NOTORE CHEMICAL INDUSTRIES : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

RC: 640303

NOTORE CHEMICAL INDUSTRIES PLC UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2023

NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2023

	Page
Financial statements
Consolidated and separate statements of financial position	1
Consolidated and separate statements of profit or loss and other comprehensive income	2
Consolidated and separate statements of cash flows	4
Consolidated and separate statements of changes in equity	5
Notes to the financial statements	7

NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION

AS AT 31 MARCH 2023

(All amounts are in thousands of Naira, unless otherwise stated)

Group

Company

Notes

31 Mar 2023

31 Dec 2022

31 Mar 2023

31 Dec 2022

		N'000	N'000	N'000	N'000
Non-current assets
Property, plant and equipment	14	186,575,377	187,632,461	186,575,375	187,632,460
Right of use assets	15	202,427	227,001	202,427	227,001
Investment property	16	75,188,008	75,161,244	75,161,244	75,161,244
Investments in subsidiaries	27	-	-	50,255	50,255
Total non-current assets		261,965,812	263,020,706	261,989,301	263,070,960
Current assets
Inventories	18	9,449,184	9,732,537	9,403,712	9,688,013
Trade and other receivables	19a	1,583,648	1,851,217	2,501,761	2,865,035
EEG Receivable	19b	4,036,546	4,036,546	4,036,546	4,036,546
Cash at bank and in hand	20	1,077,778	570,161	880,896	462,672
Total current assets		16,147,156	16,190,461	16,822,915	17,052,266
Total assets		278,112,968	279,211,167	278,812,216	280,123,226
Equity
Ordinary shares	21	806,033	806,033	806,033	806,033
Share premium		27,995,916	27,995,916	27,995,916	27,995,916
Asset revaluation reserves		86,584,932	86,584,932	86,584,932	86,584,932
Accumulated losses	22	(46,860,384)	(38,928,014)	(46,186,272)	(38,202,884)
Treasury shares reserve		(1,080,831)	(1,080,831)	(1,080,831)	(1,080,831)
Total equity		67,445,666	75,378,036	68,119,778	76,103,166
Liabilities
Non-current liabilities
Borrowings	24a	108,315,813	109,760,326	108,315,813	109,760,326
Employee benefit obligation	23	2,104,425	2,048,125	2,104,425	2,048,125
Grant liability	24b	1,091,053	1,270,430	1,091,053	1,270,430
Deferred tax liability	12a	2,373,578	2,373,579	2,373,578	2,373,579
Total non-current liabilities		113,884,869	115,452,460	113,884,869	115,452,460
Current liabilities
Borrowings	24a	40,167,726	32,619,809	40,167,726	32,619,809
Lease liability	15(b)	209,371	202,722	209,371	202,722
Trade and other payables	25	55,474,773	54,627,577	55,499,909	54,814,506
Grant liability	24b	717,508	717,508	717,508	717,508
Current tax liabilities	12	213,055	213,055	213,055	213,055
Total current liabilities		96,782,433	88,380,671	96,807,569	88,567,600
Total liabilities		210,667,302	203,833,131	210,692,438	204,020,060
Total equity and liabilities		278,112,968	279,211,167	278,812,216	280,123,226

The financial statements on pages were approved and authorised for issue by the board of directors on 28th April 2023 and signed on its behalf by:

Mr. Ohis Ohiwerei		Mr. Onajite P. Okoloko		Ms. Chekwubechukwu Onianwa
Managing Director/CEO		Director		Chief Financial Officer
FRC/2017/CIBN/00000016412		FRC/2014/NIM/00000007662		FRC/2022/PRO/ICAN/001/704370

The notes on pages 6 to 30 are an integral part of these financial statements.

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NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2023

(All amounts are in thousands of Naira, unless otherwise stated)

Group

Company

Notes

Three months	Three months	Three months	Three months
31 Mar 2023	31 Mar 2022	31 Mar 2023	31 Mar 2022
N'000	N'000	N'000	N'000

