TOTALENERGIES MARKETING NIGERIA PLC

UNAUDITED FINANCIAL STATEMENTS

31 MARCH 2024

Contents

Page

Results at a glance

1

Statement of financial position

2

Statement of profit or loss and other comprehensive income

3

Statement of changes in equity

4

Statement of cash flows

5

Notes to the financial statements

6

TOTALENERGIES MARKETING NIGERIA PLC

RESULTS AT A GLANCE

FOR THE PERIOD ENDED

31 March

31 March

2024

2023

Change

₦'000

₦'000

%

Revenue

269,836,192

135,277,607

99

Profit before income taxation

16,841,121

6,423,965

162

Profit for the period

11,498,833

4,162,848

176

Total comprehensive income for the period

11,498,833

4,162,848

176

Share capital

169,761

169,761

-

Shareholders' funds

59,088,529

47,319,699

25

31 March

31 March

2024

2023

Change

PER SHARE DATA:

%

Based on 339,521,837 ordinary

shares of 50 kobo each:

Earnings per 50 kobo share (Naira) - basic

33.87

12.26

176

Stock exchange quotation (Naira)

385.00

218.80

76

Number of staff

420

428

(2)

1

TOTALENERGIES MARKETING NIGERIA PLC

STATEMENT OF FINANCIAL POSITION

AS AT

Notes

Non-current assets

Property, plant and equipment

16

Right-of-use assets

17 (i)

Intangible assets

15

Trade and other receivables

19.1

Total non-current assets

Current Assets

Inventories

18

Witholding tax receivables

11.2.1

Trade and other receivables

19

Prepayments

20

Cash and cash equivalents

27

Total current assets

Total assets

Equity

Share capital

26

Retained earnings

Total equity

Non-current liabilities

Deferred tax liabilities

11.3

Lease liabilities

22

Employee benefits

12

Total non-current liabilities

Current liabilities

Current tax liabilities

11.2

Loans and borrowings

21

Trade and other payables

24

Deferred income

25

Lease liabilities

22

Total current liabilities

Total liabilities

Total equity and liabilities

31 March

31 December

2024

2023

₦'000

₦'000

43,620,111

43,130,868

7,382,402

7,950,570

183,428

207,391

5,944,409

7,124,287

57,130,350

58,413,116

74,188,592

73,906,481

1,060,072

1,060,072

271,186,823

152,113,177

1,605,342

1,464,074

179,162,181

88,158,753

527,203,010

316,702,557

584,333,360

375,115,673

169,761

169,761

58,918,768

55,907,981

59,088,529

56,077,742

8,154,480

8,459,307

163,043

469,398

1,711,798

1,586,944

10,029,321

10,515,649

10,428,620

4,781,505

103,223,658

84,540,792

396,776,742

214,105,902

4,618,391

4,610,130

168,099

483,953

515,215,510

308,522,282

525,244,831

319,037,931

584,333,360

375,115,673

These financial statements were approved and authorised for issue by the Board of Directors of the Company on 26th April 2024 and signed on behalf of the Board by:

Seye Samba - Managing Director

Olubunmi Popoola-Mordi - Executive Director

FRC/2021/003/00000024858

FRC/2013/ICSAN/00000002042

Additionally certified by:

Samson Eghwerehe - Head of Finance

FRC/2018/ICAN/00000018952

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

2

TOTALENERGIES MARKETING NIGERIA PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED

31 March

31 March

2024

2023

Notes

₦'000

₦'000

Revenue

6

269,836,192

135,277,607

Cost of sales

7

(234,720,264)

(120,267,170)

Gross profit

35,115,928

15,010,437

Other income

8.1

1,621,391

968,580

Selling & distribution costs

10.1

(3,616,488)

(915,988)

Administrative expenses

10.2

(14,431,187)

(7,802,026)

Net impairment (loss)/ write-back on financial assets

30 (iv)

(1,279)

21,152

Operating profit

18,688,365

7,282,155

Finance income

9

1,671,678

746,088

Finance costs

9

(3,518,922)

(1,604,278)

Net finance costs

(1,847,244)

(858,190)

Profit before income taxation

16,841,121

6,423,965

Income taxation

11.1.1

(5,342,288)

(2,261,117)

