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AUSTIN LAZ & COMPANY PLC
INTERIM FINANCIAL STATEMENTS FOR THE
THIRD QUARTER ENDED 30TH SEPTEMBER, 2024
SUMMARY
Austin Laz & Company Plc has resummed operations and hereby presents its report for the quarter ended September 30 2024
Jan - Sep | Jan - Sep | Audited | |
2024 | 2023 | 31/12/2023 | |
RESULT | N'000 | N'000 | N'000 |
Turnover | 1,107,700 | - | - |
Profit before tax | 1,013 | - | (44,568) |
Taxation Provision | (324) | - | - |
Profit/(loss) after tax | 689 | - | (44,568) |
By order of the Board
Barr John Offor Ifeanyi
FRC/2016/NBA/0000001416
Benin City
15th October 2024
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AUSTIN LAZ & COMPANY PLC
INTERIM FINANCIAL STATEMENTS FOR THE
THIRD QUARTER ENDED 30TH SEPTEMBER, 2024
CONTENT | PAGE |
STATEMENT OF AFFAIRS | 4 |
STATEMENT OF COMPREHENSIVE INCOME | 5 |
NOTES TO THE STATEMENT | 6 - 8 |
INTERIM FINANCIAL REPORT FOR THE PERIOD | 9 - 10 |
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AUSTIN LAZ & COMPANY PLC
INTERIM FINANCIAL STATEMENTS FOR THE
THIRD QUARTER ENDED 30TH SEPTEMBER, 2024
STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2024
NOTE | Jan - Sep | Jan - Sep | Audited | |||||||
2024 | 2023 | 12/31/2023 | ||||||||
ASSETS | N'000 | N'000 | N'000 | |||||||
Non Current Assets | ||||||||||
Property, Plant & Equipment | 1 | 1,286,202 | 1,101,595 | 1,101,595 | ||||||
Intangibles | 2 | 151,835 | 151,835 | 151,835 | ||||||
1,438,037 | 1,253,430 | 1,253,430 | ||||||||
CURRENT ASSETS | ||||||||||
Inventories | 3 | 65,103 | 25,830 | 25,830 | ||||||
Trade receivables | 4 | 10,978 | 22,261 | 22,261 | ||||||
Cash and Cash Equivalent | 5 | 3,758 | 1,057 | 1,057 | ||||||
79,839 | 49,148 | 49,148 | ||||||||
Total Assets | 1,517,876 | 1,302,578 | 1,302,578 | |||||||
EQUITY AND LIABILITIES: | ||||||||||
EQUITY | ||||||||||
Authorized Share Capital | 750,000 | 750,000 | 750,000 | |||||||
Paid up Share Capital | 4 | 539,930 | 539,930 | 539,930 | ||||||
Deposit for Share Capital | 85,000 | - | - | |||||||
Capital Reserves | 1,344,637 | 1,224,776 | 1,224,776 | |||||||
Retained Earnings | (468,267) | (511,600) | (511,600) | |||||||
Equity attributable to owners of | ||||||||||
company | 1,501,300 | 1,253,106 | 1,253,106 | |||||||
NON-CURRENT LIABILITIES: | ||||||||||
Long Term Borrowing | 5 | - | 42,644 | 42,644 | ||||||
CURRENT LIABILITIES | ||||||||||
Trade Payable | 7 | 13,948 | 1,857 | 1,857 | ||||||
Other Payable | 6 | 2,628 | 4,971 | 4,971 | ||||||
16,576 | 6,828 | 6,828 | ||||||||
Total Equity and Liabilities | 1,517,876 | 1,302,578 | 1,302,578 | |||||||
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AUSTIN LAZ & COMPANY PLC
INTERIM FINANCIAL STATEMENTS FOR THE
THIRD QUARTER ENDED 30TH SEPTEMBER, 2024
STATEMENT OF COMPREHENSIVE INCOME
NOTE | 2024 | 2023 | ||||||||
Audited | ||||||||||
Quarter 3 | Jan - Sep | Quarter 3 | Jan - Sep | 12/31/2023 | ||||||
N'000 | N'000 | N'000 | N'000 | N'000 | ||||||
Revenue | 8 | 234,795 | 1,107,700 | - | - | - | ||||
Cost of Sales | 11 | (215,011) | (989,847) | - | - | - | ||||
Gross Profit/(Loss) | 19,784 | 117,853 | - | |||||||
