JULI AUDITED FINAL ACCT - Nigerian Stock Exchange · JULI PLC IFRS Financial statements as at 31st December 2013 DIRECTOR'S REPORT (Cont'd) 7 The Directors are responsible for the

Juli Plc

JULI PLC

IFRS FINANCIAL STATEMENTS AS AT 31ST DECEMBER 2013

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 1

JULI PLC

IFRS Financial Statements as at 31st December 2013

THE YEAR AT A GLANCE

2013 2012 Increase/

=N= =N= (Decrease)

For the Year

Turnover 192,248,715 250,754,226 (23)

Profit/(Loss) Before Taxation (42,614,563) (19,804,369) (115)

Profit/(Loss) after Taxation (45,423,636) (23,371,197) (94)

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

Total assets 255,940,713 283,474,215 (10)

Net Assets 79,633,635 128,926,081 (38)

Net Assets per Share (kobo) 40 64 (38)

Earnings per Share (kobo) (23) (12) (94)

BABAYEMI OSHO CO 2

JULI PLC

IFRS Financial Statements - 31st December 2013

CORPORATE INFORMATION

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

Sir Remi Omotoso, MFRMrs Julia Omosalewa Adelusi-AdeluyiMr 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 House19 Kodesoh Street,

Ikeja,Lagos State.

E-mail: [email protected]

website: www.juliplc.com

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

BABAYEMI OSHO C0

JULI PLC


CORPORATE INFORMATION (cont'd)

Registrars First Registrars Nigeria Limited,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

JULI PLC

IFRS Financial statements as at 31st December 2013

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, 2013.

2 RESULTS FOR THE YEAR 2013

=N=

Turnover 192,248,715

Operating Loss before Interest Charges (29,580,913)

Interest Charges (13,033,650)

Loss before Taxation (42,614,563)

Current Taxation (2,809,072)

Deferred Taxation -

Profit/ Loss After Taxation (45,423,635)

Profit/ Loss Brought Forward (190,292,348)

Prior Year Adjustment 1,113,090

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

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 ubder 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, 2013.

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


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

Most Senior Evang. 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

Mr Sylvanus Eneche

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 (SAN) & CO

COMPANY SECRETARY

BABAYEMI OSHO CO 7

JULI PLC


BABAYEMI OSHO CO 7

JULI PLC


7

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 ended 31st December,

2013, 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.

Most Snr.Evangelist Anthony Omoniyi Omojola

Chairman

_ _ _ _ _ _ _ _ _ 2014

Members

Most Snr.Evangelist 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 P8

JULI PLC


STATEMENT OF ACCOUNTING POLICIES

1 Basis of Preparation

The 2013 Financial Statements of the Company have been prepared in accordance

with International Financial Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB). The Financial Statements is presented in the

functional currency, Nigerian Naira rounded up to the nearest thousand.

2 Property, Plant and Equipment

Property, 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 the

services 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 and

loss. 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 to

retained 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 and any costs directly

attributable to bringing the assets into operation.

The capitalised value of plant and machinery acquired via finance lease is also included

within property, plant and equipment.

BABAYEMI OSHO CO 11

JULI PLC

IFRS Financial Statements as at 31st Decenber 2013

STATEMENT OF ACCOUNTING POLICIES (cont'd)

3 Depreciation and Impairment

Depreciation 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 NIL

Building 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 reporting

period and adjusted prospectively if appropriate.

Impairment is measured as the difference between the carrying amount of an asset and

its recoverable amount. Recoverable amount of an asset is the higher of its fair value less

cost to sell and its value in use. Impairement is tested for, when there is an indication for

impairment such as:

* Decline in the market value of an asset

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

adverse effect on our 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 loss

except 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 determined

as 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 Value

Land 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 different

from its market value.

BABAYEMI OSHO CO P11

JULI PLC

IFRS financial Statement as at 31st December 2013


5 Lease Assets

In accordance with IAS 17 on Lease, the economic ownership of a leased asset is

transferred to the lessee if the lessee bears substancially all the risks and rewards related

to the ownership of the leased asset. The related assets are then recognised at the

inception 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 whether

some 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 agreement

correspond to those applied to comparable assets which are owned by the company.