Total comprehensive income for the period

11,498,833

4,162,848

Earnings per share

Basic and diluted earnings per share

14

33.87

12.26

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

3

TOTALENERGIES MARKETING NIGERIA PLC

STATEMENT OF CHANGES IN EQUITY

Balance at 1 January 2024

Profit for the period

Total comprehensive income for the period

Transactions with owners of the Company:

Contributions and Distributions

Prior year final dividend

Total transactions with owners of the Company

Balance at 31 March 2024

for the period ended 31 March 2024

Share

Retained

Total

capital

earnings

equity

₦'000

₦'000

₦'000

Notes

169,761 55,907,981 56,077,742

- 11,498,833 11,498,833

- 11,498,833 11,498,833

13.1

-

(8,488,046)

(8,488,046)

-

(8,488,046)

(8,488,046)

169,761

58,918,768

59,088,529

for the period ended 31 March 2023

Share

Retained

Total

capital

earnings

equity

₦'000

₦'000

₦'000

Notes

Balance as at 1 January 2023

169,761

50,117,049

50,286,810

Profit for the period

-

4,162,848

4,162,848

Total comprehensive income for the period

-

4,162,848

4,162,848

Transactions with owners of the Company:

Contributions and Distributions

Prior year final dividend

13.1

-

(7,129,959)

(7,129,959)

Total transactions with owners of the Company

-

(7,129,959)

(7,129,959)

Balance at 31 March 2023

169,761

47,149,938

47,319,699

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

4

TOTALENERGIES MARKETING NIGERIA PLC

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED

31 March

31 March

2024

2023

Note

₦'000

₦'000

Profit for the period

11,498,833

4,162,848

Adjustments for:

Depreciation of property, plant and equipment

16

1,611,996

1,314,988

Depreciation of right-of-use asset

17 (i)

563,005

516,740

Amortisation of intangible assets

15

23,963

18,640

Provision for employee benefits

12 (i)

132,004

84,642

Write back of inventory (Net)

18 (a)

-

60,000

Gain on disposal of property, plant and equipment

8.1

(7,501)

(6,613)

Net foreign exchange gain

8.2

(389,149)

(1,081)

Net finance costs

9

1,847,244

858,190

Income taxation

11.1.1

5,342,288

2,261,117

20,622,684

9,269,471

Changes in:

- Inventories

18 (a)

(282,111)

(3,226,517)

- Trade and other receivables

19.1 (a)

(113,581,399)

(5,299,616)

- Prepayments

20 (a)

(141,268)

(874,398)

- Trade and other payables

24 (a)

118,808,075

(30,045,927)

- Witholding tax credit note utilized

11.2.1

-

(10,235)

- Deferred income

25 (a)

8,261

78,455

Cash generated from/(used in) operating activities

25,434,242

(30,108,767)

Payment for employee benefits

12 (i)

(7,150)

-

Interest on staff loans

9

42,495

163,162

Interest on lease liabilities

9

(26,700)

(23,567)

Tax paid

11.2

-

(62,089)

Net cash generated from/(used in) operating activities

25,442,886

(30,031,260)

Cash flows from investing activities

Additions to right-of-use asset

17 (iii)

-

(46,875)

Purchase of property, plant and equipment

16

(2,101,238)

(500,899)

Purchase of intangible assets

15

-

(13,272)

Derecognition of right-of-use asset

17(iii)

5,163

-

Effect of foreign exchange rate change

23

(36,190)

178,012

Interest received on deposits for unclaimed dividend

9

27,444

25,818

Interest received on deposits

9

1,601,739

557,108

Proceeds from disposal of property, plant and equipment

16.2

7,501

17,352

Net cash (used in)/generated from investing activities

(495,581)

217,244

Cash flows from financing activities

Interest paid on bank overdraft

9

(1,828,046)

-

Interest paid on import loans

9

(277,358)

(893,877)

Interest paid on other loans

9

(1,386,818)

(686,834)

Payment on lease liabilities

23

(586,018)

(497,770)

Additional borrowings

23

57,165,000

65,828,745

Repayment of borrowings

23

(3,123,109)

(60,388,833)

Dividends paid

13.1

-

(4,449,999)

Net cash generated/(used in) from financing activities Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at 1 January

Effect of movement in exchange rates on cash held

Cash and cash equivalents as at period ended 31 March

Cash and cash equivalents as at year ended 31 December

49,963,650

(1,088,568)

