Daily briefing I 21 pages I 01 April 2014 Corporate ... broadcast- 01 April 2014.pdf1 | P a g e N i g e r i a: C o r p o r a t e E a r n i n g s B r o a d c a s t Nigeria I Corporate

1 | P a g e N i g e r i a : C o r p o r a t e E a r n i n g s B r o a d c a s t

Nigeria I Corporate Earnings Broadcast

Daily briefing I 21 pages I 01 April 2014 Corporate Earnings Broadcast

Financial Highlights (NGN billion) MRS OIL NIGERIA PLC FY:2013 AUDITED RESULT

Profit & Loss Account FY:2013 FY:2012 y/y Growth

Revenue 87.786 79.727 10.11%

Cost of Sales 83.010 74.015 12.15%

Gross Profit 4.776 5.712 -16.38%

OPEX 6.481 5.047 28.41%

Finance Expense 0.785 1.358 -42.24%

PBT 1.407 0.379 271.52%

PAT 0.634 0.205 209.29%

Balance Sheet

Property, Plant and Equipment 21.351 22.014 -3.01%

Inventories 7.724 4.332 78.30%

Trade and other receivables 22.460 18.565 20.98%

Cash and cash equivalents 13.115 10.301 27.32%

Other Assets 1.046 0.385 18.16%

Total Assets 65.695 55.596 3.02%

Shareholders' fund 19.629 19.054 3.02%

Trade and other Payables 22.991 16.166 42.23%

Borrowings 15.811 13.460 17.47%

Total Liabilities 46.065 36.542 26.06%

Per share data MRS

Current Price 54.44

Trailing EPS 2.50

BVPS 77.28

Price multiples/ratios

Shares Outstanding 0.25

P/E 21.80x

P/BV 0.70x

RoAE 3.28%

RoAA 1.05%

Financial Leverage 3.35 2.92

Cost-to-Sales 94.56% 92.84%

Gross Profit Margin 5.44% 7.16%

OPEX Margin 7.38% 6.33%

Net margin 0.72% 0.26%



Financial Highlights (NGN billion) TOTAL NIGERIA PLC FY:2013


Turnover 238.163 217.844 9.33%

Cost of Sales 209.462 191.632 9.30%

Gross Profit 28.702 26.211 9.50%

Other Income 2.450 1.023 139.45%

Financial Charges 1.981 1.572 26.01%

OPEX 21.050 18.564 13.39%

Operating Profit 10.101 8.671 16.50%

PBT 8.120 7.098 14.40%

PAT 5.334 4.671 14.20%

Balance Sheet

Property , Plant and Equipment 20.852 18.864 Inventories 14.641 24.505 -40.25%

Debtors and other Receivables 32.038 27.884 14.90%

Cash and Cash equivalents 9.445 3.348 182.10%

Other Assets 2.428 1.466 65.59%

Total Assets 79.404 76.067 4.39%


Borrowings 16.608 14.879 11.62%

Trade and other payables 43.536 44.532 -2.24%


Per share data TOTAL

Current Price 125.00

EPS 15.71

BVPS 39.00

Price multiples/ratios Corporate Action

Shares Outstanding 0.34 Proposed Dividend 900 kobo per share

P/E 7.96x Closure Date 22nd – 28th April, 2014

P/BV 3.21x Date of Payment 16th June, 2014

RoAE 43.47% AGM Date 13th June, 2014

RoAA 6.86% AGM Vanue AGM Vanue Civic Centre, Ozumba

Financial Leverage 6.00

Mbadiwe Street, Victoria Island,

Cost -to-Sales 87.95%

Lagos

Gross Profit Margin 12.05%

OPEX Margin 8.84% Operating Margin 4.24% Net margin 2.24%



Financial Highlights (NGN billion) ALUMINIUM EXTRUSION INDUSTRIES PLC

Profit & Loss Account FY: 2013 FY: 2012 y/y Growth

Turnover 2.010 1.722 16.74%

Cost of Sales 1.731 1.506 14.92%

Gross Profit 0.279 0.216 29.41%

