Mill plc- quarter 1 - financial statement for 2026

Unaudited

Interim Financial Statements

for the

1

Director certification report

1

2

Financial summary

2

3

Statement of financial position

3

4

Income statement

4

5

Statement of comprehensive income

5

6

Statement of changes in equity

6

7

Statement of cash flows

7

8

Notes to the interim financial statements

8 - 16

CERTIFICATION PURSUANT TO SECTION 60(2) OF THE INVESTMENTS AND SECURITIES ACT, NO. 29, 2007 -QUARTERLY REPORT

We, who are the responsible officers of Honeywell Flour Mills Plc., in compliance with Section 60 (2) of the Investments and Securities Act of 2007, wish to certify as follows;

a

That we have reviewed the Unaudited Financial Statements for the1st Quarter ended 30tht June, 2025 under

review.

b

That based on our knowledge, the report does not contain:

i) Any untrue statement of a material fact, or

ii) Omit to state a material fact, which will make the statement misleading in the light of the circumstances under which such statement was made;

c

That based on our knowledge, the financial statements and other financial information included in the report fairly presents in all material respects the financial condition and results of operations of the company as of, and for the

periods presented in the report.

d

We:

i) Are responsible for the establishing and maintaining internal controls.

ii) Have designed such internal controls to ensure that material information relating to the company is made known to such officers and others within those entities particularly during the period in which the periodic reports are being prepared;

iii) Have evaluated the effectiveness of the company's internal controls as of date and within 90 days prior to the report;

iv) Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;

e

Although these reports have not been audited, we have taken care to review:

i) All significant deficiency in the design or operation of internal control which would adversely affect the company's ability to record, process, summarized and report financial data

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

f

We have identified in the report whether or not there were significant changes in internal controls or other factors

that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regards to significant deficiencies and material weaknesses.

…………………………………... …………………………………

Nassib Raffoul Chadzimura Mathew

Managing Director Finance Director

FRC/2024/PRO/DIR/003/551851 FRC/2017/ICAN/00000017014

3 months ended

3 months ended

30-Jun-25

30-Jun-24

30-Jun-25 30-Jun-24

N'm

N'm

N'm N'm

67,487

80,514

67,487 80,514

Revenue

Profit/(Loss) Before Tax

3,382

1,708

Taxation

(760)

(386)

(760)

(386)

Profit/(Loss) for the Period

2,603

1,322

2,622

1,322

3,363

1,708

Osomomen L.Olukoya

FRC/2022/PRO/NBA/004/451605

Company Secretary

30-Jun-25

31-Mar-25

30-Jun-25

31-Mar-25

Assets

Notes

N'm

N'm

Non-current assets

Property, plant and equipment

7

69,578

70,804

69,578

70,804

Right-of -use assets

7b

686

693

686

693

Intangible assets

6

30

38

30

38

Long term loans receivables

3,151

3,151

3,151

3,151

Investment in subsidiary

-

-

300

300

73,445

74,686

73,745

74,986

Current assets

Inventories

8

47,325

48,125

47,325

48,125

Trade and other receivables

9

31,413

27,560

31,413

27,748

Prepayments

10

19,397

11,809

19,416

11,809

Cash and cash equivalents

11

9,077

5,265

9,077

5,265

107,212

92,759

107,231

92,947

Total assets

180,657

167,445

180,976

167,933

Equity and Liabilities

Equity

Share capital

16

10,427

10,427

10,427

10,427

Reserves

19,388

19,388

19,388

19,388

Retained earnings

10,426

7,630

10,445

7,823

40,241

37,445

40,260

37,638

Liabilities

Non-current liabilities

Borrowings

12

18,436

20,284

18,436

20,284

Deferred tax

14

7,595

7,595

7,595

7,595

Lease liabilities

7b

769

769

769

769

Long service award

15

149

15

149

Deferred income

12b

1,131

1,319

1,131

1,319

27,946

30,116

27,946

30,116

Current liabilities

Trade and other payables

13

99,465

87,798

99,765

88,093

Borrowings

12

6,894

6,681

6,894

6,681

Current tax payable

14

5,175

4,415

5,175

4,415

Lease liabilities

7b

101

102

101

102

Deferred income

12b

835

888

835

888

112,470

99,884

112,770

100,179

Total liabilities

140,416

130,000

140,716

130,295

Total Equity and Liabilities

180,657

167,445

180,976

167,933

Notes

30-Jun-25

30-Jun-24

N'm

N'm

Revenue Cost of sales Gross profit

Selling and administration expenses

Net operating gains and (losses) 17

67,487

(60,292)

