424,r85 r49,904. (r04,629). 2,528,319 2,795,190. (1,957,343) (2,176,8r). 618,379 t27,224. (140,692) (172,324\. 206,49r.
Nigerian Enamelware Plc.
PtC2192
Unaudited Financial Statements
For the period ended 31st Jan 2018
rffi\:
CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO. 29 OF 2OO7
We the undersigned herby certified the following with regards to our third quarter financial report for the quarter ended 31st Jan 2018
(a) (b)
We have reveiwed the report; To tJle best ofour knowledge, the report does not contain; (i) Any untrue statement of a meterial fact, or (2) Omit to state a meterial fact, which would make the statement, misleading In the light ofcircumstance under which such statements were made;
(c)
To the best ofour knowledge, the financial statements and other financial information included in the repod fairly present in all material respects the financial condition and results ofthe operation ofthe company as of, and for the periods presented in the repo(. We (1) Are responsible for establishing and maintaining internal controls. (2) Have designed such intemal controls to ensure that material information relating to the company and its consolidated subsidiary is made known to such officers by others within those entities particularly during the period in which the periodic report are being perpared; (3) Have evaluated the effectiveness ofcompany's internal controls as of date within 90 prior days to the reporu (4) Have present in the report our conclusion about the effectivenness ofour intemal controls based on our evaluation as ofthat date.
(d)
(e)
We have disclosed to the auditors of the company and audit committee; ( I ) All significant deficiency in the design of operation of intemal controls which would adversely affect the company's ability to record, process, summarize and report financial data and have identified for the company's auditor any material weakness in internal controls,
(2) Any fraud, whether or not material,
t]rat involves management or other employee who have significant role in the oompany's internal controls.
(D
We have identified in the report whether or not there were significant changes in internal controls or other factors thafs could significant affect intemal controls subsequent to the date of evaluation. lncluding any corrective actions with regard to sisnificant deficiencies and material weaknessess.
Nigerian Enamelware Plc FRC/20 I 3nODN/o0000005035
Ir
Nigerian Enamelware Plc FRC/201 3nODN/O0000005034
TABLE OF CONTENTS
CONTENT
PAGE
Statement of Financial Position
1
Statement of Comprehensive Income
2
Statement of Changes in Equity
3
Statement of Cashflow
4
Statement of Significant Accounting Policies
5-6
Notes to the Accounts
7-r0
Fin;rnciir Contr
Nigerian Enamelware PLC RC 2192
UNAUDITED FINANCIAL STATEMENT FOR THE PERIOD ENDED 3I JAN 2OI8
Statement of Financial Position (Jnaudited IFRS 3 mths
IFRS f, mths
31/01/2018
3lt0t
0r/05/16
to 3l/01/20r 8
to
to
3UO1l20l1
3010412017
to 30/04/2016
N'000
N',000
N'000
N'000
12017
N'000
N'000
Note
0li05i l7
l2mths 0u05/15 to
to
to
IFRS
9 mths
0l/11/16.
0tnIt11
IFRS mths
Unaudited IFRS 9 mths
Non-current assets
'12
0l/05/16
Pfopeny. plaDt and equipment
96t,926
1.0t0.205
961,926
r,010,205
998. 134
'Iotal non-current
96t,926
rpt0105
96r,926
1,010,205
998,1J4
1,009,589
439,338 3,082,969
Current
assets
sssets
Inventories Trade and other receivables Other assets
8
2,410,394
3.442,1-24
5,198,858
2,037,483
Equity
t2 t3
Totnl equity
I
1,,112.313
t,4t2,253
31.680 t,412,313
1,44J,993
|,443.933
1,443,993
3
3 1,680
1,680
285.558
I
Trade and other payables (.Xher liabilities
Cunent tax liabilities
Tot{l equity and liabilities
244-5 | 6
266.94'l
9
1,395,432
31.680 t.3?8,886
a1Jn
|,410,566
3r.680
1,680
- 1,443,r*
---$i9$3
t
295'785
1,730.784
3,130,63'7 800.841
2,804,142 733,548
3,220-'195
801.579
t,020.442
99,758
88,380
91.518
82,106
0
9
t0
88.38
99,758
1,642,169
Tot{l curr€nt liabilities Total liabilities
985.300
t.2'/6.064
3
-5:q?qr9'
t.412,253
3,530,094
4,8r8,4r8
285,558 285,558 285,558
(irrrent liabilites Bonowings
4,345,356
-li$ff.!-
7,78;
15.560
285,558
285,558 285,558
Total non-current liabilities
-
40
----];713'j- --2J/,-'6s8---j&uq!-
assets
Non-current liabilities Defllred tax liabilities
1,013,192 3,',199,6-16
1,7
1.7,10
TotAl current asstes
Share Capital Retained earnings
903,232
.