OPEX 0.115 0.112 2.28%


Financial Charges 0.049 0.050 -3.59%

PBT 0.132 0.078 69.61%

PAT 0.135 0.045 200.27%

Balance Sheet


Inventories 0.369 0.276 33.71%

Cash and Cash Equivalents 0.000 0.000 -9.29%

Other Assets 0.019 0.009 100.86%

Total Assets 1.685 1.605 4.96%

Financial Liabilities 0.283 0.310 -8.60%

Trade Payables 0.112 0.082 37.54%



Per share data ALEX

Current Price 10.50

EPS 0.62

BVPS 4.35


Shares outstanding 0.22 P/E 17.05x P/BV 2.41x RoAE 14.25% RoAA 8.23% Financial Leverage 1.76 1.70

Cost -to-Sales 86.10% 87.46% Gross Profit Margin 13.90% 12.54% OPEX Margin 5.70% 6.51% Operating Margin 8.20% 6.04%




Financial Highlights (NGN billion) MANSARD INSURANCE PLC FY:2013 results


Gross Premium 13.594 12.444 9.24%

Net Re-Insurance Costs 6.056 5.335 13.51%

Net Premium Earned 7.538 7.109 6.04%

Net Claims Incurred 3.531 3.160 11.75%

Underwriting profit 2.451 2.826 -13.26%

Investment & Other Income 3.733 2.358 58.30% Management Expenses & Provisions for Doubtful Accounts 3.931 2.934 34.00%

PBT 1.991 2.180 -8.65%

PAT 2.094 1.603 30.62%

Balance Sheet

property, Plant and Equipment 1.680 1.478 13.67%

Cash and Cash Equivalents 6.169 3.257 89.41%

Debtors and Prepayments 1.089 2.904 -62.50%

Financial Assets 14.627 14.644 -0.12%

Investment Property 8.743 6.937 26.04%

Other Assets 12.567 9.826 27.90%

Total Assets 36.133 32.109 12.53%

Shareholders' Fund 14.931 14.582 2.39%

Insurance Funds and outstanding Claims 7.693 5.865 31.16%

Financial Liabilities 9.413 7.728 21.80%

Other Credit Balances 3.610 3.101 16.42%


Per share data MANSARD

Current Price 2.08 EPS 0.21

BVPS 1.49


Shares outstanding [bn] 10.00 Proposed Bonus Nil

P/E 9.93x Dividend per Share 8k

P/BV 1.39x Closure Date 11th April 2014

RoAE 14.19% Date of Payment 24th April 2014

RoAA 6.14% AGM Date 24th April 2014

Re-Insurance Rate 44.55% AGM Vanue Federal Palace Hotel, No 6-8 Ahmadu Bello Way, Victoria Island,

Lagos.

Claims Ratio 46.84%

Expense Ratio 52.15%

Combined Ratio 98.99%

Net Margin 27.78%



Financial Highlights (NGN billion) SCOA NIGERIA PLC 2013FY results

Profit & Loss Account 2013 2012 y/y Growth

Revenue 6.227 6.019 3.45%

Cost of Sales 4.577 4.552 0.55%

Gross Profit 1.650 1.467 12.46%

OPEX 1.073 1.136 -5.55%

Other operating income 0.101 0.171 -40.77%


Finance Expense 0.523 0.327 59.97%

PBT 0.146 0.164 -11.34%

PAT 0.111 0.073 50.86%

Balance Sheet

Inventories 3.561 2.584 37.83%

Trade Debtors 1.887 1.467 28.57%

Cash and bank 0.222 0.280 -20.56%

Other Assets 2.390 2.743 -12.89%

Total Assets 8.060 7.075 13.93%

Shareholders' fund 2.945 3.261 -9.70%


Per share data SCOA

Current Price 5.06

Trailing EPS 0.17

BVPS 4.53



P/E 29.69x

P/BV 1.12x

RoAE 3.57%

RoAA 1.46%

Financial Leverage 2.74x 2.17x


Gross Profit Margin 26.50% 24.38%





Financial Highlights (NGN billion) PHARMA-DEKO PLC FINANCIAL STATEMENT 2013FYAUDITED Result