80,514

(73,937)

7,195

(4,667)

166

6,577

(2,348)

247

Operating profit 18

2,694

4,476

Finance cost Finance income

Foreign Exchange Gain/(Loss)

(1,068)

729

1,008

(1,628)

-(1,140)

Net finance income/(expense)

669

(2,768)

Profit/(Loss) before taxation

3,363

1,708

Taxation 14

(760)

(386)

Profit/(Loss) for the period

2,603

1,322

Basic Earnings per share (kobo)

32.82

16.67

30-Jun-25

30-Jun-24

N'm

N'm

67,487

80,514

(60,292)

(73,937)

7,195

6,577

(4,648)

(2,348)

166

247

2,713

4,476

(1,068)

(1,628)

729

-

1,008

(1,140)

669

(2,768)

3,382

1,708

(760)

(386)

2,622

1,322

33.06

16.67

30-Jun-25

30-Jun-24

N'm

N'm

Profit /(Loss)for the period recognised in the

income statement

2,603

1,322

Revaluation reserves

-

Total comprehensive income

2,603

1,322

Attributable to the owners of the company

2,603

1,322

Total comprehensive income for the period

2,603

1,322

30-Jun-25

30-Jun-24

N'm

N'm

2,622

1,322

-

-

2,622

1,322

2,622

1,322

2,622

1,322

Statement of Changes in Equity

as at June 30, 2025

Group

as at June 30, 2025

Issued

Share

Total

Revaluation

Total

Retained

Total

share

premium

share

reserve

reserve

income

equity

capital

account

capital

N'm

N'm

N'm

N'm

N'm

N'm

N'm

1-Apr-25

3,965

6,462

10,427

19,388

19,388

7,823

37,638

Total comprehensive income for the period

-

-

-

-

-

2,603

2,603

30-Jun-25

3,965

6,462

10,427

19,388

19,388

10,426

40,241

as at June 30, 2024

N'm

N'm

N'm

N'm

N'm

N'm

N'm

1-Apr-24

3,965

6,462

10,427

19,388

19,388

(6,958)

22,857

Total comprehensive income for the period

-

-

-

-

-

1,322

1,322

Dividends on ordinary share capital

-

-

-

-

-

-

-

30-Jun-24

3,965

6,462

10,427

19,388

19,388

(5,636)

24,179

Company

as at June 30, 2025

N'm

N'm

N'm

N'm

N'm

N'm

N'm

1-Apr-25

3,965

6,462

10,427

19,388

19,388

7,823

37,638

Total comprehensive income for the period

-

-

-

-

-

2,622

2,622

Dividends on ordinary share capital

-

-

-

-

-

-

-

30-Jun-25

3,965

6,462

10,427

19,388

19,388

10,445

40,260

as at June 30, 2024

N'm

N'm

N'm

N'm

N'm

N'm

N'm

1-Apr-24

3,965

6,462

10,427

19,388

19,388

(6,958)

22,857

Total comprehensive income for the period

-

-

-

-

-

1,322

1,322

Dividends on ordinary share capital

-

-

-

-

-

-

-

30-Jun-24

3,965

6,462

10,427

19,388

19,388

(5,636)

24,179

N'm

N'm

N'm

N'm

Net profit/(Loss)

2,603

1,322

2,622

1,322

Taxation

760

386

760

386

Net finance costs

(669)

2,768

(669)

2,768

Finance cost

1,068

2,768

1,068

2,768

Finance income

(1,737)

