Ellah Lakes PlcNSENG: ELLAHLAKES

Year end - financial statement for 2025

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ELLAH LAKES PLC CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 31 JULY 2025 ELLAH LAKES PLC

CONTENTS PAGE

Certification 2

Consolidated Unaudited Statement of Financial Position 3

Consolidated Unaudited Statement of Profit or Loss 4

Consolidated Unaudited Statement of Changes in Equity 5

Consolidated Unaudited Statement of Cash Flows 6

Notes to the Consolidated Unaudited Financial Statements 7

1

ELLAH LAKES PLC

FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 31 JULY, 2025 CERTIFICATION PURSUANT TO SECTION 88 (2) OF INVESTMENT AND SECURITIES ACT 2025

We the undersigned hereby certify the following with regards to our financial reports for the twelve months ended 31 July, 2025 that;

  1. We have reviewed the report;

    To the Best of our knowledge , the report does not contain:

    1. Any untrue statement of a material fact, or

    2. Omit to state a material fact, which would make the statement misleading in the light of the circumstances under which such a statements were made:

  2. To the best of our our knowledge , the Group financial statements and other financial information included in the report fairly present in all material respects the financial condition and result of operations of the company and of the Group for the period presented in the report.

  1. We:

    1. Are responsible for establishing and maintaining internal controls;

    2. Have designed such internal controls to ensure that material information relating to the group is made known to officers by others within the entity, particularly during the period in which the periodic reports are being prepared;

    3. Have evaluated the effectiveness of the Group's internal controls within 90 days prior to the report;

    4. Have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date;

  2. We are not aware of and have disclosed as such to the Audit Committee:

    1. All significant deficiencies in the design or operation of internal controls which would adversely affect the Group's ability to record, process, summarise and report financial data and have identified for the Company's audit committee any material weakness in internal controls, and

    2. Any fraud, whether material or not, that involves management or other employees who have significant role in the company's internal controls;

  3. We have identified in the report whether or not there were significant changes in internal controls or other factors could that significantly affect internal controls subsequent to the date of their

evaluation, including any corrective actions with regard to significant deficiencies and material weakness. Certified by:





Mr. Chuka Mordi Alice Willie

Chief Executive Officer Head of Accounts

FRC/2014/CIBN/00000005906 FRC/2022/PRO/ICAN/001/757545

Date: 29th August 2025 Date: 29th August 2025

2

ELLAH LAKES PLC

CONSOLIDATED UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY, 2025

12 months to 31 July, 2025

31 July 2024 Audited

Notes

₦'000

₦'000

Assets

Non-Current assets

Property, plant and equipment

3

23,290,970

22,862,083

Biological assets

4

1,306,511

585,121

Goodwill

5

57,689

57,689

Other asset

6

13,664

13,664

24,668,834

23,518,557

Current assets

Inventory

7

61,687

96,264

Receivables

8

63,789

20,621

Financial assets

670,249

673,139

Cash and cash equivalents

9

5,897,307

243,261

6,693,033

1,033,285

Total assets

31,361,866

24,551,842

Liabilities

Current liabilities

Trade and other payables

10

828,987

1,321,807

Borrowings

12.1

-

713,320

Current tax payable

13.1

570

570

829,557

2,035,697

Non-current liabilities

Payables to related parties

11

7,738

9,559

Directors' Loan

11

7,062,100

-

Borrowings

12.2

549,524

658,000

Deferred tax

13.2

88

88

7,619,450

667,646

Total liabilities

8,449,007

2,703,343

Equity

Share Capital

14

1,929,087

1,376,893

Share premium

15

8,203,178

5,663,088

Reserves

15

710,788

710,788

Deposit For Shares

2,498,641

3,127,041

Retained earnings/(loss)

(5,356,623)

(3,957,100)

Revaluation surplus

16

14,927,789

14,927,789

Total equity

22,912,859

21,848,499

Total liabilities and equity

31,361,866

24,551,842





These Group financial Statements were approved by the Board of Directors on August 29th 2025 and signed on it behalf by:

Mr. Chuka Mordi Alice Willie

Chief Executive Officer Head of Accounts

FRC/2014/CIBN/00000005906 FRC/2022/PRO/ICAN/001/757545

Date: 29th August 2025

Date:

29th August 2025

ELLAH LAKES PLC

CONSOLIDATED UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE TWELVE MONTHS ENDED 31 JULY 2025

Notes

4th quarter to 31

July, 2025

4th quarter to 31

July, 2024

Year to 31 July

2025

Year to 31 July

2024

₦'000

₦'000

₦'000

₦'000

Revenue

17

71,036

-

139,767

-

Cost of sales

18

(1,115)

-

(1,115)

-

Gross profit/(loss)

69,921

-

138,652

-

Other income/(loss)

19

-

350

-

871

Administrative expenses

20

(205,025)

(121,394)

(324,695)

(310,623)

Personnel expenses

21

(168,543)

(182,766)

(352,385)

(673,791)

Finance cost

22

(3,035)

(20,119)

(9,711)

(170,374)

Depreciation

3

(1,658)

(1,212)

(1,645)

(3,577)

Gain/(loss) on foreign exchange

-

-

-

(378,262)

(325,491)

(688,436)

(1,158,365)

Operating profit/(loss)

(308,341)

(325,141)

(549,784)

(1,157,494)

Earnings per share (EPS)

(0.08)

(0.16)

(0.14)

(0.58)

ELLAH LAKES PLC

CONSOLIDATED UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE TWELVE MONTHS ENDED 31 JULY, 2025

Share Capital

Share Premium

Deposit for shares

Retained Earnings

Other Equity Reserve

Total

For the period ended 31 July, 2025

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

At May 1, 2025

1,929,086

8,203,178

2,086,528

(5,048,282)

710,788

14,927,789

22,809,088

Adjustment to retained earning Profit/(loss) for the period

-

-

412,113

(308,341)

-

-

-103,772

Addition during the year

-

-

-

Other comprehensive income

- -

-

-

-

At 31 July, 2025

1,929,086 8,203,178

2,498,641

(5,356,623)

710,788

14,927,789

22,912,859

For the period ended 31 July 2024

At 1 August 2023

1,000,000 8,203,178

3,486,857

(4,063,353)

710,788

14,927,789

24,265,259

Addition during the year

376,893 1,809,088

828,400

3,014,381

Profit/(loss) for the period

(893,939)

-

(893,939)

Disposal/allotment

(1,188,216)

(1,188,216)

Adjustment to retained earning

- -

835,595

-

-

835,595

Other comprehensive income

- -

164,597

-

-

164,597

At 31 July 2024

1,376,893

5,663,088

3,127,041

(3,957,100)

710,788

14,927,789

21,848,499

Revaluation Surplus

5

ELLAH LAKES PLC

CONSOLIDATED UNAUDITED STATEMENT OF CASH FLOW FOR THE TWELVE MONTHS PERIOD ENDED 31 JULY, 2025

Year to

Year to 31 July

31 July 2025

2024

₦'000

₦'000

Cashflows from operating activities

Profit/(loss) before taxation

(308,341)

(893,939)

Adjustment for:

Retained earning

(1,384,654)

834,842

Fair value gain in biological assets

-

164,597

Depreciation

(1,658)

3,845

(1,694,654)

109,345

Working capital:

Changes in biological assets

(721,390)

(264,549)

Changes in Inventory

34,577

(96,264)

Changes in receivables

(43,168)

(15,262)

Changes in payables

(1,206,140)

(19,408)

(1,936,121)

(395,483)

Net cash from/(used in) operating activities

(3,630,775)

(286,138)

Cash flows from investing activities:

Purchase of property, plant and equipment

(133,756)

(212,033)

Investment in Financial assets

2,890

(442,346)

Other asset

(0)

147,500

Net cash used in investing activities

(130,866)

(506,879)

Cash flows from financing activities:

Inflow from shares capital

552,193

376,893

Deposit for shares

(628,400)

1,809,088

Inflow from Revaluation Surplus

-

-

Share premium

2,540,090

(359,816)

Change in short term Borrowings

(108,476)

(245,769)

Change in long term Borrowings

7,062,100

(188,000)

Change in related parties loan

(1,820)

(362,325)

Net cash used in financing activities

9,415,687

1,030,071

Net increase/(decrease) in cash and cash

equivalents

5,654,047

237,054

Cash and cash equivalents at beginning of the

period

243,261

6,207

Cash and cash equivalents at end of the period

5,897,307

243,261

ELLAH LAKES

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 31 JULY, 2025

  1. Reporting Entity

    Ellah Lakes Plc is a public limited company incorporated on 22 August 1980 with Corporate Affairs Commission as a private limited liability company with registration number RC 299748. It was converted to public limited company on 16 June 1992. Its office is now situated at 10 , Muritala Mohammed Way, Benin City, Edo State.

