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ended 30th September 2016 Prepared By: Reviewed By: Approved By: CFO MD IFRS Financial Statements for Third Quarter Eterna Plc

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Page 1: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

ended 30th September 2016

Prepared By: Reviewed By: Approved By:CFO MD

IFRS Financial Statements for Third Quarter

Eterna Plc

Page 2: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

ETERNA PLC

FINANCIAL HIGHLIGHTS

2016 Third Quarter Performance

Current Year Previous Year

Group Group

September 2016 September 2015

N'000 N'000 N'000

Revenue 72,243,371 69,993,274 2,250,097 3%

Gross Profit 4,200,563 2,164,998 2,035,565 94%

EBIT 2,850,957 1,313,529 1,537,428 117%

Interest & Similar Charges 380,383 302,043 78,340 26%

PBT 2,470,574 1,011,486 1,459,088 144%

Net Profit/ (Loss) 1,679,990 687,810 992,180 144%

Net working capital 8,315,656 3,672,092 4,643,564 126%

Capital Employed 14,715,094 10,465,216 4,249,877 41%

Authorised share capital 1,600,000 1,600,000 0%

Issued & fully paid 1,304,145 1,304,145 0%

Share capital 652,072 652,072 0%

Share Premiun 5,796,053 5,796,053 - 0%

Revaluation reserves 0 0 - 0%

Other reserves - -

Shareholders Fund 11,364,295 9,107,981 2,256,314 25%

Actual Growth

/ Decline

%

Growth

/

Decline

Page 3: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

ETERNA PLC

IFRS FINANCIAL STATEMENT SUMMARY FOR THIRD QUARTER ENDED 30TH SEPTEMBER 2016

STATEMENT OF COMPREHENSIVE INCOME (For Other Companies) September

2016

September

2015 % Change Dec 2015

N'000 N'000 N'000

Revenue 72,243,371 69,993,274 3% 92,065,354

Cost of Sales (68,042,808) (67,828,276) 0% (88,985,055)

Distribution/Admin and Other Expenses (1,422,559) (1,119,241) 27% (1,873,691)

Other Income 72,953 267,764 -267% 631,999

Financial Charges (380,383) (302,043) 26% (532,022)

Profit/Loss Before Tax 2,470,574 1,011,486 144% 1,306,585

Taxation (790,584) (323,676) 144% (28,512)

Profit/Loss After Tax 1,679,990 687,803 144% 1,278,073

Other Comprehensive Income - - (13,940)

Total Comprehensive Income 1,679,990 687,803 144% 1,264,133

Profit/Loss After Tax Attr. To Noncontrolling Int - - (3)

Profit/Loss After Tax Owners of the Company 1,679,990 687,803 144% 1,264,136

Total Comp. Inc.Attr. to Non-Controlling Interest - - (3)

Attributable to Owners of the Company 1,679,990 687,803 144% 1,264,136

Basis Earnings per Share 1.29 0.53 144% 0.98

Fully Diluted Earnings per Share 1.29 0.53 144% 0.89

STATEMENT OF FINANCIAL POSITION (For Other Companies) September

2016

September

2015 % Change Dec 2015

N'000 N'000 N'000

Property, plant and equipment 5,815,690 5,884,573 -1% 5,875,323

Long term prepayments 333,457 415,573 -20% 286,026

Deferred tax asset - - -

Investment property - - 0% -

Intangible Assets - - 0% -

Investments accounted for using the equity method 250,291 492,978 -49% 244,500

Financial assets - - 0% -

Non-current asset held for sale and disposal groups - - 0% -

Total Non Current Assets 6,399,438 6,793,124 -70% 6,405,849

Inventories 5,543,387 1,497,166 270% 1,515,284

Debtors and Other Receivables 4,002,296 6,590,253 -39% 18,795,827

Cash and cash equivalents 5,423,803 208,791 2498% 1,848,449

Total Current Assets 14,969,486 8,296,210 2729% 22,159,560

Trade and Other Payables 4,179,191 1,900,518 120% 12,584,144

Current Financial liabilities 1,306,528 1,705,370 -23% 4,512,818

Current Tax Liabilities 1,168,111 1,018,230 15% 473,047

Total Current Liabilities 6,653,830 4,624,118 111% 17,570,009

Non-Current Financial liabilities 2,387,170 660,301 262% 356,911

Provisions 141,557 94,756 49% 132,113

Deferred Tax Liabilities 822,071 602,178 37% 822,071 Liabilities included in disposal groups classified as held for sale

