UACN Property Development : UPDC PLC- QUARTER 2 - FINANCIAL STATEMENT FOR 2022

Unaudited Financial Statements

for the period ended

30 June 2022

UPDC PLC RC.321582

UAC House, 1-5 Odunlami Street, Lagos. [e-mail] |www.updcplc.com

Directors: Mr. O. Oshin (Chairman), Mr. O. Ojo (CEO), Mr. F. Aiyesimoju, Mr. K. Osilaja, Mr. A. Falade

TABLE OF CONTENT	PAGE

Performance Highlights	1
Consolidated Statement of Profit or Loss and Other
Comprehensive Income	2
Consolidated Statement of Financial Position	3
Consolidated Statement of Changes in Equity	4
Consolidated Statement of Cash Flows	5
Notes to the Consolidated Financial Statements	6
Shareholding Structure/Free Float Status	17

UPDC Plc

Financial Highlights

For the period ended 30 June 2022

		The Group
		30 Jun. 22	30 Jun. 21	%
		N'000	N'000	Change
	Revenue	1,137,502	316,056	260
	Cost of Sales	(703,218)	(260,528)	(170)
	Gross Profit/(loss)	434,284	55,528	(682)
	Operating Expenses	(346,051)	(453,523)	24
	Other Operating Income	140,898	61,206	130
	Operating profit/(loss)	229,131	(88,696)	358
	Net finance cost	(235,273)	(422,787)	44
	Loss before taxation	(6,142)	(511,483)	99
	Taxation	(37,850)	(62,495)	39
	Loss from discontinued operations	(28,287)	(29,316)	(4)
	Loss for the period	(72,279)	(603,294)	88
	Total comprehensive loss for the period	(205,692)	(583,282)	65
	Total Equity	7,812,376	8,018,068	(3)
	Total equity and liabilities	18,851,815	19,596,232	(4)
	Cash and Cash equivalents	2,202,659	1,878,320	17

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UPDC Plc

Consolidated Statement of Profit or Loss and Other

Comprehensive Income for the period ended 30 June 2022

			The Group
		3 months	6 months	3 months	6 months
		ended	ended	ended	ended
		30 Jun. 22 30 Jun. 22	30 Jun. 21 30 Jun. 21
	Notes	N'000	N'000	N'000	N'000
Revenue	3	356,722	1,137,502	243,618	316,056
Cost of sales	5	(216,677)	(703,218)	(206,787)	(260,528)
Gross profit		140,045	434,284	36,831	55,528
Profit on disposal on investment properties	12	-	-	248,093	248,093
Selling and distribution expenses	5	(21,691)	(36,285)	(7,177)	(29,677)
Administrative expenses	5	(179,730)	(309,766)	(185,146)	(423,846)
Other operating income	4	27,560	140,898	31,745	61,206
Operating profit/(loss)		(33,816)	229,131	124,346	(88,696)
Finance income	6	13,055	25,613	15,236	17,854
Finance cost	6	(131,163)	(260,886)	(241,832)	(440,641)
Net finance cost		(118,108)	(235,273)	(226,596)	(422,787)
Loss before taxation		(151,924)	(6,142)	(102,250)	(511,483)
Taxation	7	(21,607)	(37,850)	(62,495)	(62,495)
Loss after tax from continuing operations		(173,531)	(43,992)	(164,745)	(573,978)
Discontinued operations
Loss from discontinued operations	24	(19,559)	(28,287)	(39,454)	(29,316)
Loss for the period		(193,090)	(72,279)	(204,199)	(603,294)
Other comprehensive income:
Items not to be subsequently recycled to profit or loss:
Net changes in fair value of financial assets	13	(20,012)	(133,413)	6,671	20,012
Tax on other comprehensive income		-	-	-	-
Total comprehensive loss for the period		(213,102)	(205,692)	(197,528)	(583,282)
Profit/ (loss) attributable to:
Equity holders of the parent		(231,621)	(106,470)	(227,850)	(648,005)
Non controlling interest		18,519	34,191	23,651	44,711
Total loss		(213,102)	(72,279)	(204,199)	(603,294)
Total comprehensive profit/(loss) attributable to:
Equity holders of the parent		(231,621)	(239,883)	(221,179)	(627,993)
Non controlling interests		18,519	34,191	23,651	44,711
Total comprehensive loss		(213,102)	(205,692)	(197,528)	(583,282)
Earnings per share for profit/(loss) attributable to the equity holders of the
Basic Loss Per Share (Kobo)
From continuing operations	8	(1)	-	(1)	(3)
From discontinued operations	8	-	-	-	-
From loss for the period		(1)	-	(1)	(3)
Diluted Loss)Per Share (Kobo)
From continuing operations	8	(1)	-	(1)	(3)
From discontinued operations	8	-	-	-	-
From loss for the period		(1)	-	(1)	(3)

The notes on pages 5 to 16 are an integral part of these consolidated financial statements.

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UPDC Plc

Consolidated Statement of Financial Position

As at 30 June 2022

		The Group
		30 Jun. 2022	31 Dec. 2021
	Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	9	48,033	49,928
Intangible assets	10	14,324	16,389
Investment properties	11	-	-
Investments in joint ventures	12	130,393	130,393
Equity instrument at fair value	13	460,276	593,690
Investments in subsidiaries	14	-	-
		653,026	790,400
Current assets
Inventories	15	5,508,344	6,084,508
Trade and other receivables	16	2,306,931	2,659,414
Current tax assets	7 (i)	96,908	96,908
Cash at bank and in hand	17	2,202,659	1,878,320
		10,114,843	10,719,150
Assets of disposal group classified as held for sale/distribution to owners	23 (ii)	8,083,946	8,086,682
Total assets		18,851,815	19,596,232
Equity
Share capital		9,279,985	9,279,985
Share premium		8,971,551	8,971,551
Fair value reserve of financial assets at FVOCI		(106,730)	26,683
Other reserves		391,420	391,420
Revenue reserve		(10,760,603)	(10,654,133)
Equity attributable to equity holders of the Company		7,775,623	8,015,506
Non controlling interest		36,753	2,562
Total equity		7,812,376	8,018,068
Liabilities
Non-current liabilities
Interest bearing Loans and Borrowings	18	5,511,653	5,511,653
Deferred taxation liabilities		72,537	72,537
Deferred revenue	20	-	-
		5,584,190	5,584,190
Current liabilities
Trade and other payables	19	4,075,967	4,561,683
Current income tax liabilities		54,621	145,784
Deferred revenue	20	98,610	98,610
		4,229,197	4,806,077
Liabilities of disposal group classified as held for sale/distribution to owners	23	1,226,051	1,187,897
Total liabilities		11,039,438	11,578,164
Total equity and liabilities		18,851,815	19,596,232

The unaudited financial statements were approved by the board of directors on 28 July 2022 and signed on its behalf by:

Wole Oshin		Odunayo Ojo		Olugbenga Fagbami
Chairman		Chief Executive Officer	Financial Controller
FRC/2013/CIIN/00000003054		FRC/2016/NIESV/00000014322	FRC/2018/ICAN/00000018050

The notes on pages 6 to 16 are an integral part of these consolidated financial statements.

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