9665 Total Nigeria q1 March 2015 Financial Statements May 2015

TOTAL NIGERIA PLC
FINANCIAL STATEMENTS -- 31 MARCH 2015

TOGETHER WITH DIRECTORS' AND AUDITOR'S REPORTS
Contents Page
Results at a glance 1
Statement of financial position 2
Statement of profit or loss and other comprehensive income 3
Statement of changes in equity 4
Statement of cash flows 5
Notes to the financial statements 6

TOTAL NIGERIA PLC
RESULTS AT A GLANCE
FOR THE PERIOD ENDED 31 MARCH
March March
2015 2014 Change
N'000 N'000 %
Revenue 60,042,747 60,595,084 (1)
Profit before taxation 625,531 1,709,474 (63)
Profit after taxation 223,217 1,069,948 (79)
Share capital 169,761 169,761 -
March December
2015 2014
Shareholders' funds 14,152,995 13,929,778 2
PER SHARE DATA:
Based on 339,521,837 ordinary

shares of 50 kobo each:
March March
Earnings per 50k share (Naira) - basic 0.66 3.15
Stock Exchange quotation (Naira) 180.00 172.95
Number of staff 481 464
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TOTAL NIGERIA PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2015
31 March 31 December
2015 2014
Note N'000 N'000
Non-current assets
Property, plant and equipment 16 21,575,978 21,921,619

Intangible assets 15 155,896 171,907
Prepayments 19 2,955,841 3,085,316
Total non-current assets 24,687,715 25,178,842
Current assets
Inventories 17 17,613,789 19,826,763
Trade and other receivables 18 35,995,517 35,379,702
Prepayments 19 622,757 658,676
Cash and bank balances 23 12,629,844 14,468,445
Total current assets 66,861,907 70,333,586
Total assets 91,549,622 95,512,428
Equity
Share capital 22 169,761 169,761
Retained earnings 13,983,234 13,760,017
Total Equity 14,152,995 13,929,778
Non-current liabilities
Deferred tax liabilities 11.3 2,901,285 2,767,576
Employee benefits 12 211,087 211,087
Total non-current liabilities 3,112,372 2,978,663
Current liabilities
Trade and other payables 21 55,944,038 61,773,238
Deferred income 21.2 70,336 43,676
Current tax liabilities 11.2 1,276,431 1,104,147
Borrowings 20 16,993,450 15,682,926
Total current liabilities 74,284,255 78,603,987
Total liabilities 77,396,627 81,582,650
Total equity and liabilities 91,549,622 95,512,428
These financial statements were approved by the Board of Directors of the Company on 28 April 2015 and
signed on behalf of the Board by:
Bassey Okon- Head of Finance

FRC/2015/ICAN/00000011585
Wilfried J.Y. Konde - Director

FRC/2013/IODN/0000002084
Alexis Vovk - Managing Director

FRC/2013/IODN/0000005534
The notes on pages 6 to 42 form an integral part of these financial statements.
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TOTAL NIGERIA PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
31 March 31 March
2015 2014
Note N'000 N'000
Revenue 5 60,042,747 60,595,084

Cost of sales 10 (53,492,049) (53,490,606)
Gross profit 6,550,698 7,104,478
Other income/Loss 9 89,198 (25,060)

Selling & distribution costs 10 (1,280,660) (1,087,571)
Administrative expenses 10 (4,449,543) (3,932,184)
Operating profit 909,693 2,059,664
Finance income 8 178,142 126,920

Finance costs 8 (462,304) (477,110)
Net finance costs (284,162) (350,190)
Profit before tax 625,531 1,709,474
Income tax expense 11 (402,314) (639,526)

Profit for the year 223,217 1,069,948
Other comprehensive income - -
Total comprehensive income for the year 223,217 1,069,948
Earnings per share

Basic earnings per share 14 0.66 3.15
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TOTAL NIGERIA PLC
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2014
Share capital Retained Total

earnings equity
N'000 N'000 N'000
Notes
Balance at 1 January 2014 169,761 13,071,024 13,240,785
Total comprehensive income for the year - 4,423,733 4,423,733
Transactions with owners of the Company
Final dividend 13 - (3,055,696) (3,055,696)

Interim dividend 13 - (679,044) (679,044)
Balance at 31 December 2014 169,761 13,760,017 13,929,778
For the period ended 31 March 2015
Share capital Retained Total

earnings equity
N'000 N'000 N'000
Notes
Balance at 1 January 2015 169,761 13,760,017 13,929,778
Total comprehensive income for the year - 223,217 223,217
Transactions with owners of the Company

Final dividend 13 - -
Interim dividend 13 - -
Balance at 31 March 2015 169,761 13,983,234 14,152,995
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TOTAL NIGERIA PLC
STATEMENT OF CASH FLOWS
2015 2014
Note N'000 N'000
Profit after tax 223,217 4,423,733
Adjustments for:
Depreciation 16 732,947 2,854,661
Amortisation 15 16,011 51,412
Provision for employee benefits 211,087
Gains on sale of PPE 9 (16,044) (58,442)
Foreign exchange gain on domicillary accounts 9 (203,110) (140,950)
Net finance costs 8 284,162 2,278,292
Tax expense 11.1.1 402,314 1,134,593
1,439,497 10,754,386
Changes in:
- Inventories 2,212,974 (5,185,870)
- Trade and other receivables (615,815) (4,261,119)
- Prepayments 165,394 (535,171)
- Trade and other payables (5,829,200) 18,070,725
- Deferred income 26,660 43,676
Cash generated from operating activities (2,600,490) 18,886,627
Taxes (96,321) (3,281,834)

Net cash generated from operating activities (2,696,811) 15,604,793
Cash flows from investing activities
Purchase of property, plant and equipment 16 (387,865) (3,965,684)

Purchase of intangible assets 15 - (56,753)
Interest received 8 178,142 342,919
Proceeds from disposal of property, plant and equipment 16,603 71,927
Net cash used in investing activities (193,120) (3,607,591)
Cash flow from financing activities
Interest paid on overdrafts 8 (462,304) (2,621,211)

Dividends paid 13.1 - (3,568,406)
Net cash used in financing activities (462,304) (6,189,617)
Net increase in cash and cash equivalents (3,352,235) 5,807,585

Cash and cash equivalents at 1 January (1,214,481) (7,163,016)
Effect of movement in exchange rates on cash 203,110 140,950
Cash and cash equivalents as at 31 March 23 (4,363,606) (1,214,481)
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TOTAL NIGERIA PLC
NOTES TO THE FINANCIAL STATEMENTS
1 The Company
Legal form:
The Company was incorporated as a private limited liability Company in 1956 and was converted to a
public Company in 1978. The merger of the Company with Elf Oil Nigeria Limited which commenced
globally in November 1999 was completed in Nigeria in 2002. With this development, the authorized,
issued and fully paid share capital was ₦148,541,000 made up of 297,082,000 ordinary shares of
50k each. In 2003, to mark the completion of its corporate mergers, Total Group worldwide reverted
to its former name Total and adopted a new logo with a unifying design to express its corporate
ambition.
Accordingly, the Company changed its name from TotalFinaElf Nigeria Plc to Total Nigeria Plc in the
same year. With the capitalisation of the bonus issue of 42,440,228 ordinary shares of 50k each in
March 2004, the authorised share capital became ₦169,760,918 made up of 339,521,837 ordinary
shares of 50k each. 61.72% of the Company's ordinary shares were held by Total Societe Anonyme
up until 2013 when a restructuring was concluded and Total Raffinage Marketing became the
shareholders of 61.72% of Total Nigeria Plc while the remaining 38.28% are held by the Nigerian
public.
31 March 2015 31 December 2014

Number Holdings Number Holdings
'000 % '000 %
Total Raffinage Marketing 209,560 61.72 209,560 61.72
Other shareholders 129,962 38.28 129,962 38.28
339,522 100.00 339,522 100.00
No shareholder, except as disclosed above, held more than 10% of the issued share capital of the
Company as at 31 December 2014 and 31 March 2015
Principal activities
The principal activity of the Company is the blending of lubricants as well as the sales and marketing
of refined petroleum products.
Description of business
Total Nigeria Plc. ("the Company") is a subsidiary of Total Raffinage Marketing ("the Parent
Company") in France and operates in the petroleum marketing and distribution business in Nigeria.
The Company's registered office is situated at:
No. 4, Churchgate street

