Vitafoam Nigeria : NIG PLC.- YEAR END - FINANCIAL STATEMENT FOR 2023

VITAFOAM NIGERIA PLC

UNAUDITED CONSOLIDATED AND SEPARATE INTERIM FINANCIAL

STATEMENTS

FOR THE YEAR ENDED SEPTEMBER 30, 2023

VITAFOAM NIGERIA PLC

QUARTER 4 ENDED 30 SEPT 2023

SECURITIES TRADING POLICY

In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of The Exchange 2015 (Issuers' Rule), Vitafoam Nigeria Plc maintains a Security Trading Policy (Policy) which guides Directors, Audit Committee members, employees and all individuals categorized as insiders in relation to their dealings in the Company's shares. The Policy undergoes periodic review by the Board and is updated accordingly. The Company has made specific inquiries of all its directors and other insiders and is not aware of any infringement of the Policy during the period.

Vitafoam Nigeria Plc

Unaudited Consolidated and separate interim financial statements for the year ended September 30, 2023

Content

Index	Page
Statements of profit or loss and other comprehensive income		2
Statement of Financial Position		3
Consolidated and Separate statement of changes in equity	4	- 5
Statement of Cash Flows	6	- 7
Significant Accounting Policies	8 - 19
Notes to the Unaudited Consolidated And Separate Interim Financial Statements	20	- 26

1

Vitafoam Nigeria Plc

Unaudited Consolidated and Separate Interim Financial Statements for the year ended September 30, 2023

Statements of profit or loss and other comprehensive income

			Group					Company
		12 Months to	12 Months to	3 Months to	3 Months to	12 months to	12 months to	3 Months to	3 Months to
	Notes	30-Sept-23	30-Sept-22	30-Sept-23	30-Sept-22	30-Sept-23	30-Sept-22	30-Sept-23	30-Sept-22
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Revenue	3	52,832,220	46,310,015	14,276,985	11,662,891		47,724,365	42,128,595	11,794,981	9,858,395
Cost of Sales	4	(34,265,164)	(30,912,952)	(9,565,465)	(8,042,973)	(32,602,875)	(29,270,339)	(8,138,872)	(7,006,204)
Gross profit		18,567,056	15,397,063	4,711,520	3,619,918		15,121,490	12,858,256	3,656,109	2,852,191
Other gains and losses	8	370,681	397,915	162,976	55,055		509,633	551,552	103,036	80,583
Administrative expenses	5	(9,780,010)	(6,798,469)	(2,680,432)	(2,224,348)	(7,747,962)	(5,016,862)	(1,981,482)	(1,596,960)
Distribution expenses	6	(2,097,532)	(2,075,781)	(472,538)	(464,303)	(1,948,921)	(1,986,774)	(419,294)	(441,704)
Operating profit		7,060,195	6,920,728	1,721,526	986,322		5,934,240	6,406,172	1,358,369	894,110
Finance income		1,308,725	998,618	391,516	322,302		1,307,939	988,644	391,441	321,075
Finance cost	7	(2,193,676)	(704,986)	(1,309,928)	(282,611)	(2,173,918)	(646,570)	(1,309,233)	(274,728)
Profit before taxation		6,175,244	7,214,360	803,114	1,026,013		5,068,261	6,748,246	440,577	940,457
Taxation		(1,820,506)	(2,692,082)	(142,345)	(406,517)	(1,414,229)	(2,337,135)	(17,354)	(313,950)
Profit for the period		4,354,738	4,522,278	660,769	619,496		3,654,032	4,411,111	423,223	626,507
Exchange difference on translating foreign operations		(216,421)	83,476	(81,573)	20,134		-	-	-	-
Remeasurements on net defined benefit liability		-	49,845	-	-		-	49,845	-	-
Gain on valuation of investment in equity instruments designated as at FVTOCI		6,568	6,915	-	7,423		6,568	6,915	-	7,423
Other comprehensive income		(209,853)	140,236	(81,573)	27,557		6,568	56,760	-	7,423
Total comprehensive income for the period		4,144,885	4,662,514	579,196	647,053		3,660,600	4,467,871	423,223	633,930
Profit attributable to :
Equity holders of the parent		3,886,044	4,223,481	550,631	540,153		3,660,600	4,411,111	423,223	626,507
Non-controlling interests		468,694	298,797	110,138	79,343		-	-	-	-
		4,354,738	4,522,278	660,769	619,496		3,660,600	4,411,111	423,223	626,507
Earnings per share for profit from total operations attributable to equity holders
of parent
Basic and diluted		310.67 k	338.00 k	44.02 k	43.18 k	292.65 k	353.00 k	33.83 k	50.09 k