(Where applicable) - - 0% -

Total Non-Current Liabilities 3,350,798 1,357,235 347% 1,311,095

Working Capital 8,315,656 3,672,092 126% 4,589,551

Net Assets 14,715,094 10,465,216 41% 10,995,400

Non Controlling Interest 126 129 -3% 126

Attributable to Owners of the Company 11,364,169 9,107,852 25% 9,684,179 - 0

11,364,169 21,368,924 15,089,334

- 21,368,924 15,089,334

STATEMENT OF CHANGES IN EQUITY

Share Capital

Share

premium

PPE

Revaluatio

n Surplus

Retained

Earnings Total

Non-

Controlling

Interest Total Equity

N'000 N'000 N'000 N'000 N'000 N'000 N'000

Balance at 1 January 2014 652,072 5,796,053 - 662,462 7,110,588 122 7,110,710

Changes in Accounting Policy - -

Restated balance - - -

Changes in Equity 2014: - -

Issued Share Capital - -

Adjustment to Retained Earnings - -

Dividend - -

Total Comprehensive Income - 1,309,456 1,309,456 7 1,309,463

Balance as at 31 Dec 2014 652,072 5,796,053 - 1,971,918 8,420,044 129 8,420,173

Changes in Equity 2015:

Issued Share Capital - -

Adjustment to Retained Earnings

Dividend - -

Total Comprehensive Income 1,264,136 1,264,136 (3) 1,264,133

Balance as at 31 Dec 2015 652,072 5,796,053 - 3,236,054 9,684,179 126 9,684,305

Changes in Equity 2015:

Issued Share Capital - -

Adjustment to Retained Earnings - - -

Dividend - -

Total Comprehensive Income 1,679,990 1,679,990 - 1,679,990

Balance as at 30th September 2016 652,072 5,796,053 - 4,916,044 11,364,170 126 11,364,296

N'000 N'000

Cash Flow from Operating Activities 5,636,632 (2,007,992) 381%

Operating Cash Flow before Working Capital Changes 3,391,039 2,482,719 37%

Net Cash Generated from Operating Activities 5,522,322 (2,188,577) 352%

Cash Flow from Investing Activities (141,368) (443,837) 68%

Cash Flow from Financing Activities (1,684,311) 2,219,274 -232%

Net Increase/Decrease in Cash and Cash Equivalent 3,696,643 (413,140) 995%

Cash and Cash Equivalent - Beginning of the Year 1,727,160 2,140,300 -19%

Cash and Cash Equivalent - End of the Year 5,423,803 1,727,160 214%

CORPORATE ACTION

Proposed Bonus - - 0%

Proposed Dividend - - 0%

Closure Date

Date of Payment

AGM Date

AGM Venue

Page 4: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

Consolidated statement of comprehensive income for third quarter ended 30th September 2016

Note 30 September 31 December 30 September 30 September 31 December 30 September

2016 2015 2015 2016 2015 2015

N'000 N'000 N'000 N'000 N'000 N'000

Revenue 4 72,243,371 92,065,354 69,993,274 70,949,525 92,669,238 68,949,428

Cost of Sales 5 (68,042,808) (88,985,055) (67,828,276) (66,825,725) (89,735,520) (66,915,710)

Gross Profit 4,200,563 3,080,299 2,164,998 4,123,800 2,933,718 2,033,718

Selling and Distribution expenses 5 (8,719) (8,513) (2,465) (8,695) (7,623) (2,465)

General and Administrative expenses 5 (1,413,840) (1,865,178) (1,116,776) (1,313,318) (1,756,471) (1,047,867) -

Other Income 6 99,539 239,457 87,961 99,341 238,313 86,910

-

Foreign exchange gains (42,660) 212,456 165,946 (42,661) 212,456 165,946

Derivative Gains - 157,858 - - 157,858 -

Operating Profit 2,834,883 1,816,379 1,299,663 2,858,467 1,778,251 1,236,241

Finance Income 7 16,074 22,228 13,858 16,074 22,228 13,858

Finance Cost 8 (380,383) (532,022) (302,043) (380,383) (531,238) (302,043)

