Northern Nigeria Flour Mills : N NIG. FLOUR MILLS PLC.- QUARTER 2 - FINANCIAL STATEMENT FOR 2024

NORTHERN NIGERIA FLOUR MILLS PLC - KANO

Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2023 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Three

	Note
Volumes (MT)
Revenue
Cost of sales	1
Gross profit/(Loss)
Other Operating Income	2
Selling and distribution expenses	3
Administrative expenses	4
Operating profit/(Loss)
Investment income
Finance cost	5

Profit/(Loss) before tax

Tax expense

Profit/(Loss) after tax

Profit/(Loss) attributable to:

Owners of the Company

Six Months		Six Months		Three Months		Months
Ended		Ended		Ended		Ended
30-09-23	30-09-22	30-09-23	30-09-22
N'000		N'000		N'000		N'000
23,545	17,621	13,031	7,840
13,139,679	8,240,110	7,028,276	3,849,248
(11,556,655)		(7,472,187)		(6,068,409)		(3,425,095)
1,583,024	767,923	959,867	424,153
17,367	29,687	8,888	20,443
(178,642)	(93,322)	(171,552)	(48,760)
(441,258)		(477,374)		(257,714)		(353,163)
980,491	226,914	539,489	42,673
264	507	115	142
(15,074)		(30,717)		(6,661)		(14,684)
965,682	196,704	532,944	28,131
965,682	196,704	532,944	28,131
965,682		196,704		532,944		28,131
965,682	196,704	532,944	28,131

Earnings per Share - Basic (Kobo)

542

110

299

16

MR ADRIAN NAIDOO	EMMANUEL N ODIGIE
Managing Director	Chief Financial Officer
FRC/2023/POR/DIR/071/023658	FRC/2013/ICAN/00000004286

October 10th, 2023

Explanatory Notes:

Management has been able to maintain the profit making strides of the Company up to the second quarter of the year with increased turnover and revenues. This trend is expected to continue within the rest of the year.

Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2023 STATEMENT OF FINANCIAL POSITION

		30-Sep-23		30-Sep-22		31-Mar-23
	Note	N'000		N'000		N'000
Non-current assets
Property, plant and equipment		7,489,049	3,793,179	7,566,959
Deffered tax assets			5,815
Prepayments/Investments in associates		49,853	-	49,853
Total non-current assets		7,538,902	3,798,994	7,616,812
Current assets
Inventories	6	3,088,605	7,738,074	7,645,092
Trade receivables	7a	598,385	99,596	668,456
Other receivables	7c	29,731	65,174	133,787
Prepayments	7b	887,921	29,803	1,525
Due from related companies	7c	568,786	61,698	-
Cash and deposits		2,075,164	631,654	1,762,162
Total current assets		7,248,591	8,626,000	10,211,022
Total assets		14,787,493	12,424,994	17,827,834
Equity
Share capital		89,100	89,100	89,100
Share premium account		89,521	89,521	89,521
Fixed Assets Revaluation Reserve		5,046,057	1,566,005	5,046,057
Retained earnings		2,238,636	1,249,240	1,354,889
Total equity		7,463,315	2,993,865	6,579,567
Non-current liabilities
Borrowings	8	-	156,118	49,219
Retirement benefit obligation	10	246,291	215,505	199,916
Long service award	11	44,434	34,367	39,857
Deferred Revenue	15	-	4,985	616
Deferred tax (asset)/Liability	9	762,672	207,385	762,672
Total non-current liabities		1,053,397	618,359	1,052,280
Current liabilities
Borrowings	8	131,122	165,141	164,787
Trade payables	12,13 & 15	5,570,947	8,593,629	9,813,216
Dividend payables	13	28,758			37,070
Current tax payable	13	7,923	(7,847)	95,338
Customer deposits	14	532,033	61,847	85,576
Total current liabilities		6,270,782	8,812,769	10,195,987
Total liabilities		7,324,178	9,431,128	11,248,267
Total equity and liabilities		14,787,493		12,424,994		17,827,834

