juli plc ifrs financial statements as at 31st · pdf file4 board of directors and their...

JULI PLC

IFRS FINANCIAL STATEMENTS AS AT 31ST DECEMBER 2014

PAGE

Contents 1

Result at a Glance 2

Corporate Information 3.- 4

Directors Report 5.- 7

Auditors Report 8

Report of the Audit committee 9

Statement of Accounting Policies 10.-16

Statement of Financial Position 17

Income Statement 18

Cash Flow Statement 19

Statement of Changes in Equity 20

Notes to the Accounts 21.- 26

Five Years Financial Summary 27

BABAYEMI OSHO CO

JULI PLC

REPORTS AND FINANCIAL STATEMENTS

for the year ended

31ST DECEMBER, 2014

BABAYEMI OSHO & CO

Chartered Accountants

JULI PLC

IFRS Financial Statements as at 31st December 2014

THE YEAR AT A GLANCE

2014 2013 Increase/

=N= =N= (Decrease)

For the Year

Turnover 169,705,776 192,248,715 (12)

Profit/(Loss) Before Taxation (37,456,255) (42,614,563) 12

Profit/(Loss) after Taxation (39,841,700) (45,614,563) 13

Share Capital 99,952,502 99,952,502 -

Total assets 247,275,094 255,940,715 (3)

Net Assets 34,810,037 79,633,638 (56)

Net Assets per Share (kobo) 17 40 (56)

Earnings per Share (kobo) (20) (23) 13

BABAYEMI OSHO CO 2

JULI PLC

IFRS Financial Statements - 31st December 2014

CORPORATE INFORMATION

Directors Prince Julius Adelusi-Adeluyi, OFR, mni - Chairman

Sir Remi Omotoso, MFRMrs Julia Omosalewa Adelusi-Adeluyi

Mr Olanrewaju Ajayi

Mrs Abiola Macaulay

Mr Sylvanus Eneche

Mrs Lohdir Asabe Atu

Mrs Olufunke Ogunranti - Executive

Mr Oludare Olubamise - Managing

Date of Incorporation 14th September,1972

Date Listed on The Exchange 7th November, 1986

Corporate Office Juli House

19 Kodesoh Street,

Ikeja,Lagos State.

E-mail: [email protected]

website: www.juliplc.com.ng

Telephone:08191539915

Company Secretary Olalekan Yusuf (SAN) & Co

(Legal Practioners & Notary Public)

85 Allen Avenue,

Ikeja,Lagos State.

E-mail:[email protected]

Telephone:01-77583513

AUDITORS Babayemi Osho & Co.

(Chartered Accountants)

5, Afisman Drive, Anifowose, Ikeja.E-mail:[email protected]

Telephone: 01-7408370, 7403721

CORPORATE INFORMATION (cont'd)

Registrars First Registrars Nigeria Limited,

BABAYEMI OSHO C0 4

JULI PLC


Plot 2 Abebe Village Road, IganmuLagos.E-mail:[email protected]:[email protected]: 01-7743309, 2702078-9

Bankers Wema Bank Plc Union Bank of Nigreia PlcZenith Bank PlcMainstreet Bank Limited

BABAYEMI OSHO C0 4

JULI PLC

IFRS Financial statements as at 31st December 2014

DIRECTORS' REPORT

The Directors present their annual report on the affairs of JULI Plc (hereafter referred to as "the Company") together with the

Financial Statements and Auditors' report for the year ended 31st December, 2014.

2 RESULTS FOR THE YEAR 2014

=N=

Turnover 169,705,776

Operating Loss before Interest Charges (26,721,684)

Interest Charges (10,734,571)

Loss before Taxation (37,456,255)

Current Taxation (2,385,445)

Deferred Taxation -

Profit/ Loss After Taxation (39,841,700)

Profit/ Loss Brought Forward (234,602,893)

Retained Profit /(Loss) Carried Forward (274,444,593)

3 PRINCIPAL ACTIVITIES

The principal activities of the company continue to be in wholesale and retail of pharmaceutical and allied products.

