ASSETS

NON-CURRENT ASSETS
Fixed assets
Property, plant and equipment
Intangible assets

5
6

35,018,819
41,921
35,060,740

Long-term investments
Long-term loans and advances
Long-term deposits

7
8

10,925,020
78,981
3,175
46,067,916

CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts
Loans and advances
Trade deposits and short-term prepayments
Accrued mark-up
Other receivables
Tax refunds due from the Government
Cash and bank balances

9
10
11
12
13
14
15
16

TOTAL ASSETS

4,995,423
1,580,745
2,042,199
253,350
50,688
79,257
1,032,853
538,812
16,444,622
27,017,949
73,085,865

31,937,2
11 27,65
2
31,964,8
63
8,157,5
5072,44
53,17
5
40,198,0
33
6,078,915
1,638,984
2,077,714
161,625
57,699
71,512
455,540
538,812
8,590,797
19,671,5
98
59,869,6
31

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Share capital
Reserves

17
18

3,233,750
56,025,020
59,258,770

NON-CURRENT LIABILITIES
Long-term deposits
Deferred liabilities
CURRENT LIABILITIES
Trade and other payables
Taxation - net
Accrued mark-up
Current portion of long-term finance
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES

19
20

69,246
6,327,146
6,396,392

21

6,382,372
1,048,331
7,430,703
-

22

73,085,865

3,233,7
50
46,558,4
33
49,792,1
83
67,971
5,453,512
5,521,4
83
4,167,970
257,446
3,051
127,498
4,555,9
65
59,869,6
31

Gross sales

23

Less: Sales tax and federal excise duty

Rebates and commission
Net sales
Cost of sales

51,412,9
26

8,487,245
670,758

7,708,848
620,909

24

9,158,003
44,761,307
(24,578,219
)
20,183,088

25
26
27
28
29

(3,127,018)
(917,635)
(25,750)
(1,442,341)
1,241,450

Gross profit
Distribution costs
Administrative expenses
Finance costs
Other expenses
Other income

53,919,310

8,329,75
7
43,083,1
69
(24,393,0
64)
18,690,1
05
(3,382,15
6)(760,26
9)
(34,22
5)
(1,035,03
2) 977,94
2
14,456,3
65

Profit before taxation

15,911,794

Taxation
- current
- deferred

(2,942,130)
(538,066)

(2,890,619)
(221,343)

(3,480,196)
12,431,598

(3,111,96
2)
11,344,4
03

(71,594)
16,958

(912)
249

(54,636)

(663)

30
Profit after taxation
Other comprehensive income :
Other comprehensive income not to be reclassified to
profit and loss account in subsequent periods:
Loss on remeasurements of post retirement benefit obligations
Deferred taxation

Total comprehensive income for the year

12,376,962

11,343,7
40