BERGER PAINTS NIGERIA : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

Berger Paints Nigeria Plc Unaudited Report - First Quarter ended

31 March, 2024

1

Berger Paints Nigeria Plc

First Quarter Report

31 March 2024

Contents	Page
Corporate Information	3
Shareholding Structure and free float status	4
Financial Highlights	5
Statement of Financial Position	6
Statement of Profit or Loss and Other Comprehensive Income	7
Statement of Changes in Equity	8
Statement of Cash Flows	9
Notes to the Financial Statements	10
Other National Disclosures	52

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Berger Paints Nigeria Plc

First Quarter Report

31 March 2024

Corporate Information

Board of Directors:	Abi Ayida	-	Chairman
	Adekunle Olowokande	-	Non - Executive Director
	Raj Mangtani (Indian)	-	Non - Executive Director
	Ogechi Iheanacho	-	Non - Executive Director
	Erejuwa Gbadebo	-	Independent Non - Executive Director
	Aisha Umar	-	Independent Non - Executive Director
	Alaba Fagun	-	Managing Director
Company
Secretary/Legal	Omolara Bello
Adviser
Registered Office:	102, Oba Akran Avenue,
	Ikeja, Industrial Estate
	P.M.B. 21052, Ikeja, Lagos.
Contact Details	Mobile: [phone]
	0700BERGERPAINTS [0700237437724687]
	Email: [e-mail]
	Website: www.bergerpaintsnig.com
Social Media	Facebook: www.facebook.com/BergerPaintsNigeriaPlc
Accounts

LinkedIn: www.linkedin.com/company/berger-paints-nigeria-

Twitter: www.twitter.com/BergerPaintsNg

Instagram: www.instagram.com/bergerpaintsnigeriaplc

You Tube: www.youtube.com/channel/UCD_T-Wid299NWbfHxA4rGXg

Investors Relation	Berger Paints Nigeria Plc. has a dedicated investors' portal on its corporate
	website which can be accessed via this link:
	https://bergerpaintsnig.com/investor/
	The Company's Investors' Relations Officer can also be reached through
	electronic mail at: [e-mail]; or telephone on:
	[phone] for any investment related enquiry.
NSE Trading
Information	Trading Name:	Berger Paints Nig. Plc. (Berger)
	Ticker Symbol:	Berger
	Sector:	Industrial Goods
	Sub Sector:	Building Materials
	Market Classification:	Main Board
Registration
Number:	RC: 1837
TIN	01335257-0001
FRC Registration
Number:	FRC/2012/0000000000295
Registrars:	Meristem Registrars Limited
	213, Herbert Macaulay Way, Adekunle, Yaba, Lagos.
	P.O. Box 51585, Falomo, Ikoyi, Lagos
	Tel: [phone]
	Email: [e-mail]
	Website: www.meristemregistrars.com
Independent
Auditor:	KPMG Professional Services
	KPMG Tower
	Bishop Aboyade Cole Street,
	Victoria Island, Lagos
	Tel: [phone] (or 8599)
Bankers:	Access Bank Plc		Keystone Bank Limited
	Ecobank Nigeria Limited		Polaris Bank Limited
	Fidelity Bank Plc		Union Bank of Nigeria Plc
	First Bank of Nigeria Limited	United Bank for Africa Plc
	First City Monument Bank Limited	Wema Bank Plc
	Guaranty Trust Bank Plc		Zenith Bank Plc
	Heritage Bank Ltd		Sterling Bank Plc

