Jan 30, 2018 - Long service award. 11. 27,174. 21,643. 24,566. Total non-current liabities. 2,030,494. 436,705. 81,037.
NORTHERN NIGERIA FLOUR MILLS PLC UNAUDITED RESULTS FOR THE PERIOD ENDED DECEMBER 31ST 2017
NORTHERN NIGERIA FLOUR MILLS PLC - KANO UNAUDITED RESULTS FOR THE PERIOD ENDED 31st DECEMBER 2017 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Nine Months Ended 31-12-17 Note
Nine Months Ended 31-12-16
Three Months Ended 31-12-17
N'000 5,634 1,589,207 (1,571,037) 18,170
N'000 4,070 461,143 (513,162) (52,019)
423,911 (7,309) (229,774) (15,341) 189,657
182,374 (2,574) (164,647) (19,451) (56,317)
55,372 (2,167) (86,462) (5,114) (24,025)
9,295 (359,392) (160,440)
17,468 (38,849)
2,766 (80,185) (101,444)
Profit/(Loss) before tax
(160,440)
(38,849)
(101,444)
Tax expense Profit/(Loss) after tax
(160,440)
(38,849)
(101,444)
Profit/(Loss) attributable to: Owners of the Company
(160,440)
(38,849)
(101,444)
(90)
(22)
(57)
Volumes (MT) Revenue Cost of sales Gross profit/(Loss) Other Operating Income Selling and distribution expenses Administrative expenses Other gains and losses Operating profit/(Loss) Investment income Finance cost
Earnings per Share - Basic (Kobo)
1
2 3 4 4
5
Alhaji Sani Umar
Alhaji Ahmed Murtala Ahmadu
Deputy Managing Director
Head of Finance
FRCN/2014/10DN/00000008814
FRCN/2016/ICAN/00000014395
N'000
January 30th, 2018 Explanatory Notes: The harsh economic environment has not improved during the period, and together with higher finance costs impacted the operational profits. However, Management is looking at and exploring all available options to improve the performance within the last quarter of the financial year.
1,711 559,906 (545,560) 14,346
NORTHERN NIGERIA FLOUR MILLS PLC
- KANO
UNAUDITED NINE MONTHS RESULTS TO 31ST DECEMBER 2017 STATEMENT OF FINANCIAL POSITION 31ST DECEMBER 2017 Note Non-current assets Property, plant and equipment Intangible assets Deffered tax assets Total non-current assets
31-Dec-17 N'000
31-Dec-16 N'000
31-Mar-17 N'000
2,006,328 2,006,328
1,700,990 1,700,990
2,008,933 2,008,933
1,246,455 (86,256) 14,411 20,757 84,792 612,923 1,893,082
592,188 (11,981) 17,618 13,033 65,270 1,432,059 2,108,187
1,367,418 (21,989) 29,936 17,006 429,486 469,939 2,291,796
Total assets
3,899,410
3,809,177
4,300,729
Equity Share capital Share premium account Retained earnings Total equity
89,100 89,521 900,514 1,079,135
89,100 89,521 1,033,463 1,212,084
89,100 89,521 1,060,957 1,239,578
Current assets Inventories Trade receivables Other receivables Prepayments Due from related companies Cash and deposits Total current assets
Non-current liabilities Borrowings Deferred taxation Retirement benefit obligation Long service award Total non-current liabities Current liabilities Trade payables Other payables Current tax payable Customer deposits Total current liabilities Total liabilities Total equity and liabilities
6 7a 7c 7b 7c
8 9 10 11
1,968,000 (36,716) 72,036 27,174 2,030,494
360,000 (42,124) 97,186 21,643 436,705
12 13
(9,681) 885,997 7,330 (93,866) 789,780 2,820,275
480,839 1,699,154 4,504 (24,109) 2,160,388 2,597,093
479,235 2,423,606 17,824 59,449 2,980,114 3,061,151
3,899,410
3,809,177
4,300,729
14
(36,715) 93,186 24,566 81,037
NORTHERN NIGERIA FLOUR MILLS PLC
- KANO
STATEMENT OF CASH FLOWS December 31, 2017 31-Dec-17 N'000
31-Dec-16 N'000
31-3-2017 N'000
Cash flows from operating activities (160,440)
(38,849)
149,273 359,392 (9,295) (220) 338,710
51,955 3,289 16,395
71,117 31,942 (23,983)
(990,719.00) (87,693.00) 3,563.00 (3,751.00) 344,694.00
(196,055) (2,330) 5,630 (4,377) 13,977 403,521 3,982 1,580,754 5,012 (3,266) -
(971,285) 62,376 17,589 (8,349) (222,827)
(355,367)
1,806,848
(950,191)
Cash Flow from operating activities
(16,657)
1,823,243
(871,530)
Net Cash Flow from operating activities
(16,657)
1,823,243
(871,530)
Investing activities Purchase of PPE Sale of PPE Long term loans Other investment Investment income
(1,458,042) (220) 9,295
