Nestlé Nigeria Plc

Unaudited Financial Statements

for the period ended 30 June 2022

Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 June 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

16

Statement of Changes in Equity

17

Statement of Cash Flows

18

Notes to the Financial Statements

19

13

2

Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 June 2022

Board of Directors:

Mr. David Ifezulike

Chairman

Mr.Wassim Elhusseini (Lebanese)

Managing Director/Chief Executive Officer

Mr. Sarmad Saleem (Pakistani)

Finance & Control Director

Mr. Ibukun-Olu Ipinmoye

Executive Director

Mr. Ricardo Chavez (Mexican)

Non-Executive Director

Mr. Mauricio Alarcon (Mexican)

Non-Executive Director

Mr. Gbenga Oyebode

Independent Non-Executive Director

Ms. Juliet Ehimuan

Independent Non-Executive Director

Mrs. Adebisi Lamikanra

Independent Non-Executive Director

Company Secretary/

Legal Adviser

Mr. Bode Ayeku

Registered Office:

22-24 Industrial Avenue

Ilupeju, Lagos

Tel: 01 - 2798184, 2798188, 2790707

Registrars:

Greenwich Registrars & Data Solutions Limited

274 Murtala Muhammed Way

Alagomeji, Yaba, Lagos

Tel: 01- 5803369, 5451399, 5803367

Independent Auditors:

Members of the

Audit Committee

Ernst & Young

10th & 13th floors, UBA House 57 Marina

Lagos, Nigeria

Tel: +234(1)6314500

Mr. Matthew Akinlade

Chairman

Alhaji Kazeem Owonikoko Bello

Shareholders' Representative

Mr. Christopher Nwaguru

Shareholders' Representative

Mr. Gbenga Oyebode

Directors' Representative

Mrs. Adebisi Lamikanra

Directors' Representative

3

Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 June 2022

Financial Highlights

In thousands of naira

2022

2021

Increase/

(decrease) %

Revenue

222,450,780

171,439,748

30%

Profit before income tax

43,739,909

33,378,912

31%

Profit for the period

27,751,035

21,731,665

28%

Declared dividend

20,212,735

28,139,297

-28%

Share capital

396,328

396,328

0%

Total equity

28,849,116

22,839,400

26%

4

Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 June 2022

Directors' Report

  1. Financial Statements
    The directors present their report on the affairs of Nestlé Nigeria Plc ("the Company"), together with the unaudited financial statements for the period ended 30 June 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

222,450,780

171,439,748

Results from operating activities

43,739,909

36,328,952

Profit before income tax

43,739,909

33,378,912

Profit for the period

27,751,035

21,731,665

Total comprehensive income for the period

27,751,035

21,731,665

4 Directors and Their Interests

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

Interest in the Ordinary Shares of the Company

2022

2021

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)

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 Ipinmoye, 2,328 shares are managed on his behalf by FBN Quest Trustees Limited. Mr. Ipinmoye has 274 RSUP options of Nestle S.A. Switzerland

  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. Information relating to this share based payment scheme is disclosed in Note 15 (c) to the financial statements.

5

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Nestlé Nigeria plc published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 11:27:09 UTC.