juli plc

JULI PLC

MANAGEMENT ACCOUNTS FOR NINE MONTHS ENDED 30TH SEPTEMBER 2015

Page 1

JULI PLC STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPTEMBER 2015 9 MONTHS 30/9/2015 N

NOTES ASSETS NON-CURRENT ASSETS: PROPERTY,MOTOR VEHICLE,EQUIPMENT

12

213,054,369

PRODUCT DEVELOPMENT EXP

13

649,479

N

INVESTMENT TOTAL NON-CURRENT ASSETS

9 MONTHS 30/9/2014 N

N 223,231,471

1,758,345

59,042

59,042 213,762,890

CURRENT ASSETS: INVENTORIES (STOCKS)

6

13,526,551

CONSTRUCTION(WORK-IN-PROGRESS)

0

GOODS-IN-TRANSIT

0

TRADE RECEIVABLES

7

PREPAYMENTS AND OTHER RECEIVABLES

8

CASH AND CASH EQUIVALENTS TOTAL CURRENT ASSETS

9

225,048,858

16,325,660 0 0

3,087,027

3,905,546

-

5,000

(1,878,634)

TOTAL ASSETS

4,963,587 14,734,944

25,199,793

228,497,834

250,248,651

EQUITY AND LIABILITIES CAPITAL AND RESERVES: SHARE CAPITAL

16

99,952,502

99,952,502

SHARE PREMIUM

17

6,549,305

6,549,305

BONUS ISSUE REVALUATION RESERVE RETAINED EARNINGS TOTAL EQUITY

199,016,398

202,752,823

(302,908,798)

(256,191,659) 2,609,407

NON-CURRENT LIABILITIES: DEFERRED TAXATION BANK LOAN(LONG-TERM BORROWINGS) TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES: BANK OVERDRAFT(SHORT-TERM BORROWINGS)

14

6,880,347

19

86,743,814

53,062,971

6,880,347 86,743,814 93,624,161

15

MIDAS INVESTMENT & PROPERTIES LTD

93,624,161

-

-

9,000,000

9,000,000

TRADE PAYABLES

10

20,106,118

24,371,585

OTHER PAYABLES

11

84,699,011

56,325,314

TAXATION PAYABLES TOTAL CURRENT LIABILITIES

5

18,459,137

TOTAL EQUITY AND LIABILITIES

13,864,620 132,264,266

103,561,519

228,497,834

250,248,651

………………………………………………………………………..) ) ) DIRECTORS ………………………………………………………………………..)

Page 2

JULI PLC STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED 30TH SEPTEMBER 2015

NOTES N REVENUE

1

Less: COST OF SALES GROSS PROFIT OTHER INCOME

2

ADMIN & DISTRIBUTION EXPENSES

OTHER OPERATING EXPENSES PROFIT/(LOSS)FROM OPERATING ACTIVITIES INVESTMENT/FINANCE INCOME

PROFIT/(LOSS) BEFORE TAXATION

TAXATION

N

3

9 MONTHS 30/9/2014 N

124,285,574

126,521,018

(85,923,019)

(87,685,852)

38,362,555

38,835,166

360,739

7,742,948

(54,790,344)

RESEARCH AND DEVELOPMENT EXPENSES

FINANCE COST

9 MONTHS 30/9/2015 N

(61,730,959)

(831,649)

(831,649)

(4,270,018)

(4,332,665)

(21,168,717)

(20,317,159)

0

0

(7,267,138)

(4,255,542)

(28,435,855)

(24,572,701)

0

0

(28,435,855)

(24,572,701)

PROFIT /(LOSS) BROUGHT FORWARD

(274,472,943)

(231,618,958)

PROFIT /(LOSS) CARRIED FORWARD

(302,908,798)

(256,191,659)

PROFIT /(LOSS) AFTER TAXATION

Page 3

JULI PLC STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 30TH SEPTEMBER 2015

Share Capital Balance as at 1st January,2015

N 99,952,502

Share Premium

Revaluation Reserve

N 6,549,305

N 202,752,823

Retained Earnings N (274,472,943)

Total N 34,781,687

Amortization of Revaluation Surplus

0

0

Prior Year Adjustment

0

0

0

0

Profit or Loss Account

0

0

0

(28,435,855)

(28,435,855)

(302,908,798)

2,609,407

Balance as at 30th September,2015

99,952,502

(3,736,425)

6,549,305

199,016,398

Page 4

0

(3,736,425)

0

JULI PLC STATEMENT OF CASH FLOW FOR THE NINE MONTHS ENDED 30TH SEPTEMBER 2015

N

9 MONTHS 30/9/2015 N

N

9 MONTHS 30/9/2014 N

Cash flows from Operating activities Profit/(Loss)from operating activities

(28,435,855)

(24,572,701)

4,270,018

6,823,616

(24,165,837)

(17,749,085)

2,799,109 818,519 16,556,364

1,624,268 3,265,564 22,507,509

Adjustment for non cash items: Depreciation of fixed Assets Impairment Interest Expense

