Dec 31, 2016 - UNAUDITED NINE MONTHS RESULTS - to 31ST DECEMBER 2016. STATEMENT OF FINANCIAL POSITION. Dec-16. Dec-15. N
NORTHERN NIGERIA FLOUR MILLS PLC NINE MONTHS UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2016
NORTHERN NIGERIA FLOUR MILLS PLC UNAUDITED NINE MONTHS RESULTS - to 31ST DECEMBER 2016 STATEMENT OF FINANCIAL POSITION Dec-16 N'000
Dec-15 N'000
1,700,990 42,123 1,743,113
664,015 5,325 669,340
592,188 83,940 1,432,059 2,108,187
363,863 61,032 573,756 998,651
Total assets
3,851,300
1,667,991
Equity Share capital Share premium account Retained earnings Total Equity
89,100 89,521 1,033,463 1,212,084
89,100 89,521 1,320,024 1,498,645
Non-current liabilities Retirement benefit obligation Long Service award Total non-current liabities
97,186 24,616 121,802
50,222 118,418 168,640
Current liabilities Trade and Other payables Short term intercompany loan Current tax liabilities Accruals and provisions Total current liabilities
2,109,939 360,000 6,698 40,777 2,517,414
(31,833) (2,884) 35,423 706
Total liabilities
2,639,216
169,346
Total equity and liabilities
3,851,300
1,667,991
Non-current assets Property, plant and equipment Intangible assets Deferred tax assets Total non-current assets Current assets Inventories Trade and other receivables Cash and deposits
Approval of Financial Statement:
NORTHERN NIGERIA FLOUR MILLS PLC UNAUDITED NINE MONTHS RESULTS - to 31ST DEC 2016 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED DECEMBER 2016
Note Volumes (MT) Revenue Cost of sales Gross profit/(Loss) Selling and distribution expenses Administrative expenses Other gains and losses Operating profit/(Loss) Finance cost Interest income Profit/(Loss) before tax Tax Credit Defined benefit obligations Credit Profit/(Loss) for the period Attributable to: Owners of the Company
Earnings per share - Basic (Kobo)
1a 1b 1d 1e 1c
1f
Dec-16 N'000 4,070 461,143 (513,162) (52,019) (2,574) (184,098) 182,374 (56,317)
Dec-15 N'000 8,258 759,730 (681,651) 78,079 (1,104) (190,810) 161,358 47,523
17,468 (38,849) (38,849) -
24,522 72,045
(38,849)
72,045
(38,849)
72,045
(38,849)
72,045
(22)
40
72,045
Explanatory Notes: The tough and challenging economic environment contributed to the decline in Revenue while the soaring cost of raw materials and other inputs had a negative impact on margins and the bottom line. However with the ongoing operational changes the Company's future looks bright and promising.
NORTHERN NIGERIA FLOUR MILLS PLC UNAUDITED NINE MONTHS RESULTS - to 31st DECEMBER 2016 STATEMENT OF CASH FLOWS
Cash flows from operating activities Profit/(Loss) for the period Adjustments for: Depreciation and amortisation Adjustment to depreciation Property, plant and equipment adjustment Provision for bad and doubtful debt balances Provision no longer required Interest received Gain on asset disposal
Dec-16 N'000
Dec-15 N'000
(38,849)
72,045
51,955 17,468
78,189 24,382 174,616
30,574 Changes in assets and liabilities: Decrease/(increase) in inventories Decrease/(increase) in trade and other receivables (Decrease)/increase in trade and other payables Decrease/(increase) in retirement benefits (Decrease)/increase in long service awards Decrease in deferred taxation (Decrease)/increase in provisions Decrease in tax payable Net cash (used in)/generated by operating activities Cash flow from investing activities Proceeds from disposal of property, plant and equipment Purchase of property, plant and equipment Interest received Net cash provided by/(used in) investing activities Cash flows from financing activities Dividend paid Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year
(196,055) 12,901 2,340,983 6,278 996 5,012 (3,266) 2,197,423
63,853 2,524,596 (2,617,061) (175,220) (30,813) (179,811) (45,823) (285,663)
