National Enterprises : 14 Feb 2023 – National Enterprises Limited – Unaudited Condensed Financial Statements for the period ended December 31st, 2022

2023	Condensed Financial Statements	Quarter Ended 31-Dec-2022

CHAIRMAN'S STATEMENT

First Quarter Ended 31 December 2022

in NEL's net cash position having grown significantly quarter over quarter, increasing 167% to $350 Million in the

opportunities for optimizing returns for our shareholders. For this, the Board of Directors will consider quarterly dividends

For the first quarter ended 31 December 2022, National Enterprises Limited (NEL) recorded a net profit of $203 Million versus $33 Million for the comparative period in 2021. This continued strong performance is driven by a significant increase in dividend income of $201 Million compared to $2.8 Million in the comparative quarter of 2022, and a 90%

increase in investment income of $2.3 Million from $1.2 Million in the previous year's comparative.

Prevailing global ammonia prices enabled improved results from the Trinidad Nitrogen Company Limited (Tringen) yielding a persistent and foreseeable flow of dividends to NEL for this financial year. This has resulted

first quarter of the financial year 2023 from $131 Million at the end of the last quarter of the previous 18-month period that ended 30 September 2022.

As we continue to operate in an economic environment that is evolving from economic and market uncertainty, we remain focused on seizing the

to shareholders for the financial year ended 30 September 2023 as inflows permit.

Ingrid L-A Lashley

Chairman

13 February 2023

CONDENSED STATEMENT OF FINANCIAL POSITION

	Unaudited		Unaudited	Audited
	As at		As at	As at
	31 Dec 2022		31 Dec 2021	30 Sept 2022
Assets	$ '000		$ '000	$ '000
Investment in subsidiaries	387,934	471,656	387,934
Investment in joint venture and associates	3,037,307	2,133,900	3,037,307
Property, plant and equipment	447	634	499
Other non-current assets	343,979		360,207	342,771
Total non-current assets	3,769,667		2,966,397	3,768,511
Current assets	474,825		124,754	271,445
Total assets	4,244,492		3,091,151	4,039,956
Equity
Share capital	1,736,632	1,736,632	1,736,632
Investment remeasurement reserve	16,422	16,422	16,422
Translation reserve	63,866	63,866	63,866
Retained earnings	2,314,105		1,270,850	2,219,026
Total equity attributable to equity shareholders	4,131,025		3,087,769	4,035,946
Liabilities
Current liabilities	113,467		3,382	4,010
Total liabilities	113,467		3,382	4,010
Total equity and liabilities	4,244,492		3,091,151	4,039,956

Director	Director
	Ingrid L-A Lashley		Navin Rajkumar

CONDENSED STATEMENT OF CHANGES IN EQUITY

	Share	Translation	Investment	Retained
	Remeasurement	Total Equity
	Capital	Reserve	Reserve	Earnings
	($'000)	($'000)	($'000)	($'000)	($'000)
Three months ended 31 December 2022
Balance as at 1 October 2022	1,736,632	63,866	16,422	2,219,026	4,035,946
Total comprehensive income	-	-	-	203,079	203,079
for the period
Dividends accrued	-	-	-	(108,000)	(108,000)
Balance as at 31 December 2022	1,736,632	63,866	16,422	2,314,105	4,131,025
Three months ended 31 December 2021
Balance as at 1 October 2021	1,736,632	63,866	16,422	1,255,051	3,071,970
Total comprehensive income	-	-	-	33,799	33,799
for the period
Dividends accrued	-	-	-	(18,000)	(18,000)
Balance as at 31 December 2021	1,736,632	63,866	16,422	1,270,850	3,087,770
Eighteen months ended 30 September 2022
Balance as at 1 April 2021	1,736,632	63,866	16,422	407,268	2,224,188
Total comprehensive income	-	-	-	1,979,758	1,979,758
for the period
Dividends paid	-	-	-	(168,000)	(168,000)
Balance as at 30 September 2022	1,736,632	63,866	16,422	2,219,026	4,035,946

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

	Unaudited		Unaudited		Audited
	3 months ended		3 months ended		Year ended
	31 Dec 2022		31 Dec 2021		30 Sep 2022
	$ '000		$ '000		$ '000
Dividend income	201,299	2,796	296,431
Other income	2,330	1,224	9,734
Operating expenses	(470)		(1,831)		(8,761)
Operating profit	203,159	2,189	297,404
Change in fair value of investments	2,672		31,974		1,685,865
Profit before tax	205,831	34,163	1,983,269
Tax expense	(2,753)		(364)		(3,511)
Total comprehensive income	203,079	33,799	1,979,758

CONDENSED STATEMENT OF CASHFLOWS

	Unaudited		Unaudited		Audited
	Three Months		Three Months		18 months
	Ended		Ended		ended
	31 Dec 2022		31 Dec 2021		30 Sept 2022
	($ '000)		($ '000)		($ '000)
OPERATING ACTIVITIES
Net profit before taxation	203,079	33,799	1,983,270
Depreciation	51	51	296
Other non-cash movements	81		(31,610)		(1,685,575)
Net change in operating assets and liabilities:	203,211	2,239	297,991
Net change in accounts receivables and	15,233	(715)	(17,078)
prepayments
Net change in accounts payables and accruals	1,454	(17,659)	85
Net change in related parties	34		(416)		682
	219,932	(16,551)	281,680
Taxation paid	(2,269)		455		(3,623)
Cash generated from/(used by) operating activities	217,663	(16,096)	278,057
INVESTING ACTIVITIES
Net change in other long-term investments and	1,613	944	(24,065)
financial assets
Purchase of fixed assets	-		(12)		(112)
Cash generated from/(used by) operating activities	1,613	932	(24,177)
FINANCING ACTIVITIES
Dividends paid	-		-		(168,000)
Cash used by financing activities	-		-		(168,000)
Net change in cash resources	219,276	(15,164)	85,880
Net cash resources at beginning of period/year	131,204		138,143		45,324
Net cash resources at end of period/year	350,480	122,979	131,204

Notes to the Condensed Financial Statements

First Quarter Ended 31 December 2022

1. Basis of Preparation
   These interim financial statements are prepared in accordance with International Accounting
   Standards (IAS 34 Interim Financial Reporting). They do not include all of the information required for full annual financial statements and should be read in conjunction with the audited financial statements for the period ended 30 September 2022. These condensed interim financial statements have not been audited and were approved by the Board of
   Directors on 13 February 2023.
2. Summary of Significant Accounting Policies
   The accounting policies in these unaudited condensed interim financial statements are consistent with those applied in the audited financial statements for the 18-month period ended 30 September 2022.