4 BOARD OF DIRECTORS and their Shareholding

The following persons served as Directors during the year. And their share distribution as at 31st December, 2013

are as follows:

Name No of Shares No of Shares % Holding

Direct Indirect

Prince Julius Adelusi-Adeluyi, OFR, mni } - Chairman 57,227,746 17,044,254 37.14

Mrs Julia Omosalewa Adelusi-Adeluyi }

Sir Remi Omotoso, MFR 1,000,000 - 0.50

Mr Olanrewaju Ajayi } Repesenting Wema Bank Plc 60,000,000 30.00

Mr Sylvanus Eneche }

Mrs Abiola Macaulay Representing Access Bank Plc - 6,490,000 3.25

Mrs Lohdir Asabe Atu Representing Tim-Tali Investment Ltd. - 7,500,000 3.75

Mrs Olufunke Ogunranti - Executive - - -

Mr Oludare Olubamise - Managing - - -

5 DIRECTORS' INTERESTS

In pursuance of Section 259 of the Companies and Allied Matters Act, 1990, one third of the directors retire by rotation at this

Annual General Meeting and being eligible, offer themselves for re-election.

6 FIXED ASSETS

Movement in fixed assets during the year are shown on page 21. Fixed assets are generally stated at cost. Routine expen-

ditures for repairs and maintenance are expensed as incurred. In the opinion of the directors, the market value of the company's

fixed assets is not lower than the value shown in the financial statements

BABAYEMI OSHO CO 7

JULI PLC


DIRECTOR'S REPORT (Cont'd)

7 The Directors are responsible for the preparation of the financial statements which disclose with reasonable accuracy, at any time, the

financial position of the company and enable them to ensure that the accounts comply with the provisions ot the Companies and Allied

Matters Act, CAP C20 LFN 2004. They are also responsible for safeguarding the assets of the company and hence take reasonable

steps for the prevention and detection of fraud and other irregularities. In doing so, they ensure that:

i. internal control procedures are instituted which, as far as is reasonably possible safeguard the assets and prevent and detect fraud

and other irregularities;

ii. proper accounting records are maintained;

iii. applicable accounting standards under IFRS are followed;

iv. suitable accounting policies that comply with IFRS are adopted and consistently applied;

v. Judgements and estimates made are reasonable and prudent, and

vi. the going concern basis is used, unless it is inappropriate to presume that the company will continue in business.

8 DONATIONS AND CHARITABLE GIFTS

The Company did not make any donations to political parties or charitable organisations during the year.

9 POST BALANCE SHEET EVENTS

There were no significant post balance sheet events which could have had a material

effect on the state of affairs of the company as at 31st December, 2014.

10 Employment Policies

i Employment of Disabled Persons:

The company maintains an open employmeny policy towards disabled person as part of its social responsibilities. However, no disabled

person was in the employment of the company during the year.

ii Employee's Involvement:

The company continues to maintain effective communication with all employees who, subject to practical considerations, are consulted

on and involved in decisions that affect their current jobs or future prospects.

iii Health, Safety at Work and Welfare of Employees:

Health and Safety regulations are in force within the premises of the company.

11 BOARD MEETING

The board met once during the year to deliberate on the affairs of the company. Details in respect of the attendance of members are

shown below:

Attendance

Prince Julius Adelusi-Adeluyi, OFR, mni } - Chairman 1

Mrs Julia Omosalewa Adelusi-Adeluyi } 1

Sir Remi Omotoso, MFR 1

Mr Olanrewaju Ajayi } 0

Mr Sylvanus Eneche } 0

Mrs Abiola Macaulay 1

Mrs Lohdir Asabe Atu 0

Mrs Olufunke Ogunranti - Executive 0

Mr Oludare Olubamise - Managing 1

BABAYEMI OSHO CO 7

JULI PLC


7

DIRECTOR'S REPORT (Cont'd)

12 AUDIT COMMITTEE

In accordance with Section 359(3) of companies and Allied Matters Acts 1990, the company has an Audit Committee made up of four

(4) members, two each representing the board and shreholders. The Committee met twice during the year and details in respect of

attendance are as follows:

