Investor Presentaiton
ANNUAL REPORT 2020
72
Notes to the Financial Statements
For the year ended 31 December 2020
7(b) Profit Before Tax
Profit before income tax is stated after charging/(crediting):
In thousands of naira
9
Personnel Expenses
(a)
Employee benefit expenses for the year comprise of the following:
In thousands of naira
2020
2019
Note
2020
2019
Amortisation of intangible assets
Audit Fees
Depreciation of property, plant and equipment
12
Depreciation of right of use asset
13
Impairment of property, plant and equipment
12
23 2
15
123,183
30,900
3,115,430
81,427
25,058
2,567,928
17,827
Non-executive directors' fees
9(c)
1,840
Loss/(gain) on disposal of property, plant and equipment
20,091
7,117
2,120
(10,122)
Equipment and machinery rental
101,276
107,084
Operating lease payments - Business premises
165,746
118,506
Employee benefit expenses
9(a)
10,722,142
8,802,989
Technical service and royalty expenses
29(c)
(i)
4,559,415
4,423,295
7(c) Rent of Premises
In thousands of naira
Operating lease payments - Business premises
Rent of premises
8
Other Income
In thousands of naira
Insurance income*
Fair value gain/(loss) on derivatives
Loss on translation of foreign currency balances
2020
2019
Salaries, wages and allowances*
Contributions to compulsory pension fund scheme
Employee benefits expenses
9,471,253
7,827,197
794,660
679,757
456,229
296,035
10,722,142
8,802,989
* The increase is due to restructuring costs, increase in provision for long term service award as a result of the
decrease in discount rate from 14% to 8.5% with respect to the actuarial valuation and general salary increase.
(b)
Employees of the Company, whose duties were wholly or mainly discharged in Nigeria, received
remuneration (excluding pension costs and certain benefits) in the following ranges:
#
#
790,001 - 1,290,000
1,290,001 1,790,000
1,790,001 2,290,000
2,290,001 and above
-
2020
Number
2019
Number
1
20
29
31
143
717
564
768
737
165,746
165,746
118,506
118,506
The number of full-time persons employed per function as at 31 December was as follows:
2020
Number
2019
Number
2020
2019
783,552
(32,740)
750,812
808,749
1,130,667
(476,806)
1,462,610
*The insurance income in 2019 represents insurance settlement of business interruption as a result of the fire
incidence of 6 January 2017. There was no insurance income received in 2020, (2019: #808,749).
Production
Supply chain
Sales and Marketing
General Administration
(c)
Remuneration of Managers of the Company
In thousands of naira
Remuneration paid to Managers of the Company
443
348
62
62
202
222
61
105
768
737
2020
2019
462,091
Disclosure requirement of the remuneration of Managers of the Company became effective in 2020.
FrieslandCampina WAMCO Nigeria PLC
FrieslandCampina WAMCO Nigeria PLC
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