Quarter 1 - financial statement for 2024

Multi-Trex Integrated Foods Plc

Unaudited Interim Financial Statements For The Three Months Ended 31st, July 2023

Multi-Trex Integrated Foods Plc Km 29, Lagos-lbadan Expressway, Warewa, Ogun State

Nigeria

Tel: +2348033130118

Email: info@multitrexplc.com Website: https://www.muItitrexpIc.com

Directors And Other Corporate Information

Board of Directors:

Dr. Segun Aina OFR Mr. Yusuf Isiaka Hon. Ajibola Ogunsiji

Mr. Olu Abayomi Sanya Mr. Anthony Chisnall Dr. Teju Bolujoko

Mrs. Moni Owofemi Alhaji

Murthada A. Adeniji

Tax Identification Number: Registered office:

Registration No. Registrars:

"Independent Auditor:

Legal Advisers:

Company Secretary:

Bankers:

Chairman/Non -Executive Executive

Non -Executive Non -Executive Non -Executive

Non -Executive Non -Executive Non -Executive

oz689^38-oooz

KM 29 Lagos- Ibadan Expressway, Warewa,

Ogun State.

RC.37°49O

Meristem Registrars Limited,

*^3. Herbert Macaulay Way, Sabo,Yaba, Lagos

Baker Tilly Nigeria, (Chartered Accountants) Kresta Laure! Complex (4‹h Floor),

376, Ikorodu Road, Maryland, Lagos.

A. A. Sogunle & Associates z, Olawaiye Street,

Off Akinwumi Street, Anifowose, Ikeja, Lagos.

Sogunle Adebisi Adekunle

Access Bank Plc Guaranty Trust Bank Plc

First City Monument Bank Plc Nigerian Export-import Bank (NEXIM) Zenith International Bank Plc

Assets Management Corporation of Nigeria Lotus Bank Limited

Member of the Statutory Committee

Mr. Biyi Olufowobi

Mr. EmmanuelChibuzor Mr. Abayomi Olaofe

Mr. Olu Abayomi Sanya Mr.Yusuf Isiaka

Chairman Member Member Member Member

Results At a Glance

Three Months Ended 3zSt July 2O*3

éI'ooo

Year Ended 3oth April, z *3

@'OOO

Statement of Comprehensive Income

Earnings per share

Gearing ratio

No of employees

o o8

6z%

k

(O-3+)

7 %

k

We the undersigned hereby certify the following with regards to our unaudited interim financial statements for the three months ended 3 July zo•3that:

1. We have reviewed the report;

2. To the best of our knowledge, the report does not contain:

   1. any untrue statement ofa material fact,

   2. or omit to state a material fact, which would make the statements misleading in the light of circumstances under which such statements were made;

3. To the best of our knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition and results of operation of the company as of, and for the periods presented in the report;

4. We:

   1. are responsible for establishing and maintaining internal controls;

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

   3. have evaluated the effectiveness of the company's internal controls as of date within 9odays 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 our last audited financial statements

5. We are not aware of and have disclosed as such to audit committee:

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

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

(I} 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 regard to significant deficiencies and material weaknesses.

Mr. Yusuf Isaika Managing Director/CEO

FRC/2O+3/ICAN/oOOOO3O73O

M .AshiruAfeesAdewale

Chief Financial Officer FRC/2025/ PRO/ICAN/ooh/+479 1

The directors of Multi-Trex Integrated Foods Plc are responsible for the preparation of the financial statements that give a true and fair view of the financial position of the company as at 31s' July, zo23 and the results of its operations, cash flows and changes in equity for the period ended, in compliance with the International Financial Reporting Standards ("IFRS") and in the manner required by the Companies and Allied Matters Act of Nigeria, the Financial Reporting Council of Nigeria Act, zozz.

In preparing the financial Statements, The directors are responsible for:

• Properly selecting and applying accounting policies;

• Presenting information, including accounting policies, in manner that provides relevant, reliable, comparable and understandable information

• Providing additional disclosures when compliance with the specific requirements in IFRS are insufficient to enable user to understand the impact of particular transactions, other events and conditions on the company's financial position and financial performance, and

• Making an assessment of the company's ability to continue as a going concern.

  The directors are responsible for:

• Designing, implementing and maintaining an effective and sound system of internal controls throughout the company;

• Maintaining adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company, and which enable them to ensure that the financial statements of the company comply with IFRS;

• Maintaining statutory records in compliance with the legislation of Nigeria and IFRS

• Taking such steps as are reasonably available to them to safeguard the assets of the company; and

• Preventing and detecting fraud and other irregularities.

