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    NESTLE   NGNESTLE0006

NESTLÉ NIGERIA PLC

(NESTLE)
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NESTLE NIGERIA : QUARTER 3 - FINANCIAL STATEMENT FOR 2021

10/25/2021 | 10:34am EST

Nestlé Nigeria Plc

Unaudited Financial Statements

for the period ended 30 September 2021

Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 September 2021

Contents

Page

Corporate Information

3

Financial Highlights

4

Directors' Report

5

Statement of Directors' Responsibilities

15

Statement of Profit or loss and Comprehensive Income

16

Statement of Financial Position

17

Statement of Changes in Equity

18

Statement of Cash Flows

19

Notes to the Financial Statements

20

13

Page 2

Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 September 2021

Board of Directors:

Mr. David Ifezulike

Chairman

Mr.Wassim Elhusseini (Lebanese)

Managing Director/Chief Executive Officer

Mr. Jagdish Singla (Indian)

Finance & Control Director

Mr Ibukun Ipinmoye - (Appointed 1st August 2021)

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 - (Appointed 1st August 2021)

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:

Ernst & Young

10th & 13th floors, UBA House

57 Marina

Lagos, Nigeria

Tel: +234(1)6314500

Members of the

Mr. Matthew Akinlade

Chairman

Audit Committee

Alhaji Kazeem Owonikoko Bello

Shareholders' Representative

Mr. Christopher Nwaguru

Shareholders' Representative

Mr. Ricardo Chavez (Mexican) Up to 22/06/2021

Directors' Representative

Mr. Gbenga Oyebode

Directors' Representative

Ms. Juliet Ehimuan Up to 31/07/2021

Directors' Representative

Mrs. Adebisi Lamikanra From 01/08/2021

Directors' Representative

Page 3

Nestlé Nigeria Plc

Unaudited Financial Statements

for the period ended 30 September 2021

Financial Highlights

In thousands of naira

2021

2020

Increase/

(decrease) %

Revenue

261,591,053

212,732,719

23%

Profit before income tax

51,584,238

49,261,604

5%

Profit for the period

33,584,476

31,937,598

5%

Declared dividend

28,139,297

35,669,531

-21%

Share capital

396,328

396,328

0%

Total equity

34,719,900

41,811,559

-17%

Page 4

Nestlé Nigeria Plc Unaudited Financial Statements for the period ended 30 September 2021

  1. Financial Statements
    The directors present their report on the affairs of Nestlé Nigeria Plc ("the Company"), together with the financial statements for the period ended 30 September 2021.
  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:

2021

2020

N'000

N'000

Revenue

261,591,053

212,732,719

Results from operating activities

56,121,516

50,185,260

Profit before income tax

51,584,238

49,261,604

Profit for the period

33,584,476

31,937,598

Total comprehensive income for the period

33,584,476

31,937,598

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

2021

2020

Mr. David Ifezulike

- Chairman

56,255

56,255

Mr. Wassim Elhusseini

- MD/CEO

Nil

Nil

Mr. Jagdish Singla (Indian)

Nil

Nil

Mr. Ibukun Ipinmoye - (Appointed 1st August 2021)

78

Nil

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 - (Appointed 1st August 2021)

Nil

Nil

  1. Mr. Gbenga Oyebode is the Chairman of CFAO Nigeria Plc, one of our vehicle suppliers. In accordance with Section 277 of the Companies and Allied Matters Act of Nigeria, he has notified the Company of his position with CFAO Nigeria Plc.
  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 15c to the financial statements.

5 Analysis of Shareholdings

Number of

Number of

shareholders

%

shares

%

1

-

5,000

26,881

89.66

20,943,154

2.64

5,001

-

10,000

1,552

5.18

10,617,096

1.34

10,001

-

50,000

1,216

4.06

24,327,812

3.07

50,001

-

100,000

140

0.47

9,647,164

1.22

100,001

-

500,000

123

0.41

24,891,710

3.14

500,001

-

1,000,000

26

0.09

19,081,753

2.41

1,000,001

-

5,000,000

30

0.10

59,373,828

7.49

5,000,001

10,000,000

7

0.02

45,093,774

5.69

10,000,001

and above

3

0.01

39,504,981

4.98

29,978

99.99

253,481,272

31.98

Nestlé S.A, Switzerland *

1

0.00

14,615,523

1.84

Societe Des Produits Nestlé S.A

1

0.00

524,559,457

66.18

29,980

100

792,656,252

100

*

Apart from Societe Des Produits Nestlé S.A, Switzerland, with 524,559,457 ordinary shares (representing 66.18%) and Stanbic IBTC Nominees Limited with 5.59%, no other shareholder held 5% or more of the paid-up capital of the Company as at 30 September 2021.

  • We hereby confirm that the free float of the Company is in compliance with The Nigerian Stock Exchange's free float requirements of the Main Board on which Nestle Nigeria Plc is listed

6 Property, plant and equipment

Information relating to changes in property, plant and equipment is disclosed in Note 9 to the financial statements.

Page 5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Nestlé Nigeria plc published this content on 25 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2021 14:33:14 UTC.


© Publicnow 2021
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Sales 2021 333 B 803 M 803 M
Net income 2021 43 947 M 106 M 106 M
Net cash 2021 58 146 M 140 M 140 M
P/E ratio 2021 26,0x
Yield 2021 3,97%
Capitalization 1 137 B 2 737 M 2 740 M
EV / Sales 2021 3,24x
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Nbr of Employees 2 272
Free-Float 33,5%
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