Due flom felated companies Cash and bank balance
Total
d
1,t29,315
1,458,423
7
t6
4i4 )nl
942,9
908,108
950,230
6
1,009,589
_
-_Lf n
l.J
18. |
|
9?
:J,601!:5-
4.o3l.2Js
---llJill4-
3.626.070 4,113,892
LflJ-'6''8--liee'4s0
2,833,332
--!']22'!y -,lJl2J2q---!J4l'Oqq ---6'1!!JgE-lJ55E!r,ls?6Eoa--lFl9f9r
Pale
I
Nigerian Enamelware PLC RC 2192
UNAUDITED FINANCIAL STATEMENT FOR THE PERJOD ENDED 3I JAN 2OI8
Statement of Comprehensive Income Unaudited IFRS
IFRS
3 mths
3 mths
n1nU20t7
Revenue
Unaudited IFRS 9 mths
01/tt/2016-
to
to
to
01/05/2016 to
3l/0u2018
3u01D017
3l/01/2018
3u01D017
N'000
N'000
N'000
N,000
|,041 ,172
1,006,896
Cost of Sales
(850,304)
(1'19,s01)
Crcss P.ofit
196,868
227,389
Other Incomes
0u05D0r7
IFRS 9 mths
1,944,725
1,878,319
(1,547,1l8)
(1,454,135)
l2 mths
otn5?0t6
to 30t04?0r7
424,r85
5'70,97 6
618,379
141,568
r49,904
201,636
t27,224
(6r,372\
(56,137)
(r2,022)
(r04,629)
Operating Profit
206,49r
251,610
427,153
469,460
(198,967)
(224,6e7)
(402,033)
7,524
26,9r4
25,121
50,299
67,849
(2,257)
(9,076)
(8,240)
(16,932)
(22,79t)
t7,837
16,881
Prolit after Tax
ll
PaC.2
2,795,190
39't,60'l
Administration Expenses
lncome Tax (Estimale)
3u04n016
(1,957,343) (2,176,8r)
80,358
Prolit beforc Tax
0l/05/2015 to
2,528,319
70,995
Financial Costs
l2mths
(4
r9,161)
(140,692)
63r,920 (s64,01D
45,058
(172,324\
573279 (396,3r8) 176,96r (43,486) 133,475
Nigerian Enamelware PLC RC2t92 FOR PERIOD ENDED 31ST JANUARY 2OI8
FOR PERIOD ENDED 31ST JANUARY 2OT8 ISSUED SHARE
CAPITAL N'000 Balance at lst May 2017
SHARE
PREMIUM
RETAINED EARNINGS
EQUITY
N'000
N'000
N'000
31,680
1,395,432
Profit for the period
16,881
TOTAL
|,427,l12 16,881
Revaluaton Surplus Balance at
3I
st January 20 I 8
31.680
_-__l!nj;43
____J1439e3_
PREMIUM
RETAINED EARNINGS
EQUITY
N'000
N'000
N'000
_
FOR PERIOD ENDED 3TST JANUARY 2OT7 ISSUED SHARE
CAPITAL N'000 Balance at lst May 2016
3
SHARE
r,680
1,378,886
Profit for the period
TOTAL
1,410,566
33,367
Revaluaton Surplus Balance at
3lst January 2017
31,680
tr
0
_____lln43 ___ja4323L
True M:
I
Page 3
Nigerian Enamelware PLC RC 2192
UNAUDITED FINANCIAL STATEMENT FOR THE PERIOD ENDED 3I JAN 2OI8 Reconciliation ofprofit after taxation to net cssh provided by operative activities
IFRS IFRS Unaudited IFRS IFRS 12 mths l2mths 9 mths mths 3 mths 9 mths 0r/rr/20r1 0tn1n0t6 01105t2017 0r/05/2016 01/05/2016 01/05/2015 31n1/20ta 31/01t2011 3r/0rr018 31101/2011 30/04n017 to30/04/20rG
Unaudit€d 3
N'000 Cashflow from operative activities
liom customerc Cash paid to suppli€rs and €mployees Cash receipt
Tax liabilities paid
