1 2019 Annual Report and Accounts
STATEMENT O F C O M P R E HE NS IVE INC O M E FOR THE YEAR ENDED 31ST DECEM BER 2019 2018 C HANG E N'M n N'M n % Re venue 5 50.22 70 0.80 (21.49 ) D irect cost Gro ss P rofit 2 85.55 37 1.72 (23.18 ) O the r Inc o m e To ta l Ind ire c t C o s t 2 64.67 32 9.08 (19.57 ) Financial C ost P ro fit B e fo re Ta x 3 0 .1 4 2 2.64 3 3 .1 1 Inc o m e Ta x E xp e ns e P ro fit fo r the p e rio d 1 68.84 19 1.50 (11.83 ) 3 0 .1 5 1 4.11 1 13.77 9 5 .8 2 14 6.11 (34.42 ) 5 3 .5 5 4 3.88 2 2 .0 3 4 2 .2 7 10 2.23 (58.65 ) S T AT E M E N T O F F IN AN C IAL P O S IT IO N AS AT 31ST DECEM BER 2019 2018 C HANG E % AS S E T S N'M n N'M n N o n-C u rrent Assets 8 64.21 65 5.83 3 1 .7 7 P ro p e rty, p la nt a nd E q uip m e nt 8 .0 6 3 .7 1 1 17.45 Total Non-C urrent A ssets 1 42.48 28 7.24 (50.40 ) C u rren t Assets (83.02 ) Inve nto rie s 1 3 .4 2 7 9.06 2 0 .2 1 Tra d e re c e iva b le s 1 16.86 9 7.22 (33.71 ) C a s h a nd c a s h e q uiva le nts (39.81 ) C urre nt ta x a sse ts 4 .2 6 6 .4 3 O the r curre nt ta x a sse ts 2 85.09 47 3.65 1 .7 5 Total curre nt A sse t 1 ,1 4 9 .3 0 1,12 9.48 T o ta l Asse ts 6 9 .5 3 9 2 .1 9 5 4.38 N o n -C u rre n t L ia b ilitie s (65.99 ) D e fe rre d ta x 5 2 .6 8 15 4.90 (62.58 ) C u rre n t L ia b ilitie s 1 3 .4 8 3 6.03 (14.73 ) Tra d e a nd O the r p a ya b le s 1 7 .6 0 2 0.64 2 5 .4 2 P rovisions 4 3 .6 6 3 4.81 1 ,6 3 7 .8 7 O the r c urre nt ta x lia b ilitie s 0 .1 2 (1 00.00 ) O the r c urre nt ta x lia b ilitie s 2 .0 6 (64.67 ) E m p lo ye e s ' b e ne fits - 12 0.00 (47.33 ) S ho rt te rm b o rro wing s 36 6.51 2 0 .2 0 To ta l c urre nt lia b ilitie s 1 29.48 42 0.88 To ta l L ia b ilitie s 2 21.67 % CHANGE W orking C ap ital 5 2.77 (58.65 ) Net Asset 6 3 .4 2 70 8.60 2 .4 4 9 27.63 (47.34 ) E arnings P er S hare 2018 3 0 .9 1 G ross P rofit M argin K e y R a tio s 0 .1 1 K o b o (69.07 ) Net P rofit M argin 2019 4 6 .9 6 % 7 0 .3 7 Net A sset P er S hares 1 4 .5 9 % 8 4 .9 8 R e turn o n C a p ita l E m p lo ye d 0.05 K obo 0.80 K o bo (40.42 ) C urre nt Ra tio s 4 8.10% 1 3 .4 0 % 5 8 .2 8 N e t W o rking C a p ita l: 7 .6 8 % 1 .2 9 x 1 37.24 F ixed A sset Turno ver: 0.15 x (68.42 ) R e c e iva b le s Turno ve r 1.04 K obo 1.07 x (22.84 ) P a ya b le s Turno ve r 4 .1 4 % 4.88 x 1 41.86 Return O n E quity 2 .2 0 x 7 .2 7 x Return O n A ssets 0 .2 8 x 0 .1 4 % (1 00.00 ) P rice E a rning p er S ha re 0 .6 4 x 0 .6 2 % 7 .7 2 x 4.35 K o bo 0 .1 7 % 1 7 .2 5 x 0 .0 5 % 0 .4 8 % 1 0.53 K obo 0 .0 0 % 2019 Annual Report and Accounts 2
TIP's 2019 performance 1,400.00 1,200.00 1,000.00 800.00 600.00 400.00 200.00 - YEAR 2019 ACTUAL N 'Mn YEAR 2018 HISTORY N'Mn Graphical representation of TIP's 2019 performance PERFORMANCE FOR FIVE YEARS EARNINGS PER SHARE AND DIVIDEND 20 2018 2017 2016 2015 15 10 5 0 2019 Diluted Earnings Per Share (kobo) Dividend Paid/Proposed (Kobo) EARNINGS PER SHARE AND NET ASSETS PER SHARE 2019 2018 2017 2016 2015 Diluted earnings per share (kobo) Net assets per share (kobo) 3 2019 Annual Report and Accounts
2019 Annual Report and Accounts 4
5
2019 Annual Report and Accounts 6
7 2019 Annual Report and Accounts
2019 Annual Report and Accounts 8
9 2019 Annual Report and Accounts
2019 Annual Report and Accounts 10
11 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
13 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
Company Secretary 14 FRC/2017/NBA/00000016739 2019 Annual Report and Accounts
15 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 16
17 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 18
19 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
Mr OSSAI, Reuben M. (Managing Director): 2019 Annual Report and Accounts 20
(Waste Manager): 21 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 22
