ETERNA : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

Eterna Plc

IFRS Financial Statements for the Quarter

Ended 31st March 2024

Eterna Plc

Consolidated Financial Statements for the Quarter ended 31st March 2024

Consolidated statement of profit or loss and other comprehensive income for the period ended 31st March 2024

		Group			Company
		31st March	31st March		31st March	31st March
	Note	2024			2023	2024			2023
		N'000			N'000		N'000			N'000
Revenue	1	67,788,947			31,182,465	67,788,947			31,182,465
Cost of sales	2	(57,234,016)			(27,643,487)		(57,272,042)			(27,683,857)
Gross profit		10,554,931			3,538,978	10,516,905			3,498,608
Selling and distribution expenses	3	(77,583)			(70,345)	(77,535)			(70,345)
General and administrative expenses	4	(2,319,788)			(1,725,757)	(2,222,230)			(1,656,949)
Other income	7	27,459			36,042	20,883			33,658
Operating profit
	8,185,019			1,778,918		8,238,023			1,804,972
Finance income	8	71			4,420	71			4,420
Net foreign exchange loss	9	(10,688,237)			(181,900)	(10,688,237)			(181,900)
Finance cost	10	(798,971)			(310,645)	(798,971)			(310,645)
(Loss)/profit before tax		(3,302,118)			1,290,792	(3,249,114)			1,316,847
Taxation	11	(761,664)			(193,787)		(761,631)			(193,998)
(Loss)/profit for the period		(4,063,782)			1,097,004	(4,010,745)			1,122,851
Attributable to:
- Owners of the parent		(4,063,782)			1,097,004	(4,010,745)			1,122,851
- Non-controlling interests		-			-	-			-
		(4,063,782)			1,097,004		(4,010,745)			1,122,851
Total comprehensive (loss)/income for the period	(4,063,782)			1,097,004		(4,010,745)			1,122,851
Attributable to:
- Owners of the parent		(4,063,782)			1,097,008	(4,010,745)			1,122,851
- Non-controlling interests		-			(4)	-			-
Total comprehensive (loss)/income for the period	(4,063,782)			1,097,004		(4,010,745)			1,122,851
Earnings per share:
Basic	25	(3.12)			0.84	(3.08)			0.86
Diluted	25	(3.12)			0.84	(3.08)			0.86

Eterna Plc

Consolidated Financial Statements for the Quarter ended 31 March 2024

Consolidated statement of financial position

		Group			Company
	Note	31 March	31 December		31 March	31 December
		2024			2023	2024			2023
		N'000	N'000		N'000	N'000
Non-current assets
Property, plant and equipment	12	12,808,699			12,176,540	12,126,965			11,490,904
Intangible assets	13	13,041			18,547	13,041			18,547
Right of Use Assets	14	1,548,481			1,656,365	1,548,481			1,656,365
Other investments	16	575,382			575,382	575,382			575,382
Deferred Tax Asset		2,295,825			2,295,825		2,254,824			2,254,824
		17,241,428			16,722,659	16,569,684			16,047,012
Current assets
Inventory	17	16,823,565			27,241,784	16,746,841			27,167,668
Trade and other receivables	18	24,433,540			8,576,591	25,581,213			10,168,724
Prepayments	15	278,610			204,034	270,710			194,134
Cash and bank balances	19	4,837,949			6,895,234		4,821,603			6,885,278
		46,373,663			42,917,643		47,420,367			44,415,804
Total assets		63,615,093			59,640,302	63,990,051			60,462,816
Non-current liabilities
Deferred tax liability	17	-			-	-			-
Decomissioning liability	21	211,835			211,835		193,138			193,138
		211,835			211,835	193,138			193,138
Current liabilities
Trade and other payables	22	17,644,854			11,719,214	17,659,812			12,234,726
Borrowings	20	44,581,190			43,229,923	44,581,190			43,229,923
Tax payable	11	1,739,147			977,483		1,739,106			977,475
		63,965,191			55,926,620		63,980,107			56,442,123
Total liabilities		64,177,026			56,138,455	64,173,245			56,635,261
Equity attributable to shareholders
Share capital	24	652,072			652,072	652,072			652,072
Share premium	24	5,796,053			5,796,053	5,796,053			5,796,053
Retained earnings		(7,010,055)			(2,946,273)		(6,631,316)			(2,620,571)
		(561,930)			3,501,852	(183,192)			3,827,554
Non -controlling interest		(4)			(4)	-			-
Total equity		(561,934)			3,501,848		(183,192)			3,827,554
Total equity and liabilities		63,615,093			59,640,302		63,990,051			60,462,816
		0.04			0.00	0.00			0.04
		0.04			-	-			0.04