Attendance

Ven./M/S/E Anthony Omoniyi Omojola - Chairman 2

Mr Olatunde Olayemi 2

Mrs Julia Omoshalewa Adelusi-Adeluyi 2

Mrs Abiola Macaulay 1

13 BOARD COMMITTEES

Two Committees, in addition to the Statutory Audit Committee are in place:

1. Finance and General Purpose Committee

2. Establishment/Human Resources Committee

Members of the Finance and General Purpose Committee are:

Sir Remi Omotoso MFR - Chairman

Mr Lanre Ajayi

Mrs Abiola Macaulay

Mrs Olufunke Ogunranti

Mr Oludare Olubamishe

Members of the Establishment/Human Resources Committee are:

Mrs Julia Omoshalewa Adelusi-Adeluyi - Chairman

Mrs Abiola Macaulay

14 AUDITORS

Messrs. Babayemi Osho & Co. (Chartered Accountants), having indicated their willingness will continue in office as the company's

Auditors in accordance with Section 357(2) of the Companies and Allied Matters Act, 1990.

BY THE ORDER OF THE BOARD

MESSRS OLALEKAN YUSUF & CO

COMPANY SECRETARY

BABAYEMI OSHO CO 7

JULI PLC


REPORT OF THE AUDIT COMMITTEE TO THE MEMBERS OF JULI PLC

In accordance with the provisions of section 359 (6) of the Companies and Allied Matters Acts

1990, we confirm that we have seen the audit plan and the draft accounts and balance sheet

and the Management Letter on the audit of the accounts of the company and the responses.

In our opinion, the scope and planning of the audit for the year eneded 31st December,

2014, were adequate and we have reviewed the Auditors findings and are satisfied with the

Management responses thereon.

We also confirm that the accounting and reporting of the company are in accordance with

legal requirements and agreed ethical practices.

Ven./M/S/E Anthony Omoniyi Omojola

Chairman

_ _ _ _ _ _ _ _ _ 2014

Members

Ven./M/S/E Anthony Omoniyi Omojola - Chairman

Mrs.Julia Omosalewa Adelusi-Adeluyi

Mr.Olatunde Olayemi

Mrs Abiola Macaulay

Olalekan Yusuf (SAN) & Co. (Company Secretary), served as Secretary to the Committee

BABAYEMI OSHO CO 9

JULI PLC


STATEMENT OF ACCOUNTING POLICIES

1 Basis of PreparationThe 2014 Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the InternationalAccounting Standards Board (IASB). The Financial Statements is presented in the functional currency, Nigerian Naira rounded up to the nearest thousand.

2 Property, Plant and EquipmentProperty, Plant and Equipment are tangible assets that can span more than one accounting period. These items are stated at their original cost of fair value less accumulated depreciation and impairment losses.

Land and building is measured at fair value which is determined by engaging theservices of an external professional valuer.

Any increase as a result of the revaluation of land and building is recognised in other comprehensive income and accumulated in equity under the heading of revaluation surplus.However, the increase is recognised in profit or loss to the extent that it reverses a decrease previously recognised in profit or loss. If the revaluation results to a decrease in the carrying amount of Land and Building, the decrease is recognised in profit andloss. However the decrease is recognised in other comprehensive income to the extent of any credit balance existing in the revaluation surplus in respect of the asset.Any revaluation surplus remaining in equity on disposal of the asset is transferred toretained earnings.

Plant and machinery, Furniture and fittings, Motor vehicles and Computer Equipment are measured at cost. The initial cost of these assets comprises its purchase price andany costs directly attrributable to bringing the assets into operation.

The capitalised value of plant and machinery acquired via finance lease is also includedwithin property, plant and equipment.

BABAYEMI OSHO CO 11

JULI PLC


STATEMENT OF ACCOUNTING POLICIES (cont'd)

3 Depreciation and ImpairmentDepreciation of fixed assets is on a straight line basis at the following rates calculated to write off the cost of valuation of the assets concerned over their estimated useful lives.Land NILBuilding 2.5%Plant, Machinery and Equipment 20%Motor vehicles 25%Furniture and fittings 20%The useful lives and method of depreciation of the assets are reviewed in each reportingperiod and adjusted prospectively if appropriate.

