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
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