Profit before tax 2,470,574 1,306,585 1,011,478 2,494,158 1,269,241 948,056

Taxation 9 (790,584) (28,512) (323,676) (798,131) (5,357) (303,378)

PROFIT FOR THE YEAR 1,679,990 1,278,073 687,803 1,696,027 1,263,884 644,678

Attributable to:

– Owners of the parent 1,679,990 1,278,076 687,803 1,696,027 1,263,884 644,678

– Non-controlling interests - (3) - - - -

1,679,990 1,278,073 687,803 1,696,027 1,263,884 644,678

Other Comprehensive Income:

(a) Items that will not be reclassified to profit & loss

Actuarial gains or losses - (19,914) - - (19,914) -

Tax effect of actuarial gains and losses - 5,974 - - 5,974 -

Other Comprehensive Income net of tax - (13,940) - - (13,940) -

(b) Items that may subsequently be

reclassified to profit & loss - - - - - -

- - - - - -

Total comprehensive income for the year 1,679,990 1,264,133 687,803 1,696,027 1,249,944 644,678

Attributable to:

– Owners of the parent 1,679,990 1,264,136 687,803 1,696,027 1,249,944 644,678

– Non-controlling interests - (3) - - - -

Total comprehensive income for the year 1,679,990 1,264,133 687,803 1,696,027 1,249,944 644,678

Earnings per share:

Basic 22 1.29 0.98 0.53 1.30 0.97 0.49

Diluted 22 1.29 0.89 0.53 1.30 0.88 0.49

Group Company

Page 5: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

Consolidated statement of financial position as at 30th September 2016

Note 30 September 31 December 30 September 31 December0 \

2016 2015 2016 2015

N'000 N'000 N'000 N'000

Non-current assets

Property, plant and equipment 10 5,815,690 5,875,323 5,582,675 5,641,524

Prepayments 11 333,457 286,026 333,457 286,026

Other investments 250,291 244,500 250,291 244,500

Investment in subsidiaries 12 - - 50,990 50,990

6,399,438 6,405,849 6,217,413 6,223,040

Current assets

Inventory 14 5,543,387 1,515,284 5,091,291 1,217,501

Trade and other receivables 15 3,733,195 18,604,499 3,501,330 18,365,420

Prepayments 11 269,101 191,328 265,034 191,299

Cash and bank balances 16 5,423,803 1,848,449 5,423,780 1,848,448

14,969,486 22,159,560 14,281,435 21,622,668

Total assets 21,368,924 28,565,409 20,498,848 27,845,708

Non-current liabilities

Borrowings 17 2,182,508 152,249 2,182,508 152,249

Deferred tax liability 13 822,071 822,071 770,478 770,478

Decommissioning liability 19 45,552 45,552 39,929 39,929

Employee benefit liability 18 96,005 86,561 96,005 86,561

Derivative liability 17 204,662 204,662 204,662 204,662

3,350,798 1,311,095 3,293,582 1,253,879

Current liabilities

Trade and other payables 20 4,179,191 12,584,144 3,964,516 12,524,638

Borrowings 17 1,306,528 4,512,818 1,306,528 4,512,818

Tax payable 9 1,168,111 473,047 976,403 292,582

6,653,830 17,570,009 6,247,447 17,330,038

Total liabilities 10,004,628 18,881,104 9,541,030 18,583,917

Equity attributable to shareholders

Share capital 21 652,072 652,072 652,072 652,072

Share premium 21 5,796,053 5,796,053 5,796,053 5,796,053

Retained Earnings/(Accumulated deficit) 4,916,044 3,236,054 4,509,693 2,813,666

11,364,169 9,684,179 10,957,819 9,261,791

Non -controlling

interest 126 126 - -

Total equity 11,364,295 9,684,305 10,957,819 9,261,791

Total equity and liabilities 21,368,924 28,565,409 20,498,848 27,845,708

Mahmud Tukur Kudi Badmus

MD/CEO Chief Finance Officer

FRC/2013/ODN/00000004443

The financial statements were approved by the board of directors and authorised for issue on 28th October, 2016. They were signed

on its behalf by:

FRC/2016/ICAN/00000014237

Group Company

Page 6: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

Consolidated statement of changes in equity for the third quarter ended 30th September 2016

