CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER ?· CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2015…

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<ul><li><p>JAPAUL OIL &amp; MARITIME SERVICES PLC</p><p>CONSOLIDATED FINANCIAL STATEMENTS</p><p>31 DECEMBER 2015</p><p>Accountants &amp; business advisers </p></li><li><p>JAPAUL OIL &amp; MARITIME SERVICES PLC</p><p>CONSOLIDATED FINANCIAL STATEMENTS</p><p>FOR THE YEAR ENDED 31 DECEMBER 2015</p><p>Contents Page</p><p>Statement of Directors' reponsibilities in relation to the finanial </p><p>statements 1</p><p>Report of the independent auditors 2</p><p>Consolidated statement of financial position 4</p><p>Consolidated statement of profit or loss and other comprehensive income 5</p><p>Consolidated statement of changes in equity 6</p><p>Consolidated statement of cash flows 8</p><p>Notes to the consolidated financial statements 9</p><p>Statement of value added 60</p><p>Financial summary 62</p></li><li><p>JAPAUL OIL &amp; MARITIME SERVICES PLC</p><p>Signed on behalf of the Board of Directors by:</p><p>Paul A. Jegede Akinloye D. Oladapo</p><p>Group Managing Director Executive Director</p><p>FRC/2013/IODN/00000002328 FRC/2016/CIS/00000014722</p><p>Dated: 12 May 2016 Dated: 12 May 2016</p><p>STATEMENT OF DIRECTORS RESPONSIBILITIES IN RELATION TO THE</p><p>FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015</p><p>The Directors accept responsibility for the preparation of the accompanying financial statements, which have</p><p>been prepared using appropriate accounting policies supported by reasonable and prudent judgments and</p><p>estimates in accordance with the International Financial Reporting Standards in compliance with the Financial</p><p>Reporting Council Act No. 6, 2011 and in the manner required by the Companies and Allied Matters Act, CAP</p><p>C20, LFN 2004.</p><p>The Directors are of the opinion that the accompanying financial statements give a true and fair view of the state</p><p>of the financial affairs of the Company, in accordance with the International Financial Reporting Standards in</p><p>compliance with the Financial Reporting Council of Nigeria Act, No 6, 2011 and in the manner required by</p><p>Companies and Allied Matters Act, CAP C20, LFN 2004.</p><p>The Directors further accept responsibility for the maintenance of adequate accounting records as required by</p><p>the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria 2004 and for such internal</p><p>controls as the Directors determine is necessary to enable the preparation of financial statements that are free</p><p>from material misstatements whether due to fraud or error.</p><p>The Directors have made assessment of the company's ability to continue as a going concern and have no</p><p>reason to believe that the company will not remain a going concern in the year ahead.</p><p> 1</p></li><li><p>JAPAUL OIL &amp; MARITIME SERVICES PLC</p><p>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</p><p>AT 31 DECEMBER 2015</p><p>Restated</p><p>2015 2014 2015 2014</p><p>Note N'000 N'000 N'000 N'000</p><p>Assets</p><p>Non-current assets</p><p>Property, plant and equipment 7 24,853,772 25,828,866 17,599,364 17,850,493 </p><p>Assets under finance lease 8 4,501,121 4,571,922 4,500,070 4,570,172 </p><p>Intangible assets 9 1,099 3,388 1,099 3,388 </p><p>Investment in subsidiaries 10 - - 119,820 119,820 </p><p>Investment in associates 11 - - 5,300 5,300 </p><p>Available for sale financial assets 12 12,507 17,019 12,507 17,019 </p><p>Total non-current assets 29,368,499 30,421,195 22,238,160 22,566,192 </p><p>Current assets</p><p>Inventories 13 333,557 451,458 - 120,836 </p><p>Trade and other receivables 14 3,575,923 6,503,717 12,351,478 14,623,211 </p><p>Cash and bank balances 15 611,637 1,014,283 432,792 878,107 </p><p>Total current assets 4,521,117 7,969,458 12,784,270 15,622,154 </p><p>Liabilities</p><p>Current liabilities</p><p>Bank overdrafts 16 1,308,527 337,847 1,091,394 193,316 </p><p>Trade and other payables 17 3,660,487 2,905,244 1,739,999 1,414,534 </p><p>Defined contribution pension plan 18.1 40,715 45,886 33,625 36,024 </p><p>Current portion of long term borrowings 19 412,996 3,939,027 412,996 