EUNISELL INTERLINKED PLC
Annual Financial Statements for the Year Ended
30 June, 2024
Annual Financial Statements - 2024
Table of Contents
Page | |
Corporate information | 2 |
Result at a glance | 3 |
Report of the directors | 4 - 9 |
Statement of directors' responsibilities | 10 |
Report of audit committee | 11 |
Report of independent auditors | 12 - 14 |
Statement of financial position | 15 |
Statement of profit or loss and other comprehensive income | 16 |
Statement of changes in equity | 17 |
Statement of cash flows | 18 |
Notes to the financial statements | 19 - 32 |
Statement of value added | 33 |
Five-year financial summary | 34 |
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EUNISELL INTERLINKED PLC | Page 1 | Annual Financial Statements, 2024 |
Corporate Information
Board of Directors | Mr. Chika Ikenga | Chairman |
Mr. Christopher Okoro | Managing Director/CEO | |
Mr. Kayode Awobodu | Director | |
Mallam Surajudeen Balarabe Yakubu | Director | |
Mr. Ajibola Edwards | Director | |
Company Secretary | Samuel N. Agweh & Associates | |
No. 11b Reverend Ogunbiyi Street, | ||
Off Oba Akinjobi Way, | ||
GRA Ikeja, | ||
Lagos State. | ||
+234 803 315 0176 | ||
Registered Office | Eunisell Interlinked Plc | |
50B, Oladipo Bateye Street, | ||
Ikeja, GRA, Lagos | ||
www.interlinkedplc.com | ||
+234 908 664 1616 | ||
Independent Auditors | ANOC Professional Services (Chartered Accountants) | |
1, Oyediran Street, | ||
Off Bode Thomas Street, Surulere, Lagos | ||
+234 906 935 6174 | ||
Registrars | Apel Capital Registrars Limited | |
8, Alhaji Bashorun Crescent | ||
South-West Ikoyi | ||
Lagos | ||
www.apel.com.ng | ||
+234 704 612 6698 | ||
Bankers | Access Bank Plc | |
Ecobank Nigeria Limited |
Fidelity Bank Plc
FCMB Plc
Keystone Bank Ltd
Polaris Bank Limited
Zenith Bank Plc
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EUNISELL INTERLINKED PLC | Page 2 | Annual Financial Statements, 2024 |
Result at a Glance
Year Ended June 30, 2024
Statement of Profit or Loss and Comprehensive Income | |||
2024 | 2023 | Change | |
N'000 | N'000 | % | |
Revenue | 722,534 | 277,114 | 161 |
Operating expenses | 120,716 | 85,857 | 41 |
Profit before taxation | 131,557 | 9,232 | (1,325) |
Taxation | (31,486) | (389) | 7,994 |
Profit after taxation | 100,071 | 8,843 | 1,032 |
Statement of Financial Position | |||
Non-current asset | 10,660 | 13,607 | (22) |
Current asset | 879,110 | 622,246 | 41 |
Total asset | 889,770 | 635,853 | 40 |
Paid-up share capital | 118,350 | 118,350 | - |
Shareholders' funds | 295,872 | 195,801 | 51 |
No of shares in issue (units) | 236,700 | 236,700 | - |
Per Share Data | |||
Earnings per share (kobo) | 42.28 | 3.74 | 1,032 |
Net asset per share (kobo) | 125.00 | 82.72 | 51 |
Total asset per share (kobo) | 375.91 | 268.63 | 40 |
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EUNISELL INTERLINKED PLC | Page 3 | Annual Financial Statements, 2024 |
Report of the Directors
Year Ended June 30, 2024
In accordance with Section 374 of the Companies and Allied Matters Act, 2020 and the International Financial Reporting Standards as adopted by the Financial Reporting Council, the directors have the pleasure to submit herewith their Annual Financial Statements together with the Statement of Financial Position as at 30 June 2024, and Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June, 2024.
