Multi-Trex Integrated Foods Plc Unaudited Interim Financial Statements For The Nine Months Ended 31st January, 2024
Multi-Trex Integrated Foods Plc |
Km 29, Lagos-Ibadan Expressway, |
Warewa, Ogun State |
Nigeria |
Tel: +2348033130118 |
Email: info@multitrexplc.com |
Website: https://www.multitrexplc.com |
Directors and Other Corporate Information 3
Result at a Glance 4
Certification of Pursuant to Section 60(2) 5
Statement of Directors' Responsibilities 6
Directors and their Interest 7
Statement of Profit or Loss and Other Comprehensive Income 8
Statement of Financial Position 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Financial Statements 12
Directors and Other Corporate Information Board of Directors:Dr. Segun Aina OFR Chairman/Non -Executive
Mr. Yusuf Isiaka Executive
Hon. Ajibola Ogunsiji Non -Executive
Mr. Olu Abayomi Sanya Non -Executive
Mr. Anthony Chisnall Non -Executive
Dr. Teju Bolujoko Non -Executive
Mrs. Moni Owofemi Non -Executive
Alhaji Murthada A. Adeniji Non -Executive
Tax Identification Number: 01689138-0001 Registered office: Km 29, Lagos- Ibadan Expressway, Warewa,Ogun State.
Registration No.: RC. 370490 Registrars: Meristem Registrars Limited, 213, Herbert Macaulay Way, Sabo, Yaba, Lagos.
Independent Auditor: Baker Tilly Nigeria, (Chartered Accountants) Kresta Laure! Complex (4th Floor),376, Ikorodu Road, Maryland, Lagos.
Legal Advisers: A. A. Sogunle & Associates 1, Olawaiye Street,Off Akinwumi Street, Anifowose, Ikeja, Lagos.
Company Secretary: Sogunle Adebisi Adekunle Bankers: Access Bank PlcGuaranty 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 ChairmanMr. Emmanuel Chibuzor Member Mr. Abayomi Olaofe Member Mr. Olu Abayomi Sanya Member Mr. Yusuf Isiaka Member
Results at a GlanceNine months ended 31st January, 2024 | Year Ended 30th April, 2023 | |||
N'000 | N'000 | |||
Statement of Comprehensive Income | ||||
Turnover | 323,156 | 5,468 | ||
Profit/(Loss) before taxation | 392,749 | (1,098,333) | ||
Taxation | (19,637) | (112) | ||
Profit/(Loss) after taxation | 373,111 | (1,098,446) | ||
Statement of Financial Position | ||||
Share capital | 1,861,247 | 1,861,247 | ||
Shareholders fund | 2,047,099 | 1,690,735 | ||
Deposit for shares | 5,164,000 | 2,500,000 | ||
Property, plant & equipment | 13,878,698 | 14,183,915 | ||
Total assets | 16,579,120 | 16,145,998 | ||
Revaluation surplus | 4,429,563 | 4,446,309 | ||
Earnings per share | 0.10 | (0.30) | ||
Gearing | 48% | 70% | ||
No of employees | 4 | 4 | ||
We the undersigned hereby certify the following with regards to our unaudited reports and financial statements for the nine months ended 31st January 2024 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 the 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;
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, particularly during the period in which the periodic interim reports are being prepared;
have evaluated the effectiveness of the company's internal controls as of date within 90 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 deficiency 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 Isiaka Mr. Ashiru Afees Adewale
Acting Managing Director/CEO Chief Financial Officer
FRC/2013/ICAN/00000003730 FRC/2025/PRO/ICAN/001/147904
Statement of Directors' ResponsibilitiesThe 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 31stJanuary, 2024, 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, 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 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.
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 Mr. Yusuf Isiaka
Director Managing Director/CEO
FRC/2014/CISN/00000009887 FRC/2013/ICAN/00000003730
Directors and their InterestS/No. | Names of Directors | Title | No of Shares as at September 30, 2024 Direct Indirect Units Units |
1 | Dr. Segun Aina OFR | Chairman / Non -Executive | - - |
2 | Mr. Yusuf Isiaka | Executive / MD/CEO | 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* |
9 | Mr. Nurain O. Hassan | Non-Executive | - - |
(Joined on September 20, 2024) |
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.