Victoria Island
Lagos state
It has over 500 retail outlets, 5 LPG bottling plants, 3 lubricant blending plants and 4 aviation depots
as well as other facilities spread across the country.
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TOTAL NIGERIA PLC
2.0 Basis of preparation

2.1 Statement of compliance
The financial statements of the Company have been prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
(IASB). They were authorised for issue by the Board of Directors on 28 April 2015.
2.2 Basis of measurement

The financial statements have been prepared on the historical cost basis.
2.3 Functional and presentation currency

These financial statements are presented in Nigerian Naira, which is the Company's functional
currency. All financial information presented in Naira have been rounded to the nearest thousand
unless otherwise stated.
2.4 Financial period

These financial statements cover the financial period from 01 January to 31 March 2015, with
corresponding figures for the financial period from 01 January to 31 March 2014, and where
appropriate from 01 January to 31 December 2014.
2.5 Use of estimates and judgments

In preparing these financial statements, management has made judgement, estimates and
assumptions that affect the application of the Company's accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting
estimates are recognised in the period in which the estimates are revised and in any future periods
affected.
(i) Judgement
Information about judgements made in applying accounting policies that have the most
significant effects on amounts recognised in the financial statements is included in Note 23 with
respect to cash balances held with Total Treasury.
(ii) Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties that have the most significant effect
on the amounts recognised in the financial statements is included in Note 12 on employee
benefits - measurment of defined benefit obligation relating to the Company's Long Service
Award (LSA) scheme.
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TOTAL NIGERIA PLC
3 New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are effective for annual
periods beginning after 1 January 2015, and have not been applied in preparing these financial
statements. Those which may be relevant to the Company are set out below. The Company does not
plan to adopt these standards early. These will be adopted in the period that they become mandatory
unless otherwise indicated.
Effective for the financial year commencing 1 January 2016

- Disclosure Initiative (Amendments to IAS 1)
- IFRS 15 Revenue from Contracts with Customers
- IFRS 9 Financial Instruments
All standards and interpretations will be adopted at their effective date (except for those Standards and
Interpretations that are not applicable to the Company).
IFRS 14 Regulatory Deferral Accounts, Clarification of acceptable methods of depreciation and

amortisation (Amendments to IAS 16 and IAS 38), Defined Benefit Plans: Employee Contributions
(Amendments to IAS 19), Accounting for acquisitions of interests in joint operations (Amendments to
IFRS 11), Agriculture: Bearer plants (Amendments to IAS 6 and IAS 41) are not applicable to the
business of the Company and will therefore have no impact on future financial statements.
The directors are of the opinion that the impact of the application of the remaining Standards and
Interpretations will be as follows:
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TOTAL NIGERIA PLC
Standard/Interpretation Effective date

not yet effective as at Date issued by Periods beginning Summary of the requirements
31 March 2015 IASB on or after and assessment of impact
IAS 1 Disclosure December 2014 1 January 2016 The amendments provide additional
Initiative Early adoption is guidance on the application of
permitted materiality and aggregation when
preparing financial statements.
IFRS 15 Revenue from May 2014 1 January 2017 This standard replaces IAS 11
contract with Early adoption is Construction Contracts , IAS 18
customers permitted Revenue , IFRIC 13 Customer
Loyalty Programmes , IFRIC 15
Agreements for the Construction of
Real Estate , IFRIC 18 Transfer of
Assets from Customers and SIC-31
Revenue – Barter of Transactions
Involving Advertising Services .
The standard contains a single

model that applies to contracts with
customers and two approaches to
recognising revenue: at a point in
time or over time. The model
features a contract-based five-step
analysis of transactions to
determine whether, how much and
when revenue is recognised.
This new standard will most likely

have a significant impact on the
Company, which will include a
possible change in the timing of
when revenue is recognised and the
amount of revenue recognised.
The Company will adopt the

amendments for the year ending 31
December 2017.
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TOTAL NIGERIA PLC
Effective date
Standard/Interpretation Date Periods
not yet effective as at issued by beginning on Summary of the requirements and
31 March 2015 IASB or after assessment of impact
IFRS 9 Financial July 2014 1 January On 24 July 2014, the IASB issued the final
Instruments 2018 IFRS 9 Financial Instruments Standard,
Early adoption which replaces earlier versions of IFRS 9 and
is permitted completes the IASB’s project to replace IAS
39 Financial Instruments: Recognition and
Measurement .
This standard will have a significant impact
on the Company, which will include changes
in the measurement bases of the Company’s
financial assets to amortised cost, fair value
through other comprehensive income or fair
value through profit or loss. Even though
these measurement categories are similar to
IAS 39, the criteria for classification into these
categories are significantly different. In
addition, the IFRS 9 impairment model has
been changed from an “incurred loss” model
from IAS 39 to an “expected credit loss”
model, which is expected to increase the
provision for bad debts recognised in the
Company.
The amendments apply retrospectively. The
Company will adopt the amendments for the
year ending 31 December 2018.
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TOTAL NIGERIA PLC
4 Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in
these financial statements.
4.1 Foreign currency transactions

Transactions denominated in foreign currencies are translated at the exchange rate on the
transaction date. At each reporting date, monetary assets and liabilities are translated at the
closing rate and the resulting exchange differences are recognised in profit or loss on a net basis
as “Other income” (exchange gain) or “Other expenses” (exchange loss). Non monetary items that
are measured based on historical cost in a foreign currency are not translated.
4.2 Revenue
Revenue is measured at the fair value of consideration received or receivable. Revenue is
reduced for estimated customer returns, rebates and other similar allowances.
(i) Sale of goods

Revenue from the sale of goods is recognised when the following conditions are satisfied
- The Company has transferred to the buyer significant risks and rewards of ownership of the
goods;
- The Company retains neither continuing managerial involvement in the goods to the degree
usually associated with ownership nor effective control over goods sold;
- The amount of revenue can be measured reliably;
- It is probable that economic benefits associated with the transaction will flow to the Company;
- The cost incurred or to be incurred in respect of the transaction can be measured reliably.
(ii) Other Income

The Company recognises income from commission on sales at its bonjour shops as well as the
rental of some of its space for mast kiosks. The period of occupancy is the basis upon which rental
income is recognised. Rental income is recongnised in profit or loss on a straight line basis over
the term of the lease.
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TOTAL NIGERIA PLC
4.3 Finance income and finance costs

The Company's finance income comprises interest income on funds invested and interest on
delayed subsidy payment by Petroleum Product Pricing and Regulatory Agency (PPPRA). Finance
income is recognised as it accrues in profit or loss, using the effective interest method, by reference
to the principal outstanding.
Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions and
borrowing costs that are not directly attributable to the acquisition, construction or production of a
qualifying asset are recognised in profit or loss using the effective interest method.
4.4 Income taxes

Income taxes disclosed in the statement of profit or loss and other comprehensive income include
the current tax expenses and the deferred tax expenses.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year,
using tax rates statutorily enacted at the reporting date, and any adjustment to tax payable in respect
of previous years.
The Company offsets the tax assets arising from WHT credits and current tax liabilities if, and only if,
the entity has a legally enforceable right to set-off the recognised amounts, and it intends to either
settle on a net basis, or to realise the asset and settle the liability simultaneously. The tax asset is
reviewed at each reporting date and written down to the extent that it is no longer probable that
future economic benefit would not be realised.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all deductible temporary differences to the extent
that it is probable that taxable profits will be available against which those deductible temporary
differences can be utilised. Such deferred tax assets and liabilities are not recognised if the
temporary difference arises from goodwill or from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor
the accounting profit.
Total Nigeria Plc uses the liability method whereby deferred income taxes are recorded based on
the temporary differences between the carrying amounts of assets and liabilities recorded in the
statement of financial position and their tax bases, and on carry forwards of unused tax losses and
tax credits.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of
the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the
year in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. The measurement of
deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in
which the Company expects, at the end of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.
Current and deferred tax are recognised in the statement of profit or loss and other comprehensive
income, except when they relate to items that are recognised in other comprehensive income or
directly in equity, in which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity respectively. Where current tax or deferred tax arises
from the initial accounting for a business combination, the tax effect is included in the accounting for
the business combination.
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TOTAL NIGERIA PLC
4.5 Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders of
the Company by the weighted average number of ordinary shares outstanding during the year.
4.6 Property plant and equipment