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Berger Paints Nigeria Plc

Annual Report

31 December 2023

Shareholding Structure and Free Float Status
Company Name:	Berger Paint Nigeria PLC
Board Listed:	Main Board
Year End:	31-Mar
Reporting Period:	31-Mar-24
Share Price at end of reporting period:	N15.65 (31 Mar 2023: N7.00)
	31 March 2024	31 March 2023
Description	Unit		Percentage	Unit	Percentage
Issued Share Capital	289,823,447		100.00	289,823,447	100.00
Substantial Shareholdings (5% and above):
JUREWA INVESTMENTS LIMITED	16,685,111		5.76	16,685,111	5.76
HARMONY TRUST & INVT. CO LTD.	20,000,000		6.90	20,000,000	6.90
ALEMAJE AND COMPANY LIMITED	16,315,506		5.63	16,315,506	5.63
CAB (OVERSEAS HOLDINGS) LIMITED	16,315,506		5.63	16,315,506	5.63
MIKEADE INVESTMENTS LIMITED	19,196,095		6.62	19,196,095	6.62
Total Substantial Shareholdings	88,512,218		30.54	88,512,218	30.54
Directors Shareholdings (Direct & Indirect, excluding Directors with Substantial Interests
MR. AYIDA ABI	625,601		0.22	625,601	0.22
MR. RAJ MANGTANI	-		-	-	-
MR. ADEKUNLE OLUROTIMI OLOWOKANDE	197,965		0.07	197,965	0.07
MRS. OGECHI IHEANACHO	100,000		0.03	-	-
MRS. EREJUWA GBADEBO	-		-	-	-
MRS. AISHA UMAR	-		-	-	-
Total Directors' Shareholdings	923,566		0.32	823,566	0.29
FREE FLOAT IN UNITS & PERCENTAGE	200,387,663		69.14	200,487,663	69.17
FREE FLOAT IN VALUE (N)	3,136,066,926			1,403,413,641

Declaration: Berger Paints PLC with a free float value of N3,136,066,926 (69.14%) as at 31 March, 2024 (31 March 2023: N1,403,413,641 (69.17%)) is compliant with the Nigerian Exchange's free float requirements for companies listed on the Main Board.

Omolara Bello

Company Secretary/ Legal Adviser

FRC/2019/NBA/00000019782

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Berger Paints Nigeria Plc

First Quarter Report

31 March 2024

Financial Highlights

In thousands of naira

		2024	2023
	GROUP		COMPANY		COMPANY	%
	3 Mths to	31		3 Mths to 31		3 Mths to 31
	Mar 2024			Mar 2024		Mar 2023
Revenue	2,409,595	2,387,241	1,834,488	30
Gross profit	742,131	730,145	606,675	20
Operating profit	211,340	205,629	270,878	(24)
Profit before taxation	205,756	200,045	270,867	(26)
Profit for the period	139,914	136,031	184,188	(26)
Share capital	144,912	144,912	144,912	-
Total equity	3,647,847	3,667,432	3,531,399	4
Data per 50k share
Basic earnings per share (kobo)		48	47	64	(27)
Net assets per share (Naira)		12.59	12.65	11.18	13
Market price per share as at period end (Naira)		15.65	15.65	7.00	124
Market capitalization as at period end	4,535,737	4,535,737	2,028,768	124

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Berger Paints Nigeria Plc

First Quarter Report

31 March 2024

Separate and Consolidated Statement of Financial Position

As at 31 March 2024
In thousands of naira			2024	2023
		GROUP		COMPANY		COMPANY
Assets
Notes	31-Mar-24		31-Mar-24		31-Dec-23
Property, plant and equipment	13(a)	2,496,147	2,482,559	2,518,366
Intangible assets	14	19,790	19,790	17,602
Tax assets	11(c)(ii)	-	(0)	0
Investment property	15	336,425	336,425	341,514
Investment in Subsidiary	28	-	20,000	20,000.00
Total non-current assets		2,852,362		2,858,774		2,897,482
Inventories	16	2,745,827	2,745,827	2,148,260
Trade and other receivables	17(a)	205,030	211,730	310,035
Deposit for imports	18	46,601	46,601	46,601
Prepayments and advances	19	224,520	220,020	153,433
Other financial assets	21	629,099	629,099	257,122
Cash and cash equivalents	20	628,016		626,186		798,037
Total current assets		4,479,093		4,479,463		3,713,488
Total assets		7,331,455	7,338,238	6,610,970
Equity
Share capital	22(a)	144,912	144,912	144,912
Share premium	22(b)	635,074	635,074	635,074
Retained earnings		2,867,862		2,887,446		2,751,415
Total equity		3,647,847	3,667,432	3,531,401
Liabilities
Loans and borrowings	25	322,815	322,815	322,815.00
Deferred income	24	157,823	157,823	166,138
Deferred taxation	11(e)	533,748		533,748		533,748
Total non-current liabilities		1,014,386		1,014,386		1,022,701
Loans and borrowings	25	22,403	22,403	22,403
Current tax liabilities	11(c)	199,885	198,057	184,330
Trade and other payables	23	2,006,584	1,995,611	1,409,786
Deferred income	24	58,068	58,068	58,068
Dividend payable	27	382,281		382,281		382,281
Total current liabilities		2,669,221		2,656,420		2,056,868
Total liabilities		3,683,608		3,670,806		3,079,569
Total equity and liabilities		7,331,455	7,338,238	6,610,970