Other Income | 9 | 6,174 | 6,174 | - | - | |||||
Distribution Expenses | 12 | (3,072) | (22,865) | - | - | (44,568) | ||||
Administration Expenses | 13 | (21,787) | (100,149) | - | - | - | ||||
Finance Cost | 14 | - | - | - | ||||||
Profit before Tax | 1,099 | 1,013 | (44,568) | |||||||
Tax Provision | (324) | (324) | - | |||||||
Profit after Tax | 775 | 689 | (44,568) | |||||||
DISCONTINUED OPERATION | ||||||||||
Gain/(Loss) on discontinued | ||||||||||
operation net of tax | - | - | - | - | - | |||||
Net Profit for the Period | 775 | 689 | (44,568) | |||||||
OTHER COMPREHENSIVE | ||||||||||
INCOME NET OF TAX | - | - | - | - | - | |||||
Revaluation Reserve | 119,861 | 119,861 | ||||||||
Total Comprehensive income for | ||||||||||
the Period | 120,636 | 120,550 | (44,568) | |||||||
Basic Earning Per Share | ||||||||||
0.00 | 0.00 | 0.00 | 0.00 | (0.04) | ||||||
Diluted Earning Per Share | 0.00 | 0.00 | - | - | (0.04) |
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AUSTIN LAZ & COMPANY PLC
INTERIM FINANCIAL STATEMENTS FOR THE
THIRD QUARTER ENDED 30TH SEPTEMBER, 2024
NOTES TO THE ACCOUNTS | ||||||||||||||
1. INTANGIBLES: | Sep-24 | Sep-23 | AUDITED | |||||||||||
N'000 | N'000 31-Dec-23 | |||||||||||||
Intangible Asset | 151,835 | 151,835 | 151,835 | |||||||||||
Less Impairment for the year | - | - | - | |||||||||||
151,835 | 151,835 | 151,835 | ||||||||||||
2. TRADE RECEIVABLES | ||||||||||||||
Trade Receivables | 9,552 | 21,386 | 21,386 | |||||||||||
Other Receivables | 1,426 | 875 | 875 | |||||||||||
10,978 | 22,261 | 22,261 | ||||||||||||
3. CASH & CASH EQUIVALENT | ||||||||||||||
Cash at Bank | 3,278 | 1,057 | 1,057 | |||||||||||
Cash at Hand | 480 | - | - | |||||||||||
3,758 | 1,057 | 1,057 | ||||||||||||
4. SHARE CAPITAL | ||||||||||||||
Authorized Share CAPITAL | 750,000 | 750,000 | 750,000 | |||||||||||
Paid up Share Capital | 539,930 | 539,930 | 539,930 | |||||||||||
5. LONG TERM LOAN | - | 42,644 | - | |||||||||||
6. OTHER PAYABLE | ||||||||||||||
Audit Fees | 600 | 557 | 557 | |||||||||||
Taxation | 2,028 | 1,704 | 1,704 | |||||||||||
Accrued Salaries & Wages | - | 2,710 | 2,710 | |||||||||||
2,628 | 4,971 | 4,971 | ||||||||||||
7. TRADE PAYABLES | ||||||||||||||
Trade Creditors | 13,948 | 1,857 | 1,857 | |||||||||||
8. TURNOVER | ||||||||||||||
Aluminium Section | 683,925 | - | - | |||||||||||
Ice Plant Section | 423,775 | - | - | |||||||||||
1,107,700 | 0 | 0 | ||||||||||||
9. OTHER INCOME | 6,174 | 0 | 0 |
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AUSTIN LAZ & COMPANY PLC
INTERIM FINANCIAL STATEMENTS FOR THE
THIRD QUARTER ENDED 30TH SEPTEMBER, 2024
NOTE TO THE ACCOUNTS - Continued | |||||||||
AUDITED | |||||||||
Sep-24 | Sep-23 | 31/12/2023 | |||||||
10. PRODUCTION COST | N'000 | N'000 | N'000 | ||||||
Opening Inventories Raw Materials | 3,827 | 3,827 | 3,827 | ||||||
Add Purchase of raw materials | 616,655 | 0 | 0 | ||||||
620,482 | 3,827 | 3,827 | |||||||
Less Closing Inventories raw materials | (9,682) | (3,827) | (3,827) | ||||||
Carrige Inwards | 74,858 | 0 | 0 | ||||||
Prime Cost: | 685,658 | 0 | 0 | ||||||
Add factory overheads: | |||||||||
Factory/Manufacturing Expenses | 131,246 | - | - | ||||||