The corresponding finance leasing liability is reduced by lease payments less finance

charges which are expensed as part of finance cost.

The interest element of lease payments represent a constant proportion of the capital

balance outstanding and is charged to income statement over the period of the lease.

6 Inventories

Inventories 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 less

estimated costs to completion and selling expenses.

7 FINANCIAL INSTRUMENTS

a Non - Derivative Financial Assets

i Trade Receivables

Trade receivables are financial assets measured at armortised cost less any impairment

losses. 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 P 12

JULI PLC

IFRS Financial Statement as at 31st December 2013


trade receivables that share similar credit risk characteristics. The credit risk groups are

to be assessed for impairment using historical loss experience for each group. Such

historical loss experience would be adjused to reflect the effects of current conditions.

Staff receivables which are interest free and for a tenor of less than twelve months is also

measured at armortised cost. In this case it is the face value of the loan.

ii Cash and Cash Equivalents

Cash and cash equivalents comprises cash on hand and demand deposits, together with

other short-term, highly liquid investments that are readily convertible into known amounts

of cash and which are subjected to an insignificant risk of changes in value.

b Non- Derivative Financial Liabilities

The company has the following non-derivative financial liabilities: Loans and borrowings,

bank overdrafts and trade and other payables.

Trade payables are measured at armortised cost. They are shown at face value because

they do not carry any interest and usually have a tenor of two or three months.

Loans and borrowings are recognised initially at fair value less any directly arttributable

transaction costs. Subsequently, they are measured at armotised cost using the effective

interest method.

8 TAXATION

Income tax and Education tax are recognised in the profit and loss account. Current

income tax is the expected tax payable on the taxable income for the year using statutory

tax rates at the balance sheet date.

9 Deferred Taxation

Deferred Taxation, which arises from timing differences in the recognition of items for

accounting and tax purposes, is calculated using the liability method. Based on the IFRS

provisions and IAS 12, liability method recognises all timing differences as temporary

differences.

Temporary differences are differences between the tax base of an asset or liability and

its carrying amount in the statement of financial position.


JULI PLC



JULI PLC

IFRS Financial statement as at 31st December 2013

STATEMENT OF ACCOUNTING POLICIES

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 tax

consequences 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) that

are 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 Gratuity

The company operates a non-contributory gratuity scheme whereby benefits are determined

on retirement or termination.

The company instituted a defined contributory pension scheme for its staff in line with the

provision of the Pension Reform Act 2004. Staff contribution to the scheme are deducted from

the payroll while the contribution of the company is charged to the statement of profit or loss

and comprehensive income.

11 Foreign Currency

Transactions denominated in foreign currencies are translated into Naira at the ruling rate of

exchange 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 Provisions

Provisions are recognised when the company has present obligation, whether legal or

constructive, as a result of past events for which it is probable that an outflow of recources

embodying economic benefits will be required to settle the obligation and a reliable estimate

can be made of the amount of the obligation in accordance with IAS 37; provision ,

Contigent liabilities and Contigent assets.


JULI PLC

IFRS Financial statement as at 31st December 2013


JULI PLC

IFRS Financial Statement as at 31st Decenber 2013


13 Debtors

Debtors are stated net of provision for bad and doubtful debts.

14 Operating Segment

An operating segment is a component of the commpany that engages in business activities

from which it may earn revenues and incur expenses. All operating segments results are

reviewed from time to time by the management of the company to make decisions about

resources to be allocated to the segment and assess its performance, and for which discrete

financial 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 when

the amount of revenue can be measured reliably, collection is probable and the cost

incurred or to be incurred can be measured reliably.

16 Discontinued Operation

A 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 or

when the operation meets the criteria to be classified as held for sale, and profit or loss from

discontinued operation is presented in asingle amount in the income statement. This amount

is the post-tax profit or loss of the dicontinued operation.


JULI PLC

IFRS Financial Statement as at 31st Decenber 2013


JULI PLC



17 Earnings Per Share

The company presents basic earning per share (EPS) data for its ordinary shares. The basic

EPS is determined by dividing the profit or loss attributable to ordinary shareholders of the

company by nthe weighted average number of ordinary shares outstanding during the

period.

