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  • JAPAUL OIL & MARITIME SERVICES PLC

    CONSOLIDATED FINANCIAL STATEMENTS

    31 DECEMBER 2015

    Accountants & business advisers

  • JAPAUL OIL & MARITIME SERVICES PLC

    CONSOLIDATED FINANCIAL STATEMENTS

    FOR THE YEAR ENDED 31 DECEMBER 2015

    Contents Page

    Statement of Directors' reponsibilities in relation to the finanial

    statements 1

    Report of the independent auditors 2

    Consolidated statement of financial position 4

    Consolidated statement of profit or loss and other comprehensive income 5

    Consolidated statement of changes in equity 6

    Consolidated statement of cash flows 8

    Notes to the consolidated financial statements 9

    Statement of value added 60

    Financial summary 62

  • JAPAUL OIL & MARITIME SERVICES PLC

    Signed on behalf of the Board of Directors by:

    Paul A. Jegede Akinloye D. Oladapo

    Group Managing Director Executive Director

    FRC/2013/IODN/00000002328 FRC/2016/CIS/00000014722

    Dated: 12 May 2016 Dated: 12 May 2016

    STATEMENT OF DIRECTORS RESPONSIBILITIES IN RELATION TO THE

    FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

    The Directors accept responsibility for the preparation of the accompanying financial statements, which have

    been prepared using appropriate accounting policies supported by reasonable and prudent judgments and

    estimates in accordance with the International Financial Reporting Standards in compliance with the Financial

    Reporting Council Act No. 6, 2011 and in the manner required by the Companies and Allied Matters Act, CAP

    C20, LFN 2004.

    The Directors are of the opinion that the accompanying financial statements give a true and fair view of the state

    of the financial affairs of the Company, in accordance with the International Financial Reporting Standards in

    compliance with the Financial Reporting Council of Nigeria Act, No 6, 2011 and in the manner required by

    Companies and Allied Matters Act, CAP C20, LFN 2004.

    The Directors further accept responsibility for the maintenance of adequate accounting records as required by

    the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria 2004 and for such internal

    controls as the Directors determine is necessary to enable the preparation of financial statements that are free

    from material misstatements whether due to fraud or error.

    The Directors have made assessment of the company's ability to continue as a going concern and have no

    reason to believe that the company will not remain a going concern in the year ahead.

    1

  • JAPAUL OIL & MARITIME SERVICES PLC

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION

    AT 31 DECEMBER 2015

    Restated

    2015 2014 2015 2014

    Note N'000 N'000 N'000 N'000

    Assets

    Non-current assets

    Property, plant and equipment 7 24,853,772 25,828,866 17,599,364 17,850,493

    Assets under finance lease 8 4,501,121 4,571,922 4,500,070 4,570,172

    Intangible assets 9 1,099 3,388 1,099 3,388

    Investment in subsidiaries 10 - - 119,820 119,820

    Investment in associates 11 - - 5,300 5,300

    Available for sale financial assets 12 12,507 17,019 12,507 17,019

    Total non-current assets 29,368,499 30,421,195 22,238,160 22,566,192

    Current assets

    Inventories 13 333,557 451,458 - 120,836

    Trade and other receivables 14 3,575,923 6,503,717 12,351,478 14,623,211

    Cash and bank balances 15 611,637 1,014,283 432,792 878,107

    Total current assets 4,521,117 7,969,458 12,784,270 15,622,154

    Liabilities

    Current liabilities

    Bank overdrafts 16 1,308,527 337,847 1,091,394 193,316

    Trade and other payables 17 3,660,487 2,905,244 1,739,999 1,414,534

    Defined contribution pension plan 18.1 40,715 45,886 33,625 36,024

    Current portion of long term borrowings 19 412,996 3,939,027 412,996 3,937,585

    Current portion of finance lease facility 20 2,258,472 1,343,908 2,258,472 1,343,908

    Current income tax liability 34.2 423,988 432,550 228,273 308,308

    Total current liabilities 8,105,185 9,004,462 5,764,759 7,233,675

    Net current (liabilities)/assets (3,584,068) (1,035,004) 7,019,511 8,388,479

    Non-current liabilities

    Defined benefit pension plan 18.2 140,512 105,084 93,095 75,798

    Non-current borrowings 19 17,449,268 12,391,816 17,449,268 12,391,816

    Finance lease facility 20 3,753,011 3,533,487 3,753,011 3,533,487

    Deferred income tax liability 34.3 953,139 929,411 909,886 909,886

    Total non-current liabilities 22,295,930 16,959,798 22,205,260 16,910,987

    Net assets 3,488,501 12,426,393 7,052,411 14,043,684

    Equity

    Share capital 21 3,131,351 3,131,351 3,131,351 3,131,351

    Share premium 22 16,440,679 16,440,679 16,440,679 16,440,679

    Loss sustained 23 (14,038,332) (6,384,376) (11,776,072) (4,806,185)

