GLAXOSMITHKLINE CONSUMER NIGERIA PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2022

GlaxoSmithKline Consumer Nigeria Plc

Unaudited consolidated and separate statement of profit or loss and other comprehensive income

For the period ended 30 June 2022

GROUP

COMPANY

6 months

6 months

6 months

6 months

ended 30

31 December

ended 30

ended 30

31 December

ended 30

June, 2022

2021

June, 2021

June, 2022

2021

June, 2021

Notes

N'000

N'000

N'000

N'000

N'000

N'000

Revenue

5

14,811,269

22,449,824

9,862,411

14,811,269

22,449,824

9,862,411

Cost of sales

(11,066,784)

(16,270,135)

(7,087,471)

(11,066,784)

(16,270,135)

(7,087,471)

Gross profit

3,744,485

6,179,689

2,774,940

3,744,485

6,179,689

2,774,940

Investment income

7

44,747

93,545

25,277

44,747

93,545

25,277

Other gains and losses

8

(55,997)

106,633

(102,065)

(55,997)

106,633

(102,065)

Impairment of financial assets

15.2

(40,209)

(87,403)

(19,404)

(40,209)

(87,403)

(19,404)

Finance costs

-

(4,669)

(3,573)

-

(4,669)

(3,573)

Selling and distribution costs

6.1

(2,169,699)

(3,542,294)

(1,599,530)

(2,169,699)

(3,542,294)

(1,599,530)

Administrative expenses

6.1

(1,005,771)

(1,799,749)

(986,956)

(1,004,514)

(1,797,235)

(985,699)

Profit/ (loss) before tax

517,556

945,752

88,689

518,813

948,266

89,946

Income tax expense

10.1

(168,206)

(286,941)

(28,784)

(168,615)

(286,941)

(28,784)

Total profit/(loss) for the year

349,350

658,811

59,905

350,198

661,325

61,162

Other comprehensive income net of

income tax:

Items that will not be reclassified to

profit or loss:

-

-

-

-

-

-

-

-

-

-

-

-

Total comprehensive income/(loss) for

the year, net of tax

349,350

658,811

59,905

350,198

661,325

61,162

Profit/(loss) for the year attributable to:

Shareholders of the Company

349,350

658,811

59,905

350,198

661,325

61,162

Non-controlling interest

-

-

-

-

-

-

349,350

658,811

59,905

350,198

661,325

61,162

Total comprehensive income/(loss) for the

year attributable to:

Shareholders of the Company

349,350

658,811

59,905

350,198

661,325

61,162

Non-controlling interest

-

-

-

-

-

-

349,350

658,811

59,905

350,198

661,325

61,162

Basic and diluted earnings/(loss) per

share (Kobo)

From continuing operations

11

29

55

(20)

29

55

5

From continuing and discontinuing

operations

11

29

55

5

29

55

5

GlaxoSmithKline Consumer Nigeria Plc

Unaudited consolidated and separate statement of financial position

As at 30 June 2022

GROUP

COMPANY

As at 31

As at 31

As at 30 June,

December

As at 30

As at 30 June,

December

As at 30 June,

2022

2021

June, 2021

2022

2021

2021

Notes

N'000

N'000

N'000

N'000

N'000

N'000

Assets

Non-current assets

Property, plant and equipment

12

495,284

540,339

1,705,964

495,284

540,339

1,705,964

Deferred tax asset

10.2

231,223

231,223

450,956

231,223

231,223

450,956

Right of use assets

-

14,481

75,610

-

14,481

75,610

Investment property

583,203

585,532

152,676

583,203

585,532

152,676

Investment in subsidiary

13

-

-

-

160

160

160

1,309,710

1,371,576

2,385,206

1,309,870

1,371,735

2,385,366

Current assets

Inventories

14

5,205,618

6,045,400

4,419,017

5,205,618

6,045,400

4,419,017

Trade and other receivables

15

6,281,906

5,170,886

5,638,263

6,281,906

5,170,886

5,638,263

Other assets

16

169,023

202,846

398,165

169,023

202,846

398,165

Cash and bank balances

17

12,877,541

12,746,570

10,665,833

12,877,541

12,746,570

10,665,833

Assets classified as asset held for sale

691,462

715,455

-

691,462

715,455

-

25,225,550

24,881,157

21,121,278

25,225,550

24,881,157

21,121,278

Total assets

26,535,260

26,252,733

23,506,484

26,535,420

26,252,892

23,506,644

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

8,461,322

8,650,116

8,051,210

8,292,826

8,480,771

7,880,609

Total equity

9,110,656

9,299,450

8,700,544

8,942,160

9,130,105

8,529,943

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

17,018,756

16,731,849

14,616,462

17,200,749

16,915,099

14,800,970

Lease liabilities

-

1,500

38,139

-

1,500

38,139

Contract liabilities

19.1

178,459

90,841

56,220

178,459

90,841

56,220

Income tax payable

10.1

201,110

102,813

64,389

187,773

89,067

50,643

Total current liabilities

17,398,325

16,927,003

14,775,210

17,566,981

17,096,507

14,945,972

Total liabilities

17,424,604

16,953,282

14,805,940

17,593,260

17,122,787

14,976,702

Total equity and liabilities

26,535,260

26,252,732

23,506,484

26,535,420

26,252,892

23,506,644

The consolidated and separate financial statements were approved and authorised for issue by the Board of Directors on 28 July 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 cash flows