(1,136,415) (17,468) (1,153,883)
(12,809) (24,382) (37,191)
-
(53,460) (53,460)
1,043,540 388,519 1,432,059
(376,314) 950,071 573,757
NNFM - KANO
FOR THE PERIOD ENDED 31ST DECEMBER 2016
PROPERTY PLANT AND EQUIPMENT Leasehold Land & Buildings N '000
Cost or valuation 1 April 2016 Reclassification Additions Transfers Adjustments Disposals 31ST DECEMBER 2016 Depreciation 1 April 2016 Charge Transfer Disposals
111,764
Plant & Machinery
N '000
1,246,382
Furniture & Equip
N '000
68,708
1,500
Motor Vehicles
N '000
Bearer plants
N '000
CWIP
N '000
331,923
13,661
1,200
1,133,715
8,974 111,764
1,247,882
68,708
342,097
42,095 1,790
733,758 39,330
62,185 1,083
317,870 9,752
-
1,147,376
Total N '000
1,772,438 1,136,415 8,974 2,917,827
1,155,908 51,955 8,974
8,974
31ST DECEMBER 2016
43,885
773,088
63,268
336,596
-
NBV 31ST DECEMBER 2016
67,879
474,794
5,440
5,501
-
1,147,376
1,700,990
1 April 2016
69,669
512,624
6,523
14,053
-
13,661
616,530
-
1,216,837
NNFM - KANO STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31ST DECEMBER 2016
COMPANY Share Capital
N'000
Balance at 1 April 2015
89,100
Equity attributable to equity holders of the Company Share premium Capital Non Retained reserve controlling Earnings interest N'000
N'000
N'000
89,521
N'000
N'000
1,301,442
1,480,063
Transfer from total comprehensive income for the period Dividend payment
-
Balance at 31 December 2015
89,100
89,521
Balance at 1 April 2016
89,100
89,521
-
-
Transfer from total comprehensive income for the period Dividend payment Balance at 31 December 2016
Total Equity
1,301,442
1,480,063
1,072,312
1,250,933
(38,849)
(38,849) -
89,100
89,521
-
-
1,033,463
1,212,084
NORTHERN NIGERIA FLOUR MILLS PLC,KANO NOTES TO THE NINE MONTHS UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2016
1a
COST OF SALES Material costs Depreciation Direct staff costs Other expenses Rent & rates Insurance Petrol, gas & oil Repairs and maintenance
1c
Dec 15
N'000
N'000
REVENUE Within Nigeria Outside Nigeria
1b
Dec-16
OTHER GAINS & LOSSES
461,143
759,730
461,143
759,730
N'000
N'000
345,901 46,822 63,519 122 1,646 2,181 44,817 8,153
483,510 69,512 65,696 2,523 3,522 52,811 14,076
513,162
681,650
N'000
Management fees Rent income 1,350 Insurance claims (629) Income on government grant Intragroup (Subsidy income, expenses, Technical fee, service 167,148 provided) Sundry income 14,224 Profit / Loss on disposal of assets 100 Exchange gain/loss 180 Wheat handling charges 182,374
N'000
567 (107) 144,403 16,495 161,358
1e
ADMINISTRATIVE EXPENSES Advertising Auditors remuneration Bad debts Bank charges Cleaning Consulting and professional fees Depreciation, amortisation & impairments Donations Executive emoluments Employee costs Entertainment Fines and penalties IT expenses Insurance Magazines, books & periodicals Medical expenses Motor vehicle expenses Third party -deductible Petrol & oil Placement fees Postage Printing & stationery Repairs & maintenance Research & development costs Secretarial expenses Security Software expenses Subscriptions Telephone & fax Travel -local Travel -overseas Other expenses Group overhead allocation Total administration expenses
1d
71 11,602
(1,134) 1,441 105 819 4,450 2,548 1,253 5,953 945 1,007 7,246 56 3 19,451 184,098
9,844 15,822 15,335 8,676 390 24,906 48,296 5,663 4,594 499 4,152 2,459 (5,939) 698 1,882 4,435 6,145 23,892 19,061 190,810
SELLING & DISTRIBUTION EXPENSES
Employee cost Advertisement Selling expenses
1f
6,086 12,090 3,307 6,893 5,132 400 64,118 23,300 1,275 4,365 1,220 95
990 855 730 2,574
443 202 459 1,104
INVESTMENT INCOME Investment Income Dividend income Interest Income Interest/ Dividend income from subsidiary Other Financial Income
17,468.00 17,468.00
24,552.00 24,552.00