Share

Capital

Share

premium

Retained

Earnings

Total amount

attributable to

equity holders

Non -

controlling

interest Total Equity

N'000 N'000 N'000 N'000 N'000 N'000

Balance at 1 January 2015 652,072 5,796,053 1,971,918 8,420,044 129 8,420,173

Comprehensive income

Profit for the year - - 1,278,076 1,278,076 (3) 1,278,073

Other Comprehensive income

- Actuarial gains net of tax - - (13,940) (13,940) - (13,940)

Total comprehensive income or loss - - 1,264,136 1,264,136 (3) 1,264,133

Transfer between reserves

At 31 December 2015 652,072 5,796,053 3,236,054 9,684,179 126 9,684,305

Balance at 1 January 2016 652,072 5,796,053 3,236,054 9,684,179 126 9,684,305

Comprehensive income

Proir year Adjustment - - -

Profit for the year - - 1,679,990 1,679,990 - 1,679,990

Other Comprehensive income

- Actuarial gains net of tax - - - - - -

Total comprehensive income or loss - - 1,679,990 1,679,990 - 1,679,990

Transfer between reserves

At 30 September 2016 652,072 5,796,053 4,916,044 11,364,169 126 11,364,296

Share Share Retained Total

N'000 N'000 N'000 N'000

Balance at 1 January 2015 652,072 5,796,053 1,563,722 8,011,846

Comprehensive income -

Profit for the year 1,263,884 1,263,884

Other Comprehensive income -

- Actuarial gains net of tax (13,940) (13,940) Total comprehensive income or loss - - 1,249,944 1,249,944

- Transaction with owners - - - -

At 31 December 2015 652,072 5,796,053 2,813,666 9,261,791

Balance at 1 January 2016 652,072 5,796,053 2,813,666 9,261,791

Comprehensive income -

Proir year Adjustment -

Profit for the year 1,696,027 1,696,027

Other Comprehensive income -

- Actuarial gains net of tax - - - - Total comprehensive income or loss - - 1,696,027 1,696,027

At 30th September 2016 652,072 5,796,053 4,509,693 10,957,819

Attributable to equity holders

of the parent

Company

Page 7: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

Note

30 September 31 December 30 September 31 December

2016 2015 2016 2015

N'000 N'000 N'000 N'000

CASH FLOWS FROM OPERATING ACTIVITIES:

Casflow from (used in) operating activities 24 5,636,632 (2,007,992) 5,630,060 (2,034,920)

Tax paid (114,309) (180,585) (114,309) (180,585)

Net cash generated from operating activities 5,522,322 (2,188,577) 5,515,751 (2,396,090)

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of property, plant and equipment - - - -

Purchase of property, plant and equipment 10 (141,976) (134,555) (117,564) (107,625)

Purchase of intangible assets (9,675) (506) (9,675) (506)

Payments for leasehold properties - (251,504) - (251,504)

Investment payment 7 (5,791) (79,500) (5,791) (79,500)

Interest received 16,074 22,228 16,074 22,228

Net cash used in investing activities (141,368) (443,837) (116,957) (416,907)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from borrowings 19,271,674 13,687,886 19,271,674 13,687,886

Repayment of borrowings (20,575,602) (11,259,028) (20,593,464) (11,259,028)

Interest paid (380,383) (209,584) (380,383) (209,584)

(1,684,311) 2,219,274 (1,702,173) 2,219,274

Net cash generated from financing activities

NET CHANGE IN CASH AND CASH EQUIVALENTS 3,696,643 (413,140) 3,696,621 (413,138)

CASH AND CASH EQUIVALENTS AT THE BEGINNING

OF THE YEAR 1,727,160 2,140,300 1,727,159 2,140,297

CASH AND CASH EQUIVALENTS AS AT 30TH

SEPTEMBER 2016 16 5,423,803 1,727,160 5,423,780 1,727,159

- (23)

(5,423,803) (5,423,803)

Company

Consolidated statement of cashflows for third Quarter ended 30th September 2016

Group

Page 8: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

Notes to the consolidated financial statements

N'000

September Audited September September Audited September

2016 2015 2015 2016 2015 2015

6 Revenue

Trading 31,308,210 64,884,239 47,735,780 31,308,210 64,884,239 47,503,740

Fuel 31,683,944 21,140,903 16,471,994 31,683,944 21,148,108 16,674,724

Lubricants 3,962,596 3,768,561 4,048,286 2,668,749 3,761,285 2,801,710

Others 5,288,621 2,271,651 1,737,215 5,288,622 2,875,606 1,969,255

72,243,371 92,065,354 69,993,275 70,949,525 92,669,238 68,949,428

7 Expenses by nature

Cost of sales

Material cost 67,632,788 88,566,387 78,520,141 66,415,705 89,316,852 68,543,764.23

