PZ Cussons : Q3 Unaudited Financial Statements

Corporate information

Board of Directors

Mrs. I.M.O Okauru, MFR

-

Chairman, Non-Executive Director

Mr. Dimitris Kostianis

- Managing Director/Chief Executive Officer

Ms. Joyce F. Coker

-

Executive Director

Mr Duncan Anniss

- Non-Executive Director(Resigned w.e.f 30 October 2023)

Mr. K. Massie

-

Non-Executive Director

Mallam Ballama Manu

-

Independent Non-Executive Director

Mrs. Oluwatoyin Odutayo

-

Independent Non-Executive Director

Prof. Fabian Ajogwu, SAN

- Independent Non-Executive Director(Resigned w.e.f 4 March 2024)

Mr. Kamar Bakrin

- Non-Executive Director(Resigned w.e.f 14 October 2023)

Dr. Suleyman Abdu Ndanusa

- Independent Non-Executive Director(Appointed w.e.f 16 November 2023)

Financial highlights

Group

29 Feb 2024

28 Feb 2023

% Change

₦'000

₦'000

Revenue

110,627,584

86,997,928

27

Operating (Loss)/Profit

(135,594,722)

4,996,609

(2,814)

(Loss)/Profit before taxation

(132,303,471)

14,298,920

(1,025)

Taxation

37,523,391

(3,085,069)

1,316

(Loss)/Profit after tax

(94,780,080)

11,213,852

(945)

Non-controlling interest

(8,969,745)

996,235

(1,000)

(Loss)/Profit attributable to equity holders of parent company

(85,810,335)

10,217,617

(940)

(94,780,080)

11,213,852

(945)

Share capital

1,985,238

1,985,238

-

Total equity

(46,420,022)

48,360,058

(196)

EPS per 50k share

Basic and diluted earnings per share (Naira)

(2,387)

282

(945)

Based on 3,970,477,045 ordinary shares of 50k each

Group

Quarter to date

Year to date 29

Quarter to date

Year to date

Note

29 Feb 2024

Feb 2024

28 Feb 2023

28 Feb 2023

₦'000

₦'000

₦'000

₦'000

Revenue

42,542,006

110,627,584

29,736,715

86,997,928

Cost of sales

(26,421,231)

(72,621,414)

(19,541,250)

(63,244,057)

Gross profit

16,120,775

38,006,170

10,195,464

23,753,871

Selling and distribution expenses

(3,548,556)

(10,362,218)

(3,051,241)

(8,930,127)

Impairment of trade receivables

21,091

143,141

(53,213)

(165,314)

Administrative expenses

4,992,182

(145,828)

(1,616,051)

(4,975,408)

Exchange loss

(76,160,930)

(163,235,987)

(1,981,421)

(4,686,413)

Operating profit/(loss)

(58,575,438)

(135,594,722)

3,493,539

4,996,609

Other income

20

77,384

231,226

75,348

6,172,147

Interest income

1,114,052

5,316,594

1,587,454

3,278,744

Interest cost

(1,119,837)

(2,256,569)

(143,557)

(148,580)

Net interest income

(5,785)

3,060,025

1,443,897

3,130,164

(Loss)/Profit before tax

(58,503,839)

(132,303,471)

5,012,785

14,298,920

Income tax expense

37,863,819

37,523,391

(1,469,474)

(3,085,069)

(Loss)/Profit for the year

(20,640,020)

(94,780,080)

3,543,310

11,213,852

Total comprehensive income/(expense) for the year

(20,640,020)

(94,780,080)

3,543,310

11,213,852

Equity holders of the parent company

(18,687,876)

(85,810,335)

3,036,423

10,217,617

Non-controlling interest

(1,952,143)

(8,969,745)

506,888

996,235

(20,640,020)

(94,780,080)

3,543,310

11,213,852

Basic and diluted (Loss)/earnings

per share (kobo)

(520)

(2,387)

