GlaxoSmithKline Consumer Nigeria : GLAXO SMITHKLINE CONSUMER NIG. PLC.- QUARTER 1 - FINANCIAL STATEMENT FOR 2023

GLAXOSMITHKLINE CONSUMER NIGERIA PLC

UNAUDITED CONDENSED CONSOLIDATED AND SEPARATE FINANCIAL

STATEMENTS

FOR THE 3 MONTHS PERIOD ENDED 31 MARCH 2023

GlaxoSmithKline Consumer Nigeria Plc

Unaudited condensed consolidated and seperate financial statements

For the 3 months period ended 31 March 2023

Table of Contents	Page
Unaudited consolidated and separate statement of profit or loss and other comprehensive income	1
Unaudited consolidated and separate statement of financial position	2
Unaudited consolidated and separate statement of changes in equity	3
Unaudited consolidated and separate statement of cash flows	4
Shareholding Structure and Free Float Status	5
Notes to the Unaudited condensed consolidated and separate financial statements	6

GlaxoSmithKline Consumer Nigeria Plc

Unaudited consolidated and separate statement of profit or loss and other comprehensive income For the 3 months period ended 31 March 2023

		3 months	3 months	3 months	3 months
		ended 31	ended 31	ended 31	ended 31
		March 2023	March 2022	March 2023	March 2022
	Notes	N'000	N'000	N'000	N'000
Revenue	5	4,019,077	7,360,033	4,019,077	7,360,033
Cost of sales	6	(2,540,619)	(5,401,774)	(2,540,619)	(5,401,774)
Gross profit		1,478,458	1,958,259	1,478,458	1,958,259
Selling and distribution costs	7	(739,473)	(1,070,359)	(739,473)	(1,070,359)
Administrative expenses	7	(572,894)	(552,270)	(572,266)	(551,641)
Operating profit		166,091	335,630	166,719	336,259
Finance income	8	77,998	26,317	77,998	26,317
Other gains and losses	9	(7,006)	(63,710)	(7,006)	(63,710)
Impairment loss on financial assets	18.3	(6,898)	(12,403)	(6,898)	(12,403)
Profit before tax		230,185	285,834	230,813	286,463
Current tax expense	11.1	(75,014)	(91,467)	(75,014)	(91,668)
Profit for the period		155,171	194,367	155,799	194,795
Other comprehensive income net of
income tax:
Items that will not be reclassified to
profit or loss:		-	-	-	-
		-	-	-	-
Total comprehensive income for the
period, net of tax		155,171	194,367	155,799	194,795
Profit for the period attributable to:
Shareholders of the Company		155,171	194,367	155,799	194,795
Non-controlling interest		-	-	-	-
		155,171	194,367	155,799	194,795
Total comprehensive income for the
period attributable to:
Shareholders of the Company		155,171	194,367	155,799	194,795
Non-controlling interest		-	-	-	-
		155,171	194,367	155,799	194,795
Basic and diluted earnings per share
(Kobo)	12	13	16	13	16

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GlaxoSmithKline Consumer Nigeria Plc

