UAC OF NIGERIA : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

UAC of Nigeria PLC

Unaudited Condensed Consolidated Financial Statements for the 6 month Period ended 30 June 2022

UAC of Nigeria PLC

Unaudited condensed consolidated financial statements for the 6 month period ended 30 June 2022

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
Shareholding structure/free float status	31

UAC of Nigeria PLC

Statement on Investor Relations

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UAC of Nigeria PLC

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the 6 month period ended 30 June 2022

		3 months to	6 months to	3 months to	6 months to
		June 2022	June 2022	June 2021	June 2021
Continuing operations	Notes	N'000	N'000	N'000	N' 000
Revenue	3	24,376,440	52,042,138	24,477,704	46,499,498
Cost of sales	6	(20,514,501)	(43,104,784)	(20,165,013)	(38,175,247)

Gross profit		3,861,939	8,937,354	4,312,691	8,324,251
Dividend income	4	8,325	8,325	13,163	13,163
Other operating income	5	196,548	656,107	270,739	353,559
Impairment loss on financial assets	6	(27,518)	(30,392)	(16,457)	(33,605)
Selling and distribution expenses	6	(2,033,634)	(3,770,439)	(1,611,547)	(3,039,712)
Administrative expenses	6	(2,262,348)	(4,190,184)	(2,342,798)	(3,840,489)
Operating (loss)/profit		(256,688)	1,610,771	625,791	1,777,167
Finance income	7	221,870	462,533	266,675	651,790
Finance cost	7	(851,982)	(2,002,647)	(463,407)	(753,453)
Net finance cost/income		(630,112)	(1,540,114)	(196,732)	(101,663)
Share of loss from associates using the equity method	14	(79,494)	(58,311)	(161,588)	(379,847)
(Loss)/profit before tax		(966,294)	12,346	267,471	1,295,657
Income tax expense	8	(353,244)	(689,784)	(171,310)	(530,937)
(Loss)/profit after tax for the period from continuing operations		(1,319,538)	(677,438)	96,161	764,720
Discontinued operations
Loss after tax for the period from discontinued operations	31	(35,196)	(38,551)	(2,105)	(2,105)
(Loss)/profit for the period		(1,354,734)	(715,989)	94,056	762,615
Other comprehensive income:
Items not to be subsequently recycled to profit or loss
Net changes in fair value of financial assets	13	(31,625)	(43,125)	31,250	43,125
Share of other comprehensive (loss)/income of associates using the equity
method	14	(4)	(48,597)	2,858	8,575
Other comprehensive (loss)/income for the period net of tax		(31,629)	(91,722)	34,108	51,700
Total comprehensive (loss)/income for the period net of tax		(1,386,363)	(807,711)	128,164	814,315
(Loss)/profit attributable to:		(1,043,467)	(526,747)	(185,256)	156,023
Equity holders of the parent
Non controlling interests		(311,267)	(189,242)	279,312	606,592
		(1,354,734)	(715,989)	94,056	762,615
Total comprehensive (loss)/income attributable to:		(1,075,096)	(618,469)	(151,148)	207,723
Equity holders of the parent
Non controlling interests		(311,267)	(189,242)	279,312	606,592
		(1,386,363)	(807,711)	128,164	814,315
Earnings per share attributable to owners of the parent during the period
(expressed in Kobo per share):
Basic earnings per share
From continuing operations (Kobo)	9	(35)	(17)	(7)	5
(1)	(1)	-	-
From discontinued operations (Kobo)	9
From (loss)/profit for the period (Kobo)		(36)	(18)	(7)	5
Diluted earnings per share
From continuing operations (Kobo)	9	(35)	(17)	(7)	5
From discontinued operations (Kobo)	9	(1)	(1)	-	-
From (loss)/profit for the period (Kobo)		(36)	(18)	(7)	5

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UAC of Nigeria PLC

Condensed Consolidated Statement of Financial Position

As at 30 June 2022

		30 June 2022	31 December
		2021
	Notes	N' 000	N' 000
Assets
Non-current assets
Property, plant and equipment	10	23,597,973	22,223,664
Intangible assets and goodwill	11	1,787,978	1,519,649
Investment properties	12	3,397,080	3,470,685
Equity instrument at fair value through other comprehensive income	13	544,215	449,975
Investments in associates	14	8,384,538	8,491,446
Debt instrument at amortised cost	15	2,227,061	2,468,868
Right of use assets	17	553,650	717,894
Trade and other receivables	19	2,668,174	2,676,292
Finance lease receivable	19.1	10,372	10,372
Total non-current assets		43,171,041	42,028,845
Current assets
Right of return assets	16	3,145	3,328
Inventories	18	44,756,531	36,213,523
Trade and other receivables	19	5,231,598	8,722,956
Finance lease receivable	19.1	3,300	3,300
Cash and cash equivalents	20	13,177,480	11,409,946
Total current assets		63,172,054	56,353,053
Non-current assets held for sale	31a	545,993	545,993
Assets of disposal group classified as held for distribution to owners	31c	3,865	3,865
Total assets		106,892,953	98,931,756
Equity and Liabilities
Ordinary share capital	28	1,440,648	1,440,648
Share premium		14,174,606	14,174,606
Contingency reserve		69,571	69,571
Fair value reserve		124,123	215,845
Equity settled share based payment reserve		220,901	98,931
Other reserve		91,923	91,923
Retained earnings		28,049,279	29,889,951
Equity attributable to equity holders of the Parent		44,171,051	45,981,475
Non controlling interests		4,083,843	4,856,831
Total equity		48,254,894	50,838,306
Liabilities
Non-current liabilities
Lease liability	17	192,721	271,009
Borrowings	21	2,190,838	339,723
Deferred tax liabilities	22	4,658,741	4,649,022
Employee benefits	27	72,296	72,296
Provisions	26	131,520	16,643
Total non-current liabilities		7,246,116	5,348,693
Current liabilities
Current income tax liabilities	8	4,298,902	3,726,695
Refund liabilities	16	3,362	3,690
Lease liability	17	87,000	341,627
Current portion of borrowings	21	27,469,058	19,571,889
Trade and other payables	23	12,700,051	11,347,484
Contract liabilities	24	1,591,794	2,425,294
Dividend payable	25	5,193,134	5,193,036
Provisions	26	6,548	92,948
Total current liabilities		51,349,849	42,702,663
Liabilities of disposal group classified as held for distribution to owners	31b	42,094	42,094
Total liabilities		58,638,059	48,093,450
Total equity and liabilities		106,892,953	98,931,756

The financial statements and the notes on pages 6 to 30 were approved and authorised before issue by the board of directors on 27 July 2022 and were signed on its behalf by:

Mr. Dan Agbor	Mr. Folasope Aiyesimoju	folded '
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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