Investor Presentaiton
ANNUAL REPORT 2020
74
Notes to the Financial Statements
For the year ended 31 December 2020
(d)
Chairman and directors remuneration
Remuneration paid to directors of the Company was as follows:
In thousands of naira
10 Income Taxes
(a)
Amounts recognised in profit or loss
2020
2019
In thousands of naira
2020
2019
Executive directors*
Directors fees - Non-executive
Other emoluments (Non-executive Directors)
148,294
131,700
1,840
2,120
73,423
72,136
223,557
205,956
Out of the three executive directors, one was appointed 15 September 2020 and thus his 2020 remuneration was
for three and a half months, while his predecesor worked for six months.
Current tax expense
Current year tax
Current year tertiary education tax
Writeback of excess accruals
Deferred tax expense
4,983,084
407,972
4,201,735
376,165
5,391,056
4,577,900
The directors' remuneration shown above includes:
In thousands of naira
Chairman's fees
2020
2019
Origination and reversal of temporary differences
Adjustments recognized in the current period in relation
to the deferred tax of prior periods
Note 15
769,307
1,798,889
11,919
Total income tax expense recognised in profit or loss
6,160,363
6,388,708
440
Chairman's gross emoluments (excluding fees)
Highest paid Director
12,449
71,727
440
11,521
58,652
(b)
Current Tax Liabilities
Movement in current tax liabilities during the year was as follows:
(e)
The number of directors excluding the Chairman and the highest paid director with gross emoluments
within the bands stated below were:
In thousands of naira
2020
2019
At 1 January
2020
Number
2019
Number
Current tax expense
Over provision prior period
Note 10 (a)
4,856,350
5,391,056
(282,388)
4,210,453
4,577,900
#
#
Defined benefit plan actuarial gain/(loss)
6,000,001
8,000,001 - 10,000,000
8,000,000
Payments in the year
At 31 December
(3,759,829)
6,205,189
(5,750)
(3,926,253)
4,856,350
10,000,001 12,000,000
12,000,000
1
7
14,000,000
6
(c)
Amounts Recognised directly in Other Comprehensive Income
In thousands of naira
2020
2019
Loss in remeasurement of defined benefit liability
Tax expense
Note 20(b)
105,866
19,168
(31,760)
(5,750)
74,106
13,418
FrieslandCampina WAMCO Nigeria PLC
FrieslandCampina WAMCO Nigeria PLC
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