t!J:,X Multi-Trex
Multi-Trex Integrated Foods PieUnaudited Interim Financial Statements For The Six Months Ended 31st October, 2023
Multi-Trex Integrated Foods Pie Km 29, Lagos-Ibadan Expressway, Warewa, Ogun State
Nigeria
Tel: +2348033130118
Email: info@multitrexplc.com Website: https://www.multitrexplc.com
Contents
Directors and Other Corporate Information Result at a Glance
Certification of Pursuant to Section 60 (2) Statement of Directors' Responsibilities Directors and their Interest
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 Statement
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Directors And Other Corporate Information
Board of Directors:
Dr. Segun Aina OFR Mr. Yusuf lsiaka
Hon. Ajibola Ogunsiji Mr. Olu Abayomi Sanya Mr. Anthony Chisnall Dr. Teju Bolujoko
Mrs. Mani Owofemi
Alhaji Murthada A. Adeniji
Chairman/Non -Executive Executive
Non -Executive Non -Executive Non -Executive
Non -Executive
Non -Executive Non -Executive
Mr. Nurain O Hassan Non-Executive
Tax Identification Number:
Registered office:
Registration No. Registrars:
Independent Auditor:
Legal Advisers:
Company Secretary: Bankers:
01689138-0001
Km 29, Lagos- Ibadan Expressway, Warewa,
Ogun State.
RC. 370490
Meristem Registrars Limited, 213, Herbert Macaulay Way, Sabo, Yaba, Lagos
Baker Tilly Nigeria, (Chartered Accountants) Kresta Laure! Complex (4th Floor),
376, lkorodu Road, Maryland, Lagos.
A. A. Sogunle & Associates 1, Olawaiye Street, Off Akinwumi Street, Anifowose, lkeja, Lagos.
Sogunle Adebisi Adekunle
Access Bank Pie Guaranty Trust Bank Pie First City Monument Bank Pie
Nigerian Export-ImpoG Bank (NEXIM) Zenith International Bank Pie
Assets Management Corporation of Nigeria Lotus Bank Limited
Member of the Statutory Committee Mr. Biyi Olufowobi Chairman
Mr. Emmanuel Chibuzor Mr. Abayomi Olaofe
Mr. Olu Abayomi Sanya Mr. Yusuf lsiaka
Member Member Member Member
Result at Glance
Six Months Ended 31st October 2023 -N'ooo | Year Ended 30th April, 2023 N'ooo | |
Statement of Comprehensive Income | ||
Turnover | 210,974 | 5,468 |
Profit/(Loss) before taxation | 357,097 | (1,098,333) |
Taxation | (17,855) | 112 |
Profit/(Loss) after taxation | 339,242 | (1,098,446) |
Statement of Financial Position | ||
Share capital | 1,861,247 | 1,861,247 |
Shareholders fund | 2,017,078 | 1,690,735 |
Deposit for shares | 4,239,000 | 2,500,000 |
Property, plant & equipment | 13,982,709 | 14,183,915 |
Total assets | 15,796,262 | 16,145,998 |
Revaluation surplus | 4,433,410 | 4,446,309 |
Earnings per share | 0.09 | (0.31) |
Gearing ratio | 55% | 70% |
No of employees | 4 | 4 |
Cetification Pursuant To Section 60 (2) Of Investment And Securities Act No.29 of 2007
We the undersigned hereby certify the following with regards to our unaudited
interim financial statements for the six months ended 31 October 2023 that:
We have reviewed the report;
To the best of our knowledge, the report does not contain:
any untrue statement of a material fact,
or omit to state a material fact, which would make the statements misleading in the light of circumstances under which such statements were made;
To the best of our knowledge, the financial statements and other financial information included in this repon 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 repon;
We:
are responsible for establishing and maintaining internal controls;
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, panicularly during the
period in which the periodic interim are being prepared;
have evaluated the effectiveness of the company's internal controls as of date within go days prior to the report;
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
We are not aware of and have disclosed as such to the audit committee:
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
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 regard to significant deficiencies and material weaknesses.
Mr. Yusuf lsiaka Managing Director/CEO
FRC/2013/ICAN/00000003730
�� Mr. Ashiru Afees Adewale
Chief Financial Officer FRC/2025/PRO/ICAN/001/147904
Statement of Directors' Responsibilities
The directors of Multi-Trex Integrated Foods Pie 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 31st October, 2023, 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 and the Financial Reporting Council of Nigeria Act, 2011.
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 a 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/2014/CISN/00000009887
Mr. Yusuf lsiaka
Managing Director/CEO FRC/2013/ICAN/00000003730
Directorsand their Interest5/No.
