2022

31/12/2021

31/12/2022

31/12/2021

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

Remeaurement of defined benefit obligation Income tax relating to components of OCI (-)

Other comprehensive income, net of tax

Total comprehensive income for the year

Earnings Per Share

Basic (Kobo)

Diluted (Kobo)

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

83,064,668

47,426,435

41,354,872

47,426,435

69,277,018

47,112,445

18,019,928

12,873,565

(34,792,756)

(15,673,905)

(23,320,648)

(15,673,905)

(28,019,555)

(15,270,002)

(10,648,987)

(7,013,390)

48,271,913

31,752,530

18,034,225

31,752,530

41,257,463

31,842,443

7,370,941

5,860,175

(17,040,745)

(9,466,428)

(8,730,284)

(9,466,428)

(13,020,178)

(8,445,374)

(4,758,565)

(762,326)

(1,688,352)

(747,725)

(1,137,962)

(747,725)

(1,483,744)

(650,402)

(431,937)

(201,044)

(220,124)

312,566

(144,008)

312,566

(138,494)

312,566

(70,697)

1,026,461

1,642,964

126,743

1,254,503

126,743

1,211,325

(271,714)

622,175

(662,085)

4,500,000

6,962,382

6,962,382

4,500,000

5,846,447

-

5,245,947

35,465,656

28,940,068

9,276,474

28,940,068

32,326,373

28,633,966

2,731,918

10,507,128

(7,845,449)

(2,579,982)

(3,975,313)

(2,579,982)

(4,694,107)

(1,772,336)

(1,209,523)

(1,226,305)

14,718

18,184

-

18,184

14,718

18,184

14,368

17,198

27,634,925

26,378,270

5,301,161

26,378,270

27,646,984

26,879,814

1,536,763

9,298,021

(6,169,313)

(7,058,317)

(1,824,735)

(7,058,317)

(6,169,313)

(7,058,317)

(734,956)

(3,251,958)

21,465,613

19,319,953

3,476,427

19,319,953

21,477,671

19,821,497

801,807

6,046,063

375,751

215,501

-

(122,119)

-

-

(70,038)

-

-

0

253,632

-

-

145,463

-

-

21,465,613

19,573,585

3,476,427

19,319,953

21,477,671

19,966,960

801,807

6,046,063

2,147

1,932

348

1,932

2,148

1,982

80

605

2,147

1,932

348

1,932

2,148

1,982

80

605

The accompanying notes form an integral part of these financial statements.

3

PRESCO PLC

CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

Group

Company

31-Dec-22

31-Dec-21

31-Dec-22

31-Dec-21

Note

N'000

N'000

N'000

N'000

Assets:

s

Non-current assets

Intangible assets

241,455

149,755

14,702

16,409

Property, plant and equipment

91,898,909

84,568,445

58,115,611

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

95,116,323

88,728,059

82,731,378

78,321,855

Current assets

5,572,925

4,195,922

5,369,911

3,919,619

Inventories

Biological assets

19,736,318

15,236,322

17,284,291

12,784,291

Trade and other receivables

12,627,319

10,081,412

13,976,287

9,509,148

Cash and bank balances

12,034,346

22,364,597

10,170,874

22,253,957

Total current assets

49,970,908

51,878,253

46,801,363

48,467,015

Total assets

145,087,230

140,606,312

129,532,741

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

58,708,655

45,843,042

59,222,257

46,344,585

Total Equity

42,646,896

29,781,283

60,901,160

48,023,488

Non-current liabilities

Borrowings

58,991,296

22,373,286

41,285,678

5,458,339

Deferred benefit obligations

1,217,965

1,077,797

966,452

826,284

Deferred tax liabilities

11,259,084

10,946,164

11,259,084

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

72,425,951

37,364,938

54,153,655

17,821,150

Current liabilities

Trade and other payables

16,165,761

32,840,900

5,036,906

26,747,965

Current tax liabilities

5,941,264

5,397,904

5,941,264

5,397,904

Bank overdraft

516,790

5,655,259

6,982

1,945,241

Borrowings

6,493,379

28,685,891

2,632,592

25,992,941

Deferred income

843,729

826,675

826,675

826,675

Lease liabilities

53,461

53,461

33,506

33,506

Total current liabilities

30,014,383

73,460,090

14,477,925

60,944,232

Total liabilities

102,440,334

110,825,028

68,631,580

78,765,382

Total equity and liabilities

145,087,230

140,606,311

129,532,740

126,788,870

The financial statements were approved and authorised for issue by the Board of Directors on 25 January 2023 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 TWELVE MONTHS ENDED 31 DECEMBER 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

500,000

1,173,528

29,518,014

(140,088)

31,051,454

Profit for the year

-

-

19,319,953

-

19,319,953

Net remeasurement gain on defined benefit plan

-

-

-

253,632

253,632

Total Comprehensive Income

-

-

19,319,953

253,632

19,573,585

Acquisition premium on SNL

-

(17,848,831)

(17,848,831)

Status bar dividend

5,075

5,075

Dividend paid

-

-

(3,000,000)

-

(3,000,000)

Balance at 31 December 2021

500,000

1,173,528

45,843,042

#######

29,781,283

-

-

-

-

-

Balance at 1 January 2022

500,000

1,173,528

45,843,042

(17,735,287)

29,781,283

Profit for the year

-

-

21,465,613

-

21,465,613

Total Comprehensive Income

-

-

21,465,613

-

21,465,613

Dividend paid

-

-

(8,600,000)

-

(8,600,000)

Balance at 31 December, 2022

500,000

1,173,528

58,708,655

#######

42,646,896

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

-

-

19,821,497

-

19,821,497

Net remeasureent gain on defined benefit plan

145,463

145,463

Total Comprehensive Income

-

-

19,821,497

145,463

19,966,960

Status bar dividend

5,075

5,075

Dividend declared

(3,000,000)

(3,000,000)

Balance at 31 December 2021

500,000

1,173,528

46,344,586

5,375

48,023,489

Balance at 1 January 2022

500,000

1,173,528

46,344,585

5,375

48,023,488

Profit for the year

-

-

21,477,671

-

21,477,671

Total Comprehensive Income

-

-

21,477,671

-

21,477,671

Dividend paid

-

-

(8,600,000)

-

(8,600,000)

Balance at 31 December, 2022

500,000

1,173,528

59,222,257

5,375

60,901,159

The accompanying notes form an integral part of these financial statements.

5

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Presco plc published this content on 31 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2023 18:47:02 UTC.