Revenue from contracts with customers	7	4,101,183	16,383,401	3,875,815	16,074,804
Cost of sales	8	(4,384,368)	(9,978,691)	(4,291,825)	(9,793,303)
GrossProfit/(loss)		(283,185)	6,404,710	(416,010)	6,281,501
Administrative expenses	9	(1,583,054)	(1,673,953)	(1,503,519)	(1,535,251)
Selling and distribution expenses	9b	(27,470)	(97,688)	(25,198)	(89,788)
Other income	10	180,012	1,041,864	180,012	1,041,864
Operating income/(loss)		(1,713,697)	5,674,933	(1,764,715)	5,698,326
Finance income	11a	122	-	122	-
Finance cost	11b	(6,218,795)	(4,117,310)	(6,218,795)	(4,117,310)
Finance costs - (net)	11	(6,218,673)	(4,117,310)	(6,218,673)	(4,117,310)
Loss before income tax		(7,932,370)	1,557,623	(7,983,388)	1,581,016
Income tax	12	-		-	-
Loss for the period		(7,932,370)	1,557,623	(7,983,388)	1,581,016
Other comprehensive income:
Items that will not be reclassified to profit or loss
Total items that will not be reclassified to profit or loss		-	-	-	-
Items that may be subsequently reclassified to profit or loss
Currency translation difference		-	-	-	-
Total items that may be reclassified to profit or loss		-	-	-	-
Other comprehensive income for the period-
net of tax		-	-	-	-
Total comprehensive profit/(loss) for the period		(7,932,370)	1,557,623	(7,983,388)	1,581,016
Total comprehensive profit/(loss) for the period attributable to:
Equity holders of the parent company		(7,932,370)	1,557,623	(7,983,388)	1,581,016
Non controlling interest		-	-	-	-
Earnings per share for loss attributable to the equity
holders of the company
Basic EPS (Naira)	13	(4.92)	0.97	(4.95)	0.98

The notes on pages 6 to 30 are an integral part of these financial statements.

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NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2023

(All amounts are in thousands of Naira, unless otherwise stated)

Notes

Group		Company
Three months		Three months	Three months	Three months
31 Mar 2023		31 Mar 2022	31 Mar 2023	31 Mar 2022
N'000	N'000	N'000	N'000

Cash flows from operating activities:
		(7,932,370)	1,557,623	(7,983,388)	1,581,016
Loss on ordinary activities before taxation
Adjustments for :
Depreciation	14	1,769,792	1,774,881	1,769,792	1,774,881
Depreciation of right of use assets	15	24,574	21,769	24,574	21,769
Interest expense on leases	15(b)	6,649	-	6,649	-
Current service cost and interest on gratuity	23	113,738	113,738	113,738	113,738
Grant income	10	(179,377)	(271,019)	(179,377)	(271,019)
Interest accrued	24a	-	1,507,460	-	1,507,460
Net adjustments for non-cash items		1,735,376	3,146,829	1,735,376	3,146,829
Adjustments for non-operating cash flow items:
Interest received	11	(122)	-	(122)	-
Interest expense	11	6,212,146	4,117,310	6,212,146	4,117,310
Net adjustments for non-operating cash flow items		6,212,024	4,117,310	6,212,024	4,117,310
Changes in working capital:
		283,353	1,928,320	284,301	1,920,024
(Increase)/decrease in inventories
decrease/(increase) in trade and other receivables		267,569	(3,489,628)	363,274	(3,431,461)
Increase in trade and other payables		847,196	4,193,467	685,403	4,208,913
Cash generated from operating activities		1,413,147	11,453,920	1,296,990	11,542,631
Gratuity paid	23	(57,437)	(40,790)	(57,437)	(40,790)
Income taxes paid	12	-	-	-	-
Net cash generated from operating activities		1,355,708	11,413,130	1,239,553	11,501,841
Cash flows from investing activities:
Purchases of property, plant and equipment	14	(712,704)	(976,553)	(712,704)	(976,553)
Addition to right of use		-	-	-	(94,653)
Addition to investment property		(26,764)	(94,653)	-	-
Interest received	11	122	-	122
Net cash used in investing activities		(739,346)	(1,071,206)	(712,582)	(1,071,206)
Cash flows from financing activities:
Proceeds from borrowings	24a	-	-	-	-
Addition to lease liability		-		-	-
Repayments of borrowings	24a	-	(4,609,012)	-	(4,609,012)
Principal elements of lease payments		-	-	-	-
Refinancing of loan repayment maturities	24a	5,733,763	2,708,532	5,733,763	2,708,532
Interest paid	11	(6,212,146)	(4,117,310)	(6,212,146)	(4,117,310)
Net cash (used in)/generated from financing activities		(478,383)	(6,017,790)	(478,383)	(6,017,791)
Net increase/ (decrease)in cash and cash equivalents		137,976	4,324,133	48,585	4,412,844
Cash and cash equivalents at beginning of period		(1,106,911)	(2,264,577)	(1,214,401)	(2,399,581)
Cash and cash equivalents at end of period	20	(968,935)	2,059,556	(1,165,816)	2,013,263

The notes on pages 6 to 30 are an integral part of these financial statements.

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