table of contents GeneRal 4 Financial highlights 5 Corporate directory 8 Notice of annual general meeting 11 Chairman’s statement 16 The board of directors RepoRts and financial statements 22 Directors, professional advisers and registered office 23 Report of the directors 31 Statement of directors’ responsibilities 32 Report of the audit committee 33 Independent auditor’s report 34 Financial statements 75 Other information 81 Proxy form Financial highlights for the year ended 31 December 2014 2014 2013 % Increase/ =N=’000 =N=’000 (Decrease) Revenue 126,436,219 120,256,164 5.14 Profit before income tax 16,499,920 19,312,554 -14.56 Profit for the year 10,731,278 13,069,521 -17.89 Share Capital 488,168 488,168 0.00 Total equity 9,559,249 8,643,282 10.60 Per Share Data Number of 50k Ordinary Shares 976,335,936 976,335,936 0.00 Basic earnings 10.99 13.39 -17.92 1st interim dividend paid 3.91 5.20 -24.81 2nd interim dividend paid 0.00 2.57 -100.00 Final dividend proposed 4.33 5.68 -23.77 Number of employees 844 829 1.81 4 FrieslandCampina WAMCO Nigeria PLC 2014 Annual Report corporate directory Head office aba regional office FrieslandCampina WAMCO Nigeria PLC c/o CFAO (Nig.) PLC Plot 7b Acme Road 4 Factory Road Ikeja Industrial Estate Aba Ogba -Ikeja Abia State Lagos State Tel: + 234 (01) 271 5100 asaba regional office
[email protected] www.frieslandcampina.com.ng Km 5 Benin / Asaba Expressway Behinde Oblinks Filling Station lagos/ogun sales office Asaba Delta State Plot 3b Acme Road Ikeja Industrial Estate abuja regional office Ogba – Ikeja Lagos State Plot 1077, Durumi by Area 3 Junction Garki ibadan regional office Abuja c/o CFAO (Nig.) PLC Kano regional office 59 Onireke Street, Dugbe Alawo c/o CFAO (Nig.) PLC Dugbe – Alawo 12 Muritala Mohammed Way Ibadan Kano Oyo State Kano state Gombe regional office Commercial Area Plot BA/4358 Gombe, Gombe State 5 since 1954, frieslandcampina WAMCO, the number one nutrition company in nigeria, has always been dedicated to the wellbeing of nigerians.