NESTLE NIGERIA : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

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: [phone]

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

Lagos, Nigeria

Tel: [phone]

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