Changes in current assets and liabilities : Decrease/(Increase) in Stocks (Increase)/Decrease in Debtors(Receivables) Increase/(Decrease) in Creditors(Payables) Operating Activities

(3,991,845) Taxation Paid Net Cash inflow/(outflow)

0

from Operating activities

(3,991,845)

Cash flows from Investing activities: Purchase of fixed Assets Construction work in progress Product Development Expenditure Deferred Recapitalization Loss on Investment Net Cash inflows /(outflow) from Investing activities: Cash flows from Financing activities: Bank Overdraft Bank Loan Interest Paid Deposit for Shares Issue of Shares Share Premium Bonus Issue Net Cash generated from/(used)in financing activities:

9,648,256 0 9,648,256

0

1,301,324 (649,479)

(1,200,863) 0 0 100,461

0 0 (649,479)

0 0 0 0 0 0 0

0 12,390,730 0 0 0 0 0 12,390,730

EQUIVALENTS CASH & CASH EQUIVALENT AT BEGINNING(1st January'15) CASH & CASH EQUIVALENT AT END(30th September'15)

(4,641,324) 2,762,690 (1,878,634)

22,139,447 (17,175,860) 4,963,587

CASH & CASH EQUIVALENT Cash and Bank Balances

(1,878,634)

4,963,587

-

NET INCREASE/(DECREASE)IN CASH&CASH

Page 5

JULI PLC ACCOUNTING POLICIES FOR THE NINE MONTHS ENDED 30TH SEPTEMBER 2015 1 BASIS OF ACCOUNTING THE ACCOUNTS ARE PREPARED UNDER THE HISTORICAL COST CONVENTION 2 BASIS OF PREPARATION 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). THE FINANCIAL STATEMENTS IS PRESENTED IN THE FUNCTIONAL CURRENCY,NIGERIA NAIRA ROUNDED UP TO THE NEAREST THOUSAND.

3 REVENUE THIS REPRESENTS THE INVOICE VALUE OF SALES TO CUSTOMERS, LESS RETURNS AND SALES DISCOUNTS. 3 DEPRECIATION DEPRECIATION IS CALCULATED TO WRITE OFF THE COST OF THE FIXED ASSETS IN EQUAL ANNUAL INSTALMENTS OVER THEIR EXPECTED USEFUL LIVES AT THE FOLLOWING RATES: LAND NIL BUILDING 2.5% PLANT,MACHINERY AND EQUIPMENT 20% MOTOR VEHICLES 25% FURNITURE AND FITTINGS 16.67% NO DEPRECIATION IS PROVIDED ON FIXED ASSETS UNTIL THEY ARE BROUGHT INTO USE. 4 STOCKS STOCKS ARE VALUED AT THE LOWER OF COST AND NET REALISABLE VALUE AFTER MAKING PROVISION FOR OBSOLESCENCE AND DAMAGED ITEMS. COST ARE ASCERTAINED ON THE FOLLOWING BASIS: (1) MERCHANDISE GOODS-DIRECT COSTS PLUS ALL ASSOCIATED COST INCURED TO THE POINT OF SALE. (11) GOODS-IN-TRANSIT -GOODS ARE VALUED AT THE INVOICE PRICE.

5 EMPLOYEES RETIREMENT BENEFITS AND PROVISION FOR GRATUITY THE COMPANY OPERATES A NON-CONTRIBUTORY GRATUITY SCHEME WHERE BY BENEFITS ARE DETERMINED ON RETIREMENT OR TERMINATION. THE COMPANY INSTITUTED A DEFINED CONTRIBUTION PENSION SCHEME FOR ITS STAFF IN LINE WITH THE PROVISIONS OF THE PENSION REFORM ACT 2004.STAFF CONTRIBUTION TO THE SCHEME ARE DEDUCTED FROM THE PAYROLL WHILE THE CONTRIBUTION OF THE COMPANY IS CHARGED TO THE PROFIT AND LOSS ACCOUNT. 6 INVESTMENTS INVESTMENTS ARE STATED AT COST.

7 FIXED ASSETS REVALUATION RESERVE SURPLUSES/(DEFICITS) ARISING ON THE REVALUATION OF INDIVIDUAL FIXED ASSETS ARE CREDITED AND DEBITED TO A NON-DISTRIBUTABLE RESERVE KNOWN AS THE FIXED ASSETS REVALUATION RESERVE.

8 DEBTORS DEBTORS ARE STATED NET OF PROVISION FOR BAD AND DOUBTFUL DEBTS. 9 FAIR VALUE LAND AND BUILDING ARE MEASURED AT FAIR VALUE BY REFERENCE TO MARKET BASED EVIDENCE.THE FAIR VALUE MEASUREMENT IS CARRIED OUT WHEN NECESSARY TO ENSURE THAT THE CARRYING AMOUNT OF LAND AND BUILDING IS NOT MATERIALLY DIFFERENT FROM ITS MARKET VALUE.