NORTHERN NIGERIA FLOUR MILLS PLC

STATEMENT OF CHANGES IN EQUITY

Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2023

			Equity attributable to equity holders of the Company
	Share Capital	Share premium	Revaluation	Non controlling		Retained	Total Equity
	reserve	interest		Earnings
	N'000		N'000	N'000	N'000		N'000	N'000
Balance at 1 April 2022	89100	89521	1566005		0	1109843	2854469
								0
Transfer from total comprehensive income for the period						183947	183947
Dividend Paid						-44550	-44550
Balance at 30th September 2022	89100	89521	1566005		0	1249240	2993866
Balance As At 1 April 2023	89100	89521	5046057		0	1354889	6579567
								0
Transfer from total comprehensive income for the period						946117	946117
Dividend Paid						-62370	-62370
Balance As At 30th September 2023	89100	89521	5046057		0	2238636	7463314

Northern Nigeria Flour Mills Plc
Q2 Unaudited Statement of Cash Flows September 2023
Statement of Cash Flows
	30-09-2023		31-Mar-23
	N'000		N '000
Cash flows from operating activities
(Loss)/profit before taxation	965,682	462,061
Adjustments for:
Depreciation of property, plant and equipment	159,740	295,551
Profit on sale of assets	-	(4,800)
Losses on disposals of assets		37,403
Interest Income		(4,109)
Finance costs	15,074	27,683
Provision for retirement benefit	46,375	14,066
(Credit)/provision for long service award	4,577	39,818
Write-off of property, plant and equipment	-	6,941
Gain on foreign exchange transactions	-	-
Minimum tax	-	82,013
Changes in working capital:
Inventories	4,556,487	592,832
Trade and other receivables	(394,659)	(519,972)
Prepayments	(886,396)	(90,913)
Investment	(0)	(4,925)
Trade and other payables	(4,247,269)	407,983
Deferred income	5,000	(26,495)
Customer deposits	446,457	870
Dividend payable	(8,312)		-
	662,754	1,316,007
Tax paid	(87,415)	(77,683)
Value added tax paid	-	-
Retirement benefit paid	-	(7,753)
Long service award benefit paid	-		(3,911)
Net cash used in operating activities	575,339	1,226,660
Cash flows from investing activities
Purchase of property, plant and equipment	(81,830)	(185,290)
Sale of property, plant and equipment	-	4,800
Liquidation of Investment	-		545
Net cash used in investing activities	(81,830)	(179,945)
Cash flows from financing activities
Proceeds from borrowings	-	-
Repayment of borrowings	(83,500)	(173,768)
Interest Paid on borrowings	(97,008)	(31,800)
Monitoring and guarantee fees	-	(1,741)
Dividend paid			(39,767)
Net cash generated from financing activities	(180,508)		(247,076)
Net cash inflow for the year	313,001	799,639
Cash and cash equivalents at the beginning of the year	1762162	962523
Cash and cash equivalents at end of period	2075163	1762162

NORTHERN NIGERIA FLOUR MILLS PLC - KANO
Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2023
PROPERTY PLANT AND EQUIPMENT
	Land Residential	Building Residential	Plant & machinery	Furniture	Wheat Truck	Motor Vehicle	CAPILALIZED	Capital WIP	TOTAL
								SPARES
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Balance As At 1 April 2023			319,232	3,193,394	181,902	345,131	60,296	68,391	94,452
	5,628,000		9,890,798
Additions									99,595	99,595
Transfer						-		(17,573)		(17,573)
Reclassification										-
Disposals				-						-
Adjustments									-	-
Balance As At 30th
September 2023	5,628,000		319,232	3,193,394	181,902	345,131	60,296	50,818	194,047	9,972,820
DEPRECIATION:
Balance As At 1 April 2023	-		54,681	1,830,116	128,870	267,729	42,563			2,323,958
Charge for the period	-		5,046	109,739	31,040	10,991	2,997			159,813
Adjustment										-
Eliminated by disposal										-
Adjustments										-
Balance As At 30th
September 2023	-		59,727	1,939,854	159,909	278,720	45,559	-	-	2,483,771
Net Book Value
Balance As At 30th
September 2023	5,628,000		259,506	1,253,539	21,993	66,411	14,737	50,818	194,047	7,489,049