Impairment is measured as the difference between the carrying amount of an asset andits recoverable amount. Recoverable amount of an asset is the higher of its fair value lesscost to sell and its value in use. Impairement is tested for when there is an indication forimpairment such as:

* Decline in the market value of an asset

* Changes in the technological, economic or legal environment resulting in an

adverse effect on activities.

* Obsolesence or damage of asset.

* Worsening performance of asset..

When there is an objective evidence of impairment, the loss is recognised in profit or lossexcept when there has been a previous upward revaluation, in which case the impaire-ment loss is recognised directly in equity.

Gains or losses arising on the disposal of property, plant and Equipment are determinedas the difference between the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within "other income" or "other expenses".

4 Fair ValueLand and Building are measured in fair value by reference to market based evidence(Level 1 fair value measurement). The fair value measurement is carried out when necessary to ensure that the carrying amount of Land & Building is not materialy differentfrom its market value.

BABAYEMI OSHO CO 11

JULI PLC


STATEMENT OF ACCOUNTING POLICIES (cont'd)

5 Lease AssetsIn accordance with IAS 17 on Lease, the economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially all the risks and rewards relatedto the ownership of the leased asset. The related assets are then recognised at theinception of the lease at the fair value of the leased asset or if lower, the present value of the lease payment plus incidental payments, if any.A corresponding amount is recognised as a finance leasing liability, irrespective of whethersome of the lease payments are payable up-front at the date of inception of the lease.

Depreciation methods and useful lives for assets held under finance lease agreementcorrespond to those applied to comparable assets which are owned by the company.The corresponding finance leasing liability is reduced by lease payments less financecharges which are expensed as part of finance cost.

The interest element of lease payments represent a constant proportion of the capitalbalance outstanding and is charged to income statement over the period of the lease.

6 InventoriesInventories are valued at lower of cost and net realisable value after making provision for obsolescence and damaged items. Costs are ascertained on the following basis:

-1 Merchandise goods - Direct costs plus associated costs incurred to the point of sale.

-2 Goods-in-transit - Goods-in-transit is valued at the invoice price.Net realizable value is the estimated selling price in the ordinary course of business lessestimated costs to completion and selling expenses.

7 FINANCIAL INSTRUMENTS

Non - Derivative Financial Assets

i Trade ReceivablesTrade receivables are financial assets measured at armortised cost less any impairmentlosses. Credit sales are rarely done and the effect of discounting is immaterial, hence, they are stated at their invoice price.

Trade receivables are assesed annually to determine if there is an objective evidence of impairement. The impairment loss is determined by splitting the receivable into groups of

BABAYEMI OSHO CO 11

JULI PLC


The tax base of an asset or liabilty is the amount attributable to that asset or liability for tax purposes.The measurement of deferred tax liability and deferred tax assets shall reflect the taxconsequences that would follow from the manner in which JULI Plc expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.Deferred income tax assets and liabilities are measured at the rate that are expected to apply to the year when the asset is realized or liability settled, based on tax rates (and tax laws) thatare applicable or have been enacted at the date of the Financial year under rewiew.Deferred tax assets are recognised when it is considered probable (more likely than not)that those assets will be recovered.

10 Employees Retirement benefit and Provisions for GratuityThe company operates a non-contributory gratuity scheme whereby benefits are determinedon retirement or termination.The company instituted a defined contributory pension scheme for its staff in line with theprovision of the Pension Reform Act 2004. Staff contribution to the scheme are deducted fromthe payroll while the contribution of the company is charged to the statement of profit or lossand comprehensive income.

11 Foreign CurrencyTransactions denominated in foreign currencies are translated into Naira at the ruling rate ofexchange at the dates of the transaction. Monentary assets and liabilities denominated in foreign currencies at the year-end are recorded at the rates of exchange prevailing at the balance sheet dates. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is taken to the statement of Profit or Loss and other comprehen-sive income.

