UAC of Nigeria : UACN Q3 2022 Unaudited Financial Statements

UAC of Nigeria PLC

Unaudited Condensed Consolidated Financial Statements for the 9 month Period ended 30 September 2022

UAC of Nigeria PLC

Unaudited condensed consolidated financial statements for the 9 month period ended 30 September 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

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.

1

UAC of Nigeria PLC

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the 9 month period ended 30 September 2022

		3 months to	9 months to	3 months to	9 months to
		September 2022 September 2022 September 2021 September 2021
	Notes	N'000	N'000	N'000	N' 000
Continuing operations
Revenue	3	25,762,697	77,804,835	24,868,238	71,367,736
Cost of sales	6	(22,380,971)	(65,485,755)	(20,834,846)	(59,010,093)

Gross profit		3,381,726	12,319,080	4,033,392	12,357,643
Dividend income	4	-	8,325	-	13,163
Other operating income	5	511,818	1,167,925	42,093	395,652
Impairment loss on financial assets	6	(27,545)	(57,937)	(4,942)	(38,547)
Selling and distribution expenses	6	(2,426,033)	(6,196,472)	(1,503,557)	(4,543,269)
Administrative expenses	6	(2,292,279)	(6,482,463)	(2,192,533)	(5,957,332)
Operating (loss)/profit		(852,313)	758,458	374,453	2,227,310
Finance income	7	268,232	730,765	269,013	920,803
Finance cost	7	(543,489)	(2,546,136)	(404,523)	(1,157,976)
Net finance cost/income		(275,257)	(1,815,371)	(135,510)	(237,173)
Share of profit/(loss) from associates using the equity method	14	20,086	(38,225)	(232,559)	(612,406)
(Loss)/profit before tax		(1,107,484)	(1,095,138)	6,384	1,377,731
Income tax expense	8	(197,837)	(887,621)	(205,881)	(812,508)
(Loss)/profit after tax for the period from continuing operations		(1,305,321)	(1,982,759)	(199,497)	565,223
Discontinued operations
Profit/(loss) after tax for the period from discontinued operations	30b	12,731	(25,820)	-	(2,105)
(Loss)/profit for the period		(1,292,590)	(2,008,579)	(199,497)	563,118
Other comprehensive income:
Items not to be subsequently recycled to profit or loss
Net changes in fair value of financial assets	13	(7,875)	(51,000)	(25,000)	18,125
Share of other comprehensive (loss)/income of associates using the equity method	14	(28,579)	(77,176)	(2,858)	5,717
Other comprehensive (loss)/income for the period net of tax		(36,454)	(128,176)	(27,858)	23,842
Total comprehensive (loss)/income for the period net of tax		(1,329,044)	(2,136,755)	(227,355)	586,960
(Loss)/profit attributable to:
Equity holders of the parent		(830,035)	(1,356,782)	(245,700)	(89,677)
Non controlling interests		(462,555)	(651,797)	46,203	652,795
		(1,292,590)	(2,008,579)	(199,497)	563,118
Total comprehensive (loss)/income attributable to:
Equity holders of the parent		(866,489)	(1,484,958)	(273,558)	(65,835)
Non controlling interests		(462,555)	(651,797)	46,203	652,795
		(1,329,044)	(2,136,755)	(227,355)	586,960
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	(29)	(46)	(8)	(3)
From discontinued operations (Kobo)	9	-	(1)	-	-
From (loss)/profit for the period (Kobo)		(29)	(47)	(8)	(3)
Diluted earnings per share
From continuing operations (Kobo)	9	(29)	(46)	(8)	(3)
From discontinued operations (Kobo)	9	-	(1)	-	-
From (loss)/profit for the period (Kobo)		(29)	(47)	(8)	(3)

2

UAC of Nigeria PLC

Condensed Consolidated Statement of Financial Position

As at 30 September 2022

		30 September	31 December
		2022	2021
	Notes	N' 000	N' 000
Assets
Non-current assets
Property, plant and equipment	10	25,129,157	22,223,664
Intangible assets and goodwill	11	1,868,948	1,519,649
Investment properties	12	3,397,080	3,470,685
Equity instrument at fair value through other comprehensive income	13	536,340	449,975
Investments in associates	14	8,376,045	8,491,446
Debt instrument at amortised cost	15	2,530,938	2,468,868
Right of use assets	17(a)	569,895	717,894
Trade and other receivables	19	2,668,944	2,676,292
Finance lease receivable	19.1	10,372	10,372
Total non-current assets		45,087,719	42,028,845
Current assets
Right of return assets	16	3,145	3,328
Inventories	18	37,157,294	36,213,523
Trade and other receivables	19	6,698,443	8,722,956
Finance lease receivable	19.1	3,300	3,300
Cash and cash equivalents	20	11,326,735	11,409,946
Total current assets		55,188,917	56,353,053
Non-current assets held for sale	30a	541,849	545,993
Assets of disposal group classified as held for distribution to owners	30b	3,865	3,865
Total assets		100,822,350	98,931,756
Equity and Liabilities
Ordinary share capital	28	1,463,065	1,440,648
Share premium		14,647,616	14,174,606
Contingency reserve		69,571	69,571
Fair value reserve		87,669	215,845
Equity settled share based payment reserve		281,885	98,931
Other reserve		91,923	91,923
Retained earnings		26,723,816	29,889,951
Equity attributable to equity holders of the Parent		43,365,545	45,981,475
Non controlling interests		3,612,808	4,856,831
Total equity		46,978,353	50,838,306
Liabilities
Non-current liabilities
Lease liability	17	194,327	271,009
Borrowings	21	2,488,287	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		7,545,171	5,348,693
Current liabilities
Current income tax liabilities	8	3,404,402	3,726,695
Refund liabilities	16	3,362	3,690
Lease liability	17(b)	82,126	341,627
Current portion of borrowings	21	23,271,191	19,571,889
Trade and other payables	23	11,769,454	11,347,484
Contract liabilities	24	2,754,406	2,425,294
Dividend payable	25	4,986,153	5,193,036
Provisions	26	6,548	92,948
Total current liabilities		46,277,642	42,702,663
Liabilities of disposal group classified as held for distribution to owners	30b	21,184	42,094
Total liabilities		53,843,997	48,093,450
Total equity and liabilities		100,822,350	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 28 October 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

3