18 Investments

Investments are stated at cost.

19 Investment Properties

Investment Properties are properties held either to earn income or for capital appreciation or

for both; but not for sale, in the ordinary course of business; use in the production or supply

of goods and services or for administrative purposes.


JULI PLC



JULI PLC

IFRS Financial Statements as at 31st December, 2013

INCOME STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2013

2013 2012

Note =N= =N=

Turnover 16 192,248,715 250,754,226

Cost of Sales 24 (132,475,555) (163,024,193)

Gross Profit 59,773,160 87,730,033

Net Operating Expenses 24 89,432,657 (97,284,597)

(29,659,497) (9,554,564)

Other Income 17 78,584 1,274,398

Operating Profit/ (loss) (29,580,913) (8,280,166)

Finance Charges 18 (13,033,650) (11,524,203)

Profit/(Loss) on ordinary activities 24 (42,614,563) (19,804,369)

Income Tax (2,809,072) (3,566,828)

Profit/ Loss After Taxation (45,423,635) (23,371,197)

Amortisation of Revaluation Reserve 9,963,799

Prior Year Adjustment 1,113,090 25,192

Profit/ Loss Brought Forward (190,292,348) (176,910,142)

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

Earnings Per Share (Kobo) (23) (12)

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

21 to 27 form an integral part of these financial statements. 18

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

COST =N= =N= =N= =N= =N= =N= =N= =N=

At 1/1/2013 265,574,320 22,059,195 8,018,808 17,864,158 5,511,786 29,372 9,527,000 328,584,639

Additions 155,540 - - 140,000 - (29,372) - 266,168

At 31/12/2013 265,729,860 22,059,195 8,018,808 18,004,158 5,511,786 - 9,527,000 328,850,807

DEPRECIATION

At 1/01/2013 (39,366,816) (15,570,987) (6,975,290) (16,239,510) (4,962,476) (29,370) (2,445,100) (85,589,549)

Charge for the year (6,642,275) (2,084,725) (356,075) (491,147) (439,970) (2) (1,905,400) (11,919,594)

29,372 29,372

At 31/12/2013 (46,009,091) (17,655,712) (7,331,365) (16,730,657) (5,402,446) - (4,350,500) (97,479,771)

NET BOOK VALUE

At 31/12/2013 219,720,769 4,403,483 687,443 1,273,501 109,340 - 5,176,500 231,371,036

At 31/12/2012 226,207,504 6,488,208 1,043,518 1,624,648 549,310 2 7,081,900 242,995,090

JULI PLC 22


NOTES TO THE FINANCIAL STATEMENTS (Contd.)

2013 2012

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

(As at 2012; N5,109,273)

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 2,681,992 3,790,857

drugs, Registration of Methaderm-P cream, Ekicef,

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

4 Inventories

Merchandise 13,669,545 27,261,057

5 Trade Receivables & Prepayments

Trade Debtors 5,701,320 6,563,435

Sundry Debtors 498,830 498,830

Staff Loan 50,000 45,000

6,250,150 7,107,265

6 Cash and Bank BalancesBank Balances 1,248,912.35 6,922.71

Cash Balances 480,000.00 335,955.00

Cash in Transit 1,267,700.00 1,918,026.00

2,996,612.35 2,260,903.71

Bank Overdraft (1,087,665.46) (19,436,764.00)

Cash & Cash Equivalent 1,908,946.89 (17,175,860.29)

7 Share CapitalAuthorised:

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

Issued and Fully Paid199,905,003 Ordinary Shares of 50Kobo each 99,952,502 99,952,502

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

JULI PLC 23



2013 2012

=N= =N=

9 Revaluation ReserveBrought Forward 212,716,622 227,662,321

Armotisation for the year (4,981,899) (14,945,699)

207,734,723 212,716,622

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 AccountBalance Brought Forward (190,292,348) (176,910,142)

Profit & Loss Account (45,423,635) (23,371,197)

Prior Year Adjustment 1,113,090.00 25,192

Armortization of Revaluation Surplus Transferred 9,963,799

(234,602,893) (190,292,348)

