UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2021

UPDC PLC RC.321582

UAC House, 1-5 Odunlami Street, Lagos. info@updcplc.com |www.updcplc.com

Directors: Mr. O. Oshin (Chairman), Mr O. Ojo (CEO), Mrs. F. Fadahunsi (CFO), Mr. F. Aiyesimoju, Mr. K. Osilaja, Mr. A. Falade

TABLE OF CONTENT

PAGE

Consolidated Statement of Comprehensive Income

1

Consolidated Statement of Financial Position

2

Consolidated Statement of Changes in Equity

3

Consolidated Statement of Cash Flows

4

Notes to Unaudited Consolidated Financial Statements

5

Shareholding Structure/Free Float Status

17

UPDC Plc

Unaudited Financial Statements

For the Year Ended 31 December 2021

Consolidated Statement of Profit or Loss and Other

Comprehensive Income for the year ended 31 December 2021

The Group

3 months

12 months

3 months

12 months

ended

ended

ended

ended

31 Dec. 21

31 Dec. 21

31 Dec. 20

31 Dec. 20

Notes

N'000

N'000

N'000

N'000

Revenue

3

209,553

824,292

1,204,229

1,662,487

Cost of sales

5

(155,761)

(685,126)

(1,391,710)

(1,742,028)

Gross profit/(loss)

53,792

139,166

(187,481)

(79,541)

Fair value gain/ (loss) on investment properties

12

-

-

(159,977)

(159,977)

Profit/(Loss) on disposal on investment properties

12

31,112

284,826

(3,798)

(47,173)

Selling and distribution expenses

5

(9,907)

(46,420)

(17,084)

(61,195)

Administrative expenses

5

(289,031)

(854,334)

(378,148)

(881,445)

Other operating income

4

73,963

167,369

42,441

146,561

Credit Loss Expenses

6

(382,094)

(724,814)

369,810

369,810

Operating profit/(loss)

(522,165)

(1,034,207)

(334,238)

(712,960)

Finance income

6

3,917

44,947

32,121

35,172

Finance cost

6

(190,461)

(763,707)

(208,685)

(1,512,946)

Net finance cost

(186,544)

(718,760)

(176,564)

(1,477,774)

Share of profit of Joint Ventures

-

-

804

804

Guarantee on First Festival Mall loan

-

-

(164,080)

(940,000)

Loss before impairment

(708,709)

(1,752,967)

(674,078)

(3,129,930)

Fair value gain on disposal group held for sale

-

-

3,609,249

2,867,237

Loss before taxation

(708,709)

(1,752,967)

2,935,171

(262,693)

Taxation

7

(41,816)

(135,863)

(52,569)

(115,023)

Loss from continuing operations

(750,525)

(1,888,830)

2,882,602

(377,716)

Discontinued operations

Loss from discontinued operations

24

(70,096)

(113,461)

(113,449)

(228,201)

Loss for the period

(820,621)

(2,002,291)

2,769,153

(605,917)

Other comprehensive income:

Items not to be subsequently recycled to profit or loss:

Net changes in fair value of financial assets

14

(153,425)

(140,084)

166,767

166,767

Tax on other comprehensive income

-

-

-

-

Total comprehensive loss for the period

(974,046)

(2,142,376)

2,935,920

(439,150)

Loss attributable to:

Equity holders of the parent

(984,117)

(2,059,648)

2,751,295

(617,693)

Non controlling interest

10,071

57,357

17,858

11,776

Total Loss

(974,046)

(2,002,291)

2,769,153

(605,917)

Total comprehensive loss attributable to:

Equity holders of the parent

(984,117)

(2,199,732)

2,918,063

(450,926)

Non controlling interests

10,071

57,356

17,858

11,776

Total comprehensive loss

(974,046)

(2,142,376)

2,935,920

(439,150)

Earnings per share for loss attributable to the equity

holders of the group:

Basic Loss Per Share (Kobo)

From continuing operations

8

(5)

(10)

22

(2)

From discontinued operations

8

(0)

(1)

(1)

(2)

From loss for the period

(5)

(11)

21

(4)

Diluted Loss Per Share (Kobo)

From continuing operations

8

(5)

(10)

22

(2)

From discontinued operations

8

(0)

(1)

(1)

(2)

From loss for the period

(5)

(11)

21

(4)

