Quarter 5 financial statement for 2024

1. Henry Carr Street,

P.M.B 21097, Ikeja, Lagos State, Nigeria Telephone: +234-8077281600

E-mail:info@livestockfeedsplc.comWebsite:www.livestockfeedsplc.comRegd. Number - RC. 3315

BRANCHES:

IKEJA M1LL

I, Henry Carr Street, P.M.B. 21097, Ikeja Tel: 08077281527

ABA MILL

12, Industrial Layout P.M.B. 7119, Aba Tel: 08077261492

NORTHERN OPERATlONS Km l7 Zawan Roundabout Zawan, Jos South Plateau State Tel: 0807 7281465

ONITSHA OPERATIONS No 15a Pokobros Avenue

Off Atani Road, Onitsha Anambra State

Tel: 08077257575

AUDITED FINANCIAL STATEMENTS

31 DECEMBER 2024

Board of Directors:

Joseph I.D. Dada (Chairman), Adegboyega Adedeji (Managing Director)

Abayomi Adeyemi, Adebolanle Badejo, Chiamaka N. Uwaegbute, Temitope Omodele

Content

Page

Corporate Information

Directors' Report

Statement of Directors' Responsibilities in relation to the Financial Statements

Statement of Corporate Responsibility

Report of the Audit Committee

Certification of Management's Assessment of Internal Control over Financial Reporting

Management's Report on the Effectiveness of Internal Control over Financial Reporting

Independent Auditors' Report

Independent Auditors' Limited Assurance Report on Internal Control over Financial Reporting

Statement of Profit or Loss and Other Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

Other National Disclosures

Free Float Computation

Value Added Statement

Five-Year Financial Summary

3 4 8 9 10 11 13 14 17

19 20 21 22 23 71 72 73 74

Corporate Information

Directors:

Secretary:

Registered office:

Registration number:

RC3315

Registrars:

Cardinal Stone Registrars Limited 358, Herbert Macaulay Way Yaba, Lagos.

Principal bankers: Independent auditors:

Access Bank Plc

First Bank of Nigeria Ltd First City Monument Bank Plc Guaranty Trust Bank Plc Stanbic IBTC Bank Plc Union Bank of Nigeria Plc Zenith Bank Plc

KPMG Professional Services

KPMG Tower, Bishop Aboyale Cole St, Victoria Island, Lagos

Nigeria.

Tax Identification Number: 00683481-0001

The Directors present their annual report on the affairs of Livestock Feeds Plc ("LSF" or "the Company) together with the audited financial statements and independent auditor's report for the year ended 31 December 2024.

Legal form

Livestock Feeds Plc was incorporated on 20 March 1963 under the Companies and Allied Matters Act (CAMA), 2020 as a public limited liability Company, and is domiciled in Nigeria.

The Company was quoted on the Nigerian Stock Exchange in 1978. The registered office of the Company is located at 1, Henry Carr Street, Ikeja, Lagos.

Principal activity

The Company is engaged principally in the manufacturing and marketing of animal feeds and concentrates.

Directors

The Directors who held office during the year and to the date of this report were:

Result for the year

The directors do not recommend the payment of any dividend in respect of the year ended 31 December 2024 (2023: Nil).

Directors' interest in contracts

None of the Directors has notified the Company for the purpose of the Companies and Allied Matters Act (CAMA), 2020 of their direct or indirect interest in contracts or proposed contracts with the Company during the year.

Substantial interests in shares

According to the Registrar of members, the following shareholders of the Company held more than 5% of the issued share capital of the Company as at 31 December 2024.

2024

2023

Directors' interest in shares of the Company

None of the directors have interest in the Company's shares as at 31 December 2024 (2023:Nil).

Analysis of shareholding

According to the register of members, the below is the analysis of shareholders of the Company as at 31 December 2024 and 2023.

Below is the range analysis as at 31 December 2023

Information relating to movement in property, plant and equipment is shown in Note 16(a) to the financial statements.

Employment of physically challenged persons

The Company has a policy of fair consideration of job applications by disabled persons having regard to their abilities and aptitude. The Company's policy prohibits discrimination against disabled persons in the recruitment, training and career development of its employees. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged.

Health, safety and welfare at work

The Company maintains business premises and work environments that guarantee the safety and health of its employees and other stakeholders. The Company's rules and practices in these regards are reviewed and tested regularly. Also, the Company provides free medical insurance for its employees and their families through selected health management organizations and hospitals.

Employee consultation and training

The directors maintain regular communication and consultation with the employees on matters affecting employees and the Company.