Nine months ended 31st January, 2024 N'000 323,156 (3,625) 319,532 463,776 | Year Ended 30th April, 2023 AUDITED N'000 5,468 (3,452) 2,016 201,642 | ||
NOTES | |||
TURNOVER | 15 | ||
COST OF SALES | 16 | ||
GROSS PROFIT/ (LOSS) | |||
OTHER INCOME | 17 | ||
OPERATING EXPENSES | 18 | (359,804) 423,504 (30,755) 392,749 - (19,637) | (793,883) (590,225) |
FINANCE CHARGES | 18 | (508,108) (1,098,333) - (112) | |
PROFIT / (LOSS) BEFORE TAXATION | |||
Deferred taxation | |||
TAX PROVISION | 14 | ||
PROFIT / (LOSS) AFTER TAXATION | 373,111 | (1,098,446) | |
Other comprehensive gain/(loss) | |||
relassified to profit or loss in subsequent periods | |||
Revaluation charge | (16,747) | (54,703) (1,153,149) | |
356,365 | |||
Total Comprehensive profit / (loss) for the period net of tax | |||
31st January, 2024 N'000 13,878,698 76,852 (0) (0) | 30th April 2023 AUDITED N'000 14,183,915 78,878 - - 14,262,793 -534,238 1,348,967 1,883,205 16,145,998 549,337 3,251,357 -161,654 3,962,348 2,500,000 7,298,000 487,478 207,438 10,492,916 14,455,264 1,690,734 1,861,247 1,440,424 4,446,309 (6,057,245) 1,690,735 16,145,999.00 | ||
NON CURRENT ASSETS | NOTES | ||
Fixed Assets | 1 | ||
Biological asset | 1b | ||
Plants Revamping WIP | |||
Deffered Charges | |||
TOTAL NON-CURRENT ASSETS | 13,955,550 | ||
CURRENT ASSETS | |||
Inventories | 4 | - | |
Receivables | 5 | 811,173 | |
Bank and Cash bal.& NDCCs | 6 | 1,812,398 | |
TOTAL CURRENT ASSETS | 2,623,570 | ||
16,579,120 504,282 3,294,500 -181,292 | |||
TOTAL ASSETS | |||
LIABILITIES | |||
CURRENT LIABILITIES | |||
Borrowing | 11b | ||
Creditors & accruals | 13 | ||
Dividend Payable | |||
Taxation | 14 | ||
3,980,074 | |||
5,164,000 4,694,540 485,969 207,438 10,551,947 14,532,021 2,047,099 1,861,247 1,440,423 4,429,563 (5,684,133) | |||
NON CURRENT LIABILITIES | |||
Deposit for shares | 19 | ||
Term Loan | 11 | ||
Employee benefits | 12 | ||
Deferred tax liabilities | 3 | ||
TOTAL LIABILITIES | |||
NET ASSETS | |||
EQUITY | |||
Share Capital | 7 | ||
Share Premium | 8 | ||
Revaluation Reserve | 9 | ||
Revenue Reserve | 10 | ||
TOTAL EQUITY | 2,047,099 | ||
TOTAL LIABILITIES AND | |||
EQUITY | 16,579,120 | ||
Mr. Olu Abayomi Sanya
Director
Mr. Yusuf Isiaka
Managing Director/CEO
Mr. Ashiru Afees Adewale
Chief Financial Officer
FRC/2014/CISN/00000009887FRC/2013/ICAN/00000003730 FRC/2025/PRO/ICAN/001/147904
Statement of Changes in Equity For The Nine Months Ended 31stJanuary, 2024Issued share Capital | Share Premium | Revaluation Reserve | Retained Earnings | Total Equity | |
N'000 | N'000 | N'000 | N'000 | N'000 | |
Balance at 30 April 2023 | 1,861,247 | 1,440,423 | 4,446,309 | (6,057,244) | 1,690,735 |
Profit /(loss) for the period | - | - | 373,111 | 373,111 | |
Other comprehensive income | - | - | (16,747) | - | (16,747) |
Balance at 31st January, 2024 | 1,861,247 | 1,440,423 | 4,429,562 | (5,684,131) | 2,047,100 |
Balance at 30 April 2022 | 1,861,247 | 1,440,423 | 4,501,011 | (4,958,800) | 2,843,881 |
Profit/(Loss) for the period | - | - | (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 |
