ETERNA : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

Eterna Plc

IFRS Financial Statements for the First Quarter

Ended 31st March 2023

Eterna Plc

Consolidated Financial Statements for the Quarter Ended 31st March 2023

Consolidated statement of profit or loss and other comprehensive income for quarter ended 31st March 2023

		Group			Company
		31 March	31 March		31 March	31 March
	Note	2023			2022	2023			2022
		N'000			N'000		N'000			N'000
Revenue	1	31,182,465			26,823,002	31,182,465			26,779,338
Cost of sales	2.1	(27,643,487)			(24,522,387)		(27,683,857)			(24,522,367)
Gross profit		3,538,978			2,300,615	3,498,608			2,256,971
Selling and distribution expen	2.2	(70,345)			(33,491)	(70,345)			(33,491)
General and administrative e	2.3	(1,725,757)			(1,103,056)	(1,656,949)			(1,035,954)
Other income	6	36,042			40,703	33,658			40,663
Foreign exchange gains	7.1	(181,900)			210,012		(181,900)			-
Operating profit		1,597,018			1,414,783	1,623,072			1,228,189
Finance income	7	4,420			22,424	4,420			22,424
Finance cost	8	(310,645)			(215,617)	(310,645)			(215,617)
Profit before tax		1,290,793			1,221,591	1,316,847			1,034,996
Taxation	9	(193,787)			(134,115)		(193,998)			(134,115)
Profit for the year		1,097,005			1,087,475	1,122,849			900,882
Attributable to:
- Owners of the parent		1,097,005			1,087,475	1,122,849			900,882
- Non-controlling interests		-			-	-			-
		1,097,005			1,087,475		1,122,849			900,882
Total comprehensive income for th
1,097,005			1,087,475		1,122,849			900,882
Attributable to:
- Owners of the parent		1,097,005			1,087,475	1,122,849			900,882
- Non-controlling interests		-			-	-			-
Total comprehensive income for th	1,097,005			1,087,475		1,122,849			900,882
Earnings per share:
Basic	22	0.84			0.83	0.86			0.69
Diluted	22	0.84			0.83	0.86			0.69

Eterna Plc

Consolidated Financial Statements for the Quarter Ended 31st March 2023

Consolidated statement of financial position

		Group			Company
	Note	31 March	31 December		31 March	31 December
		2023			2022	2023			2022
		N'000	N'000		N'000	N'000
Non-current assets
Property, plant and equipment	10	12,358,796			12,241,840	11,778,971			11,650,591
Intangible assets	10	35,065			40,571	35,065			40,571
Right of Use Assets	11	1,699,707			1,784,325	1,699,707			1,784,325
Other investments	13	575,382			575,382	575,382			575,382
Investment in subsidiaries	13	-			-		50,990			50,990
		14,668,950			14,642,118	14,140,115			14,101,859
Current assets
Inventory	14	14,227,675			11,190,254	14,159,868			11,126,474
Trade and other receivables	15	19,351,343			16,691,547	20,172,761			17,443,963
Prepayments	11	354,553			307,291	362,690			306,964
Cash and bank balances	16	12,822,098			11,159,812		12,819,191			11,159,276
		46,755,668			39,348,904		47,514,510			40,036,677
Total assets		61,424,619			53,991,022	61,654,625			54,138,541
Non-current liabilities
Borrowings	17	-			-	-			-
Lease Liability	20	-			-	-			-
Deferred tax liability	14	1,365,221			1,365,224	1,406,225			1,406,225
Decomissioning liability	18	194,979			194,979		178,889			178,889
		1,560,201			1,560,203	1,585,114			1,585,114
Current liabilities
Trade and other payables	19	11,568,567			11,759,489	11,580,390			11,714,880
Borrowings	17	33,169,693			26,835,967	33,169,693			26,835,967
Tax payable	9	898,567			704,780		905,209			711,210
		45,636,828			39,300,236		45,655,292			39,262,057
Total liabilities		47,197,029			40,860,439	47,240,406			40,847,171
Equity attributable to shareholders
Share capital	21	652,072			652,072	652,072			652,072
Share premium	21	5,796,053			5,796,053	5,796,053			5,796,053
Retained earnings		7,779,466			6,682,461		7,966,094			6,843,245
		14,227,591			13,130,586	14,414,220			13,291,370
Non -controlling interest		(2)			(2)	-			-
Total equity		14,227,589			13,130,584		14,414,220			13,291,370
Total equity and liabilities		61,424,619			53,991,022		61,654,625			54,138,541
		-0.27			0.00	0			0.14

The financial statements were approved by the board of directors and authorised for issue on 25th April , 2023. They were signed on its behalf by:

Benjamin Nwaezeigwe		Abudukerimu Sule
Managing Director/Chief Executive Officer		Chief Financial Officer
FRC/2022/PRO/DIR/003/00000023332		FRC/2022/PRO/ICAN/001/00000023899

