May & Baker Nigeria : AND BAKER- QUARTER 1 - FINANCIAL STATEMENT FOR 2023

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May & Baker Nig Plc RC. 558

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THREE MONTHS ENDED 31st MARCH, 2023

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UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

FOR THREE MONTHS ENDED 31st MARCH, 2023.

		The Group			The Company
		3 Months	12 Months to	3 Months		3 Months	12 Months to	3 Months
		March,2023	DEC, 2022	March,2022		March,2023	DEC, 2022	March,2022
	Note	N'000	N'000	N'000		N'000	N'000	N'000
Continuing operations
Revenue	5	4,248,537	14,328,266	3,339,467	4,052,496	13,582,890	3,194,632
Cost of sales		(3,102,966)	(10,452,985)	(2,309,095)		(3,007,093)	(10,099,256)	(2,226,984)
Gross profit		1,145,571	3,875,281	1,030,372	1,045,403	3,483,634	967,648
Other operating income/(Loss)	7	29,232	1,673,747	50,290	26,801	1,670,494	50,278
Distribution, sales and marketing expense		(436,436)	(2,149,236)	(475,653)	(405,366)	(1,899,866)	(446,326)
Administrative expenses		(292,700)	(1,235,417)	(247,975)	(273,832)	(1,152,819)	(230,233)
Operating profit/(loss)		445,667	2,164,375	357,034	393,006	2,101,443	341,367
Interest income	8	55,553	231,476	15,836	55,553	231,411	15,836
Finance costs	10	(78,363)	(286,034)	(78,543)	(77,205)	(285,532)	(75,540)
Share of Loss of Joint Venture	17.2	(4,551)	(25,565)	(7,869)		-	-	-
Profit/(Loss) before tax		418,305	2,084,252	286,457	371,353	2,047,322	281,662
Current tax expense	13.1	(133,858)	(593,642)	(91,666)		(118,833)	(565,367)	(90,132)
Profit for the year	11
284,448	1,490,610	194,791		252,520	1,481,955	191,530
Other comprehensive income:
Items that will not be reclassified
subsequently to profit or loss
Asset revaluation gain net of tax		-	-	-			-
Total comprehensive income		284,448	1,490,610	194,791	252,520	1,481,955	191,530
Earnings per share	14.
Basic (kobo per share) from continuing operation	16.49	86.40	11.29	14.64	85.90	11.10
Diluted (kobo per share) from continuing operation	16.49	86.40	11.29		14.64	85.90	11.10
All the profit of the Group is attributable to Owners of the Parents as there are no non-controlling interests.

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MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31st MARCH, 2023

		The Group			The Company
		March	December	March		March	December	March
		2023	2022	2022		2023	2022	2022
	Note	N'000	N'000	N'000		N'000	N'000	N'000
ASSETS
Non-current assets
Property, plant and equipment	16	4,798,385	5,011,612	3,845,308	4,760,267	4,969,007	3,817,195
Intangible assets	15	8,684	11,315	19,206	8,494	11,110	18,956
Right of use assets	17		738				738
Investment in Joint Venture	17	1,137,008	1,141,559	1,159,255	1,326,886	1,326,886	1,326,886
Investment in subsidiaries	18	-	-	-	3,000	3,000	3,000
Asset held for sale	19	-	-	-		-	-	-
Total non-current assets		5,944,077	6,165,224	5,023,769	6,098,647	6,310,741	5,166,036
Current assets
Inventories	20	6,278,973	5,342,018	5,220,209	6,139,829	5,228,008	4,908,762
Trade and other receivables	21	1,045,912	1,068,944	1,692,256	735,585	1,030,697	1,646,741
Other assets	23	1,638,653	2,474,626	3,324,256	1,626,480	2,451,557	3,310,522
Cash and cash equivalents	22	4,114,897	2,906,798	2,545,816		4,002,006	2,864,683	2,373,088
Total current assets		13,078,435	11,792,386	12,782,537		12,503,900	11,574,945	12,239,113
Total assets		19,022,512	17,957,610	17,806,305	18,602,547	17,885,686	17,405,149
Equity and Liabilities
Share capital	24	862,617	862,617	862,617	862,617	862,617	862,617
Share premium account	25	3,012,065	3,012,065	3,012,065	3,012,065	3,012,065	3,012,065
Retained earnings	26	4,246,278	3,961,830	3,183,581	4,093,420	3,840,900	3,068,044
Asset revaluation reserve	26.1	408,144	408,144	408,144		408,144	408,144	408,144
Total equity		8,529,104	8,244,656	7,466,407	8,376,247	8,123,726	7,350,871
Non-current liabilities
Borrowings	27	2,322,768	2,322,768	2,802,436	2,322,768	2,322,768	2,802,436
Employee benefits	29	36,330	37,409	39,316	36,330	37,409	39,316
Deferred Income	30	414,712	414,711	431,830	414,712	414,711	431,830
Deferred tax liabilities	13	840,323	840,320	784,980		833,721	833,721	781,300
Total non-current liabilities		3,614,133	3,615,208	4,058,562	3,607,531	3,608,609	4,054,882
Current liabilities
Trade and other payables	28	2,886,691	2,167,360	2,382,149	2,733,424	2,246,667	2,233,430
Current tax liabilities	13	571,952	542,991	451,104	535,420	519,289	390,690
Borrowings	27	3,307,194	3,235,680	3,171,649	3,236,487	3,235,680	3,098,843
Deferred Income	30	113,439	151,715	276,432		113,439	151,715	276,432
Total current liabilities		6,879,275	6,097,746	6,281,335		6,618,769	6,153,351	5,999,396
Total liabilities		10,493,408	9,712,954	10,339,898		10,226,300	9,761,960	10,054,278
Total equity and liabilities		19,022,512	17,957,610	17,806,305	18,602,547	17,885,686	17,405,149