Delivery cost 410,020 418,668 405,664 410,020 418,668 405,664

68,042,808 88,985,055 78,925,805 66,825,725 89,735,520 68,949,428

8 Selling and Distribution expenses

Marketing and sales commission 8,128 5,291 1,879 8,128 5,291 1,879

Sampling and analysis 567 3,222 586 591 2,332 586

8,695 8,513 2,465 8,719 7,623 2,465

9 General and Administration expenses

Staff costs 531,770 574,342 374,679 486,980 539,761 359,828

Depreciation 211,284 325,189 238,065 186,088 293,901 184,693

Legal and Professional fees 55,099 173,601 96,815 55,098 163,206 96,650

Amortisation on Prepayments 67,451 114,882 43,216 67,451 114,882 67,451

Marketing, gifts and donations 133,316 79,863 76,866 132,352 79,549 74,993

Other expenses 24,606 70,467 31,228 21,391 68,872 22,494

Repairs and Maintenance 79,660 69,103 42,460 62,760 58,219 37,345

Rent,Travelling & Entertainment expenses 91,465 68,120 68,201 91,229 64,841 67,557

Insurance, medical and security expenses 53,951 62,038 49,540 50,886 61,104 49,239

Stationery and communication 23,865 34,013 25,849 21,677 30,183 23,012

Pension costs 22,192 30,262 21,821 19,883 28,229 21,312

Provision for doubtful debts 60,259 175,586 3,715 60,259 175,586 3,715

Licence fees 20,293 28,529 17,206 20,147 24,971 16,999

Directors remuneration 16,590 24,774 1,077 16,590 24,774 1,077

Auditors' remuneration 11,833 19,500 23,569 11,250 13,500 19,049

Bad Debt Written off 1,064 11,495 0 1,064 11,495 -

Amortisation on Intangible assets 2,751 3,398 2,484 2,751 3,398 2,484

Gain on disposal of property,plant and equipment 6,392 16 16 5,464 - -

Total cost of sales, distribution costs and administrative

expenses 1,413,840 1,865,178 1,116,806 1,313,318 1,756,471 1,047,897

Expenses by function

Cost of sales 68,042,808 88,985,055 78,925,805 66,825,725 89,735,520 68,949,428

Selling and Distribution expenses 8,695 8,513 2,465 8,719 7,623 2,465

General and Administration expenses 1,413,840 1,865,178 1,116,806 1,313,318 1,756,471 1,047,897

69,465,343 90,858,746 80,045,076 68,147,762 91,499,614 69,999,790

Salaries and wages 389,826 425,443 400,489 348,567 393,342 261,107

Other employee costs and benefits 143,688 124,123 99,292 137,849 121,643 96,210.74

Retirement benefits costs 20,447 24,776 23,822 20,447 24,776 23,822 553,961 574,342 523,603 506,863 539,761 381,140

September Audited September September Audited September

2016 2015 2015 2016 2015 2015

10 Other income

Depot storage income 27,121 70,261 69,797 27,121 70,261 69,797

Rent income 10,511 14,062 11,804 10,511 14,062 11,804

Blending Income 199 1,126 480 - - -

Other income 61,708 73,649 5,880 61,708 73,631 5,309

Provision no longer required - 80,359 - 80,359

99,539 239,457 87,960 99,340 238,313 86,910

239,457 238,313

September Audited September September Audited September

2016 2015 2015 2016 2015 2015

11 Finance income

Interest income on short-term bank deposits 16,074 22,228 13,858 16,074 22,228 13,858