These financial statements were approved by the Board of Directors on 26 April, 2024 and signed on its behalf by:

	Abi Ayida (FRC/2019/IODN/00000019260)
	Chairman
	Alaba Fagun (FRC/2023/PRO/DIR/003/234540)
	Director
Additionally certified by:	Onyebuchi Roberts (FRC/2013/PRO/ICAN/001/00000002109)
	Chief Finance Officer

The significant accounting policies and accompanying notes form an integral part of these financial statements.

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Berger Paints Nigeria Plc

First Quarter Report

31 March 2024

Consolidated and Separate Statement of Profit or Loss and Other

Comprehensive Income

For the period ended 31 March 2024
		2024	2023
In thousands of naira	Notes	GROUP		COMPANY		COMPANY
		31-Mar-24		31-Mar-24		31-Mar-23
Revenue	5	2,409,595	2,387,241	1,834,488
Cost of sales	9(a)	(1,667,464)		(1,657,096)		(1,227,813)
Gross profit		742,131	730,145	606,675
Other income	6	19,149	19,149	22,373
Selling and distribution expenses	9(a)	(116,374)	(116,374)	(49,953)
Administrative expenses	9(a)	(433,566)		(427,291)		(308,217)
Operating profit before impairment charges	211,340		205,629		270,878
Impairment loss on trade receivables	8	-	-	-
Operating profit		211,340		205,629		270,878
Finance income	7	3,011	3,011	544
Finance costs	7	(8,595)		(8,595)		(553)
Net finance income		(5,584)		(5,584)		(9)
Profit before minimum tax		205,756	200,045	270,867
Minimum tax expense	11	-	-	-
Profit before income tax	8	205,756	200,045	270,867
Income tax expense	11(a)	(65,842)		(64,014)		(86,677)
Profit for the period		139,914	136,031	184,188
Other comprehensive income
Other comprehensive income for the
period				-		-
Total comprehensive income for the period	139,914	136,031	184,188
Earnings per share:
Basic and diluted earnings per share (kobo	12	48	47	64

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								Berger Paints Nigeria Plc
									First Quarter Report
									31 March 2024
Consolidated Statement of Changes in Equity
For the period ended 31 March 2024
In thousands of naira
		Share		Share		Retained
	Note	capital		premium		earnings		Total equity
GROUP
Balance at 1 January 2024		144,912	635,074	2,727,948	3,507,934
Comprehensive income for the period
Profit for the period		-	-	139,914	139,914
Other comprehensive income for the period		-		-		-		-
Total comprehensive income for the period		-	-	139,914	139,914
Transactions with owners, recorded directly in equity
Dividend		-		-		-		-
Total transactions with owners		-		-		-		-
Balance at 31 March, 2024		144,912	635,074	2,867,862	3,647,848
COMPANY
Balance at 1 January 2024		144,912	635,074	2,751,415	3,531,401
Comprehensive income for the period
Profit for the period		-	-	136,031	136,031
Other comprehensive income for the period		-		-		-		-
Total comprehensive income for the period		-	-	136,031	136,031
Transactions with owners, recorded directly in equity
Dividend	26	-		-		-		-
Total transactions with owners		-		-		-		-
Balance at 31 March 2024		144,912	635,074	2,887,446	3,667,431
COMPANY
Balance at 1 January 2023		144,912	635,074	2,543,459	3,323,445
IFRS transition adjustment (net of tax)						-		-
Adjusted balance at 1 January, 2023		144,912	635,074	2,543,459	3,323,445
Comprehensive income for the period
Profit for the period		-	-	468,797	468,797
Other comprehensive income for the period		-		-		-		-
Total comprehensive income for the period		-	-	468,797	468,797
Transactions with owners, recorded directly in equity
Dividend	27	-		-	(260,841)		(260,841)
Total transactions with owners		-		-	(260,841)		(260,841)
Balance at 31 December 2023		144,912	635,074	2,751,415	3,531,401