Revenue 1.060 1.037 2.20%

Cost of Sales 0.617 0.547 12.85%

Gross Profit 0.443 0.491 -9.66%

OPEX 0.605 0.452 33.74%

Other Income 0.010 0.056 -82.28%

PBT -0.229 0.016 -1530.63%

PAT -0.222 0.070 -416.17%

Balance Sheet

PP&E 2.020 2.128 -5.07%

Inventories 0.232 0.341 -32.15%


Cash and cash equivalents 0.05 0.122 -58.86%

Total Assets 2.498 2.783 -10.23%


Trade and Other Payables 0.733 0.816 -10.24%

Non-current Financial Liabilities 0.000 0.101 -100.00%

Current Financial Liabilities 0.799 0.756 5.59%

Total Liabilities 1.668 1.839 -9.32%

Per share data PHARMDEKO

Current Price 1.57 EPS -2.23

BVPS 8.34


Shares Outstanding 0.10 P/E nm P/BV 0.19x RoAE -25.01% RoAA -8.40% Financial Leverage 3.01 Cost of Sales Margin 58.19% Gross Profit Margin 41.81%

OPEX Margin 57.06%

Net margin -20.92%



Financial Highlights (NGN billion) CHEMICAL AND ALLIED PRODUCTS PLC FY2013

Profit & Loss Account FY2013 FY2012 y/y Growth

Turnover 6.196 5.231 18.44%

Cost of Sales 3.041 2.632 15.54%

Gross Profit 3.155 2.599 21.37%

Other Income 0.051 0.044 14.09%

OPEX 1.245 1.122 10.91%

PBT 2.087 1.661 25.63%

PAT 1.417 1.116 27.00%

Balance Sheet

Inventories 0.578 0.975 -40.74%

Trade and other Receivables 0.519 0.181 186.34%


Other Assets 0.480 0.452 6.28%

Property,Plant and Equipment 0.414 0.412 0.61%

Total Assets 3.035 2.876 5.54%



Current Financial Liabilities 0.312 0.322 -2.93%


Per share data CAP

Current Price 40.62

EPS 2.53

BVPS 2.26

Price multiples/ratios Corporate Actions

Shares Outstanding 0.56 Proposed Dividend NGN1.00k/share

P/E 16.06x Dividend Yield 2.46%

P/BV 17.94x Payout ratio 39.53%

RoAE 118.72% RoAA 47.94% Financial Leverage 2.39

Cost -to-Sales 49.08% Gross Profit Margin 50.92% OPEX Margin 20.09% Net margin 22.87%