The financial statements were approved by the board of directors and authorised for issue on 29th April , 2024. They were signed on its behalf by:

Abiola Lawal		Aliu Kamiyo
Managing Director/Chief Executive Officer		Chief Financial Officer
FRC/2024/PRO/IODN/002/455363		FRC/2021/PRO/ICAN/001/00000023751

Eterna Plc

Consolidated Financial Statements for the Quarter ended 31st March 2024

Consolidated statement of cash flows

	Note	Group			Company
		31 March	31 December		31 March		31 December
		2024			2023	2024	2023
		N'000	N'000		N'000		N'000
CASH FLOWS FROM OPERATING ACTIVITIES:
(Loss)/profit before taxation		(3,302,118)			(11,974,346)	(3,249,114)	(11,816,829)
Adjustments for non-cash items:
Depreciation	19	230,109			914,117	212,683	845,454
Amortisation of Intangible Assets	19	5,506			22,023	5,506	22,023
Amortisation of prepayments	15	18,270			158,634	18,270	158,634
Amortisation of right of use assets	14	107,884			420,867	107,884	420,867
Bad Debt written off	4.0	-			876,009	-	876,009
Impairment Reversal on Credit loss					(309,432)			(309,432)
Exchange loss on borrowings	20	7,146,364			10,979,409	7,146,364	10,979,409
Property, plant & equipment and Intangible assets Written off	19	1,155			2,118	1,155	2,118
Finance Cost	10	977,244			1,374,042	977,232	1,371,435
Finance Income	8	(71)			(39,669)	(71)	(39,669)
Finance cost on Trading	20	(59,466)			3,002,234	(59,454)	3,004,841
Allowance for impairment	4	-			200,445		-		200,445
		5,124,876			5,626,452	5,160,454	5,715,306
Changes in working capital:
Decrease/(increase) in inventory	17	10,418,219			(16,051,530)	10,420,827	(16,041,194)
(Increase) / decrease in debtors	18	(15,856,949)			7,052,863	(15,412,489)	6,213,146
(Increase) / decrease in prepayment	15	(92,846)			139,136	(94,846)	148,709
Increase/(decrease) in payables	22	5,925,640			(265,351)		5,425,086		294,770
		394,064			(9,124,881)		338,578		(9,384,569)
Cash flows generated from/(used in) operating activities		5,518,940			(3,498,429)		5,499,032		(3,669,262)
Tax paid	11	-			(263,344)	-	(262,384)
Net cash generated from/(used in) operating activities
	5,518,940			(3,761,773)	5,499,032	(3,931,646)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property, plant and equipment		-			-	-	-
Purchase of property, plant and equipment	19	(863,422)			(935,403)	(849,899)	(772,354)
Payments for Right of use assets	14	-			(292,908)	-	(292,908)
Loan to JUHI-2		-			(63,620)	-	(63,620)
Interest received	8	71			39,669	71	39,669
Net cash used in investing activities		(863,351)			(1,252,262)	(849,829)	(1,089,213)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings	20	32,161,286			123,644,174	32,161,286	123,644,174
Repayment of borrowings and interest	20	(38,874,161)			(122,198,719)	(38,874,161)	(122,198,719)
Dividend Paid		-			(195,622)	-	(195,622)
Net cash used in/generated from financing activities		(6,712,874)			1,249,833		(6,712,875)		1,249,833
NET CHANGE IN CASH AND CASH EQUIVALENTS		(2,057,285)			(3,764,201)	(2,063,672)	(3,771,026)
CASH AND CASH EQUIVALENTS AT THE BEGINNING
OF THE YEAR		6,895,234			10,752,628	6,885,278	10,752,092
Effect of foreign exchange rate changes		-			(93,192)	-	(95,788)
CASH AND CASH EQUIVALENTS AS AT 31st March 2024
19	4,837,949			6,895,234		4,821,603		6,885,278
		4,837,949				4,821,603
		0			0	0	0

