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COCOA PROCESSING COMPANY LIMITED, TEMA DRAFT FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 31ST DECEMBER 2016 EXIT PAGE COCOA PROCESSING COMPANY LIMITED CONTENTS PAGE BOARD OF DIRECTORS, OFFICERS AND REGISTERED OFFICE 2 HIGHLIGHTS 3 STATEMENT OF FINANCIAL POSITION 4 STATEMENT OF COMPREHENSIVE INCOME 5 STATEMENT OF CASH FLOWS 6 STATEMENT OF CHANGES IN EQUITY 7 NOTES TO THE FINANCIAL STATEMENT 8 -18 SHAREHOLDING INFORMATION 19 2 COCOA PROCESSING COMPANY LIMITED CORPOTATE INFORMATION BOARD OF DIRECTORS Hon. Gabriel Essilfie- Chairman Nana Oduro Owusu - Managing Dr. (Mrs) RoseEmma Entsua-Mensah Samuel D. Arkhurst Nana Kojo Toku Dr Yao Asamoa John Kofi Mensah Dr Stephen Kwabena Opuni Francis Aloko Stephen Yeboah Bennet Akantoa REGISTERED OFFICE Cocoa Processing Company Limited Heavy Industrial Private Mail Bag Tema, Ghana SECRETARY James K. Rhule Cocoa Processing Company Limited Heavy Industrial Private Mail Bag Tema, Ghana AUDITORS KPMG Chartered Accountants 13 Yiyiwa Drive P.O Box GP 242 Accra. REGISTRARS NTHC Limited Martco House P.O.Box KIA 9563 Airport, Accra Ghana BANKERS Barclays Bank ( Ghana ) Limited Ecobank Ghana lImited Prudential Bank Limited SG-SSB Bank Limited 3 COCOA PROCESSING COMPANY LIMITED FINANCIAL AND OPERATIONS HIGHLIGHTS FOR THE FIRST QUARTER ENDED 31ST DECEMBER 2016 DEC' 2016 DEC' 2015 US$ US$ FINANCIALS Turnover 3,630,050 4,647,248 Loss from Operations (2,752,466) (2,738,603) Loss before Tax for the period (3,728,843) (3,787,609) Total Assets 124,319,337 129,395,503 Net Assets per Share 0.0196 0.0249 No of Shares Ranking for Dividend 2,038,074,176 2,038,074,176 Earnings per Share (0.0018) (0.0019) DEC' 2016 DEC' 2015 OPERATIONS MT MT Cocoa Beans Processed 5,179 289 Semi - Finished Products Packed 3,971 727 Confectionary products Packed 184 196 COCOA PROCESSING COMPANY LIMITED 4 UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2016 DEC' 2016 DEC' 2015 NOTES AMOUNTS AMOUNTS US$ US$ ASSETS Non-Current Assets Property, Plant & Equipment 11 114,308,144 117,692,374 114,308,144 117,692,374 Current Assets Inventories 12 5,075,460 5,242,351 Trade and Other Receivables 13 1,845,791 3,843,100 Assets held to Maturity 14 1,354,214 1,354,214 Cash and Cash Equivalents 15 1,735,727 1,263,464 10,011,192 11,703,129 Total Assets 124,319,337 129,395,503 EQUITY AND LIABILITIES Equity Stated Capital 18 26,071,630 26,071,630 Retained Earnings (76,410,101) (67,189,128) Revaluation Reserve 60,309,683 61,553,646 Translation Reserve (20,070,388) (20,070,388) Total Equity (10,099,176) 365,760 Non-Current Liabilities Long-term Borrowing 17 48,380,943 49,105,905 Employee Benefit Obligations 1,570,334 1,187,035 Total Non-Current Liabilities 49,951,277 50,292,940 Current Liabilities Bank Overdraft 1,087,531 1,575,888 Trade and Other Payables 16 71,342,370 67,642,811 Short-term portion of Borrowings 17 12,037,335 9,518,104 Total Current Liabilities 84,467,236 78,736,803 Total Equity and Liabilities 124,319,337 129,395,503 Kofi Tekyi Dr Frank Asante DEPUTY MANAGING DIRECTOR (FIN &ADMIN) AG. MANAGING DIRECTOR The accompanying accounting policies and notes form an integral part of these financial statements 5 COCOA PROCESSING COMPANY LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE FIRST QUARTER ENDED 31ST DECEMBER 2016 DEC' 2016 DEC' 2015 AMOUNTS AMOUNTS NOTES US$ US$ Turnover 2 3,630,050 4,647,248 Cost of Sales 3 (5,255,046) (6,217,743) Gross Profit or (Loss) (1,624,996) (1,570,495) Other Operating Income 4 (2,364) 2,113 General & Admin Expenses 6 (1,007,249) (1,024,760) Selling & Distribution Costs 7 (117,799) (145,461) Profit/(Loss) from Operations (2,752,466) (2,738,603) Finance Costs 5 (976,377) (1,049,006) Profit/(Loss) Before Tax (3,728,843) (3,787,609) Taxation 9 - - PROFIT AFTER TAXATION ATTRIBUTABLE (3,728,843) (3,787,609) TO EQUITY HOLDERS OF THE COMPANY Earnings per share US$ US$ Net Loss for the first quarter (3,728,843) (3,787,609) Basic Earnings per share 10 (0.00183) (0.00186) 6 COCOA PROCESSING COMPANY LIMITED STATEMENT OF CASH FLOW FOR THE FIRST QUARTER ENDED 31ST DECEMBER 2016 DEC' 2016 DEC' 2015 US$ US$ CASH FLOW FROM OPERATING ACTIVITIES Loss before tax (2,752,466) (3,779,409) Adjustments for: Depreciation charges 999,603 1,162,574 Loss/(Profit) on disposal of property and equipment - Employee benefit obligations - - Translation Reserve - (1,752,863) (2,616,835) Changes in: Inventories 428,118 2,425,182 Trade and other Receivables 677,379 3,232,170 Trade and other Payables 2,064,797 (1,879,491) -------------------- --------------------- Net Cash flow used in operating activities 1,417,431 1,161,026 -------------------- --------------------- CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property, Plant & Equipment (47,737) (8,753) Interest Received - - Net Cash Used for Investing Activities (47,737) (8,753) CASH FLOWS FROM FINANCING ACTIVITIES Interest paid (976,377) (1,049,006) Repayment of borrowings 192,574 (573,790) -------------------- --------------------- Net Cash (used in) from financing Activities (783,803) (1,622,796) -------------------- --------------------- Net Increase/(Decrease) in Cash and Cash Equivalents 585,891 (470,523) =========== =========== Analysis of changes in cash and cash equivalents during the year Bal at 1st October 62,305 158,100 Increase/(Decrease) in cash and cash equivalents 585,891 (470,523) -------------------- ---------------------- Balance at 31st March 648,196 (312,424) =========== ============ Analysis of balances of cash and cash equivalents Cash and bank balances 1,735,727 1,263,464 Bank overdraft (1,087,531) (1,575,888) -------------------- --------------------- 648,196 (312,424) =========== ============ The accompanying accounting policies and notes form an integral part of these Financial Statements 7 COCOA PROCESSING COMPANY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE FIRST QUARTER ENDED 31ST DECEMBER, 2016 Share Deposit Revaluation Translation Retained Total Capital For Shares Reserve Reserve Earnings Equity US$ US$ US$ US$ US$ US$ Balance at 1 October 2016 26,071,630 - 60,309,683 (20,070,388) (72,681,258) (6,370,333) Total comprehensive income for the year Loss for the year - - - - (3,728,843) (3,728,843) Other comprehensive income Defined benefit plan actuarial gain - - - - - - 31/12/2016 26,071,630 - 60,309,683 (20,070,388) (76,410,101) (10,099,176) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30TH SEPTEMBER, 2016 Share Deposit Translation Retained Total Capital For Shares Revaluation Reserve Earnings Equity US$ US$ US$ US$ US$ US$ Balance at 1 October 2015 26,071,630 - 61,553,646 (20,070,388) (64,326,743) 3,228,145 Total comprehensive income for the year Loss for the year - - - - (8,354,515) (8,354,515) Revaluation Surplus - - - - 30/09/2016 26,071,630 - 61,553,646 (20,070,388) (72,681,258) (5,126,370) COCOA PROCESSING COMPANY LIMITED 8 NOTES TO THE FINANCIAL STATEMENTS 1 Cocoa processing Company Limited is a company registered and domiciled in Ghana. The address of the company's registered office can be found on page 2 of the report. The principal activities of the company are the manufacture of high-quality chocolate, confectionery and semi-finished cocoa products such as cocoa butter, cocoa liquor, cocoa cake and cocoa powder from premium cocoa beans grown in Ghana. The significant accounting policies applied by the Company in the preparation of financial statements are set out below: 2 Basis of Preparation The financial statements have been prepared on a historical cost/revaluation basis, except for financial assets and financial liabilities that have been measured at fair value. a Revenue Regognition Revenue is measured at the fair value of the consideration received or receivable and represents amounts for goods sold in the normal course of business net of discounts, VAT/National Insurance Levy and other sales related taxes. Exports sales are recognized when the invoiced value of cocoa products supplied to customers and receivable free on board (FOB) are shipped. Local sales of confectionery and other cocoa products are also recognized when goods are delivered and title has passed. b Transactions in other Currencies Transactions denominated in currencies other than cedis are translated at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities that are denominated in currencies other than cedis are retranslated at the rates of exchange prevailing on the Balance Sheet date. All translation differences are taken to income statement account. c Property, Plant and Equipment Tangible fixed assets are recorded at cost/valuation less accumulated depreciation. Repairs and maintenance expenditures are charged against profit and loss as incurred. Major improvements and replacements that extend the useful life of an asset are capitalized. d Depreciation 8 Depreciation is provided on the depreciable amount of each component on a reducing balance basis over the anticipated useful life of the asset. The depreciable amount related to each asset is determined as the difference between the gross value and the residual value of the asset. The residual value is the estimated amount, net of disposal costs that the company would currently obtain from the disposal of an asset in similar age and condition as expected at the end of the useful life of the asset. The current annual depreciation rates for each class of property, plant and equipment are as follows: Building and Roadwork 2% Staff Bungalow and Flats 2% Plant and Machinery 5% Motor Vehicle 25% Laboratory Equipment 20% Office Furniture & Equipment 20% Bungalow Furniture & Equipment 20% e Research and Development Research costs are written off as incurred. Costs involved in the development of new recipes and products are also written off in the year of expenditure, except in certain circumstances when it may be deferred to future periods where the outcome is expected to be successful.
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