    Remeasurement reserve 24 (83,964) (55,558) (72,431) (55,558)

    AFS fair value reserve 25 (1,448) 3,065 (1,448) 3,065

    Foreign currency translation reserve 26 (1,025,002) (156,952) (669,668) (669,668) Equity attributable to owners of the

    parents 4,423,284 12,978,209 7,052,411 14,043,684

    Non-controlling interest 27 (934,783) (551,816) - -

    Total equity 3,488,501 12,426,393 7,052,411 14,043,684

    Paul A. Jegede Akinloye D. Oladapo Olubunmi O. Falua

    Group Managing Director Executive Director Chief Finance Officer

    FRC/2013/IODN/00000002328 FRC/2016/CIS/00000014722 FRC/2016/ICAN/00000013874

    Group Company

    The consolidated financial statements were approved by the Board of Directors and authorised for issue on 12 May 2016

    and signed on its behalf by:

    The accompanying notes form an integral part of these consolidated financial statements.

    4

  • JAPAUL OIL & MARITIME SERVICES PLC

    CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

    OTHER COMPREHENSIVE INCOME

    FOR THE YEAR ENDED 31 DECEMBER 2015

    Restated

    2015 2014 2015 2014

    Continuing operations Note N'000 N'000 N'000 N'000

    Revenue 29 8,148,580 10,572,215 5,434,086 7,338,911

    Cost of sales 30 (5,917,996) (6,373,889) (3,598,943) (3,905,333)

    Gross profit 2,230,584 4,198,326 1,835,143 3,433,578

    Other income 31 89,764 107,080 88,005 105,017

    Administrative expenses 32 (6,362,851) (3,500,998) (5,034,623) (3,001,025)

    Operating (loss)/profit (4,042,503) 804,408 (3,111,475) 537,569

    Net finance costs 33 (3,856,553) (3,062,770) (3,815,746) (3,059,260)

    Loss before taxation (7,899,056) (2,258,362) (6,927,221) (2,521,691)

    Income tax expense 34.1 (137,867) (325,815) (42,666) (182,048)

    Loss for the year from continued

    operations (8,036,923) (2,584,177) (6,969,887) (2,703,739)

    Loss for the year attributable to:

    Owners of the parents 23 (7,653,956) (2,645,600) (6,969,887) (2,703,739)

    Non-controlling interest 27 (382,967) 61,423 - -

    (8,036,923) (2,584,177) (6,969,887) (2,703,739)

    Other comprehensive loss

    (868,050) (669,668) - (669,668)

    (28,406) 2,342 (16,873) 2,342

    25 (4,513) (7,737) (4,513) (7,737)

    (900,969) (675,063) (21,386) (675,063)

    (8,937,892) (3,259,240) (6,991,273) (3,378,802)

    Owners of the parents (8,554,925) (3,320,663) (6,991,273) (3,378,802)

    Non-controlling interest (382,967) 61,423 - -

    (8,937,892) (3,259,240) (6,991,273) (3,378,802)

    Loss per share 35 (122) (42) (111) (43)

    Group Company

    The accompanying notes form an integral part of these consolidated financial statements.

    Items that will not be reclassified

    subsequently to profit or loss

    Items that may be reclassified

    subsequently to profit or loss

    Total other comprehensive loss

    Exchange difference on translation of

    foreign operations and foreign currency

    denominated loan balances hedged

    Actuarial (loss)/gian on defined benefit

    pension plans

    Fair value loss on available for sale

    assets

    Total comprehensive loss for the year

    Total comprehensive loss attributable

    to:

    5

  • JAPAUL OIL & MARITIME SERVICES PLC

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    FOR THE YEAR ENDED 31 DECEMBER 2015

    Group

    Issued

    share

    capital

    Share

    premium

    AFS fair

    value

    reserve

    Loss

    sustained

    Re-

    measurement

    reserve

    Foreign

    exchange

    reserve

    Non-

    controlling

    interest Total equity

    N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

    At 1 January 2015 3,131,351 16,440,679 3,065 (

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