Employees are kept fully informed regarding the Company's performance and the Company operates an open door policy whereby views of employees are sought and given due consideration on matters which particularly affect them.

Training is carried out at various levels through in-house and external courses. The Company's skill base has been extended by a range of training provided to the employees whose opportunity for career development within the Company has been enhanced.

Corporate governance report

Livestock Feeds Plc is a Company of integrity and high ethical standards. Our reputation for honest, open and dependable business conduct, built over the years, is an asset, as are our people and brand. We conduct our business in full compliance with the laws and regulations of Nigeria and UAC Code of Business Conduct.

Donations

The Company made a donation of ₦4.3 million during the year (2023:₦3.1 million) In compliance with Section 43(2) of the Companies and Allied Matters Act (CAMA), 2020 the Company did not make any donations of gifts to any political parties, political association, or for any political purpose during the year.

There were no significant developments since the balance sheet date which could have had a material effect on the state of the Company at 31 December 2024 and the profit for the year ended on that date which have not been adequately provided for or disclosed in the financial statement.

Independent Auditor

Messrs. KPMG Professional Services having satisfied the relevant corporate governance rules on their tenure in office have indicated their willingness to continue in office as auditors of the Company. In accordance with section 401(2) of the Companies and Allied Matters Act, 2020 therefore, the auditors will be re-appointed at the next annual general meeting of the Company without any resolution being passed.

By order of the Board

-------------------------------------------Mrs. Rose Joshua Hamis Company Secretary FRC/2017/NBA/00000016315 26 March 2025

Statement of Directors' Responsibilities in relation to the Financial Statements

For the year ended 31 December 2024

The Directors accept responsibility for the preparation of the financial statements that give a true and fair view in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards) and in the manner required by the Companies and Allied Matters Act (CAMA), 2020 and the Financial Reporting Council of Nigeria (Amendment) Act,2023.

The Directors further accept responsibility for maintaining adequate accounting records as required by the Companies and Allied Matters Act (CAMA), 2020 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error.

The Directors have made an assessment of the Company's ability to continue as a going concern and have no reason to believe the Company will not remain a going concern in the year ahead.

Signed on behalf of the Board of Directors by:

Statement of Corporate Responsibility

Further to the provisions of Section 405 of the Companies and Allied Matters Act (CAMA) 2020, we, the Managing Director/CEO and Chief Financial Officer, hereby certify the financial statements of Livestock Feeds Plc for the year ended 31 December 2024 as follows:

• a) That we have reviewed the audited financial statements of the Company for the year ended 31 December 2024.

• b) That the audited financial statements do not contain any untrue statement of material fact or omit to state a material fact which would make the statements misleading, in the light of the circumstances under which such statement was made.

• c) That the audited financial statements and all other financial information included in the statements fairly present, in all material respects, the financial condition and results of operation of the Company as of and for the year ended 31 December 2024.

• d) That we are responsible for establishing and maintaining internal controls and have designed such internal controls to ensure that material information relating to the Company is made known to us by other officers of the Company, during the year end 31 December 2024.

• e) That we have evaluated the effectiveness of the Company's internal controls within 90 days prior to the date of audited financial statements, and certify that the Company's internal controls are effective as of that date.

• f) That we have disclosed the following information to the Company's Auditors:

• (i) there are no significant deficiencies in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarise and report financial data.

• (ii) there is no fraud that involves management or the other employees who have a significant role in the Company's internal control.

Signed on behalf of the Board of Directors by:

Report of the Audit Committee

Report of the Audit Committee to the Shareholders of Livestock Feeds Plc

"In compliance with the Companies and Allied Matters Act 2020, Laws of the Federation of Nigeria, We have reviewed the audited Financial Statements of the Company for the year ended 31 December 2024 and report as follows:

(a) The accounting and reporting policies of the Company are consistent with legal requirements and agreed ethical practices.

• (b) The scope and planning of the external audit for the year ended 31 December, 2024 were, in our opinion adequate.

• (c) We reviewed the findings and recommendations in the Internal auditor's Report and the External Auditor's Management Control Report and we were satisfied with the management responses thereto.

• (d) The Company maintained effective systems of accounting and internal control system during the year in review.

We have deliberated with the External Auditors, who confirmed that all necessary cooperation was received from management and that they had issued a clean report in respect of the financial statements for the year ended 31 December 2024.

Aare Kamorudeen Ajao Danjuma FRC/2019/IODN/00000019526 Chairman - Audit Committee

Dated 26 March 2025

Members of the Audit Committee:

10