  Going Concern:

  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

  
  
  

  Mr. Olu Abayomi Sanya Director FRC/zozg/CISN/ooOOOOO98 7

  Mr. Yusuf Isiaka Managing Director/CEO

  FRC/2 *3/ICAN/ooOOOOO373

  Directors and their Interest As at September 30a September 2024

  S/No.	Names of Directors	Title	Direct / Units	Indirect/Units
  1	Dr. Segun Aina OFR	Chairman / Non -Executive	-	-
  2	Mr. Yusuf Isiaka	Executive / Ag. Managing Director	4,100,000	-
  3	Hon. Ajibola Ogunsiji	Non-Executive	7,149,520	-
  4	Mr. Olu Abayomi Sanya	Non-Executive	1,000,000	142,742,278
  5	Mr. Anthony Chisnall	Non-Executive
  6	Dr. Teju Bolujoko	Non-Executive
  7	Mrs. Moni Owofemi	Non-Executive	372,409,362	-
  8	Alhaji Murthada A. Adeniji	Non-Executive	-	788,643,533*

• This shareholding constitutes only the first of a three-part allotment agreed with N-Foods Universal Concept Limited, of which regulatory approval has been obtained. The application process for the second and the third tranches are to follow later.

Statement Of Profit Or Loss and Other Comprehrensive Income For the

Profit / (Loss) Before Taxation Deferred taxation

Tax Provision

Profit / (Loss) After Taxation

Other comprehensive gain/(loss)

Other comprehensive income not to be relassified to profit or loss in subsequent periods Revaluation

Total Comprehensive profit/ (loss) for the period net of tax

(x6,*49J 3^6, 33

3 1,6a8

(*°9 333)

(112)

(z,og8,446)

(51 7 3)

Statement Of Financial Position as at

3zSt July a •3

3 th April 2O*3

NON CURRENT ASSETS

Fixed Assets

Biological asset

Plants Revamping WIP

Deffered Charges

TOTAL NON-CURRENT ASSETS

CURRENT ASSETS

NOTES

zb

N'ooo

z/,z69 997

N'000

zz"z62 793

Inventories 4

Receivables $

Bank and Cash balances & NDC-Cert. 6 TOTAL CURRENT ASSETS

TOTAL ASSETS

•s 869 86y

z6,6+5 99

LIABILITIES CURRENT LIABILITIES

Borrowing Creditors & accruals Dividend Payable Taxation

NON CURRENT LIABILITIES

Deposit for shares

xxb

*3

14

*9

549 33 z,564 2S

3 351,OOO

2, $00, OOO

Share Capital

Share Premium Revaluation Reserve Revenue Reserve

8

9

10

z,86z,*47

54O,4*4

4 556,3O9 (6,o57 *45)

TOTAL EQUITY

z,69 735

TOTAL LIABILITIES AND EOUITY

Mr. Olu Abayomi Sanya Director FRC/aoz§/ClSN/ooooo••9^®7

•s 86g,86y

Mr. Yusuf Isiaka

/f4$btg¥gk¥gg§iggé@8tor/CEO FRC/aoz$/lCAN/ooOOoO°373

z6,145 999

Mr.Ashiru Afees Adewale Chief Financial Officer ER€(zoz5IPRO)lCAN/oos/sgygog

Statement Of Changes In Equity

For The Three Months Ended 3zSt July zox3

(s4 O2)

x,86x, 2$7

4 $46,3O9 (

6, S7 2$$)

x,69O,735

Balance at 3 April zozz Profit/(Loss) for the year Other comprehensive income

Balance at 3OstApril, 2O*3

Statement Of Cash Flows For The

Three Months

Ended 3zSt

July 2o•3

N'ooo

Year ended

3Oth April z *3

N'ooo

Cash flow from operating activities

Operating profit before working capital changes Working capital changes

Income tax paid

Net cash inflow from operating activities

Cash flow from investing activities Purchase of Property, Plant and Equipment Plant Revamping - WIP

Deferred charges Revaluation surplus

Net cash outflow from investing activities

Cash flow from financing activities Deposit for shares

Interest paid Interest received Loan received/(paid)

Cash outflow from financing activities

Movement in cash and cash equivalents Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of the year

Cash and cash equivalents at end of the year

424795 (267374)

(776, 47) (* 3 7 3)

(35^ *5*) (z,654557)

8 1,OOO 2,5OO,OOO

(9.824) ($o8,zo8)

925 26,qi6

(76z S3SJ (•.°°3 366) 79 566 791 71*

(*7*,8O1) ( 59 +4)

303 91O 2,z63724

1,032 3.0 * 3 3 9^O

The company was incorporated on 3othNovember z 99 as limited liability company in accordance with the provisions of the Companies and Allied Matters Act 990.The company was converted

to Public Liability company on 2 October 2oo8 in accordance with the provisions of the Companies and Allied Matters Act 99O.The principal activity of the company continues to be the of cocoa beans, exportation of industrial cocoa products as well as manufacturing and domestic marketing of cocoa-based consumer products.

