Unclaimed dividend now statute barred. -. Dividends paid/declared. -. Balance at 31 March 2018. 208,122. 2,229,763. 2,43
BOC Gases Nigeria Plc QTR 1 FY 2017 Un audited Financial Statements BOC Gases Nigeria plc Un audited Quarter 1 Results
Condensed statement of comprehensive income Notes Revenue Cost of sales
15
Gross profit Other Income Other expenses Selling and Distribution Expenses Administrative expenses Operating profit
16
Finance income Finance cost Profit before income tax Income tax (provision) Net Profit for the 3 months
18
17
Unaudited
Unaudited
Audited
Jan- Mar 2018
Jan - Mar 2017
Jan- Dec 2017
=N='000 628,642 (341,998)
Basic and diluted earnings per share (kobo)
=N='000 2,545,035 (1,446,936)
286,644
281,622
59,676 (34,829) (107,634) (116,295) 87,562
34,832 (29,672) (111,549) (93,409) 81,824
205,812 (129,007) (413,291) (392,108) 369,505
30,779 (51,138) 67,203 (21,505) 45,698
11,353 (9,860) 83,317 (26,661) 56,656
108,221 (93,840) 383,886 (149,940) 233,946
Other comprehensive income Total comprehensive income for the 3 months
601,212 (319,590)
-
1,098,099
-
45,698
56,656
233,946
11
14
56
K'ĂƐĞƐEŝŐĞƌŝĂWůĐ YdZϭ&zϮϬϭϳhŶĂƵĚŝƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ BOC Gases Nigeria plc Condensed statement of cash flows Jan-Mar 2018 =N='000
Jan-Mar 2017 =N='000
Cash flows from operating activities Operating profit
87,562
81,824
Adjustments for non-cash items: Depreciation Profit from sales of fixed assets
52,042 -
49,464 (572)
Working capital changes: Inventories Trade and other receivables Trade and other payables Related companies accounts Prepayments Other current liabilities Income tax paid
Net cash from operating activities
(14,957) (65,153) 39,156 25,148 (30,728) 23,312 -
116,381
14,855 (33,507) 104,015 19,458 (35,819) (31,629) -
168,089
Cash flows from investing activities Purchase of fixed assets Proceeds from sales of fixed assets Interest received Net cash from investing activities
(2,515) 30,779 28,264
(617) 4,510 11,353 15,246
Cash flows from financing activities Dividend paid Unpaid dividend received Interest paid Net cash from financing activities
(51,138) (51,138)
(9,860) (9,860)
Net increase in cash and cash equivalent Cash and cash equivalent at 1 January Cash and cash equivalent at 31 December
93,507 1,307,032 1,400,539
173,475 653,843 827,318
K'ĂƐĞƐEŝŐĞƌŝĂWůĐ YdZϭ&zϮϬϭϳhŶĂƵĚŝƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ
BOC Gases Nigeria plc Condensed statement of changes in equity
Balance at 1 January
ĂůĂŶĐĞĂƚϭ:ĂŶƵĂƌLJϮϬϭϴ WƌŽĨŝƚĨŽƌƚŚĞƉĞƌŝŽĚ
Share capital =N='000 208,122
Other Comprehensive Income Transactions with shareholders:
Retained earnings =N='000 2,184,065 45,698 -
Total equity =N='000 2,392,187 45,698 -
Balance at 31 March 2018
208,122
2,229,763
2,437,885
ĂůĂŶĐĞĂƚϭ:ĂŶƵĂƌLJϮϬϭϳ WƌŽĨŝƚĨŽƌƚŚĞƉĞƌŝŽĚ
208,122
1,964,579 56,656 -
2,172,701 56,656 -
2,021,235
2,229,357
hŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚŶŽǁƐƚĂƚƵƚĞďĂƌƌĞĚ ŝǀŝĚĞŶĚƐƉĂŝĚͬĚĞĐůĂƌĞĚ
Other Comprehensive Income Transactions with shareholders:
hŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚŶŽǁƐƚĂƚƵƚĞďĂƌƌĞĚ ŝǀŝĚĞŶĚƐƉĂŝĚͬĚĞĐůĂƌĞĚ Balance at 31 March 2017
208,122
K'ĂƐĞƐEŝŐĞƌŝĂWůĐ YdZϭ&zϮϬϭϳhŶĂƵĚŝƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ Notes to the condensed financial statements 1. Statement of compliance These condensed financial statements for the three months have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), the presentation as well as disclosure requirements of IAS 34 Interim Financial Reporting and the Company and Allied Matters Act as amended 2. Basis of preparation The financial statements are prepared in thousands of Nigerian Naira on the historical cost basis 3. Accounting policies The financial statements have been prepared applying the same accounting policies as used in the last audited financial statements for the year ended 31 December 2017 4. Unusual items There were no unusual items within the period 5. Changes in estimates There were no material changes in estimates made, between the last quarter interim report and the current report 6. Debt and equity transactions A dividend of 5k per share on the issued share capital of 416,244,706 shares of 50k each was declared at the Annual General Meeting held in the second quarter. This translates to a total dividend of =N=20,812,235 7. Contingent liabilities As at the date of publishing this report, there are no contingent liabilities against the company 8. Changes in the composition of the company No changes have arisen in the year to date 9.Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these financial statements. (a)Foreign currency transactions - Transactions in foreign currencies are translated to Naira at the exchange rates at the dates of the transactions.