-

(1,737)

-

Operating profit

2,694

4,476

2,713

4,476

Depreciation, amortisation and impairment

1,369

1,454

1,369

1,454

Changes in working capital:

1,352

(17)

1,333

(17)

Inventories

800

3,431

800

3,431

Trade and other current receivables

(11,350)

(18,161)

(11,374)

(18,161)

Trade payables and other liabilities

11,902

14,713

11,907

14,713

Cash flow from operating activities

4,911

5,409

4,911

5,409

Income tax paid

-

-

-

-

Net cash flow from operating activities

4,911

5,409

4,911

5,409

-

-

Interest received

1,737

-

1,737

-

Purchase of intangible assets

-

-

-

-

Purchase of property, plant and equipment

(133)

(271)

(133)

(271)

Disposal of property, plant and equipment

-

6

-

6

Net cash flow (used in)/from investing activities

1,604

(265)

1,604

(265)

-

Dividends paid on ordinary share capital

-

-

-

-

Interest paid

(1,068)

(2,768)

(1,068)

(2,768)

Net change in borrowings

(1,635)

315

(1,635)

315

Net cash flow (used in)/from financing activities

(2,703)

(2,453)

(2,703)

(2,453)

-

Net increase/(decrease) in cash and cash equivalents

3,812

2,691

3,812

2,691

Cash and cash equivalents at the beginning of the perio

5,265

5,070

5,265

5,070

Cash and cash equivalents at the end of the period

9,077

7,761

9,077

7,761

Notes to the interim financial statements

for the period ended June 30, 2025

1

REPORTING ENTITY

Honeywell Flour Mills Plc was initially registered as Gateway Honeywell Flour Mills Limited on 21 June, 1983. A change in the Company's ownership structure led to a change of the name to Honeywell Flour Mills Limited in June, 1995. The Company was converted to a Public Liability Company in 2008. Its shares were listed on the Nigeria Stock Exchange (NSE) in 2009.

2

BASIS OF PREPARATION

(a)

Statement of compliance

These interim financial statements have been prepared in accordance with IFRS as issued by the IASB applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2025, which have been prepared in accordance with IFRS as issued by the IASB, and in the manner required by the Companies and Allied Matters Act 2020 and Financial Reporting Council of Nigeria (Amendment Act), 2023. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last consolidated financial statements as at and for the year ended 31 March 2025.

(b)

Basis of measurement

The financial statements have been prepared on the historical cost convention, unless otherwise stated in the accounting

policies which follow and incorporate the principal accounting policies set out below.

(c)

Functional and presentation currency

The financial statements are are presented in Naira, which is the Group and Coompany's functional currency. All financial information presented in Naira has been rounded to the nearest million.

(d)

Use of estimates and judgements

The preparation of the interim financial report requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this condensed consolidated and separate interim financial report, significant judgements made by Management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March 2025.

SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied by the Group in this condensed consolidated and separate interim financial report are the same as those applied by the Group in its consolidated statements as at and for the year ended 31 March 2025.

Group

Company

Jun-25

Mar-25

Jun-25

31-Mar-25

N'm

N'm

N'm

Software

Software

Software

Software

296

376

296

376

-

-

-

(80)

-

(80)

296

296

296

296

258

8

-

284

54

(80)

258

8

-

284

54

(80)

-

266

258

266

258

30

38

30

38

(Group and Company)

Land N'm

Buildings

N'm

Plant and Machinery

N'm

Motor Vehicle

N'm

Furniture & Equipment

N'm

Construction in Progress

N'm

Total N'm

Cost/Valuation

01-Apr-25

8,500

27,402

78,034

2,399

1,088

55

117,478

Additions

121

8

-

4

133

Disposals

-

Other adjustments/reclassifications

-

30-Jun-25

8,500

27,523

78,042

2,399

1,088

59

117,611

Depreciation

01-Apr-25

-

(6,076)

(37,607)

(2,044)

(945)

-

(46,672)

Depreciation charge for the period Disposals

(140)

(1,186)

