NOTORE CHEMICAL INDUSTRIES : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

RC: 640303

NOTORE CHEMICAL INDUSTRIES PLC

ANNUAL REPORT, CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

NOTORE CHEMICAL INDUSTRIES PLC

Annual report, consolidated and separate financial statements

For the year ended 31 December 2022

Table of Contents
Corporate information	i
Directors' report	ii
Corporate governance report	xii
Corporate social responsibility report	xviii
Statement of Directors' responsibilities	xx
Certification of financial statements	xxi
Report of audit committee	xxii
Independent Auditors' report	1
Consolidated and separate statements of profit or loss and other comprehensive income	6
Consolidated and separate statements of financial position	7
Consolidated and separate statements of changes in equity	8
Consolidated and separate statements of cash flows	10
Notes to the annual, consolidated and separate financial statements	11
Consolidated and separate statements of value added	79
Five-year financial summary - group	80
Five-year financial summary - company	81

NOTORE CHEMICAL INDUSTRIES PLC

Annual report, consolidated and separate financial statements

For the year ended 31 December 2022

Corporate information
Directors	Mr. Onajite P. Okoloko
	Mr. Michael Osime
	Engr. Mike Orugbo, JP
	Mr. Ike Osakwe
	Mr. Michael Jansa
	Mr. Hassan Badrawi
	Mr. Bashir Lebada
	Mr. Femi Agbaje
	Mr. Ohis Ohiwerei	Group Managing Director/CEO
	Mr. Tseyi Hammond
	Mr. Ovie Ukiri
	Mr. Ebiaho Emafo	Deputy Managing Director
	Mr. Yusufu Pam	(Appointed on 29th April, 2022)
Company Secretary	Mrs. Otivbo Saleh
	6th Floor, Keystone Bank Building
	1, Keystone Bank Crescent
	off Adeyemo Alakija Street
	Victoria Island
	Lagos
Auditors	Deloitte & Touche
	Chartered Accountants
	Civic Towers
	Plot GA1, Ozumba Nbadiwe Avenue
	Victoria Island
	Lagos
Registered Office	Notore Industrial Complex
	Onne
	Rivers State
	Nigeria
Registration Number	640303
Principal Bankers	African Export-Import Bank
	Ecobank Nigeria Plc
	First City Monument Bank Plc

Polaris Bank Limited

Union Bank of Nigeria Plc

United Bank for Africa Plc

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NOTORE CHEMICAL INDUSTRIES PLC

Annual report, consolidated and separate financial statements

For the year ended 31 December 2022

Directors' report

In accordance with the provisions of the Companies and Allied Matters Act, 2020, the Directors of Notore Chemical Industries Plc hereby present their Report together with the Audited Consolidated and Separate Financial Statements for the year ended 31st December 2022 to the members of the Company.

INCORPORATION AND ADDRESS

Notore Chemical Industries Plc was incorporated in Nigeria on 30th November 2005, as a private limited liability company, and is domiciled in Nigeria. Its registered office address is Notore Industrial Complex, Onne, River State, Nigeria. On 13th June 2014, the Company was re-registered as a public limited liability company and was quoted on the Main Board of The Nigerian Exchange Limited (Formerly known as the Nigerian Stock Exchange) on 2nd August 2018.

PRINCIPAL ACTIVITIES

The principal activities of the Company are to manufacture, treat, process, produce, supply and deal in nitrogenous fertilizer and all substances suited to improving the fertility of soil and water. The Company has a 500,000 Metric Tonne Urea Plant and a 600,000 Metric Tonne of NPK Blending Plant in Onne, Rivers State, Nigeria. The principal activities of the Company's subsidiaries are as disclosed in Note 8 to the Financial Statements.

RESULTS

The Group's results for the period ended 31 December 2022 are as stated on page 6. The net loss for the year ended 31 December 2022 is N7.2 billion (2021: N9.6 billion) and same has been transferred to Shareholders' equity.

