FTN COCOA PROCESSORS PLC- QUARTER 3 - FINANCIAL STATEMENT FOR 2021

FTN COCOA PROCESSORS PLC

REPORTS AND FINANCIAL STATEMENTS

FOR THE THIRD QUARTER ENDED 30 SEPTEMBER, 2021

TABLE OF CONTENT

CONTENTS	PAGE
Corporate information	1
Results at a glance	2
Statement of financial position	5
Statement of comprehensive income	6
Statement of changes in equity	7
Statement of cash flows	8
Notes to the financial statements	9
Other national disclosure
Statement of value added	31

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	FTN COCOA PROCESSORS PLC
	CORPORATE INFORMATION
Directors:	High Chief (Sir) Simeon Olusola Oguntimehin, OON - (Chairman)
	Pastor Akin Laoye	- Managing
	Otunba' Wale Jubril
Company Secretaries:	Alpha-Genasec Limited,
	Kresta Laurel Complex,
	376, Ikorodu Road,
	Maryland, Lagos.
	Tel. [phone]
	E-mail:[e-mail]
Registered Office:	21, Emmanuel Keshi Street,
	Oladipo Sessi Close,
	Magodo, GRA, Lagos.
	Tel. [phone]
	Website: www.ftncocoa.com.ng
	E-mail:[e-mail]
Registration Number:	RC 172292
Factory Address:	Km 9, Monatan- Iwo Road,
	Opposite Arcedem, Wofun Olodo,
	Ibadan, Oyo State.
	Tel. [phone]
Independent Auditors:	Bakertilly Nigeria,
	(Chartered Accountants),
	Kresta Laurel Complex (4th Floor),
	376, Ikorodu Road, Maryland, Lagos.
	Tel. [phone]
	E-mail:[e-mail]
Registrars:	Meristem Registrars,
	213, Herbert Macaulay Street,
	Yaba, Lagos.
	Tel.: [phone]
	E-mail:[e-mail]
Bankers:	Ecobank Nigeria Limited
	Guaranty Trust Bank Plc
	United Bank for Africa Plc
	Union Bank of Nigeria Plc

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		FTN COCOA PROCESSORS PLC
		RESULTS AT A GLANCE
		Y-T-D	Y-T-D
For the period	30/09/2021	30/09/2020	Change	Percentage
		N'000	N'000	N'000	%
Revenue	278,180	227,260	(50,920)	22
Loss before taxation	(848,119)	(351,719)	(496,400)	141
Taxation	-	-	-	-
Loss after taxation	(848,119)	(351,719)	(496,400)	141
Loss per share	(38.55k)	(15.99k)	(22.56K)	141
		Y-T-D	Y-T-D
At period end	30/09/2021	31/12/2020	Change	Percentage
		N'000	N'000	N'000	%
Property, plant and equipment	5,831,700	2,968,519	2,863,181	96
Total assets	7,366,426	4,632,684	2,733,742	59
Total liabilities	7,416,091	6,940,011	547,510	8
Share capital	1,100,000	1,100,000	-	-
Revenue reserve	(6,651,903)	(5,803,784)	(848,119)	(15)
Equity	(121,095)	(2,307,328)	2,186,233	95
		Number	Number
Number of employees	69	73
		===	===

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FTN COCOA PROCESSORS PLC

STATEMENT OF FINANCIAL POSITION

FOR THIRD QUARTER ENDED 30 SEPTEMBER, 2021

			Y-T-D			Y-T-D
		30/09/2021	31/12/2020
	Note		N'000			N'000
Non-current assets
Property and equipment	5	5,831,700	2,968,519
Available for sale financial assets	6	300	300
Other receivables	7.2	1,085,038	1,085,038
Total non-current assets		6,917,038	4,053,857
		------------	------------
Current assets
Inventories	8	351,423	500,348
Trade and other receivables	7.1	30,205	30,045
Cash and cash equivalents	9	67,760		48,434
Total current assets		449,388	578,827
		----------	----------
Total assets		7,366,426	4,632,684
		=======	========
Current liabilities
Trade and other payables	10	720,698	723,973
Borrowings	11.1	76,588	76,588
Current taxation	12.2		66,261		66,261
Total current liabilities		863,548	866,822
		------------	------------
Non-current liabilities
Borrowings	11.2	6,623,973	6,073,191
Total non-current liabilities		6,623,973	6,073,191
		------------	------------
Total liabilities		7,487,521	6,940,011
Equity:
Share capital	15	1,100,000	1,100,000
Share premium	16	1,413,439	1,413,439
Revaluation reserve	17	4,017,369	983,017
Revenue reserve	18	(6,651,903)	(5,803,784)
Total equity		(121,095)	(2,307,328)
		-------------	-------------
Total liabilities and equity		7,366,426	4,632,684
		========	========

…………………………….………….	………………………………
Mr. Akin Laoye	MR. WALE JUBRIL
Managing Director	FRC/2021/003/00000006703
FRC/2021/003/00000023888	for: Chief Finance Officer
	22ND OCTOBER, 2021