Eterna Plc

Consolidated Financial Statements for the Quarter ended 31st March 2024

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 2023	652,072	5,796,053	6,682,461	-	13,130,586	(2)	13,130,584
Comprehensive income
Loss for the year	-	-	(9,433,112)	-	(9,433,112)	(2)	(9,433,114)
Other Comprehensive income
Total comprehensive income	-	-	(9,433,112)	-	(9,433,112)	(2)	(9,433,114)
Transaction with owners					-	-	-
Dividend paid			(195,621.70)		(195,622)	-	(195,622)
At 31 December 2023	652,072	5,796,053	(2,946,273)	-	3,501,852	(4)	3,501,848
Balance at 1 January 2024	652,072	5,796,053	(2,946,273)		3,501,852	(4)	3,501,848
Comprehensive income
Loss for the period	-	-	(4,063,782)		(4,063,782)	-	(4,063,782)
Other Comprehensive income
Total comprehensive loss	-	-	(4,063,782)	-	(4,063,782)	-	(4,063,782)
Transaction with owners	-	-	-		-	-	-
Dividend Paid			-		-	-	-
At 31st March 2024	652,072	5,796,053	(7,010,055)	-	(561,930)	(4)	(561,934)
					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 2023			652,072	5,796,053	6,843,246	-	13,291,371
Comprehensive income							-
Loss for the year					(9,268,196)		(9,268,196)
Other Comprehensive income							-
Total comprehensive income			-	-	(9,268,196)	-	(9,268,196)
Transaction with owners			-	-	-		-
Dividend paid					(195,622)		(195,622)
At 31 December 2023			652,072	5,796,053	(2,620,571)	-	3,827,554
Balance at 1 January 2024			652,072	5,796,053	(2,620,571)		3,827,554
Comprehensive income							-
Loss for the period					(4,010,745)		(4,010,745)
Other Comprehensive income
Total comprehensive loss			-	-	(4,010,745)	-	(4,010,745)
Transaction with owners			-	-	-		-
Dividend Paid					-		-
At 31st March 2024			652,072	5,796,053	(6,631,316)	-	(183,191)

Eterna Plc

Consolidated Financial Statements for the Quarter ended 31st March 2024

Notes to the consolidated financial statements

						N'000
		Group			Company
		2024	2023	2024	2023
1	Revenue
	Fuel	59,379,623	26,814,274	59,379,623	26,814,274
	Lubricants	6,931,935	4,348,369	6,931,935	4,348,369
	Others	1,477,389	19,821		1,477,389	19,821
		67,788,947	31,182,465	67,788,947	31,182,465
		Group			Company
		2024	2023	2024	2023
2	Cost of sales
	Fuel	50,442,717	24,223,738	50,442,717	24,223,738
	Lubricants	5,501,107	3,401,453	5,539,132	3,441,823
	Others	1,290,192	18,296		1,290,192	18,296
		57,234,016	27,643,487	57,272,042	27,683,857
		Group			Company
		2024	2023	2024	2023
3 Selling and Distribution expenses
	Marketing and sales commission	77,335	68,745	77,335	68,745
	Sampling and analysis	248	1,600		200	1,600
		77,583	70,345	77,535	70,345
		Group			Company
		2024	2023	2024	2023
4 General and Administration expenses
	Staff costs	470,149	315,947	434,936	298,963
	Legal and Professional fees	23,556	63,412	23,556	63,412
	Depreciation	230,109	216,999	212,683	199,834
	Employee welfare	3,572	1,116	3,434	1,054
	Travelling & Entertainment	22,431	15,216	21,535	14,712
	Rental Expenses	115,482	132,597	115,482	132,597
	Technical Supports Service fees	543,185	243,038	543,185	243,038
	Repairs and Maintenance	334,164	179,020	299,762	161,555
	Business Development	16,184	25,661	16,184	25,601
	Other expenses	33,327	15,302	29,965	11,133
	Stationery and communication	20,543	20,609	20,402	20,510
	Bank Charges	178,273	99,031	178,261	99,030
	Insurance, medical and security	67,823	57,304	65,739	54,697
	Licence fees	127,384	77,190	127,384	70,620
	Directors remuneration	46,022	29,400	46,022	29,400
	Amortisation on Prepayments	18,270	22,300	18,270	22,300
	Provision for doubtful debts	-	166,285	-	166,285
	Pension costs	13,803	11,129	12,419	10,508
	Auditors' remuneration	18,750	14,167	16,250	11,667
	Amortisation of Intangible assets	5,506	5,506	5,506	5,506
	Loss on disposal of property, plant and equipment	-	2,318	-	2,318
	Training and staff Development	31,257	12,210	31,257	12,210
		2,319,788	1,725,757		2,222,230	1,656,949