16,074 22,228 13,858 16,074 22,228 13,858

Group Company

12 Finance cost September Audited September September Audited September

2016 2015 2015 2016 2015 2015

Interest expense 154,394 139,126 161,504 154,394 139,126 161,504.49

Interest on long term financing 149,401 310,767 91,280 149,401 310,767 91,279.67

Interest cost on employee benefits - 5,723 - - 5,723 -

Accretion charge - 5,948 - - 5,164 -

Other bank charges 76,588.18 70,458 49,259 76,588.18 70,458 49,258.61

380,383 532,022 302,043 380,383 531,238 302,043

Annual Derivative Valuation - 157,858 - - 157,858 -

- 157,858 - - 157,858 0

Group Company

Page 9: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

Notes to the consolidated financial statements

N'000

September Audited September September Audited September

13 Taxation 2016 2015 2015 2016 2015 2015

Current taxes on income for the year 741,172 173,092 303,435 748,247 162,810 284,408

Education tax levy for the year 49,411 34,030 20,229 49,883 32,562 18,961

Tax write - back - (404,477) - - (404,477) -

Deferred tax for the year - 225,867 - - 214,462 -

Total tax expense 790,583 28,512 323,664 798,131 5,357 303,368

September Audited September September Audited September

2016 2015 2015 2016 2015 2015

Opening balance 491,837 926,050 867,104 292,582 757,335 706,457

Tax paid (114,309) (180,585) (184,040) (114,309) (180,585) (184,040)

Tax write back - (404,477) - - (404,477) -

WHT utilised - (75,063) - - (75,063) -

Income tax charge 790,583 207,122 242,986 798,131 195,372 234,918

1,168,111 473,047 926,050 976,403 292,582 757,335

Current 1,168,111 473,047 926,050 976,403 292,582 757,335

Non-current - - - - -

1,168,111 473,047 926,050 976,403 292,582 757,335

Page 10: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

Notes to the consolidated financial statements

14 Prepayments

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Prepaid rent 400,908 264,286 400,908 264,286

Additions 251,504 251,504

Amortisation (67,451) (114,882) (67,451) (114,882)

333,457 400,908 333,457 400,908

Current portion of prepaid rent - (114,882) - (114,882)

Non-current portion of prepaid rent 333,457 286,026 333,457 286,026

Other short term prepayment 269,101 76,446 265,034 76,417

Current portion of long term prepayments - 114,882 114,882

269,101 191,328 265,034 191,299

15 Investments

30 Sept 2016 31 Dec 2015

Investment in subsidiaries is made up of:

99.98% in Eterna Industries Limited 49,990 49,990

100% in Eterna Marine and Services Limited 1,000 1,000

50,990 50,990

These investments are ultimately consolidated at group level.

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Other Investments

JUHI 2 Project 235,000 235,000 235,000 235,000

Other Investment 15,291 9,500 15,291 9,500

250,291 244,500 250,291 244,500

16 Deferred Income Tax

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

The analysis of deferred tax liabilities is as follows:

Deferred tax Liabilities

822,071 822,071 770,478 770,478

- -

-

822,071 822,071 770,478 770,478

Net deferred tax liability/(asset) 822,071 822,071 770,478 770,478

17 Inventory

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Raw materials 366,199 281,585 - -

Finished goods 5,177,188 1,233,699 5,091,291 1,217,501

5,543,387 1,515,284 5,091,291 1,217,501

957,067.64

18 Trade and other receivables

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Trade receivables 3,961,359 10,900,267 4,131,522 10,610,787

Due from group companies (note 29) - - (60,020) 53,246

Due from related parties (note 29) 141,118 242,610 242,610

Less: Provision for impairment of receivables (975,082) (1,060,844) (974,852) (1,060,614)

Trade receivables – net 3,127,395 10,082,033 3,096,649 9,846,029

Advances - 6,168,723 31,001 6,166,863

WHT recievables 600,686 530,694 599,454 529,461

Petroleum subsidy fund - 1,578,795 - 1,578,795

Bridging claims - 116,278 - 116,278

Sundry Debtors - 42,589 - 42,589

Other recievables 5,113 85,387 (225,773) 85,405

3,733,195 18,604,499 3,501,330 18,365,420

Group Company

Group Company

Company

Group Company

Group Company

Deferred tax liabilities to be recovered after more than 12 months

Deferred tax liabilities to be recovered within 12 months

Group Company

Page 11: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

Notes to the consolidated financial statements

19 Cash and Cash Equivalents

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Cash and bank 5,423,803 1,848,449 5,423,780 1,848,448

Bank overdrafts - (121,289) (121,289)

