Guinness Nigeria Plc Stat. Financial Statement F20 Q3.Xlsx
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Guinness Nigeria Plc Unaudited Financial Statements For the period ended 31 March, 2020 Guinness Nigeria Plc Financial Statements – 31 March 2020 Unaudited Interim Financial Statements Contents Page Condensed Statement of Financial Position 1 Condensed Income Statement 2 Condensed Statement of Comprehensive Income 3 Condensed Statement of Changes in Equity 4 Condensed Statement of Cash Flows 5 Notes to the Condensed Financial Statements 6 Guinness Nigeria Plc Statement of Financial Position Financial Statements – 31 March 2020 As at 31 March Unaudited Interim Financial Statements Notes 31-Mar-20 30-Jun-19 ASSETS N’000 N’000 Non-current assets Property, plant and equipment 13(a) 102,140,414 100,801,064 Intangible assets 14 391,561 641,059 Prepayments 15 3,350 6,482 Total non-current assets 102,535,326 101,448,605 Current assets Inventories 16 24,769,920 25,180,431 Trade and other receivables 17(a) 23,605,174 26,018,700 Prepayments 15 774,764 396,357 Restricted cash 18(a) 3,092,163 2,991,973 Cash and cash equivalents 18(b) 5,971,861 4,756,561 Total current assets 58,213,881 59,344,022 Total assets 160,749,207 160,792,627 Equity Share capital 1,095,191 1,095,191 Share premium 47,447,029 47,447,029 Retained earnings 38,550,679 40,518,242 Total equity 87,092,899 89,060,462 Liabilities Non-current liabilities Loans and borrowings 21(a) 8,631,484 8,104,582 Employee benefits 932,159 970,547 Deferred tax liabilities 13,800,561 13,800,562 Total non-current liabilities 23,364,204 22,875,691 Current liabilities Bank overdrafts 18(b) 394,617 6,545,014 Current tax liabilities 12(b) 641,856 1,685,791 Dividend payable 20(a) 3,355,785 2,994,076 Loans and borrowings 21(a) 12,095,269 5,277,028 Contract liabilities 7(b) 434,511 433,457 Trade and other payables 22(a) 33,370,065 31,921,108 Total current liabilities 50,292,104 48,856,474 Total liabilities 73,656,308 71,732,165 Total equity and liabilities 160,749,207 160,792,627 Approved by the Board of Directors on 29 April 2020 and signed on its behalf by: Babatunde A. Savage (Chairman) FRC/2013/ICAN/00000003514 Type text here Baker Magunda (Managing Director) FRC/2019/IODN/000000019411 Stanley Njoroge (Finance & Strategy Director) FRC/2018/ICAN/000000019000 The notes on pages 7 to 14 are integral parts of these financial statements Page 1 Guinness Nigeria Plc Financial Statements – 31 March 2020 Unaudited Interim Financial Statements Income Statement For the period ended 31 March Quarter to Year to date Quarter to date Year to date date 31st 31st March 31st March 31st March Notes March 2020 2020 2019 2019 N’000 N’000 N’000 N’000 Revenue 7(a) 27,691,248 96,018,505 33,606,243 101,402,459 Cost of sales -16,740,144 -65,215,846 -22,596,221 -69,898,111 Gross profit 10,951,104 30,802,659 11,010,022 31,504,348 Other income 8(a) 139,652 417,177 145,294 617,752 Marketing and distribution expenses 8(b) -6,529,844 -18,241,707 -5,965,970 -17,519,288 Administrative expenses -2,902,400 -7,759,831 -2,495,160 -7,270,307 Operating profit 1,658,512 5,218,298 2,694,186 7,332,505 Finance income 9(a) 81,456 369,647 45,768 736,944 Finance costs 9(b) -1,668,570 -3,582,144 -280,458 -1,817,008 Net finance costs -1,587,114 -3,212,496 -234,690 -1,080,065 Profit before taxation 71,399 2,005,802 2,459,496 6,252,440 Tax expense -24,974 -643,983 -787,038 -2,000,781 Profit for the year 46,425 1,361,819 1,672,458 4,251,659 Earnings per share Basic and diluted earnings per share (kobo) 62 194 The notes on pages 7 to 14 are integral parts of these financial statements Page 2 Guinness Nigeria Plc Financial Statements – 31 March 2020 Unaudited Interim Financial Statements Statement of Comprehensive Income For the period ended 31 March Quarter to Year to date Quarter to date Year to date date 31st 31st March 31st March 31st March Note March 2020 2020 2019 2019 N’000 N’000 N’000 N’000 Profit for the year 46,425 1,361,819 1,672,458 4,251,659 Total comprehensive income for the year 46,425 1,361,819 1,672,458 4,251,659 The notes on pages 7 to 14 are integral parts of these financial statements Page 3 Guinness Nigeria Plc Financial Statements – 31 March 2020 Statement of Changes in Equity Unaudited Interim Financial Statements For the period ended 31 March Share based Share Retained Notes Share capital payment Total equity