Financial Highlights (NGN billion) TANTALIZERS PLC FY: 2013


Turnover 3.480 4.198 -17.11%

Cost of Sales 1.920 2.298 -16.47%

Gross Profit 1.560 1.900 -17.87%

Other Income 0.121 0.102 18.01%

Finance Income 0.003 0.016 -79.67%

Finance Cost 0.206 0.036 478.78%

OPEX 2.077 2.246 -7.53%

PBT -0.598 0.263 -327.39%

PAT -0.565 -0.303 -86.12%

Balance Sheet

Property, Plant and Equipment 5.07 5.11 Inventories 0.096 0.145 -33.82%

Debtors/Receivables 0.615 0.761 -19.20%

Cash and Cash equivalents* -0.053 0.017 -415.69%

Total Assets 5.728 6.032 -5.04%


Long term borrowings 1.115 1.123 -0.73%

Short term borrowings 0.658 0.491 33.95%

Per share data TANTALIZER

Current Price 0.50

Trailing EPS -0.18

BVPS 0.83



P/E nm P/BV 0.60x RoAE -18.78% RoAA -9.61% Financial Leverage 2.15 1.80

Cost of Sales Margin 55.16% 54.74% Gross Profit Margin 44.84% 45.26%


Net margin -16.23% -7.23%



Financial Highlights (NGN billion) CHAMS PLC FY2013


Turnover 3.44 2.84 21.28%

Cost of Sales 1.59 0.53 197.66%

Gross Profit 1.85 2.30 -19.64%

OPEX 1.55 2.44 -36.52%

PBT 0.11 0.17 -36.97%

PAT 0.19 0.09 115.29%

Balance Sheet

Non Current Assets 2.03 2.39 -15.01%

Curerent Assets 8.69 6.33 37.31%

Total Assets 10.72 8.72 22.96%

Non Current Liabilities 0.00 0.21 -100.00%

Current Liabilities 6.04 4.02 50.38%



Per share data CHAMS

Current Price 0.50

EPS 0.04

BVPS 1.00


Shares outstanding 4.70 P/E 12.46x P/BV 0.50x RoAE 4.11% RoAA 1.94% Cost to Income 46.21% Net Margin 5.48%



Financial Highlights (NGN billion) UNION DIAGNOSTIC AUDITED RESULT FY'2013

Profit & Loss Account FY 2013 FY'2012 y/y Growth

Revenue 0.863 0.904 -4.61%

Cost of Sales 0.189 0.360 -47.50%

Gross Profit 0.674 0.544 23.76%

OPEX 0.638 0.516 23.70%

PBT 0.028 0.086 -66.84%

PAT -0.996 -0.006 17843.23%

Balance Sheet

PP&E 2.847 4.262 -33.20%

Inventories 0.003 0.001 276.67%



Other Assets 0.021 0.019 9.47%

Total Assets 3.809 5.000 -23.82%


Trade and Other Payables 0.298 0.504 -40.95%

Non-Current Financial Liabilities 0.015 0.000


Per share data UNIONDAC

Current Price 0.50 EPS -0.56

BVPS 1.94


Shares Outstanding 1.78 P/E -0.89x P/BV 0.26x RoAE -25.20% RoAA -22.61% Financial Leverage 1.10 Cost of Sales Margin 21.91% Gross Profit Margin 78.09%

OPEX Margin 73.95%

Net margin -115.46%



Financial Highlights (NGN billion) UBA CAPITAL PLC FY:2013


Gross Earnings 4.573 1.342 240.76%

Fees and Commision Income 2.094 0.318 558.78%

Investment Income 1.559 0.257 507.14%

Net trading Income 0.109 0.304 -64.26%

Net Interest margin 0.209 0.000 100.00%

Other Income 0.533 0.336 58.56%

Operating Income 4.503 1.214 270.90%

Total Expenses 2.098 0.627 234.76%

PBT 2.639 0.844 212.64%

PAT 2.083 0.856 143.24%

Balance Sheet

Cash and Cash Equivalents 29.20 2.13 1268.13%

Investment Securities 37.47 0.74 4938.50%

Loans and receivables 8.85 0.00 100.00%

Other Assets 3.95 8.92 -55.73%

Total Assets 79.48 11.80 573.35%

Managed funds 62.48 - 100.00%

Borrowed Funds 5.33 0.90 493.69%



Per share data UBCAP

Current Price 2.55

EPS 0.52

BVPS 2.17


Shares outstanding 4.00 P/E 4.90x P/BV 1.17x RoAE 33.21% RoAA 4.56% Net Margin 45.55%