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Names of Directors Title Direct / Units Indirect/Units
Dr. Sagun Aina OFR Chairman/ Non -Executive - -
Mr. Yusuf lsiaka Executive/ Ag. Managing Director 4,100,000 -
Hon. Ajibola Ogunsiji Non-Executive 7,149,520 -
Mr. Qiu Abayomi Sanya Non-Executive 1,000,000 142,742,278
Mr. Anthony Chisnall Non-Executive - -
Dr. Teju Bolujoko Non-Executive - -
Mrs. Moni Owofemi Non-Executive 372,409,362 -
Alhaji Murthada A. Adeniji Non-Executive - 788,643,533*
9 Mr. Nurain O Hassa
(Joined Sept. 20, 2024)
Non-Executive - -
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 Comprehensive Income For the
Six months ended | Year Ended 30th April, | |||||
31st October, 2023 | 2023 | |||||
NOTES | N'ooo | N'ooo | ||||
Turnover | 15 | 210,974 | 5,468 | |||
Cost of Sales | 16 | (2,366) | (3,452) | |||
Gross Profit/ (Loss) | 208,607 | 2,016 | ||||
Other Income | 17 | 403,437 | 201,642 | |||
Operating Expenses | 18 | (234,872) | (793,883) | |||
377,172 | (590,225) | |||||
Finance Charges | 18 | (20,076) | (508,108) | |||
Profit/ (Loss) Before Taxation Deferred taxation | 357,097 | (1,098,333) | ||||
Tax Provision | 14 | (17,855) | (112) | |||
Profit/ (Loss) After Taxation | 339,242 | (1,098,446) | ||||
Other comprehensive gain/(loss) | ||||||
Other comprehensive income not to be | ||||||
relassified to profit or loss in subsequent | ||||||
periods | ||||||
Revaluation | (12,900) | (54,703) | ||||
Total Comprehensive profit/ (loss) for | ||||||
the period net of tax | 326,342 | (1,153,148) | ||||
Statement Of Financial Position as at
Six months ended 31st October, 2023
30th April 2023
AUDITED
NON CURRENT ASSETS NOTES N'000 N'000
Fixed Assets | 1 | 13,982,709 | 14,183,915 |
Biological asset | 1b | 77,555 | 78,878 |
Plants Revamping WIP | - | - | |
Deffered Charges | - | - | |
TOTAL NON-CURRENT ASSETS | 14,060,264 | 14,262,793 | |
CURRENT ASSETS | |||
Inventories | 4 | - | - |
Receivables | 5 | 715,015 | 534,238 |
Bank and Cash balances & NDC-Cert. | 6 | 1,020,982 | 1,348,967 |
TOTAL CURRENT ASSETS | 1,735,997 | 1,883,205 | |
TOTAL ASSETS | 15,796,262 | 16,145,998 | |
LIABILITIES | |||
CURRENT LIABILITIES | |||
Borrowing | 11b | 504,282 | 549,337 |
Creditors & accruals | 13 | 2,653,320 | 3,251,357 |
Dividend Payable | - | - | |
Taxation | 14 | 179,509 | 161,654 |
3,337,111 | 3,962,348 | ||
NON CURRENT LIABILITIES | |||
Deposit for shares | 19 | 4,239,000 | 2,500,000 |
Term Loan | 11 | 5,509,142 | 7,298,000 |
Employee benefits | 12 | 486,493 | 487,478 |
Deferred tax liabilities | 3 | 207,437 | 207,438 |
10,442,072 | 10,492,916 | ||
TOTAL LIABILITIES | 13,779,183 | 14,455,264 | |
NET ASSETS | 2,017,078 | 1,690,734 | |
EQUITY | |||
Share Capital | 7 | 1,861,247 | 1,861,247 |
Share Premium | 8 | 1,440,423 | 1,440,424 |
Revaluation Reserve | 9 | 4,433,410 | 4,446,309 |
Revenue Reserve | 10 | (5,718,003) | (6,057,245) |
TOTAL EQUITY | 2,017,078 | 1,690,735 | |
TOTAL LIABILITIES AND EQUITY | 15,796,260 | 16,145,999.00 |
Mr. Olu Abayomi Sanya Director | Mr. Yusuf Isiaka Managing Director/CEO | Mr.Ashiru Afees Adewale Chief Financial Officer |
FRC/2014/CISN/00000009887 | FRC/2013/ICAN/00000003730 | FRC/2025/PRO/ICAN/001/147904 |
Statement Of Changes In Equity
For The Six Months Ended 31st October 2023
Issued share
capital Share premium
Revaluation
reserve Retained earnings Total equity
N'000 N'000 N'000 N'000 N'000
Balance at 30th April 2023 | 1,861,247 | 1,440,423 | 4,446,309 | (6,057,244) | 1,690,735 |
Profit (loss) for the six months | - | - | 339,242 | 339,242 | |
Other comprehensive income | - | - | (12,900) | - | (12,900) |
Balance at 31st Oct. 2023 | 1,861,247 | 1,440,423 | 4,433,409 | (5,718,001) | 2,017,077 |