Nine Months Ended 31st January 2024 N'000 | Year ended 30th April 2023 N'000 | ||||
Cash flow from operating activities | |||||
Operating profit before working capital changes | 711,466 (235,300) - | (267,373) (1,387,183) - | |||
Working capital changes | |||||
Income tax paid | |||||
Net cash inflow from operating activities | 476,166 | (1,654,556) | |||
(360) 0 0 - | - - - - | ||||
Cash flow from investing activities | |||||
Purchase of Property, Plant and Equipment | |||||
Plant Revamping - WIP | |||||
Deferred charges | |||||
Revaluation surplus | |||||
Net cash outflow from investing activities | (360) | - | |||
2,664,000 (30,755) 2,895 (2,603,460) | 2,500,000 (508,108) 26,416 (1,223,566) | ||||
Cash flow from financing activities | |||||
Deposit for shares | |||||
Interest paid | |||||
Interest received | |||||
Loan received/(paid) | |||||
Cash outflow from financing activities | 32,680 | 794,742 | |||
508,486 1,303,910 | (859,814) 2,163,724 | ||||
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 | 1,812,396 | 1,303,910 | |||
The company was incorporated on 30th November 1999 as a limited liability company in accordance with the provisions of the Companies and Allied Matters Act 1990. The company was converted
to a 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 processing 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 statements for the year ended 30thApril 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 FinancialReporting 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 Assumptions1. FIXED ASSETS | |||||||||
FACTORY BUILDING 1 | OTHER LANDED PROPERTY | MX-NEW WAREHOUSE | ROAD NETWORK | PLANT & MACHINERY FACTORY 1 | 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 | - | - | - | - | 360 | - | - | 360 | |
As at 31ST JAN. 2024 | 2,320,440 | 1,163,896 | 475,705 | 122,068 | 10,889,097 | - | 15,381 | 14,986,587 | |
DEPRECIATION | |||||||||
As at 1st May, 2023 | 58,011 | - | 11,893 | 3,052 | 726,279 | - | 3,076 | 802,311 | |
Charged for the nine months | 20,884 | - | 4,281 | 1,099 | 261,460 | - | 1,107 | 288,832 | |
charge on revalued amount | - | 1,684 | - | 15,063 | - | 16,747 | |||
As at 31st Jan. 2024 | 78,895 | - | 17,858 | 4,150 | 1,002,802 | - | 4,184 | 1,107,890 | |
NET BOOK VALUE: | |||||||||
As at 31st January 2024 | 2,241,545 | 1,163,896 | 457,848 | 117,917 | 9,886,295 | - | 11,197 | 13,878,698 | |
As at 30th April. 2023 | 2,262,429 | 1,163,896 | 463,813 | 119,016 | 10,162,458 | - | 12,305 | 14,183,916 | |
1b. Biological assets | |||||||||
31st Jan, 2024 N'000 | 30th April 2023 N'000 AUDITED | ||||||||
Cost | |||||||||
Bearer biological assets | 84,506 | 84,506 | |||||||
revaluation deficit | - | - | |||||||
84,506 | 84,506 | ||||||||
Accum depr | |||||||||
As at period/year start | 5,628 | 2,814 | |||||||
revaluation transfer | - | - | |||||||
charge for the nine months | 2,026 | 2,814 | |||||||
As at Period/year end | 7,654 | 5,628 | |||||||
Carrying amount | 76,852 | 78,878 | |||||||
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.