1,189,595
1,110,733
(988,058)
(1,383,327)
-
Administrative expenses paid Incom€ tax paid
Net cash generated by operating activities
-r0-i557
2,069,197 t,964,728 2,644,630 3,955,948 (3,670,5s0) (2,4s7,271)_
(2,304,740)_ (2,726,897)
(r,156) (3,778) (5,085) (r7,s37) Q3,606)
(2,s07) (5,s3?)
trso-3r5t ------(136,6rr) ___lZ!j,{!O do-il3n)
Cashflon' from investrng activities Purchase of fixcd assets
I753F86
(]6,821)
80,358 t56.636 t49,904 201,719 115,424 _________q!,!!L______q!!$ ____!l!.!16 __,149p94 ___Ji!pt6 _____Jl!.42186,063
Interest received ftom similar income
Cashflolv from financing activities
(240,s37)
Interest paid Dividend paid
Net cssh genemted by financing sctivities
Net increas€ / (decrease) in cash and cash equivalent Cash and cash equivalent at beginning
---
(1s,002) (30,089)
ofyear
Cash and cash equivalent at end of year
_______p!9;rr
(443,602\ (419,055) (s64,071)
(224,s91)
__94sv)
-
_]!E@L
41,064 (424,810)
(28,512) (28,st2\
___!47_;5L__G9?rql _____G2L!lE
(523,664) (r,08r,r47)
(r,482,238)
(1,32r,388) (560.430) (3.20s,232) (t,722,995) (r,122,99s)
_____rl,?3.]?q
(396,318) (28,512)
I,144,180
(2,861,17s)
(ts-srodt (tirtlrt__A.!!jJl4_ltf9t2t?i-UJ.4l9ll
REPRESENTED BY Bank and cash balance Bank overdraft balance
1,140
(1,276,064)
-,-19!;uI
0
(985,300)
---J93t
00r
Page 4
1,740
0
15,560
'7,787
(3,130,637) (2,804,t42) (3,220,79s) (t,730,784)
-----!12-E !9O --i2,!q.Ua-
-r])otlJir ----u npy)
Nigerian Enamelware PLC RC 2192
UNAUDITED FINANCIAL STATEMENT FOR THE PERIOD ENDED 31 JAN 2018 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The followings are the pdncipal accounting policies adopted by the company in the preparation of its financial statements. Basis of accountins
1
The financial statemenls are prepared under the historioal cost convention as modified by the inclusion ofleashold land and buildings valuation,
Turnovef This represents the net invoices value ofsales to third parties locally. Fixed assets These are stated ofcost or valuation less accumulated depreciation
Depreciation Depreciation offixed assets is provided on the straight line basis to write offthe cost or revalued amount over their anticipated useful lives at the following annual rates; Leasehold land and building Plant and machinery Fumihue and equipment
Over the xerms of lease
Motor vehicles
33 1/3
5o/o
r0% o/o
Stock and work-in-progress
Raw matedals are valued at the lower ofcost and net realiz€d value. Finished goods and work-inprogress are valued at cost. Cost includes and appropriate proportion of production overheads.