12 ProvisionsProvisions are recognised when the company has present obligation, whether legal orconstructive, as a result of past events for which it is probable that an outflow of recourcesembodying economic benefits will be required to settle the obligation and a reliable estimatecan be made of the amount of the obligation in accordance with IAS 37; provision , Contigent liabilities and Contigent assets.

BABAYEMI OSHO CO 11

JULI PLC


13 DebtorsDebtors are stated net of provision for bad and doubtful debts.

14 Operating SegmentAn operating segment is a component of the commpany that engages in business activitiesfrom which it may earn revenues and incur expenses. All operating segments results arereviewed from time to time by the management of the company to make decisions aboutresources to be allocated to the segment and assess its performance, and for which discretefinancial information is available.

Segment results that are reported include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise all assets, liabilities and income tax assets and liabilities.

15 REVENUE

Sales of goods comprises of Pharmaceutical and Allied products. Revenue from the sale of

these goods in the course of ordinary activities is measured at fair value of the consideration

received or receivable, net of returns, trade discounts, sales tax and volume rebates.

Revenue is recognised when the risks and rewards of ownership are transferred to the buyer.This occurs when the buyer has taken delivery of the goods. Revenue is recognised whenthe amount of revenue can be measured reliably, collection is probable and the costincurred or to be incurred can be measured reliably.

16 Discontinued OperationA discountinued operation represents components of the company's pricipal business that is a separate major line of business or geographical area of operation that has been disposed of or is held for sale. Classification as a discontinued operation occurs upon disposal orwhen the operation meets the criteria to be classified as held for sale, and profit or loss fromdiscontinued operation is presented in asingle amount in the income statement. This amountis the post-tax profit or loss of the dicontinued operation.

BABAYEMI OSHO CO 11

JULI PLC


17 Earnings Per ShareThe company presents basic earning per share (EPS) data for its ordinary shares. The basicEPS is determined by dividing the profit or loss attributable to ordinary shareholders of thecompany by nthe weighted average number of ordinary shares outstanding during the period.

18 InvestmentsInvestments are stated at cost.

19 Investment PropertiesInvestment Properties are properties held either to earn income or for capital appreciation orfor both; but not for sale, in the ordinary course of business; use in the production or supplyof goods and services or for administrative purposes.

BABAYEMI OSHO CO 11

JULI PLC


STATEMENT OF FINANCIAL POSITION

AS AT 31ST DECEMBER 2014

2014 2013

ASSETS Note =N= =N= =N= =N=

NON CURRENT ASSETS

PROPERTY, MOTOR VEH. EQUIPMENT 1 221,060,815 231,371,039

PRODUCT DEV EXPS 3 1,481,127 2,681,992

INVESTMENT 2 59,042 59,042

SUB TOTAL - NON CURRENT ASSETS 222,600,984 234,112,073

CURRENT ASSETS

Inventories (Stock) 4 18,203,482 13,669,545

Trade Receivables - Debtors 5 3,686,937 6,250,150

Cash & Cash Equivalents 6 2,783,692 1,908,947

Total Current Assets 24,674,111 21,828,642

TOTAL ASSETS 247,275,095 255,940,715

EQUITY AND LIABILITIES

EQUITY

Share Capital 7 99,952,502 99,952,502

Share Premium 8 6,549,305 6,549,305

Revaluation Reserve 9 202,752,823 207,734,723

Retained Earning 10 (274,444,592) (234,602,892)

Total Equity 34,810,038 79,633,638

NON CURRENT LIABILITIES

Term Loan 11 88,743,814 88,981,541

Deferred Taxation 13b 6,880,347 6,880,347

TOTAL NON CURRENT LIABILITIES 95,624,161 95,861,888

CURRENT LIABILITIES

Bank Overdraft / Short term borrowing

Trade Creditors 12 25,980,428 20,431,223

Other payables 12b 64,801,330 34,340,274

Tax Payable 13 19,059,137 16,673,692

Related Party -MIDAS investment Property 14 9,000,000 9,000,000

Bank Overdraft 15 -

118,840,895 80,445,189

TOTAL EQUITY AND LIABILITIES 249,275,094 255,940,715

The Financial Statements were approved by the Board of Directors on ……….

and signed on its behalf by:

…………………...…………….………………………………… ))

) DIRECTORS

)

……………..……….…………….………………………………… )

The statement of significant accounting policies on pages 10 and 16 and the notes on pages

21 to 26 form an integral part of these financial statements.