1 | P a g e

UPDC Plc

Unaudited Financial Statements

For the Year Ended 31 December 2021

Consolidated Statement of Financial Position

As at 31 December 2021

The Group

2021

2020

Notes

N'000

N'000

Assets

Non-current assets

Property, plant and equipment

9

50,296

31,474

Intangible assets

10

16,389

6,598

Investment properties

11

-

1,786,573

Investments in associates

12

-

-

Investments in joint ventures

13

130,393

130,393

Equity instrument at fair value

14

593,690

733,774

Investments in subsidiaries

15

-

-

790,768

2,688,812

Current assets

Inventories

16

6,084,508

4,270,906

Trade and other receivables

17

3,344,984

4,244,933

Cash at bank and in hand

18

1,875,639

2,947,335

11,305,131

11,463,174

Assets of disposal group classified as held for

24 (ii)

8,087,065

8,140,686

sale/distribution to owners

Total assets

20,182,964

22,292,672

Equity

Share capital

9,279,985

9,279,985

Share premium

8,971,551

8,971,551

Fair value reserve of financial assets at FVOCI

26,683

166,767

Revenue Reserve

(10,396,250)

(8,728,022)

Equity attributable to equity holders of the Company

7,881,969

9,690,281

Non controlling interest

8,864

(48,493)

Total equity

7,890,833

9,641,788

Liabilities

Non-current liabilities

Interest bearing Loans and Borrowings

19

5,511,653

4,270,880

Deferred taxation liabilities

72,537

72,537

Deferred revenue

21

-

2,145

5,584,190

4,345,562

Current liabilities

Trade and other payables

20

5,225,845

5,726,427

Current income tax liabilities

138,679

119,688

Interest bearing Loans and Borrowings

19

-

1,151,620

Dividend Payable

252,411

253,680

Deferred revenue

21

98,610

107,288

5,715,545

7,358,703

Liabilities of disposal group classified as held for

24

992,395

946,620

sale/distribution to owners

Total liabilities

12,292,130

12,650,884

Total equity and liabilities

20,182,964

22,292,672

The unaudited financial statements were approved by the board of directors on 21 January 2022 and signed on its behalf by:

Wole Oshin

Odunayo Ojo

Folakemi Fadahunsi

Chairman

Chief Executive Officer

Chief Financial Officer

FRC/2013/CIIN/00000003054

FRC/2016/NIESV/00000014322

FRC/2018/ICAN/00000018017

See notes to the consolidated financial statements.

2 | P a g e

UPDC Plc

Unaudited Financial Statements

For the Year Ended 31 December 2021

Consolidated Statement of Changes in Equity

For the year ended 31 December 2021

The Group

Attributable to owners of the Company

Fair value

Non

reserve of

Share

Share

Revenue

Controlling

financial assets

Capital

Premium

Reserve

at FVOCI

Total

interest

Total

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Balance at 1 January 2020

Loss for the period

Net changes in fair value of financial assets through other comprehensive income

Gain on disposal of investment in subsidary

Statute barred dividend Acquisition of subsidiary

Right Issue

Unbundling of UPDC REIT units

1,299,198

6,065,397

(5,014,475)

-

2,350,120

(178,288)

2,171,832

-

-

(617,693)

-

(617,693)

11,776

(605,917)

-

-

-

166,767

166,767

-

166,767

-

-

469,481

-

469,481

-

469,481

-

-

71,869

-

71,869

71,869

-

-

-

-

-

118,019

118,019

7,980,787

7,604,210

-

-

15,584,997

-

15,584,997

-

(4,698,056)

(3,637,204)

-

(8,335,260)

-

(8,335,260)

Balance at 31 December 2020

9,279,985

8,971,551

(8,728,022)

166,767

9,690,281

(48,493)

9,641,788

Balance at 1 January 2021

9,279,985

8,971,551

(8,728,022)

166,767

9,690,281

(48,493)

9,641,788

Loss for the period

-

-

(2,059,648)

-

(2,059,648)

57,357

(2,002,291)

Net changes in fair value of

financial assets through other

-

-

-

(140,084)

(140,084)

-

(140,084)

comprehensive income

Net changes in fair value of loan

391,420

-

391,420

-

391,420

from equity holders

Balance at 31 December 2021

9,279,985

8,971,551

(10,396,250)

26,683

7,881,969

8,864

7,890,833

3 | P a g e

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

UPDC plc published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 11:39:12 UTC.