For the period ended 30 June 2022

GROUP

COMPANY

6 months

6 months

6 months

6 months

ended 30

31 December

ended 30

ended 30

31 December

ended 30

June, 2022

2021

June, 2021

June, 2022

2021

June, 2021

Notes

N'000

N'000

N'000

N'000

N'000

N'000

Cash flows from operating activities

Profit for the year

349,350

658,811

59,905

350,198

661,325

59,905

Adjustment for:

Income tax expense recognised in profit or loss

10.1

168,206.00

286,941

28,784.08

168,615.00

286,941

28,784.08

Depreciation (including investment property and

right of use asset)

12

60,363

434,232

180,906

60,363

434,232

180,906

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

equipment

8

(27,959)

(6,183)

(3,202)

(27,959)

(6,183)

(3,202)

Interest on term deposits

7

(44,747)

(93,545)

(25,277)

(44,747)

(93,545)

(25,277)

Finance cost

-

4,669

3,573.00

-

4,669

3,573.00

Other adjustments to property, plant and equipment

12

-

18,475

15,015

-

18,475

15,015

Share based payment expense

-

6,027

-

-

6,027

-

Working capital adjustments:

Changes in inventories

839,782

(2,762,961)

(1,136,578)

839,782

(2,762,961)

(1,136,578)

Changes in trade receivables

(1,111,019)

(520,930)

(988,309)

(1,111,019)

(520,930)

(988,309)

Changes in prepayments

33,823

170,929

(24,390)

33,823

170,928

(24,390)

Changes in contract liabilities

87,618

(14,765)

(49,386)

87,618

(14,765)

(49,386)

Changes in trade and other payables

3,507

3,126,137

1,036,819

2,250

3,123,624

1,036,819

358,924

1,307,837

(902,140)

358,924

1,307,838

(902,140)

VAT paid

(9,925)

(195,962)

-

(9,925)

(195,962)

-

Income tax paid

10

(69,909)

(747,318)

(747,318)

(69,909)

(747,318)

-

747,318.00

Net cash generated by operating activities

279,090

364,557

(1,649,458)

279,090

364,557

(1,649,458)

Cash flows from investing activities

Proceeds from sale of property, plant and

equipment

51,952

6,183

3,202

51,952

6,183

3,202

Interest received

7

44,747

93,545

25,277

44,747

93,545

25,277

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

96,699

(126,990)

(19,896)

96,699

(126,989)

(19,896)

Cash flows from financing activities

Share based payment settlement

-

(10,478)

-

-

(10,478)

-

Final dividends paid to shareholders of the

Company

(244,818)

(256,322)

(478,351)

(244,818)

(256,322)

-

478,351.00

Lease liability paid

-

(153,220)

(72,044)

-

(153,220)

-

72,044.00

Proceed from lease liability

-

43,441

-

-

43,441

-

Net cash flows used in financing activities

(244,818)

(376,579)

(550,395)

(244,818)

(376,579)

-

550,395.00

Net increase in cash and cash equivalents

130,971

(139,012)

(2,219,749)

130,971

(139,012)

(2,219,749)

Cash and cash equivalents at 1 January

12,746,570

12,885,582

12,885,582

12,746,570

12,885,582

12,885,582

Cash and cash equivalents at 31 March &

December

17

12,877,541

12,746,570

10,665,833

12,877,541

12,746,570

10,665,833

GlaxoSmithKline Consumer Nigeria Plc

Unaudited consolidated and separate statement of changes in equity

For the period ended 30 June 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

8,469,656

9,118,990

Profit for the period

-

-

59,905

59,905

Dividends declared

-

-

(478,351)

(478,351)

At 30 June 2021

597,939

51,395

8,051,210

8,700,544

At 1 January 2021

597,939

51,395

8,469,656

9,118,990

Profit for the year

-

-

658,811

658,811

Dividends declared

-

-

(478,351)

(478,351)

At 1 January 2022

597,939

51,395

8,650,116

9,299,450

Profit for the period

-

-

349,350

349,350

Dividends declared

-

-

(538,144)

(538,144)

At 30 June 2022

597,939

51,395

8,461,322

9,110,656

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

-

-

61,162

61,162

Dividends declared

-

-

(478,351)

(478,351)

At 30 June 2021

597,939

51,395

7,880,609

8,529,943

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

8,480,772

9,130,106

Profit for the period

-

-

350,198

350,198

Dividends declared

-

-

(538,144)

(538,144)

At 30 June 2022

597,939

51,395

8,292,826

8,942,160

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Glaxo Smithkline Consumer Nigeria plc published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 08:44:04 UTC.