DIRECTORS

The Directors who held office during the period to the date of this report were:

Mr. Onajite P. Okoloko	Nigerian
Mr. Michael Osime	Nigerian
Engr. Mike Orugbo, JP	Nigerian
Mr. Ike Osakwe	Nigerian
Mr. Michael Jansa	American
Mr. Hassan Badrawi	Egyptian
Mr. Bashir Lebada	Canadian
Mr. Femi Agbaje	Nigerian
Mr. Ohis Ohiwerei	Nigerian (Group Managing Director/CEO)
Mr. Tseyi Hammond	Nigerian
Mr. Ovie Ukiri	Nigerian
Mr. Ebiaho Emafo	Nigerian (Deputy Managing Director)
Mr. Yusufu Pam	Nigerian

DIRECTORS' SHAREHOLDING

The shareholding interests of the Directors in the Issued Share Capital of the Company as recorded in the Register of Directors' Shareholdings and/or as notified by the Directors for the purposes of Sections 301 and 302 of the Companies and Allied Matters Act, 2020 are as follows:

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NOTORE CHEMICAL INDUSTRIES PLC

Annual report, consolidated and separate financial statements

For the year ended 31 December 2022

Directors' report (cont'd)
Directors
	Number of		Number of
	shares held at		shares held at
	31st December		31st December
	2022	2021
Mr. Onajite P. Okoloko (Indirect - Notore Chemical Industries (Mauritius)
Ltd and Okmine Global Services Ltd)	1,238,274,438	1,238,274,438
Mr. Michael Osime (Indirect - Notore Chemical
Industries (Mauritius) Ltd)	1,234,055,768	1,234,055,768
Engr. Mike Orugbo, JP	34,333,330	34,333,330
Mr. Ike Osakwe	Nil		Nil
Mr. Michael Jansa	Nil		Nil
Mr. Hassan Badrawi	Nil		Nil
Mr. Bashir Lebada	Nil		Nil
Mr. Femi Agbaje	Nil		Nil
Mr. Ohis Ohiwerei	Nil		Nil
Mr. Tseyi Hammond	Nil		Nil
Mr. Ovie Ukiri	Nil		Nil
Mr. Ebiaho Emafo	Nil		Nil

During the year under review, in addition to Mr. Onajite P. Okoloko, Mr. Michael Osime and Mr. Ike Osakwe, the other Directors representing Notore Chemical Industries (Mauritius) Limited on the Board are Mr. Mike Jansa and Mr. Hassan Badrawi. Mr. Tseyi Hammond and Mr. Yusufu Pam represents TY Holdings Limited on the Board of Notore Chemical Industries Plc.

OUR EQUITY

The shares of Notore Chemical Industries Plc were admitted to trading on the Main Board of The Nigerian Exchange Limited on 2nd August, 2018. Given its market capitalization, Notore Chemical Industries Plc. currently ranks amongst the topmost companies on The Nigerian Exchange Limited with a share price of N62.50kobo per share. The Authorised Share Capital of the Company is N2,000,000,000, divided into four billion Ordinary Shares of 50kobo each with about 705 Shareholders as at 31 December 2021.

The Issued Share Capital as at 31 December 2022, stood at N806,033,100 divided into 1,612,066,200 Ordinary Shares of 50kobo each. As at 31 December, 2022, Notore Chemical Industries (Mauritius) Limited had a majority shareholding of approximately 76.55% with about 23.45% being held by other Nigerians and Foreign Investors.

SHAREHOLDING

According to the Register of Members, as at 31 December 2022, the spread of shareholding in the Company is as follows:

Share Range	Number Of	% of	Number Of	% Shareholding
Shareholders	Shareholder	Holdings
1	10,000	689	97.7305	121,205	0.01
10,001	50,000	4	0.5674	73,894	0.00
100,001	500,000	1	0.1418	123,778	0.01
500,001	1,000,000	2	0.2837	1,577,800	0.10
1,000,001	5,000,000	3	0.4255	12,101,170	0.75
10,000,001	50,000,000	2	0.2837	82,691,750	5.13
50,000,001	100,000,000	2	0.2837	151,691,205	9.41
100,000,001	500,000,000	1	0.1418	129,629,630	8.04
1,000,000,001	2,000,000,000	1	0.1418	1,234,055,768	76.55
TOTAL :-		705	100.00	1,612,066,200	100.00

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