Julius Berger Nigeria : Annual Reports 2020

Julius Berger Nigeria Plc AR & CFS 2020 | Contents

CONTENTS

Highlights
Vision Statement	2
Corporate Information	3
Corporate Profile	4
Results at a Glance	5
Notice of Annual General Meeting	7
Notes	8
Chairman's Statement	11
Board of Directors	15
Directors' Profiles	17
Reports to Shareholders
Directors' Report	21
Corporate Governance Report	31
Sustainability Report	39
Health, Safety and Environment Report	42
Risk Management Report	43
Financial Information
Statement of Directors' Responsibilities	47
Certification of Financial Statements	48
Report of the Statutory Audit Committee	49
Report of the Independent Auditors	50
Statement of Financial Position	53
Statement of Profit or Loss and	55
Other Comprehensive Income
Statement of Changes in Equity	57
Statement of Cash Flows	59

Notes to the Financial Statements
General Information	63
Application of IFRS Standards	64
Significant Accounting Policies	69
Explanatory Notes	90
Additional Information
Statement of Value Added	137
Five-Year Financial Summary	139
Share Capital History	141
Staff Strength	142
Shareholder Information	143
Policies
Group Policy on Severance Pay	148
for Non-Executive Directors
Code of Business Conduct and Ethics	149
for Directors and Management

Julius Berger Nigeria Plc AR & CFS 2020 | Vision Statement

At Julius Berger Nigeria Plc, our vision is to be Nigeria's most dynamic construction company.

▪ We seize opportunities for both our Company and the country.

▪ We work with dedication to maintain our clients' trust. ▪ We operate with a holistic approach and a solutions-

driven mindset.

▪ We seek efficient methods to deliver on our clients' requisitions.

▪ We integrate our multiple resources, including specialized personnel or production and service facilities, to achieve the best results.

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Julius Berger Nigeria Plc AR & CFS 2020 | Corporate Information

CORPORATE INFORMATION

Julius Berger Nigeria Plc AR & CFS 2020 | Corporate Profile

CORPORATE PROFILE

Directors

• Mr. Mutiu Sunmonu, CON, Chairman
• Mr. George Marks (German),

Vice-Chairman

• Engr. Jafaru Damulak
• Dr. Ernest Nnaemeka Azudialu-Obiejesi
• Mrs. Belinda Ajoke Disu, CAL
• Mrs. Gladys Olubusola Talabi
• Engr. Goni Musa Sheikh
• Mr. Ernest Chukwudi Ebi, MFR, FCIB, FIOD, Independent Non-Executive Director
• Mr. Karsten Hensel (German)
• Engr. Dr. Lars Richter (German), Managing Director
• Alhaji Zubairu Ibrahim Bayi, Director Administration
• Mr. Martin Brack (German), Financial Director
• Mr. Tobias Meletschus (German), Director Corporate Development

Company Secretary

Mrs. Cecilia Ekanem Madueke

Registration Number

6852

Registered Office

10 Shettima A. Munguno Crescent

Utako 900 108

FCT Abuja

Auditors

Nexia Agbo Abel & Co.

Chartered Accountants

43 Anthony Enahoro Street

Utako 900 108

FCT Abuja

Registrars

Greenwich Registrars & Data Solutions Ltd.

274 Murtala Muhammed Way

Ebute Metta 101 212

Lagos

Bankers

• Access Bank Plc
• Ecobank Plc
• First Bank of Nigeria Ltd.
• First City Monument Bank Plc
• Guaranty Trust Bank Plc
• Standard Chartered bank Nigeria Ltd.
• Union Bank of Nigeria Plc
• United Bank for Africa Plc
• Zenith Bank Plc

Julius Berger Nigeria Plc (Company) is a leading Nigerian company offering holistic services covering the planning, design, engineering, construction, operation and maintenance of buildings, infrastructure and industry projects in Nigeria. Since its pioneer project in 1965, Julius Berger Nigeria Plc has played a pivotal role in the development of Nigeria's industrial and civil infrastructure. The Company specialises in executing complex works requiring the highest level of technical expertise and Nigeria-specific knowhow.