JULI PLC

IFRS Financial Statements as at 31st December, 2014

INCOME STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2014

2014 2013

Note =N= =N=

Turnover 16 169,705,776 192,248,715

Cost of Sales (115,631,209) (132,475,555)

Gross Profit 54,074,567 59,773,160

Net Operating Expenses (88,791,411) (89,432,657)

(34,716,844) (29,659,497)

Other Income 17 7,995,160 78,584

Operating Profit/ (loss) (26,721,684) (29,580,913)

Finance Charges 18 (10,734,571) (13,033,650)

Profit/(Loss) on ordinary activities (37,456,255) (42,614,563)

Income Tax 13 (2,385,445) (2,809,072)

Profit/ Loss After Taxation (39,841,700) (45,423,635)

Amortisation of Revaluation Reserve -

Prior Year Adjustment - 1,113,090

Profit/ Loss Brought Forward (234,602,893) (190,292,348)

Retained Profit / Loss Carried Forward (274,444,593) (234,602,893)

Earnings Per Share (Kobo) (19.9) (12)


21 to 27 form an integral part of these financial statements.

19

JULI PLC


CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2014

2014 2013

=N= =N=

OPERATING ACTIVITIES

Operating result for the year (26,721,684) (29,580,913)

Adjustment for items not involving the movement of cash


Depreciation of fixed assets 6,661,325 6,937,694

Amortisation of product Development Expenditure 1,200,865 1,108,865

Cash flow before changes in working capital (18,859,494) (20,421,265)

Changes in working Capital

Decrease/(Increase) in Inventories (4,533,937) 13,591,512

(Increase)/Decrease Goods in transit - -

(Increase)/Decrease in Debtors and Prepayment 2,563,213 857,115

Related Party Transaction - Loan - -

Increase/(Decrease) Creditors and Accruals 36,010,261 10,003,231

Net Outflow from Operating Activities 15,180,043 4,030,594

INVESTING ACTIVITIES

Purchase of Fixed Assets (1,333,000) (295,540)

(1,333,000) (295,540)

FINANCING ACTIVITIES

Finance charges (10,734,571) (13,033,650)

Decrease/Increase in Term Loan (2,237,727) 28,383,405

Net cashflow from Financing Activities (12,972,298) 15,349,755

Net Increase/(Decrease) in Cash and Cash

Equivalents 874,745 19,084,809

Cash and Cash equivalent at the beginning of the year 1,908,947 (17,175,861)

Cash and Cash equivalent at the end of the year 2,783,692 1,908,948

Represented By:

Cash and Bank 3,572,619 2,996,612

Bank Overdraft (788,927) (1,087,665)

2,783,692 1,908,947


the notes on pages 21 to 26 form an integral part of these financial statements.

JULI PLC


FIVE YEAR FINANCIAL SUMMARY

2014 2012 2011 2010

N N N N

FINANCED BY

Share Capital 99,952,502 99,952,502 99,952,502 99,952,502

Share Premium 6,549,305 6,549,305 6,549,305 6,549,305

Revaluation Reserve 202,752,823 212,716,622 227,662,321 227,662,321

Profit and Loss Account (274,444,592) (190,292,348) (176,910,142) (125,489,729)

34,810,038 128,926,081 157,253,986 208,674,399

ASSETS EMPLOYED

Fixed Assets 221,060,815 242,995,090 249,735,614 241,026,752

Investment 59,042 59,042 59,042 7,999,807

Product Development Expenditure 1,481,127 3,790,857 4,899,722 4,931,987

Current Assets 24,674,111 36,629,226 34,344,039 25,356,110

Non-Current Liabilities (95,624,161) (67,478,484) - -

Current Liabilities (118,840,895) (87,069,650) (131,784,431) (70,640,257)

