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