Financial Highlights (NGN billion)LEARN AFRICA PLC 2013FY


Turnover 2.278 2.914 -21.82%

Cost of Sales 1.148 1.483 -22.59%

Gross Profit 1.130 1.431 -21.01%

OPEX 1.081 1.360 -20.56%

Other Income 0.076 0.142 -46.51%

PBT 0.126 0.213 -40.97%

PAT 0.100 0.175 -42.77%

Balance Sheet

Inventories 1.593 1.577 0.99%


Cash and Cash equivalents 0.853 1.060 -19.56%


Other Assets 0.339 0.359 -5.63%

Total Assets 4.633 4.606 0.59%

Current Financial Liabilities 0.11 0.13 -19.30%




Per share data LEARNAFRCA

Current Price 2.14

EPS 0.13

BVPS 4.57


Shares Outstanding 0.77 Proposed Dividend NGN0.12k/Share

P/E 16.49x Closure Date Friday, May 16, 2014

P/BV 0.47x Payment Date Friday, June 06, 2014

RoAE 2.82% AGM Date Thursday, June 05, 2014

RoAA 2.17% Financial Leverage 1.32 1.29

Cost of Sales Margin 50.39% 50.89% Gross Profit Margin 49.61% 49.11% OPEX Margin 47.44% 46.69%




Financial Highlights (NGN billion) UACN PLC FY:2013


Turnover 78.71 69.63 13.04%

Cost of Sales 59.88 50.58 18.38%

Gross Profit 18.84 19.05 -1.12%

OPEX 9.24 7.70 20.05%

Finance Cost 1.26 0.78 61.01%

Other Income 5.669 0.17 3206.66%

PBT 14.011 10.75 30.39%

PAT 9.949 7.04 41.29%

PAT Attributable to the company 5.642 4.11 37.24%

Balance Sheet

PPE 35.76 34.62 3.29%

Inventories 26.62 28.48 -6.55%



Other Assets 39.94 34.64 15.32%

Total Assets 125.01 122.98 1.66%


Trade and other Payables 17.25 23.54 -26.72%

Borrowings 28.33 32.30 -12.31%


Per share data UACN

Current Price 54.00 EPS 2.94

BVPS 37.29


Shares Outstanding 1.92 Proposed Dividend 1.75

P/E 18.38x Closure date MAY 5 2014

P/BV 1.45x date of payment JUNE 26 2014

RoAE 8.54% AGM Date JUNE 25 2014

RoAA 4.55% AGM Venue Golden Tulip Festac

Financial Leverage 1.75 2.03 Cost -to-Sales 76.07% 72.64% Gross Profit Margin 23.93% 27.36%


Net margin 12.64% 10.11%



Financial Highlights (NGN billion) ETERNA OIL PLC FY:2013


Turnover 98.297 89.637 9.66%

Cost of Sales 95.412 86.592 10.19%

Gross Profit 2.884 3.045 -5.28%

Other Income 0.279 0.323 -13.64%

Financial Charges 0.744 0.512 45.28%

OPEX 1.352 1.446 -6.48%

Operating Profit 1.811 1.922 -5.78%

PBT 1.069 1.413 -24.32%

PAT 0.703 0.946 -25.69%

Balance Sheet

Property , Plant and Equipment 6.189 6.251 -1.00%

Inventories 3.274 0.885 270.08%

Debtors and other Receivables 7.921 25.494 -68.93%


Other Assets 0.270 0.309 -12.73%

Total Assets 18.253 33.213 -45.04%


Borrowings 3.236 6.786 -52.31%



Per share data ETERNA

Current Price 3.99

EPS 0.54

BVPS 5.45 Price multiples/ratios Shares Outstanding 1.30 P/E 7.40x P/BV 0.73x RoAE 10.41% RoAA 2.73% Financial Leverage 2.57 Cost -to-Sales 97.07% Gross Profit Margin 2.93%




