NOTORE CHEMICAL INDUSTRIES : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

RC: 640303

NOTORE CHEMICAL INDUSTRIES PLC UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2023

NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 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 profit or loss and other comprehensive income(Three months)	3
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 30 JUNE 2023

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

Group

Company

Notes

30 June 2023

31 Dec 2022

30 June 2023

31 Dec 2022

		N'000	N'000	N'000	N'000
Non-current assets
Property, plant and equipment	14	184,292,740	187,632,461	184,292,737	187,632,460
Right of use assets	15	177,853	227,001	177,853	227,001
Investment property	16	75,248,810	75,161,244	75,161,244	75,161,244
Investments in subsidiaries	27	-	-	50,255	50,255
Total non-current assets		259,719,403	263,020,706	259,682,089	263,070,960
Current assets
Inventories	18	9,558,742	9,732,537	9,485,341	9,688,013
Trade and other receivables	19a	30,266,905	1,851,217	30,888,661	2,865,035
EEG Receivable	19b	-	4,036,546	-	4,036,546
Cash at bank and in hand	20	3,368,014	570,161	3,241,328	462,672
Total current assets		43,193,661	16,190,461	43,615,330	17,052,266
Total assets		302,913,064	279,211,167	303,297,419	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	(76,933,808)	(38,928,014)	(76,273,696)	(38,202,884)
Treasury shares reserve		(1,080,831)	(1,080,831)	(1,080,831)	(1,080,831)
Total equity		37,372,242	75,378,036	38,032,354	76,103,166
Liabilities
Non-current liabilities
Borrowings	24a	159,893,307	109,760,326	159,893,307	109,760,326
Employee benefit obligation	23	2,218,163	2,048,125	2,218,163	2,048,125
Grant liability	24b	911,676	1,270,430	911,676	1,270,430
Deferred tax liability	12a	2,373,578	2,373,579	2,373,578	2,373,579
Total non-current liabilities		165,396,724	115,452,460	165,396,724	115,452,460
Current liabilities
Borrowings	24a	35,690,343	32,619,809	35,690,343	32,619,809
Lease liability	15(b)	214,594	202,722	214,594	202,722
Trade and other payables	25	63,308,598	54,627,577	63,032,841	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		100,144,098	88,380,671	99,868,341	88,567,600
Total liabilities		265,540,822	203,833,131	265,265,065	204,020,060
Total equity and liabilities		302,913,064	279,211,167	303,297,419	280,123,226

The financial statements on pages 7 to 33 were approved and authorised for issue by the board of directors on 28th July 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.

1

NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2023

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

Group

Company

Notes

Six months	Six months	Six months	Six months
30 June 2023	30 June 2022	30 June 2023	30 June 2022
N'000	N'000	N'000	N'000

Revenue from contracts with customers	7	7,918,800	26,286,099	7,442,315	25,713,793
Cost of sales	8	(11,290,396)	(18,182,381)	(11,069,198)	(17,881,942)
Gross (loss)/Profit		(3,371,596)	8,103,718	(3,626,883)	7,831,851
Administrative expenses	9	(6,033,465)	(3,442,777)	(5,845,468)	(3,210,689)
Selling and distribution expenses	9b	(161,674)	(111,579)	(159,402)	(103,679)
Other income	10	359,558	6,301,599	359,558	6,301,599
Operating (loss)/income		(9,207,177)	10,850,961	(9,272,195)	10,819,082
Finance income	11a	130	-	130	-
Finance cost	11b	(28,798,747)	(8,244,649)	(28,798,747)	(8,244,649)
Finance costs - (net)	11	(28,798,617)	(8,244,649)	(28,798,617)	(8,244,649)
Loss/profit before income tax		(38,005,794)	2,606,312	(38,070,812)	2,574,433
Income tax	12	-		-	-
Loss/profit for the period		(38,005,794)	2,606,312	(38,070,812)	2,574,433
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 loss/profit) for the period		(38,005,794)	2,606,312	(38,070,812)	2,574,433
Total comprehensive loss/profit) for the period attributable to:
Equity holders of the parent company		(38,005,794)	2,606,312	(38,070,812)	2,574,433
Non controlling interest		-	-	-	-
Earnings per share for loss attributable to the equity
holders of the company
Basic EPS (Naira)	13	(23.58)	1.62	(23.62)	1.60

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

2

NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTHS PERIOD ENDED 30 JUNE 2023

(All amounts are in thousands of Naira, unless otherwise stated)
		Group	Company
		Three months	Three months	Three months	Three months
	Note	30 June 2023	30 June 2022	30 June 2023	30 June 2022
		N'000	N'000	N'000	N'000
Revenue from contracts with customers	29	3,817,617	9,902,698	3,566,500	9,638,989
Cost of sales	30	(6,906,028)	(8,203,690)	(6,777,373)	(8,088,639)
Gross loss/profit		(3,088,411)	1,699,008	(3,210,873)	1,550,350
Administrative expenses	31a	(4,450,411)	(1,768,824)	(4,341,949)	(1,675,438)
Selling and distribution expenses	31b	(134,205)	(13,891)	(134,205)	(13,891)
Other income	32	179,546	5,259,735	179,546	5,259,735
Operating loss/income		(7,493,482)	5,176,027	(7,507,482)	5,120,755
Finance income	33	8	-	8	-
Finance cost	33b	(22,579,952)	(4,127,339)	(22,579,952)	(4,127,339)
Finance costs - (net)	33	(22,579,944)	(4,127,339)	(22,579,944)	(4,127,339)
Loss/profit before income tax		(30,073,426)	1,048,688	(30,087,427)	993,415
Income tax		-	-	-	-
(Loss)/Profit for the period		(30,073,426)	1,048,688	(30,087,427)	993,415
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
Total items that may be reclassified to profit or loss		-	-	-	-
Other comprehensive income for the period-
net of tax		-	-	-	-
Total comprehensive (loss)/profit for the period		(30,073,426)	1,048,688	(30,087,427)	993,415
Total comprehensive loss/profit for the year attributable to:
Equity holders of the parent company		(30,073,426)	1,048,688	(30,087,427)	993,415
Non controlling interest		-	-	-	-
Earnings per share for loss attributable to the equity
holders of the company
Basic EPS (Naira)		(18.66)	0.65	(18.66)	0.62

3