NOTORE CHEMICAL INDUSTRIES : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

RC: 640303

NOTORE CHEMICAL INDUSTRIES PLC UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE TWELVE MONTHS PERIOD ENDED 31 DECEMBER 2022

NOTORE CHEMICAL INDUSTRIES PLC

UNAUDITED INTERIM FINANCIAL STATEMENTS

FOR THE TWELVE MONTHS PERIOD ENDED 31 DECEMBER 2022

	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 31 DECEMBER 2022

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

Group

Company

Notes

31 Dec 2022

31 Dec 2021

31 Dec 2022

31 Dec 2021

		N'000	N'000	N'000	N'000
Non-current assets
Property, plant and equipment	14	179,592,887	151,293,681	179,592,885	151,293,678
Right of use assets	15	209,658	30,429	209,658	30,429
Investment property	16	74,867,378	68,339,210	74,867,378	68,339,210
Investments in subsidiaries	27	-	-	50,255	50,255
Total non-current assets		254,669,923	219,663,320	254,720,176	219,713,572
Current assets
Inventories	18	9,386,559	9,323,397	9,342,035	9,289,549
Trade and other receivables	19a	1,752,076	3,928,063	2,343,533	4,366,929
EEG Receivable	19b	4,540,129	4,540,129	4,540,129	4,540,129
Cash at bank and in hand	20	570,161	1,164,890	462,672	1,029,885
Total current assets		16,248,925	18,956,479	16,688,369	19,226,492
Total assets		270,918,848	238,619,799	271,408,545	238,940,064
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		83,237,274	60,124,144	83,237,274	60,124,144
Accumulated losses	22	(51,045,284)	(34,816,713)	(50,742,515)	(34,406,142)
Treasury shares reserve		(1,080,831)	(1,080,831)	(1,080,831)	(1,080,831)
Total equity		59,913,108	53,028,549	60,215,877	53,439,120
Liabilities
Non-current liabilities
Borrowings	24a	109,760,326	79,962,615	109,760,326	79,962,615
Employee benefit obligation	23	1,851,236	1,850,646	1,851,236	1,850,646
Grant liability	24b	1,691,539	2,625,073	1,691,539	2,625,073
Deferred tax liability	12a	9,905,627	-	9,905,627	-
Total non-current liabilities		123,208,728	84,438,334	123,208,728	84,438,334
Current liabilities
Borrowings	24a	30,848,474	49,076,352	30,848,474	49,076,352
Lease liability	15(b)	187,731	-	187,731	-
Trade and other payables	25	55,693,082	50,843,613	55,880,010	50,753,307
Grant liability	24b	1,043,763	1,167,241	1,043,763	1,167,241
Current tax liabilities	12	23,962	65,710	23,962	65,710
Total current liabilities		87,797,012	101,152,916	87,983,940	101,062,610
Total liabilities		211,005,740	185,591,250	211,192,668	185,500,944
Total equity and liabilities		270,918,848	238,619,799	271,408,545	238,940,064

The financial statements on pages were approved and authorised for issue by the board of directors on 27th January 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 7 to 32 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 TWELVE MONTHS PERIOD ENDED 31 DECEMBER 2022

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

Group

Company

Notes

Twelve months	Fifteen months	Twelve months	Fifteen months
31 Dec 2022	31 Dec 2021	31 Dec 2022	31 Dec 2021
N'000	N'000	N'000	N'000