The accounting policies adopted in the preparation of this interim financial Statements are consistent

with those followed in the preparation of the company's annual financial statement for the year ended 3oth April 2023. The company has not early adopted any other standard, interpretation or amendment that has been issued but has yet to be effective as at the date of this interim financial statements.

Basis of preparation:

These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), including International Accounting Standards (IAS) issued by the international

Financial Reporting Interpretation Committee (IFRIC) and in accordance with the requirements of Financial Reporting Council of Nigeria (FRCN) Act No 6, 2ozz and Companies and Allied Matters Act 2Ozo.

The financial statements have been prepared on the historical cost basis. These financial statements are presented in Nigerian Naira, which is the company's functional currency. All financial information presented in Naira has been rounded to nearest thousand.

The preparation of the financial statements requires management to make judgements estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Page 11

. FIXED ASSETS SCHEDULE

FACTORY BUILDINGS

OTHER LANDED MX-NEW PROPERTY WAREHOUSE

PLANT & FURNITURE,

ROAD NETWORK MACHINERY - MOTOR VEHICLE FITTINGS & TOTAL FACTORY EQUIPMENTS

As at $zST JULY 2 *3

DEPRECIATION

As at est May, zo23

Charged for the zo•4 Charge on revalued amount As at 3•ST JULY 2 *3

NET BOOK VALUE:

* 32Oy O

s8,ozz

6,67*

6/,68z

*3‹26O

8og,8oz

3 43

94 577

z,z6z,5*9

s,s63 g6

563 *3

•o,•6z.‹s8

^* 3^5

^5 ^ 3 9s6

As at 3•ST JULY 2 *3 As at 3oTHAPRIL aoz$

* *55 75

x,x63 g6

$6z,$$5

zz8,66$

sb Biological assets

Cost

3•STJULYz°*3 3°THAPRLa°*3

N'ooo N'ooo

Bearer biological assets

8§,§o6

,s 6

Revaluation deficit

8S,$o6 8g,$o6

Accum depr

As at period/year start Revaluation transfer

Charge for the quarter/ year As at period/ year-end

Carrying amount

s.6z8

647

6,*75

z,8z

,6z8

7 7

DEFERRED TAX ASSETS

At as period/year start movement in the year At as period /year end

Three months

ended 3zSt July Year ended 3oth

• •3 April z *3

N'ooo N'ooo

DEFERRED TAX LIABILITIES

At a5 period/year start

movement in the year

2 7 438

2 7 438

At as period /year end

DEFRRED TAXATION-INCOME ACCOUNT

Deferred tax asset Deferred tax liabilities

Finished Goods Work-In-Progress

Raw Materials- Cocoa Beans Goods in transit

Packaging, Energy & Consumables

EEG Receivables Trade Debtors

Sundry Debtors & Receivables

BANK & CASH BALANCES

ZO7 43

9 7 7

6z* 916

622/7 3

6 Cash In Hand Cash at Bank

NDC -Certificate with Bank NDC -Certificate @ Hand

x6y

* 77 i67

3 5

989 24O

359 4°°

* 34 967

Three months ended $zst July

2O*3

N'ooo

year ended 3oth

April, 2O23

N'ooo

1. SHARE CAPITAL, as at

   New Issues

2. SHARE PREMIUM

   As at

   Transfer from Revenue Reserve

   z,86z,z§y

   z,86z,*47

   
   
   

   *i64 i4*3

   z,86z,*47

   z,86z,*47

   
   
   

   *44O,#*3

3. REVALUATION RESERVE

As at

Current Revaluation Surplus

4 44*,1O5 4 §O1,O11

s.zos (zz,633)

4 446,3^O 4 47 37

The reserve is a result of the revaluation of the company's Property, plant and equipment. The revaluation exercise was carried out by Knight Frank (Estate Surveyors & Valuers,

Chartered Surveyors For Assets Management Corproate Of Nigeria dated September 9 2021. The revaluation report however states a clause that the result of thereport is solely for the use of the cilent and without the express written consent of the valuer, neither the

whole nor any part of the valuation may be reference in anyform.

PROFIT & LOSS ACCOUNT

Profit/ (Loss) brought Forward Profit/ (Loss) for the period

MEDIUM TERM LOAN

AMCON - 9 Year N2 7bn Term Loan Nexim N47OmStocking Facility

(6, 57 *15) 3O6,833

(5 75 Zt1O)

6,535.46s

(k.95 ,8oo)

( 98,§14)

(6, 57 25)

7.298,ooo

11b(i)

BANK OVERDRAFTS

FCMB- Nzbn Stocking facility

45 O55

45 ^55

12 EMPLOYEE BENEFITS

Staff benefits

486,9 6

4 7 178

Three months ended

31st July 2023 Year ended 30th April, 2023

3 Months Ended 31st July 2023 Year Ended 30th April, 2023