UAC of Nigeria PLC

Unaudited Condensed Consolidated Financial Statements for the 6 months period ended 30 June 2023

UAC of Nigeria PLC

Unaudited condensed consolidated financial statements for the 6 months period ended 30 June 2023

Content

Page

Investor relations statement

1

Unaudited financial statements

Condensed consolidated statement of profit or loss and other comprehensive income

2

Condensed consolidated statement of financial position

3

Condensed consolidated statement of changes in equity

4

Condensed consolidated statement of cash flows

5

Notes to the condensed consolidated financial statements

6

Shareholding structure/free float status

31

UAC of Nigeria PLC

Statement on Investor Relations

UAC of Nigeria PLC has a dedicated investors' portal on its corporate website which can be accessed via this link: https://www.uacnplc.com. The Company's Group Finance Director can also be reached through electronic mail at: investorrelations@uacnplc.com; or telephone on: +234 906 269 2908 for any investment related enquiry.

1

UAC of Nigeria PLC

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the 6 months period ended 30 June 2023

3 months to

6 months to

3 months to

6 months to

June 2023

June 2023

June 2022

June 2022

Notes

N'000

N'000

N'000

N' 000

Continuing operations

Revenue

3

28,250,040

52,870,135

24,376,440

52,042,138

Cost of sales

7

(22,910,325)

(44,251,560)

(20,514,501)

(43,104,784)

Gross profit

5,339,715

8,618,575

3,861,939

8,937,354

Dividend income

4

17,125

17,125

8,325

8,325

Other operating income

5

269,857

435,635

196,548

656,107

Impairment loss on financial assets

6

(83,421)

(71,417)

(27,518)

(30,392)

Selling and distribution expenses

7

(2,208,405)

(4,177,421)

(2,033,634)

(3,770,439)

Administrative expenses

7

(2,669,851)

(4,857,739)

(2,262,348)

(4,190,184)

Operating (loss)/profit

665,021

(35,242)

(256,688)

1,610,771

Finance income

8

3,930,641

4,360,847

219,788

124,539

Finance cost

8

(981,954)

(1,643,901)

(849,900)

(1,664,653)

Net finance income/(cost)

2,948,687

2,716,946

(630,112)

(1,540,114)

Share of profit/(loss) from associates using the equity method

15

485,762

480,979

(79,494)

(58,311)

Profit/(Loss) before tax

4,099,470

3,162,684

(966,294)

12,346

Income tax expense

9

(1,712,590)

(1,934,933)

(353,244)

(689,784)

Profit/(Loss) after tax for the period from continuing operations

2,386,880

1,227,751

(1,319,538)

(677,438)

Discontinued operations

Loss after tax for the period from discontinued operations

-

-

(35,196)

(38,551)

Profit/(Loss) for the period

2,386,880

1,227,751

(1,354,734)

(715,989)

Other comprehensive income:

Items not to be subsequently recycled to profit or loss

Net changes in fair value of financial assets

Share of other comprehensive income/(loss) of associates using the equity method

14

39,250

69,250

(31,625)

(43,125)

15

34,301

42,876

(4)

(48,597)

Other comprehensive income/(loss) for the period net of tax

73,551

112,126

(31,629)

(91,722)

Total comprehensive income/(loss) for the period net of tax

2,460,431

1,339,877

(1,386,363)

(807,711)

Profit/(Loss) attributable to:

Equity holders of the parent

2,406,234

1,548,780

(1,043,467)

(526,747)

Non controlling interests

(19,354)

(321,029)

(311,267)

(189,242)

2,386,880

1,227,751

(1,354,734)

(715,989)

Total comprehensive income/(loss) attributable to:

Equity holders of the parent

2,479,785

1,660,906

(1,075,096)

(618,469)

Non controlling interests

(19,354)

(321,029)

(311,267)

(189,242)

2,460,431

1,339,877

(1,386,363)

(807,711)

Earnings per share attributable to owners of the parent during the period (expressed

in Kobo per share):

Basic earnings per share

From continuing operations (Kobo)

10

82

53

(35)

(17)

From discontinued operations (Kobo)

10

-

-

(1)

(1)

From profit/(loss) for the period (Kobo)

82

53

(36)

(18)

Diluted earnings per share

From continuing operations (Kobo)

10

82

53

(35)

(17)

From discontinued operations (Kobo)

10

-

-

(1)

(1)

From profit/(loss) for the period (Kobo)

82

53

(36)

(18)

2

UAC of Nigeria PLC

Condensed Consolidated Statement of Financial Position

As at 30 June 2023

30 June 2023

31 December 2022

Notes

N' 000

N' 000

Assets

Non-current assets

Property, plant and equipment

11

26,523,339

25,043,411

Intangible assets and goodwill

12

3,392,483

3,626,747

Investment properties

13

2,008,727

2,435,360

Equity instrument at fair value through other comprehensive income

14

615,299

514,965

Investments in associates

15

9,035,852

8,511,997

Debt instrument at amortised cost

16

3,646,609

2,232,103

Right of use assets

18

1,508,042

1,471,771

Trade and other receivables

20

2,146,881

2,146,881

Finance lease receivable

20.1

10,372

10,372

Total non-current assets

48,887,605

45,993,607

Current assets

Right of return assets

17

4,683

4,683

Inventories

19

26,248,026

24,396,400

Trade and other receivables

20

6,813,686

6,693,502

Finance lease receivable

20.1

-

600

Cash and cash equivalents

21

14,997,096

16,196,969

Total current assets

48,063,491

47,292,154

Non-current assets held for sale

32

541,850

541,850

Total assets

97,492,946

93,827,611

Equity and Liabilities

Ordinary share capital

30

1,463,065

1,463,065

Share premium

14,647,616

14,647,616

Fair value reserve

179,941

67,815

Equity settled share based payment reserve

464,840

342,870

Other reserve

91,923

91,923

Retained earnings

26,255,453

25,350,422

Equity attributable to equity holders of the Parent

43,102,838

41,963,711

Non controlling interests

2,463,195

3,316,500

Total equity

45,566,033

45,280,211

Liabilities

Non-current liabilities

Lease liability

18

684,865

569,940

Borrowings

22

2,617,182

2,467,290

Government grant

25

132,052

132,052

Deferred tax liabilities

23

3,363,208

2,708,129

Employee benefits

29

75,371

68,122

Provisions

28

34,080

34,080

Total non-current liabilities

6,906,758

5,979,613

Current liabilities

Current income tax liabilities

9

4,395,871

3,997,168

Refund liabilities

17

4,924

4,924

Lease liability

18

756,442

789,007

Current portion of borrowings

22

15,477,759

16,537,153

Trade and other payables

24

17,378,107

13,352,005

Contract liabilities

26

1,502,596

2,311,875

Dividend payable

27

5,451,070

5,451,070

Government grant

25

42,396

92,167

Provisions

28

10,992

32,418

Total current liabilities

45,020,155

42,567,787

Total liabilities

51,926,913

48,547,400

Total equity and liabilities

97,492,946

93,827,611

The financial statements and the notes on pages 6 to 30 were approved and authorised before issue by the board of directors on 28 July 2023 and were signed on its behalf by:

Mr. Dan Agbor

Mr. Folasope Aiyesimoju

Mrs. Funke Ijaiya-Oladipo

Chairman

Group Managing Director

Group Finance Director

FRC/2013/NBA/00000001748

FRC/2019/IODN/00000019806

FRC/2021/001/00000022822

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Disclaimer

UAC of Nigeria plc published this content on 29 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2023 14:30:04 UTC.