89

282

Q3, 2023/24

Year End 2022/23

Q3, 2023/24 Year End 2022/23

Notes

₦'000

₦'000

₦'000

₦'000

Assets

Non-current assets

Property, plant and equipment

2a

15,769,006

15,500,551

14,245,337

14,031,270

Right-of-use assets

2b

131,667

203,758

82,692

131,515

Intangibe Assets

2c

344,376

423,847

344,376

423,847

Investments in subsidiaries

3

-

-

504,406

504,406

Investment property

4

1,548,556

1,590,634

1,548,556

1,590,634

Deferred Taxation

16

42,042,069

524,559

24,326,622

-

Loan receivables

5

-

-

1,052,938

3,422,048

59,835,674

18,243,350

42,104,927

20,103,721

Current assets

Inventories

6

38,611,221

29,048,718

22,997,227

19,922,450

Trade and other receivables

7

21,606,666

11,452,708

19,607,741

7,664,615

Loan receivables

5

3,158,814

3,158,814

Other assets

8

4,583,308

983,186

4,503,373

983,186

Deposits for imports & Derivatives

9

1,962,400

5,014,849

1,113,489

393,396

Cash and cash equivalents

10

64,596,008

101,623,076

43,511,519

58,599,818

131,359,603

148,122,536

94,892,163

90,722,279

Assets held for sale

24

-

-

Total assets

191,195,277

166,365,886

136,997,090

110,826,000

Equity

Ordinary share capital

11

1,985,238

1,985,238

1,985,238

1,985,238

Share premium

6,878,269

6,878,269

6,878,269

6,878,269

Retained earnings

(51,344,095)

34,466,240

(39,106,458)

19,808,961

Equity attributable to equity holders of

the company

(42,480,588)

43,329,747

(30,242,951)

28,672,468

Non controlling interest

(3,939,434)

5,030,311

-

-

Total equity

(46,420,022)

48,360,058

(30,242,951)

28,672,468

Liabilities

Non-current liabilities

Borrowings

15a

62,341,593

18,735,092

62,341,593

18,735,092

Deferred income

14

-

5,272

-

5,272

Lease liability

2b

84,349

95,627

61,453

70,131

Deferred taxation

17

-

4,086,413

-

4,086,413

Provisions

18

189,848

282,817

-

-

62,615,790

23,205,222

62,403,045

22,896,909

Current liabilities

Trade and other payables

13

130,634,580

79,943,735

93,683,821

54,481,104

Borrowings

15b

33,515,060

5,277,304

847,534

-

Lease liability

2b

47,318

108,131

21,240

61,384

Deferred income

14

1,286,203

84,230

1,286,203

84,230

Contract liabilities

14

432,290

361,162

432,290

361,162

Current taxation payable

16

9,005,717

8,927,549

8,565,908

4,268,743

Provisions

18

78,342

98,495

-

-

Total liabilities

174,999,509

94,800,606

104,836,995

59,256,623

237,615,299

118,005,828

167,240,041

82,153,532

Net equity and liabilities

191,195,277

166,365,886

136,997,090

110,826,000

_______________________

______________________

Mr. Dimitris Kostianis

Mr. Brian Egan

Chief Executive Officer

Chief Financial Officer

FRC/2023/PRO/DIR/003/204573

FRC/2015/PRO/ANAN/001/00000011227

The notes on pages 9 to 19 are an integral part of these financial statements

Attributable to owners of the company

Retained

Non controlling

Share capital Share premium

earnings

interest

Total

₦'000

₦'000

₦'000

₦'000

₦'000

At 1 June 2022

1,985,238

6,878,269

25,301,572

3,574,752

37,739,831

-

Profit for the year

-

-

12,892,785

1,455,559

14,348,344

-

Total comprehensive income for the year

-

-

12,892,785

1,455,559

14,348,344

Transactions with owners:

-

Dividend paid relating to year ended 31 May 2022

(4,010,182)

(4,010,182)

Unclaimed dividend forfeited

282,065

282,065

-

Total transaction with owners

-

-

(3,728,117)

-

(3,728,117)

At 31 May 2023

1,985,238

6,878,269

34,466,240

5,030,311

48,360,058

At 1 June 2023

1,985,238

6,878,269

34,466,240

5,030,311

48,360,058

Profit for the period

-

-

(85,810,335)

(8,969,745)