32,810,039 128,926,081 157,253,986 208,674,399

TURNOVER AND PROFIT

Revenue 169,705,776 250,754,226 211,151,745 248,587,888

Loss Before Taxation (37,456,255) (19,804,369) (48,761,583) (27,007,000)

Taxation (2,385,445) (3,566,828) (3,023,830) (9,738,000)

Loss after Taxation (39,841,700) (23,371,197) (51,785,413) (26,470,000)

Earnings Per Share (Kobo) (20) (12) (26) (13)

Net Assets Per Share (Kobo) 16 64 79 104

JULI PLC


STATEMENT OF CHANGES IN EQUITY

SHARE CAPITAL SHARE PREMIUM

REVALUATION

RESERVE

RETAINED

EARNINGS TOTAL

N N N N N

Balance as at 1st January 2013 99,952,502 6,549,305 207,734,723 (234,602,894) 79,633,636

Armotization of Revaluation Surplus (4,981,900) (4,981,900)

Prior Year Adjustment - -

Profit and Loss Account (39,841,700) (39,841,700)

99,952,502 6,549,305 202,752,823 (274,444,594) 34,810,036

21 JULI PLC


NOTES TO THE FINANCIAL STATEMENTS

1 Property, Plant & Equipment

Land Furniture Research & Plant

and Motor and Office Laboratory Library & & Machinery

Building Vehicle Fittings Equipment Equipment Publication Total

=N= =N= =N= =N= =N= =N= =N= =N=

COST

At 1/1/2014 265,729,860 22,059,195 8,018,808 18,004,158 5,511,786 29,372 9,527,000 328,880,179

Additions - 408,000 - - - - 925,000 1,333,000

At 31/12/2014 265,729,860 22,467,195 8,018,808 18,004,158 5,511,786 29,372 10,452,000 330,213,179

DEPRECIATION

At 1/01/2014 46,009,090 17,655,712 7,331,366 16,730,656 5,402,446 29,370 4,350,500 97,509,140

Charge for the year 6,643,247 2,145,308 314,346 489,723 31,200 - 2,019,400 11,643,224

At 31/12/2014 52,652,337 19,801,020 7,645,712 17,220,379 5,433,646 29,370 6,369,900 109,152,364

NET BOOK VALUE

At 31/12/2014 213,077,523 2,666,175 373,096 783,779 78,140 - 4,082,100 221,060,815

At 31/12/2013 219,720,770 4,403,483 687,442 1,273,502 109,340 2 5,176,500 231,371,039

JULI PLC 22


NOTES TO THE FINANCIAL STATEMENTS (Contd.)

2014 2013

2 Investments (Market Value; N) =N= =N=

These are Investments in Public quoted companies 59,042 59,042

3 Product Development Expenditure =N= =N=

This represents amount incurred in production of HIV 1,481,127 2,681,992

drugs, Registration of Methaderm-P cream, Ekicef,

G-Plus and Ekicef injection and G-Plus Caps.

4 Inventories

Merchandise 18,203,482 13,669,545

5 Trade Receivables & Prepayments

Trade Debtors 2,611,607 5,701,320

Sundry Debtors 498,830 498,830

Salary Advance 576,500 -

Staff Loan - 50,000

3,686,937 6,250,150

6 Cash and Bank Balances -

Bank Balances 1,213,668.84 1,248,912.35

Cash Balances 491,170.00 480,000.00

Cash in Transit 1,867,780.00 1,267,700.00

3,572,618.84 2,996,612.35

Bank Overdraft (788,927) (1,087,665.46)

Cash & Cash Equivalent 2,783,691.76 1,908,946.89

7 Share Capital

Authorised:

200,000,000 Ordinary Shares of 50 kobo each 100,000,000 100,000,000

Issued and Fully Paid

199,905,003 Ordinary Shares of 50 Kobo each 100,000,000 99,952,502

8 Share Premium 6,549,305 6,549,305

JULI PLC 23



2014 2013

=N= =N=

9 Revaluation Reserve

Brought Forward 207,734,723 212,716,622

Amortization for the year (4,981,900) (4,981,899)

202,752,823 207,734,723

The land & Building of the Company was

revalued by Messrs Odudu & Co Registered

Estate Surveyor and Valuer in September 2009

resulting in a revaluation surplus of N199,275,985.