Eterna Plc

Consolidated Financial Statements for the Quarter Ended 31st March 2023

Consolidated statement of changes in equity

			Attributable to equity holders
				of the parent
				Group
					Total amount	Non -
			Retained		attributable to	controlling
	Share Capital	Share premium	Earnings	Other Reserves	equity holders	interest	Total Equity
	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2022	652,072	5,796,053	5,670,208	-	12,118,333	42	12,118,375
Comprehensive income
Profit for the year	-	-	1,012,252	-	1,012,252	(44)	1,012,209
Other Comprehensive income
Total comprehensive income	-	-	1,012,252	-	1,012,252	(44)	1,012,209
Transaction with owners					-	-	-
Dividend paid			0		-	-	-
At 31 December 2022	652,072	5,796,053	6,682,461	-	13,130,586	(2)	13,130,584
Balance at 1 January 2023	652,072	5,796,053	6,682,461		13,130,586	(2)	13,130,584
Comprehensive income
Profit for the year	-	-	1,097,005		1,097,005	-	1,097,005
Other Comprehensive income
Total comprehensive income	-	-	1,097,005	-	1,097,005	-	1,097,005
Transaction with owners	-	-	-		-	-	-
Dividend Paid					-	-	-
At 31 March 2023	652,072	5,796,053	7,779,466	-	14,227,591	(2)	14,227,589
					Company
			Share	Share	Retained	Other	Total
			capital	premium	earnings	Reserves	Equity
			N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2022			652,072	5,796,053	5,685,540	-	12,133,665
Comprehensive income							-
Profit for the year					1,157,705		1,157,705
Other Comprehensive income							-
Total comprehensive income			-	-	1,157,705	-	1,157,705
Transaction with owners			-	-	-		-
Dividend paid					-		-
At 31 December 2022			652,072	5,796,053	6,843,245	-	13,291,370
Balance at 1 January 2023			652,072	5,796,053	6,843,245		13,291,370
Comprehensive income							-
Profit for the year					1,122,849		1,122,849
Other Comprehensive income
Total comprehensive income			-	-	1,122,849	-	1,122,849
Transaction with owners			-	-	-		-
Dividend Paid					-		-
At 31 March 2023			652,072	5,796,053	7,966,094	-	14,414,219

Eterna Plc

Consolidated Financial Statements for the Quarter Ended 31st March 2023

Consolidated statement of cash flows

	Note	Group			Company
		31 March	31 December		31 March		31 December
		2023			2022	2023	2022
		N'000	N'000		N'000		N'000
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before taxation		1,290,793			2,097,874	1,316,847	2,243,327
Adjustments for non-cash items:
Depreciation	10	233,855			824,327	216,690	753,890
Amortisation of Intangible Assets	10	5,506			22,023	5,506	22,023
Amortisation of prepayments	12	17,520			26,839	17,520	26,839
Amortisation of right of use assets	11	103,095			397,271	103,095	397,271
Bad Debt written off	2.3	166,285			12,155	166,285	12,155
Provision no longer required	6	-			(8,761)	-	(8,761)
(Gain)/Loss on disposals of property, plant and equipment	2.3	2,318			-	2,318	-
Property, plant & equipment and Intangible assets Written off	10	20,288			76,242	20,188	76,242
Finance Cost	8	409,676			449,463	409,675	449,463
Finance Income	7	(4,420)			(41,047)	(4,420)	(41,047)
Finance cost on Trading	17	397,871			1,182,226	397,872	1,182,226
Allowance for impairment	2.3	-			309,432	-	309,432
Adjustment for loan receivables in Juhi-2		-			50,000		-		50,000
		2,642,785			5,398,044	2,651,574	5,473,060
Changes in working capital:
(Increase) / decrease in inventory	14	(3,037,421)			847,302	(3,033,394)	893,021
(Increase) in debtors	15	(2,826,081)			(4,808,178)	(2,895,083)	(4,968,282)
(Increase) in prepayment	12	(64,594)			(210,150)	(72,953)	(210,150)
(Decrease) / increase in payables	19	(190,922)			429,568		(134,490)		422,155
		(6,119,018)			(3,741,458)		(6,135,920)		(3,863,256)
Cash flows generated used in operating activities		(3,476,233)			1,656,587		(3,484,346)		1,609,805
Tax paid	9	-			(7,228)	-	-
Net cash generated used in operating activities
	(3,476,233)			1,649,359	(3,484,346)	1,609,805
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment	10	(353,603)			(781,877)	(347,862)	(742,289)
Proceeds on disposal of Property, plant and equipment	16	-			47,356	-	47,356
Purchase of Intangible assets	10	-			-	-	-
Payments for Right of use assets	11	(18,477)			(116,508)	(18,477)	(116,508)
Loan to JUHI-2		(20,000)			(35,000)	(20,000)	(35,000)
Interest received	7	4,420			41,047	4,420	41,047
Net cash used in investing activities		(387,659)			(844,983)	(381,919)	(805,395)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings	17	26,023,760			78,366,233	26,023,760	78,366,233
Repayment of borrowings and interest	17	(21,221,403)			(73,496,746)	(21,221,403)	(73,496,746)
Payments for lease liability		-			(147,664)	-	(147,664)
Net cash generated from financing activities		4,802,356			4,721,824		4,802,357		4,721,824
NET CHANGE IN CASH AND CASH EQUIVALENTS		938,464			5,526,200	936,092	5,526,234
CASH AND CASH EQUIVALENTS AT THE BEGINNING
OF THE YEAR		10,752,628			5,236,519	10,752,092	5,238,154
Effect of foreign exchange rate changes		-			(10,092)	-	(12,297)
CASH AND CASH EQUIVALENTS AS AT 31 March
2023	16	11,691,091			10,752,628	11,688,183	10,752,092