NESTLE NIGERIA : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

Nestlé Nigeria Plc

Unaudited Financial Statements

for the period ended 31 March 2023

Nestlé Nigeria Plc

Unaudited Financial Statements

for the period ended 31 March 2023

Contents

	Page
Directors and Other Corporate Information	3
Financial Highlights	4
Directors' Report	5
Statement of Directors' Responsibilities in relation to the preparation of financial statements	13
Statement of Profit or Loss and Other 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

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Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 31 March 2023

Directors' and other Corporate Information

Board of Directors:	Mr. David Ifezulike		Chairman
	Mr.Wassim Elhusseini (Lebanese)	Managing Director/Chief Executive
	Mr. Sarmad Saleem (Pakistani)		Finance & Control Director
	Mr. Ibukun-olu Ipinmoye		Executive Director
	Mr. Mauricio Alarcon (Mexican)	Non-Executive Director
	Mr. Martin Kruegel (German)	- From 01/02/2023	Non-Executive Director
	Mr. Ricardo Chavez (Mexican)	- Up to 31/01/2023
	Non-Executive Director
	Mr. Gbenga Oyebode		Independent Non-Executive Director
	Ms. Juliet Ehimuan		Independent Non-Executive Director
		Independent Non-Executive Director
	Mrs Adebisi Lamikanra
Company Secretary/
Legal Adviser	Mr. Bode Ayeku
Registered Office:	22-24 Industrial Avenue
	Ilupeju, Lagos
	Tel: 01 - 2798184, 2798188, 2790707
Registrar:	Greenwich Registrars & Data Solutions Limited
	274 Murtala Muhammed Way
	Alagomeji, Yaba, Lagos

Tel: [phone]

Independent Audito Ernst & Young

10th & 13th floors, UBA House 57 Marina

Lagos, Nigeria

	Tel: [phone]
Members of the	Mr. Matthew Akinlade	Chairman
Audit Committee	Alhaji Kazeem Owonikoko Bello	Shareholders' Representative
	Mr. Christopher Nwaguru	Shareholders' Representative
	Mr. Gbenga Oyebode	Directors' Representative
	Mrs. Adebisi Lamikanra	Directors' Representative

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Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 31 March 2023

Financial Highlights

In thousands of naira	2023	2022		Increase/
					(decrease) %
Revenue	127,970,319	110,225,400	16%
Profit before income tax	24,903,313	27,851,989	-11%
Profit for the period	16,209,188	17,980,068	-10%
Declared dividend	-	-
Share capital	396,328	396,328	0%
Total equity	46,436,780	39,273,735	18%

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Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 31 March 2023

Directors' Report

1. Financial Statements
   The directors present their Unaudited financial statement on the affairs of Nestlé Nigeria Plc ("the Company") for the period ended 31 March 2023
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:

	2023	2022
	N'000	N'000
Revenue	127,970,319	110,225,400
Results from operating activities	28,652,723	26,402,653
Profit before income tax	24,903,313	27,851,989
Profit for the period	16,209,188	17,980,068
Total comprehensive income for the period	16,209,188	17,980,068

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4 Directors and Their Interests

1. The directors who served during the period and their interests in the shares of the Company at the year end were as follows:

		Interest in the Ordinary Shares of the
		Company
		2023	2022
Mr. David Ifezulike	- Chairman	56,255	56,255
Mr. Wassim Elhusseini (Lebanese)	- MD/CEO	Nil	Nil
Mr. Sarmad Saleem (Paskitani)		Nil	Nil
Mr Ibukun-olu Ipinmoye		2,328*	2,328*
Mr. Mauricio Alarcon (Mexican)		Nil	Nil
Mr. Ricardo Chavez (Mexican)	Up to 31/01/2023	Nil	Nil
Mr. Martin Kruegel (German)	From 01/02/2023	Nil	Nil
Mr. Gbenga Oyebode		Nil	Nil
Ms. Juliet Ehimuan		2,146	2,146
Mrs Adebisi Lamikanra		Nil	Nil

*Out of the 2,328 shares of Nestle Nigeria Plc held by Mr. Ibukun-olu Ipinmoye, 2,250 shares are managed on his behalf by FBN

1. 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.
2. 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.

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