Investor Presentaiton
ANNUAL REPORT 2020
82
Notes to the Financial Statements
For the year ended 31 December 2020
18 Inventories
In thousands of naira
Raw and packaging material
Finished goods
Goods in transit
2020
2019
20b Cash and Cash Equivalents
In thousands of naira
2020
2019
Cash and bank balances
9,731,064
5,751,631
Short term deposits
3,200,706
14,897,256
4,943,368
Cash and cash equivalents
81,201,738
7,500,796
88,702,534
7,394,490
462,721
7,857,211
11,329,235
Spare parts and tools
Net cash and cash equivalents included in the statement of cash flows
88,702,534
7,857,211
3,479,942
2,884,716
31,308,968
24,908,950
Inventories are stated after deducting allowance for
obsolescence amounting to:
21
Capital and Reserves
136,519
305,411
(a)
Ordinary Shares
19
Trade and Other Receivables
(i)
Authorised ordinary shares of #0.50 each
In thousands of naira
In thousands of naira
2020
2019
Note 26
(a)ii
At 1 January
5,021,810
292,907
Note 29
(c)ii
732,584
Note 19 (i)
11,939,354
17,986,655
Trade receivables
Insurance claim receivable
Due from related parties
Other receivables
Trade and other receivables
(i) This includes refundable Non Deliverable Forwards (NDF) margin (#4.5 billion), reimbursable VAT input
(#4 billion), Export Expansion Grant (EEG) receivable (#0.94 billion), advances made by the Company to vendors
amounting to #1.18 billion during the year (2019: #0.96 billion). The Company's exposure to credit and currency
risks, and impairment losses related to loans and receivables are disclosed in Note 26.
At 31 December
Nominal value (in thousands of naira)
11,743,220
At 31 December
2020
2019
1,000,000
1,000,000
1,000,000
1,000,000
641,930
287,076
(ii)
Issued and fully paid ordinary shares of #0.50 each
2,124,799
In thousands of naira
2020
2019
14,797,025
At 1 January
976,336
976,336
976,336
976,336
488,168
488,168
20a
Derivatives
In thousands of naira
Derivative assets
The premium on the issued ordinary shares is as follows:
Share premium (in thousands of naira)
2020
2019
2,867,272
1,404,116
350,211
350,211
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to
one vote per share at meetings of the Company.
(b)
The derivative asset arose from forward contracts entered with respect to the foreign currency funding of Letters
of Credit (LC). These LCs were opened for the importation of raw materials and finished goods.
Derivative assets are reported at fair value and are expected to be realised within the next 12 months.
Dividend Payable
Movement in dividend payable
In thousands of naira
At 1 January
Declared dividend
Payments
At 31 December
FrieslandCampina WAMCO Nigeria PLC
FrieslandCampina WAMCO Nigeria PLC
2020
2019
12,070,421
6,648,848
(18,221,269)
11,185,905
8,826,075
(7,941,559)
Note 23
498,000
12,070,421
83View entire presentation