74,910,955

(30,902,584)

32,004,468

82,724,315

8.2

27,566,748

3,277,136

27

134,482,171

55,098,866

32,004,468

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

5

TOTALENERGIES MARKETING NIGERIA PLC

NOTES TO THE FINANCIAL STATEMENTS

1 The Company

Legal form:

The Company was incorporated as a private limited liability company in 1956 and was converted to a public company in 1978. The merger of the Company with Elf Oil Nigeria Limited which commenced globally in November 1999 was completed in Nigeria in 2002. With this development, the authorised, issued and fully paid share capital was ₦148,541,000 made up of 297,082,000 ordinary shares of 50k each. In 2003, to mark the completion of its corporate mergers, Total Group worldwide reverted to its former name Total and adopted a new logo with a unifying design to express its corporate ambition.

With the capitalisation of the bonus issue of 42,440,228 ordinary shares of 50k each in March 2004, the authorised share capital became ₦169,760,918 made up of 339,521,837 ordinary shares of 50k each. 61.72% of the Company's ordinary shares were held by Total Societe Anonyme up until 2013 when a restructuring was concluded and Total Raffinage Marketing became the shareholders of 61.72% of Total Nigeria Plc (now TotalEnergies Marketing Nigeria Plc) while the remaining 38.28% are held by some members of the general public. Total Raffinage Marketing is now called TotalEnergies Marketing Services.

In 2021, Total Group worldwide changed its name to TotalEnergies and adopted a new logo, thereby anchoring the transformation into a broad energy business within the Company's identity. Accordingly, the Company changed its name from Total Nigeria Plc to TotalEnergies Marketing Nigeria Plc in the same year.

31 March 2024

31 December 2023

Number

Holdings

Number

Holdings

'000

%

'000

%

TotalEnergies Marketing Service

209,560

61.72

209,560

61.72

Other shareholders

129,962

38.28

129,962

38.28

339,522

100.00

339,522

100.00

No shareholder, except as disclosed above, held more than 5% of the issued share capital of the Company as at 31 March 2024 (2023: nil).

Principal activities

The principal activity of the Company is the blending of lubricants, sales and marketing of refined petroleum products and solar products .

Description of business

TotalEnergies Marketing Nigeria Plc. ("the Company") is a subsidiary of TotalEnergies Marketing Services ("the Parent Company") in France and operates in the petroleum marketing and distribution business in Nigeria. The Company's registered office is situated at:

No. 4, Churchgate Street

Victoria Island

Lagos State

2 Basis of preparation

  1. Statement of compliance
    These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS, in the manner required by the Financial Reporting Council (FRC) of Nigeria (Amendment) Act, 2023 and the Companies and Allied Matters Act (CAMA), 2020.
  2. Basis of measurement
    These financial statements have been prepared on the historical cost basis except otherwise indicated. Defined benefit liability is measured using the projected unit credit method.
  3. Functional and presentation currency
    These financial statements are presented in Nigerian Naira (NGN), which is the Company's functional currency. All financial information presented in Nigerian Naira have been rounded to the nearest thousand except otherwise stated.

6

TOTALENERGIES MARKETING NIGERIA PLC

NOTES TO THE FINANCIAL STATEMENTS

  1. Financial period
    These financial statements cover the financial period from 01 January 2024 to 31 March 2024, with corresponding figures for the financial period from 01 January, 2023 to 31 March, 2023 and 01 January 2023 to 31 December, 2023 where applicable.
  2. Going concern
    The directors have undertaken a review of the Company's business activities and have concluded that the Company will still be able to realise its assets and settle its obligations as they fall due and as such these financial statements have been prepared on the basis applicable to a going concern.
  3. Significant events and transactions
    Other than events already disclosed in the various notes, there are no other significant events in the period that are required to be disclosed.
  4. Use of estimates and judgments
    In preparing these financial statements, the directors have made certain judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
    Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised prospectively.
    1. Judgement
      Information about judgements made in applying accounting policies that have the most significant effects on amounts recognised in the financial statements are as follows;
  1. Cash held with TotalEnergies Treasury - Note 27
    Determining if balances held with Total Treasury meets the criteria for classification as cash and cash equivalents.
  2. Lease term - Note 17 (iv)
    In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
  3. Asset retirement - Note 17 (iv)
    Whether the Company will dismantle and remove its leasehold improvements on underlying asset or restore underlying asset.
  1. Assumptions and estimation uncertainties
    Information about assumptions and estimation uncertainties at 31 March 2024 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year includes;
  1. Measurement of defined benefit obligation: Key actuarial assumptions
    The amount recognised in note 12 of the financial statements as employee benefits - measurement of the Company's employee benefits. This estimate relates to the discount rate, withdrawal, mortality and inflation rate applied in the computation of the Company's liabilities.
  2. Measurement of Expected Credit Loss (ECL) allowance - Note 30(iv)
    Information about measurement of trade receivables and contract assets: Key assumptions in determining the weighted-average loss rate.
  3. Measurement of contingencies - Note 28
    Recognition of contingencies - key assumptions about likelihood and magnitude of an outflow of resources.
  4. Incremental borrowing rate - Note 23 Estimation of the applicable borrowing rates.