Unaudited consolidated and separate statement of financial position

As at 31 March 2023

			GROUP			COMPANY
		As at 31	As at 31	As at 31	As at 31	As at 31	As at 31
		March 2023	December 2022	March 2022	March 2023	December 2022	March 2022
	Notes	N'000	N'000	N'000	N'000	N'000	N'000
Assets
Non-current assets
Deferred tax asset	11.3	413,802	413,802	231,223	413,802	413,802	231,223
Property, plant and equipment	13	419,236	441,245	517,758	419,236	441,245	517,758
Investment property	14	528,137	529,302	584,334	528,137	529,302	584,334
Right of use assets		-	-	7,240	-	-	7,240
Investment in subsidiary	16	-	-	-	-	-	160
		1,361,175	1,384,349	1,340,556	1,361,175	1,384,349	1,340,716
Current assets
Inventories	17	3,111,075	3,739,540	7,260,405	3,111,075	3,739,540	7,260,405
Trade and other receivables	18	3,120,733	3,847,810	5,760,283	3,120,732	3,847,810	5,760,283
Other assets	19	99,695	63,167	126,065	99,695	63,167	126,065
Cash and bank balances	20	22,777,686	19,976,023	11,289,241	22,777,686	19,976,023	11,289,241
		29,109,189	27,626,540	24,435,994	29,109,188	27,626,540	24,435,994
Assets classified as held for sale	15	279,761	375,315	715,455	279,761	375,315	715,455
		29,388,950	28,001,855	25,151,448	29,388,949	28,001,855	25,151,448
Total assets		30,750,125	29,386,204	26,492,004	30,750,124	29,386,204	26,492,164
Equity and liabilities
Equity
Issued share capital	21.1	597,939	597,939	597,939	597,939	597,939	597,939
Share premium	21.2	51,395	51,395	51,395	51,395	51,395	51,395
Retained Earnings		9,038,290	8,883,118	8,844,481	8,874,786	8,718,987	8,675,565
		9,687,624	9,532,452	9,493,815	9,524,120	9,368,321	9,324,899
Non-current liabilities
Liability for share-based payments	24	10,773	8,768	26,279	10,773	8,768	26,279
		10,773	8,768	26,279	10,773	8,768	26,279
Current liabilities
Trade and other payables	22	20,265,791	19,145,605	16,702,260	20,443,039	19,323,482	16,884,881
Contract liabilities	23	22,609	11,065	75,369	22,609	11,065	75,369
Income tax payable	11.2	763,328	688,314	194,280	749,582	674,568	180,735
Total current liabilities		21,051,728	19,844,984	16,971,909	21,215,230	20,009,115	17,140,985
Total liabilities		21,062,501	19,853,752	16,998,188	21,226,003	20,017,883	17,167,265
Total equity and liabilities		30,750,125	29,386,204	26,492,004	30,750,124	29,386,204	26,492,164

The unaudited condensed consolidated and separate financial statements were approved and authorised for issue by the Board of Directors on 27 April 2023 and signed on its behalf by:

Mr. Edmund C. Onuzo	Mr. Olakunle Azeez Oyelana	Bosco Kirugi
Chairman	Managing Director	Finance Director
FRC/2015/IODN/00000011038	FRC/2020/003/00000020395	FRC/2022/PRO/DIR/003/956071

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GlaxoSmithKline Consumer Nigeria Plc

Unaudited consolidated and separate statement of changes in equity

For the 3 months period ended 31 March 2023

	Share	Share	Retained
	capital	premium	earnings	Total
Group	N'000	N'000	N'000	N'000
At 1 January 2022	597,939	51,395	8,650,116	9,299,450
Profit for the year	-	-	194,367	194,367
At 31 March 2022	597,939	51,395	8,844,483	9,493,817
At 1 January 2022	597,939	51,395	8,650,116	9,299,450
Profit for the year	-	-	771,146	771,146
Dividends declared	-	-	(538,144)	(538,144)
At 31 December 2022	597,939	51,395	8,883,118	9,532,452
At 1 January 2023	597,939	51,395	8,883,118	9,532,452
Profit for the period	-	-	155,171	155,171
At 31 March 2023	597,939	51,395	9,038,290	9,687,624
	Share	Share	Retained
	capital	premium	earnings	Total
Company	N'000	N'000	N'000	N'000
At 1 January 2022	597,939	51,395	8,480,772	9,130,106
Profit for the year	-	-	194,795	194,795
At 31 March 2022	597,939	51,395	8,675,567	9,324,901
At 1 January 2022	597,939	51,395	8,480,772	9,130,106
Profit for the year	-	-	776,359	776,359
Dividends declared	-	-	(538,144)	(538,144)
At 31 December 2022	597,939	51,395	8,718,987	9,368,321
At 1 January 2023	597,939	51,395	8,718,987	9,368,321
Profit for the period	-	-	155,799	155,799
Dividends declared	-	-	-	-
At 31 March 2023	597,939	51,395	8,874,786	9,524,120

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