i Recognition and measurement
Property, plant and equipment are measured at cost, less accumulated depreciation and any
accumulated impairment losses.
Property, plant and equipment under construction are disclosed as work in progress. The cost of self-
constructed assets includes the cost of materials and direct labour, any other costs directly
attributable to bringing the asset to a working condition for their intended use including, where
applicable, the cost of dismantling and removing the items and restoring the site on which they are
located and borrowing costs on qualifying assets.
When parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items (major components) of property, plant and equipment.
Gains and losses on disposal of an item of property, plant and equipment are determined by
comparing the proceeds from disposal with the carrying amount of property, plant and equipment,
and are recognised net within other income in profit or loss.
ii Subsequent costs
The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying
amount of the item if it is probable that the future economic benefits embodied within the part will flow
to the Company and its cost can be measured reliably. The carrying amount of the replaced part is
derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised
in profit or loss as incurred.
iii Depreciation
Depreciation methods, useful lives and residual values are reviewed each financial year end and
adjusted if appropriate.
Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is
reasonably certain that the Company will obtain ownership by the end of the lease term.
Property, plant and equipment are depreciated to their residual values using the straight-line method
over their useful lives for current and corresponding periods as follows:
Type of asset Useful lives
‧ Furniture, office equipment, machinery and tools 3 - 12 years
‧ Transportation equipment 5 - 20 years
‧ Storage tanks and related equipment 10 - 15 years
‧ Specialized complex installations and pipelines 10 - 30 years
‧ Buildings 10 - 50 years
Work in progress is not depreciated. The attributable cost of each asset is transferred to the relevant
asset category immediately the asset is available for use and depreciated accordingly.
4.7 Intangible assets

i Recognition and measurement
Intangible assets that are acquired by the Company and have finite useful lives are measured at cost
less accumulated amortisation and accumulated impairment losses.
Intangible assets are computer software's and licenses with an estimated useful life of between 3 to 5
years. These are capitalised on the basis of acquisition costs as well as costs incurred to bring the
assets to use.
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TOTAL NIGERIA PLC
ii Subsequent expenditure
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied
in the specific intangible asset to which it relates. All other expenditure is recognised in profit or loss
as incurred.
iii Amortisation of intangible assets

Amortisation is calculated over the cost of the asset, or other amount substituted for cost, less its
residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated
useful lives of intangible assets from the date that they are available for use, since this most closely
reflects the expected pattern of consumption of the future economic benefits embodied in the asset.
4.8 Technical assistance and management fees

Total Raffinage Marketing charges Total Nigeria Plc for General Assistance while Total Outre Mer
charges Total Nigeria Plc for Research & Development costs. The expenses are generally charged to
profit or loss.
Development expenses are capitalized when the following can be demonstrated:
• The technical feasibility of the project and availability of adequate resources for completion of the
asset.
• The ability of the asset to generate probable future economic benefits.
• The ability to measure reliably the expenditures attributable to the asset.
Subsequent to initial recognition, development expenditure is measured at cost less accumulated
amortisation and any accumulated impairment losses.
Amortisation is calculated to write off the cost of intangible assets less their estimated useful lives,
and is generally recognised in the profit or loss.
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TOTAL NIGERIA PLC
4.9 Impairment
Non-derivative financial assets
Financial assets not classified at fair value through profit or loss are assessed at each reporting date to
determine whether there is objective evidence of impairment.
Objective evidence that financial assets are impaired includes;
‧ Default or delinquency by a debtor
‧ Restructuring of an amount due to the Company on terms that the Company would not consider
otherwise
‧ Indications that a debtor or issuer will enter bankruptcy
‧ Adverse changes in the payment status of borrowers or issuers
‧ Observable data indicating that there is a measurable decrease in the expected cash flows from a
group of financial assets
Financial assets measured at amortised cost

The Company considers evidence of impairment for these assets at both an individual asset and
collective level. All individually significant assets are individually assessed for impairment. Those found
not to be impaired are then collectively assessed for any impairment that has been incurred but not yet
individually identified. Assets that are not individually significant are collectively assessed for
impairment. Collective assessment is carried out by grouping together assets with similar risk
In assessing collective impairment, the Company uses historical information on timing of recoveries and
the amount of loss incurred, and makes adjustment if current economic and credit conditions are such
that the actual losses are likely to be greater or less than suggested by historical trends.
An impairment loss is calculated as the difference between an asset's carrying amount and the present
value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses
are recognised in profit or loss and reflected in an allowance account. When the Company considers
that there are no realistic prospect of recovery of the asset, the relevant amounts are written off. If the
amount of impairment loss subsequently decreases and the decrease can be related objectively to an
event occurring after the impairment was recognised, then the previously recognised impairment loss is
reversed through profit or loss.
Non financial assets

At each reporting date, the Company reviews the carrying amounts of its non-financial assets (other
than inventories and deferred tax assets) to determine whether there is any indication of impairment. If
any such indication exists, then the asset’s recoverable amount is estimated.
For impairment testing, assets are grouped together into the smallest group of assets that generates
cash flows from continuing use that are largely independent of the cash flows of other assets or CGUs.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair
value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset or CGU.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated
recoverable amount.
Impairment losses are recognised in profit or loss. An impairment loss is reversed only to the extent that
the asset's carrying amount does not exceed the carrying amount that would have been determined, net
of depreciation or amortisation, if no impairment loss had been recognised.
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TOTAL NIGERIA PLC
4.10 Financial instruments

i Non-derivative financial assets
The Company initially recognises loans and receivables on the date that they are originated. All other
financial assets (including assets designated at fair value through profit or loss, if any) are recognised
initially on the trade date at which the Company becomes a party to the contractual provisions of the
instrument.
The Company derecognises a financial asset when the contractual rights to the cash flows from the
asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a
transaction in which substantially all the risks and rewards of ownership of the financial asset are
transferred. Any interest in transferred financial assets that is created or retained by the Company is
recognised as a separate asset or liability.
The Company has only loans and receivables as well as cash and cash equivalents as non-derivative
financial assets.
Loans and receivables

Loans and receivables are financial assets with fixed or determinable payments that are not quoted in
an active market. Such assets are recognised initially at fair value plus any directly attributable
transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortised
cost using the effective interest method, less any impairment losses.
Short term receivables that do not attract interest are measured at original invoice amount where the
effect of discounting is not material.
Loans and receivables comprise trade and other receivables, employee loans, as well as cash and cash
equivalents.
Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, cash balances with banks and call deposits with
original maturities of three months or less. Bank overdrafts that are repayable on demand and form an
integral part of the Company’s cash management are included as a component of cash and cash
equivalents for the purpose of statement of cash flows.
ii Non-derivative financial liabilities

All financial liabilities (including liabilities designated at fair value through profit or loss, if any) are
recognised initially on the trade date at which the Company becomes a party to the contractual
provisions of the instrument.
The Company derecognises a financial liability when its contractual obligations are discharged,
cancelled or expire.
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TOTAL NIGERIA PLC
The Company has the following non-derivative financial liabilities: loans and borrowings, trade and other
payables.
Such financial liabilities are recognised initially at fair value plus any directly attributable transaction
costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using
the effective interest method.
The Company classifies non-financial liabilities into the other financial liabilities category.
Short-term payables that do not attract interest are measured at original invoice amount where the
effect of discounting is not material.
Financial assets and liabilities are offset and the net amount presented in the statement of financial
position when, and only when, the Company has a legal right to offset the amounts and intends either to
settle on a net basis or to realise the asset and settle the liability simultaneously.
iii Share capital

The Company has only one class of shares namely ordinary shares. Ordinary shares are classified as
equity. When new shares are issued, they are recorded in share capital at their par value. The excess of
the issue price over the par value is recorded in the share premium reserve.
Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction
from equity, net of any tax effects.
When shares recognised as equity are repurchased, the amount of the consideration paid, which
includes directly attributable costs, net of any tax effects, is recognised as a deduction from equity
4.11 Inventories
Inventories are measured at the lower of cost and net realizable value. Net realizable value represents
the estimated selling price for inventories less estimated cost to make the sale. The cost of blended
products/lubricants includes an appropriate share of production overheads based on normal operating
capacity.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated
costs of completion and selling expenses. Inventory values are adjusted for obsolete, slow-moving or
defective items.
The basis of costing inventories are as follows:
Product Type Cost Basis