6 Directors' remuneration

Fees for services as a director Other emoluments as management

Eterna Plc

Consolidated Financial Statements for the Quarter ended 31st March 2024

					N'000
5 Employees' remuneration and numbers	Group			Company
	2024	2023	2024	2023
	Number	Number		Number	Number
Administration	15	31	15	27
Operations	68	41	54	30
Sales and marketing	25	21	25	18
	108	93		94	75
Senior Management	11	10	10	11
Management	9	8	9	8
Senior staff	88	75	75	56
	108	93		94	75
The number of employees, other than directors, who earned over N3,000,000 in the year:
	Group			Company
	2024	2023	2024	2023
	Number	Number		Number	Number
N3,000,001 - N4,000,000	32	27	26	22
N4,000,001 - N5,000,000	19	19	14	6
Above 5,000,000	57	47	54	47
	108	93	94	75
The total employee benefits expense in the year comprise the following:
	Group			Company
	2024	2023	2024	2023
	N'000	N'000		N'000	N'000
Salaries and wages	470,149	315,947	434,936	298,963
Employee welfare	3,572	1,116	3,434	1,054
Pension Costs	13,803	11,129	12,419	10,508
	487,524	328,192		450,788	310,524

Group

20242023

46,02229,400

25,35320,509

71,37449,909

Company

20242023

46,02229,400

25,35320,509

71,37449,909

The emoluments of the chairman of the board (excluding
pension contributions)	18,000	8,000	18,000	8,000

The table below shows the numbers of directors of the company whose remuneration excluding pension contributions fell within the bands stated.

	Number	Number		Number	Number
	2024	2023		2024	2023
Less than N500,001	-	-	-	-
N500,001 - N3,000,000	-	-	-	-
N8,000,001 - N12,000,000	5	5	5	5
More than N12,000,000	3	3	3	3
	8	8		8	8
7 Other income
	Group			Company
	2024	2023	2024	2023
Other income	9,080	30,219		2,503	27,835
Profit on disposal of property, plant & equipment	7,551	-	7,551	-
Rent income	10,829	5,823		10,829	5,823
	27,459	36,042	20,883	33,658