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Principal Activities
The principal activities of the Company during the year were the development, installation, commissioning, sales and marketing of high, medium and low voltage electrical equipments, umbilical, telecommunications and cable accessories, fibre optics accessories and all forms of cable closures, sales and installation of transformers, sales of mechanical bearings and pumps. The Company also undertakes Engineering, Procurement and Construction (EPC) services for clients around the country. The Company was also involved in power generation installations. - State of Affairs
In the opinion of the directors, the state of affairs of the Company is satisfactory and there has been no material change since the date of the Statement of Financial Position. - Results for the Year
30 June | 30 June | |
2024 | 2023 | |
N'000 | N'000 | |
Profit before tax | 131,557 | 9,232 |
Profit after tax | 100,071 | 8,843 |
Total comprehensive income | 100,071 | 8,843 |
Loss brought forward | (154,989) | (163,832) |
Loss carried forward | (54,918) | (154,989) |
- Property, Plant and Equipment
There were acquisition of some items of property, plant and equipment during the year. Details are given in Note 6 to the Financial Statements. - Dividend
No dividend was recommended by the directors. - Donations and Gifts
The Company made no donations during the year. - Board of Directors
The board is responsible for setting the Company's strategic direction, for leading, controlling and monitoring activities of the management. The board presents a balanced and understandable assessment of the Company's progress and prospects.
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EUNISELL INTERLINKED PLC | Page 4 | Annual Financial Statements, 2024 |
Report of the Directors - (Cont'd)
Year Ended June 30, 2024
The Board consists of the Chairman, the Managing Director and three (3) other Non-Executive directors, all representing shareholders' interest. The Chairman and the office of the Managing Director are held by two (2) different individuals as required by the corporate governance code of ethics. The Non-Executive Directors are independent of management and free from constraints, which could materially interfere with the exercise of their independent judgment. They have varied experiences in business to make valuable contributions to the Company's progress.
8 Directors' Interest
Directors' interest in the share capital of the Company was as follows:
2024 | 2023 | |||
No of Shares (50k each) | No of Shares (50k each) | |||
Direct | Indirect | Direct | Indirect | |
'000 | '000 | '000 | '000 | |
Mr. K. Awobodu | 1,249 | - | 1,249 | - |
Mr. Chika Ikenga | 3,480 | 160,395 | 3,480 | 160,395 |
9 Shareholding Analysis
The called up capital of the Company as at June 30, 2024 was 236,699,521 ordinary shares of 50kobo each. All shares are held by Nigerian Citizens and Associates.
Spread | No of Shareholders | Shareholdings | |||||
From | To | Units | '000 | % | |||
1 | 1,000 | 3,321 | 1,747 | 0.74 | |||
1,001 | 5,000 | 1,168 | 2,958 | 1.25 | |||
5,001 | 10,000 | 203 | 1,620 | 0.68 | |||
10,001 | 50,000 | 185 | 4,047 | 1.71 | |||
50,001 | 100,000 | 23 | 1,667 | 0.70 | |||
100,001 | 500,000 | 21 | 4,733 | 2.00 | |||
500,001 | 1,000,000 | 4 | 3,336 | 1.41 | |||
1,000,001 | 5,000,000 | 8 | 17,671 | 7.47 | |||
5,000,001 | 10,000,000 | 6 | 38,527 | 16.28 | |||
10,000,001 | 50,000,000 | 1 | 10,171 | 4.30 | |||
50,000,001 | and Above | 1 | 150,223 | 63.47 | |||
4,941 | 236,700 | 100 | |||||
According to the register of members, the following shareholders of the Company held more than 5% of the Issued Share Capital as at 30 June 2022.
Name of Shareholders | Shareholdings | |
'000 | % | |
Boussole Integrated Limited | 150,223 | 63.47 |
10 Research and Development
These are mainly in the areas of developing local contents in the composition of its insulator business aimed towards satisfying the major voltage requirements of Nigeria's Electrical Industries.