7

TOTALENERGIES MARKETING NIGERIA PLC

NOTES TO THE FINANCIAL STATEMENTS

3 New standards and interpretations not yet adopted (cont'd)

Amendments to Standards and Interpretations are effective for annual periods beginning after 1 January 2024 and early application is permitted; however, the Company has not applied the amended standards in preparing these financial statements. Those Amendments to Standards and Interpretations which may be relevant to the Company are set out below.

Effective date

Standard/Interpretation not yet

Date issued by

Periods

Summary of the requirements and assessment of impact

effective as at 31 March 2024

IASB

beginning on or

after

IFRS 18

Presentation and

April 2024

1 January 2027

The objective of IFRS 18 is to set out requirements for the presentation

disclosure in

and disclosure of information in general purpose financial statements

financial

(financial statements) to help ensure they provide relevant information that

statements

faithfully represents an entity's assets, liabilities, equity, income and

expenses. [IFRS 18.1]

IFRS 18 applies to all financial statements that are prepared and presented

in accordance with International Financial Reporting Standards (IFRSs).

[IFRS 18.2] Standards for recognising, measuring, and disclosing specific

transactions are addressed in other Standards and Interpretations. [IFRS

18.4]

A complete set of financial statements comprises: [IFRS 18.10]

-a statement (or statements) of financial performance for the reporting

period (presented as either a single statement or by presenting a statement

of profit or loss immediately followed by a separate statement presenting

comprehensive income beginning with profit and loss);

-a statement of financial position as at the end of the reporting period;

-a statement of changes in equity for the reporting period;

-a statement of cash flows for the reporting period;

-notes for the reporting period;

-comparative information in respect of the preceding period as specified by

the standard;

-a statement of financial position as at the beginning of the preceding

period if the entity applies an accounting policy retrospectively, makes a

retrospective restatement of items in its financial statements or reclassifies

items in its financial statements (given that this results in material

information).

IFRS 18 identifies the statements listed above as "primary financial

statements" and they all are required to be presented with equal

prominence. Regards the statements' titles, an entity may use other than

those stated above.

IFRS 18 assigns distinct and complementary roles to the primary financial

statements as well as to the notes: The primary financial statements offer

structured summaries of an entity's recognized assets, liabilities, equity,

income, expenses, and cash flows, assisting users in understanding the

entity's financial status, making comparisons across entities and reporting

periods, and identifying areas requiring further information. The notes, on

the other hand, supplement these primary financial statements by providing

additional, necessary material information to ensure comprehension of line

items and advance the overall objective of financial reporting.

Amendments to

Lack of

August 2023

1 January 2025

In August 2023, the IASB amended IAS 21 to add requirements to help

IAS 21

Exchangeability

entities to determine whether a currency is exchangeable into another

currency, and the spot exchange rate to use when it is not. These new

requirements will apply from 2025, with early application permitted.

The IASB issued amendments to IAS 21 to help entities:

- assess exchangeability between two currencies; and

- determine the spot exchange rate, when exchangeability is lacking

An entity is impacted by the amendments when it has a transaction or an

operation in a foreign currency that is not exchangeable into another

currency at a measurement date for a specified purpose. A currency is

exchangeable when there is an ability to obtain the other currency (with a

normal administrative delay), and the transaction would take place through

a market or exchange mechanism that creates enforceable rights and

obligations.

8

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Total Nigeria plc published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 14:33:24 UTC.