BERGER PAINTS NIGERIA : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

Berger Paints Nigeria Plc

Annual Report

31 December 2022

	Berger Paints Nigeria Plc
	Annual Report
	31 December 2022
Contents	Page
Corporate Information	1
Financial Highlights	2
Directors' Report	3
Statement of Directors' Responsibilities	11
Statement of Corporate Responsibility	12
Report of the Audit Committee	13
Independent Auditor's Report	14
Statement of Financial Position	17
Statement of Profit or Loss and Other Comprehensive Income	18
Statement of Changes in Equity	19
Statement of Cash Flows	20
Notes to the Financial Statements	21
Other National Disclosures	62

Berger Paints Nigeria Plc

Annual Report

31 December 2022

Corporate Information

Board of Directors:	Abi Ayida	-	Chairman
	Adekunle Olowokande	-	Non - Executive Director
	Raj Mangtani (Indian)	-	Non - Executive Director
	Ogechi Iheanacho	-	Non - Executive Director
	Erejuwa Gbadebo	-	Independent Non - Executive Director
	Aisha Umar	-	Independent Non - Executive Director
	Alaba Fagun	-	Managing Director (Appointed wef October 4 2022.)
	The following directors resigned in the year:
	Victor Olusegun Adeniji	-	Independent Non - Executive Director (Resigned wef March 9 2022)
	Anjar Sircar (Indian)	-	Managing Director (Resigned wef January 4 2022)
	Adeyemi Adetomiwa		Acting Managing Director (Contract tenure expired wef September 30
		-	2022)
Company Secretary/Legal Adviser	Omolara Bello
Registered Office:	102, Oba Akran Avenue,
	Ikeja, Industrial Estate
	P.M.B. 21052, Ikeja, Lagos.
Contact Details	Mobile: [phone]
	Email: [e-mail]
	Website: www.bergerpaintsnig.com
Social Media Accounts	Facebook: www.facebook.com/BergerPaintsNigeriaPlc
	LinkedIn: www.linkedin.com/company/berger-paints-nigeria-
	Twitter: www.twitter.com/BergerPaintsNg
	Instagram: www.instagram.com/bergerpaintsnigeriaplc
	You Tube: www.youtube.com/channel/UCD_T-Wid299NWbfHxA4rGXg
Investors Relation	Berger Paints Nigeria Plc. has a dedicated investors' portal on its corporate
	website which can be accessed via this link:
	https://bergerpaintsnig.com/investor/
	The Company's Investors' Relations Officer can also be reached through
	electronic mail at: [e-mail]; or telephone on:
	[phone] for any investment related enquiry.
NSE Trading Information	Trading Name:	Berger Paints Nig. Plc. (Berger)
	Ticker Symbol:	Berger
	Sector:	Industrial Goods
	Sub Sector:	Building Materials
	Market Classification:	Main Board
Registration Number:	RC: 1837
TIN	01335257-0001
FRC Registration Number:	FRC/2012/0000000000295
Registrars:	Meristem Registrars Limited
	213, Herbert Macaulay Way, Adekunle, Yaba, Lagos.
	P.O. Box 51585, Falomo, Ikoyi, Lagos
	Tel: [phone]
	Email: [e-mail]
	Website: www.meristemregistrars.com
Independent Auditor:	KPMG Professional Services
	KPMG Tower
	Bishop Aboyade Cole Street,
	Victoria Island, Lagos
	Tel: [phone]
Bankers:	Access Bank Plc		Keystone Bank Limited
	Ecobank Nigeria Limited		Polaris Bank Limited
	Fidelity Bank Plc		Union Bank of Nigeria Plc
	First Bank of Nigeria Limited	United Bank for Africa Plc
	First City Monument Bank Limited	Wema Bank Plc
	Guaranty Trust Bank Plc		Zenith Bank Plc
	Heritage Bank Ltd		Sterling Bank Plc

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Berger Paints Nigeria Plc

Annual Report

31 December 2022

Financial Highlights

In thousands of naira

	2022		2021		%
Revenue	6,331,634	4,964,796	28
Gross profit	2,005,318	1,582,720	27
Operating profit	386,022	199,544	93
Profit before minimum tax	387,790	190,761	103
Profit before income tax	355,579	178,089	100
Profit after tax	208,670	135,635	54
Share capital	144,912	144,912	-
Total equity	3,323,445	3,146,972	6
Data per 50k share
Basic earnings per share (kobo)	72	47	54
Declared dividend*	40	40	-
Net assets per share (Naira)	11.47	11.15	3
Market price per share as at year end (Naira)	5.95	7.50	(21)
Market capitalization as at year end	1,724,453	2,173,680	(21)
Dividend per 50k share in respect of current year results only
Dividend proposed (kobo)**	70	40	75

*Declared dividend represents the dividend proposed for the preceding year but declared during the current year.

**The Directors proposed a dividend of 70 kobo (2021: 40 kobo) per share on issued share capital of 289,823,447

(2021: 289,823,447) ordinary shares of 50 kobo each, subject to approval by the shareholders at the Annual General Meeting.

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Berger Paints Nigeria Plc

Annual Report

31 December 2022

Directors' Report

The Directors are pleased to present to the distinguished members this Annual Report, together with the Audited Financial Statements of the Company for the year ended 31 December 2022.

1. Legal status
   The Company was incorporated in Nigeria as a Private Limited Liability Company on 9 January, 1959 and was converted to a public limited liability company in 1973. The Company's shares were quoted on the Nigerian Stock Exchange with effect from 14 March 1974.
2. Principal activities
   The principal activities of the Company remained the manufacturing and marketing of paints and allied products. The Company also holds an investment property.
3. Operating results
   Information relating to changes during the year is indicated in the notes to the financial statements. The summary of the results is as follows:

In thousands of naira	2022	2021
Revenue	6,331,634	4,964,796
Operating profit	386,022	199,544
Profit before minimum tax	387,790	190,761
Profit before income tax	355,579	178,089
Profit after tax	208,670	135,635
Total comprehensive income for the year	208,670	135,635

1. Dividend
   The directors are pleased to recommend to shareholders the payment of a dividend of 70 kobo per share for the 2022 financial year which amounts to ₦202,876,413 subject, to the approval of the members at the Annual General Meeting (2021: ₦115,929,000 that is, 40 kobo per share). If approved, the dividend is payable less withholding tax to all members whose names appear in the Company's Register of Members as at the close of business on May 24 , 2023.
2. Corporate Governance
   Whistleblowing
   The Board encourages the exposure of unethical practices and all reported cases are investigated while the whistle blower is protected. Our Whistle Blowing Policy is displayed throughout our premises and on our website. Berger Paints Nigeria Plc. conducts its business with integrity and diligence and with total consideration for the interest of the shareholders and other stakeholders.
   Respect For Law
   Berger Paints Nigeria Plc. ensures that its existence and operations remain within the law and its employees are required to comply with the laws and regulations of Nigeria. To this end, the Company has a Code of Ethics which is publicly available and subscribed to by directors, staff and contractors. The Company, being a listed Company strives to comply with all laws and regulations, including post-listing requirements of the Nigerian Stock Exchange and the Rules and Regulations of the Securities and Exchange Commission, as well as the Code of Corporate Governance. To this end, returns were made periodically to the relevant regulatory authorities as and when due.

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