PHARMA DEKO : AUDITED FINANCIAL STATEMENT FOR 2021

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PHARMA DEKO PLC

(Registration number 6711)

Annual Report and Financial Statements for the year ended December 31, 2021

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S I AD

Chartered Accountants 188 Olu Holloway Road

Ikoyi

Lagos

Tel:[phone] Fax:[phone] E-mail:[e-mail]

Website:www.siao-ng.com

Pharma Deko Pic

(Registration number 6711)

Annual Report And Financial Statements for the year ended December 31,2021

General Information

Country of incorporation and domicile Nature of business and principal activities

Directors

Registered officeSecretaryLegal advisorsNigeriaManufacturing, packaging and marketing of high quality pharmaceutical and consumer products

Mr. F.RA Williams (Jr)-(Chairman)

Mr. Isola Olukayode-Managing Director Chief C.C. Chikeluba

Mr. K.A. Lawson Chief J.O. Anyigbo Mr. GA Alegieuno Professor Herbert A.B Coker Mr. EA Anaba

Plot C1/1 Okene Close, Agbara Industrial Estate, Agbara, Ogun State. P.O.Box 1479, Apapa Lagos. E-mail:[e-mail]

Unity Trustees Limited

1, Shagamu Avenue, lIupeju, Lagos.

Chief Rotimi Williams' Chambers

1, Shagamu Avenue lIIupeju, Lagos P.O Box 3426, Marina, Lagos

Tel: [phone]

Website:www.frawilliams.com Email:[e-mail]

SIAO Partners

Chartered Accountants

18b, Olu Holloway, Ikoyi, Lagos.

Bankers

Access Bank PIc

Ecobank Nigeria PIc

First City Monument Bank PIc United Bank for Africa PIc Union Bank of Nigeria PIc Fidelity Bank PIc.

Pharma Deko Pic
(Registration number 6711)
Annual Report And Financial Statements for the year ended December 31, 2021
Contents
Page
Financial Highlights	3
Directors' Report	4
Directors' Responsibilities and Approval	7
Certification Pursuant to Section 60 (2) of Investment and Securities Act No. 29 of 2007	8
Report of the audit committee	9
Independent Auditor's Report	10
Statement of Financial Position	14
Statement of Profit or Loss and Other Comprehensive Income	15
Statement of Changes in Equity	16
Statement of Cash Flows	17
Accounting Policies	18
Notes to the Annual Report And Financial Statements	30
Value Added Statement	46
Five Year Financial Summary	47

2

Pharma Deko Pic

(Registration number 6711)

Annual Report And Financial Statements for the year ended December 31, 2021

Financial Highlights

2021	2020	Difference
N'OOO	N'OOO	N'OOO
Revenue	503,548	460,837	42,711	9
Cost of Sales	(410,193)	(404,963)	5,230
Loss before taxation	(68,489)	(324,054)	255,565	(78)
Taxation	(1,298)	(1,152)	146	2
Loss after taxation	(69,787)	(325,206)	225,419	(78)
Issued Share Capital	108,466	108,466
Total Equity	1,307,845	986,267	321,578	32
Total Non Current Assets	2,056,472	1,663,711	392,761	23
Total Current Assets	278,849	353,345	(74,496)	(21 )
Total Assets	2,335,321	2,017,056	318,265	15
Total Non Current Liabilities	61,556	18,071	43,485	241
Total Current Liabilities	965,921	1,012,718	46,797
Total Equity and Liabilities	2,335,321	2,017,056	318,265	15

Difference %

3

Pharma Deko Pic

(Registration number 6711)

Annual Report And Financial Statements for the year ended December 31, 2021

Directors' Report

The directors have pleasure in submitting their report on the annual report and financial statements of Pharma Deko Pic for the year ended December 31, 2021.

1.

Incorporation

The Company was incorporated as a private limited liability company in 1967 as PARKE-DAVIS & CO (NIG.) LTD. In 1980, the Company changed its name to PHARMA DEKO LIMITED, and in pursuance of the Companies and Allied Matters Act 2020, is now known as PHARMA DEKO PLC.

2.

Nature of business

The company's principal activities include the manufacturing, packaging and marketing of high quality pharmaceutical and consumer products. The consumer and pharmaceutical products share the same production lines and the company leverages on this to ensure efficiency and effectiveness in its production process. The company also allows the use of its production facilities by third parties.

There have been no material changes to the nature of the company's business from the prior year.

3.

Operating results

The result of operations as at the end of the year is as follows:

2021

2020

N'OOO

N'OOO

Revenue

Loss before taxation Taxation

__

503.548 __ ~4~60_8~3~7. (68,489) (324,054) :-:-(~1.2==9,=8):._--:-:::-:-(-=,,1.::-:15~2.)

Loss after taxation

(69,787) (325,206)Other comprehensive income(net of tax) 391,365

Total Comprehensive income/(Ioss) for the year 321,578 (325,206)

4. Share capital

2021 2020

Authorised Ordinary shares

Number of shares 300,000,000 300,000,000

2021

2020

2021 2020

Issued Ordinary shares

N. '000 108,466

N. '000 108,466

Number of shares 216,931,596 216,931,596

There have been no changes to the authorised or issued share capital during the year under review. 5. Dividend

No dividend was proposed by the Board of Directors for the 2021 financial year.

6.

Directorate

In accordance with Section 385(2) of the Companies and Allied Matters Act (CAMA) 2020, the directors of the company who served during the year, were as follows:

Directors

Mr. F.R.A. Williams (Jr) Mr. Isola Olukayode Chief C.C. Chikeluba Mr. K.A. Lawson Chief J.O. Anyigbo Mr. G.A. Alegieuno Professor Herbert A.B Coker Mr. E.A. Anaba

Chairman Managing Director

Independent DirectorDesignation Non-executive Executive Non-executive Non-executive Non-executive Non-executive Non-executive Non-executiveNationality Nigeria Nigeria Nigeria Nigeria Nigeria Nigeria Nigeria NigeriaChanges

Appointed Nov 12,2020

4