GlaxoSmithKline Consumer Nigeria : GLAXO SMITHKLINE CONSUMER NIG. PLC.- QUARTER 4 - FINANCIAL STATEMENT FOR 2022

GLAXOSMITHKLINE CONSUMER NIGERIA PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

GlaxoSmithKline Consumer Nigeria Plc

Unaudited Consolidated and Separate Statement of Profit or Loss and other Comprehensive Income For the year ended 31 December 2022

GROUP

Oct - Dec 2022

N'000

Jan - Dec 2022

N'000

Oct - Dec 2021

N'000

Jan - Dec 2021

N'000

Revenue	4,970,334	25,395,914	5,997,242	22,449,824
Cost of sales	(4,077,657)		(19,331,062)		(4,185,937)		(16,270,135)
Gross profit	892,677	6,064,852	1,811,305	6,179,689
Investment income	185,323	310,303	44,261	93,545
Other gains and losses	138,372	71,919	(38,365)	43,729
Impairment of financial assets	61,679	(5,917)	30,120	(24,499)
Finance costs	-	-	(228)	(4,669)
Selling and distribution costs	(752,643)	(3,596,840)	(794,063)	(3,542,294)
Administrative expenses	(216,508)		(1,819,057)		(288,606)		(1,799,749)
Profit before tax	308,900	1,025,260	764,424	945,752
Income tax expense	(100,392)	(333,209)	(228,313)	(286,941)
Total profit after tax for the period	208,508		692,051		536,112		658,811
Profit for the period attributable to:
Shareholders of the Company	208,508	692,051	536,112	658,811
Non-controlling interest	-	-	-	-
	208,508		692,051		536,112		658,811
Total comprehensive loss for the
period attributable to:
Shareholders of the Company	208,508	692,051	536,112	658,811
Non-controlling interest	-	-	-	-
	208,508		692,051		536,112		658,811
Basic and diluted earnings per
share (Kobo)
From continuing operations	18	58	45	55
From continuing and discontinuing
operations	18	58	45	55

1

GlaxoSmithKline Consumer Nigeria Plc

Unaudited consolidated and separate statement of profit or loss and other comprehensive income For the year ended 31 December 2022

GROUP

COMPANY

		31 December		31 December		31 December		31 December
		2022	2021	2022	2021
	Notes	N'000		N'000		N'000		N'000
Revenue	5	25,395,914	22,449,824	25,395,914	22,449,824
Cost of sales		(19,331,062)		(16,270,135)		(19,331,062)		(16,270,135)
Gross profit		6,064,852	6,179,689	6,064,852	6,179,689
Investment income	7	310,303	93,545	310,303	93,545
Other gains and losses	8	71,919	43,729	71,919	43,729
Impairment of financial assets	15.2	(5,917)	(24,499)	(5,917)	(24,499)
Finance costs		-	(4,669)	-	(4,669)
Selling and distribution costs	6.1	(3,596,840)	(3,542,294)	(3,596,840)	(3,542,294)
Administrative expenses	6.1	(1,819,057)		(1,799,749)		(1,816,543)		(1,797,235)
Profit/ (loss) before tax		1,025,260	945,752	1,027,774	948,266
Income tax expense	10.1	(333,209)		(286,941)		(334,026)		(286,941)

Total profit/(loss) for the year		692,051		658,811		693,748		661,325
Other comprehensive income net of
income tax:
Items that will not be reclassified to
profit or loss:		-		-		-		-
		-	-	-	-
Total comprehensive income/(loss) for
the year, net of tax		692,051	658,811	693,748	661,325
Profit/(loss) for the year attributable to:
Shareholders of the Company		692,051	658,811	693,748	661,325
Non-controlling interest		-	-	-	-
		692,051		658,811		693,748		661,325
Total comprehensive income/(loss) for the
year attributable to:
Shareholders of the Company		692,051	658,811	693,748	661,325
Non-controlling interest		-	-	-	-
		692,051		658,811		693,748		661,325
Basic and diluted earnings/(loss) per
share (Kobo)
From continuing operations	11	58	55	58	55
From continuing and discontinuing
operations	11	58	55	58	55

2

GlaxoSmithKline Consumer Nigeria Plc

Unaudited consolidated and separate statement of financial position As at 31 December 2022