11 Term LoanBOI Term Loan 37,646,895 46,505,215.00

WEMA Bank Plc (Restructured) 51,334,646 14,092,922

88,981,541 60,598,137.00

12 Other Payables

Trade Creditors 20,431,223 28,468,573

Sundry Creditors 36,391,308 17,505,284

Accrued Audit Fee 1,045,000 950,000

Accrued Charges - Others 3,098,022 4,038,465 Directors Current Account (6,194,056) (6,194,056)

54,771,497 44,768,266

13 Taxation

Brought Forward 13,864,620 10,297,792

Provision For the Year 2,809,072 3,566,828

Tax Carried Forward 16,673,692 13,864,620

BABAYEMI OSHO CO

JULI PLC 24



2013 2012

=N= =N=

13b Deffered TaxationBalance as at Ist January 6,880,347 6,880,347

Charge to Profit & Loss Account 0 -

6,880,347 6,880,347

Income Tax deffered as at 31st December 2010 arose as a result of differences between rates of depreciation adopted

for accounting purposes and rates of capital allowance granted for tax purposes which amounted to =N= 6,880,347. The

amount represents 30% (the corporate income tax rate) of the difference between the net book value of assets qualifying

for capital allowance and corresponding income tax written down. This is in accordance with IFRS provisions and IAS 12.

No income tax was deffered as at 31st Deember 2013.

14 Related Party TransactionLoan from MIDAS Investment Property Ltd. 9,000,000 9,000,000

15 Bank OverdraftBank of Industry 0.00 19,436,764

Union Bank 0.00 0

Wema Bank 0.00 0

- 19,436,764

16 TurnoverPharmaceuticals, Household and

Consumer Goods 154,355,979.67 231,207,897.00

Bottle and Sachet Water 37,892,735.00 19,546,329.00

192,248,714.67 250,754,226.00

17 Other Income 78,583.70 1,274,398

18 Finance ChargesOverdraft Interest 577,029.00 1,062,192

Loan Interest 12,456,620.57 10,462,011

13,033,649.57 11,524,203

JULI PLC 25



2013 2012

=N= =N=

19 Profit or Loss Before Taxation (45,545,280) (19,804,369)

The Trading Loss is stated after charging

Depreciation #REF! 7,360,874

Auditors' Remuneration #REF! 450,000

Directors Emoluments - Salaries #REF! 15,000,000

- Others #REF! 20,000

20 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 (23) (12)

31st Decenber 2013.

21 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.

22 Chairman and Directors Emoluments

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

As Fees 255,000 20,000

15,255,000 15,020,000

(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

23 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



24 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

.

25 Approval of Financial Statement

The Financial Statements were approved by the Board of Directors of the Company on …………….2014

JULI PLCIFRS Financial Statements as at 31st December 2013

STATEMENT OF FINANCIAL POSITION

AS AT 31ST DECEMBER 2013

2013 2012

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

NON CURRENT ASSETS

PROPERTY, MOTOR VEH. EQUIPMENT 1 231,371,036 242,995,090

PRODUCT DEV EXPS 3 #REF! 3,790,857

INVESTMENT 2 #REF! 59,042

SUB TOTAL - NON CURRENT ASSETS #REF! 246,844,989

CURRENT ASSETS

Inventories (Stock) 4 13,669,545 27,261,057

Trade Receivables - Debtors 5 6,250,150 7,107,265

Cash & Cash Equivalents 6 1,908,947 2,260,903

Total Current Assets 21,828,642 36,629,225

TOTAL ASSETS #REF! 283,474,214

EQUITY AND LIABILITIES

EQUITY

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

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

Revaluation Reserve 9 207,734,723 212,716,622

Retained Earning 10 (234,602,893) (190,292,348)

Total Equity 79,633,637 128,926,081

NON CURRENT LIABILITIES

Term Loan 11 88,981,541 60,598,137

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

TOTAL NON CURRENT LIABILITIES 95,861,888 67,478,484

CURRENT LIABILITIES

Bank Overdraft / Short term borrowing

Trade Creditors 12 20,431,223 44,768,267

Other payables 12 34,340,274

Tax Payable 13 16,673,692 13,864,620

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

Bank Overdraft 15 19,436,764

80,445,189 87,069,651

TOTAL EQUITY AND LIABILITIES 255,940,714 283,474,216

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

and signed on its behalf by:

…………………...…………….………………………………… ))

) DIRECTORS

)

……………..……….…………….………………………………… )


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

BABAYEMI OSHO & CO

19

JULI PLC


CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2013

2013 2012

=N= =N=

OPERATING ACTIVITIES

Operating result for the year (29,580,913) (8,280,167)

Adjustment for items not involving the movement of cash

Prior Year Adjustment 1,113,090 25,191

Depreciation of fixed assets 6,937,694 7,360,874

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

Cash flow before changes in working capital (20,421,264) 214,763

Changes in working Capital

Decrease/(Increase) in Inventories 13,591,512 (13,217,567)

(Increase)/Decrease Goods in transit - 16,836,699

(Increase)/Decrease in Debtors and Prepayment 857,115 (6,233,825)

Related Party Transaction - Loan - 9,000,000

Increase/(Decrease) Creditors and Accruals 10,003,231 11,420,096

Net Outflow from Operating Activities 4,030,594 18,020,166

INVESTING ACTIVITIES

Purchase of Fixed Assets (295,540) (5,602,250)

Net cash used in Investing Activities (295,540) (5,602,250)

FINANCING ACTIVITIES

Finance charges (13,033,650) (11,524,203)

Increase in Term Loan 28,383,404 10,598,137

Net cashflow from Financing Activities 15,349,754 (926,066)

Net Increase/(Decrease) in Cash and Cash

Equivalents 19,084,808 11,491,850

Cash and Cash equivalent at the beginning of the year (17,175,861) (28,667,711)

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

Represented By:

Cash and Bank 2,996,612 2,260,903

Bank Overdraft (1,087,665) (19,436,764)

1,908,947 (17,175,861)


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

27

JULI PLC


FIVE YEAR FINANCIAL SUMMARY

2013 2012 2011 2010 2009

N N N N N

FINANCED BY

Share Capital 99,952,502 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 6,549,305

Revaluation Reserve 207,734,723 212,716,622 227,662,321 227,662,321 227,662,321

Profit and Loss Account (234,602,893) (190,292,348) (176,910,142) (125,489,729) (88,230,000)

79,633,637 128,926,081 157,253,986 208,674,399 245,934,128

ASSETS EMPLOYED

Fixed Assets 231,371,036 242,995,090 249,735,614 241,026,752 250,707,000

Investment 59,042 59,042 59,042 7,999,807 8,000,000

Product Development Expenditure 2,681,992 3,790,857 4,899,722 4,931,987 6,041,000

Current Assets 21,828,642 36,629,226 34,344,039 25,356,110 31,701,000

Non-Current Liabilities (95,861,888) (67,478,484) - - -

Current Liabilities (80,445,189) (87,069,650) (131,784,431) (70,640,257) (50,515,000)

79,633,635 128,926,081 157,253,986 208,674,399 245,934,000

TURNOVER AND PROFIT

Revenue 192,248,715 250,754,226 211,151,745 248,587,888 286,547,000

Loss Before Taxation (42,614,563) (19,804,369) (48,761,583) (27,007,000) (9,738,000)

Taxation (2,809,072) (3,566,828) (3,023,830) (9,738,000) (4,623,000)

Loss after Taxation (45,423,635) (23,371,197) (51,785,413) (26,470,000) (11,881,000)

Earnings Per Share (Kobo) (23) (12) (26) (13) (6)

Net Assets Per Share (Kobo) 40 64 79 104 123

20

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 6,549,305 212,716,622 (190,292,348) 128,926,081

Armotization of Revaluation Surplus (4,981,899) (4,981,899)

Prior Year Adjustment 1,113,090 1,113,090

Profit and Loss Account (45,423,635) (45,423,635)

99,952,502 6,549,305 207,734,723 (234,602,893) 79,633,637

Documents

JULI AUDITED FINAL ACCT - Nigerian Stock Exchange · JULI PLC IFRS Financial statements as at 31st December 2013 DIRECTOR'S REPORT (Cont'd) 7 The Directors are responsible for the