Investor Presentaiton
ANNUAL REPORT 2020
80
Notes to the Financial Statements
For the year ended 31 December 2020
14
Biological Assets
The movement in Biological assets for the year was as follows:
In thousands of naira
Cost
Balance at 1 January 2020
Additions
Balance at 31 December 2020
Amortisation and impairment losses
Balance at 1 January
Amortisation for the year
Balance at 31 December
Carrying amounts
At 1 January 2020
At 31 December 2020
15
Intangible Assets
The movement in intangible assets for the year was as follows:
In thousands of naira
Cost
Balance at 1 January 2019
2020
2019
189,848
189,848
16
Prepayments
In thousands of naira
Employee accommodation
Business premises
Deposit for imports
Prepaid expenses
Non-current prepayments
Current prepayments
2020
2019
32,343
65,807
82,742
154,980
Note 16 (a)
16,237,361
20,918,903
1,156,073
17,508,519
1,276,060
22,415,750
Note 16 (b)
17,006
17,491,513
17,508,519
54,955
22,360,795
22,415,750
a)
Deposit for imports represents prepayments for imports made to the bank by the Company (#16.24 billion
in 2020 and #18.83 billion in 2019) and GMT Limited (Nil in 2020 and #2.09 billion in 2019); the Company's logistics
provider to purchase inventory. As at year end, this amount is held by the bank for settlement of the foreign
supplier.
Non-current prepayments represent long-term portion of prepaid rent.
b)
189,848
17
Deferred Tax Liabilities
Deferred tax liability/(asset)
In thousands of naira
Goodwill
Software
Total
Additions
Balance at 31 December 2019
697,949
697,949
697,949
697,949
Balance at 1 January 2020
697,949
697,949
Additions
1,783,506
32,324
1,815,830
Balance at 31 December 2020
1,783,506
730,273
2,513,779
Amortisation and impairment losses
Balance at 1 January 2019
Amortisation for the year
Balance at 31 December 2019
Balance at 1 January 2020
Amortisation for the year
Balance at 31 December 2020
Carrying amounts
At 31 December 2019
At 31 December 2020
1,783,506
616,522
525,663
616,522
2,309,169
Property, plant & equipment
Employee benefit
Foreign exchange loss
Foreign exchange gain
Net deferred tax liability
2020
2019
6,766,702
(547,906)
(5,178)
799,299
7,012,917
5,257,355
(239,703)
(5,299)
956,601
5,968,954
In thousands of naira
Property,
plant &
equipment
Employee
benefit
Foreign
exchange
loss
Foreign
exchange
gain
Total
Balance 1 January 2019
Recognised in profit or loss
4,194,323
(195,379)
1,063,032
81,427
81,427
Balance 31 December 2019
5,257,355
(44,324)
(239,703)
(226,258)
220,959
(5,299)
385,458 4,158,144
571,143 1,810,810
956,601 5,968,954
81,427
81,427
81,427
81,427
Deferred tax in respect of
acquisition of Nutricima Limited's
business
24,028
24,028
123,183
123,183
Prior period adjustment/
204,610
204,610
reclassification
(100,044)
Recognised in profit or loss
1,585,363
(3,026)
(273,417)
121
385,459
(542,761)
282,389
769,306
Recognised in other
comprehensive income
Balance 31 December 2020
6,766,702
(31,760)
(547,906)
(31,760)
(5,178)
799,299
7,012,917
Goodwill is as a result of the acquisition of Nutricima Limited's dairy business in Nigeria.
At 31 December 2020, there is no unrecognised deferred tax asset or liability (2019: Nil).
FrieslandCampina WAMCO Nigeria PLC
FrieslandCampina WAMCO Nigeria PLC
81View entire presentation