State-of-the-art methods and technologies ensure that quality and innovation are prioritised for the benefit of clients. Subsidiaries and additional facilities make it possible to realise multifaceted projects at the highest level of performance. This structure allows Julius Berger Nigeria Plc to effectively manage and fulfil construction projects, starting from the initial idea, through to planning, design, engineering, construction, operation and maintenance.

Subsidiaries of the Company are: Julius Berger International GmbH, in Germany, a key provider of planning, design and engineering, in addition to logistical support for businesses in Nigeria; Julius Berger Services Nigeria Ltd., a multipurpose terminal operator at the Warri Port, which contributes to efficient operations; Julius Berger Medical Services Ltd., a medical service provider to Julius Berger Nigeria Plc and its subsidiaries (Group); Julius Berger Free Zone Enterprise, which facilitates opportunities to participate in projects within the Free Trade Zones across Nigeria; Abumet Nigeria Ltd., a leading aluminium and glass solutions provider in

Nigeria, which strengthens the Group's ability to provide turnkey building solutions; PrimeTech Design and Engineering Nigeria Ltd., which houses the Group's design and engineering resources in Nigeria.

Julius Berger Nigeria Plc together with its subsidiaries, is guided by a value system, which has, over time, defined and differentiated its business, thereby setting a benchmark in the Nigerian construction industry. The Group's competitive edge is solidified through adherence to internationally specified standards and through its focus on efficient, value-driven project planning and execution. Unwavering reliability, unmatched expertise as well as strong supply chains provide particular assurance and guarantee project success.

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Julius Berger Nigeria Plc AR & CFS 2020 | Results at a Glance

RESULTS AT A GLANCE

Revenue and Profit/(Loss) Before Tax

₦ billion	2016	2017	2018	2019	2020

Revenue Group	138,994	141,890	194,618	266,430	241,779
Revenue Company	119,813	125,778	170,327	243,489	235,206

PBT Group	(1,498)	3,739	10,198	13,919	3,857
PBT Company	(1,239)	1,158	6,631	10,080	8,075

Dividend per Share	Earnings per Share
₦	2016 2017 2018 2019 2020	₦	2016	2017	2018	2019	2020

Julius Berger Nigeria Plc AR & CFS 2020 | Results at a Glance

		Group		Group		Change	Company		Company	Change
	2020	2019				2020	2019
		₦ 000		₦ 000		%		₦ 000		₦ 000		%
Revenue	241,779,455	266,430,227	(9.25)		235,206,675	243,488,979		(3.40)
Profit before taxation	3,856,642	13,918,812	(72.29)		8,075,009	10,079,724		(19.89)
Profit for
the year	1,236,273	8,759,535	(85.89)		5,645,210	6,566,806		(14.03)
Other comprehensive	6,049,415	(1,201,433)	603.52		(635,012)	(243,558)		(160.72)
income
Total Comprehensive	7,285,688	7,558,102	(3.60)		5,010,198	6,323,248		(20.77)
Income
Non-controlling	3,838	3,748	2.40		-		-	-
interest
Profit attributable to
equity holders of the	7,281,850	7,554,354	(3.61)		5,010,198	6,323,248		(20.77)
parent
Retained earnings	27,683,487	29,882,143	(7.36)		21,546,928	19,308,730		11.59
Share capital	792,000	660,000	20.00		792,000	660,000		20.00
Shareholders' funds	44,947,602	40,327,992	11.46		22,764,368	20,394,170		11.62
Per share data
		Group		Group		Change	Company		Company	Change
	2020	2019				2020	2019
		₦		₦	%		₦		₦	%
Earnings per share
Basic	4.60	5.72	(19.67)	3.16	4.79		(33.79)
Diluted	4.55	4.72	(3.61)	3.13	3.95		(20.77)
Net assets per share
Basic	28.38	30.55	(7.12)	14.37	15.45		6.98
Diluted	28.09	25.20	11.46		14.23	12.75		11.62
Stock Exchange quotation

2.00 2.00

1.00

0.40

0.00

Company 0.00 1.00 2.00 2.00 0.40

	Group	2.28	3.61	5.30	5.72	4.60
	Company	(2.68)	0.34	3.63	4.79	3.16

at December 31	17.80	19.90	(10.55)	17.80	19.90	(10.55)
Number of employee	12,221	11,449	6.74	11,354	10,249	10.78

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