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.