(24)

(11)

(1,361)

-

30-Jun-25

-

(6,216)

(38,793)

(2,068)

(956)

-

(48,033)

Net Carrying Amount

8,500

21,307

39,249

331

132

59

69,578

(Group and Company)

Land

N'm

Buildings

N'm

Plant and Machinery

N'm

Motor Vehicle

N'm

Furniture & Equipment

N'm

Construction in Progress

N'm

Total N'm

Cost/Valuation

01-Apr-24

9,858

30,096

77,496

2,399

1,010

-

120,859

Additions

634

1,727

-

100

55

2,516

Accumulated Depreciation

-

Disposals

(1,358)

(3,328)

(1,189)

-

(22)

-

(5,897)

31-Mar-25

8,500

27,402

78,034

2,399

1,088

55

117,478

Depreciation

01-Apr-24

-

(7,099)

(30,141)

(1,845)

(756)

-

(39,841)

Depreciation charge for the period

(681)

(5,100)

(199)

(123)

(6,103)

Disposals

Other adjustments/Reclassification

1,704

812

(3,178)

19

(85)

2,535

(3,263)

31-Mar-25

-

(6,076)

(37,607)

(2,044)

(945)

-

(46,672)

Net Carrying Amount

8,500

21,326

40,427

355

143

55

70,804

Group and Company

30-Jun-25

31-Mar-25

N'm

N'm

873

873

873

873

Cost

At 1 April 2024

Additions

Prepaid lease

Modifications

Balance as at end of period

Accumulated depreciation

At 1 April 2024

Depreciation charged

Modifications

Balance as at end of period

180

7

151

29

Group and Company

30-Jun-25

31-Mar-25

N'm

N'm

871

857

(1)

-

116

870

973

(102)

870

871

At 1 April 2024

Additions

Modifications

Interest expenses

Analysed into:

Non-current liabilities

Current liabilities

769

769

101

102

870

871

3,912

23,594

54

3,499

27,866

48

3,912

23,782

54

27,748

27,560

31,413

30-Jun-25

31-Mar-25

30-Jun-25

31-Mar-25

N'm

N'm

N'm

N'm

8. Inventories

Raw and packaging materials

20,977

19,550

20,977

19,550

Work-in-progress

1,543

1,654

1,543

1,654

Finished goods

4,149

2,860

4,149

2,860

Consumables and maintenance spares

7,084

6,393

7,084

6,393

Goods in transit

15,067

19,275

15,067

19,275

Inventory write down

(1,495)

(1,607)

(1,495)

(1,607)

47,325

48,125

47,325

48,125

9. Trade and other current receivables

Trade receivables

3,499

Receivables due from related party companies

27,866

Other receivables

48

31,413

10. Prepayments

Prepaid Import Duty and Others

5,063

5,391

5,082

5,391

Advance Payment to Vendors

2,274

2,257

2,274

2,257

Deposit for FX relating to forward and futures contrac

12,060

4,161

12,060

4,161

19,397

11,809

19,416

11,809

11. Cash and cash equivalent

Cash and cash equivalents

Cash in hand

-

-

-

-

Bank balances

3,226

4,899

3,226

4,899

Short Term Deposit

5,851

366

5,851

366

Cash and Deposits

9,077

5,265

9,077

5,265

Cash and cash equivalents per balance sheet

9,077

5,265

9,077

5,265

Less:bank overdrafts

-

-

Cash and cash equivalents per cash flow statement

9,077

5,265

9,077

5,265

as at June 30, 2025

Group and Company

Current

Non-Current

Total

N'm

N'm

N'm

Bank loans and overdrafts

6,894

18,436

25,330

Import finance facilities

-

6,894

18,436

25,330

Group and Company

Current

Non-Current

Total

N'm

N'm

N'm

as at March 31, 2025

Bank loans and overdrafts

6,681

20,284

26,965

Import finance facilities

-

-

-

6,681

20,284

26,965

12b. Deferred income

Group and Company

as at

as at

30-Jun-25

31-Mar-25

N'm

N'm

Government grants -long term

1,131

1,319

Government grants -short term

835

888

1,966

2,207

13. Trade payables and other current liabilities

Group

Company

30-Jun-25

N'm

31-Mar-25

N'm

30-Jun-25

N'm

31-Mar-25

N'm

Due within one year Trade payables Unclaimed dividend

Accruals and other payables Deposit by customers Pension and sundry taxes Due to related parties

