UAC OF NIGERIA : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

UAC of Nigeria PLC

Unaudited Condensed Consolidated Financial Statements for the 3 months period ended 31 March 2024

UAC of Nigeria PLC

Unaudited condensed consolidated financial statements for the 3 months period ended 31 March 2024

Content	Page
Investor relations statement	1
Unaudited financial statements
Condensed consolidated statement of profit or loss and other comprehensive income	2
Condensed consolidated statement of financial position	3
Condensed consolidated statement of changes in equity	4
Condensed consolidated statement of cash flows	5
Notes to the condensed consolidated financial statements	6

UAC of Nigeria PLC

Statement on Investor Relations

UAC of Nigeria PLC has a dedicated investors' portal on its corporate website which can be accessed via this link: https://www.uacnplc.com. The Company's Group Finance Director can also be reached through electronic mail at: [e-mail]; or telephone on: [phone] for any investment related enquiry.

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UAC of Nigeria PLC

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the 3 months period ended 31 March 2024

		3 month to	3 months to
		March 2024	March 2023
	Notes	N'000	N' 000
Continuing operations
Revenue	3	40,556,254	24,620,095
Cost of sales	7	(31,461,808)	(21,341,235)

Gross profit		9,094,446	3,278,860
Dividend income	4	-	-
Other operating income	5	340,175	165,778
Impairment (loss)/writeback on financial assets	6	(60,917)	12,004
Selling and distribution expenses	7	(2,541,563)	(1,969,017)
Administrative expenses	7	(3,430,884)	(2,187,887)
Operating profit/(loss)		3,401,257	(700,262)
Finance income	8	6,509,720	430,206
Finance cost	8	(1,373,619)	(661,947)
Net finance income/(cost)		5,136,101	(231,741)
Share of profit/(loss) from associates using the equity method	15	493,117	(4,783)
Profit/(Loss) before tax		9,030,475	(936,786)
Income tax expense	9a	(3,112,061)	(222,343)
Profit/(Loss) for the period		5,918,414	(1,159,129)

Other comprehensive (loss)/income:

Items not to be subsequently recycled to profit or loss

Net changes in fair value of financial assets

Share of other comprehensive (loss)/income of associates using the equity method

14	27,000	30,000
15	(71,460)	8,575

Other comprehensive (loss)/income for the period net of tax	(44,460)	38,575
Total comprehensive income/(loss) for the period net of tax	5,873,954	(1,120,554)
Profit/(Loss) attributable to:
Equity holders of the parent	5,412,162	(857,453)
Non controlling interests	506,252	(301,675)
	5,918,414	(1,159,129)
Total comprehensive income/(loss) attributable to:
Equity holders of the parent	5,367,702	(818,879)
Non controlling interests	506,252	(301,675)
	5,873,954	(1,120,554)
Earnings per share attributable to owners of the parent during the period (expressed
in Kobo per share):
Basic earnings per share
From profit/(loss) for the period (Kobo)	185	(29)
Diluted earnings per share
From profit/(loss) for the period (Kobo)	185	(29)

