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with the International Financial Reporting Standards (IFRS) as issued by the IASB. The following condensed interim financial statements have not been audited ...
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PRESCO PLC

Condensed interim financial statements for the six months ended 30 June 2016

Table of contents

Condensed Statement of financial position ................................................................................. 4 Condensed Statement of Comprehensive income ...................................................................... 6 Condensed Statement of Cash flows ............................................................................................ 7 Condensed Statement of Changes in equity…………………………………………………………………………………8 Notes to the Condensed Interim Financial Statements…………………………………………………….…………… 9 - 12

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A. GENERAL INFORMATION Presco is a fully integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing plant and vegetable oil refining plant. It is at present the only one of such in Nigeria. Presco specialises in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into finished products. Presco supplies speciality fats and oils of outstanding quality to customers’ specification and assures a reliability of supply of its products all year round. This is made possible by the integrated nature of the company’s production process. Contact information: Presco Plc Obaretin Estate Km 22 Benin / Sapele Road PO Box 7061 Benin City, Edo State, Nigeria Tel: +234 8034134444 E-mail: [email protected] www.presco-plc.com

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B.

PRESCO PLC – CONDENSED FINANCIAL STATEMENTS

We are pleased to present below the 2nd Quarter report for the six months ended June 30th, 2016 in accordance with IAS 34 Interim Financial Reporting. The interim financial statements of Presco Plc as at June 30th, 2016 have been drawn up in accordance with the International Financial Reporting Standards (IFRS) as issued by the IASB. The following condensed interim financial statements have not been audited and will only be in the context of the publication of the previous annual financial statements in accordance with IFRS.

CONDENSED STATEMENT OF FINANCIAL POSITION

in Thousands NGN ASSETS Non-current assets Intangible assets Biological assets Property, plant and equipment Other non-current assets Current assets Inventories Biological assets Trade and other receivables Cash and cash equivalents

TOTAL ASSETS

Notes

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30/06/2016

31/12/2015 Restated

01/01/2015 Restated

53,972,303

49,464,915

45,438,426

335,632 29,703,501 23,933,060 110

183,581 29,291,215 19,990,009 110

147,933 28,297,091 16,993,292 110

8,221,067 1,605,415 1,498,220 2,706,411 2,411,021

6,013,083 1,105,632 1,252,379 2,985,728 669,344

4,380,064 1,363,929 1,184,273 1,768,774 63,088

62,193,370

55,477,998

49,818,490

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30/06/2016

31/12/2015 Restated

01/01/2015 Restated

33,407,892

30,395,473

29,058,955

500,000 1,173,528 31,675,640 58,724

500,000 1,173,528 28,663,221 58,724

500,000 1,173,528 27,342,427 43,000

20,982,846 274,616 3,480,279 91,742 307,096 16,829,113

18,656,463 271,481 4,042,077 224,191 521,249 13,597,465

16,240,327 234,897 2,354,727 111,787 949,480 12,589,436

Current liabilities Overdrafts Borrowings Trade and other payables Current tax liabilities Obligations under finance leases Deferred income

7,802,632 0 610,000 5,762,856 1,323,944 14,091 91,741

6,426,062 1,514,634 527,721 3,356,707 905,058 27,541 94,401

4,519,208 352,722 307,426 3,397,024 399,453 26,883 35,700

TOTAL EQUITY AND LIABILITIES

62,193,370

55,477,998

49,818,490

in Thou