2

Vitafoam Nigeria Plc

Unaudited Consolidated and separate interim financial statements for the year ended September 30, 2023

Statement of Financial Position as at

			Group		Company
		30th	30th	30th	30th
			September		September
		September	2022	September	2022
		2023		2023
	Note(s)	N'000	N'000	N'000	N'000
Assets
Non-Current Assets
Property, plant and equipment	9	7,007,217	6,274,919	3,197,789	3,004,961
Intangible assets		58,639	21,364	54,822	17,833
Investment property		-	-	1,707,963	1,778,044
Investments in subsidiaries		-	-	1,699,248	1,032,139
Investment in financial assets		12,301	5,732	12,301	5,732
Finance lease receivables		55,211	95,469	55,211	95,469
Right of use assets		185,631	193,039	185,631	193,039
		7,318,999	6,590,523	6,912,965	6,127,217
Current Assets
Inventories	11	15,354,454	13,864,400	11,892,511	11,003,143
Other assets	19	2,851,309	2,110,018	2,636,677	2,022,747
Trade and other receivables	12	1,839,473	1,593,401	3,340,164	2,774,988
Cash and bank balances	15	21,753,103	15,278,674	21,092,837	14,985,016
		41,798,339	32,846,493	38,962,189	30,785,894
Total Assets
	49,117,338	39,437,016	45,875,154	36,913,111
Equity and Liabilities
Equity
Share capital	16	625,422	625,422	625,422	625,422
Reserves		76,366	286,218	457,460	450,892
Accumulated profit		15,743,454	13,750,771	15,697,430	13,936,759
		16,445,242	14,662,411	16,780,312	15,013,073
Non-controlling interest		1,195,744	1,006,107	-	-
		17,640,986	15,668,518	16,780,312	15,013,073
Liabilities
Non-Current Liabilities
Borrowings	17	55,402	166,729	-	-
Retirement benefit obligation		933,750	761,874	803,971	761,874
Lease liabilities		181,716	160,099	181,716	160,099
Deferred tax		709,586	708,524	764,945	764,945
		1,880,454	1,797,226	1,750,632	1,686,918
Current Liabilities
Current tax payable	18	1,919,850	2,759,597	1,412,970	2,337,389
Trade and other payables	14	6,183,403	5,229,046	4,438,595	3,894,901
Borrowings	17	21,492,645	13,981,582	21,492,645	13,980,830
Deferred income		-	1,047	-	-
		29,595,898	21,971,272	27,344,210	20,213,120
Total Liabilities
	31,476,352	23,768,498	29,094,842	21,900,038
Total Equity and Liabilities
	49,117,338	39,437,016	45,875,154	36,913,111

The unaudited consolidated and separate interim financial statements and the notes on pages 2 to 26, were approved by the board on 27 October, 2023 and were signed on its behalf by:

Group Managing Director/CEO

Taiwo Adeniyi

FRC/2015/IOND/00000010639

Finance Director

Joseph Alegbesogie, FCA

FRC/2013/ICAN/00000003728

The accounting policies on pages 8 to 19 and the notes on pages 20 to 26 form an integral part of the unaudited consolidated and separate interim financial statements.