27,726

213

16,908

23,362

343

30,913

23,791

213

8,272

8,792

328

46,402

27,726

213

16,908

23,362

343

31,213

23,791

213

8,272

8,792

328

46,697

88,093

99,465

87,798

99,765

14 Taxation

Tax charge in income statement

Tax payable

At 1 April

4,415

796

4,415

796

Charge for the period

Under provision in prior year

760

-

4,358

-

760

-

4,358

-

5,175

5,154

5,175

5,154

Charge for the period (Payment

during the perio

-

(739)

-

(739)

At closing

5,175

4,415

5,175

4,415

At 1 April

Income statement charge

7,595

-

5,343

2,252

7,595

-

5,343

2,252

At closing

7,595

7,595

7,595

7,595

15 Equity

Consolidated statement of changes in equity

Group

Company

30-Jun-25

N'm

31-Mar-25

N'm

30-Jun-25

N'm

31-Mar-25

N'm

Retained earnings at beginning

7,823

(6,959)

7,823

(6,959)

Total comprehensive income for the year Equity at closing

2,603

14,589

2,622

14,782

10,426

7,630

10,445

7,823

June 30 2025

Authorised share capital

Number

in millions

Amount

N'm

Ordinary shares of 50k each

8,000

4,000

Total authorised share capital

8,000

4,000

Issued and fully paid:

Ordinary shares of 50k each

7,930

3,965

Total Issued share capital

7,930

3,965

Total Issued share capital

7,930

3,965

3,965

6,462

3,965

6,462

10,427

10,427

17. Net operating gains and (losses)

3 Months ended

3 Months ended

30-Jun-25

30-Jun-24

30-Jun-25

30-Jun-24

N'm

N'm

N'm

N'm

Sundry (loss)/income

163

247

163

247

Profit /(loss) on disposal of fixed assets

3

-

3

-

166

247

166

247

18. Segment information

Group

Tincan

Sagamu

Total

for the period ended June 30, 2025

N'm

N'm

N'm

Revenue

62,624

4,863

67,487

Cost of sales

(54,904)

(5,388)

(60,292)

Gross profit

7,720

(525)

7,195

Net Operating Gains/Losses

-

166

166

Selling and admin expenses

(4,448)

(219)

(4,667)

Segment operating (loss)/profit

3,272

(578)

2,694

Apapa

Sagamu

Total

for the period ended June 30, 2024

N'm

N'm

N'm

Revenue

58,157

22,357

80,514

Cost of sales

(53,067)

(20,870)

(73,937)

Gross profit

5,090

1,487

6,577

Net Operating Gains/Losses

247

-

247

Selling and admin expenses

(1,690)

(658)

(2,348)

Segment operating (loss)/profit

3,647

829

4,476

18. Segment information

Company

Tincan

Sagamu

Total

for the period ended June 30, 2025

N'm

N'm

N'm

Revenue

62,624

4,863

67,487

Cost of sales

(54,904)

(5,388)

(60,292)

Gross profit

7,720

(525)

7,195

Net Operating Gains/Losses

-

166

166

Selling and admin expenses

(4,438)

(210)

(4,648)

Segment operating (loss)/profit

3,282

(569)

2,713

Apapa

Sagamu

Total

for the period ended June 30, 2024

N'm

N'm

N'm

Revenue

58,157

22,357

80,514

Cost of sales

(53,067)

(20,870)

(73,937)

Gross profit

5,090

1,487

6,577

Net Operating Gains/Losses

247

-

247

Selling and admin expenses

(1,690)

(658)

(2,348)

Segment operating (loss)/profit

3,647

829

4,476