Refined Petroleum Products Weighted Average Cost of costs incurred (for
(AGO, ATK, PMS, DPK) deregulated products reduced by the value of
subsidies due)
Packaging Materials, Lubricants Weighted Average Cost
and Greases
Inventories-in-transit Purchase cost incurred to date
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TOTAL NIGERIA PLC
4.12 Provisions
Provisions comprise liabilities for which the amount and the timing are uncertain. They arise from environmental
risks, legal and tax risks, litigation and other risks. A provision is recognised when the Company has a present
obligation (legal or constructive) as a result of a past event for which it is probable that an outflow of resources
will be required and when a reliable estimate can be made regarding the amount of the obligation. Provisions
are determined by determining the expected future cash flow at a pre-tax rate that reflects current market
assessment of the value and the risk specific to the liability. The unwinding of the discount is recognised in
profit or loss.
4.13 Employee benefits

i Defined contribution plan
A defined contribution plan is a post-employment benefit plan under which the Company pays fixed
contributions into a separate entity. The Company has no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee
service in the current and prior periods.
In line with the provisions of the Amended Pension Act 2014, the Company has instituted a defined contribution
pension scheme for its permanent staff. Employees contribute 8% each of their Basic salary, Transport and
Housing Allowances to the Fund on a monthly basis. The Company’s contribution is 10% of each employee’s
Basic salary, Transport and Housing Allowances. Staff contributions to the scheme are funded through payroll
deductions while the Company’s contribution is recognised in profit or loss as employee benefit expense in the
periods during which services are rendered by employees
ii Gratuity scheme
The Company operates a gratuity scheme for its employees in service before January 2001. This is funded by
the Company monthly, at a rate of contribution of 9.5% of total annual emolument and paid to Fund Managers
chosen by each employee.
The Company's obligation are extinguished once the amounts have been transferred to the Fund Managers.
iii Other long-term employee benefits

The Company’s other long-term employee benefits represents a Long Service Award scheme instituted for all
permanent employees. The Company’s obligations in respect of this scheme is the amount of future benefits
that employees have earned in return for their service in the current and prior periods. The benefit is discounted
to determine its present value. The discount rate is the yield at the reporting date on Federal Government of
Nigeria issued bonds that have maturity dates approximating the term of the Company’s obligation. The
calculation is performed using the Projected Unit Credit method. Remeasurements are recognised in profit or
loss in the period in which they arise. This Scheme is not funded. The obligations are paid out of the
Company’s Cash flows as and when due.
iv Termination benefits
Termination benefits are expensed at the earlier of when the Company can no longer withdraw the offer of
those benefits and when the Company recognises costs for a restructuring. If benefits are not expected to be
settled wholly within 12 months of the end of the reporting period, then they are discounted.
v Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the
related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonuses if the Company has
a present legal or constructive obligation to pay this amount as a result of past service provided by the
employee, and the obligation can be estimated reliably.
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TOTAL NIGERIA PLC
4.14 Government grant

Petroleum Products Pricing Regulatory Agenciy (PPPRA) subsidises the cost of importation of certain refined
petroleum products whose prices are regulated in the Nigerian market. The subsidies are recognised when
there is reasonable assurance that they will be recovered and the Company has complied with the conditions
attached to receiving the subsidy. The subsidies are recognised as reduction to landing cost of the subsidised
petroleum product.
4.15 Leases
Determining whether an arrangement contains a lease
At inception of an arrangement, the Company determines whether the arrangement is or contains a lease. At
inception or on reassessment of an arrangement that contains a lease, the Company seperates payment and
other consideration required by the arrangement into those for the lease and those for other elements on the
basis of their relative fair values. If the Company concludes for a finance lease that is impracticable to
sepearate the payment reliably, then an asset and a liability are recognised at an amount equal to the fair value
of the underlying asset. Subsequently, the liability is reduced as payments are made and an inputed finance
cost on the liability is recognised using the Company's incremental borrowing rate.
Leased assets
Assets held by the Company under leases that transfer to the Company substantially all of the risk and reward
of ownership are classified as finance lease. The leased assets are measured initially at an amount equal to the
lower of the fair value and the present value of the minimum lease payments. Subsequent to initial recognition,
the assets are accounted for in accordance with the accounting policy applicable to that asset.
Any other type of lease is an operating lease.
Lease payments
Payments made under operating leases are recognised in profit or loss on a straight line basis over the term of
lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of
the lease. Minimum lease payments made under finance leases are apportioned between the finance expense
and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease
term so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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TOTAL NIGERIA PLC
4.16 Measurement of fair values
Some of the Company’s accounting policies and disclosures require the determination of fair value, for both
financial and non-financial assets and liabilities.
The Company has an established control framework with respect to the measurement of fair values. The
Executive Director, Finance & Development (EDFD) has overall responsibility for overseeing all significant fair
value measurements, including Level 3 fair values, and reports directly to the Board of Directors.
The EDFD regularly reviews significant unobservable inputs and valuation adjustments. If third party
information, such as broker quotes or pricing services, is used to measure fair values, then the EDFD assesses
the evidence obtained from the third parties to support the conclusion that such valuations meet the
requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be
classified. Significant valuation issues are reported to the Board of Directors.
When measuring the fair value of an asset or a liability, the Company uses market observable data as far as
possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in
the valuation techniques as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices)
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels of
the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the
fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period
during which the change has occurred.
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TOTAL NIGERIA PLC
5 Revenue
An analysis of the entity’s revenue is as follows:
2015 2014
N'000 N'000
Petroleum products 53,212,778 53,227,872
Lubricants and others 6,829,969 7,367,212
60,042,747 60,595,084
-0.01
-
6 Segment reporting
Products and services from which reportable segments derive their revenues
Information reported to the Company's Chief Executive for the purposes of resource allocation and assessment of segment performance is
focused on the category of products for each type of activity (petroleum products, lubricants and others). The principal sales channels are
Network, General Trade and Aviation. The Company's reportable segments under IFRS 8 are therefore as follows: Network, General
Trade and Aviation.
Segment revenue reported below represents revenue generated from external customers. There were no inter-segment sales in the current
period (2014: Nil).
The Company made the following sales to the industry partners during the year which have been included in the aviation segment as
shown below:
Quantity
(Ltrs) Revenue
’000 N’000
JET A1 fuel (ATK) 6,962 987,909
6.1 Segment profit or loss (key items)
31 March 2015
GENERAL
NETWORK TRADE AVIATION Total
N'000 N'000 N'000 N'000
Revenue 73% 43,635,679 18% 10,814,980 9% 5,592,088 100% 60,042,747
Gross profit 76% 4,946,948 22% 1,422,228 3% 181,523 100% 6,550,698
Finance income 76% 135,761 15% 27,170 9% 15,211 100% 178,142
Finance cost 76% (352,318) 15% (70,510) 9% (39,475) 100% (462,304)
Depreciation and amortisation 90% (772,900) 8% (72,128) 2% (17,626) 100% (862,654)
31 March 2014
GENERAL
NETWORK TRADE AVIATION Total
N'000 N'000 N'000 N'000
Revenue 65% 39,358,585 23% 13,757,037 12% 7,479,462 100% 60,595,084
Gross Profit 74% 5,364,603 20% 1,455,888 4% 283,988 100% 7,104,478
Finance Income 72% 91,479 19% 24,615 9% 10,825 100% 126,920
Finance Cost 72% (343,882) 19% (92,533) 9% (40,695) 100% (477,110)
Depreciation and amortisation 90% (698,836) 8% (65,216) 2% (15,937) 100% (779,990)
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TOTAL NIGERIA PLC
7 Auditors’ remuneration March March

The analysis of auditors' remuneration is as follows:
2015 2014
N'000 N'000
Fees payable to the Company’s auditors for the audit of the
9,165 9,850
Company’s annual accounts
Total audit fees 9,165 9,850
7.1 - Other services - 7,545
Total non-audit fees - 7,545
7.2 Fees paid to other professional consultants