Wages and Salaries | 48,629 | - | - | ||||||
Depreciation of Plant | 157,732 | - | - | ||||||
Add Opening W.I.P | 15,154 | 15,154 | 15,154 | ||||||
Total Production cost | 1,038,419 | 15,154 | 15,154 | ||||||
Less closing W.I.P | (23,749) | (15,154) | (15,154) | ||||||
Production cost to be transferred | |||||||||
to Trading account | 1,014,670 | 0 | 0 | ||||||
11. COST OF SALES | |||||||||
Opening Finished Stock | 6,849 | 6,849 | 6,849 | ||||||
Add Production cost | 1,014,670 | 0 | 0 | ||||||
Less closing stock | (31,672) | (6,849) | (6,849) | ||||||
Cost of Sales | 989,847 | - | - | ||||||
12. DISTRIBUTION COST | |||||||||
Carriage outward | 17,354 | - | - | ||||||
Advertisement & Promotion | 2,025 | - | - | ||||||
Sales Commission | 2,381 | - | - | ||||||
Installation Expenses | 1,105 | - | - | ||||||
22,865 | - | 0 |
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AUSTIN LAZ & COMPANY PLC
INTERIM FINANCIAL STATEMENTS FOR THE
THIRD QUARTER ENDED 30TH SEPTEMBER, 2024
NOTE TO THE ACCOUNTS - Continued
AUDITED
Sep-24Sep-23 31/12/2023
N'000 N'000 N'000
13. ADMINISTRATION EXPENSES | ||||||||
Wages & Salaries | 38,421 | - | - | |||||
Motor Vehicle Maintenance | 2,548 | - | - | |||||
Printing & Stationery | 469 | - | - | |||||
Telephone & Postage | 857 | - | - | |||||
Medical Expenses | 35 | - | - | |||||
Power and Electricity | 68 | - | - | |||||
General Repairs | 968 | - | - | |||||
Rent & Rates | 750 | - | - | |||||
Entertainment | 34 | - | - | |||||
Audit Fees | 600 | - | - | |||||
Maintenance of Office Equip | 185 | - | - | |||||
Generator Running | 2,631 | - | - | |||||
Legal & Professional fees | 26 | - | - | |||||
Education & Training | 116 | - | - | |||||
Sanitation & Cleaning | 68 | - | - | |||||
Admin Expenses | 276 | - | - | |||||
Directors Expenses | 14 | - | - | |||||
Depreciation | 21,246 | - | 44,568 | |||||
Security Expenses | 132 | - | - | |||||
Folklift Expenses | 684 | - | - | |||||
Computer/Internet Services | 452 | - | - | |||||
Levies & Rates | 258 | - | - | |||||
Equipment Repairs & Maintenance | 15,372 | - | - | |||||
Newspaper and Periodical | 38 | - | - | |||||
Fuel and Diesel | 6,281 | - | - | |||||
Bank Charges | 1,438 | |||||||
Impairment of Intangible asset | - | - | - | |||||
Transport & Travelling | 6,182 | - | - | |||||
100,149 | 0 | 44,568 | ||||||
14. FINANCE COST | ||||||||
Interest Charges | - | - | - | |||||
- | - | - | ||||||
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INTERIM FINANCIAL STATEMENTS FOR THE
PERIOD ENDED 30TH SEPTEMBER 2024
1. General Information
The company was incorporated as privately owned company in 1982 and was converted to public company in 2011 quoted on the stock exchange in 2012. The company is domiciled in Nigeria and its shares are listed on the Nigeria Stock Exchange (NSE)
The company started as pioneer manufacturer of ICE machine. Because of growth opportunities in the company's region, it diversified into other divisions which include thermoplastic industry for the production of coolers and other plastic products, Aluminium factory for the production of corrugated longspan roofing sheets.
