Flour Mills of Nigeria Plc - The Nigerian Stock Exchange

Mar 31, 2017 - He is an alumnus of Harvard Business School of Post Graduate Studies. ..... orally or anonymously contact the independent helpline by ...... financial support to the Group with no future related costs are recognised in profit or ...
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Flour Mills of Nigeria Plc Annual report March 31, 2017

Flour Mills of Nigeria Plc Annual report for the year ended March 31, 2017

Index The reports and statements set out below comprise the annual report presented to the members: Index

Page

Report of The Directors

2 - 12

Audit Committee Report

13

Directors' Responsibilities in Relation to the Financial Statements

14

Independent Auditor's Report

15 - 19

Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income

20

Consolidated and Separate Statements of Financial Position as at March 31, 2017

21

Consolidated Statement of Changes in Equity for the year ended March 31, 2017 Separate

22

Statement of Changes in Equity as at March 31, 2017

23

Consolidated and Separate Statements of Cash Flows

24

Notes to the Annual Report

25 - 102

Other National Disclosures

103

- Consolidated and Separate Statements of Value Added

104 - 105

- Five Year Financial Summary

106 - 107

Flour Mills of Nigeria Plc Annual report for the year ended March 31, 2017

Board of Directors, Officers and Other Corporate Information Directors

Mr. George S. Coumantaros (Chairman Emeritus) *

(U.S. Citizen)

John G. Coumantaros (Chairman)

(U.S. Citizen)

Dr. (Chief) Emmanuel A. Ukpabi (KJW) (Vice- Chairman) Paul Miyonmide Gbededo (Group Managing Director) Alhaji Abdullahi A. Abba Prof. Jerry Gana, CON Alfonso Garate

(Spanish)

Alhaji Rabiu M. Gwarzo, OON Ioannis Katsaounis

(Greek)

Thanassis Mazarakis

(Greek)

Atedo N.A Peterside, CON Foluso O. Philips Alhaji Y. Olalekan A. Saliu Folarin R. A. Williams Mrs Salamatu Hussaini Suleman Secretary

Joseph Odion Umolu

Company registration number

RC 2343

Date of incorporation

September 29, 1960

Independent Auditors

KPMG Professional Services

Appointed 8th March 2017

KPMG Tower Bishop Aboyade Cole Street Victoria Island Lagos Registered office / Business address

1, Golden Penny Place, Wharf Road Apapa, Lagos

Registrars and Transfer office

Atlas Registrars Ltd 34 Eric Moore Road, Iganmu, (Bagco Building) P.O.Box 341, Apapa, Lagos

Bankers

Access Bank Plc

Skye Bank Plc

Citibank Nigeria Limited

Stanbic IBTC Bank Plc

Diamond Bank Plc

Suntrust Bank Limited

Ecobank Nigeria Plc

Union Bank of Nigeria Plc

Fidelity Bank Plc

United Bank for Africa Plc

First Bank of Nigeria Limited

Wema Bank Plc

First City Monument Bank

Zenith Bank Plc

Guaranty Trust Bank Plc Heritage Bank Limited Providus Bank Limited *Deceased on 17 October 2016. 1

Flour Mills of Nigeria Plc Annual report for the year ended March 31, 2017

Report of The Directors 1.

Accounts

The Directors are pleased to present the annual report together with the audited consolidated and separate financial statements of the company and its subsidiaries (together, “the Group”) for the year ended 31st March, 2017. 2.

Legal form

The Company was incorporated in Nigeria on 29th September, 1960 as a private limited liability company and converted to a public liability company in November, 1978. The shares are currently quoted on the Nigerian Stock Exchange. 3.

Principal activities

The group is primarily engaged in flour millin