- Tax services 39,490 36,789
- Information technology services 4,000 17,516
- Litigation services 5,500 10,137
- Recruitment and remuneration services 1,120 5,596
- Other services 1 13,193 6,038
63,303 76,076
1
Other Services include Subscription to professional bodies ( N4.5M) Secretarial Fees (N10M) Attendance
Fees (N5M)
8 Finance income and finance cost

2015 2014
Finance income: N'000 N'000
Interest on deposits 145,752 31,203
Interest on other loans and receivables (Note 8.1) 32,390 95,716
Total finance income 178,142 126,920
Finance Costs
Interest on bank overdrafts and loans (462,304) (477,110)
Total finance costs (462,304) (477,110)
Net finance costs (284,162) (350,190)
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TOTAL NIGERIA PLC
31 March 31 March
2015 2014
N'000 N'000
9 Other income
Network income 1 848 19,148

Other sundry income 2 275,416 64,523
Gain on sales of property, plant and equipment 16,044 16,075
Net foreign exchange loss (203,110) (124,807)
Stock and assets in progress write back - 0
89,198 (25,060)
1
Network income represents income from Bonjour shop, rent, vendor management fees and other miscellaneous
income.
2
Other sundry income relates to royalty received.
31 March 31 March
2015 2014
N'000 N'000
10 Expenses by nature
Changes in inventory of lubes, greases and refined products 52,641,157 52,651,774
Custom duties 371,521 303,424
Transport on supplies 479,371 535,408
Staff cost (Note 31(iii)) 1,931,089 1,655,187
Selling and other distribution Costs 1,280,660 1,087,571
Depreciation and amortisation 862,654 779,990
Technical assistance and management fees 331,294 189,322
Maintenance expenses 335,965 238,347
Motor fuels and travelling expenses 158,447 201,899
Communication, computer and stationery expenses 77,577 31,038
Bank charges 126,042 144,222
Business promotion and publicity 152,099 97,095
Other expenses 92,677 63,357
Sub-contracted service security & guarding 88,355 92,867
Bad and doubtful debts impairment - 70,483
Professional and legal fees 78,649 80,335
Rental services 52,083 55,963
Purchase of consumables 26,727 71,775
Insurance 32,406 50,838
Sub-contracted services others 22,674 1,774
Licences and similar charges 24,893 44,053
Entertainment expenses 15,930 34,976
Sub-contracted service engineering studies 10,567 3,363
Sub-contranted serivces de-pollution and environment 20,250 15,450
Auditor's remuneration 9,165 9,850
Total cost of sales, selling & distribution and administrative expenses 59,222,252 58,510,360
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TOTAL NIGERIA PLC

11 Income tax
Income tax expense
The tax charge for the year has been computed after adjusting for certain items of expenditure and income, which are
not deductible or chargeable for tax purposes and comprises:
11.1.1 Amounts recognised in profit or loss 31 March 31 March

2015 2014
N'000 N'000
Tax
Corporation tax expenses:
Income tax 240,229 536,083
Education tax 28,376 10,940
Capital gains tax - -
Current year tax expense 268,605 547,023
Reversal of prior year over provsion - -
268,605 547,023
Origination and reversal of temporary differences (Note 11.3) 133,709 92,503
Tax expense 402,314 639,526
11.1.2 Reconciliation of effective tax rate 31 March 31 March

2015 2013
N'000 N'000
Profit before tax 625,531 1,709,474

Income tax using the statutory tax rate (30%) 30% 187,659 512,842
Effect of:
Education tax 25,677 10,940

Capital gains tax - -
Non-deductible expenses 594,400 480,319
Tax incentives (546,810) (490,914)
Recognition of previously unrecognised temporary differences 133,709 -
Changes in estimates related to prior year - -
Others 4,981 126,339
399,616 639,525
-
11.2 Movement in current tax liability 31 March 31 December

2015 2014
N'000 N'000
Balance as at 1 January 1,104,147 3,015,922
Net provision for the year (Note 11.1.1) 268,605 1,370,059
Payments during the year - (2,234,491)
Withholding tax credit notes (96,321) (1,047,343)
Balance as at 31 March 1,276,431 1,104,147
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TOTAL NIGERIA PLC
11.3 Deferred taxation

Deferred tax assets and liabilities are attributable to the following;
Assets Liabilities Net

2015 2014 2015 2014 2015 2014
N'000 N'000 N'000 N'000 N'000 N'000
Property, plant and equipment - (3,612,768) (3,244,840) (3,612,768) (3,244,839)

Provision for doubtful debts 418,307 (1,022) - (1,022) 418,307
Provision for employee benefits 63,326 - - - 63,326
Provision for stock 9,561 - - - 9,561
Unrealised exchange differences 46,990 - 46,990 (13,931)
Other difference (13,931) 665,515

46,990 491,194 (3,613,790) (3,258,771) (2,901,285) (2,767,576)
Movement in deferred tax balances during the year;
Balance Balance Balance

1 January Recognised in 31 December Recognised in 31 March
2014 profit or loss 2014 profit or loss 2015
N'000 N'000 N'000 N'000 N'000
Property, plant and equipment (3,003,042) (241,797) (3,244,839) (367,929) (3,612,768)

Provision for doubtful debts - 418,307 418,307 (419,329) (1,022)
Provision for employee benefits - 63,326 63,326 (63,326) -
Provision for stock - 9,561 9,561 (9,561) -
Unrealised exchange differences - (13,931) (13,931) 60,921 46,990
Other difference - - - 665,515 665,515
(3,003,042) 235,466 (2,767,576) (133,709) (2,901,285)
11.4 The charge for income tax in these financial statements is based on the provisions of the Companies Income Tax Act CAP C21 LFN 2004 (as
amended) and the tertiary education tax charge is based on the Tertiary Education Trust Fund Act, 2011. There are no unrecognised deferred
tax assets or liabilities.
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TOTAL NIGERIA PLC
12.0 Employee benefits

Employee benefits represent the Company's liability for long service awards. Staff who have attained the
milestones for the specified number of years of service in the Company (i.e. 10 years, 15 years and 20 years)
are rewarded with cash and gift items as long service awards.
No additional provision was made in the period ended 31 March 2015.
13 Dividends
Declared dividends
The following dividends were declared by the Company during the year.
2015 2014
N'000 N'000
Prior year final dividend:

N9.00 per qualifying ordinary share (2013: N8.00) 3,055,697
Current year interim dividend:

N2.00 per qualifying ordinary share (2013: N2.00) 679,044
- 3,734,741
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TOTAL NIGERIA PLC
13.1 Dividend payable 31 March 31 December

2015 2014
N'000 N'000

Final dividend 3,055,697
Interim dividend 679,044
1,252,748 4,821,154
Dividend paid (3,568,406)
14 Earnings per share (EPS) and dividend declared per share

Basic earnings per share
Basic earnings per share of N0.66 (2014: N3.15) is based on profit attributable to ordinary shareholders of N223
million (2014: N1.1 billion), and on the 339,521,837 ordinary shares of 50 kobo each, being the weighted
average number of ordinary shares in issue during the year (2014: 339,521,837 ordinary shares).
31 March 31 March
2015 2014
Earnings
Profit for the year attributable to shareholders (expressed in Naira) 223,216,760 1,069,947,847
Number of shares
Weighted average ordinary shares of 50 kobo each 339,521,837 339,521,837
Basic earnings per 50 kobo share (expressed in Naira) 0.66 3.15
The denominators for the purposes of calculating basic earnings per share are based on issued and paid
ordinary shares of 50 kobo each.
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TOTAL NIGERIA PLC
15 Intangible assets
Computer
software
Cost N'000
Balance as 1 January 2015 348,505

Additions -
Balance as at 31 March 2015 348,505
Amortisation
Balance as 1 January 2015 (176,598)
Charge for the year (16,011)
Balance as at 31 March 2015 (192,609)
Carrying amount
At 31 March 2015 155,896
At 31 December 2014 171,907
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TOTAL NIGERIA PLC
16 Property, plant and equipment