NORTHERN NIGERIA FLOUR MILLS PLC	- KANO
Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2023
NOTES:		30-Sep-23		30-Sep-22
1 COST OF SALES		N'000		N'000
	Material costs		10,830,613		6,724,421
	Depreciation		148,458		128,116
	Direct staff costs		152,452		109,602
	Other expenses		17,202		29,334
	Rent & rates		(22,536)		2,504
	Insurance		16,813		9,154
	Petrol, gas & oil		331,292		409,216
	Repairs and maintenance		82,362		59,840
			11,556,655		7,472,187

2 OTHER GAINS & LOSSES	N'000		N'000
Management fees	-		-
Rent income	2,758		2,100.00
Insurance claims/Provision no longer required	-		3,788.74
Income on government grant	3,638		15,568.08
Intragroup (Subsidy income, expenses, Technical fee, service provided)	-		-
Sundry income	9,813		8,168.92
Profit / Loss on disposal of assets	-		-
Exchange gain/loss	-		-
Wheat handling charges	1,158		61.69
	17,367		29,687
3 SELLING & DISTRIBUTION EXPENSES
	N'000		N'000
Employee cost	15,345		11,570
Advertisement	27,926		15,635
Selling expenses	135,371		66,117
	178,642		93,322
4 ADMINISTRATIVE EXPENSES
	N'000		N'000
Advertising	-		-
Auditors remuneration	10,596		8,531
Bad debts	-		154,196
Bank charges	9,870		10,319
Cleaning	5,503		450
Consulting and professional fees	-		-
Depreciation, amortisation & impairments	11,282		9,578
Donations	1,015		150
Employee costs	199,037		112,154
Entertainment	5,717		3,101
Fines and penalties	15,347		10,934
IT expenses	30,225		29,546

	Insurance	1,222		1,270
	Magazines, books & periodicals	1,843		949
	Medical expenses	1,932		2,644
	Motor vehicle expenses	-		-
	Third party -deductible	(381)		5,059
	Rent & Rate	3,095		1565.20539
	Petrol & oil	27,957		2,473
	Placement fees	-		0
	Postage	58		289
	Printing & stationery	-		-
	Repairs & maintenance	12,591		15,724
	Research & development costs	-		-
	Secretarial expenses	24,179		22,506
	Security	-		-
	Software expenses	-		-
	Subscriptions	-		-
	Telephone & fax	-		-
	Travel -local	2,732		2,244
	Travel -overseas	-		-
	Other expenses	37,325		44,839
	Group overhead allocation	40,111		38,852
	Total administration expenses	441,258		477,374
5
	FINANCE COSTS	N'000		N'000
	Interest on Long Term Loans (BOI)	(15,074)		(30,717)
		-		-
		-		-
		(15,074)		(30,717)

NORTHERN NIGERIA FLOUR MILLS PLC	- KANO
NOTES TO Q2 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2023
NOTES:			30-Sep-23		30-Sep-22
6	INVENTORIES		N'000		N'000
	Raw materials		2,264,565		6,636,780
	Packaging materials (consumable)		264,538		215,368
	Work in Progress		160,433		-
	Finished goods		164,454		601,260
	Consumables		4,872		4,882
	Spare parts (consumable)		89,082		49,659
	Sundry stocks(consumable)		140,590		230,127
	Provision for obsolete stock		72		(2)
			3,088,605		7,738,074
	Goods - in - transit (consumable)		-		-
			3,088,605		7,738,074
7a	TRADE AND OTHER RECEIVABLES		N'000		N'000
	TRADE RECEIVABLES
	Trade Debtors		656,514		375,381
	Provision for bad debts		(58,129)		(275,785)
			598,385		99,596
7b	Prepayments		N'000		N'000
	Prepayments		887,921		29,803
			887,921		29,803
7c	OTHER RECEIVABLES
			N'000		N'000
	Staff debtors		17,951		14,075
	Provision for doubtful Staff loan		(1,020)		(3,386)
	Insurance claims		-		-
	Withholding tax receivable		-		-
	Dividend receivable		(0)		(0)
	Other debtors		12,800		54,486
	Provision for other receivables		-		-
	Intercompany receivables		568,786		61,698
	Provision Intercompany receivables		-		-
	Investment - (Unclaimed Dividend)		-		-
	Intercompany receivables		-		-