UACN Property Development : UPDC PLC- QUARTER 3 - FINANCIAL STATEMENT FOR 2022

Unaudited Financial Statements

for the period ended

30 September 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), Ms. B. Fadayomi (DD), 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 September 2022

		The Group
		30 Sep. 22		30 Sep. 21	%
		N'000		N'000		Change
	Revenue	2,089,986		614,739	240
	Cost of Sales	(1,319,276)		(529,365)	(149)
	Gross Profit/(loss)	770,710		85,374	803
	Operating Expenses	(880,152)		(601,816)	(46)
	Other Operating Income	195,747		93,406	110
	Operating profit/(loss)	86,305		(512,043)	117
	Net finance cost	(327,931)		(532,216)	38
	Loss before taxation	(241,626)		(1,044,259)	77
	Taxation	(48,998)		(94,047)	48
	Loss from discontinued operations	-		(43,365)	100
	Loss for the period	(290,624)		(1,181,671)	75
	Total comprehensive loss for the period	(470,732)		(1,168,329)	60
	Total Equity	8,262,274		8,018,068	3
	Total equity and liabilities	19,223,765		19,596,232	(2)
	Cash and Cash equivalents	3,023,587		1,878,320	61

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UPDC Plc

Consolidated Statement of Profit or Loss and Other

Comprehensive Income for the period ended 30 September 2022

			The Group
		3 months	9 months	3 months	9 months
		ended	ended	ended	ended
		30 Sep. 22	30 Sep. 22	30 Sep. 21	30 Sep. 21
	Notes	N'000	N'000	N'000	N'000
Revenue	3	952,484	2,089,986	298,683	614,739
Cost of sales	5	(616,058)	(1,319,276)	(268,837)	(529,365)
Gross profit		336,426	770,710	29,846	85,374
Profit on disposal on investment properties	12	-	-	5,621	253,714
Selling and distribution expenses	5	(7,919)	(44,204)	(6,836)	(36,513)
Administrative expenses	5	(526,182)	(835,948)	(141,457)	(565,303)
Other operating income	4	54,849	195,747	32,200	93,406
Credit Loss Expenses	6	-	-	(342,721)	(342,721)
Operating profit/(loss)		(142,826)	86,305	(423,347)	(512,043)
Finance income	6	39,947	65,560	23,176	41,030
Finance cost	6	(132,605)	(393,491)	(132,605)	(573,246)
Net finance cost		(92,658)	(327,931)	(109,429)	(532,216)
Loss before taxation		(235,484)	(241,626)	(532,776)	(1,044,259)
Taxation	7	(11,148)	(48,998)	(31,552)	(94,047)
Loss from continuing operations		(246,632)	(290,624)	(564,328)	(1,138,306)
Discontinued operations
Loss from discontinued operations	24	-	-	(14,049)	(43,365)
Loss for the period		(246,632)	(290,624)	(578,377)	(1,181,671)
Other comprehensive income:
Items not to be subsequently recycled to profit or loss:
Net changes in fair value of financial assets	13	(46,695)	(180,108)	(6,671)	13,341
Tax on other comprehensive income		-	-	-	-
Total comprehensive loss for the period		(293,327)	(470,732)	(585,048)	(1,168,329)
Profit/ (loss) attributable to:
Equity holders of the parent		(292,026)	(323,514)	(580,951)	(1,228,956)
Non controlling interest		(1,301)	32,890	2,574	47,285
Total loss		(293,327)	(290,624)	(578,377)	(1,181,671)
Total comprehensive profit/(loss) attributable to:
Equity holders of the parent		(292,026)	(503,622)	(587,622)	(1,215,614)
Non controlling interests		(1,301)	32,890	2,574	47,285
Total comprehensive loss		(293,327)	(470,732)	(585,048)	(1,168,329)
Earnings per share for profit/(loss) attributable to the
equity holders of the group:
Basic Profit/(Loss) Per Share (Kobo)
From continuing operations	8	(2)	(2)	(3)	(6)
From discontinued operations	8	-	-	-	-
From loss for the period		(2)	(2)	(3)	(6)
Diluted Profit/(Loss) Per Share (Kobo)
From continuing operations	8	(2)	(2)	(3)	(6)
From discontinued operations	8	-	-	-	-
From loss for the period		(2)	(2)	(3)	(6)

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 September 2022

		The Group
		30 Sep. 2022	31 Dec. 2021
	Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	9	8,270,711	49,928
Intangible assets	10	14,298	16,389
Investment properties	11	-	-
Investments in joint ventures	12	130,393	130,393
Equity instrument at fair value	13	413,582	593,690
Investments in subsidiaries	14	-	-
		8,828,984	790,400
Current assets
Inventories	15	5,045,333	6,084,508
Trade and other receivables	16	2,198,099	2,659,414
Current tax assets	7 (i)	127,762	96,908
Cash at bank and in hand	17	3,023,587	1,878,320
		10,394,781	10,719,150
Assets of disposal group classified as held for sale/distribution to	23	-	8,086,682
owners
Total assets		19,223,765	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		(153,425)	26,683
Other reserves		391,420	391,420
Revenue reserve		(10,262,709)	(10,654,133)
Equity attributable to equity holders of the Company		8,226,822	8,015,506
Non controlling interest		35,452	2,562
Total equity		8,262,274	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	5,215,232	4,561,683
Current income tax liabilities		63,459	145,784
Deferred revenue	20	98,610	98,610
		5,377,301	4,806,077
Liabilities of disposal group classified as held for sale/distribution to	23	-	1,187,897
owners
Total liabilities		10,961,491	11,578,164
Total equity and liabilities		19,223,765	19,596,232

The unaudited financial statements were approved by the board of directors on 18 October 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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