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Berger Paints Nigeria Plc

First Quarter Report

31 March 2024

Consolidated and Separate Statement of Cash Flows

For the period ended 31 March 2024

In thousands of naira		2024		2023
	Note	GROUP			COMPANY		COMPANY
Cash flows from operating activities		31-Mar-24	31-Mar-24		31-Dec-23
Profit for the period		139,914			136,031	468,797
Adjustments for:
- Depreciation	9(b)	51,595			50,895	224,352
- Transfer of Property, plant and equipment						11,262
- Amortisation	14	2,795			2,795	10,877
- Finance income	7	(3,011)			(3,011)	(53,458)
- Writeback/(impairment loss) on trade receivables						44,566
- Finance cost	7	8,595			8,595	28,419
- Gain on sale of property, plant and equipment	8	(5,990)			(5,990)	(18,514)
- Taxation	11(a)	65,842			64,014	330,986
		259,740			253,329	1,047,287
Changes in:
- Inventories	16	(597,567)			(597,567)	(781,473)
- Trade and other receivables	17(c)	122,160			98,305	(111,250)
- Deposit for imports	18	0			0	41,324
- Prepayments and advances	19(a)	(71,087)			(66,587)	(88,410)
- Trade and other payables	23(c)	582,481			585,825	183,312
- Deferred income	24	(8,315)			(8,315)		132,165
Cash generated from operating activities		287,412			264,990	422,955
WHT credit notes utilised	11(c)	(48,007)			(48,007)	-
Tax paid	11(c)	(2,337)			(2,337)		(14,759)
Net cash generated from operating activities		237,068			214,646	408,196
Cash flows from investing activities
Purchase of property plant and equipment	13(g)	(9,944)			(9,944)	(284,088)
Acquisition of Intangible assets		(4,983)			(4,983)	(652.00)
Proceeds from sale of property, plant and equipment		5,990			5,990	20,348.00
Interest income on other financial assets	7	3,011			3,011	30
Additions to investment in financial assets	22	(371,977)			(371,977)	143,171
Investment in Subsidiary		-			0		(20,000.00)
Net cash used in investing activities		(377,902)			(377,902)	(141,191)
Cash flows from financing activities
Additions to loans and borrowings	25(b)	44,203			26,262	345,604
Repayment of borrowings	26(b)	(69,044)			(26,262)	(25,131)
Interest paid	7	(8,595)			(8,595)	(15,923)
Dividend paid	27	0			0		(269,356)
Net cash used in financing activities		(33,436)			(8,595)		35,194
Net decrease in cash and cash equivalents		(174,271)			(171,852)	302,199
Cash and cash equivalents at 1 January		802,287			798,037		495,838
Cash and cash equivalents at 31 March 2024	20	628,016			626,186	798,037
0
BS					626,186

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Berger Paints Nigeria Plc

First Quarter Report

31 March 2024

Notes to the Consolidated and Seperate financial statements

For the period ended 31 March 2024

S/n		Page	S/n		Page
1	Reporting entity	20	18	Deposit for imports	45
2	Basis of preparation	20	19	Prepayments and advances	45
3	Changes in Significant Accounting Policies	21	20	Cash and cash equivalents	46
4	Significant accounting policies	22	21	Other financial assets	46
5	Revenue	33	22	Capital and reserves	46
6	Other income	33	23	Trade and other payables	47
7	Finance income and finance costs	34	24	Deferred income	47
8	Profit before tax	34	25	Loans and borrowings	48
9	Expenses	34	26	Dividends	49
10	Personnel expenses	35	27	Dividend payable	49
11	Taxation	36	28	Related Parties	50
12	Basic earnings and diluted earning per share	38	29	Financial instruments - Fair values and	51
				financials risk management
13	Property, plant and equipment	39	30	Leases	57
14	Intangible assets	42	31	Provision of Non Audit Services	58
15	Investment property	44	32	Contingencies	58
16	Inventories	44	33	Subsequent events	58
17	Trade and other receivables	45	34	Operating segments	59
			35	Condensed Statement of Financial Position	61
			36	Condensed Statement of Profit or Loss	62
			37	Condensed Statement of Cashflow	63

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