(1,136,414) (3,289)
(1,463,517) 820 23,983
Net Cash flow from investing activities
(1,448,967)
(1,139,703)
(1,438,714)
Profit/(Loss) After tax Adjustments for: Depreciation & Amortisation Actuarial gain/losses measurement Finance cost Interest received Dividend received loss/(profit) on disposal of fixed assets & Investment share of loss/(profit) in associate Provision Profit before changes in working capital Changes in Working Capital (Increase)/ Decrease in Inventory (Increase)/ Decrease in Net Trade Receivables (Increase)/ Decrease in Other Receivables (Increase)/ Decrease in other assets (Increase)/ Decrease in due from related parties (Increase)/ Decrease in deferred tax assets Increase/ (Decrease) in Trade Creditors Increase/ (Decrease) in Other Payable Increase/ (Decrease) in Amount due to Group companies Increase/ (Decrease) in Dividend Payable Increase/ (Decrease) in retirement benefit obligatiion Increase/ (Decrease) in long service award Increase/ (Decrease) in Sundry Provisions Increase/ (Decrease) in Tax Payable Increase/ (Decrease) in Deferred tax liabilities Increase/ (Decrease) in Deferred revenue Other non- cash movement Net changes in working capital
Financing activities Proceed from issue of shares/bonus Proceed from term loan Short term loan
(167,400.00) 17,678.00 558,735.00 (21,150.00) 2,608.00 10,737.00 (22,669.00) -
405
(820) 78,661
145,487 18,473 9,243 1,928 (2,826)
(359,392) 1,608,608
360,000 360,000
Net Cash Flow
142,984
1,043,540
81,420
Cash and cash equivalents at beginning of Period/year
469,939
388,519
388,519
Cash and cash equivalents at end of the period
612,923
1,432,059
469,939
612,923
1,432,059
469,939
612,923
1,432,059
469,939
Dividend paid Interest paid Capital reserve Cash flow from Financing activities
1,968,000
2,423,606 (31,942) 2,391,664
Closing Cash & Cash equivalent
NORTHERN NIGERIA FLOUR MILLS PLC
-
KANO
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31st DECEMBER 2017
NORTHERN NIGERIA FLOUR MILLS PLC
Equity attributable to equity holders of the Company Share Capital Share premium Capital Non controlling Retained reserve interest Earnings N'000
Balance at 1 April 2016
89,100
N'000
89,521
N'000
N'000
-
N'000
-
1,072,316 (11,359)
Transfer from total comprehensive income for the period Dividend payment
Total Equity N'000 1,250,937 (11,359) -
Balance at 31 March 2017
89,100
89,521
-
-
1,060,957
1,239,578
Balance at 1 April 2017
89,100
89,521
-
-
1,060,957
1,239,578
(160,440)
Transfer from total comprehensive income for the period Balance at 31st December 2017
89,100
89,521
-
-
900,517
(160,440) 1,079,138
NORTHERN NIGERIA FLOUR MILLS PLC - KANO UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2017 PROPERTY PLANT AND EQUIPMENT Leasehold Land & Buildings N '000
Cost or valuation 1 April 2017 Reclassification Additions Transfers Adjustments Disposals 31ST DECEMBER 2017
Plant & Machinery N '000
111,765
1,344,749
14,650
1,439,354
Furniture & Equip N '000
86,889
Motor Vehicles N '000
Bearer plants N '000
305,771
CWIP N '000
1,359,432
4,038 (1,296,724)
(14,650)
62,708
N '000
3,208,606 1,458,042 (1,296,724) (14,650) -
126,415
2,769,453
86,889
309,809
44,076 2,657
779,772 140,956
78,519 966
297,306 4,694
31ST DECEMBER 2017
46,733
920,728
79,485
302,000
-
-
1,348,946
NBV 31ST DECEMBER 2017
79,682
1,848,725
7,404
7,809
-
62,708
2,006,328
1 April 2017
67,689
564,977
8,370
8,465
-
1,359,432
2,008,933
Depreciation 1 April 2017 Charge Transfer Disposals
-
Total
3,355,274
1,199,673 149,273 -
NORTHERN NIGERIA FLOUR MILLS PLC - KANO NOTES TO THE UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2017 NOTES:
31-Dec-2017
31-Dec-2016
Three Months Ended 31-Dec-2017
1
N'000
N'000
N'000
COST OF SALES Material costs Depreciation Direct staff costs Other expenses Rent & rates Insurance Petrol, gas & oil Repairs and maintenance
2