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UAC of Nigeria PLC

Condensed Consolidated Statement of Financial Position

As at 31 March 2024

		31 March 2024	31 December 2023
	Notes	N' 000	N' 000
Assets
Non-current assets
Property, plant and equipment	11	26,333,205	26,210,902
Intangible assets and goodwill	12	3,074,846	3,198,009
Investment properties	13	1,190,629	1,190,629
Equity instrument at fair value through other comprehensive income	14	358,015	266,311
Investments in associates	15	9,987,628	9,565,970
Debt instrument at amortised cost	16	5,796,060	4,019,173
Right of use assets	18	1,724,540	1,739,955
Trade and other receivables	20	2,146,881	2,146,881
Finance lease receivable	20.1	10,372	10,372
Total non-current assets		50,622,175	48,348,202
Current assets
Right of return assets	17	5,616	44,322
Inventories	19	37,395,808	26,917,295
Trade and other receivables	20	14,120,942	10,791,678
Finance lease receivable	20.1	-	443,640
Cash and cash equivalents	21	27,484,056	25,269,620
Total current assets		79,006,422	63,466,555
Non-current assets held for sale	32	492,678	530,714
Total assets		130,121,275	112,345,471
Equity and Liabilities
Ordinary share capital	30	1,463,065	1,463,065
Share premium		14,647,616	14,647,616
Fair value reserve		(42,141)	2,319
Equity settled share based payment reserve		638,599	586,809
Other reserve		91,923	91,923
Retained earnings		39,383,740	33,955,558
Equity attributable to equity holders of the Parent		56,182,801	50,747,290
Non controlling interests		2,940,554	2,434,302
Total equity		59,123,355	53,181,592
Liabilities
Non-current liabilities
Lease liability	18	649,306	1,144,087
Borrowings	22	2,409,345	2,460,021
Government grant	25	-	62,053
Deferred tax liabilities	23	4,596,239	2,907,273
Employee benefits	29	61,074	59,611
Provisions	28	40,034	40,034
Total non-current liabilities		7,755,999	6,673,079
Current liabilities
Current income tax liabilities	9	6,689,737	5,275,193
Refund liabilities	17	6,240	71,832
Lease liability	18	961,031	373,409
Current portion of borrowings	22	28,895,358	24,988,599
Trade and other payables	24	17,737,807	13,726,664
Contract liabilities	26	3,054,050	2,206,101
Dividend payable	27	5,774,611	5,768,706
Government grant	25	116,540	73,748
Provisions	28	6,548	6,548
Total current liabilities		63,241,921	52,490,800
Total liabilities		70,997,920	59,163,879
Total equity and liabilities		130,121,275	112,345,471

The financial statements and the notes on pages 6 to 28 were approved and authorised for issue by the board of directors on 29 April 2024 and were signed on its behalf by:

Mr. Dan Agbor	Mr. Folasope Aiyesimoju	Mrs. Funke Ijaiya-Oladipo
Chairman	Group Managing Director	Group Finance Director
FRC/2013/NBA/00000001748	FRC/2019/IODN/00000019806	FRC/2021/001/00000022822

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UAC of Nigeria PLC

Condensed Consolidated Statement of Changes in Equity

for the 3 months period ended 31 March 2024							-
				Attributable to owners of the Company
						Equity Settled
						Share-based
		Share	Share	Fair value	Other	Payment	Retained		Non controlling
	Notes	Capital	Premium	Reserve	Reserve	Reserve	Earnings	Total	Interests	Total
		N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Total equity at 1 January 2024		1,463,065	14,647,616	2,319	91,923	586,809	33,955,558	50,747,290	2,434,302	53,181,592
Profit for the period		-	-	-	-	-	5,412,162	5,412,162	506,252	5,918,414
Other comprehensive loss		-	-	(44,460)	-	-	-	(44,460)	-	(44,460)
Net changes in equity settled share-based payment		-	-	-	-	51,790	-	51,790	-	51,790
Transaction with Equity holders
Statute barred dividend						-	16,020	16,020		16,020
Dividend declared	27	-	-	-	-		-	-	-	-
Balance at 31 March 2024		1,463,065	14,647,616	(42,141)	91,923	638,599	39,383,740	56,182,801	2,940,554	59,123,355
Total equity at 1 January 2023		1,463,065	14,647,616	67,815	91,923	342,870	25,350,422	41,963,711	3,316,500	45,280,211
Loss for the period		-	-	-	-		(857,453)	(857,453)	(124,312)	(981,765)
Other comprehensive income		-	-	38,575	-	-	-	38,575	-	38,575
Net changes in equity settled share-based payment				-	-	60,985	-	60,985	-	60,985
Transactions with Equity holders
Dividend declared	27	-	-	-	-	-	-	-	-	-
Balance at 31 March 2023		1,463,065	14,647,616	106,390	91,923	403,855	24,492,970	41,205,820	3,192,188	44,398,007
							-		-