(b)Property, plant and equipment - Items of property,plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. (c)Inventories - Inventories are measured at the lower of cost and net realisable value.The cost of inventories includes expenditure incurred in acquiring the inventories,production or conversion costs and other costs incurred in bringing them to their present location and condition. (d) Employee Benefits - The Company has a defined contribution scheme for junior level employees,which is funded through fixed contributions made by the Company over the service life of the employees and charged accordingly as personnel expense in profit or loss.The company also has long service awards scheme instituted for all permanent employees. (e)Revenue - Revenue is measured at the fair value of the consideration received or receivable,net of ValueAdded Tax, discounts allowed and rebates in the ordinary course of business.
K'ĂƐĞƐEŝŐĞƌŝĂWůĐ YdZϭ&zϮϬϭϳhŶĂƵĚŝƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ (f) Operating profit - Operating profit is the result generated from the continuing principal revenue producing activities of the Company as well as other income and expenses related to operating activities.Operating profit excludes net finance costs and income taxes (g)Finance income comprises interest income on funds invested and net gains on foreign exchange differences.Interest income is recognised in profit or loss as it accrues,using the effective interest method.Finance costs comprise unwinding of the discount on provisions and interest expenses on borrowings and are recognised in profit or loss using the effective interest method (h)Income tax -Income tax expense comprises current tax - company income tax and tertiary education tax, and deferred tax.
10. Property,Plant & Equipment Land Buildings Plant & machinery Motor Vehicle Furniture & fittings Cylinders WIP
11. Inventories Raw materials and consumables Finished goods Goods-in-transit
12.Employee benefit liability The long service award benefit plan 13. Other creditors & accruals VAT Leave allowance payable Professional fee payable Other accrued expenses PAYE Pension Cylinder deposits
14. Group Current Account BOCN due to Afrox BOCN due to BOC UK BOCN due to Linde
15.Revenue Gas sales Engineering services Sales of gas equipment and delivery charges
Jan-Mar 2018 =N='000 1,874,359
Jan-Dec 2017 =N='000 2,766 39,635 1,464,469 115,209 1,703 256,583 43,521 1,923,886
82,356 104,660 665 187,681
80,263 91,931 530 172,724
15,397
14,497
6,115 14,457 7,375 211,130 13,839 9,343 244,282 506,540
3,459 13,935 244,592 20,781 3,010 240,743 526,519
387,332
369,675
ϭϰ͕ϭϳϮ͘ϴϵ ϭϯ͕ϴϮϴ͘ϴϬ 7,664 409,169
517 384,021
612,247 4,625 11,770 628,642
541,653 38,648 20,911 601,212
Jan-Dec 2017 2,130,938 334,464 79,633 2,545,035
59,676 59,676
34,832 34,832
201,934 1,314 2,564 205,812
Jan - Mar 2018
Jan - Mar 2017
16.Other income
Income from hire of genset Gain/(loss) on sale of property,plant and equipment Gain on sale of scrap
17.Selling & Distribution Selling expenses Distribution expenses
(43,760) (63,874) (107,634)
(43,922) (67,627) (111,549)
-
(169,497) (243,794) (413,291)
18.Finance Income and finance cost
(a)Finance income comprises Interest income on bank deposits Net gain on foreign exchange transactions (b)Finance expenses comprises Net loss on foreign exchange transactions
30,779 30,779 (51,138) (51,138)
11,353 11,353
108,221 108,221
(9,860) (9,860)
(93,840) (93,840)
