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Investor Presentaiton

ANNUAL REPORT 2020 76 Notes to the Financial Statements For the year ended 31 December 2020 (d) Reconciliation of Effective Tax Rate In thousands of naira 12 Property, Plant and Equipment (ai) The movement for the year is as follows: 2020 2020 2019 2019 Profit before income tax 14,939,249 14,939,249 18,752,718 18,752,718 In thousands of naira Land Buildings Plant and Machinery Motor Vehicles Furniture, Fittings and Tools Assets under construction Total Cost Income tax using the Company's domestic tax rate Tertiary education tax Tax effect of: Non deductible expenses Exempt income Deferred education tax Prior year under (over) provision 30.00% 4,481,775 30.00% 2.73% 407,972 2.01% 5,625,815 Balance at 1 January 2019 Additions 1,607,967 8,049,453 18,606,739 3,309,420 1,564,525 Transfers 601,702 3,820,214 376,165 Disposals Balance at 31 December 2019 1,607,967 8,651,155 963,451 (271,012) 22,426,953 4,001,859 996,574 (9,282) 2,551,817 5,940,096 39,078,200 9,649,817 (6,381,941) 9,649,817 (280,294) 9,207,972 48,447,723 19.03% 2,842,615 3.10% -5.74% (857,614) -0.47% 0.00% 0.25% 0.00% 0.00% 580,443 (87,200) 46,736 Balance at 1 January 2020 Additions* 1,607,967 2,150,000 Transfers 8,651,155 2,417,633 896,870 Disposals** Balance at 31 December 2020 3,757,967 11,965,658 22,426,953 4,001,859 1,410,129 54,899 7,531,828 821,439 (57,265) (51,835) 31,311,645 4,826,362 2,551,817 81,525 710,348 (279,420) 3,064,270 9,207,972 48,447,723 7,164,981 (9,960,485) 13,279,167 6,412,468 (388,520) 61,338,370 Change in recognised deductable temporary differences Tax incentive -6.40% (956,339) 0.06% 11,919 1.62% 241,954 -0.88% (165,170) 41.24% 6,160,363 34.07% 6,388,708 Depreciation Balance at 1 January 2019 Depreciation for the year Disposals 461,746 2,079,837 66,894 407,386 6,301,275 1,826,427 1,168,623 701,462 (261,674) 903,469 223,563 (802) 11,572,754 2,567,928 Impairment Balance at 31 December 2019 528,640 2,487,223 7,117 7,477,015 2,266,215 1,126,230 (262,476) 7,117 13,885,323 Balance at 1 January 2020 528,640 Depreciation for the year Disposals** 65,513 2,487,223 438,615 Balance at 31 December 2020 594,153 2,925,838 7,477,015 1,575,092 (16,652) 9,035,455 2,266,215 757,821 (51,835) 2,972,201 1,126,230 278,389 (265,377) 1,139,242 13,885,323 3,115,430 (333,863) 16,666,890 Carrying amounts At 31 December 2019 At 31 December 2020 1,079,327 6,163,932 3,163,814 9,039,820 14,949,938 22,276,189 1,735,644 1,854,161 1,425,587 1,925,028 2019 11 Earnings Per Share The calculation of basic and diluted earnings per share has been based on the profit attributable to ordinary shareholders of #8,778,886,000 (2019: #12,364,010,000) and the weighted average number of ordinary shares outstanding of 976,335,936 (2019: 976,335,936). The Company did not have any instruments with a dilutive effect during the year thus basic and diluted earnings per share are equal. In thousands of naira Profit attributable to shareholders (#'000) Number of ordinary shares in issue (thousands) Basic and diluted earnings per share (Naira) 2020 8,778,886 976,336 8.99 12,364,010 976,336 12.66 9,207,972 34,562,400 6,412,468 44,671,480 *The additions during the year, excluding assets under construction, relate to the acquisition of property, plant and equipment from Nutricima Limited. **N115.07 million of the assets disposed and #51.8 million (total disposal value is #388.5 million) relate to old computers that were no longer compatible with the current operating system and motor vehicles sold as scrap to staff and Key Business Partners (KBPS) respectively. The motor vehicles resulted in an asset disposal gain of #34.6 million and the computer in a loss of N14 million. Also, there was a loss of #40.6 million in the generator sets disposed, (total disposal loss is #20.1 million). FrieslandCampina WAMCO Nigeria PLC FrieslandCampina WAMCO Nigeria PLC 77
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