OTHER GAINS & LOSSES Management fees Rent income Insurance claims/Provision no longer required Income on government grant Intragroup Subsidy income Sundry income Profit / Loss on disposal of assets Exchange gain/loss Wheat handling charges
3
1,204,082 143,599 92,087 1,295 1,770 2,806 110,090 15,308
345,901 46,822 63,520 122 1,646 2,181 44,817 8,153
428,305 42,149 33,306 460 610 935 35,473 4,322
1,571,037
513,162
545,560
N'000
N'000
1,350 413,428 9,288 220 (375) -
1,350 (628) 167,148 14,224 100 180 -
450 51,248 4,029 20 (375) -
423,911
182,374
55,372
SELLING & DISTRIBUTION EXPENSES N'000
Employee cost Advertisement Selling expenses
4
N'000
N'000
5,992 274 1,043 7,309
990 854 730 2,574
N'000 13,930 265 768
N'000 6,086
N'000 1,596 171 400
2,167
ADMINISTRATIVE EXPENSES Advertising Auditors remuneration Bad debts Bank charges
12,090 3,307
N'000 3,852 152
5
Cleaning Consulting and professional fees Depreciation, amortisation & impairments Donations 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
126 15,690 5,675 50 118,710 558 17,350 2,515 1,646 113 71 6,566 125 1,150 801 850 6,891 3,653 1,665 12,407 4,320 1,095 12,784 15,341
Total administration expenses
245,115
FINANCE COSTS Interest on Long Term Loans (BOI) Interest on Intragroup Loans
N'000 118,277 241,115 359,392
6,893 5,132 400 86,983 436 1,275 4,365 1,220 95 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
N'000
-
126 7,699 1,898 39,067 160 16,050 659 549 34 28 4,601 958 382 95 303 2,133 680 832 525 2,270 500 2,909 5,114 91,576
N'000 65,780 14,405 80,185
NORTHERN NIGERIA FLOUR MILLS PLC - KANO NOTES TO THE UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2017 NOTES: 6
INVENTORIES Raw materials Packaging materials (consumable) Work in Progress Finished goods Consumables Spare parts (consumable) Sundry stocks(consumable) Provision for obsolete stock Goods - in - transit (consumable)
7a
7b
7c
TRADE AND OTHER RECEIVABLES TRADE RECEIVABLES Trade Debtors Provision for bad debts
Prepayments Prepayments
31-Dec-2017
31-Dec-2016
N'000
N'000
805,183 76,073 383,435 (53,569) 1,211,122 35,333 1,246,455
N'000 90,604 (176,860) (86,256)
N'000
296,462 7,661 298,837 (28,281) 574,679 17,509 592,188
N'000
1,066,659 92,076 262,252 (53,569) 1,367,418 1,367,418
N'000
102,245 (114,226) (11,981)
N'000 20,757
N'000 13,033
20,757
13,033
156,719 (178,708) (21,989) N'000
17,006 17,006.00
OTHER RECEIVABLES Staff debtors Provision for doubtful Staff loan Insurance claims Withholding tax receivable Other debtors Provision for other receivables Intercompany receivables Provision Intercompany receivables
N'000 16,524 (2,113) 84,792 99,203
8
31-Mar-17
LONG TERM BORROWINGS Interest bearing intra group loan Long term loan (BOI)
N'000 1,968,000 1,968,000
N'000 19,731 (2,113) 65,270 82,888
N'000 360,000.00
360,000.00
21,201 (2,113) 10,848 429,486 459,422
N'000
-
9
10
DEFERRED TAX At 1st April Transfers durng the period Charge for the period/year At the end of the period
(36,716) (36,716)
N'000 93,186
N'000
N'000
15,075 (36,225)
90,908 14,094 (757) (7,059)
90,908 5,514 11,765 (8,773) (6,228)
72,036
97,186
93,186
LONG SERVICE AWARD N'000 At 1 April Service cost Interest cost Benefits paid Actuarial (gains)/loss -change in assumption Actuarial (gains)/loss -experience
12
(42,124) (42,124)
RETIREMENT BENEFIT OBLIGATION At 1st April Service cost Interest cost Acturial gains and losses Intercompany transfers Benefits paid At the end of the period
11
(36,715) (36,715)
CREDITORS AND ACCRUALS
Trade Creditors - Local Trade Creditors - O/Seas L/C Deposit
13
OTHER PAYABLES: Provisions & Accruals Intercompany payables Value added Tax Withholding tax Sundry Accounts
14
Customer deposits Advance Payments by Customers
24,566 4,211 (1,603) 27,174
N'000
106,224 (115,905) (9,681) N'000 86,527 774,449 3,228 4,115 17,678 885,997
(93,866)
N'000 22,638 3,026 (4,021) 21,643
N'000
480,839 480,839 N'000 43,751 1,630,341 (422) 2,616 22,868 1,699,154
(24,109)
N'000
22,638 4,539 (4,419) 1,808 24,566
N'000
479,235 479,235 N'000 228,641 2,194,965 1,257 28,755 (12,188) 2,441,430
59,449