Page 6

JULI PLC NOTES TO THE ACCOUNTS FOR THE NINE MONTHS ENDED 30TH SEPTEMBER 2015

N 1 REVENUE Class of Business: Pharmaceutical and Household Consumer Goods Metherm P Cream & G-Plus Water

3 FINANCE COST Loan/Overdraft Interest Bank Commission

30,000 11,250,000

Payment during the year Balance as at 30th September

6 INVENTORIES (STOCKS) Merchandise Olpharm/Juli Alliance

7 TRADE RECEIVABLES Trade Debtors-Merchandise Sundry Debtors

96,691,008 331,060 29,498,950 126,521,018

360,739

7,742,948

7,064,314 202,824 7,267,138

3,799,076 456,466 4,255,542

(28,435,855)

(24,572,701)

0 11,250,000

11,280,000 0 4,270,018

5 TAXATION (a) Per Profit and Loss account (b) Per balance sheet Balance as at 1st January Provision for the year

0

0

13,864,620 0 13,864,620 0 13,864,620

13,526,551 0 13,526,551

16,325,660 0 16,325,660

2,588,197 498,830 3,087,027

3,406,716 498,830 3,905,546

0 0

5,000 0 5,000

(6,809,044) 0 255,080 4,675,330 (1,878,634)

2,385,210 0 230,000 2,348,377 4,963,587

-

10 TRADE PAYABLES Trade Creditors Sundry Creditors

11 OTHER PAYABLES Accured Charges Other Payable Pension Fund-Payable Directors Current Account

11,250,000 0 4,332,665

18,459,137 0 18,459,137 0 18,459,137

8 PREPAYMENTS AND OTHER RECEIVABLES Staff Loan Prepayments

9 CASH AND CASH EQUIVALENTS Bank Balances Fixed Deposit Cash Balances Cash in Transit

9 MONTHS 30/9/2014 N

N

95,044,574 0 29,241,000 124,285,574

2 OTHER INCOME

4 PROFIT/(LOSS) BEFORE TAXATION THE TRADING PROFIT/(LOSS) IS STATED AFTER CHARGING/(CREDITING) Directors' emoluments: *Fees *Other Auditors Remuneration Depreciation

9 MONTHS 30/9/2015 N

16,494,826 3,611,292 20,106,118

23,549,601 821,984 24,371,585

18,304,200 54,996,445 17,772,922 91,073,567 (6,374,556) 84,699,011

8,484,840 37,989,444 16,225,586 62,699,870 (6,374,556) 56,325,314

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12 PROPERTY,MOTOR VEHICLE&EQUIPMENT SHEDULE Fixed assets at the balance sheet date are made up as follows:

COST At 1st January 2015 Addition Disposal At 30th September 2015

Land & Buildings N 265,729,860 0 265,729,860

Motor Vehicles N 22,467,195 0 22,467,195

Furniture & Fittings N 8,018,808 0 8,018,808

Office Equipments N 18,004,158 0

Laboratory Equipment N 5,511,786 0

Library & Publication N

18,004,158

5,511,786

-

DEPRECIATION At 1st January 2015 Charged for the year Disposal At 30th September 2015

52,652,337 4,979,518 0 57,631,855

19,801,020 1,234,419 0 21,035,439

7,645,712 112,523 0 7,758,235

17,220,380 253,758 0 17,474,138

5,433,646 78,130 0 5,511,776

-

0 0

0 0 0

Plant & Machinery N 10,452,000 0 10,452,000

Total N 330,183,807 330,183,807

6,369,900 1,348,095 0 7,717,995

109,122,995 8,006,443 117,129,438

NET BOOK VALUE At 30th September 2015

208,098,005

1,431,756

260,573

530,020

10

-

2,734,005

213,054,369

At 1st January 2015

213,077,523

2,666,175

373,096

783,778

78,140

-

4,082,100

221,060,812

N 13 PRODUCT DEVELOPMENT EXPENDITURE These are expenses incured on production HIV drugs.Registration of Methaderm-P Cream, Ekicef Injection and G-Plus Caps.

9 MONTHS 30/9/2015 N 649,479

N

9 MONTHS 30/9/2014 N 1,758,345

14 DEFERRED TAXATION 6,880,347

15 BANK OVERDRAFT B.O.I(Overdraft)

6,880,347

0 0

0 0 -

-

Page 8

16 SHARE CAPITAL 16 Authorised 200,000,000 Ordinary shares of 50k each

100,000,000

100,000,000

16 Issued and fully paid 199,905,002 Ordinary shares of 50k each

99,952,502

99,952,502

N 17 SHARE PREMIUM This represent amount received on Ordinary Shares Issued to the Public.

18 DEPOSIT FOR SHARES This represent amount deposit towards recapitalization of the company.

19 BANK LOAN B.O.I-Term loan WEMA BANK PLC(Restructure Loan)

9 MONTHS 31/9/2015 N 6,549,305

N

0

9 MONTHS 31/9/2014 N 6,549,305

0

35,409,168 51,334,646 86,743,814

35,409,168 51,334,646 86,743,814

This is secured for production of new products. Secured against the Company's property at 19,Kodesoh Street Ikeja.

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