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EUNISELL INTERLINKED PLC | Page 5 | Annual Financial Statements, 2024 |
Report of the Directors - (Cont'd)
Year Ended June 30, 2024
11 Major Customers
The Company's major customers are:
(i) | First Independent Power Limited | (ii) | Aarti Steel Co.Nigeria |
(iii) | Bua Cement Plc | (iv) | Alcon Nigeria Limited |
(v) | Saipem Contracting Nigeria Limited | (vi) | Ikeja Electric Distribution Plc |
(vii) | African Steel Mills Limited | (viii) | Alaro City |
- Nigeria LNG
- Schneider Electric
- CET Power Limited
- Daewoo E&C Nigeria Limited
- Flour Mills of Nigeria Plc
- Dangote Group
12 Suppliers
The Company's major suppliers - local and foreign - are:
Local: | |||
(i) | Mikano International Limited | (ii) | Siemens Nigeria Limited |
(iii) | Onward Robertson Resources | (iv) | Kablemetal |
(v) | Nigerchin Nigeria Limited | (vi) | Worthy Noble Limited |
(vii) | Rinotech Facilities Nigeria Limited | ||
Foreign: | |||
(i) | TE Connectivity | (ii) | Timken Company |
(iii) | Nvent Uk | (iv) | Cable Services International |
13 Employment and Employees
Employment of Disabled Persons
It is the policy of the Company to give all employees, whether or not disabled, equal opportunities to develop their experience and knowledge and to qualify for promotion in furtherance of their careers. As at 30 June, 2024, no disabled person was employed by the Company.
Health, Safety and Welfare at work of employees
Protective clothing and fire fighting gadgets are provided in the factory and offices. The Company has relationship with some clinics for employees for treatment of ailment and accident on duty. The Company operates a Group Accident, Life and Pension Insurance with a reputable Insurance Company, for welfare of employees.
Employees Interest and Training
The Company as a matter of policy embarks on training of staff through such organizations as the Nigeria Institute of Management (NIM), Manufacturers' Association of Nigeria (MAN), Lagos Business School, TE Connectivity and other reputable organizations.
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EUNISELL INTERLINKED PLC | Page 6 | Annual Financial Statements, 2024 |
Report of the Directors - (Cont'd)
Year Ended June 30, 2024
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Auditors
Messrs. ANOC Professional Services have expressed their willingness to continue in office as the Company's auditors, in accordance with Section 401 (2) of the Companies and Allied Matters Act, Laws of the Federation of Nigeria, 2020. A resolution will be proposed to authorize the directors to fix their remuneration. - Quality / ISO Certification
We are currently undergoing recertification after the expiry of the current certificate. We have also instituted world class processes and procedures to ensure that our products quality and processes meet world class standards. This is part of our quality process. - Audit Committee
The committee is made up of four (4) members, two (2) shareholders and two (2) non-executive directors. The chairman of the committee is a shareholder. The members meet at least twice a year to review the scope of the audit and findings and also review the performance of the Company. The committee also review the internal controls, compliance with Laws and regulations and safeguarding of the company's assets. In accordance with the Companies and Allied Matters Act, 2020, you will elect, from the nominations received, the members of the Audit Committee of the Company for the year 2023/ 2024. The following were elected members of the Audit Committee at the last Annual General Meeting.
(i) | Mr. Bosun Shyllon | Chairman |
(ii) | Mr. O. Olayemi | Member |
(iii) | Mr. Kayode Awobodu | Member |
(iv) | Mr. Ajibola Edwards | Member |
(v) | Mrs. Folake Ogunwo | Member |
17 Corporate Governance
We recognize the growing demand of good governance on our Company and we are aware of the statutory regulatory requirements for publicly quoted companies in Nigeria to meet standard codes of corporate governance. The governance principles applicable to Eunisell Interlinked are a combination of laws of Nigeria, the Listing Rules and the Continuing Obligations as issued by the Nigerian Stock Exchange from time to time.
We have put in place a framework that would sustain high standards of corporate governance and transparency in our dealings. We have a six (6) member board that is responsible for guiding and formulating policies and oversee the effective performance of the management of the Company. One third of the members (with the exception of the Chief Executive) retire by rotation.
