Honeywell Flour Mills PlcNSENG: HONYFLOUR

Mill plc quarter 3 financial statement for 2025

Jan 30, 2025 at 2:18 PM UTC · Issued by Honeywell Flour Mills Plc

Unaudited

Interim Financial Statements

for the

3rd Quarter Ended December 31, 2024

HONEYWELL FLOUR MILLS PLC

Unaudited Interim Financial Statements - 3rd quarter ended December 31, 2024.

Contents

		Page
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 -29

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;

That we have reviewed the Unaudited Financial Statements for the 3rd Quarter ended 31st December, 2024 under

review.
That based on our knowledge, the report does not contain:
1. Any untrue statement of a material fact, or
2. Omit to state a material fact, which will make the statement misleading in the light of the circumstances under which such statement was made;

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.
We:
1. Are responsible for the establishing and maintaining internal controls.
2. 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;
3. Have evaluated the effectiveness of the company's internal controls as of date and within 90 days prior to the report;
4. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
Although these reports have not been audited, we have taken care to review:
1. 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
2. Any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls;

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.

…………………………………...	…………………………………
Anders Kristiansson	Chadzimura Mathew
Director	Finance Director
FRC/2014/ANAN/00000009819	FRC/2017/ICAN/00000017014

HONEYWELL FLOUR MILLS PLC

The Board of Directors of Honeywell Flour Mills Plc hereby presents the following unaudited results for the 3rd Quarter ended December 31, 2024

	Unaudited
	9 months	9 months
	ended	ended
	31-Dec-24	31-Dec-23
	N'm	N'm
Revenue	277,064			123,990
Profit/(Loss) Before Tax
12,283			(8,833)
Taxation	(3,533)			(397)
Profit/(Loss) for the Period
8,750			(9,230)

By Order of the Board

Osomomen L.Olukoya

FRC/2022/PRO/NBA/004/451605

Company Secretary

Change

123%

239% -790%

195%

HONEYWELL FLOUR MILLS PLC

Statement of Financial Position
as at December 31, 2024
		Unaudited			Audited
		as at			as at

		31-Dec-24			31-Mar-24
	Notes	N'm			N'm
Assets

Non-current assets
Property, plant and equipment	7	74,501	81,017
Right-of -use assets	7b	699	722
Intangible assets	6	51		92
		75,251	81,831
Current assets
Inventories	8	46,466	52,497
Trade and other receivables	9	9,957	2,401
Prepayments	10	27,855			7,167
Cash and cash equivalents	11	8,456			5,070
		92,734	67,135

Total assets		167,985			148,966
Equity and Liabilities
Equity
Share capital	16	10,427	10,427
Reserves		19,560	19,388
Retained earnings		1,792	(6,958)
		31,779			22,857
Liabilities

Non-current liabilities
Borrowings	12	23,452	28,883
Deferred tax	14	5,343	5,343
Lease liabilities	7b	709	730
Long service award		156	145
Deferred income	12b	1,625			2,229
		31,285			37,330
Current liabilities
Trade and other payables	13	92,341	82,055
Borrowings	12	7,673	4,687
Current tax payable	14	3,849	796
Lease liabilities	7b	134	127
Deferred income	12b	923			1,114
		104,920			88,779

Total liabilities		136,205			126,109

Total Equity and Liabilities		167,984			148,966

The unaudited financial statements and notes on pages 3 to 28 were approved by the directors on 29th Jan, 2025 and signed on its behalf by:

……………………………………….		…………………………………
Nassib Raffoul		Chadzimura Mathew
Managing Director		Finance Director
FRC/2024/PRO/DIR/003/551851	3	FRC/2017/ICAN/0000001701

HONEYWELL FLOUR MILLS PLC

Income Statement

for the period ended December 31, 2024

		Unaudited
		9 Months ended
			31-Dec-23
		31-Dec-24
		N'm	N'm
	Notes
Revenue		277,064	123,990
Cost of sales		(248,579)	(100,510)
Gross profit		28,485	23,480
Selling and administration expenses		(8,921)	(4,081)
Net operating gains and (losses)	17	2,451	270
Operating profit	18	22,015	19,669
Finance cost		(3,955)	(9,414)
Finance income		2,787	1,103
Foreign Exchange Gain/(Loss)		(8,564)	(20,191)
Net finance income/(expense)		(9,732)	(28,502)