Page 5
Nigerian Enamelware PLC RC 2192
UNAUDITED FINANCIAL STATEMENT FOR THE PERIOD ENDED 31 JAN 2018 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES Debtorc Debtors are stated after deduction ofspecific provision for debts considered doubtful ofcollection. Foreign cunencies Transactions in foreign currencies are reoorded in Naira at the rates of exchange ruling at the date the tansactions. Assets and liabilities in foreign currencies are converted to Naira at the mte of cxchange ruling to the balance sheet date. Gains or losses arising therefrom are taken to the profit
of
and loss acaount.
Taxation Income tax is provided on taxable profit at the cunent rute.
Retirement benefits. The company makes provisions for retirement benefit in accordance with the Pension Reform Act 2004 with employer and employee contdbuting 7.5% each. In addition, the company makes provision for staff gatuity based on the length of service ofeach Staff in accordance with the existing staff conditions of service. 10
Provisions Provision is recognized when the company has a present obligation, whether legal or constructive, as a result ofa past event for which it is probable that an outflow ofresources embodying economic benefits will be rcquired to settle the obligation and a reliable estimate can be made of the amount of the oblisation in accordance with SAS 23
Page 6
Nig€rian Enamelware PLC RC2t92 IJNAUDITED FINANCIAL STATEMENT FOR THE PERIOD ENDED 31 JAN 2018
NOTES TO THE ACCOUNTS
I
TIIE COMPANY
LI
Legal
forn
Nigerian Enamehvar€ Plc was incorporated inNigeria on 21 May 1960 as a limited liability company. It went public on 28 December 1979 in compliancewith the Indigenisafion Decree of 1977 and was granted a listing on theNigerian Stock Exchang€. It adopted its present name ofNigerian Enamelware Plc on 6 June l99l in compliance with Companies and Allied Malters Act, CAP C20, LPN 2004.
t.2
'
2
Principal activities Nigerian Enamelware Plc is engaged in the manufacturing and marketing ofenam€lware, plastic products, galvanized buck€ls. Raw materials consisting ofsteel coils, chemicals, enamel and moulds are obtained from both local and overseas suDDliers.
TURNOVER Tumover reprcs€nts the total amount invoiced to customers for goods supplied and servrces rendered after deductine trade discount and commissions.
UnauditedlFRs IFRS 3 mths 3 mths
Unaudited
IFRS
IFRS
IFRS
l2mths mths 9 mths 0t/05/201't 0|05t20t6 0 0512016 0llll/2016 to to to 3t/0t/20t't 30/04/2017 3r/0t/2011 3ll01/2018 N'000 N'000 N,000
outnon to
3l/0\/20t8
IFRS 12 mths
9
Enamelwar€productsetc ___J-Q!_{L-__1!!!,!96
___Je!!t2s___tqlEle ___28!t!2-
0|05t20t5 lo to 30/0412Q16
N'000
---2125120
PROFIT BEFORE TAXATION is anived at after charging Interest
4
I
& similar
a\arion
charges
_l-98,967
_
- ,21P7
_________2]51
Taxation is orovided on taxable Drofit at cunent rate (estimate)
Page 7
402-033
419.161
564.071
396.318
\
*q i7# > i; r_J
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A
^*-= +A Pd :|l< =;i iD ==.F
P +;5 i;9".oq:ed
-=3
Fr3: EE ; e? $sAi !Ei-;iX r4z utx Zo = t
P95? P!F >Fiil F? :_€ 3=-E# 3Eq 3€a=3 p; ?Ell sli g" aiB 9983ts
rs *1
Iea;-8 : g' x iE [i 1+:r * E 3 Eg"oE = HE ,i '9 d. '
H
3 =
if E d
EF X
o
bJt
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-=
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