Balance at 30 April 2022 Profit/ | 1,861,247 | 1,440,423 | 4,501,011 | (4,958,800) | 2,843,881 |
(Loss) for the six months | - | - | (1,098,444) | (1,098,444) | |
Other comprehensive income | - | - | (54,702) | - | (54,702) |
Balance at 30th April, 2023 | 1,861,247 | 1,440,423 | 4,446,309 | (6,057,244) | 1,690,735 |
Statement Of Cash Flows For The | ||
Six Months | Year ended | |
Ended 31st | 30th April | |
October 2023 | 2023 | |
Cash flow from operating activities | N'000 | N'000 |
Operating profit before working capital changes Working capital changes Income tax paid | 565,148 (779,799) - | (267,374) (1,387,183) - |
Net cash inflow from operating activities | (214,651) | (1,654,557) |
Cash flow from investing activities Purchase of Property, Plant and Equipment | (235) | - |
Plant Revamping - WIP | - | - |
Deferred charges | - | - |
Revaluation surplus | - | - |
Net cash outflow from investing activities | (235) | - |
Cash flow from financing activities Deposit for shares | 1,739,000 | 2,500,000 |
Interest paid | (20,076) | (508,108) |
Interest received | 1,890 | 26,416 |
Loan received/(paid) | (1,788,858) | (1,223,566) |
Cash outflow from financing activities | (68,044) | 794,742 |
Movement in cash and cash equivalents Net increase in cash and cash equivalents | (282,930) | (859,814) |
Cash and cash equivalents at beginning of the year | 1,303,910 | 2,163,724 |
Cash and cash equivalents at end of the year | 1,020,980 | 1,303,910 |
Notes to the Financial Statements
Reporting Entity:
The company was incorporated on 30th November 1999 as limited liability company in accordance with the provisions of the Companies and Allied Matters Act 1990. The company was converted
to Public Liability company on 2 October 2008 in accordance with the provisions of the Companies and Allied Matters Act 1990. 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.
Significant Accounting Policies:
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 30th
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, 2011 and Companies and Allied Matters Act 2020.
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.
Significant Accounting Judgments, Estimate and Assumptions
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
1. FIXED ASSETS
FACTORY BUILDINGS
OTHER LANDED PROPERTY
MX-NEW
WAREHOUSE ROAD NETWORK
PLANT & MACHINERY -FACTORY
MOTOR VEHICLE
FURNITURE, FITTINGS & EQUIPMENTS
TOTAL
COST | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
As at 1st May, 2023 | 2,320,440 | 1,163,896 | 475,705 | 122,068 | 10,888,737 | - | 15,381 | 14,986,227 | |
Additions | - | - | - | - | 235 | - | - | 235 | |
As at 31st October 2023 | 2,320,440 | 1,163,896 | 475,705 | 122,068 | 10,888,972 | - | 15,381 | 14,986,462 | |
DEPRECIATION | |||||||||
As at 1st May, 2023 | 58,011 | - | 11,893 | 3,052 | 726,279 | - | 3,076 | 802,311 | |
Charged for the six months | 13,633 | - | 2,795 | 717 | 170,676 | - | 723 | 188,543 | |
charge on revalued amount | - | 1,297 | - | 11,603 | - | 12,900 | |||
As at 31st October, 2023 | 71,644 | - | 15,984 | 3,769 | 908,557 | - | 3,799 | 1,003,754 | |
NET BOOK VALUE: | |||||||||
As at 1st May, 2023 | 2,248,797 | 1,163,896 | 459,721 | 118,299 | 9,980,415 | - | 11,582 | 13,982,709 | |
As at 31st october 2023 | 2,262,429 | 1,163,896 | 463,813 | 119,016 | 10,162,458 | - | 12,305 | 14,183,916 | |
1b Biological assets
Cost
31ST OCT., 2023 30TH APRIL 2023 N'000 N'000
Bearer biological assets revaluation deficit | 84,506 - | 84,506 - |
84,506 | 84,506 | |
Accum depr | ||
As at period/year start | 5,628 | 2,814 |
- 1,323 | - 2,814 |
6,951 | 5,628 |
77,555 | 78,878 |
revaluation transfer charge for the six months
