UAC of Nigeria PLC
Unaudited Condensed Consolidated Financial Statements for the 6 months period ended 30 June 2023
UAC of Nigeria PLC
Unaudited condensed consolidated financial statements for the 6 months period ended 30 June 2023
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: investorrelations@uacnplc.com; or telephone on: +234 906 269 2908 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 6 months period ended 30 June 2023
3 months to | 6 months to | 3 months to | 6 months to | ||
June 2023 | June 2023 | June 2022 | June 2022 | ||
Notes | N'000 | N'000 | N'000 | N' 000 | |
Continuing operations | |||||
Revenue | 3 | 28,250,040 | 52,870,135 | 24,376,440 | 52,042,138 |
Cost of sales | 7 | (22,910,325) | (44,251,560) | (20,514,501) | (43,104,784) |
Gross profit | 5,339,715 | 8,618,575 | 3,861,939 | 8,937,354 | |
Dividend income | 4 | 17,125 | 17,125 | 8,325 | 8,325 |
Other operating income | 5 | 269,857 | 435,635 | 196,548 | 656,107 |
Impairment loss on financial assets | 6 | (83,421) | (71,417) | (27,518) | (30,392) |
Selling and distribution expenses | 7 | (2,208,405) | (4,177,421) | (2,033,634) | (3,770,439) |
Administrative expenses | 7 | (2,669,851) | (4,857,739) | (2,262,348) | (4,190,184) |
Operating (loss)/profit | 665,021 | (35,242) | (256,688) | 1,610,771 | |
Finance income | 8 | 3,930,641 | 4,360,847 | 219,788 | 124,539 |
Finance cost | 8 | (981,954) | (1,643,901) | (849,900) | (1,664,653) |
Net finance income/(cost) | 2,948,687 | 2,716,946 | (630,112) | (1,540,114) | |
Share of profit/(loss) from associates using the equity method | 15 | 485,762 | 480,979 | (79,494) | (58,311) |
Profit/(Loss) before tax | 4,099,470 | 3,162,684 | (966,294) | 12,346 | |
Income tax expense | 9 | (1,712,590) | (1,934,933) | (353,244) | (689,784) |
Profit/(Loss) after tax for the period from continuing operations | 2,386,880 | 1,227,751 | (1,319,538) | (677,438) | |
Discontinued operations | |||||
Loss after tax for the period from discontinued operations | - | - | (35,196) | (38,551) | |
Profit/(Loss) for the period | 2,386,880 | 1,227,751 | (1,354,734) | (715,989) |
Other comprehensive income:
Items not to be subsequently recycled to profit or loss
Net changes in fair value of financial assets
Share of other comprehensive income/(loss) of associates using the equity method
14 | 39,250 | 69,250 | (31,625) | (43,125) |
15 | 34,301 | 42,876 | (4) | (48,597) |
Other comprehensive income/(loss) for the period net of tax | 73,551 | 112,126 | (31,629) | (91,722) | |
Total comprehensive income/(loss) for the period net of tax | 2,460,431 | 1,339,877 | (1,386,363) | (807,711) | |
Profit/(Loss) attributable to: | |||||
Equity holders of the parent | 2,406,234 | 1,548,780 | (1,043,467) | (526,747) | |
Non controlling interests | (19,354) | (321,029) | (311,267) | (189,242) | |
2,386,880 | 1,227,751 | (1,354,734) | (715,989) | ||
Total comprehensive income/(loss) attributable to: | |||||
Equity holders of the parent | 2,479,785 | 1,660,906 | (1,075,096) | (618,469) | |
Non controlling interests | (19,354) | (321,029) | (311,267) | (189,242) | |
2,460,431 | 1,339,877 | (1,386,363) | (807,711) | ||
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) | 10 | 82 | 53 | (35) | (17) |
From discontinued operations (Kobo) | 10 | - | - | (1) | (1) |
From profit/(loss) for the period (Kobo) | 82 | 53 | (36) | (18) | |