The movement on these accounts were as follows:
Computer
Leasehold Plant, Office equipment Capital
land and machinery equipment and other Motor work in
buildings and fittings and furniture tangible assets vehicles progress Total
N'000 N'000 N'000 N'000 N'000 N'000 N'000
Cost or valuation
Balance as at 1 January 2015 14,273,050 10,869,768 579,284 6,835,263 1,239,418 4,122,195 37,918,978
Additions 2,587 4,389 - 2,618 - 378,271 387,865
Transfers ( Note 16.1) 122,126 177,665 1,381 140,484 44,113 (485,769) -
Disposals (98) (7,784) - (3,628) (33,947) - (45,457)
Balance as at 31 March 2015 14,397,665 11,044,038 580,665 6,974,737 1,249,584 4,014,697 38,261,386
Accumulated depreciation and impairment
Balance as at 1 January 2015 (3,468,540) (5,656,718) (462,854) (5,600,873) (808,374) - (15,997,359)

Charge for the year (145,004) (248,111) (14,076) (271,743) (54,013) - (732,947)
Eliminated on disposals 98 7,418 - 3,435 33,947 - 44,898
At 31 March 2015 (3,613,446) (5,897,411) (476,930) (5,869,181) (828,440) - (16,685,408)
Carrying amount
At 31 March 2015 10,784,219 5,146,627 103,735 1,105,556 421,144 4,014,697 21,575,978
At 31 December 2014 10,804,510 5,213,050 116,430 1,234,390 431,044 4,122,195 21,921,619
16.1 Capital work in progress relates to projects under construction and technical installations. As each project is completed, it is transfered to the appropriate
class of property, plant and equipment.
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TOTAL NIGERIA PLC
17 Inventories
Inventories comprise: 31 March 31 December
2015 2014
N'000 N'000
Raw materials 2,380,059 1,740,789
Goods in transit 835,137 3,524,121
Finished goods 13,995,795 14,168,671
Consumable equipment and spares 402,798 393,182
17,613,789 19,826,763
18 Trade and other receivables 31 March 31 December

2015 2014
N'000 N'000
Customers account 14,718,306 14,843,694

Due from related parties (Note 30.2) 414,534 2,523,394
15,132,840 17,367,088
Other receivables 2,959,114 1,821,094

Bridging claims 10,400,087 9,049,629
Receivable from Petroleum Support Funds 6,250,728 5,889,143
Cardinal Stone Registrars (Unclaimed dividends) 1,252,748 1,252,748
20,862,677 18,012,614
35,995,517 35,379,702
18.1 As at 31 March 2015, the ageing of trade receivables that were not impaired was as follows:
2015 2014
N'000 N'000
Neither past due nor impaired 9,681,117 12,049,867
0 - 90 days past due 3,361,952 3,739,264
91 - 180 days past due 1,901,415 416,423
Above 180 days past due 188,356 1,161,534
15,132,840 17,367,088
18.2 Ageing of impaired trade receivables
The Company considers its receivables to be impaired when normal collection methods fail and the
receivables are referred to the legal team/collection agents.
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TOTAL NIGERIA PLC
18.3 Movement in the allowance for doubtful debts 31 March 31 December

2015 2014
N'000 N'000
Impairment losses recognised 768,459 728,285
Amounts written off during the year as uncollectible (3,406) (25,471)
Amounts recovered during the year (765,053) (388,837)
(0)
In determining the recoverability of a trade receivable the Company considers changes in the credit
quality of the trade receivable from the date credit was initially granted up to the reporting date. The
concentration of credit risk is limited due to the Company's diverse customer base.
19 Prepayments
Non-current and current prepayments mainly represent advance payment for rent, insurance expenses,
and long term prepaid network assets prepaid by the Company as at year end.
The long term prepaid network assets relate to amounts paid in advance for leased stations, as well as
leased lands on which stations and other Company installations are built.
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TOTAL NIGERIA PLC

2015 2014
20 Borrowings N'000 N'000
Unsecured borrowing at amortised cost
Bank overdrafts & trade finance loan 16,993,450 15,682,926
Total borrowings 16,993,450 15,682,926
The other principal features of the Company’s borrowings are as follows:
- Bank overdrafts are repayable on demand. The average interest rate on bank overdrafts for the period was approximatey
15.4% per annum (2014: 13.9% per annum). This was determined based on banks' cost of funding plus lenders' mark-up.
These overdrafts are neither guaranteed nor is any collateral given on the balances.
- Trade finance loan represents short term borrowings obtained to fund letters of credits for product importation. These
facilities are either secured with products financed or domiciliation of Petroleum Products Pricing Regulatory Agency
(PPPRA) payments.
- The fair value of current borrowings equals their carrying amount as at 31 March 2015, as the impact of discounting is not
significant.
21 Trade and other payables 2015 2014
N'000 N'000
Trade payables :
Amount due to related companies (Note 30.2) 11,821,126 12,019,175
Trade creditors 10,585,393 14,796,488
Bridging contribution 10,000,776 9,228,732
Other suppliers 724,758 804,256
Suppliers retention 77,392 75,081
33,209,445 36,923,732
Other payables:
Sundry creditors 3,823,245 3,183,644
Security deposit 4,833,850 4,685,320
Accrued liabilities 12,745,860 15,667,637
Unclaimed dividend (Note 13.1) 1,252,748 1,252,748
Pay As You Earn (PAYE) 41,103 34,161
Staff pension 27,154 25,653
Staff gratuity 10,633 343
22,734,593 24,849,506
Total trade and other payables 55,944,038 61,773,238
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average
credit period taken for trade purchases is thirty days.
Accrued liabilities principally comprise provision for product bills and other charges not yet received.
The Directors consider that the carrying amount of trade payables as at 31 March 2015 approximates their fair value.
21.1 Other suppliers represents accruals made for transport payments.
21.2 Deferred income 2015 2014
N'000 N'000
Rental services 70,336 43,676
-
70,336 43,676
The deferred income represents amounts billed or collected in accordance with contractual terms in advance of when the
work is performed. These advance payments primarily relate to the rental income and prepaid revenue for goods and
services yet to be rendered. The Company estimates this will be earned as revenue during the next financial year.
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TOTAL NIGERIA PLC
2015 2014
N'000 N'000
22 Share capital
Authorised, Issued and fully paid:

339,521,837 ordinary shares of 50k each 169,761 169,761
All ordinary shares rank equally with regard to the Company's residual assets. Holders of these
shares are entitled to dividends as declared from time to time and are entitled to one vote per share
at general meetings of the Company.
2015 2014
N'000 N'000
23 Cash and cash equivalents
Bank and cash balances 5,552,828 13,848,156

Cash balances with Total Treasury (Note 31.2) 7,077,016 620,289
Cash & cash equivalents in statement of financial position 12,629,844 14,468,445
Bank overdrafts & trade finance loan (Note 20) (16,993,450) (15,682,926)
Cash & cash equivalents in statement of cash flows (4,363,606) (1,214,481)
The directors believe that the amounts held with Total Treasury qualify as cash and cash equivalents
because they can be withdrawn at any time without penalty.
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TOTAL NIGERIA PLC
504,902
24 Commitments and contigent liabilities

Financial commitments
The Company did not charge any of its assets to secure liabilities of third parties.
The Directors are of the opinion that all known liabilities and commitments have been taken into
account in the preparation of these financial statements. These liabilities are relevant in assessing the
Company's state of affairs.
2014 2014
Bonds N'000 N'000
Total commitments given 1,211,498 1,415,020

Total commitments received 117,160 100,000
Commitments given primarily include Bonds to Major Oil Marketers Association of Nigeria (MOMAN)
for joint petroleum product importation in the ordinary course of business. No losses are anticipated in
respect of this.
Commitments received include customers' guarantees.
Commitments received and given are held with local banks.
At 31 March 2015, the Company had contractual commitments for the acquisition of property, plant
and equipment amounting to N 320,206,670 (2014: N345,408,112).
Contingent liabilities
There are contingent liabilities in respect of legal actions against the Company amounting to
approximately N22 billion. The Directors have not made provision for these contingent liabilities as
consultation with the Company's external solicitors has indicated that the likely outcome of the legal
actions will favour the Company and as such no material losses will crystalise against the Company.
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TOTAL NIGERIA PLC
25 Capital risk management

