NESTLE NIGERIA : QUARTER 3 - FINANCIAL STATEMENT FOR 2021

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

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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: [phone]
Independent Auditors:	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. 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

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					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%

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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.

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