Profit/(Loss) before taxation		12,283	(8,833)
Taxation	14	(3,533)	(397)
Profit/(Loss) for the period		8,750	(9,230)

Unaudited

3 Months ended

31-Dec-24 31-Dec-23

N'mN'm

97,470	44,546
(88,921)	(34,043)
8,549	10,503
(3,458)	(1,545)
3,732	140
8,823	9,098
(1,804)	(2,874)
2,150	348

(11,426)
36(13,952)

8,859	(4,854)
(2,632)	-
6,227	(4,854)

Basic Earnings per share (kobo)

110.34

(116.39)

78.52

(61.21)

HONEYWELL FLOUR MILLS PLC

			ok
Statement of Comprehensive Income
for the period ended December 31, 2024
		Unaudited
		9 Months ended

		31-Dec-24	31-Dec-23
		N'm		N'm
Profit /(Loss)for the period recognised in the income

statement		8,750		(9,230)
Revaluation reserves		172		-

Total comprehensive income		8,922		(9,230)
Attributable to the owners of the company	8,922		(9,230)

Total comprehensive income for the period		8,922		(9,230)

HONEYWELL FLOUR MILLS PLC

Statement of Changes in Equity

as at December 31, 2024

	Issued	Share	Total	Revaluation	Total	Retained	Total
	share	premium	share	reserve	reserve	income	equity
	capital	account	capital
as at December 31, 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	-	-	-	172	172	8,750	9,094
Dividends on ordinary share capital	-	-	-	-	-	-	-
Other movements in equity	-	-				-	-
31-Dec-24	3,965	6,462	10,427	19,560	19,560	1,792	31,951

as at December 31, 2023	N'm	N'm	N'm	N'm	N'm	N'm	N'm
1-Apr-23	3,965	6,462	10,427	19,388	19,388	3,161	32,976
Total comprehensive income for the period	-	-	-	-	-	(9,230)	(9,230)
Dividends on ordinary share capital	-	-	-	-	-	-	-
Other movements in equity	-	-				-	-
31-Dec-23	3,965	6,462	10,427	19,388	19,388	(6,069)	23,746

HONEYWELL FLOUR MILLS PLC

Statement of Cash Flows

as at December 31, 2024

	Unaudited
	3 Months ended
	31-Dec-24 31-Dec-23

	N'm	N'm
Net profit/(Loss)	8,750	(9,230)
Taxation	3,533	397
Net finance costs	1,168	8,311
Finance cost	3,955	9,414
Finance income	(2,787)	(1,103)
		-
Operating profit	13,451	(522)
Depreciation, amortisation and impairment	4,957	3,855
Changes in working capital:	(12,114)	15,908
Inventories	6,031	8,337
Trade and other current receivables	(28,244)	12,992
Trade payables and other liabilities	10,099	(5,421)
Cash flow from operating activities	5,790	19,240
Income tax paid	(479)	(730)
Net cash flow from operating activities	5,311	18,510
		-
Interest received	2,787	1,103
Purchase of intangible assets	-	-
Purchase of property, plant and equipment	(1,676)	(1,646)
Disposal of property, plant and equipment	3,364	40
Net cash flow (used in)/from investing activities	4,475	(503)
		-
Dividends paid on ordinary share capital	-	-
Interest paid	(3,955)	(9,414)
Net change in borrowings	(2,445)	(9,310)
Net cash flow (used in)/from financing activities	(6,400)	(18,724)
		-
Net increase/(decrease) in cash and cash equivalents	3,386	(717)
Cash and cash equivalents at the beginning of the period	5,070	8,041
Cash and cash equivalents at the end of the period	8,456	7,324

HONEYWELL FLOUR MILLS PLC

Notes to the interim financial statements

for the period ended December 31, 2024

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.
Honeywell Flour Mills Plc is a Company domiciled in Nigeria. The Company is principally engaged in the manufacturing and marketing of wheat-based products including flour, semolina, whole wheat meal, noodles and pasta.
BASIS OF PREPARATION

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 2024, which have been prepared in accordance with IFRS as issued by the IASB.
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.
Functional and presentation currency
These financial statements are presented in the Nigerian Naira, which is the Company's functional currency. All financial information presented in Naira has been rounded to the nearest million.
Use of estimates and judgements
The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected.
Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes:
- measurement of defined benefit obligations; and
- provisions and contingencies.

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