5,423,803 1,727,160 5,423,780 1,727,159

20 Borrowings

Current 30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Opening balance 4,543,778 1,620,388 4,543,778 1,620,388

Additions 19,218,840 13,687,886 19,218,840 13,687,886

Interest on term loan 149,401 310,767 149,401 310,767

Interest on trading cost 232,011 132,857 232,011 132,857

Exchange loss on bond instrument - 131,267 - 131,267

Write-back of excess provision - (80,359) - (80,359)

Repayment (20,654,995) (11,259,028) (20,654,995) (11,259,028)

3,489,036 4,543,778 3,489,036 4,543,778

Bank overdraft - 121,289 - 121,289

3,489,036 4,665,067 3,489,036 4,665,067

Current 1,306,528 4,512,818 1,306,528 4,512,818

Non- current 2,182,508 152,249 2,182,508 152,249

#REF!

21 Employee benefits

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Defined benefit obligations 96,005 86,561 96,005 86,561

Fair value of plan assets - - -

Deficit of funded plans 96,005 86,561 96,005 86,561

Unrecognised (gains)/losses - - -

Net liability recognised 96,005 86,561 96,005 86,561

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Opening balance 86,561 40,196 86,561 40,196

Current service cost 19,511 24,776 19,511 24,776

Interest cost - 5,723 - 5,723

Benefits paid (10,067) (4,048) (10,067) (4,048)

Actuarial gain - 19,914 - 19,914

Net Liability Recognised 96,005 86,561 96,005 86,561

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Income statement charge for:

Defined benefit obligation 19,511 30,499 19,511 30,499

Total amount recognised in the income statement 19,511 30,499 19,511 30,499

Actuarial gains (net of tax) recognised in the

statement of other comprehensive income in the - (13,940) - (13,940)

Cumulative actuarial gain (net of tax) recognised

in the statement of other comprehensive income

- (13,940) - (13,940)

Group Company

Group Company

The reconciliation of the defined benefit obligations as at 31st

December 2015 is:

Page 12: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

Notes to the consolidated financial statements

22 Decomissioning Liability

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Balance as at 1 January 45,552 39,604 39,929 34,765

Additional obligations incurred - - - -

Changes in estimated cash flows - - - -

Accretion expenses - 5,948 - 5,164

Balance at 31 December 45,552 45,552 39,929 39,929

(34,436.55)

23 Trade and other payables 30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Trade creditors (4,132,875) 11,612,636 (4,119,458) 11,370,558

Tax related liabilities 268,871 3,523 156,210 (74,792)

Advance received (24,390) 485,606 27,658 485,606

PSF Contribution 34,628 34,628 34,628 34,628

Accrued payables 7,938,376 132,958 7,865,849 118,211

Other payables 94,581 314,793 (372) 317,603

Due to Group Companies (note 29) 272,824

4,179,191 12,584,144 3,964,516 12,524,638

24 Share capital and share premium

30 Sept 2016 31 Dec 2015

Authorised:

1,600,000 thousands Ordinary shares of 50k each 800,000 800,000

Issued and fully paid:

1,304,145 thousand Ordinary shares of 50k each 652,072 652,072

Issued and fully alloted:

1,304,145 thousand Ordinary shares of 50k each 652,072 652,072

Movements during the period:

Number of

shares

Ordinary shares Share

premium

Total

At 1 January 2015 1,304,145 652,072 5,796,053 6,448,125

Capitalised during the period - - - -

Issue of new shares - - - -

At 31 December 2015 1,304,145 652,072 5,796,053 6,448,125

25 Earnings per share

(a) Basic

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

Profit for the year attributable to shareholders (in N'000) 1,679,990 1,254,255 1,696,027 1,263,884

Weighted average number of ordinary shares in issue 1,304,144 1,304,145 1,304,144 1,304,145

Basic earnings per share (in N'000) 1.29 0.96 1.30 0.97

(b) Diluted

30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015

1,679,990 1,254,255 1,696,027 1,263,884

1,304,145 1,304,145 1,304,145 1,304,145

Adjustments for :

- Share options - - - -

1,304,145 1,304,145 1,304,145 1,304,145

Basic earnings per share (in N'000) 1.29 0.96 1.30 0.97

Basic earnings per share is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year.

Group Company

Group Company

Group Company

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.