ITEMS YEAR 2019 YEAR 2018 ACTUAL H ISTO RY R evenue D irect cost N'Mn N'Mn G ross Profit 5 5 0 .2 2 7 0 0 .8 0 O ther Income 2 8 5 .5 5 3 7 1.7 2 Total Indirect Expenses 2 6 4 .6 7 3 2 9 .0 8 F inancial C ost 3 0 .14 2 2 .6 4 Profit Before Tax 16 8 .8 4 191.50 Income T ax Exp ense 3 0 .15 14.11 Profit for the p eriod 9 5 .8 2 14 6 .11 N on- C urrent A sset 5 3 .5 5 4 3 .8 8 C urrent A sset 4 2 .2 7 10 2 .2 3 Total A ssets 8 6 4 .2 1 6 5 5 .8 3 Total current liab ilities 2 8 5 .0 9 4 7 3 .6 5 Total Liabilities W orking Capital 1,14 9.3 0 1,129 .48 N et A sset 12 9 .4 8 3 6 6 .5 1 2 2 1.6 7 4 2 0 .8 8 6 3 .4 2 5 2 .7 7 9 2 7 .6 3 7 0 8 .6 0 23 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
Year Names of Directors Direct Shareholding Indirect Shareholding 31st Dec, 2018 Mr.Joe Ogbonna Anosikeh 18,295,796 31st Dec, Mr.Reuben Mustapha 190, 695,237 2019 Ossai 16th April, Chief Charles Oboh 1,000,000 2020 Prof.Edward Alikor 1,126,761 Mr.Joseph Ebinum NIL 30,000,000 34,550,000 Mr.Joe Ogbonna Anosikeh 18,295,796 Mr.Reuben Mustapha 190,695,237 Ossai Chief Charles Oboh 1,000,000 Prof.Edward Alikor 1,126,761 Mr.Joseph Ebinum NIL Mr.Joe Ogbonna Anosikeh 18,295,796 Mr.Reuben Mustapha 190,695,237 34,550,000 Ossai 1,000,000 Chief Charles Oboh 1,126,761 NIL Prof.Edward Alikor Mr.Joseph Ebinum Dvcf Oil And Gas Plc 37.3% Ossai Reuben Mustapha 21.43% Samuel Afolayan 7.35% Oboh-Ozoherebe Gordon 6.58% 2019 Annual Report and Accounts 24
Company Secretary FRC/2017/NBA/00000016739 25 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 26
2019 Annual Report and Accounts 28
29 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 30
OUR MANAGEMENT TEAM 31 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 32
33 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 34
35 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 36
37 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 38
NOTES TO THE FINANCIAL STATEMENTS Re quire d to be impleme nted for periods beginning Pronounce ment Nature of change on or after a. IFRS 9 IFRS 9 sets out requirements for recognising and measuring 1 January 2018 Financial financial assets, financial liabilities and some contracts to buy Instruments or sell non-financial items, a single approach to determine whether a financial asset is measured at amortised cost or fair value and a single impairment method. This standard has replaced IAS 39; Financial instruments, recognition and measurement. b. IFRS 15 This standard is a replacement of IAS 11 – Construction 1 January 2018 Revenue from Contracts Contracts, IAS 18 – Revenue, IFRIC 13 – Customer Loyalty with customers Programmes, IFRIC 15 – Agreement for the Construction of Real Estate, IFRI 18 – Transfer of Assets from Customers and SIC 31 – Revenue – Barter Transactions Involving Advertising Services. The amendment does not change the underlying principles of the standard, they clarify and offer some additional transition relief. c. IFRS 16: Leases IFRS 16 was published in January 2016. It sets out the 1 January 2019 principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer (‘lessee’) and the supplier (‘lessor’). IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations. IFRS 16 eliminates the classification of leases as operating leases or finance leases as required by IAS 17 and introduces a single model for lessees which will result in almost all leases being included in the Statement of Financial Position. Applying that model, a lessee is required to recognise: (a) assets and liabilities for all leases with a term of more than 12 months, unless the underlying assets is of low value; and (b) depreciation of lease assets separately from interest on lease liabilities in the profit or loss. No significant changes have been included for lessors. IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to account for those two types of leases differently. IFRS 16 also includes extensive new disclosure requirements for both lessees and lessors. 29 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 40
41 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 42
43 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 44
45 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 46
47 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
2019 Annual Report and Accounts 48
49 2 0 1 9 A n n u a l R e p o r t a n d A c c o u n t s
Search