Revenue from contracts with customers	7	33,198,809	25,706,264	32,226,698	25,484,427
Cost of sales	8	(26,492,146)	(28,975,786)	(26,019,102)	(28,783,081)
GrossProfit/(loss)		6,706,663	(3,269,522)	6,207,596	(3,298,654)
Administrative expenses	9	(6,901,867)	(6,896,702)	(6,526,418)	(6,451,252)
Selling and distribution expenses	9b	(189,678)	(272,047)	(173,862)	(266,707)
Other income	10	7,585,725	17,126,229	7,585,725	17,206,631
Operating income/(loss)		7,200,843	6,687,958	7,093,041	7,190,018
Finance income	11a	151	388	151	388
Finance cost	11b	(23,429,565)	(26,427,010)	(23,429,565)	(26,427,010)
Finance costs - (net)	11	(23,429,414)	(26,426,622)	(23,429,414)	(26,426,622)
Loss before income tax		(16,228,571)	(19,738,664)	(16,336,373)	(19,236,604)
Income tax	12	-	10,162,622	-	10,162,622
Loss for the period		(16,228,571)	(9,576,042)	(16,336,373)	(9,073,982)
Other comprehensive income:
Items that will not be reclassified to profit or loss
Remeasurement of employee benefit obligations	25a	-	67,628	-	67,628
Deferred tax credit/(charge) on actuarial loss/gain	12a	-	(20,288)	-	(20,288)
Revaluation surplus on property, plant and equipment	14	33,018,757	-	33,018,757	-
Deferred tax charge on revaluation surplus	12a	(9,905,627)	-	(9,905,627)	-
Total items that will not be reclassified to profit or loss		23,113,130	47,340	23,113,130	47,340
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		23,113,130	47,340	23,113,130	47,340
Total comprehensive profit/(loss) for the period		6,884,559	(9,528,703)	6,776,757	(9,026,643)
Total comprehensive profit/(loss) for the period attributable to:
Equity holders of the parent company		6,884,559	(9,528,703)	6,776,757	(9,026,643)
Non controlling interest		-	-	-	-
Earnings per share for loss attributable to the equity
holders of the company
Basic EPS (Naira)	13	(10.07)	(5.94)	(10.13)	(5.63)

The notes on pages 7 to 32 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 31 DECEMBER 2022

(All amounts are in thousands of Naira, unless otherwise stated)
		Group	Company
		Three months	Three months	Three months	Three months
	Note	31 Dec 2022	31 Dec 2021	31 Dec 2022	31 Dec 2021
		N'000	N'000	N'000	N'000
Revenue from contracts with customers	29	250,736	8,239,563	50,280	9,205,116
Cost of sales	30	(3,403,745)	(7,447,695)	(3,309,415)	(7,447,695)
Gross profit		(3,153,009)	791,868	(3,259,135)	1,757,421
Administrative expenses	31a	(1,723,477)	(505,608)	(1,654,057)	(404,728)
Selling and distribution expenses	31b	(27,674)	(53,254)	(27,174)	(52,415)
Other income	32	48,709	9,431,787	48,709	8,957,883
Operating income		(4,855,452)	9,664,792	(4,891,658)	10,258,160
Finance income	33	50	-	50	-
Finance cost	33b	(10,423,574)	(9,728,137)	(10,423,574)	(9,728,137)
Finance costs - (net)	33	(10,423,524)	(9,728,137)	(10,423,524)	(9,728,137)
Profit/(loss) before income tax		(15,278,976)	(63,346)	(15,315,183)	530,022
Income tax		-	10,162,622	-	10,162,622
Profit/(loss) for the period		(15,278,976)	10,099,276	(15,315,183)	10,692,644
Other comprehensive income:
Items that will not be reclassified to profit or loss
Remeasurement of employee benefit obligations		-	67,628	-	67,628
Deferred tax credit/(charge) on actuarial loss/gain		-	(20,288)	-	(20,288)
Revaluation surplus on property, plant and equipment		33,018,757.37	-	33,018,757	-
Deferred tax charge on revaluation surplus		(9,905,627.21)	-	(9,905,627)	-
Total items that will not be reclassified to profit or loss		23,113,130	47,340	23,113,130	47,340
Items that may be subsequently reclassified to profit or loss
Currency translation difference		-	(44,672)	-	-
Total items that may be reclassified to profit or loss		-	(44,672)	-	-
Other comprehensive income for the period-
net of tax		23,113,130	2,668	23,113,130	47,340
Total comprehensive profit / (loss) for the period		7,834,155	10,101,944	7,797,947	10,739,984
Total comprehensive profit /(loss) for the year attributable to:
Equity holders of the parent company		7,834,155	10,101,944	7,797,947	10,739,984
Non controlling interest		-	-	-	-
Earnings per share for loss attributable to the equity
holders of the company
Basic EPS (Naira)		(9.48)	6.26	(9.50)	6.63

3