  2. Recent Events in the Company

    1. The company acquired 80% of the value of ELP Sunshine Limited. The remaining 20% owned by Ondo State Government . Presently, ODSG is proposing the conversion of the equity to a long term lease on 5,000 hectares of land in Ondo State.

    2. The company has changed the Benin Office Address to 10, Muritala Mohammed Way, Benin City, Edo State.

  3. Property, plant and equipment

FOR 12-MONTHS TO 31 JULY, 2025

Land Building & pens (wip)

furniture & Office Equipment

IT/Equipm

ent Motor Vehicles

Plant and Machinery (WIP)

Total

₦'000 ₦'000 ₦'000 ₦'000 ₦'000 ₦'000

Cost:

At AUG 1, 2024

22,647,000

8,341

3,124

-

11,109

500,034

23,169,608

Additions

52,774

1,212

18,935

11,100

49,735

133,756

Disposal

-

-

-

-

-

At 31 JULY, 2025

22,647,000

61,115

4,336

18,935

22,209

549,769

23,303,364

Depreciation:

At AUG 1, 2024

-

4,841

2,208

-

8,527

-

15,577

Charge for the period

-

156

947

555

1,658

Reclassification

(4,841)

-

-

-

- 4,841

On Disposal

-

-

-

-

-

AT 31 JULY, 2025

-

0

2,364

947

9,083

-

12,394

Net Book Value at 31 July 2025

22,647,000

61,115

1,972

17,988

13,126

549,769

23,290,970

31 Jul 2024 Audited

At 1 Aug 2023

22,647,000

5,194

3,124

10,309

-

22,665,627

Additions

3,147

130

800

207,956

212,033

Disposal

-

-

-

-

-

Revaluation surplus/(deficit)

-

-

-

-

-

At 31 Jul 2024 22,647,000 8,341

3,254

11,109

207,956

22,877,660

Depreciation:

At 1 Aug 2023 - 3,542

1,615

6,574

-

11,732

Charge for the period - 1,299

593

1,953

3,845

On Disposal -

-

- - -

At 31 Jul 2024 - 4,841

2,208

8,527

-

15,577

Net Book Value at 31 July

2024 22,647,000 3,500

1,046

2,582

207,956

22,862,083

4 Biological assets

12-months period as at 31 July 2025 Palm Plantations Livestock Others Total

₦'000 ₦'000 ₦'000 ₦'000

Cost:

Balance at 1 Aug 2024 485,169 19,410

80,532

585,111

Additions 630,975 58,766

31,659

721,400

Balance at 31 Aug, 2025 1,116,144 78,176

112,191

1,306,511

Amortisation/depreciation:

Balance brought forward

-

-

-

Charge for the period on disposal

-

-

-

-

-

-

Balance carried forward

-

-

-

-

Carrying Cost at 31 July, 2025

1,116,144

78,176

112,191

1,306,511

31 Jul 2024 Audited

Cost:

Balance 1 August 2023

320,572

-

-

320,572

Additions

-

19,410

80,542

99,952

Fair value gain/(Impairment)

164,597

-

-

164,597

Balance 31 Jul 2024

485,169

19,410

80,542

585,121

Amortisation/depreciation:

Balance brought forward

-

-

-

Charge for the period

on disposal

-

-

-

-

-

-

Balance carried forward

-

-

-

-

Carrying Cost at 31 July 2024

485,169

19,410

80,542

585,121

12-months to 31

July 2025

31 Jul 2024

Audited

5 Goodwill

₦'000

₦'000

Goodwill on acquisition

57,689

57,689

57,689

57,689

6 Other assets

Others

13,664

13,664

13,664

13,664

7 Inventory

Palm oil seedlings

61,687

96,264

61,687

96,264

12 -Month to 31

July, 2025

31 July 2024 Audited

₦'000

₦'000

8 Receivables

Prepaid rent

61,479

17,780

Others

2,000

2,841

Prepaid fueling

310

-

63,789

20,621

Financial assets

670,249

673,139

This represents debt service reserve set aside by the company domiciled with FCMB as equity contribution for pa the N940 million CBN anchor borrower's loan granted to the company.