The company currently has 1,079,860,000 shares held by about 370 Nigerians.
2. Shareholding Structure/Free float
Description | 30-Sep-24 | 30-Sep-23 | ||
Unit | Percentage | Unit | Percentage | |
Issued Share Capital | 1,079,860,000 | 100% | 1,079,860,000 | 100% |
Substantial Shareholdings (5% and above) | ||||
Dr. Austin Asimonye | 542,000,000 | 50.19% | 542,000,000 | 50.19% |
Arin Labs Int'l Ltd | 100,000,000 | 9.26% | 100,000,000 | 9.26% |
Unibake Limited | 100,000,000 | 9.26% | 100,000,000 | 9.26% |
Resort Securities Limited | 100,000,000 | 9.26% | 100,000,000 | 9.26% |
Total Substantial Shareholdings | 842,000,000 | 77.97% | 842,000,000 | 77.97% |
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests | ||||
Prof. Pat Utomi | 1,500,000 | 0.14% | 1,500,000 | 0.14% |
Bar. Ifeanyi Ofor | 100,000 | 0.01% | 100,000 | 0.01% |
Dr. Austin Asimonye | - | - | - | - |
Bar. Obiageli C. Asimonye | 8,000,000 | 0.74% | 8,000,000 | 0.74% |
Dr. Oguike Temple | 100,000 | 0.01% | 100,000 | 0.01% |
Engr. Charles Odita | 11,240,000 | 1.04% | 11,240,000 | 1.04% |
Total Directors' Shareholdings | 20,940,000 | 1.94% | 20,940,000 | 1.94% |
Other Influential Shareholdings | ||||
Nil | - | - | - | - |
Total Other Influential Shareholdings | - | 0.00% | - | 0.00% |
Free Float in Units and Percentage | 216,920,000 | 20.09% | 216,920,000 | 20.09% |
Free Float in Value | ₦ 108,460,000.00 | ₦ 108,460,000.00 |
Declaration:
(A) Austin Laz & Co. Plc with a free float percentage of 20.09% as at 30 September 2024, is compliant with the Exchange's free float requirements for companies listed on the Growth Board.
(B) Austin Laz & Co. Plc with a free float value of N108,460,000.00 as at 30 September 2024, is compliant with the Exchange's free float requirements for companies listed on the Growth Board.
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INTERIM FINANCIAL STATEMENTS FOR THE
PERIOD ENDED 30TH SEPTEMBER 2024
3. Basis of preparation of Interin Financial Statements
These Interim Financial Statements are the unaudited interim results (hereafter ''the interim report'') of Austin Laz
- Co. Plc for the third quarter ended September 30, 2024 (hereafter ''the interim period''). They are prepared according to International Accounting Standard 34 (IAS 34) Interim Financial Reporting. This Interim report should be read in conjunction with the audited financial statements for the year ended December 31, 2023 prepared under IFRS (hereafter "the annual financial statements''), as they provide an update of previously reported information. The Interim report has been prepared in accordance with the accounting policies set out in the annual financial statements. The presentation of the Interim report is consistent with the annual financial statements. Where necessary, comparative information has been reclassified or expanded from the previously reported interim report to take into account any presentational changes made in the annual financial statements or this interim report.
4. Securities Trading Policy
In compliance with Rule 17.15 Disclosure of Dealings in issuers' shares, Rule book of the Exchange 2015 (issuers' Rule) Austin Laz & Co. Plc maintains a Security Trading Policy (Policy) which guides Directors, audit committee members, employees and all individuals categorized as insiders in relation to their dealings in the company's shares. The
Policy undergoes periodic review by the Board and is updated accordingly. The company has made specific inquiries of all its directors and other insiders and is not aware of any infringement of the policy during the period.
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