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Cocoa Processing Company Limited Financial COCOA PROCESSING COMPANY LIMITED FINANCIAL STATEMENTS 30 SEPTEMBER 2012 1 COCOA PROCESSING COMPANY LIMITED REPORTS AND FINANCIAL STATEMENTS I N D E X P a g e Corporate Information 2 Report of the Directors 3 Independence Auditor’s Report 5 Statement of Financial Position 7 Statement of Comprehensive Income 8 Statement of Changes in Equity 9 Statement of Cash Flows 11 Notes to the Financial Statements 12-46 2 COCOA PROCESSING COMPANY LIMITED CORPORATE INFORMATION BOARD OF DIRECTORS Hon. Jacob S. Arthur – Chairman Charles Debrah Asante (Managing) Professor Joshua Abor Dr (Mrs) RoseEmma Entsua-Mensah Samuel Arkhurst Nana Kojo Toku Dr Yao Asamoa John Kofi Mensah Tony Fofie Nana Oduro Owusu Brig-Gen Charles H Mankatah (Rtd) Darlington Afari-Dwanena REGISTERED OFFICE Cocoa Processing Company Limited Heavy Industrial Area Private Mail Bag Tema SOLICITOR/SECRETARY Stephen Ofori-Adjei Cocoa Processing Company Limited Heavy Industrial Area Private Mail Bag Tema AUDITORS KPMG Chartered Accountants 13 Yiyiwa Drive, Abelenkpe P. O. Box GP 242 Accra BANKERS Barclays Bank (Ghana) Limited Ecobank Ghana Limited Prudential Bank Limited SG-SSB Bank Limited REGISTRARS NTHC Limited Martco House P O Box 9563 Airport Accra 3 REPORT OF THE DIRECTORS TO THE MEMBERS OF COCOA PROCESSING COMPANY LIMITED The Directors present their report and the financial statements of the company for the year ended 30 September 2012. DIRECTORS’ RESPONSIBILITY STATEMENT The company’s Directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and in the manner required by the Companies Act, 1963 Act 179 and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. GOING CONCERN CONSIDERATION The company reported a loss of US$10.2 million (2011: US$6.8 million) for the year and at 30 September 2012, the company’s current liabilities exceeded its current assets by US$58.1 million (2011: US$50.7 million). A substantial part of the company’s liabilities are due to Ghana Cocoa Board (COCOBOD), one of the shareholders and a syndicate of banks. COCOBOD has confirmed and given assurance of continued supply of cocoa beans to the company. In addition, COCOBOD has restructured a portion of the company’s indebtedness into long term loans and confirmed it will not seek repayment of amounts due to them in a manner that will jeopardise the ability of the company to continue operations. Based on these assurances, confirmations and deferred payment terms, the Directors expect the company to continue as a going concern, and be able to realise its assets and discharge liabilities in the normal course of business. The financial statements have accordingly been prepared on the basis of accounting policies applicable to going concern. This basis presumes that funds arising from the normal course of business will be available to finance future operations of the company and that the settlement of liabilities will occur in the ordinary course of business. The Board has drawn up a 10 year strategic plan to ensure profitability of the company. The objectives of the plan are to ensure the following: a) a year-round availability of cocoa beans (a minimum volume of 3,500 metric tonnes per month) b) a well-managed unit cost of processing beans c) a continuous attainment of mark-up of between 8 - 10% on the processing of beans. 4 REPORT OF THE DIRECTORS TO THE MEMBERS OF COCOA PROCESSING COMPANY LIMITED (CONTINUED) In order to curtail losses sustained by the company and revert to profit-making operations, the approach will be to: a) strive to lower the average cost of raw cocoa beans to operations; use alternative energy and water sources to improve margins on the sale of semi-finished products and boost the cash- generating capacity of the company to meet obligations to suppliers, service providers, banks, creditors, shareholders and other stakeholders in the ensuing year. b) in the short to long-term period, expand the confectionery operations through effective plant utilisation and the construction of a new confectionery factory with new product lines. c) add value of up to 7.5% to semi-finished products by 2015 up to a targeted level of 30% by 2019. Products from the new factory will be vigorously marketed within the entire West African Sub- region and beyond. FINANCIAL STATEMENTS AND DIVIDEND The results for the year are as set out in the attached financial statements. The Directors cannot recommend the payment of a dividend whilst there remains a deficit balance on the retained earnings account. The Directors consider the state of the company’s affairs to be satisfactory. NATURE OF BUSINESS Cocoa Processing Company Limited was incorporated in Ghana on 30 November 1981 as a limited liability company. The company is domiciled in Ghana and its shares are publicly traded on the Ghana Stock Exchange (GSE). The principal activities of the company are the manufacture of high-quality chocolates, confectionery and semi-finished cocoa products such as cocoa butter, cocoa liquor, cocoa cake and cocoa powder from premium cocoa beans grown in Ghana. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements of the company were approved by the Board of Directors on …………………………...and were signed on their behalf by: ..........................…............... …………………………… DIRECTOR DIRECTOR 5 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF COCOA PROCESSING COMPANY LIMITED Report on the Financial Statements We have audited the accompanying financial statements of Cocoa Processing Company Limited, which comprise the statement of financial position at 30 September 2012, statements of comprehensive income, changes in equity and cash flows for the year then ended and notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes as set out on pages 7 to 46. Directors’ Responsibility for the financial statements The company’s Directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and in the manner required by the Companies Act, 1963 Act 179 and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Cocoa Processing Company Limited at 30 September 2012 and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and in the manner required by the Companies Act, 1963 Act 179. 6 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF COCOA PROCESSING COMPANY LIMITED (CONTINUED) Report on Other Legal and Regulatory Requirements Compliance with the requirements of Section 133 of the Companies Act, 1963 Act 179 We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit. In our opinion, proper books of account have been kept and the statements of financial position and comprehensive income are in agreement with the books of account. SIGNED BY: NANA AKUA AYIVOR (ICAG/P/1058) FOR AND ON BEHALF OF: KPMG: (ICAG/F/0036) CHARTERED ACCOUNTANTS 13 YIYIWA DRIVE, ABELENKPE P O BOX GP 242 ACCRA ………………………….. 2013 7 COCOA PROCESSING COMPANY LIMITED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2012 Restated Restated 2012 2011 2010 Note US$ US$ US$ Assets Property, Plant and Equipment 6 78,845,758 81,690,171 83,774,385 Leasehold Land 7 12,578,125 13,207,031 13,835,937 -------------- -------------- --------------- Total Non-Current Assets 91,423,883 94,897,202 97,610,322 -------------- -------------- --------------- Inventories 8 27,964,812 31,771,077 26,514,859 Trade and Other Receivables 9 10,481,139 12,074,763 6,787,972 Cash and Cash Equivalents 10 3,780,683 2,034,619 2,340,517
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