UAC OF NIGERIA PLC.- QUARTER 3 - FINANCIAL STATEMENT FOR 2021

UAC of Nigeria PLC

Unaudited Condensed Consolidated Financial Statements for the 9 Month Period ended 30 September 2021

UAC of Nigeria PLC

Unaudited condensed consolidated financial statements for the 9 month period ended 30 September 2021

Content	Page
Investor relations statement	1
Unaudited financial statements
Condensed consolidated statement of profit or loss and other comprehensive income	2
Condensed consolidated statement of financial position	3
Condensed consolidated statement of changes in equity	4
Condensed consolidated statement of cash flows	5
Notes to the condensed consolidated financial statements	6
Shareholding structure/free float status	31

UAC of Nigeria PLC

Statement on Investor Relations

UAC of Nigeria PLC has a dedicated investors' portal on its corporate website which can be accessed via this link: https://www.uacnplc.com. The Company's Group Finance Director can also be reached through electronic mail at: [e-mail]; or telephone on: [phone] for any investment related enquiry.

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UAC of Nigeria PLC

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the 9 month period ended 30 September 2021

		3 months to	9 months to	3 months to	9 months to
		September	September	September	September
		2021	2021	2020	2020
Continuing operations	Notes	N'000	N'000	N'000	N' 000
Revenue	3	24,868,238	71,367,736	21,164,342	57,797,722
Cost of sales	6	(20,834,846)	(59,010,093)	(16,761,900)	(46,402,492)
Gross profit		4,033,393	12,357,643	4,402,442	11,395,230
Dividend income	4	-	13,163	31	9,961
Other operating income	5	39,746	399,091	119,999	396,996
Other operating losses	5i	(4,805)	(38,479)	(20,726)	(68,588)
Selling and distribution expenses	6	(1,503,557)	(4,543,269)	(1,504,636)	(4,462,405)
Administrative expenses	6	(2,127,372)	(6,050,311)	(1,807,704)	(5,253,752)
Operating profit		437,405	2,137,839	1,189,406	2,017,442
Finance income	7	271,041	920,803	286,129	789,630
Finance cost	7	(393,813)	(1,068,504)	(81,494)	(448,339)
Net finance (cost)/income		(122,772)	(147,701)	204,635	341,291
Share of (loss)/profit from associates	15	(232,559)	(612,406)	46,473	115,418
Profit before tax		82,074	1,377,731	1,440,514	2,474,151
Income Tax Expense	8	(281,571)	(812,508)	(203,758)	(1,023,576)
(Loss)/profit after tax for the period from continuing operations		(199,497)	565,223	1,236,756	1,450,575
Discontinued operations
(Loss)/profit after tax for the period from discontinued operations	31	-	(2,105)	(493,072)	451,186
(Loss)/profit for the period		(199,497)	563,118	743,684	1,901,761
Other comprehensive income:
Items not to be subsequently recycled to profit or loss
Net changes in fair value of financial assets	14	(25,000)	18,125	6,145	6,145
Share of other comprehensive income of associates and joint		(2,858)	5,717	-	-
ventures using the equity method
Other comprehensive (loss)/income for the period net of tax		(27,858)	23,842	6,145	6,145
Total comprehensive (loss)/income for the period net of tax		(227,355)	586,960	749,829	1,907,906
(Loss)/profit attributable to:		(245,700)	(89,677)	420,975	1,353,654
Equity holders of the parent
Non controlling interests		46,203	652,795	322,709	548,107
		(199,497)	563,118	743,684	1,901,761
Total comprehensive (loss)/income attributable to:		(273,558)	(65,835)	427,120	1,359,798
Equity holders of the parent
Non controlling interests		46,203	652,795	322,709	548,107
		(227,355)	586,960	749,829	1,907,905
Earnings per share attributable to owners of the parent during the
period (expressed in Kobo per share):
Basic earnings per share
From continuing operations (Kobo)	9	(9)	(3)	31	24
From discontinued operations (Kobo)	9	-	(0)	(16)	23
From profit/(loss) for the year (Kobo)		(9)	(3)	15	47
Diluted earnings per share
From continuing operations (Kobo)	9	(9)	(3)	31	24
From discontinued operations (Kobo)	9	-	(0)	(16)	23
From profit/(loss) for the year (Kobo)		(9)	(3)	15	47

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UAC of Nigeria PLC

Condensed Consolidated Statement of Financial Position

as at 30 September 2021

		30 September	31 December
	Notes	2021	2020
	N' 000	N' 000
Assets			L
Non-current assets
Property, plant and equipment	10	21,249,425	21,011,834
Intangible assets and goodwill	11	1,352,354	1,373,223
Investment properties	12	2,634,999	2,634,999
Investments in associates	15	8,840,219	13,018,568
Finance lease receivable	20.1	8,766	8,766
Right of use assets	18	634,041	488,989
Debt instrument at amortised cost	16	2,258,658	2,174,304
Equity instrument at fair value through other comprehensive income	14	206,250	188,125
Prepayment	20	201,360	48,126
Deferred tax asset	23	-	38,653
Total non-current assets		37,386,071	40,985,587
Current assets
Inventories	19	25,432,847	20,123,071
Trade and other receivables	20	8,309,890	6,500,290
Finance lease receivable	20.1	1,606	1,606
Cash and cash equivalents	21	12,233,808	24,272,314
Refund asset	17	12,115	14,330
Total current assets		45,990,265	50,911,611
Non-current assets held for sale/distribution	31a	3,813,942	265,496
Assets of disposal group classified as held for distribution	31c	3,865	3,865
Total assets		87,194,143	92,166,559
Equity and Liabilities
Ordinary share capital	29	1,440,648	1,440,648
Share premium		14,434,946	18,071,545
Contingency reserve		69,571	69,571
Fair value reserve		282,425	258,584
Statutory/Other reserve		91,923	91,923
Retained earnings		28,611,226	32,710,006
Equity attributable to equity holders of the Parent		44,930,739	52,642,277
Non controlling interests		4,789,271	8,729,588
Total equity		49,720,010	61,371,865
Liabilities
Non-current liabilities
Borrowings	22	1,738,302	1,735,284
Government grant	25	209,040	209,040
Deferred tax liabilities	23	4,447,685	4,486,338
Lease liability	18	213,975	224,391
Provisions	28	6,357	6,357
Total non-current liabilities		6,615,358	6,661,410
Current liabilities
Trade and other payables	24	7,336,631	9,829,941
Contract liabilities	26	2,052,384	1,340,627
Current income tax liabilities	8	3,200,410	3,814,160
Bank overdrafts and current portion of borrowings	22	8,251,317	2,503,673
Dividend payable	27	5,903,280	6,084,307
Government grant	25	58,343	58,343
Lease liability	18	271,144	250,926
Distribution liability	31b	3,636,599	-
Provisions	28	92,948	192,018
Refund liabilities	17	13,625	17,195
Total current liabilities		30,816,681	24,091,190
Liabilities of disposal group classified as distribution to owners	31c	42,094	42,094
Total liabilities		37,474,133	30,794,694
Total equity and liabilities		87,194,143	92,166,559

The financial statements and the notes on pages 6 to 30 were approved and authorised before issue by the board of directors on 28 October 2021 and were signed on its behalf by:

		fabled'
Mr. Dan Agbor	Mr. Folasope Aiyesimoju	Mrs. Funke Ijaiya-Oladipo
Chairman	Group Managing Director	Group Finance Director
FRC/2013/NBA/00000001748	FRC/2019/IODN/00000019806	FRC/2021/001/00000022822

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