3,937,585 </p><p>Current portion of finance lease facility 20 2,258,472 1,343,908 2,258,472 1,343,908 </p><p>Current income tax liability 34.2 423,988 432,550 228,273 308,308 </p><p>Total current liabilities 8,105,185 9,004,462 5,764,759 7,233,675 </p><p>Net current (liabilities)/assets (3,584,068) (1,035,004) 7,019,511 8,388,479 </p><p>Non-current liabilities</p><p>Defined benefit pension plan 18.2 140,512 105,084 93,095 75,798 </p><p>Non-current borrowings 19 17,449,268 12,391,816 17,449,268 12,391,816 </p><p>Finance lease facility 20 3,753,011 3,533,487 3,753,011 3,533,487 </p><p>Deferred income tax liability 34.3 953,139 929,411 909,886 909,886 </p><p>Total non-current liabilities 22,295,930 16,959,798 22,205,260 16,910,987 </p><p>Net assets 3,488,501 12,426,393 7,052,411 14,043,684 </p><p>Equity</p><p>Share capital 21 3,131,351 3,131,351 3,131,351 3,131,351 </p><p>Share premium 22 16,440,679 16,440,679 16,440,679 16,440,679 </p><p>Loss sustained 23 (14,038,332) (6,384,376) (11,776,072) (4,806,185) </p><p>Remeasurement reserve 24 (83,964) (55,558) (72,431) (55,558) </p><p>AFS fair value reserve 25 (1,448) 3,065 (1,448) 3,065 </p><p>Foreign currency translation reserve 26 (1,025,002) (156,952) (669,668) (669,668) Equity attributable to owners of the </p><p>parents 4,423,284 12,978,209 7,052,411 14,043,684 </p><p>Non-controlling interest 27 (934,783) (551,816) - - </p><p>Total equity 3,488,501 12,426,393 7,052,411 14,043,684 </p><p>Paul A. Jegede Akinloye D. Oladapo Olubunmi O. Falua</p><p>Group Managing Director Executive Director Chief Finance Officer</p><p>FRC/2013/IODN/00000002328 FRC/2016/CIS/00000014722 FRC/2016/ICAN/00000013874</p><p>Group Company</p><p>The consolidated financial statements were approved by the Board of Directors and authorised for issue on 12 May 2016</p><p>and signed on its behalf by:</p><p>The accompanying notes form an integral part of these consolidated financial statements.</p><p> 4</p></li><li><p>JAPAUL OIL &amp; MARITIME SERVICES PLC</p><p>CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND </p><p>OTHER COMPREHENSIVE INCOME</p><p>FOR THE YEAR ENDED 31 DECEMBER 2015</p><p>Restated</p><p>2015 2014 2015 2014</p><p>Continuing operations Note N'000 N'000 N'000 N'000</p><p>Revenue 29 8,148,580 10,572,215 5,434,086 7,338,911 </p><p>Cost of sales 30 (5,917,996) (6,373,889) (3,598,943) (3,905,333) </p><p>Gross profit 2,230,584 4,198,326 1,835,143 3,433,578 </p><p>Other income 31 89,764 107,080 88,005 105,017 </p><p>Administrative expenses 32 (6,362,851) (3,500,998) (5,034,623) (3,001,025) </p><p>Operating (loss)/profit (4,042,503) 804,408 (3,111,475) 537,569 </p><p>Net finance costs 33 (3,856,553) (3,062,770) (3,815,746) (3,059,260) </p><p>Loss before taxation (7,899,056) (2,258,362) (6,927,221) (2,521,691) </p><p>Income tax expense 34.1 (137,867) (325,815) (42,666) (182,048) </p><p>Loss for the year from continued </p><p>operations (8,036,923) (2,584,177) (6,969,887) (2,703,739) </p><p>Loss for the year attributable to:</p><p>Owners of the parents 23 (7,653,956) (2,645,600) (6,969,887) (2,703,739) </p><p>Non-controlling interest 27 (382,967) 61,423 - - </p><p>(8,036,923) (2,584,177) (6,969,887) (2,703,739) </p><p>Other comprehensive loss</p><p>(868,050) (669,668) - (669,668) </p><p>(28,406) 2,342 (16,873) 2,342 </p><p>25 (4,513) (7,737) (4,513) (7,737) </p><p>(900,969) (675,063) (21,386) (675,063) </p><p>(8,937,892) (3,259,240) (6,991,273) (3,378,802) </p><p>Owners of the parents (8,554,925) (3,320,663) (6,991,273) (3,378,802) </p><p>Non-controlling interest (382,967) 61,423 - - </p><p>(8,937,892) (3,259,240) (6,991,273) (3,378,802) </p><p>Loss per share 35 (122) (42) (111) (43) </p><p>Group Company</p><p>The accompanying notes form an integral part of these consolidated financial statements.