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.
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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.
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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 | |
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Notore Chemical Industries plc published this content on 29 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2023 19:52:39 UTC.