The Role of the Corporate Governance Board
- Strategy and Policy formulation
- Overseeing the Management and conduct of the entire business operations
- Identify and monitor risk
- Ensuring the existence of an effective risk management system
- Ensuring effective communication with shareholders
- Ensuring integrity of financial reports
- Ensuring ethical standards are maintained
- Determine the terms of reference of board committees and reviewing and approving their reports
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EUNISELL INTERLINKED PLC | Page 7 | Annual Financial Statements, 2024 |
Report of the Directors - (Cont'd)
Year Ended June 30, 2024
The Role of the Chairman
The duties of the Chairman are as follows amongst others:
- Providing overall leadership and direction for the board and the company
- Setting the Annual Board Plan
- Setting the agenda for board meetings in conjunction with the MD/CEO and company secretary
- Playing a leading role in ensuring that the board and its committees are composed of members relevant skills with competencies and desired experiences
- Ensuring that board meetings are properly conducted and the board is effective and function in a cohesive manner
- Ensuring that board members receive accurate and clear information in a timely manner, about the affairs of the company to enable directors take sound decisions
- Acting as the main link between the board and the CEO as well as advising the MD/CEO in the effective discharge of his duties
- Ensuring that all directors focus on their key responsibilities and play constructive roles in the affairs of the company
- Taking a leading role in assessment, improvement and development of the board
- Presiding over board meetings and general meetings of shareholders
18 Retirement Benefit Scheme:
- Pension Scheme:
In accordance with the provisions of the Pension Reform Act, 2014 (as amended) the Company has instituted a Contributory Pension Scheme for its employees, where both the employees and the Company contribute 8% and 10% respectively. The contribution is based on total employee emoluments (basic salary, housing and transport allowances). The company's contribution under the scheme is charged to the income statement while employee contributions are funded through payroll deductions.
The Managing Director / Chief Executive Officer
The Managing Director/ Chief Executive Officer is the head of the management team and he reports to the Board. He is responsible for managing, controlling the company's day-to-day activities with the aim of securing significant and sustained increase in the value of the company for shareholders. The MD/ CEO ensures proper implementation of the decisions of the board of directors. It is his duty to ensure that the company's operations are in compliance with the laws and regulations applicable at the time.
Directors attendance at meetings during the year ended June 30, 2024.
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Mr. Kayode Awobodu | - | 3/3 |
Mr. Chika Ikenga | - | 3/3 |
Mallam Surajudeen Balarabe Yakubu | - | 3/3 |
Mr. Christopher Okoro | - | 3/3 |
Mr. Ajibola Edwards | - | 3/3 |
Audit Committee attendance at meetings during the year ended June 30, 2024
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Mr. Bosun Shyllon | - | 3/3 |
Mr. O. Olayemi | - | 3/3 |
Mr. Kayode Awobodu | - | 3/3 |
Mr. Ajibola Edwards | - | 3/3 |
Mrs. Folake Ogunwo | - | 3/3 |
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EUNISELL INTERLINKED PLC | Page 8 | Annual Financial Statements, 2024 |
Report of the Directors - (Cont'd)
Year Ended June 30, 2024
Committees of the Board and Summary of Their Roles
In addition to the Audit committee, the company has two (2) committees:
- Finance and General Purpose committee
- Risk Management and Strategic Planning committee
The Finance and General Purpose committee provides overall responsibility for financial management and investment appraisal function of the Board. It meets when investment matters are required for board consideration.
The Finance and General Purpose committee is composed of:
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Attendance | |
Mr. Ajibola Edwards | 3/3 |
Kayode Awobodu | 3/3 |
Mr. Chika Ikenga | 3/3 |
The Risk Management and Strategic Planning committee ensures that all known and unknown risks are identified and reviewed, and to bring to the attention of the board strategic decisions that are required for the company to grow in its identified direction.
The Risk Management and Strategic Planning committee is composed of:
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Attendance | |
Mr. Chika Ikenga | 3/3 |
Mr. Ajibola Edwards | 3/3 |
Mallam Surajudeen Balarabe Yakubu | 3/3 |
By Order of the Board
Samuel N. Agweh
Company Secretary
FRC/2019/002/0000120
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EUNISELL INTERLINKED PLC | Page 9 | Annual Financial Statements, 2024 |
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