Investor Presentaiton

ANNUAL REPORT 2020 52 Statement of Changes in Equity For the year ended 31 December 2020 In thousands of naira Balance at 1 January 2019 Total comprehensive income Profit for the year Other Comprehensive income Defined benefit plan actuarial loss, net of tax Total comprehensive income for the year Transactions with owners, recorded directly in equity Dividends Balance as at 31 December 2019 Balance at 1 January 2020 Total comprehensive income Profit for the year Other comprehensive income Defined benefit plan actuarial loss, net of tax Total comprehensive income for the year Transactions with owners, recorded directly in equity Statement of Cashflows For the year ended 31 December 2020 Note Share capital premium Share Retained earnings Total equity In thousands of naira 488,168 350,211 19,872,085 20,710,464 Cash flows from operating activities Profit before tax Adjustments for: Depreciation 12,364,010 12,364,010 (13,418) 12,350,592 (13,418) 12,350,592 21(b) (8,826,075) (8,826,075) 488,168 350,211 23,396,602 24,234,981 488,168 350,211 23,396,602 24,234,981 - 8,778,886 8,778,886 Amortisation of intangible assets Depreciation-Right of use asset Impairment loss of property, plant & machinery Long service award expense Unrealised fair value change in derivatives Other post employment benefit expense Interest income Interest expense Impact of exchange rate valuation Loss/(gain) on disposal of property, plant and equipment Change in working capital: Inventories Trade and other receivables Prepayments Trade and other payables* Cash generated from operating activities Income tax paid Long service award benefits paid (74,106) (74,106) Net cash flow from operating activities - 8,704,780 8,704,780 Cash flow from investing activities Finance income Dividends Balance as at 31 December 2020 21(b) (6,648,848) (6,648,848) 488,168 350,211 25,452,534 26,290,913 The accompanying notes and significant accounting policies on pages 55 to 96 form an integral part of these financial statements. Net cash used in investing activities Cash flow from financing activities Interest paid Dividends paid Non current loans and borrowings Note 2020 2019 14,939,249 18,752,718 25322 12 15 13 3,115,430 123,183 17,827 2,567,928 81,427 12 22(a) 266 22(b) 408,652 (1,463,156) 47,578 7,117 260,167 (1,130,667) 35,869 (398,843) (167,773) 2,850,908 2,210,877 3,018,335 20,091 22,679,254 (220,884) (10,124) 22,386,655 (6,400,018) (3,153,746) (1,181,648) 4,125,558 4,907,231 32,273,214 50,305,935 (15,030,365) 11,596,162 21,896,362 10(b) 222 22 (3,759,829) (76,918) 46,469,188 (3,926,253) (43,022) 17,927,087 Proceeds from sale of property, plant and equipment Acquisition of intangible assets Acquisition of right of use asset Acquisition of biological asset Acquisition of property, plant and equipment 398,843 34,566 166,663 27,942 (1,791,801) (697,949) (244,566) (189,848) 12 (13,279,167) (9,649,817) (15,071,973) (10,153,161) (2,850,908) (1,572,800) 21(b) (18,221,269) (7,941,559) 9,722,395 Proceeds/(repayment) of loans and borrowings 60,765,150 (3,669,183) Net cash used in financing activities 49,415,368 (13,183,542) Net (decrease)/increase in cash and cash equivalents Cash and cash equivalent at 1 January 20(b) Effect of exchange rate fluctuations on cash held Cash and cash equivalent at 31 December 20(b) 80,812,583 7,857,211 32,740 88,702,534 (5,409,614) 13,658,339 (391,514) 7,857,211 *Change in trade and other payables has been adjusted for the effect of movements in dividend payable. The accompanying notes and significant accounting policies on pages 55 to 96 form an integral part of these financial statements. FrieslandCampina WAMCO Nigeria PLC FrieslandCampina WAMCO Nigeria PLC 53

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