3

Vitafoam Nigeria Plc

Unaudited Consolidated and Separate Interim Financial Statements for the year ended September 30, 2023

Consolidated and Separate statement of changes in equity

	Share capital	Foreign	Other reserve	Fair value	Retained	Total	Non-controlling	Total equity
			currency			adjustment	earnings	attributable to	interest
			translation			assets-				equity holders
			reserve			available-for-				of the group /
								sale reserve				company
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Group
Balance at 01 October 2021	625,422		(153,750)	393,018	(43,441)	11,333,365		12,154,614	781,067		12,935,681
Profit for 12 months											3,338,647		3,338,647	274,618		3,613,26
Other comprehensive income	-	56,032		-	1,610		-		57,642	-		57,642
Total comprehensive income for the period	-	56,032		-	1,610		3,338,647		3,396,289	274,618		3,670,907
Dividends paid	-	-		-	-		(1,876,268)	(1,876,268)	(211,393)	(2,087,661)
Balance at 30 September 2022	625,422		(97,718)			393,018		(41,831)			12,795,744			13,674,635		844,291			14,518,926
Balance at 01 October 2022	625,422		(97,718)	393,018	(41,831)	13,730,423		14,609,314	868,471		15,477,785
	-	-		-	-		-		-	-		-
Changes in NCI as a result of share allotment not resulting in loss of control	-	-		-	-		-		-	137,636		137,636
Stattute barred unclaimed dividend income	-	-		-	-		20,348		20,348	-		20,348
Balance at 30 September, 2022	625,422		(70,274)	393,018	(36,526)	13,750,771		14,662,411	1,006,107		15,668,518
Profit for 12 months
-	-		-	-		3,886,044		3,886,044	468,694		4,354,738
Other comprehensive income	-	(216,421)	-	6,568		-		(209,853)	-		(209,853)
Total comprehensive income for the period
-	(216,421)	-	6,568		3,886,044		3,676,191	468,694		4,144,885
Statute barred unclaimed dividend income
-	-		-	-		7,923		7,923	-		7,923
Dividends	-	-		-	-		(1,901,284)	(1,901,284)	(279,057)	(2,180,341)
Balance at 30 September 2023
625,422		(286,695)	393,018	(29,958)	15,743,454		16,445,241	1,195,744		17,640,985
Note(s)	16

4

							Vitafoam Nigeria Plc
Unaudited Consolidated and separate interim financial statements for the year ended September 30, 2023
Consolidated and Separate statement of changes in equity
			Share capital	Foreign currency	Fair value adjustment	Retained income	Total equity
							translation reserve	assets-available-for-
										sale reserve
			N'000	N'000	N'000	N'000	N'000
Company
Balance at 01 October 2021	625,422		487,418	(43,441)		11,331,723				12,401,122
Profit for the 12 months												3,384,366				3,384,366
Other comprehensive income								1,610								1,610
Dividens paid	-		-	-		(1,876,268)			(1,876,268)
Balance at 30 September 2022		625,422				487,418			(41,831)			12,839,821						13,910,830
Balance at 01 October 2021	625,422		487,418	(43,441)		11,331,723				12,401,122
Profit for the year					-	-		4,411,111				4,411,111
Other comprehensive income	-		-	6,915		49,845				56,760
Total comprehensive income for the year		-		-	6,915		4,460,956				4,467,871
Statute barred unclaimed received	-		-	-		20,348				20,348
Dividends	-		-	-		(1,876,268)			(1,876,268)
Balance at 30 September, 2022	625,422				487,418			(36,526)				13,936,759						15,013,073
Profit for the 12 months		-				-			-				3,654,032						3,654,032
Other comprehensive income	-				-			6,568				-						6,568
Total comprehensive income for the period		-				-			6,568				3,654,032						3,660,600
Statute barred unclaimed divided income	-				-			-				7,923						7,923
Dividends	-				-			-				(1,901,284)						(1,901,284)
Balance at 30 September 2023		625,422				487,418			(29,958)				15,697,430						16,780,312
Note(s)	16

The accounting policies on pages 8 to 19 and the notes on pages 20 to 26 form an integral part of the unaudited consolidated and separate interim financial statements.