Mr. Ayodeji S. Aboderin	Mr. Patrick Ajah
Finance Director/CFO	Managing Director/CEO
FRC/2014/ICAN/00000008270	FRC/2021/003/00000023215

These Financial Statements were approved by the Board on 27 April 2023 (Lagos)

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MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THREE MONTHS ENDED 31st MARCH, 2023.

			Share
	Share		premium		Retained		Revaluation
	capital		account		earnings		Surplus	Total
	N'000		N'000		N'000		N'000	N'000
Equity attributable to equity
holders of the Group
At 1 January 2022	862,617	3,012,065	2,988,790	408,144	7,271,616
Right issue		-			-	-
Profit for the period		-	194,791	-	194,791
Dividends paid	-	-			-	-
	-		-		-		-	-
At 31ST March, 2022	862,617	3,012,065	3,183,581	408,144	7,466,407
At 1 January 2023	862,617	3,012,065	3,961,830	408,144	8,244,656
Right Issue		-			-	-
Adjustment		-			-	-
Profit for the period	-	-	284,448	-	284,448
Dividends paid	-		-				-	-
At 31ST March, 2023	862,617		3,012,065		4,246,278		408,144	8,529,104
					-
Equity attributable to equity
holders of the Company
At 1 January 2022	862,617	3,012,065	2,876,514	408,144	7,159,340
Right issue	-	-	-	-	-
Profit for the Period	-	-	191,530	-	191,530
Dividends paid	-		-				-	-
						-
At 31 March, 2022	862,617	3,012,065	3,068,044	408,144	7,350,871
At 1 January 2023	862,617	3,012,065	3,840,900	408,144	8,123,726
Adjustment
-	-			-	-
Profit for the Period	-	-	252,520	-	252,520
Dividends paid	-		-				-	-
At 31ST March, 2023	862,617	3,012,065	4,093,420	408,144	8,376,247

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MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THREE MONTHS ENDED 31st MARCH, 2023.

	The Group			The Company
	March	December	March		March	December	March
	2023	2022	2022		2023	2022	2022
	N'000	N'000	N'000		N'000	N'000	N'000
Cash flows from operating activities
Cash received from customers	4,171,156	14,844,327	2,803,791	4,078,434	14,029,869	2,648,176
Cash paid to suppliers and employees	(2,551,605)	(12,423,267)	(2,654,877)	(2,534,405)	(11,544,000)	(2,479,222)
Taxes paid	(104,897)	(359,288)	(4,542)	(102,702)	(298,757)	(4,542)
Net cash from operating activities	1,514,654	2,061,772	144,372	1,441,327	2,187,112	164,412
Cash flows from Investing activities
Proceed from contract manufacturing	6,426	-	1,592	6,426	-	1,592
Rent received	-	-	3,000	-	-	3,000
Other sundry income	5,895	-	20,519	5,895	-	20,507
Proceeds from sale of fixed assets	5,120	1,219,586	871	5,120	1,218,490	871
Interest received	55,553	231,476	15,836	55,553	231,411	15,836
Purchases of Intangible assets	-	-	-	-	-	-
Purchases of property, plant and equipment	(266,262)	(1,741,610)	(193,405)	(265,412)	(1,706,764)	(188,446)
Net cash used in investing activities	(193,268)	(290,548)	(151,587)	(192,418)	(256,863)	(146,640)
Cash flows from financing activities
Dividends paid	-	(517,570)	-	-	(517,570)	-
Additions to/(Repayment of) import facility	216,128	(198,549)	-	216,670	(199,472)	-
Loan received	-	-	-	-	-	-
Loans repaid	(223,055)	(677,099)	(118,056)	(223,055)	(677,099)	(118,056)
Pay down on overdraft	-	-	-	-		-
Unclaimed dividend returned	-	37,200	-	-	37,200	-
Net proceeds from right issue	-	-	-	-	-	-
Finance cost	(78,363)	(286,034)	(78,543)		(77,205)	(285,532)	(75,540)
Net cash used in financing activities	(85,290)	(1,642,052)	(196,599)	(83,590)	(1,642,473)	(193,596)
Net increase/(decrease) in cash and cash
equivalents	1,236,096	129,172	(203,813)	1,165,319	287,776	(175,823)
Cash and cash equivalents at 1 January	2,878,801	2,749,629	2,749,629		2,836,687	2,548,911	2,548,911
Cash and cash equivalents at 31 March	4,114,897	2,878,801	2,545,816	4,002,006	2,836,687	2,373,088
Reconciliation of cash and bank
balances to cash and cash equivalents
Cash and bank balance	4,114,897	2,906,797	2,545,816	4,002,006	2,864,683	2,373,088
Bank overdrafts and commercial papers	-	(27,996)	-		-	(27,996)	-
	4,114,897	2,878,801	2,545,816	4,002,006	2,836,687	2,373,088

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