GLAXOSMITHKLINE CONSUMER NIGERIA PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

Unaudited consolidated and separate statement of profit or loss and other comprehensive income For the period ended 31 March 2022

GROUP

COMPANYThree months ended 31

March, 2022

Three months Three months

31 December 2021

Notesended 31

March, 2021

N'000

ended 31

March, 2022

N'000

Revenue Cost of sales

31 December 2021

N'000

5

Three months ended 31

March, 2021

N'000

7,360,033 (5,401,774)

N'000

22,449,824 (16,270,135)

N'000

3,461,892 (2,424,087)

7,360,033 (5,401,774)

22,449,824 (16,270,135)

3,461,892 (2,424,087)

Gross profit

1,958,259

6,179,689

1,037,805

1,958,259

6,179,689

1,037,805

Investment income Other gains and losses Impairment of financial assets Finance costs

Selling and distribution costs

Administrative expensesProfit/ (loss) before tax

Income tax expense

7 8

26,317

93,545

(63,163)

6,128 (34,121)

(12,950)

26,317 (63,163) (12,950)

106,633

(87,403)

-93,545

6,128

106,633 (34,121)

(6,694) (2,071)

(4,669)

6.1 6.1

-

(1,070,359)

(3,542,294)

(552,270)

  • (742,844) (1,070,359)

    (1,799,749)

  • (496,268) (551,641)

(87,403) (6,694)

(4,669) -2,071.00

  • (3,542,294) (742,844)

  • (1,797,235) (496,018)

285,834

945,752

10.1

(238,065)

(91,467)

286,463

(286,941)

948,266 (237,815)

-

(91,668)

(286,941)

-

Total profit/(loss) for the year

Other comprehensive income net of income tax:

Items that will not be reclassified to profit or loss:

Total comprehensive income for the year, net of tax

Profit for the year attributable to: Shareholders of the Company Non-controlling interest

Total comprehensive income for the year attributable to:

Shareholders of the Company Non-controlling interest

Basic and diluted earnings per share (Kobo)

From continuing operations

From continuing and discontinuing operations

194,367

-

11 11

-

-

-

-

-

-

194,367

658,811

(238,065)

194,795

661,325

(237,815)

194,367

658,811

(238,065)

194,795

661,325

(237,815)

-

-

-

-

-

-

194,367

658,811

(238,065)

194,795

661,325

(237,815)

194,367

658,811

(238,065)

194,795

661,325

(237,815)

-

-

-

-

-

-

194,367

658,811

(238,065)

194,795

661,325

(237,815)

16

55

(20)

16

55

(20)

16

55

(20)

16

55

(20)

658,811

-

(238,065)

-

194,795

-

661,325

-

(237,815)

-

Unaudited consolidated and separate statement of financial position As at 31 March 2022

GROUP

COMPANY

As at 31

As at 31

As at 31

December

As at 31

As at 31

December

As at 31

March, 2022

2021

March, 2021

March, 2022

2021

March, 2021

Notes

N'000

N'000

N'000

N'000

N'000

N'000

Property, plant and equipment

12

517,758

540,339

1,789,947

517,758

540,339

1,789,947

Deferred tax asset

10.2

231,223

231,223

450,956

231,223

231,223

450,956

Right of use assets

7,240

14,481

69,974

7,240

14,481

69,974

Investment property

584,334

585,532

153,758

584,334

585,532

153,758

Investment in subsidiary

13

-

-

-

160

160

160

1,340,556

1,371,575

2,464,635

1,340,716

1,371,735

2,464,795

Current assets

Inventories

14

7,260,405

6,045,400

4,317,134

7,260,405

6,045,400

4,317,134

Trade and other receivables

15

5,760,283

5,170,886

3,060,367

5,760,283

5,170,886

3,060,367

Other assets

16

126,065

202,846

398,257

126,065

202,846

398,257

Cash and bank balances

17

11,289,241

12,746,570

9,362,133

11,289,241

12,746,570

9,362,133

Assets classified as asset held for sale

715,455

715,455

-

715,455

715,455

-

25,151,448

24,881,157

17,137,891

25,151,448

24,881,157

17,137,891

Total assets

26,492,004

26,252,732

19,602,526

26,492,164

26,252,892

19,602,686

Equity and liabilities

Equity

Issued share capital

18.1

597,939

597,939

597,939

597,939

597,939

597,939

Share premium

18.2

51,395

51,395

51,395

51,395

51,395

51,395

Retained Earnings

8,844,481

8,650,116

8,231,590

8,675,565

8,480,771

8,059,983

Total equity

9,493,815

9,299,450

8,880,924

9,324,899

9,130,105

8,709,317

Non-current liabilities

Liability for share-based payments

26,279

26,279

30,730

26,279

26,279

30,730

Total non-current liabilities

26,279

26,279

30,730

26,279

26,279

30,730

Current liabilities

Trade and other payables

19

16,637,028

16,731,849

9,774,629

16,819,649

16,915,099

9,960,142

Lease liabilities

-

1,500

54,063

-

1,500

54,063

Contract liabilities

19.1

140,601

90,841

79,257

140,601

90,841

79,257

Income tax payable

10.1

194,280

102,813

782,923

180,735

89,067

769,177

Total current liabilities

16,971,909

16,927,003

10,690,872

17,140,985

17,096,507

10,862,639

Total liabilities

16,998,188

16,953,282

10,721,602

17,167,265

17,122,787

10,893,369

Total equity and liabilities

26,492,004 `

26,252,732

19,602,526

26,492,164

26,252,892

19,602,686

Assets Non-current assets

The consolidated and separate financial statements were approved and authorised for issue by the Board of Directors on 26 April 2022 and signed on its behalf by:

Mr. Edmund C. Onuzo

Mr. Olakunle Azeez Oyelana

Adewale Vincent

Chairman

Managing Director

Senior Finance Manager

FRC/2015/IODN/00000011038

FRC/2020/003/00000020395

FRC/2018/ICAN/00000018187

GlaxoSmithKline Consumer Nigeria Plc

Unaudited consolidated and separate statement of changes in equity For the period ended 31 March 2022

Share

Share

Retained

capital

premium

earnings

Total

Group

N'000

N'000

N'000

N'000

At 1 January 2021

597,939

51,395

8,469,655

9,118,989

Profit for the period

-

-

(238,065)

(238,065)

At 31 March 2021

597,939

51,395

8,231,590

8,880,924

At 1 January 2021

597,939

51,395

8,469,655

9,118,989

Profit for the year

-

-

658,811

658,811

Dividends declared

-

-

(478,351)

(478,351)

At 1 January 2022

597,939

51,395

8,650,115

9,299,449

Profit for the period

-

-

194,367

194,367

At 31 March 2022

597,939

51,395

8,844,481

9,493,815

Share

Share

Retained

capital

premium

earnings

Total

Company

N'000

N'000

N'000

N'000

At 1 January 2021

597,939

51,395

8,297,798

8,947,132

Profit for the period

-

-

(237,815)

(237,815)

At 31 March 2021

597,939

51,395

8,059,983

8,709,317

At 1 January 2021

597,939

51,395

8,297,798

8,947,132

Profit for the year

-

-

661,325

661,325

Dividends declared

-

-

(478,351)

(478,351)

At 1 January 2022

597,939

51,395

8,480,771

9,130,106

Profit for the period

-

-

194,795

194,795

At 31 March 2022

597,939

51,395

8,675,565

9,324,900

Unaudited consolidated and separate statement of cash flows For the period ended 31 March 2022

GROUP

COMPANY

Three

Three months

Three months

months

Three months

ended 31

31 December

ended 31

ended 31

31 December

ended 31

March, 2022

2021

March, 2021

March, 2022

2021

March, 2021

Notes

N'000

N'000

N'000

N'000

N'000

N'000

Cash flows from operating activities

Profit for the year

194,367

658,811

(238,065)

194,795

661,325

(237,815)

Adjustment for:

Income tax expense recognised in profit or loss

91,467

286,941

-

91,668

286,941

-

Depreciation (including investment property and

right of use asset)

12

31,019

434,232

106,372

31,019

434,232

106,372

Loss/(gain) on disposal of property, plant and

equipment

8

(476)

(6,183)

(71)

(476)

(6,183)

(71)

Interest on term deposits

7

(26,317)

(93,545)

(6,128)

(26,317)

(93,545)

(6,128)

Finance cost

-

4,669

2,071.00

-

4,669

2,071.00

Other adjustments to property, plant and equipment

-

18,475

10,120

-

18,475

10,120

Share based payment expense

-

6,027

-

-

6,027

-

Working capital adjustments:

Changes in inventories

(1,215,005)

(2,762,961)

(1,034,695)

(1,215,005)

(2,762,961)

(1,034,695)

Changes in trade receivables

(589,397)

(520,930)

1,589,587

(589,397)

(520,930)

1,589,587

Changes in prepayments

76,781

170,929

(24,482)

76,781

170,928

(24,482)

Changes in contract liabilities

49,760

(14,765)

(26,349)

49,760

(14,765)

(26,349)

Changes in trade and other payables

(87,506)

3,126,137

(3,805,016)

(88,135)

3,123,624

(3,805,266)

(1,475,307)

1,307,837

(3,426,655)

(1,475,308)

1,307,838

(3,426,655)

VAT paid

(7,315)

(195,962)

-

(7,315)

(195,962)

-

Income tax paid

10

-

(747,318)

-

-

(747,318)

-

Net cash generated by operating activities

(1,482,622)

364,557

(3,426,655)

(1,482,622)

364,557

(3,426,655)

Cash flows from investing activities

Proceeds from sale of property, plant and

equipment

476

6,183

71

476

6,183

71

Interest received

7

26,317

93,545

6,128

26,317

93,545

6,128

Purchase of right of use asset

-

(183,277)

-

-

(183,277)

-

Purchase of property, plant and equipment

12

-

(43,441)

(48,375)

-

(43,441)

(48,375)

Net cash flows generated by/(used in) investing

activities

26,793

(126,990)

(42,176)

26,793

(126,989)

(42,176)

Cash flows from financing activities

Share based payment settlement

-

(10,478)

-

-

(10,478)

-

Final dividends paid to shareholders of the

Company

-

(256,322)

-

-

(256,322)

-

Lease liability paid

(1,500)

(153,220)

(54,618)

(1,500)

(153,220)

Proceed from lease liability

-

43,441

-

-

43,441

Net cash flows used in financing activities

(1,500)

(376,579)

(54,618)

(1,500)

(376,579)

Net increase in cash and cash equivalents

(1,457,329)

(139,012)

(3,523,449)

(1,457,329)

(139,012)

Cash and cash equivalents at 1 January

12,746,570

12,885,582

12,885,582

12,746,570

12,885,582

Cash and cash equivalents at 31 March &

December

17

11,289,241

12,746,570

9,362,133

11,289,241

12,746,570

-

-54,618.00 - 54,618.00

(3,523,449) 12,885,582

9,362,133

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Glaxo Smithkline Consumer Nigeria plc published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 09:14:06 UTC.