premium earnings reserve N’000 N’000 N’000 N’000 N’000 Balance at 1 July 2018 1,095,191 47,447,029 - 39,045,954 87,588,174 Total comprehensive income Profit for the year - - - 4,251,659 4,251,659 Total comprehensive income for the year - - - 4,251,659 4,251,659 Transaction with owners, recorded directly in equity Dividends to equity holders - - - (4,030,304) (4,030,304) Share-based payment charge - - 156,115 - 156,115 Share-based payment recharge - - (156,115) - (156,115) Total transactions with owners - - - (4,030,304) (4,030,304) Balance at 31 March 2019 1,095,191 47,447,029 - 39,267,308 87,809,529 Balance at 1 July 2019 1,095,191 47,447,029 - 40,518,242 89,060,462 Total comprehensive income Profit for the year - - - 1,361,819 1,361,820 Total comprehensive loss for the year - - - 1,361,819 1,361,820 Transaction with owners, recorded directly in equity Dividends to equity holders - - - (3,329,382) (3,329,382) Share-based payment charge - - 114,013 - 114,013 Share-based payment recharge - - (114,013) - (114,013) Total transactions with owners - - - (3,329,382) (3,329,382) Balance at 31 March 2020 1,095,191 47,447,029 - 38,550,679 87,092,899 The notes on pages 7 to 14 are integral parts of these financial statements Page 4 Guinness Nigeria Plc Statement of Cash Flows Financial Statements – 31 March 2020 For the period ended 31 March Unaudited Interim Financial Statements 9 Months Ended 31 9 Months Ended Note March 2020 31 March 2019 N’000 N’000 Cash flows from operating activities Profit before taxation 2,005,802 6,252,440 Adjustments for: Depreciation 13(a) 7,908,746 7,196,106 Amortisation of intangible assets 14(a) 249,498 269,491 Share-based payments 114,013 156,115 Finance income 9(a) (369,648) (736,944) Finance costs 9(b) 3,582,144 1,817,008 Impairment of inventories 274,726 447,610 Write-off of property, plant and equipment 13(c) 107,734 117,184 Gain on disposal of property, plant and equipment 13(c) (6,935) (41,714) Long service awards 64,727 68,098 13,930,808 15,545,396 Changes in working capital: Inventories 135,784 (6,424,228) Trade and other receivables 17(b) 2,130,651 (3,241,808) Prepayments (375,275) (494,297) Trade and other payables 2,864,325 10,133,315 18,686,292 15,518,377 Cash generated from operating activities Income tax paid (1,301,333) (2,024,483) Value added tax paid (2,782,010) (2,743,615) Gratuity paid (101,097) (52,544) Long service awards paid (101,854) (63,853) Net cash generated from operating activities 14,399,997 10,633,881 Cash flows from investing activities Finance income received 9(a) 211,336 719,213 Proceeds from disposal of property, plant and equipment 13(c) 8,630 55,048 Acquisition of property, plant and equipment 13(b) (8,458,279) (8,685,382) Net cash used in investing activities (8,238,313) (7,911,121) Cash flows from financing activities Proceeds from loans and borrowings 21(b) 42,334,678 20,781,392 Repayment of loans and borrowings 21(b) (35,545,958) (22,446,543) Finance costs paid 9(b) (2,255,326) (1,452,790) Dividends paid (3,329,382) (4,030,304) Net cash (used in)/generated from financing activities 1,204,012 (7,148,245) Net (decrease)/increase in cash and cash equivalents 7,365,697 (4,425,485) Cash and cash equivalents at 1 July (1,788,453) 7,451,064 Cash and cash equivalents at 31 March 18(b) 5,577,244 3,025,579 The notes on pages 7 to 14 are integral parts of these financial statements Page 5 Guinness Nigeria Plc Financial Statements – 31 March 2020 Unaudited Interim Financial Statements Notes to the Financial Statements For the period ended 31 March 2020 Note Page Note Page 1 Reporting entity 7 16 Inventories 12 2 Basis of preparation 7 17 Trade and other receivables 12 3 Functional and presentation currency 7 18 Cash and cash equivalents 12 4 Use of estimates and judgements 7 19 Share capital and reserves 12 5 Changes in accounting policies 7 20 Dividends 13 6 Significant accounting policies 7 21 Loans and borrowings 13 7 Revenue 7 22 Trade and other payables 13 Other income and marketing and distribution 8 7 23 Events after the reporting date 14 expenses 9 Finance income and finance costs 8 10 Profit before taxation 8 11 Personnel expenses 8 12 Taxation 9 13 Property, plant and equipment 10 14 Intangible assets 11 15 Prepayments 11 Page 6 Notes to the Financial Statements Guinness Nigeria Plc Financial Statements – 31 March 2020 Unaudited Interim Financial Statements 1.