10 =N= =N=

Profit & Loss Account

Balance Brought Forward (234,602,892) (190,292,348)

Profit & Loss Account (39,841,700) (45,423,634)


Armortization of Revaluation Surplus Transferred -

Unreconciled Difference

(274,444,592) (234,602,892)

11 Term Loan

BOI Term Loan 35,409,168 37,646,895

WEMA Bank Plc (Restructured) 51,334,646 51,334,646

86,743,814 88,981,541

12 Trade Payables

Trade Creditors 22,369,136 20,431,223

Sundry Creditors 3,611,292 821,984.24

25,980,428 21,253,207

12b Other Payables

Tax (PAYE) Payable 7,185,705 5,218,432.02

Accrued Audit Fee 1,100,000 1,045,000.00

Wages Control (Net Pay Control 35,681,614 15,959,109.50

Other Payables 10,412,313 3,098,022.43

Pension Fund - Payable 16,796,254 14,391,782.21

Directors Current Account (6,374,556) (6,194,056)

64,801,330 33,518,290.47

13 Taxation

Brought Forward 16,673,692 13,864,620

Provision For the Year 2,385,445 2,809,072

Tax Carried Forward 19,059,137 16,673,692

BABAYEMI OSHO CO

JULI PLC 24



2014 2013

=N= =N=

14 Related Party Transaction

Loan from MIDAS Investment Property Ltd. 9,000,000 9,000,000

15 Bank Overdraft

Union Bank 400,814.09 0.00

Wema Bank 0.00 0.00

Main Street Bank 388112.99 0.00

788,927.08 -

16 Turnover

Pharmaceuticals, Household and

Consumer Goods 129,119,241.00 154,355,979.67

Bottle and Sachet Water 40,586,535.00 37,892,735.00

169,705,776.00 192,248,714.67

17 Other Income 7,995,159.67 78,584

18 Finance Charges

Overdraft Interest 0.00 577,029

Loan Interest 10,154,220.67 12,456,621

Bank Service Charge 580,350.23

10,734,570.90 13,033,650

JULI PLC 25



2014 2013

=N= =N=

20 Profit or Loss Before Taxation (37,456,255) (42,614,563)

The Trading Loss is stated after charging

Depreciation 6,661,325 7,360,874

Auditors' Remuneration 450,000 450,000

Directors Emoluments - Salaries 15,000,000 15,000,000

- Others - 20,000

Earnings Per Share

Earnings Per Share is calculated based on the company's

Loss on ordinary activities after taxation of ( =N=45,423,634)

on paid up ordinary shares of 199,905,003 @ 50k each as at (20) (23)

31st Decenber 2013.

Activities

The Company is engaged in wholesale and retail merchandising of pharmaceutical and household

consumer goods and production and marketing of table water - Juli Life Water.

Chairman and Directors Emoluments

(a) As Emoluments 15,000,000 15,000,000

As Fees - 255,000

15,000,000 15,255,000

(b) The number of Directors excluding Chairman whose

emoluments were within the following ranges were:

= N= = N=

1,001 - 10,000 0 0

10,001 - 20,000 0 0

20,001 - 30,000 0 0

30,001 - 40,000 0 0

40,001 - 50,000 0 0

50,000 and Above 2 2

Loan and Other Transactions favouring Directors and officers

During the year, the Company did not guarantee loan in favour of any

Director or officers of the Company.

JULI PLC 26



Shareholders Information

Holders of more than 5% of Issued Share Capital.

The following shareholders held more than 5% of the Issued

Share Capital of the Company. No of Shares held % Holding

Wema Bank 60,000,000 30.00

Prince Julius Adelusi-Adeluyi 57,164,952 28.60

Midas Investment & Properties Ltd. 17,044,254 8.53

134,209,206 67.13

.

Approval of Financial Statement

The Financial Statements were approved by the Board of Directors of the Company on …………….2015

juli plc ifrs financial statements as at 31st · pdf file4 board of directors and their...

Documents