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UAC of Nigeria PLC

Condensed Consolidated Statement of Cash Flows for the 3 months period ended 31 March 2024

		The Group
		31 March 2024	31 March 2023
	Notes	N' 000	N'000
Cash flows from operating activities
Cash generated from/(used in) operations	31	64,537	(413,477)
Corporate tax paid	9	(8,550)	-
Net cash flows generated from/(used in) operating activities		55,987	(413,477)
Cash flows from investing activities
Purchase of property, plant and equipment	11	(970,753)	(663,215)
Proceeds from sale of property, plant and equipment		116,654	64,032
Proceeds from sale of Intangible asset		-	384
Proceeds from disposal of investment properties		-	350,000
Proceeds on disposal of non-current asset held for sale		38,036	-
Investment in equity instruments measured at fair value through
other comprehensive income	14	(64,704)	(7,159)
Lease prepayment	18	(36,001)	-
Interest received		537,736	342,922
Net cash flows (used in)/generated from investing activities		(379,032)	86,964
Cash flows from financing activities
Repayment of lease liability principal	18	(77,555)	(51,333)
Proceeds from borrowings	22	19,651,127	872,347
Repayment of borrowings	22	(15,915,136)	(2,932,097)
Interest paid on loans	22	(1,142,879)	(343,853)
Unclaimed Dividend refunded by registrar	27	5,905	-
Statute barred dividend received		16,020	-
Net cash flows generated from/(used in) financing activities		2,537,482	(2,454,936)
Cash & cash equivalents at the beginning of the year		25,271,926	16,197,688
Net increase/(decrease) in cash & cash equivalents		2,214,437	(2,781,449)
Cash & cash equivalents at the end of the period	21i	27,486,363	13,416,239

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UAC of Nigeria Plc

Notes to the condensed consolidated financial statements for the 3 months period ended 31 March 2024

1. General information

UAC of Nigeria PLC (the "Company") is a company incorporated and domiciled in Nigeria. The Company is a public limited company listed on The Nigerian Exchange Limited and its registered office is at 1-5 Odunlami Street, Marina, Lagos.

UAC of Nigeria PLC and its subsidiaries (together "the Group") is a diversified business with activities in the following principal sectors: Animal Feeds and Other Edibles, Paints, Packaged Food and Beverages, Quick Service Restaurants, Logistics and Real Estate.

2. Summary of Material Accounting Policies

2.1 Basis of Preparation

This condensed consolidated financial statement for the period ended 31 March 2024 has been prepared in accordance with IAS 34 Interim Financial Reporting. The financial statements have been prepared on a historical cost basis except for investment property measured at fair value; financial instruments measured at fair value through other comprehensive income; Inventories measured at the lower of cost and net realisable value; Long term employee benefits measured at present value of the obligation and Equity settled share based payment expenses measured at fair value at the grant date.

2.2 Accounting Policies

The accounting policies adopted are consistent with those for the period ended 31 December 2023.

2.3 Estimates

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2023.

2.4 Financial Risk Management

The Group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's financial performance.

This condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the company's annual financial statements as at 31 December 2023. There have been no changes in the risk management structure since year end or in any risk management policy.

2.5 Securities Trading Policy

In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) UAC of Nigeria PLC maintains an effective Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Policy is regularly reviewed and updated by the Board. The Company has made specific inquiries of all the directors and other insiders and is not aware of any infringement of the policy during the period.

2.6 Management Assessment of Internal Control

The management of UAC of Nigeria PLC and its subsidiary companies are responsible for establishing and maintaining adequate internal control over financial reporting. The group's internal control system was designed to provide reasonable assurance to the Board of Directors regarding the preparation and fair representation of published financial statements. The Group's internal controls were assessed within the reporting period and were deemed to be effective as of 31 March 2024.

2.7 New standards, interpretations and amendments adopted by the Group

The accounting policies adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2023, except for the adoption of new standards effective as of 1 January 2024. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2024, but do not have an impact on the condensed consolidated financial statements of the Group.