</p><p>Items that will not be reclassified</p><p>subsequently to profit or loss</p><p>Items that may be reclassified </p><p>subsequently to profit or loss</p><p>Total other comprehensive loss</p><p>Exchange difference on translation of </p><p>foreign operations and foreign currency </p><p>denominated loan balances hedged</p><p>Actuarial (loss)/gian on defined benefit </p><p>pension plans</p><p>Fair value loss on available for sale </p><p>assets</p><p>Total comprehensive loss for the year</p><p>Total comprehensive loss attributable </p><p>to:</p><p> 5</p></li><li><p>JAPAUL OIL &amp; MARITIME SERVICES PLC</p><p>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</p><p>FOR THE YEAR ENDED 31 DECEMBER 2015</p><p>Group</p><p>Issued </p><p>share </p><p>capital</p><p>Share </p><p>premium</p><p>AFS fair </p><p>value </p><p>reserve</p><p>Loss </p><p>sustained</p><p>Re-</p><p>measurement </p><p>reserve</p><p>Foreign </p><p>exchange </p><p>reserve</p><p>Non-</p><p>controlling </p><p>interest Total equity</p><p>N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000</p><p>At 1 January 2015 3,131,351 16,440,679 3,065 (6,384,376) (55,558) (156,952) (551,816) 12,426,393 </p><p>Changes in equity for 2015</p><p>Loss for the year - - - (8,036,923) - - - (8,036,923) </p><p>Other comprehensive income</p><p>Actuarial loss on defined benefit </p><p>pension plans - - - (28,406) - - (28,406) </p><p>Fair value changes on available for </p><p>sale assets - - (4,513) - - - - (4,513) </p><p>Exchange loss on foreign </p><p>operations - - - - - (868,050) - (868,050) </p><p>Total comprehensive loss for the </p><p>year - - (4,513) (8,036,923) (28,406) (868,050) - (8,937,892) </p><p>Transactions with owners</p><p>Issue of share capital - - - - - - - - </p><p>Transaction costs for equity issue - - - - - - - - </p><p>Dividends paid in the year - - - - - - - - </p><p>Total transactions with owners - - - - - - - - </p><p>At 31 December 2015 3,131,351 16,440,679 (1,448) (14,421,299) (83,964) (1,025,002) (551,816) 3,488,501 </p><p>At 1 January 2014 3,131,351 16,440,679 10,802 (3,738,776) (57,900) 5,030 (613,239) 15,177,947 </p><p>Changes in equity for 2014</p><p>Loss for the year - - - (2,645,600) - - 61,423 (2,584,177) </p><p>Other comprehensive income</p><p>Actuarial loss on defined benefit </p><p>pension plans - - - - 2,342 - 2,342 </p><p>Fair value changes on available for </p><p>sale assets - - (7,737) - - - - (7,737) </p><p>Exchange loss on foreign </p><p>operations - - - - - (161,982) - (161,982) </p><p>Total comprehensive loss for the </p><p>year - - (7,737) (2,645,600) 2,342 (161,982) 61,423 (2,751,554) </p><p>Transactions with owners</p><p>Issue of share capital - - - - - - - - </p><p>Transaction costs for equity issue - - - - - - - - </p><p>Dividends paid in the year - - - - - - - - </p><p>Total transactions with owners - - - - - - - - </p><p>At 31 December 2014 3,131,351 16,440,679 3,065 (6,384,376) (55,558) (156,952) (551,816) 12,426,393 </p><p>6</p></li><li><p>JAPAUL OIL &amp; MARITIME SERVICES PLC</p><p>COMPANY STATEMENT OF CHANGES IN EQUITY</p><p>FOR THE YEAR ENDED 31 DECEMBER 2015</p><p>Company</p><p>Issued </p><p>share </p><p>capitalShare </p><p>premium</p><p>AFS fair </p><p>value </p><p>reserve</p><p>Loss </p><p>sustained</p><p>Re-</p><p>measurement </p><p>reserve</p><p>Foreign </p><p>exchange </p><p>reserve Total equity</p><p>N'000 N'000 N'000 N'000 N'000 N'000 N'000</p><p>At 1 January 2015 3,131,351 16,440,679 3,065 (4,806,185) (55,558) (669,668) 14,043,684 </p><p>Changes in equity for 2015</p><p>Loss for the year - - - (6,969,887) - - (6,969,887) </p><p>Other comprehensive income</p><p>Actuarial loss on defined benefit pension plans - - (16,873) - - - (16,873) </p><p>Fair value changes on available for sale assets - - (4,513) - - - (4,513) </p><p>- - (21,386) (6,969,887) - - (6,991,273) </p><p>Transactions with owners</p><p>Transaction costs for equity issue - - - - - - - </p><p>Dividend paid during the period - - - - - - - </p><p>Total transactions with owners - - - - - - - </p><p>At 31 December 2015 3,131,351 16,440,679 (18,321) (11,776,072) (55,558) (669,668) 7,052,411 </p><p>At 1 January 2014 (as previously reported) 3,131,351 16,440,679 10,802 (2,161,172) (57,900) - 17,363,760 </p><p>Efffect of restatements - - - 58,726 - - 58,726 </p><p>At 1 January 2014 (Restated) 3,131,351 16,440,679 10,802 (2,102,446) (57,900) - 17,422,486 </p><p>Changes in equity for 2014</p><p>Loss for the year - - - (2,703,739) - - (2,703,739) </p><p>Other comprehensive income</p><p>Actuarial gain on defined benefit pension plans -...</p></li></ul>

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