The Company manages its capital to ensure that the Company will be able to continue as a going concern
while maximising the return to stakeholders through the optimisation of the debt and equity balance. The
Company’s overall strategy remains unchanged from prior year.
The capital structure of the Company consists of debt, which includes the borrowings disclosed in Note 23,
cash and cash equivalents and equity attributable to equity holders, comprising issued capital, reserves
and retained earnings and the Statement of Changes in Equity.
The Company is not subject to any externally imposed capital requirements.
Gearing ratio
The gearing ratio is as follows: 31 March 31 December
2015 2014
N'000 N'000
Debt 16,993,450 15,682,926
Cash and cash equivalents (12,629,844) (14,468,445)
Net Debt 4,363,606 1,214,481
Equity 14,152,995 13,929,778
Net debt to equity ratio 31% 9%
Debt is defined as long and short-term borrowings (excluding derivatives and financial guarantee
contracts) and obligations under finance lease.
Equity includes all capital and reserves of the Company that are managed as capital.
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TOTAL NIGERIA PLC
26 Financial Risk Management

(i) Financial risk management objectives
The Company’s Treasury function provides services to the business, co-ordinates access to domestic
and international financial markets, monitors and manages the financial risks relating to the operations
of the Company through internal risk reports which analyses exposures by degree and magnitude of
risks. These risks include market risk (including currency risk, interest rate risk), credit risk and liquidity
risk.
The Corporate Treasury function reports monthly to the Group's Treasury, a section of the Group that
monitor's risk and policies implemented to mitigate risk exposures.
(ii) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and
equity prices will affect the Company’s income or the value of its holdings of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimizing the return.
The Company manages market risks by keeping costs low through various cost optimization programs.
Moreover, market developments are monitored and discussed regularly, and mitigating actions are
taken where necessary.
(iii) Interest rate risk management
The Company is exposed to interest rate risk as it borrows funds at multiple interest rates. The risk is
managed by the Company by constantly negotiating with the banks to ensure that interest rates are
consistent with the monetary policy rates as defined by the Central Bank of Nigeria.
Interest rate risk

Sensitivity analysis
At the reporting date the interest rate profile of the Company's interest-bearing financial instruments was:
2015 2014
N'000 N'000
Variable rate instruments Average rate
Bank overdrafts and trade finance loans 15.4% 16,993,450 15,682,926
16,993,450 15,682,926
Sensitivity analysis for variable rate instruments

A change of 200 basis points in interest rates at the reporting date would have increased (decreased)
equity and profit or loss by the amounts shown below:
Change of 200 basis points or 2%

Interest Effect of increase/decrease in
charged Interest rate
N'000 N'000
31 March 2015 462,304 '+/-2 % 240,548
31 December 2014 2,621,211 '+/-2 % 377,153
(iv) Foreign exchange risk management

The Company uses the spot deals to hedge its foreign exchange exposure. The Company also has
access to purchase foreign exchange at the Central Bank of Nigeria (CBN) rates.
36
TOTAL NIGERIA PLC
26 Financial Risk Management (cont'd)

Foreign exchange risk management
A movement in the exchange rate either positively or negatively by 1500 basis points is illustrated below. Such movements would have increased
(decreased) the Statement of Financial Position by the amounts shown below. This analysis is based on foreign currency exchange rate
variances that the Company considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other
variables, in particular interest rates, remain constant.
Effect in thousands of Naira
As at 31 March 2015
Foreign Effect of increase/decrease in

currency Naira balance Exchange rate exchange rate
'000 '000 N '000
Trade receivables
USD 3,084 614,578 199.25 '15% 92,187
Euro - '15% -
Cash Deposits
USD 40,614 8,092,336 199.25 '15% 1,213,850
EURO 381 81,949 214.90 '15% 12,292
Trade Payables
USD (189) (37,722) 199.25 '15% (5,658)
EURO (837) (179,941) 214.90 '15% (26,991)
Net impact on Profit and Loss

USD 43,509 8,669,192 199.25 '15% 1,300,379
EURO (456) (97,991) 214.90 '15% (14,700)
As at 31 December 2014
Foreign Effect of increase/decrease in

currency Naira balance Exchange rate exchange rate
'000 '000 N '000
Trade Receivables
USD 17,923 3,298,516 184.04 '15% 494,777
Euro - - - - -
Cash Deposits
USD 2,122 390,555 184.04 '15% 58,583
EURO 71 15,909 223.79 '15% 2,386
Trade Payables
USD (56,551) (10,407,628) 184.04 '15% (1,561,144)
EURO (3,123) (698,931) 223.79 '15% (104,840)
Net impact on Profit and Loss

USD (36,506) (6,718,557) 184.04 '15% (1,007,784)
EURO (3,052) (683,022) 223.79 '15% (102,454)
A decrease in exchange rate by 1500 basis points against the above currencies at the reporting period would have had the equal but opposite
effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.
37
TOTAL NIGERIA PLC
(v) Liquidity risk management
Liquidity and interest risk tables
The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods.
The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can
be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted
amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the
Company may be required to pay.
Weighted
average Less than
effective 1 month 1 to 3 months 3 months to 1 year 1 to 5 Years
31 March 2015 N '000 N '000 N '000 N '000
Borrowings 15.4% - - 16,993,450 -
Trade payables 7,847,836 14,146,523 11,215,086 -
Other Payables 8,128,568 7,637,263 6,968,762 -
15,976,404 21,783,787 35,177,297 -
31 December 2014
Borrowings 13.9% - - 15,682,926 -
Trade payables 8,441,624 15,216,886 12,063,648 -
Other Payables 9,922,459 9,322,729 8,506,696 -
18,364,083 24,539,615 36,253,270 -
The Company manages liquidity risk by maintaining reserves, banking facilities by monitoring forecasts and actual cash flows and matching the
maturity profiles of financial assets and liabilities. Below is a listing of financing facilities that the Company has at its disposal to further reduce
liquidity risk.
38
TOTAL NIGERIA PLC
Financial Risk Management (cont'd)
Financing facilities
Unsecured bank loans and overdrafts payable at call and reviewed annually.
2015 2014
N'000 N'000
Amount used 16,993,450 15,682,926
Amount unused 35,206,550 36,517,074
Total Facilities 52,200,000 52,200,000
(vi) Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient
collateral where appropriate e.g. security deposits, as a means of mitigating the risk of financial loss from defaults. The
Company uses other publicly available financial information and its own trading records to rate its major customers.
Credit exposure is controlled by setting credit limits that are reviewed and approved by the management.
The Company does not have any significant credit risk exposure to any single counterparty or any group of
counterparties having similar characteristics. The Company defines counterparties as having similar characteristics if
they are related entities.
The credit policy of Total Nigeria Plc is set in accordance with the Sales Channel the Customer belongs:
Network Channel: Credit is extended to dealers who operate the Company Owned, Dealer Operated Service Station
(CODO) and some of the Dealer Owned, Dealer Operated service stations (DODO) who specifically apply to operate
under the DODO credit scheme. Under both CODO and DODO credit schemes, credit is extended to each dealer to
cover the working capital needs of the station. Each day's sales proceeds are lodged into the Company's bank account at
least twice daily. The Company's financial risk exposure is covered by retentions from dealers income to increase the
security deposit, as well as, physical stock in the station.
General Trade (GT) Channel: Credit for the GT customers is set at the monthly average sales to the customer for a
period of one year or six months after proper financial and qualitative analysis. The approved credit limit is extended for
30 days or 45 days in rare occassions for blue chip companies.
The credit risk on liquid funds is limited because most of the counterparties are banks with high credit-ratings assigned
by international credit-rating agencies or Total Treasury, a related entity within the Group.
As at 31 March 2015
Fully Performing Past Due Total
N'000 N'000 N'000
Network 3,148,560 - 3,148,560
General Trade 2,870,053 4,962,215 7,832,268
Gross receivables 6,018,613 4,962,215 10,980,828
Fully Performing Past Due Total
N'000 N'000 N'000
Network 2,932,840 - 2,932,840
General Trade 4,356,428 8,948,782 13,305,210
Gross receivables 7,289,268 8,948,782 16,238,050
39
TOTAL NIGERIA PLC
Financial Risk Management (cont'd)
27 Fair value
The Directors consider that the fair value of financial assets and liabilities are not significantly
different from their carrying values.
The classification of financial assets and liabilities, together with the carrying amounts shown in the
statement of financial position, are shown in the table below. It does not include fair value information
for financial assets and financial liabilities not measured at fair value if the carrying amount is a
reasonable approximation of fair value.
31 March 2015
Carrying amount
Loans and Other financial
receivables liabilities Total
N'000 N'000 N'000
Financial assets not measured
at fair value
Trade and other receivables1 35,800,183 - 35,800,183
Cash and cash equivalents 12,629,844 - 12,629,844
48,430,027 - 48,430,027
Financial liabilities not

measured at fair value
Bank overdrafts & trade advance loan - 16,993,450 16,993,450

