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NESTLÉ NIGERIA PLC

(NESTLE)
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End-of-day quote Nigerian Stock Exchange  -  2022-06-26
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NESTLE NIGERIA : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

04/29/2022 | 08:05am EDT

Nestlé Nigeria Plc

Unaudited Financial Statements for the period ended 31 March 2022

Nestlé Nigeria Plc

Unaudited Financial Statements

for the period ended 31 March 2022

Contents

Page

Corporate Information

3

Financial Highlights

4

Directors' Report

5

Statement of Directors' Responsibilities

13

Statement of Profit or loss and Comprehensive Income

14

Statement of Financial Position

15

Statement of Changes in Equity

16

Statement of Cash Flows

17

Notes to the Financial Statements

18

13

2

Nestlé Nigeria Plc

Unaudited Financial Statements for the period ended 31 March 2022

Directors' and other Corporate Information

Board of Directors:

Mr. David Ifezulike

Mr.Wassim Elhusseini (Lebanese) Mr. Jagdish Singla (Indian)

Mr. Ibukun-olu Ipinmoye

Mr. Mauricio Alarcon (Mexican) Mr. Ricardo Chavez (Mexican) Mr. Gbenga Oyebode

Ms. Juliet Ehimuan Mrs Adebisi LamikanraChairman

Managing Director/Chief Executive Officer Finance & Control Director

Executive Director Non-Executive Director Non-Executive Director

Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director

Company Secretary/ Legal Adviser

Mr. Bode Ayeku

Registered Office:Registrar:Independent Auditor:Members of the Audit Committee

22-24 Industrial Avenue Ilupeju, Lagos

Tel: 01 - 2798184, 2798188, 2790707

Greenwich Registrars & Data Solutions Limited 274 Murtala Muhammed Way

Alagomeji, Yaba, Lagos

Tel: 01- 5803369, 5451399, 5803367

Ernst & Young 10th & 13th floors, UBA House 57 Marina

Lagos, Nigeria

Tel: +234(1)6314500

Mr. Matthew Akinlade

Alhaji Kazeem Owonikoko Bello Mr. Christopher Nwaguru

Mr. Gbenga Oyebode Mrs. Adebisi LamikanraChairman

Shareholders' Representative Shareholders' Representative Directors' Representative Directors' Representative

3

Nestlé Nigeria Plc

Unaudited Financial Statements for the period ended 31 March 2022

Financial Highlights

In thousands of naira

2022

2021

Increase/

(decrease) %

Revenue

110,225,400

87,257,701

26%

Profit before income tax

27,851,988

19,002,431

47%

Profit for the period

17,980,068

12,400,001

45%

Declared dividend

-

-

Share capital

396,328

396,328

0%

Total equity

39,273,735

41,616,970

-6%

4

Nestlé Nigeria Plc

Unaudited Financial Statements for the period ended 31 March 2022

Directors' Report

  • 1 Financial Statements

    The directors present their annual report on the affairs of Nestlé Nigeria Plc ("the Company"), together with the financial statements and independent auditor's report for the year ended 31 March 2022.

  • 2 Principal Activities

    The principal activities of the Company continue to be the manufacturing, marketing and distribution of food products including purified water throughout the country. The Company also exports some of its products to other countries within and outside Africa.

  • 3 Operating Results

    The following is a summary of the Company's operating results:

2022

2021

N'000

N'000

Revenue

110,225,400

87,257,701

Results from operating activities

26,402,653

20,314,212

Profit before income tax

27,851,989

19,002,431

Profit for the year

17,980,068

12,400,001

Total comprehensive income for the year

17,980,068

12,400,001

4 Directors and Their Interests

(a) The directors who served during the year and their interests in the shares of the Company at the year end were as follows:

Interest in the Ordinary Shares of the Company

Mr. Gbenga Oyebode

Ms. Juliet Ehimuan

Mrs Adebisi Lamikanra

Mr. David Ifezulike

2022

2021

56,255

56,255

Mr. Wassim Elhusseini

Nil

Nil

Mr. Jagdish Singla (Indian)

Nil

Nil

Mr Ibukun-olu Ipinmoye

2,328*

2,328*

Mr. Mauricio Alarcon (Mexican)

Nil

Nil

Mr. Ricardo Chavez (Mexican)

Nil

Nil

Nil

Nil

2,146

2,146

Nil

Nil

- Chairman

- MD/CEO

*Out of the 2,328 shares of Nestle Nigeria Plc held by Mr. Ibukun Ipinmoye, 2,328 shares are managed on his behalf by FBN Quest Trustees Limited.

(b)

Mr. Gbenga Oyebode is the Chairman of CFAO Nigeria Plc, one of our vehicle suppliers.Mrs. Adebisi Lamikanra is a director of Standard Chartered Bank,one of our bankers. In accordance with Section 303 of the Companies and Allied Matters Act of Nigeria, they have notified the Company of their position with CFAO Nigeria Plc and Standard Chartered Bank respectively.

(c)

No share options were granted to the directors by Nestlé Nigeria Plc. However, Nestlé S. A., the ultimate parent company has a share based payment scheme offered to certain key management personnel including certain directors of the Company. Information relating to this share based payment scheme is disclosed in Note 15 (c) to the financial statements.

5

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Disclaimer

Nestlé Nigeria plc published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 12:04:35 UTC.


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Sales 2022 431 B 1 039 M 1 039 M
Net income 2022 53 765 M 129 M 129 M
Net cash 2022 33 470 M 80,6 M 80,6 M
P/E ratio 2022 21,0x
Yield 2022 4,63%
Capitalization 1 110 B 2 673 M 2 673 M
EV / Sales 2022 2,50x
EV / Sales 2023 2,23x
Nbr of Employees 2 288
Free-Float 30,7%
Chart NESTLÉ NIGERIA PLC
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TrendsBearishBearishNeutral
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Last Close Price 1 400,00 NGN
Average target price 1 675,05 NGN
Spread / Average Target 19,6%
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Wassim Elhusseini Chief Executive Officer, MD & Director
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