Financial Highlights (NGN billion) COMPUTER WAREHOUSE GROUP FY:2013

Profit & Loss Account 2013 2012 y/y

Growth

Revenue 20.669 18.761 10.17%

Cost of Sales 16.762 15.009 11.68%

Gross Profit 3.908 3.752 4.15%

Finance Costs 0.349 0.641 -45.59%

OPEX 3.245 2.851 13.81%

PBT 0.618 0.339 82.31%

PAT 0.613 0.339 80.66%

Balance Sheet

Fixed Assets 0.659 1.355 -51.35%

Inventories 2.721 1.429 90.39%

Trade & Other Receivables 7.069 5.947 18.86%

Cash and cash equivalents 1.562 1.084 44.06%

Other Assets 1.437 1.653 -13.07%

Total Assets 13.448 11.469 17.26%


Borrowings 0.509 1.178 -56.83%



Per share data CWG

Current Price 5.85

Trailing EPS 0.24

BVPS 2.00


Shares Outstanding 2.52 P/E 24.10x P/BV 2.93x RoAE 15.14% RoAA 4.92% Financial Leverage 2.66 3.77

Cost of Sales Margin 81.09% 80.00% Gross Profit Margin 18.91% 20.00%





Financial Highlights (NGN billion) PREMIER PAINTS PLC FY: 2013

Profit & Loss Account FY: 2013 FY: 2012 y/y Growth Turnover 0.280 0.258 8.57% Cost of Sales 0.187 0.187 -0.09% Gross Profit 0.093 0.070 31.62% OPEX 0.096 0.103 -6.37% Other Income 0.000 0.000 87.50% Operating Profit -0.003 -0.032 -89.43% Finance Charges 0.013 0.107 -88.19% PBT -0.016 -0.043 -62.82% PAT -0.021 -0.030 -30.08%

Balance Sheet

Fixed Assets 0.214 0.224 -4.26% Inventories 0.024 0.019 26.33% Debtor and other receivables 0.044 0.044 0.94% Cash and Cash equivalents 0.004 0.006 -31.66% Other Assets 0.000 0.000 -

Total Assets 0.286 0.292 -2.03% Shareholders' fund -0.009 0.012 -177.63% Trade and other payables 0.206 0.177 16.58% Borrowings 0.042 0.062 -31.25% Total Liabilities 0.295 0.280 5.43%

Per share data PREMPAINTS

Current Price 10.93 EPS -0.17 BVPS -0.08 Price multiples/ratios


P/E nm P/BV -145.59x RoAE -1588.12% RoAA -7.32% Financial Leverage -30.95 24.52

Cost of Sales Margin 66.90% 72.70% Gross Profit Margin 33.10% 27.30% OPEX Margin 34.42% 39.92% Operating Profit Margin -1.22% -12.56% Net margin -7.55% -11.72%