Profit for the year attributable to shareholders (in N'000)

Weighted average number of ordinary shares in issue

Weighted average number of ordinary shares for diluted earnings per

share (thousands)

Page 13: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

Group Company24 Cash (used in)/generated from operations

September

2016 Dec 2015

September

2016 Dec 2015

N'000 N'000 N'000 N'000

Profit on ordinary activities before interest and taxation 2,834,883 1,816,379 2,858,467 1,778,251

Adjustments for non-cash items:

Depreciation 211,284 325,190 186,088 293,902

Fair value loss/(gain) on derivative liability - (157,858) - (157,858)

Amortisation of intangible assets 2,751 3,398 2,751 3,398

Amortisation of long term prepayments 67,451 114,882 67,451 114,882

Impairment loss on trade receivables 60,259 175,586 60,259 175,586

Provision no longer required (80,359) (80,359)

Loss/(Profit) on disposals of property, plant and equipment 6,392 16 5,464 -

Foreign exchange gain (losses) on borrowings 131,267 131,267

Unrealised foreign exchange losses (gain) - - -

Property, Plant & Equipment and intangible assets written

off/disposed

633 633

Finance cost on Trading 198,574 132,857 198,574 132,857

Unwinding discount on decommissioning liability 0 - - -

Increase/(decrease) in employees benefits 9,444 20,728 9,444 20,728

3,391,039 2,482,719 3,388,499 2,413,287

Changes in working capital:

(Increase) / decrease in inventory (4,028,103) 1,684,066 (3,873,790) 1,687,673

(Increase) / decrease in debtors 14,871,304 (12,711,516) 14,864,090 (12,509,157)

(Increase) / decrease in prepayments (192,655) (24,294) (188,617) (93,081)

Increase/(Decrease) in payables (8,404,953) 6,561,033 (8,560,122) 6,466,358

2,245,593 (4,490,711) 2,241,561 (4,448,207)

Casflow from operating activities 5,636,632 (2,007,992) 5,630,060 (2,034,920)

Group Company

Page 14: Prepared By: Reviewed By: Approved By - Nigerian Stock · PDF file · 2016-10-31Prepared By: Reviewed By: Approved By: ... The financial statements were approved by the board of directors

Eterna Plc

Consolidated Financial Statements

for the third quarter ended 30 September 2016

N'000

Sept. 2016 Dec 2015 Dec 2014 Dec 2013 Dec 2012

Financial performance

Revenue 72,243,371 92,065,354 81,942,496 98,296,903 89,637,474

Profit/(loss) before tax 2,470,574 1,306,585 1,792,064 1,069,428 1,413,128

Taxation (790,584) (28,512) (502,500) (366,232) (466,772)

Profit for the year 1,679,990 1,278,073 1,289,563 703,196 946,356

Actuarial gains or losses - (19,914) 28,424 14,869 5,482

Tax effect of actuarial gains and losses - 5,974 (8,527) (4,461) (1,645)

Non - controlling interest - 3 (7) (28) (33)

Total comprehensive income for the year 1,679,990 1,264,136 1,309,453 713,576 950,160

Basic earnings per share (kobo) 1.29 0.96 0.99 0.54 0.73

Diluted earnings per share (kobo) 1.29 0.89 0.99 0.54 0.73

Financial position

Share capital 652,072 652,072 652,072 652,072 652,072

Share premium 5,796,053 5,796,053 5,796,053 5,796,053 5,796,053

Revaluation reserves - - - - -

Non -controlling interest 126 132 129 122 94

Retained Earnings/(Accumulated

deficits) 4,916,044 3,236,048 1,971,917 662,462 (51,114)

Total equity 11,364,295 9,684,305 8,420,171 7,110,709 6,397,105

Property, plant and equipment 5,815,690 5,875,323 6,069,496 6,188,805 6,251,335

Other non-current assets 583,748 530,526 383,220 215,025 194,468

Net current (liabilities)/assets 8,315,656 4,589,551 3,340,707 2,666,772 720,164

Non-current liabilities (3,350,798) (1,311,095) (1,373,253) (1,959,892) (768,862)

Net assets 11,364,295 9,684,305 8,420,171 7,110,709 6,397,105

Net assets per share (Naira) 8.71 7.43 5.39 4.91

Consolidated five-year financial summary

The consolidated five-year financial summary is included for the purpose of the Companies and Allied Matters Act.