Eterna Plc

Consolidated Financial Statements for the Quarter ended 31st March 2024

						N'000
		Group			Company
		2024	2023	2024	2023
8	Finance income
	Interest income on short-term bank deposits	71	4,420		71	4,420
		71	4,420	71	4,420
9 Net Foreign Exchange (Loss)/Gain
	Unrealized foreign exchange loss	(9,703,877)	(181,900)	(9,703,877)	(181,900)
	Realised foreign exchange loss	(984,360)	-		(984,360)	-
		(10,688,237)	(181,900)	(10,688,237)	(181,900)
		Group			Company
10	Finance cost	2024	2023		2024	2023
	Interest on Loan	798,902	256,112	798,902	256,112
	Interest on bank overdrafts	69	54,532		69	54,532
		798,971	310,645		798,971	310,645
	This amount represents interest charges on various short term loans, overdrafts and trade finances.
		Group			Company
11	Taxation	2024	2023		2024	2023
	Current taxes on income for the year	339,080	156,093	339,048	156,081
	Education tax levy for the year	221,584	37,695	221,584	37,917
	Deferred Tax	201,000	-		201,000	-
	Tax expense on Income statement	761,664	193,787	761,631	193,998
	Tax on Other Comprehensive Income
	-	-		-	-
	Total tax expense	761,664	193,787	761,631	193,998
		Group			Company
		2024	Dec'2023	2024	Dec'2023
	Opening balance	977,483	704,780		977,475	711,210
	Tax paid	-	(263,344)	-	(262,384)
	WHT utilised	-	(583,767)	-	(583,767)
	Income tax charge	761,664	1,119,813		761,631	1,112,415
	Closing balance	1,739,147	977,483		1,739,106	977,475
	Current	1,739,147	977,483	1,739,106	977,475
	Non-current	-	-		-	-
		1,739,147	977,483	1,739,106	977,475

Corporation tax is calculated at 30 percent of the taxable profit for the year. The charge for taxation on these financial statements is based on the provisions of the Companies Income Tax Act CAP C21 LFN 2004 and Finance Act 2022. The Tertiary Education tax of 3 per cent is based on the provisions of the Tertiary Education Trust Fund Act 2011 and Finance Act 2022.

Eterna Plc

Consolidated Financial Statements for the Quarter ended 31 March, 2024

12		Property, plant and equipment and intangible assets
				Group
				Property Plant and Equipment
		Land and	Plant and	Capital Work-In-	Office	Furniture &	Motor	Total PPE
		Buildings	Machinery	Progress	Equipment	Fittings	Vehicles
		N'000	N'000	N'000	N'000	N'000	N'000	N'000
	Naira
	Cost
	At 1 January 2023	6,884,172	7,769,952	1,007,072	380,590	368,455	1,180,158	17,590,399
	Additions in the year	102,155	72,587	695,808	38,267	8,886	17,700	935,403
	Transfers (Note 12.4)	98,447	333,066	(703,476)	33,967	19,612	218,385	-
	Asset Writen off (Note 12.3)	(221)	(36,309)	-	(2,413)	(219)	(28,763)	(67,925)
	CWIP Writeoff	-	-	(84,269)	-	-	-	(84,269)
	At 31 December 2023	7,084,553	8,139,296	915,135	450,410	396,734	1,387,480	18,373,608
	Additions in the year	23,007	6,265	478,046	5,553	2,239	348,313	863,422
	Transfers (Note 12.4)	23,806	15,108	(65,543)	331	1,710	24,588	-
	Asset Writen off (Note 12.3)	-	-	(1,155)	-	-	-	(1,155)
	At 31st March 2024	7,131,366	8,160,669	1,326,483	456,293	400,683	1,760,381	19,235,875
	Accumulated Depreciation,
	Amortisation and Impairment
	At 1 January 2023	(839,048)	(3,328,041)	-	(270,861)	(255,168)	(655,441)	(5,348,559)
	Charge for the year	(215,543)	(335,045)	-	(57,816)	(49,342)	(256,371)	(914,117)
	Asset Writen off	221	33,997	-	2,408	219	28,763	65,607
	At 31 December 2023	(1,054,371)	(3,629,088)	-	(326,269)	(304,291)	(883,049)	(6,197,069)
	Charge for the year	(56,013)	(83,567)	-	(14,693)	(11,730)	(64,105)	(230,109)
	At 31st March 2024	(1,110,384)	(3,712,655)	-	(340,962)	(316,021)	(947,154)	(6,427,176)
	Net Book Value
	At 31 December 2023	6,030,182	4,510,208	915,135	124,141	92,443	504,431	12,176,540
	At 31st March 2024	6,020,982	4,448,014	1,326,483	115,331	84,662	813,227	12,808,699