9 Cash and cash equivalents

Cash at Bank (Naira Account) 5,895,390 243,124 Cash at Bank (Dom Accounts) i 1,759 -

Cash in hand 158 136

5,897,307 243,261

i. The Balances in Dom Accounts were valued at the ruling rate

10

Trade & Other Payables

Trade payable

3,823

107,125

Other Current Liabilities

825,164

1,214,682

828,987

1,321,807

11 Related Parties Liabilities

CBO Capital Partners Ltd.

-

5,032

Directors' Current account

Others

7,738

-

4,527

7,738

9,559

11.1 Director's Loan

Emmanuel Jakpa

6,000,000

-

Blackman & Co

420,000

-

Chuka Mordi

350,000

-

Nnaemeka Obiakor

200,000

-

Lake Oko Farms

56,000

-

Osaro Oyegun

36,100

-

7,062,100

0

12 Term Loans

Current (Note 12.1)

-

713,320

Non-current (Note 12.2)

549,524

658,000

549,524

1,371,320

12.1 Current

Unsecured borrowing:

SPUD Consultancy and Services Limited

-

592,056

Octerra Capital

-

121,263

-

713,320

Secured borrowing:

Accured interest

-

-

-

713,320

12.2 Non-Current

Secured Borrowing:

549,524

658,000

CBN/FCMB

549,524

658,000

12-Month to 31 July,

2025

31 July 2024 Audited

₦'000

₦'000

13 Taxation

Current tax (13.1)

-

570

Deferred tax (13.2)

-

- 751

-

- 181

13.1 Current tax payable

At 1 August

570

570

Tax for the period:

Income tax Education tax Payment

-

-

-

570

-

-

-

570

13.2 Deferred tax

At 1 August

88

839

Arising/(reversing) during the period

(751)

At 31 July

88

88

14 Issued and fully paid:

3,858,173,594 ordinary shares@ ₦0.50 each

1,929,087

1,376,893

15 Reserves

Share premium reserves

8,203,178

5,663,088

Other reserves

710,788

710,788

Deposit for shares

2,498,641

3,127,041

11,412,606

9,500,917

16 Revaluation

Net land revaluation

14,927,789

14,927,789

14,927,789

14,927,789

Current Period to

Period to 31 July

31 July, 2025

2024

₦'000

₦'000

17 Revenue

Sales

71,036

-

71,036

-

18 Cost of sales

Goods

1,115

-

1,115

-

19 Other income

Gain on foreign exchange

-

644

Rent on lease farmland

-

-

-

644

20 Administrative expenses

Bank charges

1,304

777

Professional and legal fees

74,141

19,173

Telecommunication and postage

48

-

Maintenance costs

5,668

2,291

Printing and stationeries

1,446

755

Travels and hotel accommodation

72,008

10,778

IT and internet

390

548

Fuel

18,080

-

Meetings and Entertainment

-

87

Community expenses

850

-

Regulatory fees

-

2,088

Advertisement

1,954

-

Rents

8,962

398

Farm Expenses

6,724

Farm workers expense

-

Insurance

-

Security Expenses

5,420

-

Other expenses

8,029

2,983

205,025

39,878

21 Personnel Expenses

Salaries and wages

140,192

118,309

Wages

28,351

-

Pension

-

-

168,543

118,309

22 Finance costs

Interests

3,035

21,332

3,035

21,332

23 Securities Trading Policy

In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule), Ellah Lakes Plc (the Company) is currently updating and finalizing its Securities Trading Policy as mandated by the Issuers Rule. The Policy when it becomes effective, applies to all Directors, Audit Committee, employees of the Company and any other person in possession of insider information from dealing in the Company's shares during the Non-Authorized Trading Period, in accordance with the Investment and Security Act, 2007 and the Post Listing Rules of The Nigerian Stock Exchange.