7UP annual report 2015

1. Statement of profit or loss and other comprehensive income
For the year ended 31 March
In thousands of naira
2015 2014
Revenue 82450505 77888548
Cost of sales -51972978 -49419139
Gross profit 30477527 28469409
Other income 81603 41391
Selling and distribution expenses -12909907 -13258013
Administrative expenses -6462391 -6121953
Results from operating activities 11186832 9130834
Finance income 22151 7433
Finance costs -2459882 -1521823
Net finance costs -2437731 -1514390
Profit before taxation 8749101 7616444
Income tax expense -1623313 -1181843
Profit for the year 7125788 6434601
Other comprehensive income
Items that will never be reclassified to profit or loss:
Remeasurement of defined benefit asset/ (liability) 1519320 -392267
Related tax -455796 117680
Other comprehensive income for the year, net of tax 1063524 -274587
Total comprehensive income for the year 8189312 6160014
Profit for the year is attributable to:
Equity holders of the company 7125788 6434601
Total comprehensive income for the year is attributable to:
Equity holders of the company 8189312 6160014
Earnings per share
Basic earnings per share (kobo) 1112.37827 1004
The accompanying notes and significant accounting policies form an integral part of these financial statements.
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2. Statement of financial position
As at 31 March
In thousands of naira
2015 2014
Assets
Property, plant and equipment 44440675 37893504
Intangible assets 27698 47961
Prepayment 58535 169617
Other receivables 175663 126983
Total non-current assets 44702571 38238065
Inventories 9568469 9460369
Trade and other receivables 4421832 2839697
Prepayments 471195 406162
Cash and cash equivalents 8522772 4918916
Total current assets 22984268 17625144
Total assets 67686839 55863209
Equity
Share capital 320295 320295
Share premium 299140 299140
Retained earnings 23314198 16709260
Total Equity 23933633 17328695
Liabilities
Loans and borrowings 4433469 1433469
Employee benefits 3669295 4760323
Deferred tax liabilities 3226789 2472898
Total non- current liabilities 11329553 8666690
Bank overdraft 4619707 1337887
Current tax liabilities 1339805 1500579
Loans and borrowings 11032831 13033337
Trade and other payables 15431310 13996021
Total current liabilities 32423653 29867824
Total liabilities 43753206 38534514
Total equity and liabilities 67686839 55863209
FAYSAL EL-KHALIL
SUNIL SAWHNEY
ALI JAFARI
These financial statements were approved by the Board of Directors on 23 June 2015 and signed on its behalf by the directors listed below:
The accompanying notes and significant accounting policies form an integral part of these financial statements.
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3. Statement of cash flows
For the year ended 31 March
In thousands of naira
2015 2014
Cash flows from operating activities
Profit for the year 7125788 6434601
Adjustments for:
Depreciation 8520745 7923895
Amortization of intangible assets 28139 21821
Finance income -22151 -7433
Finance costs 1961624 1521823
Employee benefit charge 638052 1227242
(Gain)/loss on sale of property, plant and equipment -39927 69182
Assets written off 0 97215
Income tax expense 1623313 1181843
19835583 18470189
Change in inventories -480784 -730872
Change in trade and other receivables -1658284 422125
Change in prepayments 46049 64980
Change in trade and other payables (excluding dividend payable)* 3297326 3588480
Cash generated from operating activities 21039890 21814902
Value Added Tax (VAT) paid * -2210619 -1741706
Income tax paid -1485992 -650942
Employee benefit paid -209760 -196654
Net cash from operating activities 17133519 19225600
Cash flow from investing activities
Finance income 22151 7433
Proceeds from sale of property, plant and equipment 83007 70772
Acquisition of property, plant and equipment -14461016 -10602899
Acquisition of Intangible assets -7876 -11380
Net cash used in investing activities -14363734 -10536074
Cash flow from financing activities
Proceeds from loans and borrowings 8778758 9590231
Repayment of loans and borrowings -7954316 -14147559
Interest paid -1786572 -1483585
Dividends paid -1513088 -1333619
Net cash used in financing activities -2475218 -7374532
Net (decrease)/increase in cash and cash equivalents 294567 1314994.1
Cash and cash equivalents at the beginning of the year 3581029 2267265
Effect of exchange rate fluctuations on cash held 27469 -1230
Cash and cash equivalents at the end of the year 3903065 3581029
The accompanying notes and significant accounting policies form an integral part of these financial statements.
*Change in trade and other payables have been adjusted for the effect of Value added tax (VAT) paid shown separately on the statement of cash flows.
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4. Statement of changes in equity
For the year ended 31 March
In thousands of naira Share capital Share premium Retained earnings Total equity
Balance , 1 April 2013 320295 299140 11958545 12577980
Total comprehensive income
Profit for the year 0 0 6434601 6434601
Other Comprehensive income 0 0 -274587 -274587
Total comprehensive income 0 0 6160014 6160014
Transactions with owners of the Company
Contribution and distribution
Dividend to equity holders 0 0 -1409299 -1409299
Total transactions with owners of the Company 0 0 -1409299 -1409299
Balance, 31 March 2014 320295 299140 16709260 17328695
Balance , 1 April 2014 320295 299140 16709260 17328695
Profit for the year 0 0 7125788 7125788
Other comprehensive income 0 0 1063524 1063524
Total comprehensive income 0 0 8189312 8189312
Transactions with owners of the Company
Contribution and distribution
Dividend to equity holders 0 0 -1601476 -1601476
Unclaimed dividend written back 0 0 17102 17102
Unclaimed dividend written back
Total transactions with owners of the Company 0 0 -1584374 -1584374
Balance, 31 March 2015 320295 299140 23314198 23933633
The accompanying notes and significant accounting policies form an integral part of these financial statements.
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