(94,780,080)

Adjustments for prior year tax adjustments

-

-

Total comprehensive income for the period

-

-

(85,810,335)

(8,969,745)

(94,780,080)

Transactions with owners:

-

Unclaimed dividend forfeited

-

-

Total transaction with owners

-

-

-

-

-

At 29 February 2024

1,985,238

6,878,269

(51,344,095)

(3,939,434)

(46,420,022)

At 28 February 2023

1,985,238

6,878,269

31,509,007

4,570,987

44,943,501

Company

Attributable to owners of the company

Retained

Non controlling

Share capital Share premium

earnings

interest

Total

₦'000

₦'000

₦'000

₦'000

₦'000

At 1 June 2022

1,985,238

6,878,269

15,008,640

-

23,872,147

Profit for the year

-

-

8,528,438

-

8,528,438

-

Total comprehensive income for the year

-

-

8,528,438

-

8,528,438

Transactions with owners:

Dividend paid relating to year ended 31 May 2022

(4,010,182)

(4,010,182)

Unclaimed dividend forfeited

282,065

282,065

Total transaction with owners

-

-

(3,728,117)

-

(3,728,117)

-

At 31 May 2023

1,985,238

6,878,269

19,808,961

-

28,672,468

At 1 June 2023

1,985,238

6,878,269

19,808,961

-

28,672,468

Profit for the year

-

-

(58,915,419)

-

(58,915,419)

Adjustments for prior year tax adjustments

-

Total comprehensive income for the year

-

-

(58,915,419)

-

(58,915,419)

Transactions with owners:

Unclaimed dividend forfeited

-

-

Total transaction with owners

-

-

-

-

-

-

At 29 February 2024

1,985,238

6,878,269

(39,106,458)

-

(30,242,951)

At 28 February 2023

1,985,238

6,878,269

18,228,961

-

27,092,468

The Group

The Company

Year End

Year End

Q3 2023/24

Q3 2022/23

2022/23

Q3 2023/24

Q3 2022/23

2022/23

Notes

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

Cash flows from operating activities

Cash generated from operations

19

(58,688,854)

6,275,925

40,344,205

(14,278,478)

(10,260,080)

17,986,623

Taxation

(8,539,318)

(2,490,951)

(1,243,856)

(4,060,798)

(1,202,219)

(1,202,219)

Net cash flow generated from

(67,228,173)

3,784,975

(18,339,275)

(11,462,299)

operating activities

39,100,349

16,784,404

Cash flows from investing activities

Interest received

5,316,594

3,278,744

5,233,116

3,488,392

2,725,708

4,149,329

Loan receivables

5b

-

-

-

-

Purchase of property, plant and

equipment

4

(1,096,676)

(505,377)

(911,180)

(967,285)

(244,511)

(622,528)

Proceeds from sale of property, plant

and equipment

-

6,531,813

9,841,258

-

6,531,813

6,534,373

Net cash used in investing activities

4,219,919

9,305,179

14,163,194

2,521,107

9,013,010

10,061,174

Cash flows from financing activities

Interest Expense

(2,256,569)

(148,580)

(334,961)

(117,665)

(1,439)

(1,456)

Loan repaid

(13,517,056)

5,197,166

-

(2,640,492)

-

-

Lease payment

-

-

(140,658)

-

-

(65,097)

Loan receipt

41,754,812

17,031,902

-

3,488,026

17,031,902

-

Dividends paid to Company

shareholders

-

(1,365,583)

(4,010,182)

-

(1,365,583)

(4,010,182)

Net cash flow used in financing

activities

25,981,186

20,714,906

(4,485,801)

729,869

15,664,880

(4,076,735)

Net increase in cash, cash

(37,027,068)

33,805,059

48,777,743

(15,088,299)

13,215,591

22,768,843

equivalents and bank overdrafts

Cash, cash equivalents and bank

overdrafts at the beginning of the

101,623,076

52,845,333

52,845,333

58,599,818

35,830,975

35,830,975

year

Cash, cash equivalents and bank

64,596,008

86,650,393

101,623,076

43,511,519

49,046,566

58,599,818

overdrafts at the end of the year