Trade and other payables - 55,944,038 55,944,038
- 72,937,488 72,937,488
Carrying amount
Loans and Other financial
receivables liabilities Total
N'000 N'000 N'000
Financial assets not measured
at fair value
Trade and other receivables 34,922,036 - 34,922,036
Cash and cash equivalents 14,468,445 - 14,468,445
49,390,481 - 49,390,481
Financial liabilities not

measured at fair value
Bank overdrafts & Trade Advance Loan - 15,682,926 15,682,926
Trade and other payables - 61,773,238 61,773,238
- 77,456,164 77,456,164
1
Amount excludes receivables for inventory owed by Major Oil Marketers Associaiton of Nigeria
(MOMAN) members of N195M which are not considered to be financial assets.
28 Assets pledged as security

As at the year ended 31 March 2015 there were no assets pledged as security (2014: Nil).
40
TOTAL NIGERIA PLC
29 Events after the reporting date

There were no post balance sheet events that could have material effect on the financial position of the Company at 31 March 2015
and on the profit for the year ended on that date that have not been taken into account in these financial statements.
30 Related party transactions
As at the period ended 31 March 2015, Total Marketing and Services (incorporated in France) owned 61.72 % of the issued shares of
Total Nigeria PLC. The Ultimate parent Company and ultimate controlling party is Total S.A (incorporated in France).
30.1 Trading transactions

During the year, the Company entered into the following transactions with related parties, who are members of the Total Group, as
shown below:
Sale of goods Purchase of goods Others

31 March 31 December 31 March 31 December 31 March 31 December
2015 2014 2015 2014 2015 2014
N'000 N'000 N'000 N'000 N'000 N'000
Total Outré Mer - - 12,077,917 53,302,790 - -
Total Oil Trading - - 1,749,225 5,430,488 - -
Total E&P Nigeria 541,846 10,283,818 - - - -
Total Lubricants 136,135 360,193 - - - -
Total Access to Solar - 327,821
Air Total international - - 70,371
Total SA - - - - 43,866 384,754
Total Gestion international - - - - 19,032 121,674
Total RM - - - - 18,382 2,224,563
677,981 10,644,011 13,827,142 58,733,277 81,280 3,129,183

31.2
30.2 Outstanding balance
The following amounts were outstanding at the reporting date:
Amounts owed by Amounts owed to

related parties related parties
31 March 31 December 31 March 31 December
2015 2014 2015 2014
Total Outre Mer - - 10,541,202 8,816,945

Total E&P Nigeria 370,344 2,503,286 - -
Air Total international - - - 6,840
Total SA - - 37,354 -
Total Gestion international - - - 4,208
Total Access to Solar - - - 1,236
Total Ghana - 176 - -
Total Oil Trading - - 1,205,142 2,751,823
Total RM - - 75 438,123
Total Lubrifiants 37,228 19,931 -
407,572 2,523,393 11,821,127 12,019,175
Total Treasury 1 6,962 620,289 - -

414,534 3,143,682 11,821,127 12,019,175
30.3 Technical service agreement

The Company has a general assistance and cost sharing agreement with Total Outre Mer as well as Total Raffinage Marketing which
is still subject to the approval of the National Office for Technology Acquisition and Promotion (NOTAP). The amount provided for in
profit or loss for the quarter ended March 2015 is N 331Million (2014: N189 million)
41
TOTAL NIGERIA PLC
31 Information regarding employees
(i) The table below shows the number of staff of the Company whose emoluments during the year
excluding pension contributions were within the ranges stated:
2015 2014
Number Number
1,500,001 - 2,000,000 1 5
2,000,001 - 2,500,000 2 -
2,500,001 - 3,000,000 1 16
3,000,001 - 3,500,000 1 12
3,500,001 - 4,000,000 14 11
4,000,001 - 4,500,000 3 73
4,500,001 - 5,000,000 7 36
5,000,001 - 5,500,000 11 80
5,500,001 - 6,000,000 7 51
6,000,001 - 6,500,000 8 88
6,500,001 and above 426 111
481 483
(ii) The average number of persons employed in the financial year and the staff costs were as follows:
2015 2014
Number Number
Managerial staff 114 113

Senior staff 345 342
Junior staff 22 28
481 483
(iii) The related salaries and wages amounted to N1.9 billion (2014: N1.7 billion).
Staff costs relating to the above were: 31 March 31 March

2015 2014
N'000 N'000
Salaries and wages 1,576,805 1,430,901
Termination benefits 37,789 36,491
Pension and social benefit 107,755 102,896
Medical expenses 66,151 40,428
Training expenses 56,363 34,627
Staff welfare expenses 86,226 9,844
1,931,089 1,655,187
42

9665 Total Nigeria q1 March 2015 Financial Statements May 2015

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9665 Total Nigeria q1 March 2015 Financial Statements May 2015

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TOTAL NIGERIA PLC

FINANCIAL STATEMENTS -- 31 MARCH 2015

Statement of financial position 2

Statement of profit or loss and other comprehensive income 3

Statement of changes in equity 4

Statement of cash flows 5

Notes to the financial statements 6

Revenue 60,042,747 60,595,084 (1)

Profit before taxation 625,531 1,709,474 (63)

Profit after taxation 223,217 1,069,948 (79)

Share capital 169,761 169,761 -

PER SHARE DATA:

Based on 339,521,837 ordinary

Stock Exchange quotation (Naira) 180.00 172.95

Number of staff 481 464

Property, plant and equipment 16 21,575,978 21,921,619

Total non-current assets 24,687,715 25,178,842

Total current assets 66,861,907 70,333,586

Total assets 91,549,622 95,512,428

Total Equity 14,152,995 13,929,778

Total non-current liabilities 3,112,372 2,978,663

Total current liabilities 74,284,255 78,603,987

Total liabilities 77,396,627 81,582,650

Total equity and liabilities 91,549,622 95,512,428

Bassey Okon- Head of Finance

Wilfried J.Y. Konde - Director

Alexis Vovk - Managing Director

The notes on pages 6 to 42 form an integral part of these financial statements.

Revenue 5 60,042,747 60,595,084

Gross profit 6,550,698 7,104,478

Other income/Loss 9 89,198 (25,060)

Operating profit 909,693 2,059,664

Finance income 8 178,142 126,920

Net finance costs (284,162) (350,190)

Profit before tax 625,531 1,709,474

Income tax expense 11 (402,314) (639,526)

Other comprehensive income - -

Total comprehensive income for the year 223,217 1,069,948

Earnings per share

The notes on pages 6 to 42 form an integral part of these financial statements.

For the year ended 31 December 2014

Share capital Retained Total

Balance at 1 January 2014 169,761 13,071,024 13,240,785

Total comprehensive income for the year - 4,423,733 4,423,733

Transactions with owners of the Company

Final dividend 13 - (3,055,696) (3,055,696)

Balance at 31 December 2014 169,761 13,760,017 13,929,778

For the period ended 31 March 2015

Share capital Retained Total

Balance at 1 January 2015 169,761 13,760,017 13,929,778

Total comprehensive income for the year - 223,217 223,217

Transactions with owners of the Company

Balance at 31 March 2015 169,761 13,983,234 14,152,995

The notes on pages 6 to 42 form an integral part of these financial statements.

Profit after tax 223,217 4,423,733

Cash generated from operating activities (2,600,490) 18,886,627

Taxes (96,321) (3,281,834)

Cash flows from investing activities

Purchase of property, plant and equipment 16 (387,865) (3,965,684)

Net cash used in investing activities (193,120) (3,607,591)

Cash flow from financing activities

Interest paid on overdrafts 8 (462,304) (2,621,211)

Net cash used in financing activities (462,304) (6,189,617)

Net increase in cash and cash equivalents (3,352,235) 5,807,585