LIVESTOCK FEEDS : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the period ended 30 June

		3 months to	6 month to June	3 months to	6 months to
		June 2022	2022	June 2021	June 2021
	Notes	N'000	N'000	N'000	N'000
Revenue from contracts with customers	4	3,557,349	7,192,356	3,646,057	7,001,744
Cost of sales	7(i)	(3,322,533)	(6,556,267)	(3,252,345)	(6,199,510)
Gross profit		234,816	636,089	393,712	802,234
Other operating income	8	10,509	19,330	4,288	9,606
Selling and Distribution expenses	7(ii)	(40,139)	(80,245)	(35,108)	(91,423)
Expected Credit Loss	17	-	-	(8,548)	(15,977)
Administrative expenses	7(iii)	(167,442)	(281,692)	(120,727)	(224,920)
Operating profit		37,744	293,482	233,617	479,520
Investment income	9	470	619	-	-
Finance costs	10	(160,246)	(389,471)	(58,486)	(114,363)
(Loss)/ profit before taxation	11	(122,032)	(95,370)	175,131	365,157
Income tax expense	12(i)	-	-	(13,749)	(27,236)
(Loss)/profits for the year		(122,032)	(95,370)	161,382	337,921
Other comprehensive income for the year (net of tax)		-	-	-	-
Total comprehensive income for the year, net of tax	(122,032)	(95,370)	161,382	337,921
Earnings per share(kobo)
Basic earnings for the year attributable to ordinary
equity holders	13	(4.07)	(3.18)	5.84	11.26
Diluted earnings for the year attributable to ordinary
equity holders	13	(4.07)	(3.18)	5.84	11.26

The accompanying significant accounting policies and notes form an integral part of these financial statements.

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STATEMENT OF FINANCIAL POSITION

As at 30 June

	Notes	2022	2021
Assets		N'000		N'000
Non-current assets
Property, plant and equipment	14	738,372	776,428
Intangible assets	15	146,180	34,851
Right of use assets	18(iii)	2,778	8,333
Total non-current assets		887,329	819,612
Current assets
Inventories	16	9,603,329	8,581,643
Trade and other receivables	17	464,410	982,112
Refund assets	17	3,145	3,327
Prepayments	18	160,746	81,147
Other financial assets	19.2	17,283	17,283
Cash and cash equivalents	19	390,851	342,611
Total current assets		10,639,765		10,008,123
Total assets		11,527,088		10,827,735
Equity
Issued capital	20	1,500,000	1,500,000
Share premium	20	693,344	693,344
Revenue reserves		213,761		309,131
Total equity		2,407,105	2,502,475
Non -current liabilities
Deferred tax liabilities	12(iii)	42,004	42,004
Total current liabilities		42,004		42,004
Current liabilities
Trade and other payables	21	4,419,349	716,517
Refund liabilities	21.2	3,362	3,690
Income tax payable	12(iv)	93,591	93,591
Dividend payable	22	17,384	17,384
Interest-bearing loans and borrowings	23	4,544,293	7,452,074
Total current liabilities		9,077,979		8,283,256
Total liabilities
	9,119,983		8,325,260
Total equity and liabilities		11,527,088	10,827,735

The Financial statements was approved and authorised for issue by the Board of Directors on 21st July, 2022 and was signed on its behalf by:

Chairman	Managing Director		Chief Financial Officer
Dr. Joseph Dada	Mr. Adedeji Adegboyega	Mr. Adekunle Adepoju
FRC/2016/APCON/00000014735	FRC/2020/003/00000021439	FRC/2013/ICAN/00000004478

The accompanying significant accounting policies and notes form an integral part of these financial statements.

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STATEMENT OF CHANGES IN EQUITY
		Share	Revenue
	Issued capital	premium	reserves	Total equity
	N'000	N'000	N'000	N'000
At 1 January 2021	1,500,000	693,344	(120,566)	2,072,778
Profit for the year	-	-	337,921	337,921
Other comprehensive income	-	-	-	-
Total comprehensive income, net of tax	-	-	337,921	337,921
At 30 June 2021	1,500,000	693,344	217,355	2,410,699
At 1 January 2022	1,500,000	693,344	309,131	2,502,475
Loss for the year	-	-	(95,370)	(95,370)
Other comprehensive income	-	-	-	-
Total comprehensive income, net of tax	-	-	(95,370)	(95,370)
At 30 June 2022	1,500,000	693,344	213,761	2,407,105

The accompanying significant accounting policies and notes form an integral part of these financial statements.

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STATEMENT OF CASH FLOWS

For the period ended 30 June

	Notes	2022	2021
		N'000	N'000
Operating activities
(Loss)/Profit before tax		(95,370)	365,157
Depreciation of property, plant and equipment	14	84,544	77,238
Amortisation of intangible assets	15	326	217
Loss/(Gain) on disposal of property, plant and equipment	8	(1,165)	(195)
Expected credit loss	7(iii)	-	15,977
Finance cost	10	389,471	114,363
Interest received	9	(619)	-
Government grant		-	-
Changes in working capital:
(Increase) in inventories		(1,021,608)	951,633
(Increase) in trade and other receivables		517,702	(26,149)
(Increase) in prepayments		(73,862)	(14,399)
(Decrease)/Increase in trade and other payables		3,702,504	(1,470,134)
Cash outflow from operating activities		3,501,922	13,707
Income tax paid	12(iv)	-	(42,875)
Net cash (used in) operating activities		3,501,922	(29,167)
Investing activities
Interest received	9	619	-
Proceeds from disposal of PPE		1,241	195
Acquisition of Intangibles assets	15(iii)	(111,654)	-
Purchase of property, plant and equipment	14	(46,636)	(69,504)
Net cash flows (used in) investing activities		(156,430)	(69,308)
Financing activities
Interest paid	10	(290,297)	(114,363)
Proceeds from borrowings	23	3,085,587	500,000
Repayment of borrowings	23	(6,092,542)	-
Net cash flows from financing activities		(3,297,252)	385,637
Increase in cash and cash equivalents		48,240	287,161
Cash and cash equivalents at 1 January		342,611	93,991
Cash and cash equivalents at 30 June	19	390,851	381,152

The accompanying significant accounting policies and notes form an integral part of these financial statements.

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