Diluted earnings per share | |||||
From continuing operations (Kobo) | 10 | 82 | 53 | (35) | (17) |
From discontinued operations (Kobo) | 10 | - | - | (1) | (1) |
From profit/(loss) for the period (Kobo) | 82 | 53 | (36) | (18) |
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UAC of Nigeria PLC
Condensed Consolidated Statement of Financial Position
As at 30 June 2023
30 June 2023 | 31 December 2022 | ||
Notes | N' 000 | N' 000 | |
Assets | |||
Non-current assets | |||
Property, plant and equipment | 11 | 26,523,339 | 25,043,411 |
Intangible assets and goodwill | 12 | 3,392,483 | 3,626,747 |
Investment properties | 13 | 2,008,727 | 2,435,360 |
Equity instrument at fair value through other comprehensive income | 14 | 615,299 | 514,965 |
Investments in associates | 15 | 9,035,852 | 8,511,997 |
Debt instrument at amortised cost | 16 | 3,646,609 | 2,232,103 |
Right of use assets | 18 | 1,508,042 | 1,471,771 |
Trade and other receivables | 20 | 2,146,881 | 2,146,881 |
Finance lease receivable | 20.1 | 10,372 | 10,372 |
Total non-current assets | 48,887,605 | 45,993,607 | |
Current assets | |||
Right of return assets | 17 | 4,683 | 4,683 |
Inventories | 19 | 26,248,026 | 24,396,400 |
Trade and other receivables | 20 | 6,813,686 | 6,693,502 |
Finance lease receivable | 20.1 | - | 600 |
Cash and cash equivalents | 21 | 14,997,096 | 16,196,969 |
Total current assets | 48,063,491 | 47,292,154 | |
Non-current assets held for sale | 32 | 541,850 | 541,850 |
Total assets | 97,492,946 | 93,827,611 | |
Equity and Liabilities | |||
Ordinary share capital | 30 | 1,463,065 | 1,463,065 |
Share premium | 14,647,616 | 14,647,616 | |
Fair value reserve | 179,941 | 67,815 | |
Equity settled share based payment reserve | 464,840 | 342,870 | |
Other reserve | 91,923 | 91,923 | |
Retained earnings | 26,255,453 | 25,350,422 | |
Equity attributable to equity holders of the Parent | 43,102,838 | 41,963,711 | |
Non controlling interests | 2,463,195 | 3,316,500 | |
Total equity | 45,566,033 | 45,280,211 | |
Liabilities | |||
Non-current liabilities | |||
Lease liability | 18 | 684,865 | 569,940 |
Borrowings | 22 | 2,617,182 | 2,467,290 |
Government grant | 25 | 132,052 | 132,052 |
Deferred tax liabilities | 23 | 3,363,208 | 2,708,129 |
Employee benefits | 29 | 75,371 | 68,122 |
Provisions | 28 | 34,080 | 34,080 |
Total non-current liabilities | 6,906,758 | 5,979,613 | |
Current liabilities | |||
Current income tax liabilities | 9 | 4,395,871 | 3,997,168 |
Refund liabilities | 17 | 4,924 | 4,924 |
Lease liability | 18 | 756,442 | 789,007 |
Current portion of borrowings | 22 | 15,477,759 | 16,537,153 |
Trade and other payables | 24 | 17,378,107 | 13,352,005 |
Contract liabilities | 26 | 1,502,596 | 2,311,875 |
Dividend payable | 27 | 5,451,070 | 5,451,070 |
Government grant | 25 | 42,396 | 92,167 |
Provisions | 28 | 10,992 | 32,418 |
Total current liabilities | 45,020,155 | 42,567,787 | |
Total liabilities | 51,926,913 | 48,547,400 | |
Total equity and liabilities | 97,492,946 | 93,827,611 |
The financial statements and the notes on pages 6 to 30 were approved and authorised before issue by the board of directors on 28 July 2023 and were signed on its behalf by:
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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UAC of Nigeria 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 14:30:04 UTC.