5

Vitafoam Nigeria Plc

Unaudited Consolidated and separate interim financial statements for the year ended September 30, 2023

Statement of Cash Flows

					Group		Company
				September 30,	September 30, September 30,	Septmber 30,
			2023		2022	2023	2022
		Note(s)			N'000		N'000	N'000	N'000
Cash flows from operating activities
Profit before taxation			6,175,244	7,214,360	5,068,261	6,748,246
Adjustments for:
Depreciation and amortisation			900,954		789,563	528,467	439,007
Profit on sale of assets			(44,338)		(4,760)	(43,990)	537
Adjustment on property,plant and equipment			23,582		-	23,582	-
Translation adjustment on PPE			(177,220)		168,326	-	-
Finance income			(1,308,725)		(998,618)	(1,307,939)	(988,644)
Finance cost			877,683		704,986	2,173,918	646,570
Fair value loss on investment in financial			-		8,481	-	8,481
assests
Effects of exchange rate movement on cash			36,663		64,669	36,663	64,669
balance
Effect of corrected exchange difference			-		-	-	12,851
Actuarial loss on long service award			-		5,510	-	5,510
Movement in investment in subsidiary			-		-	-	(40,000)
Service cost			259,748		137,521	129,969	137,521
Gain/Loss on exchange difference translation			(216,421)		83,476	-	-
Changes in working capital:
Inventories			(1,490,054) (5,239,639)	(889,368) (4,494,140)
Trade and other receivables			(124,435)		(806,556)	(443,539)	(402,995)
Other assets			(741,291)	2,767,162	(613,930)	2,745,257
Trade and other payables			807,642	2,456,494	344,886	1,894,136
Deferred income			(1,047)		(224,705)	-	(220,473)
Deferred tax liabilities			1,062		-	-	-
Benefit paid			(87,873)		(94,359)	(87,873)	(94,359)
			4,891,174	7,031,911	4,919,107	6,462,174
Tax paid			(2,660,253)	(2,484,970)	(2,338,648)	(2,121,028)
Net cash from operating activities			2,230,921	4,546,941	2,580,459	4,341,146
Cash flows from investing activities
Purchase of property, plant and equipment	9		(1,489,184)	(723,234)	(683,619)	(508,408)
Proceeds from sale of property, plant and equipment	9		68,499	26,098	68,388	14,212
Acquisition of shares in subsidiary						-	-	-	(103,567)
Purchase of intangible assets			(44,457)	(5,244)	(43,597)	(4,564)
Purchase of investment property						-	-	(1,559)	-
						-	-	-	-
Finance receipt			40,258	26,717	40,258	26,717
Finance lease receivable						-	(65,836)	-	(65,836)
Interest received			1,187,088	906,899	-	896,925
Net cash from investing activities			(237,796)	165,400	(620,129)	255,479
Cash flows from financing activities
Share premium adjustment			16			-	-	-	-
Proceeds from borrowings			14,590,116	14,212,868	14,590,116	14,212,868
Repayment of borrowings			(7,190,380)	(11,860,031)	(7,078,301)	(11,618,249)
Statue barred Unclaimed dividend received			7,923	20,348	7,923	20,348
Dividends paid			(2,180,341)	(2,087,661)	(1,901,284)	(1,876,268)
Interest income						-	-	1,186,302	-
Interest paid			(709,351)	(489,162)	(1,953,493)	(430,746)
Proceeds on sale of shares in subsidiary to non-controlling interest where control is not				-	137,636	-	-
lost

6

Vitafoam Nigeria Plc

Unaudited Consolidated and separate interim financial statements for the year ended September 30, 2023

Statement of Cash Flows

				Group		Company
		30-Sept-23	30-Sept-22	30-Sept-23	30-Sept-22
Note(s)		N'000		N'000	N'000	N'000
Net cash from financing activities		4,517,967	(66,002)	4,184,154	307,953
Net cash and cash equivalent for the period		6,511,092	4,646,339	6,144,484	4,904,578
Cash at the beginning of the period		15,278,674	10,697,004	14,985,016	10,145,107
Effect of exchange rate movement on cash balances		(36,663)	(64,669)	(36,663)	(64,669)
	15
Cash and cash equivalent at the end of the period	21,753,103	15,278,674	21,092,837	14,985,016

The accounting policies on pages 8 to 19 and the notes on pages 20 to 26 form an integral part of the unaudited consolidated and separate interim financial statements.

7