FTN COCOA PROCESSORS PLC
REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2022
TABLE OF CONTENT
CONTENTS | PAGE |
Corporate information | 1 |
Results at a glance | 2 |
Report of the directors | 3 |
Statement of directors' responsibility | 9 |
Certificate of No misstatements and adequate internal control system | 10 |
Statement of management discussion and analysis | 11 |
Certification pursuant to section 60 | 12 |
Report of the audit committee | 13 |
Independent auditors' report | 14 |
Statement of financial position | 17 |
Statement of comprehensive income | 18 |
Statement of changes in equity | 19 |
Statement of cash flows | 20 |
Notes to the financial statements | 21 |
Other national disclosure | |
Statement of value added | 45 |
Five-year financial summary | 46 |
P a g e | 3
FTN COCOA PROCESSORS PLC
CORPORATE INFORMATION
Directors: | High Chief (Sir) Simeon Olusola Oguntimehin, OON - (Chairman) | |
Pastor Akin Laoye | - Managing Director | |
Otunba' Wale Jubril | ||
Company Secretaries: | Alpha-Genasec Limited, | |
Kresta Laurel Complex, | ||
376, Ikorodu Road, | ||
Maryland, Lagos. | ||
Tel. 234-7035051231 | ||
E-mail:alphagenasec@bakertillynigeria.com | ||
Registered Office: | 21, Emmanuel Keshi Street, | |
Oladipo Sessi Close, | ||
Magodo, GRA, Lagos. | ||
Tel. 234-1-7409651 | ||
Website:www.ftncocoa.com.ng | ||
E-mail:info@ftncocoa.com.ngg | ||
Registration Number: | RC 172292 | |
Factory Address: | Km 9, Monatan- Iwo Road, | |
Opposite Arcedem, Wofun Olodo, | ||
Ibadan, Oyo State. | ||
Tel. 234-2-7404744 | ||
Independent Auditors: | Bakertilly Nigeria, | |
(Chartered Accountants), | ||
Kresta Laurel Complex (4th Floor), | ||
376, Ikorodu Road, Maryland, Lagos. | ||
Tel. 234-9031613983 | ||
E-mail:btnlag@bakertillynigeria.comm | ||
Registrars: | Meristem Registrars, | |
213, Herbert Macaulay Street, | ||
Yaba, Lagos. | ||
Tel.: 234-1-8920491,234-1-8920492 | ||
E-mail:info@meristemregistrars.com | ||
Bankers: | Ecobank Nigeria Limited | |
Guaranty Trust Bank Plc |
Zenith Bank Plc
United Bank for Africa Plc
P a g e | 4 | ||||||
FTN COCOA PROCESSORS PLC | ||||||
RESULTS AT A GLANCE | ||||||
For the year | 2022 | 2021 | Change | Percentage | ||
N'000 | N'000 | N'000 | Change | |||
Revenue | 62,194 | 290,779 | (228,585) | (79) | ||
Loss before taxation | (430,876) | (1,477,894) | 1,047,018 | (71) | ||
Taxation | (311) | (727) | 416 | (57) | ||
Loss after taxation | (431,187) | (1,478,621) | 1,047,438 | (71) | ||
Loss per share | (11k) | (38k) | 27k | (71) | ||
At year end | ||||||
Property, plant and equipment | 5,804,832 | 5,913,813 | (108,981) | (2) | ||
Total assets | 7,276,723 | 7,441,390 | (164,667) | (2) | ||
Total liabilities | 8,831,261 | 8,192,988 | 638,273 | 8 | ||
Share capital | 1,950,000 | 1,100,000 | 850,000 | 77 | ||
Revaluation reserve | 4,017,369 | 4,017,369 | - | 0 | ||
Equity | (1,554,538) | (751,598) | 802,937 | 107 | ||
Number | Number | |||||
Number of employees | 63 | 74 | ||||
=== | === |
P a g e | 5
FTN COCOA PROCESSORS PLC
REPORT OF THE DIRECTORS
1. The directors hereby submit their report and the financial statements of the company for the year ended 31 December, 2022.
2. Review of operating performance | N'000 |
Loss before taxation | (430,876) |
Taxation | (311) |
Loss after taxation | (431,187) |
========= |
- Legal form
FTN Cocoa Processors Plc started as Fantastic Abiola Nigeria Limited, a private Company limited by shares which was incorporated on 26 August, 1991. The name Fantastic Abiola Nigeria Limited was changed to Fantastic Traders Nigeria Limited on 26 August, 1998 and further changed to FTN Cocoa Processors Limited on 3 December, 2007. The status of the company was changed to a public company and renamed FTN Cocoa Processors Plc on 29 February, 2009 and the shares of the company were listed on the Nigerian Stock Exchange on 24 July, 2009. - Principal activities
The principal activities of the company are the processing of cocoa beans and palm kernel into Cocoa Cake, Liquor, Butter, Powder, Palm Kernel oil and Palm Kernel cake. Cocoa Cake, Liquor and butter are exported while Cocoa powder, Palm Kernel oil and Palm Kernel cakes are marketed locally to manufacturing companies. - Review of operational performance
The company sustained a loss after tax of N431.1 million compared with a loss after tax of N1.478billion in the preceding year. The Company sustained a loss as a result of lack of adequate working capital in order to produce at optimal level coupled with heavy finance cost. - Directors
The names of the directors of the company are as stated on page 1 of these Reports and financial statements.
7 Directors' interests
- The interest of the directors in the issued share capital of the company are as follows: -
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FTN Cocoa Processors plc published this content on 31 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2023 00:24:27 UTC.