Northern Nigeria Flour Mills : N NIG. FLOUR MILLS PLC.- QUARTER 1 - FINANCIAL STATEMENT FOR 2023

NORTHERN NIGERIA FLOUR MILLS PLC

Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED

June 30, 2022

NORTHERN NIGERIA FLOUR MILLS PLC - KANO

Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30th JUNE 2022

		Three Months		Three Months
		Ended		Ended
		30-06-22	30-06-21
	Note	N'000		N'000
Volumes (MT)		9,781	11,611
Revenue		4,390,862	3,563,480
Cost of sales	1	(4,047,092)	(3,252,702)
Gross profit/(Loss)		343,770	310,778
Other Operating Income	2	9,245	36,445
Selling and distribution expenses	3	(44,562)	(28,591)
Administrative expenses	4	(124,211)	(170,745)
Operating profit/(Loss)		184,241	147,887
Investment income		364	1,094
Finance cost	5	(16,033)	(66,125)
		168,573	82,856
Profit/(Loss) before tax		168,573	82,856
Tax expense
Profit/(Loss) after tax		168,573	82,856
Profit/(Loss) attributable to:
Owners of the Company		168,573	82,856
Earnings per Share - Basic (Kobo)
		95		46

MR. OMOBOYEDE O. OLUSANYA	EMMANUEL N ODIGIE
Ag. Managing Director	Chief Financial Officer
FRC/2017/IODN/00000017634	FRC/2013/ICAN/00000004286

July 28th, 2022

Explanatory Notes:

Management has been able to maintain the profit making strides of the Company in the first quarter of the year with increased turnover and revenues. This trend is expected to continue within the rest of the year.

Q1 UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE 2022

STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE 2022

		30-Jun-22		30-Jun-21		31-Mar-21
	Note	N'000		N'000		N'000
Non-current assets
Property, plant and equipment		3,838,353	3,954,458	3,572,311
Deffered tax assets		5,815	5,815	-
Prepayments/Investments in associates		-		7,882		6,158
Total non-current assets		3,844,169	3,968,155	3,578,469
Current assets
Inventories	6	7,406,111	3,289,331	3,206,326
Trade receivables	7a	265,895	74,139	9,610
Other receivables	7c	72,277	9,939	-
Prepayments	7b	24,130	37,460	41,396
Due from related companies	7c	49,656	54,712	7,882
Cash and deposits		936,008	3,772,185	521,587
Total current assets		8,754,078		7,237,767		3,786,801
Total assets		12,598,247	11,205,922	7,365,270
Equity
Share capital		89,100	89,100	89,100
Share premium account		89,521	89,521	89,521
Fixed Assets Revaluation Reserve		1,566,005	1,566,005	1,566,005
Retained earnings		1,491,355	1,491,355	1,043,145
Total equity		3,235,981	3,235,981	2,787,771
Non-current liabilities
Borrowings	8	197,136	467,580	384,989
Retirement benefit obligation	10	211,692	190,260	180,687
Long service award	11	32,556	42,524	40,052
Deferred Revenue	15	5,763	51,896	33,173
Deferred tax (asset)/Liability	9	110,640		71,553		104,825
Total non-current liabities		557,787	823,813	743,726
Current liabilities
Borrowings	8	160,596	681,713	1,626,613
Trade payables	12	274,298	416,713	1,768,304
Other payables	13 & 15	8,284,534	4,703,470	68,975
Current tax payable	13	1,601	21,625	31,759
Customer deposits	14	83,449		1,322,607		338,122
Total current liabilities		8,804,479		7,146,128		3,833,773
Total liabilities		9,362,266	7,969,941	4,577,499

Total equity and liabilities	12,598,247		11,205,922		7,365,270

Northern Nigeria Flour Mills Plc
Statement of Cash Flows For The Period Ended 30th June 2022
	30-06-2022		31-Mar-22
	N'000		N '000
Cash flows from operating activities
(Loss)/profit before taxation	168,573	184,527
Adjustments for:
Depreciation of property, plant and equipment	63,073	231,897
Profit on sale of assets	-	-
Finance costs	16,033	132,698
Provision for retirement benefit	21,634	36,257
(Credit)/provision for long service award	1,810	(3,785)
Write-off of property, plant and equipment	-	6,941
Gain on foreign exchange transactions	-	-
Minimum tax	-	76,686
Changes in working capital:
Inventories	945,491	(5,031,537)
Trade and other receivables	(165,444)	(234,480)
Prepayments	20,268	3,199
Investment	-	7,882
Trade and other payables	(889,444)	7,170,032
Deferred income	(101,208)	(43,462)
Customer deposits	(1,257)	(253,416)
Dividend payable	0	-
	79,529	2,283,439
Tax paid	-	-
Value added tax paid	-	-
Retirement benefit paid	-	(6,443)
Long service award benefit paid	-	(5,117)
Net cash used in operating activities	79,529	2,271,879
Cash flows from investing activities
Purchase of property, plant and equipment	(53,527)	(514,610)
Sale of property, plant and equipment	-	-
Liquidation of Investment	-		-
Net cash used in investing activities	(53,527)	(514,610)
Cash flows from financing activities
Proceeds from borrowings	-	-
Repayment of borrowings	(44,000)	(1,242,549)
Interest Paid on borrowings	(8,004)	(44,316)
Monitoring and guarantee fees	(513)	(2,738)
Dividend paid			(26,730)
Net cash generated from financing activities	(52,517)	(1,316,333)
Net cash inflow for the year	(26,515)	440,936
Cash and cash equivalents at the beginning of the year	962,523		521,587

Total cash and cash equivalents at end of year	936,008		962,523