		GROUP
		As at 31		As at 31
		December 2022		December 2021
	Notes	N'000		N'000
Assets
Non-current assets
Property, plant and equipment	13	453,995	540,339
Deferred tax asset	10.2	231,223	231,223
Right of use assets		-	14,481
Investment property	12	580,872	585,532
Investment in subsidiary	15	-		-
		1,266,090	1,371,576
Current assets
Inventories	16	3,633,040	6,045,400
Trade and other receivables	17	3,788,057	5,170,886
Other assets	18	63,166	202,846
Cash and bank balances	19	19,976,023	12,746,570
Assets classified as asset held for sale	14	680,873		715,455
		28,141,159		24,881,157
Total assets		29,407,249	26,252,732
Equity and liabilities
Equity
Issued share capital	20.1	597,939	597,939
Share premium	20.2	51,395	51,395
Retained Earnings		8,804,023		8,650,116
Total equity		9,453,357	9,299,450
Non-current liabilities
Liability for share-based payments		26,279		26,279
Total non-current liabilities		26,279	26,279
Current liabilities
Trade and other payables	21	19,253,207	16,731,849
Lease liabilities		-	1,500
Contract liabilities	21.1	305,549	90,841
Income tax payable	10.1	368,857	102,813
Total current liabilities		19,927,613		16,927,003
Total liabilities		19,953,892		16,953,282
Total equity and liabilities		29,407,249	26,252,732

COMPANY

As at 31		As at 31
December 2022		December 2021
N'000		N'000
453,995	540,339
231,223	231,223
-	14,481
580,872	585,532
-		160
1,266,090		1,371,735
3,633,040	6,045,400
3,785,331	5,170,886
63,166	202,846
19,976,023	12,746,570
680,873		715,455
28,138,433		24,881,157
29,404,523	26,252,892
597,939	597,939
51,395	51,395
8,636,376		8,480,771
9,285,710		9,130,105
26,279		26,279
26,279		26,279

19,431,057 16,915,099

• 1,500
  305,54990,841
  355,92889,067

20,092,534 17,096,507

20,118,813 17,122,787

29,404,523 26,252,892

The consolidated and separate financial statements were approved and authorised for issue by the Board of Directors on 27 January

2023 and signed on its behalf by:

Mr. Edmund C. Onuzo		Mr. Olakunle Azeez Oyelana		Bosco Kirugi
Chairman		Managing Director		Finance Director
FRC/2015/IODN/00000011038		FRC/2020/003/00000020395		FRC/2022/PRO/DIR/003/956071

3

GlaxoSmithKline Consumer Nigeria Plc

Unaudited consolidated and separate statement of cash flows For the year ended 31 December 2022

		GROUP
		31 December		31 December
		2022	2021
	Notes	N'000		N'000
Cash flows from operating activities
Profit for the year		692,051	658,811
Adjustment for:
Income tax expense recognised in profit or loss	10.1	333,209	286,941
Depreciation & amortisation (including investment
property, right of use asset and lease liabilities)	13	103,983	434,232
Loss/(gain) on disposal of property, plant and
equipment	8	(8,691)	(6,183)
Interest on term deposits	7	(310,303)	(93,545)
Finance cost		-	4,669
Other adjustments to property, plant and equipment	13	-	18,475
Share based payment expense		-	6,027
Impairment of investment in subsidiaries		-	-
Working capital adjustments:
Changes in inventories		2,412,360	(2,762,961)
Changes in trade receivables		1,382,830	(520,930)
Changes in other assets		139,680	170,929
Changes in contract liabilities		214,708	(14,765)
Changes in trade and other payables		2,266,627		3,126,137
		7,226,454	1,307,837
VAT paid		(38,594)	(195,962)
Income tax paid	10	(67,165)		(747,318)
Net cash generated by operating activities		7,120,695	364,557
Cash flows from investing activities
Proceeds from sale of non current assets		43,273	6,183
Interest received	7	310,303	93,545
Purchase of right of use asset		-	(183,277)
Purchase of property, plant and equipment	13	-	(43,441)
Net cash flows generated by/(used in) investing
activities		353,576	(126,990)
Cash flows from financing activities
Share based payment settlement		-	(10,478)
Final dividends paid to shareholders of the
Company		(244,818)	(256,322)
Lease liability paid		-	(153,220)
Proceed from lease liability		-	43,441
Net cash flows used in financing activities		(244,818)		(376,579)
Net increase in cash and cash equivalents		7,229,453	(139,012)
Cash and cash equivalents at 1 January		12,746,570	12,885,582
	19	19,976,023		12,746,570

COMPANY

31 December	31 December
2022	2021
N'000	N'000
693,748	661,325
334,026	286,941
103,983	434,232

(8,691) (6,183)

(310,303) (93,545)

• 4,669
• 18,475
• 6,027
  160-

2,412,360 (2,762,961)

1,385,556 (520,930)

139,680 170,928

214,708 (14,765)

2,261,227 3,123,624

7,226,454 1,307,838

(38,594) (195,962)

(67,165) (747,318)

7,120,695 364,557

43,2736,183

310,303 93,545

• (183,277)
• (43,441)

353,576 (126,989)

• (10,478)

(244,818) (256,322)

• (153,220)
• 43,441
  (244,818) (376,579)

7,229,453 (139,012)

12,746,570 12,885,582

19,976,023 12,746,570

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