UNION DICON SALT : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

UNION DICON SALT PLC

UNAUDITED FINANCIAL STATEMENTS 30TH JUNE 2022

UNION DICON SALT PLC						4
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30TH JUNE, 2022
			2ND QUARTER		YEAR TO DATE
	NOTES	2022	2021	2022	2021
		N'000	N'000	N'000	N'000
Revenue	7		-	-	-	-
Cost of sales	8		-	-	-	-
Gross profit			-	-	-	-
Other operating income	9		20,095	16,029	37,555	31,029
Administrative expenses	10		(111,110)	(30,251)	(125,660)	(39,011)
Profit before tax			(91,015)	(14,222)	(88,105)	(38,892)
Current tax expense	13(i)	-	-	-	-
Profit for the year			(91,015)	(14,222)	(88,105)	(38,892)
Other comprehensive income			-	-	-
Total comprehensive Profit/(Loss)			(91,015)	(14,222)	(88,105)	(38,892)

The accompanying notes on pages 6 to 24 and other national dislocures on pages 25 and 26 form an integral part of these financial statements.

UNION DICON SALT PLC

STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2022

		2022		2021			DECEMBER 2021
Assets	Notes	N'000	N'000		N'000	N'000	N'000
Non-current
Property, plant and equipment	14	44,548				44,036					43,388
Investment in subsidiary	15	56,481			101,029	53,981			98,017		53,981
Current Assets
Trade and other receivables	16	5,770				410					510
Cash and cash equivalents	21	1,752				7,307					14,355
		7,523				7,717					14,865
Current liabilities
Trade and other payables	17	(1,408,925)				(1,347,308)					(1,322,120)
Current tax liabilities	13(iii)	(60,807)				(62,263)					(62,387)
		(1,469,733)				(1,409,571)					(1,384,507)
Net current liabilities					(1,462,210)					(1,401,854)
Total assets less current liabilities					(1,361,182)					(1,303,837)
Non-current liabilities
Employee benefit liabilities	18	(61,552)				(158,010)					(62,356)
Deferred tax liabilities	13(v)	(39,591)				(39,591)					(39,591)
					(101,143)					(197,601)
Net liabilities					(1,462,325)					(1,501,438)
Equity
Share capital	19(a)				136,673					136,673
Share premium	19(b)				250,638					250,638
Actuarial Valuation Reserve					65,692					15,917
Revenue reserve	20				(1,915,329)					(1,904,666)
Total equity					(1,462,325)					(1,501,438)

The financial statements were approved by the Board of Directors on , 7th July. 2022 and signed on its behalf by:

(i) LT. General T.Y Danjuma (RTD), GCON	Chairman	FRC/2013/IODN/00000003130
(ii) Florence S. Iroye	Ag. Managing Director	FRC/2021/002/00000023527
(iii) Adebunmi Amos	Financial Controller	FRC/2014/ICAN/00000006105

The accompanying notes on pages 6 to 24 and other national dislocures on pages 25 and 26 form an integral part of these financial statements.

UNION DICON SALT PLC					6
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2021
				Reserve for
	Share		Share	Actuarial	Restated	Total
	Capital		Premium	Valuation	Earnings	Equity
	N'000		N'000	N'000	N'000	N'000
Balance at 1 January 2022		136,673	250,638	65,692	(1,827,223)	(1,374,220)
Comprehensive income for the year:
Profit for the year	-	-	-	(88,105)	(88,105)
Other comprehensive income		-	-	-	-	-
Total comprehensive Profit /(Loss) for the year		-	-	-	(88,105)	(88,105)
Transactions with owners recorded directly in equity	-	-		-	-
Balance at 30 June 2022		136,673	250,638	65,692	(1,915,328)	(1,462,325)
Balance at 1 January 2021		136,673	250,638	(15,917)	(1,865,774)	(1,494,380)
Comprehensive income for the year
Profit/(Loss) for the year	-	-	-	38,551	38,551
Other comprehensive income		-	-	81,609	-	81,609
Total comprehensive Profit for the year		-	-	81,609	38,551	120,160
Transactions with owners, recorded directly in equity:	-	-	-	-	-
Balance at 31 December 2021	136,673	250,638	65,692	(1,827,223)	(1,374,220)

The accompanying notes on pages 8 to 23 and other National disclosures on pages 24 and 25 form an integral part of these finacial statements.

UNION DICON SALT PLC			7
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 30 JUNE 2022
		2022	2021
	Notes	N'000		N'000
Cash flows from operating activities
Profit YTD		(88,105)	-
Adjustments for non cash items:
Depreciation of property, plant and equipment	14	-	-
Actuarial gains	18(e)	-	-
Income tax expense	13(i)	-		-
		(88,105)	-
Changes in working capital
(Increase)/decrease in other receivables	16	(5,260)	-
Employee benefit paid	18(d)	(804)	-
Increase / (Decrease) in trade and other payables	17	86,805	-
Tax paid	13	(1,580)		-
Cash generated from operations		(8,944)	-
Cash flows from investing activities
Purchase of property, plant and equipment	14	(1,159)	-
Purchase of Shares in Montegomery		(2,500)
Net cash outflow from investing activities		(3,659)		-
Net increase in cash and cash equivalents		(12,603)	-
Cash and cash equivalents at the beginning of the year		14,355		-
Cash and cash equivalents at the end of the year	22	1,752	-

The accompanying notes on pages 8 to 23 and other national dislocures on pages 24 and 25 form an integral part of these financial statements.