UAC of Nigeria : UACN Q1 2022 Unaudited Financial Statements

UAC of Nigeria PLC

Unaudited Condensed Consolidated Financial Statements for the 3 month Period ended 31 March 2022

UAC of Nigeria PLC
Unaudited condensed consolidated financial statements
for the 3 month period ended 31 March 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

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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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the 3 month period ended 31 March 2022

3 months ended	3 months ended
March 2022	March 2021
Notes	N'000	N' 000
Continuing operations
Revenue	3	27,665,698	22,021,794
Cost of sales	6	(22,590,283)	(18,010,234)
Gross profit	5,075,415	4,011,560
Other operating income	4	459,559	82,820
Impairment loss on financial assets	5	(2,874)	(17,148)
Selling and distribution expenses	6	(1,736,805)	(1,428,165)
Administrative expenses	6	(1,927,836)	(1,497,691)
Operating profit	1,867,459	1,151,376
Finance income	7	240,663	385,115
Finance cost	7	(1,150,665)	(290,046)
Net finance (cost)/income	(910,002)	95,069
Share of profit/(loss) from associates using the equity method	14	21,183	(218,259)
Profit before tax	978,640	1,028,187
Income tax expense	8	(336,540)	(359,627)
Profit after tax for the period from continuing operations	642,100	668,560
Discontinued operations
Loss after tax for the period from discontinued operations	30	(3,355)	-
Profit for the period	638,745	668,560
Other comprehensive income:
Items not to be subsequently recycled to profit or loss
Net changes in fair value of financial assets	13	(11,500)	11,875
Share of other comprehensive (loss)/income of associates using the equity
method	14	(48,593)	5,717
Other comprehensive (loss)/income for the period net of tax	(60,093)	17,592
Total comprehensive income for the period net of tax	578,652	686,152
Profit attributable to:
Equity holders of the parent	516,720	341,280
Non controlling interests	122,025	327,280
638,745	668,560
Total comprehensive income attributable to:
Equity holders of the parent	456,627	358,872
Non controlling interests	122,025	327,280
578,652	686,152
Earnings per share attributable to owners of the parent during the period
(expressed in Kobo per share):
Basic earnings per share
18	12
From continuing operations (Kobo)	9
From discontinued operations (Kobo)	(0)	-
9
From profit for the period (Kobo)	18	12
Diluted earnings per share
From continuing operations (Kobo)	9	18	12
From discontinued operations (Kobo)	9	(0)	-
From profit for the period (Kobo)	18	12
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UAC of Nigeria PLC

Condensed Consolidated Statement of Financial Position As at 31 March 2022

31 December
31 March 2022	2021
Notes	N' 000
Assets
Non-current assets
Property, plant and equipment	10	22,389,711	22,223,664
Intangible assets and goodwill	11	1,659,049	1,519,649
Investment properties	12	3,397,080	3,470,685
Equity instrument at fair value through other comprehensive income	13	484,802	449,975
Investments in associates	14	8,464,036	8,491,446
Debt instrument at amortised cost	15	2,465,481	2,468,868
Right of use assets	17(a)	707,050	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	42,245,755	42,028,845
Current assets
Refund asset	16	3,076	3,328
Inventories	18	50,491,017	36,213,523
Trade and other receivables	19	9,525,074	8,722,956
Finance lease receivable	19.1	3,300	3,300
Cash and cash equivalents	20	12,630,753	11,409,946
Total current assets	72,653,220	56,353,053
Non-current assets held for sale	30a	545,993	545,993
Assets of disposal group classified as held for distribution to owners	30c	3,865	3,865
Total assets	115,448,833	98,931,756
Equity and Liabilities
Ordinary share capital	28	1,440,648	1,440,648
Share premium	28	14,174,606	14,174,606
Contingency reserve	28	69,571	69,571
Fair value reserve	28	155,752	215,845
Equity settled share based payment reserve	28	159,916	98,931
Other reserve	28	91,923	91,923
Retained earnings	30,406,671	29,889,951
Equity attributable to equity holders of the Parent	46,499,087	45,981,475
Non controlling interests	4,978,856	4,856,831
Total equity	51,477,943	50,838,306
Liabilities
Non-current liabilities
Lease liability	17(b)	273,923	271,009
Borrowings	21	2,208,074	339,723
Deferred tax liabilities	22	4,625,270	4,649,022
Employee benefits	27	72,296	72,296
Provisions	26	16,643	16,643
Total non-current liabilities	7,196,206	5,348,693
Current liabilities
Current income tax liabilities	8	4,086,986	3,726,695
Refund liabilities	16	3,401	3,690
Lease liability	17	202,205	341,627
Current portion of borrowings	21	31,947,173	19,571,889
Trade and other payables	23	13,618,480	11,347,484
Contract liabilities	24	1,559,884	2,425,294
Dividend payable	25	5,193,036	5,193,036
Provisions	26	121,425	92,948
Total current liabilities	56,732,590	42,702,663
Liabilities of disposal group classified as held for distribution to owners	30c	42,094	42,094
Total liabilities	63,970,890	48,093,450
Total equity and liabilities	115,448,833	98,931,756

N' 000

The financial statements and the notes on pages 6 to 30 were approved and authorised before issue by the board of directors on 29 April 2022 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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