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UAC of Nigeria PLC

Notes to the condensed consolidated financial statements for the 3 months period ended 31 March 2024

3. Segment Analysis

The Group

The chief operating decision-maker has been identified as the Executive Committee (EXCO), made up of the management of the Company. The EXCO reviews the Group's internal reporting in order to assess performance and allocate resources.

Management has determined the operating segments based on these reports.

The Group has identified the following as segments:

Animal Feeds & Other Edibles- Made up of business units involved in the manufacturing and sale of livestock feeds and edible oil.

Paints - Made up of a business unit involved in the manufacturing and sale of decorative and protective paints.

Packaged Food & Beverages - Made up of a business unit involved in the manufacturing and sale of bottled water, snacks and ice-cream.

QSR (Quick Service Restaurants) - Made up of a business unit involved in the making and sale of snacks and meals.

Others - This is a non-reportable segment made up of the corporate head office.

The following measures are reviewed by Exco; with Profit Before Tax taken as the segment profit. - Revenue from third parties

- Operating profit - Profit before tax

- Property, plant and equipment - Net assets

	Animal Feeds &	Paints	Packaged Food	QSR	Others	Total
	Other Edibles	& Beverages
31 March 2024	N' 000	N' 000	N' 000	N' 000	N' 000	N' 000
Revenue from contracts with customers	19,693,898	8,505,762	12,156,803	818,784	353,625	41,528,871
Rental income	-	-	-	-	51,008	51,008
Total Revenue	19,693,898	8,505,762	12,156,803	818,784	404,633	41,579,879
Intergroup revenue	(523,384)	-	(143,370)	-	(356,871)	(1,023,625)
Revenue from third parties	19,170,514	8,505,762	12,013,433	818,784	47,762	40,556,254
Operating profit/(loss)	1,554,035	1,062,410	1,127,942	(208,322)	(134,809)	3,401,257
Profit/(loss) before tax	462,298	1,902,888	2,164,980	(275,407)	4,775,714	9,030,475
Property, plant and equipment	12,290,920	2,473,065	9,798,577	911,286	859,357	26,333,205
Net assets/(liability)	10,228,991	9,244,642	11,220,739	(2,528,246)	30,957,229	59,123,355

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UAC of Nigeria PLC

Notes to the condensed consolidated financial statements for the 3 months period ended 31 March 2024

	Animal Feeds &	Paints	Packaged Food	QSR	Others	Total
	Other Edibles	& Beverages
31 March 2023	N' 000	N' 000	N' 000	N' 000	N' 000	N' 000
Revenue from contracts with customers	15,101,406	3,971,244	5,406,710	941,609	163,941	25,584,909
Rental income	-	-	-	-	58,035	58,035
Total Revenue	15,101,406	3,971,244	5,406,710	941,609	221,975	25,642,943
Intergroup revenue	(810,757)	-	(62,108)	-	(149,983)	(1,022,848)
Revenue from third parties	14,290,649	3,971,244	5,344,601	941,609	71,992	24,620,095
Operating profit/(loss)	(832,467)	390,894	67,214	(152,478)	(173,425)	(700,262)
Profit / (Loss) before tax	(1,279,161)	576,496	(6,491)	(195,307)	(32,323)	(936,786)
Property, plant and equipment	11,947,170	2,143,424	8,545,515	1,134,752	831,393	24,602,254
Net assets/(liability)	11,068,949	6,988,736	8,233,691	(1,181,432)	19,110,700	44,220,643
Entity wide information
					31 March 2024	31 March 2023
Analysis of revenue by category:					N'000	N'000
Revenue from contracts with customers					40,508,492	24,565,306
Rental income					47,762	54,789
					40,556,254	24,620,095
					31 March 2024	31 March 2023
Analysis of revenue by geographical location:					N'000	N'000
Nigeria					40,556,254	24,620,095
Others					-	-
					40,556,254	24,620,095

Concentration risk

The Group is not exposed to any concentration risk, as there is no single customer with a contribution to total revenue of more than 10%.

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