Financial Highlights (NGN billion) UACN PROPERTY DEVELOPMENT COMPANY FY:2013


Turnover 11.299 12.040 -6.15%

Cost of Sales 8.100 7.040 15.05%

Gross Profit 3.199 5.000 -36.01%

OPEX 1.802 1.712 5.26%

Other Income 3.686 0.503 633.38%


PBT 3.708 2.455 51.02%

PAT 3.155 2.180 44.72%

Balance Sheet

Inventories 13.032 21.902 -40.50%



Other Assets 61.315 65.030 -5.71%

Total Assets 66.552 69.016 -3.57%




Per share data UAC-PROP

Current Price 25.38

EPS 2.29

BVPS 24.31


Shares Outstanding 1.37 Proposed Bonus 1 for 4

P/E 11.06x Closure Date 12th to 13th May 2014

P/BV 1.04x Proposed Dividend 70k

RoAE 9.96% Dividend Yield 3%

RoAA 4.66% Closure Date 5th to 6th May, 2014

Financial Leverage 1.99 Date of Payment 5th of June 2014

Cost-to-Sales 71.68% AGM Date 4th of June 2014

Gross Profit Margin 28.32% AGM Vanue Golden Tulip Festac

Lagos




Financial Highlights (NGN billion) ANINO INTERNATIONAL Plc FY2013

Profit & Loss Account FY 2013 FY 2012 y/y Growth

Turnover 0.407 0.354 15.00%

Cost of Sales 0.374 0.327 14.38%

Gross Profit 0.033 0.027 22.67%

Other Income 0.000 0.000

OPEX 0.025 0.021 18.94%

PBT 0.007 0.004 68.32%

PAT 0.005 0.003 73.27%

Balance Sheet

Property, plant and equipment 0.000 0.103 -100.00%

Inventories 0.000 0.014 -100.00%

Debtors/Receivables 0.013 0.015 -14.84%

Cash and bank 0.010 0.008 15.43%

Other Assets 0.002 0.024 -93.25%

Total Assets 0.024 0.165 -85.14%


Trade & Other Payables 0.014 0.043 -66.76%


Per share data ANINO

Current Price 0.21 EPS 0.20 BVPS 0.05 Price multiples/ratios

Shares Outstanding 0.024 P/E 1.04x

P/BV 4.31x RoAE 8.31% RoAA 5.10% Financial Leverage 20.95 1.43

Cost of Sales Margin 92.00% 92.50% Gross Profit Margin 8.00% 7.50% OPEX Margin 6.07% 5.87% Net margin 1.19% 0.79%



Financial Highlights (NGN billion) NIGERIAN ROPES PLC FY:2013


Turnover 0.340 0.384 -11.46%

Cost of Sales 0.293 0.300 -2.10%

Gross Profit 0.047 0.085 -44.56%

OPEX 0.474 0.231 105.56%

Operating Profit -0.427 -0.146 -192.51%

Other Income 0.029 0.017 68.31%

PBT -0.199 -0.169 -17.92%

PAT -0.223 -0.155 -43.89%

Balance Sheet Q3:2013 FY 2012

Property, Plant Equipment 0.079 0.078 0.71%

Inventories 0.455 0.382 19.32%



Other Assets 0.025 0.055 -54.65%

Total Assets 0.737 0.619 19.04%

Shareholders' fund -0.156 0.068 -329.90%

Trade and other payables 0.295 0.181 63.20%


Per share data NIGROPES

Current Price 7.46

EPS -0.11

BVPS -0.08



P/E -65.74x

P/BV -94.33x RoAE 507.93%

RoAA -32.91%

Financial Leverage -4.74 9.15


Gross Profit Margin 13.79% 22.03% OPEX Margin 139.41% 60.05%

Operating Margin -125.62% -38.03%

Net margin -65.62% -40.38%



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Meristem Securities Limited (‘’Meristem’’) equity reports and its attendant recommendations are prepared based on publicly available information and are meant for general information purposes only and it may not be reproduced or distributed to any other person. All reasonable care has been taken to ensure that the information contained herein is not misleading or untrue at the time of publication; Meristem can neither guarantee its accuracy nor completeness as they are an expression of our analysts’ views and opinions. Meristem and any of its associated or subsidiary companies or the employees thereof cannot be held responsible for any loss suffered by relying on the said information as this information as earlier stated, is based on publicly available information, analysts’ estimates and opinions and is meant for general information purposes and should not be construed as an offer to buy or sell or a solicitation of an offer to buy or sell securities or any financial instruments. The value of any investment is subject to fluctuations, i.e. may fall and rise. Past performance is no guide to the future. The rate of exchange between currencies may cause the value of investment to increase or diminish. Hence investors may not get back the full value of their original investment. Meristem Securities is registered with

the Securities and Exchange (SEC) and is also a member of The Nigerian Stock Exchange (The NSE). Meristem Securities’ registered office is at 124 Norman Williams Street, South West, Ikoyi, Lagos, Nigeria. Website: www.meristemng.com; Email: [email protected]. © Meristem Securities Limited 2014.

Documents

Daily briefing I 21 pages I 01 April 2014 Corporate ... broadcast- 01 April 2014.pdf1 | P a g e N i g e r i a: C o r p o r a t e E a r n i n g s B r o a d c a s t Nigeria I Corporate