MORISON INDUSTRIES : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

MORISON INDUSTRIES PLC

MONTHLY FINANCIAL REPORTS AS AT JUNE 30, 2022 (UNAUDITED)

1

MORISON INDUSTRIES PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

FOR THE PERIOD ENDED 30 JUNE 2022
		APR TO	APR TO	JAN TO	JAN TO
					JUNE			JUNE				JUNE			JUNE
		2022	2021		2022				2021
	Notes				N'000		N'000			N'000		N'000
Revenue	1	31,382	43,454		86,947				72,580
Cost of sales	2	(28,882)	(29,859)		(67,292)			(50,438)
Gross profit		2,501	13,594		19,655				22,141
Distribution expenses	3	(8,864)	(5,532)		(16,906)			(11,525)
Operating expenses	4	(35,307)		(31,985)		(67,196)			(62,740)
Other operating Income	5	12,553		11,314		27,191				21,651
Loss from operations		(29,117)	(12,609)		(37,256)			(30,473)
Finance income		-			-			-
Finance expenses	6	(4,660)		(4,044)		(9,419)			(6,000)
Net finance expenses		(4,660)	(4,044)		(9,419)			(6,000)
Loss before taxation		(33,776)		(16,653)			(46,675)				(36,473)
Tax expense		-			-			-				-
Loss for the year		(33,776)	(16,653)		(46,675)			(36,473)
Other comprehensive income
Items that will not be reclassified to profit or loss:		-			-			-				-
Items that will or may be reclassified to profit or loss:	6(d)		-				-				-					-
Total other comprehensive income			-				-				-					-
Total comprehensive loss		(33,776)	(16,653)		(46,675)			(36,473)
Loss per share(kobo)		(0.03)	(0.02)		(0.05)			(0.04)

MORISON INDUSTRIES PLC					1
STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE 2022 (UNAUDITED)
		30TH JUNE	31ST, DECEMBER
	Notes	2022			2021
Assets		N'000	N'000
Non-current assets
Property, plant and equipment	7	1,489,560			1,506,695
Leased assets		-			-
		1,489,560			1,506,695
Current assets
Inventories	8	40,682			47,323
Trade and other receivables	9	72,321			55,217
Cash and cash equivalents	10	5,487			5,422
		118,491			107,962
Total assets		1,608,051			1,614,657
Liabilities
Current liabilities					-
Borrowings	11	127,341			119,798
Trade and other payables	12	275,084			242,561
Income tax payables		857			857
		403,283			363,216
Non-current liabilities
Employees' benefit obligations	13	516			516
Deferred tax liabilities		184,163			184,163
		184,678			184,679
Total liabilities		587,961			547,895
Net assets
	1,020,090			1,066,763
Equity
Share capital	14	494,581			494,580
Share premium	15	84,477			84,477
Revenue reserve	16	(678,004)			(631,329)
		1,119,035			1,119,035
Total equity		1,020,089			1,066,763

The financial statements and accompanying notes were approved by the Board of Directors on July 26, 2022 and signed on behalf by:

TITILOYE, R. Olaniyi	OLADEJO, A. Adesoji	AYEGBO, Oluwafemi Olanrewaju
Chairman	Managing Director	Financial Controller
FRC/2013/ICAN/00000003887	FRC/2021/003/00000022832	FRC/2021/001/00000022831

MORISON INDUSTRIES PLC					3
STATEMENT OF CHANGES IN EQUITY(UNAUDITED)
FOR THE PERIOD ENDED 30 JUNE 2022
	Share	Share	Revenue	Revaluation	Total
	Capital	Premium	Reserve	Reserve	Equity
	N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2021	494,580	84,477	(537,398)	-	41,659
Comprehensive income for the period:
Loss for the period	-	-	(93,931)		(93,931)
Other comprehensive income	-	-	-	1,119,035	1,119,035
Total comprehensive income for the period	494,580	84,477	(631,329)	1,119,035	1,066,763
Transactions with owners
recorded directly in equity	-	-			-
Dividends to equity holders		-	-		-
	-
Total transactions with equity owners	-	-	-		-
Balance at 31 December 2021	494,580	84,477	(631,329)	1,119,035	1,066,763
Balance at 1 January 2022	494,580	84,477	(631,329)	1,119,035	1,066,763
Comprehensive income for the year/period
Loss for the year/period	-	-	(46,675)		(46,675)
Other comprehensive income	-	-	-		-
Total comprehensive income for the year/period	-	-	(46,675)		(46,675)
Transactions with owners, recorded
directly in equity
	-				-
Dividends to equity holders	-	-
Total transactions with equity owners	-	-	-		-
Balance at 30 June 2022	494,580	84,477	(678,004)	1,119,035	1,020,088

MORISON INDUSTRIES PLC
STATEMENT OF CASH FLOW (UNAUDITED)			4
FOR THE PERIOD ENDED 30 JUNE 2022
	JUNE	JUNE	31ST, DECEMBER
	2022	2021	2021
	N'000	N'000	N'000
Net cash flow from Operating Activities	(4,647)	(12,248)	(42,023)
Net cash flow from Investing Activities	4,711	12,977	(1,614)
Net cash flow from Financing Activities	-	-	45,857
Cash and Cash equivalent for the year	65	729	2,220
Cash and cash equivalent at the beginning of the year	5,422	3,202	3,202
Cash and cash equivalent at the end of the year/period	5,487	3,931	5,422