-Nine months ended 31st January, 2024 | Year Ended 30th April, 2023 | ||||
N'000 | N'000 | ||||
3 | DEFFERED TAXATION | ||||
DEFERRED TAX ASSETS | |||||
As at period /year start | - - - | - - - | |||
movement in the period | |||||
As at period/year-end | |||||
DEFERRED TAX LIABILITIES | |||||
As at period /year start | 207,438 | 207,438 - 207,438 | |||
movement in the period | - | ||||
As at period/year-end | 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 | - | - | |||
- | 0 | ||||
5 | RECEIVABLES | ||||
EEG Receivables | - | - | |||
Trade Debtors | 9,787 | 9,787 | |||
Sundry Debtors & Receivables | 801,385 | 524,451 | |||
811,173 | 534,238 | ||||
6 | BANK & CASH BALANCES | ||||
Cash In Hand | 35 | 305 | |||
Cash at Bank | 1,755,403 | 989,240 | |||
NDC -Certificate with Bank | 56,960 | 359,422 | |||
NDC -Certificate @ Hand | - | - | |||
1,812,398 | 1,348,967 | ||||
Nine months ended 31st January, 2024 | Year ended 30th April 2023 | ||||
N'000 | N'000 | ||||
7 | SHARE CAPITAL | ||||
As at | 1,861,247 - | 1,861,247 - | |||
New Issues | |||||
1,861,247 1,440,423 -1,440,423 4,429,563 (16,747) 4,412,816 (6,057,245) | 1,861,247 1,440,423 -1,440,423 4,501,011 (22,633) | ||||
8 | SHARE PREMIUM | ||||
As at | |||||
Transfer from Revenue Reserve | |||||
9 | REVALUATION RESERVE | ||||
As at | |||||
Current Revaluation Surplus | |||||
4,478,378 (4,958,800) (1,098,444) (6,057,245) 7,298,000 -7,298,000 504,282 45,055 549,337 45,055 487,478 | |||||
The reserve is as a result of the revaluation of the compnay's Property, plant and equipment. The revaluation exercise was carried out by Knight Frank (Estate Surveyors & Valuers, Chartered Surveyors for Assets Management Corportation of Nigeria dated September 9 2021. The revaluation report however states a clause that the result of the report is solely for the use of the client and without the express written consent of the valuer, neither the whole nor any part of the valuation may be referenced in any form | |||||
10 | PROFIT & LOSS ACCOUNT | ||||
Profit / (Loss) brought Forward | |||||
Profit / (Loss) for the year | 373,111 (5,684,133) 4,694,540 -4,694,540 504,282 -504,282 -485,969 | ||||
11 | MEDIUM TERM LOAN | ||||
AMCON - 9 Year N2.7bn Term Loan | |||||
Nexim N470m Stocking Facility | |||||
11b | BORROWING | ||||
Nexim Bank N470m Loan | |||||
Bank overdraft | |||||
11b(i) | BANK OVERDRAFTS | ||||
FCMB- N1bn Stocking facility | |||||
12 | EMPLOYEE BENEFITS | ||||
Staff benefits | |||||
Nine months | Year ended 30th April 2023 N'000 Actual 43,893 2,360,527 565,183 281,754 3,251,356 (112) - 5,468 5,468 3,452 3,452 -6,221 - - 26,416 169,005 | |||
ended 31st | ||||
January, 2024 | ||||
N'000 | ||||
Actual | ||||
13 | Trade Creditors | 44,343 | ||
Accounts Payable | 2,338,616 | |||
Interest payable | 565,183 | |||
Accruals | 346,357 | |||
3,294,500 (19,637) 314,323 8,833 323,156 3,625 3,625 253 616 904 3,868 2,895 455,241 463,776 30,755 359,804 390,558 5,164,000 | ||||
14 | TAXATION | |||
15 | TURNOVER | |||
Export Sales | ||||
Local Sales | ||||
16 | COST OF SALES : | |||
Direct Materials / Labour & Others | ||||
17 | OTHER INCOME | |||
Profit/(Loss) on Exchange Difference | ||||
Scrap sales | ||||
Sundry income | ||||
Dividend Income | ||||
Bank interest | ||||
Commission on Export | ||||
201,643 508,108 793,882 1,301,991 2,500,000.00 | ||||
18 | OPERATING EXPENSES / FINANCE CHARGES | |||
Finance Charges | ||||
General/Operating Exp. | ||||
19 | DEPOSIT FOR SHARES | |||
N-Foods Universal Concept Limited | ||||
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. | ||||
9 Months Ended 31st Jan 2024 | Year Ended 30th April, 2023 | |||
N'000 | N'000 | N'000 | N'000 | |
20 CAPITAL MANAGEMENT | ||||
Interest bearing loans and borrowings | 5,198,822 | 7,847,337 | ||
trade and other payables | 3,294,500 | 3,251,357 | ||
less:cash and short terms deposits | (1,812,398) | (1,348,967) | ||
Net debt | 6,680,925 | 9,749,727 | ||
Equity | 2,047,099 | 1,690,735 | ||
Deposit for shares | 5,164,000 | 2,500,000 | ||
7,211,099 | 4,190,735 | |||
Capital and net debt | 13,892,024 | 13,940,462 | ||
Gearing ratio(%) | 48% | 70% | ||