As at period /year-end
Carrying amount
Six months ended 31st October, 2023
Year Ended 30th April, 2023
3 DEFFERED TAXATION DEFERRED TAX ASSETS
At 1 May
movement in the period At 31st October,
N'000 N'000
DEFERRED TAX LIABILITIES
At 1 May 207,438 207,438
movement in the period - -At 31st October 207,438 207,438
DEFRRED TAXATION-INCOME ACCOUNT
- | - | |
Deferred tax asset | ||
Deferred tax liabilities | - | - |
- | - | |
4 INVENTORIES Finished Goods | - | - |
Work-In-Progress | - | - |
Raw Materials- Cocoa Beans | - | - |
Goods in transit | - | - |
Packaging, Energy & Consumables | - - | - - |
5 RECEIVABLES EEG Receivables | - | - |
Trade Debtors | 9,787 | 9,787 |
Sundry Debtors & Receivables | 705,227 | 524,451 |
715,015 | 534,238 | |
6 BANK & CASH BALANCES Cash In Hand | 45 | 305 |
Cash at Bank | 963,976 | 989,240 |
NDC -Certificate with Bank | 56,960 359,422 | |
NDC -Certificate @ Hand | - - | |
1,020,982 | 1,348,967 | |
Six months ended 31st October, 2023
Year ended 30th April, 2023
N'000 N'000
7 | SHARE CAPITAL | 1,861,247 | 1,861,247 |
As at New Issues | - 1,861,247 | - 1,861,247 | |
8 | SHARE PREMIUM | 1,440,423 | 1,440,423 |
As at
Transfer from Revenue Reserve
9 REVALUATION RESERVE
As at
Current Revaluation Surplus
- -
1,440,423 1,440,423
4,433,410 4,501,011
(12,900) (22,633)
4,420,510 4,478,378
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.
10 | PROFIT & LOSS ACCOUNT | ||
Profit / (Loss) brought Forward | (6,057,245) | (4,958,800) | |
Profit / (Loss) for the year | 339,242 | (1,098,444) | |
(5,718,003) | (6,057,245) | ||
11 | MEDIUM TERM LOAN | ||
AMCON - 9 Year N2.7bn Term Loan | 5,509,142 | 7,298,000 | |
Nexim N470m Stocking Facility | - | - | |
5,509,142 | 7,298,000 | ||
11b | BORROWING | ||
Nexim Bank N470m Loan | 504,282 | 504,282 | |
Bank overdraft | - | 45,055 | |
504,282 | 549,337 | ||
11b(i) | BANK OVERDRAFTS | ||
Zenith Bank Falomo Account | - | - | |
FCMB- N1bn Stocking facility | - | 45,055 | |
- | 45,055 | ||
12 | EMPLOYEE BENEFITS Staff benefits | 486,493 | 487,478 |
Six months ended 31st October, 2023
Year Ended 30th April, 2023
N'000 | N'000 | |
13 | Trade Creditors 44,186 | 43,893 |
Accounts Payable 2,346,116 | 2,360,527 | |
Interest payable 565,183 | 565,183 | |
Accruals (302,167) | 281,754 | |
2,653,320 | 3,251,356 | |
14 | TAXATION (17,855) | (112) |
15 | TURNOVER | |
Export Sales 205,183 Local Sales 5,790 | - 5,468 | |
210,974 | 5,468 | |
16 | COST OF SALES : Direct Materials / Labour & Others 2,366 | 3,452 |
2,366 | 3,452 | |
17 | OTHER INCOME | |
Profit/(Loss) on Exchange Differenc 165 | - | |
Scrap sales 402 | 6,221 | |
Sundry income 590 | - | |
Dividend Income 2,525 | - | |
Bank interest 1,890 | 26,416 | |
Commission on Export 397,866 | 169,005 | |
403,437 | 201,643 | |
18 | OPERATING EXPENSES / FINANCE CHARGES | |
Finance Charges 20,076 | 508,108 | |
General/Operating Exp. 234,872 | 793,882 | |
254,947 | 1,301,991 | |
19 | DEPOSIT FOR SHARES | |
4,239,000 | 2,500,000.00 |
This is the payment made on behalf of the company to AMCON to part settle the company's indebtedness in exchange for the company's ordinary shares during the respective periods.
6 Months Ended 31st Oct. 2023
Year Ended 30th April, 2023
N'000 | N'000 | N'000 | N'000 | |
20 CAPITAL MANAGEMENT | ||||
Interest bearing loans and borrowings | 6,013,424 | 7,847,337 | ||
Trade and other payables | 2,653,320 | 3,251,357 | ||
less:cash and short terms deposits | (1,020,982) | (1,348,967) | ||
Net debt | 7,645,762 | 9,749,727 | ||
Equity | 2,017,078 | 1,690,735 | ||
Deposit for shares | 4,239,000 | 2,500,000 | ||
6,256,078 | 4,190,735 | |||
Capital and net debt | 13,901,839 | 13,940,462 | ||
Gearing ratio (%) | 55% | 70% | ||