1. Capital WIP - Assets categorized as Capital Work-In-Progress are the cost of land and building, survey, cost of processing land documentation and various stations upgrades costs.
2. Assets pledged as security - The assets pledged as security in relation to loans held by the Company are primarily the storage tank farms held by the Company in Ibru Jetty, Ibafon, Apapa and owned stations across the country. The Value of the security N9.4billion.
3. Write off - Following the review of the Company's fixed Asset position at half year, assets which do not meet the capitalisation policy of the company were written off.
   12.4. Transfers - These represent the movement of capital work in progress to the appropriate asset classes upon completion.

12.5 Included in land and buildings and Capital Work in Progress is freehold land of N2.5 billion (2023: N2.5 billion) which is not depreciated. .

Eterna Plc

Consolidated Financial Statements for the Quarter ended 31st March2024

Company

Note 12 (Continued)			Property Plant and Equipment
		Land and	Plant and	Capital Work-	Office	Furniture &	Motor Vehicles	Total PPE
		Buildings	Machinery	In-Progress	Equipment	Fittings
		N'000	N'000	N'000	N'000	N'000	N'000	N'000
	Naira
	Cost
	At 1 January 2023	6,684,601	7,007,102	1,001,176	309,045	331,974	1,153,090	16,486,988
	Additions in the year	46,792	33,124	633,934	34,501	6,302	17,700	772,354
	Transfers (Note 12.4)	98,447	333,066	(703,476)	33,967	19,612	218,385	-
	Asset Writen off (Note 12.3)	(221)	(36,209)	-	(847)	(219)	(28,763)	(66,259)
	CWIP Writeoff			(84,269)				(84,269)
	At 31 December 2023	6,829,620	7,337,083	847,365	376,666	357,669	1,360,412	17,108,814
	Additions in the year	15,507	3,565	474,836	5,440	2,239	348,313	849,899
	Transfers (Note 12.4)	23,806	15,108	(65,543)	331	1,710	24,588	-
	Asset Written off			(1,155)				(1,155)
	At 31st March 2024	6,868,933	7,355,756	1,255,503	382,436	361,618	1,733,313	17,957,558
	Accumulated Depreciation,
	Amortisation and Impairment
	At 1 January 2023	(777,236)	(2,974,002)	-	(217,911)	(224,634)	(642,614)	(4,836,397)
	Charge for the year	(203,641)	(292,169)	-	(52,914)	(45,773)	(250,958)	(845,454)
	Asset Writen off	221	33,897	-	841	219	28,763	63,941
	At 31 December 2023	(980,656)	(3,232,274)	-	(269,984)	(270,188)	(864,809)	(5,617,910)
	Charge for the year	(52,525)	(72,978)	-	(13,582)	(10,846)	(62,752)	(212,683)
	At 31st March 2024	(1,033,181)	(3,305,252)	-	(283,566)	(281,034)	(927,561)	(5,830,593)
	Net Book Value
	At 31 December 2023	5,848,964	4,104,809	847,365	106,682	87,481	495,603	11,490,904
	At 31st March 2024	5,835,752	4,050,504	1,255,503	98,870	80,584	805,752	12,126,965

13Other intangible assets Group/Company

	Intangible Assets
	Computer	Total Intangible
	Software	Assets
	N'000	N'000
Naira
Cost
At 1 January 2023	152,838	152,838
Additions in the year	-	-
Written off (Note 12.3)	(1,857)	(1,857)
At 31 December 2023	150,981	150,981
Additions in the year	-	-
Asset Disposed	-	-
At 31 March 2024	150,981	150,981
Amortisation
At 1 January 2023	(110,410)	(110,410)
Charge for the year	(22,023)	(22,023)
Asset Disposed	-	-
At 31 December 2023	(132,434)	(132,434)
Charge for the year	(5,506)	(5,506)
Asset Disposed	-	-
At 31 March 2024	(137,940)	(137,940)
Carrying amount
At 31 December 2023	18,547	18,547
At 31 March 2024	13,041	13,041