BERGER PAINTS NIGERIA : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

Berger Paints Nigeria Plc

Unaudited Financial Statements

Fourth Quarter ended

31 December, 2021

Berger Paints Nigeria Plc

Fourth Quarter Report

31 December2021

Contents	Page
Corporate Information	2
Financial Highlights	3
Statement of Financial Position	4
Statement of Profit or Loss and Other Comprehensive Income	5
Statement of Changes in Equity	6
Statement of Cash Flows	7
Notes to the Financial Statements	8
Other National Disclosures	53

Berger Paints Nigeria Plc

Fourth Quarter Report

31 December2021

Corporate Information
Board of Directors:	Abi Ayida	-	Chairman
	Musa Danjuma	-	Non - Executive Director (Retired wef May 21, 2021)
	Nelson Nweke	-	Independent Non -Executive Director (Retired wef May 21, 2021)
	Patrick Buruche	-	Non - Executive Director (Retired wef December 31, 2020)
	Sanjay Datwani (British)	-	Non - Executive Director (Retired wef May 21, 2021)
	Adekunle Olowokande	-	Non - Executive Director
	Ogechi Iheanacho		Non - Executive Director (Appointed wef Jan 2, 2021)
	Erejuwa Gbadebo		Independent Non - Executive Director (Appointed wef Jan 27, 2021)
	Aisha Umar		Independent Non - Executive Director (Appointed wef Jan 27, 2021)
	Victor Olusegun Adeniji		Independent Non - Executive Director (Appointed wef Feb 16, 2021)
	Raj Mangtani (Indian)	-	Non - Executive Director
	Anjan Sircar (Indian)	-	Managing Director
Company
Secretary/Legal	Ayokunle Ayoko
Adviser
Registered Office:	102, Oba Akran Avenue,
	Ikeja, Industrial Estate
	P.M.B. 21052, Ikeja, Lagos.
Contact Details	Tel: [phone]
	Mobile: [phone]
	0700BERGERPAINTS [0700237437724687]
	Email: [e-mail]
	Website: www.bpnplc.com
Social Media
Accounts	Website: www.bergerpaints.com.ng
	Facebook: www.facebook.com/BergerPaintsNigeriaPlc
	LinkedIn: www.linkedin.com/company/berger-paints-nigeria-plc
	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
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

2

Berger Paints Nigeria Plc

Fourth Quarter Report

31 December2021

Financial Highlights

In thousands of naira

	Dec 2021		Dec 2020		%
Revenue	4,989,830	3,837,582	30
Gross profit	1,744,610	1,419,078	23
Operating profit	317,546	194,951	63
Profit before minimum tax	290,895	211,850	37
Profit before taxation	290,895	210,903	38
Profit for the period	197,809	146,028	35
Share capital	144,912	144,912	-
Total equity	3,228,852	2,840,364	14
Data per 50k share
Basic earnings per share (kobo)	68	50	35
Net assets per share (Naira)	11.14	10.86	3
Market price per share as at period end (Naira)	8.55	6.75	27
Market capitalization as at period end	2,477,995	1,956,312	27

3

				Berger Paints Nigeria Plc
				Fourth Quarter Report
				31 December2021
Statement of Financial Position
As at 31 December 2021
In thousands of naira
		31 December		31 December
		2021	2020
Assets	Notes
Property, plant and equipment	9(a)	2,618,094	2,757,223
Intangible assets	10	36,152	52,578
Investment property	11	382,234	403,020
Total non-current assets		3,036,480		3,212,821
Inventories	12	1,286,944	702,294
Trade and other receivables	13(a)	304,822	317,381
Deposit for imports	14	2,674	65,836
Prepayments and advances	15	39,255	49,569
Other financial assets	17	281,882	267,372
Cash and cash equivalents	16	252,147	356,599
Total current assets		2,167,724	1,759,051
Total assets		5,204,204		4,971,872
Equity
Share capital	18(a)	144,912	144,912
Share premium	18(b)	635,074	635,074
Retained earnings		2,448,866	2,366,986
Total equity		3,228,852	3,146,972
Liabilities
Loans and borrowings	21	25,673	137,428
Deferred income	20	87,010	68,705
Deferred taxation	7(e)	289,900		289,900
Total non-current liabilities		402,583		496,033
Loans and borrowings	21	126,590	149,223
Current tax liabilities	7(c)	105,672	30,836
Trade and other payables	19	880,038	704,369
Deferred income	20	33,037	6,321
Dividend payable	23	427,432		438,118
Total current liabilities		1,572,769		1,328,867
Total liabilities		1,975,352	1,824,900
Total equity and liabilities		5,204,204		4,971,872

These financial statements were approved by the Board of Directors on 26 January 2022 and signed on its behalf by:

Olowokande Adekunle (FRC/2019/IODN/00000019259)

Chairman, Finance and General Purpose Committee

Pheobe Obi (FRC/2020/003/00000022016)

Chief Financial Officer

The accompanying notes on pages 8 to 52 form an integral part of these financial statements.

4