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) |
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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.
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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 | |
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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.